0000081362-23-000034 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Apr. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-12019
Entity Registrant Name	QUAKER CHEMICAL CORPORATION
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-0993790
Entity Address, Address Line One	901 E. Hector Street
Entity Address, City or Town	Conshohocken
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19428 – 2380
City Area Code	610
Local Phone Number	832-4000
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	KWR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,980,840
Entity Central Index Key	0000081362
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 500,148	$ 474,171
Cost of goods sold (excluding amortization expense - See Note 13)	326,698	328,100
Gross profit	173,450	146,071
Selling, general and administrative expenses	119,549	111,795
Restructuring and related charges, net	3,972	820
Combination, integration and other acquisition-related expenses	0	4,053
Operating income	49,929	29,403
Other expense, net	(2,239)	(2,206)
Interest expense, net	(13,242)	(5,345)
Income before taxes and equity in net income of associated companies	34,448	21,852
Taxes on income before equity in net income of associated Companies	9,533	2,866
Income before equity in net income of associated Companies	24,915	18,986
Equity in net income of associated companies	4,626	835
Net income	29,541	19,821
Less: Net income attributable to noncontrolling interest	7	5
Net income attributable to Quaker Chemical Corporation	$ 29,534	$ 19,816
Per share data:
Net income attributable to Quaker Chemical Corporation common shareholders – basic (in dollars per share)	$ 1.64	$ 1.11
Net income attributable to Quaker Chemical Corporation common shareholders – diluted (in dollars per share)	1.64	1.11
Dividends declared (in dollars per share)	$ 0.435	$ 0.415

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 29,541	$ 19,821
Other comprehensive income (loss), net of tax
Currency translation adjustments	14,468	(6,866)
Defined benefit retirement plans	(126)	496
Current period change in fair value of derivatives	390	1,100
Unrealized gain (loss) on available-for-sale securities	334	(1,000)
Other comprehensive income (loss)	15,066	(6,270)
Comprehensive income	44,607	13,551
Less: Comprehensive income attributable to noncontrolling interest	(10)	(6)
Comprehensive income attributable to Quaker Chemical Corporation	$ 44,597	$ 13,545

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 189,872	$ 180,963
Accounts receivable, net	482,746	472,888
Inventories
Raw materials and supplies	148,119	151,105
Work-in-process and finished goods	145,375	133,743
Prepaid expenses and other current assets	63,189	55,438
Total current assets	1,029,301	994,137
Property, plant and equipment, at cost	439,367	428,190
Less: Accumulated depreciation	(236,279)	(229,595)
Property, plant and equipment, net	203,088	198,595
Right of use lease assets	43,344	43,766
Goodwill	517,206	515,008
Other intangible assets, net	936,345	942,925
Investments in associated companies	90,841	88,234
Deferred tax assets	10,422	11,218
Other non-current assets	27,916	27,739
Total assets	2,858,463	2,821,622
Current liabilities
Short-term borrowings and current portion of long-term debt	19,350	19,245
Accounts payable	216,633	193,983
Dividends payable	7,822	7,808
Accrued compensation	26,713	39,834
Accrued restructuring	6,809	5,483
Accrued pension and postretirement benefits	1,572	1,560
Other accrued liabilities	90,513	86,873
Total current liabilities	369,412	354,786
Long-term debt	921,555	933,561
Long-term lease liabilities	26,086	26,967
Deferred tax liabilities	157,935	160,294
Non-current accrued pension and postretirement benefits	28,985	28,765
Other non-current liabilities	37,702	38,664
Total liabilities	1,541,675	1,543,037
Equity
Common stock $1 par value; authorized 30,000,000 shares; issued and outstanding March 31, 2023 – 17,981,822 shares; December 31, 2022 – 17,950,264 shares	17,982	17,950
Capital in excess of par value	929,674	928,288
Retained earnings	491,632	469,920
Accumulated other comprehensive loss	(123,177)	(138,240)
Total Quaker shareholders’ equity	1,316,111	1,277,918
Noncontrolling interest	677	667
Total equity	1,316,788	1,278,585
Total liabilities and equity	$ 2,858,463	$ 2,821,622

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	17,981,822	17,950,264
Common stock, shares outstanding (in shares)	17,981,822	17,950,264

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 29,541	$ 19,821
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of debt issuance costs	353	1,187
Depreciation and amortization	20,246	20,447
Equity in undistributed earnings of associated companies, net of dividends	(4,401)	2,135
Deferred compensation, deferred taxes and other, net	(2,231)	(3,801)
Share-based compensation	3,527	2,462
Combination and other acquisition-related expenses, net of payments	0	(4,246)
Restructuring and related charges, net	3,972	820
Pension and other postretirement benefits	(415)	(1,316)
(Decrease) increase in cash from changes in current assets and current liabilities, net of acquisitions:
Accounts receivable	(3,974)	(26,270)
Inventories	(5,792)	(33,873)
Prepaid expenses and other current assets	(6,765)	(6,506)
Change in restructuring liabilities	(2,747)	(408)
Accounts payable and accrued liabilities	6,468	23,249
Net cash provided by (used in) operating activities	37,782	(6,299)
Cash flows from investing activities
Investments in property, plant and equipment	(6,161)	(8,847)
Payments related to acquisitions, net of cash acquired	0	(9,383)
Net cash used in investing activities	(6,161)	(18,230)
Cash flows from financing activities
Payments of long-term debt	(4,703)	(14,112)
(Payments) borrowings on revolving credit facilities, net	(9,776)	43,000
Payments on other debt, net	(469)	(102)
Dividends paid	(7,809)	(7,428)
Other stock related activity	(2,109)	(801)
Net cash (used in) provided by financing activities	(24,866)	20,557
Effect of foreign exchange rate changes on cash	2,154	348
Net decrease in cash and cash equivalents	8,909	(3,624)
Cash and cash equivalents at the beginning of the period	180,963	165,176
Cash and cash equivalents at the end of the period	$ 189,872	$ 161,552

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning balance at Dec. 31, 2021	$ 1,387,922	$ 17,897	$ 917,053	$ 516,334	$ (63,990)	$ 628
Net income	19,821	0	0	19,816	0	5
Amounts reported in other comprehensive (loss) income	(6,270)	0	0	0	(6,271)	1
Dividends declared	(7,434)	0	0	(7,434)	0	0
Share issuance and equity-based compensation plans	1,661	15	1,646	0	0	0
Ending balance at Mar. 31, 2022	1,395,700	17,912	918,699	528,716	(70,261)	634
Beginning balance at Dec. 31, 2022	1,278,585	17,950	928,288	469,920	(138,240)	667
Net income	29,541	0	0	29,534	0	7
Amounts reported in other comprehensive (loss) income	15,066	0	0	0	15,063	3
Dividends declared	(7,822)	0	0	(7,822)	0	0
Share issuance and equity-based compensation plans	1,418	32	1,386	0	0	0
Ending balance at Mar. 31, 2023	$ 1,316,788	$ 17,982	$ 929,674	$ 491,632	$ (123,177)	$ 677

- 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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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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+ Details

Condensed Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.435	$ 0.415

Basis of Presentation and Description of Business	3 Months Ended
Basis of Presentation and Description of Business	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Description of Business	Basis of Presentation and Description of Business As used in these Notes to Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q for the period ended March 31, 2023 (the “Report”), the terms “Quaker Houghton,” the “Company,” “we,” and “our” refer to Quaker Chemical Corporation (doing business as Quaker Houghton), its subsidiaries, and associated companies, unless the context otherwise requires. The “Combination” refers to the legacy Quaker combination with Houghton International, Inc. (“Houghton”). Basis of Presentation The condensed consolidated financial statements included herein are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial reporting and the United States Securities and Exchange Commission (“SEC”) regulations. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the financial statements reflect all adjustments consisting only of normal recurring adjustments, which are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods. The results for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”). During the first quarter of 2023, the Company reorganized its executive management team to align with its new business structure. The Company’s new structure includes three reportable segments: (i) Americas; (ii) Europe, Middle East and Africa (“EMEA”); and (iii) Asia/Pacific. Prior to the Company’s reorganization, the Company’s historical reportable segments were: (i) Americas; (ii) EMEA; (iii) Asia/Pacific; and (iv) Global Specialty Businesses. Prior period information has been recast to align with the Company’s business structure as of January 1, 2023, including reportable segments, customer industry disaggregation, and goodwill. See Notes 4, 5, and 13 of Notes to Condensed Consolidated Financial Statements. Description of Business The Company was organized in 1918 and incorporated as a Pennsylvania business corporation in 1930. Quaker Houghton is the global leader in industrial process fluids. With a presence around the world, including operations in over 25 countries, the Company’s customers include thousands of the world’s most advanced and specialized steel, aluminum, automotive, aerospace, offshore, container, mining, and metalworking companies. Quaker Houghton develops, produces, and markets a broad range of formulated chemical specialty products and offers chemical management services, which the Company refers to as “FluidcareTM”, for various heavy industrial and manufacturing applications. Hyper-inflationary economies Argentina’s and Türkiye’s economies were considered hyper-inflationary under U.S. GAAP effective July 1, 2018 and April 1, 2022, respectively. As of, and for the three months ended March 31, 2023, the Company's Argentine and Turkish subsidiaries represented a combined 1% and 2% of the Company’s consolidated total assets and net sales, respectively. During the three months ended March 31, 2023, the Company recorded $0.5 million of remeasurement losses associated with the applicable currency conversions related to Argentina and Türkiye. Comparatively, during the three months ended March 31, 2022, the Company recorded $0.2 million of remeasurement losses associated with the applicable currency conversions related to Argentina. These losses were recorded within foreign exchange losses, net, which is a component of Other expense, net, in the Company’s Condensed Consolidated Statements of Operations.

Business Acquisitions	3 Months Ended
Business Acquisitions	Mar. 31, 2023
Business Combinations [Abstract]
Business Acquisitions	Business Acquisitions Previous 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 (described below), which had similar specializations and product offerings in pickling inhibitor technologies, 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. As of March 31, 2023, the allocation of the purchase of this acquisition in October 2022 has not been finalized and the one-year measurement period has not ended. Further adjustments may be necessary as a result of the Company’s ongoing assessment of additional information related to the fair value of assets acquired and liabilities assumed. 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 region. 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. Also 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 EMEA 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. The allocation of the purchase prices of both of these January 2022 acquisitions has been finalized. In November 2021, the Company acquired Baron Industries, a privately held company that provides vacuum impregnation services of castings, powder metals and electrical components for its Americas 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. As of March 31, 2023, the Company has remaining earnout liabilities recorded on its Condensed Consolidated Balance Sheet of $1.6 million. Additionally, during the third quarter of 2022 the Company finalized post-closing adjustments that resulted in the Company receiving a payment of less than $0.1 million. In December 2020, the Company acquired Coral Chemical Company, LLC (“Coral”), a privately held U.S.-based provider of metal finishing fluid solutions. Subsequent to the acquisition, the Company and the sellers of Coral (the “Sellers”) have worked to finalize certain post-closing adjustments. During the second quarter of 2022, after failing to reach resolution, the Sellers filed suit asserting certain amounts owed related to tax attributes of the acquisition. During the first quarter of 2023, 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.

Recently Issued Accounting Standards	3 Months Ended
Recently Issued Accounting Standards	Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards There have been no recently issued accounting standards that will have a material impact on the Company’s condensed consolidated financial statements and related footnote disclosures.

- 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

3 Months Ended

Mar. 31, 2023

Segment Reporting, Measurement Disclosures [Abstract]

Business Segments

The Company has three reportable segments: (i) Americas; (ii) EMEA; and (iii) Asia/Pacific. The three geographic segments are composed of the net sales and operations in each respective region. All prior period information has been recast to reflect the Company’s new reportable segments. See Note 1 of Notes to Condensed Consolidated Financial Statements.

Segment operating earnings for each of the Company’s reportable segments are comprised of the segment’s net sales less directly related Cost of goods sold (“COGS”) and Selling, general and administrative expenses (“SG&A”). Operating expenses not directly attributable to the net sales of each respective segment, such as certain corporate and administrative costs, 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, net.

The following table presents information about the performance of the Company’s reportable segments:


	Three Months Ended March 31,
	2023		2022
Net sales
Americas	$	251,413	$	212,091
EMEA	152,449		146,819
Asia/Pacific	96,286		115,261
Total net sales	$	500,148	$	474,171

Segment operating earnings
Americas	$	66,125	$	45,022
EMEA	27,571		23,247
Asia/Pacific	27,652		24,501
Total segment operating earnings	121,348		92,770
Combination, integration and other acquisition-related expenses	—		(4,053)
Restructuring and related charges, net	(3,972)		(820)
Non-operating and administrative expenses	(51,771)		(43,305)
Depreciation of corporate assets and amortization	(15,676)		(15,189)
Operating income	49,929		29,403
Other expense, net	(2,239)		(2,206)
Interest expense, net	(13,242)		(5,345)
Income before taxes and equity in net income of associated companies	$	34,448	$	21,852

The following table summarizes inter-segment revenues. All inter-segment transactions have been eliminated from each reportable segment’s net sales and earnings for all periods presented in the above tables.


	Three Months Ended March 31,
	2023	2022
Americas	2,827	3,056
EMEA	6,093	12,176
Asia/Pacific	59	297

- 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

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+ Details

Net Sales and Revenue Recognition

3 Months Ended

Mar. 31, 2023

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 recognized on a net reporting basis of $20.7 million and $19.8 million for the three months ended March 31, 2023 and 2022, respectively.

Customer Concentration

A significant portion of the Company’s revenues are realized from the sale of process fluids and services to manufacturers of steel, aluminum, automobiles, aerospace, industrial and agricultural equipment, and durable goods. As previously disclosed in the Company’s 2022 Form 10-K, for 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 Condensed Consolidated Balance Sheets as of March 31, 2023 or December 31, 2022.

The Company had approximately $3.5 million and $5.7 million of deferred revenue as of March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023, the Company satisfied all of the associated performance obligations and recognized into revenue the advance payments received and recorded as of December 31, 2022.

Disaggregated Revenue

The Company sells its various industrial process fluids, its specialty chemicals and its technical expertise as a global product portfolio. The Company generally manages and evaluates its performance by reportable segment first, and then by customer industries. Net sales of each of the Company’s major product lines are generally spread throughout all three of the Company’s geographic regions, and in most cases, are approximately proportionate to the level of total sales in each region.

The following tables disaggregate the Company’s net sales by geographic region, customer industries, and timing of revenue recognized. Prior period information has been recast to reflect the Company’s current period customer industry disaggregation. See Note 1 of Notes to Condensed Consolidated Financial Statements.


	Three Months Ended March 31, 2023
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	68,134	$	39,103	$	46,660	$	153,897
Metalworking and other	183,279		113,346		49,626		346,251


	$	251,413	$	152,449	$	96,286	$	500,148

Timing of Revenue Recognized
Product sales at a point in time	$	240,481	$	141,506	$	93,923	$	475,910
Services transferred over time	10,932		10,943		2,363		24,238
	$	251,413	$	152,449	$	96,286	$	500,148


	Three Months Ended March 31, 2022
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	55,317	$	36,793	$	55,682	$	147,792
Metalworking and other	156,774		110,026		59,579		326,379



	$	212,091	$	146,819	$	115,261	$	474,171

Timing of Revenue Recognized
Product sales at a point in time	$	201,775	$	136,803	$	112,548	$	451,126
Services transferred over time	10,316		10,016		2,713		23,045
	$	212,091	$	146,819	$	115,261	$	474,171

- 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
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+ Details

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

LeasesThe Company has operating leases for certain facilities, vehicles and machinery and equipment with remaining lease terms up to 9 years. Operating lease expense is recognized on a straight-line basis over the lease term. In addition, the Company has certain land use leases with remaining lease terms up to 92 years.

The Company has no material variable lease costs, sublease income, or finance leases for the three months ended March 31, 2023 and 2022. The components of the Company’s lease expense are as follows:


	Three Months Ended March 31,
	2023		2022
Operating lease expense	$	3,936	$	3,409
Short-term lease expense	211		219

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


	Three Months Ended March 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,857	$	3,365
Non-cash lease liabilities activity:
Leased assets obtained in exchange for new operating lease liabilities	2,833		4,689

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


	March 31, 2023			December 31, 2022
Right of use lease assets	$	43,344		$	43,766

Other current liabilities	12,652			12,024
Long-term lease liabilities	26,086			26,967
Total operating lease liabilities	$	38,738		$	38,991

Weighted average remaining lease term (years)	4.96			5.10
Weighted average discount rate	4.50		%	4.36		%

Maturities of operating lease liabilities were as follows:


	March 31, 2023
For the remainder of 2023	$	10,749
For the year ended December 31, 2024	11,784
For the year ended December 31, 2025	7,740
For the year ended December 31, 2026	5,614
For the year ended December 31, 2027	2,616
For the year ended December 31, 2028 and beyond	5,496
Total lease payments	43,999
Less: imputed interest	(5,261)
Present value of lease liabilities	$	38,738

Restructuring and Related Activities

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities

Restructuring and Related ActivitiesIn the third quarter of 2019, 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. As of December 31, 2022, the Company 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 the fourth quarter of 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. As of March 31, 2023, the program included restructuring and associated severance costs to reduce headcount by approximately 75 positions globally. These headcount reductions began in the fourth quarter of 2022 and are expected to continue throughout 2023. The exact timing to complete all actions and final costs associated will depend on a number of factors that are subject to change.

Employee separation benefits vary depending on local regulations within certain foreign countries and include severance and other benefits. Restructuring costs 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 under the QH Program. These costs are recorded in Restructuring and related charges in the Company’s Consolidated Statements of Operations. 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.

Changes in the Company’s accruals for its restructuring programs are as follows:


	Restructuring Programs
Accrued restructuring as of December 31, 2022	$	5,483
Restructuring and related charges, net	3,972
Cash payments	(2,747)
Currency translation adjustments	101
Accrued restructuring as of March 31, 2023	$	6,809

Share-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

The Company recognized the following share-based compensation expense in its Condensed Consolidated Statements of Operations:


	Three Months Ended March 31,
	2023		2022
Stock options	$	431	$	267
Non-vested stock awards and restricted stock units	2,171		1,548
Director stock ownership plan	10		24
Performance stock units	915		623
Total share-based compensation expense	$	3,527	$	2,462

Share-based compensation expense is recorded in SG&A, except for less than $0.1 million for the three months ended March 31, 2022, recorded within Combination, integration and other acquisition-related expenses.

Stock Options

As of March 31, 2023, unrecognized compensation expense related to unvested stock options was $0.9 million, to be recognized over a weighted average remaining period of 1.3 years.

Restricted Stock Awards and Restricted Stock Units

During the three months ended March 31, 2023, the Company granted 29,862 non-vested restricted shares and 6,675 non-vested restricted stock units under its long-term incentive plan (“LTIP”), which are subject to time-based vesting, generally over one to three years. The fair value of these grants is based on the last sale price of the Company’s common stock on the date of grant. As of March 31, 2023, unrecognized compensation expense related to the non-vested restricted shares was $10.6 million, to be recognized over a weighted average remaining period of 2.6 years, and unrecognized compensation expense related to non-vested restricted stock units was $2.5 million, to be recognized over a weighted average remaining period of 1.8 years.

Performance Stock Units

As a component of its LTIP, the Company grants performance-based stock unit awards (“PSUs”), which will be settled in a certain number of shares subject to market-based or performance-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 market-based total shareholder return (“TSR”) metric relative to the performance of the Company’s peer group, the S&P Midcap 400 Materials group, and separately the achievement of a performance-based return on invested capital (“ROIC”) measure. The service period required for the PSUs is generally three years and the measurement period of the market-based and performance objectives is generally from January 1 of the year of grant through December 31 of the year prior to issuance of the shares.

Compensation expense for PSUs is measured based on the grant date fair value and is recognized on a straight-line vesting method basis over the applicable vesting period. The fair value of PSUs granted with a ROIC condition is based on the trading price of the Company’s common stock on the date of grant. PSUs granted with a relative TSR condition are valued using a Monte Carlo simulation on the date of grant. The grant-date fair value of the PSUs valued using a Monte Carlo simulation, which included the following assumptions set forth in the table below:


			2023 Grants
Number of PSUs granted			15,707
Risk-free interest rate			3.85%
Dividend yield			0.96%
Expected term (years)			3.0

Based on the conditions of the PSUs and performance to date for each of the outstanding PSU awards as of March 31, 2023, the Company estimates that it will issue 47,203 fully vested shares as of the applicable settlement date for such outstanding PSUs awards. As of March 31, 2023, there was approximately $9.9 million of total unrecognized compensation cost related to PSUs, which the Company expects to recognize over a weighted-average period of 2.6 years.

Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2023

Retirement Benefits, Description [Abstract]

Pension and Other Postretirement Benefits

The components of net periodic benefit (income) cost are as follows:


	Three Months Ended March 31,
	Pension Benefits				Other Postretirement Benefits
	2023		2022		2023		2022
Service cost	$	104	$	180	$	—	$	(8)
Interest cost	2,455		1,360		19		9
Expected return on plan assets	(1,997)		(2,084)		—		—
Actuarial loss (gain) amortization	101		257		(30)		(24)
Prior service cost (income) amortization	8		2		(4)		1
Net periodic benefit (income) cost	$	671	$	(285)	$	(15)	$	(22)

Employer Contributions

As of March 31, 2023, $1.0 million and less than $0.1 million of contributions have been made to the Company’s U.S. and foreign pension plans and its other postretirement benefit plans, respectively. Taking into consideration current minimum cash contribution requirements, the Company currently expects to make full year cash contributions of approximately $5.3 million to its U.S. and foreign pension plans and approximately $0.2 million to its other postretirement benefit plans in 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Other expense, net

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Other expense, net

The components of Other expense, net are as follows:


	Three Months Ended March 31,
	2023		2022
Income from third party license fees	$	325	$	404
Foreign exchange losses, net	(3,326)		(1,905)

Non-income tax refunds and other related credits (expense)	360		(1,322)
Pension and postretirement benefit (costs) income, non-service components	(552)		479


Facility remediation recovery, net	827		—
Other non-operating income, net	127		138
Total other expense, net	$	(2,239)	$	(2,206)

Non-income tax refunds and other related credits (expense) during the three months ended March 31, 2022, includes adjustments to a Combination-related indemnification asset associated with the settlement of certain income tax audits at one of the Company’s Italian for tax periods prior to August 1, 2019. See Note 11 of Notes to Condensed Consolidated Financial Statements.

Facility remediation recovery, net, during the three months ended March 31, 2023, reflects a gain recorded on the payments received from insurers related to previously incurred costs from the remediation and restoration of property damage. See Note 18 of Notes to the Condensed Consolidated Financial Statements.

Income Taxes and Uncertain Income Tax Positions	3 Months Ended
Income Taxes and Uncertain Income Tax Positions	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes and Uncertain Income Tax Positions	Income Taxes and Uncertain Income Tax PositionsThe Company’s effective tax rates for the three months ended March 31, 2023 and 2022 were 27.7% and 13.1%, respectively. The Company’s effective tax rate for the three months ended March 31, 2023 was impacted by various items including foreign tax inclusions, withholding taxes, foreign tax credits, and net tax expense related to share-based compensation, partially offset with changes in uncertain tax positions and favorable return to provision adjustments. Comparatively, the prior year effective tax rate was largely impacted by changes in the valuation allowance for foreign tax credits due to legislative guidance issued and audit settlements reached with Italian tax authorities. In addition, the Company incurred higher tax expense during the three months ended March 31, 2022 related to one of the Company’s subsidiaries recording earnings at a statutory tax rate of 25% while the recertification of its concessionary 15% tax rate was pending receipt. As previously reported, the Italian tax authorities assessed additional tax due from the Company’s subsidiary, Quaker Italia S.r.l., relating to the tax years 2007 through 2015. The Company filed for and obtained competent authority relief under the Mutual Agreement Procedures (“MAP”) of the Organization for Economic Co-Operation and Development for all years except 2007. In the first quarter of 2022, the Company settled the $2.6 million assessment due to the Italian tax authorities, while having already received $1.6 million in refunds from the Netherlands and Spain. As of March 31, 2023, the Company paid the full settlement, of which approximately $0.2 million was refunded. Houghton Italia, S.r.l was also involved in a corporate income tax audit with the Italian tax authorities covering tax years 2014 through 2018. The Company settled all years 2014 through 2018 for $3.7 million and, accordingly, released all reserves relating to this audit for the settled tax years during the first quarter of 2022. The settlement is to be paid via installments through 2026 and, through March 31, 2023, the Company paid $1.1 million of such installments. The Company has an indemnification receivable of $3.9 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. In the first quarter of 2023, the Company was notified by the Spanish tax authorities of audits to commence for several of its legal entities operating in Spain and spanning tax years 2018 through 2021. The Company arranged introductory meetings with the taxing authorities and has begun to provide documentation in response to their inquiries. The Company has not established any reserves for this matter at this time.

- 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
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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

The following table summarizes earnings per share calculations:


	Three Months Ended March 31,
	2023		2022
Basic earnings per common share
Net income attributable to Quaker Chemical Corporation	$	29,534	$	19,816
Less: income allocated to participating securities	(145)		(78)
Net income available to common shareholders	$	29,389	$	19,738
Basic weighted average common shares outstanding	17,866,670		17,826,061
Basic earnings per common share	$	1.64	$	1.11

Diluted earnings per common share
Net income attributable to Quaker Chemical Corporation	$	29,534	$	19,816
Less: income allocated to participating securities	(145)		(78)
Net income available to common shareholders	$	29,389	$	19,738
Basic weighted average common shares outstanding	17,866,670		17,826,061
Effect of dilutive securities	32,076		25,798
Diluted weighted average common shares outstanding	17,898,746		17,851,859
Diluted earnings per common share	$	1.64	$	1.11

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 15,327 and 12,260 for the three months ended March 31, 2023 and 2022, respectively.

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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. The Company continually evaluates financial performance, economic conditions and other recent developments, including rising interest rates and the cost of capital among other factors, in assessing if a triggering event indicates that the carrying values of goodwill, indefinite-lived, or long-lived assets are impaired. The Company concluded that during the first quarter the ongoing financial, economic or geopolitical conditions did not represent a triggering event.

In connection with the Company’s reorganization and the associated change in reportable segments and reporting units during the first quarter of 2023, the Company performed the required impairment assessments directly before and immediately after the change in reporting units and concluded that it was not more likely than not that the fair values of any of the Company’s previous or new reporting units were less than its carrying amount.

Changes in the carrying amount of goodwill were as follows. Prior period information has been recast to reflect the Company’s current period reportable segments. See Note 1 of Notes to Condensed Consolidated Financial Statements.


	Americas		EMEA		Asia/Pacific		Global Specialty Businesses		Total
Balance as of December 31, 2022	$	215,899	$	34,567	$	150,375	$	114,167	$	515,008
Reallocation of reporting units	63,697		31,711		18,759		(114,167)		—
Balance as of January 1, 2023	279,596		66,278		169,134		—		515,008
Goodwill additions (reductions)	—		—		—		—		—
Currency translation adjustments	1,773		(116)		541		—		2,198
Balance as of March 31, 2023	$	281,369	$	66,162	$	169,675	$	—	$	517,206

Gross carrying amounts and accumulated amortization for definite-lived intangible assets were as follows:


	Gross Carrying Amount				Accumulated Amortization				Net Book Value
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Customer lists and rights to sell	$	839,280	$	831,600	$	205,800	$	191,286	$	633,480	$	640,314
Trademarks, formulations and product technology	160,149		158,564		48,856		46,281		111,293		112,283
Other	6,168		7,576		5,848		6,390		320		1,186
Total definite-lived intangible assets	$	1,005,597	$	997,740	$	260,504	$	243,957	$	745,093	$	753,783

The Company amortizes definite-lived intangible assets on a straight-line basis over their useful lives. The Company recorded amortization expense as follows:


	Three Months Ended March 31,
	2023		2022
Amortization expense	$	14,513	$	14,553

Estimated annual aggregate amortization expense for the current year and subsequent five years and beyond is as follows:


For the remainder of 2023	$	43,829
For the year ended December 31, 2024	57,734
For the year ended December 31, 2025	56,953
For the year ended December 31, 2026	56,708
For the year ended December 31, 2027	56,410

As of March 31, 2023 and December 31, 2022, the Company had indefinite-lived intangible assets for trademarks and tradenames totaling $191.3 million and $189.1 million, respectively.

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

The following table sets forth the components of the Company’s debt:


	As of March 31, 2023			As of December 31, 2022
	Interest Rate	Outstanding Balance		Interest Rate	Outstanding Balance
Credit Facilities:
Revolver	6.0%	$	185,897	5.2%	$	195,673
U.S. Term Loan	6.3%	592,500		5.7%	596,250
Euro Term Loan	4.1%	153,072		3.1%	151,572
Industrial development bonds	5.3%	10,000		5.3%	10,000
Bank lines of credit and other debt obligations	Various	1,317		Various	1,303
Total debt		$	942,786		$	954,798
Less: debt issuance costs		(1,881)			(1,992)
Less: short-term and current portion of long-term debts		(19,350)			(19,245)
Total long-term debt		$	921,555		$	933,561

Credit facilitiesDuring June 2022, the Company, and its wholly owned subsidiary, Quaker Houghton B.V., as borrowers, Bank of America, N.A., as administrative agent, U.S. Dollar swing line lender and letter of credit issuer, Bank of America Europe Designated Active Company, as Euro Swing Line Lender, certain guarantors and other lenders entered into an amendment to its primary credit facility. The amended credit facility (the “Credit Facility”) established (A) a $150.0 million Euro equivalent senior secured term loan (the “Euro Term Loan”), (B) a $600.0 million senior secured term loan (the “U.S. Term Loan”), and (C) a $500.0 million senior secured revolving credit facility (the “Revolver”), each maturing in June 2027. The Company has the right to increase the amount of the Credit Facility by an aggregate amount not to exceed the greater of $300.0 million or 100% of Consolidated EBITDA, subject to certain conditions including the agreement to provide financing by any lender providing such increase.

As of March 31, 2023, the Company was in compliance with all of the Credit Facility covenants. See Note 20 of Notes to Consolidated Financial Statements in the Company’s 2022 Form 10-K.

The weighted average variable interest rate incurred on the outstanding borrowings under the Credit Facility during the three months ended March 31, 2023 was approximately 5.8%. As of March 31, 2023, the interest rate on the outstanding borrowings under the Credit Facility was approximately 5.9%. As part of the Credit Facility, in addition to paying interest on outstanding principal, the Company is also required to pay an annual commitment fee ranging from 0.150% to 0.275% related to unutilized commitments under the Revolver, depending on the Company’s consolidated net leverage ratio. The Company had unused capacity under the Revolver of approximately $311 million, which is net of bank letters of credit of approximately $3 million, as of March 31, 2023.

In order to manage the Company’s exposure to variable interest rate risk associated with the Credit Facility, in the first quarter of 2023, the Company entered into $300.0 million notional amounts of three year interest rate swaps to convert a portion of the Company’s variable rate borrowings to an average fixed rate of 3.64% plus an applicable margin as provided in the Credit Facility based on the Company’s consolidated net leverage ratio. As of March 31, 2023, the aggregate interest rate on the swaps, including the fixed base rate plus the applicable margin, was 5.2%. See Note 17 of Notes to Condensed Consolidated Financial Statements.

In connection with executing the original credit facility in 2019 and the amended Credit Facility during the second quarter of 2022, the Company capitalized an aggregate of $2.2 million of certain third-party and creditor debt issuance costs. Approximately $0.7 million of the capitalized costs were attributed to the Euro Term Loan and U.S. Term Loan. These costs were recorded as a direct reduction of Long-term debt on the Condensed Consolidated Balance Sheet. Approximately $1.5 million of the capitalized costs were attributed to the Revolver and recorded within Other assets on the Condensed Consolidated Balance Sheet. These capitalized costs will collectively be amortized into Interest expense over the five year term of the Credit Facility. As of March 31, 2023, the Company had $1.9 million of debt issuance costs recorded as a reduction of Long-term debt on the Condensed Consolidated Balance Sheet and $4.1 million of debt issuance costs recorded within Other assets on the Condensed Consolidated Balance Sheet. Comparatively, 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 Condensed Consolidated Balance Sheet and $4.3 million of debt issuance costs recorded within Other assets on the Condensed Consolidated Balance Sheet.

Industrial development bonds

As of March 31, 2023 and December 31, 2022, the Company had fixed rate, industrial development authority bonds totaling $10.0 million in principal amount due in 2028. These bonds have similar covenants to the Credit Facility noted above.

Bank lines of credit and other debt obligations

The Company has certain unsecured bank lines of credit and discounting facilities in certain foreign subsidiaries, which are not collateralized. The Company’s other debt obligations primarily consist of certain domestic and foreign low interest rate or interest-free municipality-related loans, local credit facilities of certain foreign subsidiaries, and capital lease obligations. Total unused capacity under these arrangements as of March 31, 2023 was approximately $35 million.

In addition to the bank letters of credit described in the “Credit facilities” subsection above, the Company’s other off-balance sheet arrangements include certain financial and other guarantees. The Company’s total bank letters of credit and guarantees outstanding as of March 31, 2023 were approximately $5 million.

Interest expense, net

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


	Three Months Ended March 31,
	2023		2022
Interest expense	$	13,876	$	4,746
Amortization of debt issuance costs	353		1,187
Total	$	14,229	$	5,933

Based on the variable interest rates associated with the Credit Facility, as of March 31, 2023 and as of December 31, 2022, the amounts at which the Company’s total debt were recorded are not materially different from their fair market value.

- 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.

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+ Details

Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income

The following tables show the reclassifications from and resulting balances of accumulated other comprehensive income (“AOCI”):


	Currency Translation Adjustments		Defined Benefit Pension Plans		Unrealized (Loss) Gain in Available-for- Sale Securities		Derivative Instruments		Total
Balance as of December 31, 2022	$	(132,161)	$	(4,595)	$	(1,484)	$	—	$	(138,240)
Other comprehensive income (loss) before reclassifications	14,465		(243)		462		506		15,190
Amounts reclassified from AOCI	—		76		(40)		—		36
Related tax amounts	—		41		(88)		(116)		(163)
Balance as of March 31, 2023	$	(117,696)	$	(4,721)	$	(1,150)	$	390	$	(123,177)

Balance as of December 31, 2021	$	(49,843)	$	(13,172)	$	397	$	(1,372)	$	(63,990)
Other comprehensive (loss) income before reclassifications	(6,867)		432		(1,277)		1,429		(6,283)
Amounts reclassified from AOCI	—		229		11		—		240
Related tax amounts	—		(165)		266		(329)		(228)
Balance as of March 31, 2022	$	(56,710)	$	(12,676)	$	(603)	$	(272)	$	(70,261)

All reclassifications related to unrealized (loss) gain in available-for-sale securities relate to the Company’s equity interest in a captive insurance company and are recorded in equity in net income of associated companies. The amounts reported in other comprehensive income for noncontrolling interest are related to currency translation adjustments.

- 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 Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company has valued its company-owned life insurance policies at fair value. The fair values of Company-owned life insurance assets are based on quotes for like instruments with similar credit ratings and terms. These assets are subject to fair value measurement as follows:


	Total Fair Value		Fair Value Measurements as of March 31, 2023 Using Fair Value Hierarchy
Assets			Level 1		Level 2		Level 3
Company-owned life insurance	$	2,204	$	—	$	2,204	$	—
Total	$	2,204	$	—	$	2,204	$	—


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

- 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

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Hedging Activities

The Company’s ongoing business operations expose it to various risks, including fluctuating foreign exchange rates and interest rate risk. To manage these risks, the Company periodically enters into derivative financial instruments, such as foreign exchange forward contracts and interest rate swap agreements. The Company does not hold or enter into financial instruments for trading or speculative purposes.

Foreign Exchange Forward Contracts

A significant portion of the Company’s revenues and earnings are generated by its foreign operations. These foreign operations also represent a significant portion of the Company’s assets and liabilities. Generally, all of these foreign operations use the local currency as their functional currency and many have some operations in currencies other than their functional currency, which creates foreign exchange risk. The Company uses foreign exchange forward contracts to economically hedge the impact of the variability in exchange rates on certain assets and/or liabilities denominated in certain foreign currencies. These forward contracts are marked-to-market at each reporting date. Changes in the fair value of the underlying instrument and settlements are recognized in earnings. The fair value of the forward contract is determined from sources independent of the Company, including the financial institutions which are party to the derivative instruments.

During the three months ended March 31, 2023, the Company entered into and settled forward contracts with an aggregate notional amount totaling $16.0 million, resulting in cash proceeds of $0.3 million. The following table displays the notional amounts of the net foreign exchange hedge positions outstanding:


Currency	March 31, 2023
Mexican Peso	$	18,000

Interest Rate Swaps

These interest rate swaps are designated as cash flow hedges and, as such, the contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in AOCI to the extent effective and reclassified to interest expense in the period during which the transaction affects earnings or it becomes probable that the forecasted transaction will not occur. Interest rate swaps are entered into with a limited number of counterparties, each of which allows 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 are recorded on a net basis within the Condensed Consolidated Balance Sheets.

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

Fair Value

Condensed Consolidated
Balance Sheet Location

March 31,
2023

December 31,
2022

Derivatives designated as cash flow hedges:

Interest rate swaps

Other non-current Assets

506

—

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


		March 31, 2023		December 31, 2022
Derivatives designated as cash flow hedges:
Interest rate swaps	AOCI	$	390	$	—

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


	Location and Amount of Gain (Loss) Recognized in Statements of Operations
		Three Months Ended March 31,
		2023		2022
Interest rate swaps	Interest expense, net	$	—	$	(637)
Foreign exchange forward contracts	Other expense, net	293		—
		$	293	$	(637)

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company previously disclosed in its 2022 Form 10-K that two of the Company’s locations suffered property damages as a result of flooding and electrical fire, respectively. The Company maintains property and flood insurance for all of its locations globally. During the three months ended March 31, 2023, there have been no significant changes to the facts or circumstances of this previously disclosed matter, other than the ongoing work with the Company’s insurance adjuster and insurance carrier regarding the insurance claims submitted. Through March 31, 2023, the Company has received cumulative payments from its insurers of $5.7 million associated with these events. During the three months ended March 31, 2023, the Company recognized a gain on insurance recoveries of $0.8 million. See Note 10 of Notes to the Condensed Consolidated Financial Statements.As previously disclosed in its 2022 Form 10-K, the Company is party to certain environmental matters and other litigation. See Note 26 of Notes to Consolidated Financial Statements in the Company’s 2022 Form 10-K. During the three months ended March 31, 2023, there have been no significant changes to the facts or circumstances of any of the previously disclosed matters. In addition, during the three months ended March 31, 2023, there are no new environmental matters or litigation that the Company believes will have a material adverse effect on the Company’s results of operations, cash flows or financial condition. Although there can be no assurance regarding the outcome of any of the ongoing environmental matters or litigation the Company is party to, the Company believes that it has made adequate accruals for costs and liabilities associated with environmental matters or provisions for ongoing litigation for which it is aware. The Company has accrued approximately $6 million as of both March 31, 2023 and December 31, 2022, respectively, for these ongoing matters.

Basis of Presentation and Description of Business (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements included herein are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial reporting and the United States Securities and Exchange Commission (“SEC”) regulations. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the financial statements reflect all adjustments consisting only of normal recurring adjustments, which are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods. The results for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”). During the first quarter of 2023, the Company reorganized its executive management team to align with its new business structure. The Company’s new structure includes three reportable segments: (i) Americas; (ii) Europe, Middle East and Africa (“EMEA”); and (iii) Asia/Pacific. Prior to the Company’s reorganization, the Company’s historical reportable segments were: (i) Americas; (ii) EMEA; (iii) Asia/Pacific; and (iv) Global Specialty Businesses. Prior period information has been recast to align with the Company’s business structure as of January 1, 2023, including reportable segments, customer industry disaggregation, and goodwill. See Notes 4, 5, and 13 of Notes to Condensed Consolidated Financial Statements.
Hyper-inflationary economies	Hyper-inflationary economies Argentina’s and Türkiye’s economies were considered hyper-inflationary under U.S. GAAP effective July 1, 2018 and April 1, 2022, respectively. As of, and for the three months ended March 31, 2023, the Company's Argentine and Turkish subsidiaries represented a combined 1% and 2% of the Company’s consolidated total assets and net sales, respectively. During the three months ended March 31, 2023, the Company recorded $0.5 million of remeasurement losses associated with the applicable currency conversions related to Argentina and Türkiye. Comparatively, during the three months ended March 31, 2022, the Company recorded $0.2 million of remeasurement losses associated with the applicable currency conversions related to Argentina. These losses were recorded within foreign exchange losses, net, which is a component of Other expense, net, in the Company’s Condensed Consolidated Statements of Operations.

Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting, Measurement Disclosures [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents information about the performance of the Company’s reportable segments:


	Three Months Ended March 31,
	2023		2022
Net sales
Americas	$	251,413	$	212,091
EMEA	152,449		146,819
Asia/Pacific	96,286		115,261
Total net sales	$	500,148	$	474,171

Segment operating earnings
Americas	$	66,125	$	45,022
EMEA	27,571		23,247
Asia/Pacific	27,652		24,501
Total segment operating earnings	121,348		92,770
Combination, integration and other acquisition-related expenses	—		(4,053)
Restructuring and related charges, net	(3,972)		(820)
Non-operating and administrative expenses	(51,771)		(43,305)
Depreciation of corporate assets and amortization	(15,676)		(15,189)
Operating income	49,929		29,403
Other expense, net	(2,239)		(2,206)
Interest expense, net	(13,242)		(5,345)
Income before taxes and equity in net income of associated companies	$	34,448	$	21,852


	Three Months Ended March 31,
	2023	2022
Americas	2,827	3,056
EMEA	6,093	12,176
Asia/Pacific	59	297

Net Sales and Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Three Months Ended March 31, 2023
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	68,134	$	39,103	$	46,660	$	153,897
Metalworking and other	183,279		113,346		49,626		346,251


	$	251,413	$	152,449	$	96,286	$	500,148

Timing of Revenue Recognized
Product sales at a point in time	$	240,481	$	141,506	$	93,923	$	475,910
Services transferred over time	10,932		10,943		2,363		24,238
	$	251,413	$	152,449	$	96,286	$	500,148


	Three Months Ended March 31, 2022
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	55,317	$	36,793	$	55,682	$	147,792
Metalworking and other	156,774		110,026		59,579		326,379



	$	212,091	$	146,819	$	115,261	$	474,171

Timing of Revenue Recognized
Product sales at a point in time	$	201,775	$	136,803	$	112,548	$	451,126
Services transferred over time	10,316		10,016		2,713		23,045
	$	212,091	$	146,819	$	115,261	$	474,171

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Lease, Cost

The components of the Company’s lease expense are as follows:


	Three Months Ended March 31,
	2023		2022
Operating lease expense	$	3,936	$	3,409
Short-term lease expense	211		219

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


	Three Months Ended March 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,857	$	3,365
Non-cash lease liabilities activity:
Leased assets obtained in exchange for new operating lease liabilities	2,833		4,689

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


	March 31, 2023			December 31, 2022
Right of use lease assets	$	43,344		$	43,766

Other current liabilities	12,652			12,024
Long-term lease liabilities	26,086			26,967
Total operating lease liabilities	$	38,738		$	38,991

Weighted average remaining lease term (years)	4.96			5.10
Weighted average discount rate	4.50		%	4.36		%

Lessee, Operating Lease, Liability, Maturity

Maturities of operating lease liabilities were as follows:


	March 31, 2023
For the remainder of 2023	$	10,749
For the year ended December 31, 2024	11,784
For the year ended December 31, 2025	7,740
For the year ended December 31, 2026	5,614
For the year ended December 31, 2027	2,616
For the year ended December 31, 2028 and beyond	5,496
Total lease payments	43,999
Less: imputed interest	(5,261)
Present value of lease liabilities	$	38,738

Restructuring and Related Activities (Tables)

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

Changes in the Company’s accruals for its restructuring programs are as follows:


	Restructuring Programs
Accrued restructuring as of December 31, 2022	$	5,483
Restructuring and related charges, net	3,972
Cash payments	(2,747)
Currency translation adjustments	101
Accrued restructuring as of March 31, 2023	$	6,809

Share Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Cost by Plan

The Company recognized the following share-based compensation expense in its Condensed Consolidated Statements of Operations:


	Three Months Ended March 31,
	2023		2022
Stock options	$	431	$	267
Non-vested stock awards and restricted stock units	2,171		1,548
Director stock ownership plan	10		24
Performance stock units	915		623
Total share-based compensation expense	$	3,527	$	2,462

Schedule of Monte Carlo option pricing model and the assumptions

The grant-date fair value of the PSUs valued using a Monte Carlo simulation, which included the following assumptions set forth in the table below:


			2023 Grants
Number of PSUs granted			15,707
Risk-free interest rate			3.85%
Dividend yield			0.96%
Expected term (years)			3.0

Pension and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2023

Retirement Benefits, Description [Abstract]

Schedule of Net Benefit Costs

The components of net periodic benefit (income) cost are as follows:


	Three Months Ended March 31,
	Pension Benefits				Other Postretirement Benefits
	2023		2022		2023		2022
Service cost	$	104	$	180	$	—	$	(8)
Interest cost	2,455		1,360		19		9
Expected return on plan assets	(1,997)		(2,084)		—		—
Actuarial loss (gain) amortization	101		257		(30)		(24)
Prior service cost (income) amortization	8		2		(4)		1
Net periodic benefit (income) cost	$	671	$	(285)	$	(15)	$	(22)

Other expense, net (Tables)

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense)

The components of Other expense, net are as follows:


	Three Months Ended March 31,
	2023		2022
Income from third party license fees	$	325	$	404
Foreign exchange losses, net	(3,326)		(1,905)

Non-income tax refunds and other related credits (expense)	360		(1,322)
Pension and postretirement benefit (costs) income, non-service components	(552)		479


Facility remediation recovery, net	827		—
Other non-operating income, net	127		138
Total other expense, net	$	(2,239)	$	(2,206)

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes earnings per share calculations:


	Three Months Ended March 31,
	2023		2022
Basic earnings per common share
Net income attributable to Quaker Chemical Corporation	$	29,534	$	19,816
Less: income allocated to participating securities	(145)		(78)
Net income available to common shareholders	$	29,389	$	19,738
Basic weighted average common shares outstanding	17,866,670		17,826,061
Basic earnings per common share	$	1.64	$	1.11

Diluted earnings per common share
Net income attributable to Quaker Chemical Corporation	$	29,534	$	19,816
Less: income allocated to participating securities	(145)		(78)
Net income available to common shareholders	$	29,389	$	19,738
Basic weighted average common shares outstanding	17,866,670		17,826,061
Effect of dilutive securities	32,076		25,798
Diluted weighted average common shares outstanding	17,898,746		17,851,859
Diluted earnings per common share	$	1.64	$	1.11

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill


	Americas		EMEA		Asia/Pacific		Global Specialty Businesses		Total
Balance as of December 31, 2022	$	215,899	$	34,567	$	150,375	$	114,167	$	515,008
Reallocation of reporting units	63,697		31,711		18,759		(114,167)		—
Balance as of January 1, 2023	279,596		66,278		169,134		—		515,008
Goodwill additions (reductions)	—		—		—		—		—
Currency translation adjustments	1,773		(116)		541		—		2,198
Balance as of March 31, 2023	$	281,369	$	66,162	$	169,675	$	—	$	517,206

Schedule of Finite-Lived Intangible Assets

Gross carrying amounts and accumulated amortization for definite-lived intangible assets were as follows:


	Gross Carrying Amount				Accumulated Amortization				Net Book Value
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Customer lists and rights to sell	$	839,280	$	831,600	$	205,800	$	191,286	$	633,480	$	640,314
Trademarks, formulations and product technology	160,149		158,564		48,856		46,281		111,293		112,283
Other	6,168		7,576		5,848		6,390		320		1,186
Total definite-lived intangible assets	$	1,005,597	$	997,740	$	260,504	$	243,957	$	745,093	$	753,783

Finite-lived Intangible Assets Amortization Expense

The Company recorded amortization expense as follows:


	Three Months Ended March 31,
	2023		2022
Amortization expense	$	14,513	$	14,553

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated annual aggregate amortization expense for the current year and subsequent five years and beyond is as follows:


For the remainder of 2023	$	43,829
For the year ended December 31, 2024	57,734
For the year ended December 31, 2025	56,953
For the year ended December 31, 2026	56,708
For the year ended December 31, 2027	56,410

Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table sets forth the components of the Company’s debt:


	As of March 31, 2023			As of December 31, 2022
	Interest Rate	Outstanding Balance		Interest Rate	Outstanding Balance
Credit Facilities:
Revolver	6.0%	$	185,897	5.2%	$	195,673
U.S. Term Loan	6.3%	592,500		5.7%	596,250
Euro Term Loan	4.1%	153,072		3.1%	151,572
Industrial development bonds	5.3%	10,000		5.3%	10,000
Bank lines of credit and other debt obligations	Various	1,317		Various	1,303
Total debt		$	942,786		$	954,798
Less: debt issuance costs		(1,881)			(1,992)
Less: short-term and current portion of long-term debts		(19,350)			(19,245)
Total long-term debt		$	921,555		$	933,561

Interest Income and Interest Expense Disclosure

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


	Three Months Ended March 31,
	2023		2022
Interest expense	$	13,876	$	4,746
Amortization of debt issuance costs	353		1,187
Total	$	14,229	$	5,933

Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables show the reclassifications from and resulting balances of accumulated other comprehensive income (“AOCI”):


	Currency Translation Adjustments		Defined Benefit Pension Plans		Unrealized (Loss) Gain in Available-for- Sale Securities		Derivative Instruments		Total
Balance as of December 31, 2022	$	(132,161)	$	(4,595)	$	(1,484)	$	—	$	(138,240)
Other comprehensive income (loss) before reclassifications	14,465		(243)		462		506		15,190
Amounts reclassified from AOCI	—		76		(40)		—		36
Related tax amounts	—		41		(88)		(116)		(163)
Balance as of March 31, 2023	$	(117,696)	$	(4,721)	$	(1,150)	$	390	$	(123,177)

Balance as of December 31, 2021	$	(49,843)	$	(13,172)	$	397	$	(1,372)	$	(63,990)
Other comprehensive (loss) income before reclassifications	(6,867)		432		(1,277)		1,429		(6,283)
Amounts reclassified from AOCI	—		229		11		—		240
Related tax amounts	—		(165)		266		(329)		(228)
Balance as of March 31, 2022	$	(56,710)	$	(12,676)	$	(603)	$	(272)	$	(70,261)

Fair Value Measurements (Table)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets Subject to Fair Value Measurements

These assets are subject to fair value measurement as follows:


	Total Fair Value		Fair Value Measurements as of March 31, 2023 Using Fair Value Hierarchy
Assets			Level 1		Level 2		Level 3
Company-owned life insurance	$	2,204	$	—	$	2,204	$	—
Total	$	2,204	$	—	$	2,204	$	—


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

Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table displays the notional amounts of the net foreign exchange hedge positions outstanding:


Currency	March 31, 2023
Mexican Peso	$	18,000

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

Condensed Consolidated
Balance Sheet Location

March 31,
2023

December 31,
2022

Derivatives designated as cash flow hedges:

Interest rate swaps

Other non-current Assets

506

—

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


		March 31, 2023		December 31, 2022
Derivatives designated as cash flow hedges:
Interest rate swaps	AOCI	$	390	$	—

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


	Location and Amount of Gain (Loss) Recognized in Statements of Operations
		Three Months Ended March 31,
		2023		2022
Interest rate swaps	Interest expense, net	$	—	$	(637)
Foreign exchange forward contracts	Other expense, net	293		—
		$	293	$	(637)

Basis of Presentation and Description of Business (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) segment country	Mar. 31, 2022 USD ($)
Number of reportable segments \| segment	3
Number of countries in which entity operates \| country	25
Argentina \| ARGENTINA
Currency conversion impacts of hyper-inflationary accounting		$ 0.2
Argentina \| Argentine and Turkish subsidiaries
Currency conversion impacts of hyper-inflationary accounting	$ 0.5
Assets Total \| Argentina \| Argentine and Turkish subsidiaries \| Geographic Concentration Risk
Concentration risk percentage	1.00%
Sales Revenue Net \| Argentina \| Argentine and Turkish subsidiaries \| Geographic Concentration Risk
Concentration risk percentage	2.00%

Business Acquisitions - Narrative (Details) € in Millions, $ in Millions	1 Months Ended					3 Months Ended
	Oct. 31, 2022 USD ($)	Oct. 31, 2022 EUR (€)	Jan. 31, 2022 USD ($)	Jan. 31, 2022 EUR (€)	Nov. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Cash transferred to Houghton shareholders					$ 7.1
Maximum
Business Acquisition [Line Items]
Earnouts					4.5
Assets Related To Sealing And Impregnation Of Metal Castings
Business Acquisition [Line Items]
Asset acquisition, consideration transferred			$ 1.4	€ 1.2
Business Related to Pickling and Rinsing Products and Services
Business Acquisition [Line Items]
Purchase price	$ 3.5	€ 3.5
Business Related To Pickling Inhibitor Technologies
Business Acquisition [Line Items]
Purchase price			$ 8.0
Purchase accounting adjustments						$ 0.1
Baron Industries
Business Acquisition [Line Items]
Purchase price					$ 11.0
Earnouts							$ 1.6
Post closing adjustment including earnouts						$ 0.1
Coral Chemical Company (Coral) \| Maximum
Business Acquisition [Line Items]
Loss contingency, estimate of possible loss							1.5
Coral Chemical Company (Coral) \| Minimum
Business Acquisition [Line Items]
Loss contingency, estimate of possible loss							$ 0.0

Business Segments - Narrative (Details)	3 Months Ended
Business Segments - Narrative (Details)	Mar. 31, 2023 segment
Segment Reporting, Measurement Disclosures [Abstract]
Number of reportable segments	3

Business Segments - Performance of reportable segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 500,148	$ 474,171
Combination, integration and other acquisition-related expenses	0	(4,053)
Restructuring and related charges, net	(3,972)	(820)
Non-operating and administrative expenses	(51,771)	(43,305)
Depreciation of corporate assets and amortization	(15,676)	(15,189)
Operating income	49,929	29,403
Other expense, net	(2,239)	(2,206)
Interest expense, net	(13,242)	(5,345)
Income before taxes and equity in net income of associated companies	34,448	21,852
Operating Segments
Segment Reporting Information [Line Items]
Net sales	500,148	474,171
Segment operating earnings	121,348	92,770
Operating Segments \| Americas
Segment Reporting Information [Line Items]
Net sales	251,413	212,091
Segment operating earnings	66,125	45,022
Operating Segments \| EMEA
Segment Reporting Information [Line Items]
Net sales	152,449	146,819
Segment operating earnings	27,571	23,247
Operating Segments \| Asia/Pacific
Segment Reporting Information [Line Items]
Net sales	96,286	115,261
Segment operating earnings	27,652	24,501
Intersegment Sales Elimination \| Americas
Segment Reporting Information [Line Items]
Net sales	2,827	3,056
Intersegment Sales Elimination \| EMEA
Segment Reporting Information [Line Items]
Net sales	6,093	12,176
Intersegment Sales Elimination \| Asia/Pacific
Segment Reporting Information [Line Items]
Net sales	$ 59	$ 297

Net Sales and Revenue Recognition - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Concentration Risk [Line Items]
Revenue recognized under net reporting arrangements	$ 20.7	$ 19.8
Deferred revenue	$ 3.5		$ 5.7
Number of reportable segments \| segment	3
Customer Concentration Risk \| Sales Revenue Net \| Top Five Customers
Concentration Risk [Line Items]
Concentration risk percentage			11.00%
Customer Concentration Risk \| Sales Revenue Net \| Largest customer
Concentration Risk [Line Items]
Concentration risk percentage			3.00%

Net Sales and Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Product Information [Line Items]
Net sales	$ 500,148	$ 474,171
Operating Segments
Product Information [Line Items]
Net sales	500,148	474,171
Operating Segments \| Product sales at a point in time
Product Information [Line Items]
Net sales	475,910	451,126
Operating Segments \| Services transferred over time
Product Information [Line Items]
Net sales	24,238	23,045
Operating Segments \| Metals
Product Information [Line Items]
Net sales	153,897	147,792
Operating Segments \| Metalworking and other
Product Information [Line Items]
Net sales	346,251	326,379
Operating Segments \| Americas
Product Information [Line Items]
Net sales	251,413	212,091
Operating Segments \| Americas \| Product sales at a point in time
Product Information [Line Items]
Net sales	240,481	201,775
Operating Segments \| Americas \| Services transferred over time
Product Information [Line Items]
Net sales	10,932	10,316
Operating Segments \| Americas \| Metals
Product Information [Line Items]
Net sales	68,134	55,317
Operating Segments \| Americas \| Metalworking and other
Product Information [Line Items]
Net sales	183,279	156,774
Operating Segments \| EMEA
Product Information [Line Items]
Net sales	152,449	146,819
Operating Segments \| EMEA \| Product sales at a point in time
Product Information [Line Items]
Net sales	141,506	136,803
Operating Segments \| EMEA \| Services transferred over time
Product Information [Line Items]
Net sales	10,943	10,016
Operating Segments \| EMEA \| Metals
Product Information [Line Items]
Net sales	39,103	36,793
Operating Segments \| EMEA \| Metalworking and other
Product Information [Line Items]
Net sales	113,346	110,026
Operating Segments \| Asia/Pacific
Product Information [Line Items]
Net sales	96,286	115,261
Operating Segments \| Asia/Pacific \| Product sales at a point in time
Product Information [Line Items]
Net sales	93,923	112,548
Operating Segments \| Asia/Pacific \| Services transferred over time
Product Information [Line Items]
Net sales	2,363	2,713
Operating Segments \| Asia/Pacific \| Metals
Product Information [Line Items]
Net sales	46,660	55,682
Operating Segments \| Asia/Pacific \| Metalworking and other
Product Information [Line Items]
Net sales	$ 49,626	$ 59,579

Leases - Narrative (Details) - USD ($)	3 Months Ended
Leases - Narrative (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Variable lease cost	$ 0	$ 0
Sublease income	$ 0	$ 0
Facilities vehicles and machinery and equipment
Lessee, Lease, Description [Line Items]
Remaining lease terms	9 years
Land
Lessee, Lease, Description [Line Items]
Remaining lease terms	92 years

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Lease, Cost [Abstract]
Operating lease expense	$ 3,936	$ 3,409
Short-term lease expense	211	219
Supplemental cash flow information related to leases
Operating cash flows from operating leases	3,857	3,365
Leased assets obtained in exchange for new operating lease liabilities	2,833	$ 4,689
Supplemental balance sheet information
Right of use lease assets	43,344		$ 43,766
Other current liabilities	12,652		12,024
Long-term lease liabilities	26,086		26,967
Total operating lease liabilities	$ 38,738		$ 38,991
Weighted average remaining lease term (years)	4 years 11 months 15 days		5 years 1 month 6 days
Weighted average discount rate	4.50%		4.36%

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
For the remainder of 2023	$ 10,749
For the year ended December 31, 2024	11,784
For the year ended December 31, 2025	7,740
For the year ended December 31, 2026	5,614
For the year ended December 31, 2027	2,616
For the year ended December 31, 2028 and beyond	5,496
Total lease payments	43,999
Less: imputed interest	(5,261)
Present value of lease liabilities	$ 38,738	$ 38,991

Restructuring and Related Activities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) position	Mar. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated \| position	75
Restructuring Reserve [Roll Forward]
Restructuring and related charges, net	$ 3,972	$ 820
Restructuring Charges
Restructuring Reserve [Roll Forward]
Accrued restructuring, beginning balance	5,483
Restructuring and related charges, net	3,972
Cash payments	(2,747)
Currency translation adjustments	101
Accrued restructuring, ending balance	$ 6,809

Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 3,527	$ 2,462
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	431	267
Non-vested stock awards and restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	2,171	1,548
Director stock ownership plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	10	24
Performance stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 915	$ 623

Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 3,527	$ 2,462
Combination And Other Acquisition-Related
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	100
Share-based Payment Arrangement, Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation expense, options	$ 900
Weighted average remaining life, nonvested stock awards	1 year 3 months 18 days
Restricted Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted average remaining life, nonvested stock awards	2 years 7 months 6 days
Nonvested stock awards granted (in shares)	29,862
Unrecognized share-based compensation expense, nonvested stock award	$ 10,600
Restricted Stock \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Option award vesting period	1 year
Restricted Stock \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Option award vesting period	3 years
Restricted Stock Units (RSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted average remaining life, nonvested stock awards	1 year 9 months 18 days
Nonvested stock awards granted (in shares)	6,675
Unrecognized share-based compensation expense, nonvested stock award	$ 2,500
Performance stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	915	$ 623
Unrecognized compensation expense, options	$ 9,900
Weighted average remaining life, nonvested stock awards	2 years 7 months 6 days
Vesting shares target lower percent	0.00%
Vesting shares target upper percent	200.00%
Estimated future PSUs issued (in shares)	47,203
Performance stock units \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Option award vesting period	3 years

Share-Based Compensation - Monte Carlo Simulation on Grant Date (Details) - Performance stock units	3 Months Ended
	Mar. 31, 2023 shares
Mote Carlo option pricing model
Number of PSUs granted (in shares)	15,707
Risk-free interest rate	3.85%
Dividend yield	0.96%
Expected term (years)	3 years

Pension and Other Postretirement Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 104	$ 180
Interest cost	2,455	1,360
Expected return on plan assets	(1,997)	(2,084)
Actuarial loss (gain) amortization	101	257
Prior service cost (income) amortization	8	2
Net periodic benefit (income) cost	671	(285)
Other Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	(8)
Interest cost	19	9
Expected return on plan assets	0	0
Actuarial loss (gain) amortization	(30)	(24)
Prior service cost (income) amortization	(4)	1
Net periodic benefit (income) cost	$ (15)	$ (22)

Pension and Other Postretirement Benefits - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 1.0
Expected future employer contributions, remainder of fiscal year	5.3
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	0.1
Expected future employer contributions, remainder of fiscal year	$ 0.2

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Other expense, net (Details) - USD ($) $ in Thousands	3 Months Ended
Other expense, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Income from third party license fees	$ 325	$ 404
Foreign exchange losses, net	(3,326)	(1,905)
Non-income tax refunds and other related credits (expense)	360	(1,322)
Pension and postretirement benefit (costs) income, non-service components	(552)	479
Facility remediation recovery, net	827	0
Other non-operating income, net	127	138
Total other expense, net	$ (2,239)	$ (2,206)

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Income Taxes and Uncertain Income Tax Positions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Examination [Line Items]
Effective tax rate	27.70%	13.10%
Italy \| Houghton \| Foreign Tax Authority
Income Tax Examination [Line Items]
Unrecognized tax benefits reserve	$ 2.6
Indemnification assets	0.2
Tax settlement final amount due to tax authorities	3.7
Cumulative payments for tax settlements	1.1
Unrecognized tax benefits, period increase	3.9
Netherlands and Spain \| Houghton \| Foreign Tax Authority
Income Tax Examination [Line Items]
Indemnification assets	$ 1.6

Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income attributable to Quaker Chemical Corporation	$ 29,534	$ 19,816
Less: income allocated to participating securities	(145)	(78)
Net income available to common shareholders	$ 29,389	$ 19,738
Basic weighted average common shares outstanding (in shares)	17,866,670	17,826,061
Basic earnings per common share (in dollars per share)	$ 1.64	$ 1.11

- 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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- Definition

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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income attributable to Quaker Chemical Corporation	$ 29,534	$ 19,816
Less: income allocated to participating securities	(145)	(78)
Net income available to common shareholders	$ 29,389	$ 19,738
Basic weighted average common shares outstanding (in shares)	17,866,670	17,826,061
Effect of dilutive securities (in shares)	32,076	25,798
Diluted weighted average common shares outstanding (in share)	17,898,746	17,851,859
Net income attributable to Quaker Chemical Corporation common shareholders – diluted (in dollars per share)	$ 1.64	$ 1.11

- 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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+ Details

- Definition

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

+ References

+ Details

- 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 - Earnings per Share Calculations Antidilutive Shares (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Antidilutive shares (in share)	15,327	12,260

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 515,008
Goodwill additions (reductions)	0
Currency translation adjustments	2,198
Ending balance	517,206
Previously Reported
Goodwill [Roll Forward]
Beginning balance	515,008
Reallocation of Reporting Units
Goodwill [Roll Forward]
Reallocation of reporting units	0
Operating Segments \| Advanced solutions
Goodwill [Roll Forward]
Beginning balance	0
Goodwill additions (reductions)	0
Currency translation adjustments	0
Ending balance	0
Operating Segments \| Advanced solutions \| Previously Reported
Goodwill [Roll Forward]
Beginning balance	114,167
Operating Segments \| Advanced solutions \| Reallocation of Reporting Units
Goodwill [Roll Forward]
Reallocation of reporting units	(114,167)
Operating Segments \| Americas
Goodwill [Roll Forward]
Beginning balance	279,596
Goodwill additions (reductions)	0
Currency translation adjustments	1,773
Ending balance	281,369
Operating Segments \| Americas \| Previously Reported
Goodwill [Roll Forward]
Beginning balance	215,899
Operating Segments \| Americas \| Reallocation of Reporting Units
Goodwill [Roll Forward]
Reallocation of reporting units	63,697
Operating Segments \| EMEA
Goodwill [Roll Forward]
Beginning balance	66,278
Goodwill additions (reductions)	0
Currency translation adjustments	(116)
Ending balance	66,162
Operating Segments \| EMEA \| Previously Reported
Goodwill [Roll Forward]
Beginning balance	34,567
Operating Segments \| EMEA \| Reallocation of Reporting Units
Goodwill [Roll Forward]
Reallocation of reporting units	31,711
Operating Segments \| Asia/Pacific
Goodwill [Roll Forward]
Beginning balance	169,134
Goodwill additions (reductions)	0
Currency translation adjustments	541
Ending balance	169,675
Operating Segments \| Asia/Pacific \| Previously Reported
Goodwill [Roll Forward]
Beginning balance	150,375
Operating Segments \| Asia/Pacific \| Reallocation of Reporting Units
Goodwill [Roll Forward]
Reallocation of reporting units	$ 18,759

Goodwill and Other Intangible Assets - Gross Carrying Amounts and Accumulated Amortization for Definite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,005,597	$ 997,740
Accumulated Amortization	260,504	243,957
Net Book Value	745,093	753,783
Customer lists and rights to sell
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	839,280	831,600
Accumulated Amortization	205,800	191,286
Net Book Value	633,480	640,314
Trademarks, formulations and product technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	160,149	158,564
Accumulated Amortization	48,856	46,281
Net Book Value	111,293	112,283
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,168	7,576
Accumulated Amortization	5,848	6,390
Net Book Value	$ 320	$ 1,186

Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 14,513	$ 14,553

Goodwill and Other Intangible Assets - Intangible Assets - Future Amortization (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
For the remainder of 2023	$ 43,829
For the year ended December 31, 2024	57,734
For the year ended December 31, 2025	56,953
For the year ended December 31, 2026	56,708
For the year ended December 31, 2027	$ 56,410

Goodwill and Other Intangible Assets - Indefinite Lived (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Indefinite lived intangible assets	$ 191.3
Houghton Combination
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived trademarks		$ 189.1

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding Balance	$ 942,786	$ 954,798
Less: debt issuance costs	(1,881)	(1,992)
Less: short-term and current portion of long-term debts	(19,350)	(19,245)
Long-term debt	$ 921,555	$ 933,561
Revolver
Debt Instrument [Line Items]
Interest Rate	6.00%	5.20%
Outstanding Balance	$ 185,897	$ 195,673
U.S. Term Loan
Debt Instrument [Line Items]
Interest Rate	6.30%	5.70%
Outstanding Balance	$ 592,500	$ 596,250
Euro Term Loan
Debt Instrument [Line Items]
Interest Rate	4.10%	3.10%
Outstanding Balance	$ 153,072	$ 151,572
Industrial development bonds
Debt Instrument [Line Items]
Interest Rate	5.30%	5.30%
Outstanding Balance	$ 10,000	$ 10,000
Bank lines of credit and other debt obligations
Debt Instrument [Line Items]
Outstanding Balance	$ 1,317	$ 1,303

Debt - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Debt - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022
Houghton environmental matters
Debt Instrument [Line Items]
Loss contingency, estimate of possible loss	$ 6.0	$ 6.0
Interest rate swaps
Debt Instrument [Line Items]
Derivative liability, notional amount	$ 300.0
Derivative term	3 years
Derivative, fixed interest rate	3.64%
Derivative variable interest rate	5.20%
Other Assets
Debt Instrument [Line Items]
Debt issuance costs	$ 4.1	4.3
Euro Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 150.0
Debt issuance costs			0.7
U.S. Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity			600.0
Debt issuance costs			0.7
Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 500.0
Credit faclity as percentage of consolidated EBITDA			100.00%
Borrowings outstanding	311.0
Letters of credit outstanding amount	3.0
Debt issuance costs	$ 1.9	2.0
Revolver \| Other Assets
Debt Instrument [Line Items]
Debt issuance costs			$ 1.5
Amended Credit Facility
Debt Instrument [Line Items]
Maximum increase in borrowing capacity			300.0
Debt issuance costs			$ 2.2
Long-term debt term			5 years
Amended Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.15%
Amended Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.275%
Original Credit Facility and the Amended Credit Facility
Debt Instrument [Line Items]
Long-term debt interest rate	5.80%
Original Credit Facility
Debt Instrument [Line Items]
Long-term debt interest rate	5.90%
Corporate Bond Securities
Debt Instrument [Line Items]
Industrial development revenue bond	$ 10.0	$ 10.0
Bank lines of credit and other debt obligations
Debt Instrument [Line Items]
Letters of credit outstanding amount	5.0
Remaining borrowing capacity	$ 35.0

Debt - Debt related expenses included within Interest expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt related expenses included within Interest expense:
Interest expense	$ 13,876	$ 4,746
Amortization of debt issuance costs	353	1,187
Total	$ 14,229	$ 5,933

Accumulated Other Comprehensive Income - AOCI Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ (138,240)	$ (63,990)
Other comprehensive income (loss) before reclassifications	15,190	(6,283)
Amounts reclassified from AOCI	36	240
Related tax amounts	(163)	(228)
Ending Balance	(123,177)	(70,261)
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(132,161)	(49,843)
Other comprehensive income (loss) before reclassifications	14,465	(6,867)
Amounts reclassified from AOCI	0	0
Related tax amounts	0	0
Ending Balance	(117,696)	(56,710)
Defined Benefit Pension Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(4,595)	(13,172)
Other comprehensive income (loss) before reclassifications	(243)	432
Amounts reclassified from AOCI	76	229
Related tax amounts	41	(165)
Ending Balance	(4,721)	(12,676)
Unrealized (Loss) Gain in Available-for- Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1,484)	397
Other comprehensive income (loss) before reclassifications	462	(1,277)
Amounts reclassified from AOCI	(40)	11
Related tax amounts	(88)	266
Ending Balance	(1,150)	(603)
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	0	(1,372)
Other comprehensive income (loss) before reclassifications	506	1,429
Amounts reclassified from AOCI	0	0
Related tax amounts	(116)	(329)
Ending Balance	$ 390	$ (272)

- 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 Measurements - Assets Subject to Fair Value Measurement (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company-owned life insurance	$ 2,204	$ 2,114
Total	2,204	2,114
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	2,204	2,114
Total	2,204	2,114
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) $ in Millions	3 Months Ended
Hedging Activities - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
Foreign Exchange Forward
Derivative [Line Items]
Derivative liability, notional amount	$ 16.0
Interest rate swaps
Derivative [Line Items]
Derivative liability, notional amount	$ 300.0
Derivative term	3 years
Derivative, fixed interest rate	3.64%
Derivative variable interest rate	5.20%

Hedging Activities - Notional Amounts of Net Foreign Exchange Hedge Positions (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Mexican Peso
Derivative [Line Items]
Notional amount	$ 18,000

Hedging Activities - Balance Sheet Classification and Fair Values (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI to earnings	$ 293	$ (637)
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI to earnings	0	(637)
Other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI to earnings	293	$ 0
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net unrealized loss deferred to AOCI	390		$ 0
Interest rate swaps \| Other non-current Assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value	$ 506		$ 0

Commitments and Contingencies (Details) - Insurance Claims $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Proceeds from insurance settlement	$ 5.7
Gain on insurance recoveries	$ 0.8