0000081362-23-000071 | 10-Q | XBRL Viewer

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Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 14,529	$ 14,102	$ 43,734	$ 43,343

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jeewat Bijlani [Member]
Trading Arrangements, by Individual
Name	Jeewat Bijlani
Title	Executive Vice President, Chief Strategy Officer
Adoption Date	August 31, 2023
Arrangement Duration	243 days
Mr. Bijlani's Trading Arrangement, Common Stock [Member] \| Jeewat Bijlani [Member]
Trading Arrangements, by Individual
Aggregate Available	2,900
Mr. Bijlani's Trading Arrangement, Stock Options [Member] \| Jeewat Bijlani [Member]
Trading Arrangements, by Individual
Aggregate Available	6,338

Recently Issued Accounting Standards	9 Months Ended
Recently Issued Accounting Standards	Sep. 30, 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

Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income attributable to Quaker Chemical Corporation	$ 33,670	$ 25,867	$ 92,550	$ 60,026
Less: income allocated to participating securities	(164)	(115)	(464)	(250)
Net income available to common shareholders	$ 33,506	$ 25,752	$ 92,086	$ 59,776
Basic weighted average common shares outstanding (in shares)	17,908,754	17,847,305	17,889,444	17,835,976
Basic earnings per common share (in dollars per share)	$ 1.87	$ 1.44	$ 5.15	$ 3.35

- 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

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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+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		17,984,916
Entity central index key	0000081362
Current fiscal year end date	--12-31
Document Fiscal Year Focus	2023
Document Period Focus	Q3
Amendment flag	false

Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of September 30, 2023, the Company had open foreign exchange forward contracts with a notional U.S. dollar value of the following:


Currency	September 30, 2023
Mexican Peso	$	41,900
Japanese Yen	4,500
	$	46,400

Schedule of Balance Sheet Classification and Fair Values of Derivative Instruments

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


		Fair Value
	Condensed Consolidated Balance Sheet Location	September 30, 2023		December 31, 2022
Derivatives designated as cash flow hedges:
Interest rate swaps	Other non-current Assets	$	7,538	$	—
Foreign currency forward contracts	Other current liabilities	(564)		$	—
		$	6,974	$	—

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


		September 30, 2023		December 31, 2022
Derivatives designated as cash flow hedges:
Interest rate swaps	AOCI	$	5,804	$	—

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 September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Interest rate swaps	Interest expense, net	$	1,198	$	134	$	2,259	$	(882)
Foreign exchange forward contracts	Other (expense) income, net	(29)		—		2,107		—
		$	1,169	$	134	$	4,366	$	(882)

Income Taxes and Uncertain Income Tax Positions - (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2022
Income Tax Examination [Line Items]
Effective tax rate (as a percent)	30.90%	28.10%	31.10%	19.20%
Italy \| Houghton \| Foreign Tax Authority
Income Tax Examination [Line Items]
Tax settlement final amount due to tax authorities					$ 3.7
Cumulative payments for tax settlements	$ 1.5		$ 1.5
Amount received from an escrow	$ 1.2
Unrecognized tax benefits, period increase			$ 3.2

Goodwill and Other Intangible Assets - Intangible Assets - Future Amortization (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
For the remainder of 2023	$ 13,455
For the year ended December 31, 2024	56,630
For the year ended December 31, 2025	55,942
For the year ended December 31, 2026	55,650
For the year ended December 31, 2027	$ 55,309

Fair Value Measurements - (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023 Using Fair Value Hierarchy
Assets			Level 1		Level 2		Level 3
Company-owned life insurance	$	285	$	—	$	285	$	—
Total	$	285	$	—	$	285	$	—


	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	$	—

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding Balance	$ 825,876	$ 954,798
Less: debt issuance costs	(1,657)	(1,992)
Less: short-term and current portion of long-term debts	(19,246)	(19,245)
Long-term debt	$ 804,973	$ 933,561
Revolver
Debt Instrument [Line Items]
Interest Rate	6.00%	5.20%
Outstanding Balance	$ 82,838	$ 195,673
U.S. Term Loan
Debt Instrument [Line Items]
Interest Rate	6.70%	5.70%
Outstanding Balance	$ 585,000	$ 596,250
Euro Term Loan
Debt Instrument [Line Items]
Interest Rate	5.00%	3.10%
Outstanding Balance	$ 146,918	$ 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	$ 1,120	$ 1,303

Net Sales and Revenue Recognition

9 Months Ended

Sep. 30, 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 $21.6 million and $63.2 million for the three and nine months ended September 30, 2023, respectively, and $21.4 million and $61.7 million for the three and nine months ended September 30, 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, the Company’s five largest customers combined (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 September 30, 2023 or December 31, 2022.

The Company had approximately $2.8 million and $5.7 million of deferred revenue as of September 30, 2023 and December 31, 2022, respectively. For the nine months ended September 30, 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 September 30, 2023
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	67,957	$	32,630	$	49,320	$	149,907
Metalworking and other	177,942		106,990		55,773		340,705


	$	245,899	$	139,620	$	105,093	$	490,612

Timing of Revenue Recognized
Product sales at a point in time	$	235,209	$	128,586	$	102,305	$	466,100
Services transferred over time	10,690		11,034		2,788		24,512
	$	245,899	$	139,620	$	105,093	$	490,612


	Nine Months Ended September 30, 2023
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	204,834	$	104,376	$	144,109	$	453,319
Metalworking and other	545,697		331,226		155,962		1,032,885


	$	750,531	$	435,602	$	300,071	$	1,486,204

Timing of Revenue Recognized
Product sales at a point in time	$	718,187	$	402,508	$	291,740	$	1,412,435
Services transferred over time	32,344		33,094		8,331		73,769
	$	750,531	$	435,602	$	300,071	$	1,486,204


	Three Months Ended September 30, 2022
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	67,943	$	32,748	$	51,341	$	152,032
Metalworking and other	186,735		101,638		51,813		340,186



	$	254,678	$	134,386	$	103,154	$	492,218

Timing of Revenue Recognized
Product sales at a point in time	$	243,699	$	124,566	$	99,929	$	468,194
Services transferred over time	10,979		9,820		3,225		24,024
	$	254,678	$	134,386	$	103,154	$	492,218


	Nine Months Ended September 30, 2022
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	185,784	$	107,163	$	163,239	$	456,186
Metalworking and other	516,796		319,576		166,219		1,002,591


	$	702,580	$	426,739	$	329,458	$	1,458,777

Timing of Revenue Recognized
Product sales at a point in time	$	669,945	$	396,944	$	321,031	$	1,387,920
Services transferred over time	32,635		29,795		8,427		70,857
	$	702,580	$	426,739	$	329,458	$	1,458,777

- 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.

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+ Details

Hedging Activities - Notional Amounts of Net Foreign Exchange Hedge Positions (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Derivative [Line Items]
Notional amount	$ 46,400
Mexican Peso
Derivative [Line Items]
Notional amount	41,900
Japanese Yen
Derivative [Line Items]
Notional amount	$ 4,500

Share-Based Compensation

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Stock options	$	203	$	533	$	837	$	1,269
Non-vested stock awards and restricted stock units	2,429		1,783		7,192		4,998
Director stock ownership plan	30		9		56		53
Performance stock units	1,113		875		3,104		2,314
Total share-based compensation expense	$	3,775	$	3,200	$	11,189	$	8,634

Share-based compensation expense is recorded in SG&A, except for $0.1 million and $0.2 million for the three and nine months ended September 30, 2022, respectively, recorded within Combination, integration and other acquisition-related expenses.

Stock Options

As of September 30, 2023, unrecognized compensation expense related to unvested stock options was $0.5 million, to be recognized over a weighted average remaining period of 0.9 years.

Restricted Stock Awards and Restricted Stock Units

During the nine months ended September 30, 2023, the Company granted 38,894 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 September 30, 2023, unrecognized compensation expense related to the non-vested restricted shares was $8.0 million, to be recognized over a weighted average remaining period of 1.4 years, and unrecognized compensation expense related to non-vested restricted stock units was $1.6 million, to be recognized over a weighted average remaining period of 1.5 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			16,861
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 September 30, 2023, the Company estimates that it will issue 25,613 fully vested shares as of the applicable settlement date for such outstanding PSUs awards. As of September 30, 2023, there was approximately $8.0 million of total unrecognized compensation cost related to PSUs, which the Company expects to recognize over a weighted-average period of 2.2 years.

Business Acquisitions	9 Months Ended
Business Acquisitions	Sep. 30, 2023
Business Combination and Asset Acquisition [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 September 30, 2023, the allocation of the purchase of this acquisition has been finalized. 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 have 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 September 30, 2023, the Company has remaining earn-out liabilities recorded on its Condensed Consolidated Balance Sheet of $1.1 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 nine months 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.

Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 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 at June 30, 2023	$	(130,738)	$	(4,024)	$	91	$	4,563	$	(130,108)
Other comprehensive (loss) income before Reclassifications	(25,501)		304		(802)		1,612		(24,387)
Amounts reclassified from AOCI	—		71		(4)				67
Related tax amounts	—		(94)		169		(371)		(296)
Balance at September 30, 2023	$	(156,239)	$	(3,743)	$	(546)	$	5,804	$	(154,724)

Balance at June 30, 2022	$	(133,110)	$	(11,269)	$	(1,170)	$	303	$	(145,246)
Other comprehensive (loss) income before Reclassifications	(71,948)		453		(1,006)		(182)		(72,683)
Amounts reclassified from AOCI	—		210		(30)		—		180
Related tax amounts	—		(166)		218		42		94
Balance at September 30, 2022	$	(205,058)	$	(10,772)	$	(1,988)	$	163	$	(217,655)


	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	(24,078)		915		640		7,538		(14,985)
Amounts reclassified from AOCI	—		225		547				772
Related tax amounts	—		(288)		(249)		(1,734)		(2,271)
Balance as of September 30, 2023	$	(156,239)	$	(3,743)	$	(546)	$	5,804	$	(154,724)

Balance as of December 31, 2021	$	(49,843)	$	(13,172)	$	397	$	(1,372)	$	(63,990)
Other comprehensive (loss) income before reclassifications	(155,215)		2,535		(3,326)		1,993		(154,013)
Amounts reclassified from AOCI	—		657		306		—		963
Related tax amounts	—		(792)		635		(458)		(615)
Balance as of September 30, 2022	$	(205,058)	$	(10,772)	$	(1,988)	$	163	$	(217,655)

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 equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Share-Based Compensation - Monte Carlo Simulation on Grant Date (Details) - Performance Stock Units	9 Months Ended
	Sep. 30, 2023 shares
2023 Grants
Number of PSUs granted (in shares)	16,861
Risk-free interest rate	3.85%
Dividend yield	0.96%
Expected term (years)	3 years

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

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


	As of September 30, 2023			As of December 31, 2022
	Interest Rate	Outstanding Balance		Interest Rate	Outstanding Balance
Credit Facilities:
Revolver	6.0%	$	82,838	5.2%	$	195,673
U.S. Term Loan	6.7%	585,000		5.7%	596,250
Euro Term Loan	5.0%	146,918		3.1%	151,572
Industrial development bonds	5.3%	10,000		5.3%	10,000
Bank lines of credit and other debt obligations	Various	1,120		Various	1,303
Total debt		$	825,876		$	954,798
Less: debt issuance costs		(1,657)			(1,992)
Less: short-term and current portion of long-term debts		(19,246)			(19,245)
Total long-term debt		$	804,973		$	933,561

Schedule of Interest Income and Interest Expense Disclosure

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Interest expense	$	12,598	$	9,465	$	40,863	$	20,339
Amortization of debt issuance costs	353		353		1,059		2,589
Total	$	12,951	$	9,818	$	41,922	$	22,928

Goodwill and Other Intangible Assets - Gross Carrying Amounts and Accumulated Amortization for Definite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 988,109	$ 997,740
Accumulated Amortization	285,224	243,957
Net Book Value	702,885	753,783
Customer lists and rights to sell
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	824,893	831,600
Accumulated Amortization	226,956	191,286
Net Book Value	597,937	640,314
Trademarks, formulations and product technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	157,362	158,564
Accumulated Amortization	52,534	46,281
Net Book Value	104,828	112,283
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,854	7,576
Accumulated Amortization	5,734	6,390
Net Book Value	$ 120	$ 1,186

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 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)	18,000,855	17,950,264
Common stock, shares outstanding (in shares)	18,000,855	17,950,264

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Lease, Cost

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease expense	$	3,886	$	3,664	$	11,532	$	10,592
Short-term lease expense	193		201		587		625

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,917	$	3,768	$	11,547	$	10,575
Non-cash lease liabilities activity:
Leased assets obtained in exchange for new operating lease liabilities	2,910		2,599		6,566		10,672

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


	September 30, 2023			December 31, 2022
Right of use lease assets	$	38,595		$	43,766

Other current liabilities	12,113			12,024
Long-term lease liabilities	22,163			26,967
Total operating lease liabilities	$	34,276		$	38,991

Weighted average remaining lease term (years)	4.82			5.10
Weighted average discount rate	4.67		%	4.36		%

Schedule of Lessee, Operating Lease, Liability, Maturity

Maturities of operating lease liabilities were as follows:


	September 30, 2023
For the remainder of 2023	$	3,691
For the year ended December 31, 2024	12,589
For the year ended December 31, 2025	8,417
For the year ended December 31, 2026	6,286
For the year ended December 31, 2027	3,051
For the year ended December 31, 2028 and beyond	5,614
Total lease payments	39,648
Less: imputed interest	(5,372)
Present value of lease liabilities	$	34,276

Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 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 at June 30, 2023	$	(130,738)	$	(4,024)	$	91	$	4,563	$	(130,108)
Other comprehensive (loss) income before Reclassifications	(25,501)		304		(802)		1,612		(24,387)
Amounts reclassified from AOCI	—		71		(4)				67
Related tax amounts	—		(94)		169		(371)		(296)
Balance at September 30, 2023	$	(156,239)	$	(3,743)	$	(546)	$	5,804	$	(154,724)

Balance at June 30, 2022	$	(133,110)	$	(11,269)	$	(1,170)	$	303	$	(145,246)
Other comprehensive (loss) income before Reclassifications	(71,948)		453		(1,006)		(182)		(72,683)
Amounts reclassified from AOCI	—		210		(30)		—		180
Related tax amounts	—		(166)		218		42		94
Balance at September 30, 2022	$	(205,058)	$	(10,772)	$	(1,988)	$	163	$	(217,655)


	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	(24,078)		915		640		7,538		(14,985)
Amounts reclassified from AOCI	—		225		547				772
Related tax amounts	—		(288)		(249)		(1,734)		(2,271)
Balance as of September 30, 2023	$	(156,239)	$	(3,743)	$	(546)	$	5,804	$	(154,724)

Balance as of December 31, 2021	$	(49,843)	$	(13,172)	$	397	$	(1,372)	$	(63,990)
Other comprehensive (loss) income before reclassifications	(155,215)		2,535		(3,326)		1,993		(154,013)
Amounts reclassified from AOCI	—		657		306		—		963
Related tax amounts	—		(792)		635		(458)		(615)
Balance as of September 30, 2022	$	(205,058)	$	(10,772)	$	(1,988)	$	163	$	(217,655)

Net Sales and Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Product Information [Line Items]
Net sales	$ 490,612	$ 492,218	$ 1,486,204	$ 1,458,777
Operating Segments
Product Information [Line Items]
Net sales	490,612	492,218	1,486,204	1,458,777
Operating Segments \| Product sales at a point in time
Product Information [Line Items]
Net sales	466,100	468,194	1,412,435	1,387,920
Operating Segments \| Services transferred over time
Product Information [Line Items]
Net sales	24,512	24,024	73,769	70,857
Operating Segments \| Americas
Product Information [Line Items]
Net sales	245,899	254,678	750,531	702,580
Operating Segments \| Americas \| Product sales at a point in time
Product Information [Line Items]
Net sales	235,209	243,699	718,187	669,945
Operating Segments \| Americas \| Services transferred over time
Product Information [Line Items]
Net sales	10,690	10,979	32,344	32,635
Operating Segments \| EMEA
Product Information [Line Items]
Net sales	139,620	134,386	435,602	426,739
Operating Segments \| EMEA \| Product sales at a point in time
Product Information [Line Items]
Net sales	128,586	124,566	402,508	396,944
Operating Segments \| EMEA \| Services transferred over time
Product Information [Line Items]
Net sales	11,034	9,820	33,094	29,795
Operating Segments \| Asia/Pacific
Product Information [Line Items]
Net sales	105,093	103,154	300,071	329,458
Operating Segments \| Asia/Pacific \| Product sales at a point in time
Product Information [Line Items]
Net sales	102,305	99,929	291,740	321,031
Operating Segments \| Asia/Pacific \| Services transferred over time
Product Information [Line Items]
Net sales	2,788	3,225	8,331	8,427
Operating Segments \| Metals
Product Information [Line Items]
Net sales	149,907	152,032	453,319	456,186
Operating Segments \| Metals \| Americas
Product Information [Line Items]
Net sales	67,957	67,943	204,834	185,784
Operating Segments \| Metals \| EMEA
Product Information [Line Items]
Net sales	32,630	32,748	104,376	107,163
Operating Segments \| Metals \| Asia/Pacific
Product Information [Line Items]
Net sales	49,320	51,341	144,109	163,239
Operating Segments \| Metalworking and other
Product Information [Line Items]
Net sales	340,705	340,186	1,032,885	1,002,591
Operating Segments \| Metalworking and other \| Americas
Product Information [Line Items]
Net sales	177,942	186,735	545,697	516,796
Operating Segments \| Metalworking and other \| EMEA
Product Information [Line Items]
Net sales	106,990	101,638	331,226	319,576
Operating Segments \| Metalworking and other \| Asia/Pacific
Product Information [Line Items]
Net sales	$ 55,773	$ 51,813	$ 155,962	$ 166,219

Fair Value Measurements - Assets Subject to Fair Value Measurement (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Company-owned life insurance	$ 285	$ 2,114
Total	285	2,114
Level 1
Assets
Company-owned life insurance	0	0
Total	0	0
Level 2
Assets
Company-owned life insurance	285	2,114
Total	285	2,114
Level 3
Assets
Company-owned life insurance	0	0
Total	$ 0	$ 0

Condensed Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.455	$ 0.435	$ 0.435	$ 0.435	$ 0.415	$ 0.415	$ 1.325	$ 1.265

Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 3,775	$ 3,200	$ 11,189	$ 8,634
Combination And Other Acquisition-Related
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense		100		200
Share-Based Payment Arrangement, Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation expense, options	500		$ 500
Weighted average remaining life, nonvested stock awards (in years)			10 months 24 days
Restricted Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted average remaining life, nonvested stock awards (in years)			1 year 4 months 24 days
Nonvested stock awards granted (in shares)			38,894
Unrecognized share-based compensation expense, nonvested stock award	8,000		$ 8,000
Restricted Stock \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Option award vesting period (in years)			1 year
Restricted Stock \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Option award vesting period (in years)			3 years
Restricted Stock Units (RSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted average remaining life, nonvested stock awards (in years)			1 year 6 months
Nonvested stock awards granted (in shares)			6,675
Unrecognized share-based compensation expense, nonvested stock award	1,600		$ 1,600
Performance Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	1,113	$ 875	3,104	$ 2,314
Unrecognized compensation expense, options	$ 8,000		$ 8,000
Weighted average remaining life, nonvested stock awards (in years)			2 years 2 months 12 days
Vesting shares target lower (as a percent)			0.00%
Vesting shares target upper (as a percent)			200.00%
Estimated future PSUs issued (in shares)	25,613		25,613
Performance Stock Units \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Option award vesting period (in years)			3 years

Other (expense) income, net

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Other (expense) income, net

The components of Other (expense) income, net are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Income from third party license fees	$	245	$	253	$	891	$	906
Foreign exchange losses, net	(2,498)		(1,928)		(10,049)		(5,859)
(Loss) gain on disposals of property, plant, equipment and other assets, net	(25)		48		(91)		33
Non-income tax refunds and other related credits (expense)	91		122		1,339		(1,617)
Pension and postretirement benefit (costs) income, non-service components	(549)		452		(1,674)		1,406
Facility remediation recoveries, net	—		1,104		1,014		1,104
Loss on extinguishment of debt	—		—		—		(6,763)
Other non-operating income, net	23		34		12		270
Total other (expense) income, net	$	(2,713)	$	85	$	(8,558)	$	(10,520)

Non-income tax refunds and other related credits (expense) during the nine months ended September 30, 2023 and nine months ended September 30, 2022 include adjustments to a Combination-related indemnification asset associated with the settlement of certain income tax audits for tax periods prior to August 1, 2019. See Note 11 of Notes to Condensed Consolidated Financial Statements.

Facility remediation recoveries, net, during the nine months ended September 30, 2023 and the three and nine months ended September 30, 2022, reflect gains recorded on the payments received from insurers related to previously incurred costs from the remediation and restoration of property damage incurred during the three months ended September 30, 2021. See Note 18 of Notes to the Condensed Consolidated Financial Statements.

Loss on extinguishment of debt during the nine months ended September 30, 2022, represents a write-off of certain previously unamortized deferred financing costs as well as a portion of third party and creditor debt issuance costs incurred to execute an amendment to the Company’s primary credit facility. See Note 14 of Notes to Condensed Consolidated Financial Statements.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 198,358	$ 180,963
Accounts receivable, net	446,459	472,888
Inventories
Raw materials and supplies	129,204	151,105
Work-in-process and finished goods	121,566	133,743
Prepaid expenses and other current assets	70,724	55,438
Total current assets	966,311	994,137
Property, plant and equipment, at cost	431,565	428,190
Less: Accumulated depreciation	(235,125)	(229,595)
Property, plant and equipment, net	196,440	198,595
Right of use lease assets	38,595	43,766
Goodwill	504,457	515,008
Other intangible assets, net	890,464	942,925
Investments in associated companies	92,965	88,234
Deferred tax assets	9,569	11,218
Other non-current assets	33,705	27,739
Total assets	2,732,506	2,821,622
Current liabilities
Short-term borrowings and current portion of long-term debt	19,246	19,245
Accounts payable	190,067	193,983
Dividends payable	8,190	7,808
Accrued compensation	43,641	39,834
Accrued restructuring	3,590	5,483
Accrued pension and postretirement benefits	1,574	1,560
Other accrued liabilities	85,799	86,873
Total current liabilities	352,107	354,786
Long-term debt	804,973	933,561
Long-term lease liabilities	22,163	26,967
Deferred tax liabilities	151,606	160,294
Non-current accrued pension and postretirement benefits	27,344	28,765
Other non-current liabilities	33,212	38,664
Total liabilities	1,391,405	1,543,037
Commitments and contingencies (Note 18)
Equity
Common stock $1 par value; authorized 30,000,000 shares; issued and outstanding September 30, 2023 – 18,000,855 shares; December 31, 2022 – 17,950,264 shares	18,001	17,950
Capital in excess of par value	938,473	928,288
Retained earnings	538,628	469,920
Accumulated other comprehensive loss	(154,724)	(138,240)
Total Quaker shareholders’ equity	1,340,378	1,277,918
Noncontrolling interest	723	667
Total equity	1,341,101	1,278,585
Total liabilities and equity	$ 2,732,506	$ 2,821,622

Pension and Other Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2023

Retirement Benefits, Description [Abstract]

Schedule of Net Benefit Costs

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	Pension Benefits				Other Postretirement Benefits				Pension Benefits				Other Postretirement Benefits
	2023		2022		2023		2022		2023		2022		2023		2022
Service cost	$	109	$	166	$	—	$	1	$	320	$	520	$	—	$	1
Interest cost	2,487		1,272		14		8		7,452		3,949		51		19
Expected return on plan assets	(2,033)		(1,942)		—		—		(6,056)		(6,038)		—		—
Actuarial loss (gain) amortization	103		238		(36)		(23)		308		743		(95)		(70)
Prior service cost (income) amortization	18		3		(4)		(8)		26		8		(12)		(17)
Net periodic benefit cost (income)	$	684	$	(263)	$	(26)	$	(22)	$	2,050	$	(818)	$	(56)	$	(67)

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

The Company has operating leases for certain facilities, vehicles and machinery and equipment with remaining lease terms up to 8 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 had no material variable lease costs, sublease income, or finance leases for the three and nine months ended September 30, 2023 and 2022. The components of the Company’s lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease expense	$	3,886	$	3,664	$	11,532	$	10,592
Short-term lease expense	193		201		587		625

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,917	$	3,768	$	11,547	$	10,575
Non-cash lease liabilities activity:
Leased assets obtained in exchange for new operating lease liabilities	2,910		2,599		6,566		10,672

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


	September 30, 2023			December 31, 2022
Right of use lease assets	$	38,595		$	43,766

Other current liabilities	12,113			12,024
Long-term lease liabilities	22,163			26,967
Total operating lease liabilities	$	34,276		$	38,991

Weighted average remaining lease term (years)	4.82			5.10
Weighted average discount rate	4.67		%	4.36		%

Maturities of operating lease liabilities were as follows:


	September 30, 2023
For the remainder of 2023	$	3,691
For the year ended December 31, 2024	12,589
For the year ended December 31, 2025	8,417
For the year ended December 31, 2026	6,286
For the year ended December 31, 2027	3,051
For the year ended December 31, 2028 and beyond	5,614
Total lease payments	39,648
Less: imputed interest	(5,372)
Present value of lease liabilities	$	34,276

Pension and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2023

Retirement Benefits, Description [Abstract]

Pension and Other Postretirement Benefits

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	Pension Benefits				Other Postretirement Benefits				Pension Benefits				Other Postretirement Benefits
	2023		2022		2023		2022		2023		2022		2023		2022
Service cost	$	109	$	166	$	—	$	1	$	320	$	520	$	—	$	1
Interest cost	2,487		1,272		14		8		7,452		3,949		51		19
Expected return on plan assets	(2,033)		(1,942)		—		—		(6,056)		(6,038)		—		—
Actuarial loss (gain) amortization	103		238		(36)		(23)		308		743		(95)		(70)
Prior service cost (income) amortization	18		3		(4)		(8)		26		8		(12)		(17)
Net periodic benefit cost (income)	$	684	$	(263)	$	(26)	$	(22)	$	2,050	$	(818)	$	(56)	$	(67)

In July 2023, one of the Company’s pension plans in the U.K. liquidated approximately $50 million of its invested assets and subsequently funded and entered into an insurance annuity contract, which will provide for the pension plan’s defined benefit obligations to participants.

Employer Contributions

As of September 30, 2023, $3.4 million and $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 $5.2 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Business Segments (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net sales
Americas	$	245,899	$	254,678	$	750,531	$	702,580
EMEA	139,620		134,386		435,602		426,739
Asia/Pacific	105,093		103,154		300,071		329,458
Total net sales	$	490,612	$	492,218	$	1,486,204	$	1,458,777

Segment operating earnings
Americas	$	69,148	$	66,749	$	204,280	$	164,065
EMEA	27,922		15,479		81,076		58,803
Asia/Pacific	30,963		26,723		86,604		76,146
Total segment operating earnings	128,033		108,951		371,960		299,014
Combination, integration and other acquisition-related expenses	—		(2,107)		—		(7,992)
Restructuring and related (charges) credits, net	(1,019)		1,423		(6,034)		604
Non-operating and administrative expenses	(52,280)		(47,852)		(154,001)		(139,894)
Depreciation of corporate assets and amortization	(15,216)		(15,806)		(45,683)		(45,817)
Operating income	59,518		44,609		166,242		105,915
Other (expense) income, net	(2,713)		85		(8,558)		(10,520)
Interest expense, net	(12,781)		(8,389)		(38,744)		(20,228)
Income before taxes and equity in net income of associated companies	$	44,024	$	36,305	$	118,940	$	75,167

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Americas	$	1,772	$	2,702	$	6,778	$	9,200
EMEA	5,161		9,448		18,718		37,259
Asia/Pacific	793		327		1,329		739

Hedging Activities

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Hedging Activities

Hedging ActivitiesThe 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 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 in Other (expense) income, net. The fair value of the forward contract is determined from sources independent of the Company, including the financial institutions which are party to the derivative instruments.

All open foreign exchange forward contracts as of September 30, 2023 were entered into as hedges against the U.S. dollar. As of September 30, 2023, the Company had open foreign exchange forward contracts with a notional U.S. dollar value of the following:


Currency	September 30, 2023
Mexican Peso	$	41,900
Japanese Yen	4,500
	$	46,400

Open foreign exchange forward contracts as of September 30, 2023 had maturities occurring over a period of one month.

Interest Rate Swaps

In order to manage the Company’s exposure to variable interest rate risk associated with the Credit Facility, such as the Secured Overnight Financing Rate (“SOFR”), in the first quarter of 2023, the Company entered into $300.0 million notional amounts of three year interest rate swaps to convert a portion of the Company’s variable rate borrowings into a fixed rate obligation. See Note 14 of Notes to Condensed Consolidated Financial Statements.

These interest rate swaps are designated as cash flow hedges and, as such, the contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in AOCI to the extent effective and reclassified to interest expense in the period during which 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 within several tranches, each of which allows for net settlement of all contracts through a single payment to participating counterparties 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	September 30, 2023		December 31, 2022
Derivatives designated as cash flow hedges:
Interest rate swaps	Other non-current Assets	$	7,538	$	—
Foreign currency forward contracts	Other current liabilities	(564)		$	—
		$	6,974	$	—

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


		September 30, 2023		December 31, 2022
Derivatives designated as cash flow hedges:
Interest rate swaps	AOCI	$	5,804	$	—

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 September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Interest rate swaps	Interest expense, net	$	1,198	$	134	$	2,259	$	(882)
Foreign exchange forward contracts	Other (expense) income, net	(29)		—		2,107		—
		$	1,169	$	134	$	4,366	$	(882)

Restructuring and Related Activities (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) position	Sep. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated \| position			100
Real estate, held-for-sale	$ 6,900		$ 6,900
Restructuring Reserve [Roll Forward]
Restructuring and related charges, net	1,019	$ (1,423)	6,034	$ (604)
Restructuring Programs
Restructuring Reserve [Roll Forward]
Accrued restructuring, beginning balance			5,483
Restructuring and related charges, net			6,034
Cash payments			(7,914)
Currency translation adjustments			(13)
Accrued restructuring, ending balance	$ 3,590		$ 3,590

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Basis of Presentation and Description of Business (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) country	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment country	Sep. 30, 2022 USD ($)
Number of reportable segments \| segment			3
Number of countries in which entity operates \| country	25		25
Argentina \| Argentine and Turkish Subsidiaries
Currency conversion impacts of hyper-inflationary accounting	$ 1.2		$ 2.9
Argentina \| Argentine and Turkish Subsidiaries \| Assets Total \| Geographic Concentration Risk
Concentration risk (as a percent)	1.00%		1.00%
Argentina \| Argentine and Turkish Subsidiaries \| Sales Revenue Net \| Geographic Concentration Risk
Concentration risk (as a percent)	2.00%		2.00%
Argentina \| ARGENTINA
Currency conversion impacts of hyper-inflationary accounting		$ 1.0		$ 1.2

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes earnings per share calculations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Basic earnings per common share
Net income attributable to Quaker Chemical Corporation	$	33,670	$	25,867	$	92,550	$	60,026
Less: income allocated to participating securities	(164)		(115)		(464)		(250)
Net income available to common shareholders	$	33,506	$	25,752	$	92,086	$	59,776
Basic weighted average common shares outstanding	17,908,754		17,847,305		17,889,444		17,835,976
Basic earnings per common share	$	1.87	$	1.44	$	5.15	$	3.35

Diluted earnings per common share
Net income attributable to Quaker Chemical Corporation	$	33,670	$	25,867	$	92,550	$	60,026
Less: income allocated to participating securities	(164)		(115)		(464)		(250)
Net income available to common shareholders	$	33,506	$	25,752	$	92,086	$	59,776
Basic weighted average common shares outstanding	17,908,754		17,847,305		17,889,444		17,835,976
Effect of dilutive securities	12,520		12,566		16,709		15,465
Diluted weighted average common shares outstanding	17,921,274		17,859,871		17,906,153		17,851,441
Diluted earnings per common share	$	1.87	$	1.44	$	5.14	$	3.35

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
For the remainder of 2023	$ 3,691
For the year ended December 31, 2024	12,589
For the year ended December 31, 2025	8,417
For the year ended December 31, 2026	6,286
For the year ended December 31, 2027	3,051
For the year ended December 31, 2028 and beyond	5,614
Total lease payments	39,648
Less: imputed interest	(5,372)
Present value of lease liabilities	$ 34,276	$ 38,991

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 damage 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 and nine months ended September 30, 2023, there have been no significant changes to the facts or circumstances of this previously disclosed matter, other than ongoing work with the Company’s insurance adjuster and insurance carrier regarding the insurance claims submitted. Through September 30, 2023, the Company has received cumulative payments from its insurers of $5.9 million associated with these events. During the nine months ended September 30, 2023, the Company recognized a gain on insurance recoveries of $1.0 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 and nine months ended September 30, 2023, there have been no significant changes to the facts or circumstances of any of the previously disclosed matters. In addition, during the three and nine months ended September 30, 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 September 30, 2023 and December 31, 2022, respectively, for these ongoing matters.

Leases - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lessee, Lease, Description [Line Items]
Variable lease cost	$ 0	$ 0	$ 0	$ 0
Sublease income	$ 0	$ 0	$ 0	$ 0
Facilities Vehicles and Machinery and Equipment
Lessee, Lease, Description [Line Items]
Remaining lease terms (in years)	8 years		8 years
Land
Lessee, Lease, Description [Line Items]
Remaining lease terms (in years)	92 years		92 years

Basis of Presentation and Description of Business (Policies)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 and customer industry disaggregation. As a result of the Company’s new organizational structure effective January 1, 2023, the Company reallocated goodwill previously held by the former Global Specialty Businesses segment to the remaining business segments as of January 1, 2023. However, the Company did not recast the carrying amount of goodwill for the year ended December 31, 2022. 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 and nine months ended September 30, 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 and nine months ended September 30, 2023, the Company recorded $1.2 million and $2.9 million of remeasurement losses associated with the applicable currency conversions, respectively. Comparatively, during the three and nine months ended September 30, 2022, the Company recorded $1.0 million and $1.2 million of remeasurement losses associated with the applicable currency conversions, respectively. These losses were recorded within foreign exchange losses, net, which is a component of Other (expense) income, net, in the Company’s Condensed Consolidated Statements of Operations.

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands		9 Months Ended
	Dec. 31, 2022	Sep. 30, 2023
Goodwill [Roll Forward]
Beginning balance		$ 515,008
Currency translation adjustments		(10,551)
Ending balance	$ 515,008	504,457
Previously Reported
Goodwill [Roll Forward]
Beginning balance		515,008
Ending 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
Currency translation adjustments		0
Ending balance	0	0
Operating Segments \| Americas
Goodwill [Roll Forward]
Beginning balance		279,596
Currency translation adjustments		2,561
Ending balance	279,596	282,157
Operating Segments \| EMEA
Goodwill [Roll Forward]
Beginning balance		66,278
Currency translation adjustments		(805)
Ending balance	66,278	65,473
Operating Segments \| Asia/Pacific
Goodwill [Roll Forward]
Beginning balance		169,134
Currency translation adjustments		(12,307)
Ending balance	169,134	156,827
Operating Segments \| Previously Reported \| Advanced solutions
Goodwill [Roll Forward]
Beginning balance		114,167
Ending balance	114,167
Operating Segments \| Previously Reported \| Americas
Goodwill [Roll Forward]
Beginning balance		215,899
Ending balance	215,899
Operating Segments \| Previously Reported \| EMEA
Goodwill [Roll Forward]
Beginning balance		34,567
Ending balance	34,567
Operating Segments \| Previously Reported \| Asia/Pacific
Goodwill [Roll Forward]
Beginning balance		$ 150,375
Ending balance	150,375
Operating Segments \| Reallocation of Reporting Units \| Advanced solutions
Goodwill [Roll Forward]
Reallocation of reporting units	(114,167)
Operating Segments \| Reallocation of Reporting Units \| Americas
Goodwill [Roll Forward]
Reallocation of reporting units	63,697
Operating Segments \| Reallocation of Reporting Units \| EMEA
Goodwill [Roll Forward]
Reallocation of reporting units	31,711
Operating Segments \| Reallocation of Reporting Units \| Asia/Pacific
Goodwill [Roll Forward]
Reallocation of reporting units	$ 18,759

Restructuring and Related Activities (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of 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	6,034
Cash payments	(7,914)
Currency translation adjustments	(13)
Accrued restructuring as of September 30, 2023	$	3,590

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income attributable to Quaker Chemical Corporation	$ 33,670	$ 25,867	$ 92,550	$ 60,026

- Definition

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

+ References

+ Details

Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

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


	As of September 30, 2023			As of December 31, 2022
	Interest Rate	Outstanding Balance		Interest Rate	Outstanding Balance
Credit Facilities:
Revolver	6.0%	$	82,838	5.2%	$	195,673
U.S. Term Loan	6.7%	585,000		5.7%	596,250
Euro Term Loan	5.0%	146,918		3.1%	151,572
Industrial development bonds	5.3%	10,000		5.3%	10,000
Bank lines of credit and other debt obligations	Various	1,120		Various	1,303
Total debt		$	825,876		$	954,798
Less: debt issuance costs		(1,657)			(1,992)
Less: short-term and current portion of long-term debts		(19,246)			(19,245)
Total long-term debt		$	804,973		$	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 September 30, 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 rates incurred on the outstanding borrowings under the Credit Facility during the three and nine months ended September 30, 2023 were approximately 6.4% and 6.1%, respectively. As of September 30, 2023, the interest rate on the outstanding borrowings under the Credit Facility was approximately 6.3%. 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 $414 million, which is net of bank letters of credit of approximately $3 million, as of September 30, 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 September 30, 2023, the aggregate interest rate on the swaps, including the fixed base rate plus the applicable margin, was 5.3%. See Note 17 of Notes to Condensed Consolidated Financial Statements.

In connection with executing the original credit facility in 2019 and the amended Credit Facility during the second quarter of 2022, the Company capitalized an aggregate of $2.2 million of certain third-party and creditor debt issuance costs. Approximately $0.7 million of the capitalized costs were attributed to the Euro Term Loan and U.S. Term Loan. These costs were recorded as a direct offset of Long-term debt on the Condensed Consolidated Balance Sheet. Approximately $1.5 million of the capitalized costs were attributed to the Revolver and recorded within Other assets on the Condensed Consolidated Balance Sheet. These capitalized costs will collectively be amortized into Interest expense over the five year term of the Credit Facility. As of September 30, 2023, the Company had $1.7 million of debt issuance costs recorded as an offset of Long-term debt on the Condensed Consolidated Balance Sheet and $3.6 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 an offset 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 September 30, 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 September 30, 2023 was approximately $34 million.

In addition to the bank letters of credit described in the “Credit facilities” subsection above, the Company’s other off-balance sheet arrangements include certain financial and other guarantees. The Company’s total bank letters of credit and guarantees outstanding as of September 30, 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Interest expense	$	12,598	$	9,465	$	40,863	$	20,339
Amortization of debt issuance costs	353		353		1,059		2,589
Total	$	12,951	$	9,818	$	41,922	$	22,928

Based on the variable interest rates associated with the Credit Facility, as of September 30, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company has valued its company-owned life insurance policies at fair value. During June 2023, the Company surrendered and liquidated $1.9 million of these life insurance policies. 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 September 30, 2023 Using Fair Value Hierarchy
Assets			Level 1		Level 2		Level 3
Company-owned life insurance	$	285	$	—	$	285	$	—
Total	$	285	$	—	$	285	$	—


	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

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income	$ 92,644	$ 60,100
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of debt issuance costs	1,059	2,589
Depreciation and amortization	61,434	60,692
Equity in undistributed earnings of associated companies, net of dividends	(7,486)	3,612
Deferred compensation, deferred taxes and other, net	(515)	(8,844)
Share-based compensation	11,189	8,635
Loss on extinguishment of debt	0	5,246
Combination and other acquisition-related expenses, net of payments	0	(4,265)
Restructuring and related charges (credits), net	6,034	(604)
Pension and other postretirement benefits	(2,000)	(6,556)
Increase (decrease) in cash from changes in current assets and current liabilities, net of acquisitions:
Accounts receivable	22,133	(65,256)
Inventories	30,607	(72,386)
Prepaid expenses and other current assets	(9,771)	(11,081)
Change in restructuring liabilities	(7,914)	(1,234)
Accounts payable and accrued liabilities	2,046	3,059
Net cash provided by (used in) operating activities	199,460	(26,293)
Cash flows from investing activities
Investments in property, plant and equipment	(25,794)	(20,230)
Payments related to acquisitions, net of cash acquired	0	(9,421)
Proceeds from disposition of assets	0	65
Net cash used in investing activities	(25,794)	(29,586)
Cash flows from financing activities
Payments of long-term debt	(14,075)	(668,500)
Proceeds from long-term debt	0	750,000
Payments on revolving credit facilities, net	(112,835)	(10,418)
Borrowings on other debt, net	797	2,131
Financing-related debt issuance costs	0	(3,734)
Dividends paid	(23,459)	(22,302)
Other stock related activity	(953)	(616)
Net cash (used in) provided by financing activities	(150,525)	46,561
Effect of foreign exchange rate changes on cash	(5,746)	(16,967)
Net increase (decrease) in cash and cash equivalents	17,395	(26,285)
Cash and cash equivalents at the beginning of the period	180,963	165,176
Cash and cash equivalents at the end of the period	$ 198,358	$ 138,891

Debt - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Debt - Narrative (Details) - USD ($)	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Interest rate swaps
Debt Instrument [Line Items]
Derivative liability, notional amount		$ 300,000,000
Derivative term (in years)		3 years
Derivative, fixed interest rate (as a percent)		3.64%
Derivative variable interest rate (as a percent)	5.30%		5.30%
Other Assets
Debt Instrument [Line Items]
Debt issuance costs	$ 3,600,000		$ 3,600,000	$ 4,300,000
Euro Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 150,000,000
Debt issuance costs					700,000
U.S. Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity					600,000,000
Debt issuance costs					700,000
Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 500,000,000
Credit faclity as percentage of consolidated EBITDA (as a percent)					100.00%
Borrowings outstanding	414,000,000		414,000,000
Letters of credit outstanding amount	3,000,000		3,000,000
Debt issuance costs	$ 1,700,000		$ 1,700,000	2,000,000
Revolver \| Other Assets
Debt Instrument [Line Items]
Debt issuance costs					$ 1,500,000
Amended Credit Facility
Debt Instrument [Line Items]
Maximum increase in borrowing capacity					300,000,000
Debt issuance costs					$ 2,200,000
Long-term debt term (in years)					5 years
Amended Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage (as a percent)			0.275%
Amended Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage (as a percent)			0.15%
Original Credit Facility and the Amended Credit Facility
Debt Instrument [Line Items]
Long-term debt, weighted average interest rate, over time (as a percent)	6.40%		6.10%
Original Credit Facility
Debt Instrument [Line Items]
Long-term debt interest rate (as a percent)	6.30%		6.30%
Corporate Bond Securities
Debt Instrument [Line Items]
Industrial development revenue bond	$ 10,000,000		$ 10,000,000	$ 10,000,000
Bank lines of credit and other debt obligations
Debt Instrument [Line Items]
Letters of credit outstanding amount	5,000,000		5,000,000
Remaining borrowing capacity	$ 34,000,000		$ 34,000,000

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 33,710	$ 25,908	$ 92,644	$ 60,100
Other comprehensive (loss) income, net of tax
Currency translation adjustments	(25,504)	(71,986)	(24,116)	(155,284)
Defined benefit retirement plans	281	497	852	2,400
Current period change in fair value of derivatives	1,241	(140)	5,804	1,535
Unrealized (loss) gain on available-for-sale securities	(637)	(818)	938	(2,385)
Other comprehensive loss	(24,619)	(72,447)	(16,522)	(153,734)
Comprehensive income (loss)	9,091	(46,539)	76,122	(93,634)
Less: Comprehensive loss attributable to noncontrolling interest	(36)	(3)	(55)	(5)
Comprehensive income (loss) attributable to Quaker Chemical Corporation	$ 9,055	$ (46,542)	$ 76,067	$ (93,639)

Income Taxes and Uncertain Income Tax Positions	9 Months Ended
Income Taxes and Uncertain Income Tax Positions	Sep. 30, 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 and nine months ended September 30, 2023 were 30.9% and 31.1%, respectively, compared to 28.1% and 19.2% for the three and nine months ended September 30, 2022, respectively. The Company’s effective tax rate for the three months ended September 30, 2023 was primarily impacted by foreign tax inclusions, withholding taxes, return to provision adjustments, the impact of U.S. Department of Treasury guidance on the usage of foreign tax credits, and the mix of earnings. The effective tax rate for the first nine months of 2023 was further impacted by various other items including changes to the valuation allowance for and the usage of foreign tax credits due to an enacted law change in Brazil, and share-based compensation. Comparatively, the prior year effective tax rates were largely impacted by foreign tax inclusions, changes in the valuation allowance for foreign tax credits, the impact of audit settlements, a reduction in reserves for uncertain tax positions, withholding taxes, and the impact of forecasted earnings and the mix of such earnings. In addition, the Company’s effective tax rates for three and nine months ended September 30, 2022 were impacted by the Company recording earnings of one of its subsidiaries at a statutory tax rate of 25% while the recertification of its concessionary 15% tax rate was pending receipt.As previously reported, Houghton Italia, S.r.l was 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 September 30, 2023, the Company has paid $1.5 million of such installments. Having received approximately $1.2 million from escrow during the quarter, the Company has a remaining indemnification receivable of $3.2 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. In addition, in July 2023, the Company was notified by the Italian tax authorities of an audit to commence for one of the Company’s Italian subsidiaries for tax year 2019. Both of these audit proceedings are ongoing and the Company has been providing documentation in response to all of their inquiries. The Company has not established any reserves for these matters 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Restructuring and Related Activities

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities

In 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 has been paid as of September 30, 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 September 30, 2023, the program included restructuring and associated severance costs to reduce headcount by approximately 100 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.

In connection with the plans for closure of certain manufacturing and non-manufacturing facilities, the Company has made available for sale certain facilities and property. During the three months ended September 30, 2023, the Company classified certain properties with aggregate book value of approximately $6.9 million as held-for-sale that are recorded in Prepaid expenses and other current assets on the Company’s Condensed Consolidated Balance Sheets. The Company expects to complete the sale of these properties over the next 12 months.

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	6,034
Cash payments	(7,914)
Currency translation adjustments	(13)
Accrued restructuring as of September 30, 2023	$	3,590

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 490,612	$ 492,218	$ 1,486,204	$ 1,458,777
Cost of goods sold (excluding amortization expense - See Note 13)	307,265	331,469	951,716	1,002,393
Gross profit	183,347	160,749	534,488	456,384
Selling, general and administrative expenses	122,810	115,456	362,212	343,081
Restructuring and related charges (credits), net	1,019	(1,423)	6,034	(604)
Combination, integration and other acquisition-related expenses	0	2,107	0	7,992
Operating income	59,518	44,609	166,242	105,915
Other (expense) income, net	(2,713)	85	(8,558)	(10,520)
Interest expense, net	(12,781)	(8,389)	(38,744)	(20,228)
Income before taxes and equity in net income of associated companies	44,024	36,305	118,940	75,167
Taxes on income before equity in net income of associated companies	13,593	10,185	36,956	14,425
Income before equity in net income of associated companies	30,431	26,120	81,984	60,742
Equity in net income (loss) of associated companies	3,279	(212)	10,660	(642)
Net income	33,710	25,908	92,644	60,100
Less: Net income attributable to noncontrolling interest	40	41	94	74
Net income attributable to Quaker Chemical Corporation	$ 33,670	$ 25,867	$ 92,550	$ 60,026
Per share data:
Net income attributable to Quaker Chemical Corporation common shareholders – basic (in dollars per share)	$ 1.87	$ 1.44	$ 5.15	$ 3.35
Net income attributable to Quaker Chemical Corporation common shareholders – diluted (in dollars per share)	1.87	1.44	5.14	3.35
Dividends declared (in dollars per share)	$ 0.455	$ 0.435	$ 1.325	$ 1.265

Accumulated Other Comprehensive Income - AOCI Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			$ (138,240)
Other comprehensive (loss) income before Reclassifications	$ (24,387)	$ (72,683)	(14,985)	$ (154,013)
Amounts reclassified from AOCI	67	180	772	963
Related tax amounts	(296)	94	(2,271)	(615)
Ending Balance	(154,724)		(154,724)
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(130,738)	(133,110)	(132,161)	(49,843)
Other comprehensive (loss) income before Reclassifications	(25,501)	(71,948)	(24,078)	(155,215)
Amounts reclassified from AOCI	0	0	0	0
Related tax amounts	0	0	0	0
Ending Balance	(156,239)	(205,058)	(156,239)	(205,058)
Defined Benefit Pension Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(4,024)	(11,269)	(4,595)	(13,172)
Other comprehensive (loss) income before Reclassifications	304	453	915	2,535
Amounts reclassified from AOCI	71	210	225	657
Related tax amounts	(94)	(166)	(288)	(792)
Ending Balance	(3,743)	(10,772)	(3,743)	(10,772)
Unrealized (Loss) Gain in Available-for- Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	91	(1,170)	(1,484)	397
Other comprehensive (loss) income before Reclassifications	(802)	(1,006)	640	(3,326)
Amounts reclassified from AOCI	(4)	(30)	547	306
Related tax amounts	169	218	(249)	635
Ending Balance	(546)	(1,988)	(546)	(1,988)
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	4,563	303	0	(1,372)
Other comprehensive (loss) income before Reclassifications	1,612	(182)	7,538	1,993
Amounts reclassified from AOCI		0		0
Related tax amounts	(371)	42	(1,734)	(458)
Ending Balance	5,804	163	5,804	163
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(130,108)	(145,246)	(138,240)	(63,990)
Ending Balance	$ (154,724)	$ (217,655)	$ (154,724)	$ (217,655)

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Lease, Cost [Abstract]
Operating lease expense	$ 3,886	$ 3,664	$ 11,532	$ 10,592
Short-term lease expense	193	201	587	625
Supplemental cash flow information related to leases
Operating cash flows from operating leases	3,917	3,768	11,547	10,575
Leased assets obtained in exchange for new operating lease liabilities	2,910	$ 2,599	6,566	$ 10,672
Supplemental balance sheet information
Right of use lease assets	38,595		38,595		$ 43,766
Other current liabilities	12,113		12,113		12,024
Long-term lease liabilities	22,163		22,163		26,967
Total operating lease liabilities	$ 34,276		$ 34,276		$ 38,991
Weighted average remaining lease term (years)	4 years 9 months 25 days		4 years 9 months 25 days		5 years 1 month 6 days
Weighted average discount rate	4.67%		4.67%		4.36%

Pension and Other Postretirement Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 109	$ 166	$ 320	$ 520
Interest cost	2,487	1,272	7,452	3,949
Expected return on plan assets	(2,033)	(1,942)	(6,056)	(6,038)
Actuarial loss (gain) amortization	103	238	308	743
Prior service cost (income) amortization	18	3	26	8
Net periodic benefit cost (income)	684	(263)	2,050	(818)
Other Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	1	0	1
Interest cost	14	8	51	19
Expected return on plan assets	0	0	0	0
Actuarial loss (gain) amortization	(36)	(23)	(95)	(70)
Prior service cost (income) amortization	(4)	(8)	(12)	(17)
Net periodic benefit cost (income)	$ (26)	$ (22)	$ (56)	$ (67)

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) location
Loss Contingencies [Line Items]
Facility remediation recoveries, net	$ 0	$ 1,104	$ 1,014	$ 1,104
Insurance Claims
Loss Contingencies [Line Items]
Number of locations that suffered property damage \| location					2
Proceeds from insurance settlement			5,900
Facility remediation recoveries, net			1,000
Houghton Environmental Matters
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 6,000		$ 6,000		$ 6,000

Business Segments - Performance of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net sales	$ 490,612	$ 492,218	$ 1,486,204	$ 1,458,777
Combination, integration and other acquisition-related expenses	0	(2,107)	0	(7,992)
Restructuring and related (charges) credits, net	(1,019)	1,423	(6,034)	604
Non-operating and administrative expenses	(52,280)	(47,852)	(154,001)	(139,894)
Depreciation of corporate assets and amortization	(15,216)	(15,806)	(45,683)	(45,817)
Operating income	59,518	44,609	166,242	105,915
Other (expense) income, net	(2,713)	85	(8,558)	(10,520)
Interest expense, net	(12,781)	(8,389)	(38,744)	(20,228)
Income before taxes and equity in net income of associated companies	44,024	36,305	118,940	75,167
Operating Segments
Segment Reporting Information [Line Items]
Net sales	490,612	492,218	1,486,204	1,458,777
Segment operating earnings	128,033	108,951	371,960	299,014
Operating Segments \| Americas
Segment Reporting Information [Line Items]
Net sales	245,899	254,678	750,531	702,580
Segment operating earnings	69,148	66,749	204,280	164,065
Operating Segments \| EMEA
Segment Reporting Information [Line Items]
Net sales	139,620	134,386	435,602	426,739
Segment operating earnings	27,922	15,479	81,076	58,803
Operating Segments \| Asia/Pacific
Segment Reporting Information [Line Items]
Net sales	105,093	103,154	300,071	329,458
Segment operating earnings	30,963	26,723	86,604	76,146
Intersegment Sales Elimination \| Americas
Segment Reporting Information [Line Items]
Net sales	1,772	2,702	6,778	9,200
Intersegment Sales Elimination \| EMEA
Segment Reporting Information [Line Items]
Net sales	5,161	9,448	18,718	37,259
Intersegment Sales Elimination \| Asia/Pacific
Segment Reporting Information [Line Items]
Net sales	$ 793	$ 327	$ 1,329	$ 739

Business Segments

9 Months Ended

Sep. 30, 2023

Segment Reporting, Measurement Disclosures [Abstract]

Business Segments

The Company has three reportable segments: (i) Americas; (ii) EMEA; and (iii) Asia/Pacific. The three 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 (credits), net, are not included in segment operating earnings. Other items not specifically identified with the Company’s reportable segments include Interest expense, net and Other (expense) income, net.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net sales
Americas	$	245,899	$	254,678	$	750,531	$	702,580
EMEA	139,620		134,386		435,602		426,739
Asia/Pacific	105,093		103,154		300,071		329,458
Total net sales	$	490,612	$	492,218	$	1,486,204	$	1,458,777

Segment operating earnings
Americas	$	69,148	$	66,749	$	204,280	$	164,065
EMEA	27,922		15,479		81,076		58,803
Asia/Pacific	30,963		26,723		86,604		76,146
Total segment operating earnings	128,033		108,951		371,960		299,014
Combination, integration and other acquisition-related expenses	—		(2,107)		—		(7,992)
Restructuring and related (charges) credits, net	(1,019)		1,423		(6,034)		604
Non-operating and administrative expenses	(52,280)		(47,852)		(154,001)		(139,894)
Depreciation of corporate assets and amortization	(15,216)		(15,806)		(45,683)		(45,817)
Operating income	59,518		44,609		166,242		105,915
Other (expense) income, net	(2,713)		85		(8,558)		(10,520)
Interest expense, net	(12,781)		(8,389)		(38,744)		(20,228)
Income before taxes and equity in net income of associated companies	$	44,024	$	36,305	$	118,940	$	75,167


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Americas	$	1,772	$	2,702	$	6,778	$	9,200
EMEA	5,161		9,448		18,718		37,259
Asia/Pacific	793		327		1,329		739

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Basis of Presentation and Description of Business	9 Months Ended
Basis of Presentation and Description of Business	Sep. 30, 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 September 30, 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 nine months ended September 30, 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 and customer industry disaggregation. As a result of the Company’s new organizational structure effective January 1, 2023, the Company reallocated goodwill previously held by the former Global Specialty Businesses segment to the remaining business segments as of January 1, 2023. However, the Company did not recast the carrying amount of goodwill for the year ended December 31, 2022. 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 and nine months ended September 30, 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 and nine months ended September 30, 2023, the Company recorded $1.2 million and $2.9 million of remeasurement losses associated with the applicable currency conversions, respectively. Comparatively, during the three and nine months ended September 30, 2022, the Company recorded $1.0 million and $1.2 million of remeasurement losses associated with the applicable currency conversions, respectively. These losses were recorded within foreign exchange losses, net, which is a component of Other (expense) income, net, in the Company’s Condensed Consolidated Statements of Operations.

Hedging Activities - Balance Sheet Classification and Fair Values (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value				$ 6,974		$ 0
Net gain (loss) reclassified from AOCI to earnings	$ 1,169		$ 134	4,366	$ (882)
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI to earnings	1,198		134	2,259	(882)
Other (expense) income, net
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) reclassified from AOCI to earnings	$ (29)		$ 0	2,107	$ 0
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net unrealized loss deferred to AOCI				5,804		0
Other non-current Assets \| Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value				7,538		$ 0
Other current liabilities \| Foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value		$ 0		$ (564)

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 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 third 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 their respective carrying amounts.

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

Currency translation adjustments	2,561		(805)		(12,307)		—		(10,551)
Balance as of September 30, 2023	$	282,157	$	65,473	$	156,827	$	—	$	504,457

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


	Gross Carrying Amount				Accumulated Amortization				Net Book Value
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Customer lists and rights to sell	$	824,893	$	831,600	$	226,956	$	191,286	$	597,937	$	640,314
Trademarks, formulations and product technology	157,362		158,564		52,534		46,281		104,828		112,283
Other	5,854		7,576		5,734		6,390		120		1,186
Total definite-lived intangible assets	$	988,109	$	997,740	$	285,224	$	243,957	$	702,885	$	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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amortization expense	$	14,529	$	14,102	$	43,734	$	43,343

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


For the remainder of 2023	$	13,455
For the year ended December 31, 2024	56,630
For the year ended December 31, 2025	55,942
For the year ended December 31, 2026	55,650
For the year ended December 31, 2027	55,309

As of September 30, 2023 and December 31, 2022, the Company had indefinite-lived intangible assets for trademarks and tradenames totaling $187.6 million and $189.1 million, respectively.

Business Acquisitions - (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 ($)	Sep. 30, 2022 USD ($)	Sep. 30, 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							$ 1.1
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

Net Sales and Revenue Recognition - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Concentration Risk [Line Items]
Revenue recognized under net reporting arrangements	$ 21.6	$ 21.4	$ 63.2	$ 61.7
Deferred revenue	$ 2.8		$ 2.8		$ 5.7
Number of reportable segments \| segment			3
Top Five Customers \| Sales Revenue Net \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)					11.00%
Largest Customers \| Sales Revenue Net \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)					3.00%

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

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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19,821			19,816		5
Amounts reported in other comprehensive (loss) income	(6,270)				(6,271)	1
Dividends declared	(7,434)			(7,434)
Share issuance and equity-based compensation plans	1,661	15	1,646
Ending balance at Mar. 31, 2022	1,395,700	17,912	918,699	528,716	(70,261)	634
Beginning balance at Dec. 31, 2021	1,387,922	17,897	917,053	516,334	(63,990)	628
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	60,100
Amounts reported in other comprehensive (loss) income	(153,734)
Ending balance at Sep. 30, 2022	1,279,630	17,931	925,037	553,685	(217,655)	632
Beginning balance at Mar. 31, 2022	1,395,700	17,912	918,699	528,716	(70,261)	634
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,371			14,343		28
Amounts reported in other comprehensive (loss) income	(75,018)				(74,985)	(33)
Dividends declared	(7,438)			(7,438)
Share issuance and equity-based compensation plans	2,951	8	2,943
Ending balance at Jun. 30, 2022	1,330,566	17,920	921,642	535,621	(145,246)	629
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	25,908			25,867		41
Amounts reported in other comprehensive (loss) income	(72,447)				(72,409)	(38)
Dividends declared	(7,803)			(7,803)
Share issuance and equity-based compensation plans	3,406	11	3,395
Ending balance at Sep. 30, 2022	1,279,630	17,931	925,037	553,685	(217,655)	632
Beginning balance at Dec. 31, 2022	1,278,585	17,950	928,288	469,920	(138,240)	667
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,541			29,534		7
Amounts reported in other comprehensive (loss) income	15,066				15,063	3
Dividends declared	(7,822)			(7,822)
Share issuance and equity-based compensation plans	1,418	32	1,386
Ending balance at Mar. 31, 2023	1,316,788	17,982	929,674	491,632	(123,177)	677
Beginning balance at Dec. 31, 2022	1,278,585	17,950	928,288	469,920	(138,240)	667
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	92,644
Amounts reported in other comprehensive (loss) income	(16,522)
Ending balance at Sep. 30, 2023	1,341,101	18,001	938,473	538,628	(154,724)	723
Beginning balance at Mar. 31, 2023	1,316,788	17,982	929,674	491,632	(123,177)	677
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,393			29,346		47
Amounts reported in other comprehensive (loss) income	(6,969)				(6,931)	(38)
Dividends declared	(7,830)			(7,830)
Share issuance and equity-based compensation plans	5,284	17	5,267
Ending balance at Jun. 30, 2023	1,336,666	17,999	934,941	513,148	(130,108)	686
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	33,710			33,670		40
Amounts reported in other comprehensive (loss) income	(24,619)				(24,616)	(3)
Dividends declared	(8,190)			(8,190)
Share issuance and equity-based compensation plans	3,534	2	3,532
Ending balance at Sep. 30, 2023	$ 1,341,101	$ 18,001	$ 938,473	$ 538,628	$ (154,724)	$ 723

- 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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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Net Sales and Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Three Months Ended September 30, 2023
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	67,957	$	32,630	$	49,320	$	149,907
Metalworking and other	177,942		106,990		55,773		340,705


	$	245,899	$	139,620	$	105,093	$	490,612

Timing of Revenue Recognized
Product sales at a point in time	$	235,209	$	128,586	$	102,305	$	466,100
Services transferred over time	10,690		11,034		2,788		24,512
	$	245,899	$	139,620	$	105,093	$	490,612


	Nine Months Ended September 30, 2023
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	204,834	$	104,376	$	144,109	$	453,319
Metalworking and other	545,697		331,226		155,962		1,032,885


	$	750,531	$	435,602	$	300,071	$	1,486,204

Timing of Revenue Recognized
Product sales at a point in time	$	718,187	$	402,508	$	291,740	$	1,412,435
Services transferred over time	32,344		33,094		8,331		73,769
	$	750,531	$	435,602	$	300,071	$	1,486,204


	Three Months Ended September 30, 2022
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	67,943	$	32,748	$	51,341	$	152,032
Metalworking and other	186,735		101,638		51,813		340,186



	$	254,678	$	134,386	$	103,154	$	492,218

Timing of Revenue Recognized
Product sales at a point in time	$	243,699	$	124,566	$	99,929	$	468,194
Services transferred over time	10,979		9,820		3,225		24,024
	$	254,678	$	134,386	$	103,154	$	492,218


	Nine Months Ended September 30, 2022
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	185,784	$	107,163	$	163,239	$	456,186
Metalworking and other	516,796		319,576		166,219		1,002,591


	$	702,580	$	426,739	$	329,458	$	1,458,777

Timing of Revenue Recognized
Product sales at a point in time	$	669,945	$	396,944	$	321,031	$	1,387,920
Services transferred over time	32,635		29,795		8,427		70,857
	$	702,580	$	426,739	$	329,458	$	1,458,777

Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income attributable to Quaker Chemical Corporation	$ 33,670	$ 25,867	$ 92,550	$ 60,026
Less: income allocated to participating securities	(164)	(115)	(464)	(250)
Net income available to common shareholders	$ 33,506	$ 25,752	$ 92,086	$ 59,776
Basic weighted average common shares outstanding (in shares)	17,908,754	17,847,305	17,889,444	17,835,976
Effect of dilutive securities (in shares)	12,520	12,566	16,709	15,465
Diluted weighted average common shares outstanding (in shares)	17,921,274	17,859,871	17,906,153	17,851,441
Diluted earnings per common share (in dollars per share)	$ 1.87	$ 1.44	$ 5.14	$ 3.35

- 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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-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ 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

Other (expense) income, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Income from third party license fees	$ 245	$ 253	$ 891	$ 906
Foreign exchange losses, net	(2,498)	(1,928)	(10,049)	(5,859)
(Loss) gain on disposals of property, plant, equipment and other assets, net	(25)	48	(91)	33
Non-income tax refunds and other related credits (expense)	91	122	1,339	(1,617)
Pension and postretirement benefit (costs) income, non-service components	(549)	452	(1,674)	1,406
Facility remediation recoveries, net	0	1,104	1,014	1,104
Loss on extinguishment of debt	0	0	0	(6,763)
Other non-operating income, net	23	34	12	270
Total other (expense) income, net	$ (2,713)	$ 85	$ (8,558)	$ (10,520)

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

The following table summarizes earnings per share calculations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Basic earnings per common share
Net income attributable to Quaker Chemical Corporation	$	33,670	$	25,867	$	92,550	$	60,026
Less: income allocated to participating securities	(164)		(115)		(464)		(250)
Net income available to common shareholders	$	33,506	$	25,752	$	92,086	$	59,776
Basic weighted average common shares outstanding	17,908,754		17,847,305		17,889,444		17,835,976
Basic earnings per common share	$	1.87	$	1.44	$	5.15	$	3.35

Diluted earnings per common share
Net income attributable to Quaker Chemical Corporation	$	33,670	$	25,867	$	92,550	$	60,026
Less: income allocated to participating securities	(164)		(115)		(464)		(250)
Net income available to common shareholders	$	33,506	$	25,752	$	92,086	$	59,776
Basic weighted average common shares outstanding	17,908,754		17,847,305		17,889,444		17,835,976
Effect of dilutive securities	12,520		12,566		16,709		15,465
Diluted weighted average common shares outstanding	17,921,274		17,859,871		17,906,153		17,851,441
Diluted earnings per common share	$	1.87	$	1.44	$	5.14	$	3.35

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 11,598 and 10,453 for the three and nine months ended September 30, 2023, respectively, and 25,896 and 24,618 for the three and nine months ended September 30, 2022, respectively.

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Jul. 31, 2023	Sep. 30, 2023
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, liquidated assets	$ 50.0
Employer contributions		$ 3.4
Expected future employer contributions, remainder of fiscal year		5.2
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions		0.1
Expected future employer contributions, remainder of fiscal year		$ 0.2

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 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

Currency translation adjustments	2,561		(805)		(12,307)		—		(10,551)
Balance as of September 30, 2023	$	282,157	$	65,473	$	156,827	$	—	$	504,457

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
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Customer lists and rights to sell	$	824,893	$	831,600	$	226,956	$	191,286	$	597,937	$	640,314
Trademarks, formulations and product technology	157,362		158,564		52,534		46,281		104,828		112,283
Other	5,854		7,576		5,734		6,390		120		1,186
Total definite-lived intangible assets	$	988,109	$	997,740	$	285,224	$	243,957	$	702,885	$	753,783

Schedule of Finite-lived Intangible Assets Amortization Expense

The Company recorded amortization expense as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amortization expense	$	14,529	$	14,102	$	43,734	$	43,343

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	$	13,455
For the year ended December 31, 2024	56,630
For the year ended December 31, 2025	55,942
For the year ended December 31, 2026	55,650
For the year ended December 31, 2027	55,309

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Earnings Per Share - Antidilutive Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Antidilutive shares (in share)	11,598	25,896	10,453	24,618

Goodwill and Other Intangible Assets - Indefinite Lived (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Indefinite lived intangible assets	$ 187.6
Houghton Combination
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived trademarks		$ 189.1

Other (expense) income, net (Tables)

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating (Expense) Income

The components of Other (expense) income, net are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Income from third party license fees	$	245	$	253	$	891	$	906
Foreign exchange losses, net	(2,498)		(1,928)		(10,049)		(5,859)
(Loss) gain on disposals of property, plant, equipment and other assets, net	(25)		48		(91)		33
Non-income tax refunds and other related credits (expense)	91		122		1,339		(1,617)
Pension and postretirement benefit (costs) income, non-service components	(549)		452		(1,674)		1,406
Facility remediation recoveries, net	—		1,104		1,014		1,104
Loss on extinguishment of debt	—		—		—		(6,763)
Other non-operating income, net	23		34		12		270
Total other (expense) income, net	$	(2,713)	$	85	$	(8,558)	$	(10,520)

Debt - Debt Related Expenses Included within Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt related expenses included within Interest expense:
Interest expense	$ 12,598	$ 9,465	$ 40,863	$ 20,339
Amortization of debt issuance costs	353	353	1,059	2,589
Total	$ 12,951	$ 9,818	$ 41,922	$ 22,928

Hedging Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023
Foreign currency forward contracts
Derivative [Line Items]
Derivative term (in years)		1 month
Interest rate swaps
Derivative [Line Items]
Derivative term (in years)	3 years
Derivative liability, notional amount	$ 300.0

- Definition

Nominal or face amount used to calculate payments on the derivative liability.

+ References + Details

Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 3,775	$ 3,200	$ 11,189	$ 8,634
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	203	533	837	1,269
Non-vested stock awards and restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	2,429	1,783	7,192	4,998
Director stock ownership plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	30	9	56	53
Performance stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 1,113	$ 875	$ 3,104	$ 2,314

Share Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Cost by Plan

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Stock options	$	203	$	533	$	837	$	1,269
Non-vested stock awards and restricted stock units	2,429		1,783		7,192		4,998
Director stock ownership plan	30		9		56		53
Performance stock units	1,113		875		3,104		2,314
Total share-based compensation expense	$	3,775	$	3,200	$	11,189	$	8,634

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			16,861
Risk-free interest rate			3.85%
Dividend yield			0.96%
Expected term (years)			3.0

Business Segments - Narrative (Details)	9 Months Ended
Business Segments - Narrative (Details)	Sep. 30, 2023 segment
Segment Reporting, Measurement Disclosures [Abstract]
Number of reportable segments	3