$KWR
QUAKER CHEMICAL CORP

2019 Q2 Form 10-Q Financial Statement

#000008136219000013 Filed on August 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $205.9M $222.0M
YoY Change -7.25% 10.33%
Cost Of Revenue $130.7M $141.0M
YoY Change -7.32% 9.03%
Gross Profit $75.16M $80.94M
YoY Change -7.14% 12.67%
Gross Profit Margin 36.51% 36.46%
Selling, General & Admin $50.03M $54.08M
YoY Change -7.5% 9.05%
% of Gross Profit 66.56% 66.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.900M $4.900M
YoY Change 0.0% 0.0%
% of Gross Profit 6.52% 6.05%
Operating Expenses $50.03M $54.08M
YoY Change -7.5% 9.05%
Operating Profit $20.53M $22.56M
YoY Change -9.01% 26.03%
Interest Expense $1.283M $1.602M
YoY Change -19.91% 105.38%
% of Operating Profit 6.25% 7.1%
Other Income/Expense, Net $43.00K $261.0K
YoY Change -83.52% -116.61%
Pretax Income $19.84M $21.79M
YoY Change -8.96% 35.43%
Income Tax $4.800M $3.668M
% Of Pretax Income 24.19% 16.83%
Net Earnings $15.59M $19.25M
YoY Change -18.99% 61.65%
Net Earnings / Revenue 7.57% 8.67%
Basic Earnings Per Share $1.17 $1.44
Diluted Earnings Per Share $1.17 $1.44
COMMON SHARES
Basic Shares Outstanding 13.30M shares 13.27M shares
Diluted Shares Outstanding 13.35M shares 13.30M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $86.40M $90.20M
YoY Change -4.21% -8.7%
Cash & Equivalents $86.36M $90.22M
Short-Term Investments
Other Short-Term Assets $21.00M $22.20M
YoY Change -5.41% 3.26%
Inventory $94.50M $95.90M
Prepaid Expenses
Receivables $210.3M $213.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $412.2M $421.9M
YoY Change -2.31% 2.98%
LONG-TERM ASSETS
Property, Plant & Equipment $82.62M $83.37M
YoY Change -0.89% -3.87%
Goodwill $83.30M $84.23M
YoY Change -1.11% -0.63%
Intangibles $60.96M $68.75M
YoY Change -11.34% -8.95%
Long-Term Investments $21.36M $21.78M
YoY Change -1.91% -11.16%
Other Assets $32.44M $32.08M
YoY Change 1.13% -36.11%
Total Long-Term Assets $312.4M $301.7M
YoY Change 3.53% -5.9%
TOTAL ASSETS
Total Short-Term Assets $412.2M $421.9M
Total Long-Term Assets $312.4M $301.7M
Total Assets $724.5M $723.6M
YoY Change 0.13% -0.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $93.89M $96.82M
YoY Change -3.03% 5.85%
Accrued Expenses $21.50M $17.60M
YoY Change 22.16% 21.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $700.0K $5.700M
YoY Change -87.72% 714.29%
Total Short-Term Liabilities $153.2M $151.7M
YoY Change 0.98% 12.89%
LONG-TERM LIABILITIES
Long-Term Debt $11.79M $58.40M
YoY Change -79.81% -20.97%
Other Long-Term Liabilities $74.62M $82.54M
YoY Change -9.6% 18.04%
Total Long-Term Liabilities $86.41M $140.9M
YoY Change -38.69% -2.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $153.2M $151.7M
Total Long-Term Liabilities $86.41M $140.9M
Total Liabilities $266.6M $300.9M
YoY Change -11.42% 3.54%
SHAREHOLDERS EQUITY
Retained Earnings $424.4M $387.5M
YoY Change 9.54% 3.61%
Common Stock $110.9M $108.3M
YoY Change 2.42% -14.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $456.5M $421.5M
YoY Change
Total Liabilities & Shareholders Equity $724.5M $723.6M
YoY Change 0.12% -0.91%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $15.59M $19.25M
YoY Change -18.99% 61.65%
Depreciation, Depletion And Amortization $4.900M $4.900M
YoY Change 0.0% 0.0%
Cash From Operating Activities $22.40M $17.00M
YoY Change 31.76% 36.0%
INVESTING ACTIVITIES
Capital Expenditures -$3.000M -$2.200M
YoY Change 36.36% -18.52%
Acquisitions
YoY Change
Other Investing Activities $100.0K $700.0K
YoY Change -85.71% -113.21%
Cash From Investing Activities -$2.800M -$1.500M
YoY Change 86.67% -81.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.900M -12.60M
YoY Change -61.11% -700.0%
NET CHANGE
Cash From Operating Activities 22.40M 17.00M
Cash From Investing Activities -2.800M -1.500M
Cash From Financing Activities -4.900M -12.60M
Net Change In Cash 14.70M 2.900M
YoY Change 406.9% -56.06%
FREE CASH FLOW
Cash From Operating Activities $22.40M $17.00M
Capital Expenditures -$3.000M -$2.200M
Free Cash Flow $25.40M $19.20M
YoY Change 32.29% 26.32%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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1672000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1975000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
39000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
599000 USD
us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
306000 USD
us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
481000 USD
kwr Combinationrelatedexpensesnetofpayements
Combinationrelatedexpensesnetofpayements
399000 USD
kwr Combinationrelatedexpensesnetofpayements
Combinationrelatedexpensesnetofpayements
-1445000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
-21000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
-2341000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
7893000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
10873000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
257000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
11301000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1969000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2323000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2945000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1407000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
22409000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
19733000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5544000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5622000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
500000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
500000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
70000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
668000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
131000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
47000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5843000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5407000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
24040000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
287000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
9868000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
9453000 USD
us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
-1374000 USD
us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
-496000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
0 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
834000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-35282000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-11070000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
749000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-3346000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-17967000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-90000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
124425000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
111050000 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
106458000 USD
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110960000 USD
CY2019Q2 kwr Inflationary Percentage
InflationaryPercentage
1 pure
us-gaap Business Combination Separately Recognized Transactions Description
BusinessCombinationSeparatelyRecognizedTransactionsDescription
On August 1, 2019, the Company completed its combination with Houghton International, Inc. (“Houghton”) (herein referred to as “the Combination”), whereby the Company acquired all of the issued and outstanding shares of Houghton from Gulf Houghton Lubricants, Ltd. in accordance with the share purchase agreement dated April 4, 2017. The final purchase consideration was comprised of: (i) approximately $170.8 million in cash; (ii) the issuance of approximately 4.3 million shares of common stock of the Company with par value of $1.00, comprising 24.5% of the common stock of the Company at closing; and (iii) the Company’s refinancing of approximately $660 million of Houghton’s net indebtedness at closing, not including cash proceeds from the divestiture, described below.The Combination was subject to certain regulatory and shareholder approvals. At a shareholder meeting held during 2017, the Company’s shareholders approved the issuance of the new shares of the Company’s common stock at closing of the Combination. Also in 2017, the Company received regulatory approvals for the Combination from China and Australia. The Company received regulatory approvals from the European Commission (“EC”) during the second quarter of 2019 and the U.S. Federal Trade Commissions (“FTC”) in July 2019. The approvals from the FTC and the EC required the concurrent divestiture of certain steel and aluminum product lines of Houghton, which were sold on August 1, 2019 for approximately $37 million in cash. The final remedy agreed with the EC and the FTC was consistent with the Company’s previous expectation that the total divested product lines would be approximately 3% of the combined company’s revenue.The results of operations of Houghton are not included in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2019, as the date of closing was after June 30, 2019. Transaction expenses associated with the Combination which were incurred during the three and six months ended June 30, 2019 and 2018, respectively, are included in Combination and other acquisition-related expenses in the Company’s Condensed Consolidated Statements of Income. A preliminary purchase priceallocation of assets acquired, and liabilities assumed, has not been presented as that information is not available as of the date of these Condensed Consolidated Financial Statements.
us-gaap Subsequent Event Description
SubsequentEventDescription
As previously disclosed in its Annual Report filed on Form 10-K and 10-K/A for the year ended December 31, 2018, in connection with the Combination, the Company initially secured $1.15 billion in commitments from Bank of America Merrill Lynch and Deutsche Bank to fund the purchase consideration and to provide additional liquidity, which was replaced with a syndicated bank agreement (“the New Credit Facility”) with a group of lenders. Prior to closing the Combination, during July 2019, the Company amended and extended the bank commitment to August 30, 2019. The New Credit Facility was contingent upon and was not effective until the closing of the Combination. Concurrent with the closing of the Combination on August 1, 2019, the New Credit Facility is in full effect and is the Company’s primary borrowing facility, replacing the Company’s previous revolving credit facility (see Note 14 of Notes to Condensed Consolidated Financial Statements). The New Credit Facility is comprised of: (i) a $400.0 million multicurrency revolver; (ii) a $600.0 million USD term loan; and (iii) a $150.0 million EUR equivalent term loan, each with a five-year maturity from the date the New Credit Facility became effective. At closing, the Company borrowed $750.0 million under the term loans available in the New Credit Facility and approximately $180 million under the multicurrency revolver, with a remaining capacity under the revolver of approximately $220 million for additional liquidity. The maximum amount available under the New Credit Facility can be increased by $300.0 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. Based on the terms of the New Credit Facility and current market interest rates, the Company currently estimates its annual interest cost will be in the range of 3.4% to 3.6%. The New Credit Facility is subject to certain financial and other covenants, including covenants that the Company’s initial consolidated net debt to adjusted EBITDA ratio cannot exceed 4.25 to 1 and the Company’s consolidated adjusted EBITDA to interest expense ratio cannot be less than 3.0 to 1. At closing, the Company was in compliance with all of the New Credit Facility covenants. Both the USD and EUR equivalent term loans have quarterly principal amortization during their respective five-year maturities, with 5.0% amortization of the principal balance due in years 1 and 2, 7.5% in year 3, and 10.0% in years 4 and 5, with the remaining principal amounts due at maturity. Until closing, the Company incurred certain interest costs to maintain the bank commitment (“ticking fees”), which began to accrue on September 29, 2017 and bore an interest rate of 0.30% per annum. Concurrent with closing of the Combination and executing the New Credit Facility, the Company paid approximately $6.3 million of ticking fees.
CY2019Q2 us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
5500000 USD
us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
10800000 USD
CY2018Q2 us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
4500000 USD
us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Cost Expensed
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
10600000 USD
CY2019Q2 us-gaap Business Combination Separately Recognized Transactions Liabilities Recognized
BusinessCombinationSeparatelyRecognizedTransactionsLiabilitiesRecognized
8600000 USD
CY2018Q4 us-gaap Business Combination Separately Recognized Transactions Liabilities Recognized
BusinessCombinationSeparatelyRecognizedTransactionsLiabilitiesRecognized
8200000 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-weight: bold; font-size: 10.00pt">Note 3 – Recently Issued Accounting Standards</span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">The Financial Accounting Standards Board (“FASB”) issued an accounting standard update in August 2018 that modifies certain disclosure requirements for employers that sponsor defined benefit pension or 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 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 guidance and is currently evaluating its implementation.</span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">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 generally 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 standard 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 not early adopted the guidance and is currently evaluating its implementation.</span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">The FASB issued an accounting standard update in August 2018 that modifies certain disclosure requirements for fair value measurements. The guidance removes certain disclosure requirements regarding transfers between levels of the fair value hierarchy as well as certain disclosures related to the valuation processes for certain fair value measurements. Further, the guidance added certain disclosure requirements including unrealized gains and losses and significant 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</span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">December 15, 2019, and should be applied prospectively in the initial year of adoption or retrospectively 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.</span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">The FASB issued an accounting standard update in February 2018 that allows a reclassification from accumulated other comprehensive (loss) income (“AOCI”) to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act (“U.S. Tax Reform”) enacted in December 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 of the change in the U.S. federal corporate income tax rate in U.S. Tax Reform is recognized. Early adoption was permitted. The Company adopted this guidance in the first quarter of 2019, as required, but elected not to reclassify any stranded tax effects resulting from U.S. Tax Reform, therefore adoption of this guidance did not have any impact on its financial statements.</span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">The FASB issued an accounting standard update in June 2016 related to the accounting for and disclosure of credit losses. In May 2019, the FASB issues an accounting standard update to provide targeted transition relief to increase comparability of financial statements. The guidance introduces a new model for recognizing credit losses on financial instruments, including customer accounts receivable, based on an estimate of current expected credit losses. The guidance within this accounting standard update is effective for annual and interim periods beginning after December 15, 2019, and aspects of the guidance which may be applicable to the Company should be applied on a modified retrospective basis. Early adoption is permitted. The Company has not early adopted the guidance and is currently evaluating its implementation.</span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">The FASB issued an accounting standard update in February 2016 regarding the accounting and disclosure for leases. During 2018 and 2019, the FASB issued a series of accounting standard updates to clarify and expand on the original 2016 implementation guidance, including providing an accounting policy election for lessors, certain targeted improvements around comparative reporting requirements and accounting for lease and non-lease components by lessors as well as other technical corrections and improvements. The amendments in these 2018 and 2019 updates did not change the core principles of the guidance previously issued in February 2016. The guidance within all of the leasing accounting standard updates were effective for annual and interim periods beginning after December 15, 2018, and should have been applied on a modified retrospective basis, applying the transition requirements either (a) at the beginning of the earliest period presented in the financial statements in the year of adoption (January 1, 2017) or (b) in the period of adoption (January 1, 2019). Early adoption was permitted.</span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt"> As part of the Company’s implementation planning and its impact assessment related to the new lease accounting guidance, the Company developed a detailed project plan, identified and established a cross-functional implementation team and developed pre-adoption internal controls. In addition, the Company gathered an inventory of the Company’s outstanding leases globally, performed certain review procedures to ensure completeness of its lease population and abstracted required information from its lease population for inclusion within the Company’s leasing software. Also, the Company is considering how the new lease accounting guidance may impact Houghton and the Combination.</span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt"> The Company adopted the guidance in the first quarter of 2019, as required, electing to use a modified retrospective transition approach and applied transition requirements as of January 1, 2019, as permitted. Comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. In addition, the Company elected to apply certain of the permitted transition practical expedients within the new lease accounting related to lease identification, lease classification, and initial direct costs. The Company made certain accounting policy elections as a result of adopting the new lease accounting guidance which include not separating lease and non-lease components, applying a portfolio approach in the development of the Company’s discount rates, applying the short-term lease exemption and establishing a capitalization threshold policy.</span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">Adoption of the lease accounting guidance did not have a material impact on the Company’s reported earnings or cash flows, however, adoption did result in a material impact to the Company’s balance sheet to establish the right of use lease assets and associated lease liabilities. Specifically, the Company recorded a cumulative effect of an accounting change that resulted in an increase to its right of use lease assets of $27.3 million, an increase of $5.3 million of short-term lease liabilities and $21.4 million of long-term lease liabilities, a decrease in property, plant and equipment, net of $1.1 million, a decrease in other current liabilities of $0.4 million and a decrease to retained earnings of less than $0.1 million.</span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt"> See Note 5 of Notes to Condensed Consolidated Financial Statements.</span>
us-gaap New Accounting Pronouncement Or Change In Accounting Principle Description Of Financial Statement Line Items Prospective Transition
NewAccountingPronouncementOrChangeInAccountingPrincipleDescriptionOfFinancialStatementLineItemsProspectiveTransition
Adoption of the lease accounting guidance did not have a material impact on the Company’s reported earnings or cash flows, however, adoption did result in a material impact to the Company’s balance sheet to establish the right of use lease assets and associated lease liabilities. Specifically, the Company recorded a cumulative effect of an accounting change that resulted in an increase to its right of use lease assets of $27.3 million, an increase of $5.3 million of short-term lease liabilities and $21.4 million of long-term lease liabilities, a decrease in property, plant and equipment, net of $1.1 million, a decrease in other current liabilities of $0.4 million and a decrease to retained earnings of less than $0.1 million.
kwr Net Reporting Amount
NetReportingAmount
20800000 USD
CY2018Q2 kwr Net Reporting Amount
NetReportingAmount
12500000 USD
kwr Net Reporting Amount
NetReportingAmount
24100000 USD
CY2019Q2 us-gaap Deferred Revenue
DeferredRevenue
1300000 USD
CY2018Q4 us-gaap Deferred Revenue
DeferredRevenue
1300000 USD
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
1300000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
205869000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
205869000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
205869000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
221962000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
221962000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
221962000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
417079000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
417079000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
417079000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
434017000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
434017000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
434017000 USD
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1700000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
3500000 USD
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
200000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
300000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
3400000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
800000 USD
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
24828000 USD
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5107000 USD
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
19192000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
24299000 USD
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0465 pure
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
261000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3252000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5675000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4661000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3639000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2781000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
8425000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
28433000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4134000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
24299000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
7068000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
5635000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4509000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3523000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2659000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
7779000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
205869000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
221962000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
417079000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
434017000 USD
CY2019Q2 kwr Operating Income Loss Segment Reporting
OperatingIncomeLossSegmentReporting
43495000 USD
CY2018Q2 kwr Operating Income Loss Segment Reporting
OperatingIncomeLossSegmentReporting
48068000 USD
kwr Operating Income Loss Segment Reporting
OperatingIncomeLossSegmentReporting
87428000 USD
kwr Operating Income Loss Segment Reporting
OperatingIncomeLossSegmentReporting
91503000 USD
CY2019Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
4604000 USD
CY2018Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
4291000 USD
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
9087000 USD
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
9500000 USD
CY2019Q2 kwr Nonoperating Charges
NonoperatingCharges
16533000 USD
CY2018Q2 kwr Nonoperating Charges
NonoperatingCharges
19344000 USD
kwr Nonoperating Charges
NonoperatingCharges
34266000 USD
kwr Nonoperating Charges
NonoperatingCharges
35383000 USD
CY2019Q2 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
1827000 USD
CY2018Q2 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
1870000 USD
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
3715000 USD
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
3826000 USD
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
20531000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
22563000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
40360000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
42794000 USD
CY2019Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
43000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-592000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-108000 USD
CY2019Q2 us-gaap Interest Expense
InterestExpense
1283000 USD
CY2018Q2 us-gaap Interest Expense
InterestExpense
1602000 USD
us-gaap Interest Expense
InterestExpense
2497000 USD
us-gaap Interest Expense
InterestExpense
3294000 USD
CY2019Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
550000 USD
CY2018Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
571000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
988000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
1060000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
19841000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
21793000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
38259000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
40452000 USD
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
660000 USD
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
892000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1672000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1975000 USD
kwr Definedbenefitplandescriptionofnatureofeventresultingincontractualterminationbenefitstoberecognizedinfutureperiod
Definedbenefitplandescriptionofnatureofeventresultingincontractualterminationbenefitstoberecognizedinfutureperiod
The Company previously disclosed in its Annual Report filed on Form 10-K and 10-K/A for the year ended December 31, 2018 that the Company began the process of terminating the Company’s primary non-contributory U.S. pension plan (the “U.S. Pension Plan”) during the fourth quarter of 2018. As part of this process, and considering the fully funded status of the U.S. Pension Plan, the asset allocation of the U.S. Pension Plan was adjusted modeling a glide path that is more heavily allocated to fixed income securities with lengthened durations to match the projected liabilities. As a result, the expected return on plan assets declined during the three and six months ended June 30, 2019 compared to the three and six months ended June 30, 2018. In order to terminate the U.S. Pension Plan in accordance with Internal Revenue Service and Pension Benefit Guaranty Corporation requirements, the Company will be required to fully fund the U.S. Pension Plan on a termination basis and will commit to contribute additional assets if necessary, to do so. The amount necessary to do so is not yet known but is currently estimated to be between $0 and $10 million. In addition, the Company expects to record a non-cash pension settlement charge at plan termination. This settlement charge will include theimmediate recognition into expense of the related unrecognized losses within AOCI on the balance sheet as of the plan termination date. The Company does not have a current estimate for this future settlement charge, however, the gross AOCI related to the U.S. Pension Plan was approximately $19 million as of June 30, 2019. The Company currently estimates that the U.S. Pension Plan termination will be completed during 2020.
CY2019Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
193000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
189000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
413000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
439000 USD
CY2019Q2 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-144000 USD
CY2018Q2 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-493000 USD
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-381000 USD
CY2019Q2 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
30000 USD
CY2019Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
28000 USD
CY2018Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
20000 USD
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
59000 USD
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
79000 USD
CY2018Q2 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
547000 USD
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
39000 USD
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
599000 USD
CY2019Q2 kwr Proceeds From Non Income Tax Refunds
ProceedsFromNonIncomeTaxRefunds
813000 USD
CY2018Q2 kwr Proceeds From Non Income Tax Refunds
ProceedsFromNonIncomeTaxRefunds
505000 USD
kwr Proceeds From Non Income Tax Refunds
ProceedsFromNonIncomeTaxRefunds
965000 USD
kwr Proceeds From Non Income Tax Refunds
ProceedsFromNonIncomeTaxRefunds
541000 USD
CY2019Q2 kwr Pension And Post Retirement Benefit Costs Nonservice Components
PensionAndPostRetirementBenefitCostsNonserviceComponents
895000 USD
CY2018Q2 kwr Pension And Post Retirement Benefit Costs Nonservice Components
PensionAndPostRetirementBenefitCostsNonserviceComponents
569000 USD
kwr Pension And Post Retirement Benefit Costs Nonservice Components
PensionAndPostRetirementBenefitCostsNonserviceComponents
1791000 USD
kwr Pension And Post Retirement Benefit Costs Nonservice Components
PensionAndPostRetirementBenefitCostsNonserviceComponents
1145000 USD
CY2019Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
74000 USD
CY2018Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
102000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
222000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
259000 USD
CY2019Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
43000 USD
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
261000 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 related to the Combination.
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.242 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.254 pure
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.168 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.228 pure
us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
IncomeTaxReconciliationRepatriationOfForeignEarnings
1200000 USD
CY2019Q2 kwr Statutory Tax Rate
StatutoryTaxRate
0.25 pure
kwr Statutory Tax Rate
StatutoryTaxRate
0.25 pure
CY2018Q2 kwr Statutory Tax Rate
StatutoryTaxRate
0.15 pure
kwr Statutory Tax Rate
StatutoryTaxRate
0.15 pure
kwr Ustaxreformact
Ustaxreformact
As previously disclosed in its Annual Report filed on Form 10-K and 10-K/A for the year ended December 31, 2018, the Company recognized a deferred tax liability of $7.9 million in the fourth quarter of 2018 related to the Company’s estimate of non-U.S. taxes it will incur to repatriate certain foreign earnings. The Company incurred withholding cash tax payments related to the repatriation of a portion of these foreign earnings during the first six months of 2019 and reduced this deferred tax liability by approximately $3.6 million.
CY2019Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7700000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7100000 USD
CY2019Q2 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
100000 USD
us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
200000 USD
CY2019Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
100000 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
us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
100000 USD
CY2018Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
100000 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
200000 USD
CY2019Q2 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
800000 USD
CY2019Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
900000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
600000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
800000 USD
CY2019Q2 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
100000 USD
CY2018Q2 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
300000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
15591000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
19246000 USD
us-gaap Net Income Loss
NetIncomeLoss
29435000 USD
us-gaap Net Income Loss
NetIncomeLoss
31978000 USD
CY2019Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
34000 USD
CY2018Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
83000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
81000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
147000 USD
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15557000 USD
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
19163000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
29354000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
31831000 USD
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13304248 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13267504 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13297953 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13256327 shares
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.44
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.40
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
15591000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
19246000 USD
us-gaap Net Income Loss
NetIncomeLoss
29435000 USD
us-gaap Net Income Loss
NetIncomeLoss
31978000 USD
CY2019Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
34000 USD
CY2018Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
83000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
81000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
147000 USD
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
15557000 USD
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
19163000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
29354000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
31831000 USD
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13304248 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13267504 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13297953 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13256327 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
48007 shares
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
29884 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
47362 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13297388 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13345315 shares
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.44
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.40
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6189 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4546 shares
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. The proceeds of the settlement and release agreements have been deposited into interest bearing accounts which earned $0.1 million in the six months ended June 30, 2019 compared to less than $0.1 in the six months ended June 30, 2018. The interest was offset by $0.3 million of payments during the six months ended June 30, 2019 compared to $0.5 million in the six months ended June 30, 2018. Due to the restricted nature of the proceeds, a corresponding deferred credit was established in other non-current liabilities for an equal and offsetting amount, and will remain until the restrictions lapse or the funds are exhausted via payments of claims and costs of defense.
CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
86355000 USD
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
90220000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
104147000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
89879000 USD
CY2019Q2 us-gaap Restricted Cash
RestrictedCash
20103000 USD
CY2018Q2 us-gaap Restricted Cash
RestrictedCash
20740000 USD
CY2018Q4 us-gaap Restricted Cash
RestrictedCash
20278000 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
106458000 USD
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110960000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
124425000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
111050000 USD
CY2018Q4 us-gaap Goodwill
Goodwill
83333000 USD
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-37000 USD
CY2019Q2 us-gaap Goodwill
Goodwill
83296000 USD
CY2019Q2 us-gaap Finite Lived Customer Lists Gross
FiniteLivedCustomerListsGross
73554000 USD
CY2018Q4 us-gaap Finite Lived Customer Lists Gross
FiniteLivedCustomerListsGross
74989000 USD
CY2019Q2 kwr Finite Lived Trademarks Formulations And Product Technology
FiniteLivedTrademarksFormulationsAndProductTechnology
33264000 USD
CY2018Q4 kwr Finite Lived Trademarks Formulations And Product Technology
FiniteLivedTrademarksFormulationsAndProductTechnology
33275000 USD
CY2019Q2 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
5842000 USD
CY2018Q4 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
5840000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
112660000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
114104000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
53905000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
51622000 USD
CY2019Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1800000 USD
CY2018Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1800000 USD
CY2019Q2 kwr Finite Lived Intangible Assets Amortization Expense Current Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseCurrentFiscalYear
7082000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
6863000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6514000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
6359000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
6141000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
5715000 USD
CY2018Q4 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
1100000 USD
CY2019Q2 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
1100000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
446363000 USD
CY2019Q2 us-gaap Profit Loss
ProfitLoss
15649000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
310000 USD
CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.385
CY2019Q2 us-gaap Dividends Common Stock
DividendsCommonStock
5135000 USD
CY2019Q2 kwr Stock Issued During Period Value And Adjustments To Additional Paid In Capital Share Based Compensation And Exercise Of Stock Options
StockIssuedDuringPeriodValueAndAdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAndExerciseOfStockOptions
774000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
422763000 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
19370000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-15784000 USD
CY2018Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.37
CY2018Q2 us-gaap Dividends Common Stock
DividendsCommonStock
4933000 USD
CY2018Q2 kwr Stock Issued During Period Value And Adjustments To Additional Paid In Capital Share Based Compensation And Exercise Of Stock Options
StockIssuedDuringPeriodValueAndAdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAndExerciseOfStockOptions
1261000 USD
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
422677000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
436369000 USD
CY2019Q1 us-gaap Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
-44000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1
436325000 USD
us-gaap Profit Loss
ProfitLoss
29549000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1857000 USD
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.755
us-gaap Dividends Common Stock
DividendsCommonStock
10068000 USD
kwr Stock Issued During Period Value And Adjustments To Additional Paid In Capital Share Based Compensation And Exercise Of Stock Options
StockIssuedDuringPeriodValueAndAdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAndExerciseOfStockOptions
298000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
409618000 USD
CY2018Q1 us-gaap Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
-754000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1
408864000 USD
us-gaap Profit Loss
ProfitLoss
32157000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-9327000 USD
us-gaap Dividends Common Stock
DividendsCommonStock
9662000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
834000 USD
kwr Stock Issued During Period Value And Adjustments To Additional Paid In Capital Share Based Compensation And Exercise Of Stock Options
StockIssuedDuringPeriodValueAndAdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAndExerciseOfStockOptions
1479000 USD
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
422677000 USD
CY2019Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-79167000 USD
CY2019Q2 kwr Other Comprehensive Income Loss Before Reclassifications
OtherComprehensiveIncomeLossBeforeReclassifications
-190000 USD
CY2019Q2 kwr Reclassifications From Accumulated Comprehensive Income Loss To Income Statement
ReclassificationsFromAccumulatedComprehensiveIncomeLossToIncomeStatement
-689000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
499000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
213000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
286000 USD
CY2019Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-78881000 USD
CY2018Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-58738000 USD
CY2018Q2 kwr Other Comprehensive Income Loss Before Reclassifications
OtherComprehensiveIncomeLossBeforeReclassifications
-16674000 USD
CY2018Q2 kwr Reclassifications From Accumulated Comprehensive Income Loss To Income Statement
ReclassificationsFromAccumulatedComprehensiveIncomeLossToIncomeStatement
-1460000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-15214000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
399000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-15613000 USD
CY2018Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-74351000 USD
CY2018Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-80715000 USD
kwr Other Comprehensive Income Loss Before Reclassifications
OtherComprehensiveIncomeLossBeforeReclassifications
1246000 USD
kwr Reclassifications From Accumulated Comprehensive Income Loss To Income Statement
ReclassificationsFromAccumulatedComprehensiveIncomeLossToIncomeStatement
-1326000 USD
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
2572000 USD
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
738000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1834000 USD
CY2019Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-78881000 USD
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-65100000 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
CY2018Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-74351000 USD
CY2019Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1681000 USD
CY2019Q2 kwr Cash Surrender Value Company Owned Life Insurance Fair Value Disclosure
CashSurrenderValueCompanyOwnedLifeInsuranceFairValueDisclosure
1681000 USD
CY2018Q4 kwr Cash Surrender Value Company Owned Life Insurance Fair Value Disclosure
CashSurrenderValueCompanyOwnedLifeInsuranceFairValueDisclosure
1491000 USD
CY2018Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1491000 USD
CY2018Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
200000 USD
CY2019Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
200000 USD

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0000081362-19-000013-index.html Edgar Link pending
0000081362-19-000013.txt Edgar Link pending
0000081362-19-000013-xbrl.zip Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
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kwr-20190630.xsd Edgar Link pending
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