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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
[X]
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020
OR
[ ]
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-12019
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
Quaker Houghton
Retirement Savings Plan
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Quaker Chemical Corporation
One Quaker Park
901 E. Hector Street
Conshohocken, PA 19428-2380
QUAKER HOUGHTON
Retirement Savings Plan
Table of Contents
Page
Number
1
2
3
4-8
Additional Information*
9
10
Exhibits
1
Report of Independent Registered Public Accounting Firm
To the Plan Administrator and Plan Participants of
Quaker Houghton Retirement Savings Plan:
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the Quaker Houghton Retirement Savings Plan
(the "Plan") as of December 31, 2020 and 2019, the related statements of changes in net assets available for benefits for the years then
ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present
fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2020 and 2019, and the changes in
net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United
States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or
fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used
and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe
that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2020 has been subjected to
audits procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the
responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles
to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the
completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental
information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the
Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a
whole.
We have served as the Plan’s auditor since 2020.
/s/ Baker Tilly US, LLP
Philadelphia, Pennsylvania
June 24, 2021
2
QUAKER HOUGHTON
RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
As of December 31,
2020
2019
Assets
Investments, at fair value:
Registered investment companies
$
184,684,138
$
96,372,576
Collective trust fund
23,218,127
14,053,213
Quaker Chemical Corporation Stock Fund
47,182,901
34,363,906
Participant-directed brokerage account
2,690,706
1,765,176
Total investments
257,775,872
146,554,871
Receivables:
Employer's contributions
199,643
172,704
Participant notes receivable
2,756,563
2,076,394
Total receivables
2,956,206
2,249,098
Net assets available for benefits
$
260,732,078
$
148,803,969
The accompanying notes are an integral part of the financial statements.
3
QUAKER HOUGHTON
RETIREMENT SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the Year Ended
December 31,
2020
2019
Additions
Investment income:
Interest and dividend income
$
6,300,895
$
3,576,259
Net appreciation in fair value of investments
45,215,330
14,683,064
Total investment income
51,516,225
18,259,323
Interest income, participant notes receivable
167,073
103,644
Contributions:
Employer
6,025,004
3,230,980
Participant
7,803,242
4,853,015
Rollover
3,578,178
237,418
Total contributions
17,406,424
8,321,413
Other additions:
Plan merger assets transfer in
64,902,583
—
Total additions
133,992,305
26,684,380
Deductions
Payment of benefits
22,064,196
21,780,834
Total deductions
22,064,196
21,780,834
Net increase
111,928,109
4,903,546
Net assets available for benefits:
Beginning of year
148,803,969
143,900,423
End of year
$
260,732,078
$
148,803,969
The accompanying notes are an integral part of the financial statements.
Quaker Houghton
Retirement Savings Plan
Notes to Financial Statements
4
NOTE 1 – DESCRIPTION OF PLAN
The following description of the Quaker Houghton Retirement Savings Plan (the “Plan”) (formerly the “Quaker Chemical Corporation
Retirement Savings Plan”) provides only general information. The Plan document provides a complete description of the Plan’s
provisions.
General
The Plan is a defined contribution plan for certain U.S. employees of Quaker Chemical Corporation (doing business as Quaker
Houghton) (the “Company”) and participating employer s (AC Products, Inc. (“AC”), Epmar Corporation (“Epmar”), Summit
Lubricants, Inc. (“Summit”), ECLI Products, LLC (“ECLI”), Houghton International Inc. (“Houghton”), and Wallover Oil Company,
Inc. (“Wallover”)). The Plan is administered by the Retirement Savings Plan Committee , which is appointed by the Company’s Board
of Directors, and is subject to the Employee Retirement Income Security Act of 1974 (“ERISA”).
Employees of the Company and adopting affiliates are eligible to participate in the Plan on their first day of employment or as soon as
administratively practicable thereafter, unless specified differently in any bargaining unit agreement.
Plan Amendments
Effective January 1, 2020, the Plan was amended and restated as the “Quaker Houghton Retirement Savings Plan” (the “2020
Restatement”), merging the Houghton International Inc. Tax Advantaged Capital Accumulation Plan and the Wallover Enterprises
Inc. Profit Sharing Plan and Trust into the Plan. The 2020 Restatement changed the Plan to: (i) incorporate amendments adopted after
the 2016 Restatement; (ii) add Houghton and Wallover as participating employers in the Plan; (iii) clarify the definition of
compensation; (iv) increase the deferral limitation from 50% to 75% of compensation; (v) increase the automatic enrollment
percentage to 6% of compensation with automatic increases up to 10% of compensation; (vi) permit hardship withdrawals for all
vested amounts; (vii) permit qualified reservist distributions and deemed severance distributions; and (viii) increase involuntary cash-
outs to $5,000 or less (with automatic rollovers above $1,000).
Effective March 1, 2020 pursuant to Amendment No. 1 to the 2020 Restatement, the Plan was amended to automatically enroll
eligible employees hired on or after March 1, 2020 as of the first pay date on or after the 30th day after their hire date.
Effective February 10, 2020 pursuant to Amendment No. 2 to the 2020 Restatement, the Plan was amended to clarify eligibility for
nonelective contributions for certain collectively bargained employees.
Effective April 17, 2020 pursuant to Amendment No. 3 to the 2020 Restatement, the Plan was amended to permit matching
contributions and nonelective contributions to be made in cash or in Company common stock, in the sole discretion of the Retirement
Savings Plan Committee.
Contributions
Participants may elect to contribute on a before-tax and/or after-tax basis any whole percentage of their compensation as defined, up to
75%, during the year, not to exceed the annual Internal Revenue Code (“IRC”) limits. At the discretion of the Retirement Savings
Plan Committee, the Plan matches 50% of the first 6% of compensation as defined that is contributed to the Plan, with a maximum
matching contribution of 3% of compensation. No changes were made to the discretionary matching provision during 2020 or 2019,
except as provided in Amendment No. 3 as described above. In addition, the Plan provides for non-elective nondiscret ionary
contributions on behalf of participants who have completed one year of service equal to 3% of the eligible participant's compensation ,
as defined.
The Company’s Board of Directors (and AC’s Board of Directors with respect to AC participants) reserves the right to make future
discretionary non-elective contributions, which are allocated on the basis of eligible participants’ compensation, as defined. Upon
completing one year of service, an eligible participant is eligible to receive discretionary non-elective contributions on the first day of
the month coinciding with or following the date on which the participant meets the one year of service requirement . Epmar, Summit
and ECLI participants are not eligible for discretionary non-elective contributions.
Participants who are eligible to make contributions and who have or will attain age 50 before the end of the Plan year are eligible to
make catch-up contributions in accordance with, and subject to, the limitations of IRC Section 414(v). No Company matching
contributions are made with respect to catch-up contributions.
Quaker Houghton
Retirement Savings Plan
Notes to Financial Statements - Continued
5
Beginning with the first pay date on or after April 17, 2020 and continuing until the first pay date on or after April 1, 2021, the
Company matched both non-elective and elective contributions in shares of the Company’s common stock rather than cash. The
Company made non-cash contributions of approximately $3,111,977 for the year ended December 31, 2020. There were no non-cash
contributions made by the Company during the year ended December 31, 2019.
Participant Accounts
Each participant’s account is credited or deducted with the participant’s contribution and any applicable direct expenses and allocation
of the Company’s contributions and any Plan earnings and losses. Allocations are based on participant earnings, account balances, or
specific participation transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the
participant’s vested account balance.
Participant Notes Receivable
Participants may borrow from their fund accounts (other than amounts invested in the Company Stock Fund) an amount limited to the
lesser of $50,000 or 50% of the participant’s vested account balance. The loans bear interest at a rate equal to the prevailing rate of
interest charged for similar loans by lending institutions in the community (generally the prime rate), plus 1%. The term of each
participant loan generally may not exceed five years except for the purchase of principal residence loans. Interest rates on outstanding
participant notes receivable at December 31, 2020 ranged from 4.25% to 6.50%. Principal and interest are paid ratably through
periodic payroll deductions. Loan application fees and annual maintenance fees on all outstanding loans are paid by the participant.
Additionally, pursuant to the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), for participants who are: (i)
“qualified individuals” as defined in the CARES Act, and (ii) have a Plan loan outstanding on or after March 27, 2020, payments on
the loan that are due during the period beginning March 27, 2020 and ending on December 31, 2020, may be delayed for one year.
The Plan has not yet been amended to provide for this CARES Act change; the deadline to amend the Plan for CARES Act changes is
December 31, 2022.
Payment of Benefits
Generally, upon separation of service, for any reason, a participant may receive a lump sum amount equal to the value of the
participant’s account. In addition, a participant may elect to take an in-service distribution from their rollover account prior to
reaching age 59 ½, and from all accounts upon reaching age 59 ½. If a participant’s vested account balance exceeds $1,000, the
participant may defer payment until April 1 following the year the participant reaches age 70 ½ or following the year in which the
participant terminates employment, if later. Effective January 1, 2020, pursuant to the Setting Every Community Up for Retirement
Enhancement Act of 2019 (“SECURE Act”), the required minimum distribution age was raised to 72 from 70 ½.
Additionally, pursuant to the CARES Act, the Plan allows coronavirus-related penalty -free distributions of up to $100,000 to be made
to “qualified individuals” as defined in the CARES Act. The Plan has not yet been amended to provide for this CARES Act change;
the deadline to amend the Plan for CARES Act changes is December 31, 2022.
Hardship Withdrawals
Participants who are actively employed and who meet certain requirements may take a hardship withdrawal from their elective
contributions.
Effective January 1, 2020, pursuant to the SECURE Act, participants who receive a hardship withdrawal are eligible to
immediately make contributions following the receipt of the hardship withdrawal.
Vesting
Upon entering the Plan, participants are fully vested in Company matching contributions, Company discretionary non -elective
contributions, Company nondiscretionary non-elective contributions and employee deferrals plus actual earnings.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right to terminate the Plan subject to the provisions of ERISA.
NOTE 2 – SUMMARY OF ACCOUNTING POLICIES
Basis of Accounting
The Plan’s financial statements are prepared on the accrual basis of accounting.
Quaker Houghton
Retirement Savings Plan
Notes to Financial Statements - Continued
6
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein,
and disclosure of contingent assets and liabilities. The most significant estimate is the determination of the fair values of the Plan’s
investments. Actual results could differ from those estimates.
Administration of Plan Assets
The Plan’s assets are held by a collective trust managed by an affiliate of Vanguard Fiduciary Trust Company (“VFTC”), which acts
as the Trustee for Plan investments. Certain administrative functions are performed by officers or employees of the Company. No
such officer or employee receives compensation from the Plan. Substantially all administrative expenses, including the Trustee’s and
audit fees, are paid directly by the Company and are therefore excluded from these financial statements.
Investment Valuation and Income Recognition
The Plan’s investments are recorded at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date. Plan management determines the Plan’s
valuation policies utilizing information provided by the Trustee. Refer to Note 4 – Fair Value Measures for further information.
Purchases and sales of investments are recorded on a trade-date basis. Net appreciation in fair value of investments includes gains and
losses on investments bought and sold during the year as well as unrealized gains and losses on those held at year end. Interest
income is accrued when earned. Dividend income is recorded on the ex-dividend date. Capital gain distributions are included in
dividend income.
Net investment returns reflect certain fees paid by the investment funds, which include costs for portfolio management, administrative
and other services as described in each fund’s prospectus. These fees are deducted by the investment funds prior to allocation of the
Plan’s investment earnings activity and are therefore not separately identified as Plan expenses.
Participant Notes Receivable
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest
income is recorded on the accrual basis. No allowance for credit losses was recorded as of December 31, 2020 or 2019. Delinquent
notes receivable from participants are recorded as a benefit payment when the Plan Administrator deems the participant note
receivable to be in default based on the terms of the Plan document.
Payment of Benefits
Benefits are recorded when paid.
NOTE 3 – RISKS AND UNCERTAINTIES
Investment securities are exposed to various risks such as interest rate, credit and overall market volatility. Due to the risks associated
with investment securities, it is possible that changes in the values of investment securities will occur in the near term and that such
changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for
Benefits. The Plan therefore provides for investment options in variou s investment securities, which allows participants to diversify
their securities portfolios and mitigate these risks.
The following table shows details on investments that represent a concentration of greater than 10% of the Plan’s net assets:
December 31, 2020
December 31, 2019
Investments
Balance
% of Net assets
Balance
% of Net assets
Quaker Chemical Corporation Stock Fund
$
47,182,901
18%
$
34,363,906
23%
Vanguard 500 Index Fund
26,932,268
10%
19,709,441
13%
Due the concentration of investments denoted above, in addition to the level of risk associated with certain inve stments, it is at least
reasonably possible that changes in the value of investments will occur in the near term and that such changes could materially affect
participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
Quaker Houghton
Retirement Savings Plan
Notes to Financial Statements - Continued
7
NOTE 4 – FAIR VALUE MEASURES
The Plan applies the guidance of the Financial Accounting Standards Board regarding fair value measurements, which establishes a
common definition for fair value. Specifically, the guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:
●
Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
●
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These
include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or
liabilities in markets that are not active.
●
Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.
The following is a description of the valuation methodologies used for the investments measured at fair value, including the general
classification of such instruments pursuant to the valuation hierarchy:
Registered Investment Companies
The shares of registered investment companies, which represent the Net Asset Value (“NAV”) of shares held by the Plan, are
valued based on quoted market prices on an exchange in an active market and are classified as Level 1 investments.
Common Stock Fund
The common stock fund is comprised of investments in the Quaker Chemical Corporation Stock Fund, which is composed of
shares of the Company and uninvested cash. The shares of the Company are traded on an exchange in an active market and are
classified as a Level 1 investment.
Participant-Directed Brokerage Account
The participant-directed brokerage account is mainly composed of investments in common stock, registered investment
companies and warrants, which are valued based on quoted market prices on an exchange in an active market and are classified as
Level 1 investments.
Common/Collective Trust
The Plan also invests in a common/collective trust, the Vanguard Retirement Savings Trust (the “Trust”), a stable value fund that
invests in the Vanguard Retirement Savings Master Trust (“VRSMT”). The VRSMT is composed of an investment in fully
benefit-responsive contracts that are issued by insurance companies and commercial banks and in contracts that are backed by
bond funds and trusts that are selected by Vanguard Fiduciary Trust Employer, the Trustee. Contract value, as reported by
VRSMT, is the amount participants would receive if they were to initiate a permitted transaction under the terms of the Plan, and
also, represents contributions made under the contract, plus earnings, less participant withdrawals. Participants may ordinarily
direct the withdrawal or transfer of all or a portion of their investment at contract value. Certain events limit the Plan’s ability to
transact at contract value, including: 1) premature termination of the contracts by the Plan; 2) Plan termination; and 3) bankruptcy
of the Plan sponsor. The Plan administrator does not believe that any events that would limit the Plan’s ability to transact at
contract value with Plan participants are probable of occurring. Contract issuers may terminate and settle the contracts at other
than contract value if there is a change in qualification status of a participant, sponsor or plan, a breach of material obligations
under the contract and misrepresentation by the contract holder or failure of the underlying portfolio to conform to pre-established
investment guidelines. The Trust is valued at the NAV of units held at year end. The NAV, as provided by the Trustee, is used as
a practical expedient to estimate fair value. The NAV ($1 at each December 31, 2020 and 2019) is based on the fair value of the
underlying investments less any liabilities. The practical expedient would not be used when it is determined to be probable that
the Trust will sell the investment for an amount different than the reported NAV. The Trust has a fair value of $23,218,127 and
$14,053,213 as of December 31, 2020 and 2019, respectively, with no unfunded commitments, daily pricing frequency, and daily
redemption notice periods.
The valuation methodologies described above may produce fair value calculations that may not be indicative of net realizable value or
reflective of future fair values. Furthermore, while the Plan believes its valuation methodologies are appropriate and consistent with
other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial
instruments could result in a different fair value measurement at the reporting date. There have been no significant changes in
methodologies used or transfers between levels during the years ended December 31, 2020 and 2019.
Quaker Houghton
Retirement Savings Plan
Notes to Financial Statements - Continued
8
As of December 31, 2020 and 2019, the Plan’s investments measured at fair value on a recurring basis were as follows:
Fair Value Measurements at December 31, 2020
Total
Using Fair Value Hierarchy
Investments
Fair Value
Level 1
Level 2
Level 3
Registered investment companies
$
184,684,138
$
184,684,138
$
—
$
—
Quaker Chemical Corporation stock fund
47,182,901
47,182,901
—
—
Participant-directed brokerage accounts
2,690,706
2,690,706
—
—
Total investments in fair value hierarchy
$
234,557,745
$
234,557,745
$
—
$
—
Common/collective trust measured at NAV *
23,218,127
Total investments
$
257,775,872
$
234,557,745
$
—
$
—
Fair Value Measurements at December 31, 2019
Total
Using Fair Value Hierarchy
Investments
Fair Value
Level 1
Level 2
Level 3
Registered investment companies
$
96,372,576
$
96,372,576
$
—
$
—
Quaker Chemical Corporation stock fund
34,363,906
34,363,906
—
—
Participant-directed brokerage accounts
1,765,176
1,765,176
—
—
Total investments in fair value hierarchy
$
132,501,658
$
132,501,658
$
—
$
—
Common/collective trust measured at NAV *
14,053,213
Total investments
$
146,554,871
$
132,501,658
$
—
$
—
* Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value
amounts presented in these tables are intended to permit reconciliation of the fair value hierarchies to the line items presented in the Statements of Net Assets Available
for Benefits.
NOTE 5 – RELATED PARTY AND PARTY -IN-INTEREST TRANSACTIONS
The Plan invests in shares of mutual funds and a collective trust managed by an affiliate of VFTC, which acts as the Trustee for Plan
investments.
In addition, shares of Company common stock included in the Quaker Chemical Corporation Stock Fund are offered as an investment
to Plan participants. As of December 31, 2020 and 2019, the Plan held approximately 186,207 and 208,874 shares of common stock
of Quaker Chemical Corporation, respectively, with a fair value of $47,182,901 and $34,363,906. Total sales at market value related
to the Quaker Chemical Corporation Stock Fund for the years ended December 31, 2020 and 2019 were $11 ,508,270 and
$14,730,685, respectively. Total contributions into the Quaker Chemical Corporation Stock Fund for the years ended December 31,
2020 and 2019 were $3,275,634 and $611,288 , respectively. Transactions in such investments qualify as party-in-interest transactions
and are exempt from the prohibited transaction rules.
Participant notes receivable qualify as party-in-interest transactions and are exempt from the prohibited transaction rules.
NOTE 6 – TAX STATUS
The IRS informed the Company by letter dated November 15, 2017 that the Plan is qualified under IRC Section 401(a). The Plan has
since been amended, however, the Plan administrator continues to believe the Plan is currently designed and being operated in
compliance with the applicable requirements of the IRC. The Plan administrator has not identified any uncertain tax positions which
would require adjustment to or disclosure in the Plan’s financial statements. The IRS has the ability to examine the Plan’s tax return
filings for all open tax years, which generally relate to the three prior years; however, there are currently no audits for any tax periods
in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2017.
NOTE 7 – SUBSEQUENT EVENTS
The Company and the Plan have evaluated subsequent events through the date that these financial statements were available to be
issued, and there were no subsequent events which would require an adjustment or additional disclosures to the financial statements.
Schedule I
Quaker Houghton
Retirement Savings Plan
Schedule of Assets (Held at End of Year)
As of December 31, 2020
Quaker Houghton Retirement Savings Plan, EIN 23-0993790, PN 112
Attachment to Form 5500, Schedule H, Part IV, Line 4 (i):
9
(a)
(b) Identity of issue, borrower, lessor, or similar party
(c) Description of investment
including maturity date, rate of
interest, collateral, par, or
maturity value
(e) Current
Value
Columbia Small Cap Growth Fund, Inc
Registered Investment Company
$
9,790,312
*
Vanguard 500 Index Fund Investor Shares
Registered Investment Company
26,932,268
*
Vanguard Balanced Index Fund Investor Shares
Registered Investment Company
3,988,786
*
Vanguard Extended Market Index Fund Investor Shares
Registered Investment Company
8,643,863
*
Vanguard Federal Money Market Fund
Registered Investment Company
22,220
*
Vanguard International Growth Fund Investor Shares
Registered Investment Company
11,742,537
*
Vanguard Target Retirement 2015 Fund
Registered Investment Company
1,520,468
*
Vanguard Target Retirement 2020 Fund
Registered Investment Company
10,676,270
*
Vanguard Target Retirement 2025 Fund
Registered Investment Company
20,611,744
*
Vanguard Target Retirement 2030 Fund
Registered Investment Company
16,839,771
*
Vanguard Target Retirement 2035 Fund
Registered Investment Company
10,903,896
*
Vanguard Target Retirement 2040 Fund
Registered Investment Company
9,575,666
*
Vanguard Target Retirement 2045 Fund
Registered Investment Company
6,173,012
*
Vanguard Target Retirement 2050 Fund
Registered Investment Company
5,504,694
*
Vanguard Target Retirement 2055 Fund
Registered Investment Company
3,070,508
*
Vanguard Target Retirement 2060 Fund
Registered Investment Company
929,530
*
Vanguard Target Retirement 2065 Fund
Registered Investment Company
365,198
*
Vanguard Target Retirement Income
Registered Investment Company
2,783,999
*
Vanguard Total Bond Market Index Fund Investor Shares
Registered Investment Company
11,747,869
*
Vanguard Total International Bond Index Fund Investor Shares
Registered Investment Company
1,014,883
*
Vanguard U.S. Growth Fund Investor Shares
Registered Investment Company
16,553,287
*
Vanguard Windsor II Fund Investor Shares
Registered Investment Company
5,293,357
*
Vanguard Brokerage Option
Self-Directed Brokerage Accounts
2,690,706
*
Vanguard Retirement Savings Trust
Common/Collective Trust
23,218,127
*#
Quaker Chemical Corporation Stock Fund
Common Stock Fund
47,182,901
*
Participant notes receivable
(4.25% to 6.50%)
2,756,563
$
260,532,435
*
# Related party
(d) Column (d) is omitted as cost is not required for participant directed investments
10
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee
benefit plan) have duly caused this annual report to be signed by the undersigned hereunto duly authorized.
Quaker Houghton Retirement Savings Plan
June 24, 2021
By:
/s/ Shane W. Hostetter
Shane W. Hostetter, Senior Vice President, Chief Financial
Officer
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in the Registration Statement (No. 333-208188, 333-159513, 333-115713, 033-54158)
on Form S-8 of our report dated June 24, 2021, which appears in this annual report on Form 11 -K of the Quaker Houghton Retirement
Savings Plan for the year ended December 31, 2020.
/s/ Baker Tilly US, LLP
Philadelphia, Pennsylvania
June 24, 2021