2017 Q4 Form 10-K Financial Statement

#000008136218000003 Filed on February 28, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017
Revenue $211.1M $212.9M $820.1M
YoY Change 10.37% 11.81% 9.83%
Cost Of Revenue $137.1M $138.1M $528.6M
YoY Change 12.93% 15.57% 13.3%
Gross Profit $74.00M $74.78M $291.5M
YoY Change 5.97% 5.47% 4.06%
Gross Profit Margin 35.06% 35.12% 35.54%
Selling, General & Admin $50.10M $51.09M $198.8M
YoY Change 2.45% 6.72% 2.66%
% of Gross Profit 67.71% 68.33% 68.2%
Research & Development $23.90M
YoY Change 6.22%
% of Gross Profit 8.2%
Depreciation & Amortization $5.000M $5.100M $7.489M
YoY Change 4.17% 4.08% 4.98%
% of Gross Profit 6.76% 6.82% 2.57%
Operating Expenses $50.00M $51.09M $222.7M
YoY Change 2.04% 6.72% 3.03%
Operating Profit $17.07M $14.01M $62.74M
YoY Change -18.51% -35.92% -26.49%
Interest Expense -$600.0K $793.0K $1.358M
YoY Change 50.0% 4.62% -52.99%
% of Operating Profit -3.51% 5.66% 2.16%
Other Income/Expense, Net $500.0K $249.0K -$718.0K
YoY Change -2590.0% 45.93%
Pretax Income $16.80M $14.23M $10.47M
YoY Change -18.45% -34.27% -66.42%
Income Tax $22.90M $3.140M $41.65M
% Of Pretax Income 136.31% 22.07% 397.91%
Net Earnings -$9.762M $11.14M $20.28M
YoY Change -155.99% -30.4% -66.98%
Net Earnings / Revenue -4.62% 5.23% 2.47%
Basic Earnings Per Share -$0.73 $0.84 $1.53
Diluted Earnings Per Share -$0.73 $0.83 $1.52
COMMON SHARES
Basic Shares Outstanding 13.22M shares 13.20M shares
Diluted Shares Outstanding 13.25M shares 13.25M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $89.90M $109.1M $89.90M
YoY Change 1.24% 10.2% 1.24%
Cash & Equivalents $89.88M $109.1M $89.90M
Short-Term Investments
Other Short-Term Assets $21.10M $24.30M $21.10M
YoY Change 37.91% 12.5% 37.91%
Inventory $87.22M $90.30M $87.20M
Prepaid Expenses
Receivables $208.4M $218.2M $208.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $406.6M $441.9M $406.6M
YoY Change 8.0% 12.11% 7.99%
LONG-TERM ASSETS
Property, Plant & Equipment $86.70M $86.28M $86.70M
YoY Change 1.13% 2.88% 1.17%
Goodwill $86.03M $85.82M
YoY Change 6.47% 8.18%
Intangibles $72.70M $74.61M
YoY Change -1.98% 5.25%
Long-Term Investments $25.69M $25.19M $25.70M
YoY Change 12.59% 7.43% 12.72%
Other Assets $30.05M $29.64M $45.50M
YoY Change 4.51% 1.14% -14.31%
Total Long-Term Assets $315.5M $322.7M $315.5M
YoY Change -0.01% 6.37% 0.0%
TOTAL ASSETS
Total Short-Term Assets $406.6M $441.9M $406.6M
Total Long-Term Assets $315.5M $322.7M $315.5M
Total Assets $722.1M $764.5M $722.1M
YoY Change 4.35% 9.61% 4.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $93.01M $95.58M $93.00M
YoY Change 19.88% 21.64% 19.85%
Accrued Expenses $27.32M $20.50M $25.60M
YoY Change 16.62% 3.02% 21.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $5.700M $700.0K $5.700M
YoY Change 714.29% 0.0% 714.29%
Total Short-Term Liabilities $154.7M $156.1M $154.7M
YoY Change 21.45% 25.14% 21.43%
LONG-TERM LIABILITIES
Long-Term Debt $61.07M $72.37M $61.10M
YoY Change -7.15% -4.28% -7.14%
Other Long-Term Liabilities $51.50M $71.36M $87.00M
YoY Change 43.5% -0.38% 17.25%
Total Long-Term Liabilities $112.6M $143.7M $148.1M
YoY Change 10.73% -2.38% 5.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $154.7M $156.1M $154.7M
Total Long-Term Liabilities $112.6M $143.7M $148.1M
Total Liabilities $312.5M $312.5M $314.5M
YoY Change 11.84% 10.11% 8.71%
SHAREHOLDERS EQUITY
Retained Earnings $365.9M $380.4M
YoY Change 0.42% 8.21%
Common Stock $106.8M $126.4M
YoY Change -15.04% 1.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $407.7M $440.2M $407.7M
YoY Change
Total Liabilities & Shareholders Equity $722.1M $764.5M $722.1M
YoY Change 4.35% 9.61% 4.35%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017
OPERATING ACTIVITIES
Net Income -$9.762M $11.14M $20.28M
YoY Change -155.99% -30.4% -66.98%
Depreciation, Depletion And Amortization $5.000M $5.100M $7.489M
YoY Change 4.17% 4.08% 4.98%
Cash From Operating Activities $24.00M $20.00M $64.76M
YoY Change 15.38% 17.65% -12.25%
INVESTING ACTIVITIES
Capital Expenditures -$2.900M -$2.800M $10.87M
YoY Change -21.62% 47.37% 9.22%
Acquisitions $5.363M
YoY Change -64.3%
Other Investing Activities $1.600M $0.00 -$3.700M
YoY Change -112.9% -100.0% -75.0%
Cash From Investing Activities -$1.300M -$2.800M -$14.61M
YoY Change -91.93% 64.71% -41.1%
FINANCING ACTIVITIES
Cash Dividend Paid $18.61M
YoY Change 5.61%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -42.70M -8.800M -$55.21M
YoY Change 238.89% -30.71% 44.91%
NET CHANGE
Cash From Operating Activities 24.00M 20.00M $64.76M
Cash From Investing Activities -1.300M -2.800M -$14.61M
Cash From Financing Activities -42.70M -8.800M -$55.21M
Net Change In Cash -20.00M 8.400M $349.0K
YoY Change 153.16% 223.08% -96.8%
FREE CASH FLOW
Cash From Operating Activities $24.00M $20.00M $64.76M
Capital Expenditures -$2.900M -$2.800M $10.87M
Free Cash Flow $26.90M $22.80M $53.89M
YoY Change 9.8% 20.63% -15.59%

Facts In Submission

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DocumentFiscalPeriodFocus
FY
CY2017 dei Entity Central Index Key
EntityCentralIndexKey
0000081362
CY2017 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2017 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2017 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2015 us-gaap Sales Revenue Net
SalesRevenueNet
737555000 USD
CY2015 us-gaap Cost Of Goods Sold
CostOfGoodsSold
459810000 USD
CY2015 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
196387000 USD
CY2015 us-gaap Costs And Expenses
CostsAndExpenses
662987000 USD
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23226000 USD
CY2015 kwr Income Loss From Continuing Operations Before Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeMinorityInterestAndIncomeLossFromEquityMethodInvestments
52445000 USD
CY2016 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2256000 USD
CY2016 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1636000 USD
CY2016 us-gaap Net Income Loss
NetIncomeLoss
61403000 USD
CY2016 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.64
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.63
CY2016 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-13772000 USD
CY2015 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-24869000 USD
CY2016 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
-2990000 USD
CY2015 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
3821000 USD
CY2016 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
2155000 USD
CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
2561000 USD
CY2016 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-82000 USD
CY2015 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-82000 USD
CY2016 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
537000 USD
CY2015 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-978000 USD
CY2016 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
48887000 USD
CY2015 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
33159000 USD
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
-1575000 USD
CY2015 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
-889000 USD
CY2016 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
47312000 USD
CY2015 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
32270000 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
88818000 USD
CY2016Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
195225000 USD
CY2016Q4 us-gaap Inventory Net
InventoryNet
77082000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
15343000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
85734000 USD
CY2016Q4 us-gaap Goodwill
Goodwill
80804000 USD
CY2016Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
73071000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
28752000 USD
CY2016Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
77583000 USD
CY2016Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
4581000 USD
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
19356000 USD
CY2016Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
23428000 USD
CY2016Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
65769000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
35886000 USD
CY2016Q4 us-gaap Common Stock Value
CommonStockValue
13278000 USD
CY2016Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
112475000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
364414000 USD
CY2016 us-gaap Depreciation
Depreciation
12557000 USD
CY2015 us-gaap Depreciation
Depreciation
12395000 USD
CY2016 us-gaap Adjustment For Amortization
AdjustmentForAmortization
7009000 USD
CY2015 us-gaap Adjustment For Amortization
AdjustmentForAmortization
6811000 USD
CY2016 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
1969000 USD
CY2015 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
-578000 USD
CY2016 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
5488000 USD
CY2015 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2401000 USD
CY2016 kwr Uncertain Tax Positions
UncertainTaxPositions
-3206000 USD
CY2015 kwr Uncertain Tax Positions
UncertainTaxPositions
-1122000 USD
CY2016 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.355
CY2016 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
0 USD
CY2015 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
0 USD
CY2016 kwr Business Acquisition Contingent Consideration Actual Cash Payment
BusinessAcquisitionContingentConsiderationActualCashPayment
0 USD
CY2015 kwr Business Acquisition Contingent Consideration Actual Cash Payment
BusinessAcquisitionContingentConsiderationActualCashPayment
226000 USD
CY2016 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
0 USD
CY2015 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
0 USD
CY2016 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-38130000 USD
CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-16897000 USD
CY2016 kwr Increase Decrease In Deferred Compensation And Other Net
IncreaseDecreaseInDeferredCompensationAndOtherNet
-424000 USD
CY2015 kwr Increase Decrease In Deferred Compensation And Other Net
IncreaseDecreaseInDeferredCompensationAndOtherNet
14000 USD
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
6349000 USD
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
5919000 USD
CY2016 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
18000 USD
CY2015 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
12000 USD
CY2016 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
1023000 USD
CY2015 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
760000 USD
CY2016 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
11705000 USD
CY2015 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
188000 USD
CY2016 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1870000 USD
CY2015 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1292000 USD
CY2016 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
703000 USD
CY2015 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
721000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
14063000 USD
CY2015 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-9040000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
73753000 USD
CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
73432000 USD
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9954000 USD
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11033000 USD
CY2016 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
15024000 USD
CY2015 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
24058000 USD
CY2016 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
186000 USD
CY2015 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
135000 USD
CY2016 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
32000 USD
CY2015 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
35000 USD
CY2016 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-991000 USD
CY2015 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-725000 USD
CY2016 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-23769000 USD
CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-34196000 USD
CY2016 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2015 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
6163000 USD
CY2016 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
14513000 USD
CY2015 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
477000 USD
CY2016 us-gaap Payments Of Dividends
PaymentsOfDividends
17625000 USD
CY2015 us-gaap Payments Of Dividends
PaymentsOfDividends
16513000 USD
CY2016 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
-811000 USD
CY2015 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
1048000 USD
CY2016 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
678000 USD
CY2015 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
384000 USD
CY2016 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-4089000 USD
CY2015 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-6017000 USD
CY2016 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
7765000 USD
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
16322000 USD
CY2015 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
0 USD
CY2015 us-gaap Noncontrolling Interest Decrease From Deconsolidation
NoncontrollingInterestDecreaseFromDeconsolidation
351000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
381243000 USD
CY2016 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
-1302000 USD
CY2016 us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
491000 USD
CY2016 us-gaap Dividends Common Stock
DividendsCommonStock
17954000 USD
CY2015 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
7276000 USD
CY2016 us-gaap Stock Granted During Period Value Sharebased Compensation Gross
StockGrantedDuringPeriodValueSharebasedCompensationGross
6349000 USD
CY2017Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
625000 USD
CY2016 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
678000 USD
CY2016 us-gaap Noncontrolling Interest Decrease From Deconsolidation
NoncontrollingInterestDecreaseFromDeconsolidation
0 USD
CY2016 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
5859000 USD
CY2015 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
619000 USD
CY2015 us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
429000 USD
CY2015 us-gaap Stock Granted During Period Value Sharebased Compensation Gross
StockGrantedDuringPeriodValueSharebasedCompensationGross
5919000 USD
CY2015 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
384000 USD
CY2015 us-gaap Dividends Common Stock
DividendsCommonStock
16775000 USD
CY2015 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-19547000 USD
CY2015 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
7276000 USD
CY2016 us-gaap Profit Loss
ProfitLoss
63039000 USD
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-14152000 USD
CY2015 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.26
CY2017 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.41
CY2016 kwr Netreportingamount
Netreportingamount
43500000 USD
CY2015 kwr Netreportingamount
Netreportingamount
48600000 USD
CY2016 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
22500000 USD
CY2015 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
22100000 USD
CY2015Q4 kwr Operating Income Loss Segment Reporting
OperatingIncomeLossSegmentReporting
155367000 USD
CY2016Q4 kwr Operating Income Loss Segment Reporting
OperatingIncomeLossSegmentReporting
158895000 USD
CY2015 kwr Nonoperating Charges
NonoperatingCharges
-66999000 USD
CY2015 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7010000 USD
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
85353000 USD
CY2016 us-gaap Interest Expense
InterestExpense
2889000 USD
CY2016 us-gaap Investment Income Interest
InvestmentIncomeInterest
2037000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
84009000 USD
CY2016 kwr Nonoperating Charges
NonoperatingCharges
-65316000 USD
CY2016 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7134000 USD
CY2014Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-54406000 USD
CY2015 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-20025000 USD
CY2015 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
3010000 USD
CY2015 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-1895000 USD
CY2015Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-73316000 USD
CY2016 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-17106000 USD
CY2016 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
3058000 USD
CY2016 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-43000 USD
CY2016Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-87407000 USD
CY2017 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2017 dei Document Period End Date
DocumentPeriodEndDate
2017-12-31
CY2015 us-gaap Restructuring Charges
RestructuringCharges
6790000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
60668000 USD
CY2017 us-gaap Profit Loss
ProfitLoss
22300000 USD
CY2017 us-gaap Net Income Loss
NetIncomeLoss
20278000 USD
CY2017 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
21076000 USD
CY2016Q4 us-gaap Restructuring Reserve
RestructuringReserve
670000 USD
CY2016 us-gaap Increase Decrease In Restructuring Reserve
IncreaseDecreaseInRestructuringReserve
-5252000 USD
CY2015 us-gaap Increase Decrease In Restructuring Reserve
IncreaseDecreaseInRestructuringReserve
-490000 USD
CY2016 us-gaap Income Taxes Paid
IncomeTaxesPaid
25043000 USD
CY2015 us-gaap Income Taxes Paid
IncomeTaxesPaid
20996000 USD
CY2016 us-gaap Interest Paid
InterestPaid
2481000 USD
CY2015 us-gaap Interest Paid
InterestPaid
2223000 USD
CY2016 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
363000 USD
CY2015 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
209000 USD
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2900000 USD
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
900000 USD
CY2017 kwr Netreportingamount
Netreportingamount
44500000 USD
CY2016Q4 kwr Deferred Tax Assets Tax Deferred Expense Uncertain Tax Positions
DeferredTaxAssetsTaxDeferredExpenseUncertainTaxPositions
-101000 USD
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
117220 shares
CY2016 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
50000 USD
CY2015 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
6000 USD
CY2016 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
338000 USD
CY2015 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
261000 USD
CY2016 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
126000 USD
CY2015 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
168000 USD
CY2015 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3377000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Pensions
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPensions
8236000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
1925000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Loss Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves
707000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Postretirement Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefits
1623000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Other
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsOther
3670000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Bonuses
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBonuses
5197000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
2088000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Legal Settlements
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLegalSettlements
7755000 USD
CY2016Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
7343000 USD
CY2016Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
2834000 USD
CY2016Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
41494000 USD
CY2016Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
6344000 USD
CY2016Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
35150000 USD
CY2016Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
5709000 USD
CY2016Q4 us-gaap Deferred Tax Liabilities Deferred Expense Reserves And Accruals
DeferredTaxLiabilitiesDeferredExpenseReservesAndAccruals
1055000 USD
CY2016Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
16012000 USD
CY2016Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
22776000 USD
CY2016Q4 us-gaap Line Of Credit
LineOfCredit
47948000 USD
CY2016Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
58000 USD
CY2016Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
66476000 USD
CY2016Q4 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
649000 USD
CY2016Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
65769000 USD
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
64731000 USD
CY2017 us-gaap Share Based Goods And Nonemployee Services Transaction Shares Approved For Issuance
ShareBasedGoodsAndNonemployeeServicesTransactionSharesApprovedForIssuance
75000 shares
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Restructuring Charges
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsRestructuringCharges
217000 USD
CY2016Q4 kwr Cash Surrender Value Company Owned Life Insurance Fair Value Disclosure
CashSurrenderValueCompanyOwnedLifeInsuranceFairValueDisclosure
1410000 USD
CY2016Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1410000 USD
CY2016Q4 kwr Debt Instrument Idrb
DebtInstrumentIdrb
15000000 USD
CY2016Q4 us-gaap Loans Payable
LoansPayable
3470000 USD
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
1
CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
30000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2016 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6349000 USD
CY2015 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5919000 USD
CY2016Q4 us-gaap Noncurrent Assets
NoncurrentAssets
137303000 USD
CY2015Q4 us-gaap Noncurrent Assets
NoncurrentAssets
140191000 USD
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300000 USD
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42585000 USD
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5900000 USD
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1400000 USD
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6240000 USD
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201183000 USD
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60783000 USD
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1624000 USD
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746665000 USD
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2585000 USD
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70230000 USD
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17785000 USD
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261000 USD
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52706000 USD
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1526000 USD
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3.84
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3.84
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820082000 USD
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528587000 USD
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757338000 USD
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62744000 USD
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2534000 USD
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41653000 USD
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19015000 USD
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3285000 USD
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2022000 USD
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1.52
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2255000 USD
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-84000 USD
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-130000 USD
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23021000 USD
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45321000 USD
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44439000 USD
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376468000 USD
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22817000 USD
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24382000 USD
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127411000 USD
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12008000 USD
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279422000 USD
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692028000 USD
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89879000 USD
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208358000 USD
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87221000 USD
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406586000 USD
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86704000 USD
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86034000 USD
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71603000 USD
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25690000 USD
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15460000 USD
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30049000 USD
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5736000 USD
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4724000 USD
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22846000 USD
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0 USD
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27321000 USD
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61068000 USD
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9653000 USD
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51496000 USD
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13308000 USD
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407672000 USD
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409618000 USD
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12598000 USD
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7368000 USD
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2895000 USD
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3754000 USD
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1074000 USD
CY2017 us-gaap Share Based Compensation
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4190000 USD
CY2017 us-gaap Gain Loss On Sale Of Property Plant Equipment
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-79000 USD
CY2017 us-gaap Payments For Legal Settlements
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762000 USD
CY2017 us-gaap Increase Decrease In Accounts Receivable
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1941000 USD
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6135000 USD
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2932000 USD
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12381000 USD
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64762000 USD
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10872000 USD
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5363000 USD
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1577000 USD
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50000 USD
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50200000 USD
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0 USD
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18613000 USD
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0 USD
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31787000 USD
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0 USD
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5404000 USD
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1061000 USD
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21544000 USD
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2767000 USD
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240000 USD
CY2017 us-gaap Research And Development Expense
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23900000 USD
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0 USD
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CY2017 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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0 USD
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1300000 USD
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6303000 USD
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165313000 USD
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7489000 USD
CY2015Q4 us-gaap Assets
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12477000 USD
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OtherNonoperatingIncome
380000 USD
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OtherNonoperatingExpense
152000 USD
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42782000 USD
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9196000 USD
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3304000 USD
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27321000 USD
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21171000 USD
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7970000 USD
CY2017Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
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5905000 USD
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4190000 USD
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CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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99484 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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11771 shares
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134.6
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
75.94
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
100.64
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
72.95
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y4M
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y6M
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y11M
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
97.71
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
75.34
CY2017Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
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111255 shares
CY2017Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
97.71
CY2017Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
72.95
CY2017Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
11771 shares
CY2017 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P5Y4M
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3400000 USD
CY2017Q4 kwr Director Retainer Annual Fee
DirectorRetainerAnnualFee
100000 USD
CY2017 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
21265000 USD
CY2017 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
2529000 USD
CY2017 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
14105000 USD
CY2017 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
37899000 USD
CY2017 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
6889000 USD
CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-36000 USD
CY2017 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-3099000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
10468000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Pensions
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPensions
5472000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
1134000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Loss Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves
497000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Postretirement Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefits
1056000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Other
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsOther
2679000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Bonuses
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBonuses
3779000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1071000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Legal Settlements
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLegalSettlements
4581000 USD
CY2017Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
8602000 USD
CY2017Q4 kwr Deferred Tax Assets Tax Deferred Expense Uncertain Tax Positions
DeferredTaxAssetsTaxDeferredExpenseUncertainTaxPositions
-410000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Restructuring Charges
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsRestructuringCharges
0 USD
CY2017Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
2816000 USD
CY2017Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
34320000 USD
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
7401000 USD
CY2017Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
26919000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
4444000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Deferred Expense Reserves And Accruals
DeferredTaxLiabilitiesDeferredExpenseReservesAndAccruals
1295000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
15373000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
21112000 USD
CY2017Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
5807000 USD
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
21229000 USD
CY2017 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-2663000 USD
CY2017 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
IncomeTaxReconciliationRepatriationOfForeignEarnings
0 USD
CY2017 us-gaap Income Tax Reconciliation Tax Credits Foreign
IncomeTaxReconciliationTaxCreditsForeign
2761000 USD
CY2017 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
-235000 USD
CY2017 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
-651000 USD
CY2017 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
1155000 USD
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
569000 USD
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Meals And Entertainment
IncomeTaxReconciliationNondeductibleExpenseMealsAndEntertainment
248000 USD
CY2017 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
854000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
6761000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
2347000 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
2116000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation
985000 USD
CY2017Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
300000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
600000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
1000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
2200000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1100000 USD
CY2017 kwr Unrecognized Tax Benefits Income Tax Penalties Income
UnrecognizedTaxBenefitsIncomeTaxPenaltiesIncome
700000 USD
CY2017Q4 kwr Unrecognized Tax Benefits Interest Income On Income Taxes
UnrecognizedTaxBenefitsInterestIncomeOnIncomeTaxes
200000 USD
CY2016Q4 kwr Unrecognized Tax Benefits Interest Income On Income Taxes
UnrecognizedTaxBenefitsInterestIncomeOnIncomeTaxes
700000 USD
CY2015Q4 kwr Unrecognized Tax Benefits Interest Income On Income Taxes
UnrecognizedTaxBenefitsInterestIncomeOnIncomeTaxes
200000 USD
CY2017 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-137000 USD
CY2017 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
20141000 USD
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13204872 shares
CY2017 kwr Undistributedearningsallocatedtoparticipatingsecuritiesdiluted
Undistributedearningsallocatedtoparticipatingsecuritiesdiluted
-137000 USD
CY2017 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
20141000 USD
CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
41074 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13245946 shares
CY2017 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3671 shares
CY2017Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
213800000 USD
CY2017Q4 kwr Accounts Receivable Greater Than90 Days Past Due
AccountsReceivableGreaterThan90DaysPastDue
15200000 USD
CY2017Q4 us-gaap Business Combination Acquired Receivables Estimated Uncollectible
BusinessCombinationAcquiredReceivablesEstimatedUncollectible
0 USD
CY2017Q4 us-gaap Land
Land
10635000 USD
CY2017Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
87111000 USD
CY2017Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
153312000 USD
CY2017Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
4932000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
255990000 USD
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
169286000 USD
CY2017 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
1832000 USD
CY2017 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
3398000 USD
CY2017Q4 us-gaap Finite Lived Customer Lists Gross
FiniteLivedCustomerListsGross
76581000 USD
CY2017Q4 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
6114000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
115720000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
45217000 USD
CY2016Q4 kwr Finite Lived Trademarks Formulations And Product Technology Gross
FiniteLivedTrademarksFormulationsAndProductTechnologyGross
31436000 USD
CY2017Q4 kwr Finite Lived Trademarks Formulations And Product Technology Gross
FiniteLivedTrademarksFormulationsAndProductTechnologyGross
33025000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
7348000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
7244000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
6956000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
6576000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
6449000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
21171000 USD
CY2017Q4 kwr Uncertaintaxpositionassetsnoncurrent
Uncertaintaxpositionassetsnoncurrent
4543000 USD
CY2017Q4 us-gaap Cash Surrender Value Of Life Insurance
CashSurrenderValueOfLifeInsurance
1594000 USD
CY2017Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
1557000 USD
CY2017 us-gaap Interest Income Other Domestic Deposits
InterestIncomeOtherDomesticDeposits
100000 USD
CY2017 us-gaap Loss Contingency Settlement Agreement Terms
LossContingencySettlementAgreementTerms
Previously, an inactive subsidiary of the Company executed separate settlement and release agreements with two of its insurance carriers for $35.0 million, of which $21.2 million remains. The proceeds of both settlements are restricted and can only be used to pay claims and costs of defense associated with the subsidiary’s asbestos litigation.
CY2017Q4 kwr Cash Surrender Value Company Owned Life Insurance Fair Value Disclosure
CashSurrenderValueCompanyOwnedLifeInsuranceFairValueDisclosure
1594000 USD
CY2017Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1594000 USD
CY2016Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
58000 USD
CY2017Q4 us-gaap Line Of Credit
LineOfCredit
48514000 USD
CY2017Q4 kwr Debt Instrument Idrb
DebtInstrumentIdrb
15000000 USD
CY2017Q4 us-gaap Loans Payable
LoansPayable
3290000 USD
CY2017Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
0 USD
CY2017Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
66804000 USD
CY2017Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
0 USD
CY2017Q4 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
5736000 USD
CY2017Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
61068000 USD
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
5736000 USD
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
49160000 USD
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
694000 USD
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
407000 USD
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
282000 USD
CY2017 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
21015000 USD
CY2017 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
2660000 USD
CY2017 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-1368000 USD
CY2017 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
20915 shares
CY2017 us-gaap Stock Issued During Period Shares Employee Stock Ownership Plan
StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan
4091 shares
CY2017 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
4878 shares
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
5345000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4494000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3708000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3208000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2812000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
8033000 USD
CY2017 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
6400000 USD
CY2017Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
200000 USD
CY2017Q4 us-gaap Assets
Assets
722126000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
21128000 USD
CY2017Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
93008000 USD
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
154743000 USD
CY2017Q4 us-gaap Liabilities
Liabilities
312508000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
722126000 USD
CY2017 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.53
CY2017Q4 us-gaap Sales Revenue Net
SalesRevenueNet
211072000 USD
CY2017Q4 us-gaap Gross Profit
GrossProfit
73997000 USD
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
17074000 USD
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
-9762000 USD
CY2017Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.73
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.73
CY2017 us-gaap Accounts Receivable Additional Narrative Disclosure
AccountsReceivableAdditionalNarrativeDisclosure
Included in write-offs charged to allowance during the years ended December 31, 2017 and 2016 were outstanding receivables related to certain prior year customer bankruptcies, which the Company previously reserved for, but settled during 2017 and 2016, respectively.
CY2016Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
136041000 USD
CY2017Q4 us-gaap Defined Benefit Plan Amount Of Employer And Related Party Securities Included In Plan Assets
DefinedBenefitPlanAmountOfEmployerAndRelatedPartySecuritiesIncludedInPlanAssets
1500000 USD
CY2017 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.03 pure
CY2017 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
2900000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
6013000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
5086000 USD
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
928000 USD
CY2017 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2016 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
5859000 USD
CY2017 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
198813000 USD
CY2015 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
2591000 USD
CY2017 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div><p style='text-align:left;margin-top:4pt;margin-bottom:4pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:18pt;' >Reclassifications</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;' >:</font><font style='font-family:Times New Roman;font-size:10pt;' > Certain information has been reclassified to conform to the current year presentation. </font></p></div>
CY2017 us-gaap Stock Granted During Period Value Sharebased Compensation Gross
StockGrantedDuringPeriodValueSharebasedCompensationGross
4190000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
308000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
869000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
416000 USD
CY2017 kwr Director Stock Ownership Cash Retainer
DirectorStockOwnershipCashRetainer
Under the Plan, each director who, on May 1 of the applicable calendar year, owns less than 400% of the annual cash retainer for the applicable calendar year, divided by the average of the closing price of a share of Quaker Common Stock as reported by the composite tape of the New York Stock Exchange for the previous calendar year (the “Threshold Amount”), is required to receive 75% of the annual cash retainer in Quaker common stock and 25% of the retainer in cash, unless the director elects to receive a greater percentage of Quaker common stock, up to 100% of the annual cash retainer for the applicable year. Each director who owns more than the Threshold Amount may elect to receive common stock in payment of a percentage (up to 100%) of the annual cash retainer.
CY2016 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1531000 USD
CY2015 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
0 USD
CY2017Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
0 USD
CY2016Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
670000 USD
CY2016 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
3420000 USD
CY2017 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
123000 USD
CY2017 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-3479000 USD
CY2016 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-5226000 USD
CY2015 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-930000 USD
CY2017 us-gaap Payments For Restructuring
PaymentsForRestructuring
675000 USD
CY2017 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
5000 USD
CY2016 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
73000 USD
CY2016 us-gaap Restructuring Charges
RestructuringCharges
-439000 USD
CY2017 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
-31787000 USD
CY2017 us-gaap Noncontrolling Interest Decrease From Deconsolidation
NoncontrollingInterestDecreaseFromDeconsolidation
0 USD
CY2017 us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
495000 USD
CY2017 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
29938000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
365135000 USD
CY2017 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 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 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 3.50% to 3.75% 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 less 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 incurs certain interest costs paid to maintain the banks’ committed capital (“ticking fees”), which began to accrue on September 29, 2017 and 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. This 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 during the first half of 2018.
CY2017Q4 us-gaap Business Combination Separately Recognized Transactions Liabilities Recognized
BusinessCombinationSeparatelyRecognizedTransactionsLiabilitiesRecognized
5500000 USD
CY2017 us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
30800000 USD
CY2016 us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
1500000 USD
CY2016Q4 us-gaap Business Combination Separately Recognized Transactions Liabilities Recognized
BusinessCombinationSeparatelyRecognizedTransactionsLiabilitiesRecognized
500000 USD
CY2017 us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2016 us-gaap Payments For Restructuring
PaymentsForRestructuring
5252000 USD
CY2016 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
58000 USD
CY2015 us-gaap Payments For Restructuring
PaymentsForRestructuring
490000 USD
CY2015 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
3000 USD
CY2014Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2017 us-gaap Restructuring And Related Cost Description
RestructuringAndRelatedCostDescription
The 2015 Program included provisions for the reduction of total headcount by approximately 65 employees globally. As a result of this program, the Company recognized a $6.8 million restructuring charge in the fourth quarter of 2015. Employee separation costs varied depending on local regulations within certain foreign countries and included severance and other benefits. The Company substantially completed all of the initiatives under the 2015 Program in 2016 and settlement of these charges occurred primarily in 2016 as well. During the fourth quarter of 2016, the Company recognized a restructuring credit of $0.4 million in connection with the 2015 Program, due to customary and routine adjustments to initial estimates for employee separation costs, as well as the reversal of certain accrued employee separation costs as a result of the change in available-for-sale technology, noted above. The Company completed all of the remaining initiatives under the 2015 Program during the first half of 2017 and does not expect to incur further restructuring charges under this program.
CY2016Q4 us-gaap Disposal Group Including Discontinued Operation Changes To Plan Of Sale
DisposalGroupIncludingDiscontinuedOperationChangesToPlanOfSale
During the fourth quarter of 2016, the Company made a decision to no longer market or make available-for-sale this technology, which resulted in $0.3 million of other current assets being reclassified back to intangible assets as of December 31, 2016.
CY2017 kwr Proceeds From Non Income Tax Refunds
ProceedsFromNonIncomeTaxRefunds
1015000 USD
CY2017 us-gaap Licenses Revenue
LicensesRevenue
861000 USD
CY2016 us-gaap Licenses Revenue
LicensesRevenue
978000 USD
CY2015 us-gaap Licenses Revenue
LicensesRevenue
875000 USD
CY2016 kwr Proceeds From Non Income Tax Refunds
ProceedsFromNonIncomeTaxRefunds
398000 USD
CY2015 kwr Proceeds From Non Income Tax Refunds
ProceedsFromNonIncomeTaxRefunds
141000 USD
CY2017Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
841000 USD
CY2016Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2753000 USD
CY2017Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
2846000 USD
CY2016Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1980000 USD
CY2016Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
2699000 USD
CY2017Q4 kwr Accruedfreightcostscurrent
Accruedfreightcostscurrent
1780000 USD
CY2016Q4 kwr Accruedfreightcostscurrent
Accruedfreightcostscurrent
2212000 USD
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
5019000 USD
CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
18388000 USD
CY2016 kwr Pensionandpostretirementbenefitcostsnonservicecomponents
Pensionandpostretirementbenefitcostsnonservicecomponents
-2302000 USD
CY2017 kwr Insurancesolvencyrecovery
Insurancesolvencyrecovery
600000 USD
CY2017Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
1169000 USD
CY2016Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
754000 USD
CY2017Q4 us-gaap Customer Advances Current
CustomerAdvancesCurrent
1507000 USD
CY2016Q4 us-gaap Customer Advances Current
CustomerAdvancesCurrent
492000 USD
CY2017Q4 us-gaap Interest Payable Current
InterestPayableCurrent
884000 USD
CY2016Q4 us-gaap Interest Payable Current
InterestPayableCurrent
5000 USD
CY2017Q4 us-gaap Accrued Rent Current
AccruedRentCurrent
775000 USD
CY2016Q4 us-gaap Accrued Rent Current
AccruedRentCurrent
500000 USD
CY2016Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
200000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Foreign
DeferredTaxAssetsTaxCreditCarryforwardsForeign
3043000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Foreign
DeferredTaxAssetsTaxCreditCarryforwardsForeign
0 USD
CY2017Q4 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
1000000 USD
CY2017Q4 us-gaap Increase In Unrecognized Tax Benefits Is Reasonably Possible
IncreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
1000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Foreign Currency Translation
UnrecognizedTaxBenefitsIncreasesResultingFromForeignCurrencyTranslation
598000 USD
CY2016 kwr Unrecognized Tax Benefits Income Tax Penalties Income
UnrecognizedTaxBenefitsIncomeTaxPenaltiesIncome
200000 USD
CY2015 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
200000 USD
CY2017 kwr Increasedecreaseinaccruednoncurrentincometaxespayable
Increasedecreaseinaccruednoncurrentincometaxespayable
-15825000 USD
CY2016 kwr Increasedecreaseinaccruednoncurrentincometaxespayable
Increasedecreaseinaccruednoncurrentincometaxespayable
0 USD
CY2015 kwr Increasedecreaseinaccruednoncurrentincometaxespayable
Increasedecreaseinaccruednoncurrentincometaxespayable
0 USD
CY2017 kwr Pensionandpostretirementbenefitcostsnonservicecomponents
Pensionandpostretirementbenefitcostsnonservicecomponents
-4234000 USD
CY2016 kwr Insurancesolvencyrecovery
Insurancesolvencyrecovery
0 USD
CY2015 kwr Pensionandpostretirementbenefitcostsnonservicecomponents
Pensionandpostretirementbenefitcostsnonservicecomponents
-3308000 USD
CY2015 kwr Insurancesolvencyrecovery
Insurancesolvencyrecovery
0 USD
CY2017 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
891000 USD
CY2016 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
172000 USD
CY2015 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-1184000 USD
CY2017 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
4470000 USD
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
4779000 USD
CY2017 us-gaap Income Tax Reconciliation Deductions Other
IncomeTaxReconciliationDeductionsOther
1419000 USD
CY2016 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
0 USD
CY2016 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
0 USD
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
696000 USD
CY2016 us-gaap Income Tax Reconciliation Deductions Other
IncomeTaxReconciliationDeductionsOther
0 USD
CY2015 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
0 USD
CY2015 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
0 USD
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense Other
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122000 USD
CY2015 us-gaap Income Tax Reconciliation Deductions Other
IncomeTaxReconciliationDeductionsOther
0 USD
CY2017Q4 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
15825000 USD
CY2016Q4 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
0 USD
CY2017 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.
CY2017 us-gaap Defined Benefit Plan Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate
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2037
CY2016 us-gaap Defined Benefit Plan Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate
DefinedBenefitPlanYearHealthCareCostTrendRateReachesUltimateTrendRate
2037
CY2017Q4 us-gaap Defined Benefit Plan Health Care Cost Trend Rate Assumed Next Fiscal Year
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0.064 pure
CY2017Q4 us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate1
DefinedBenefitPlanUltimateHealthCareCostTrendRate1
0.045 pure
CY2016Q4 us-gaap Defined Benefit Plan Health Care Cost Trend Rate Assumed Next Fiscal Year
DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear
0.067 pure
CY2016Q4 us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate1
DefinedBenefitPlanUltimateHealthCareCostTrendRate1
0.045 pure
CY2017 us-gaap Defined Benefit Plan Effect Of One Percentage Point Increase On Service And Interest Cost Components
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnServiceAndInterestCostComponents
16000 USD
CY2017 us-gaap Defined Benefit Plan Effect Of One Percentage Point Increase On Accumulated Postretirement Benefit Obligation
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnAccumulatedPostretirementBenefitObligation
356000 USD
CY2017 us-gaap Defined Benefit Plan Effect Of One Percentage Point Decrease On Service And Interest Cost Components1
DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnServiceAndInterestCostComponents1
14000 USD
CY2017 us-gaap Defined Benefit Plan Effect Of One Percentage Point Decrease On Accumulated Postretirement Benefit Obligation1
DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnAccumulatedPostretirementBenefitObligation1
311000 USD
CY2017Q4 kwr Defined Benefit Plan Fair Value Of Plan Assets Excluding Assets Measured At Net Asset Value
DefinedBenefitPlanFairValueOfPlanAssetsExcludingAssetsMeasuredAtNetAssetValue
98456000 USD
CY2017Q4 kwr Defined Benefit Plan Fair Value Of Plan Assets Measured At Net Asset Value
DefinedBenefitPlanFairValueOfPlanAssetsMeasuredAtNetAssetValue
52130000 USD
CY2016Q4 kwr Defined Benefit Plan Fair Value Of Plan Assets Excluding Assets Measured At Net Asset Value
DefinedBenefitPlanFairValueOfPlanAssetsExcludingAssetsMeasuredAtNetAssetValue
86591000 USD
CY2016Q4 kwr Defined Benefit Plan Fair Value Of Plan Assets Measured At Net Asset Value
DefinedBenefitPlanFairValueOfPlanAssetsMeasuredAtNetAssetValue
49450000 USD
CY2017 kwr Us Tax Reform Act
USTaxReformAct
On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (“U.S. Tax Reform”). U.S. Tax Reform includes multiple changes to the U.S. tax code with varying effects on the Company’s 2017 results, including, but not limited to, (i) a revaluation of the Company’s domestic deferred tax assets and liabilities based upon the reduction of the U.S. federal statutory corporate income tax rate from 35% to 21% and (ii) implementing a new system of taxation for non-U.S. earnings which eliminates U.S. federal income taxes on dividends from certain foreign subsidiaries and imposes a one-time transition tax on the deemed repatriation of undistributed earnings of certain foreign subsidiaries that is payable over eight years. U.S. Tax Reform also makes changes to the U.S. tax code that will affect 2018 and future years, including, but not limited to, (i) reduction of the U.S. federal statutory corporate tax rate; (ii) elimination of the corporate alternative minimum tax; (iii) the creation of the base erosion anti-abuse tax, a new minimum tax; (iv) a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries; (v) a new provision designed to tax global intangible low-taxed income (“GILTI”), which allows for the possibility of using foreign tax credits (“FTCs”) and a deduction of up to 50 percent to offset the income tax liability (subject to some limitations); (vi) a new limitation on deductible interest expense; (vii) the repeal of the domestic production activity deduction; (viii) limitations on the deductibility of certain executive compensation; (ix) limitations on the use of FTCs to reduce the U.S. income tax liability; (x) a reduction in the dividends received deduction from 70% to 50% (in the case of less-than-20%-owned subsidiaries), and from 80% to 65% (in the case of less-than-80%-owned subsidiaries); and (xi) limitations on net operating losses (“NOLs”) generated after December 31, 2017, to 80 percent of taxable income. The SEC staff issued guidance on accounting for the tax effects of U.S. Tax Reform and provided a one-year measurement period for companies to complete the accounting. Companies are required to reflect the income tax effects of those aspects of U.S. Tax Reform for which the accounting is complete. To the extent that a company’s accounting for certain income tax effects of U.S. Tax Reform are incomplete but the company is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to use the applicable accounting guidance on the basis of the provisions of the tax laws that were in effect immediately before the enactment of U.S. Tax Reform. In connection with the Company’s initial analysis of the impact of U.S. Tax Reform, the Company has recorded incremental tax expense of $22.2 million for the year ended December 31, 2017, which includes deferred tax expense of approximately $4.5 million and current tax expense of approximately $17.8 million, net of the impact of eliminating U.S. federal income taxes on dividends from certain foreign subsidiaries in the current year, the details of which are described below. The Company has made reasonable interpretations and assumptions with regard to various uncertainties and ambiguities in the application of certain provisions of U.S. Tax Reform. It is possible that the Internal Revenue Service (“IRS”) could issue subsequent guidance or take positions on audit that differ from the Company’s interpretations and assumptions. The Company currently believes subsequent guidance issued or interpretations made by the IRS will not be materially different from the Company’s application of the provisions of U.S. Tax Reform. U.S. Tax Reform reduced the U.S. federal statutory corporate tax rate from 35% to 21%, effective January 1, 2018. Consequently, the Company has recorded a decrease in domestic net deferred tax assets of approximately $4.5 million with a corresponding net adjustment to deferred income tax expense for the year ended December 31, 2017. The deemed repatriation transition tax (“Transition Tax”) is a tax on previously untaxed accumulated and current earnings and profits (“E&P”) of certain of the Company’s foreign subsidiaries. To determine the amount of the Transition Tax, the Company must determine, in addition to other factors, the amount of E&P of its relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings after 1986. The Company made a reasonable estimate of its Transition Tax and recorded a gross provisional Transition Tax obligation of $18.4 million in its December 31, 2017 financial statements. The Company will elect to pay its Transition Tax in installments over eight years as provided for in U.S. Tax Reform.
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.21 pure
CY2017 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 the year ended December 31, 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 AOCI on the balance sheet in proportion to the share of the projected benefit obligation that was settled by these payments. The gross pension benefit obligation was reduced by approximately $4.0 million as a result of these payments.
CY2017 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
4000000 USD
CY2017Q4 us-gaap Defined Benefit Plan Assets For Plan Benefits Noncurrent
DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent
1184000 USD
CY2016Q4 us-gaap Defined Benefit Plan Assets For Plan Benefits Noncurrent
DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent
0 USD
CY2017 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div><p style='text-align:left;margin-top:6pt;margin-bottom:6pt;line-height:12pt;' ><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; Recently Issued Accounting Standards</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 2017 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 in</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >strument 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. All transition requirements and elections sh</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ould be applied to hedging relationships existing on the date of adoption. For cash flow and net investment hedges existing at the date of adoption, the Company should apply a cumulative-effect adjustment related to eliminating the separate measurement of</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > ineffectiveness to AOCI with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that the Company adopts. The amended presentation and disclosure guidance is required only prospectively. Early ad</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >option is permitted including adoption in any interim period for which financial statements have not been issued or made available for issuance. The Company has elected to early adopt the guidance in this accounting standard update during the fourth quart</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >er of 2017, with no impact to its financial statements. The Company does not currently use any derivative instruments designated as hedges, but may choose to in the future.</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 May 2017 to clarify when changes </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >to the terms or conditions of a share-based payment award must be accounted for as modifications. This accounting standard update will reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications. </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > This accounting standard update will allow companies to make certain changes to awards without accounting for them as modifications and an entity is not required to estimate the value of the award immediately before and after the change if the change does</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >n&#8217;t affect any of the inputs to the model used to value the award. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2017. The guidance within this accounting standard update shou</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ld 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 the second quart</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >er 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: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 2017 to improve the presentation of net periodic pension and postretirement benefit cost. Defin</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ed 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 accounting standard upd</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ate requires that an employer disaggregate the service cost component from the other components of net benefit cost, provides explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statemen</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >t and allows only the service cost component of net benefit cost to be eligible for capitalization. The guidance within this accounting standard update should be applied retrospectively for the presentation of the service cost component and the other comp</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >onents of net periodic benefit cost in the income statement and prospectively for the capitalization of the service cost component of net periodic benefit in assets. This accounting standard update is effective for annual periods beginning after December </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >15, 2017, including interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. During the first </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >quarter of 2017, the Company elected to early adopt the guidance within this accounting standard update, including the use of a practical expedient which allows the Company to use amounts previously disclosed in its pension and other postretirement benefit</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >s 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 Consolidated Statements of Income for the years ended December 31, 2016 and</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > 2015, as previously reported cost of goods sold (&#8220;COGS&#8221;) were reduced by $0.5 and $0.7 million, respectively, and SG&amp;A were reduced by $1.8 million and $2.6 million, respectively, with a corresponding increase to other expense, net, of $2.3 million and $3</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >.3 million, respectively.</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > In addition, these required retrospective reclassifications resulted in an immaterial adjustment to previously reported direct operating earnings within the Company&#8217;s reportable operating segment disclosures for the years ended D</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ecember 31, 2016 and 2015, respectively, as well as </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >reclassifications to the Company&#8217;s quarterly results for the year ended December 31, 2016</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;' >See Note </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;' >, Note </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >7</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >, Note </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >18</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > and Note </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >24</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > of Notes to Consolidated Financial Statements.</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 FA</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >SB issued an accounting standard update in January 2017 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 </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >amount of goodwill 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 a goodwill impairment by calculating the implied fair val</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ue of goodwill 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 prospecti</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ve basis, and 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. Du</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ring the third 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: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 January 201</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >7 to clarify the 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 stan</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >dard update provide 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 </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >adoption is permitted 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 th</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >e amendments and 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: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 November 2016 requiring that the state</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ment of cash flows 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</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > cash equivalents 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 </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >after December 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 eva</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >luating the appropriate 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 inve</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >sting activities.</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > </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 </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >or debt extinguishment 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 i</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >nsurance policies, 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, 2</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >017. Early adoption 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 curre</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ntly evaluating 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 be</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >tween cash flows 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</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > the income tax consequences, classification of awards as either equity or liabilities, use of a forfeiture rate, and classification on the statement of cash flows. The guidance within this accounting standard update was effective for annual and interim p</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >eriods beginning after December 15, 2016. When adopted, application of the guidance will vary based on each aspect of the update, including adoption under retrospective, modified retrospective or prospective approaches. Early adoption was permitted. Dur</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ing the first quarter of 2017, the Company adopted the guidance within the accounting standard update as required. The impact of adoption for the Company included the elimination of recording the tax effects of deductions in excess of compensation cost th</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >rough equity as the guidance in this accounting standard update requires all tax effects related to share-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</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > reporting period in which the share-based compensation-related tax benefits occur. In addition, when applying the treasury stock method for computing diluted earnings per share, there are no longer assumed proceeds from the share-based compensation-relat</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ed tax benefits and as a result, there are fewer shares considered to be repurchased in the calculation. This results in an assumption of more incremental shares being issued upon the exercise of share-based payment awards; therefore, equity awards will h</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ave a more dilutive effect on earnings per share. As required, the Company has applied these changes in the guidance prospectively, beginning in the first quarter of 2017. The result of these changes was a tax </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >benefit of $1.4</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > million recorded during the year ended December 31, 2017 and an immaterial number of dilutive shares added to the Company&#8217;s earnings per share calculation for the year ended December 31, 2017. In addition, all tax-related cash flows resulting from share-</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >based payments are now required to be reported as operating activities 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 fl</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ow classification guidance on a prospective basis, consistent with 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 electio</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >n to account for forfeitures as they occur for service condition aspects of certain share-based awards, rather than estimating forfeitures each period. While permitted, the Company has decided not to elect this accounting policy change, and instead has el</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ected to continue utilizing a forfeiture rate assumption. Based on historical experience, the Company has assumed a forfeiture rate of 13% on certain of its nonvested stock awards.</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > See Note </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >6</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >, Note </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >8</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > and Note </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >9</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > of Notes to Consolidated Financ</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ial Statements. </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 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 right</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >s and obligations created by those leases on the balance sheet, 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 retro</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >spective basis for the reporting periods presented. Early adoption 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 im</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >pact assessment, including taking an inventory of its outstanding 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:6pt;margin-bottom:6pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:18pt;' >The </font><font style='font-family:Times New Roman;font-size:10pt;' >FASB issued an accounting standard update in May 2014 regarding 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 w</font><font style='font-family:Times New Roman;font-size:10pt;' >ith customers, which will be common to both U.S. GAAP and International 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</font><font style='font-family:Times New Roman;font-size:10pt;' > data or a modified retrospective adoption. Early adoption was 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 annua</font><font style='font-family:Times New Roman;font-size:10pt;' >l and interim periods beginning after December 15, 2017. Entities are permitted to adopt the new revenue standard early but not before the original effective date. During 2016 and 2017, the FASB issued a series of accounting standard updates to clarify a</font><font style='font-family:Times New Roman;font-size:10pt;' >nd expand on the implementation guidance, including principal versus agent considerations, identification of performance obligations, licensing, other technical corrections and adding certain practical expedients. The amendments in these 2016 and 2017 upd</font><font style='font-family:Times New Roman;font-size:10pt;' >ates did not change the core principles of the guidance previously issued in May 2014. </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;' >During 2016, the Company reviewed its historical accounting policies and practices to identify potential differences with the requirements of the new revenue recognitio</font><font style='font-family:Times New Roman;font-size:10pt;' >n standard, as it related to the Company&#8217;s contracts and sales arrangements. As of December 31, 2017, the Company has completed its impact assessment for the implementation of the new revenue recognition guidance. This impact assessment and work performe</font><font style='font-family:Times New Roman;font-size:10pt;' >d included global and cross functional interviews and questionnaires, sales agreement and other sales document reviews, as well as technical considerations for the Company&#8217;s future transactional accounting, financial reporting and disclosure requirements. </font><font style='font-family:Times New Roman;font-size:10pt;' > The Company expects to adopt the guidance in the first quarter of 2018, as required, using a modified retrospective adoption approach applied to those contracts which will not be completed as of December 31, 2017. In addition, the Company will elect to a</font><font style='font-family:Times New Roman;font-size:10pt;' >pply certain of the permitted practical expedients within the revenue recognition guidance, including practical expedients around significant financing components, sales taxes and shipping and handling activities. </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;' >Based on information reviewed to date an</font><font style='font-family:Times New Roman;font-size:10pt;' >d the impact assessment conclusions reached so far, the Company does not expect the adoption of this revenue recognition guidance to have a material impact on its reported earnings, cash flows, or balance sheet; however, the Company does expect the adoptio</font><font style='font-family:Times New Roman;font-size:10pt;' >n to increase the amount and level of disclosures concerning the Company&#8217;s net sales. In addition, the Company has begun preliminary considerations for how the new revenue recognition guidance may impact Houghton, as it pertains to the potential Combinati</font><font style='font-family:Times New Roman;font-size:10pt;' >on. </font></p></div>
CY2017 kwr Combinationrelatedexpensesnetofpayements
Combinationrelatedexpensesnetofpayements
4952000 USD
CY2016 kwr Combinationrelatedexpensesnetofpayements
Combinationrelatedexpensesnetofpayements
503000 USD
CY2015 kwr Combinationrelatedexpensesnetofpayements
Combinationrelatedexpensesnetofpayements
0 USD
CY2017 us-gaap Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure
<div><p style='text-align:left;margin-top:6pt;margin-bottom:6pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:18pt;' >Revenue recognition:</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >The Company </font><font style='font-family:Times New Roman;font-size:10pt;' >currently </font><font style='font-family:Times New Roman;font-size:10pt;' >recognizes revenue in accordance with the terms of the underlying agreements, when title and risk of loss have been transferred, when collectability is reasonably assured, and when pricing is fixed or determinable. </font><font style='font-family:Times New Roman;font-size:10pt;' > For the Company, </font><font style='font-family:Times New Roman;font-size:10pt;' >t</font><font style='font-family:Times New Roman;font-size:10pt;' >his generally occurs when products are shipped </font><font style='font-family:Times New Roman;font-size:10pt;' >or delivered </font><font style='font-family:Times New Roman;font-size:10pt;' >to customers or, for consignment-type arrangements, upon usage by the customer and </font><font style='font-family:Times New Roman;font-size:10pt;' >when services are performed. License fees and royalties are included in other income when recognized in accorda</font><font style='font-family:Times New Roman;font-size:10pt;' >nce </font><font style='font-family:Times New Roman;font-size:10pt;' >with their agreed-upon terms, when performance obligations are satisfied, when the amount is fixed or determinable, and when collectability is reasonably assured.</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;' >During the first quarter of 2018, the Company will adopt the provisions of the </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Financial </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Accounting Standards Board&#8217;s (&#8220;FASB&#8217;s&#8221;) new revenue recognition guidance, </font><font style='font-family:Times New Roman;font-size:10pt;' >which will require the Company to recognize revenue to depict the transfer of</font></p></div><p style='line-height:20pt;' /><div><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:0pt;' >promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To do this, the Company will apply the five-step model in the FASB&#8217;s guidance, which</font><font style='font-family:Times New Roman;font-size:10pt;' > requires the Company to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (</font><font style='font-family:Times New Roman;font-size:10pt;' >v) recognize revenue when, or as, the Company satisfies a performance obligation.</font></p></div>

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