2017 Q3 Form 10-Q Financial Statement

#000008136217000015 Filed on October 26, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $212.9M $190.4M
YoY Change 11.81% 0.64%
Cost Of Revenue $138.1M $119.5M
YoY Change 15.57% 1.39%
Gross Profit $74.78M $70.90M
YoY Change 5.47% -0.61%
Gross Profit Margin 35.12% 37.23%
Selling, General & Admin $51.09M $47.88M
YoY Change 6.72% -8.98%
% of Gross Profit 68.33% 67.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.100M $4.900M
YoY Change 4.08% 0.0%
% of Gross Profit 6.82% 6.91%
Operating Expenses $51.09M $47.88M
YoY Change 6.72% -8.98%
Operating Profit $14.01M $21.86M
YoY Change -35.92% 16.74%
Interest Expense $793.0K $758.0K
YoY Change 4.62% 8.75%
% of Operating Profit 5.66% 3.47%
Other Income/Expense, Net $249.0K -$10.00K
YoY Change -2590.0% -105.41%
Pretax Income $14.23M $21.65M
YoY Change -34.27% 16.14%
Income Tax $3.140M $6.121M
% Of Pretax Income 22.07% 28.28%
Net Earnings $11.14M $16.01M
YoY Change -30.4% 11.39%
Net Earnings / Revenue 5.23% 8.41%
Basic Earnings Per Share $0.84 $1.21
Diluted Earnings Per Share $0.83 $1.21
COMMON SHARES
Basic Shares Outstanding 13.22M shares 13.14M shares
Diluted Shares Outstanding 13.25M shares 13.17M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $109.1M $99.00M
YoY Change 10.2% 2.91%
Cash & Equivalents $109.1M $99.02M
Short-Term Investments
Other Short-Term Assets $24.30M $21.60M
YoY Change 12.5% 5.37%
Inventory $90.30M $79.70M
Prepaid Expenses
Receivables $218.2M $193.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $441.9M $394.1M
YoY Change 12.11% 1.05%
LONG-TERM ASSETS
Property, Plant & Equipment $86.28M $83.87M
YoY Change 2.88% -3.04%
Goodwill $85.82M $79.32M
YoY Change 8.18% 1.16%
Intangibles $74.61M $70.89M
YoY Change 5.25% -7.85%
Long-Term Investments $25.19M $23.45M
YoY Change 7.43% 19.53%
Other Assets $29.64M $29.31M
YoY Change 1.14% -9.27%
Total Long-Term Assets $322.7M $303.4M
YoY Change 6.37% -3.3%
TOTAL ASSETS
Total Short-Term Assets $441.9M $394.1M
Total Long-Term Assets $322.7M $303.4M
Total Assets $764.5M $697.5M
YoY Change 9.61% -0.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $95.58M $78.58M
YoY Change 21.64% 1.77%
Accrued Expenses $20.50M $19.90M
YoY Change 3.02% 12.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $700.0K $700.0K
YoY Change 0.0% 75.0%
Total Short-Term Liabilities $156.1M $124.8M
YoY Change 25.14% 1.81%
LONG-TERM LIABILITIES
Long-Term Debt $72.37M $75.61M
YoY Change -4.28% -29.94%
Other Long-Term Liabilities $71.36M $71.63M
YoY Change -0.38% -16.65%
Total Long-Term Liabilities $143.7M $147.2M
YoY Change -2.38% -24.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $156.1M $124.8M
Total Long-Term Liabilities $143.7M $147.2M
Total Liabilities $312.5M $283.8M
YoY Change 10.11% -13.38%
SHAREHOLDERS EQUITY
Retained Earnings $380.4M $351.6M
YoY Change 8.21% 9.23%
Common Stock $126.4M $124.7M
YoY Change 1.38% 5.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $440.2M $404.2M
YoY Change
Total Liabilities & Shareholders Equity $764.5M $697.5M
YoY Change 9.61% -0.89%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $11.14M $16.01M
YoY Change -30.4% 11.39%
Depreciation, Depletion And Amortization $5.100M $4.900M
YoY Change 4.08% 0.0%
Cash From Operating Activities $20.00M $17.00M
YoY Change 17.65% -27.66%
INVESTING ACTIVITIES
Capital Expenditures -$2.800M -$1.900M
YoY Change 47.37% 5.56%
Acquisitions
YoY Change
Other Investing Activities $0.00 $200.0K
YoY Change -100.0% -100.83%
Cash From Investing Activities -$2.800M -$1.700M
YoY Change 64.71% -93.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.800M -12.70M
YoY Change -30.71% -135.38%
NET CHANGE
Cash From Operating Activities 20.00M 17.00M
Cash From Investing Activities -2.800M -1.700M
Cash From Financing Activities -8.800M -12.70M
Net Change In Cash 8.400M 2.600M
YoY Change 223.08% -92.19%
FREE CASH FLOW
Cash From Operating Activities $20.00M $17.00M
Capital Expenditures -$2.800M -$1.900M
Free Cash Flow $22.80M $18.90M
YoY Change 20.63% -25.3%

Facts In Submission

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<div><p style='text-align:left;margin-top:0pt;margin-bottom:6pt;line-height:13.8pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;color:#000000;' >Note </font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' >3</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' > &#8211; </font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' >Recently Issued Accounting Standards</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:18pt;color:#000000;' >The </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Financial Accounting Standards Board (&quot;FASB&quot;) </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >issued an accounting standard update in </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >August</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > 2017</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > to increase transparency of the economics related to risk management activities within the financial </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >statements and enhance transparency and understandability of hedge results. This accounting standard update eliminates the requirement to separately measure and report hedge ineffectiveness and requires the entire change in the fair value of a hedging inst</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >rument to be presented in the same income statement line as the hedged item. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2018. </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >All transition requirements and elections shou</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ld be applied to hedging relationships existing on the date of adoption.</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >For cash flow and net investment hedges existing at the date of adoption, </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >the Company</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > should apply a cumulative-effect adjustment related to eliminating the separate measurement of i</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >neffectiveness to </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >accumulated</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >the Company </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >adopts. The amended presentation and disclosure guidance is require</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >d only prospectively</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >. Early adoption is permitted including adoption in any interim period for which financial statements have not been issued or made available for issuance. The Company does not currently use any derivative instruments designated as hedg</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >es, but may choose to in the future</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >. The Company </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >has not early adopted the guidance and </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >will evaluate the potential impact of this guidance on future transactions, as applicable.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:6pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:18pt;color:#000000;' >The </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >FASB </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >issued an accounting standard update in </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >May</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > 2017</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > to </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >clarif</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >y</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > when changes to the terms or conditions of a share-based payment award must</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > b</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >e accounted for as modifications. </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > This accounting standard update </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >will reduce diversity in practice and</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >result in fewer changes to the terms of an award being accounted for as m</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >odifications.</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > This accounting standard update </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >will allow companies to make certain changes to awards without accounting</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > for them as modifications and </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >an entity is not required to estimate the value of the award immediately before and after the</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >change if t</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >he change doesn&#8217;t affect any of the inputs to the model used to value the award.</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2017. The guidance within this accounting standa</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >rd update should be applied prospectively to awards modified on or after the adoption date. Early adoption is permitted including adoption in any interim period for which financial statements have not been issued or made available for issuance. During th</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >e second quarter of 2017, the Company elected to early adopt this guidance with no impact to its financial statements.</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:6pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:18pt;color:#000000;' >The </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >FASB </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >issued an accounting standard update in </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >March</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > 2017 </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >to improve the presentation of net periodic pension and postretirement benefi</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >t cost. Defined benefit pension and postretirement benefit costs (&#8220;net benefit cost&#8221;) comprise several components that reflect different aspects of an employer&#8217;s financial arrangements as well as the cost of benefits provided to employees. This accountin</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >g standard update </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >require</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >s</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > that an employer disaggregate the service</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >cost component from the other </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >components of net benefit cost, </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >provide</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >s</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > explicit guidance on how to present the service cost component and</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >the other components of net benefit cost in the </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >income statement and allow</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >s</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > only</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >the service cost component of net benefit cost to be eligible for capitalization.</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >The guidance within this accounting standa</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >rd update should be applied</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >retrospectively</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > for the</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >presentation of the service cost component and</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > the other components of net</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >periodic benefit cost in the income</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > statement and prospectively</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > for the capitalization</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >of </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >the</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > service cost component of net periodic </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >benefit in assets. This accounting standard update is </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >effective for annual</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >periods</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >beginning </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >after December 15, 2017, including interim periods within those</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >annual periods. </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Early adoption is permitted as</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >of the beginning of an annual period for which financial statements (interim or</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >annual</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >) have not been issued or made available for issuance. Du</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ring the first quarter of 2017, the Company elected to early adopt the guidance within this accounting standard update</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >, including the use of a </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >practical expedient which allows the Company to use amounts previously disclosed in its pension and other postret</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >irement benefits note for the prior period as the estimation basis for applying the required retrospective presentation. Adoption of this guidance resulted in a reclassification to the Company&#8217;s Condensed Consolidated Statement of Income for the three and</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > nine months ended September 30, 2016, as previously reported cost of goods sold (&#8220;COGS&#8221;) were reduced by $0.</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >1</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > and $0.</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >4</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > million, respectively, and selling, general and administrative expenses (&#8220;SG&amp;A&#8221;) were reduced by $0.</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >4</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > million and $1.</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >3</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > million, respectively, with a corresponding increase to other expense, net, of $0.5 million and $1.7 million, respectively.</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > In addition</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >, these required retrospective reclassifications resulted in an immaterial adjustment to previously reported direct ope</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >rating earnings within the Company&#8217;s reportable operating segment disclosures for the three and nine months ended September 30, 2016, respectively. </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >See Note 4, Note 7 and Note 8 of Notes to Condensed Consolidated Financial Statements.</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:6pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:18pt;color:#000000;' >The </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >FASB</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >issued an a</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ccounting </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >standard update in January 2017</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > simplifying the test for goodwill impairment by eliminating the Step 2 computation. The accounting standard update modifies the concept of impairment from the condition that exists when the carrying amount of good</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >will exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. The guidance removes the requirement to determine </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >a goodwill</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > impairment by calculating the implied fair value of goodwill</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. The guidance within this accounting standard update should be applied on a prospective basis, and </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >During the third</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > quarter of 2017, in connection with the Company&#8217;s 2017 annual goodwill impairment test, the Company elected to early adopt this guidance with no impact to its financial statements.</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:6pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:18pt;color:#000000;' >The FASB issued an accounting standard update in January 2017 to clarify t</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >he definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this accounting standard update pr</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ovide a more robust framework to use in determining when a set of assets and activities is a business. The guidance within this accounting standard update is effective for annual and </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >interim periods beginning after December 15, 2017. Early adoption is pe</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >rmitted in limited circumstances, and the amendments in this accounting standard update should be applied prospectively, with no disclosures required at transition. The Company does not currently meet the criteria for early application of the amendments a</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >nd therefore has not early adopted the guidance. The Company will evaluate the potential impact of this guidance on future transactions, as applicable. </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:6pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:18pt;color:#000000;' >The FASB issued an accounting standard update in November 2016 requiring that the statement of cash f</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >lows explain both the change in the total cash and cash equivalents, and, also, the amounts generally described as restricted cash or restricted cash equivalents. This will require amounts generally described as restricted cash or restricted cash equivale</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >nts be included with cash and cash equivalents when reconciling the beginning and ending amounts shown on the statement of cash flows. The guidance within this accounting standard update is effective for annual and interim periods beginning after December</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > 15, 2017. Early adoption is permitted and the guidance requires application using a retrospective transition method to each period presented when adopted. While permitted, the Company has not early adopted the guidance and is currently evaluating the ap</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >propriate implementation strategy. Adoption of the guidance will not have an impact on the Company&#8217;s earnings or balance sheet but will result in changes to certain disclosures within the statement of cash flows, notably cash flows from investing activiti</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >es.</font></p><p style='text-align:left;margin-top:6pt;margin-bottom:6pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:18pt;color:#000000;' >The FASB issued an accounting standard update in August 2016 to standardize how certain transactions are classified in the statement of cash flows. Specific transactions covered by the accounting standard update include debt prepayment or debt extingu</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate and bank owned life insurance polici</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >es, distributions received from equity method investments and beneficial interest in securitization transactions. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2017. Early ado</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ption is permitted, provided that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. While permitted, the Company has not early adopted the guidance and is currently evaluating </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >the appropriate implementation strategy. Adoption of the guidance will not have an impact on the Company&#8217;s earnings or balance sheet but may result in certain reclassifications on the statement of cash flows, including reclassifications between cash flows</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > from operating activities, investing activities and financing activities, respectively.</font></p><p style='text-align:left;margin-top:6pt;margin-bottom:6pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:18pt;color:#000000;' >The FASB issued an accounting standard update in March 2016 involving several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, use of a forfeitu</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >re rate, and classification on the statement of cash flows. The guidance within this accounting standard update was effective for annual and interim periods beginning after December 15, 2016. When adopted, application of the guidance will vary based on e</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ach aspect of the update, including adoption under retrospective, modified retrospective or prospective approaches. Early adoption was permitted. During the first quarter of 2017, the Company adopted the guidance within the accounting standard update as </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >required. The impact of adoption for the Company included the elimination of recording the tax effects of deductions in excess of compensation cost through equity as the guidance in this accounting standard update requires all tax effects related to share</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >-based payments to now be recorded through the income statement. The tax effects of awards are required to be treated as discrete items in the interim reporting period in which the stock compensation-related tax benefits occur. In addition, when applying</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > the treasury stock method for computing diluted earnings per share, there are no longer assumed proceeds from the stock compensation-related tax benefits and as a result, there are fewer shares considered to be repurchased in the calculation. This result</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >s in an assumption of more incremental shares being issued upon the exercise of share-based payment awards; therefore, equity awards will have a more dilutive effect on earnings per share. As required, the Company has applied these changes in the guidance</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > prospectively, beginning in the first quarter of 2017. The result of these changes was a tax benefit </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >of $0.6 million and $1.</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >4</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > million</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > recorded during the three and </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >nine</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > months ended </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >September 30</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >, 2017, respectively, and an immaterial number of dilutive s</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >hares added to the Company&#8217;s earnings per share calculation for the three and </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >nine</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > months ended </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >September 30</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >, 2017, respectively. In addition, all tax-related cash flows resulting from share-based payments are now required to be reported as operating acti</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >vities in the statement of cash flows under this new guidance. Either prospective or retrospective transition of this provision was permitted, and the Company has elected to apply the cash flow classification guidance on a prospective basis, consistent wi</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >th the prospective transition for the treatment of excess tax benefits in the income statement. Lastly, the accounting standard update permitted Companies to make an accounting policy election to account for forfeitures as they occur for service condition</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > aspects of certain share-based awards, rather than estimating forfeitures each period. While permitted, the Company has </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >decided not to elect this </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >accounting policy </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >change</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >, and instead has elected to continue utilizing a forfeiture rate assumption. Based </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >on historical experience, the Company has assumed a forfeiture rate of 13% on certain of its </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >nonvested</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > stock awards. </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >See Note 6, Note 9 and Note 10 of Notes to Condensed Consolidated Financial Statements.</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:6pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:18pt;color:#000000;' >The FASB issued an accounting standard </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >update in February 2016 regarding the accounting and disclosure for leases. Specifically, the update will require entities that lease assets to recognize the assets and liabilities for the rights and obligations created by those leases on the balance shee</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >t, in most instances. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2018, and should be applied on a modified retrospective basis for the reporting periods presented. Early ad</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >option is permitted. The Company has not early adopted and is currently evaluating the potential impact of this guidance and an appropriate implementation strategy. The Company has begun its impact assessment, including taking an inventory of its outstan</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ding leases globally. While the Company&#8217;s evaluation of this guidance is in the early stages, the Company currently expects adoption of this guidance to have an impact on its balance sheet.</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:6pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:18pt;' >The FASB issued an accounting standard update in May 2014 regardi</font><font style='font-family:Times New Roman;font-size:10pt;' >ng the accounting for and disclosure of revenue recognition. Specifically, the update outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, which will be common to both U.S. GAAP and Int</font><font style='font-family:Times New Roman;font-size:10pt;' >ernational Financial Reporting Standards. The guidance was </font><font style='font-family:Times New Roman;font-size:10pt;' >effective for annual and interim periods beginning after December 15, 2016, and allowed for full retrospective adoption of prior period data or a modified retrospective adoption. Early adoption w</font><font style='font-family:Times New Roman;font-size:10pt;' >as not permitted. In August 2015, the FASB issued an accounting standard update to delay the effective date of the new revenue standard by one year, or, in other words, to be effective for annual and interim periods beginning after December 15, 2017. Ent</font><font style='font-family:Times New Roman;font-size:10pt;' >ities </font><font style='font-family:Times New Roman;font-size:10pt;' >are</font><font style='font-family:Times New Roman;font-size:10pt;' > permitted to adopt the new revenue standard early but not before the original effective date. During 2016</font><font style='font-family:Times New Roman;font-size:10pt;' > and 2017</font><font style='font-family:Times New Roman;font-size:10pt;' >, the FASB issued a series of accounting standard updates to clarify and expand on the implementation guidance, including principal</font><font style='font-family:Times New Roman;font-size:10pt;' > versus agent considerations, identification of performance obligations, licensing, other technical corrections and adding certain practical expedients. The amendments in these 2016 </font><font style='font-family:Times New Roman;font-size:10pt;' >and 2017 </font><font style='font-family:Times New Roman;font-size:10pt;' >updates d</font><font style='font-family:Times New Roman;font-size:10pt;' >id</font><font style='font-family:Times New Roman;font-size:10pt;' > not change the core principle</font><font style='font-family:Times New Roman;font-size:10pt;' >s</font><font style='font-family:Times New Roman;font-size:10pt;' > of the </font><font style='font-family:Times New Roman;font-size:10pt;' >guidance </font><font style='font-family:Times New Roman;font-size:10pt;' >previ</font><font style='font-family:Times New Roman;font-size:10pt;' >ously issued in May 2014. </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:6pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:18pt;' >During 2016</font><font style='font-family:Times New Roman;font-size:10pt;' >,</font><font style='font-family:Times New Roman;font-size:10pt;' > the Company reviewed its historical accounting policies and practices to identify potential differences with the requirements of the new revenue</font><font style='font-family:Times New Roman;font-size:10pt;' > recognition</font><font style='font-family:Times New Roman;font-size:10pt;' > standard, as it relate</font><font style='font-family:Times New Roman;font-size:10pt;' >d</font><font style='font-family:Times New Roman;font-size:10pt;' > to the Company&#8217;s contracts and sale</font><font style='font-family:Times New Roman;font-size:10pt;' >s arrangements. As of</font><font style='font-family:Times New Roman;font-size:10pt;' > September</font><font style='font-family:Times New Roman;font-size:10pt;' > 30, 2017, the Company has </font><font style='font-family:Times New Roman;font-size:10pt;' >substantially </font><font style='font-family:Times New Roman;font-size:10pt;' >completed its impact assessment for the implementation of the new revenue recognition guidance. This impact assessment and work performed to date included global and cross functional</font><font style='font-family:Times New Roman;font-size:10pt;' > interviews and questionnaires, sales agreement and other sales document reviews</font><font style='font-family:Times New Roman;font-size:10pt;' >,</font><font style='font-family:Times New Roman;font-size:10pt;' > as well as technical considerations for the Company&#8217;s future transactional accounting, financial reporting and disclosure requirements. The Company expects to adopt the guid</font><font style='font-family:Times New Roman;font-size:10pt;' >ance in the first quarter of 201</font><font style='font-family:Times New Roman;font-size:10pt;' >8</font><font style='font-family:Times New Roman;font-size:10pt;' >, as required, using a modified retrospective adoption approach</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >applied to those contracts which will not be completed as of December 31, 2017. In addition, the Company will elect to apply certain of the permitted practica</font><font style='font-family:Times New Roman;font-size:10pt;' >l expedients within the revenue recognition guidance, including practical expedients around significant financing components, sales taxes and s</font><font style='font-family:Times New Roman;font-size:10pt;' >hipping and handling activities</font><font style='font-family:Times New Roman;font-size:10pt;' >. </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:6pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:18pt;' >The Company</font><font style='font-family:Times New Roman;font-size:10pt;' > has begun preliminary considerations for how the new revenue recog</font><font style='font-family:Times New Roman;font-size:10pt;' >nition guidance may impact Houghton, as it pertains to the potential Combination</font><font style='font-family:Times New Roman;font-size:10pt;' >.</font><font style='font-family:Times New Roman;font-size:10pt;' > The Company anticipates using the</font><font style='font-family:Times New Roman;font-size:10pt;' > remainder of 2017 </font><font style='font-family:Times New Roman;font-size:10pt;' >to finalize its impact assessment and</font><font style='font-family:Times New Roman;font-size:10pt;' > to further develop its</font><font style='font-family:Times New Roman;font-size:10pt;' > considerations for the potential Houghton Combination. Based on information reviewed to date and the impact assessment conclusions reached</font><font style='font-family:Times New Roman;font-size:10pt;' > so far</font><font style='font-family:Times New Roman;font-size:10pt;' >, the Company does not expect</font><font style='font-family:Times New Roman;font-size:10pt;' > the </font><font style='font-family:Times New Roman;font-size:10pt;' >adoption of this revenue recognition guidance to have a material impact on </font><font style='font-family:Times New Roman;font-size:10pt;' >its reported earnings, cash flows, or balance sheet</font><font style='font-family:Times New Roman;font-size:10pt;' >;</font><font style='font-family:Times New Roman;font-size:10pt;' > however</font><font style='font-family:Times New Roman;font-size:10pt;' >,</font><font style='font-family:Times New Roman;font-size:10pt;' > the Company does expect </font><font style='font-family:Times New Roman;font-size:10pt;' >the </font><font style='font-family:Times New Roman;font-size:10pt;' >adoption to increase the amount and level of disclosures concerning the Company&#8217;s net sales.</font></p></div>
CY2016Q3 kwr Net Reporting Amount
NetReportingAmount
10700000 USD
CY2017Q3 kwr Net Reporting Amount
NetReportingAmount
11200000 USD
CY2017Q3 kwr Pension And Post Retirement Benefit Costs Nonservice Components
PensionAndPostRetirementBenefitCostsNonserviceComponents
537000 USD
CY2016Q3 kwr Pension And Post Retirement Benefit Costs Nonservice Components
PensionAndPostRetirementBenefitCostsNonserviceComponents
524000 USD
CY2017Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.221 pure
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.283 pure
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
51092000 USD
kwr Combinationrelatedexpensesnetofpayements
Combinationrelatedexpensesnetofpayements
10367000 USD
CY2016Q4 us-gaap Restructuring Reserve
RestructuringReserve
670000 USD
kwr Combinationrelatedexpensesnetofpayements
Combinationrelatedexpensesnetofpayements
1157000 USD
CY2016Q3 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
1500000 USD
CY2017Q2 us-gaap Defined Benefit Plan Explanation Of Significant Change In Benefit Obligation Or Plan Assets Not Apparent From Other Required Disclosures
DefinedBenefitPlanExplanationOfSignificantChangeInBenefitObligationOrPlanAssetsNotApparentFromOtherRequiredDisclosures
During the second quarter of 2017, the Company’s U.S. pension plan offered a cash settlement to its vested terminated participants, which allowed them to receive the value of their pension benefits as a single lump sum payment. As payments from the U.S. pension plan for this cash out offering exceeded the service and interest cost components of the U.S. pension plan expense for 2017, the Company recorded a settlement charge of approximately $1.9 million. This settlement charge represented the immediate recognition into expense of a portion of the unrecognized loss within accumulated other comprehensive loss (“AOCI”) on the balance sheet in proportion to the share of the projected benefit obligation that was settled by these payments.
us-gaap Business Combination Separately Recognized Transactions Description
BusinessCombinationSeparatelyRecognizedTransactionsDescription
On April 4, 2017, Quaker entered into a share purchase agreement with Gulf Houghton Lubricants, Ltd. to purchase the entire issued and outstanding share capital of Houghton International, Inc. (“Houghton”) (herein referred to as “the Combination”). The shares will be bought for aggregate purchase consideration consisting of: (i) $172.5 million in cash; (ii) a number of shares of common stock, $1.00 par value per share, of the Company comprising 24.5% of the common stock outstanding upon the closing of the Combination; and (iii) the Company’s assumption of Houghton’s net indebtedness as of the closing of the Combination, which was approximately $690 million at signing. At closing, the total aggregate purchase consideration is dependent on the Company’s stock price and the level of Houghton’s indebtedness. The Company secured $1.15 billion in commitments from Bank of America Merrill Lynch and Deutsche Bank to fund the Combination and to provide additional liquidity, and has since replaced these commitments with a syndicated bank agreement (“the New Credit Facility”) with a group of lenders for $1.15 billion. The New Credit Facility is contingent upon and will not be effective until the closing of the Combination. The New Credit Facility currently includes a $400.0 million multicurrency revolver, a $575.0 million USD term loan and a $175.0 million EUR equivalent term loan, each with a five year term from the date the New Credit Facility becomes effective. The maximum amount available under the New Credit Facility can be increased by $200.0 million at the Company’s option if the lenders agree and the Company satisfies certain conditions. Borrowings under the New Credit Facility will generally bear interest at a base rate or LIBOR rate plus a margin. The Company currently estimates the annual floating rate cost will be in the 3.0% to 3.5% range based on current market interest rates. The New Credit Facility will be subject to certain financial and other covenants, including covenants that the Company’s consolidated net debt to adjusted EBITDA ratio cannot exceed 4.25 to 1 and the Company’s consolidated adjusted EBITDA to interest expense ratio cannot be lower than 3.0 to 1. Both the USD and EUR equivalent term loans will have quarterly principal amortization during their respective five year terms, with 5% amortization of the principal balance due in years 1 and 2, 7.5% in year 3, and 10% in years 4 and 5, with the remaining principal amounts due at maturity. Until closing, the Company will only incur certain interest costs paid to maintain the banks’ committed capital (“ticking fees”), which began to accrue on September 29, 2017. The ticking fees will bear an interest rate of 0.30% per annum. In addition, the issuance of the Company’s shares at closing of the Combination was subject to approval by Quaker’s shareholders under the rules of the New York Stock Exchange, and approval was received at a meeting of the Company’s shareholders during the third quarter of 2017. Also, the Combination is subject to regulatory approval in the United States, Europe, China and Australia. The Company received regulatory approval from China in July 2017 and from Australia in October 2017. Depending on the remaining regulatory approvals and other customary terms and conditions set forth in the share purchase agreement, the Company currently estimates closing of the Combination to occur either late in the fourth quarter of 2017 or the first quarter of 2018.
CY2017Q3 us-gaap Business Combination Separately Recognized Transactions Liabilities Recognized
BusinessCombinationSeparatelyRecognizedTransactionsLiabilitiesRecognized
11400000 USD
CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
109088000 USD
CY2017Q3 us-gaap Goodwill
Goodwill
85816000 USD
CY2016Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1157000 USD
CY2017Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
9675000 USD
CY2016Q3 us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
1200000 USD
us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
1200000 USD
us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
23100000 USD
CY2017Q3 us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
9700000 USD
us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
3600000 USD
CY2017Q3 us-gaap Finite Lived Customer Lists Gross
FiniteLivedCustomerListsGross
76671000 USD
CY2016Q4 us-gaap Finite Lived Customer Lists Gross
FiniteLivedCustomerListsGross
71454000 USD
CY2017Q3 kwr Finite Lived Trademarks Formulations And Product Technology
FiniteLivedTrademarksFormulationsAndProductTechnology
33022000 USD
CY2016Q4 kwr Finite Lived Trademarks Formulations And Product Technology
FiniteLivedTrademarksFormulationsAndProductTechnology
31436000 USD
CY2017Q3 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
6142000 USD
CY2016Q4 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
6023000 USD
CY2017Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
115835000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
108913000 USD
CY2016Q3 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
40000 USD
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
40000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
608000 USD
CY2017Q2 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
4000000 USD
CY2017Q3 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Prior to September 7, 2017, the Company’s Articles of Incorporation included a time-based voting system that granted special ten-for-one-voting rights to shareholders who had beneficially owned their Quaker Chemical Corporation common stock continuously for a period of at least 36 consecutive calendar months (dating from the first day of the first full calendar month on or after the date the holder acquired beneficial ownership of such common stock) before the record date for a shareholder vote. At a meeting of the Company’s shareholders on September 7, 2017, the Company’s shareholders approved an amendment of the Company’s Articles of Incorporation that provides that every holder of Quaker Chemical Corporation common stock will be entitled to one vote for each share of common stock of the Company going forward.
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2019-06-14
kwr Statutory Tax Rate
StatutoryTaxRate
0.25 pure
CY2017Q3 kwr Unrecognized Tax Benefits Interest Income On Income Taxes
UnrecognizedTaxBenefitsInterestIncomeOnIncomeTaxes
100000 USD
CY2017Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
100000 USD
kwr Unrecognized Tax Benefits Interest Income On Income Taxes
UnrecognizedTaxBenefitsInterestIncomeOnIncomeTaxes
100000 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
200000 USD
CY2016Q3 kwr Unrecognized Tax Benefits Interest Income On Income Taxes
UnrecognizedTaxBenefitsInterestIncomeOnIncomeTaxes
700000 USD
CY2016Q3 kwr Unrecognized Tax Benefits Income Tax Penalties Income
UnrecognizedTaxBenefitsIncomeTaxPenaltiesIncome
100000 USD
kwr Unrecognized Tax Benefits Interest Income On Income Taxes
UnrecognizedTaxBenefitsInterestIncomeOnIncomeTaxes
600000 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
200000 USD

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