0000081362-23-000014 | 10-K | XBRL Viewer

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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2022	Jan. 31, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2,054,080,043
Entity Common Stock, Shares Outstanding		17,949,837
Documents Incorporated by Reference	Portions of the Registrant’s definitive Proxy Statement relating to the 2023 Annual Meeting of Shareholders are incorporated by reference into Part III.
Entity Central Index Key	0000081362
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers, LLP
Auditor Location	Philadelphia, Pennsylvania

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net sales	$ 1,943,585	$ 1,761,158	$ 1,417,677
Cost of goods sold (excluding amortization expense - See Note 16)	1,330,931	1,166,518	904,234
Gross profit	612,654	594,640	513,443
Selling, general and administrative expenses	455,408	418,856	380,752
Impairment charges	93,000	0	38,000
Restructuring and related charges	3,163	1,433	5,541
Combination, integration and other acquisition-related expenses	8,779	23,885	29,790
Operating income	52,304	150,466	59,360
Other (expense) income, net	(12,607)	18,851	(5,618)
Interest expense, net	32,579	22,326	26,603
Income before taxes and equity in net income of associated companies	7,118	146,991	27,139
Taxes on income (loss) before equity in net income of associated companies	24,925	34,939	(5,296)
(Loss) income before equity in net income of associated companies	(17,807)	112,052	32,435
Equity in net income of associated companies	1,965	9,379	7,352
Net (loss) income	(15,842)	121,431	39,787
Less: Net income attributable to noncontrolling interest	89	62	129
Net (loss) income attributable to Quaker Chemical Corporation	$ (15,931)	$ 121,369	$ 39,658
Per share data:
Net (loss) income attributable to Quaker Chemical Corporation common shareholders – basic (in dollars per share)	$ (0.89)	$ 6.79	$ 2.23
Net (loss) income attributable to Quaker Chemical Corporation common shareholders – diluted (in dollars per share)	$ (0.89)	$ 6.77	$ 2.22

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (15,842)	$ 121,431	$ 39,787
Other comprehensive (loss) income, net of tax
Currency translation adjustments	(82,368)	(46,952)	41,601
Defined benefit retirement plans
Net gain (loss) arising during the period, other	8,177	9,210	8,827
Amortization of actuarial loss	628	1,078	2,308
Amortization of prior service (gain) cost	(228)	7	(69)
Current period change in fair value of derivatives	1,372	2,226	(3,278)
Unrealized (loss) gain on available-for-sale securities	(1,881)	(2,945)	2,091
Other comprehensive (loss) income	(74,300)	(37,376)	51,480
Comprehensive (loss) income	(90,142)	84,055	91,267
Less: Comprehensive income attributable to noncontrolling interest	(39)	(78)	(37)
Comprehensive (loss) income attributable to Quaker Chemical Corporation	$ (90,181)	$ 83,977	$ 91,230

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 180,963	$ 165,176
Accounts receivable, net	472,888	430,676
Inventories, net	284,848	264,531
Prepaid expenses and other current assets	55,438	59,871
Total current assets	994,137	920,254
Property, plant and equipment, net	198,595	197,520
Right of use lease assets	43,766	36,635
Goodwill	515,008	631,194
Other intangible assets, net	942,925	1,027,782
Investments in associated companies	88,234	95,278
Deferred tax assets	11,218	16,138
Other non-current assets	27,739	30,959
Total assets	2,821,622	2,955,760
Current liabilities
Short-term borrowings and current portion of long-term debt	19,245	56,935
Accounts payable	193,983	226,656
Dividends payable	7,808	7,427
Accrued compensation	39,834	38,197
Accrued restructuring	5,483	4,087
Accrued pension and postretirement benefits	1,560	1,548
Other accrued liabilities	86,873	95,617
Total current liabilities	354,786	430,467
Long-term debt	933,561	836,412
Long-term lease liabilities	26,967	26,335
Deferred tax liabilities	160,294	179,025
Non-current accrued pension and postretirement benefits	28,765	45,984
Other non-current liabilities	38,664	49,615
Total liabilities	1,543,037	1,567,838
Commitments and contingencies (Note 26)
Equity
Common stock, $1 par value; authorized 30,000,000 shares; issued and outstanding 2022 – 17,950,264 shares; 2021 – 17,897,033 shares	17,950	17,897
Capital in excess of par value	928,288	917,053
Retained earnings	469,920	516,334
Accumulated other comprehensive loss	(138,240)	(63,990)
Total Quaker shareholders’ equity	1,277,918	1,387,294
Noncontrolling interest	667	628
Total equity	1,278,585	1,387,922
Total liabilities and equity	$ 2,821,622	$ 2,955,760

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
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)	17,950,264	17,897,033
Common stock, shares outstanding (in shares)	17,950,264	17,897,033

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net (loss) income	$ (15,842)	$ 121,431	$ 39,787
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of debt issuance costs	2,942	4,749	4,749
Depreciation and amortization	80,467	86,550	83,246
Equity in undistributed earnings of associated companies, net of dividends	1,005	(8,971)	4,862
Acquisition-related fair value adjustments related to inventory	0	801	229
Deferred income taxes	(10,552)	(12,506)	(38,281)
Uncertain tax positions (non-deferred portion)	(6,398)	(922)	1,075
Deferred compensation and other, net	2,613	(5,325)	(471)
Share-based compensation	11,666	11,038	10,996
Loss on extinguishment of debt	5,246	0	0
(Gain) loss on disposal of property, plant, equipment and other assets	(168)	(4,695)	871
Insurance settlement realized	0	0	(1,035)
Impairment charges	93,000	0	38,000
Gain on inactive subsidiary litigation and settlement reserve	0	0	(18,144)
Combination and other acquisition-related expenses, net of payments	(4,460)	(1,974)	860
Restructuring and related charges	3,163	1,433	5,541
Pension and other postretirement benefits	(7,964)	(6,330)	16,535
(Decrease) increase in cash from changes in current assets and current liabilities, net of acquisitions:
Accounts receivable	(59,112)	(67,473)	17,170
Inventories	(29,858)	(84,428)	(3,854)
Prepaid expenses and other current assets	3,705	(21,174)	927
Change in restructuring liabilities	(1,532)	(5,266)	(15,745)
Accounts payable and accrued liabilities	(23,439)	37,998	22,308
Estimated taxes on (loss) income	(2,688)	3,997	8,763
Net cash provided by operating activities	41,794	48,933	178,389
Cash flows from investing activities
Investments in property, plant and equipment	(28,539)	(21,457)	(17,901)
Payments related to acquisitions, net of cash acquired	(13,115)	(42,417)	(56,230)
Proceeds from disposition of assets	1,463	14,744	2,702
Insurance settlement interest earned	0	0	44
Net cash used in investing activities	(40,191)	(49,130)	(71,385)
Cash flows from financing activities
Payments of long-term debt	(673,203)	(38,011)	(37,615)
Proceeds from term loan debt	750,000	0	0
(Repayments) borrowings on revolving credit facilities, net	(16,281)	53,031	(11,485)
Repayments on other debt, net	(1,629)	(776)	(661)
Financing-related debt issuance costs	(3,734)	0	0
Dividends paid	(30,103)	(28,599)	(27,563)
Stock options exercised, other	(378)	890	3,867
Purchase of noncontrolling interest in affiliates	0	0	(1,047)
Distributions to noncontrolling affiliate shareholders	0	0	(751)
Net cash provided by (used in) financing activities	24,672	(13,465)	(75,255)
Effect of foreign exchange rate changes on cash	(10,488)	(3,057)	6,591
Net increase (decrease) in cash, cash equivalents and restricted cash	15,787	(16,719)	38,340
Cash, cash equivalents and restricted cash at the beginning of the period	165,176	181,895	143,555
Cash, cash equivalents and restricted cash at the end of the period	180,963	165,176	181,895
Supplemental cash flow disclosures:
Income taxes, net of refunds	35,327	34,775	20,253
Interest	29,074	19,298	23,653
Non-cash activities:
Change in accrued purchases of property, plant and equipment, net	$ 278	$ 2,132	$ (1,376)

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Common stock	Common stock Cumulative Effect, Period of Adoption, Adjusted Balance	Capital in excess of par value	Capital in excess of par value Cumulative Effect, Period of Adoption, Adjusted Balance	Retained earnings	Retained earnings Cumulative Effect, Period of Adoption, Adjustment	Retained earnings Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated other comprehensive loss	Accumulated other comprehensive loss Cumulative Effect, Period of Adoption, Adjusted Balance	Noncontrolling interest	Noncontrolling interest Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance at Dec. 31, 2019	$ 1,242,366	$ (911)	$ 1,241,455	$ 17,735	$ 17,735	$ 888,218	$ 888,218	$ 412,979	$ (911)	$ 412,068	$ (78,170)	$ (78,170)	$ 1,604	$ 1,604
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	39,787							39,658					129
Amounts reported in other comprehensive income (loss)	51,480										51,572		(92)
Dividends declared	(27,786)							(27,786)
Acquisition of noncontrolling interest	(1,047)					(707)							(340)
Distributions to noncontrolling affiliate shareholders	(751)												(751)
Shares issued upon exercise of stock options and other	6,780			66		6,714
Share-based compensation plans	10,996			50		10,946
Ending balance at Dec. 31, 2020	1,320,914			17,851		905,171		423,940			(26,598)		550
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	121,431							121,369					62
Amounts reported in other comprehensive income (loss)	(37,376)										(37,392)		16
Dividends declared	(28,975)							(28,975)
Shares issued upon exercise of stock options and other	1,694			17		1,677
Share-based compensation plans	10,234			29		10,205
Ending balance at Dec. 31, 2021	1,387,922			17,897		917,053		516,334			(63,990)		628
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(15,842)							(15,931)					89
Amounts reported in other comprehensive income (loss)	(74,300)										(74,250)		(50)
Dividends declared	(30,483)							(30,483)
Shares issued upon exercise of stock options and other	(354)			1		(355)
Share-based compensation plans	11,642			52		11,590
Ending balance at Dec. 31, 2022	$ 1,278,585			$ 17,950		$ 928,288		$ 469,920			$ (138,240)		$ 667

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statement Of Changes In Equity Parentheticals [Abstract]
Dividends declared (in dollars per share)	$ 1.70	$ 1.62	$ 1.56

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies As used in these Notes to Consolidated Financial Statements, the terms “Quaker,” “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. The “Combination” refers to the Quaker combination with Houghton International, Inc. (“Houghton”). Principles of consolidation: All majority-owned subsidiaries are included in the Company’s consolidated financial statements, with appropriate elimination of intercompany balances and transactions. Investments in associated companies (less than majority-owned and in which the Company has significant influence) are accounted for under the equity method. The Company’s share of net income or losses in these investments in associated companies is included in the Consolidated Statements of Operations. The Company periodically reviews these investments for impairments and, if necessary, would adjust these investments to their fair value when a decline in market value or other impairment indicators are deemed to be other than temporary. See Note 17 of Notes to Consolidated Financial Statements. The Company is not the primary beneficiary of any variable interest entities (“VIEs”) and therefore the Company’s consolidated financial statements do not include the accounts of any VIEs. Translation of foreign currency: Assets and liabilities of non-U.S. subsidiaries and associated companies are translated into U.S. dollars at the respective rates of exchange prevailing at the end of the year. Income and expense accounts are translated at average exchange rates prevailing during the year. Translation adjustments resulting from this process are recorded directly in equity as accumulated other comprehensive (loss) income (“AOCI”) and will be included as income or expense only upon sale or liquidation of the underlying entity or asset. Generally, all of the Company’s non-U.S. subsidiaries use their local currency as their functional currency. Cash and cash equivalents: The Company invests temporary and excess funds in money market securities and financial instruments having maturities within 90 days. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company has not experienced losses from the aforementioned investments. Accounts receivable and allowance for credit losses: Trade accounts receivable subject the Company to credit risk. Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. The Company recognizes an allowance for credit losses, which represents the portion of the receivable that the Company does not expect to collect over its contractual life, considering past events and reasonable and supportable forecasts of future economic conditions. The Company’s allowance for credit losses on its trade accounts receivable is based on specific collectability facts and circumstances for each outstanding receivable and customer, the aging of outstanding receivables, and the associated collection risk the Company estimates for certain past due aging categories, and also, the general risk to all outstanding accounts receivable based on historical amounts determined to be uncollectible. The Company does not have any off-balance-sheet credit exposure related to its customers. See Note 13 of Notes to Consolidated Financial Statements. Inventories: Inventories are valued at the lower of cost or net realizable value, and are valued using the first-in, first-out method. See Note 14 of Notes to Consolidated Financial Statements. Right of use lease assets and lease liabilities: The Company determines if an arrangement is a lease at its inception. This determination generally depends on whether the arrangement conveys the right to control the use of an identified fixed asset explicitly or implicitly for a period of time in exchange for consideration. Control of an underlying asset is conveyed if the Company obtains the rights to direct the use of, and obtains substantially all of the economic benefits from the use of, the underlying asset. Lease expense for variable leases and short-term leases is recognized when the obligation is incurred. The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by an option to extend the lease that the Company is reasonably certain it will exercise. Operating leases are included in right of use lease assets, other accrued liabilities and long-term lease liabilities on the Consolidated Balance Sheet. Right of use lease assets and liabilities are recognized at each lease’s commencement date based on the present value of its lease payments over its respective lease term. Operating lease expense is recognized on a straight-line basis over the lease term. The Company uses the stated borrowing rate for a lease when readily determinable. When a stated borrowing rate is not available in a lease agreement, the Company uses its incremental borrowing rate based on information available at the lease’s commencement date to determine the present value of its lease payments. In determining the incremental borrowing rate used to present value each of its leases, the Company considers certain information including fully secured borrowing rates readily available to the Company and its subsidiaries. The Company includes finance leases in Property, plant and equipment (“PP&E”), current portion of long-term debt and long-term debt on the Consolidated Balance Sheet. Long-lived assets: PP&E is stated at gross cost, less accumulated depreciation. Depreciation is computed using the straight-line method on an individual asset basis over the following estimated useful lives: buildings and improvements, 10 to 33 years, or the remaining term of the lease; and machinery and equipment, 4 to 10 years, or the remaining term of the lease. The carrying values of long-lived assets are evaluated whenever changes in circumstances or current events indicate the carrying amount of such assets may not be recoverable. An estimate of undiscounted cash flows produced by the asset, or the appropriate group of assets, is compared with the carrying value to determine whether an impairment exists. If necessary, the Company recognizes an impairment loss for the difference between the carrying amount of the assets and their estimated fair value. Fair value is based on current and anticipated future cash flows. Upon sale or other dispositions of long-lived assets, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount, less proceeds from disposals, is recorded in the Consolidated Statements of Operations. Expenditures for renewals or improvements that increase the estimated useful life or capacity of the assets are capitalized, whereas expenditures for repairs and maintenance are expensed when incurred. See Notes 9 and 15 of Notes to Consolidated Financial Statements. Capitalized software: The Company capitalizes certain costs in connection with developing or obtaining software for internal use, depending on the associated project. These costs are amortized over a period of 3 to 5 years once the assets are ready for their intended use. In connection with the implementations and upgrades to the Company’s global transaction, consolidation and other related systems, approximately $3.5 million and $3.6 million of net costs were capitalized in PP&E on the Company’s Consolidated Balance Sheets at December 31, 2022 and 2021, respectively. Goodwill and other intangible assets: The Company records goodwill, definite-lived intangible assets and indefinite-lived intangible assets at fair value at the date of acquisition. Goodwill and indefinite-lived intangible assets are not amortized but tested for impairment at least annually. These tests will be performed more frequently if triggering events indicate potential impairment. Definite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, generally for periods ranging from 3 to 24 years. The Company continually evaluates the reasonableness of the useful lives of these assets, consistent with the discussion of long-lived assets, above. See Note 16 of Notes to Consolidated Financial Statements. Revenue recognition: The Company recognizes revenue in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services transferred to its customers. To do this, the Company applies a five-step model, which requires the Company to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company identifies a contract with a customer when a sales agreement indicates approval and commitment of the parties; identifies the rights of the parties; identifies the payment terms; has commercial substance; and it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. The Company identifies a performance obligation in a contract for each promised good or service that is separately identifiable from other obligations in the contract and for which the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer. The Company determines the transaction price as the amount of consideration it expects to be entitled to in exchange for fulfilling the performance obligations, including the effects of any variable consideration, significant financing elements, amounts payable to the customer or noncash consideration. For any contracts that have more than one performance obligation, the Company allocates the transaction price to each performance obligation in an amount that depicts the amount of consideration to which the Company expects to be entitled in exchange for satisfying each performance obligation. In accordance with the last step of the five-step model, the Company recognizes revenue when, or as, it satisfies the performance obligation in a contract by transferring control of a promised good or providing the service to the customer. The Company typically satisfies its performance obligations and recognizes revenue at a point in time for product sales, generally when products are shipped or delivered to the customer, depending on the terms underlying each arrangement. In circumstances where the Company’s products are on consignment, revenue is generally recognized upon usage or consumption by the customer. For any FluidcareTM or other services provided by the Company to the customer, the Company typically satisfies its performance obligations and recognizes revenue over time, as the promised services are performed. The Company uses input methods to recognize revenue over time related to these services, including labor costs and time incurred. The Company believes that these input methods represent the most indicative measure of the FluidcareTM or other service work performed by the Company. The Company does not have standard payment terms for all customers, however the Company’s general payment terms require customers to pay for products or services provided after the performance obligation is satisfied. The Company does not have significant financing arrangements with its customers. Therefore, the Company does not adjust the promised amount of consideration for the effects of a significant financing component as the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to the customer and when the customer pays for that good or service will be one year or less. In addition, the Company expenses costs to obtain a contract as incurred when the expected period of benefit, and therefore the amortization period, is one year or less. In addition, the Company excludes from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, value added, excise and various other taxes. Lastly, the Company has elected to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment cost, rather than an additional promised service. The Company does not have significant amounts of variable consideration in its contracts with customers and where applicable, the Company’s estimates of variable consideration are not constrained. The Company records certain third-party license fees in other income (expense), net, in its Consolidated Statement of Operations, which generally include sales-based royalties in exchange for the license of intellectual property. These license fees are recognized in accordance with their agreed-upon terms and when performance obligations are satisfied, which is generally when the third party has a subsequent sale. The Company recognizes a contract asset or receivable on its Consolidated Balance Sheet when the Company performs a service or transfers a good in advance of receiving consideration. A receivable is the Company’s right to consideration that is unconditional and only the passage of time is required before payment of that consideration is due. A contract asset is the Company’s right to consideration in exchange for goods or services that the Company has transferred to a customer. A contract liability is recognized when the Company receives consideration, or if it has the unconditional right to receive consideration, in advance of performance. A contract liability is the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration, or a specified amount of consideration is due, from the customer. See Note 5 of Notes to Consolidated Financial Statements. Research and development costs: Research and development costs are expensed as incurred and are included in selling, general and administrative expenses (“SG&A”). Research and development expenses were $46.0 million, $44.9 million and $40.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. Environmental liabilities and expenditures: Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. If there is a range of estimated liability and no amount in that range is considered more probable than another, then the Company records the lowest amount in the range. Environmental costs and remediation costs are capitalized if the costs extend the life, increase the capacity or improve safety or efficiency of the property from the date acquired or constructed, and/or mitigate or prevent contamination in the future. See Note 26 of Notes to Consolidated Financial Statements. Asset retirement obligations: The Company assesses whether it has legal or conditional obligations associated with the retirement of tangible long-lived assets that result from the acquisition, construction, or development and/or the normal operation of a long-lived asset, including any legal obligations that require disposal of a replaced part that is a component of a tangible long-lived asset. As of December 31, 2022 and 2021, the Company had no significant exposure or liabilities recorded on its Consolidated Balance Sheets. Pension and other postretirement benefits: The Company maintains various noncontributory retirement plans, covering a portion of its employees in the U.S. and certain other countries, including the Netherlands, the United Kingdom (“U.K.”), Mexico, Sweden, Germany and France. The plans of the remaining non-U.S. subsidiaries are, for the most part, either fully insured or integrated with the local governments’ plans. The Company recognizes on a prospective basis the funded status of the defined benefit pension and other postretirement plans on its Consolidated Balance Sheets and, also, recognize as a component of AOCI, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit cost. In addition, the Company recognizes a settlement charge in its Consolidated Statements of Operations when certain events occur, including plan termination or the settlement of certain plan liabilities. A settlement charge represents the immediate recognition into expense of a portion of the unrecognized loss within AOCI on the balance sheet in proportion to the share of the projected benefit obligation that was settled. The measurement date for the Company’s postretirement benefits plan is December 31. The Company’s global pension investment policies are designed to ensure that pension assets are invested in a manner consistent with meeting the future benefit obligations of the pension plans and maintaining compliance with various laws and regulations including the Employee Retirement Income Security Act of 1974. The Company establishes strategic asset allocation percentage targets and benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. The Company’s investment horizon is generally long term, and, accordingly, the target asset allocations encompass a long-term perspective of capital markets, expected risk and return and perceived future economic conditions while also considering the profile of plan liabilities. To the extent feasible, the short-term investment portfolio is managed to match the short-term obligations, the intermediate portfolio duration is matched to reduce the risk of volatility in intermediate plan distributions, and the total return portfolio is managed to maximize the long-term real growth of plan assets. The critical investment principles of diversification, assessment of risk and targeting the optimal expected returns for given levels of risk are applied. The Company’s investment guidelines prohibit the use of securities such as letter stock and other unregistered securities, commodities or commodity contracts, short sales, margin transactions, private placements (unless specifically addressed by addendum), or any derivatives, options or futures for the purpose of portfolio leveraging. The target asset allocation is reviewed periodically and is determined based on a long-term projection of capital market outcomes, inflation rates, fixed income yields, returns, volatilities and correlation relationships. The interaction between plan assets and benefit obligations is periodically studied to assist in establishing such strategic asset allocation targets. Asset performance is monitored with an overall expectation that plan assets will meet or exceed benchmark performance over rolling five year periods. The Company’s pension committee, as authorized by the Company’s Board of Directors (the “Board”), has discretion to manage the assets within established asset allocation ranges approved by senior management of the Company. See Note 21 of Notes to Consolidated Financial Statements. Comprehensive income (loss): The Company presents Other comprehensive (loss) income in its Statements of Comprehensive (Loss) Income. The Company discloses significant amounts reclassified from each component of AOCI, the related tax amounts and the income statement line items affected by such reclassifications. See Note 23 of Notes to Consolidated Financial Statements. Income taxes and uncertain tax positions: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year and the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. The Company accounts for uncertainty in income taxes by applying the recognition threshold and measurement attributes for financial statement recognition and measurement of tax positions taken or expected to be taken on a tax return. The Company determines whether the benefits of tax positions are probable or more likely than not sustained upon audit based upon the technical merits of the tax position. For tax positions that are determined to be more likely than not sustained upon audit, the Company recognizes the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement in the financial statements. For tax positions that are not determined to be more likely than not sustained upon audit, the Company does not recognize any portion of the benefit in the financial statements. Additionally, the Company monitors and adjusts for derecognition, classification, and penalties and interest in interim periods, with appropriate disclosure and transition thereto. Also, the amount of interest expense and income related to uncertain tax positions is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized, including timing differences, and the amount previously taken or expected to be taken in a tax return. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. Finally, when applicable, the Company nets its liability for unrecognized tax benefits against deferred tax assets related to net operating losses or other tax credit carryforwards that would apply if the uncertain tax position were settled for the presumed amount at the balance sheet date. Pursuant to the Tax Cuts and Jobs Act (“U.S. Tax Reform”), specifically the one-time tax on deemed repatriation (the “Transition Tax”), the Company has provided for U.S. income tax on its undistributed earnings of non-U.S. subsidiaries, however, the Company is subject to and will incur other taxes, such as withholding taxes and dividend distribution taxes, if these undistributed earnings were ultimately remitted to the U.S. The Company currently intends to reinvest its future undistributed earnings of non-U.S. subsidiaries to support working capital needs and certain other growth initiatives of those subsidiaries. However, in certain cases the Company has and may in the future change its indefinite reinvestment assertion for any or all of these undistributed earnings. In this case, the Company would estimate and record a tax liability and corresponding tax expense for the amount of non-U.S. income taxes it would incur to ultimately remit these earnings to the U.S. See Note 10 of Notes to Consolidated Financial Statements. Derivatives: The Company is exposed to the impact of changes in interest rates, foreign currency fluctuations, changes in commodity prices and credit risk. Historically, the Company has utilized interest rate swap agreements to enhance its ability to manage risk, including exposure to variability in interest payments associated with its variable rate debt. Derivative instruments are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. In October 2022, the Company’s interest rate swap contracts expired. As of December 31, 2022, the Company has not entered into any similar interest rate swap contracts. The Company previously recorded these instruments on a net basis within the Consolidated Balance Sheets. The effective portion of the change in fair value of the agreement was recorded in AOCI and was recognized in the Consolidated Statements of Operations when cash was paid from the counterparties. See Note 25 of Notes to Consolidated Financial Statements. Fair value measurements: The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. See Notes 21 and 24 of Notes to Consolidated Financial Statements. The following is a brief description of those three levels: •Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. •Level 3: Unobservable inputs that reflect the reporting entity's own assumptions. Share-based compensation: The Company recognizes the fair value of share-based compensation as a component of expense. The Company has a long-term incentive program (“LTIP”) for key employees which provides for the granting of options to purchase stock at prices not less than its market value on the date of the grant. Most options become exercisable within three years after the date of the grant for a period of time determined by the Company, but not to exceed seven years from the date of grant. Restricted stock awards and restricted stock units issued under the LTIP program are subject to time vesting generally over a one to three year period. In addition, as part of the Company’s Annual Incentive Plan, nonvested shares may be issued to key employees, which generally would vest over a two to five year period. In addition, while the Company is permitted to make an accounting policy election to account for forfeitures as they occur for service condition aspects of certain share-based awards, the Company has decided not to elect this accounting policy and instead has elected to continue utilizing a forfeiture rate assumption. Based on historical experience, the Company generally has assumed a forfeiture rate of 13% on certain of its nonvested stock awards. The Company will record additional expense if the actual forfeiture rate is lower than estimated and will record a recovery of prior expense if the actual forfeiture is higher than estimated. The Company also issues performance-dependent stock awards as a component of its LTIP. The fair value of the performance-dependent stock awards is based on their grant-date market value adjusted for the likelihood of attaining certain predetermined performance goals and is calculated by utilizing a Monte Carlo simulation model. Compensation expense is recognized on a straight-line basis over the vesting period, generally three years. See Note 8 of the Notes to Consolidated Financial Statements. Earnings per share: The Company calculates earnings per share for nonvested stock awards with rights to non-forfeitable dividends, which requires nonvested stock awards with rights to non-forfeitable dividends to be included as part of the basic weighted average share calculation under the two-class method. See Note 11 of Notes to Consolidated Financial Statements. 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. See Note 4 of Notes to Consolidated Financial Statements. Hyper-inflationary accounting: Economies that have a cumulative three year rate of inflation exceeding 100% are considered hyper-inflationary. A legal entity that operates within an economy deemed to be hyper-inflationary is required to remeasure its monetary assets and liabilities to the applicable published exchange rates and record the associated gains or losses resulting from the remeasurement directly to the Consolidated Statements of Operations. Argentina’s and Türkiye’s economies were considered hyper-inflationary effective July 1, 2018 and April 1, 2022, respectively. As of, and for the year ended December 31, 2022, the Company's Argentine and Turkish subsidiaries represented a combined 1% and 2% of the Company’s consolidated total assets and net sales, respectively. For the years ended December 31, 2022, 2021 and 2020, the Company recorded $1.6 million, $0.6 million, and $0.4 million, respectively, of remeasurement losses associated with the applicable currency conversions related to Argentina and Türkiye. These losses were recorded within foreign exchange losses, net, which is a component of Other (expense) income, net, in the Company’s Consolidated Statements of Operations. Business combinations: The Company accounts for business combinations under the acquisition method of accounting. This method requires the recording of acquired assets, including separately identifiable intangible assets, and assumed liabilities at their respective acquisition date estimated fair values. Any excess of the purchase price over the estimated fair value of the identifiable net assets acquired is recorded as goodwill. The determination of the estimated fair value of assets acquired and liabilities assumed requires significant estimates and assumptions. Based on the assessment of additional information during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the estimated fair value of assets acquired and liabilities assumed. See Note 2 of Notes to Consolidated Financial Statements. Restructuring activities: Restructuring programs consist of employee severance, rationalization of manufacturing or other facilities and other related items. To account for such programs, the Company recognizes a liability for a cost associated with an exit or disposal activity, when the liability is incurred, is estimable, and payment is probable. See Note 7 of Notes to Consolidated Financial Statements. Reclassifications: Certain information has been reclassified to conform to the current year presentation. Accounting estimates: The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingencies at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from such estimates.

Business Combinations	12 Months Ended
Business Combinations	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations 2022 Acquisitions In October 2022, the Company acquired a business that provides pickling and rinsing products and services, which is part of the EMEA reportable segment, for approximately 3.5 million EUR or approximately $3.5 million. This acquisition, along with the Company’s January 2022 acquisition in the Americas reportable segment (described below), which had similar specializations and product offerings, strengthens Quaker Houghton’s position in pickling inhibitors and additives, enabling the Company to better support and optimize production processes for customers across the Metals industry. The Company allocated $2.8 million of the purchase price to intangible assets, comprised of $2.3 million of customer relationships to be amortized over 10 years; $0.2 million of existing product technologies to be amortized over 10 years; and $0.3 million of licensed trademarks to be amortized over 10 years. In addition, the Company recorded $0.8 million of goodwill related to expected value not allocated to other acquired assets. In January 2022, the Company acquired a business that provides pickling inhibitor technologies, drawing lubricants and stamping oil, and various other lubrication, rust preventative, and cleaner applications, which is part of the Americas reportable segment for approximately $8.0 million. This business broadens the Company’s product offerings within its existing metals and metalworking business in the Americas reportable segment. The Company allocated $5.6 million of the purchase price to intangible assets, comprised of $5.1 million of customer relationships to be amortized over 14 years; and $0.5 million of existing product technologies to be amortized over 14 years. In addition, the Company recorded $1.8 million of goodwill related to expected value not allocated to other acquired assets, all of which is expected to be tax deductible in various jurisdictions in which the Company operates. During the third quarter of 2022 the Company finalized post-closing adjustments that resulted in the Company paying less than $0.1 million of additional purchase consideration. Factors contributing to the purchase price that resulted in goodwill included the acquisition of business processes and personnel that will allow Quaker Houghton to better serve its customers. In January 2022, the Company acquired a business related to the sealing and impregnation of metal castings for the automotive sector, as well as impregnation resin and impregnation systems for metal parts, which is part of the Global Specialty Businesses reportable segment for approximately 1.2 million EUR or approximately $1.4 million. This business broadens its product offerings and service capabilities within its existing impregnation business. Other Previous Acquisitions In November 2021, the Company acquired Baron Industries (“Baron”), a privately held company that provides vacuum impregnation services of castings, powder metals and electrical components for its Global Specialty Businesses reportable segment for $11.0 million, including an initial cash payment of $7.1 million, subject to post-closing adjustments as well as certain earn-out provisions that are payable at various times from 2022 through 2025. The earn-out provisions could total a maximum of $4.5 million. In September 2022, the Company paid $2.5 million related to certain of these earnout provisions. The Company recorded an incremental earn-out expense of $0.1 million during the year ended December 31, 2022 related to these earnout provisions, recorded within the financial statement caption “Combination, integration and other acquisition-related expenses” on the Company’s Condensed Consolidated Statements of Operations. As of December 31, 2022, the Company has remaining earnout liabilities recorded on its Condensed Consolidated Balance Sheet of $1.6 million. The Company allocated $8.0 million of the purchase price to intangible assets, $1.1 million of property, plant and equipment and $1.5 million of other assets acquired net of liabilities assumed, which includes $0.3 million of cash acquired. In addition, the Company recorded $0.4 million of goodwill, none of which is expected to be tax deductible. Intangible assets comprised $7.2 million of customer relationships to be amortized over 15 years; and $0.8 million of existing product technology to be amortized over 13 years. Factors contributing to the purchase price that resulted in goodwill included the acquisition of business processes and personnel that will allow Quaker Houghton to better serve its customers. During the third quarter of 2022 the Company finalized post-closing adjustments that resulted in the Company receiving less than $0.1 million. In November 2021, the Company acquired a business that provides hydraulic fluids, coolants, cleaners, and rust preventative oils in Türkiye for its EMEA reportable segment for 3.2 million EUR or approximately $3.7 million. In September 2021, the Company acquired the remaining interest in Grindaix-GmbH (“Grindaix”), a Germany-based, high-tech provider of coolant control and delivery systems for its Global Specialty Businesses reportable segment for 2.4 million EUR or approximately $2.9 million, which is gross of approximately $0.3 million of cash acquired. Previously, in February 2021, the Company acquired a 38% ownership interest in Grindaix for 1.4 million EUR or approximately $1.7 million. The Company recorded its initial investment as an equity method investment within the Consolidated Financial Statements and accounted for the purchase of the remaining interest as a step acquisition whereby the Company remeasured the previously held equity method investment to its fair value. In June 2021, the Company acquired certain assets for its chemical milling maskants product line in the Global Specialty Businesses reportable segment for 2.3 million EUR or approximately $2.8 million. In February 2021, the Company acquired a tin-plating solutions business for the steel end market for $25.0 million. This acquisition is part of each of the Company’s geographic reportable segments. The Company allocated $19.6 million of the purchase price to intangible assets, comprised of $18.3 million of customer relationships, to be amortized over 19 years; $0.9 million of existing product technology to be amortized over 14 years; and $0.4 million of a licensed trademark to be amortized over 3 years. In addition, the Company recorded $5.0 million of goodwill, all of which is expected to be tax deductible in various jurisdictions in which we operate. Factors contributing to the purchase price that resulted in goodwill included the acquisition of business processes and personnel that will allow Quaker Houghton to better serve its customers. In December 2020, the Company completed its acquisition of Coral Chemical Company (“Coral”), a privately held, U.S.-based provider of metal finishing fluid solutions. The acquisition provides technical expertise and product solutions for pre-treatment, metalworking and wastewater treatment applications to the beverage cans and general industrial end markets. The acquired assets and liabilities were assigned to the Americas and Global Specialty Businesses reportable segments. The original purchase price was approximately $54.1 million, subject to routine and customary post-closing adjustments related to working capital and net indebtedness levels. 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 May 2020, the Company acquired Tel Nordic ApS (“TEL”), a company that specializes in lubricants and engineering primarily in high pressure aluminum die casting for its EMEA reportable segment. Consideration paid was in the form of a convertible promissory note in the amount of 20.0 million DKK, or approximately $2.9 million, which was subsequently converted into shares of the Company’s common stock. An adjustment to the purchase price of approximately 0.4 million DKK, or less than $0.1 million, was made as a result of finalizing a post-closing settlement in the second quarter of 2020. The Company allocated approximately $2.4 million of the purchase price to intangible assets to be amortized over 17 years. In addition, the Company recorded approximately $0.5 million of goodwill, related to expected value not allocated to other acquired assets, none of which will be tax deductible. In March 2020, the Company acquired the remaining 49% ownership interest in one of its South African affiliates, Quaker Chemical South Africa Limited (“QSA”) for 16.7 million ZAR, or approximately $1.0 million, from its joint venture partner PQ Holdings South Africa. QSA is a part of the Company’s EMEA reportable segment. As this acquisition was a change in an existing controlling ownership, the Company recorded $0.7 million of excess purchase price over the carrying value of the noncontrolling interest in Capital in excess of par value. During the first quarter of 2020, the Company finalized its post-closing adjustments for the Norman Hay plc (“Norman Hay”) acquisition and paid approximately 2.5 million GBP to settle post-closing adjustments. As of December 31, 2022, the allocation of the purchase price of each of the 2022 acquisitions has not been finalized and the one year measurement period has not ended for any of these acquisitions. Further adjustments may be necessary as a result of the Company’s on-going assessment of additional information related to the fair value of assets acquired and liabilities assumed. As of December 31, 2022, the allocation of the purchase price for all other previous acquisitions was finalized and the one year measurement period ended. The results of operations of each acquisition subsequent to the respective acquisition dates are included in the Consolidated Statements of Operations. Applicable transaction expenses associated with these acquisitions are included in Combination, integration and other acquisition-related expenses in the Company’s Consolidated Statements of Operations. Certain pro forma and other information is not presented, as the operations of the acquired assets and businesses are not considered material to the overall operations of the Company for the periods presented.

Recently Issued Accounting Standards	12 Months Ended
Recently Issued Accounting Standards	Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Recently Issued Accounting Standards Adopted The FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting in March 2020. The FASB subsequently issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope in January 2021, which clarified the guidance, and ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. Neither ASU materially changed the guidance or its applicability to the Company. The amendments provide temporary optional expedients and exceptions for applying U.S. GAAP to contract modifications, hedging relationships, and other transactions to ease the potential accounting and financial reporting burden associated with transitioning away from reference rates that are expected to be discontinued, including the London Interbank Offered Rate (“LIBOR”). ASU 2020-04 is effective for the Company as of March 12, 2020 and generally can be applied through December 31, 2024. On June 17, 2022, the Company entered into an amendment to its primary credit facility, which, among other things, provided for the use of a USD currency LIBOR successor rate (the Term Secured Overnight Financing Rate (“Term SOFR”)). See Note 20 of Notes to Consolidated Financial Statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Business Segments

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

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 four reportable segments: (i) Americas; (ii) EMEA; (iii) Asia/Pacific; and (iv) Global Specialty Businesses. The three geographic segments are composed of the net sales and operations in each respective region, excluding net sales and operations managed globally by the Global Specialty Businesses segment, which includes the Company’s container, metal finishing, mining, offshore, specialty coatings, specialty grease and Norman Hay businesses.

Segment operating earnings for each of the Company’s reportable segments are comprised of the segment’s net sales less directly related COGS and SG&A. Operating expenses not directly attributable to the net sales of each respective segment, such as certain corporate and administrative costs, Combination, integration and other acquisition-related expenses, and Restructuring and related charges, are not included in segment operating earnings. Other items not specifically identified with the Company’s reportable segments include Interest expense, net and Other (expense) income, net.

The following tables present information about the performance of the Company’s reportable segments for the years ended December 31, 2022, 2021 and 2020.


	2022		2021		2020
Net sales
Americas	$	696,102	$	572,643	$	450,161
EMEA	474,604		480,126		383,187
Asia/Pacific	386,450		388,160		315,299
Global Specialty Businesses	386,429		320,229		269,030
Total net sales	$	1,943,585	$	1,761,158	$	1,417,677


	2022		2021		2020
Segment operating earnings
Americas	$	148,181	$	124,863	$	96,379
EMEA	50,708		85,209		69,163
Asia/Pacific	92,995		96,318		88,356
Global Specialty Businesses	113,940		90,632		79,690
Total segment operating earnings	405,824		397,022		333,588
Combination, integration and other acquisition-related expenses	(8,779)		(23,885)		(29,790)
Restructuring and related charges	(3,163)		(1,433)		(5,541)
Fair value step up of acquired inventory sold	—		(801)		(226)
Impairment charges	(93,000)		—		(38,000)
Non-operating and administrative expenses	(187,830)		(157,864)		(143,202)
Depreciation of corporate assets and amortization	(60,748)		(62,573)		(57,469)
Operating income	52,304		150,466		59,360
Other (expense) income, net	(12,607)		18,851		(5,618)
Interest expense, net	(32,579)		(22,326)		(26,603)
Income before taxes and equity in net income of associated companies	$	7,118	$	146,991	$	27,139

The following tables present information regarding the Company’s reportable segments’ assets and long-lived assets, including certain identifiable assets as well as an allocation of shared assets, as of December 31, 2022, 2021 and 2020:


	2022		2021		2020
Segment assets
Americas	$	1,014,115	$	983,521	$	969,551
EMEA	602,289		714,659		697,821
Asia/Pacific	685,607		750,970		713,004
Global Specialty Businesses	519,611		506,610		511,458
Total segment assets	$	2,821,622	$	2,955,760	$	2,891,834


	2022		2021		2020
Segment long-lived assets
Americas	$	118,525	$	129,321	$	122,302
EMEA	66,151		69,990		69,344
Asia/Pacific	113,476		123,130		119,233
Global Specialty Businesses	60,182		37,951		59,091
Total segment long-lived assets	$	358,334	$	360,392	$	369,970

The following tables present information regarding the Company’s reportable segments’ capital expenditures and depreciation for identifiable assets for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
Capital expenditures
Americas	$	18,188	$	9,678	$	6,451
EMEA	5,628		6,767		3,844
Asia/Pacific	3,245		2,264		5,688
Global Specialty Businesses	1,478		2,748		1,918
Total segment capital expenditures	$	28,539	$	21,457	$	17,901


	2022		2021		2020
Depreciation
Americas	$	8,858	$	12,074	$	12,322
EMEA	4,897		6,936		6,813
Asia/Pacific	4,060		4,596		4,672
Global Specialty Businesses	5,109		3,043		3,544
Total segment depreciation	$	22,924	$	26,649	$	27,351

During the years ended December 31, 2022, 2021 and 2020, the Company had approximately $1,246.7 million, $1,198.4 million and $963.2 million of net sales, respectively, attributable to non-U.S. operations. As of December 31, 2022, 2021 and 2020, the Company had approximately $156.4 million, $155.2 million and $176.6 million of long-lived assets, respectively, attributable to non-U.S. operations.

Inter-segment revenue for the years ended December 31, 2022, 2021 and 2020 was $11.9 million, $12.2 million and $9.1 million for Americas, $32.4 million, $29.0 million and $22.0 million for EMEA, $0.9 million, $1.6 million and $0.6 million for Asia/Pacific and $8.5 million, $7.4 million and $4.7 million for Global Specialty Businesses, respectively. However, all inter-segment transactions have been eliminated from each reportable operating segment’s net sales and earnings for all periods presented in the above tables.

In January 2023, the Company reorganized certain of its executive management team to align with its new business structure, which reflects the method by which the Company will assess its performance and allocate its resources going forward. This change was made subsequent to December 31, 2022 and therefore, the reportable segments presented in the preceding tables represented the business structure the Company operated during the periods presented. Effective beginning in the first quarter of 2023, the Company’s new structure will include three reportable segments: (i) Americas; (ii) Europe, Middle East and Africa (“EMEA”); and (iii) Asia/Pacific. The three geographic segments are composed of the net sales and operations in each respective region, including net sales and operations formerly included in the Global Specialty Businesses segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Net Sales and Revenue Recognition

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Net Sales and Revenue Recognition

Arrangements Resulting in Net Reporting

As part of the Company’s FluidcareTM business, certain third-party product sales to customers are managed by the Company. The Company transferred third-party products under arrangements resulting in net reporting of $83.8 million, $71.7 million and $42.5 million for the years ended December 31, 2022, 2021 and 2020, 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, aircraft, industrial equipment, and durable goods. During the year ended December 31, 2022, the Company’s five largest customers (each composed of multiple subsidiaries or divisions with semiautonomous purchasing authority) accounted for approximately 11% of consolidated net sales, with its largest customer accounting for approximately 3% of consolidated net sales.

Contract Assets and Liabilities

The Company had no material contract assets recorded on its Consolidated Balance Sheets as of December 31, 2022 and 2021.

The Company had approximately $5.7 million and $7.0 million of deferred revenue as of December 31, 2022 and 2021, respectively. During the years ended December 31, 2022 and 2021, respectively, the Company satisfied all of the associated performance obligations and recognized into revenue the advance payments received and recorded as of December 31, 2021 and 2020, respectively.

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 segment first, and then by customer industry, rather than by individual product lines. Also, 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, approximately proportionate to the level of total sales in each region.

The following tables present disaggregated information regarding the Company’s net sales, first by major product lines that represent more than 10% of the Company’s consolidated net sales for any of the years ended December 31, 2022, 2021 and 2020, and followed then by a disaggregation of the Company’s net sales by segment, geographic region, customer industry, and timing of revenue recognized for the years ended December 31, 2022, 2021 and 2020.


	2022		2021		2020
Metal removal fluids	22.9	%	23.4	%	23.9	%
Rolling lubricants	20.8	%	22.2	%	21.8	%
Hydraulic fluids	14.1	%	13.6	%	13.3	%


	Net sales for the year ending December 31, 2022
	Americas		EMEA		Asia/Pacific		Consolidated Total

Customer Industries
Metals	$	252,513	$	137,767	$	214,377	$	604,657
Metalworking and other	443,589		336,837		172,073		952,499
	696,102		474,604		386,450		1,557,156
Global Specialty Businesses	247,646		83,738		55,045		386,429
	$	943,748	$	558,342	$	441,495	$	1,943,585

Timing of Revenue Recognized
Product sales at a point in time	$	903,610	$	526,977	$	430,857	$	1,861,444
Services transferred over time	40,138		31,365		10,638		82,141
	$	943,748	$	558,342	$	441,495	$	1,943,585


	Net sales for the year ending December 31, 2021
	Americas		EMEA		Asia/Pacific		Consolidated Total

Customer Industries
Metals	$	210,340	$	141,950	$	207,160	$	559,450
Metalworking and other	362,303		338,176		181,000		881,479
	572,643		480,126		388,160		1,440,929
Global Specialty Businesses	186,859		80,541		52,829		320,229
	$	759,502	$	560,667	$	440,989	$	1,761,158

Timing of Revenue Recognized
Product sales at a point in time	$	724,357	$	527,083	$	429,130	$	1,680,570
Services transferred over time	35,145		33,584		11,859		80,588
	$	759,502	$	560,667	$	440,989	$	1,761,158


	Net sales for the year ending December 31, 2020
	Americas		EMEA		Asia/Pacific		Consolidated Total

Customer Industries
Metals	$	163,135	$	107,880	$	168,096	$	439,111
Metalworking and other	287,026		275,307		147,203		709,536
	450,161		383,187		315,299		1,148,647
Global Specialty Businesses	154,796		68,164		46,070		269,030
	$	604,957	$	451,351	$	361,369	$	1,417,677

Timing of Revenue Recognized
Product sales at a point in time	$	580,663	$	434,549	$	352,917	$	1,368,129
Services transferred over time	24,294		16,802		8,452		49,548
	$	604,957	$	451,351	$	361,369	$	1,417,677

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

The Company has operating leases for certain facilities, vehicles and machinery and equipment with remaining lease terms up to 9 years. In addition, the Company has certain land use leases with remaining lease terms up to 93 years.

The Company’s finance leases are included in PP&E on the Consolidated Balance Sheet. See Note 15 of Notes to Consolidated Financial Statements. The Company has no material variable lease costs or sublease income for the years ended December 31, 2022, 2021 and 2020. The following table sets forth the components of the Company’s lease cost for the years ended December 31, 2022, 2021 and 2020:


	December 31, 2022		December 31, 2021		December 31, 2020
Operating lease expense	$	15,171	$	14,061	$	14,247
Short-term lease expense	816		861		1,308

Supplemental cash flow information related to the Company’s leases is as follows:


	December 31, 2022		December 31, 2021		December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	19,215	$	13,859	$	14,101
Non-cash lease liabilities activity:
Leased assets obtained in exchange for new operating lease liabilities	23,356		11,142		6,949

Supplemental balance sheet information related to the Company’s leases is as follows:


	December 31, 2022			December 31, 2021
Right of use lease assets	$	43,766		$	36,635

Other accrued liabilities	12,024			9,976
Long-term lease liabilities	26,967			26,335
Total operating lease liabilities	$	38,991		$	36,311

Weighted average remaining lease term (years)	5.1			5.6
Weighted average discount rate	4.36		%	4.22		%

Maturities of operating lease liabilities as of December 31, 2022 were as follows:


	December 31, 2022
For the year ended December 31, 2023	$	13,551
For the year ended December 31, 2024	11,149
For the year ended December 31, 2025	7,266
For the year ended December 31, 2026	5,280
For the year ended December 31, 2027	2,457
For the year ended December 31, 2028 and beyond	5,299
Total lease payments	45,002
Less: imputed interest	(6,011)
Present value of lease liabilities	$	38,991

Restructuring and Related Activities

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities

The Company’s Management approved a global restructuring plan (the “QH Program”) as part of its initial plan to realize certain cost synergies associated with the Combination in the third quarter of 2019. The QH Program included 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. As of December 31, 2022, the Company has substantially completed all of the initiatives under the QH Program with only an immaterial amount of remaining severance still to be paid, which is expected to be completed during 2023.

In response to current macroeconomic headwinds and softer operating conditions, in 2022, the Company’s Management initiated a global cost and optimization program to improve its cost structure and drive a more profitable and productive organization. This program has and will include certain restructuring activities as part of the plan to further optimize and strengthen the Company’s footprint, optimize the go-to-market strategy, simplify the portfolio and organization, and enable the Company to deliver on its strategic plan. During the fourth quarter of 2022, initial actions under this program included restructuring and associated severance costs to reduce headcount by approximately 40 positions globally. These headcount reductions began in the fourth quarter of 2022 and are expected to be completed in 2023.

Under the Company’s restructuring programs, employee separation benefits varied depending on local regulations within certain foreign countries and included severance and other benefits. The exact timing to complete all actions and final costs associated will depend on a number of factors and are subject to change. Restructuring costs incurred during the years ended December 31, 2022, 2021 and 2020 include severance costs to reduce headcount, including customary and routine adjustments to initial estimates for employee separation costs, as well as costs to close certain facilities and are recorded in Restructuring and related charges in the Company’s Consolidated Statements of Operations.

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. During the years ended December 31, 2022, 2021 and 2020, certain of these facilities were sold and the Company recognized a gain of $0.2 million in 2022 and $5.4 million in 2021 and a loss of approximately $0.6 million in 2020, which is included within Other (expense) income, net on the Consolidated Statements of Operations. Additionally, certain land with an aggregate book value of approximately $0.6 million continues to be held-for-sale as of December 31, 2022 and is recorded in Prepaid expenses and other current assets on the Company’s Consolidated Balance Sheets. The Company expects to complete the sale of this land in 2023. The Company will continue to evaluate actions to strengthen and optimize its existing facilities and footprint and this may include making certain other facilities or property available for sale in the future. As described in Note 4 of Notes to Consolidated Financial Statements, Restructuring and related charges are not included in the Company’s calculation of reportable segments’ measure of operating earnings and therefore these costs are not reviewed by or recorded to reportable segments.

Activity in the Company’s accrual for restructuring for the years ended December 31, 2022 and 2021 are as follows:


	Restructuring Programs
Accrued restructuring as of December 31, 2020	$	8,248
Restructuring and related charges	1,433
Cash payments	(5,266)
Currency translation adjustments	(328)
Accrued restructuring as of December 31, 2021	4,087
Restructuring and related charges	3,163
Cash payments	(1,532)
Currency translation adjustments	(235)
Accrued restructuring as of December 31, 2022	$	5,483

Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

The Company recognized the following share-based compensation expense in its Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
Stock options	$	1,774	$	1,235	$	1,491
Non-vested stock awards and restricted stock units	6,679		5,438		5,012
Non-elective and elective 401(k) matching contribution in stock	—		1,553		3,112
Director stock ownership plan	63		901		541
Performance stock units	3,150		1,911		840
Total share-based compensation expense	$	11,666	$	11,038	$	10,996

Share-based compensation expense is recorded in SG&A, except for $0.2 million, $0.9 million and $1.5 million during the years ended December 31, 2022, 2021 and 2020, respectively, recorded within Combination, integration and other acquisition-related expenses.

Stock Options

Stock option activity under all plans is as follows:


	Number of Options	Weighted Average Exercise Price (per option)		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Options outstanding as of January 1, 2022	109,684	$	165.47
Options granted	31,914	222.82
Options exercised	(11,801)	133.10
Options forfeited	(10,315)	172.41
Options outstanding as of December 31, 2022	119,482	$	183.39	4.7	$	(373)
Options expected to vest after December 31, 2022	54,245	$	182.20	5.5	$	(830)
Options exercisable as of December 31, 2022	65,237	$	159.93	3.9	$	455

The total intrinsic value of options exercised during the years ended December 31, 2022, 2021 and 2020 was approximately $0.8 million, $2.7 million and $6.5 million, respectively. Intrinsic value is calculated as the difference between the current market price of the underlying security and the strike price of a related option.

A summary of the Company’s outstanding stock options as of December 31, 2022 is as follows:


Range of Exercise Prices					Number of Options Outstanding	Weighted Average Remaining Contractual Term (years)	Weighted Average Exercise Price (per option)	Number of Options Exercisable	Weighted Average Exercise Price (per option)
$	120.01	-	$	150.00	40,781	4.5	137.28	23,262	136.64
$	150.01	-	$	180.00	56,834	4.6	164.63	33,833	155.35
$	220.01	-	$	250.00	21,867	5.2	245.10	8,142	245.49
					119,482	4.7	183.39	65,237	159.93

As of December 31, 2022, unrecognized compensation expense related to options granted during the years ended December 31, 2022, 2021 and 2020 was $0.8 million, $0.5 million and $0.1 million, respectively, to be recognized over a weighted average period of 1.3 years.

The Company granted stock options under its LTIP plan that are subject only to time vesting generally over a three year period during 2022, 2021, 2020 and 2019. For the purposes of determining the fair value of stock option awards, the Company used a Black-Scholes option pricing model and primarily used the assumptions set forth in the table below:


	July 2022 Grant		March 2022 Grant		2021		2020		2019
Number of stock options granted	4,837		27,077		25,250		49,115		51,610
Dividend yield	0.79	%	0.80	%	0.85	%	0.99	%	1.12	%
Expected volatility	40.47	%	38.60	%	37.33	%	31.57	%	26.29	%
Risk-free interest rate	2.87	%	2.07	%	0.60	%	0.36	%	1.52	%
Expected term (years)	4.0		4.0		4.0		4.0		4.0

The fair value of these options is being amortized on a straight-line basis over the respective vesting period of each award. The compensation expense recorded on each award during the years ended December 31, 2022, 2021 and 2020, respectively, is as follows:


	2022		2021		2020
2022 Stock option awards	$	783	$	—	$	—
2021 Stock option awards	521		429		—
2020 Stock option awards	443		516		385
2019 Stock option awards	27		234		698
2018 Stock option awards	—		56		357

Restricted Stock Awards

Activity of non-vested restricted stock awards granted under the Company’s LTIP plan is shown below:


	Number of Shares	Weighted Average Grant Date Fair Value (per share)
Nonvested awards, December 31, 2021	68,693	$	179.26
Granted	54,433	166.07
Vested	(38,583)	175.80
Forfeited	(5,088)	184.64
Nonvested awards, December 31, 2022	79,455	$	171.61

The fair value of the non-vested stock is based on the trading price of the Company’s common stock on the date of grant. The Company adjusts the grant date fair value for expected forfeitures based on historical experience for similar awards. As of December 31, 2022, unrecognized compensation expense related to these awards was $7.4 million, to be recognized over a weighted average remaining period of 1.6 years.

Restricted Stock Units

Activity of non-vested restricted stock units granted under the Company’s LTIP plan is shown below:


	Number of Units	Weighted Average Grant Date Fair Value (per unit)
Nonvested awards, December 31, 2021	10,977	$	170.82
Granted	10,703	169.29
Vested	(3,009)	158.09
Forfeited	(171)	190.37
Nonvested awards, December 31, 2022	18,500	$	171.83

The fair value of the non-vested restricted stock units is based on the trading price of the Company’s common stock on the date of grant. The Company adjusts the grant date fair value for expected forfeitures based on historical experience for similar awards. As of December 31, 2022, unrecognized compensation expense related to these awards was $1.7 million, to be recognized over a weighted average remaining period of 1.9 years.

Performance Stock Units

The Company grants performance-dependent stock awards (“PSUs”) as a component of its LTIP, which will be settled in a certain number of shares subject to market-based and time-based vesting conditions. The number of fully vested 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 total shareholder return (“TSR”) relative to the performance of the Company’s peer group, the S&P Midcap 400 Materials group. The service period required for the PSUs is three years and the TSR measurement period for the PSUs is generally from January 1 of the year of grant through December 31 of the year prior to issuances of the shares upon settlement.

Compensation expense for PSUs is measured based on their grant date fair value and is recognized on a straight-line basis over the three year vesting period. The grant-date fair value of the PSUs was estimated using a Monte Carlo simulation on the grant date and using the following assumptions set forth in the table below:


	2022		CEO Grant 2021 (1)		2021		2020
Number of PSUs granted	18,462		3,775		12,103		18,485
Risk-free interest rate	2.11	%	0.65	%	0.29	%	0.28	%
Dividend yield	0.93	%	0.72	%	0.64	%	1.13	%
Expected term (years)	3.0		3.0		3.0		3.0

(1)On September 2, 2021, the Board appointed Andrew Tometich to serve as CEO and entered into an Employment Agreement, and granted an equity award consisting of a mix of time-based restricted stock and PSUs.

As of December 31, 2022, there was approximately $4.0 million of total unrecognized compensation cost related to PSUs which the Company expects to recognize over a weighted-average period of 1.8 years.

Defined Contribution Plan

Beginning in April 2020 and continuing through March 2021, the Company matched both non-elective and elective 401(k) contributions in fully vested shares of the Company’s common stock rather than cash. There were no matching contributions in stock for the year ended December 31, 2022. For the years ended December 31, 2021 and 2020, total contributions in stock were $1.5 million and $3.1 million, respectively.

2013 Director Stock Ownership Plan

In 2013, the Company adopted the 2013 Director Stock Ownership Plan (the “Plan”), to encourage the Directors to increase their investment in the Company, which was approved at the Company’s May 2013 shareholders’ meeting. The Plan authorizes the issuance of up to 75,000 shares of Quaker common stock in accordance with the terms of the Plan in payment of all or a portion of the annual cash retainer payable to each of the Company’s non-employee directors in 2013 and subsequent years during the term of the Plan. Under the Plan, each director who, on May 1 of the applicable calendar year, owns less than 400% of the annual cash retainer for the applicable calendar year, divided by the average of the closing price of a share of Quaker Common Stock as reported by the composite tape of the New York Stock Exchange for the previous calendar year (the “Threshold Amount”), is required to receive 75% of the annual cash retainer in Quaker common stock and 25% of the retainer in cash, unless the director elects to receive a greater percentage of Quaker common stock, up to 100% of the annual cash retainer for the applicable year. Each director who owns more than the Threshold Amount may elect to receive common stock in payment of a percentage (up to 100%) of the annual cash retainer. The annual retainer is $0.1 million and the retainer payment date is June 1.

Other (Expense) Income, net

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Other (Expense) Income, net

Other (expense) income, net, for the years ended December 31, 2022, 2021 and 2020 are as follows:


	2022		2021		2020
Income from third party license fees	$	1,268	$	1,367	$	999
Foreign exchange losses, net	(9,399)		(3,821)		(6,082)
Gain (loss) on disposals of property, plant, equipment and other assets, net	168		4,695		(871)
Non-income tax refunds and other related (expense) credits	(1,613)		15,155		3,345
Pension and postretirement benefit income (costs), non-service components	1,704		759		(21,592)
Loss on extinguishment of debt	(6,763)		—		—
Gain on insurance recoveries	1,804		—		18,144
Other non-operating income, net	224		696		439
Total other (expense) income, net	$	(12,607)	$	18,851	$	(5,618)

Foreign exchange losses, net, during the years ended December 31, 2022, 2021 and 2020, include foreign currency transaction losses of approximately $1.6 million, $0.6 million and $0.4 million, respectively, related to hyper-inflationary accounting. See Note 1 of Notes to Consolidated Financial Statements.

Gain (loss) on disposals of property, plant, equipment and other assets, net, includes losses related to certain fixed asset disposals resulting from the property damage caused by flooding of the Company’s Conshohocken, Pennsylvania headquarters in 2021, described in Note 26 of Notes to Consolidated Financial Statements. This caption also includes a gain in 2022 and 2021 and a loss in 2020 on the sale of certain held-for-sale real property assets related to the Combination, described in Note 7 of Notes to Consolidated Financial Statements.

Non-income tax refunds and other related (expense) credits during the year ended December 31, 2022 includes adjustments to Combination-related indemnification assets associated with the settlement of certain income tax audits at certain of the Company’s Italian and German affiliates for tax periods prior to August 1, 2019, whereas during the year ended December 31, 2021 this includes certain non-income tax credits for the Company’s Brazilian subsidiaries described in Note 26 of Notes to Consolidated Financial Statements.

Pension and postretirement benefit income (costs), non-service components during the year ended December 31, 2020 include a $1.6 million refund in premium and a $22.7 million non-cash settlement charge related to the termination of a noncontributory U.S. pension plan, as described in Note 21 of Notes to Consolidated Financial Statements.

Loss on extinguishment of debt during the year ended December 31, 2022 includes the write-off of certain previously unamortized deferred financing costs as well as a portion of the third party and creditor debt issuance costs incurred to execute an amendment to the Company’s primary credit facility. See Note 20 of Notes to Consolidated Financial Statements.

Gain on insurance recoveries for the year ended December 31, 2022 reflects payments received from insurers related to the property damage incurred during 2021, noted above, whereas for the year ended December 31, 2020, this amount relates to the termination of restrictions over certain cash that was previously designated solely to be used for settlement of asbestos claims at an inactive subsidiary of the Company and cash proceeds from an insolvent insurance carrier with respect to previously filed recovery claims. See Note 12, Note 19 and Note 26 of Notes to Consolidated Financial Statements.

Taxes on Income

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Taxes on Income

On December 22, 2017, the U.S. government enacted comprehensive tax legislation which we refer to as U.S. Tax Reform. U.S. Tax Reform implemented a new system of taxation for non-U.S. earnings which eliminated U.S. federal income taxes on dividends from certain foreign subsidiaries and imposed a one-time transition tax on the deemed repatriation of undistributed earnings of certain foreign subsidiaries that is payable over eight years.

Following numerous regulations, notices, and other formal guidance published by the Internal Revenue Service (“IRS”), U.S. Department of Treasury, and various state taxing authorities, the Company completed its accounting for the transition tax and has elected to pay its $15.5 million transition tax in installments over eight years as permitted under U.S. Tax Reform. As of December 31, 2022, $6.9 million in installments have been paid with the remaining $8.6 million to be paid through installments in future years.

As of December 31, 2022, the Company has a deferred tax liability of $6.8 million on certain undistributed foreign earnings, which primarily represents the Company’s estimate of the non-U.S. income taxes the Company will incur to ultimately remit certain earnings to the U.S. The Company’s reinvestment assertions as further explained below.

Taxes on income before equity in net income of associated companies for the years ended December 31, 2022, 2021 and 2020 are as follows:


	2022		2021		2020
Current:
Federal	$	(708)	$	955	$	(1,359)
State	1,450		2,115		1,171
Foreign	34,735		44,375		33,173
	35,477		47,445		32,985
Deferred:
Federal	(2,798)		(3,863)		(28,437)
State	(713)		(3,117)		(3,087)
Foreign	(7,041)		(5,526)		(6,757)
Total	$	24,925	$	34,939	$	(5,296)

The components of earnings before income taxes for the years ended December 31, 2022, 2021 and 2020 are as follows:


	2022		2021		2020
U.S.	$	(4,933)	$	7,263	$	(66,585)
Foreign	12,051		139,728		93,724
Total	$	7,118	$	146,991	$	27,139

Total deferred tax assets and liabilities are composed of the following as of December 31, 2022 and 2021:


	2022		2021
Retirement benefits	$	8,469	$	11,860
Allowance for credit losses	2,246		2,155
Insurance and litigation reserves	716		675
Performance incentives	3,327		2,881
Equity-based compensation	2,723		1,920
Prepaid expense	486		460
Operating loss carryforward	20,519		18,544
Foreign tax credit and other credits	5,506		16,285
Interest	9,928		9,940
Restructuring reserves	791		631
Right of use lease assets	8,440		8,322
Inventory reserves	2,967		2,941
Research and development	11,936		8,832
Other	4,307		2,846
	82,361		88,292
Valuation allowance	(11,730)		(17,400)
Total deferred tax assets, net	$	70,631	$	70,892
Depreciation	11,935		11,580
Foreign pension and other	2,691		2,332
Intangibles	182,838		197,066
Lease liabilities	9,590		8,421
Outside basis in equity investment	5,886		5,999
Unremitted Earnings	6,766		8,381
Total deferred tax liabilities	$	219,706	$	233,779

The Company has $7.4 million of deferred tax assets related to state net operating losses. Management analyzed the expected impact of the reversal of existing taxable temporary differences, considered expiration dates, analyzed current state tax laws, and determined that $1.7 million of state net operating loss carryforwards is expected to be realized as a future benefit based on the reversal of deferred tax liabilities. Accordingly, a partial valuation allowance of $5.7 million has been established. These state net operating losses are subject to various carryforward periods of 5 years to 20 years or an indefinite carryforward period. An additional $0.9 million of valuation allowance was established for other net state deferred tax assets.

The Company has $13.1 million of deferred tax assets related to foreign net operating loss carryforwards. A partial valuation allowance of $2.3 million has been established against this amount resulting in a net $10.8 million expected future benefit. These foreign net operating losses are subject to various carryforward periods with the majority having an indefinite carryforward period. An additional partial valuation allowance of $1.5 million has been established against certain other foreign deferred tax assets.

In conjunction with the Combination, the Company acquired foreign tax credit deferred tax assets of $41.8 million expiring between 2019 and 2028. Foreign tax credits may be carried forward for 10 years. Management analyzed the expected impact of the utilization of foreign tax credits based on certain assumptions such as projected U.S. taxable income, overall domestic loss recapture, and annual limitations due to the ownership change under the Internal Revenue Code. The Company had a foreign tax credit carry forward of $5.2 million and $15.9 million as of December 31, 2022 and 2021, respectively, with a $1.3 million and $5.8 million valuation allowance as of December 31, 2022 and 2021, respectively, reflecting the amount of credits that are not expected to be utilized before expiration.

The Company also acquired disallowed interest deferred tax assets of $14.0 million as part of the Combination. Disallowed interest may be carried forward indefinitely. Management analyzed the expected impact of the utilization of disallowed interest carryforwards based on projected US taxable income and determined that the Company will utilize all expected future benefits by 2028. As of December 31, 2022, the Company had a net realizable disallowed interest carryforward of $10.1 million on its balance sheet related to its US operations and $0.6 million related to non-US operations.

As of December 31, 2022, the Company had deferred tax liabilities of $169.4 million primarily related to the step-up in intangibles resulting from the Combination and Norman Hay acquisition.

As part of the Combination, the Company acquired a 50% interest in the Korea Houghton Corporation joint venture and has recorded a $5.9 million deferred tax liability for its outside basis difference.

The following are the changes in the Company’s deferred tax asset valuation allowance for the years ended December 31, 2022, 2021 and 2020:


	Balance at Beginning of Period		Purchase Accounting Adjustments		Additional Valuation Allowance		Allowance Utilization and Other		Effect of Exchange Rate Changes		Balance at End of Period
Valuation Allowance
Year ended December 31, 2022	$	17,400	$	—	$	1,326	$	(6,789)	$	(207)	$	11,730
Year ended December 31, 2021	$	21,511	$	—	$	29	$	(4,470)	$	330	$	17,400
Year ended December 31, 2020	$	13,834	$	7,148	$	2,738	$	(2,153)	$	(56)	$	21,511

The Company’s net deferred tax assets and liabilities are classified in the Consolidated Balance Sheets as of December 31, 2022 and 2021 as follows:


	2022		2021
Non-current deferred tax assets	$	11,218	$	16,138
Non-current deferred tax liabilities	160,294		179,025
Net deferred tax liability	$	(149,076)	$	(162,887)

The following is a reconciliation of income taxes at the Federal statutory rate with income taxes recorded by the Company for the years ended December 31, 2022, 2021 and 2020. Certain immaterial reclassifications within the presentation of the reconciliation of income taxes have been made to the years ended December 31, 2021 and 2020:


	2022		2021		2020
Income tax provision at the Federal statutory tax rate	$	1,495	$	30,868	$	5,699
Unremitted earnings	(1,839)		1,841		(2,308)
Tax law changes / reform	823		1,955		(1,059)
U.S. tax on foreign operations	4,864		10,479		5,140
Pension settlement	—		—		(2,247)
Foreign derived intangible income	(917)		(8,698)		(7,339)
Non-deductible acquisition expenses	45		129		131
Withholding taxes	7,785		6,584		7,809
Foreign tax credits	(5,850)		(14,725)		(4,699)
Share-based compensation	1,234		600		335
Foreign tax rate differential	4,782		1,712		332
Research and development credit	(1,757)		(1,685)		(1,018)
Audit Settlements	2,697		1,378		807
Uncertain tax positions	(6,375)		519		1,990
State income tax provisions, net	432		(1,446)		(2,245)
Non-deductible meals and entertainment	146		426		290
Intercompany transfer of intangible assets	(1,932)		4,347		(4,384)
Goodwill Impairment	19,550		—		—
Miscellaneous items, net	(258)		655		(2,530)
Taxes on income before equity in net income of associated companies	$	24,925	$	34,939	$	(5,296)

Pursuant to U.S. Tax Reform, the Company recorded a $15.5 million transition tax liability for U.S. income taxes on the undistributed earnings of non-U.S. subsidiaries. However, the Company may also be subject to other taxes, such as withholding taxes and dividend distribution taxes, if these undistributed earnings are ultimately remitted to the U.S. As a result of the Combination, additional third-party debt was incurred resulting in the Company re-evaluating its global cash strategy in order to meet its goal of reducing leverage in upcoming years. As of December 31, 2022, the Company has a deferred tax liability $6.8 million, which primarily represents the estimate of the non-U.S. taxes the Company will incur to ultimately remit these earnings to the U.S. It is the Company’s current intention to reinvest its additional undistributed earnings of non-U.S. subsidiaries to support working capital needs and certain other growth initiatives outside of the U.S. The amount of such undistributed earnings at December 31, 2022 was approximately $424.7 million. Any tax liability which might result from ultimate remittance of these earnings is expected to be substantially offset by foreign tax credits (subject to certain limitations). It is currently impractical to estimate any such incremental tax expense.

As of December 31, 2022, the Company’s cumulative liability for gross unrecognized tax benefits was $16.3 million. The Company had accrued approximately $1.3 million for cumulative penalties and $2.7 million for cumulative interest as of December 31, 2022. As of December 31, 2021, the Company’s cumulative liability for gross unrecognized tax benefits was $22.5 million. The Company had accrued approximately $3.1 million for cumulative penalties and $3.1 million for cumulative interest as of December 31, 2021.

The Company continues to recognize interest and penalties associated with uncertain tax positions as a component of tax expense on income before equity in net income of associated companies in its Consolidated Statements of Operations. The Company recognized a benefit of $1.7 million for penalties and a benefit of $0.3 million for interest (net of expirations and settlements) in its Consolidated Statement of Income for the year ended December 31, 2022, a benefit of $0.5 million for penalties and an expense of $0.3 million for interest (net of expirations and settlements) in its Consolidated Statement of Income for the year ended December 31, 2021, and an expense of less than $0.1 million for penalties and an expense of $0.6 million for interest (net of expirations and settlements) in its Consolidated Statement of Income for the year ended December 31, 2020.

The Company estimates that during the year ending December 31, 2022, it will reduce its cumulative liability for gross unrecognized tax benefits by approximately $4.9 million due to the expiration of the statute of limitations with regard to certain tax positions. This estimated reduction in the cumulative liability for unrecognized tax benefits does not consider any increase in liability for unrecognized tax benefits with regard to existing tax positions or any increase in cumulative liability for unrecognized tax benefits with regard to new tax positions for the year ending December 31, 2022.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2022, 2021 and 2020, respectively, is as follows:


	2022		2021		2020
Unrecognized tax benefits as of January 1	$	22,464	$	22,152	$	19,097
(Decrease) increase in unrecognized tax benefits taken in prior periods	(1,174)		1,002		2,025
Increase in unrecognized tax benefits taken in current period	953		2,915		3,095
Decrease in unrecognized tax benefits due to lapse of statute of limitations	(2,378)		(1,527)		(2,024)
Decrease in unrecognized tax benefits due to audit settlements	(2,509)		(1,104)		(1,635)
Increase in unrecognized tax benefits due to acquisition	—		—		597
(Decrease) increase due to foreign exchange rates	(1,016)		(974)		997
Unrecognized tax benefits as of December 31	$	16,340	$	22,464	$	22,152

The amount of net unrecognized tax benefits above that, if recognized, would impact the Company’s tax expense and effective tax rate is $10.2 million, $15.2 million and $14.7 million for the years ended December 31, 2022, 2021 and 2020, respectively.

The Company and its subsidiaries are subject to U.S. Federal income tax, as well as the income tax of various state and foreign tax jurisdictions. Tax years that remain subject to examination by major tax jurisdictions include Italy from 2007, Brazil from 2011, the Netherlands from 2016, Canada, China, Mexico, Germany, Spain and the U.S. from 2018, the United Kingdom from 2019, India from fiscal year beginning April 1, 2017 and ending March 31, 2018, and various U.S. state tax jurisdictions from 2011.

As previously reported, the Italian tax authorities have assessed additional tax due from the Company’s subsidiary, Quaker Italia S.r.l., relating to the tax years 2007 through 2015. The Company has filed for competent authority relief from these assessments under the Mutual Agreement Procedures (“MAP”) of the Organization for Economic Co-Operation and Development for all years except 2007. In 2020, the respective tax authorities in Italy, Spain, and the Netherlands reached agreement with respect to the MAP proceedings, which the Company has accepted. As of December 31, 2022, the Company has received $1.6 million in refunds from the Netherlands and Spain. In February 2022, the Company received a settlement notice from the Italian taxing authorities confirming the amount due of $2.6 million, having granted the Company’s request to utilize its remaining net operating losses to partially offset the liability. As of December 31, 2022, the Company has paid the full settlement, of which approximately $0.2 million was refunded.

Houghton Italia, S.r.l is also involved in a corporate income tax audit with the Italian tax authorities covering tax years 2014 through 2018. During the fourth quarter of 2021, the Company settled a portion of the Houghton Italia, S.r.l. corporate income tax audit with the Italian tax authorities for the tax years 2014 and 2015. During the year ended December 31, 2022, the Company settled tax years 2016 through 2018 for a total of $2.0 million. In total, the Company has now settled all years 2014 through 2018 for $3.7 million. Accordingly, the Company has released all reserves relating to this audit for the settled tax years. As a result of the settlement and reserve release the Company recognized a net benefit to the tax provision of $1.9 million during the year ended December 31, 2022. The Company has an indemnification receivable of $3.6 million in connection with its claim against the former owners of Houghton for any pre-Combination tax liabilities arising from this matter, as well as other audit settlements and tax matters.

Houghton Deutschland GmbH was also under audit by the German tax authorities for tax years 2015 through 2017. In the second quarter of 2022, the Company settled the corporate tax audit for the tax years 2015-2017 with the German tax authorities for a total of $0.3 million. The Company has an indemnification receivable of $0.3 million in connection with its claim against the former owners of Houghton for any pre-Combination tax liabilities arising from this matter.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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-Section S99
-Paragraph 1
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-Publisher FASB
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-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

The following table summarizes earnings per share calculations for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
Basic earnings per common share
Net (loss) income attributable to Quaker Chemical Corporation	$	(15,931)	$	121,369	$	39,658
Less: loss (income) allocated to participating securities	92		(480)		(148)
Net (loss) income available to common shareholders	$	(15,839)	$	120,889	$	39,510
Basic weighted average common shares outstanding	17,841,487		17,805,034		17,719,792
Basic (loss) earnings per common share	$	(0.89)	$	6.79	$	2.23

Diluted earnings per common share
Net (loss) income attributable to Quaker Chemical Corporation	$	(15,931)	$	121,369	$	39,658
Less: loss (income) allocated to participating securities	92		(479)		(148)
Net (loss) income available to common shareholders	$	(15,839)	$	120,890	$	39,510
Basic weighted average common shares outstanding	17,841,487		17,805,034		17,719,792
Effect of dilutive securities	15,005		50,090		31,087
Diluted weighted average common shares outstanding	17,856,492		17,855,124		17,750,879
Diluted (loss) earnings per common share	$	(0.89)	$	6.77	$	2.22

Certain stock options, restricted stock units and PSUs are not included in the diluted earnings per share calculation when the effect would have been anti-dilutive. The calculated amount of anti-diluted shares not included were 28,222 in 2022, 4,070 in 2021 and 945 in 2020.

Restricted Cash

12 Months Ended

Dec. 31, 2022

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]

Restricted Cash

Restricted CashPrior 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. The proceeds of both settlements were restricted and could only be used to pay claims and costs of defense associated with the subsidiary’s asbestos litigation. The proceeds of the settlement and release agreements were deposited into interest bearing accounts which earned less than $0.1 million for the year ended December 31, 2020, offset by $1.0 million of net payments during 2020. Due to the restricted nature of the proceeds, a corresponding deferred credit was established in other non-current liabilities for an equal and offsetting amount that continued until the restrictions lapsed.

During December 2020, the restrictions ended on these previously received insurance settlements and the Company transferred the cash into an operating account. In connection with the termination in restrictions, the Company recognized a $35.0 million gain on its Consolidated Statement of Income in Other income (expense), net, for the amount of previously restricted cash, net of the estimated liability to pay claims and associated with the inactive subsidiary’s asbestos litigation as of December 31, 2020. Therefore, due to these restrictions ending, there was no restricted cash for the years ended December 31, 2021 and 2022, respectively. See Notes 18, 22 and 26 of Notes to Consolidated Financial Statements.

The following table provides a reconciliation of cash, cash equivalents and restricted cash as December 31, 2022, 2021, 2020 and 2019:


	2022		2021		2020		2019
Cash and cash equivalents	$	180,963	$	165,176	$	181,833	$	123,524
Restricted cash included in other current assets	—		—		62		353
Restricted cash included in other assets	—		—		—		19,678
Cash, cash equivalents and restricted cash	$	180,963	$	165,176	$	181,895	$	143,555

Accounts Receivable and Allowance for Credit Losses

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Accounts Receivable and Allowance for Credit Losses

As of December 31, 2022 and 2021, the Company had gross trade accounts receivable totaling $486.4 million and $443.0 million, respectively.

The following are changes in the allowance for credit losses during the years ended December 31, 2022, 2021 and 2020:


	Balance at Beginning of Period		Changes to Costs and Expenses		Write-Offs Charged to Allowance		Exchange Rate Changes and Other Adjustments		Balance at End of Period
Allowance for Credit Losses
Year ended December 31, 2022	$	12,334	$	4,319	$	(2,441)	$	(685)	$	13,527
Year ended December 31, 2021	$	13,145	$	653	$	(946)	$	(518)	$	12,334
Year ended December 31, 2020	$	11,716	$	3,582	$	(2,187)	$	34	$	13,145

Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories, net, as of December 31, 2022 and 2021 were as follows:


	2022		2021
Raw materials and supplies	$	151,105	$	129,382
Work in process, finished goods and reserves	133,743		135,149
Total inventories, net	$	284,848	$	264,531

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment as of December 31, 2022 and 2021 were as follows:


	2022		2021
Land	$	29,010	$	30,793
Building and improvements	138,759		134,313
Machinery and equipment	240,097		252,779
Construction in progress	20,324		16,459
Property, plant and equipment, at cost	428,190		434,344
Less: accumulated depreciation	(229,595)		(236,824)
Total property, plant and equipment, net	$	198,595	$	197,520

As of December 31, 2022, PP&E includes $0.6 million of finance lease assets and future minimum lease payments. Land with an aggregate book value of approximately $0.6 million is held-for-sale as of December 31, 2022 and is recorded in Prepaid expenses and other current assets on the Company’s Consolidated Balance Sheets.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021 were as follows:


	Americas		EMEA		Asia/Pacific		Global Specialty Businesses		Total


Balance as of December 31, 2020	$	213,242	$	140,162	$	158,090	$	119,718	$	631,212
Goodwill additions	1,490		3,380		1,308		2,624		8,802
Currency translation and other adjustments	(709)		(8,022)		3,060		(3,149)		(8,820)
Balance as of December 31, 2021	214,023		135,520		162,458		119,193		631,194
Goodwill additions (reductions)	1,853		251		—		(59)		2,045
Goodwill impairments	—		(93,000)		—		—		(93,000)
Currency translation and other adjustments	23		(8,204)		(12,083)		(4,967)		(25,231)
Balance as of December 31, 2022	$	215,899	$	34,567	$	150,375	$	114,167	$	515,008

Gross carrying amounts and accumulated amortization for definite-lived intangible assets as of December 31, 2022 and 2021 were as follows:


	Gross Carrying Amount				Accumulated Amortization				Net Book Value
	2022		2021		2022		2021		2022		2021
Customer lists and rights to sell	$	831,600	$	853,122	$	191,286	$	147,858	$	640,314	$	705,264
Trademarks, formulations and product technology	158,564		163,974		46,281		38,747		112,283		125,227
Other	7,576		6,309		6,390		5,900		1,186		409
Total definite-lived intangible assets	$	997,740	$	1,023,405	$	243,957	$	192,505	$	753,783	$	830,900

The Company recorded $57.5 million, $59.9 million and $55.9 million of amortization expense during the years ended December 31, 2022, 2021 and 2020, respectively. Amortization is recorded within SG&A in the Company’s Consolidated Statements of Operations. Estimated annual aggregate amortization expense for the subsequent five years is as follows:


For the year ended December 31, 2023	$	57,822
For the year ended December 31, 2024	57,218
For the year ended December 31, 2025	56,466
For the year ended December 31, 2026	56,194
For the year ended December 31, 2027	55,897

The Company has four indefinite-lived intangible assets totaling $189.1 million as of December 31, 2022, including $188.0 million of indefinite-lived intangible assets for trademarks and tradename associated with the Combination. Comparatively, the Company had four indefinite-lived intangible assets for trademarks and tradename totaling $196.9 million as of December 31, 2021. During the first quarter of 2020, the Company recorded a $38.0 million non-cash impairment charge to write down the value of certain indefinite-lived intangible assets related to certain acquired Houghton trademarks and tradenames and is primarily the result of the negative impacts of COVID-19 on their estimated fair values.

The Company completes its annual goodwill and indefinite-lived intangible asset impairment test during the fourth quarter of each year, or more frequently if triggering events indicate a possible impairment in one or more of its reporting units. The Company completed its annual impairment assessment as of October 1, 2022 and concluded no impairment charge was warranted. The Company continually evaluates financial performance, economic conditions and other recent developments in assessing if a triggering event indicates that the carrying values of goodwill, indefinite-lived, or long-lived assets are impaired.

The Company continues to monitor various financial, economic and geopolitical conditions impacting the Company, including the ongoing Russia-Ukraine war and the Company’s decision to cease operations in Russia, continued raw material cost escalation, supply chain constraints and disruptions, as well as rising interest rates and the Company’s cost of capital, among other factors. During the third quarter of 2022, the Company concluded that the escalation of these events adversely impacted the Company’s EMEA reporting unit’s financial performance and represented a triggering event. As a result of this conclusion, the Company completed an interim impairment assessment for its EMEA reporting unit, as well as the related asset group, during the third quarter of 2022. The Company concluded that the undiscounted cash flows exceeded the carrying value of the long-lived assets, and it was not more likely than not that an impairment exists. In completing a quantitative goodwill impairment test, the Company compares the reporting unit’s fair value, primarily based on future discounted cash flows, to its carrying value in order to determine if an impairment charge is warranted. The estimates of future discounted cash flows involve considerable judgment and are based upon certain significant assumptions including the weighted average cost of capital (“WACC”) as well as projected EBITDA, which includes assumptions related to revenue growth rates, gross margin levels and operating expenses. The estimated fair value of the EMEA reporting unit as of this interim impairment assessment exceeded its carrying value and the Company concluded no impairment was warranted.

During the fourth quarter of 2022, subsequent to the Company completing its annual impairment test as of October 1, 2022, the Company concluded that the continued negative impacts of the aforementioned events, most notably the continued rise in interest rates which led to an increase in the Company’s cost of capital, as well as lower than expected financial performance driven by the ongoing lag in margin recovery represented an additional triggering event for the Company’s EMEA reporting unit and the associated goodwill, as well as the related asset group. As a result of this conclusion, the Company completed an interim impairment assessment as of December 31, 2022 for its EMEA reporting unit and the related asset group. The Company concluded that the undiscounted cash flows exceeded the carrying value of the long-lived assets, and it was not more likely than not that an impairment exists. In completing a quantitative goodwill impairment test, the Company compares the reporting unit’s fair value, primarily based on future discounted cash flows, to its carrying value in order to determine if an impairment charge is warranted. The estimates of future discounted cash flows involve considerable judgment and are based upon certain significant assumptions including the WACC as well as projected EBITDA, which includes assumptions related to revenue growth rates, gross margin levels and operating expenses. As a result of the impact of financial, economic, and geopolitical conditions driving a decrease in EMEA earnings in the current year, the impact of the current year decline on projected future earnings, as well as an increase in the WACC assumption utilized in this fourth quarter interim quantitative impairment assessment, the Company concluded that the estimated fair value of the EMEA reporting unit was less than its carrying value. As a result, a non-cash impairment charge of $93.0 million to write down the carrying value of the EMEA reporting unit Goodwill to its estimated fair values was recorded in the fourth quarter of 2022.

Notwithstanding the results of the Company’s annual and trigger based interim impairment assessments during 2022 and the goodwill impairment charge taken in the fourth quarter of 2022, if the Company is unable to successfully implement actions aimed at more than offsetting raw material costs and ongoing inflationary pressures and the financial performance of the EMEA reporting unit declines further, or interest rates continue to rise and this leads to an increase in the cost of capital, then it is possible these financial, economic and geopolitical conditions could result in another triggering event for the EMEA reporting unit in the future and could potentially lead to an additional impairment of the EMEA reporting unit’s remaining goodwill or other indefinite-lived or long-lived assets.

Investments in Associated Companies

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in Associated Companies

As of December 31, 2022, the Company held a 50% investment in and had significant influence over Nippon Quaker Chemical, Ltd. (“Nippon Japan”), Kelko Quaker Chemical, S.A. (“Kelko Panama”) and Houghton Korea, and held a 32% investment in and had significant influence over Primex, Ltd. (“Primex”).

The carrying amount of the Company’s equity investments as of December 31, 2022 was $88.2 million, which includes investments of $62.9 million in Houghton Korea; $18.1 million in Primex; $6.6 million in Nippon Japan; and $0.6 million in Kelko Panama.

The Company also has a 50% equity interest in Kelko Venezuela. Due to heightened foreign exchange controls, deteriorating economic circumstances and other restrictions in Venezuela, during 2018 the Company concluded that it no longer had significant influence over this affiliate. Prior to this determination, the Company historically accounted for this affiliate under the equity method. As of December 31, 2022 and 2021, the Company had no remaining carrying value for its investment in Kelko Venezuela.

The following table is a summary of equity income in associated companies by investment for the years ending December 31, 2022, 2021 and 2020:


	Year Ended December 31,
	2022		2021		2020
Houghton Korea	$	2,644	$	3,808	$	5,241
Nippon Japan	323		461		853
Kelko Panama	425		154		107
Grindaix (1)	—		(37)		—
Primex	(1,427)		4,993		1,151
Total equity in net income of associated companies	$	1,965	$	9,379	$	7,352

(1)In February 2021, the Company acquired a 38% ownership interest in Grindaix. From that date through September 2021 when the Company purchased the remaining interest of Grindaix, the Company accounted for its 38% interest under the equity method of accounting and recorded equity in net income of associated companies. See Note 2 of Notes to Consolidated Financial Statements.

Other Non-Current Assets

12 Months Ended

Dec. 31, 2022

Other Assets [Abstract]

Other Non-Current Assets

Other non-current assets as of December 31, 2022 and 2021 were as follows:


	2022		2021
Pension assets (See Note 21)	$	8,639	$	7,916
Uncertain tax positions (See Note 10)	5,803		6,931
Debt issuance costs (See Note 20)	4,305		4,267
Indemnification assets	3,909		6,630
Supplemental retirement income program (See Notes 21 and 24)	2,114		2,269
Other	2,969		2,946
Total other non -current assets	$	27,739	$	30,959

As of December 31, 2022 and 2021, indemnification assets relates to certain Houghton foreign subsidiaries for which the Company expects it will incur additional tax amounts which are subject to indemnification under the terms of the Combination share and purchase agreement. A portion of these indemnification assets have a corresponding uncertain tax position recorded in other non-current liabilities. As of December 31, 2022 and 2021, one of the Company’s foreign pension plan’s fair value of plan assets exceeded its gross benefit obligation and was therefore over-funded, which is represented by the line Pension assets in the table above. See Notes 10, 12, 21 and 22 of Notes to Consolidated Financial Statements.

Other Accrued Liabilities

12 Months Ended

Dec. 31, 2022

Accrued Liabilities, Current [Abstract]

Other Accrued Liabilities

Other accrued liabilities as of December 31, 2022 and 2021 were as follows:


	2022		2021
Non-income taxes	$	25,525	$	23,725
Current income taxes payable (See Note 10)	12,966		16,642
Short-term lease liabilities (See Note 6)	12,024		9,976
Selling expenses and freight accruals	9,822		11,695
Customer advances and sales return reserves	6,585		7,965
Professional fees, legal, and acquisition-related accruals	5,415		12,264
Accrued interest (See Note 20)	2,749		2,129
Interest rate swap (See Note 25)	—		1,782
Other	11,787		9,439
Total other accrued liabilities	$	86,873	$	95,617

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Debt as of December 31, 2022 and 2021 includes the following:


	As of December 31, 2022			As of December 31, 2021
	Interest Rate	Outstanding Balance		Interest Rate	Outstanding Balance
Credit Facilities:
Original Revolver	—%	$	—	1.62%	$	211,955
Original U.S. Term Loan	—%	—		1.65%	540,000
Original EURO Term Loan	—%	—		1.50%	137,616
Amended Revolver	5.17%	195,673		—%	—
Amended U.S. Term Loan	5.70%	596,250		—%	—
Amended EURO Term Loan	1.50%	151,572		—%	—
Industrial development bonds	5.26%	10,000		5.26%	10,000
Bank lines of credit and other debt obligations	Various	1,303		Various	1,777
Total debt		$	954,798		$	901,348
Less: debt issuance costs		(1,992)			(8,001)
Less: short-term and current portion of long-term debts		(19,245)			(56,935)
Total long-term debt		$	933,561		$	836,412

Credit facilities

The Company, its wholly owned subsidiary, Quaker Chemical B.V., as borrowers, Bank of America, N.A., as administrative agent, U.S. Dollar swing line lender and letter of credit issuer, and the other lenders party thereto, entered into a credit agreement on August 1, 2019, as amended (the “Original Credit Facility”). The Original Credit Facility was comprised of a $400.0 million multicurrency revolver (the “Original Revolver”), a $600.0 million term loan (the “Original U.S. Term Loan”), each with the Company as borrower, and a $150.0 million (as of August 1, 2019) Euro equivalent term loan (the “Original EURO Term Loan”) with Quaker Chemical B.V., a Dutch subsidiary of the Company as borrower, each with a five year term, maturing in August 2024.

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 the Original Credit Facility (the “Amended Credit Facility”). The Amended Credit Facility established (A) a new $150.0 million Euro equivalent senior secured term loan (the “Amended Euro Term Loan”), (B) a new $600.0 million senior secured term loan (the “Amended U.S. Term Loan”), and (C) a new $500.0 million senior secured revolving credit facility (the “Amended Revolver”). The Company has the right to increase the amount of the Amended 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. In addition, the Amended Credit Facility also:

(i) eliminated the requirement that material foreign subsidiaries must guaranty the Original Euro Term Loan;

(ii) replaced the U.S. Dollar borrowings reference rate from LIBOR to SOFR;

(iii) extended the maturity date of the Original Credit Facility from August 2024 to June 2027; and

(iv) effected certain other changes to the Original Credit Facility as set forth in the Amended Credit Facility.

The Company used the proceeds of the Amended Credit Facility to repay all outstanding loans under the Original Credit Facility, unpaid accrued interest and fees on the closing date under the Original Credit Facility and certain expenses and fees. U.S. Dollar-denominated borrowings under the Amended Credit Facility bear interest, at the Company’s election, at the base rate or term SOFR plus an applicable rate ranging from 1.00% to 1.75% for term SOFR loans and from 0.00% to 0.75% for base rate loans, depending upon the Company’s consolidated net leverage ratio. Loans based on term SOFR also include a spread adjustment equal to 0.10% per annum. Borrowings under the Amended Credit Facility denominated in currencies other than U.S. Dollars bear interest at the alternative currency term rate plus the applicable rate ranging from 1.00% to 1.75%

The Amended Credit Facility contains affirmative and negative covenants, financial covenants and events of default, including without limitation restrictions on (a) the incurrence of additional indebtedness; (b) investments in and acquisitions of other businesses, lines of business and divisions; (c) the making of dividends or capital stock purchases; and (d) dispositions of assets. Dividends and share repurchases are permitted in annual amounts not exceeding the greater of $75 million annually and 25% of consolidated EBITDA if there is no default. If the consolidated net leverage ratio is less than 2.50 to 1.00, then the Company is no longer subject to restricted payments.

Financial covenants contained in the Amended Credit Facility include a consolidated interest coverage ratio test and a consolidated net leverage ratio test. The consolidated net leverage ratio at the end of a quarter may not be greater than 4.00 to 1.00, subject to a permitted increase during a four-quarter period after certain acquisitions. The Company has the option of replacing the consolidated net leverage ratio test with a consolidated senior net leverage ratio test if the Company issues certain types of unsecured notes, subject to certain limitations. Events of default in the Amended Credit Facility include without limitation defaults for non-payment, breach of representations and warranties, non-performance of covenants, cross-defaults, insolvency, and a change of control in certain circumstances. The occurrence of an event of default under the Amended Credit Facility could result in all loans and other obligations becoming immediately due and payable and the Amended Credit Facility being terminated. As of December 31, 2022 and December 31, 2021, the Company was in compliance with all of the Amended and Original Credit Facility covenants.

The weighted average variable interest rate incurred on the outstanding borrowings under the Original Credit Facility and the Amended Credit Facility during the twelve months ended December 31, 2022 was approximately 3.0%. As of December 31, 2022, the interest rate on the outstanding borrowings under the Amended Credit Facility was approximately 4.9%. In addition to paying interest on outstanding principal under the Original Credit Facility, the Company was required to pay a commitment fee ranging from 0.2% to 0.3% depending on the Company’s consolidated net leverage ratio under the Original Revolver in respect of the unutilized commitments thereunder. As part of the Amended Credit Facility, the Company is required to pay a commitment fee ranging from 0.150% to 0.275% related to unutilized commitments under the Amended Revolver, depending on the Company’s consolidated net leverage ratio. The Company had unused capacity under the Amended Revolver of approximately $301.1 million, which is net of bank letters of credit of approximately $3 million, as of December 31, 2022.

The Company previously capitalized $23.7 million of certain third-party debt issuance costs in connection with executing the Original Credit Facility. Approximately $15.5 million of the capitalized costs were attributed to the Original Term Loans and recorded as a direct reduction of Long-term debt on the Company’s Consolidated Balance Sheet. Approximately $8.3 million of the capitalized costs were attributed to the Original Revolver and recorded within Other assets on the Company’s Consolidated Balance Sheet. These capitalized costs are being amortized into interest expense over the five year term of the Original Credit Facility. Prior to executing the Amended Credit Facility, as of December 31, 2021, the Company had $8.0 million of debt issuance costs recorded as a reduction of Long-term debt attributable to the Original Credit Facility and $4.3 million of debt issuance costs recorded within Other assets attributable to the Original Credit Facility.

In connection with executing the Amended Credit Facility, the Company recorded a loss on extinguishment of debt of approximately $6.8 million which includes the write-off of certain previously unamortized deferred financing costs as well as a portion of the third-party and creditor debt issuance costs incurred to execute the Amended Credit Facility. Also in connection with executing the Amended Credit Facility, during the second quarter of 2022, the Company capitalized $2.2 million of certain third-party and creditor debt issuance costs. Approximately $0.7 million of the capitalized costs were attributed to the Amended Euro Term Loan and Amended U.S. Term Loan. These costs were recorded as a direct reduction of Long-term debt on the Consolidated Balance Sheet. Approximately $1.5 million of the capitalized costs were attributed to the Amended Revolver and recorded within Other assets on the Consolidated Balance Sheet. These capitalized costs, as well as the previously capitalized costs that were not written off will collectively be amortized into Interest expense over the five year term of the Amended Credit Facility. As of December 31, 2022, the Company had $2.0 million of debt issuance costs recorded as a reduction of Long-term debt on the Consolidated Balance Sheet and $4.3 million of debt issuance costs recorded within Other assets on the Consolidated Balance Sheet.

The Original Credit Facility required the Company to fix its variable interest rates on at least 20% of its total Term Loans. In order to satisfy this requirement as well as to manage the Company’s exposure to variable interest rate risk associated with the Credit Facility, in November 2019, the Company entered into $170.0 million notional amounts of three year interest rate swaps at a base rate of 1.64% plus an applicable margin as provided in the Credit Facility, based on the Company’s consolidated net leverage ratio. At the time the Company entered into the swaps, the aggregate interest rate on the swaps, including the fixed base rate plus an applicable margin, was 3.1%. The Amended Credit Facility does not require the Company to fix variable interest rates on any portion of its borrowings. In October 2022, the Company’s interest rate swap contracts expired. Upon expiration, the Company received a cash payment from the counterparties of $0.2 million. See Note 25 of Notes to Consolidated Financial Statements.

Industrial development bonds

As of December 31, 2022 and 2021, 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 Amended 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 capital lease obligations. Total unused capacity under these arrangements as of December 31, 2022, was approximately $35 million.

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 December 31, 2022 were approximately $5 million.

The Company incurred the following debt related expenses included within Interest expense, net, in the Consolidated Statements of Operations:


	Year Ended December 31,
	2022		2021		2020
Interest expense	$	33,691	$	19,089	$	23,552
Amortization of debt issuance costs	2,942		4,749		4,749
Total	$	36,633	$	23,838	$	28,301

Based on the variable interest rates associated with the Amended Credit Facility and the Original Credit Facility, as of December 31, 2022 and 2021, the amounts at which the Company’s total debt were recorded are not materially different from their fair market value.

At December 31, 2022, annual maturities on long-term borrowings maturing in the next five fiscal years (excluding the reduction to long-term debt attributed to capitalized and unamortized debt issuance costs) are as follows:


For the year ended December 31, 2023	$	19,063
For the year ended December 31, 2024	23,740
For the year ended December 31, 2025	37,745
For the year ended December 31, 2026	37,705
For the year ended December 31, 2027	825,964
Total maturities on debt in the next five fiscal years	944,217

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Pension and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

The following table shows the funded status of the Company’s plans’ reconciled with amounts reported in the Consolidated Balance Sheets as of December 31, 2022 and 2021:


	Pension Benefits												Other Post- Retirement Benefits
	2022						2021						2022		2021
	Foreign		U.S.		Total		Foreign		U.S.		Total		U.S.		U.S.
Change in benefit obligation
Gross benefit obligation at beginning of year	$	228,752	$	103,420	$	332,172	$	247,675	$	109,969	$	357,644	$	2,010	$	3,234
Service cost	465		47		512		698		547		1,245		—		1
Interest cost	3,079		2,145		5,224		2,594		1,737		4,331		37		27
Employee contributions	20		—		20		71		—		71		—		—
Effect of plan amendments	303		—		303		—		—		—		(2)		(78)
Curtailment gain	207		—		207		—		—		—		—		—
Plan settlements	(1,726)		—		(1,726)		(541)		—		(541)		—		—
Benefits paid	(5,343)		(5,838)		(11,181)		(6,869)		(5,064)		(11,933)		(176)		(182)
Plan expenses and premiums paid	(66)		—		(66)		(74)		—		(74)		—		—
Transfer in of business acquisition	—		—		—		231		—		231		—		—
Actuarial (gain) loss	(77,244)		(20,688)		(97,932)		(4,160)		(3,769)		(7,929)		(263)		(992)
Translation differences and other	(17,893)		—		(17,893)		(10,873)		—		(10,873)		—		—
Gross benefit obligation at end of year	$	130,554	$	79,086	$	209,640	$	228,752	$	103,420	$	332,172	$	1,606	$	2,010


	Pension Benefits												Other Post- Retirement Benefits
	2022						2021						2022		2021
	Foreign		U.S.		Total		Foreign		U.S.		Total		U.S.		U.S.
Change in plan assets
Fair value of plan assets at beginning of year	$	216,886	$	77,680	$	294,566	$	228,789	$	73,481	$	302,270	$	—	$	—
Actual return on plan assets	(65,396)		(14,871)		(80,267)		915		7,201		8,116		—		—
Employer contributions	3,241		2,620		5,861		4,289		2,063		6,352		176		182
Employee contributions	20		—		20		71		—		71		—		—
Plan settlements	(1,726)		—		(1,726)		(541)		—		(541)		—		—
Benefits paid	(5,343)		(5,838)		(11,181)		(6,869)		(5,065)		(11,934)		(176)		(182)
Plan expenses and premiums paid	(66)		—		(66)		(74)		—		(74)		—		—
Translation differences	(17,672)		—		(17,672)		(9,694)		—		(9,694)		—		—
Fair value of plan assets at end of year	$	129,944	$	59,591	$	189,535	$	216,886	$	77,680	$	294,566	$	—	$	—
Net benefit obligation recognized	$	(610)	$	(19,495)	$	(20,105)	$	(11,866)	$	(25,740)	$	(37,606)	$	(1,606)	$	(2,010)

Amounts recognized in the balance sheet consist of:
Non-current assets	$	8,639	$	—	$	8,639	$	7,916	$	—	$	7,916	$	—	$	—
Current liabilities	(210)		(1,128)		(1,338)		(191)		(1,137)		(1,328)		(222)		(220)
Non-current liabilities	(9,039)		(18,367)		(27,406)		(19,591)		(24,603)		(44,194)		(1,384)		(1,790)
Net benefit obligation recognized	$	(610)	$	(19,495)	$	(20,105)	$	(11,866)	$	(25,740)	$	(37,606)	$	(1,606)	$	(2,010)
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss:
Prior service (cost) credit	(333)		(36)		(369)		(22)		43		21		16		46
Accumulated (loss) gain	(10,387)		2,532		(7,855)		(19,163)		(9,763)		(28,926)		1,218		1,034

AOCI	(10,720)		2,496		(8,224)		(19,185)		(9,720)		(28,905)		1,234		1,080
Cumulative employer contributions in excess of or (below) net periodic benefit cost	10,110		(21,991)		(11,881)		7,319		(16,020)		(8,701)		(2,840)		(3,090)
Net benefit obligation recognized	$	(610)	$	(19,495)	$	(20,105)	$	(11,866)	$	(25,740)	$	(37,606)	$	(1,606)	$	(2,010)

The accumulated benefit obligation for all defined benefit pension plans was $204.5 million ($79.1 million U.S. and $125.4 million Foreign) and $321.5 million ($103.4 million U.S. and approximately $218.1 million Foreign) as of December 31, 2022 and 2021, respectively.

Information for pension plans with an accumulated benefit obligation in excess of plan assets:


	2022			2021
	Foreign	U.S.	Total	Foreign	U.S.	Total
Accumulated benefit obligation	5,983	79,086	85,069	128,268	103,420	231,688
Fair value of plan assets	1,842	59,591	61,433	119,181	77,680	196,861

Information for pension plans with a projected benefit obligation in excess of plan assets:


	2022						2021
	Foreign		U.S.		Total		Foreign		U.S.		Total
Projected benefit obligation	$	71,318	$	79,086	$	150,404	$	138,963	$	103,420	$	242,383
Fair value of plan assets	61,805		59,591		121,396		119,181		77,680		196,861

Components of net periodic benefit costs – pension plans:


	2022						2021
	Foreign		U.S.		Total		Foreign		U.S.		Total
Service cost	$	465	$	47	$	512	$	698	$	547	$	1,245
Interest cost	3,079		2,145		5,224		2,594		1,737		4,331
Expected return on plan assets	(4,472)		(3,509)		(7,981)		(4,686)		(3,611)		(8,297)
Settlement loss (gain)	(71)		—		(71)		35		—		35
Curtailment charge	207		—		207		—		—		—
Actuarial loss amortization	658		323		981		996		2,252		3,248
Prior service cost (credit) amortization	3		7		10		3		7		10
Net periodic benefit (income) cost	$	(131)	$	(987)	$	(1,118)	$	(360)	$	932	$	572


	2020
	Foreign		U.S.		Total
Service cost	$	4,340	$	491	$	4,831
Interest cost	3,416		2,923		6,339
Expected return on plan assets	(4,262)		(4,810)		(9,072)
Settlement (gain) loss	(88)		22,667		22,579
Curtailment charge	(1,155)		—		(1,155)
Actuarial loss amortization	886		2,110		2,996
Prior service credit amortization	(167)		—		(167)
Net periodic benefit cost	$	2,970	$	23,381	$	26,351

Other changes recognized in other comprehensive income – pension plans:


	2022						2021
	Foreign		U.S.		Total		Foreign		U.S.		Total
Net (gain) loss arising during the period	$	(7,008)	$	(3,555)	$	(10,563)	$	(388)	$	(448)	$	(836)


Settlement loss	—		(323)		(323)		(83)		(2,252)		(2,335)
Prior service (cost) credit	303		(7)		296		—		(7)		(7)
Actuarial (loss) gain	(587)		1,247		660		(954)		(6,925)		(7,879)
Curtailment Recognition	(3)		—		(3)		(3)		—		(3)
Effect of exchange rates on amounts included in AOCI	(1,169)		—		(1,169)		(1,390)		—		(1,390)
Total recognized in other comprehensive (income) loss	(8,464)		(2,638)		(11,102)		(2,818)		(9,632)		(12,450)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(8,595)	$	(3,625)	$	(12,220)	$	(3,178)	$	(8,700)	$	(11,878)


	2020
	Foreign		U.S.		Total
Net (gain) loss arising during period	$	(1,594)	$	1,536	$	(58)
Recognition of amortization in net periodic benefit cost
Settlement loss	(39)		(22,667)		(22,706)
Prior service credit	1,325		50		1,375
Actuarial (loss) gain	(758)		3,967		3,209
Curtailment Recognition	(3)		—		(3)
Effect of exchange rates on amounts included in AOCI	1,535		—		1,535
Total recognized in other comprehensive loss	466		(17,114)		(16,648)
Total recognized in net periodic benefit cost and other comprehensive loss	$	3,436	$	6,267	$	9,703

Components of net periodic benefit costs – other postretirement plan:


	2022		2021		2020
Service cost	$	—	$	1	$	5
Interest cost	37		27		77
Actuarial loss amortization	(79)		(82)		(5)
Prior service credit amortization	(32)		(31)		—
Net periodic benefit costs	$	(74)	$	(85)	$	77

Other changes recognized in other comprehensive income – other postretirement benefit plans:


	2022		2021		2020
Net (gain) loss arising during period	$	(263)	$	(992)	$	(864)
Recognition of amortizations in net periodic benefit cost	(2)		(78)		—
Prior service credit	32		31		—
Actuarial gain amortization	79		82		5
Total recognized in other comprehensive (income) loss	(154)		(957)		(859)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(228)	$	(1,042)	$	(782)

Weighted-average assumptions used to determine benefit obligations as of December 31, 2022 and 2021:


	Pension Benefits		Other Postretirement Benefits
	2022	2021	2022	2021
U.S. Plans:
Discount rate	5.21%	2.58%	5.14%	2.45%
Rate of compensation increase	N/A	N/A	N/A	N/A

Foreign Plans:
Discount rate	6.29%	1.71%	N/A	N/A
Rate of compensation increase	3.93%	2.21%	N/A	N/A

Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31, 2022, 2021 and 2020:


	Pension Benefits						Other Postretirement Benefits
	2022		2021		2020		2022		2021		2020
U.S. Plans:
Discount rate	2.67	%	2.67	%	3.11	%	2.45	%	1.90	%	2.99	%
Expected long-term return on plan assets	5.75	%	5.75	%	6.50	%	N/A		N/A		N/A
Rate of compensation increase	N/A		6.00	%	6.00	%	N/A		N/A		N/A

Foreign Plans:
Discount rate	3.97	%	1.38	%	2.30	%	N/A		N/A		N/A
Expected long-term return on plan assets	2.26	%	2.06	%	2.20	%	N/A		N/A		N/A
Rate of compensation increase	3.21	%	2.52	%	2.79	%	N/A		N/A		N/A

The long-term rates of return on assets were selected from within the reasonable range of rates determined by (a) historical real returns for the asset classes covered by the investment policy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. See Note 1 of Notes to Consolidated Financial Statements for further information.

Assumed health care cost trend rates as of December 31, 2022, 2021 and 2020:


	2022		2021		2020
Health care cost trend rate for next year	5.60	%	5.65	%	5.70	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.00	%	4.00	%	4.50	%
Year that the rate reaches the ultimate trend rate	2047		2046		2037

Plan Assets and Fair Value

The Company’s pension plan target asset allocation and the weighted-average asset allocations as of December 31, 2022 and 2021 by asset category were as follows:


Asset Category	Target		2022		2021
U.S. Plans
Equity securities	32	%	32	%	46	%
Debt securities	60	%	60	%	48	%
Other	8	%	8	%	6	%
Total	100	%	100	%	100	%

Foreign Plans
Equity securities	15	%	8	%	36	%
Debt securities	79	%	79	%	43	%
Other	6	%	13	%	21	%
Total	100	%	100	%	100	%

As of December 31, 2022 and 2021, “Other” consisted principally of cash and cash equivalents, and investments in real estate funds.

The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy, where applicable:

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and money market funds and are classified as Level 1 investments.

Commingled Funds

Investments in the U.S. pooled separate accounts consist primarily of mutual funds, each of which follows a separate investment strategy, and are valued based on the reported unit value at year end. Foreign pension plan commingled funds represent pooled institutional investments, including primarily collective investment trusts. These commingled funds are not available on an exchange or in an active market and these investments are valued using their net asset value (“NAV”), which is generally based on the underlying asset values of the investments held in the trusts. As of December 31, 2022, the foreign pension plan commingled funds included approximately 34 percent of investments in equity securities, 50 percent of investments in fixed income securities, and 16 percent of other non-related investments, primarily real estate. As of December 31, 2021, the foreign pension plan commingled funds included approximately 35 percent of investments in equity securities, 51 percent of investments in fixed income securities, and 14 percent of other non-related investments, primarily real estate.

Pooled Separate Accounts

Investments in the U.S. pension plan pooled separate accounts consist of annuity contracts and are valued based on the reported unit value at year end. Units of the pooled separate account are not traded on an exchange or in an active market; however, valuation is based on the underlying investments of each pooled separate account and are classified as Level 2 investments. As of December 31, 2022, the U.S. pension plan pooled separate accounts included approximately 35 percent of investments in equity securities and 65 percent of investments in fixed income securities.

Fixed Income Government Securities

Investments in foreign pension plans fixed income government securities were valued using third party pricing services which are based on a combination of quoted market prices on an exchange in an active market as well as proprietary pricing models and inputs using observable market data and are classified as Level 2 investments.

Insurance Contract

Investments in the foreign pension plan insurance contract are valued at the highest value available for the Company at year end, either the reported cash surrender value of the contract or the vested benefit obligation. Both the cash surrender value and the vested benefit obligation are determined based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of the future cash flows of the contract and benefit obligations. The contract is classified as a Level 3 investment.

Diversified Equity Securities - Registered Investment Companies

Investments in the foreign pension plans diversified equity securities of registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available on an exchange or in an active market; however, the fair value is determined based on the underlying investments in the fund as traded on an exchange in an active market and are classified as Level 2 investments.

Fixed Income – Foreign Registered Investment Companies

Investments in the foreign pension plans fixed income securities of foreign registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available on an exchange or in an active market; however, the fair value is determined based on the underlying investments in the fund as traded on an exchange in an active market and are classified as Level 2 investments.

Diversified Investment Fund - Registered Investment Companies

Investments in the foreign pension plan diversified investment fund of registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. This fund is not available on an exchange or in an active market and this investment is valued using its NAV, which is generally based on the underlying asset values of the investments held. As of December 31, 2021, the diversified investment funds included approximately 62 percent of investments in equity securities, 20 percent of investments in fixed income securities, and 18 percent of other alternative investments. There were no such investments as of December 31, 2022.

Other – Alternative Investments

Investments in the foreign pension plans include certain other alternative investments such as inflation and interest rate swaps. These investments are valued based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of future cash flows of the contract and benefit obligations. These alternative investments are classified as Level 3 investments.

Real Estate

The U.S. and foreign pension plans’ investment in real estate consists of investments in property funds. The funds’ underlying investments consist of real property which are valued using unobservable inputs. These property funds are classified as a Level 3 investment.

As of December 31, 2022 and 2021, the U.S. and foreign plans’ investments measured at fair value on a recurring basis were as follows:


			Fair Value Measurements at December 31, 2022
	Total Fair Value		Using Fair Value Hierarchy
U.S. Pension Assets			Level 1		Level 2		Level 3
Pooled separate accounts	$	54,596	$	—	$	54,596	$	—
Real estate	4,995		—		—		4,995
Subtotal U.S. pension plan assets in fair value hierarchy	$	59,591	$	—	$	54,596	$	4,995
Total U.S. pension plan assets	$	59,591

Foreign Pension Assets
Cash and cash equivalents	$	4,923	$	4,923	$	—	$	—
Insurance contract	59,963		—		—		59,963
Diversified equity securities - registered investment companies	5,211		—		5,211		—
Fixed income – foreign registered investment companies	54,098		—		54,098		—
Real estate	3,907		—		—		3,907
Sub-total of foreign pension assets in fair value hierarchy	$	128,102	$	4,923	$	59,309	$	63,870
Commingled funds measured at NAV	1,842
Total foreign pension assets	$	129,944

Total pension assets in fair value hierarchy	$	187,693	$	4,923	$	113,905	$	68,865
Total pension assets measured at NAV	1,842
Total pension assets	$	189,535


			Fair Value Measurements at December 31, 2021
	Total Fair Value		Using Fair Value Hierarchy
U.S. Pension Assets			Level 1		Level 2		Level 3
Pooled separate accounts	$	72,721	$	—	$	72,721	$	—
Real estate	4,959		—		—		4,959
Subtotal U.S. pension plan assets in fair value hierarchy	$	77,680	$	—	$	72,721	$	4,959
Total U.S. pension plan assets	$	77,680

Foreign Pension Assets
Cash and cash equivalents	$	1,989	$	1,989	$	—	$	—
Insurance contract	99,527		—		—		99,527
Diversified equity securities - registered investment companies	10,999		—		10,999		—
Fixed income – foreign registered investment companies	3,593		—		3,593		—
Fixed income government securities	35,339		—		35,339		—
Real estate	6,588		—		—		6,588
Other - alternative investments	6,979		—		—		6,979
Sub-total of foreign pension assets in fair value hierarchy	$	165,014	$	1,989	$	49,931	$	113,094
Commingled funds measured at NAV	2,300
Diversified investment fund - registered investment companies measured at NAV	49,572
Total foreign pension assets	$	216,886

Total pension assets in fair value hierarchy	$	242,694	$	1,989	$	122,652	$	118,053
Total pension assets measured at NAV	51,872
Total pension assets	$	294,566

Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented for these investments in the preceding tables are intended to permit reconciliation of the fair value hierarchies to the line items presented in the statements of net assets available for benefits.

Changes in the fair value of the plans’ Level 3 investments during the years ended December 31, 2022 and 2021 were as follows:


	Insurance Contract		Real Estate		Alternative Investments		Total
Balance as of December 31, 2020	$	112,920	$	9,775	$	10,638	$	133,333
Purchases	1,722		(78)		(334)		1,310
Settlements	(1,812)		—		—		(1,812)
Unrealized (losses) gains	(5,031)		1,926		(3,282)		(6,387)
Currency translation adjustment	(8,272)		(76)		(43)		(8,391)
Balance as of December 31, 2021	99,527		11,547		6,979		118,053
Purchases	(1,136)		(122)		(6,979)		(8,237)
Unrealized losses	(32,305)		(1,842)		—		(34,147)
Currency translation adjustment	(6,123)		(681)		—		(6,804)
Balance as of December 31, 2022	$	59,963	$	8,902	$	—	$	68,865

In 2018, the Company began the process of terminating a noncontributory U.S. pension plan. During 2019, the Company received a favorable termination determination letter from the I.R.S. and completed the termination during 2020. In order to terminate the plan in accordance with I.R.S. and Pension Benefit Guaranty Corporation requirements, the Company was required to fully fund the plan on a termination basis and the amount necessary to do so was approximately $1.8 million, subject to final true up adjustments. In 2020, the Company finalized the amount of the liability and related annuity payments and received a refund in premium of approximately $1.6 million. In addition, the Company recorded a non-cash pension settlement charge at plan termination of approximately $22.7 million. This settlement charge included the immediate recognition into expense of the related unrecognized losses within AOCI on the balance sheet as of the plan termination date.

The Company contributes to a multiemployer defined benefit pension plan under terms of a collective bargaining union contract (the Cleveland Bakers and Teamsters Pension Fund, Employer Identification Number: 34-0904419-001). The expiration date of the collective bargaining contract is May 1, 2025. As of January 1, 2021, the last valuation date available for the multiemployer plan, total plan liabilities were approximately $583 million. As of December 31, 2021, the multiemployer pension plan had total plan assets of approximately $427 million. The Company’s contribution rate to the multiemployer pension plan is specified in the collective bargaining union contract and contributions are made to the plan based on its union employee payroll. The Company contributed $0.1 million during the year ended December 31, 2022. The Employee Retirement Income Security Act of 1974, as amended by the Multi-Employer Pension Plan Amendments Act of 1980, imposes certain contingent liabilities upon an employer who is a contributor to a multiemployer pension plan if the employer withdraws from the plan or the plan is terminated or experiences a mass withdrawal. While the Company may also have additional liabilities imposed by law as a result of its participation in the multiemployer defined benefit pension plan, there is no liability as of December 31, 2022.

The Pension Protection Act of 2006 (the “PPA”) also added special funding and operational rules generally applicable to plan years beginning after 2007 for multiemployer plans with certain classifications based on a multitude of factors (including, for example, the plan’s funded percentage, cash flow position and whether the plan is projected to experience a minimum funding deficiency). The plan to which the Company contributes is in “critical” status. Plans in the “critical” status classification must adopt measures to improve their funded status through a funding improvement or rehabilitation plan which may require additional contributions from employers (which may take the form of a surcharge on benefit contributions) and/or modifications to retiree benefits. The amount of additional funds that the Company may be obligated to contribute to the plan in the future cannot be estimated as such amounts will be likely based on future levels of work that require the specific use of those union employees covered by the plan, and the amount of that future work and the number of affected employees that may be needed is not reasonably estimable.

Cash Flows

Contributions

The Company expects to make minimum cash contributions of approximately $5.2 million to its pension plans (approximately $2.6 million U.S. and $2.6 million Foreign) and approximately $0.2 million to its other postretirement benefit plan in 2023.

Estimated Future Benefit Payments

Excluding any impact related to the PPA noted above, the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:


	Pension Benefits						Other Post- Retirement Benefits
	Foreign		U.S.		Total
2023	$	6,097	$	6,868	$	12,965	$	222
2024	5,935		6,290		12,225		203
2025	6,423		6,271		12,694		190
2026	7,117		6,272		13,389		174
2027	6,844		6,254		13,098		151
2028 to 2032	41,304		29,868		71,172		597

The Company maintains a plan under which supplemental retirement benefits are provided to certain officers. Benefits payable under the plan are based on a combination of years of service and existing postretirement benefits. Included in total pension costs are charges of $0.7 million, $3.0 million and $2.5 million for the years ended December 31, 2022, 2021 and 2020, respectively, representing the annual accrued benefits under this plan.

Defined Contribution Plan

The Company sponsors various defined contribution plans in both its U.S. and non-U.S. subsidiaries, under which eligible participants may defer a portion of their compensation up to the allowable amount as determined by the plan. All contributions and Company matches are invested at the direction of the participant. The most significant plan is the Company's primary U.S. 401(k) plan with an employer match covering a majority of its U.S. employees. Beginning in April 2020 and continuing through March 2021, the Company matched both non-elective and elective 401(k) contributions in fully vested shared of the Company’s common stock rather than cash. See Note 8 of Notes to Consolidated Financial Statements. Total Company contributions under this U.S. 401(k) plan were $7.2 million, $4.8 million and $5.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. Annual cash contributions to all other of the Company’s defined contribution plans is approximately $1 million.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Other Non-Current Liabilities

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Other Non-Current Liabilities

Other non-current liabilities as of December 31, 2022 and 2021 were as follows:


	2022		2021
Uncertain tax positions (includes interest and penalties - See Note 10)	$	20,322	$	28,665
Non-current income taxes payable (See Note 10)	8,883		8,500
Environmental reserves (See Note 26)	4,342		4,424
Deferred and other long-term compensation	3,132		4,820
Acquisition-related earnout liability (See Note 2)	1,024		1,568
Inactive subsidiary litigation and settlement reserve (See Note 26)	311		410
Other	650		1,228
Total other non-current liabilities	$	38,664	$	49,615

Equity and Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity and Accumulated Other Comprehensive Loss

The Company has 30,000,000 shares of common stock authorized with a par value of $1, and 17,950,264 and 17,897,033 shares issued and outstanding as of December 31, 2022 and 2021, respectively. The change in shares issued and outstanding during 2022 was primarily related to 52,653 shares issued for share-based compensation plans and 578 shares issued for the exercise of stock options and other share activity.

The Company is authorized to issue 10,000,000 shares of preferred stock with $1 par value, subject to approval by the Board. The Board may designate one or more series of preferred stock and the number of shares, rights, preferences, and limitations of each series. As of December 31, 2022, no preferred stock had been issued.

The Company has a share repurchase program that was approved by its Board in 2015 for the repurchase of up to $100.0 million of Quaker Chemical Corporation common stock. The Company has not repurchased any shares under the program for the years ended December 31, 2022, 2021 and 2020. As of December 31, 2022, there was approximately $86.9 million of common stock remaining to be purchased under this share repurchase program.

The following table shows the reclassifications from and resulting balances of AOCI for the years ended December 31, 2022, 2021 and 2020:


	Currency Translation Adjustments		Defined Benefit Pension Plans		Unrealized Gain (Loss) in Available-for- Sale Securities		Derivative Instruments		Total
Balance as of December 31, 2019	$	(44,568)	$	(34,533)	$	1,251	$	(320)	$	(78,170)
Other comprehensive income (loss) before reclassifications	41,693		(6,617)		2,848		(4,257)		33,667
Amounts reclassified from AOCI	—		24,141		(202)		—		23,939
Related tax amounts	—		(6,458)		(555)		979		(6,034)
Balance as of December 31, 2020	(2,875)		(23,467)		3,342		(3,598)		(26,598)
Other comprehensive (loss) income before reclassifications	(46,968)		11,948		(531)		2,890		(32,661)
Amounts reclassified from AOCI	—		1,459		(3,197)		—		(1,738)
Related tax amounts	—		(3,112)		783		(664)		(2,993)
Balance as of December 31, 2021	(49,843)		(13,172)		397		(1,372)		(63,990)
Other comprehensive (loss) income before reclassifications	(82,318)		10,789		(3,276)		—		(74,805)
Amounts reclassified from AOCI	—		479		895		1,372		2,746
Related tax amounts	—		(2,691)		500		—		(2,191)
Balance as of December 31, 2022	$	(132,161)	$	(4,595)	$	(1,484)	$	—	$	(138,240)

All reclassifications related to Unrealized gain (loss) 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 (loss) income for non-controlling interest are related to Currency translation adjustments.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Fair Value Measures

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measures

The Company has valued its company-owned life insurance policies at fair value. These assets are subject to fair value measurement as follows:


			Fair Value Measurements at December 31, 2022
	Total Fair Value		Using Fair Value Hierarchy
Assets			Level 1		Level 2		Level 3
Company-owned life insurance	$	2,114	$	—	$	2,114	$	—
Total	$	2,114	$	—	$	2,114	$	—


			Fair Value Measurements at December 31, 2021
	Total Fair Value		Using Fair Value Hierarchy
Assets			Level 1		Level 2		Level 3
Company-owned life insurance	$	2,533	$	—	$	2,533	$	—
Total	$	2,533	$	—	$	2,533	$	—

The fair values of Company-owned life insurance assets are based on quotes for like instruments with similar credit ratings and terms. The Company did not hold any Level 3 investments as of December 31, 2022 or 2021, respectively.

Items Measured at Fair Value on Nonrecurring Basis In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company is also required to measure certain items at fair value on a nonrecurring basis. The Company recorded non-cash impairment charges on goodwill and trademarks of $93.0 million and $38.0 million in the years ended December 31, 2022 and 2020, respectively. The determination of the estimated fair values requires Management’s judgment and involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, the WACC, royalty rates, asset lives and market multiples, among other items. For non-observable market values, the Company determines fair value using acceptable valuation principles, including the excess earnings, relief from royalty, lost profit or cost methods. Significant unobservable inputs used to estimate the fair values of the EMEA reporting unit as of December 31, 2022 included a WACC of 12.0%. See Note 16 of Notes to Consolidated Financial Statements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Hedging Activities

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Hedging Activities

In order to satisfy certain requirements of the Original Credit Facility as well as to manage the Company’s exposure to variable interest rate risk associated with the Credit Facility, in November 2019, the Company entered into $170.0 million notional amounts of three year interest rate swaps. See Note 20 of Notes to Consolidated Financial Statements. These interest rate swaps were designated as cash flow hedges and, as such, the contracts were marked-to-market at each reporting date and any unrealized gains or losses were included in AOCI to the extent effective and reclassified to interest expense in the period during which the transaction effects earnings or it becomes probable that the forecasted transaction will not occur.

In June 2022, the Company amended the Original Credit Facility. See Note 20 of Notes to the Consolidated Financial Statements. The Amended Credit Facility does not require the Company to fix variable interest rates on any portion of its borrowings. In October 2022, the Company’s interest rate swap contracts expired. Upon expiration, the Company received a cash payment from the counterparties for approximately $0.2 million. As of December 31, 2022, the Company has not entered into any similar interest rate swap contracts.

The balance sheet classification and fair values of the Company’s derivative instruments, which are Level 2 measurements, are as follows:


		Fair Value
Derivatives designed as Cash flow hedges:	Consolidated Balance Sheet Location	December 31,
		2022		2021
Interest rate swaps	Prepaid expenses and other current assets	$	—	$	—
	Other non-current liabilities	—		1,782
		$	—	$	1,782

The following table presents the net unrealized loss deferred to AOCI:


		December 31,
		2022		2021
Derivatives designated as cash flow hedges:
Interest rate swaps	AOCI	$	—	$	1,372
		$	—	$	1,372

The following table presents the net loss reclassified from AOCI to earnings:


		For the Years Ended December 31,
		2022		2021		2020
Amount and location of expense reclassified from AOCI into expense (Effective Portion)	Interest expense, net	$	—	$	(2,649)	$	(1,754)

Prior to expiration in October 2022, interest rate swaps were entered into with a limited number of counterparties, each of which allowed for net settlement of all contracts through a single payment in a single currency in the event of a default on or termination of any one contract. As such, in accordance with the Company’s accounting policy, these derivative instruments were recorded on a net basis within the Consolidated Balance Sheets.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the early 1990s, the Company identified certain soil and groundwater contamination at AC Products, Inc. (“ACP”), a wholly owned subsidiary. In voluntary coordination with the Santa Ana California Regional Water Quality Board, ACP has been remediating the contamination, the principal contaminant of which is perchloroethylene (“PERC”). In 2004, the Orange County Water District (“OCWD”) filed a civil complaint against ACP and other parties seeking to recover compensatory and other damages related to the investigation and remediation of the contamination in the groundwater. Pursuant to a settlement agreement with OCWD, ACP agreed, among other things, to operate the two groundwater treatment systems to hydraulically contain groundwater contamination emanating from ACP’s site until the concentrations of PERC released by ACP fell below the current Federal maximum contaminant level for four consecutive quarterly sampling events. In 2014, ACP ceased operation at one of its two groundwater treatment systems, as it had met the above condition for closure. In 2020, the Santa Ana Regional Water Quality Control Board asked that ACP conduct some additional indoor and outdoor soil vapor testing on and near the ACP site to confirm that ACP continues to meet the applicable local standards and ACP performed such testing program work in 2022 and will continue into 2023. As of December 31, 2022, ACP believes it is close to meeting the conditions for closure of the remaining groundwater treatment system but continues to operate this system while in discussions with the relevant authorities. As of December 31, 2022, the Company believes that the range of potential-known liabilities associated with the balance of ACP water remediation program is approximately $0.1 million to $1.0 million. The low and high ends of the range are based on the length of operation of the treatment system as determined by groundwater modeling. Costs of operation include the operation and maintenance of the extraction well, groundwater monitoring, program management, and soil vapor testing. An inactive subsidiary of the Company that was acquired in the late 1970s sold certain products containing asbestos, primarily on an installed basis, and is among the defendants in numerous lawsuits alleging injury due to exposure to asbestos. The subsidiary discontinued operations in 1991 and has no remaining assets other than proceeds received from insurance settlements. To date, the overwhelming majority of these claims have been disposed of without payment and there have been no adverse judgments against the subsidiary. Based on a continued analysis of the existing and anticipated future claims against this subsidiary, it is currently projected that the subsidiary’s total liability over the next 50 years for these claims is approximately $0.2 million (excluding costs of defense). Although the Company has also been named as a defendant in certain of these cases, no claims have been actively pursued against the Company, and the Company has not contributed to the defense or settlement of any of these cases pursued against the subsidiary. These cases were originally handled by the subsidiary’s primary and excess insurers who had agreed in 1997 to pay all defense costs and be responsible for all damages assessed against the subsidiary arising out of existing and future asbestos claims up to the aggregate limits of their policies. A significant portion of this primary insurance coverage was provided by an insurer that is insolvent, and the other primary insurers asserted that the aggregate limits of their policies had been exhausted. The subsidiary challenged the applicability of these limits to the claims being brought against the subsidiary. In response, two of the three carriers entered into separate settlement and release agreements with the subsidiary in 2005 and 2007 for $15.0 million and $20.0 million, respectively. In 2007, the subsidiary and the remaining primary insurance carrier entered into a Claim Handling and Funding Agreement, under which the carrier is paying 27% of defense and indemnity costs incurred by or on behalf of the subsidiary in connection with asbestos bodily injury claims. The agreement continues until terminated and can only be terminated by either party by providing a minimum of two years prior written notice. As of December 31, 2022, no notice of termination has been given under this agreement. At the end of the term of the agreement, the subsidiary may choose to again pursue its claim against this insurer regarding the application of the policy limits. The Company believes that, if the coverage issues under the primary policies with the remaining carrier are resolved adversely to the subsidiary and all settlement proceeds were used, the subsidiary may have limited additional coverage from a state guarantee fund established following the insolvency of one of the subsidiary’s primary insurers. Nevertheless, liabilities in respect of claims may exceed the assets and coverage available to the subsidiary. If the subsidiary’s assets and insurance coverage were to be exhausted, claimants of the subsidiary may actively pursue claims against the Company because of the parent-subsidiary relationship. The Company does not believe that such claims would have merit or that the Company would be held to have liability for any unsatisfied obligations of the subsidiary as a result of such claims. After evaluating the nature of the claims filed against the subsidiary and the small number of such claims that have resulted in any payment, the potential availability of additional insurance coverage at the subsidiary level, the additional availability of the Company’s own insurance and the Company’s strong defenses to claims that it should be held responsible for the subsidiary’s obligations because of the parent-subsidiary relationship, the Company believes it is not probable that the Company will incur losses. The Company has been successful to date having claims naming it dismissed during initial proceedings. Since the Company may be in this stage of litigation for some time, it is not possible to estimate additional losses or range of loss, if any. The Company is party to environmental matters related to certain domestic and foreign properties. These environmental matters primarily require the Company to perform long-term monitoring as well as operating and maintenance at each of the applicable sites. During the year ended December 31, 2022, there have been no significant changes to the facts or circumstances of these matters, aside from ongoing monitoring and maintenance activities and routine payments associated with each of these sites. The Company continually evaluates its obligations related to such matters, and based on historical costs incurred and projected costs to be incurred over the next 26 years, has estimated the present value range of costs for all of these environmental matters, on a discounted basis, to be between approximately $5.0 million and $6.0 million as of December 31, 2022, for which $5.3 million is accrued within other accrued liabilities and other non-current liabilities on the Company’s Consolidated Balance Sheet as of December 31, 2022. Comparatively, as of December 31, 2021, the Company had $5.6 million accrued for with respect to these matters. The Company’s Sao Paulo, Brazil site was required under Brazilian environmental, health and safety regulations to perform an environmental assessment as part of a permit renewal process. Initial investigations identified soil and ground water contamination in select areas of the site. The site has conducted a multi-year soil and groundwater investigation and corresponding risk assessments based on the result of the investigations. In 2017, the site had to submit a new 5-year permit renewal request and was asked to complete additional investigations to further delineate the site based on review of the technical data by the local regulatory agency, Companhia Ambiental do Estado de São Paulo (“CETESB”). Based on review of the updated investigation data, CETESB issued a Technical Opinion regarding the investigation and remedial actions taken to date. The site developed an action plan and submitted it to CETESB in 2018 based on CETESB requirements. The site intervention plan primarily requires the site, amongst other actions, to conduct periodic monitoring for methane in soil vapors, source zone delineation, groundwater plume delineation, bedrock aquifer assessment, update the human health risk assessment, develop a current site conceptual model and conduct a remedial feasibility study and provide a revised intervention plan. In 2020, the site submitted a report on the activities completed including the revised site conceptual model and results of the remedial feasibility study and recommended remedial strategy for the site. Other environmental matters include participation in certain payments in connection with four currently active environmental consent orders related to certain hazardous waste cleanup activities under the U.S. Federal Superfund statute. The Company has been designated a potentially responsible party (“PRP”) by the Environmental Protection Agency along with other PRPs depending on the site, and has other obligations to perform cleanup activities at certain other foreign subsidiaries. These environmental matters primarily require the Company to perform long-term monitoring as well as operating and maintenance at each of the applicable sites. The Company believes, although there can be no assurance regarding the outcome of other unrelated environmental matters, that it has made adequate accruals for costs associated with other environmental problems of which it is aware. Approximately $0.3 million and $0.4 million were accrued as of December 31, 2022 and 2021, respectively, to provide for such anticipated future environmental assessments and remediation costs. During 2020, one of the Company’s subsidiaries received a notice of inspection from a taxing authority in a country where certain of its subsidiaries operate which related to a non-income (indirect) tax that may be applicable to certain products the subsidiary sells. During 2021, the Company’s subsidiary received notice from the taxing authority that the inspection was closed, with no tax assessment issued. Based on this development, during 2021, the Company reversed its previously recorded $1.8 million liability related to this matter. The Company also reversed the associated $1.1 million indemnification receivable, as the asserted tax liability in part related to a Houghton entity acquired in the Combination and for the periods prior to the Combination, for which the Company would have rights to indemnification from Houghton’s former owners. Based on all available information as of the date of this report, the Company does not anticipate further tax liabilities related to this matter to be asserted by the taxing authority. During 2021, one of the Company’s Brazilian subsidiaries received a notice that it had prevailed on an existing legal claim in regard to certain non-income (indirect) taxes that had been previously charged and paid. The matter specifically relates to companies’ rights to exclude the state tax on goods circulation (a valued-added-tax or VAT equivalent, known in Brazil as “ICMS”) from the calculation of certain additional indirect taxes (specifically the program of social integration (“PIS”) and contribution for the financing of social security (“COFINS”)) levied by the Brazilian States on the sale of goods. In May 2021, the Brazilian Supreme Court concluded that ICMS should not be included in the tax base of PIS and COFINS, and confirmed the methodology for calculating the PIS and COFINS tax credit claims to which taxpayers are entitled. The Company’s Brazilian entities had previously filed legal or administrative disputes on this matter and are entitled to receive tax credits and interest dating back to five years preceding the date of their legal claims. As a result of these court rulings, during 2021, the Company recognized non-income tax credits of 67.0 million BRL or approximately $13.3 million, which included approximately $8.4 million for the PIS and COFINS tax credits as well as interest on these tax credits of $4.9 million, and is recorded within prepaid and other current assets on the Company’s Consolidated Balance Sheet. The tax credits to which the Company’s Brazilian subsidiaries are entitled are claimable once registered with the Brazilian tax authorities. The Company submitted its formal claim for tax credits in 2021. These tax credits can be used to offset future Brazilian federal taxes. As of December 31, 2022, the Company has used the full amount of credits. Also during 2021, the Brazilian Supreme Court ruled that interest income to which companies are entitled for matters such as this claim should not be taxable, which resulted in a reduction to the estimated income tax expense associated with the tax credits recorded. In connection with obtaining regulatory approvals for the Combination, certain steel and aluminum related product lines of Houghton were divested in August 2019. In 2021, the entity that acquired these divested product lines submitted an indemnification claim for certain alleged breaches of representation made by Houghton in the agreement pursuant to which such assets had been divested. The Company responded to the subject matters of the indemnification claim and during 2022, the matter was resolved consistent with the Company’s expectations and position that there were no amounts owed by the Company. During 2021, two of the Company’s locations suffered property damages as a result of flooding and electrical fire, respectively. The Company maintains property insurance for all of its facilities globally. In Conshohocken, Pennsylvania, the Company’s global headquarters as well as its laboratory experienced property damages as a result of flooding from Hurricane Ida. Also, one of the Company’s North American production facilities in its Global Specialty Businesses segment experienced a electrical fire that resulted in damage and the temporary shutdown of production, and also required remediation, cleaning and subsequent restoration. The Company, its insurance adjuster and insurance carrier are actively managing the remediation and restoration activities associated with these events and at this time the Company has concluded, based on all available information and discussions with its insurance adjuster and insurance carrier, that the losses incurred during 2021 will be covered under the Company’s property insurance coverage, net of an aggregate deductible of $2.0 million. Through December 31, 2022, the Company has received payments from its insurers of $4.6 million associated with these events. During 2022, the Company recognized a gain on insurance recoveries of $1.8 million. The Company has recorded an insurance receivable associated with these events of $0.2 million as of December 31, 2022. The Company and its insurance carrier continue to review the impact of the electrical fire on the production facility’s operations as it relates to a potential business interruption insurance claim; however, as of the date of this Report, the Company cannot reasonably estimate any probable amount of business interruption insurance claim recoverable. Therefore, the Company has not recorded a gain contingency for a possible business interruption insurance claim as of December 31, 2022. The Company is party to other litigation which management currently believes will not have a material adverse effect on the Company’s results of operations, cash flows or financial condition. In addition, the Company has an immaterial amount of contractual purchase obligations.

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of consolidation	Principles of consolidation: All majority-owned subsidiaries are included in the Company’s consolidated financial statements, with appropriate elimination of intercompany balances and transactions. Investments in associated companies (less than majority-owned and in which the Company has significant influence) are accounted for under the equity method. The Company’s share of net income or losses in these investments in associated companies is included in the Consolidated Statements of Operations. The Company periodically reviews these investments for impairments and, if necessary, would adjust these investments to their fair value when a decline in market value or other impairment indicators are deemed to be other than temporary.
Equity method investments	Investments in associated companies (less than majority-owned and in which the Company has significant influence) are accounted for under the equity method. The Company’s share of net income or losses in these investments in associated companies is included in the Consolidated Statements of Operations. The Company periodically reviews these investments for impairments and, if necessary, would adjust these investments to their fair value when a decline in market value or other impairment indicators are deemed to be other than temporary.
Consolidation, variable interest entity	The Company is not the primary beneficiary of any variable interest entities (“VIEs”) and therefore the Company’s consolidated financial statements do not include the accounts of any VIEs.
Translation of foreign currency	Translation of foreign currency: Assets and liabilities of non-U.S. subsidiaries and associated companies are translated into U.S. dollars at the respective rates of exchange prevailing at the end of the year. Income and expense accounts are translated at average exchange rates prevailing during the year. Translation adjustments resulting from this process are recorded directly in equity as accumulated other comprehensive (loss) income (“AOCI”) and will be included as income or expense only upon sale or liquidation of the underlying entity or asset. Generally, all of the Company’s non-U.S. subsidiaries use their local currency as their functional currency.
Cash and cash equivalents	Cash and cash equivalents: The Company invests temporary and excess funds in money market securities and financial instruments having maturities within 90 days. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company has not experienced losses from the aforementioned investments.
Accounts receivable and allowance for credit losses	Accounts receivable and allowance for credit losses: Trade accounts receivable subject the Company to credit risk. Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. The Company recognizes an allowance for credit losses, which represents the portion of the receivable that the Company does not expect to collect over its contractual life, considering past events and reasonable and supportable forecasts of future economic conditions. The Company’s allowance for credit losses on its trade accounts receivable is based on specific collectability facts and circumstances for each outstanding receivable and customer, the aging of outstanding receivables, and the associated collection risk the Company estimates for certain past due aging categories, and also, the general risk to all outstanding accounts receivable based on historical amounts determined to be uncollectible. The Company does not have any off-balance-sheet credit exposure related to its customers.
Inventories	Inventories: Inventories are valued at the lower of cost or net realizable value, and are valued using the first-in, first-out method.
Right of use lease assets and lease liabilities	Right of use lease assets and lease liabilities: The Company determines if an arrangement is a lease at its inception. This determination generally depends on whether the arrangement conveys the right to control the use of an identified fixed asset explicitly or implicitly for a period of time in exchange for consideration. Control of an underlying asset is conveyed if the Company obtains the rights to direct the use of, and obtains substantially all of the economic benefits from the use of, the underlying asset. Lease expense for variable leases and short-term leases is recognized when the obligation is incurred. The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by an option to extend the lease that the Company is reasonably certain it will exercise. Operating leases are included in right of use lease assets, other accrued liabilities and long-term lease liabilities on the Consolidated Balance Sheet. Right of use lease assets and liabilities are recognized at each lease’s commencement date based on the present value of its lease payments over its respective lease term. Operating lease expense is recognized on a straight-line basis over the lease term. The Company uses the stated borrowing rate for a lease when readily determinable. When a stated borrowing rate is not available in a lease agreement, the Company uses its incremental borrowing rate based on information available at the lease’s commencement date to determine the present value of its lease payments. In determining the incremental borrowing rate used to present value each of its leases, the Company considers certain information including fully secured borrowing rates readily available to the Company and its subsidiaries. The Company includes finance leases in Property, plant and equipment (“PP&E”), current portion of long-term debt and long-term debt on the Consolidated Balance Sheet.
Long-lived assets	Long-lived assets: PP&E is stated at gross cost, less accumulated depreciation. Depreciation is computed using the straight-line method on an individual asset basis over the following estimated useful lives: buildings and improvements, 10 to 33 years, or the remaining term of the lease; and machinery and equipment, 4 to 10 years, or the remaining term of the lease. The carrying values of long-lived assets are evaluated whenever changes in circumstances or current events indicate the carrying amount of such assets may not be recoverable. An estimate of undiscounted cash flows produced by the asset, or the appropriate group of assets, is compared with the carrying value to determine whether an impairment exists. If necessary, the Company recognizes an impairment loss for the difference between the carrying amount of the assets and their estimated fair value. Fair value is based on current and anticipated future cash flows. Upon sale or other dispositions of long-lived assets, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount, less proceeds from disposals, is recorded in the Consolidated Statements of Operations. Expenditures for renewals or improvements that increase the estimated useful life or capacity of the assets are capitalized, whereas expenditures for repairs and maintenance are expensed when incurred
Capitalized software	Capitalized software: The Company capitalizes certain costs in connection with developing or obtaining software for internal use, depending on the associated project. These costs are amortized over a period of 3 to 5 years once the assets are ready for their intended use.
Goodwill and other intangible assets	Goodwill and other intangible assets: The Company records goodwill, definite-lived intangible assets and indefinite-lived intangible assets at fair value at the date of acquisition. Goodwill and indefinite-lived intangible assets are not amortized but tested for impairment at least annually. These tests will be performed more frequently if triggering events indicate potential impairment. Definite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, generally for periods ranging from 3 to 24 years. The Company continually evaluates the reasonableness of the useful lives of these assets, consistent with the discussion of long-lived assets, above.
Revenue recognition	Revenue recognition: The Company recognizes revenue in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services transferred to its customers. To do this, the Company applies a five-step model, which requires the Company to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company identifies a contract with a customer when a sales agreement indicates approval and commitment of the parties; identifies the rights of the parties; identifies the payment terms; has commercial substance; and it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. The Company identifies a performance obligation in a contract for each promised good or service that is separately identifiable from other obligations in the contract and for which the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer. The Company determines the transaction price as the amount of consideration it expects to be entitled to in exchange for fulfilling the performance obligations, including the effects of any variable consideration, significant financing elements, amounts payable to the customer or noncash consideration. For any contracts that have more than one performance obligation, the Company allocates the transaction price to each performance obligation in an amount that depicts the amount of consideration to which the Company expects to be entitled in exchange for satisfying each performance obligation. In accordance with the last step of the five-step model, the Company recognizes revenue when, or as, it satisfies the performance obligation in a contract by transferring control of a promised good or providing the service to the customer. The Company typically satisfies its performance obligations and recognizes revenue at a point in time for product sales, generally when products are shipped or delivered to the customer, depending on the terms underlying each arrangement. In circumstances where the Company’s products are on consignment, revenue is generally recognized upon usage or consumption by the customer. For any FluidcareTM or other services provided by the Company to the customer, the Company typically satisfies its performance obligations and recognizes revenue over time, as the promised services are performed. The Company uses input methods to recognize revenue over time related to these services, including labor costs and time incurred. The Company believes that these input methods represent the most indicative measure of the FluidcareTM or other service work performed by the Company. The Company does not have standard payment terms for all customers, however the Company’s general payment terms require customers to pay for products or services provided after the performance obligation is satisfied. The Company does not have significant financing arrangements with its customers. Therefore, the Company does not adjust the promised amount of consideration for the effects of a significant financing component as the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to the customer and when the customer pays for that good or service will be one year or less. In addition, the Company expenses costs to obtain a contract as incurred when the expected period of benefit, and therefore the amortization period, is one year or less. In addition, the Company excludes from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, value added, excise and various other taxes. Lastly, the Company has elected to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment cost, rather than an additional promised service. The Company does not have significant amounts of variable consideration in its contracts with customers and where applicable, the Company’s estimates of variable consideration are not constrained. The Company records certain third-party license fees in other income (expense), net, in its Consolidated Statement of Operations, which generally include sales-based royalties in exchange for the license of intellectual property. These license fees are recognized in accordance with their agreed-upon terms and when performance obligations are satisfied, which is generally when the third party has a subsequent sale. The Company recognizes a contract asset or receivable on its Consolidated Balance Sheet when the Company performs a service or transfers a good in advance of receiving consideration. A receivable is the Company’s right to consideration that is unconditional and only the passage of time is required before payment of that consideration is due. A contract asset is the Company’s right to consideration in exchange for goods or services that the Company has transferred to a customer. A contract liability is recognized when the Company receives consideration, or if it has the unconditional right to receive consideration, in advance of performance. A contract liability is the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration, or a specified amount of consideration is due, from the customer.
Research and development costs	Research and development costs: Research and development costs are expensed as incurred and are included in selling, general and administrative expenses (“SG&A”).
Environmental liabilities and expenditures	Environmental liabilities and expenditures: Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. If there is a range of estimated liability and no amount in that range is considered more probable than another, then the Company records the lowest amount in the range. Environmental costs and remediation costs are capitalized if the costs extend the life, increase the capacity or improve safety or efficiency of the property from the date acquired or constructed, and/or mitigate or prevent contamination in the future.
Asset retirement obligations	Asset retirement obligations: The Company assesses whether it has legal or conditional obligations associated with the retirement of tangible long-lived assets that result from the acquisition, construction, or development and/or the normal operation of a long-lived asset, including any legal obligations that require disposal of a replaced part that is a component of a tangible long-lived asset. As of December 31, 2022 and 2021, the Company had no significant exposure or liabilities recorded on its Consolidated Balance Sheets.
Pension and other postretirement benefits	Pension and other postretirement benefits: The Company maintains various noncontributory retirement plans, covering a portion of its employees in the U.S. and certain other countries, including the Netherlands, the United Kingdom (“U.K.”), Mexico, Sweden, Germany and France. The plans of the remaining non-U.S. subsidiaries are, for the most part, either fully insured or integrated with the local governments’ plans. The Company recognizes on a prospective basis the funded status of the defined benefit pension and other postretirement plans on its Consolidated Balance Sheets and, also, recognize as a component of AOCI, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit cost. In addition, the Company recognizes a settlement charge in its Consolidated Statements of Operations when certain events occur, including plan termination or the settlement of certain plan liabilities. A settlement charge represents the immediate recognition into expense of a portion of the unrecognized loss within AOCI on the balance sheet in proportion to the share of the projected benefit obligation that was settled. The measurement date for the Company’s postretirement benefits plan is December 31. The Company’s global pension investment policies are designed to ensure that pension assets are invested in a manner consistent with meeting the future benefit obligations of the pension plans and maintaining compliance with various laws and regulations including the Employee Retirement Income Security Act of 1974. The Company establishes strategic asset allocation percentage targets and benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. The Company’s investment horizon is generally long term, and, accordingly, the target asset allocations encompass a long-term perspective of capital markets, expected risk and return and perceived future economic conditions while also considering the profile of plan liabilities. To the extent feasible, the short-term investment portfolio is managed to match the short-term obligations, the intermediate portfolio duration is matched to reduce the risk of volatility in intermediate plan distributions, and the total return portfolio is managed to maximize the long-term real growth of plan assets. The critical investment principles of diversification, assessment of risk and targeting the optimal expected returns for given levels of risk are applied. The Company’s investment guidelines prohibit the use of securities such as letter stock and other unregistered securities, commodities or commodity contracts, short sales, margin transactions, private placements (unless specifically addressed by addendum), or any derivatives, options or futures for the purpose of portfolio leveraging. The target asset allocation is reviewed periodically and is determined based on a long-term projection of capital market outcomes, inflation rates, fixed income yields, returns, volatilities and correlation relationships. The interaction between plan assets and benefit obligations is periodically studied to assist in establishing such strategic asset allocation targets. Asset performance is monitored with an overall expectation that plan assets will meet or exceed benchmark performance over rolling five year periods. The Company’s pension committee, as authorized by the Company’s Board of Directors (the “Board”), has discretion to manage the assets within established asset allocation ranges approved by senior management of the Company. See Note 21 of Notes to Consolidated Financial Statements.
Comprehensive income (loss)	Comprehensive income (loss): The Company presents Other comprehensive (loss) income in its Statements of Comprehensive (Loss) Income. The Company discloses significant amounts reclassified from each component of AOCI, the related tax amounts and the income statement line items affected by such reclassifications.
Income taxes and uncertain tax positions	Income taxes and uncertain tax positions: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year and the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. The Company accounts for uncertainty in income taxes by applying the recognition threshold and measurement attributes for financial statement recognition and measurement of tax positions taken or expected to be taken on a tax return. The Company determines whether the benefits of tax positions are probable or more likely than not sustained upon audit based upon the technical merits of the tax position. For tax positions that are determined to be more likely than not sustained upon audit, the Company recognizes the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement in the financial statements. For tax positions that are not determined to be more likely than not sustained upon audit, the Company does not recognize any portion of the benefit in the financial statements. Additionally, the Company monitors and adjusts for derecognition, classification, and penalties and interest in interim periods, with appropriate disclosure and transition thereto. Also, the amount of interest expense and income related to uncertain tax positions is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized, including timing differences, and the amount previously taken or expected to be taken in a tax return. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. Finally, when applicable, the Company nets its liability for unrecognized tax benefits against deferred tax assets related to net operating losses or other tax credit carryforwards that would apply if the uncertain tax position were settled for the presumed amount at the balance sheet date.Pursuant to the Tax Cuts and Jobs Act (“U.S. Tax Reform”), specifically the one-time tax on deemed repatriation (the “Transition Tax”), the Company has provided for U.S. income tax on its undistributed earnings of non-U.S. subsidiaries, however, the Company is subject to and will incur other taxes, such as withholding taxes and dividend distribution taxes, if these undistributed earnings were ultimately remitted to the U.S. The Company currently intends to reinvest its future undistributed earnings of non-U.S. subsidiaries to support working capital needs and certain other growth initiatives of those subsidiaries. However, in certain cases the Company has and may in the future change its indefinite reinvestment assertion for any or all of these undistributed earnings. In this case, the Company would estimate and record a tax liability and corresponding tax expense for the amount of non-U.S. income taxes it would incur to ultimately remit these earnings to the U.S.
Derivatives	Derivatives: The Company is exposed to the impact of changes in interest rates, foreign currency fluctuations, changes in commodity prices and credit risk. Historically, the Company has utilized interest rate swap agreements to enhance its ability to manage risk, including exposure to variability in interest payments associated with its variable rate debt. Derivative instruments are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. In October 2022, the Company’s interest rate swap contracts expired. As of December 31, 2022, the Company has not entered into any similar interest rate swap contracts. The Company previously recorded these instruments on a net basis within the Consolidated Balance Sheets. The effective portion of the change in fair value of the agreement was recorded in AOCI and was recognized in the Consolidated Statements of Operations when cash was paid from the counterparties.
Fair value measurements	Fair value measurements: The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. See Notes 21 and 24 of Notes to Consolidated Financial Statements. The following is a brief description of those three levels: •Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. •Level 3: Unobservable inputs that reflect the reporting entity's own assumptions.
Share-based compensation	Share-based compensation: The Company recognizes the fair value of share-based compensation as a component of expense. The Company has a long-term incentive program (“LTIP”) for key employees which provides for the granting of options to purchase stock at prices not less than its market value on the date of the grant. Most options become exercisable within three years after the date of the grant for a period of time determined by the Company, but not to exceed seven years from the date of grant. Restricted stock awards and restricted stock units issued under the LTIP program are subject to time vesting generally over a one to three year period. In addition, as part of the Company’s Annual Incentive Plan, nonvested shares may be issued to key employees, which generally would vest over a two to five year period. In addition, while the Company is permitted to make an accounting policy election to account for forfeitures as they occur for service condition aspects of certain share-based awards, the Company has decided not to elect this accounting policy and instead has elected to continue utilizing a forfeiture rate assumption. Based on historical experience, the Company generally has assumed a forfeiture rate of 13% on certain of its nonvested stock awards. The Company will record additional expense if the actual forfeiture rate is lower than estimated and will record a recovery of prior expense if the actual forfeiture is higher than estimated. The Company also issues performance-dependent stock awards as a component of its LTIP. The fair value of the performance-dependent stock awards is based on their grant-date market value adjusted for the likelihood of attaining certain predetermined performance goals and is calculated by utilizing a Monte Carlo simulation model. Compensation expense is recognized on a straight-line basis over the vesting period, generally three years.
Earnings per share	Earnings per share: The Company calculates earnings per share for nonvested stock awards with rights to non-forfeitable dividends, which requires nonvested stock awards with rights to non-forfeitable dividends to be included as part of the basic weighted average share calculation under the two-class method.
Segments	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.
Hyper-inflationary accounting	Hyper-inflationary accounting: Economies that have a cumulative three year rate of inflation exceeding 100% are considered hyper-inflationary. A legal entity that operates within an economy deemed to be hyper-inflationary is required to remeasure its monetary assets and liabilities to the applicable published exchange rates and record the associated gains or losses resulting from the remeasurement directly to the Consolidated Statements of Operations.
Business combinations	Business combinations: The Company accounts for business combinations under the acquisition method of accounting. This method requires the recording of acquired assets, including separately identifiable intangible assets, and assumed liabilities at their respective acquisition date estimated fair values. Any excess of the purchase price over the estimated fair value of the identifiable net assets acquired is recorded as goodwill. The determination of the estimated fair value of assets acquired and liabilities assumed requires significant estimates and assumptions. Based on the assessment of additional information during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the estimated fair value of assets acquired and liabilities assumed.
Restructuring activities	Restructuring activities: Restructuring programs consist of employee severance, rationalization of manufacturing or other facilities and other related items. To account for such programs, the Company recognizes a liability for a cost associated with an exit or disposal activity, when the liability is incurred, is estimable, and payment is probable.
Reclassifications	Reclassifications: Certain information has been reclassified to conform to the current year presentation.
Accounting estimates	Accounting estimates: The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingencies at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from such estimates.
Recently Issued Accounting Standards Adopted	Recently Issued Accounting Standards Adopted The FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting in March 2020. The FASB subsequently issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope in January 2021, which clarified the guidance, and ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. Neither ASU materially changed the guidance or its applicability to the Company. The amendments provide temporary optional expedients and exceptions for applying U.S. GAAP to contract modifications, hedging relationships, and other transactions to ease the potential accounting and financial reporting burden associated with transitioning away from reference rates that are expected to be discontinued, including the London Interbank Offered Rate (“LIBOR”). ASU 2020-04 is effective for the Company as of March 12, 2020 and generally can be applied through December 31, 2024. On June 17, 2022, the Company entered into an amendment to its primary credit facility, which, among other things, provided for the use of a USD currency LIBOR successor rate (the Term Secured Overnight Financing Rate (“Term SOFR”)). See Note 20 of Notes to Consolidated Financial Statements.

Business Segments (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of information about the performance of the Company's reportable segments, sales and total assets

The following tables present information about the performance of the Company’s reportable segments for the years ended December 31, 2022, 2021 and 2020.


	2022		2021		2020
Net sales
Americas	$	696,102	$	572,643	$	450,161
EMEA	474,604		480,126		383,187
Asia/Pacific	386,450		388,160		315,299
Global Specialty Businesses	386,429		320,229		269,030
Total net sales	$	1,943,585	$	1,761,158	$	1,417,677


	2022		2021		2020
Segment assets
Americas	$	1,014,115	$	983,521	$	969,551
EMEA	602,289		714,659		697,821
Asia/Pacific	685,607		750,970		713,004
Global Specialty Businesses	519,611		506,610		511,458
Total segment assets	$	2,821,622	$	2,955,760	$	2,891,834

Schedule of information about the performance of the Company's reportable segments, operating earnings


	2022		2021		2020
Segment operating earnings
Americas	$	148,181	$	124,863	$	96,379
EMEA	50,708		85,209		69,163
Asia/Pacific	92,995		96,318		88,356
Global Specialty Businesses	113,940		90,632		79,690
Total segment operating earnings	405,824		397,022		333,588
Combination, integration and other acquisition-related expenses	(8,779)		(23,885)		(29,790)
Restructuring and related charges	(3,163)		(1,433)		(5,541)
Fair value step up of acquired inventory sold	—		(801)		(226)
Impairment charges	(93,000)		—		(38,000)
Non-operating and administrative expenses	(187,830)		(157,864)		(143,202)
Depreciation of corporate assets and amortization	(60,748)		(62,573)		(57,469)
Operating income	52,304		150,466		59,360
Other (expense) income, net	(12,607)		18,851		(5,618)
Interest expense, net	(32,579)		(22,326)		(26,603)
Income before taxes and equity in net income of associated companies	$	7,118	$	146,991	$	27,139

Schedule of reportable segments' long-lived assets, including certain identifiable assets


	2022		2021		2020
Segment long-lived assets
Americas	$	118,525	$	129,321	$	122,302
EMEA	66,151		69,990		69,344
Asia/Pacific	113,476		123,130		119,233
Global Specialty Businesses	60,182		37,951		59,091
Total segment long-lived assets	$	358,334	$	360,392	$	369,970

Reconciliation of capital expenditures and depreciation for identifiable assets


	2022		2021		2020
Capital expenditures
Americas	$	18,188	$	9,678	$	6,451
EMEA	5,628		6,767		3,844
Asia/Pacific	3,245		2,264		5,688
Global Specialty Businesses	1,478		2,748		1,918
Total segment capital expenditures	$	28,539	$	21,457	$	17,901


	2022		2021		2020
Depreciation
Americas	$	8,858	$	12,074	$	12,322
EMEA	4,897		6,936		6,813
Asia/Pacific	4,060		4,596		4,672
Global Specialty Businesses	5,109		3,043		3,544
Total segment depreciation	$	22,924	$	26,649	$	27,351

Net Sales and Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	2022		2021		2020
Metal removal fluids	22.9	%	23.4	%	23.9	%
Rolling lubricants	20.8	%	22.2	%	21.8	%
Hydraulic fluids	14.1	%	13.6	%	13.3	%


	Net sales for the year ending December 31, 2022
	Americas		EMEA		Asia/Pacific		Consolidated Total

Customer Industries
Metals	$	252,513	$	137,767	$	214,377	$	604,657
Metalworking and other	443,589		336,837		172,073		952,499
	696,102		474,604		386,450		1,557,156
Global Specialty Businesses	247,646		83,738		55,045		386,429
	$	943,748	$	558,342	$	441,495	$	1,943,585

Timing of Revenue Recognized
Product sales at a point in time	$	903,610	$	526,977	$	430,857	$	1,861,444
Services transferred over time	40,138		31,365		10,638		82,141
	$	943,748	$	558,342	$	441,495	$	1,943,585


	Net sales for the year ending December 31, 2021
	Americas		EMEA		Asia/Pacific		Consolidated Total

Customer Industries
Metals	$	210,340	$	141,950	$	207,160	$	559,450
Metalworking and other	362,303		338,176		181,000		881,479
	572,643		480,126		388,160		1,440,929
Global Specialty Businesses	186,859		80,541		52,829		320,229
	$	759,502	$	560,667	$	440,989	$	1,761,158

Timing of Revenue Recognized
Product sales at a point in time	$	724,357	$	527,083	$	429,130	$	1,680,570
Services transferred over time	35,145		33,584		11,859		80,588
	$	759,502	$	560,667	$	440,989	$	1,761,158


	Net sales for the year ending December 31, 2020
	Americas		EMEA		Asia/Pacific		Consolidated Total

Customer Industries
Metals	$	163,135	$	107,880	$	168,096	$	439,111
Metalworking and other	287,026		275,307		147,203		709,536
	450,161		383,187		315,299		1,148,647
Global Specialty Businesses	154,796		68,164		46,070		269,030
	$	604,957	$	451,351	$	361,369	$	1,417,677

Timing of Revenue Recognized
Product sales at a point in time	$	580,663	$	434,549	$	352,917	$	1,368,129
Services transferred over time	24,294		16,802		8,452		49,548
	$	604,957	$	451,351	$	361,369	$	1,417,677

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Lease, Cost

The following table sets forth the components of the Company’s lease cost for the years ended December 31, 2022, 2021 and 2020:


	December 31, 2022		December 31, 2021		December 31, 2020
Operating lease expense	$	15,171	$	14,061	$	14,247
Short-term lease expense	816		861		1,308

Supplemental balance sheet information related to the Company’s leases is as follows:


	December 31, 2022			December 31, 2021
Right of use lease assets	$	43,766		$	36,635

Other accrued liabilities	12,024			9,976
Long-term lease liabilities	26,967			26,335
Total operating lease liabilities	$	38,991		$	36,311

Weighted average remaining lease term (years)	5.1			5.6
Weighted average discount rate	4.36		%	4.22		%

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information related to the Company’s leases is as follows:


	December 31, 2022		December 31, 2021		December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	19,215	$	13,859	$	14,101
Non-cash lease liabilities activity:
Leased assets obtained in exchange for new operating lease liabilities	23,356		11,142		6,949

Lessee, Operating Lease, Liability, Maturity

Maturities of operating lease liabilities as of December 31, 2022 were as follows:


	December 31, 2022
For the year ended December 31, 2023	$	13,551
For the year ended December 31, 2024	11,149
For the year ended December 31, 2025	7,266
For the year ended December 31, 2026	5,280
For the year ended December 31, 2027	2,457
For the year ended December 31, 2028 and beyond	5,299
Total lease payments	45,002
Less: imputed interest	(6,011)
Present value of lease liabilities	$	38,991

Restructuring and Related Activities (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

Activity in the Company’s accrual for restructuring for the years ended December 31, 2022 and 2021 are as follows:


	Restructuring Programs
Accrued restructuring as of December 31, 2020	$	8,248
Restructuring and related charges	1,433
Cash payments	(5,266)
Currency translation adjustments	(328)
Accrued restructuring as of December 31, 2021	4,087
Restructuring and related charges	3,163
Cash payments	(1,532)
Currency translation adjustments	(235)
Accrued restructuring as of December 31, 2022	$	5,483

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Cost by Plan

The Company recognized the following share-based compensation expense in its Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
Stock options	$	1,774	$	1,235	$	1,491
Non-vested stock awards and restricted stock units	6,679		5,438		5,012
Non-elective and elective 401(k) matching contribution in stock	—		1,553		3,112
Director stock ownership plan	63		901		541
Performance stock units	3,150		1,911		840
Total share-based compensation expense	$	11,666	$	11,038	$	10,996

Share-based Payment Arrangement, Option, Activity

Stock option activity under all plans is as follows:


	Number of Options	Weighted Average Exercise Price (per option)		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Options outstanding as of January 1, 2022	109,684	$	165.47
Options granted	31,914	222.82
Options exercised	(11,801)	133.10
Options forfeited	(10,315)	172.41
Options outstanding as of December 31, 2022	119,482	$	183.39	4.7	$	(373)
Options expected to vest after December 31, 2022	54,245	$	182.20	5.5	$	(830)
Options exercisable as of December 31, 2022	65,237	$	159.93	3.9	$	455

Share-based Payment Arrangement, Option, Exercise Price Range

A summary of the Company’s outstanding stock options as of December 31, 2022 is as follows:


Range of Exercise Prices					Number of Options Outstanding	Weighted Average Remaining Contractual Term (years)	Weighted Average Exercise Price (per option)	Number of Options Exercisable	Weighted Average Exercise Price (per option)
$	120.01	-	$	150.00	40,781	4.5	137.28	23,262	136.64
$	150.01	-	$	180.00	56,834	4.6	164.63	33,833	155.35
$	220.01	-	$	250.00	21,867	5.2	245.10	8,142	245.49
					119,482	4.7	183.39	65,237	159.93

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

For the purposes of determining the fair value of stock option awards, the Company used a Black-Scholes option pricing model and primarily used the assumptions set forth in the table below:


	July 2022 Grant		March 2022 Grant		2021		2020		2019
Number of stock options granted	4,837		27,077		25,250		49,115		51,610
Dividend yield	0.79	%	0.80	%	0.85	%	0.99	%	1.12	%
Expected volatility	40.47	%	38.60	%	37.33	%	31.57	%	26.29	%
Risk-free interest rate	2.87	%	2.07	%	0.60	%	0.36	%	1.52	%
Expected term (years)	4.0		4.0		4.0		4.0		4.0

The grant-date fair value of the PSUs was estimated using a Monte Carlo simulation on the grant date and using the following assumptions set forth in the table below:


	2022		CEO Grant 2021 (1)		2021		2020
Number of PSUs granted	18,462		3,775		12,103		18,485
Risk-free interest rate	2.11	%	0.65	%	0.29	%	0.28	%
Dividend yield	0.93	%	0.72	%	0.64	%	1.13	%
Expected term (years)	3.0		3.0		3.0		3.0

Share-based Payment Arrangement, Expensed and Capitalized, Amount


	2022		2021		2020
2022 Stock option awards	$	783	$	—	$	—
2021 Stock option awards	521		429		—
2020 Stock option awards	443		516		385
2019 Stock option awards	27		234		698
2018 Stock option awards	—		56		357

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

Activity of non-vested restricted stock awards granted under the Company’s LTIP plan is shown below:


	Number of Shares	Weighted Average Grant Date Fair Value (per share)
Nonvested awards, December 31, 2021	68,693	$	179.26
Granted	54,433	166.07
Vested	(38,583)	175.80
Forfeited	(5,088)	184.64
Nonvested awards, December 31, 2022	79,455	$	171.61

Share-based Payment Arrangement, Restricted Stock Unit, Activity

Activity of non-vested restricted stock units granted under the Company’s LTIP plan is shown below:


	Number of Units	Weighted Average Grant Date Fair Value (per unit)
Nonvested awards, December 31, 2021	10,977	$	170.82
Granted	10,703	169.29
Vested	(3,009)	158.09
Forfeited	(171)	190.37
Nonvested awards, December 31, 2022	18,500	$	171.83

Other (Expense) Income, net (Tables)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Schedule of Other (Expense) Income, net

Other (expense) income, net, for the years ended December 31, 2022, 2021 and 2020 are as follows:


	2022		2021		2020
Income from third party license fees	$	1,268	$	1,367	$	999
Foreign exchange losses, net	(9,399)		(3,821)		(6,082)
Gain (loss) on disposals of property, plant, equipment and other assets, net	168		4,695		(871)
Non-income tax refunds and other related (expense) credits	(1,613)		15,155		3,345
Pension and postretirement benefit income (costs), non-service components	1,704		759		(21,592)
Loss on extinguishment of debt	(6,763)		—		—
Gain on insurance recoveries	1,804		—		18,144
Other non-operating income, net	224		696		439
Total other (expense) income, net	$	(12,607)	$	18,851	$	(5,618)

Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Taxes on income before equity in net income of associated companies for the years ended December 31, 2022, 2021 and 2020 are as follows:


	2022		2021		2020
Current:
Federal	$	(708)	$	955	$	(1,359)
State	1,450		2,115		1,171
Foreign	34,735		44,375		33,173
	35,477		47,445		32,985
Deferred:
Federal	(2,798)		(3,863)		(28,437)
State	(713)		(3,117)		(3,087)
Foreign	(7,041)		(5,526)		(6,757)
Total	$	24,925	$	34,939	$	(5,296)

Schedule of Income before Income Tax, Domestic and Foreign

The components of earnings before income taxes for the years ended December 31, 2022, 2021 and 2020 are as follows:


	2022		2021		2020
U.S.	$	(4,933)	$	7,263	$	(66,585)
Foreign	12,051		139,728		93,724
Total	$	7,118	$	146,991	$	27,139

Schedule of Deferred Tax Assets and Liabilities

Total deferred tax assets and liabilities are composed of the following as of December 31, 2022 and 2021:


	2022		2021
Retirement benefits	$	8,469	$	11,860
Allowance for credit losses	2,246		2,155
Insurance and litigation reserves	716		675
Performance incentives	3,327		2,881
Equity-based compensation	2,723		1,920
Prepaid expense	486		460
Operating loss carryforward	20,519		18,544
Foreign tax credit and other credits	5,506		16,285
Interest	9,928		9,940
Restructuring reserves	791		631
Right of use lease assets	8,440		8,322
Inventory reserves	2,967		2,941
Research and development	11,936		8,832
Other	4,307		2,846
	82,361		88,292
Valuation allowance	(11,730)		(17,400)
Total deferred tax assets, net	$	70,631	$	70,892
Depreciation	11,935		11,580
Foreign pension and other	2,691		2,332
Intangibles	182,838		197,066
Lease liabilities	9,590		8,421
Outside basis in equity investment	5,886		5,999
Unremitted Earnings	6,766		8,381
Total deferred tax liabilities	$	219,706	$	233,779

Summary of Valuation Allowance

The following are the changes in the Company’s deferred tax asset valuation allowance for the years ended December 31, 2022, 2021 and 2020:


	Balance at Beginning of Period		Purchase Accounting Adjustments		Additional Valuation Allowance		Allowance Utilization and Other		Effect of Exchange Rate Changes		Balance at End of Period
Valuation Allowance
Year ended December 31, 2022	$	17,400	$	—	$	1,326	$	(6,789)	$	(207)	$	11,730
Year ended December 31, 2021	$	21,511	$	—	$	29	$	(4,470)	$	330	$	17,400
Year ended December 31, 2020	$	13,834	$	7,148	$	2,738	$	(2,153)	$	(56)	$	21,511

Schedule Of Deferred Tax Assets And Liabilities Balance Sheet Classification

The Company’s net deferred tax assets and liabilities are classified in the Consolidated Balance Sheets as of December 31, 2022 and 2021 as follows:


	2022		2021
Non-current deferred tax assets	$	11,218	$	16,138
Non-current deferred tax liabilities	160,294		179,025
Net deferred tax liability	$	(149,076)	$	(162,887)

Schedule of Effective Income Tax Rate Reconciliation


	2022		2021		2020
Income tax provision at the Federal statutory tax rate	$	1,495	$	30,868	$	5,699
Unremitted earnings	(1,839)		1,841		(2,308)
Tax law changes / reform	823		1,955		(1,059)
U.S. tax on foreign operations	4,864		10,479		5,140
Pension settlement	—		—		(2,247)
Foreign derived intangible income	(917)		(8,698)		(7,339)
Non-deductible acquisition expenses	45		129		131
Withholding taxes	7,785		6,584		7,809
Foreign tax credits	(5,850)		(14,725)		(4,699)
Share-based compensation	1,234		600		335
Foreign tax rate differential	4,782		1,712		332
Research and development credit	(1,757)		(1,685)		(1,018)
Audit Settlements	2,697		1,378		807
Uncertain tax positions	(6,375)		519		1,990
State income tax provisions, net	432		(1,446)		(2,245)
Non-deductible meals and entertainment	146		426		290
Intercompany transfer of intangible assets	(1,932)		4,347		(4,384)
Goodwill Impairment	19,550		—		—
Miscellaneous items, net	(258)		655		(2,530)
Taxes on income before equity in net income of associated companies	$	24,925	$	34,939	$	(5,296)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2022, 2021 and 2020, respectively, is as follows:


	2022		2021		2020
Unrecognized tax benefits as of January 1	$	22,464	$	22,152	$	19,097
(Decrease) increase in unrecognized tax benefits taken in prior periods	(1,174)		1,002		2,025
Increase in unrecognized tax benefits taken in current period	953		2,915		3,095
Decrease in unrecognized tax benefits due to lapse of statute of limitations	(2,378)		(1,527)		(2,024)
Decrease in unrecognized tax benefits due to audit settlements	(2,509)		(1,104)		(1,635)
Increase in unrecognized tax benefits due to acquisition	—		—		597
(Decrease) increase due to foreign exchange rates	(1,016)		(974)		997
Unrecognized tax benefits as of December 31	$	16,340	$	22,464	$	22,152

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes earnings per share calculations for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
Basic earnings per common share
Net (loss) income attributable to Quaker Chemical Corporation	$	(15,931)	$	121,369	$	39,658
Less: loss (income) allocated to participating securities	92		(480)		(148)
Net (loss) income available to common shareholders	$	(15,839)	$	120,889	$	39,510
Basic weighted average common shares outstanding	17,841,487		17,805,034		17,719,792
Basic (loss) earnings per common share	$	(0.89)	$	6.79	$	2.23

Diluted earnings per common share
Net (loss) income attributable to Quaker Chemical Corporation	$	(15,931)	$	121,369	$	39,658
Less: loss (income) allocated to participating securities	92		(479)		(148)
Net (loss) income available to common shareholders	$	(15,839)	$	120,890	$	39,510
Basic weighted average common shares outstanding	17,841,487		17,805,034		17,719,792
Effect of dilutive securities	15,005		50,090		31,087
Diluted weighted average common shares outstanding	17,856,492		17,855,124		17,750,879
Diluted (loss) earnings per common share	$	(0.89)	$	6.77	$	2.22

Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2022

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash as December 31, 2022, 2021, 2020 and 2019:


	2022		2021		2020		2019
Cash and cash equivalents	$	180,963	$	165,176	$	181,833	$	123,524
Restricted cash included in other current assets	—		—		62		353
Restricted cash included in other assets	—		—		—		19,678
Cash, cash equivalents and restricted cash	$	180,963	$	165,176	$	181,895	$	143,555

Accounts Receivable and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following are changes in the allowance for credit losses during the years ended December 31, 2022, 2021 and 2020:


	Balance at Beginning of Period		Changes to Costs and Expenses		Write-Offs Charged to Allowance		Exchange Rate Changes and Other Adjustments		Balance at End of Period
Allowance for Credit Losses
Year ended December 31, 2022	$	12,334	$	4,319	$	(2,441)	$	(685)	$	13,527
Year ended December 31, 2021	$	13,145	$	653	$	(946)	$	(518)	$	12,334
Year ended December 31, 2020	$	11,716	$	3,582	$	(2,187)	$	34	$	13,145

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventories, net, as of December 31, 2022 and 2021 were as follows:


	2022		2021
Raw materials and supplies	$	151,105	$	129,382
Work in process, finished goods and reserves	133,743		135,149
Total inventories, net	$	284,848	$	264,531

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment as of December 31, 2022 and 2021 were as follows:


	2022		2021
Land	$	29,010	$	30,793
Building and improvements	138,759		134,313
Machinery and equipment	240,097		252,779
Construction in progress	20,324		16,459
Property, plant and equipment, at cost	428,190		434,344
Less: accumulated depreciation	(229,595)		(236,824)
Total property, plant and equipment, net	$	198,595	$	197,520

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021 were as follows:


	Americas		EMEA		Asia/Pacific		Global Specialty Businesses		Total


Balance as of December 31, 2020	$	213,242	$	140,162	$	158,090	$	119,718	$	631,212
Goodwill additions	1,490		3,380		1,308		2,624		8,802
Currency translation and other adjustments	(709)		(8,022)		3,060		(3,149)		(8,820)
Balance as of December 31, 2021	214,023		135,520		162,458		119,193		631,194
Goodwill additions (reductions)	1,853		251		—		(59)		2,045
Goodwill impairments	—		(93,000)		—		—		(93,000)
Currency translation and other adjustments	23		(8,204)		(12,083)		(4,967)		(25,231)
Balance as of December 31, 2022	$	215,899	$	34,567	$	150,375	$	114,167	$	515,008

Schedule of Finite-Lived Intangible Assets

Gross carrying amounts and accumulated amortization for definite-lived intangible assets as of December 31, 2022 and 2021 were as follows:


	Gross Carrying Amount				Accumulated Amortization				Net Book Value
	2022		2021		2022		2021		2022		2021
Customer lists and rights to sell	$	831,600	$	853,122	$	191,286	$	147,858	$	640,314	$	705,264
Trademarks, formulations and product technology	158,564		163,974		46,281		38,747		112,283		125,227
Other	7,576		6,309		6,390		5,900		1,186		409
Total definite-lived intangible assets	$	997,740	$	1,023,405	$	243,957	$	192,505	$	753,783	$	830,900

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Amortization is recorded within SG&A in the Company’s Consolidated Statements of Operations. Estimated annual aggregate amortization expense for the subsequent five years is as follows:


For the year ended December 31, 2023	$	57,822
For the year ended December 31, 2024	57,218
For the year ended December 31, 2025	56,466
For the year ended December 31, 2026	56,194
For the year ended December 31, 2027	55,897

Investment in Associated Companies (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The following table is a summary of equity income in associated companies by investment for the years ending December 31, 2022, 2021 and 2020:


	Year Ended December 31,
	2022		2021		2020
Houghton Korea	$	2,644	$	3,808	$	5,241
Nippon Japan	323		461		853
Kelko Panama	425		154		107
Grindaix (1)	—		(37)		—
Primex	(1,427)		4,993		1,151
Total equity in net income of associated companies	$	1,965	$	9,379	$	7,352

Other Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2022

Other Assets [Abstract]

Schedule of Other Assets, Noncurrent

Other non-current assets as of December 31, 2022 and 2021 were as follows:


	2022		2021
Pension assets (See Note 21)	$	8,639	$	7,916
Uncertain tax positions (See Note 10)	5,803		6,931
Debt issuance costs (See Note 20)	4,305		4,267
Indemnification assets	3,909		6,630
Supplemental retirement income program (See Notes 21 and 24)	2,114		2,269
Other	2,969		2,946
Total other non -current assets	$	27,739	$	30,959

Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Other accrued liabilities as of December 31, 2022 and 2021 were as follows:


	2022		2021
Non-income taxes	$	25,525	$	23,725
Current income taxes payable (See Note 10)	12,966		16,642
Short-term lease liabilities (See Note 6)	12,024		9,976
Selling expenses and freight accruals	9,822		11,695
Customer advances and sales return reserves	6,585		7,965
Professional fees, legal, and acquisition-related accruals	5,415		12,264
Accrued interest (See Note 20)	2,749		2,129
Interest rate swap (See Note 25)	—		1,782
Other	11,787		9,439
Total other accrued liabilities	$	86,873	$	95,617

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Debt as of December 31, 2022 and 2021 includes the following:


	As of December 31, 2022			As of December 31, 2021
	Interest Rate	Outstanding Balance		Interest Rate	Outstanding Balance
Credit Facilities:
Original Revolver	—%	$	—	1.62%	$	211,955
Original U.S. Term Loan	—%	—		1.65%	540,000
Original EURO Term Loan	—%	—		1.50%	137,616
Amended Revolver	5.17%	195,673		—%	—
Amended U.S. Term Loan	5.70%	596,250		—%	—
Amended EURO Term Loan	1.50%	151,572		—%	—
Industrial development bonds	5.26%	10,000		5.26%	10,000
Bank lines of credit and other debt obligations	Various	1,303		Various	1,777
Total debt		$	954,798		$	901,348
Less: debt issuance costs		(1,992)			(8,001)
Less: short-term and current portion of long-term debts		(19,245)			(56,935)
Total long-term debt		$	933,561		$	836,412

Schedule of Maturities of Long-term Debt


For the year ended December 31, 2023	$	19,063
For the year ended December 31, 2024	23,740
For the year ended December 31, 2025	37,745
For the year ended December 31, 2026	37,705
For the year ended December 31, 2027	825,964
Total maturities on debt in the next five fiscal years	944,217

Interest Income and Interest Expense Disclosure

The Company incurred the following debt related expenses included within Interest expense, net, in the Consolidated Statements of Operations:


	Year Ended December 31,
	2022		2021		2020
Interest expense	$	33,691	$	19,089	$	23,552
Amortization of debt issuance costs	2,942		4,749		4,749
Total	$	36,633	$	23,838	$	28,301

Pension and Other Post Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of funded status of Company's plans' reconciled with amounts reported in the Consolidated Balance Sheets

The following table shows the funded status of the Company’s plans’ reconciled with amounts reported in the Consolidated Balance Sheets as of December 31, 2022 and 2021:


	Pension Benefits												Other Post- Retirement Benefits
	2022						2021						2022		2021
	Foreign		U.S.		Total		Foreign		U.S.		Total		U.S.		U.S.
Change in benefit obligation
Gross benefit obligation at beginning of year	$	228,752	$	103,420	$	332,172	$	247,675	$	109,969	$	357,644	$	2,010	$	3,234
Service cost	465		47		512		698		547		1,245		—		1
Interest cost	3,079		2,145		5,224		2,594		1,737		4,331		37		27
Employee contributions	20		—		20		71		—		71		—		—
Effect of plan amendments	303		—		303		—		—		—		(2)		(78)
Curtailment gain	207		—		207		—		—		—		—		—
Plan settlements	(1,726)		—		(1,726)		(541)		—		(541)		—		—
Benefits paid	(5,343)		(5,838)		(11,181)		(6,869)		(5,064)		(11,933)		(176)		(182)
Plan expenses and premiums paid	(66)		—		(66)		(74)		—		(74)		—		—
Transfer in of business acquisition	—		—		—		231		—		231		—		—
Actuarial (gain) loss	(77,244)		(20,688)		(97,932)		(4,160)		(3,769)		(7,929)		(263)		(992)
Translation differences and other	(17,893)		—		(17,893)		(10,873)		—		(10,873)		—		—
Gross benefit obligation at end of year	$	130,554	$	79,086	$	209,640	$	228,752	$	103,420	$	332,172	$	1,606	$	2,010


	Pension Benefits												Other Post- Retirement Benefits
	2022						2021						2022		2021
	Foreign		U.S.		Total		Foreign		U.S.		Total		U.S.		U.S.
Change in plan assets
Fair value of plan assets at beginning of year	$	216,886	$	77,680	$	294,566	$	228,789	$	73,481	$	302,270	$	—	$	—
Actual return on plan assets	(65,396)		(14,871)		(80,267)		915		7,201		8,116		—		—
Employer contributions	3,241		2,620		5,861		4,289		2,063		6,352		176		182
Employee contributions	20		—		20		71		—		71		—		—
Plan settlements	(1,726)		—		(1,726)		(541)		—		(541)		—		—
Benefits paid	(5,343)		(5,838)		(11,181)		(6,869)		(5,065)		(11,934)		(176)		(182)
Plan expenses and premiums paid	(66)		—		(66)		(74)		—		(74)		—		—
Translation differences	(17,672)		—		(17,672)		(9,694)		—		(9,694)		—		—
Fair value of plan assets at end of year	$	129,944	$	59,591	$	189,535	$	216,886	$	77,680	$	294,566	$	—	$	—
Net benefit obligation recognized	$	(610)	$	(19,495)	$	(20,105)	$	(11,866)	$	(25,740)	$	(37,606)	$	(1,606)	$	(2,010)

Amounts recognized in the balance sheet consist of:
Non-current assets	$	8,639	$	—	$	8,639	$	7,916	$	—	$	7,916	$	—	$	—
Current liabilities	(210)		(1,128)		(1,338)		(191)		(1,137)		(1,328)		(222)		(220)
Non-current liabilities	(9,039)		(18,367)		(27,406)		(19,591)		(24,603)		(44,194)		(1,384)		(1,790)
Net benefit obligation recognized	$	(610)	$	(19,495)	$	(20,105)	$	(11,866)	$	(25,740)	$	(37,606)	$	(1,606)	$	(2,010)
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss:
Prior service (cost) credit	(333)		(36)		(369)		(22)		43		21		16		46
Accumulated (loss) gain	(10,387)		2,532		(7,855)		(19,163)		(9,763)		(28,926)		1,218		1,034

AOCI	(10,720)		2,496		(8,224)		(19,185)		(9,720)		(28,905)		1,234		1,080
Cumulative employer contributions in excess of or (below) net periodic benefit cost	10,110		(21,991)		(11,881)		7,319		(16,020)		(8,701)		(2,840)		(3,090)
Net benefit obligation recognized	$	(610)	$	(19,495)	$	(20,105)	$	(11,866)	$	(25,740)	$	(37,606)	$	(1,606)	$	(2,010)

Schedule of Information for pension plans with an accumulated benefit obligation in excess of plan assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets:


	2022			2021
	Foreign	U.S.	Total	Foreign	U.S.	Total
Accumulated benefit obligation	5,983	79,086	85,069	128,268	103,420	231,688
Fair value of plan assets	1,842	59,591	61,433	119,181	77,680	196,861

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

Information for pension plans with a projected benefit obligation in excess of plan assets:


	2022						2021
	Foreign		U.S.		Total		Foreign		U.S.		Total
Projected benefit obligation	$	71,318	$	79,086	$	150,404	$	138,963	$	103,420	$	242,383
Fair value of plan assets	61,805		59,591		121,396		119,181		77,680		196,861

Schedule of components of net periodic benefit costs - pension plans

Components of net periodic benefit costs – pension plans:


	2022						2021
	Foreign		U.S.		Total		Foreign		U.S.		Total
Service cost	$	465	$	47	$	512	$	698	$	547	$	1,245
Interest cost	3,079		2,145		5,224		2,594		1,737		4,331
Expected return on plan assets	(4,472)		(3,509)		(7,981)		(4,686)		(3,611)		(8,297)
Settlement loss (gain)	(71)		—		(71)		35		—		35
Curtailment charge	207		—		207		—		—		—
Actuarial loss amortization	658		323		981		996		2,252		3,248
Prior service cost (credit) amortization	3		7		10		3		7		10
Net periodic benefit (income) cost	$	(131)	$	(987)	$	(1,118)	$	(360)	$	932	$	572


	2020
	Foreign		U.S.		Total
Service cost	$	4,340	$	491	$	4,831
Interest cost	3,416		2,923		6,339
Expected return on plan assets	(4,262)		(4,810)		(9,072)
Settlement (gain) loss	(88)		22,667		22,579
Curtailment charge	(1,155)		—		(1,155)
Actuarial loss amortization	886		2,110		2,996
Prior service credit amortization	(167)		—		(167)
Net periodic benefit cost	$	2,970	$	23,381	$	26,351

Components of net periodic benefit costs – other postretirement plan:


	2022		2021		2020
Service cost	$	—	$	1	$	5
Interest cost	37		27		77
Actuarial loss amortization	(79)		(82)		(5)
Prior service credit amortization	(32)		(31)		—
Net periodic benefit costs	$	(74)	$	(85)	$	77

Schedule of other changes recognized in other comprehensive income - pension plans

Other changes recognized in other comprehensive income – pension plans:


	2022						2021
	Foreign		U.S.		Total		Foreign		U.S.		Total
Net (gain) loss arising during the period	$	(7,008)	$	(3,555)	$	(10,563)	$	(388)	$	(448)	$	(836)


Settlement loss	—		(323)		(323)		(83)		(2,252)		(2,335)
Prior service (cost) credit	303		(7)		296		—		(7)		(7)
Actuarial (loss) gain	(587)		1,247		660		(954)		(6,925)		(7,879)
Curtailment Recognition	(3)		—		(3)		(3)		—		(3)
Effect of exchange rates on amounts included in AOCI	(1,169)		—		(1,169)		(1,390)		—		(1,390)
Total recognized in other comprehensive (income) loss	(8,464)		(2,638)		(11,102)		(2,818)		(9,632)		(12,450)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(8,595)	$	(3,625)	$	(12,220)	$	(3,178)	$	(8,700)	$	(11,878)


	2020
	Foreign		U.S.		Total
Net (gain) loss arising during period	$	(1,594)	$	1,536	$	(58)
Recognition of amortization in net periodic benefit cost
Settlement loss	(39)		(22,667)		(22,706)
Prior service credit	1,325		50		1,375
Actuarial (loss) gain	(758)		3,967		3,209
Curtailment Recognition	(3)		—		(3)
Effect of exchange rates on amounts included in AOCI	1,535		—		1,535
Total recognized in other comprehensive loss	466		(17,114)		(16,648)
Total recognized in net periodic benefit cost and other comprehensive loss	$	3,436	$	6,267	$	9,703

Other changes recognized in other comprehensive income – other postretirement benefit plans:


	2022		2021		2020
Net (gain) loss arising during period	$	(263)	$	(992)	$	(864)
Recognition of amortizations in net periodic benefit cost	(2)		(78)		—
Prior service credit	32		31		—
Actuarial gain amortization	79		82		5
Total recognized in other comprehensive (income) loss	(154)		(957)		(859)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(228)	$	(1,042)	$	(782)

Schedule of Weighted-average assumptions used to determine benefit obligations

Weighted-average assumptions used to determine benefit obligations as of December 31, 2022 and 2021:


	Pension Benefits		Other Postretirement Benefits
	2022	2021	2022	2021
U.S. Plans:
Discount rate	5.21%	2.58%	5.14%	2.45%
Rate of compensation increase	N/A	N/A	N/A	N/A

Foreign Plans:
Discount rate	6.29%	1.71%	N/A	N/A
Rate of compensation increase	3.93%	2.21%	N/A	N/A

Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31, 2022, 2021 and 2020:


	Pension Benefits						Other Postretirement Benefits
	2022		2021		2020		2022		2021		2020
U.S. Plans:
Discount rate	2.67	%	2.67	%	3.11	%	2.45	%	1.90	%	2.99	%
Expected long-term return on plan assets	5.75	%	5.75	%	6.50	%	N/A		N/A		N/A
Rate of compensation increase	N/A		6.00	%	6.00	%	N/A		N/A		N/A

Foreign Plans:
Discount rate	3.97	%	1.38	%	2.30	%	N/A		N/A		N/A
Expected long-term return on plan assets	2.26	%	2.06	%	2.20	%	N/A		N/A		N/A
Rate of compensation increase	3.21	%	2.52	%	2.79	%	N/A		N/A		N/A

Schedule of Assumed health care cost trend rates

Assumed health care cost trend rates as of December 31, 2022, 2021 and 2020:


	2022		2021		2020
Health care cost trend rate for next year	5.60	%	5.65	%	5.70	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.00	%	4.00	%	4.50	%
Year that the rate reaches the ultimate trend rate	2047		2046		2037

Schedule of company's pension plan target asset allocation and pension plan investments measured at fair value on a recurring basis

The Company’s pension plan target asset allocation and the weighted-average asset allocations as of December 31, 2022 and 2021 by asset category were as follows:


Asset Category	Target		2022		2021
U.S. Plans
Equity securities	32	%	32	%	46	%
Debt securities	60	%	60	%	48	%
Other	8	%	8	%	6	%
Total	100	%	100	%	100	%

Foreign Plans
Equity securities	15	%	8	%	36	%
Debt securities	79	%	79	%	43	%
Other	6	%	13	%	21	%
Total	100	%	100	%	100	%

As of December 31, 2022 and 2021, the U.S. and foreign plans’ investments measured at fair value on a recurring basis were as follows:


			Fair Value Measurements at December 31, 2022
	Total Fair Value		Using Fair Value Hierarchy
U.S. Pension Assets			Level 1		Level 2		Level 3
Pooled separate accounts	$	54,596	$	—	$	54,596	$	—
Real estate	4,995		—		—		4,995
Subtotal U.S. pension plan assets in fair value hierarchy	$	59,591	$	—	$	54,596	$	4,995
Total U.S. pension plan assets	$	59,591

Foreign Pension Assets
Cash and cash equivalents	$	4,923	$	4,923	$	—	$	—
Insurance contract	59,963		—		—		59,963
Diversified equity securities - registered investment companies	5,211		—		5,211		—
Fixed income – foreign registered investment companies	54,098		—		54,098		—
Real estate	3,907		—		—		3,907
Sub-total of foreign pension assets in fair value hierarchy	$	128,102	$	4,923	$	59,309	$	63,870
Commingled funds measured at NAV	1,842
Total foreign pension assets	$	129,944

Total pension assets in fair value hierarchy	$	187,693	$	4,923	$	113,905	$	68,865
Total pension assets measured at NAV	1,842
Total pension assets	$	189,535


			Fair Value Measurements at December 31, 2021
	Total Fair Value		Using Fair Value Hierarchy
U.S. Pension Assets			Level 1		Level 2		Level 3
Pooled separate accounts	$	72,721	$	—	$	72,721	$	—
Real estate	4,959		—		—		4,959
Subtotal U.S. pension plan assets in fair value hierarchy	$	77,680	$	—	$	72,721	$	4,959
Total U.S. pension plan assets	$	77,680

Foreign Pension Assets
Cash and cash equivalents	$	1,989	$	1,989	$	—	$	—
Insurance contract	99,527		—		—		99,527
Diversified equity securities - registered investment companies	10,999		—		10,999		—
Fixed income – foreign registered investment companies	3,593		—		3,593		—
Fixed income government securities	35,339		—		35,339		—
Real estate	6,588		—		—		6,588
Other - alternative investments	6,979		—		—		6,979
Sub-total of foreign pension assets in fair value hierarchy	$	165,014	$	1,989	$	49,931	$	113,094
Commingled funds measured at NAV	2,300
Diversified investment fund - registered investment companies measured at NAV	49,572
Total foreign pension assets	$	216,886

Total pension assets in fair value hierarchy	$	242,694	$	1,989	$	122,652	$	118,053
Total pension assets measured at NAV	51,872
Total pension assets	$	294,566

Schedule of changes in the fair value of the plans' Level 3 investments

Changes in the fair value of the plans’ Level 3 investments during the years ended December 31, 2022 and 2021 were as follows:


	Insurance Contract		Real Estate		Alternative Investments		Total
Balance as of December 31, 2020	$	112,920	$	9,775	$	10,638	$	133,333
Purchases	1,722		(78)		(334)		1,310
Settlements	(1,812)		—		—		(1,812)
Unrealized (losses) gains	(5,031)		1,926		(3,282)		(6,387)
Currency translation adjustment	(8,272)		(76)		(43)		(8,391)
Balance as of December 31, 2021	99,527		11,547		6,979		118,053
Purchases	(1,136)		(122)		(6,979)		(8,237)
Unrealized losses	(32,305)		(1,842)		—		(34,147)
Currency translation adjustment	(6,123)		(681)		—		(6,804)
Balance as of December 31, 2022	$	59,963	$	8,902	$	—	$	68,865

Schedule of Expected Benefit Payments

Excluding any impact related to the PPA noted above, the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:


	Pension Benefits						Other Post- Retirement Benefits
	Foreign		U.S.		Total
2023	$	6,097	$	6,868	$	12,965	$	222
2024	5,935		6,290		12,225		203
2025	6,423		6,271		12,694		190
2026	7,117		6,272		13,389		174
2027	6,844		6,254		13,098		151
2028 to 2032	41,304		29,868		71,172		597

Other Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Other Noncurrent Liabilities

Other non-current liabilities as of December 31, 2022 and 2021 were as follows:


	2022		2021
Uncertain tax positions (includes interest and penalties - See Note 10)	$	20,322	$	28,665
Non-current income taxes payable (See Note 10)	8,883		8,500
Environmental reserves (See Note 26)	4,342		4,424
Deferred and other long-term compensation	3,132		4,820
Acquisition-related earnout liability (See Note 2)	1,024		1,568
Inactive subsidiary litigation and settlement reserve (See Note 26)	311		410
Other	650		1,228
Total other non-current liabilities	$	38,664	$	49,615

Equity and Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)


	Currency Translation Adjustments		Defined Benefit Pension Plans		Unrealized Gain (Loss) in Available-for- Sale Securities		Derivative Instruments		Total
Balance as of December 31, 2019	$	(44,568)	$	(34,533)	$	1,251	$	(320)	$	(78,170)
Other comprehensive income (loss) before reclassifications	41,693		(6,617)		2,848		(4,257)		33,667
Amounts reclassified from AOCI	—		24,141		(202)		—		23,939
Related tax amounts	—		(6,458)		(555)		979		(6,034)
Balance as of December 31, 2020	(2,875)		(23,467)		3,342		(3,598)		(26,598)
Other comprehensive (loss) income before reclassifications	(46,968)		11,948		(531)		2,890		(32,661)
Amounts reclassified from AOCI	—		1,459		(3,197)		—		(1,738)
Related tax amounts	—		(3,112)		783		(664)		(2,993)
Balance as of December 31, 2021	(49,843)		(13,172)		397		(1,372)		(63,990)
Other comprehensive (loss) income before reclassifications	(82,318)		10,789		(3,276)		—		(74,805)
Amounts reclassified from AOCI	—		479		895		1,372		2,746
Related tax amounts	—		(2,691)		500		—		(2,191)
Balance as of December 31, 2022	$	(132,161)	$	(4,595)	$	(1,484)	$	—	$	(138,240)

Fair Value Measures (Table)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The Company has valued its company-owned life insurance policies at fair value. These assets are subject to fair value measurement as follows:


			Fair Value Measurements at December 31, 2022
	Total Fair Value		Using Fair Value Hierarchy
Assets			Level 1		Level 2		Level 3
Company-owned life insurance	$	2,114	$	—	$	2,114	$	—
Total	$	2,114	$	—	$	2,114	$	—


			Fair Value Measurements at December 31, 2021
	Total Fair Value		Using Fair Value Hierarchy
Assets			Level 1		Level 2		Level 3
Company-owned life insurance	$	2,533	$	—	$	2,533	$	—
Total	$	2,533	$	—	$	2,533	$	—

Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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:


		Fair Value
Derivatives designed as Cash flow hedges:	Consolidated Balance Sheet Location	December 31,
		2022		2021
Interest rate swaps	Prepaid expenses and other current assets	$	—	$	—
	Other non-current liabilities	—		1,782
		$	—	$	1,782

The following table presents the net unrealized loss deferred to AOCI:


		December 31,
		2022		2021
Derivatives designated as cash flow hedges:
Interest rate swaps	AOCI	$	—	$	1,372
		$	—	$	1,372

The following table presents the net loss reclassified from AOCI to earnings:


		For the Years Ended December 31,
		2022		2021		2020
Amount and location of expense reclassified from AOCI into expense (Effective Portion)	Interest expense, net	$	—	$	(2,649)	$	(1,754)

Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Building and Building Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Building and Building Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	33 years
Machinery and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	4 years
Machinery and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Software Development
Property, Plant and Equipment [Line Items]
Capitalized computer software, net	$ 3.5	$ 3.6
Software Development \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Software Development \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years

Significant Accounting Policies - Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2022
Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	24 years

Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Research and development costs	$ 46.0	$ 44.9	$ 40.0
Measurement of tax benefit, minimum likelihood of the largest amount being realized upon ultimate settlement	50.00%

Significant Accounting Policies - Share-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period	3 years
Forfeiture rate, nonvested stock awards	13.00%
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period	3 years
Options, maximum exercisable life	7 years
Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period	1 year
Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period	3 years
Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period	1 year
Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period	3 years
Share-based Payment Arrangement \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period	2 years
Share-based Payment Arrangement \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period	5 years

Significant Accounting Policies - Hyperinflationary accounting (Details) - Argentina - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Inflationary percentage	100.00%
Amount recognized in income due to inflationary accounting	$ 1.6	$ 0.6	$ 0.4
Assets Total \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	1.00%
Sales Revenue Net \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	2.00%

Business Combinations (Details) € in Millions, £ in Millions, kr in Millions, R in Millions	1 Months Ended																		3 Months Ended				12 Months Ended
	Oct. 31, 2022 USD ($)	Oct. 31, 2022 EUR (€)	Sep. 30, 2022 USD ($)	Jan. 31, 2022 USD ($)	Jan. 31, 2022 EUR (€)	Nov. 30, 2021 USD ($)	Nov. 30, 2021 EUR (€)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 EUR (€)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 EUR (€)	Feb. 28, 2021 USD ($)	Feb. 28, 2021 EUR (€)	Dec. 31, 2020 USD ($)	May 31, 2020 USD ($)	May 31, 2020 DKK (kr)	Mar. 31, 2020 USD ($)	Mar. 31, 2020 ZAR (R)	Sep. 30, 2022 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2020 DKK (kr)	Mar. 31, 2020 GBP (£)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Goodwill														$ 631,212,000									$ 515,008,000	$ 631,194,000	$ 631,212,000
Goodwill additions																							2,045,000	8,802,000
Acquisition-related earnout liability (See Note 2)																							1,024,000	1,568,000
Payments related to acquisitions																							13,115,000	$ 42,417,000	56,230,000
Assets related to sealing and impregnation of metal castings
Business Acquisition [Line Items]
Asset acquisition, consideration transferred				$ 1,400,000	€ 1.2
Assets from 3-S Muhendislik A.S.
Business Acquisition [Line Items]
Asset acquisition, consideration transferred						$ 3,700,000	€ 3.2
Assets for chemical maskants
Business Acquisition [Line Items]
Asset acquisition, consideration transferred										$ 2,800,000	€ 2.3
Business Related to Pickling and Rinsing Products and Services
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 3,500,000	€ 3.5
Acquired intangible assets	2,800,000
Goodwill	800,000
Business Related to Pickling and Rinsing Products and Services \| Customer Relationships
Business Acquisition [Line Items]
Acquired intangible assets	$ 2,300,000
Intangible assets, amortizable life	10 years	10 years
Business Related to Pickling and Rinsing Products and Services \| Product technology
Business Acquisition [Line Items]
Acquired intangible assets	$ 200,000
Intangible assets, amortizable life	10 years	10 years
Business Related to Pickling and Rinsing Products and Services \| Trademarks
Business Acquisition [Line Items]
Acquired intangible assets	$ 300,000
Intangible assets, amortizable life	10 years	10 years
Business Related To Pickling Inhibitor Technologies
Business Acquisition [Line Items]
Business combination, consideration transferred				8,000,000
Acquired intangible assets				5,600,000
Goodwill additions				1,800,000
Goodwill, purchase accounting adjustments																			$ 100,000
Business Related To Pickling Inhibitor Technologies \| Customer Relationships
Business Acquisition [Line Items]
Acquired intangible assets				$ 5,100,000
Intangible assets, amortizable life				14 years	14 years
Business Related To Pickling Inhibitor Technologies \| Patented Technology
Business Acquisition [Line Items]
Acquired intangible assets				$ 500,000
Intangible assets, amortizable life				14 years	14 years
Baron Industries
Business Acquisition [Line Items]
Business combination, consideration transferred						11,000,000
Acquired intangible assets						8,000,000
Goodwill						400,000
Cash payments to acquire businesses						7,100,000
Post closing adjustment including earnouts																			$ 100,000
Acquisition-related earnout liability (See Note 2)																							1,600,000
Payment for earnout provisions			$ 2,500,000
Earn-out expense																							$ 100,000
Acquired property, plant, and equipment						1,100,000
Other assets acquired net of liabilities assumed						1,500,000
Cash assumed						300,000
Baron Industries \| Maximum
Business Acquisition [Line Items]
Acquisition-related earnout liability (See Note 2)						4,500,000
Baron Industries \| Customer Relationships
Business Acquisition [Line Items]
Acquired intangible assets						$ 7,200,000
Intangible assets, amortizable life						15 years	15 years
Baron Industries \| Product technology
Business Acquisition [Line Items]
Acquired intangible assets						$ 800,000
Intangible assets, amortizable life						13 years	13 years
Grindaix
Business Acquisition [Line Items]
Business combination, consideration transferred								$ 2,400,000	€ 2.9			$ 1,700,000	€ 1.4
Cash assumed								$ 300,000
Percentage of voting interests acquired												38.00%
Tin-plating solutions business
Business Acquisition [Line Items]
Business combination, consideration transferred												$ 25,000,000
Acquired intangible assets												19,600,000
Goodwill												5,000,000
Tin-plating solutions business \| Customer Relationships
Business Acquisition [Line Items]
Acquired intangible assets												$ 18,300,000
Intangible assets, amortizable life												19 years	19 years
Tin-plating solutions business \| Product technology
Business Acquisition [Line Items]
Acquired intangible assets												$ 900,000
Intangible assets, amortizable life												14 years	14 years
Tin-plating solutions business \| Trademarks
Business Acquisition [Line Items]
Acquired intangible assets												$ 400,000
Intangible assets, amortizable life												3 years	3 years
Coral Chemical Company \| Previously Reported
Business Acquisition [Line Items]
Business combination, consideration transferred														54,100,000
Coral Chemical Company \| Maximum
Business Acquisition [Line Items]
Loss contingency, estimate of possible loss														1,500,000											1,500,000
Coral Chemical Company \| Minimum
Business Acquisition [Line Items]
Loss contingency, estimate of possible loss														$ 0											$ 0
Tel Nordic ApS
Business Acquisition [Line Items]
Acquired intangible assets															$ 2,400,000
Intangible assets, amortizable life															17 years	17 years
Goodwill additions															$ 500,000
Post closing adjustment including earnouts																				$ 100,000	kr 0.4
Payments related to acquisitions															$ 2,900,000	kr 20.0
South Africa Equity Affiliate
Business Acquisition [Line Items]
Business combination, consideration transferred																	$ 1,000,000	R 16.7
Percentage of voting interests acquired																	49.00%	49.00%				49.00%
Adjustments to additional paid in capital, other																	$ 700,000
Norman Hay
Business Acquisition [Line Items]
Post closing adjustment including earnouts \| £																						£ 2.5

Business Segments - Narrative (Details) $ in Thousands	12 Months Ended
Business Segments - Narrative (Details) $ in Thousands	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	4
Number of geographic segments \| segment	3
Net sales	$ 1,943,585	$ 1,761,158	$ 1,417,677
Total segment long-lived assets	358,334	360,392	369,970
Americas
Segment Reporting Information [Line Items]
Net sales	696,102	572,643	450,161
Total segment long-lived assets	118,525	129,321	122,302
EMEA
Segment Reporting Information [Line Items]
Net sales	474,604	480,126	383,187
Total segment long-lived assets	66,151	69,990	69,344
Asia/Pacific
Segment Reporting Information [Line Items]
Net sales	386,450	388,160	315,299
Total segment long-lived assets	113,476	123,130	119,233
Global Specialty Businesses
Segment Reporting Information [Line Items]
Net sales	386,429	320,229	269,030
Total segment long-lived assets	60,182	37,951	59,091
Intersegment Sales Elimination \| Americas
Segment Reporting Information [Line Items]
Net sales	11,900	12,200	9,100
Intersegment Sales Elimination \| EMEA
Segment Reporting Information [Line Items]
Net sales	32,400	29,000	22,000
Intersegment Sales Elimination \| Asia/Pacific
Segment Reporting Information [Line Items]
Net sales	900	1,600	600
Intersegment Sales Elimination \| Global Specialty Businesses
Segment Reporting Information [Line Items]
Net sales	8,500	7,400	4,700
Non-US
Segment Reporting Information [Line Items]
Net sales	1,246,700	1,198,400	963,200
Total segment long-lived assets	$ 156,400	$ 155,200	$ 176,600

Business Segments - Information of Company's Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total net sales	$ 1,943,585	$ 1,761,158	$ 1,417,677
Total segment operating earnings	405,824	397,022	333,588
Combination, integration and other acquisition-related expenses	(8,779)	(23,885)	(29,790)
Restructuring and related charges	(3,163)	(1,433)	(5,541)
Fair value step up of acquired inventory sold	0	(801)	(226)
Impairment charges	(93,000)	0	(38,000)
Non-operating and administrative expenses	(187,830)	(157,864)	(143,202)
Depreciation of corporate assets and amortization	(60,748)	(62,573)	(57,469)
Operating income	52,304	150,466	59,360
Other (expense) income, net	(12,607)	18,851	(5,618)
Interest expense, net	(32,579)	(22,326)	(26,603)
Income before taxes and equity in net income of associated companies	7,118	146,991	27,139
Total segment assets	2,821,622	2,955,760	2,891,834
Total segment long-lived assets	358,334	360,392	369,970
Total segment capital expenditures	28,539	21,457	17,901
Depreciation	22,924	26,649	27,351
Americas
Segment Reporting Information [Line Items]
Total net sales	696,102	572,643	450,161
Total segment operating earnings	148,181	124,863	96,379
Total segment assets	1,014,115	983,521	969,551
Total segment long-lived assets	118,525	129,321	122,302
Total segment capital expenditures	18,188	9,678	6,451
Depreciation	8,858	12,074	12,322
EMEA
Segment Reporting Information [Line Items]
Total net sales	474,604	480,126	383,187
Total segment operating earnings	50,708	85,209	69,163
Total segment assets	602,289	714,659	697,821
Total segment long-lived assets	66,151	69,990	69,344
Total segment capital expenditures	5,628	6,767	3,844
Depreciation	4,897	6,936	6,813
Asia/Pacific
Segment Reporting Information [Line Items]
Total net sales	386,450	388,160	315,299
Total segment operating earnings	92,995	96,318	88,356
Total segment assets	685,607	750,970	713,004
Total segment long-lived assets	113,476	123,130	119,233
Total segment capital expenditures	3,245	2,264	5,688
Depreciation	4,060	4,596	4,672
Global Specialty Businesses
Segment Reporting Information [Line Items]
Total net sales	386,429	320,229	269,030
Total segment operating earnings	113,940	90,632	79,690
Total segment assets	519,611	506,610	511,458
Total segment long-lived assets	60,182	37,951	59,091
Total segment capital expenditures	1,478	2,748	1,918
Depreciation	$ 5,109	$ 3,043	$ 3,544

Net Sales and Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Revenue recognized under net reporting arrangements	$ 83.8	$ 71.7	$ 42.5
Deferred revenue	$ 5.7	$ 7.0
Product line as percentage of consolidated net sales	10.00%
Top Customer Concentration Risk \| Sales Revenue Net \| Top Five Customers Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Top Customer Concentration Risk \| Sales Revenue Net \| Largest Customer
Concentration Risk [Line Items]
Concentration risk, percentage	3.00%

Net Sales and Revenue Recognition - Major Product Lines (Details) - Sales Revenue Net - Top Customer Concentration Risk	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Metal removal fluids
Segment Reporting Information [Line Items]
Concentration risk, percentage	22.90%	23.40%	23.90%
Rolling lubricants
Segment Reporting Information [Line Items]
Concentration risk, percentage	20.80%	22.20%	21.80%
Hydraulic fluids
Segment Reporting Information [Line Items]
Concentration risk, percentage	14.10%	13.60%	13.30%

Net Sales and Revenue Recognition - Disaggregation of the Company's net sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Product Information [Line Items]
Net sales	$ 1,943,585	$ 1,761,158	$ 1,417,677
Global Specialty Businesses
Product Information [Line Items]
Net sales	386,429	320,229	269,030
Operating Segments
Product Information [Line Items]
Net sales	1,943,585	1,761,158	1,417,677
Operating Segments \| Product sales at a point in time
Product Information [Line Items]
Net sales	1,861,444	1,680,570	1,368,129
Operating Segments \| Services transferred over time
Product Information [Line Items]
Net sales	82,141	80,588	49,548
Operating Segments \| Product
Product Information [Line Items]
Net sales	1,557,156	1,440,929	1,148,647
Operating Segments \| Metals
Product Information [Line Items]
Net sales	604,657	559,450	439,111
Operating Segments \| Metalworking and other
Product Information [Line Items]
Net sales	952,499	881,479	709,536
Operating Segments \| Global Specialty Businesses
Product Information [Line Items]
Net sales	386,429	320,229	269,030
Operating Segments \| Americas
Product Information [Line Items]
Net sales	943,748	759,502	604,957
Operating Segments \| Americas \| Product sales at a point in time
Product Information [Line Items]
Net sales	903,610	724,357	580,663
Operating Segments \| Americas \| Services transferred over time
Product Information [Line Items]
Net sales	40,138	35,145	24,294
Operating Segments \| Americas \| Product
Product Information [Line Items]
Net sales	696,102	572,643	450,161
Operating Segments \| Americas \| Metals
Product Information [Line Items]
Net sales	252,513	210,340	163,135
Operating Segments \| Americas \| Metalworking and other
Product Information [Line Items]
Net sales	443,589	362,303	287,026
Operating Segments \| Americas \| Global Specialty Businesses
Product Information [Line Items]
Net sales	247,646	186,859	154,796
Operating Segments \| EMEA
Product Information [Line Items]
Net sales	558,342	560,667	451,351
Operating Segments \| EMEA \| Product sales at a point in time
Product Information [Line Items]
Net sales	526,977	527,083	434,549
Operating Segments \| EMEA \| Services transferred over time
Product Information [Line Items]
Net sales	31,365	33,584	16,802
Operating Segments \| EMEA \| Product
Product Information [Line Items]
Net sales	474,604	480,126	383,187
Operating Segments \| EMEA \| Metals
Product Information [Line Items]
Net sales	137,767	141,950	107,880
Operating Segments \| EMEA \| Metalworking and other
Product Information [Line Items]
Net sales	336,837	338,176	275,307
Operating Segments \| EMEA \| Global Specialty Businesses
Product Information [Line Items]
Net sales	83,738	80,541	68,164
Operating Segments \| Asia/Pacific
Product Information [Line Items]
Net sales	441,495	440,989	361,369
Operating Segments \| Asia/Pacific \| Product sales at a point in time
Product Information [Line Items]
Net sales	430,857	429,130	352,917
Operating Segments \| Asia/Pacific \| Services transferred over time
Product Information [Line Items]
Net sales	10,638	11,859	8,452
Operating Segments \| Asia/Pacific \| Product
Product Information [Line Items]
Net sales	386,450	388,160	315,299
Operating Segments \| Asia/Pacific \| Metals
Product Information [Line Items]
Net sales	214,377	207,160	168,096
Operating Segments \| Asia/Pacific \| Metalworking and other
Product Information [Line Items]
Net sales	172,073	181,000	147,203
Operating Segments \| Asia/Pacific \| Global Specialty Businesses
Product Information [Line Items]
Net sales	$ 55,045	$ 52,829	$ 46,070

Leases - Narrative (Details) - USD ($)	12 Months Ended
Leases - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Variable lease, cost	$ 0	$ 0	$ 0
Sublease income	$ 0	$ 0	$ 0
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	9 years
Land \| Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	93 years

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease expense	$ 15,171	$ 14,061	$ 14,247
Short-term lease expense	816	861	1,308
Operating cash flows from operating leases	19,215	13,859	14,101
Leased assets obtained in exchange for new operating lease liabilities	$ 23,356	$ 11,142	$ 6,949

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right of use lease assets	$ 43,766	$ 36,635
Other accrued liabilities	12,024	9,976
Long-term lease liabilities	26,967	26,335
Total operating lease liabilities	$ 38,991	$ 36,311
Weighted average remaining lease term (years)	5 years 1 month 6 days	5 years 7 months 6 days
Weighted average discount rate	4.36%	4.22%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued liabilities	Other accrued liabilities

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
For the year ended December 31, 2023	$ 13,551
For the year ended December 31, 2024	11,149
For the year ended December 31, 2025	7,266
For the year ended December 31, 2026	5,280
For the year ended December 31, 2027	2,457
For the year ended December 31, 2028 and beyond	5,299
Total lease payments	45,002
Less: imputed interest	(6,011)
Present value of lease liabilities	$ 38,991	$ 36,311

Restructuring and Related Activities - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) person	Dec. 31, 2022 USD ($) person	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Restructuring and Related Activities [Abstract]
Number of positions eliminated \| person	40	400
Gain (loss) on disposition of other assets		$ 0.2	$ 5.4	$ (0.6)
Real estate held-for-sale	$ 0.6	$ 0.6

Restructuring and Related Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Restructuring and related charges	$ 3,163	$ 1,433	$ 5,541
Restructuring Programs
Restructuring Reserve [Roll Forward]
Accrued restructuring, beginning balance	4,087	8,248
Restructuring and related charges	3,163	1,433
Cash payments	(1,532)	(5,266)
Currency translation adjustments	(235)	(328)
Accrued restructuring, ending balance	$ 5,483	$ 4,087	$ 8,248

Share-Based Compensation - Expense Table (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 11,666	$ 11,038	$ 10,996
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1,774	1,235	1,491
Non-vested stock awards and restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	6,679	5,438	5,012
Non-elective and elective 401(k) matching contribution in stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0	1,553	3,112
Director stock ownership plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	63	901	541
Performance stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 3,150	$ 1,911	$ 840

Share-Based Compensation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 11,666,000	$ 11,038,000	$ 10,996,000
Exercised options, intrinsic value	$ 800,000	$ 2,700,000	$ 6,500,000
Expected term (years)		4 years	4 years	4 years
Equity award vesting period	3 years
Director stock ownership plan maximum number of shares authorized under plan	75,000
Director stock ownership percentage threshold	400.00%
Director stock ownership plan percentage stock	75.00%
Director stock ownership plan percentage cash	25.00%
Director stock ownership plan percentage total	100.00%
Director retainer annual fee	$ 100,000
Combination And Other Acquisition-Related
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	200,000	$ 900,000	$ 1,500,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 800,000	$ 500,000	$ 100,000
Weighted average period, cost not yet recognized, period for recognition	1 year 3 months 18 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period, cost not yet recognized, period for recognition	1 year 7 months 6 days
Options award vesting period	3 years	3 years	3 years	3 years
Unrecognized compensation expense	$ 7,400,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period, cost not yet recognized, period for recognition	1 year 10 months 24 days
Unrecognized compensation expense	$ 1,700,000
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	3,150,000	$ 1,911,000	$ 840,000
Unrecognized compensation expense	$ 4,000,000
Weighted average period, cost not yet recognized, period for recognition	1 year 9 months 18 days
Vesting shares target, lower percent		0.00%
Vesting shares target, upper percent		200.00%
Expected term (years)	3 years	3 years	3 years
Equity award vesting period	3 years
Defined Contribution Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Matching contribution expense	$ 0	$ 1,500,000	$ 3,100,000

Share-Based Compensation - Option Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Options
Options outstanding, beginning balance	109,684
Options granted (in shares)	31,914	25,250	49,115	51,610
Options exercised (in shares)	(11,801)
Options forfeited (in shares)	(10,315)
Options outstanding, ending balance	119,482	109,684
Weighted Average Exercise Price (per option)
Options outstanding, beginning balance (in dollars per share)	$ 165.47
Options granted (in dollars per share)	222.82
Options exercised (in dollars per share)	133.10
Options forfeited (in dollars per share)	172.41
Options outstanding, ending balance (in dollars per share)	$ 183.39	$ 165.47
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, weighted average remaining contractual term	4 years 8 months 12 days
Options outstanding, aggregate intrinsic value	$ (373)
Options expected to vest, number of options (in shares)	54,245
Options exercisable, number of options, (in shares)	65,237
Options expected to vest, weighted average exercise price (in dollars per share)	$ 182.20
Options exercisable, weighted average exercise price (in dollars per share)	$ 159.93
Options expected to vest, weighted average remaining contractual term	5 years 6 months
Options exercisable, weighted average remaining contractual term	3 years 10 months 24 days
Options expected to vest, aggregate intrinsic value	$ (830)
Options exercisable, aggregate intrinsic value	$ 455

Share-Based Compensation - Option Summary (Details)	12 Months Ended
Share-Based Compensation - Option Summary (Details)	Dec. 31, 2022 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of Outstanding Options (in shares) \| shares	119,482
Weighted Average Remaining Contractual Term (years)	4 years 8 months 12 days
Weighted Average Exercise Price (per option) (in dollars per share)	$ 183.39
Number of Options Exercisable (in shares) \| shares	65,237
Weighted Average Exercise Price (per option) (in dollars per share)	$ 159.93
$120.01 - $150.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price, minimum (in dollars per share)	120.01
Exercise Price, maximum (in dollars per share)	$ 150.00
Number of Outstanding Options (in shares) \| shares	40,781
Weighted Average Remaining Contractual Term (years)	4 years 6 months
Weighted Average Exercise Price (per option) (in dollars per share)	$ 137.28
Number of Options Exercisable (in shares) \| shares	23,262
Weighted Average Exercise Price (per option) (in dollars per share)	$ 136.64
$150.01 - $180.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price, minimum (in dollars per share)	150.01
Exercise Price, maximum (in dollars per share)	$ 180.00
Number of Outstanding Options (in shares) \| shares	56,834
Weighted Average Remaining Contractual Term (years)	4 years 7 months 6 days
Weighted Average Exercise Price (per option) (in dollars per share)	$ 164.63
Number of Options Exercisable (in shares) \| shares	33,833
Weighted Average Exercise Price (per option) (in dollars per share)	$ 155.35
$220.01 - $250.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price, minimum (in dollars per share)	220.01
Exercise Price, maximum (in dollars per share)	$ 250.00
Number of Outstanding Options (in shares) \| shares	21,867
Weighted Average Remaining Contractual Term (years)	5 years 2 months 12 days
Weighted Average Exercise Price (per option) (in dollars per share)	$ 245.10
Number of Options Exercisable (in shares) \| shares	8,142
Weighted Average Exercise Price (per option) (in dollars per share)	$ 245.49

Share-Based Compensation - Options Grants (LTIP and PSUs Plans) (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Number of stock options granted (in shares)	31,914	25,250	49,115	51,610
Dividend yield		0.85%	0.99%	1.12%
Expected volatility		37.33%	31.57%	26.29%
Risk-free interest rate		0.60%	0.36%	1.52%
Expected term (years)		4 years	4 years	4 years
July 2022 Grant
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Number of stock options granted (in shares)	4,837
Dividend yield	0.79%
Expected volatility	40.47%
Risk-free interest rate	2.87%
Expected term (years)	4 years
March 2022 Grant
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Number of stock options granted (in shares)	27,077
Dividend yield	0.80%
Expected volatility	38.60%
Risk-free interest rate	2.07%
Expected term (years)	4 years
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Granted (in shares)	18,462	12,103	18,485
Dividend yield	0.93%	0.64%	1.13%
Risk-free interest rate	2.11%	0.29%	0.28%
Expected term (years)	3 years	3 years	3 years
Performance stock units \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Granted (in shares)		3,775
Dividend yield		0.72%
Risk-free interest rate		0.65%
Expected term (years)		3 years

Share-Based Compensation - Option Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 11,666	$ 11,038	$ 10,996
2022 Stock option awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	783	0	0
2021 Stock option awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	521	429	0
2020 Stock option awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	443	516	385
2019 Stock option awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	27	234	698
2018 Stock option awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 0	$ 56	$ 357

Share-Based Compensation - Restricted Stock Rollforward (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Restricted Stock
Number of Shares
Nonvested awards, beginning balance (in shares) \| shares	68,693
Granted (in shares) \| shares	54,433
Vested (in shares) \| shares	(38,583)
Forfeited (in shares) \| shares	(5,088)
Nonvested awards, ending balance (in shares) \| shares	79,455
Weighted Average Grant Date Fair Value (per share)
Nonvested awards, beginning balance (in dollars per share) \| $ / shares	$ 179.26
Granted (in dollars per share) \| $ / shares	166.07
Vested (in dollars per share) \| $ / shares	175.80
Forfeited (in dollars per share) \| $ / shares	184.64
Nonvested awards, ending balance (in dollars per share) \| $ / shares	$ 171.61
Restricted Stock Units (RSUs)
Number of Shares
Nonvested awards, beginning balance (in shares) \| shares	10,977
Granted (in shares) \| shares	10,703
Vested (in shares) \| shares	(3,009)
Forfeited (in shares) \| shares	(171)
Nonvested awards, ending balance (in shares) \| shares	18,500
Weighted Average Grant Date Fair Value (per share)
Nonvested awards, beginning balance (in dollars per share) \| $ / shares	$ 170.82
Granted (in dollars per share) \| $ / shares	169.29
Vested (in dollars per share) \| $ / shares	158.09
Forfeited (in dollars per share) \| $ / shares	190.37
Nonvested awards, ending balance (in dollars per share) \| $ / shares	$ 171.83

Other (Expense) Income, net - Schedule of Other Income (Expense), net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Income from third party license fees	$ 1,268	$ 1,367	$ 999
Foreign exchange losses, net	(9,399)	(3,821)	(6,082)
Gain (loss) on disposals of property, plant, equipment and other assets, net	168	4,695	(871)
Non-income tax refunds and other related (expense) credits	(1,613)	15,155	3,345
Pension and postretirement benefit income (costs), non-service components	1,704	759	(21,592)
Loss on extinguishment of debt	(6,763)	0	0
Gain on insurance recoveries	1,804	0	18,144
Other non-operating income, net	224	696	439
Total other (expense) income, net	$ (12,607)	$ 18,851	$ (5,618)

Other (Expense) Income, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Foreign currency transaction losses		$ 1.6	$ 0.6	$ 0.4
Defined benefit plan premium refund	$ 1.6			1.6
Pension settlement charge				$ 22.7

Taxes on Income - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended			60 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018	Feb. 28, 2022	Dec. 31, 2019
Income Tax Examination [Line Items]
Transition tax	$ 15,500
Foreign earnings liability, installments paid	6,900
Foreign earnings liability, remaining installments	8,600
Deferred tax liabilities	219,706	$ 233,779
Deferred tax assets, state net operating losses	7,400
Deferred tax assets, state net operating losses based on reversal of deferred tax liabilities	1,700
Partial valuation allowance against state net operating losses	5,700
Additional valuation allowance for state deferred tax assets	900
Deferred tax assets, foreign net operating loss carryforwards	13,100
Deferred tax assets, foreign net operating loss carryforwards, partial valuation	2,300
Deferred tax assets, foreign net operating loss carryforwards	10,800
Additional valuation allowance for other foreign deferred tax assets	1,500
Foreign tax credit and other credits	$ 5,506	16,285
Foreign tax credits carryforward period	10 years
Deferred tax assets, foreign tax credit carryforward expected to expire	$ 5,200	15,900
Operating loss carryforward, valuation allowance	1,300	5,800
Unremitted Earnings	6,766	8,381
Undistributed earnings	424,700
Unrecognized tax benefits	16,340	22,464	$ 22,152			$ 19,097
Accrued penalties	1,300	3,100
Accrued interest	2,700	3,100
Unrecognized tax benefit, penalties expense	1,700	500	100
Unrecognized tax benefit, interest expense	300	300	600
Decrease in unrecognized tax benefits is reasonably possible	4,900
Unrecognized tax benefits if recognized	10,200	15,200	$ 14,700
Current income taxes payable (See Note 10)	12,966	16,642
Combination And Norman Hay
Income Tax Examination [Line Items]
Foreign tax credit and other credits	41,800
Deferred tax assets, acquired disallowed interest	14,000
Deferred tax liabilities	169,400
Houghton Korea
Income Tax Examination [Line Items]
Deferred tax liabilities	$ 5,900
Percentage of voting interests acquired	50.00%
Houghton
Income Tax Examination [Line Items]
Indemnification assets	$ 3,909	$ 6,630
Expiration In Year Five
Income Tax Examination [Line Items]
State net operating losses carryforward period	5 years
Expiration In Twenty Years
Income Tax Examination [Line Items]
State net operating losses carryforward period	20 years
Foreign Tax Authority
Income Tax Examination [Line Items]
Deferred tax liabilities	$ 6,800
Deferred tax assets, acquired disallowed interest	600
Foreign Tax Authority \| The Netherlands and Spain
Income Tax Examination [Line Items]
Proceeds from income tax refunds	1,600
Foreign Tax Authority \| Italy
Income Tax Examination [Line Items]
Tax settlement final amount due to tax authorities					$ 2,600
Current income taxes payable (See Note 10)	2,000
Tax settlement final amount due to tax authorities, refundable amount					$ 200
Foreign Tax Authority \| Houghton \| Italy
Income Tax Examination [Line Items]
Income taxes paid, net				$ 3,700
Unrecognized tax benefits reserve	1,900
Indemnification assets	3,600
Foreign Tax Authority \| Houghton \| Germany
Income Tax Examination [Line Items]
Unrecognized tax benefits reserve	300
Indemnification assets	300
Domestic Tax Authority
Income Tax Examination [Line Items]
Deferred tax assets, acquired disallowed interest	$ 10,100

Taxes on Income- Components of Expense and Earnings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ (708)	$ 955	$ (1,359)
State	1,450	2,115	1,171
Foreign	34,735	44,375	33,173
Total current income tax expense	35,477	47,445	32,985
Deferred:
Federal	(2,798)	(3,863)	(28,437)
State	(713)	(3,117)	(3,087)
Foreign	(7,041)	(5,526)	(6,757)
Total	24,925	34,939	(5,296)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
U.S.	(4,933)	7,263	(66,585)
Foreign	12,051	139,728	93,724
Income before taxes and equity in net income of associated companies	$ 7,118	$ 146,991	$ 27,139

Taxes on Income - Deferred Tax Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Retirement benefits	$ 8,469	$ 11,860
Allowance for credit losses	2,246	2,155
Insurance and litigation reserves	716	675
Performance incentives	3,327	2,881
Equity-based compensation	2,723	1,920
Prepaid expense	486	460
Operating loss carryforward	20,519	18,544
Foreign tax credit and other credits	5,506	16,285
Interest	9,928	9,940
Restructuring reserves	791	631
Right of use lease assets	8,440	8,322
Inventory reserves	2,967	2,941
Research and development	11,936	8,832
Other	4,307	2,846
Total deferred tax assets, gross	82,361	88,292
Valuation allowance	(11,730)	(17,400)	$ (21,511)	$ (13,834)
Total deferred tax assets, net	70,631	70,892
Depreciation	11,935	11,580
Foreign pension and other	2,691	2,332
Intangibles	182,838	197,066
Lease liabilities	9,590	8,421
Outside basis in equity investment	5,886	5,999
Unremitted Earnings	6,766	8,381
Total deferred tax liabilities	$ 219,706	$ 233,779

Taxes on Income- Valuation Allowance Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Balance at Beginning of Period	$ 17,400	$ 21,511	$ 13,834
Purchase Accounting Adjustments	0	0	7,148
Additional Valuation Allowance	1,326	29	2,738
Allowance Utilization and Other	(6,789)	(4,470)	(2,153)
Effect of Exchange Rate Changes	(207)	330	(56)
Balance at End of Period	$ 11,730	$ 17,400	$ 21,511

Taxes on Income - Net Deferred Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 11,218	$ 16,138
Deferred tax liabilities	160,294	179,025
Net deferred tax liability	$ (149,076)	$ (162,887)

Taxes on Income - Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax provision at the Federal statutory tax rate	$ 1,495	$ 30,868	$ 5,699
Unremitted earnings	(1,839)	1,841	(2,308)
Tax law changes / reform	823	1,955	(1,059)
U.S. tax on foreign operations	4,864	10,479	5,140
Pension settlement	0	0	(2,247)
Foreign derived intangible income	(917)	(8,698)	(7,339)
Non-deductible acquisition expenses	45	129	131
Withholding taxes	7,785	6,584	7,809
Foreign tax credits	(5,850)	(14,725)	(4,699)
Share-based compensation	1,234	600	335
Foreign tax rate differential	4,782	1,712	332
Research and development credit	(1,757)	(1,685)	(1,018)
Audit Settlements	2,697	1,378	807
Uncertain tax positions	(6,375)	519	1,990
State income tax provisions, net	432	(1,446)	(2,245)
Non-deductible meals and entertainment	146	426	290
Intercompany transfer of intangible assets	(1,932)	4,347	(4,384)
Goodwill Impairment	19,550	0	0
Miscellaneous items, net	(258)	655	(2,530)
Total	$ 24,925	$ 34,939	$ (5,296)

Taxes on Income - Uncertain Tax Positions - Tabular Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits as of January 1	$ 22,464	$ 22,152	$ 19,097
Decrease in unrecognized tax benefits taken in prior periods	(1,174)
Increase in unrecognized tax benefits taken in prior periods		1,002	2,025
Increase in unrecognized tax benefits taken in current period	953	2,915	3,095
Decrease in unrecognized tax benefits due to lapse of statute of limitations	(2,378)	(1,527)	(2,024)
Decrease in unrecognized tax benefits due to audit settlements	(2,509)	(1,104)	(1,635)
Increase in unrecognized tax benefits due to acquisition	0	0	597
Decrease due to foreign exchange rates	(1,016)	(974)
Increase due to foreign exchange rates			997
Unrecognized tax benefits as of December 31	$ 16,340	$ 22,464	$ 22,152

Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net (loss) income attributable to Quaker Chemical Corporation	$ (15,931)	$ 121,369	$ 39,658
Less: loss (income) allocated to participating securities	92	(480)	(148)
Net (loss) income available to common shareholders	$ (15,839)	$ 120,889	$ 39,510
Basic weighted average common shares outstanding (in shares)	17,841,487	17,805,034	17,719,792
Basic (loss) earnings per common share (in dollars per share)	$ (0.89)	$ 6.79	$ 2.23

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net (loss) income attributable to Quaker Chemical Corporation	$ (15,931)	$ 121,369	$ 39,658
Less: loss (income) allocated to participating securities	92	(479)	(148)
Net (loss) income available to common shareholders	$ (15,839)	$ 120,890	$ 39,510
Basic weighted average common shares outstanding (in shares)	17,841,487	17,805,034	17,719,792
Effect of dilutive securities (in shares)	15,005	50,090	31,087
Diluted weighted average common shares outstanding (in shares)	17,856,492	17,855,124	17,750,879
Diluted (loss) earnings per common share (in dollars per share)	$ (0.89)	$ 6.77	$ 2.22

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Earnings Per Share - Antidilutive Shares (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Antidilutive shares (in shares)	28,222	4,070	945

Restricted Cash - Narrative (Details) - USD ($)		1 Months Ended	12 Months Ended
Restricted Cash - Narrative (Details) - USD ($)	Nov. 30, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Loss contingency, receivable, proceeds	$ 35,000,000	$ 35,000,000
Interest income			$ 100,000
Loss contingency accrual payments			1,000,000
Restricted cash included in other assets		$ 0	$ 0	$ 0	$ 0	$ 19,678,000

Restricted Cash - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 180,963,000	$ 165,176,000	$ 181,833,000	$ 123,524,000
Restricted cash included in other current assets	0	0	62,000	353,000
Restricted cash included in other assets	0	0	0	19,678,000
Cash, cash equivalents and restricted cash	$ 180,963,000	$ 165,176,000	$ 181,895,000	$ 143,555,000

Accounts Receivable and Allowance for Credit Losses - Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Gross trade accounts receivable	$ 486.4	$ 443.0

Accounts Receivable and Allowance for Credit Losses - Allowance For Doubtful Accounts Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 12,334	$ 13,145	$ 11,716
Changes to Costs and Expenses	4,319	653	3,582
Write-Offs Charged to Allowance	(2,441)	(946)	(2,187)
Exchange Rate Changes and Other Adjustments	(685)	(518)	34
Balance at End of Period	$ 13,527	$ 12,334	$ 13,145

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 151,105	$ 129,382
Work in process, finished goods and reserves	133,743	135,149
Total inventories, net	$ 284,848	$ 264,531

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment, Gross [Abstract]
Land	$ 29,010	$ 30,793
Building and improvements	138,759	134,313
Machinery and equipment	240,097	252,779
Construction in progress	20,324	16,459
Property, plant and equipment, at cost	428,190	434,344
Less: accumulated depreciation	(229,595)	(236,824)
Total property, plant and equipment, net	$ 198,595	$ 197,520

Property, Plant and Equipment - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)
Property, Plant and Equipment [Abstract]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net
Finance lease assets	$ 0.6
Real estate held-for-sale	$ 0.6

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill beginning balance	$ 631,194	$ 631,212
Goodwill additions	2,045	8,802
Goodwill Impairment	(93,000)
Currency translation and other adjustments	(25,231)	(8,820)
Goodwill ending balance	515,008	631,194
Americas \| Operating Segments
Goodwill [Roll Forward]
Goodwill beginning balance	214,023	213,242
Goodwill additions	1,853	1,490
Goodwill Impairment	0
Currency translation and other adjustments	23	(709)
Goodwill ending balance	215,899	214,023
EMEA \| Operating Segments
Goodwill [Roll Forward]
Goodwill beginning balance	135,520	140,162
Goodwill additions	251	3,380
Goodwill Impairment	(93,000)
Currency translation and other adjustments	(8,204)	(8,022)
Goodwill ending balance	34,567	135,520
Asia/Pacific \| Operating Segments
Goodwill [Roll Forward]
Goodwill beginning balance	162,458	158,090
Goodwill additions	0	1,308
Goodwill Impairment	0
Currency translation and other adjustments	(12,083)	3,060
Goodwill ending balance	150,375	162,458
Global Specialty Businesses \| Operating Segments
Goodwill [Roll Forward]
Goodwill beginning balance	119,193	119,718
Goodwill additions	(59)	2,624
Goodwill Impairment	0
Currency translation and other adjustments	(4,967)	(3,149)
Goodwill ending balance	$ 114,167	$ 119,193

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 997,740	$ 1,023,405
Accumulated Amortization	243,957	192,505
Net Book Value	753,783	830,900
Customer lists and rights to sell
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	831,600	853,122
Accumulated Amortization	191,286	147,858
Net Book Value	640,314	705,264
Trademarks, formulations and product technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	158,564	163,974
Accumulated Amortization	46,281	38,747
Net Book Value	112,283	125,227
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,576	6,309
Accumulated Amortization	6,390	5,900
Net Book Value	$ 1,186	$ 409

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization		$ 57,500	$ 59,900	$ 55,900
Indefinite lived intangible assets		189,100
Indefinite-lived trademarks		188,000	196,900
Impairment charges	$ 38,000
Impairment charges		$ 93,000	$ 0	$ 38,000

Goodwill and Other Intangible Assets - Future Amortization (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
For the year ended December 31, 2023	$ 57,822
For the year ended December 31, 2024	57,218
For the year ended December 31, 2025	56,466
For the year ended December 31, 2026	56,194
For the year ended December 31, 2027	$ 55,897

Investment in Associated Companies - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2021
Schedule of Equity Method Investments [Line Items]
Investments in associated companies	$ 88,234,000	$ 95,278,000
Nippon Japan \| Asia/Pacific
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Investments in associated companies	$ 6,600,000
Kelko Panama \| Americas
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Investments in associated companies	$ 600,000
Grindaix
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			38.00%
Primex \| Americas
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	32.00%
Investments in associated companies	$ 18,100,000
Houghton Korea [Member] \| Asia/Pacific
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Investments in associated companies	$ 62,900,000
Kelko Venezuela [Member]
Schedule of Equity Method Investments [Line Items]
Investments in associated companies	$ 0	$ 0
Kelko Venezuela [Member] \| Americas
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%

Investments in Associated Companies - Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 28, 2021
Equity in net income of associated companies	$ 1,965	$ 9,379	$ 7,352
Houghton Korea
Equity in net income of associated companies	2,644	3,808	5,241
Nippon Japan
Equity in net income of associated companies	323	461	853
Kelko Panama
Equity in net income of associated companies	425	154	107
Grindaix
Equity in net income of associated companies	0	(37)	0
Equity method investment, ownership percentage				38.00%
Primex
Equity in net income of associated companies	$ (1,427)	$ 4,993	$ 1,151

Other Non-Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Pension assets (See Note 21)	$ 8,639	$ 7,916
Uncertain tax positions (See Note 10)	5,803	6,931
Debt issuance costs (See Note 20)	4,305	4,267
Supplemental retirement income program (See Notes 21 and 24)	2,114	2,269
Other	2,969	2,946
Total other non -current assets	27,739	30,959
Houghton
Business Acquisition [Line Items]
Indemnification assets	$ 3,909	$ 6,630

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Non-income taxes	$ 25,525	$ 23,725
Current income taxes payable (See Note 10)	12,966	16,642
Short-term lease liabilities (See Note 6)	12,024	9,976
Selling expenses and freight accruals	9,822	11,695
Customer advances and sales return reserves	6,585	7,965
Professional fees, legal, and acquisition-related accruals	5,415	12,264
Accrued interest (See Note 20)	2,749	2,129
Interest rate swap (See Note 25)	0	1,782
Other	11,787	9,439
Total other accrued liabilities	$ 86,873	$ 95,617

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt	$ 954,798	$ 901,348
Less: debt issuance costs	(1,992)	(8,001)
Less: short-term and current portion of long-term debts	(19,245)	(56,935)
Total long-term debt	$ 933,561	$ 836,412
Original Revolver
Debt Instrument [Line Items]
Interest Rate	0.00%	1.62%
Total debt	$ 0	$ 211,955
Original U.S. Term Loan
Debt Instrument [Line Items]
Interest Rate	0.00%	1.65%
Total debt	$ 0	$ 540,000
Original EURO Term Loan
Debt Instrument [Line Items]
Interest Rate	0.00%	1.50%
Total debt	$ 0	$ 137,616
Amended Revolver
Debt Instrument [Line Items]
Interest Rate	5.17%	0.00%
Total debt	$ 195,673	$ 0
Amended U.S. Term Loan
Debt Instrument [Line Items]
Interest Rate	5.70%	0.00%
Total debt	$ 596,250	$ 0
Amended EURO Term Loan
Debt Instrument [Line Items]
Interest Rate	1.50%	0.00%
Total debt	$ 151,572	$ 0
Industrial development bonds
Debt Instrument [Line Items]
Interest Rate	5.26%	5.26%
Total debt	$ 10,000	$ 10,000
Bank lines of credit and other debt obligations
Debt Instrument [Line Items]
Total debt	$ 1,303	$ 1,777

Debt - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 01, 2019
Debt Instrument [Line Items]
Unused borrowing capacity			$ 35,000
Letters of credit outstanding amount			5,000
Capitalized debt issuance costs			23,700
Loss on extinguishment of debt			(6,763)	$ 0	$ 0
Interest rate swaps
Debt Instrument [Line Items]
Cash payments from interest rate swaps	$ 200
Other Assets
Debt Instrument [Line Items]
Debt issuance costs			$ 4,300
Minimum
Debt Instrument [Line Items]
Commitment fee percentage			0.20%
Maximum
Debt Instrument [Line Items]
Commitment fee percentage			0.30%
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facilities						$ 400,000
Long-term debt, term			5 years
Capitalized debt issuance costs			$ 8,300
Revolving Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Unused borrowing capacity			301,100
Original U.S. Term Loan
Debt Instrument [Line Items]
Credit facilities						600,000
Line of credit facility, current borrowing capacity			600,000
Capitalized debt issuance costs			15,500
Derivative liability, notional amount			$ 170,000
Derivative variable interest rate			1.64%
Derivative fixed interest rate			3.10%
Original EURO Term Loan
Debt Instrument [Line Items]
Credit facilities						$ 150,000
Line of credit facility, current borrowing capacity			$ 150,000
Amended EURO Term Loan
Debt Instrument [Line Items]
Credit facilities		$ 150,000
Debt issuance costs		700
Amended U.S. Term Loan
Debt Instrument [Line Items]
Credit facilities		600,000
Debt issuance costs		700
Amended Revolver
Debt Instrument [Line Items]
Credit facilities		$ 500,000
Credit facility as percentage of consolidated EBITDA		100.00%
Debt issuance costs			$ 2,000
Amended Revolver \| Other Assets
Debt Instrument [Line Items]
Debt issuance costs		$ 1,500
Amended Credit Facility
Debt Instrument [Line Items]
Long-term debt, term		5 years
Maximum increase in borrowing capacity		$ 300,000
Interest rate adjustment		0.10%
Maximum amount of dividends and share purchases under covenant		$ 75,000
Percentage of dividends and share repurchase of consolidated adjusted EBITDA		25.00%
Debt issuance costs		$ 2,200
Loss on extinguishment of debt		$ 6,800
Amended Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage			0.15%
Amended Credit Facility \| Minimum \| Alternative currency term rate plus the applicable rate
Debt Instrument [Line Items]
Variable interest rate		1.75%
Amended Credit Facility \| Minimum \| Term SOFR loans
Debt Instrument [Line Items]
Variable interest rate		1.00%
Amended Credit Facility \| Minimum \| Base rate loans rate
Debt Instrument [Line Items]
Variable interest rate		0.00%
Amended Credit Facility \| Maximum
Debt Instrument [Line Items]
Consolidated net leverage ratio		2.50
Commitment fee percentage			0.275%
Amended Credit Facility \| Maximum \| Alternative currency term rate plus the applicable rate
Debt Instrument [Line Items]
Variable interest rate		1.00%
Amended Credit Facility \| Maximum \| Term SOFR loans
Debt Instrument [Line Items]
Variable interest rate		1.75%
Amended Credit Facility \| Maximum \| Base rate loans rate
Debt Instrument [Line Items]
Variable interest rate		0.75%
Original Revolver \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding amount			$ 3,000
Original Revolver \| Maximum
Debt Instrument [Line Items]
Initial consolidated net debt to consolidated EBITDA ratio		4.00
Original Credit Facility and the Amended Credit Facility
Debt Instrument [Line Items]
Weighted average variable interest rate			3.00%
Previous Credit Facility
Debt Instrument [Line Items]
Weighted average variable interest rate			4.90%
Bank lines of credit and other debt obligations
Debt Instrument [Line Items]
Debt issuance costs				8,000
Bank lines of credit and other debt obligations \| Other Assets
Debt Instrument [Line Items]
Debt issuance costs				4,300
Term loan \| Minimum
Debt Instrument [Line Items]
Percentage of term loan borrowings			20.00%
Industrial Development Bond Due 2028
Debt Instrument [Line Items]
Industrial development revenue bond			$ 10,000	$ 10,000

Debt - Debt related expenses included within Interest expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt related expenses included within Interest expense:
Interest expense	$ 33,691	$ 19,089	$ 23,552
Amortization of debt issuance costs	2,942	4,749	4,749
Total	$ 36,633	$ 23,838	$ 28,301

Debt - Maturity Schedules (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
For the year ended December 31, 2023	$ 19,063
For the year ended December 31, 2024	23,740
For the year ended December 31, 2025	37,745
For the year ended December 31, 2026	37,705
For the year ended December 31, 2027	825,964
Total maturities on debt in the next five fiscal years	$ 944,217

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Pension and Other Post Retirement Benefits - Change In Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in benefit obligation
Employee contributions	$ 20	$ 71
Benefits paid	(11,181)	(11,934)
Change in plan assets
Fair value of plan assets at beginning of year	294,566	302,270
Actual return on plan assets	(80,267)	8,116
Employer contributions	5,861	6,352
Employee contributions	20	71
Plan settlements	(1,726)	(541)
Benefits paid	(11,181)	(11,934)
Plan expenses and premiums paid	(66)	(74)
Currency translation adjustment	(17,672)	(9,694)
Fair value of plan assets at end of year	189,535	294,566	$ 302,270
Amounts recognized in the balance sheet consist of:
Non-current assets	8,639	7,916
Current liabilities	(1,560)	(1,548)
Non-current liabilities	(28,765)	(45,984)
Pension Benefits
Change in benefit obligation
Gross benefit obligation at beginning of year	332,172	357,644
Service cost	512	1,245	4,831
Interest cost	5,224	4,331	6,339
Employee contributions	20	71
Effect of plan amendments	303	0
Curtailment gain	207	0
Plan settlements	(1,726)	(541)
Benefits paid	(11,181)	(11,933)
Plan expenses and premiums paid	(66)	(74)
Transfer in of business acquisition	0	231
Actuarial (gain) loss	(97,932)	(7,929)
Translation differences and other	(17,893)	(10,873)
Gross benefit obligation at end of year	209,640	332,172	357,644
Change in plan assets
Employee contributions	20	71
Benefits paid	(11,181)	(11,933)
Net benefit obligation recognized	(20,105)	(37,606)
Amounts recognized in the balance sheet consist of:
Non-current assets	8,639	7,916
Current liabilities	(1,338)	(1,328)
Non-current liabilities	(27,406)	(44,194)
Net benefit obligation recognized	(20,105)	(37,606)
Prior service (cost) credit	(369)	21
Accumulated (loss) gain	(7,855)	(28,926)
AOCI	(8,224)	(28,905)
Cumulative employer contributions in excess of or (below) net periodic benefit cost	(11,881)	(8,701)
Other Postretirement Benefits
Change in benefit obligation
Curtailment gain	0
U.S.
Change in benefit obligation
Employee contributions	0	0
Benefits paid	(5,838)	(5,065)
Change in plan assets
Fair value of plan assets at beginning of year	77,680	73,481
Actual return on plan assets	(14,871)	7,201
Employer contributions	2,620	2,063
Employee contributions	0	0
Plan settlements	0	0
Benefits paid	(5,838)	(5,065)
Plan expenses and premiums paid	0	0
Currency translation adjustment	0	0
Fair value of plan assets at end of year	59,591	77,680	73,481
U.S. \| Pension Benefits
Change in benefit obligation
Gross benefit obligation at beginning of year	103,420	109,969
Service cost	47	547	491
Interest cost	2,145	1,737	2,923
Employee contributions	0	0
Effect of plan amendments	0	0
Curtailment gain	0	0
Plan settlements	0	0
Benefits paid	(5,838)	(5,064)
Plan expenses and premiums paid	0	0
Transfer in of business acquisition	0	0
Actuarial (gain) loss	(20,688)	(3,769)
Translation differences and other	0	0
Gross benefit obligation at end of year	79,086	103,420	109,969
Change in plan assets
Employee contributions	0	0
Benefits paid	(5,838)	(5,064)
Net benefit obligation recognized	(19,495)	(25,740)
Amounts recognized in the balance sheet consist of:
Non-current assets	0	0
Current liabilities	(1,128)	(1,137)
Non-current liabilities	(18,367)	(24,603)
Net benefit obligation recognized	(19,495)	(25,740)
Prior service (cost) credit	(36)	43
Accumulated (loss) gain	2,532	(9,763)
AOCI	2,496	(9,720)
Cumulative employer contributions in excess of or (below) net periodic benefit cost	(21,991)	(16,020)
U.S. \| Other Postretirement Benefits
Change in benefit obligation
Gross benefit obligation at beginning of year	2,010	3,234
Service cost	0	1	5
Interest cost	37	27	77
Employee contributions	0	0
Effect of plan amendments	(2)	(78)
Curtailment gain		0
Plan settlements	0	0
Benefits paid	(176)	(182)
Plan expenses and premiums paid	0	0
Transfer in of business acquisition	0	0
Actuarial (gain) loss	(263)	(992)
Translation differences and other	0	0
Gross benefit obligation at end of year	1,606	2,010	3,234
Change in plan assets
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	176	182
Employee contributions	0	0
Plan settlements	0	0
Benefits paid	(176)	(182)
Plan expenses and premiums paid	0	0
Currency translation adjustment	0	0
Fair value of plan assets at end of year	0	0	0
Net benefit obligation recognized	(1,606)	(2,010)
Amounts recognized in the balance sheet consist of:
Non-current assets	0	0
Current liabilities	(222)	(220)
Non-current liabilities	(1,384)	(1,790)
Net benefit obligation recognized	(1,606)	(2,010)
Prior service (cost) credit	16	46
Accumulated (loss) gain	1,218	1,034
AOCI	1,234	1,080
Cumulative employer contributions in excess of or (below) net periodic benefit cost	(2,840)	(3,090)
Foreign
Change in benefit obligation
Employee contributions	20	71
Benefits paid	(5,343)	(6,869)
Change in plan assets
Fair value of plan assets at beginning of year	216,886	228,789
Actual return on plan assets	(65,396)	915
Employer contributions	3,241	4,289
Employee contributions	20	71
Plan settlements	(1,726)	(541)
Benefits paid	(5,343)	(6,869)
Plan expenses and premiums paid	(66)	(74)
Currency translation adjustment	(17,672)	(9,694)
Fair value of plan assets at end of year	129,944	216,886	228,789
Foreign \| Pension Benefits
Change in benefit obligation
Gross benefit obligation at beginning of year	228,752	247,675
Service cost	465	698	4,340
Interest cost	3,079	2,594	3,416
Employee contributions	20	71
Effect of plan amendments	303	0
Curtailment gain	207	0
Plan settlements	(1,726)	(541)
Benefits paid	(5,343)	(6,869)
Plan expenses and premiums paid	(66)	(74)
Transfer in of business acquisition	0	231
Actuarial (gain) loss	(77,244)	(4,160)
Translation differences and other	(17,893)	(10,873)
Gross benefit obligation at end of year	130,554	228,752	$ 247,675
Change in plan assets
Employee contributions	20	71
Benefits paid	(5,343)	(6,869)
Net benefit obligation recognized	(610)	(11,866)
Amounts recognized in the balance sheet consist of:
Non-current assets	8,639	7,916
Current liabilities	(210)	(191)
Non-current liabilities	(9,039)	(19,591)
Net benefit obligation recognized	(610)	(11,866)
Prior service (cost) credit	(333)	(22)
Accumulated (loss) gain	(10,387)	(19,163)
AOCI	(10,720)	(19,185)
Cumulative employer contributions in excess of or (below) net periodic benefit cost	$ 10,110	$ 7,319

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Defined Benefit Plan Disclosure [Line Items]
Prior service cost charge		$ 1,800,000
Defined benefit plan premium refund	$ 1,600,000				$ 1,600,000
Non-cash pension settlement charge	$ 22,700,000
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement and Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other (expense) income, net
Pension and other postretirement benefits			$ (7,964,000)	$ (6,330,000)	16,535,000
Total contribution amount			7,200,000	4,800,000	5,700,000
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation			204,500,000	321,500,000
Pension and other postretirement benefits			(1,118,000)	572,000	26,351,000
Pension Benefits \| Cleveland Bakers and Teamsters Pension Fund
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plan liabilities			0			$ 583,000,000
Multiemployer plan pension assets				427,000,000
Multiemployer plan contributions			100,000
Pension Benefits \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation			79,100,000	103,400,000
Pension and other postretirement benefits			(987,000)	932,000	23,381,000
Pension Benefits \| Foreign
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation			125,400,000	218,100,000
Pension and other postretirement benefits			$ (131,000)	$ (360,000)	2,970,000
Commingled funds measured at NAV \| Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Investments percentage			34.00%	35.00%
Commingled funds measured at NAV \| Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Investments percentage			50.00%	51.00%
Commingled funds measured at NAV \| Other Debt Obligations
Defined Benefit Plan Disclosure [Line Items]
Investments percentage			16.00%	14.00%
Pooled separate accounts \| Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Investments percentage			35.00%
Pooled separate accounts \| Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Investments percentage			65.00%
Diversified investment fund - registered investment companies measured at NAV \| Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Investments percentage			62.00%
Diversified investment fund - registered investment companies measured at NAV \| Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Investments percentage			20.00%
Diversified investment fund - registered investment companies measured at NAV \| Other Debt Obligations
Defined Benefit Plan Disclosure [Line Items]
Investments percentage			18.00%
Supplemental Retirement Benefits Plan \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement benefits			$ 700,000	$ 3,000,000	$ 2,500,000
Other Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Total contribution amount			$ 1,000,000

Pension and Other Postretirement Benefits - Information About Accumulated and Projected Benefit Obligations In Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	$ 85,069	$ 231,688
Fair value of plan assets	61,433	196,861
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	150,404	242,383
Fair value of plan assets	121,396	196,861
U.S.
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	79,086	103,420
Fair value of plan assets	59,591	77,680
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	79,086	103,420
Fair value of plan assets	59,591	77,680
Foreign
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	5,983	128,268
Fair value of plan assets	1,842	119,181
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	71,318	138,963
Fair value of plan assets	$ 61,805	$ 119,181

Pension and Other Postretirement Benefits - Net Periodic Benefit Cost and Changes in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net periodic benefit costs	$ (7,964)	$ (6,330)	$ 16,535
Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	512	1,245	4,831
Interest cost	5,224	4,331	6,339
Expected return on plan assets	(7,981)	(8,297)	(9,072)
Settlement loss (gain)	(71)	35	22,579
Curtailment charge	207	0	(1,155)
Actuarial loss amortization	981	3,248	2,996
Prior service cost (credit) amortization	10	10	(167)
Net periodic benefit costs	(1,118)	572	26,351
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net (gain) loss arising during period	(10,563)	(836)	(58)
Settlement loss	(323)	(2,335)	(22,706)
Prior service (cost) credit	296	(7)	1,375
Actuarial gain amortization	660	(7,879)	3,209
Curtailment Recognition	(3)	(3)	(3)
Effect of exchange rates on amounts included in AOCI	(1,169)	(1,390)	1,535
Total recognized in other comprehensive (income) loss	(11,102)	(12,450)	(16,648)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	(12,220)	(11,878)	9,703
Foreign \| Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	465	698	4,340
Interest cost	3,079	2,594	3,416
Expected return on plan assets	(4,472)	(4,686)	(4,262)
Settlement loss (gain)	(71)	35	(88)
Curtailment charge	207	0	(1,155)
Actuarial loss amortization	658	996	886
Prior service cost (credit) amortization	3	3	(167)
Net periodic benefit costs	(131)	(360)	2,970
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net (gain) loss arising during period	(7,008)	(388)	(1,594)
Settlement loss	0	(83)	(39)
Prior service (cost) credit	303	0	1,325
Actuarial gain amortization	(587)	(954)	(758)
Curtailment Recognition	(3)	(3)	(3)
Effect of exchange rates on amounts included in AOCI	(1,169)	(1,390)	1,535
Total recognized in other comprehensive (income) loss	(8,464)	(2,818)	466
Total recognized in net periodic benefit cost and other comprehensive (income) loss	(8,595)	(3,178)	3,436
U.S. \| Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	47	547	491
Interest cost	2,145	1,737	2,923
Expected return on plan assets	(3,509)	(3,611)	(4,810)
Settlement loss (gain)	0	0	22,667
Curtailment charge	0	0	0
Actuarial loss amortization	323	2,252	2,110
Prior service cost (credit) amortization	7	7	0
Net periodic benefit costs	(987)	932	23,381
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net (gain) loss arising during period	(3,555)	(448)	1,536
Settlement loss	(323)	(2,252)	(22,667)
Prior service (cost) credit	(7)	(7)	50
Actuarial gain amortization	1,247	(6,925)	3,967
Curtailment Recognition	0	0	0
Effect of exchange rates on amounts included in AOCI	0	0	0
Total recognized in other comprehensive (income) loss	(2,638)	(9,632)	(17,114)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	(3,625)	(8,700)	6,267
U.S. \| Other Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	1	5
Interest cost	37	27	77
Actuarial loss amortization	79	82	5
Prior service cost (credit) amortization	32	31	0
Net periodic benefit costs	(74)	(85)	77
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net (gain) loss arising during period	263	992	864
Prior service (cost) credit	(2)	(78)	0
Prior service credit	32	31	0
Actuarial gain amortization	79	82	5
Total recognized in other comprehensive (income) loss	(154)	(957)	(859)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$ (228)	$ (1,042)	$ (782)

Pension and Other Postretirement Benefits - Assumptions Used in Determining Benefit Obligations and Net Periodic Pension Costs (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]
Health care cost trend rate for next year	5.60%	5.65%	5.70%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.00%	4.00%	4.50%
Year that the rate reaches the ultimate trend rate	2047	2046	2037
U.S. \| Pension Benefits
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.21%	2.58%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	2.67%	2.67%	3.11%
Expected long-term return on plan assets	5.75%	5.75%	6.50%
Rate of compensation increase		6.00%	6.00%
U.S. \| Other Postretirement Benefits
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.14%	2.45%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	2.45%	1.90%	2.99%
Foreign \| Pension Benefits
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	6.29%	1.71%
Rate of compensation increase	3.93%	2.21%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	3.97%	1.38%	2.30%
Expected long-term return on plan assets	2.26%	2.06%	2.20%
Rate of compensation increase	3.21%	2.52%	2.79%

Pension and Other Postretirement Benefits - Asset Allocations (Details) - Pension Benefits	Dec. 31, 2022	Dec. 31, 2021
U.S.
Defined Benefit Plan Disclosure [Line Items]
Target Plan Asset Allocations	100.00%
Actual Plan Asset Allocations	100.00%	100.00%
U.S. \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target Plan Asset Allocations	32.00%
Actual Plan Asset Allocations	32.00%	46.00%
U.S. \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target Plan Asset Allocations	60.00%
Actual Plan Asset Allocations	60.00%	48.00%
U.S. \| Other
Defined Benefit Plan Disclosure [Line Items]
Target Plan Asset Allocations	8.00%
Actual Plan Asset Allocations	8.00%	6.00%
Foreign
Defined Benefit Plan Disclosure [Line Items]
Target Plan Asset Allocations	100.00%
Actual Plan Asset Allocations	100.00%	100.00%
Foreign \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target Plan Asset Allocations	15.00%
Actual Plan Asset Allocations	8.00%	36.00%
Foreign \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target Plan Asset Allocations	79.00%
Actual Plan Asset Allocations	79.00%	43.00%
Foreign \| Other
Defined Benefit Plan Disclosure [Line Items]
Target Plan Asset Allocations	6.00%
Actual Plan Asset Allocations	13.00%	21.00%

Pension and Other Postretirement Benefits - Level 3 Asset Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Change in plan assets
Fair value of plan assets at beginning of year	$ 294,566	$ 302,270
Currency translation adjustment	(17,672)	(9,694)
Fair value of plan assets at end of year	189,535	294,566
Level 3
Change in plan assets
Fair value of plan assets at beginning of year	118,053	133,333
Purchases	(8,237)	1,310
Settlements		(1,812)
Unrealized (losses) gains	(34,147)	(6,387)
Currency translation adjustment	(6,804)	(8,391)
Fair value of plan assets at end of year	68,865	118,053
Insurance contract \| Level 3
Change in plan assets
Fair value of plan assets at beginning of year	99,527	112,920
Purchases	(1,136)	1,722
Settlements		(1,812)
Unrealized (losses) gains	(32,305)	(5,031)
Currency translation adjustment	(6,123)	(8,272)
Fair value of plan assets at end of year	59,963	99,527
Real estate \| Level 3
Change in plan assets
Fair value of plan assets at beginning of year	11,547	9,775
Purchases	(122)	(78)
Settlements		0
Unrealized (losses) gains	(1,842)	1,926
Currency translation adjustment	(681)	(76)
Fair value of plan assets at end of year	8,902	11,547
Other - alternative investments \| Level 3
Change in plan assets
Fair value of plan assets at beginning of year	6,979	10,638
Purchases	(6,979)	(334)
Settlements		0
Unrealized (losses) gains	0	(3,282)
Currency translation adjustment	0	(43)
Fair value of plan assets at end of year	$ 0	$ 6,979

Pension and Other Postretirement Benefits - Cash Flow (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Minimum expected cash contributions in next fiscal year	$ 5,200
2023	12,965
2024	12,225
2025	12,694
2026	13,389
2027	13,098
2028 to 2032	71,172
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Minimum expected cash contributions in next fiscal year	200
U.S. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Minimum expected cash contributions in next fiscal year	2,600
2023	6,868
2024	6,290
2025	6,271
2026	6,272
2027	6,254
2028 to 2032	29,868
U.S. \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2023	222
2024	203
2025	190
2026	174
2027	151
2028 to 2032	597
Foreign \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Minimum expected cash contributions in next fiscal year	2,600
2023	6,097
2024	5,935
2025	6,423
2026	7,117
2027	6,844
2028 to 2032	$ 41,304

Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Uncertain tax positions (includes interest and penalties - See Note 10)	$ 20,322	$ 28,665
Non-current income taxes payable (See Note 10)	8,883	8,500
Environmental reserves (See Note 26)	4,342	4,424
Deferred and other long-term compensation	3,132	4,820
Acquisition-related earnout liability (See Note 2)	1,024	1,568
Inactive subsidiary litigation and settlement reserve (See Note 26)	311	410
Other	650	1,228
Total other non-current liabilities	$ 38,664	$ 49,615

Equity and Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares issued (in shares)	17,950,264	17,897,033
Shares issued for equity based comp plans	52,653
Shares issued for Options exercise and Other activity	578
Preferred stock, shares authorized (in shares)	10,000,000
Preferred stock, par value (in dollars per share)	$ 1
Shares issued for ESPP (in shares)	0
2015 Share Repurchase
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock repurchase program, authorized amount				$ 100.0
Stock repurchased and retired during period (in shares)	0	0	0
Stock repurchase program, remaining authorized repurchase amount	$ 86.9

Equity and Accumulated Other Comprehensive Loss - AOCI Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (63,990)	$ (26,598)	$ (78,170)
Other comprehensive income (loss) before reclassifications	(74,805)	(32,661)	33,667
Amounts reclassified from AOCI	2,746	(1,738)	23,939
Related tax amounts	(2,191)	(2,993)	(6,034)
Ending balance	(138,240)	(63,990)	(26,598)
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(49,843)	(2,875)	(44,568)
Other comprehensive income (loss) before reclassifications	(82,318)	(46,968)	41,693
Amounts reclassified from AOCI	0	0	0
Related tax amounts	0	0	0
Ending balance	(132,161)	(49,843)	(2,875)
Defined Benefit Pension Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(13,172)	(23,467)	(34,533)
Other comprehensive income (loss) before reclassifications	10,789	11,948	(6,617)
Amounts reclassified from AOCI	479	1,459	24,141
Related tax amounts	(2,691)	(3,112)	(6,458)
Ending balance	(4,595)	(13,172)	(23,467)
Unrealized Gain (Loss) in Available-for- Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	397	3,342	1,251
Other comprehensive income (loss) before reclassifications	(3,276)	(531)	2,848
Amounts reclassified from AOCI	895	(3,197)	(202)
Related tax amounts	500	783	(555)
Ending balance	(1,484)	397	3,342
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,372)	(3,598)	(320)
Other comprehensive income (loss) before reclassifications	0	2,890	(4,257)
Amounts reclassified from AOCI	1,372	0	0
Related tax amounts	0	(664)	979
Ending balance	$ 0	$ (1,372)	$ (3,598)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Fair Value Measures - Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company-owned life insurance	$ 2,114	$ 2,533
Total	2,114	2,533
Impairment charges	$ 93,000	0	$ 38,000
Weighted average cost of capital percentage	12.00%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company-owned life insurance	$ 0	0
Total	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company-owned life insurance	2,114	2,533
Total	2,114	2,533
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company-owned life insurance	0	0
Total	$ 0	$ 0

Hedging Activities - Narrative (Details) - Interest rate swaps - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2022	Nov. 30, 2019
Derivatives, Fair Value [Line Items]
Cash payments from interest rate swaps	$ 0.2
Other Current Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, notional amount		$ 170.0

Hedging Activities - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Net unrealized loss deferred to AOCI	$ 0	$ 1,372
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount and location of expense reclassified from AOCI into expense (Effective Portion)	0	(2,649)	$ (1,754)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value	0	1,782
Net unrealized loss deferred to AOCI	0	1,372
Interest rate swaps \| Prepaid expenses and other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value	0	0
Interest rate swaps \| Other non-current liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value	$ 0	$ 1,782

Commitments and Contingencies - Narrative (Details) $ in Thousands, R$ in Millions	3 Months Ended			12 Months Ended
	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 BRL (R$)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2007 USD ($)	Dec. 31, 2005 USD ($)
Loss Contingencies [Line Items]
Percentage of defense and indemnity costs							27.00%
Tax credit				$ (24,925)	$ (34,939)	$ 5,296
Interest income						$ 100
Asbestos claims
Loss Contingencies [Line Items]
Litigation settlement							$ 20,000	$ 15,000
Loss contingency accrual				300	400
Houghton environmental matters
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss				5,300	$ 5,600
Foreign Tax Authority non-income (indirect) tax
Loss Contingencies [Line Items]
Loss contingency accrual reversal	$ 1,800
Loss contingency receivable reversal	1,100
Brazilian Indirect Taxes
Loss Contingencies [Line Items]
Litigation settlement		$ 13,300	R$ 67.0
Tax credit		8,400
Interest income		$ 4,900
Insurance Claims
Loss Contingencies [Line Items]
Insurance Settlements Receivable	$ 2,000			200
Proceeds from insurance receivable				4,600
Gain on insurance recoveries				1,800
Minimum \| ACP
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss				100
Minimum \| Houghton environmental matters
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss				5,000
Maximum \| ACP
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss				1,000
Maximum \| Asbestos claims
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss				200
Maximum \| Houghton environmental matters
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss				$ 6,000

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

Pension and Other Postretirement Benefits - Fair Value Hierarchy - Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 189,535	$ 294,566	$ 302,270
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	68,865	118,053	133,333
Real estate \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	8,902	11,547	9,775
Insurance contract \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	59,963	99,527	112,920
Other - alternative investments \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	6,979	10,638
U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	59,591	77,680	73,481
Foreign
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	129,944	216,886	$ 228,789
Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	189,535	294,566
Fair Value, Recurring \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	187,693	242,694
Fair Value, Recurring \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4,923	1,989
Fair Value, Recurring \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	113,905	122,652
Fair Value, Recurring \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	68,865	118,053
Fair Value, Recurring \| Measured at NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,842	51,872
Fair Value, Recurring \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	59,591	77,680
Fair Value, Recurring \| U.S. \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	59,591	77,680
Fair Value, Recurring \| U.S. \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| U.S. \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	54,596	72,721
Fair Value, Recurring \| U.S. \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4,995	4,959
Fair Value, Recurring \| U.S. \| Pooled separate accounts \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	54,596	72,721
Fair Value, Recurring \| U.S. \| Pooled separate accounts \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| U.S. \| Pooled separate accounts \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	54,596	72,721
Fair Value, Recurring \| U.S. \| Pooled separate accounts \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| U.S. \| Real estate \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4,995	4,959
Fair Value, Recurring \| U.S. \| Real estate \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| U.S. \| Real estate \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| U.S. \| Real estate \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4,995	4,959
Fair Value, Recurring \| Foreign
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	129,944	216,886
Fair Value, Recurring \| Foreign \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	128,102	165,014
Fair Value, Recurring \| Foreign \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4,923	1,989
Fair Value, Recurring \| Foreign \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	59,309	49,931
Fair Value, Recurring \| Foreign \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	63,870	113,094
Fair Value, Recurring \| Foreign \| Real estate \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3,907	6,588
Fair Value, Recurring \| Foreign \| Real estate \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Real estate \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Real estate \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3,907	6,588
Fair Value, Recurring \| Foreign \| Cash and cash equivalents \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4,923	1,989
Fair Value, Recurring \| Foreign \| Cash and cash equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4,923	1,989
Fair Value, Recurring \| Foreign \| Cash and cash equivalents \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Cash and cash equivalents \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Insurance contract \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	59,963	99,527
Fair Value, Recurring \| Foreign \| Insurance contract \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Insurance contract \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Insurance contract \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	59,963	99,527
Fair Value, Recurring \| Foreign \| Diversified equity securities - registered investment companies \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,211	10,999
Fair Value, Recurring \| Foreign \| Diversified equity securities - registered investment companies \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Diversified equity securities - registered investment companies \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,211	10,999
Fair Value, Recurring \| Foreign \| Diversified equity securities - registered investment companies \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Fixed income – foreign registered investment companies \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	54,098	3,593
Fair Value, Recurring \| Foreign \| Fixed income – foreign registered investment companies \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Fixed income – foreign registered investment companies \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	54,098	3,593
Fair Value, Recurring \| Foreign \| Fixed income – foreign registered investment companies \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Fixed income government securities \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		35,339
Fair Value, Recurring \| Foreign \| Fixed income government securities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Fair Value, Recurring \| Foreign \| Fixed income government securities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		35,339
Fair Value, Recurring \| Foreign \| Fixed income government securities \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Fair Value, Recurring \| Foreign \| Other - alternative investments \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		6,979
Fair Value, Recurring \| Foreign \| Other - alternative investments \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Fair Value, Recurring \| Foreign \| Other - alternative investments \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Fair Value, Recurring \| Foreign \| Other - alternative investments \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		6,979
Fair Value, Recurring \| Foreign \| Commingled funds measured at NAV \| Measured at NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 1,842	2,300
Fair Value, Recurring \| Foreign \| Diversified investment fund - registered investment companies measured at NAV \| Measured at NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 49,572