2018 Q2 Form 10-Q Financial Statement

#000008136218000010 Filed on July 30, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $222.0M $201.2M
YoY Change 10.33% 7.63%
Cost Of Revenue $141.0M $129.3M
YoY Change 9.03% 11.98%
Gross Profit $80.94M $71.84M
YoY Change 12.67% 0.61%
Gross Profit Margin 36.46% 35.71%
Selling, General & Admin $54.08M $49.59M
YoY Change 9.05% 1.84%
% of Gross Profit 66.82% 69.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.900M $4.900M
YoY Change 0.0% 0.0%
% of Gross Profit 6.05% 6.82%
Operating Expenses $54.08M $49.59M
YoY Change 9.05% 1.84%
Operating Profit $22.56M $17.90M
YoY Change 26.03% -21.14%
Interest Expense $1.602M $780.0K
YoY Change 105.38% 7.29%
% of Operating Profit 7.1% 4.36%
Other Income/Expense, Net $261.0K -$1.571M
YoY Change -116.61% 366.17%
Pretax Income $21.79M $16.09M
YoY Change 35.43% -27.45%
Income Tax $3.668M $4.224M
% Of Pretax Income 16.83% 26.25%
Net Earnings $19.25M $11.91M
YoY Change 61.65% -20.71%
Net Earnings / Revenue 8.67% 5.92%
Basic Earnings Per Share $1.44 $0.90
Diluted Earnings Per Share $1.44 $0.89
COMMON SHARES
Basic Shares Outstanding 13.27M shares 13.20M shares
Diluted Shares Outstanding 13.30M shares 13.24M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.20M $98.80M
YoY Change -8.7% 2.7%
Cash & Equivalents $90.22M $98.82M
Short-Term Investments
Other Short-Term Assets $22.20M $21.50M
YoY Change 3.26% -10.04%
Inventory $95.90M $87.90M
Prepaid Expenses
Receivables $213.5M $201.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $421.9M $409.7M
YoY Change 2.98% 7.05%
LONG-TERM ASSETS
Property, Plant & Equipment $83.37M $86.73M
YoY Change -3.87% 1.92%
Goodwill $84.23M $84.76M
YoY Change -0.63% 6.86%
Intangibles $68.75M $75.51M
YoY Change -8.95% 3.96%
Long-Term Investments $21.78M $24.51M
YoY Change -11.16% 9.81%
Other Assets $32.08M $50.20M
YoY Change -36.11% 55.82%
Total Long-Term Assets $301.7M $320.6M
YoY Change -5.9% 3.56%
TOTAL ASSETS
Total Short-Term Assets $421.9M $409.7M
Total Long-Term Assets $301.7M $320.6M
Total Assets $723.6M $730.3M
YoY Change -0.91% 5.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $96.82M $91.46M
YoY Change 5.85% 21.03%
Accrued Expenses $17.60M $14.50M
YoY Change 21.38% -21.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.700M $700.0K
YoY Change 714.29% 0.0%
Total Short-Term Liabilities $151.7M $134.4M
YoY Change 12.89% 12.63%
LONG-TERM LIABILITIES
Long-Term Debt $58.40M $73.90M
YoY Change -20.97% -11.61%
Other Long-Term Liabilities $82.54M $69.92M
YoY Change 18.04% -9.66%
Total Long-Term Liabilities $140.9M $143.8M
YoY Change -2.0% -10.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $151.7M $134.4M
Total Long-Term Liabilities $140.9M $143.8M
Total Liabilities $300.9M $290.7M
YoY Change 3.54% -0.48%
SHAREHOLDERS EQUITY
Retained Earnings $387.5M $374.0M
YoY Change 3.61% 9.96%
Common Stock $108.3M $127.1M
YoY Change -14.75% 3.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $421.5M $428.1M
YoY Change
Total Liabilities & Shareholders Equity $723.6M $730.3M
YoY Change -0.91% 5.49%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $19.25M $11.91M
YoY Change 61.65% -20.71%
Depreciation, Depletion And Amortization $4.900M $4.900M
YoY Change 0.0% 0.0%
Cash From Operating Activities $17.00M $12.50M
YoY Change 36.0% -50.2%
INVESTING ACTIVITIES
Capital Expenditures -$2.200M -$2.700M
YoY Change -18.52% 22.73%
Acquisitions
YoY Change
Other Investing Activities $700.0K -$5.300M
YoY Change -113.21% 253.33%
Cash From Investing Activities -$1.500M -$8.000M
YoY Change -81.25% 116.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.60M 2.100M
YoY Change -700.0% -112.28%
NET CHANGE
Cash From Operating Activities 17.00M 12.50M
Cash From Investing Activities -1.500M -8.000M
Cash From Financing Activities -12.60M 2.100M
Net Change In Cash 2.900M 6.600M
YoY Change -56.06% 53.49%
FREE CASH FLOW
Cash From Operating Activities $17.00M $12.50M
Capital Expenditures -$2.200M -$2.700M
Free Cash Flow $19.20M $15.20M
YoY Change 26.32% -44.32%

Facts In Submission

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CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
29884 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13297388 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13240279 shares
CY2018Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
83000 USD
CY2018Q2 us-gaap Goodwill
Goodwill
84230000 USD
CY2017Q4 us-gaap Goodwill
Goodwill
86034000 USD
CY2017Q4 us-gaap Minority Interest
MinorityInterest
1946000 USD
CY2017Q2 kwr Other Comprehensive Income Loss Before Reclassifications
OtherComprehensiveIncomeLossBeforeReclassifications
7758000 USD
CY2017Q2 kwr Reclassifications From Accumulated Comprehensive Income Loss To Income Statement
ReclassificationsFromAccumulatedComprehensiveIncomeLossToIncomeStatement
-2375000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
10133000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
1110000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
9023000 USD
kwr Other Comprehensive Income Loss Before Reclassifications
OtherComprehensiveIncomeLossBeforeReclassifications
-11050000 USD
kwr Reclassifications From Accumulated Comprehensive Income Loss To Income Statement
ReclassificationsFromAccumulatedComprehensiveIncomeLossToIncomeStatement
-2071000 USD
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-8979000 USD
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
272000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-9251000 USD
kwr Other Comprehensive Income Loss Before Reclassifications
OtherComprehensiveIncomeLossBeforeReclassifications
13010000 USD
kwr Reclassifications From Accumulated Comprehensive Income Loss To Income Statement
ReclassificationsFromAccumulatedComprehensiveIncomeLossToIncomeStatement
-2865000 USD
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
15875000 USD
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
1406000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
14469000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
19246000 USD
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.44
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
11906000 USD
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.44
CY2018Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.37
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.89
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.9
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-15784000 USD
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-65100000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
408864000 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
19370000 USD
CY2018Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1845000 USD
CY2017Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1831000 USD
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
261000 USD
CY2018Q2 us-gaap Sales Revenue Net
SalesRevenueNet
221962000 USD
us-gaap Increase Decrease In Restructuring Reserve
IncreaseDecreaseInRestructuringReserve
-675000 USD
CY2018Q2 us-gaap Interest Expense
InterestExpense
1602000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
9074000 USD
CY2018Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-47000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
439594000 USD
us-gaap Dividends Common Stock
DividendsCommonStock
9311000 USD
kwr Stock Issued During Period Value And Adjustments To Additional Paid In Capital Share Based Compensation And Exercise Of Stock Options
StockIssuedDuringPeriodValueAndAdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAndExerciseOfStockOptions
1304000 USD
CY2018Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
13330845 shares
CY2017Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
200000 USD
CY2018Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
200000 USD
CY2018Q2 kwr Cash Surrender Value Company Owned Life Insurance Fair Value Disclosure
CashSurrenderValueCompanyOwnedLifeInsuranceFairValueDisclosure
1591000 USD
CY2018Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1591000 USD
us-gaap Cost Of Goods Sold
CostOfGoodsSold
253370000 USD
us-gaap Gross Profit
GrossProfit
142722000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
97648000 USD
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.7
us-gaap Sales Revenue Net
SalesRevenueNet
434017000 USD
us-gaap Cost Of Goods Sold
CostOfGoodsSold
277633000 USD
us-gaap Gross Profit
GrossProfit
156384000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
104090000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
42794000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-108000 USD
us-gaap Interest Expense
InterestExpense
3294000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
1060000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
40452000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9224000 USD
kwr Income Loss From Continuing Operations Before Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeMinorityInterestAndIncomeLossFromEquityMethodInvestments
31228000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
929000 USD
us-gaap Profit Loss
ProfitLoss
32157000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
179000 USD
us-gaap Net Income Loss
NetIncomeLoss
31978000 USD
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.4
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.4
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.725
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
103000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
2341000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
439000 USD
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
9500000 USD
kwr Pension And Post Retirement Benefit Costs Nonservice Components
PensionAndPostRetirementBenefitCostsNonserviceComponents
1145000 USD
us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
10600000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
422763000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
421975000 USD
CY2017Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-81961000 USD
CY2018Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
4291000 USD
CY2018Q2 us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
4500000 USD
CY2018Q2 kwr Pension And Post Retirement Benefit Costs Nonservice Components
PensionAndPostRetirementBenefitCostsNonserviceComponents
569000 USD
CY2017Q2 kwr Pension And Post Retirement Benefit Costs Nonservice Components
PensionAndPostRetirementBenefitCostsNonserviceComponents
2436000 USD
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.168 pure
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.262 pure
CY2018Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
100000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
100000 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
200000 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
100000 USD
CY2018Q2 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
100000 USD
kwr Unrecognized Tax Benefits Interest Income On Income Taxes
UnrecognizedTaxBenefitsInterestIncomeOnIncomeTaxes
100000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
100000 USD
us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
100000 USD
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
54083000 USD
kwr Combinationrelatedexpensesnetofpayements
Combinationrelatedexpensesnetofpayements
-1445000 USD
CY2016Q4 us-gaap Restructuring Reserve
RestructuringReserve
670000 USD
kwr Combinationrelatedexpensesnetofpayements
Combinationrelatedexpensesnetofpayements
3306000 USD
CY2018Q2 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
300000 USD
CY2017Q2 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
400000 USD
CY2017Q2 us-gaap Defined Benefit Plan Explanation Of Significant Change In Benefit Obligation Or Plan Assets Not Apparent From Other Required Disclosures
DefinedBenefitPlanExplanationOfSignificantChangeInBenefitObligationOrPlanAssetsNotApparentFromOtherRequiredDisclosures
During the second quarter of 2017, the Company’s U.S. pension plan offered a cash settlement to its vested terminated participants which allowed them to receive the value of their pension benefits as a single lump sum payment. As payments from the U.S. pension plan for this cash-out offering exceeded the service and interest cost components of the U.S. pension plan expense for 2017, the Company recorded a settlement charge of approximately $1.9 million. This settlement charge represents the immediate recognition into expense of a portion of the unrecognized loss within AOCI on the balance sheet in proportion to the share of the projected benefit obligation that was settled by these payments.
us-gaap Business Combination Separately Recognized Transactions Description
BusinessCombinationSeparatelyRecognizedTransactionsDescription
On April 4, 2017, Quaker entered into a share purchase agreement with Gulf Houghton Lubricants, Ltd. to purchase the entire issued and outstanding share capital of Houghton International, Inc. (“Houghton”) (herein referred to as “the Combination”). The shares will be bought for aggregate purchase consideration consisting of: (i) $172.5 million in cash; (ii) a number of shares of common stock, $1.00 par value per share, of the Company comprising 24.5% of the common stock outstanding upon the closing of the Combination; and (iii) the Company’s assumption of Houghton’s net indebtedness as of the closing of the Combination, which was approximately $690 million at signing. At closing, the total aggregate purchase consideration is dependent on the Company’s stock price and the level of Houghton’s indebtedness. The Company secured $1.15 billion in commitments from Bank of America Merrill Lynch and Deutsche Bank to fund the Combination and to provide additional liquidity, and has since replaced these commitments with a syndicated bank agreement (“the New Credit Facility”) with a group of lenders for $1.15 billion. The New Credit Facility is contingent upon and will not be effective until the closing of the Combination. The Company anticipates extending the bank commitment for the New Credit Facility through December 15, 2018 during the third quarter of 2018. The New Credit Facility is comprised of a $400.0 million multicurrency revolver, a $600.0 million USD term loan and a $150.0 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 initially 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 will incur certain interest costs paid to maintain the bank commitment (“ticking fees”), which began to accrue on September 29, 2017 and bear an interest rate of 0.30% per annum.
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div><p style='text-align:left;margin-top:0pt;margin-bottom:6pt;line-height:13.8pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;color:#000000;' >Note </font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' >3</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' > &#8211; </font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' >Recently Issued Accounting Standards</font></p><p style='text-align:left;margin-top:6pt;margin-bottom:6pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:18pt;' >The Financial Accounting Standards Board (&#8220;FASB&#8221;) issued an accounting standard update in June 2018 to simplify the accounting for share-based payment transactions with non-employees of the Company. </font><font style='font-family:Times New Roman;font-size:10pt;' >The </font><font style='font-family:Times New Roman;font-size:10pt;' >guidance within this accounting standard update generally requires that </font><font style='font-family:Times New Roman;font-size:10pt;' >share</font><font style='font-family:Times New Roman;font-size:10pt;' >-</font><font style='font-family:Times New Roman;font-size:10pt;' >based</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >payment transactions for acquiring goods </font><font style='font-family:Times New Roman;font-size:10pt;' >or </font><font style='font-family:Times New Roman;font-size:10pt;' >services from non</font><font style='font-family:Times New Roman;font-size:10pt;' >-</font><font style='font-family:Times New Roman;font-size:10pt;' >employees</font><font style='font-family:Times New Roman;font-size:10pt;' > of the Company be accounted for under the same guidance and model as all other share-based payment t</font><font style='font-family:Times New Roman;font-size:10pt;' >ransactions, including employees of the Company. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company elected to early adopt the guida</font><font style='font-family:Times New Roman;font-size:10pt;' >nce within this accounting standard updated in the second quarter of 2018 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;' >The FASB issued an accounting standard update in February 2018 that allows a reclassification from accumulated other comprehensive incom</font><font style='font-family:Times New Roman;font-size:10pt;' >e (&#8220;AOCI&#8221;) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act enacted in December 2017. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2018, </font><font style='font-family:Times New Roman;font-size:10pt;' >and should be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. Early adoption is permitted. The Company </font><font style='font-family:Times New Roman;font-size:10pt;' >has not early adopted the guidance and is currently evaluating its implementation.</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 FASB issued an accounting standard update in January 2017 to clarify the definition of a business with the objective of adding guidance to assist companies with evaluati</font><font style='font-family:Times New Roman;font-size:10pt;' >ng whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this accounting standard update provide a more robust framework to use in determining when a set of assets and activities is a busine</font><font style='font-family:Times New Roman;font-size:10pt;' >ss. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2017. Early adoption was permitted in limited circumstances, and the amendments in this accounting standard update should be </font><font style='font-family:Times New Roman;font-size:10pt;' >applied prospectively, with no disclosures required at transition. The Company adopted the guidance in the first quarter of 2018, as required, 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;' >The FASB issued an accounting standard update in November 2016 requi</font><font style='font-family:Times New Roman;font-size:10pt;' >ring that the statement of cash flows explain both the change in the total</font><font style='font-family:Times New Roman;font-size:10pt;' > cash and cash equivalents, and also</font><font style='font-family:Times New Roman;font-size:10pt;' > the amounts generally described as restricted cash or restricted cash equivalents. This will require amounts generally described as restricted</font><font style='font-family:Times New Roman;font-size:10pt;' > cash or restricted 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</font><font style='font-family:Times New Roman;font-size:10pt;' > periods beginning after December 15, 2017. Early adoption was permitted and the guidance requires application using a retrospective transition method to each period presented when adopted. The Company adopted the guidance in the first quarter of 2018, a</font><font style='font-family:Times New Roman;font-size:10pt;' >s required. Adoption of the guidance did not have an impact on the Company&#8217;s earnings or balance sheet but did result in changes to certain disclosures within the statement of cash flows, including cash flows from investing activities and total cash, cash</font><font style='font-family:Times New Roman;font-size:10pt;' > equivalents and restricted cash. See Note </font><font style='font-family:Times New Roman;font-size:10pt;' >12</font><font style='font-family:Times New Roman;font-size:10pt;' > of Notes to Condensed 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;' >The FASB issued an accounting standard update in October 2016 to improve the accounting for the income tax consequences of intra-entity transfers of a</font><font style='font-family:Times New Roman;font-size:10pt;' >ssets other than inventory. The provisions in this update will allow an entity to recognize current and deferred income taxes of an intra-entity transfer of an asset other than inventory when the transfer occurs rather than when the asset has been sold to</font><font style='font-family:Times New Roman;font-size:10pt;' > an outside party. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2017. Early adoption was permitted and the guidance requires application on a modified retrospective basis thr</font><font style='font-family:Times New Roman;font-size:10pt;' >ough a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted the guidance in the first quarter of 2018, as required, 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;' >The FASB issued an acc</font><font style='font-family:Times New Roman;font-size:10pt;' >ounting standard update in August 2016 to standardize how certain transactions are classified in the statement of cash flows. Specific transactions covered by the accounting standard update include debt prepayment or debt extinguishment costs, settlement </font><font style='font-family:Times New Roman;font-size:10pt;' >of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate and bank owned life insurance policies, distributions received</font><font style='font-family:Times New Roman;font-size:10pt;' > from equity method investments and beneficial interest in securitization transactions. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2017. Early adoption was permitted, provi</font><font style='font-family:Times New Roman;font-size:10pt;' >ded that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. The Company adopted the guidance in the first quarter of 2018</font><font style='font-family:Times New Roman;font-size:10pt;' > as required, with no impact to its financial statemen</font><font style='font-family:Times New Roman;font-size:10pt;' >ts.</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 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 rights and obligations </font><font style='font-family:Times New Roman;font-size:10pt;' >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 retrospective basis for</font><font style='font-family:Times New Roman;font-size:10pt;' > the reporting periods presented. Early adoption is permitted, but the Company has not early adopted. As of June 30, 2018, the Company has begun its impact assessment and implementation planning, including taking an inventory of its outstanding leases gl</font><font style='font-family:Times New Roman;font-size:10pt;' >obally, establishing a cross functional project team and evaluating software solutions that could potentially assist in facilitating the end-to-end leasing process, including adoption of this lease accounting guidance. While the Company&#8217;s implementation</font><font style='font-family:Times New Roman;font-size:10pt;' > of th</font><font style='font-family:Times New Roman;font-size:10pt;' >is guidance is in its early stages, the Company anticipates adoption of this guidance to have an impact on its balance sheet as it expects the majority of its operating leases will be recorded on its balance sheet by establishing right of use assets and as</font><font style='font-family:Times New Roman;font-size:10pt;' >sociated lease liabilities.</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 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 </font><font style='font-family:Times New Roman;font-size:10pt;' >revenue arising from contracts with customers, which will be common to both U.S. GAAP and International Financial Reporting Standards. The guidance was effective for annual and interim periods beginning after December 15, 2016, and allowed for full retros</font><font style='font-family:Times New Roman;font-size:10pt;' >pective adoption of prior period 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 </font><font style='font-family:Times New Roman;font-size:10pt;' >words, to be effective for annual and interim periods beginning after December 15, 2017. Entities were 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 account</font><font style='font-family:Times New Roman;font-size:10pt;' >ing standard updates to clarify and expand on the implementation guidance, including principal versus agent considerations, identification of performance obligations, licensing, other technical corrections and adding certain practical expedients. The amen</font><font style='font-family:Times New Roman;font-size:10pt;' >dments in these 2016 and 2017 updates 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;' >As part of the Company&#8217;s impact assessment for the implementation of the new revenue recognition guidance, the Company reviewed its hist</font><font style='font-family:Times New Roman;font-size:10pt;' >orical accounting policies and practices to identify potential differences with the requirements of the new revenue recognition standard</font><font style='font-family:Times New Roman;font-size:10pt;' > as it related to the Company&#8217;s contracts and sales arrangements. In addition, the 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 has also begun a preliminary assessment of how the new revenue recognition guidance may impact Houghton, as it pertains to the pending Combination.</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 Company adopted the guidance in the first quarter of 2018</font><font style='font-family:Times New Roman;font-size:10pt;' > as required, electing to use a m</font><font style='font-family:Times New Roman;font-size:10pt;' >odified retrospective adoption approach applied to those contracts which were not completed as of January 1, 2018. Comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. In a</font><font style='font-family:Times New Roman;font-size:10pt;' >ddition, the Company elected to apply certain of the permitted practical expedients within the revenue recognition guidance and make certain accounting policy elections including those related to significant financing components, sales taxes and shipping a</font><font style='font-family:Times New Roman;font-size:10pt;' >nd handling activities. </font><font style='font-family:Times New Roman;font-size:10pt;' >Adoption of the revenue recognition guidance did not have a material impact on the Company&#8217;s reported earnings or cash flows, however, adoption did increase the amount and level of disclosures concerning the Company&#8217;s net sales and</font><font style='font-family:Times New Roman;font-size:10pt;' > did result in one adjustment to the Company&#8217;s balance sheet. As a result of the Company&#8217;s impact assessment and adoption using the modified retrospective adoption approach,</font><font style='font-family:Times New Roman;font-size:10pt;' > the Company recorded an adjustment to its Condensed Consolidated Balance Sheet as </font><font style='font-family:Times New Roman;font-size:10pt;' >of December 31, 2017 to adjust the Company&#8217;s estimate of variable consideration relating to customers&#8217; expected rights to return product. This adjustment resulted in an increase to other current liabilities of $1.0 million, an increase to non-current defe</font><font style='font-family:Times New Roman;font-size:10pt;' >rred tax assets of $0.2 million and a decrease to retained earnings of $0.8 million. There were no other impacts recorded as a result of adopting the revenue recognition guidance. The impact of adoption of the new revenue recognition guidance was immater</font><font style='font-family:Times New Roman;font-size:10pt;' >ial for the three and six months ended June 30, 2018 and the Company expects the impact to be immaterial on an ongoing basis. </font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >See Note 4 of Notes to Condensed Consolidated Financial Statements.</font></p></div>
kwr Operating Income Loss Segment Reporting
OperatingIncomeLossSegmentReporting
81637000 USD
kwr Nonoperating Charges
NonoperatingCharges
32959000 USD
us-gaap Licenses Revenue
LicensesRevenue
471000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
201183000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
17903000 USD
CY2017Q2 us-gaap Interest Expense
InterestExpense
780000 USD
CY2017Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
540000 USD
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
16092000 USD
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1571000 USD
CY2017Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
4338000 USD
CY2017Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.355
us-gaap Sales Revenue Net
SalesRevenueNet
396092000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
1063000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
29612000 USD
us-gaap Net Income Loss
NetIncomeLoss
18898000 USD
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.42
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.42
us-gaap Profit Loss
ProfitLoss
19955000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
31661000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1676000 USD
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
13413000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2245000 USD
us-gaap Adjustment For Amortization
AdjustmentForAmortization
3604000 USD
CY2017Q4 us-gaap Business Combination Separately Recognized Transactions Liabilities Recognized
BusinessCombinationSeparatelyRecognizedTransactionsLiabilitiesRecognized
5500000 USD
CY2017Q2 us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
4300000 USD
us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
13400000 USD
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;margin-left:18pt;' >As part of the Company&#8217;s CMS, certain third-party product sales to customers are managed by the Company. Where the Company acts as a principal, revenues are recognized on a gross reporting basis at the selling price negotiated with</font><font style='font-family:Times New Roman;font-size:10pt;' > its customers. Where the Company acts as an agent, revenue is recognized on a net reporting basis at the amount of the administrative fee earned by the Company for ordering the goods.</font></p></div>
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
90220000 USD
CY2018Q2 us-gaap Restricted Cash
RestrictedCash
20740000 USD
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110960000 USD
CY2017Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
98821000 USD
CY2017Q2 us-gaap Restricted Cash
RestrictedCash
21458000 USD
CY2017Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
120279000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
89879000 USD
CY2017Q4 us-gaap Restricted Cash
RestrictedCash
21171000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
111050000 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
88818000 USD
CY2016Q4 us-gaap Restricted Cash
RestrictedCash
21883000 USD
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110701000 USD
kwr Net Reporting Amount
NetReportingAmount
24100000 USD
kwr Net Reporting Amount
NetReportingAmount
21800000 USD
CY2018Q2 kwr Net Reporting Amount
NetReportingAmount
12500000 USD
CY2017Q2 kwr Net Reporting Amount
NetReportingAmount
11400000 USD
kwr Proceeds From Non Income Tax Refunds
ProceedsFromNonIncomeTaxRefunds
618000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
241000 USD
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
67000 USD
kwr Pension And Post Retirement Benefit Costs Nonservice Components
PensionAndPostRetirementBenefitCostsNonserviceComponents
3002000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
145000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
18753000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13185627 shares
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
145000 USD
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
45310 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13230937 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4894 shares
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
15040000 USD
us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<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;margin-left:18pt;' >A contract liability is recognized when the Company receives consideration, or if it has the unconditional right to receive consideration, in advance of performance. A contra</font><font style='font-family:Times New Roman;font-size:10pt;' >ct liability is the Company&#8217;s obligation to transfer goods or services to a customer for which the Company has received consideration, or a specified amount of consideration is due, from the customer. The Company&#8217;s contract liabilities primarily represent</font><font style='font-family:Times New Roman;font-size:10pt;' > deferred revenue recorded for customer payments received by the Company prior to the Company satisfying the associated performance obligation. Deferred revenues are presented within other current liabilities in the Company&#8217;s Condensed Consolidated Balanc</font><font style='font-family:Times New Roman;font-size:10pt;' >e Sheets.</font></p></div>
CY2018Q2 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
1300000 USD
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
2800000 USD
CY2017Q4 us-gaap Deferred Revenue
DeferredRevenue
1500000 USD
kwr Statutory Tax Rate
StatutoryTaxRate
0.35 pure
kwr Statutory Tax Rate
StatutoryTaxRate
0.21 pure
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
834000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
412606000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
834000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
0 USD
CY2018Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-58738000 USD
CY2017Q4 us-gaap Finite Lived Customer Lists Gross
FiniteLivedCustomerListsGross
76581000 USD
CY2017Q4 kwr Finite Lived Trademarks Formulations And Product Technology
FiniteLivedTrademarksFormulationsAndProductTechnology
33025000 USD
CY2018Q2 kwr Finite Lived Trademarks Formulations And Product Technology
FiniteLivedTrademarksFormulationsAndProductTechnology
33538000 USD
CY2017Q4 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
6114000 USD
CY2018Q2 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
5990000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
115720000 USD
CY2018Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
114879000 USD
CY2017Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
486000 USD
CY2018Q2 us-gaap Equity Method Investments
EquityMethodInvestments
21778000 USD
CY2017Q4 us-gaap Equity Method Investments
EquityMethodInvestments
25690000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
12764000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-2109000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
167000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
34995000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
33367000 USD
us-gaap Property Plant And Equipment Additional Disclosures
PropertyPlantAndEquipmentAdditionalDisclosures
Gain on fixed asset disposals, net, during the three and six months ended June 30, 2018 includes a $0.6 million gain on the sale of an available-for-sale asset.
CY2018Q2 us-gaap Business Combination Separately Recognized Transactions Liabilities Recognized
BusinessCombinationSeparatelyRecognizedTransactionsLiabilitiesRecognized
4000000 USD
CY2018Q2 us-gaap Deferred Revenue
DeferredRevenue
1600000 USD
us-gaap Restructuring Charges
RestructuringCharges
0 USD
kwr Ustaxreformact
Ustaxreformact
As previously disclosed in its Annual Report filed on Form 10-K for the year ended December 31, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as U.S. Tax Reform on December 22, 2017. U.S. Tax Reform includes multiple changes to the U.S. tax code with varying effects on the Company’s results for the six months ended June 30, 2018. 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 its financial statements. 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. The Company is continuing to evaluate all of the provisions of U.S. Tax Reform and expects to finalize its assessment during the one-year measurement period provided by the SEC to complete the accounting for U.S. Tax Reform. It is possible that the Internal Revenue Service or the U.S. Department of the Treasury could issue subsequent guidance or take positions on audit that differ from the Company’s interpretations and assumptions.
CY2018Q2 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
1200000 USD
us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
1200000 USD

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