2018 Q3 Form 10-Q Financial Statement

#000008136218000012 Filed on November 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $222.0M $212.9M
YoY Change 4.28% 11.81%
Cost Of Revenue $140.9M $138.1M
YoY Change 2.02% 15.57%
Gross Profit $81.09M $74.78M
YoY Change 8.45% 5.47%
Gross Profit Margin 36.52% 35.12%
Selling, General & Admin $53.27M $51.09M
YoY Change 4.26% 6.72%
% of Gross Profit 65.69% 68.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.900M $5.100M
YoY Change -3.92% 4.08%
% of Gross Profit 6.04% 6.82%
Operating Expenses $53.27M $51.09M
YoY Change 4.26% 6.72%
Operating Profit $24.92M $14.01M
YoY Change 77.88% -35.92%
Interest Expense $1.510M $793.0K
YoY Change 90.42% 4.62%
% of Operating Profit 6.06% 5.66%
Other Income/Expense, Net -$523.0K $249.0K
YoY Change -310.04% -2590.0%
Pretax Income $23.41M $14.23M
YoY Change 64.53% -34.27%
Income Tax $4.330M $3.140M
% Of Pretax Income 18.5% 22.07%
Net Earnings $19.69M $11.14M
YoY Change 76.72% -30.4%
Net Earnings / Revenue 8.87% 5.23%
Basic Earnings Per Share $1.48 $0.84
Diluted Earnings Per Share $1.47 $0.83
COMMON SHARES
Basic Shares Outstanding 13.28M shares 13.22M shares
Diluted Shares Outstanding 13.32M shares 13.25M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $99.80M $109.1M
YoY Change -8.52% 10.2%
Cash & Equivalents $99.81M $109.1M
Short-Term Investments
Other Short-Term Assets $17.40M $24.30M
YoY Change -28.4% 12.5%
Inventory $96.60M $90.30M
Prepaid Expenses
Receivables $214.1M $218.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $427.9M $441.9M
YoY Change -3.15% 12.11%
LONG-TERM ASSETS
Property, Plant & Equipment $82.16M $86.28M
YoY Change -4.78% 2.88%
Goodwill $83.70M $85.82M
YoY Change -2.47% 8.18%
Intangibles $67.01M $74.61M
YoY Change -10.19% 5.25%
Long-Term Investments $22.47M $25.19M
YoY Change -10.8% 7.43%
Other Assets $32.07M $29.64M
YoY Change 8.17% 1.14%
Total Long-Term Assets $301.4M $322.7M
YoY Change -6.6% 6.37%
TOTAL ASSETS
Total Short-Term Assets $427.9M $441.9M
Total Long-Term Assets $301.4M $322.7M
Total Assets $729.3M $764.5M
YoY Change -4.61% 9.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $96.05M $95.58M
YoY Change 0.49% 21.64%
Accrued Expenses $24.10M $20.50M
YoY Change 17.56% 3.02%
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 $157.3M $156.1M
YoY Change 0.76% 25.14%
LONG-TERM LIABILITIES
Long-Term Debt $46.88M $72.37M
YoY Change -35.23% -4.28%
Other Long-Term Liabilities $82.93M $71.36M
YoY Change 16.21% -0.38%
Total Long-Term Liabilities $129.8M $143.7M
YoY Change -9.69% -2.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $157.3M $156.1M
Total Long-Term Liabilities $129.8M $143.7M
Total Liabilities $296.7M $312.5M
YoY Change -5.06% 10.11%
SHAREHOLDERS EQUITY
Retained Earnings $402.3M $380.4M
YoY Change 5.74% 8.21%
Common Stock $109.5M $126.4M
YoY Change -13.43% 1.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $431.4M $440.2M
YoY Change
Total Liabilities & Shareholders Equity $729.3M $764.5M
YoY Change -4.61% 9.61%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $19.69M $11.14M
YoY Change 76.72% -30.4%
Depreciation, Depletion And Amortization $4.900M $5.100M
YoY Change -3.92% 4.08%
Cash From Operating Activities $31.20M $20.00M
YoY Change 56.0% 17.65%
INVESTING ACTIVITIES
Capital Expenditures -$3.200M -$2.800M
YoY Change 14.29% 47.37%
Acquisitions
YoY Change
Other Investing Activities $200.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$3.000M -$2.800M
YoY Change 7.14% 64.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.90M -8.800M
YoY Change 80.68% -30.71%
NET CHANGE
Cash From Operating Activities 31.20M 20.00M
Cash From Investing Activities -3.000M -2.800M
Cash From Financing Activities -15.90M -8.800M
Net Change In Cash 12.30M 8.400M
YoY Change 46.43% 223.08%
FREE CASH FLOW
Cash From Operating Activities $31.20M $20.00M
Capital Expenditures -$3.200M -$2.800M
Free Cash Flow $34.40M $22.80M
YoY Change 50.88% 20.63%

Facts In Submission

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CY2018Q3 us-gaap Other Nonoperating Expense
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137000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
141000 USD
CY2017Q3 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
545000 USD
CY2017Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
22000 USD
CY2017Q3 kwr Proceeds From Non Income Tax Refunds
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130000 USD
CY2017Q3 us-gaap Other Nonoperating Income
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47000 USD
CY2017Q3 us-gaap Other Nonoperating Expense
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99000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
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6800000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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600000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
1000000 USD
CY2018Q3 us-gaap Unrecognized Tax Benefits
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7000000 USD
CY2018Q3 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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700000 USD
CY2018Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
1100000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.212 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.325 pure
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
718 shares
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1024000 USD
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4300 shares
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
872000 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
6414000 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
6193000 USD
CY2018Q3 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
1100000 USD
CY2018Q3 us-gaap Dividends Common Stock
DividendsCommonStock
4933000 USD
CY2018Q3 kwr Stock Issued During Period Value And Adjustments To Additional Paid In Capital Share Based Compensation And Exercise Of Stock Options
StockIssuedDuringPeriodValueAndAdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAndExerciseOfStockOptions
1140000 USD
CY2017Q3 us-gaap Dividends Common Stock
DividendsCommonStock
4722000 USD
CY2018Q3 kwr Finite Lived Intangible Assets Amortization Expense Current Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseCurrentFiscalYear
7373000 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
7211000 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6928000 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
6571000 USD
CY2017Q3 kwr Stock Issued During Period Value And Adjustments To Additional Paid In Capital Share Based Compensation And Exercise Of Stock Options
StockIssuedDuringPeriodValueAndAdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAndExerciseOfStockOptions
-629000 USD
us-gaap Dividends Common Stock
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14595000 USD
kwr Stock Issued During Period Value And Adjustments To Additional Paid In Capital Share Based Compensation And Exercise Of Stock Options
StockIssuedDuringPeriodValueAndAdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAndExerciseOfStockOptions
2619000 USD
CY2017Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-66673000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
19613000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
11066000 USD
CY2018Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
77000 USD
CY2017Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
76000 USD
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
37282 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13315541 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13251693 shares
CY2018Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
77000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
19613000 USD
CY2017Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
76000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11066000 USD
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13278259 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13217165 shares
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-2339000 USD
CY2018Q3 us-gaap Goodwill
Goodwill
83695000 USD
CY2017Q4 us-gaap Goodwill
Goodwill
86034000 USD
CY2017Q4 us-gaap Minority Interest
MinorityInterest
1946000 USD
CY2017Q3 kwr Other Comprehensive Income Loss Before Reclassifications
OtherComprehensiveIncomeLossBeforeReclassifications
5994000 USD
CY2017Q3 kwr Reclassifications From Accumulated Comprehensive Income Loss To Income Statement
ReclassificationsFromAccumulatedComprehensiveIncomeLossToIncomeStatement
-530000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
6524000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
259000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
6265000 USD
kwr Other Comprehensive Income Loss Before Reclassifications
OtherComprehensiveIncomeLossBeforeReclassifications
-17498000 USD
kwr Reclassifications From Accumulated Comprehensive Income Loss To Income Statement
ReclassificationsFromAccumulatedComprehensiveIncomeLossToIncomeStatement
-2758000 USD
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-14740000 USD
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
492000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-15232000 USD
kwr Other Comprehensive Income Loss Before Reclassifications
OtherComprehensiveIncomeLossBeforeReclassifications
19004000 USD
kwr Reclassifications From Accumulated Comprehensive Income Loss To Income Statement
ReclassificationsFromAccumulatedComprehensiveIncomeLossToIncomeStatement
-3395000 USD
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
22399000 USD
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
1665000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
20734000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
19690000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
11142000 USD
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.47
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.83
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.48
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.84
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-6019000 USD
CY2018Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-80332000 USD
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-65100000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
432636000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
408864000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
19771000 USD
CY2018Q3 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1827000 USD
CY2017Q3 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1886000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
222022000 USD
us-gaap Increase Decrease In Restructuring Reserve
IncreaseDecreaseInRestructuringReserve
-675000 USD
CY2018Q3 us-gaap Interest Expense
InterestExpense
1510000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
6112000 USD
CY2018Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
43000 USD
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
452059000 USD
us-gaap Dividends Common Stock
DividendsCommonStock
14033000 USD
kwr Stock Issued During Period Value And Adjustments To Additional Paid In Capital Share Based Compensation And Exercise Of Stock Options
StockIssuedDuringPeriodValueAndAdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAndExerciseOfStockOptions
675000 USD
CY2018Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
13334364 shares
CY2018Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
200000 USD
CY2018Q3 kwr Cash Surrender Value Company Owned Life Insurance Fair Value Disclosure
CashSurrenderValueCompanyOwnedLifeInsuranceFairValueDisclosure
1649000 USD
CY2018Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1649000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
391512000 USD
us-gaap Gross Profit
GrossProfit
217498000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
148740000 USD
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.055
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
656039000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
418562000 USD
us-gaap Gross Profit
GrossProfit
237477000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
157360000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
67713000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-631000 USD
us-gaap Interest Expense
InterestExpense
4804000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
1581000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
63859000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13554000 USD
kwr Income Loss From Continuing Operations Before Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeMinorityInterestAndIncomeLossFromEquityMethodInvestments
50305000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1623000 USD
us-gaap Profit Loss
ProfitLoss
51928000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
260000 USD
us-gaap Net Income Loss
NetIncomeLoss
51668000 USD
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.88
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.87
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.095
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
146000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
1113000 USD
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
12404000 USD
kwr Pension And Post Retirement Benefit Costs Nonservice Components
PensionAndPostRetirementBenefitCostsNonserviceComponents
1713000 USD
CY2017Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-72938000 USD
us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
14400000 USD
CY2018Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
2904000 USD
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
422677000 USD
CY2017Q3 kwr Pension And Post Retirement Benefit Costs Nonservice Components
PensionAndPostRetirementBenefitCostsNonserviceComponents
537000 USD
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.185 pure
CY2017Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.221 pure
us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
100000 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
200000 USD
CY2018Q3 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
CY2017Q3 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
CY2018Q3 us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
3800000 USD
CY2018Q3 kwr Pension And Post Retirement Benefit Costs Nonservice Components
PensionAndPostRetirementBenefitCostsNonserviceComponents
568000 USD
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
53270000 USD
kwr Combinationrelatedexpensesnetofpayements
Combinationrelatedexpensesnetofpayements
-349000 USD
CY2016Q4 us-gaap Restructuring Reserve
RestructuringReserve
670000 USD
kwr Combinationrelatedexpensesnetofpayements
Combinationrelatedexpensesnetofpayements
10367000 USD
CY2018Q3 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
700000 USD
CY2017Q3 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
800000 USD
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.  During the third quarter of 2018 the Company extended the bank commitment for the New Credit Facility through December 15, 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.
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
14009000 USD
CY2017Q3 us-gaap Interest Expense
InterestExpense
793000 USD
CY2017Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
762000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
14227000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
11704000 USD
CY2017Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
249000 USD
CY2017Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
9675000 USD
CY2017Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.355
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
43839000 USD
us-gaap Net Income Loss
NetIncomeLoss
30040000 USD
us-gaap Profit Loss
ProfitLoss
31659000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
45670000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1427000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3269000 USD
us-gaap Adjustment For Amortization
AdjustmentForAmortization
5490000 USD
CY2017Q4 us-gaap Business Combination Separately Recognized Transactions Liabilities Recognized
BusinessCombinationSeparatelyRecognizedTransactionsLiabilitiesRecognized
5500000 USD
CY2017Q3 us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
9700000 USD
us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
23100000 USD
kwr Operating Income Loss Segment Reporting
OperatingIncomeLossSegmentReporting
124315000 USD
kwr Nonoperating Charges
NonoperatingCharges
50067000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
612000 USD
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
580000 USD
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
50000 USD
kwr Proceeds From Non Income Tax Refunds
ProceedsFromNonIncomeTaxRefunds
748000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
288000 USD
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
166000 USD
kwr Pension And Post Retirement Benefit Costs Nonservice Components
PensionAndPostRetirementBenefitCostsNonserviceComponents
3539000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
222000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
29818000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13196255 shares
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
222000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
29818000 USD
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
41818 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13238073 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4819 shares
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
21152000 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 </font><font style='font-family:Times New Roman;font-size:10pt;' >performance. A contract 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 liabiliti</font><font style='font-family:Times New Roman;font-size:10pt;' >es primarily represent 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 Condens</font><font style='font-family:Times New Roman;font-size:10pt;' >ed Consolidated Balance Sheets.</font></p></div>
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>
CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
99810000 USD
CY2018Q3 us-gaap Restricted Cash
RestrictedCash
20594000 USD
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
120404000 USD
CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
109088000 USD
CY2017Q3 us-gaap Restricted Cash
RestrictedCash
21376000 USD
CY2017Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
130464000 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
35800000 USD
kwr Net Reporting Amount
NetReportingAmount
33000000 USD
CY2018Q3 kwr Net Reporting Amount
NetReportingAmount
11700000 USD
CY2017Q3 kwr Net Reporting Amount
NetReportingAmount
11200000 USD
CY2018Q3 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
1600000 USD
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
4400000 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
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834000 USD
CY2018Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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-74351000 USD
CY2018Q3 us-gaap Finite Lived Customer Lists Gross
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75424000 USD
CY2017Q4 us-gaap Finite Lived Customer Lists Gross
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76581000 USD
CY2017Q4 kwr Finite Lived Trademarks Formulations And Product Technology
FiniteLivedTrademarksFormulationsAndProductTechnology
33025000 USD
CY2018Q3 kwr Finite Lived Trademarks Formulations And Product Technology
FiniteLivedTrademarksFormulationsAndProductTechnology
33561000 USD
CY2017Q4 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
6114000 USD
CY2018Q3 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
5962000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
115720000 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
114947000 USD
CY2017Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
409000 USD
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
2037000 USD
CY2018Q3 us-gaap Equity Method Investments
EquityMethodInvestments
22471000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
18528000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-2171000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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453000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
52811000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
50774000 USD
CY2018Q3 us-gaap Business Combination Separately Recognized Transactions Liabilities Recognized
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5100000 USD
CY2018Q3 us-gaap Deferred Revenue
DeferredRevenue
1600000 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
50135000 USD
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FiniteLivedIntangibleAssetsAccumulatedAmortization
45217000 USD
CY2018Q3 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
1100000 USD
us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
2300000 USD
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 August 2018 that modifies certain disclosure requirements for employers that sponsor defined benefit pension or </font><font style='font-family:Times New Roman;font-size:10pt;' >other postretirement plans. The amendments in this accounting standard update remove disclosures that are no longer considered cost beneficial, clarify the specific requirements of certain disclosures, and add new disclosure requirements as relevant. The</font><font style='font-family:Times New Roman;font-size:10pt;' > guidance within this accounting standard update is effective for annual periods beginning after December 15, 2020, and should be applied retrospectively to all periods presented. Early adoption is permitted. The Company has not early adopted the guidanc</font><font style='font-family:Times New Roman;font-size:10pt;' >e 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 August 2018 that clarifies the accounting for implementation costs incurred in a cloud computing arrangement under a service contract. This guidance general</font><font style='font-family:Times New Roman;font-size:10pt;' >ly aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement under a service contract with the requirements for capitalizing implementation costs related to internal-use software. The guidance within this accounting s</font><font style='font-family:Times New Roman;font-size:10pt;' >tandard update is effective for annual periods beginning after December 15, 2019, and should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Early adoption is permitted. The Company has </font><font style='font-family:Times New Roman;font-size:10pt;' >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 August 2018 that modifies certain disclosure requirements for fair value measurements. The guidance removes certain disclosure r</font><font style='font-family:Times New Roman;font-size:10pt;' >equirements regarding transfers between levels of the fair value hierarchy as well as the valuation processes for certain fair value measurements. Further, the guidance added certain disclosure requirements including unrealized gains and losses and signif</font><font style='font-family:Times New Roman;font-size:10pt;' >icant unobservable inputs used to develop certain fair value measurements. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2019, and should be applied prospectively in the initia</font><font style='font-family:Times New Roman;font-size:10pt;' >l year of adoption or prospectively to all periods presented, depending on the amended disclosure requirement. Early adoption is permitted. The Company 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 </font><font style='font-family:Times New Roman;font-size:10pt;' >accounting standard update in June 2018 to simplify the accounting for share-based payment transactions with non-employees of the Company. The guidance within this accounting standard update generally requires that share-based payment transactions for acq</font><font style='font-family:Times New Roman;font-size:10pt;' >uiring goods or services from non-employees of the Company be accounted for under the same guidance and model as all other share-based payment transactions, including employees of the Company. The guidance within this accounting standard update is effecti</font><font style='font-family:Times New Roman;font-size:10pt;' >ve for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company elected to early adopt the guidance within this accounting standard updated in the second quarter of 2018 with no impact to its financial statem</font><font style='font-family:Times New Roman;font-size:10pt;' >ents. </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;' > </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 income (&#8220;AOCI&#8221;) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act enacted in D</font><font style='font-family:Times New Roman;font-size:10pt;' >ecember 2017. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2018, and should be applied either in the period of adoption or retrospectively to each period in which the effect o</font><font style='font-family:Times New Roman;font-size:10pt;' >f 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 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 accounti</font><font style='font-family:Times New Roman;font-size:10pt;' >ng standard update in January 2017 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 a</font><font style='font-family:Times New Roman;font-size:10pt;' >mendments in this accounting standard update provided 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 was effective for annual and interim periods beginni</font><font style='font-family:Times New Roman;font-size:10pt;' >ng after December 15, 2017. Early adoption was permitted in limited circumstances, and the amendments in this accounting standard update were required to be applied prospectively, with no disclosures required at transition. The Company adopted the guidan</font><font style='font-family:Times New Roman;font-size:10pt;' >ce 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 requiring that the statement of cash flows explain both the change in the total cash and cash equivalen</font><font style='font-family:Times New Roman;font-size:10pt;' >ts, and also the amounts generally described as restricted cash or restricted cash equivalents. This required amounts generally described as restricted cash or restricted cash equivalents be included with cash and cash equivalents when reconciling the beg</font><font style='font-family:Times New Roman;font-size:10pt;' >inning and ending amounts shown on the statement of cash flows. The guidance within this accounting standard update was effective for annual and interim periods beginning after December 15, 2017. Early adoption was permitted and the guidance required app</font><font style='font-family:Times New Roman;font-size:10pt;' >lication using a retrospective transition method to each period presented when adopted. The Company adopted the guidance in the first quarter of 2018, as required. Adoption of the guidance did not have an impact on the Company&#8217;s earnings or balance sheet</font><font style='font-family:Times New Roman;font-size:10pt;' > but did result in changes to certain disclosures within the statement of cash flows, including cash flows from investing activities and total cash, cash equivalents and restricted cash. See Note 12 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 assets other than inventory. The provisions in this update allowed an entity to recognize current and def</font><font style='font-family:Times New Roman;font-size:10pt;' >erred 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 an outside party. The guidance within this accounting standard update was 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 required application on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adop</font><font style='font-family:Times New Roman;font-size:10pt;' >tion. 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 August 2016 to standardize how certain transactions are classified in the statem</font><font style='font-family:Times New Roman;font-size:10pt;' >ent of cash flows. Specific transactions covered by the accounting standard update include debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proce</font><font style='font-family:Times New Roman;font-size:10pt;' >eds from the settlement of insurance claims, proceeds from the settlement of corporate and bank owned life insurance policies, distributions received from equity method investments and beneficial interest in securitization transactions. The guidance withi</font><font style='font-family:Times New Roman;font-size:10pt;' >n this accounting standard update was effective for annual and interim periods beginning after December 15, 2017. Early adoption was permitted, provided that all of the amendments were adopted in the same period. The guidance required application using a</font><font style='font-family:Times New Roman;font-size:10pt;' > retrospective transition method. 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 February 2016 regarding the accounting and disclosure</font><font style='font-family:Times New Roman;font-size:10pt;' > for leases.&#160; During 2018, the FASB issued a series of accounting standard updates to clarify and expand on the original 2016 implementation guidance, including certain targeted improvements around comparative reporting requirements and accounting for leas</font><font style='font-family:Times New Roman;font-size:10pt;' >e and non-lease components by lessors as well as other technical corrections and improvements.&#160; The amendments in these 2018 updates did not change the core principles of the guidance previously issued in February 2016.&#160; The guidance within all of the leas</font><font style='font-family:Times New Roman;font-size:10pt;' >ing accounting standard updates are effective for annual and interim periods beginning after December 15, 2018, and should be applied on a modified retrospective basis, applying the transition requirements either (a) at the beginning of the earliest period</font><font style='font-family:Times New Roman;font-size:10pt;' > presented in the financial statements in the year of adoption (i.e. January 1, 2017) or (b) in the period of adoption (i.e. January 1, 2019).&#160; Early adoption is permitted, but the Company has not early adopted. The Company expects to adopt the guidance i</font><font style='font-family:Times New Roman;font-size:10pt;' >n the first quarter of 2019, as required, using a modified retrospective transition approach&#160; The Company currently anticipates electing to apply the transition requirements in the period of adoption (i.e. as of January 1, 2019), as permitted.&#160; As such the</font><font style='font-family:Times New Roman;font-size:10pt;' > Company will neither restate comparative periods for the effects of this lease accounting guidance or provide the disclosures requirements for c</font><font style='font-family:Times New Roman;font-size:10pt;' >omparative periods.&#160; While</font><font style='font-family:Times New Roman;font-size:10pt;' > the Company</font><font style='font-family:Times New Roman;font-size:10pt;' >&#8217;s decisions are not finalized, the Company</font><font style='font-family:Times New Roman;font-size:10pt;' > anticipates electing to apply</font><font style='font-family:Times New Roman;font-size:10pt;' > certain of the permitted practical expedients within the new lease accounting guidance, and, also, the Company anticipates making certain accounting policy elections as a result of adopting the new lease accounting guidance.</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 of September 30, 2018, th</font><font style='font-family:Times New Roman;font-size:10pt;' >e Company has substantially completed its implementation planning and has made significant progress towards completing its impact assessment.&#160; Work performed to date includes developing a detailed project plan, identifying and establishing a cross-function</font><font style='font-family:Times New Roman;font-size:10pt;' >al implementation team and developing pre-adoption internal controls.&#160; In addition, the Company has gathered an inventory of the Company&#8217;s explicit outstanding leases globally, performed certain review procedures to ensure completeness of its lease populat</font><font style='font-family:Times New Roman;font-size:10pt;' >ion and began abstracting critical lease information from the lease population for inclusion within the </font><font style='font-family:Times New Roman;font-size:10pt;' >Company&#8217;s leasing software. Also, the Company has begun preliminary considerations for how the new lease accounting guidance may impact Houghton, as it</font><font style='font-family:Times New Roman;font-size:10pt;' > pertains to the potential Combination.&#160; The Company anticipates using the remainder of 2018 to further develop its considerations for the potential Houghton Combination as well as finalize its impact assessment and implementation including completing the </font><font style='font-family:Times New Roman;font-size:10pt;' >abstraction of critical lease information for inclusion within the Company&#8217;s leasing software and calculating a preliminary transition adjustment that will be reflected in the Company&#8217;s financial statements starting after the effective date of January 1, 2</font><font style='font-family:Times New Roman;font-size:10pt;' >019.</font><font style='font-family:Times New Roman;font-size:10pt;' > &#160;</font><font style='font-family:Times New Roman;font-size:10pt;' >While the Company&#8217;s implementation of this lease accounting guidance is still on-going, the Company anticipates adoption of this guidance will have a material impact on its balance sheet as it expects the majority of its leases will be recorded on it</font><font style='font-family:Times New Roman;font-size:10pt;' >s balance sheet by establishing right of use assets and associated lease liabilities.&#160; T</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >he Company previously disclosed in its Annual Report filed on Form 10-K for the year ended December&#160;31, 2017 that its undiscounted </font><font style='font-family:Times New Roman;font-size:10pt;' >contractual obligations associated </font><font style='font-family:Times New Roman;font-size:10pt;' >with operating leases were $</font><font style='font-family:Times New Roman;font-size:10pt;' >27.6</font><font style='font-family:Times New Roman;font-size:10pt;' > million i</font><font style='font-family:Times New Roman;font-size:10pt;' >n the aggregate, which will be one of the</font><font style='font-family:Times New Roman;font-size:10pt;' > significant input</font><font style='font-family:Times New Roman;font-size:10pt;' >s used in</font><font style='font-family:Times New Roman;font-size:10pt;' > calculating the amount of right of use assets and associated lease liabilities the Company will record on its Condensed Consolidated Balance Shee</font><font style='font-family:Times New Roman;font-size:10pt;' >t as of January 1, 2019 upon adoption of this lease accounting guidance. </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 comprehensi</font><font style='font-family:Times New Roman;font-size:10pt;' >ve model for entities to use in accounting for 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</font><font style='font-family:Times New Roman;font-size:10pt;' > December 15, 2016, and allowed for full retrospective 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 </font><font style='font-family:Times New Roman;font-size:10pt;' >new revenue standard by one year, or, in other 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 201</font><font style='font-family:Times New Roman;font-size:10pt;' >6 and 2017, the FASB issued a series of accounting standard updates to clarify and expand on the implementation guidance, including principal versus agent considerations, identification of performance obligations, licensing, other technical corrections and</font><font style='font-family:Times New Roman;font-size:10pt;' > adding certain practical expedients. The amendments 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 reco</font><font style='font-family:Times New Roman;font-size:10pt;' >gnition guidance, the Company reviewed its historical accounting policies and practices to identify potential differences with the requirements of the new revenue recognition standard as it related to the Company&#8217;s contracts and sales arrangements. In add</font><font style='font-family:Times New Roman;font-size:10pt;' >ition, the impact assessment and work performed 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, fin</font><font style='font-family:Times New Roman;font-size:10pt;' >ancial reporting and disclosure requirements. The Company has also progressed its 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 </font><font style='font-family:Times New Roman;font-size:10pt;' >of 2018 as required, electing to use a modified 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 stan</font><font style='font-family:Times New Roman;font-size:10pt;' >dards in effect for those periods. In addition, 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 financin</font><font style='font-family:Times New Roman;font-size:10pt;' >g components, sales taxes and shipping and 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 disclosure</font><font style='font-family:Times New Roman;font-size:10pt;' >s concerning the Company&#8217;s net sales and 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, the Company recorded an adjustment to its</font><font style='font-family:Times New Roman;font-size:10pt;' > Condensed Consolidated Balance Sheet as 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</font><font style='font-family:Times New Roman;font-size:10pt;' > million, an increase to non-current deferred 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</font><font style='font-family:Times New Roman;font-size:10pt;' > revenue recognition guidance was immaterial for the three and nine months ended September 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;' > See Note 4 of Notes to Condensed Consolidated Financial Statements.</font></p></div>
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
212918000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
609010000 USD
CY2017Q4 us-gaap Equity Method Investments
EquityMethodInvestments
25690000 USD
dei Entity Central Index Key
EntityCentralIndexKey
0000081362
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
608000 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, one of the Company’s U.S. pension plans 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.
CY2018Q3 kwr Unrecognized Tax Benefits Income Tax Penalties Income
UnrecognizedTaxBenefitsIncomeTaxPenaltiesIncome
200000 USD
CY2017Q3 kwr Unrecognized Tax Benefits Interest Income On Income Taxes
UnrecognizedTaxBenefitsInterestIncomeOnIncomeTaxes
100000 USD
us-gaap Loss Contingency Settlement Agreement Terms
LossContingencySettlementAgreementTerms
The Company has restricted cash recorded in other assets related to proceeds from an inactive subsidiary of the Company which previously executed separate settlement and release agreements with two of its insurance carriers for an original total value of $35.0 million. 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 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
200000 USD
us-gaap Property Plant And Equipment Additional Disclosures
PropertyPlantAndEquipmentAdditionalDisclosures
Gain on fixed asset disposals, net, during the nine months ended September 30, 2018 includes a $0.6 million gain on the sale of a held-for-sale asset.
us-gaap Foreign Currency Transactions Description
ForeignCurrencyTransactionsDescription
In addition, foreign exchange (losses) gains, net, during the three and nine months ended September 30, 2018 include both a foreign currency transaction loss of approximately $0.5 million related to hyper-inflationary accounting for the Company’s Argentina subsidiary effective July 1, 2018 and a foreign currency transaction gain of approximately $0.4 million related to the liquidation of an inactive legal entity.
CY2017Q4 us-gaap Contractual Obligation
ContractualObligation
27600000 USD
us-gaap New Accounting Pronouncement Or Change In Accounting Principle Description Of Priorperiod Information Retrospectively Adjusted
NewAccountingPronouncementOrChangeInAccountingPrincipleDescriptionOfPriorperiodInformationRetrospectivelyAdjusted
Adoption of the revenue recognition guidance did not have a material impact on the Company’s reported earnings or cash flows, however, adoption did increase the amount and level of disclosures concerning the Company’s net sales and did result in one adjustment to the Company’s balance sheet. As a result of the Company’s impact assessment and adoption using the modified retrospective adoption approach, the Company recorded an adjustment to its Condensed Consolidated Balance Sheet as of December 31, 2017 to adjust the Company’s estimate of variable consideration relating to customers’ expected rights to return product. This adjustment resulted in an increase to other current liabilities of $1.0 million, an increase to non-current deferred 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 immaterial for the three and nine months ended September 30, 2018 and the Company expects the impact to be immaterial on an ongoing basis.
CY2018Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
0 USD
CY2017Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
0 USD
kwr Currency Conversion Impacts Of Hyper Inflationary Accounting
CurrencyConversionImpactsOfHyperInflationaryAccounting
During the three and nine months ended September 30, 2018, the Company recorded $0.5 million and $0.8 million of remeasurement losses associated with the applicable currency conversions related to Venezuela and Argentina.
kwr Currency Conversion Impacts Of Hyper Inflationary Accounting
CurrencyConversionImpactsOfHyperInflationaryAccounting
During the three and nine months ended September 30, 2017, the Company recorded less than $0.1 million and $0.4 million of remeasurement losses related to Venezuela.
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
0 USD
CY2018Q3 kwr Inflationary Percentage
InflationaryPercentage
1 pure
kwr Ustaxreformact
Ustaxreformact
The Company’s tax adjustments associated with U.S. Tax Reform during the three and nine months ended September 30, 2018, included adjustments to decrease its initial estimate of the one-time deemed repatriation of undistributed earnings on previously untaxed accumulated and current earnings and profits of certain of the Company’s foreign subsidiaries (“Transition Tax”), specifically related to proposed regulations published by the Internal Revenue Service (“IRS”), the U.S Treasury and various state taxing authorities, as well as an increase to its initial estimate of the impact from internal revenue code changes associated with the deductibility of certain executive compensation. To date, the Company has not made any other significant changes to its initial assessments made during the fourth quarter of 2017. 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 three and nine months ended September 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 IRS 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.

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