0000081362-24-000020 | 10-K | XBRL Viewer

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Net Sales and Revenue Recognition - Major Product Lines (Details) - Sales Revenue Net - Top Customer Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Metal removal fluids
Segment Reporting Information [Line Items]
Concentration risk, percentage	23.60%	22.90%	23.40%
Rolling lubricants
Segment Reporting Information [Line Items]
Concentration risk, percentage	19.50%	20.80%	22.20%
Hydraulic fluids
Segment Reporting Information [Line Items]
Concentration risk, percentage	14.10%	14.10%	13.60%

Taxes on Income - Uncertain Tax Positions - Tabular Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits as of January 1	$ 16,340	$ 22,464	$ 22,152
Increase in unrecognized tax benefits taken in prior periods			1,002
Decrease in unrecognized tax benefits taken in prior periods	(147)	(1,174)
Increase in unrecognized tax benefits taken in current period	1,799	953	2,915
Decrease in unrecognized tax benefits due to lapse of statute of limitations	(2,736)	(2,378)	(1,527)
Decrease in unrecognized tax benefits due to audit settlements	0	(2,509)	(1,104)
Increase due to foreign exchange rates	403
Decrease due to foreign exchange rates		(1,016)	(974)
Unrecognized tax benefits as of December 31	$ 15,659	$ 16,340	$ 22,464

Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Other accrued liabilities as of December 31, 2023 and 2022 were as follows:


	2023		2022
Non-income taxes	$	27,295	$	25,525
Short-term lease liabilities (See Note 6)	11,965		12,024
Selling expenses and freight accruals	7,789		9,822
Current income taxes payable (See Note 10)	14,835		12,966
Professional fees, legal, and acquisition-related accruals	5,577		5,415
Accrued interest (See Note 19)	2,630		2,749
Customer advances and sales return reserves	2,454		6,585
Accrued insurance	2,295		1,305
Accrued environmental reserves (See Note 25)	1,187		654
Accrued rent and facilities	1,104		972
Accrued non-pension benefits	581		1,812
Interest rate swap (See Note 24)	159		—
Other	12,444		7,044
Total other accrued liabilities	$	90,315	$	86,873

Business Combinations	12 Months Ended
Business Combinations	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations Recent Acquisitions During February 2024, the Company acquired I.K.V. Tribologie IKVT and its subsidiaries (“IKVT”) for approximately 27.0 million EUR, or $29.1 million, subject to routine and customary post-closing adjustments related to working capital and net indebtedness levels. IKVT will be part of the Company’s EMEA segment and specializes in high-performance lubricants and greases, including original equipment manufacturer first-fill greases that are primarily used in the automotive, aerospace, electronics, and other industrial markets. The acquisition of IKVT strengthens the Company’s position in first fill greases. The results of operations of this acquisition are not included in the Consolidated Statements of Operations presented, because the date of closing was subsequent to December 31, 2023. Preliminary purchase price allocation of assets acquired and liabilities assumed have not been presented as that information is not available as of the date of these Consolidated Financial Statements. Previous Acquisitions In October 2022, the Company acquired a business that provides pickling and rinsing products and services, which is part of the EMEA reportable segment, for approximately 3.5 million EUR or approximately $3.5 million. The Company allocated $2.8 million of the purchase price to intangible assets, comprised of $2.3 million of customer relationships to be amortized over 10 years; $0.2 million of existing product technologies to be amortized over 10 years; and $0.3 million of licensed trademarks to be amortized over 10 years. In addition, the Company recorded $0.8 million of goodwill related to expected value not allocated to other acquired assets. In January 2022, the Company acquired a business that provides pickling inhibitor technologies, drawing lubricants and stamping oil, and various other lubrication, rust preventative, and cleaner applications, which is part of the Americas reportable segment for approximately $8.0 million. The Company allocated $5.6 million of the purchase price to intangible assets, comprised of $5.1 million of customer relationships to be amortized over 14 years; and $0.5 million of existing product technologies to be amortized over 14 years. In addition, the Company recorded $1.8 million of goodwill related to expected value not allocated to other acquired assets, all of which is expected to be tax deductible in various jurisdictions in which the Company operates. During the third quarter of 2023 the Company finalized post-closing adjustments that resulted in the Company paying less than $0.1 million of additional purchase consideration. Factors contributing to the purchase price that resulted in goodwill included the acquisition of business processes and personnel that will allow Quaker Houghton to better serve its customers. In January 2022, the Company acquired a business related to the sealing and impregnation of metal castings for the automotive sector, as well as impregnation resin and impregnation systems for metal parts, which is part of the EMEA reportable segment for approximately 1.2 million EUR or approximately $1.4 million. In November 2021, the Company acquired Baron Industries (“Baron”), a privately held company that provides vacuum impregnation services of castings, powder metals and electrical components for its Americas reportable segment for $11.0 million, including an initial cash payment of $7.1 million, subject to post-closing adjustments as well as certain earn-out provisions that are payable at various times from 2022 through 2025. The earn-out provisions could total a maximum of $4.5 million. In September 2022, the Company paid $2.5 million related to certain of these earnout provisions. As of December 31, 2023, the Company has remaining earnout liabilities recorded on its Consolidated Balance Sheet of $1.0 million. The Company allocated $8.0 million of the purchase price to intangible assets, $1.1 million of property, plant and equipment and $1.5 million of other assets acquired net of liabilities assumed, which includes $0.3 million of cash acquired. In addition, the Company recorded $0.4 million of goodwill, none of which is expected to be tax deductible. Intangible assets comprised $7.2 million of customer relationships to be amortized over 15 years; and $0.8 million of existing product technology to be amortized over 13 years. Factors contributing to the purchase price that resulted in goodwill included the acquisition of business processes and personnel that will allow Quaker Houghton to better serve its customers. During the third quarter of 2022, the Company finalized post-closing adjustments that resulted in the Company receiving less than $0.1 million. In November 2021, the Company acquired a business that provides hydraulic fluids, coolants, cleaners, and rust preventative oils in Türkiye for its EMEA reportable segment for 3.2 million EUR or approximately $3.7 million. In September 2021, the Company acquired the remaining interest in Grindaix-GmbH (“Grindaix”), a Germany-based, high-tech provider of coolant control and delivery systems for its EMEA reportable segment for 2.4 million EUR or approximately $2.9 million, which is gross of approximately $0.3 million of cash acquired. Previously, in February 2021, the Company acquired a 38% ownership interest in Grindaix for 1.4 million EUR or approximately $1.7 million. The Company recorded its initial investment as an equity method investment within the Consolidated Financial Statements and accounted for the purchase of the remaining interest as a step acquisition whereby the Company remeasured the previously held equity method investment to its fair value. In June 2021, the Company acquired certain assets for its chemical milling maskants product line in the EMEA reportable segment for 2.3 million EUR or approximately $2.8 million. In February 2021, the Company acquired a tin-plating solutions business for the steel end market for $25.0 million. This acquisition is part of each of the Company’s geographic reportable segments. The Company allocated $19.6 million of the purchase price to intangible assets, comprised of $18.3 million of customer relationships, to be amortized over 19 years; $0.9 million of existing product technology to be amortized over 14 years; and $0.4 million of a licensed trademark to be amortized over 3 years. In addition, the Company recorded $5.0 million of goodwill, all of which is expected to be tax deductible in various jurisdictions in which we operate. In December 2021, the Company completed its acquisition of Coral Chemical Company (“Coral”), a privately held, U.S.-based provider of metal finishing fluid solutions. The acquired assets and liabilities were assigned to the Americas reportable segment. The original purchase price was approximately $54.1 million, subject to routine and customary post-closing adjustments related to working capital and net indebtedness levels. Subsequent to the acquisition, the Company and the sellers of Coral (the “Sellers”) have worked to finalize certain post-closing adjustments. During the second quarter of 2022, after failing to reach resolution, the Sellers filed suit asserting certain amounts owed related to tax attributes of the acquisition. Since the second quarter of 2022, there have been no material changes to the facts and circumstances of the claim asserted by the Sellers, and the Company continues to believe the potential range of exposure for this claim is $0 to $1.5 million. As of December 31, 2023, the allocations of the purchase prices for all acquisitions, except IKVT, were finalized and the one year measurement periods have all ended. The results of operations of each acquisition completed prior to December 31, 2023 and subsequent to the respective acquisition dates are included in the Consolidated Statements of Operations. Applicable transaction expenses associated with these acquisitions are included in Combination, integration and other acquisition-related expenses in the Company’s Consolidated Statements of Operations. Certain pro forma and other information is not presented, as the operations of the acquired assets and businesses are not considered material to the overall operations of the Company for the periods presented.

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment as of December 31, 2023 and 2022 were as follows:


	2023		2022
Land	$	26,110	$	29,010
Building and improvements	147,135		138,759
Machinery and equipment	263,999		240,097
Construction in progress	16,175		20,324
Property, plant and equipment, at cost	453,419		428,190
Less: accumulated depreciation	(245,608)		(229,595)
Total property, plant and equipment, net	$	207,811	$	198,595

Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income (loss) attributable to Quaker Chemical Corporation	$ 112,748	$ (15,931)	$ 121,369
Less: (income) loss allocated to participating securities	(554)	92	(479)
Net income (loss) available to common shareholders	$ 112,194	$ (15,839)	$ 120,890
Basic weighted average common shares outstanding (in shares)	17,892,461	17,841,487	17,805,034
Effect of dilutive securities (in shares)	22,348	15,005	50,090
Diluted weighted average common shares outstanding (in shares)	17,914,809	17,856,492	17,855,124
Diluted earnings (loss) per common share (in dollars per share)	$ 6.26	$ (0.89)	$ 6.77

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Other (Expense) Income, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Foreign currency transaction losses	$ 7.8	$ 1.6	$ 0.6

Investment in Associated Companies (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The following table is a summary of equity income in associated companies by investment for the years ending December 31, 2023, 2022 and 2021:



	2023		2022		2021
Houghton Korea	$	11,442	$	2,644	$	3,808
Nippon Japan	1,492		323		461
Kelko Panama	309		425		154
Grindaix (1)	—		—		(37)
Primex	2,090		(1,427)		4,993
Total equity in net income of associated companies	$	15,333	$	1,965	$	9,379

(1)In February 2021, the Company acquired a 38% ownership interest in Grindaix. From that date through September 2021 when the Company purchased the remaining interest of Grindaix, the Company accounted for its 38% interest under the equity method of accounting and recorded equity in net income of associated companies. See Note 2 for additional information.

Pension and Other Postretirement Benefits - Asset Allocations (Details) - Pension Benefits	Dec. 31, 2023	Dec. 31, 2022
U.S.
Defined Benefit Plan Disclosure [Line Items]
Target Plan Asset Allocations	100.00%
Actual Plan Asset Allocations	100.00%	100.00%
U.S. \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target Plan Asset Allocations	30.00%
Actual Plan Asset Allocations	23.00%	32.00%
U.S. \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target Plan Asset Allocations	70.00%
Actual Plan Asset Allocations	70.00%	60.00%
U.S. \| Other
Defined Benefit Plan Disclosure [Line Items]
Target Plan Asset Allocations	0.00%
Actual Plan Asset Allocations	7.00%	8.00%
Foreign
Defined Benefit Plan Disclosure [Line Items]
Target Plan Asset Allocations	100.00%
Actual Plan Asset Allocations	100.00%	100.00%
Foreign \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target Plan Asset Allocations	15.00%
Actual Plan Asset Allocations	15.00%	8.00%
Foreign \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target Plan Asset Allocations	60.00%
Actual Plan Asset Allocations	63.00%	79.00%
Foreign \| Other
Defined Benefit Plan Disclosure [Line Items]
Target Plan Asset Allocations	25.00%
Actual Plan Asset Allocations	22.00%	13.00%

Share-Based Compensation - Option Summary (Details)	12 Months Ended
Share-Based Compensation - Option Summary (Details)	Dec. 31, 2023 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of Outstanding Options (in shares) \| shares	62,853
Weighted Average Remaining Contractual Term (years)	4 years 3 months 18 days
Weighted Average Exercise Price (per option) (in dollars per share)	$ 214.40
Number of Options Exercisable (in shares) \| shares	43,097
Weighted Average Exercise Price (per option) (in dollars per share)	$ 195.48
$120.01 - $150.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price, minimum (in dollars per share)	120.01
Exercise Price, maximum (in dollars per share)	$ 150.00
Number of Outstanding Options (in shares) \| shares	15,481
Weighted Average Remaining Contractual Term (years)	3 years 8 months 12 days
Weighted Average Exercise Price (per option) (in dollars per share)	$ 137.76
Number of Options Exercisable (in shares) \| shares	12,660
Weighted Average Exercise Price (per option) (in dollars per share)	$ 136.73
$150.01 - $180.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price, minimum (in dollars per share)	150.01
Exercise Price, maximum (in dollars per share)	$ 180.00
Number of Outstanding Options (in shares) \| shares	25,652
Weighted Average Remaining Contractual Term (years)	4 years 9 months 18 days
Weighted Average Exercise Price (per option) (in dollars per share)	$ 174.77
Number of Options Exercisable (in shares) \| shares	10,236
Weighted Average Exercise Price (per option) (in dollars per share)	$ 169.46
$220.01 - $250.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price, minimum (in dollars per share)	220.01
Exercise Price, maximum (in dollars per share)	$ 250.00
Number of Outstanding Options (in shares) \| shares	21,720
Weighted Average Remaining Contractual Term (years)	4 years 2 months 12 days
Weighted Average Exercise Price (per option) (in dollars per share)	$ 245.10
Number of Options Exercisable (in shares) \| shares	20,201
Weighted Average Exercise Price (per option) (in dollars per share)	$ 245.49

Taxes on Income - Net Deferred Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Non-current deferred tax assets	$ 10,737	$ 11,218
Non-current deferred tax liabilities	146,957	160,294
Total net deferred tax liabilities	$ (136,220)	$ (149,076)

Business Segments - Narrative (Details) - segment	3 Months Ended	12 Months Ended
Business Segments - Narrative (Details) - segment	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting [Abstract]
Number of reportable segments	3	3

Hedging Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023
Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Derivative term (in years)		1 month
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative term (in years)	3 years
Derivative liability, notional amount	$ 300.0

- Definition

Nominal or face amount used to calculate payments on the derivative liability.

+ References + Details

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

In connection with the Company’s reorganization and the associated change in reportable segments and reporting units during the first quarter of 2023, the Company reallocated goodwill previously held by the former Global Specialty Businesses segment to the remaining business segments as of January 1, 2023. Changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 were as follows:


	Americas		EMEA		Asia/Pacific		Global Specialty Businesses		Total


Balance as of December 31, 2021	$	214,023	$	135,520	$	162,458	$	119,193	$	631,194
Goodwill additions	1,853		251		—		(59)		2,045
Goodwill impairments	—		(93,000)		—		—		(93,000)
Currency translation and other adjustments	23		(8,204)		(12,083)		(4,967)		(25,231)
Balance as of December 31, 2022	215,899		34,567		150,375		114,167		515,008
Reallocation of reporting units	63,697		31,711		18,759		(114,167)		—
Balance as of January 1, 2023	279,596		66,278		169,134		—		515,008

Currency translation and other adjustments	3,507		(338)		(5,659)		—		(2,490)
Balance as of December 31, 2023	$	283,103	$	65,940	$	163,475	$	—	$	512,518

Gross carrying amounts and accumulated amortization for definite-lived intangible assets as of December 31, 2023 and 2022 were as follows:


	Gross Carrying Amount				Accumulated Amortization				Net Book Value
	2023		2022		2023		2022		2023		2022
Customer lists and rights to sell	$	841,562	$	831,600	$	243,872	$	191,286	$	597,690	$	640,314
Trademarks, formulations and product technology	161,613		158,564		55,879		46,281		105,734		112,283
Other	5,892		7,576		5,776		6,390		116		1,186
Total definite-lived intangible assets	$	1,009,067	$	997,740	$	305,527	$	243,957	$	703,540	$	753,783

The Company recorded $58.2 million, $57.5 million and $59.9 million of amortization expense during the years ended December 31, 2023, 2022 and 2021, respectively. Amortization is recorded within SG&A in the Company’s Consolidated Statements of Operations. Estimated annual aggregate amortization expense for the subsequent five years is as follows:


For the year ended December 31, 2024	$	57,839
For the year ended December 31, 2025	57,150
For the year ended December 31, 2026	56,854
For the year ended December 31, 2027	56,513
For the year ended December 31, 2028	56,047

The Company has four indefinite-lived intangible assets totaling $193.2 million as of December 31, 2023, including $192.1 million of indefinite-lived intangible assets for trademarks and tradename associated with the Combination. Comparatively, the Company had four indefinite-lived intangible assets for trademarks and tradename totaling $189.1 million as of December 31, 2022.

The Company completes its annual goodwill and indefinite-lived intangible asset impairment test during the fourth quarter of each year, or more frequently if triggering events indicate a possible impairment in one or more of its reporting units. During the fourth quarter of 2022, the Company recorded a non-cash impairment charge of $93.0 million to write down the carrying value of the EMEA reporting unit Goodwill to its estimated fair values. In connection with the Company’s reorganization and the associated change in reportable segments and reporting units during the first quarter of 2023, the Company performed the required impairment assessments directly before and immediately after the change in reporting units and concluded that it was not more likely than not that the fair values of any of the Company’s previous or new reporting units were less than their respective carrying amounts. Additionally, the Company completed its annual impairment assessment as of October 1, 2023 and concluded no impairment existed. See Note 23 for additional information.

The Company continually evaluates financial performance, economic conditions and other recent developments in assessing if a triggering event indicates that the carrying values of goodwill, indefinite-lived, or long-lived assets might be impaired. Notwithstanding the results of the Company’s impairment assessments during 2023, if the Company is unable to maintain the actions aimed at improving the financial performance of the EMEA reporting unit, or interest rates continue to rise, which leads to an increase in the cost of capital, then these conditions could result in a triggering event for the EMEA reporting unit. This assessment could result in an impairment of the EMEA reporting unit’s remaining goodwill, indefinite-lived intangible assets, or long-lived assets.

Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Uncertain tax positions, including interest and penalties (See Note 10)	$ 19,630	$ 20,322
Non-current income taxes payable (See Note 10)	4,695	8,883
Environmental reserves (See Note 25)	3,874	4,342
Deferred and other long-term compensation	2,871	3,132
Acquisition-related earnout liability (See Note 2)	475	1,024
Other	260	961
Total other non-current liabilities	$ 31,805	$ 38,664

Basis of Presentation and Significant Accounting Policies - Share-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period	3 years
Forfeiture rate, nonvested stock awards	13.00%
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period	3 years
Options, maximum exercisable life	7 years
Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period	1 year
Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period	3 years
Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period	1 year
Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period	3 years
Share-based Payment Arrangement \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period	2 years
Share-based Payment Arrangement \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period	5 years

Business Combinations (Details) $ in Thousands, € in Millions	1 Months Ended																3 Months Ended		12 Months Ended
	Feb. 29, 2024 USD ($)	Feb. 29, 2024 EUR (€)	Oct. 31, 2022 USD ($)	Oct. 31, 2022 EUR (€)	Sep. 30, 2022 USD ($)	Jan. 31, 2022 USD ($)	Jan. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)	Nov. 30, 2021 USD ($)	Nov. 30, 2021 EUR (€)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 EUR (€)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 EUR (€)	Feb. 28, 2021 USD ($)	Feb. 28, 2021 EUR (€)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill								$ 631,194											$ 515,008	$ 512,518
Goodwill additions																			2,045
Acquisition-related earnout liability (See Note 2)																			1,024	475
Previously Reported
Business Acquisition [Line Items]
Goodwill																			$ 515,008
Assets related to sealing and impregnation of metal castings
Business Acquisition [Line Items]
Asset acquisition, consideration transferred						$ 1,400	€ 1.2
Assets from 3-S Muhendislik A.S.
Business Acquisition [Line Items]
Asset acquisition, consideration transferred									$ 3,700	€ 3.2
Assets for chemical maskants
Business Acquisition [Line Items]
Asset acquisition, consideration transferred													$ 2,800	€ 2.3
IKVT Tribologie \| Subsequent Event
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 29,100	€ 27.0
Business Related to Pickling and Rinsing Products and Services
Business Acquisition [Line Items]
Business combination, consideration transferred			$ 3,500	€ 3.5
Acquired intangible assets			2,800
Goodwill			800
Business Related to Pickling and Rinsing Products and Services \| Customer Relationships
Business Acquisition [Line Items]
Acquired intangible assets			$ 2,300
Intangible assets, amortizable life			10 years	10 years
Business Related to Pickling and Rinsing Products and Services \| Product technology
Business Acquisition [Line Items]
Acquired intangible assets			$ 200
Intangible assets, amortizable life			10 years	10 years
Business Related to Pickling and Rinsing Products and Services \| Trademarks
Business Acquisition [Line Items]
Acquired intangible assets			$ 300
Intangible assets, amortizable life			10 years	10 years
Business Related To Pickling Inhibitor Technologies
Business Acquisition [Line Items]
Business combination, consideration transferred						8,000
Acquired intangible assets						5,600
Goodwill additions						1,800
Goodwill, purchase accounting adjustments																	$ 100
Business Related To Pickling Inhibitor Technologies \| Customer Relationships
Business Acquisition [Line Items]
Acquired intangible assets						$ 5,100
Intangible assets, amortizable life						14 years	14 years
Business Related To Pickling Inhibitor Technologies \| Patented Technology
Business Acquisition [Line Items]
Acquired intangible assets						$ 500
Intangible assets, amortizable life						14 years	14 years
Baron Industries
Business Acquisition [Line Items]
Business combination, consideration transferred									11,000
Acquired intangible assets									8,000
Goodwill									400
Cash payments to acquire businesses									7,100
Post closing adjustment including earnouts																		$ 100
Acquisition-related earnout liability (See Note 2)																				1,000
Payment for earnout provisions					$ 2,500
Acquired property, plant, and equipment									1,100
Other assets acquired net of liabilities assumed									1,500
Cash assumed									300
Baron Industries \| Maximum
Business Acquisition [Line Items]
Acquisition-related earnout liability (See Note 2)									4,500
Baron Industries \| Customer Relationships
Business Acquisition [Line Items]
Acquired intangible assets									$ 7,200
Intangible assets, amortizable life									15 years	15 years
Baron Industries \| Product technology
Business Acquisition [Line Items]
Acquired intangible assets									$ 800
Intangible assets, amortizable life									13 years	13 years
Grindaix
Business Acquisition [Line Items]
Business combination, consideration transferred											$ 2,400	€ 2.9			$ 1,700	€ 1.4
Cash assumed											$ 300
Percentage of voting interests acquired															38.00%
Tin-plating solutions business
Business Acquisition [Line Items]
Business combination, consideration transferred															$ 25,000
Acquired intangible assets															19,600
Goodwill															5,000
Tin-plating solutions business \| Customer Relationships
Business Acquisition [Line Items]
Acquired intangible assets															$ 18,300
Intangible assets, amortizable life															19 years	19 years
Tin-plating solutions business \| Product technology
Business Acquisition [Line Items]
Acquired intangible assets															$ 900
Intangible assets, amortizable life															14 years	14 years
Tin-plating solutions business \| Trademarks
Business Acquisition [Line Items]
Acquired intangible assets															$ 400
Intangible assets, amortizable life															3 years	3 years
Coral Chemical Company \| Previously Reported
Business Acquisition [Line Items]
Business combination, consideration transferred								$ 54,100
Coral Chemical Company \| Maximum
Business Acquisition [Line Items]
Loss contingency, estimate of possible loss																				1,500
Coral Chemical Company \| Minimum
Business Acquisition [Line Items]
Loss contingency, estimate of possible loss																				$ 0

Taxes on Income - Deferred Tax Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Pension and other postretirement benefits	$ 6,539	$ 5,777
Allowance for credit losses	2,627	2,246
Insurance and litigation reserves	534	716
Performance incentives	5,839	3,327
Equity-based compensation	2,980	2,723
Prepaid expense	541	486
Operating loss carryforward	22,693	20,519
Foreign tax credit and other credits	13,360	5,506
Interest	12,926	9,928
Restructuring reserves	403	791
Right of use lease assets	8,018	8,440
Inventory reserves	4,810	3,712
Research and development	11,125	11,936
Other	5,712	3,562
Total deferred tax assets, gross	98,107	79,669
Valuation allowance	(24,182)	(11,730)	$ (17,400)	$ (21,511)
Total deferred tax assets, net	73,925	67,939
Depreciation	10,240	11,935
Intangibles	177,320	182,838
Lease liabilities	9,105	9,590
Outside basis in equity investment	5,276	5,886
Unremitted earnings	8,204	6,766
Total net deferred tax liabilities	210,145	217,015
Total net deferred tax liabilities	$ (136,220)	$ (149,076)

Pension and Other Post Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of funded status of Company's plans' reconciled with amounts reported in the Consolidated Balance Sheets

The following table shows the funded status of the Company’s plans’ reconciled with amounts reported in the Consolidated Balance Sheets as of December 31, 2023 and 2022:


	Pension Benefits												Other Post- Retirement Benefits
	2023						2022						2023		2022
	Foreign		U.S.		Total		Foreign		U.S.		Total		U.S.		U.S.
Change in benefit obligation
Gross benefit obligation at beginning of year	$	130,554	$	79,086	$	209,640	$	228,752	$	103,420	$	332,172	$	1,606	$	2,010
Service cost	399		28		427		465		47		512		—		—
Interest cost	6,083		3,849		9,932		3,079		2,145		5,224		69		37
Employee contributions	—		—		—		20		—		20		—		—
Effect of plan amendments	—		(15)		(15)		303		—		303		—		(2)
Curtailment (gain) loss	(213)		—		(213)		207		—		207		—		—
Plan settlements	—		—		—		(1,726)		—		(1,726)		—		—
Benefits paid	(6,086)		(6,031)		(12,117)		(5,343)		(5,838)		(11,181)		(182)		(176)
Plan expenses and premiums paid	—		—		—		(66)		—		(66)		—		—

Actuarial loss (gain)	7,809		2,146		9,955		(77,244)		(20,688)		(97,932)		(150)		(263)
Translation differences and other	6,233		—		6,233		(17,893)		—		(17,893)		—		—
Gross benefit obligation at end of year	$	144,779	$	79,063	$	223,842	$	130,554	$	79,086	$	209,640	$	1,343	$	1,606


	Pension Benefits												Other Post- Retirement Benefits
	2023						2022						2023		2022
	Foreign		U.S.		Total		Foreign		U.S.		Total		U.S.		U.S.
Change in plan assets
Fair value of plan assets at beginning of year	$	129,944	$	59,591	$	189,535	$	216,886	$	77,680	$	294,566	$	—	$	—
Actual return on plan assets	4,474		4,640		9,114		(65,396)		(14,871)		(80,267)		—		—
Employer contributions	1,566		2,767		4,333		3,241		2,620		5,861		182		176
Employee contributions	—		—		—		20		—		20		—		—
Plan settlements	—		—		—		(1,726)		—		(1,726)		—		—
Benefits paid	(6,086)		(6,031)		(12,117)		(5,343)		(5,838)		(11,181)		(182)		(176)
Plan expenses and premiums paid	—		—		—		(66)		—		(66)		—		—
Translation differences	5,489		—		5,489		(17,672)		—		(17,672)		—		—
Fair value of plan assets at end of year	$	135,387	$	60,967	$	196,354	$	129,944	$	59,591	$	189,535	$	—	$	—
Net benefit obligation recognized	$	(9,392)	$	(18,096)	$	(27,488)	$	(610)	$	(19,495)	$	(20,105)	$	(1,343)	$	(1,606)

Amounts recognized in the balance sheet consist of:
Non-current assets	$	2,834	$	—	$	2,834	$	8,639	$	—	$	8,639	$	—	$	—
Current liabilities	(273)		(1,757)		(2,030)		(210)		(1,128)		(1,338)		(178)		(222)
Non-current liabilities	(11,953)		(16,339)		(28,292)		(9,039)		(18,367)		(27,406)		(1,165)		(1,384)
Net benefit obligation recognized	$	(9,392)	$	(18,096)	$	(27,488)	$	(610)	$	(19,495)	$	(20,105)	$	(1,343)	$	(1,606)
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss:
Prior service (cost) credit	(353)		—		(353)		(333)		(36)		(369)		—		16
Accumulated (loss) gain	(19,117)		2,248		(16,869)		(10,387)		2,532		(7,855)		1,241		1,218

AOCI	(19,470)		2,248		(17,222)		(10,720)		2,496		(8,224)		1,241		1,234
Cumulative employer contributions in excess of or (below) net periodic benefit cost	10,078		(20,344)		(10,266)		10,110		(21,991)		(11,881)		(2,584)		(2,840)
Net benefit obligation recognized	$	(9,392)	$	(18,096)	$	(27,488)	$	(610)	$	(19,495)	$	(20,105)	$	(1,343)	$	(1,606)

Schedule of Information for pension plans with an accumulated benefit obligation in excess of plan assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets:


	2023			2022
	Foreign	U.S.	Total	Foreign	U.S.	Total
Accumulated benefit obligation	75,402	79,063	154,465	5,983	79,086	85,069
Fair value of plan assets	69,419	60,967	130,386	1,842	59,591	61,433

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

Information for pension plans with a projected benefit obligation in excess of plan assets:


	2023						2022
	Foreign		U.S.		Total		Foreign		U.S.		Total
Projected benefit obligation	$	93,733	$	79,063	$	172,796	$	71,318	$	79,086	$	150,404
Fair value of plan assets	81,507		60,967		142,474		61,805		59,591		121,396

Schedule of components of net periodic benefit costs - pension plans

Components of net periodic benefit costs – pension plans:


	2023						2022
	Foreign		U.S.		Total		Foreign		U.S.		Total
Service cost	$	399	$	28	$	427	$	465	$	47	$	512
Interest cost	6,083		3,849		9,932		3,079		2,145		5,224
Expected return on plan assets	(5,271)		(2,799)		(8,070)		(4,472)		(3,509)		(7,981)
Settlement gain	—		—		—		(71)		—		(71)
Curtailment (gain) loss	(213)		15		(198)		207		—		207
Actuarial loss amortization	388		22		410		658		323		981
Prior service cost amortization	28		6		34		3		7		10
Net periodic benefit cost (income)	$	1,414	$	1,121	$	2,535	$	(131)	$	(987)	$	(1,118)


	2021
	Foreign		U.S.		Total
Service cost	$	698	$	547	$	1,245
Interest cost	2,594		1,737		4,331
Expected return on plan assets	(4,686)		(3,611)		(8,297)
Settlement loss	35		—		35

Actuarial loss amortization	996		2,252		3,248
Prior service credit amortization	3		7		10
Net periodic benefit (income) cost	$	(360)	$	932	$	572

Components of net periodic benefit costs – other postretirement plan:


	2023		2022		2021
Service cost	$	—	$	—	$	1
Interest cost	69		37		27
Actuarial gain amortization	(128)		(79)		(82)
Prior service credit amortization	(16)		(32)		(31)
Net periodic benefit costs	$	(75)	$	(74)	$	(85)

Schedule of other changes recognized in other comprehensive income - pension plans

Other changes recognized in other comprehensive income – pension plans:


	2023						2022
	Foreign		U.S.		Total		Foreign		U.S.		Total
Net (gain) loss arising during the period	$	8,605	$	398	$	9,003	$	(7,008)	$	(3,555)	$	(10,563)


Settlement loss	—		(23)		(23)		—		(323)		(323)
Prior service (cost) credit	—		(15)		(15)		303		(7)		296
Actuarial (loss) gain	(388)		(92)		(480)		(587)		1,247		660
Curtailment recognition	(28)		—		(28)		(3)		—		(3)
Effect of exchange rates on amounts included in AOCI	560		—		560		(1,169)		—		(1,169)
Total recognized in other comprehensive loss (income)	8,749		268		9,017		(8,464)		(2,638)		(11,102)
Total recognized in net periodic benefit cost and other comprehensive loss (income)	$	10,163	$	1,389	$	11,552	$	(8,595)	$	(3,625)	$	(12,220)


	2021
	Foreign		U.S.		Total
Net (gain) loss arising during period	$	(388)	$	(448)	$	(836)
Settlement loss	(83)		(2,252)		(2,335)
Prior service credit	—		(7)		(7)
Actuarial (loss) gain	(954)		(6,925)		(7,879)
Curtailment recognition	(3)		—		(3)
Effect of exchange rates on amounts included in AOCI	(1,390)		—		(1,390)
Total recognized in other comprehensive loss	(2,818)		(9,632)		(12,450)
Total recognized in net periodic benefit cost and other comprehensive loss	$	(3,178)	$	(8,700)	$	(11,878)

Other changes recognized in other comprehensive income – other postretirement benefit plans:


	2023		2022		2021
Net (gain) loss arising during period	$	(150)	$	(263)	$	(992)
Recognition of amortizations in net periodic benefit cost	—		(2)		(78)
Prior service credit	16		32		31
Actuarial gain amortization	127		79		82
Total recognized in other comprehensive (income) loss	(7)		(154)		(957)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(82)	$	(228)	$	(1,042)

Schedule of Weighted-average assumptions used to determine benefit obligations

Weighted-average assumptions used to determine benefit obligations as of December 31, 2023 and 2022:


	Pension Benefits		Other Postretirement Benefits
	2023	2022	2023	2022
U.S. Plans
Discount rate	4.94%	5.21%	4.87%	5.14%
Rate of compensation increase	N/A	N/A	N/A	N/A

Foreign Plans
Discount rate	4.35%	6.29%	N/A	N/A
Rate of compensation increase	3.27%	3.93%	N/A	N/A

Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31, 2023, 2022 and 2021:


	Pension Benefits						Other Postretirement Benefits
	2023		2022		2021		2023		2022		2021
U.S. Plans
Discount rate	5.21	%	2.67	%	2.67	%	5.15	%	2.45	%	1.90	%
Expected long-term return on plan assets	5.50	%	5.75	%	5.75	%	N/A		N/A		N/A
Rate of compensation increase	N/A		N/A		6.00	%	N/A		N/A		N/A

Foreign Plans
Discount rate	4.77	%	3.97	%	1.38	%	N/A		N/A		N/A
Expected long-term return on plan assets	4.03	%	2.26	%	2.06	%	N/A		N/A		N/A
Rate of compensation increase	3.38	%	3.21	%	2.52	%	N/A		N/A		N/A

Schedule of Assumed health care cost trend rates

Assumed health care cost trend rates as of December 31, 2023, 2022 and 2021:


	2023		2022		2021
Health care cost trend rate for next year	6.87	%	5.60	%	5.65	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.00	%	4.00	%	4.00	%
Year that the rate reaches the ultimate trend rate	2048		2047		2046

Schedule of company's pension plan target asset allocation and pension plan investments measured at fair value on a recurring basis

The Company’s pension plan target asset allocation and the weighted-average asset allocations as of December 31, 2023 and 2022 by asset category were as follows:


Asset Category	Target		2023		2022
U.S. Plans
Equity securities	30	%	23	%	32	%
Debt securities	70	%	70	%	60	%
Other	—	%	7	%	8	%
Total	100	%	100	%	100	%

Foreign Plans
Equity securities	15	%	15	%	8	%
Debt securities	60	%	63	%	79	%
Other	25	%	22	%	13	%
Total	100	%	100	%	100	%

As of December 31, 2023 and 2022, the U.S. and foreign plans’ investments measured at fair value on a recurring basis were as follows:


			Fair Value Measurements at December 31, 2023
	Total Fair Value		Using Fair Value Hierarchy
U.S. Pension Assets			Level 1		Level 2		Level 3
Pooled separate accounts	$	56,820	$	—	$	56,820	$	—
Real estate	4,147		—		—		4,147
Subtotal U.S. pension plan assets in fair value hierarchy	$	60,967	$	—	$	56,820	$	4,147
Total U.S. pension plan assets	$	60,967

Foreign Pension Assets
Cash and cash equivalents	$	1,582	$	1,582	$	—	$	—
Insurance contract	118,393		—		—		118,393
Diversified equity securities - registered investment companies	1,892		—		1,892		—
Fixed income – foreign registered investment companies	9,676		—		9,676		—
Real estate	1,771		—		—		1,771
Subtotal foreign pension assets in fair value hierarchy	$	133,314	$	1,582	$	11,568	$	120,164
Commingled funds measured at NAV	2,073
Total foreign pension assets	$	135,387

Total pension assets in fair value hierarchy	$	194,281	$	1,582	$	68,388	$	124,311
Total pension assets measured at NAV	2,073
Total pension assets	$	196,354


			Fair Value Measurements at December 31, 2022
	Total Fair Value		Using Fair Value Hierarchy
U.S. Pension Assets			Level 1		Level 2		Level 3
Pooled separate accounts	$	54,596	$	—	$	54,596	$	—
Real estate	4,995		—		—		4,995
Subtotal U.S. pension plan assets in fair value hierarchy	$	59,591	$	—	$	54,596	$	4,995
Total U.S. pension plan assets	$	59,591

Foreign Pension Assets
Cash and cash equivalents	$	4,923	$	4,923	$	—	$	—
Insurance contract	59,963		—		—		59,963
Diversified equity securities - registered investment companies	5,211		—		5,211		—
Fixed income – foreign registered investment companies	54,098		—		54,098		—

Real estate	3,907		—		—		3,907

Subtotal foreign pension assets in fair value hierarchy	$	128,102	$	4,923	$	59,309	$	63,870
Commingled funds measured at NAV	1,842
Total foreign pension assets	$	129,944

Total pension assets in fair value hierarchy	$	187,693	$	4,923	$	113,905	$	68,865
Total pension assets measured at NAV	1,842
Total pension assets	$	189,535

Schedule of changes in the fair value of the plans' Level 3 investments

Changes in the fair value of the plans’ Level 3 investments during the years ended December 31, 2023 and 2022 were as follows:


	Insurance Contract		Real Estate		Alternative Investments		Total
Balance as of December 31, 2021	$	99,527	$	11,547	$	6,979	$	118,053
Purchases	(1,136)		(122)		(6,979)		(8,237)

Unrealized losses	(32,305)		(1,842)		—		(34,147)
Currency translation adjustment	(6,123)		(681)		—		(6,804)
Balance as of December 31, 2022	59,963		8,902		—		68,865
Purchases	47,640		(303)		—		47,337
Unrealized gains (losses)	7,621		(2,867)		—		4,754
Currency translation adjustment	3,169		186		—		3,355
Balance as of December 31, 2023	$	118,393	$	5,918	$	—	$	124,311

Schedule of Expected Benefit Payments

Excluding any impact related to the PPA noted above, the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:


	Pension Benefits						Other Post- Retirement Benefits
	Foreign		U.S.		Total
2024	$	6,235	$	7,657	$	13,892	$	178
2025	6,640		6,805		13,445		168
2026	7,403		6,793		14,196		160
2027	7,127		6,154		13,281		139
2028	7,328		6,085		13,413		130
2029 to 2033	45,090		28,648		73,738		517

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers, LLP
Auditor Location	Philadelphia, Pennsylvania

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Non-income taxes	$ 27,295	$ 25,525
Short-term lease liabilities (See Note 6)	11,965	12,024
Selling expenses and freight accruals	7,789	9,822
Current income taxes payable (See Note 10)	14,835	12,966
Professional fees, legal, and acquisition-related accruals	5,577	5,415
Accrued interest (See Note 19)	2,630	2,749
Customer advances and sales return reserves	2,454	6,585
Accrued insurance	$ 2,295	$ 1,305
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued liabilities	Other accrued liabilities
Accrued environmental reserves (See Note 25)	$ 1,187	$ 654
Accrued rent and facilities	1,104	972
Accrued non-pension benefits	581	1,812
Interest rate swap (See Note 24)	159	0
Other	12,444	7,044
Total other accrued liabilities	$ 90,315	$ 86,873

Basis of Presentation and Significant Accounting Policies - Hyperinflationary accounting (Details) - Argentina - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Inflationary percentage	100.00%
Amount recognized in income due to inflationary accounting	$ 7.8	$ 1.6	$ 0.6
Assets Total \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	1.00%
Sales Revenue Net \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	2.00%

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease, Cost

The following table sets forth the components of the Company’s lease cost for the years ended December 31, 2023, 2022 and 2021:


	December 31, 2023		December 31, 2022		December 31, 2021
Operating lease expense	$	14,981	$	15,171	$	14,061
Short-term lease expense	760		816		861

Supplemental cash flow information related to the Company’s leases is as follows:


	December 31, 2023		December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	16,020	$	19,215	$	13,859

Non-cash lease liabilities activity
Leased right-of-use assets obtained in exchange for new operating lease liabilities	10,044		23,356		11,142

Supplemental balance sheet information related to the Company’s leases is as follows:


	December 31, 2023			December 31, 2022
Right of use lease assets	$	38,614		$	43,766

Other accrued liabilities	11,965			12,024
Long-term lease liabilities	22,937			26,967
Total operating lease liabilities	$	34,902		$	38,991

Weighted average remaining lease term (years)	5.1			5.1
Weighted average discount rate	4.91		%	4.36		%

Schedule of Lessee, Operating Lease, Liability, Maturity

Maturities of operating lease liabilities as of December 31, 2023 were as follows:



For the year ended December 31, 2024	$	13,130
For the year ended December 31, 2025	9,027
For the year ended December 31, 2026	6,840
For the year ended December 31, 2027	3,543
For the year ended December 31, 2028	1,909
For the year ended December 31, 2029 and beyond	5,245
Total lease payments	39,694
Less: imputed interest	(4,792)
Present value of lease liabilities	$	34,902

Share-Based Compensation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 14,605,000	$ 11,666,000	$ 11,038,000
Exercised options, intrinsic value	$ 3,600,000	800,000	2,700,000
Equity award vesting period	3 years
Director stock ownership plan maximum number of shares authorized under plan	75,000
Director stock ownership percentage threshold	500.00%
Director stock ownership plan percentage stock	75.00%
Director stock ownership plan percentage cash	25.00%
Director stock ownership plan percentage total	100.00%
Director retainer annual fee	$ 100,000
Combination And Other Acquisition-Related
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense		200,000	900,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 200,000	$ 100,000
Weighted average period, cost not yet recognized, period for recognition	9 months 18 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period, cost not yet recognized, period for recognition	1 year 3 months 18 days
Options award vesting period		3 years	3 years
Unrecognized compensation expense	$ 6,100,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period, cost not yet recognized, period for recognition	1 year 4 months 24 days
Unrecognized compensation expense	$ 1,200,000
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	4,175,000	$ 3,150,000	$ 1,911,000
Unrecognized compensation expense	$ 6,800,000
Weighted average period, cost not yet recognized, period for recognition	2 years
Vesting shares target, lower percent		0.00%
Vesting shares target, upper percent		200.00%
Expected term (years)	3 years	3 years	3 years
Equity award vesting period	3 years
Defined Contribution Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Matching contribution expense	$ 0	$ 0	$ 1,500,000

Equity and Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table shows the reclassifications from and resulting balances of AOCI for the years ended December 31, 2023, 2022 and 2021:


	Currency Translation Adjustments		Defined Benefit Pension Plans		Unrealized Gain (Loss) in Available-for- Sale Securities		Derivative Instruments		Total
Balance as of December 31, 2020	$	(2,875)	$	(23,467)	$	3,342	$	(3,598)	$	(26,598)
Other comprehensive income (loss) before reclassifications	(46,968)		11,948		(531)		2,890		(32,661)
Amounts reclassified from AOCI	—		1,459		(3,197)		—		(1,738)
Related tax amounts	—		(3,112)		783		(664)		(2,993)
Balance as of December 31, 2021	(49,843)		(13,172)		397		(1,372)		(63,990)
Other comprehensive (loss) income before reclassifications	(82,318)		10,789		(3,276)		—		(74,805)
Amounts reclassified from AOCI	—		479		895		1,372		2,746
Related tax amounts	—		(2,691)		500		—		(2,191)
Balance as of December 31, 2022	(132,161)		(4,595)		(1,484)		—		(138,240)
Other comprehensive income (loss) before reclassifications	16,744		(7,702)		1,753		1,828		12,623
Amounts reclassified from AOCI	—		(464)		547		—		83
Related tax amounts	—		2,023		(483)		(421)		1,119
Balance as of December 31, 2023	$	(115,417)	$	(10,738)	$	333	$	1,407	$	(124,415)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 were as follows:


	Americas		EMEA		Asia/Pacific		Global Specialty Businesses		Total


Balance as of December 31, 2021	$	214,023	$	135,520	$	162,458	$	119,193	$	631,194
Goodwill additions	1,853		251		—		(59)		2,045
Goodwill impairments	—		(93,000)		—		—		(93,000)
Currency translation and other adjustments	23		(8,204)		(12,083)		(4,967)		(25,231)
Balance as of December 31, 2022	215,899		34,567		150,375		114,167		515,008
Reallocation of reporting units	63,697		31,711		18,759		(114,167)		—
Balance as of January 1, 2023	279,596		66,278		169,134		—		515,008

Currency translation and other adjustments	3,507		(338)		(5,659)		—		(2,490)
Balance as of December 31, 2023	$	283,103	$	65,940	$	163,475	$	—	$	512,518

Schedule of Finite-Lived Intangible Assets

Gross carrying amounts and accumulated amortization for definite-lived intangible assets as of December 31, 2023 and 2022 were as follows:


	Gross Carrying Amount				Accumulated Amortization				Net Book Value
	2023		2022		2023		2022		2023		2022
Customer lists and rights to sell	$	841,562	$	831,600	$	243,872	$	191,286	$	597,690	$	640,314
Trademarks, formulations and product technology	161,613		158,564		55,879		46,281		105,734		112,283
Other	5,892		7,576		5,776		6,390		116		1,186
Total definite-lived intangible assets	$	1,009,067	$	997,740	$	305,527	$	243,957	$	703,540	$	753,783

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Amortization is recorded within SG&A in the Company’s Consolidated Statements of Operations. Estimated annual aggregate amortization expense for the subsequent five years is as follows:


For the year ended December 31, 2024	$	57,839
For the year ended December 31, 2025	57,150
For the year ended December 31, 2026	56,854
For the year ended December 31, 2027	56,513
For the year ended December 31, 2028	56,047

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income (loss)	$ 112,872	$ (15,842)	$ 121,431
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of debt issuance costs	1,413	2,942	4,749
Depreciation and amortization	81,987	80,467	86,550
Equity in undistributed earnings of associated companies, net of dividends	(11,149)	1,005	(8,971)
Acquisition-related fair value adjustments related to inventory	0	0	801
Deferred income taxes	(11,442)	(10,552)	(12,506)
Uncertain tax positions (non-deferred portion)	(644)	(6,398)	(922)
Deferred compensation and other, net	5,711	2,613	(5,325)
Share-based compensation	14,605	11,666	11,038
Loss on extinguishment of debt	0	5,246	0
Gain on disposal of property, plant, equipment and other assets	(1,307)	(168)	(4,695)
Impairment charges	0	93,000	0
Combination and other acquisition-related expenses, net of payments	0	(4,460)	(1,974)
Restructuring and related charges	7,588	3,163	1,433
Pension and other postretirement benefits	(2,079)	(7,964)	(6,330)
Increase (decrease) in cash from changes in current assets and current liabilities, net of acquisitions:
Accounts receivable	32,169	(59,112)	(67,473)
Inventories	49,751	(29,858)	(84,428)
Prepaid expenses and other current assets	(21)	3,705	(21,174)
Change in restructuring liabilities	(9,786)	(1,532)	(5,266)
Accounts payable and accrued liabilities	5,937	(23,439)	37,998
Estimated taxes on income (loss)	3,415	(2,688)	3,997
Net cash provided by operating activities	279,020	41,794	48,933
Cash flows from investing activities
Investments in property, plant and equipment	(38,800)	(28,539)	(21,457)
Payments related to acquisitions, net of cash acquired	0	(13,115)	(42,417)
Proceeds from disposition of assets	11,179	1,463	14,744
Net cash used in investing activities	(27,621)	(40,191)	(49,130)
Cash flows from financing activities
Payments of long-term debt	(38,932)	(673,203)	(38,011)
Proceeds from long-term debt	0	750,000	0
(Repayments) borrowings on revolving credit facilities, net	(164,769)	(16,281)	53,031
Repayments on other debt, net	(506)	(1,629)	(776)
Financing-related debt issuance costs	0	(3,734)	0
Dividends paid	(31,650)	(30,103)	(28,599)
Stock options exercised, other	(2,749)	(378)	890
Net cash (used in) provided by financing activities	(238,606)	24,672	(13,465)
Effect of foreign exchange rate changes on cash	771	(10,488)	(3,057)
Net increase (decrease) in cash and cash equivalents	13,564	15,787	(16,719)
Cash and cash equivalents at the beginning of the period	180,963	165,176	181,895
Cash and cash equivalents at the end of the period	194,527	180,963	165,176
Supplemental cash flow disclosures:
Income taxes, net of refunds	57,410	35,327	34,775
Interest	54,892	29,074	19,298
Non-cash activities:
Change in accrued purchases of property, plant and equipment, net	$ (746)	$ 278	$ 2,132

Accounts Receivable and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following are changes in the allowance for credit losses during the years ended December 31, 2023, 2022 and 2021:


	Balance at Beginning of Period		Changes to Costs and Expenses		Write-Offs Charged to Allowance		Exchange Rate Changes and Other Adjustments		Balance at End of Period
Year ended December 31, 2023	$	13,527	$	1,327	$	(961)	$	(591)	$	13,302
Year ended December 31, 2022	$	12,334	$	4,319	$	(2,441)	$	(685)	$	13,527
Year ended December 31, 2021	$	13,145	$	653	$	(946)	$	(518)	$	12,334

Other Non-Current Assets

12 Months Ended

Dec. 31, 2023

Other Assets [Abstract]

Other Non-Current Assets

Other non-current assets as of December 31, 2023 and 2022 were as follows:


	2023		2022
Uncertain tax positions (See Note 10)	$	5,307	$	5,803
Pension assets (See Note 20)	3,879		8,639
Debt issuance costs (See Note 19)	3,340		4,305
Interest rate swap (See Note 24)	1,828		—
Long-term note receivable	1,014		1,016
Trust investment	601		604
Indemnification assets (See Notes 10 and 21)	430		3,909
Bad debt and bad debt provisions (See Note 12)	302		440
Supplemental retirement income program (See Notes 20 and 23)	286		2,114
Other	1,783		909
Total other non-current assets	$	18,770	$	27,739

As of December 31, 2023 and 2022, one of the Company’s foreign pension plan’s fair value of plan assets exceeded its gross benefit obligation and was therefore over-funded, which is represented by the line Pension assets in the table above. Approximately 1.0 million of payments related to this plan have been made to escrow and are excluded from the plan’s Net benefit obligation as of December 31, 2023. See Note 20 for additional information.

As of December 31, 2022, Indemnification assets relates to certain Houghton foreign subsidiaries for which the Company expects it will incur additional tax amounts which are subject to indemnification under the terms of the Combination share and purchase agreement. A portion of these indemnification assets have a corresponding uncertain tax position recorded in other non-current liabilities. See Notes 10 and 21 for additional information.

Hedging Activities - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Derivative, notional amount	$ 25,700
Mexican Peso
Derivative [Line Items]
Derivative, notional amount	16,700
Japanese Yen
Derivative [Line Items]
Derivative, notional amount	$ 9,000

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjusted Balance	Common stock	Common stock Cumulative Effect, Period of Adoption, Adjusted Balance	Capital in excess of par value	Capital in excess of par value Cumulative Effect, Period of Adoption, Adjusted Balance	Retained earnings	Retained earnings Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated other comprehensive loss	Accumulated other comprehensive loss Cumulative Effect, Period of Adoption, Adjusted Balance	Noncontrolling interest	Noncontrolling interest Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance at Dec. 31, 2020		$ 1,320,914		$ 17,851		$ 905,171		$ 423,940		$ (26,598)		$ 550
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 121,431						$ 121,369				$ 62
Amounts reported in other comprehensive (loss) income	(37,376)								$ (37,392)		16
Dividends declared	(28,975)						(28,975)
Shares issued upon exercise of stock options and other	1,694		$ 17		$ 1,677
Share-based compensation plans	10,234		29		10,205
Ending balance at Dec. 31, 2021	1,387,922		17,897		917,053		516,334		(63,990)		628
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(15,842)						(15,931)				89
Amounts reported in other comprehensive (loss) income	(74,300)								(74,250)		(50)
Dividends declared	(30,483)						(30,483)
Shares issued upon exercise of stock options and other	(354)		1		(355)
Share-based compensation plans	11,642		52		11,590
Ending balance at Dec. 31, 2022	1,278,585		17,950		928,288		469,920		(138,240)		667
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	112,872						112,748				124
Amounts reported in other comprehensive (loss) income	13,806								13,825		(19)
Dividends declared	(32,027)						(32,027)
Distributions to noncontrolling affiliate shareholders	(169)										(169)
Shares issued upon exercise of stock options and other	(2,833)		3		(2,836)
Share-based compensation plans	14,688		39		14,649
Ending balance at Dec. 31, 2023	$ 1,384,922		$ 17,992		$ 940,101		$ 550,641		$ (124,415)		$ 603

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 112,872	$ (15,842)	$ 121,431
Other comprehensive income (loss), net of tax
Currency translation adjustments	16,725	(82,368)	(46,952)
Defined benefit retirement plans
Net (loss) gain arising during the period, other	(5,792)	8,177	9,210
Amortization of actuarial loss	(385)	628	1,078
Amortization of prior service cost (gain)	34	(228)	7
Current period change in fair value of derivatives	1,407	1,372	2,226
Unrealized gain (loss) on available-for-sale securities	1,817	(1,881)	(2,945)
Other comprehensive income (loss)	13,806	(74,300)	(37,376)
Comprehensive income (loss)	126,678	(90,142)	84,055
Less: Comprehensive income attributable to noncontrolling interest	(106)	(39)	(78)
Comprehensive income (loss) attributable to Quaker Chemical Corporation	$ 126,572	$ (90,181)	$ 83,977

Share-Based Compensation - Expense Table (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 14,605	$ 11,666	$ 11,038
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1,039	1,774	1,235
Non-vested stock awards and restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	9,305	6,679	5,438
Non-elective and elective 401(k) matching contribution in stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0	0	1,553
Director stock ownership plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	86	63	901
Performance stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 4,175	$ 3,150	$ 1,911

Investment in Associated Companies - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Feb. 28, 2021
Schedule of Equity Method Investments [Line Items]
Investments in associated companies	$ 101,151	$ 88,234
Houghton Korea \| Asia/Pacific
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Investments in associated companies	$ 72,000
Nippon Japan \| Asia/Pacific
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Investments in associated companies	$ 6,600
Kelko Panama \| Americas
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Investments in associated companies	$ 500
Grindaix
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			38.00%
Primex \| Americas
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	32.00%
Investments in associated companies	$ 22,100

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt as of December 31, 2023 and 2022 includes the following:


	As of December 31, 2023			As of December 31, 2022
	Interest Rate	Outstanding Balance		Interest Rate	Outstanding Balance
Credit Facilities:
Revolver	5.13%	30,904		5.17%	195,673
U.S. Term Loan	6.71%	561,250		5.70%	596,250
EURO Term Loan	5.13%	152,366		1.50%	151,572
Industrial development bonds	5.26%	10,000		5.26%	10,000
Bank lines of credit and other debt obligations	Various	1,092		Various	1,303
Total debt		$	755,612		$	954,798
Less: debt issuance costs		(1,545)			(1,992)
Less: short-term and current portion of long-term debts		(23,444)			(19,245)
Total long-term debt		$	730,623		$	933,561

Credit facilities

During June 2022, the Company, and its wholly owned subsidiary, Quaker Houghton B.V., as borrowers, Bank of America, N.A., as administrative agent, U.S. Dollar swing line lender and letter of credit issuer, Bank of America Europe Designated Active Company, as Euro Swing Line Lender, certain guarantors and other lenders entered into an amendment to the Original Credit Facility (the “Credit Facility”). The Credit Facility established (A) a new $150.0 million Euro equivalent senior secured term loan (the “Euro Term Loan”), (B) a new $600.0 million senior secured term loan (the “U.S. Term Loan”), and (C) a new $500.0 million senior secured revolving credit facility (the “Revolver”). The Company has the right to increase the amount of the Credit Facility by an aggregate amount not to exceed the greater of $300.0 million or 100% of consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”), subject to certain conditions including the agreement to provide financing by any lender providing such increase. In addition, the Credit Facility also:

(i) eliminated the requirement that material foreign subsidiaries must guaranty the Original Euro Term Loan;

(ii) replaced the U.S. Dollar borrowings reference rate from LIBOR to SOFR;

(iii) extended the maturity date of the Original Credit Facility from August 2024 to June 2027; and

(iv) effected certain other changes to the Original Credit Facility as set forth in the Credit Facility.

The Company used the proceeds of the Credit Facility to repay all outstanding loans under the Original Credit Facility, unpaid accrued interest and fees on the closing date under the Original Credit Facility and certain expenses and fees. U.S. Dollar-denominated borrowings under the Credit Facility bear interest, at the Company’s election, at the base rate or term SOFR plus an applicable rate ranging from 1.00% to 1.75% for term SOFR loans and from 0.00% to 0.75% for base rate loans, depending upon the Company’s consolidated net leverage ratio. Loans based on term SOFR also include a spread adjustment equal to 0.10% per annum. Borrowings under the Credit Facility denominated in currencies other than U.S. Dollars bear interest at the alternative currency term rate plus the applicable rate ranging from 1.00% to 1.75%.

The Credit Facility contains affirmative and negative covenants, financial covenants and events of default, including without limitation restrictions on (a) the incurrence of additional indebtedness; (b) investments in and acquisitions of other businesses, lines of business and divisions; (c) the making of dividends or capital stock purchases; and (d) dispositions of assets. Dividends and share repurchases are permitted in annual amounts not exceeding the greater of $75 million annually and 25% of consolidated EBITDA if there is no default. If the consolidated net leverage ratio is less than 2.50 to 1.00, then the Company is no longer subject to restricted payments.

Financial covenants contained in the Credit Facility include a consolidated interest coverage ratio test and a consolidated net leverage ratio test. The consolidated net leverage ratio at the end of a quarter may not be greater than 4.00 to 1.00, subject to a permitted increase during a four-quarter period after certain acquisitions. The Company has the option of replacing the consolidated net leverage ratio test with a consolidated senior net leverage ratio test if the Company issues certain types of unsecured notes, subject to certain limitations. Events of default in the Credit Facility include without limitation defaults for non-payment, breach of representations and warranties, non-performance of covenants, cross-defaults, insolvency, and a change of control in certain circumstances. The occurrence of an event of default under the Credit Facility could result in all loans and other obligations becoming immediately due and payable and the Credit Facility being terminated. As of December 31, 2023 and December 31, 2022, the Company was in compliance with all of the Credit Facility covenants.

The weighted average variable interest rate incurred on the outstanding borrowings under the Credit Facility during the twelve months ended December 31, 2023 was approximately 6.2%. As of December 31, 2023, the weighted interest rate on the outstanding borrowings under the Credit Facility was approximately 6.3%. In addition to paying interest on outstanding principal under the Original Credit Facility, the Company was required to pay a commitment fee ranging from 0.2% to 0.3% depending on the Company’s consolidated net leverage ratio under the Original Revolver in respect of the unutilized commitments thereunder. As part of the Credit Facility, the Company is required to pay a commitment fee ranging from 0.150% to 0.275% related to unutilized commitments under the Revolver, depending on the Company’s consolidated net leverage ratio. The Company had unused capacity under the Revolver of approximately $465.7 million, which is net of bank letters of credit of approximately $3.4 million, as of December 31, 2023.

The Company previously capitalized $23.7 million of certain third-party debt issuance costs in connection with executing the Original Credit Facility. Approximately $15.5 million of the capitalized costs were attributed to the Original Term Loans and recorded as a direct reduction of Long-term debt on the Company’s Consolidated Balance Sheet. Approximately $8.3 million of the capitalized costs were attributed to the Original Revolver and recorded within Other assets on the Company’s Consolidated Balance Sheet. These capitalized costs are being amortized into interest expense over the five year term of the Original Credit Facility. Prior to executing the Credit Facility, as of December 31, 2021, the Company had $8.0 million of debt issuance costs recorded as a reduction of Long-term debt attributable to the Original Credit Facility and $4.3 million of debt issuance costs recorded within Other assets attributable to the Original Credit Facility.

In connection with executing the Credit Facility, the Company recorded a loss on extinguishment of debt of approximately $6.8 million which includes the write-off of certain previously unamortized deferred financing costs as well as a portion of the third-party and creditor debt issuance costs incurred to execute the Credit Facility. Also in connection with executing the Credit Facility, during the second quarter of 2022, the Company capitalized $2.2 million of certain third-party and creditor debt issuance costs. Approximately $0.7 million of the capitalized costs were attributed to the Euro Term Loan and U.S. Term Loan. These costs were recorded as a direct reduction of Long-term debt on the Consolidated Balance Sheet. Approximately $1.5 million of the capitalized costs were attributed to the Revolver and recorded within Other assets on the Consolidated Balance Sheet. These capitalized costs, as well as the previously capitalized costs that were not written off will collectively be amortized into Interest expense over the five year term of the Credit Facility. As of December 31, 2023, the Company had $1.5 million of debt issuance costs recorded as a reduction of Long-term debt on the Consolidated Balance Sheet and $3.3 million of debt issuance costs recorded within Other assets on the Consolidated Balance Sheet.

In order to manage the Company’s exposure to variable interest rate risk associated with the Credit Facility, in the first quarter of 2023, the Company entered into $300.0 million notional amounts of three year interest rate swaps to convert a portion of the Company’s variable interest rate borrowings to an average fixed rate of 3.64% plus an applicable margin as provided in the Credit Facility, based on the Company’s consolidated net leverage ratio. As of December 31, 2023, the aggregate interest rate on the swaps, including the fixed base rate plus an applicable margin, was 5.3%. See Note 24 for additional information.

Industrial development bonds

As of December 31, 2023 and 2022, the Company had fixed rate, industrial development authority bonds totaling $10.0 million in principal amount due in 2028. These bonds have similar covenants to the Credit Facility noted above.

Bank lines of credit and other debt obligations

The Company has certain unsecured bank lines of credit and discounting facilities in certain foreign subsidiaries, which are not collateralized. The Company’s other debt obligations primarily consist of certain domestic and foreign low interest rate or interest-free municipality-related loans, local credit facilities of certain foreign subsidiaries and capital lease obligations. Total unused capacity under these arrangements as of December 31, 2023, was approximately $35 million.

In addition to the bank letters of credit described in the “Credit facilities” subsection above, the Company’s only other off-balance sheet arrangements include certain financial and other guarantees. The Company’s total bank letters of credit and guarantees outstanding as of December 31, 2023 were approximately $5 million.

The Company incurred the following debt related expenses included within Interest expense, net, in the Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021:



	2023		2022		2021
Interest expense	$	53,582	$	33,691	$	19,089
Amortization of debt issuance costs	1,413		2,942		4,749
Total	$	54,995	$	36,633	$	23,838

Based on the variable interest rates associated with the Credit Facility and the Original Credit Facility, as of December 31, 2023 and 2022, the amounts at which the Company’s total debt were recorded are not materially different from their fair market value.

As of December 31, 2023, annual principal maturities on long-term borrowings, including the current portion, are as follows:


For the year ended December 31, 2024	$	23,250
For the year ended December 31, 2025	36,955
For the year ended December 31, 2026	36,914
For the year ended December 31, 2027	647,899
For the year ended December 31, 2028	10,028
Total maturities on debt in the next five fiscal years	755,046

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statement Of Changes In Equity Parentheticals [Abstract]
Dividends declared (in dollars per share)	$ 1.78	$ 1.70	$ 1.62

Basis of Presentation and Significant Accounting Policies - Income taxes and uncertain tax positions (Details)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Measurement of tax benefit, minimum likelihood of the largest amount being realized upon ultimate settlement	50.00%

Hedging Activities - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Net gain	$ 5,689	$ 0	$ 2,649
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Net gain	3,555	0	2,649
Other income, net
Derivative Instruments, Gain (Loss) [Line Items]
Net gain	2,134	0	$ 0
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net unrealized loss deferred to AOCI	1,407	0
Interest rate swaps \| Other non-current assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value	1,828	0
Foreign currency forward contracts \| Other accrued liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair value	$ (159)	$ 0

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Company has operating leases for certain facilities, vehicles and machinery and equipment with remaining lease terms up to 11 years. In addition, the Company has certain land use leases with remaining lease terms up to 92 years.

The Company’s finance leases are included in PP&E each of the Consolidated Balance Sheets. See Note 14 for additional information. The Company has no material variable lease costs or sublease income for the years ended December 31, 2023, 2022 and 2021.

The following table sets forth the components of the Company’s lease cost for the years ended December 31, 2023, 2022 and 2021:


	December 31, 2023		December 31, 2022		December 31, 2021
Operating lease expense	$	14,981	$	15,171	$	14,061
Short-term lease expense	760		816		861

Supplemental cash flow information related to the Company’s leases is as follows:


	December 31, 2023		December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	16,020	$	19,215	$	13,859

Non-cash lease liabilities activity
Leased right-of-use assets obtained in exchange for new operating lease liabilities	10,044		23,356		11,142

Supplemental balance sheet information related to the Company’s leases is as follows:


	December 31, 2023			December 31, 2022
Right of use lease assets	$	38,614		$	43,766

Other accrued liabilities	11,965			12,024
Long-term lease liabilities	22,937			26,967
Total operating lease liabilities	$	34,902		$	38,991

Weighted average remaining lease term (years)	5.1			5.1
Weighted average discount rate	4.91		%	4.36		%

Maturities of operating lease liabilities as of December 31, 2023 were as follows:



For the year ended December 31, 2024	$	13,130
For the year ended December 31, 2025	9,027
For the year ended December 31, 2026	6,840
For the year ended December 31, 2027	3,543
For the year ended December 31, 2028	1,909
For the year ended December 31, 2029 and beyond	5,245
Total lease payments	39,694
Less: imputed interest	(4,792)
Present value of lease liabilities	$	34,902

Taxes on Income - Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax provision at the Federal statutory tax rate	$ 32,156	$ 1,495	$ 30,868
Unremitted earnings	1,211	(1,839)	1,841
Tax law changes / reform	47	823	1,955
U.S. tax on foreign operations	9,014	4,864	10,479
Pension settlement	0	0	0
Foreign derived intangible income	(1,147)	(917)	(8,698)
Non-deductible acquisition expenses	0	45	129
Withholding taxes	11,193	7,785	6,584
Foreign tax credits	(3,432)	(5,850)	(14,725)
Share-based compensation	973	1,234	600
Foreign tax rate differential	4,731	4,782	1,712
Research and development credit	(2,000)	(1,757)	(1,685)
Audit Settlements	456	2,697	1,378
Uncertain tax positions	(598)	(6,375)	519
State income tax provisions, net	2,158	432	(1,446)
Non-deductible meals and entertainment	416	146	426
Intercompany transfer of intangible assets	(584)	(1,932)	4,347
Goodwill Impairment	0	19,550	0
Miscellaneous items, net	991	(258)	655
Taxes on income before equity in net income of associated companies	$ 55,585	$ 24,925	$ 34,939

Pension and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

The following table shows the funded status of the Company’s plans’ reconciled with amounts reported in the Consolidated Balance Sheets as of December 31, 2023 and 2022:


	Pension Benefits												Other Post- Retirement Benefits
	2023						2022						2023		2022
	Foreign		U.S.		Total		Foreign		U.S.		Total		U.S.		U.S.
Change in benefit obligation
Gross benefit obligation at beginning of year	$	130,554	$	79,086	$	209,640	$	228,752	$	103,420	$	332,172	$	1,606	$	2,010
Service cost	399		28		427		465		47		512		—		—
Interest cost	6,083		3,849		9,932		3,079		2,145		5,224		69		37
Employee contributions	—		—		—		20		—		20		—		—
Effect of plan amendments	—		(15)		(15)		303		—		303		—		(2)
Curtailment (gain) loss	(213)		—		(213)		207		—		207		—		—
Plan settlements	—		—		—		(1,726)		—		(1,726)		—		—
Benefits paid	(6,086)		(6,031)		(12,117)		(5,343)		(5,838)		(11,181)		(182)		(176)
Plan expenses and premiums paid	—		—		—		(66)		—		(66)		—		—

Actuarial loss (gain)	7,809		2,146		9,955		(77,244)		(20,688)		(97,932)		(150)		(263)
Translation differences and other	6,233		—		6,233		(17,893)		—		(17,893)		—		—
Gross benefit obligation at end of year	$	144,779	$	79,063	$	223,842	$	130,554	$	79,086	$	209,640	$	1,343	$	1,606


	Pension Benefits												Other Post- Retirement Benefits
	2023						2022						2023		2022
	Foreign		U.S.		Total		Foreign		U.S.		Total		U.S.		U.S.
Change in plan assets
Fair value of plan assets at beginning of year	$	129,944	$	59,591	$	189,535	$	216,886	$	77,680	$	294,566	$	—	$	—
Actual return on plan assets	4,474		4,640		9,114		(65,396)		(14,871)		(80,267)		—		—
Employer contributions	1,566		2,767		4,333		3,241		2,620		5,861		182		176
Employee contributions	—		—		—		20		—		20		—		—
Plan settlements	—		—		—		(1,726)		—		(1,726)		—		—
Benefits paid	(6,086)		(6,031)		(12,117)		(5,343)		(5,838)		(11,181)		(182)		(176)
Plan expenses and premiums paid	—		—		—		(66)		—		(66)		—		—
Translation differences	5,489		—		5,489		(17,672)		—		(17,672)		—		—
Fair value of plan assets at end of year	$	135,387	$	60,967	$	196,354	$	129,944	$	59,591	$	189,535	$	—	$	—
Net benefit obligation recognized	$	(9,392)	$	(18,096)	$	(27,488)	$	(610)	$	(19,495)	$	(20,105)	$	(1,343)	$	(1,606)

Amounts recognized in the balance sheet consist of:
Non-current assets	$	2,834	$	—	$	2,834	$	8,639	$	—	$	8,639	$	—	$	—
Current liabilities	(273)		(1,757)		(2,030)		(210)		(1,128)		(1,338)		(178)		(222)
Non-current liabilities	(11,953)		(16,339)		(28,292)		(9,039)		(18,367)		(27,406)		(1,165)		(1,384)
Net benefit obligation recognized	$	(9,392)	$	(18,096)	$	(27,488)	$	(610)	$	(19,495)	$	(20,105)	$	(1,343)	$	(1,606)
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss:
Prior service (cost) credit	(353)		—		(353)		(333)		(36)		(369)		—		16
Accumulated (loss) gain	(19,117)		2,248		(16,869)		(10,387)		2,532		(7,855)		1,241		1,218

AOCI	(19,470)		2,248		(17,222)		(10,720)		2,496		(8,224)		1,241		1,234
Cumulative employer contributions in excess of or (below) net periodic benefit cost	10,078		(20,344)		(10,266)		10,110		(21,991)		(11,881)		(2,584)		(2,840)
Net benefit obligation recognized	$	(9,392)	$	(18,096)	$	(27,488)	$	(610)	$	(19,495)	$	(20,105)	$	(1,343)	$	(1,606)

The accumulated benefit obligation for all defined benefit pension plans was $217.5 million ($79.1 million U.S. and $138.4 million Foreign) and $204.5 million ($79.1 million U.S. and approximately $125.4 million Foreign) as of December 31, 2023 and 2022, respectively.

Information for pension plans with an accumulated benefit obligation in excess of plan assets:


	2023			2022
	Foreign	U.S.	Total	Foreign	U.S.	Total
Accumulated benefit obligation	75,402	79,063	154,465	5,983	79,086	85,069
Fair value of plan assets	69,419	60,967	130,386	1,842	59,591	61,433

Information for pension plans with a projected benefit obligation in excess of plan assets:


	2023						2022
	Foreign		U.S.		Total		Foreign		U.S.		Total
Projected benefit obligation	$	93,733	$	79,063	$	172,796	$	71,318	$	79,086	$	150,404
Fair value of plan assets	81,507		60,967		142,474		61,805		59,591		121,396

Components of net periodic benefit costs – pension plans:


	2023						2022
	Foreign		U.S.		Total		Foreign		U.S.		Total
Service cost	$	399	$	28	$	427	$	465	$	47	$	512
Interest cost	6,083		3,849		9,932		3,079		2,145		5,224
Expected return on plan assets	(5,271)		(2,799)		(8,070)		(4,472)		(3,509)		(7,981)
Settlement gain	—		—		—		(71)		—		(71)
Curtailment (gain) loss	(213)		15		(198)		207		—		207
Actuarial loss amortization	388		22		410		658		323		981
Prior service cost amortization	28		6		34		3		7		10
Net periodic benefit cost (income)	$	1,414	$	1,121	$	2,535	$	(131)	$	(987)	$	(1,118)


	2021
	Foreign		U.S.		Total
Service cost	$	698	$	547	$	1,245
Interest cost	2,594		1,737		4,331
Expected return on plan assets	(4,686)		(3,611)		(8,297)
Settlement loss	35		—		35

Actuarial loss amortization	996		2,252		3,248
Prior service credit amortization	3		7		10
Net periodic benefit (income) cost	$	(360)	$	932	$	572

Other changes recognized in other comprehensive income – pension plans:


	2023						2022
	Foreign		U.S.		Total		Foreign		U.S.		Total
Net (gain) loss arising during the period	$	8,605	$	398	$	9,003	$	(7,008)	$	(3,555)	$	(10,563)


Settlement loss	—		(23)		(23)		—		(323)		(323)
Prior service (cost) credit	—		(15)		(15)		303		(7)		296
Actuarial (loss) gain	(388)		(92)		(480)		(587)		1,247		660
Curtailment recognition	(28)		—		(28)		(3)		—		(3)
Effect of exchange rates on amounts included in AOCI	560		—		560		(1,169)		—		(1,169)
Total recognized in other comprehensive loss (income)	8,749		268		9,017		(8,464)		(2,638)		(11,102)
Total recognized in net periodic benefit cost and other comprehensive loss (income)	$	10,163	$	1,389	$	11,552	$	(8,595)	$	(3,625)	$	(12,220)


	2021
	Foreign		U.S.		Total
Net (gain) loss arising during period	$	(388)	$	(448)	$	(836)
Settlement loss	(83)		(2,252)		(2,335)
Prior service credit	—		(7)		(7)
Actuarial (loss) gain	(954)		(6,925)		(7,879)
Curtailment recognition	(3)		—		(3)
Effect of exchange rates on amounts included in AOCI	(1,390)		—		(1,390)
Total recognized in other comprehensive loss	(2,818)		(9,632)		(12,450)
Total recognized in net periodic benefit cost and other comprehensive loss	$	(3,178)	$	(8,700)	$	(11,878)

Components of net periodic benefit costs – other postretirement plan:


	2023		2022		2021
Service cost	$	—	$	—	$	1
Interest cost	69		37		27
Actuarial gain amortization	(128)		(79)		(82)
Prior service credit amortization	(16)		(32)		(31)
Net periodic benefit costs	$	(75)	$	(74)	$	(85)

Other changes recognized in other comprehensive income – other postretirement benefit plans:


	2023		2022		2021
Net (gain) loss arising during period	$	(150)	$	(263)	$	(992)
Recognition of amortizations in net periodic benefit cost	—		(2)		(78)
Prior service credit	16		32		31
Actuarial gain amortization	127		79		82
Total recognized in other comprehensive (income) loss	(7)		(154)		(957)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(82)	$	(228)	$	(1,042)

Weighted-average assumptions used to determine benefit obligations as of December 31, 2023 and 2022:


	Pension Benefits		Other Postretirement Benefits
	2023	2022	2023	2022
U.S. Plans
Discount rate	4.94%	5.21%	4.87%	5.14%
Rate of compensation increase	N/A	N/A	N/A	N/A

Foreign Plans
Discount rate	4.35%	6.29%	N/A	N/A
Rate of compensation increase	3.27%	3.93%	N/A	N/A

Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31, 2023, 2022 and 2021:


	Pension Benefits						Other Postretirement Benefits
	2023		2022		2021		2023		2022		2021
U.S. Plans
Discount rate	5.21	%	2.67	%	2.67	%	5.15	%	2.45	%	1.90	%
Expected long-term return on plan assets	5.50	%	5.75	%	5.75	%	N/A		N/A		N/A
Rate of compensation increase	N/A		N/A		6.00	%	N/A		N/A		N/A

Foreign Plans
Discount rate	4.77	%	3.97	%	1.38	%	N/A		N/A		N/A
Expected long-term return on plan assets	4.03	%	2.26	%	2.06	%	N/A		N/A		N/A
Rate of compensation increase	3.38	%	3.21	%	2.52	%	N/A		N/A		N/A

The long-term rates of return on assets were selected from within the reasonable range of rates determined by (a) historical real returns for the asset classes covered by the investment policy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. See Note 1 for additional information.

Assumed health care cost trend rates as of December 31, 2023, 2022 and 2021:


	2023		2022		2021
Health care cost trend rate for next year	6.87	%	5.60	%	5.65	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.00	%	4.00	%	4.00	%
Year that the rate reaches the ultimate trend rate	2048		2047		2046

Plan Assets and Fair Value

The Company’s pension plan target asset allocation and the weighted-average asset allocations as of December 31, 2023 and 2022 by asset category were as follows:


Asset Category	Target		2023		2022
U.S. Plans
Equity securities	30	%	23	%	32	%
Debt securities	70	%	70	%	60	%
Other	—	%	7	%	8	%
Total	100	%	100	%	100	%

Foreign Plans
Equity securities	15	%	15	%	8	%
Debt securities	60	%	63	%	79	%
Other	25	%	22	%	13	%
Total	100	%	100	%	100	%

As of December 31, 2023 and 2022, “Other” consisted principally of cash and cash equivalents, and investments in real estate funds.

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 fair value hierarchy, where applicable (refer to Note 1, Basis of Presentation and Significant Accounting Policies, for a definition of the levels of the fair value hierarchy):

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and money market funds and are classified as Level 1 investments.

Commingled Funds

Investments in the U.S. pooled separate accounts consist primarily of mutual funds, each of which follows a separate investment strategy, and are valued based on the reported unit value at year end. Foreign pension plan commingled funds represent pooled institutional investments, including primarily collective investment trusts. These commingled funds are not available on an exchange or in an active market and these investments are valued using their net asset value (“NAV”), which is generally based on the underlying asset values of the investments held in the trusts. As of December 31, 2023, the foreign pension plan commingled funds included approximately 35 percent of investments in equity securities, 50 percent of investments in fixed income securities, and 14 percent of other non-related investments, primarily real estate. As of December 31, 2022, the foreign pension plan commingled funds included approximately 34 percent of investments in equity securities, 50 percent of investments in fixed income securities, and 16 percent of other non-related investments, primarily real estate.

Pooled Separate Accounts

Investments in the U.S. pension plan pooled separate accounts consist of annuity contracts and are valued based on the reported unit value at year end. Units of the pooled separate account are not traded on an exchange or in an active market; however, valuation is based on the underlying investments of each pooled separate account and are classified as Level 2 investments. As of December 31, 2023, the U.S. pension plan pooled separate accounts included approximately 25 percent of investments in equity securities and 75 percent of investments in fixed income securities.

Fixed Income Government Securities

Investments in foreign pension plans fixed income government securities were valued using third party pricing services which are based on a combination of quoted market prices on an exchange in an active market as well as proprietary pricing models and inputs using observable market data and are classified as Level 2 investments.

Insurance Contract

The Company’s foreign pension plans invest in two separate insurance contracts. Investments in the first foreign pension plan insurance contract are valued at the highest value available for the Company at year end, either the reported cash surrender value of the contract or the vested benefit obligation. Both the cash surrender value and the vested benefit obligation are determined based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of the future cash flows of the contract and benefit obligations.

During 2023, one of the Company’s foreign pension plans invested in an insurance contract that is valued at the value available for the Company at year end (i.e. the vested benefit obligation). The vested benefit obligation is determined based on unobservable inputs, which are actuarially determined, regarding returns, the present value of the future cash flows of the contract and benefit obligations. Both this contract and the contract described above are classified as Level 3 investments.

Diversified Equity Securities - Registered Investment Companies

Investments in the foreign pension plans diversified equity securities of registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available on an exchange or in an active market; however, the fair value is determined based on the underlying investments in the fund as traded on an exchange in an active market and are classified as Level 2 investments.

Fixed Income – Foreign Registered Investment Companies

Investments in the foreign pension plans fixed income securities of foreign registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available on an exchange or in an active market; however, the fair value is determined based on the underlying investments in the fund as traded on an exchange in an active market and are classified as Level 2 investments.

Diversified Investment Fund - Registered Investment Companies

Investments in the foreign pension plan diversified investment fund of registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. This fund is not available on an exchange or in an active market and this investment is valued using its NAV, which is generally based on the underlying asset values of the investments held. There were no such investments as of December 31, 2023 and 2022.

Other – Alternative Investments

Investments in the foreign pension plans include certain other alternative investments such as inflation and interest rate swaps. These investments are valued based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of future cash flows of the contract and benefit obligations. These alternative investments are classified as Level 3 investments.

Real Estate

The U.S. and foreign pension plans’ investment in real estate consists of investments in property funds. The funds’ underlying investments consist of real property which are valued using unobservable inputs. These property funds are classified as Level 3 investments.

As of December 31, 2023 and 2022, the U.S. and foreign plans’ investments measured at fair value on a recurring basis were as follows:


			Fair Value Measurements at December 31, 2023
	Total Fair Value		Using Fair Value Hierarchy
U.S. Pension Assets			Level 1		Level 2		Level 3
Pooled separate accounts	$	56,820	$	—	$	56,820	$	—
Real estate	4,147		—		—		4,147
Subtotal U.S. pension plan assets in fair value hierarchy	$	60,967	$	—	$	56,820	$	4,147
Total U.S. pension plan assets	$	60,967

Foreign Pension Assets
Cash and cash equivalents	$	1,582	$	1,582	$	—	$	—
Insurance contract	118,393		—		—		118,393
Diversified equity securities - registered investment companies	1,892		—		1,892		—
Fixed income – foreign registered investment companies	9,676		—		9,676		—
Real estate	1,771		—		—		1,771
Subtotal foreign pension assets in fair value hierarchy	$	133,314	$	1,582	$	11,568	$	120,164
Commingled funds measured at NAV	2,073
Total foreign pension assets	$	135,387

Total pension assets in fair value hierarchy	$	194,281	$	1,582	$	68,388	$	124,311
Total pension assets measured at NAV	2,073
Total pension assets	$	196,354


			Fair Value Measurements at December 31, 2022
	Total Fair Value		Using Fair Value Hierarchy
U.S. Pension Assets			Level 1		Level 2		Level 3
Pooled separate accounts	$	54,596	$	—	$	54,596	$	—
Real estate	4,995		—		—		4,995
Subtotal U.S. pension plan assets in fair value hierarchy	$	59,591	$	—	$	54,596	$	4,995
Total U.S. pension plan assets	$	59,591

Foreign Pension Assets
Cash and cash equivalents	$	4,923	$	4,923	$	—	$	—
Insurance contract	59,963		—		—		59,963
Diversified equity securities - registered investment companies	5,211		—		5,211		—
Fixed income – foreign registered investment companies	54,098		—		54,098		—

Real estate	3,907		—		—		3,907

Subtotal foreign pension assets in fair value hierarchy	$	128,102	$	4,923	$	59,309	$	63,870
Commingled funds measured at NAV	1,842
Total foreign pension assets	$	129,944

Total pension assets in fair value hierarchy	$	187,693	$	4,923	$	113,905	$	68,865
Total pension assets measured at NAV	1,842
Total pension assets	$	189,535

During the third quarter of 2023, one of the Company’s pension plans in the U.K. liquidated approximately $50 million of its invested assets and subsequently funded and entered into an insurance annuity contract, which will provide for the pension plan’s defined benefit obligations to participants.

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 for these investments in the preceding 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.

Changes in the fair value of the plans’ Level 3 investments during the years ended December 31, 2023 and 2022 were as follows:


	Insurance Contract		Real Estate		Alternative Investments		Total
Balance as of December 31, 2021	$	99,527	$	11,547	$	6,979	$	118,053
Purchases	(1,136)		(122)		(6,979)		(8,237)

Unrealized losses	(32,305)		(1,842)		—		(34,147)
Currency translation adjustment	(6,123)		(681)		—		(6,804)
Balance as of December 31, 2022	59,963		8,902		—		68,865
Purchases	47,640		(303)		—		47,337
Unrealized gains (losses)	7,621		(2,867)		—		4,754
Currency translation adjustment	3,169		186		—		3,355
Balance as of December 31, 2023	$	118,393	$	5,918	$	—	$	124,311

The Company contributes to a multiemployer defined benefit pension plan under terms of a collective bargaining union contract (the Cleveland Bakers and Teamsters Pension Fund, Employer Identification Number: 34-0904419-001). The expiration date of the collective bargaining contract is May 1, 2025. As of January 1, 2022, the last valuation date available for the multiemployer plan, total plan liabilities were approximately $576 million. As of December 31, 2022, the multiemployer pension plan had total plan assets of approximately $340 million. The Company’s contribution rate to the multiemployer pension plan is specified in the collective bargaining union contract and contributions are made to the plan based on its union employee payroll. The Company contributed $0.1 million during the year ended December 31, 2023. The Employee Retirement Income Security Act of 1974, as amended by the Multi-Employer Pension Plan Amendments Act of 1980, imposes certain contingent liabilities upon an employer who is a contributor to a multiemployer pension plan if the employer withdraws from the plan or the plan is terminated or experiences a mass withdrawal. While the Company may also have additional liabilities imposed by law as a result of its participation in the multiemployer defined benefit pension plan, there is no liability as of December 31, 2023.

The Pension Protection Act of 2006 (the “PPA”) also added special funding and operational rules generally applicable to plan years beginning after 2007 for multiemployer plans with certain classifications based on a multitude of factors (including, for example, the plan’s funded percentage, cash flow position and whether the plan is projected to experience a minimum funding deficiency). The plan to which the Company contributes is in “critical” status. Plans in the “critical” status classification must adopt measures to improve their funded status through a funding improvement or rehabilitation plan which may require additional contributions from employers (which may take the form of a surcharge on benefit contributions) and/or modifications to retiree benefits. The amount of additional funds that the Company may be obligated to contribute to the plan in the future cannot be estimated as such amounts will be likely based on future levels of work that require the specific use of those union employees covered by the plan, and the amount of that future work and the number of affected employees that may be needed is not reasonably estimable.

Cash Flows

Contributions

The Company expects to make cash contributions of approximately $5.7 million to its pension plans (approximately $3.3 million U.S. and $2.4 million Foreign) and approximately $0.2 million to its other postretirement benefit plan in 2024.

Estimated Future Benefit Payments

Excluding any impact related to the PPA noted above, the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:


	Pension Benefits						Other Post- Retirement Benefits
	Foreign		U.S.		Total
2024	$	6,235	$	7,657	$	13,892	$	178
2025	6,640		6,805		13,445		168
2026	7,403		6,793		14,196		160
2027	7,127		6,154		13,281		139
2028	7,328		6,085		13,413		130
2029 to 2033	45,090		28,648		73,738		517

The Company maintains a plan under which supplemental retirement benefits are provided to certain officers. Benefits payable under the plan are based on a combination of years of service and existing postretirement benefits. Included in total pension costs are charges of $0.6 million, $0.7 million and $3.0 million for the years ended December 31, 2023, 2022 and 2021, respectively, representing the annual accrued benefits under this plan.

Defined Contribution Plan

The Company sponsors various defined contribution plans in both its U.S. and non-U.S. subsidiaries, under which eligible participants may defer a portion of their compensation up to the allowable amount as determined by the plan. All contributions and Company matches are invested at the direction of the participant. The most significant plan is the Company's primary U.S. 401(k) plan with an employer match covering a majority of its U.S. employees. Beginning in April 2020 and continuing through March 2021, the Company matched both non-elective and elective 401(k) contributions in fully vested shared of the Company’s common stock rather than cash. See Note 8 for additional information. Total Company contributions under this U.S. 401(k) plan were $6.1 million, $7.2 million and $4.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	$ 14,981	$ 15,171	$ 14,061
Short-term lease expense	760	816	861
Operating cash flows from operating leases	16,020	19,215	13,859
Leased right-of-use assets obtained in exchange for new operating lease liabilities	$ 10,044	$ 23,356	$ 11,142

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss) attributable to Quaker Chemical Corporation	$ 112,748	$ (15,931)	$ 121,369

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Restructuring and Related Activities - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) position	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Restructuring and Related Activities [Abstract]
Number of positions eliminated \| position	120
Gain (loss) on disposition of other assets		$ 1.4	$ 0.2	$ 5.4
Real estate held-for-sale	$ 1.6	$ 1.6

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment, Gross [Abstract]
Land	$ 26,110	$ 29,010
Building and improvements	147,135	138,759
Machinery and equipment	263,999	240,097
Construction in progress	16,175	20,324
Property, plant and equipment, at cost	453,419	428,190
Less: accumulated depreciation	(245,608)	(229,595)
Total property, plant and equipment, net	$ 207,811	$ 198,595

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,009,067	$ 997,740
Accumulated Amortization	305,527	243,957
Net Book Value	703,540	753,783
Customer lists and rights to sell
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	841,562	831,600
Accumulated Amortization	243,872	191,286
Net Book Value	597,690	640,314
Trademarks, formulations and product technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	161,613	158,564
Accumulated Amortization	55,879	46,281
Net Book Value	105,734	112,283
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,892	7,576
Accumulated Amortization	5,776	6,390
Net Book Value	$ 116	$ 1,186

Other (Expense) Income, net

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other (Expense) Income, net

Other (expense) income, net for the years ended December 31, 2023, 2022 and 2021 are as follows:


	2023		2022		2021
Income from third party license fees	$	1,210	$	1,268	$	1,367
Foreign exchange losses, net	(14,785)		(9,399)		(3,821)
Gain on disposals of property, plant, equipment and other assets, net	1,307		168		4,695
Non-income tax refunds and other related credits (expense)	1,339		(1,613)		15,155
Pension and postretirement benefit (costs) income, non-service components	(2,033)		1,704		759

Loss on extinguishment of debt	—		(6,763)		—
Facility remediation recoveries, net	2,141		1,804		—
Other non-operating income, net	149		224		696
Total other (expense) income, net	$	(10,672)	$	(12,607)	$	18,851

Foreign exchange losses, net, during the years ended December 31, 2023, 2022 and 2021, include foreign currency transaction losses of approximately $7.8 million, $1.6 million and $0.6 million, respectively, related to hyper-inflationary accounting. See Note 1 for additional information.

Gain on disposals of property, plant, equipment and other assets, net, includes losses related to certain fixed asset disposals resulting from the property damage caused by flooding of the Company’s Conshohocken, Pennsylvania headquarters in 2021, described in Note 25 of Notes to Consolidated Financial Statements. This caption also includes gains in 2023, 2022 and 2021 on the sale of certain held-for-sale real property assets, described in Note 7 of Notes to Consolidated Financial Statements.

Non-income tax refunds and other related credits (expense) during the year ended December 31, 2023 and 2022 includes adjustments to a Combination-related indemnification asset associated with the settlement of certain income tax audits at certain of the Company’s Italian and German affiliates for tax periods prior to August 1, 2019, whereas during the year ended December 31, 2021, this includes certain non-income tax credits for the Company’s Brazilian subsidiaries described in Note 25 of Notes to Consolidated Financial Statements.

Loss on extinguishment of debt during the year ended December 31, 2022 includes the write-off of certain previously unamortized deferred financing costs as well as a portion of the third party and creditor debt issuance costs incurred to execute an amendment to the Company’s primary credit facility. See Note 19 for additional information.

Facility remediation recoveries, net for the years ended December 31, 2023 and 2022 reflects payments received from insurers related to the property damage incurred during 2021, noted above. See Notes 18 and 25 for additional information.

Other Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Liabilities, Current [Abstract]

Other Accrued Liabilities

Other accrued liabilities as of December 31, 2023 and 2022 were as follows:


	2023		2022
Non-income taxes	$	27,295	$	25,525
Short-term lease liabilities (See Note 6)	11,965		12,024
Selling expenses and freight accruals	7,789		9,822
Current income taxes payable (See Note 10)	14,835		12,966
Professional fees, legal, and acquisition-related accruals	5,577		5,415
Accrued interest (See Note 19)	2,630		2,749
Customer advances and sales return reserves	2,454		6,585
Accrued insurance	2,295		1,305
Accrued environmental reserves (See Note 25)	1,187		654
Accrued rent and facilities	1,104		972
Accrued non-pension benefits	581		1,812
Interest rate swap (See Note 24)	159		—
Other	12,444		7,044
Total other accrued liabilities	$	90,315	$	86,873

Goodwill and Other Intangible Assets - Future Amortization (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
For the year ended December 31, 2024	$ 57,839
For the year ended December 31, 2025	57,150
For the year ended December 31, 2026	56,854
For the year ended December 31, 2027	56,513
For the year ended December 31, 2028	$ 56,047

Share-Based Compensation - Options Grants (LTIP and PSUs Plans) (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
July 2022 Grant
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Number of stock options granted (in shares)		4,837
Dividend yield		0.79%
Expected volatility		40.47%
Risk-free interest rate		2.87%
Expected term (years)		4 years
March 2022 Grant
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Number of stock options granted (in shares)		27,077
Dividend yield		0.80%
Expected volatility		38.60%
Risk-free interest rate		2.07%
Expected term (years)		4 years
March 2021 Grant
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Number of stock options granted (in shares)			25,250
Dividend yield			0.85%
Expected volatility			37.33%
Risk-free interest rate			0.60%
Expected term (years)			4 years
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Granted (in shares)	16,984	18,462	12,103
Dividend yield	0.96%	0.93%	0.64%
Risk-free interest rate	3.85%	2.11%	0.29%
Expected term (years)	3 years	3 years	3 years
Performance stock units \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Granted (in shares)			3,775
Dividend yield			0.72%
Risk-free interest rate			0.65%
Expected term (years)			3 years

Debt - Debt related expenses included within Interest expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt related expenses included within Interest expense:
Interest expense	$ 53,582	$ 33,691	$ 19,089
Amortization of debt issuance costs	1,413	2,942	4,749
Total	$ 54,995	$ 36,633	$ 23,838

Basis of Presentation and Significant Accounting Policies - Income taxes and uncertain tax positions (Details)	Dec. 31, 2023
Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	24 years

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment as of December 31, 2023 and 2022 were as follows:


	2023		2022
Land	$	26,110	$	29,010
Building and improvements	147,135		138,759
Machinery and equipment	263,999		240,097
Construction in progress	16,175		20,324
Property, plant and equipment, at cost	453,419		428,190
Less: accumulated depreciation	(245,608)		(229,595)
Total property, plant and equipment, net	$	207,811	$	198,595

As of December 31, 2023, PP&E includes $0.6 million of finance lease assets and future minimum lease payments. Property with an aggregate book value of approximately $1.6 million is held-for-sale as of December 31, 2023 and is recorded in Prepaid expenses and other current assets on the Company’s Consolidated Balance Sheets. See Note 7 for additional information.

Leases - Narrative (Details) - USD ($)	12 Months Ended
Leases - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Variable lease, cost	$ 0	$ 0	$ 0
Sublease income	$ 0	$ 0	$ 0
Facilities Vehicles and Machinery and Equipment \| Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	11 years
Land \| Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	92 years

Pension and Other Postretirement Benefits - Information About Accumulated and Projected Benefit Obligations In Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	$ 154,465	$ 85,069
Fair value of plan assets	130,386	61,433
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	172,796	150,404
Fair value of plan assets	142,474	121,396
Foreign
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	75,402	5,983
Fair value of plan assets	69,419	1,842
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	93,733	71,318
Fair value of plan assets	81,507	61,805
U.S.
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	79,063	79,086
Fair value of plan assets	60,967	59,591
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	79,063	79,086
Fair value of plan assets	$ 60,967	$ 59,591

Restructuring and Related Activities

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities

The Company approved a global restructuring plan (the “QH Program”) as part of its initial plan to realize certain cost synergies associated with the Combination in the third quarter of 2019. The Company completed all of the initiatives and paid all remaining severance related to the QH Program as of the year ended December 31, 2023.

In 2022, the Company initiated a global cost and optimization program to improve its cost structure and drive a more profitable and productive organization. This program includes certain restructuring activities to further simplify, optimize and strengthen the Company’s footprint, go-to-market strategy, portfolio and organization. As of December 31, 2023, the program included restructuring and associated severance costs to reduce headcount by approximately 120 positions globally. These headcount reductions began in the fourth quarter of 2022 and are expected to be completed in 2024.

Under the Company’s restructuring programs, employee separation benefits varied depending on local regulations within certain foreign countries and included severance and other benefits. The exact timing to complete all actions and final costs associated will depend on a number of factors and are subject to change. Restructuring costs incurred during the years ended December 31, 2023, 2022 and 2021 include severance costs to reduce headcount, including customary and routine adjustments to initial estimates for employee separation costs, as well as costs to close certain facilities and are recorded in Restructuring and related charges in the Company’s Consolidated Statements of Operations.

Activity in the Company’s accrual for its restructuring programs for the years ended December 31, 2023 and 2022 are as follows:



Accrued restructuring as of December 31, 2021	$	4,087
Restructuring and related charges	3,163
Cash payments	(1,532)
Currency translation adjustments	(235)
Accrued restructuring as of December 31, 2022	5,483
Restructuring and related charges	7,588
Cash payments	(9,786)
Currency translation adjustments	65
Accrued restructuring as of December 31, 2023	$	3,350

In connection with the plans for closure of certain manufacturing and non-manufacturing facilities, the Company made available for sale certain facilities and property. During the years ended December 31, 2023, 2022 and 2021, certain of these facilities were sold and the Company recognized a gain of $1.4 million, $0.2 million and $5.4 million, respectively, which is included within Other (expense) income, net on the Consolidated Statements of Operations. Additionally, certain properties with an aggregate book value of approximately $1.6 million continue to be held-for-sale as of December 31, 2023 and are recorded in Prepaid expenses and other current assets on the Company’s Consolidated Balance Sheets. The Company expects to complete the sale of these properties in 2024. The Company will continue to evaluate its existing facilities and footprint, which may include making certain other facilities or property available for sale in the future. As described in Note 4, Restructuring and related charges are not included in the Company’s reportable segments’ measure of operating earnings.

Taxes on Income - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Examination [Line Items]
Transition tax	$ 15,500
Foreign earnings liability, installments paid	8,500
Foreign earnings liability, remaining installments	7,000
Deferred tax liabilities	136,220	$ 149,076
Undistributed earnings	379,200
Deferred tax assets, state net operating losses	7,300
Deferred tax assets, state net operating losses based on reversal of deferred tax liabilities	1,900
Partial valuation allowance against state net operating losses	5,400
Additional valuation allowance for state deferred tax assets	900
Deferred tax assets, foreign net operating loss carryforwards	15,600
Deferred tax assets, foreign net operating loss carryforwards, partial valuation	2,400
Deferred tax assets, foreign net operating loss carryforwards	13,200
Additional valuation allowance for other foreign deferred tax assets	$ 3,000
Foreign tax credits carryforward period	10 years
Deferred tax assets, foreign tax credit carryforward expected to expire	$ 13,000	5,200
Operating loss carryforward, valuation allowance	12,500	1,300
Unrecognized tax benefits	15,659	16,340	$ 22,464	$ 22,152
Accrued penalties	1,100	1,300
Accrued interest	2,900	2,700
Unrecognized tax benefit, penalties expense	400	1,700	500
Unrecognized tax benefit, interest expense	100	300	300
Decrease in unrecognized tax benefits is reasonably possible	2,700
Unrecognized tax benefits if recognized	$ 10,100	$ 10,200	$ 15,200
Expiration In Year Five
Income Tax Examination [Line Items]
State net operating losses carryforward period	5 years
Expiration In Twenty Years
Income Tax Examination [Line Items]
State net operating losses carryforward period	20 years
Foreign Tax Authority
Income Tax Examination [Line Items]
Deferred tax liabilities	$ 8,200

Restructuring and Related Activities (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

Activity in the Company’s accrual for its restructuring programs for the years ended December 31, 2023 and 2022 are as follows:



Accrued restructuring as of December 31, 2021	$	4,087
Restructuring and related charges	3,163
Cash payments	(1,532)
Currency translation adjustments	(235)
Accrued restructuring as of December 31, 2022	5,483
Restructuring and related charges	7,588
Cash payments	(9,786)
Currency translation adjustments	65
Accrued restructuring as of December 31, 2023	$	3,350

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	17,991,988	17,950,264
Common stock, shares outstanding (in shares)	17,991,988	17,950,264

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 194,527	$ 180,963
Accounts receivable, net	444,950	472,888
Inventories, net	233,857	284,848
Prepaid expenses and other current assets	54,555	55,438
Total current assets	927,889	994,137
Property, plant and equipment, net	207,811	198,595
Right of use lease assets	38,614	43,766
Goodwill	512,518	515,008
Other intangible assets, net	896,721	942,925
Investments in associated companies	101,151	88,234
Deferred tax assets	10,737	11,218
Other non-current assets	18,770	27,739
Total assets	2,714,211	2,821,622
Current liabilities
Short-term borrowings and current portion of long-term debt	23,444	19,245
Accounts payable	184,813	193,983
Dividends payable	8,186	7,808
Accrued compensation	55,194	39,834
Accrued restructuring	3,350	5,483
Accrued pension and postretirement benefits	2,208	1,560
Other accrued liabilities	90,315	86,873
Total current liabilities	367,510	354,786
Long-term debt	730,623	933,561
Long-term lease liabilities	22,937	26,967
Deferred tax liabilities	146,957	160,294
Non-current accrued pension and postretirement benefits	29,457	28,765
Other non-current liabilities	31,805	38,664
Total liabilities	1,329,289	1,543,037
Commitments and contingencies (Note 25)
Equity
Common stock, $1 par value; authorized 30,000,000 shares; issued and outstanding 2023 – 17,991,988 shares; 2022 – 17,950,264 shares	17,992	17,950
Capital in excess of par value	940,101	928,288
Retained earnings	550,641	469,920
Accumulated other comprehensive loss	(124,415)	(138,240)
Total Quaker shareholders’ equity	1,384,319	1,277,918
Noncontrolling interest	603	667
Total equity	1,384,922	1,278,585
Total liabilities and equity	$ 2,714,211	$ 2,821,622

Equity and Accumulated Other Comprehensive Loss - AOCI Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (138,240)	$ (63,990)	$ (26,598)
Other comprehensive income (loss) before reclassifications	12,623	(74,805)	(32,661)
Amounts reclassified from AOCI	83	2,746	(1,738)
Related tax amounts	1,119	(2,191)	(2,993)
Ending balance	(124,415)	(138,240)	(63,990)
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(132,161)	(49,843)	(2,875)
Other comprehensive income (loss) before reclassifications	16,744	(82,318)	(46,968)
Amounts reclassified from AOCI	0	0	0
Related tax amounts	0	0	0
Ending balance	(115,417)	(132,161)	(49,843)
Defined Benefit Pension Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(4,595)	(13,172)	(23,467)
Other comprehensive income (loss) before reclassifications	(7,702)	10,789	11,948
Amounts reclassified from AOCI	(464)	479	1,459
Related tax amounts	2,023	(2,691)	(3,112)
Ending balance	(10,738)	(4,595)	(13,172)
Unrealized Gain (Loss) in Available-for- Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,484)	397	3,342
Other comprehensive income (loss) before reclassifications	1,753	(3,276)	(531)
Amounts reclassified from AOCI	547	895	(3,197)
Related tax amounts	(483)	500	783
Ending balance	333	(1,484)	397
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	(1,372)	(3,598)
Other comprehensive income (loss) before reclassifications	1,828	0	2,890
Amounts reclassified from AOCI	0	1,372	0
Related tax amounts	(421)	0	(664)
Ending balance	$ 1,407	$ 0	$ (1,372)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Debt as of December 31, 2023 and 2022 includes the following:


	As of December 31, 2023			As of December 31, 2022
	Interest Rate	Outstanding Balance		Interest Rate	Outstanding Balance
Credit Facilities:
Revolver	5.13%	30,904		5.17%	195,673
U.S. Term Loan	6.71%	561,250		5.70%	596,250
EURO Term Loan	5.13%	152,366		1.50%	151,572
Industrial development bonds	5.26%	10,000		5.26%	10,000
Bank lines of credit and other debt obligations	Various	1,092		Various	1,303
Total debt		$	755,612		$	954,798
Less: debt issuance costs		(1,545)			(1,992)
Less: short-term and current portion of long-term debts		(23,444)			(19,245)
Total long-term debt		$	730,623		$	933,561

Schedule of Interest Income and Interest Expense Disclosure

The Company incurred the following debt related expenses included within Interest expense, net, in the Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021:



	2023		2022		2021
Interest expense	$	53,582	$	33,691	$	19,089
Amortization of debt issuance costs	1,413		2,942		4,749
Total	$	54,995	$	36,633	$	23,838

Schedule of Maturities of Long-term Debt

As of December 31, 2023, annual principal maturities on long-term borrowings, including the current portion, are as follows:


For the year ended December 31, 2024	$	23,250
For the year ended December 31, 2025	36,955
For the year ended December 31, 2026	36,914
For the year ended December 31, 2027	647,899
For the year ended December 31, 2028	10,028
Total maturities on debt in the next five fiscal years	755,046

Commitments and Contingencies - Narrative (Details) $ in Thousands, R$ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 BRL (R$)
Other Commitments [Line Items]
Gain on insurance recoveries	$ 2,141	$ 1,804	$ 0
Houghton environmental matters
Other Commitments [Line Items]
Loss contingency, estimate of possible loss	5,100	5,300
Asbestos claims
Other Commitments [Line Items]
Loss contingency accrual	200	300
Brazilian Indirect Taxes
Other Commitments [Line Items]
Litigation settlement			$ 13,300	R$ 67.0
Insurance Claims
Other Commitments [Line Items]
Proceeds from insurance receivable	7,200
Insurance settlements	2,000
Gain on insurance recoveries	2,100	$ 1,800
Minimum \| ACP
Other Commitments [Line Items]
Loss contingency, estimate of possible loss	100
Minimum \| Houghton environmental matters
Other Commitments [Line Items]
Loss contingency, estimate of possible loss	5,000
Maximum \| ACP
Other Commitments [Line Items]
Loss contingency, estimate of possible loss	1,000
Maximum \| Houghton environmental matters
Other Commitments [Line Items]
Loss contingency, estimate of possible loss	$ 6,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales	$ 1,953,313	$ 1,943,585	$ 1,761,158
Cost of goods sold (excluding amortization expense - See Note 15)	1,247,669	1,330,931	1,166,518
Gross profit	705,644	612,654	594,640
Selling, general and administrative expenses	483,561	455,408	418,856
Impairment charges	0	93,000	0
Restructuring and related charges, net	7,588	3,163	1,433
Combination, integration and other acquisition-related expenses	0	8,779	23,885
Operating income	214,495	52,304	150,466
Other (expense) income, net	(10,672)	(12,607)	18,851
Interest expense, net	(50,699)	(32,579)	(22,326)
Income before taxes and equity in net income of associated companies	153,124	7,118	146,991
Taxes on income before equity in net income of associated companies	55,585	24,925	34,939
Income (loss) before equity in net income of associated companies	97,539	(17,807)	112,052
Equity in net income of associated companies	15,333	1,965	9,379
Net income (loss)	112,872	(15,842)	121,431
Less: Net income attributable to noncontrolling interest	124	89	62
Net income (loss) attributable to Quaker Chemical Corporation	$ 112,748	$ (15,931)	$ 121,369
Per share data:
Net income (loss) attributable to Quaker Chemical Corporation common shareholders – basic (in dollars per share)	$ 6.27	$ (0.89)	$ 6.79
Net income (loss) attributable to Quaker Chemical Corporation common shareholders – diluted (in dollars per share)	$ 6.26	$ (0.89)	$ 6.77

Business Segments

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segments

The Company’s operating segments, which are consistent with its reportable segments, reflect the structure of the Company’s internal organization, the method by which the Company’s resources are allocated and the manner by which the chief operating decision maker assesses the Company’s performance. During the first quarter of 2023, the Company reorganized certain of its executive management team to align with its new business structure, which reflects the method by which the Company currently assesses its performance and allocates its resources. The Company has three reportable segments: (i) Americas; (ii) EMEA; and (iii) Asia/Pacific. The three segments are composed of the net sales and operations in each respective region. The three geographic segments are composed of the net sales and operations in each respective region, including net sales and operations formerly included in the Global Specialty Businesses segment. Prior period information has been recast to reflect the Company’s new reportable segments. However, the Company did not recast the carrying amount of goodwill for the years ended December 31, 2022 and 2021. See Notes 1, 4, 5, and 15 for additional information.

Segment operating earnings for each of the Company’s reportable segments are comprised of the segment’s net sales less directly related COGS and SG&A. Operating expenses not directly attributable to the net sales of each respective segment, such as certain corporate and administrative costs, Combination, integration and other acquisition-related expenses, and Restructuring and related charges, are not included in segment operating earnings. Other items not specifically identified with the Company’s reportable segments include Interest expense, net and Other (expense) income, net.

The following tables present information about the performance of the Company’s reportable segments for the years ended December 31, 2023, 2022 and 2021.


Net sales	2023		2022		2021
Americas	$	977,095	$	946,516	$	762,211
EMEA	571,347		562,508		564,128
Asia/Pacific	404,871		434,561		434,819
Total net sales	$	1,953,313	$	1,943,585	$	1,761,158


	2023		2022		2021
Segment operating earnings
Americas	$	266,036	$	223,629	$	176,253
EMEA	104,811		76,364		110,981
Asia/Pacific	118,458		105,842		109,233
Total segment operating earnings	489,305		405,835		396,467
Combination, integration and other acquisition-related expenses	—		(8,779)		(23,885)
Restructuring and related charges, net	(7,588)		(3,163)		(1,433)
Fair value step up of acquired inventory sold	—		—		(801)
Impairment charges	—		(93,000)		—
Non-operating and administrative expenses	(206,398)		(187,841)		(157,309)
Depreciation of corporate assets and amortization	(60,824)		(60,748)		(62,573)
Operating income	214,495		52,304		150,466
Other (expense) income, net	(10,672)		(12,607)		18,851
Interest expense, net	(50,699)		(32,579)		(22,326)
Income before taxes and equity in net income of associated companies	$	153,124	$	7,118	$	146,991

The following tables present information regarding the Company’s reportable segments’ assets and long-lived assets, excluding goodwill, as of December 31, 2023, 2022 and 2021. Management does not use goodwill by segment to evaluate performance or allocate resources.


Segment assets, excluding goodwill	2023		2022		2021
Americas	$	903,319	$	1,196,906	$	1,160,921
EMEA	703,338		583,861		685,812
Asia/Pacific	595,036		525,847		477,833
Total segment assets	$	2,201,693	$	2,306,614	$	2,324,566


Segment long-lived assets	2023		2022		2021
Americas	$	159,015	$	150,294	$	145,390
EMEA	83,488		87,279		89,637
Asia/Pacific	123,846		120,761		125,365
Total segment long-lived assets	$	366,349	$	358,334	$	360,392

The following tables present information regarding the Company’s reportable segments’ capital expenditures and depreciation for identifiable assets for the years ended December 31, 2023, 2022 and 2021:


Capital expenditures	2023		2022		2021
Americas	$	25,650	$	19,121	$	11,716
EMEA	7,561		6,065		7,428
Asia/Pacific	5,589		3,353		2,313
Total segment capital expenditures	$	38,800	$	28,539	$	21,457


Depreciation	2023		2022		2021
Americas	$	12,298	$	11,723	$	13,599
EMEA	7,321		6,608		8,294
Asia/Pacific	4,214		4,593		4,756
Total segment depreciation	$	23,833	$	22,924	$	26,649

The following table summarizes net sales and long-lived assets, respectively, attributable to non-U.S. domiciled operations for the years ended December 31, 2023, 2022 and 2021:


Non-U.S. operations	2023		2022		2021
Total net sales	$	1,234,571	$	1,246,700	$	1,198,377
Long-lived assets	148,515		156,374		155,208

All inter-segment transactions have been eliminated from each reportable segment’s net sales and earnings for all periods presented in the above tables. The following table summarizes inter-segment revenues for the years ended December 31, 2023, 2022 and 2021:


Inter-segment revenues	2023		2022		2021
Americas	$	9,005	$	11,552	$	13,307
EMEA	24,865		44,605		40,396
Asia/Pacific	2,651		957		1,951

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Accounts Receivable and Allowance for Credit Losses

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Accounts Receivable and Allowance for Credit Losses

As of December 31, 2023 and 2022, the Company had gross trade accounts receivable totaling $458.3 million and $486.4 million, respectively. The following are changes in the allowance for credit losses during the years ended December 31, 2023, 2022 and 2021:


	Balance at Beginning of Period		Changes to Costs and Expenses		Write-Offs Charged to Allowance		Exchange Rate Changes and Other Adjustments		Balance at End of Period
Year ended December 31, 2023	$	13,527	$	1,327	$	(961)	$	(591)	$	13,302
Year ended December 31, 2022	$	12,334	$	4,319	$	(2,441)	$	(685)	$	13,527
Year ended December 31, 2021	$	13,145	$	653	$	(946)	$	(518)	$	12,334

Basis of Presentation and Significant Accounting Policies - Capitalized software (Details) - Software Development - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Capitalized computer software, net	$ 4.5	$ 3.5
Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years

Debt - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Unused borrowing capacity			$ 35,000
Letters of credit outstanding amount			5,000
Capitalized debt issuance costs			23,700
Loss on extinguishment of debt			0	$ (6,763)	$ 0
Interest rate swaps
Debt Instrument [Line Items]
Derivative liability, notional amount		$ 300,000
Derivative, term of contract		3 years
Other Assets
Debt Instrument [Line Items]
Debt issuance costs			$ 3,300
Minimum
Debt Instrument [Line Items]
Commitment fee percentage			0.20%
Maximum
Debt Instrument [Line Items]
Commitment fee percentage			0.30%
EURO Term Loan
Debt Instrument [Line Items]
Credit facilities	$ 150,000
Debt issuance costs	700
U.S. Term Loan
Debt Instrument [Line Items]
Credit facilities	600,000
Debt issuance costs	700
Revolver
Debt Instrument [Line Items]
Credit facilities	$ 500,000
Credit facility as percentage of consolidated EBITDA	100.00%
Debt issuance costs			$ 1,500
Revolver \| Other Assets
Debt Instrument [Line Items]
Debt issuance costs	$ 1,500
Amended Credit Facility
Debt Instrument [Line Items]
Maximum increase in borrowing capacity	$ 300,000
Interest rate adjustment	0.10%
Maximum amount of dividends and share purchases under covenant	$ 75,000
Percentage of dividends and share repurchase of consolidated adjusted EBITDA	25.00%
Long-term debt, term	5 years
Debt issuance costs	$ 2,200
Loss on extinguishment of debt	$ 6,800
Amended Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage			0.15%
Amended Credit Facility \| Minimum \| Term SOFR loans
Debt Instrument [Line Items]
Variable interest rate	1.00%
Amended Credit Facility \| Minimum \| Base rate loans rate
Debt Instrument [Line Items]
Variable interest rate	0.00%
Amended Credit Facility \| Minimum \| Alternative currency term rate plus the applicable rate
Debt Instrument [Line Items]
Variable interest rate	1.75%
Amended Credit Facility \| Maximum
Debt Instrument [Line Items]
Consolidated net leverage ratio	2.50
Commitment fee percentage			0.275%
Amended Credit Facility \| Maximum \| Term SOFR loans
Debt Instrument [Line Items]
Variable interest rate	1.75%
Amended Credit Facility \| Maximum \| Base rate loans rate
Debt Instrument [Line Items]
Variable interest rate	0.75%
Amended Credit Facility \| Maximum \| Alternative currency term rate plus the applicable rate
Debt Instrument [Line Items]
Variable interest rate	1.00%
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding amount			$ 3,400
Line of Credit \| Maximum
Debt Instrument [Line Items]
Initial consolidated net debt to consolidated EBITDA ratio	4.00
Original Credit Facility and the Amended Credit Facility
Debt Instrument [Line Items]
Weighted average variable interest rate			6.20%
Previous Credit Facility
Debt Instrument [Line Items]
Weighted average variable interest rate			6.30%
Revolving Credit Facility
Debt Instrument [Line Items]
Capitalized debt issuance costs			$ 8,300
Long-term debt, term			5 years
Revolving Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Unused borrowing capacity			$ 465,700
Domestic Line of Credit
Debt Instrument [Line Items]
Capitalized debt issuance costs			$ 15,500
Derivative liability, notional amount		$ 300,000
Derivative variable interest rate		3.64%
Derivative fixed interest rate			5.30%
Bank lines of credit and other debt obligations
Debt Instrument [Line Items]
Debt issuance costs					8,000
Bank lines of credit and other debt obligations \| Other Assets
Debt Instrument [Line Items]
Debt issuance costs					$ 4,300
Industrial Development Bond Due 2028
Debt Instrument [Line Items]
Industrial development revenue bond			$ 10,000	$ 10,000

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill beginning balance	$ 515,008	$ 631,194
Goodwill additions		2,045
Goodwill impairments		(93,000)
Currency translation and other adjustments	(2,490)	(25,231)
Goodwill ending balance	512,518	515,008
Previously Reported
Goodwill [Roll Forward]
Goodwill beginning balance	515,008
Goodwill ending balance		515,008
Revision of Prior Period, Reclassification, Adjustment
Goodwill [Roll Forward]
Reallocation of reporting units		0
Operating Segments \| Americas
Goodwill [Roll Forward]
Goodwill beginning balance	279,596	214,023
Goodwill additions		1,853
Goodwill impairments		0
Currency translation and other adjustments	3,507	23
Goodwill ending balance	283,103	279,596
Operating Segments \| EMEA
Goodwill [Roll Forward]
Goodwill beginning balance	66,278	135,520
Goodwill additions		251
Goodwill impairments		(93,000)
Currency translation and other adjustments	(338)	(8,204)
Goodwill ending balance	65,940	66,278
Operating Segments \| Asia/Pacific
Goodwill [Roll Forward]
Goodwill beginning balance	169,134	162,458
Goodwill additions		0
Goodwill impairments		0
Currency translation and other adjustments	(5,659)	(12,083)
Goodwill ending balance	163,475	169,134
Operating Segments \| Previously Reported \| Americas
Goodwill [Roll Forward]
Goodwill beginning balance	215,899
Goodwill ending balance		215,899
Operating Segments \| Previously Reported \| EMEA
Goodwill [Roll Forward]
Goodwill beginning balance	34,567
Goodwill ending balance		34,567
Operating Segments \| Previously Reported \| Asia/Pacific
Goodwill [Roll Forward]
Goodwill beginning balance	150,375
Goodwill ending balance		150,375
Operating Segments \| Revision of Prior Period, Reclassification, Adjustment \| Americas
Goodwill [Roll Forward]
Reallocation of reporting units		63,697
Operating Segments \| Revision of Prior Period, Reclassification, Adjustment \| EMEA
Goodwill [Roll Forward]
Reallocation of reporting units		31,711
Operating Segments \| Revision of Prior Period, Reclassification, Adjustment \| Asia/Pacific
Goodwill [Roll Forward]
Reallocation of reporting units		18,759
Global Specialty Businesses \| Operating Segments
Goodwill [Roll Forward]
Goodwill beginning balance	0	119,193
Goodwill additions		(59)
Goodwill impairments		0
Currency translation and other adjustments	0	(4,967)
Goodwill ending balance	0	0
Global Specialty Businesses \| Operating Segments \| Previously Reported
Goodwill [Roll Forward]
Goodwill beginning balance	$ 114,167
Goodwill ending balance		114,167
Global Specialty Businesses \| Operating Segments \| Revision of Prior Period, Reclassification, Adjustment
Goodwill [Roll Forward]
Reallocation of reporting units		$ (114,167)

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-12019
Entity Registrant Name	QUAKER CHEMICAL CORPORATION
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-0993790
Entity Address, Address Line One	901 E. Hector Street
Entity Address, City or Town	Conshohocken
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19428-2380
City Area Code	610
Local Phone Number	832-4000
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	KWR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 2,689,694,842
Entity Common Stock, Shares Outstanding		17,991,778
Documents Incorporated by Reference	Portions of the Registrant’s definitive Proxy Statement relating to the 2024 Annual Meeting of Shareholders are incorporated by reference into Part III.
Entity Central Index Key	0000081362
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Earnings Per Share - Antidilutive Shares (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Antidilutive shares (in shares)	10,621	28,222	4,070

Fair Value Measures - Assets (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company-owned life insurance	$ 2,114
Total	2,114
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company-owned life insurance	0
Total	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company-owned life insurance	2,114
Total	2,114
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company-owned life insurance	0
Total	$ 0

Basis of Presentation and Significant Accounting Policies - Research and development costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Text Block [Abstract]
Research and development costs	$ 50.3	$ 46.0	$ 44.9

Basis of Presentation and Significant Accounting Policies - Derivatives (Details) - Interest rate swaps $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Derivative [Line Items]
Derivative liability, notional amount	$ 300.0
Derivative, term of contract	3 years

- Definition

Nominal or face amount used to calculate payments on the derivative liability.

+ References + Details

Other (Expense) Income, net (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Other (Expense) Income, net

Other (expense) income, net for the years ended December 31, 2023, 2022 and 2021 are as follows:


	2023		2022		2021
Income from third party license fees	$	1,210	$	1,268	$	1,367
Foreign exchange losses, net	(14,785)		(9,399)		(3,821)
Gain on disposals of property, plant, equipment and other assets, net	1,307		168		4,695
Non-income tax refunds and other related credits (expense)	1,339		(1,613)		15,155
Pension and postretirement benefit (costs) income, non-service components	(2,033)		1,704		759

Loss on extinguishment of debt	—		(6,763)		—
Facility remediation recoveries, net	2,141		1,804		—
Other non-operating income, net	149		224		696
Total other (expense) income, net	$	(10,672)	$	(12,607)	$	18,851

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
For the year ended December 31, 2024	$ 13,130
For the year ended December 31, 2025	9,027
For the year ended December 31, 2026	6,840
For the year ended December 31, 2027	3,543
For the year ended December 31, 2028	1,909
For the year ended December 31, 2029 and beyond	5,245
Total lease payments	39,694
Less: imputed interest	(4,792)
Present value of lease liabilities	$ 34,902	$ 38,991

Share-Based Compensation - Restricted Stock Rollforward (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Restricted Stock
Number of Shares
balance at the beginning (in shares) \| shares	79,455
Granted (in shares) \| shares	43,008
Vested (in shares) \| shares	(33,685)
Forfeited (in shares) \| shares	(11,021)
Balance at the ending (in shares) \| shares	77,757
Weighted Average Grant Date Fair Value (per share)
Nonvested awards, beginning balance (in dollars per share) \| $ / shares	$ 171.61
Granted (in dollars per share) \| $ / shares	184.61
Vested (in dollars per share) \| $ / shares	149.26
Forfeited (in dollars per share) \| $ / shares	180.41
Nonvested awards, ending balance (in dollars per share) \| $ / shares	$ 187.24
Restricted Stock Units (RSUs)
Number of Shares
balance at the beginning (in shares) \| shares	18,500
Granted (in shares) \| shares	6,675
Vested (in shares) \| shares	(7,014)
Forfeited (in shares) \| shares	(1,959)
Balance at the ending (in shares) \| shares	16,202
Weighted Average Grant Date Fair Value (per share)
Nonvested awards, beginning balance (in dollars per share) \| $ / shares	$ 171.83
Granted (in dollars per share) \| $ / shares	180.38
Vested (in dollars per share) \| $ / shares	152.17
Forfeited (in dollars per share) \| $ / shares	184.08
Nonvested awards, ending balance (in dollars per share) \| $ / shares	$ 180.14

Other Non-Current Liabilities

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Other Non-Current Liabilities

Other non-current liabilities as of December 31, 2023 and 2022 were as follows:


	2023		2022
Uncertain tax positions, including interest and penalties (See Note 10)	$	19,630	$	20,322
Non-current income taxes payable (See Note 10)	4,695		8,883
Environmental reserves (See Note 25)	3,874		4,342
Deferred and other long-term compensation	2,871		3,132
Acquisition-related earnout liability (See Note 2)	475		1,024

Other	260		961
Total other non-current liabilities	$	31,805	$	38,664

Pension and Other Post Retirement Benefits - Change In Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in benefit obligation
Employee contributions	$ 0	$ 20
Benefits paid	(12,117)	(11,181)
Change in plan assets
Fair value of plan assets at beginning of year	189,535	294,566
Actual return on plan assets	9,114	(80,267)
Employer contributions	4,333	5,861
Employee contributions	0	20
Plan settlements	0	(1,726)
Benefits paid	(12,117)	(11,181)
Plan expenses and premiums paid	0	(66)
Currency translation adjustment	5,489	(17,672)
Fair value of plan assets at end of year	196,354	189,535	$ 294,566
Amounts recognized in the balance sheet consist of:
Non-current assets	3,879	8,639
Current liabilities	(2,208)	(1,560)
Non-current liabilities	(29,457)	(28,765)
Pension Benefits
Change in benefit obligation
Gross benefit obligation at beginning of year	209,640	332,172
Service cost	427	512	1,245
Interest cost	9,932	5,224	4,331
Employee contributions	0	20
Effect of plan amendments	(15)	303
Curtailment (gain) loss	(213)	207
Plan settlements	0	(1,726)
Benefits paid	(12,117)	(11,181)
Plan expenses and premiums paid	0	(66)
Actuarial loss (gain)	9,955	(97,932)
Translation differences and other	6,233	(17,893)
Gross benefit obligation at end of year	223,842	209,640	332,172
Change in plan assets
Employee contributions	0	20
Benefits paid	(12,117)	(11,181)
Net benefit obligation recognized	(27,488)	(20,105)
Amounts recognized in the balance sheet consist of:
Non-current assets	2,834	8,639
Current liabilities	(2,030)	(1,338)
Non-current liabilities	(28,292)	(27,406)
Net benefit obligation recognized	(27,488)	(20,105)
Prior service (cost) credit	(353)	(369)
Accumulated (loss) gain	(16,869)	(7,855)
AOCI	(17,222)	(8,224)
Cumulative employer contributions in excess of or (below) net periodic benefit cost	(10,266)	(11,881)
Other Postretirement Benefits
Change in benefit obligation
Curtailment (gain) loss	0
Foreign
Change in benefit obligation
Employee contributions	0	20
Benefits paid	(6,086)	(5,343)
Change in plan assets
Fair value of plan assets at beginning of year	129,944	216,886
Actual return on plan assets	4,474	(65,396)
Employer contributions	1,566	3,241
Employee contributions	0	20
Plan settlements	0	(1,726)
Benefits paid	(6,086)	(5,343)
Plan expenses and premiums paid	0	(66)
Currency translation adjustment	5,489	(17,672)
Fair value of plan assets at end of year	135,387	129,944	216,886
Foreign \| Pension Benefits
Change in benefit obligation
Gross benefit obligation at beginning of year	130,554	228,752
Service cost	399	465	698
Interest cost	6,083	3,079	2,594
Employee contributions	0	20
Effect of plan amendments	0	303
Curtailment (gain) loss	(213)	207
Plan settlements	0	(1,726)
Benefits paid	(6,086)	(5,343)
Plan expenses and premiums paid	0	(66)
Actuarial loss (gain)	7,809	(77,244)
Translation differences and other	6,233	(17,893)
Gross benefit obligation at end of year	144,779	130,554	228,752
Change in plan assets
Employee contributions	0	20
Benefits paid	(6,086)	(5,343)
Net benefit obligation recognized	(9,392)	(610)
Amounts recognized in the balance sheet consist of:
Non-current assets	2,834	8,639
Current liabilities	(273)	(210)
Non-current liabilities	(11,953)	(9,039)
Net benefit obligation recognized	(9,392)	(610)
Prior service (cost) credit	(353)	(333)
Accumulated (loss) gain	(19,117)	(10,387)
AOCI	(19,470)	(10,720)
Cumulative employer contributions in excess of or (below) net periodic benefit cost	10,078	10,110
U.S.
Change in benefit obligation
Employee contributions	0	0
Benefits paid	(6,031)	(5,838)
Change in plan assets
Fair value of plan assets at beginning of year	59,591	77,680
Actual return on plan assets	4,640	(14,871)
Employer contributions	2,767	2,620
Employee contributions	0	0
Plan settlements	0	0
Benefits paid	(6,031)	(5,838)
Plan expenses and premiums paid	0	0
Currency translation adjustment	0	0
Fair value of plan assets at end of year	60,967	59,591	77,680
U.S. \| Pension Benefits
Change in benefit obligation
Gross benefit obligation at beginning of year	79,086	103,420
Service cost	28	47	547
Interest cost	3,849	2,145	1,737
Employee contributions	0	0
Effect of plan amendments	(15)	0
Curtailment (gain) loss	0	0
Plan settlements	0	0
Benefits paid	(6,031)	(5,838)
Plan expenses and premiums paid	0	0
Actuarial loss (gain)	2,146	(20,688)
Translation differences and other	0	0
Gross benefit obligation at end of year	79,063	79,086	103,420
Change in plan assets
Employee contributions	0	0
Benefits paid	(6,031)	(5,838)
Net benefit obligation recognized	(18,096)	(19,495)
Amounts recognized in the balance sheet consist of:
Non-current assets	0	0
Current liabilities	(1,757)	(1,128)
Non-current liabilities	(16,339)	(18,367)
Net benefit obligation recognized	(18,096)	(19,495)
Prior service (cost) credit	0	(36)
Accumulated (loss) gain	2,248	2,532
AOCI	2,248	2,496
Cumulative employer contributions in excess of or (below) net periodic benefit cost	(20,344)	(21,991)
U.S. \| Other Postretirement Benefits
Change in benefit obligation
Gross benefit obligation at beginning of year	1,606	2,010
Service cost	0	0	1
Interest cost	69	37	27
Employee contributions	0	0
Effect of plan amendments	0	(2)
Curtailment (gain) loss		0
Plan settlements	0	0
Benefits paid	(182)	(176)
Plan expenses and premiums paid	0	0
Actuarial loss (gain)	(150)	(263)
Translation differences and other	0	0
Gross benefit obligation at end of year	1,343	1,606	2,010
Change in plan assets
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	182	176
Employee contributions	0	0
Plan settlements	0	0
Benefits paid	(182)	(176)
Plan expenses and premiums paid	0	0
Currency translation adjustment	0	0
Fair value of plan assets at end of year	0	0	$ 0
Net benefit obligation recognized	(1,343)	(1,606)
Amounts recognized in the balance sheet consist of:
Non-current assets	0	0
Current liabilities	(178)	(222)
Non-current liabilities	(1,165)	(1,384)
Net benefit obligation recognized	(1,343)	(1,606)
Prior service (cost) credit	0	16
Accumulated (loss) gain	1,241	1,218
AOCI	1,241	1,234
Cumulative employer contributions in excess of or (below) net periodic benefit cost	$ (2,584)	$ (2,840)

Property, Plant and Equipment - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Abstract]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net
Finance lease assets	$ 0.6
Real estate held-for-sale	$ 1.6

Net Sales and Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


Major Product Line	2023		2022		2021
Metal removal fluids	23.6	%	22.9	%	23.4	%
Rolling lubricants	19.5	%	20.8	%	22.2	%
Hydraulic fluids	14.1	%	14.1	%	13.6	%


	Net sales for the year ending December 31, 2023
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	268,174	$	136,979	$	195,578	$	600,731
Metalworking and other	708,921		434,368		209,293		1,352,582
	$	977,095	$	571,347	$	404,871	$	1,953,313


	Net sales for the year ending December 31, 2022
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	252,513	$	137,767	$	214,377	$	604,657
Metalworking and other	694,003		424,741		220,184		1,338,928
	$	946,516	$	562,508	$	434,561	$	1,943,585


	Net sales for the year ending December 31, 2021
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	210,340	$	141,950	$	207,160	$	559,450
Metalworking and other	551,871		422,178		227,659		1,201,708
	$	762,211	$	564,128	$	434,819	$	1,761,158

Pension and Other Postretirement Benefits - Cash Flow (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2024	$ 13,892
2025	13,445
2026	14,196
2027	13,281
2028	13,413
2029 to 2033	73,738
Foreign \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2024	6,235
2025	6,640
2026	7,403
2027	7,127
2028	7,328
2029 to 2033	45,090
U.S. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2024	7,657
2025	6,805
2026	6,793
2027	6,154
2028	6,085
2029 to 2033	28,648
U.S. \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2024	178
2025	168
2026	160
2027	139
2028	130
2029 to 2033	$ 517

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes earnings per share calculations for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
Basic earnings per common share
Net income (loss) attributable to Quaker Chemical Corporation	$	112,748	$	(15,931)	$	121,369
Less: (income) loss allocated to participating securities	(555)		92		(480)
Net income (loss) available to common shareholders	$	112,193	$	(15,839)	$	120,889
Basic weighted average common shares outstanding	17,892,461		17,841,487		17,805,034
Basic earnings (loss) per common share	$	6.27	$	(0.89)	$	6.79

Diluted earnings per common share
Net income (loss) attributable to Quaker Chemical Corporation	$	112,748	$	(15,931)	$	121,369
Less: (income) loss allocated to participating securities	(554)		92		(479)
Net income (loss) available to common shareholders	$	112,194	$	(15,839)	$	120,890
Basic weighted average common shares outstanding	17,892,461		17,841,487		17,805,034
Effect of dilutive securities	22,348		15,005		50,090
Diluted weighted average common shares outstanding	17,914,809		17,856,492		17,855,124
Diluted earnings (loss) per common share	$	6.26	$	(0.89)	$	6.77

Accounts Receivable and Allowance for Credit Losses - Allowance For Doubtful Accounts Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 13,527	$ 12,334	$ 13,145
Changes to Costs and Expenses	1,327	4,319	653
Write-Offs Charged to Allowance	(961)	(2,441)	(946)
Exchange Rate Changes and Other Adjustments	(591)	(685)	(518)
Balance at End of Period	$ 13,302	$ 13,527	$ 12,334

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the early 1990s, the Company identified certain soil and groundwater contamination at AC Products, Inc. (“ACP”), a wholly owned subsidiary. In voluntary coordination with the Santa Ana California Regional Water Quality Board, ACP has been remediating the contamination, the principal contaminant of which is perchloroethylene (“PERC”). In 2004, the Orange County Water District (“OCWD”) filed a civil complaint against ACP and other parties seeking to recover compensatory and other damages related to the investigation and remediation of the contamination in the groundwater. Pursuant to a settlement agreement with OCWD, ACP agreed, among other things, to operate the two groundwater treatment systems to hydraulically contain groundwater contamination emanating from ACP’s site until the concentrations of PERC released by ACP fell below the current Federal maximum contaminant level for four consecutive quarterly sampling events. In 2014, ACP ceased operation at one of its two groundwater treatment systems, as it had met the above condition for closure. In 2020, the Santa Ana Regional Water Quality Control Board asked that ACP conduct some additional indoor and outdoor soil vapor testing on and near the ACP site to confirm that ACP continues to meet the applicable local standards. ACP began to perform such testing program work in 2022, and testing is expected to continue into 2024. As of December 31, 2023, ACP believes it is close to meeting the conditions for closure of the remaining groundwater treatment system but continues to operate this system while in discussions with the relevant authorities. As of December 31, 2023, the Company believes that the range of potential-known liabilities associated with the balance of the ACP water remediation program is approximately $0.1 million to $1.0 million. The low and high ends of the range are based on the length of operation of the treatment system as determined by groundwater modeling. Costs of operation include the operation and maintenance of the extraction well, groundwater monitoring, program management, and soil vapor testing. The Company’s Sao Paulo, Brazil site was required under Brazilian environmental, health and safety regulations to perform an environmental assessment as part of a permit renewal process. Initial investigations identified soil and ground water contamination in select areas of the site. The site has conducted a multi-year soil and groundwater investigation and corresponding risk assessments based on the result of the investigations. In 2017, the site had to submit a new 5-year permit renewal request and was asked to complete additional investigations to further delineate the site based on review of the technical data by the local regulatory agency, Companhia Ambiental do Estado de São Paulo (“CETESB”). Based on review of the updated investigation data, CETESB issued a Technical Opinion regarding the investigation and remedial actions taken to date. The site developed an action plan and submitted it to CETESB in 2018 based on CETESB requirements. The site intervention plan primarily requires the site, amongst other actions, to conduct periodic monitoring for methane in soil vapors, source zone delineation, groundwater plume delineation, bedrock aquifer assessment, update the human health risk assessment, develop a current site conceptual model and conduct a remedial feasibility study and provide a revised intervention plan. In 2020, the site submitted a report on the activities completed including the revised site conceptual model and results of the remedial feasibility study and recommended remedial strategy for the site. Additionally, the Company is party to environmental matters related to certain domestic and foreign properties. These environmental matters primarily require the Company to perform long-term monitoring, as well as operating and maintenance at each of the applicable sites. During the year ended December 31, 2023, there have been no significant changes to the facts or circumstances of these matters, aside from ongoing monitoring and maintenance activities and routine payments associated with each of these sites. Based on the Company’s current obligations, historical costs incurred, and projected costs to be incurred over the next 26 years, the Company estimated the present value range of costs for all of these environmental matters, on a discounted basis, to be between approximately $5.0 million and $6.0 million as of December 31, 2023, for which $5.1 million is accrued within other accrued liabilities and other non-current liabilities on the Company’s Consolidated Balance Sheet as of December 31, 2023. Comparatively, as of December 31, 2022, the Company had $5.3 million accrued for these matters. Other environmental matters include participation in certain payments in connection with four currently active environmental consent orders related to certain hazardous waste cleanup activities under the U.S. Federal Superfund statute. The Company has been designated a potentially responsible party (“PRP”) by the Environmental Protection Agency along with other PRPs depending on the site, and has other obligations to perform cleanup activities at certain other foreign subsidiaries. These environmental matters primarily require the Company to perform long-term monitoring as well as operating and maintenance at each of the applicable sites. The Company believes that it has made adequate accruals for costs associated with other environmental matters of which it is aware. Approximately $0.2 million and $0.3 million were accrued as of December 31, 2023 and 2022, respectively, to provide for such anticipated future environmental assessments and remediation costs. During 2021, one of the Company’s Brazilian subsidiaries received a notice that it had prevailed on an existing legal claim in regard to certain non-income (indirect) taxes that had been previously charged and paid, specifically the program of social integration (“PIS”) and contribution for the financing of social security (“COFINS”) levied by the Brazilian States on the sale of goods. As a result of these court rulings, during 2021, the Company recognized non-income tax credits of 67.0 million BRL or approximately $13.3 million, which was recorded within Prepaid and other current assets on the Company’s Consolidated Balance Sheet. As of December 31, 2023 and 2022, the Company used the full amount of credits. During 2021, two of the Company’s locations suffered property damages as a result of flooding and electrical fire, respectively. The Company maintains property insurance for all of its facilities globally. In Conshohocken, Pennsylvania, the Company’s global headquarters, as well as its laboratory, experienced property damages as a result of flooding from Hurricane Ida. Also, one of the Company’s North American production facilities experienced an electrical fire that resulted in damage and the temporary shutdown of production, and also required remediation, cleaning, and subsequent restoration. The Company, its insurance adjuster and insurance carrier actively managed the remediation and restoration activities associated with each of these events and have settled both claims. Through December 31, 2023, the Company received payments from its insurers of $7.2 million associated with these events after an aggregate deductible of $2.0 million. For the years ended December 31, 2023 and 2022, the Company recognized a gain on insurance recoveries of $2.1 million and $1.8 million, respectively. The Company has no remaining insurance receivable associated with these events as of December 31, 2023. The Company and its insurance carrier continue to review the impact of the electrical fire on the production facility’s operations as it relates to a potential business interruption insurance claim; however, as of the date of this Report, the Company cannot reasonably estimate any probable amount of business interruption insurance claim recoverable. Therefore, the Company has not recorded a gain contingency for a possible business interruption insurance claim as of December 31, 2023. The Company is party to other litigation which management currently believes will not have a material adverse effect on the Company’s results of operations, cash flows or financial condition. In addition, the Company has an immaterial amount of contractual purchase obligations.

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventories, net, as of December 31, 2023 and 2022 were as follows:


	2023		2022
Raw materials and supplies	$	119,047	$	151,105
Work in process, finished goods and reserves	114,810		133,743
Total inventories, net	$	233,857	$	284,848

Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of December 31, 2023, the Company had open foreign exchange forward contracts with a notional U.S. dollar value of the following:


Currency	December 31, 2023
Mexican Peso	$	16,700
Japanese Yen	9,000
Total	$	25,700

Schedule of Balance Sheet Classification and Fair Values of Derivative Instruments

The balance sheet classification and fair values of the Company’s derivative instruments are as follows:


Derivative instruments	Consolidated Balance Sheet Location	December 31,
		2023		2022
Interest rate swaps	Other non-current assets	$	1,828	$	—

Foreign currency forward contracts	Other accrued liabilities	(159)		—

The following table presents the net unrealized loss deferred to AOCI:


		December 31,
		2023		2022
Derivatives designated as cash flow hedges
Interest rate swaps	AOCI	$	1,407	$	—

The following table presents the net gain recognized in the Company’s Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021:


Derivative instruments	Consolidated Statement of Operations Location	2023		2022		2021
Interest rate swaps	Interest expense, net	$	3,555	$	—	$	2,649
Foreign exchange forward contracts	Other income, net	2,134		—		—
Total		$	5,689	$	—	$	2,649

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

The Company recognized the following share-based compensation expense in its Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
Stock options	$	1,039	$	1,774	$	1,235
Non-vested stock awards and restricted stock units	9,305		6,679		5,438
Non-elective and elective 401(k) matching contribution in stock	—		—		1,553
Director stock ownership plan	86		63		901
Performance stock units	4,175		3,150		1,911
Total share-based compensation expense	$	14,605	$	11,666	$	11,038

Share-based compensation expense is recorded in SG&A, except for $0.2 million and $0.9 million during the years ended December 31, 2022 and 2021, respectively, recorded within Combination, integration and other acquisition-related expenses.

Stock Options

Stock option activity under all plans is as follows:


	Number of Options	Weighted Average Exercise Price (per option)		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Options outstanding as of January 1, 2023	119,482	$	183.39

Options exercised	(55,168)	148.01
Options forfeited	(1,461)	185.05
Options outstanding as of December 31, 2023	62,853	$	214.40	4.3	$	1,474
Options expected to vest after December 31, 2023	19,756	$	177.92	5.2	$	701
Options exercisable as of December 31, 2023	43,097	$	195.48	3.9	$	773

The total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021 was approximately $3.6 million, $0.8 million and $2.7 million, respectively. Intrinsic value is calculated as the difference between the current market price of the underlying security and the strike price of a related option.

A summary of the Company’s outstanding stock options as of December 31, 2023 is as follows:


Range of Exercise Prices					Number of Options Outstanding	Weighted Average Remaining Contractual Term (years)	Weighted Average Exercise Price (per option)	Number of Options Exercisable	Weighted Average Exercise Price (per option)
$	120.01	-	$	150.00	15,481	3.7	137.76	12,660	136.73
$	150.01	-	$	180.00	25,652	4.8	174.77	10,236	169.46
$	220.01	-	$	250.00	21,720	4.2	245.10	20,201	245.49
					62,853	4.3	214.40	43,097	195.48

As of December 31, 2023, unrecognized compensation expense related to options granted during 2022 and 2021 was $0.2 million and $0.1 million, respectively, to be recognized over a weighted average period of 0.8 years.

The Company granted stock options under its LTIP plan that are subject only to time vesting generally over a three year period during 2022 and 2021. The Company granted no stock options during the year ended December 31, 2023. For the purposes of determining the fair value of stock option awards, the Company used a Black-Scholes option pricing model and primarily used the assumptions set forth in the table below:


	July 2022 Grant		March 2022 Grant		March 2021 Grant
Number of stock options granted	4,837		27,077		25,250
Dividend yield	0.79	%	0.80	%	0.85	%
Expected volatility	40.47	%	38.60	%	37.33	%
Risk-free interest rate	2.87	%	2.07	%	0.60	%
Expected term (years)	4.0		4.0		4.0

The fair value of these options is being amortized on a straight-line basis over the respective vesting period of each award. The Company recognized the following share-based compensation expense on each award during the years ended December 31, 2023, 2022 and 2021:


	2023	2022	2021
2022 Stock option awards	494	783	—
2021 Stock option awards	446	521	429
2020 Stock option awards	99	443	516
2019 Stock option awards	—	27	234
2018 Stock option awards	—	—	56
Total	1,039	1,774	1,235

Restricted Stock Awards

Activity of non-vested restricted stock awards granted under the Company’s LTIP plan is shown below:


	Number of Shares	Weighted Average Grant Date Fair Value (per share)
Non-vested restricted stock awards, December 31, 2022	79,455	$	171.61
Granted	43,008	184.61
Vested	(33,685)	149.26
Forfeited	(11,021)	180.41
Non-vested restricted stock awards, December 31, 2023	77,757	$	187.24

The fair value of the non-vested stock is based on the trading price of the Company’s common stock on the date of grant. The Company adjusts the grant date fair value for expected forfeitures based on historical experience for similar awards. As of December 31, 2023, unrecognized compensation expense related to these awards was $6.1 million, to be recognized over a weighted average remaining period of 1.3 years.

Restricted Stock Units

Activity of non-vested restricted stock units granted under the Company’s LTIP plan is shown below:


	Number of Units	Weighted Average Grant Date Fair Value (per unit)
Non-vested restricted stock units, December 31, 2022	18,500	$	171.83
Granted	6,675	180.38
Vested	(7,014)	152.17
Forfeited	(1,959)	184.08
Non-vested restricted stock units, December 31, 2023	16,202	$	180.14

The fair value of the non-vested restricted stock units is based on the trading price of the Company’s common stock on the date of grant. The Company adjusts the grant date fair value for expected forfeitures based on historical experience for similar awards. As of December 31, 2023, unrecognized compensation expense related to these awards was $1.2 million, to be recognized over a weighted average remaining period of 1.4 years.

Performance Stock Units

The Company grants performance-dependent stock awards (“PSUs”) as a component of its LTIP, which will be settled in a certain number of shares subject to market-based and time-based vesting conditions. The number of fully vested shares that may ultimately be issued as settlement for each award may range from 0% up to 200% of the target award, subject to the achievement of the Company’s total shareholder return (“TSR”) relative to the performance of the Company’s peer group, the S&P Midcap 400 Materials group, and separately the achievement of a performance-based return on invested capital (“ROIC”) measure. The service period required for the PSUs is three years and the measurement period of the market-based and performance objectives is generally from January 1 of the year of grant through December 31 of the year prior to issuances of the shares upon settlement.

Compensation expense for PSUs is measured based on their grant date fair value and is recognized on a straight-line basis over the three-year vesting period. The fair value of PSUs granted with a ROIC condition is based on the trading price of the Company’s common stock on the date of grant. PSUs granted with a relative TSR condition are valued using a Monte Carlo simulation on the grant date. The grant-date fair value of the PSUs valued using a Monte Carlo simulation, which included the following assumptions set forth in the table below:


	2023		2022		CEO Grant 2021 (1)		2021
Number of PSUs granted	16,984		18,462		3,775		12,103
Risk-free interest rate	3.85	%	2.11	%	0.65	%	0.29	%
Dividend yield	0.96	%	0.93	%	0.72	%	0.64	%
Expected term (years)	3.0		3.0		3.0		3.0

(1)On September 2, 2021, the Board appointed Andrew Tometich to serve as CEO and entered into an Employment Agreement, which included an equity award consisting of a mix of time-based restricted stock and PSUs.

As of December 31, 2023, there was approximately $6.8 million of total unrecognized compensation cost related to PSUs which the Company expects to recognize over a weighted-average period of 2.0 years.

Defined Contribution Plan

Beginning in April 2020 and continuing through March 2021, the Company matched both non-elective and elective 401(k) contributions in fully vested shares of the Company’s common stock rather than cash. There were no matching contributions in stock for the years ended December 31, 2023 and 2022. For the year ended December 31, 2021, total contributions in stock were $1.5 million.

2023 Director Stock Ownership Plan

In March 2023, the Company adopted the 2023 Director Stock Ownership Plan (the “Plan”), to encourage the Directors to increase their individual investment in the Company, which was approved at the Company’s May 2023 shareholders’ meeting. The Plan authorizes the issuance of up to 75,000 shares of Quaker common stock in accordance with the terms of the Plan in payment of all or a portion of the annual cash retainer payable to each of the Company’s non-employee directors in 2023 and subsequent years during the term of the Plan. Under the Plan, each director who, on May 1 of the applicable calendar year, owns less than 500% of the annual cash retainer for the applicable calendar year, divided by the average of the closing price of a share of Quaker Common Stock as reported by the composite tape of the New York Stock Exchange for the previous calendar year (the “Threshold Amount”), is required to receive 75% of the annual cash retainer in Quaker common stock and 25% of the retainer in cash, unless the director elects to receive a greater percentage of Quaker common stock, up to 100% of the annual cash retainer for the applicable year. Each director who owns more than the Threshold Amount may elect to receive common stock in payment of a percentage (up to 100%) of the annual cash retainer. The annual retainer is approximately $0.1 million and the retainer payment date is June 1.

Equity and Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Equity and Accumulated Other Comprehensive Loss

The Company has 30,000,000 shares of common stock authorized with a par value of $1, and 17,991,988 and 17,950,264 shares issued and outstanding as of December 31, 2023 and 2022, respectively. The change in shares issued and outstanding during 2023 was primarily related to 38,522 shares issued for share-based compensation plans and 3,202 shares issued for the exercise of stock options and other share activity.

The Company is authorized to issue 10,000,000 shares of preferred stock with $1 par value, subject to approval by the Board. The Board may designate one or more series of preferred stock and the number of shares, rights, preferences, and limitations of each series. As of December 31, 2023, no preferred stock had been issued.

On February 28, 2024, the Board approved a new share repurchase program (“2024 Share Repurchase Program”), authorizing the Company to repurchase up to an aggregate of $150 million of the Company’s outstanding common stock. The 2024 Share Repurchase Program is effective immediately and has no expiration date. In connection with the 2024 Share Repurchase Program, the Company’s previous share repurchase program (“2015 Share Repurchase Program”), which was approved by the Board in 2015 and had no expiration date, was terminated. The 2015 Share Repurchase Program was approved for the repurchase of up to $100 million of Quaker Chemical Corporation common stock. As of December 31, 2023, there was approximately $86.9 million of common stock remaining under the 2015 Share Repurchase Program. The Company did not repurchase any shares under any programs for the years ended December 31, 2023, 2022 and 2021.

Under the 2024 Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, privately-negotiated transactions, accelerated share repurchases or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 and under Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Company plans to employ trading plans for the repurchase of shares pursuant to the 2024 Share Repurchase Program, which would permit the Company to purchase shares, at predetermined price targets, when it may otherwise be precluded from doing so. The repurchases may be suspended or discontinued completely at any time. The specific timing and amount of repurchases will vary based on available capital resources and other financial and operational performance, market conditions, securities law limitations, and other factors.

The following table shows the reclassifications from and resulting balances of AOCI for the years ended December 31, 2023, 2022 and 2021:


	Currency Translation Adjustments		Defined Benefit Pension Plans		Unrealized Gain (Loss) in Available-for- Sale Securities		Derivative Instruments		Total
Balance as of December 31, 2020	$	(2,875)	$	(23,467)	$	3,342	$	(3,598)	$	(26,598)
Other comprehensive income (loss) before reclassifications	(46,968)		11,948		(531)		2,890		(32,661)
Amounts reclassified from AOCI	—		1,459		(3,197)		—		(1,738)
Related tax amounts	—		(3,112)		783		(664)		(2,993)
Balance as of December 31, 2021	(49,843)		(13,172)		397		(1,372)		(63,990)
Other comprehensive (loss) income before reclassifications	(82,318)		10,789		(3,276)		—		(74,805)
Amounts reclassified from AOCI	—		479		895		1,372		2,746
Related tax amounts	—		(2,691)		500		—		(2,191)
Balance as of December 31, 2022	(132,161)		(4,595)		(1,484)		—		(138,240)
Other comprehensive income (loss) before reclassifications	16,744		(7,702)		1,753		1,828		12,623
Amounts reclassified from AOCI	—		(464)		547		—		83
Related tax amounts	—		2,023		(483)		(421)		1,119
Balance as of December 31, 2023	$	(115,417)	$	(10,738)	$	333	$	1,407	$	(124,415)

All reclassifications related to Unrealized gain (loss) on available-for-sale securities relate to the Company’s equity interest in a captive insurance company and are recorded in Equity in net income of associated companies. The amounts reported in Other comprehensive income (loss) for non-controlling interest are related to Currency translation adjustments.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Other Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Other Noncurrent Liabilities

Other non-current liabilities as of December 31, 2023 and 2022 were as follows:


	2023		2022
Uncertain tax positions, including interest and penalties (See Note 10)	$	19,630	$	20,322
Non-current income taxes payable (See Note 10)	4,695		8,883
Environmental reserves (See Note 25)	3,874		4,342
Deferred and other long-term compensation	2,871		3,132
Acquisition-related earnout liability (See Note 2)	475		1,024

Other	260		961
Total other non-current liabilities	$	31,805	$	38,664

Restructuring and Related Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Restructuring and related charges	$ 7,588	$ 3,163	$ 1,433
Restructuring Programs
Restructuring Reserve [Roll Forward]
Accrued restructuring, beginning balance	5,483	4,087
Restructuring and related charges	7,588	3,163
Cash payments	(9,786)	(1,532)
Currency translation adjustments	65	(235)
Accrued restructuring, ending balance	$ 3,350	$ 5,483	$ 4,087

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2022
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement benefits		$ (2,079,000)	$ (7,964,000)	$ (6,330,000)
Total contribution amount		6,100,000	7,200,000	4,800,000
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation		217,500,000	204,500,000
Defined benefit plan, plan assets, liquidated assets	$ 50,000,000
Minimum expected cash contributions in next fiscal year		5,700,000
Pension and other postretirement benefits		2,535,000	(1,118,000)	572,000
Pension Benefits \| Cleveland Bakers and Teamsters Pension Fund
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plan liabilities		0			$ 576,000,000
Multiemployer plan pension assets			340,000,000
Multiemployer plan contributions		100,000
Pension Benefits \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation		79,100,000	79,100,000
Minimum expected cash contributions in next fiscal year		3,300,000
Pension and other postretirement benefits		1,121,000	(987,000)	932,000
Pension Benefits \| Foreign
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation		138,400,000	125,400,000
Minimum expected cash contributions in next fiscal year		2,400,000
Pension and other postretirement benefits		$ 1,414,000	$ (131,000)	(360,000)
Commingled funds measured at NAV \| Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Investments percentage		35.00%	34.00%
Commingled funds measured at NAV \| Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Investments percentage		50.00%	50.00%
Commingled funds measured at NAV \| Other Debt Obligations
Defined Benefit Plan Disclosure [Line Items]
Investments percentage		14.00%	16.00%
Pooled separate accounts \| Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Investments percentage		25.00%
Pooled separate accounts \| Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Investments percentage		75.00%
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Minimum expected cash contributions in next fiscal year		$ 200,000
Other Postretirement Benefits \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement benefits		(75,000)	$ (74,000)	(85,000)
Supplemental Retirement Benefits Plan \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement benefits		$ 600,000	$ 700,000	$ 3,000,000

Pension and Other Postretirement Benefits - Assumptions Used in Determining Benefit Obligations and Net Periodic Pension Costs (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]
Health care cost trend rate for next year	6.87%	5.60%	5.65%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.00%	4.00%	4.00%
Year that the rate reaches the ultimate trend rate	2048	2047	2046
U.S. \| Pension Benefits
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	4.94%	5.21%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	5.21%	2.67%	2.67%
Expected long-term return on plan assets	5.50%	5.75%	5.75%
Rate of compensation increase			6.00%
U.S. \| Other Postretirement Benefits
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	4.87%	5.14%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	5.15%	2.45%	1.90%
Foreign \| Pension Benefits
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	4.35%	6.29%
Rate of compensation increase	3.27%	3.93%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	4.77%	3.97%	1.38%
Expected long-term return on plan assets	4.03%	2.26%	2.06%
Rate of compensation increase	3.38%	3.21%	2.52%

Net Sales and Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Net Sales and Revenue Recognition

Arrangements Resulting in Net Reporting

As part of the Company’s FluidcareTM business, certain third-party product sales to customers are managed by the Company. The Company transferred third-party products under arrangements resulting in net reporting of $81.8 million, $83.8 million and $71.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Customer Concentration

A significant portion of the Company’s revenues are realized from the sale of process fluids and services to manufacturers of steel, aluminum, automobiles, aircraft, industrial equipment, and durable goods. During the year ended December 31, 2023, the Company’s five largest customers (each composed of multiple subsidiaries or divisions with semiautonomous purchasing authority) accounted for approximately 12% of consolidated net sales, with its largest customer accounting for approximately 3% of consolidated net sales.

Contract Assets and Liabilities

The Company had no material contract assets recorded on its Consolidated Balance Sheets as of December 31, 2023 and 2022.

The Company had approximately $4.5 million and $5.7 million of deferred revenue as of December 31, 2023 and 2022, respectively. During the years ended December 31, 2023 and 2022, respectively, the Company satisfied all of the associated performance obligations and recognized into revenue the advance payments received and recorded as of December 31, 2022 and 2021, respectively.

Disaggregated Revenue

The Company sells its various industrial process fluids, its specialty chemicals and its technical expertise as a global product portfolio. The Company generally manages and evaluates its performance by reportable segment first, and then by customer industries. Net sales of each of the Company’s major product lines are generally spread throughout all three of the Company’s segments, and in most cases, approximately proportionate to the level of total sales in each segment.

The following tables present disaggregated information regarding the Company’s net sales, first by major product lines that represent more than 10% of the Company’s consolidated net sales for any of the years ended December 31, 2023, 2022 and 2021, and followed then by a disaggregation of the Company’s net sales by segment and customer industry for the years ended December 31, 2023, 2022 and 2021.


Major Product Line	2023		2022		2021
Metal removal fluids	23.6	%	22.9	%	23.4	%
Rolling lubricants	19.5	%	20.8	%	22.2	%
Hydraulic fluids	14.1	%	14.1	%	13.6	%


	Net sales for the year ending December 31, 2023
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	268,174	$	136,979	$	195,578	$	600,731
Metalworking and other	708,921		434,368		209,293		1,352,582
	$	977,095	$	571,347	$	404,871	$	1,953,313


	Net sales for the year ending December 31, 2022
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	252,513	$	137,767	$	214,377	$	604,657
Metalworking and other	694,003		424,741		220,184		1,338,928
	$	946,516	$	562,508	$	434,561	$	1,943,585


	Net sales for the year ending December 31, 2021
	Americas		EMEA		Asia/Pacific		Consolidated Total
Customer Industries
Metals	$	210,340	$	141,950	$	207,160	$	559,450
Metalworking and other	551,871		422,178		227,659		1,201,708
	$	762,211	$	564,128	$	434,819	$	1,761,158

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Net Sales and Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Revenue recognized under net reporting arrangements	$ 81.8	$ 83.8	$ 71.7
Deferred revenue	$ 4.5	$ 5.7
Product line as percentage of consolidated net sales	10.00%
Top Customer Concentration Risk \| Sales Revenue Net \| Top Five Customers Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%
Top Customer Concentration Risk \| Sales Revenue Net \| Largest Customer
Concentration Risk [Line Items]
Concentration risk, percentage	3.00%

Investments in Associated Companies

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Associated Companies

As of December 31, 2023, the Company held a 50% investment in and had significant influence over Nippon Quaker Chemical, Ltd. (“Nippon Japan”), Kelko Quaker Chemical, S.A. (“Kelko Panama”) and Houghton Korea, and held a 32% investment in and had significant influence over Primex, Ltd. (“Primex”). The carrying amount of the Company’s equity investments as of December 31, 2023 was $101.2 million, which includes investments of $72.0 million in Houghton Korea; $22.1 million in Primex; $6.6 million in Nippon Japan; and $0.5 million in Kelko Panama.

The following table is a summary of equity income in associated companies by investment for the years ending December 31, 2023, 2022 and 2021:



	2023		2022		2021
Houghton Korea	$	11,442	$	2,644	$	3,808
Nippon Japan	1,492		323		461
Kelko Panama	309		425		154
Grindaix (1)	—		—		(37)
Primex	2,090		(1,427)		4,993
Total equity in net income of associated companies	$	15,333	$	1,965	$	9,379

Fair Value Measures (Table)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

These assets were subject to fair value measurement as follows:


			Fair Value Measurements at December 31, 2022
	Total Fair Value		Using Fair Value Hierarchy
Assets			Level 1		Level 2		Level 3
Company-owned life insurance	$	2,114	$	—	$	2,114	$	—
Total	$	2,114	$	—	$	2,114	$	—

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 119,047	$ 151,105
Work in process, finished goods and reserves	114,810	133,743
Total inventories, net	$ 233,857	$ 284,848

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation: The accompanying consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and include the accounts of Quaker Houghton and its controlled subsidiaries.
Principles of consolidation	Principles of consolidation: All majority-owned subsidiaries are included in the Company’s consolidated financial statements, with appropriate elimination of intercompany balances and transactions
Equity method investments	For consolidated subsidiaries in which the Company’s ownership is less than 100%, the outside shareholders’ interests are reflected as non-controlling interests within the consolidated financial statements. The Company applies the equity method of accounting to investments in which the Company has significant influence but does not control the operating and financial decisions of the investee. This generally applies when the Company’s ownership interest in common stock of the investee is between 20% and 50%. Such investments are presented on the Consolidated Balance Sheet at “Investments in associated companies.” We initially record our investment at cost and subsequently adjust the investment to recognize our share of net earnings and losses and distributions received. The Company’s share of net income or losses in these investments in associated companies is included in the Consolidated Statements of Operations. The Company reviews these investments for impairments when events of changes in circumstances indicate that the carrying amount of the investment may be other-than-temporarily impaired.
Consolidation, variable interest entity	The Company is not the primary beneficiary of any variable interest entities (“VIEs”) and therefore the Company’s consolidated financial statements do not include the accounts of any VIEs.
Accounting estimates	Accounting estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and the accompanying notes. Actual results could differ from such estimates.
Translation of foreign currency	Translation of foreign currency: Assets and liabilities of non-U.S. subsidiaries and associated companies are translated into U.S. dollars at the respective rates of exchange prevailing at the end of the year. Income and expense accounts are translated at average exchange rates prevailing during the year. Translation adjustments resulting from this process are recorded directly in equity as accumulated other comprehensive (loss) income (“AOCI”) and will be included as income or expense only upon sale or substantial liquidation of the underlying entity or asset. Generally, all of the Company’s non-U.S. subsidiaries use their local currency as their functional currency.
Segments	Segments: The Company’s operating segments, which are consistent with its reportable segments, reflect the structure of the Company’s internal organization, the method by which the Company’s resources are allocated and the manner by which the chief operating decision maker assesses the Company’s performance. During the first quarter of 2023, the Company reorganized its executive management team to align with its new business structure. The Company’s new structure includes three reportable segments: (i) Americas; (ii) Europe, Middle East and Africa (“EMEA”); and (iii) Asia/Pacific. Prior to the Company’s reorganization, the Company’s historical reportable segments were: (i) Americas; (ii) EMEA; (iii) Asia/Pacific; and (iv) Global Specialty Businesses. Prior period segment financial information has been recast to align with segment change, including reportable segments and customer industry disaggregation.
Reclassifications	Reclassifications: Certain information has been reclassified to conform to the current year presentation.
Business combinations	Business combinations: The Company accounts for business combinations under the acquisition method of accounting. This method requires the recording of acquired assets, including separately identifiable intangible assets, and assumed liabilities at their respective acquisition date estimated fair values. Any excess of the purchase price over the estimated fair value of the identifiable net assets acquired is recorded as goodwill. The determination of the estimated fair value of assets acquired and liabilities assumed requires significant estimates and assumptions. Based on the assessment of additional information during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the estimated fair value of assets acquired and liabilities assumed.
Revenue recognition	Revenue recognition: The Company recognizes revenue in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services transferred to its customers. To do this, the Company applies a five-step model, which requires the Company to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company identifies a contract with a customer when a sales agreement indicates approval and commitment of the parties; identifies the rights of the parties; identifies the payment terms; has commercial substance; and it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. The Company identifies a performance obligation in a contract for each promised good or service that is separately identifiable from other obligations in the contract and for which the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer. The Company determines the transaction price as the amount of consideration it expects to be entitled to in exchange for fulfilling the performance obligations, including the effects of any variable consideration, significant financing elements, amounts payable to the customer or noncash consideration. For any contracts that have more than one performance obligation, the Company allocates the transaction price to each performance obligation in an amount that depicts the amount of consideration to which the Company expects to be entitled in exchange for satisfying each performance obligation. In accordance with the last step of the five-step model, the Company recognizes revenue when, or as, it satisfies the performance obligation in a contract by transferring control of a promised good or providing the service to the customer. The Company typically satisfies its performance obligations and recognizes revenue at a point in time for product sales, generally when products are shipped or delivered to the customer, depending on the terms underlying each arrangement. In circumstances where the Company’s products are on consignment, revenue is generally recognized upon usage or consumption by the customer. For any FluidcareTM or other services provided by the Company to the customer, the Company typically satisfies its performance obligations and recognizes revenue over time, as the promised services are performed. The Company uses input methods to recognize revenue over time related to these services, including labor costs and time incurred. The Company believes that these input methods represent the most indicative measure of the FluidcareTM or other service work performed by the Company. The Company does not have standard payment terms for all customers; however, the Company’s general payment terms require customers to pay for products or services provided after the performance obligation is satisfied. The Company does not have significant financing arrangements with its customers. Therefore, the Company does not adjust the promised amount of consideration for the effects of a significant financing component as the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to the customer and when the customer pays for that good or service will be one year or less. In addition, the Company expenses costs to obtain a contract as incurred when the expected period of benefit, and therefore the amortization period, is one year or less. In addition, the Company excludes from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, value added, excise and various other taxes. Lastly, the Company has elected to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment cost, rather than an additional promised service. The Company does not have significant amounts of variable consideration in its contracts with customers and where applicable, the Company’s estimates of variable consideration are not constrained. The Company records certain third-party license fees in Other (expense) income, net, in its Consolidated Statement of Operations, which generally include sales-based royalties in exchange for the license of intellectual property. These license fees are recognized in accordance with their agreed-upon terms and when performance obligations are satisfied, which is generally when the third party has a subsequent sale. The Company recognizes a contract asset or receivable on its Consolidated Balance Sheet when the Company performs a service or transfers a good in advance of receiving consideration. A receivable is the Company’s right to consideration that is unconditional and only the passage of time is required before payment of that consideration is due. A contract asset is the Company’s right to consideration in exchange for goods or services that the Company has transferred to a customer. A contract liability is recognized when the Company receives consideration, or if it has the unconditional right to receive consideration, in advance of performance. A contract liability is the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration, or a specified amount of consideration is due, from the customer.
Right of use lease assets and lease liabilities	Right of use lease assets and lease liabilities: The Company determines if an arrangement is a lease at its inception. This determination generally depends on whether the arrangement conveys the right to control the use of an identified fixed asset explicitly or implicitly for a period of time in exchange for consideration. Control of an underlying asset is conveyed if the Company obtains the rights to direct the use of, and obtains substantially all of the economic benefits from the use of, the underlying asset. Lease expense for variable leases and short-term leases is recognized when the obligation is incurred. The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by an option to extend the lease that the Company is reasonably certain it will exercise. Operating leases are included in right of use lease assets, other accrued liabilities and long-term lease liabilities on the Consolidated Balance Sheet. Right of use lease assets and liabilities are recognized at each lease’s commencement date based on the present value of its lease payments over its respective lease term. Operating lease expense is recognized on a straight-line basis over the lease term. The Company uses the stated borrowing rate for a lease when readily determinable. When a stated borrowing rate is not available in a lease agreement, the Company uses its incremental borrowing rate based on information available at the lease’s commencement date to determine the present value of its lease payments. In determining the incremental borrowing rate used to present value each of its leases, the Company considers certain information including fully secured borrowing rates readily available to the Company and its subsidiaries. The Company includes finance leases in PP&E, current portion of long-term debt and long-term debt on the Consolidated Balance Sheet.
Restructuring activities	Restructuring activities: Restructuring programs consist of employee severance, rationalization of manufacturing or other facilities and other related items. To account for such programs, the Company recognizes a liability for a cost associated with an exit or disposal activity, when the liability is incurred, is estimable, and payment is probable.
Share-based compensation	Share-based compensation: The Company recognizes the fair value of share-based compensation as a component of expense. The Company has a long-term incentive program (“LTIP”) for key employees which provides for the granting of options to purchase stock at prices not less than its market value on the date of the grant. Most options become exercisable within three years after the date of the grant for a period of time determined by the Company, but not to exceed seven years from the date of grant. The Company did not grant any stock options during 2023. Restricted stock awards and restricted stock units issued under the LTIP program are subject to time vesting generally over a one to three year period. In addition, as part of the Company’s Annual Incentive Plan, non-vested shares may be issued to key employees, which generally would vest over a two to five year period. Prior to 2023, the Company generally has assumed a forfeiture rate of 13% based on historical experience. Beginning in 2023, the Company elected to account for forfeitures on new awards as they occur for service condition aspects of certain share-based awards. The Company also issues various performance-dependent stock awards as a component of its LTIP. For performance-dependent stock units for which the performance target is market-based and tied to Total Shareholder Return, the grant date fair value is based on grant-date stock price adjusted for the likelihood of attaining certain predetermined performance goals and is calculated by utilizing a Monte Carlo simulation model. For performance-dependent stock units for which payout is linked to the achievement of a performance-based return on invested capital, the grant date fair value is based on the trading price of the Company’s stock on the grant date. Compensation expense for the performance-dependent is recognized on a straight-line basis over the vesting period, generally three years.
Research and development costs	Research and development costs: Research and development costs are expensed as incurred and are included in selling, general and administrative expenses (“SG&A”).
Hyper-inflationary accounting	Hyper-inflationary accounting: Economies that have a cumulative three year rate of inflation exceeding 100% are considered hyper-inflationary. A legal entity that operates within an economy deemed to be hyper-inflationary is required to remeasure its monetary assets and liabilities to the applicable published exchange rates and record the associated gains or losses resulting from the remeasurement directly to the Consolidated Statements of Operations.
Income taxes and uncertain tax positions	Income taxes and uncertain tax positions: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year and the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. The Company accounts for uncertainty in income taxes by applying the recognition threshold and measurement attributes for financial statement recognition and measurement of tax positions taken or expected to be taken on a tax return. The Company determines whether the benefits of tax positions are probable or more likely than not sustained upon audit based upon the technical merits of the tax position. For tax positions that are determined to be more likely than not sustained upon audit, the Company recognizes the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement in the financial statements. For tax positions that are not determined to be more likely than not sustained upon audit, the Company does not recognize any portion of the benefit in the financial statements. Additionally, the Company monitors and adjusts for derecognition, classification, and penalties and interest in interim periods, with appropriate disclosure and transition thereto. Also, the amount of interest expense and income related to uncertain tax positions is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized, including timing differences, and the amount previously taken or expected to be taken in a tax return. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. Finally, when applicable, the Company nets its liability for unrecognized tax benefits against deferred tax assets related to net operating losses or other tax credit carryforwards that would apply if the uncertain tax position were settled for the presumed amount at the balance sheet date. Pursuant to the Tax Cuts and Jobs Act (“U.S. Tax Reform”), specifically the one-time tax on deemed repatriation (the “Transition Tax”), the Company has provided for U.S. income tax on its undistributed earnings of non-U.S. subsidiaries, however, the Company is subject to and will incur other taxes, such as withholding taxes and dividend distribution taxes, if these undistributed earnings were ultimately remitted to the U.S. The Company currently intends to reinvest its future undistributed earnings of non-U.S. subsidiaries to support working capital needs and certain other growth initiatives of those subsidiaries. However, in certain cases the Company has and may in the future change its indefinite reinvestment assertion for any or all of these undistributed earnings. In this case, the Company would estimate and record a tax liability and corresponding tax expense for the amount of non-U.S. income taxes it would incur to ultimately remit these earnings to the U.S.
Earnings per share	Earnings per share: The Company calculates earnings per share for non-vested stock awards with rights to non-forfeitable dividends, which requires non-vested stock awards with rights to non-forfeitable dividends to be included as part of the basic weighted average share calculation under the two-class method.
Comprehensive income (loss)	Comprehensive income (loss): The Company presents Other comprehensive income (loss) in its Statements of Comprehensive Income (Loss). The Company discloses significant amounts reclassified from each component of AOCI, the related tax amounts and the income statement line items affected by such reclassifications.
Cash and cash equivalents	Cash and cash equivalents: The Company invests temporary and excess funds in money market securities and financial instruments having maturities within 90 days. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company has not experienced losses from the aforementioned investments.
Accounts receivable and allowance for credit losses	Accounts receivable and allowance for credit losses: Trade accounts receivable subject the Company to credit risk. Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. The Company recognizes an allowance for credit losses, which represents the portion of the receivable that the Company does not expect to collect over its contractual life, considering past events and reasonable and supportable forecasts of future economic conditions. The Company’s allowance for credit losses on its trade accounts receivable is based on specific collectability facts and circumstances for each outstanding receivable and customer, the aging of outstanding receivables, and the associated collection risk the Company estimates for certain past due aging categories, and also, the general risk to all outstanding accounts receivable based on historical amounts determined to be uncollectible. The Company does not have any off-balance-sheet credit exposure related to its customers.
Inventories	Inventories: Inventories are valued at the lower of cost or net realizable value, and are valued using the first-in, first-out method.
Long-lived assets	Long-lived assets: PP&E is stated at gross cost, less accumulated depreciation. Depreciation is computed using the straight-line method on an individual asset basis over the following estimated useful lives: buildings and improvements, 10 to 33 years, or the remaining term of the lease; and machinery and equipment, 4 to 10 years, or the remaining term of the lease. The carrying values of long-lived assets are evaluated whenever changes in circumstances or current events indicate the carrying amount of such assets may not be recoverable. An estimate of undiscounted cash flows produced by the asset, or the appropriate group of assets, is compared with the carrying value to determine whether an impairment exists. If necessary, the Company recognizes an impairment loss for the difference between the carrying amount of the assets and their estimated fair value. Fair value is based on current and anticipated future cash flows. Upon sale or other dispositions of long-lived assets, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount, less proceeds from disposals, is recorded in the Consolidated Statements of Operations. Expenditures for renewals or improvements that increase the estimated useful life or capacity of the assets are capitalized, whereas expenditures for repairs and maintenance are expensed when incurred.
Capitalized software	Capitalized software: The Company capitalizes certain costs in connection with developing or obtaining software for internal use, depending on the associated project. These costs are amortized over a period of 3 to 5 years once the assets are ready for their intended use.
Goodwill and other intangible assets	Goodwill and other intangible assets: The Company records goodwill, definite-lived intangible assets and indefinite-lived intangible assets at fair value at the date of acquisition. Goodwill and indefinite-lived intangible assets are not amortized but tested for impairment at least annually. These tests will be performed more frequently if triggering events indicate potential impairment. In completing a quantitative goodwill impairment test, the Company compares a reporting unit’s fair value, primarily based on future discounted cash flows, to its carrying value in order to determine if an impairment charge is warranted. Definite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, generally for periods ranging from 3 to 24 years. The Company continually evaluates the reasonableness of the useful lives of these assets, consistent with the discussion of long-lived assets, above.
Fair value measurements	Fair value measurements: Fair value is defined as an exit price, or 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. The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. See Notes 20, 23 and 24 for additional information. The following briefly describes 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, for sustainability the full term of the asset or liability. 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 for the asset or liability that reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability.
Pension and other postretirement benefits	Pension and other postretirement benefits: The Company maintains various noncontributory retirement plans, covering a portion of its employees in the U.S. and certain other countries, including the Netherlands, the United Kingdom (“U.K.”), Mexico, Sweden, Germany and France. The plans of the remaining non-U.S. subsidiaries are, for the most part, either fully insured or integrated with the local governments’ plans. The Company recognizes on a prospective basis the funded status of the defined benefit pension and other postretirement plans on its Consolidated Balance Sheets and, also, recognizes as a component of AOCI, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit cost. In addition, the Company recognizes a settlement charge in its Consolidated Statements of Operations when certain events occur, including plan termination or the settlement of certain plan liabilities. A settlement charge represents the immediate recognition into expense of a portion of the unrecognized loss within AOCI on the balance sheet in proportion to the share of the projected benefit obligation that was settled. The measurement date for the Company’s postretirement benefits plan is December 31. The Company’s global pension investment policies are designed to ensure that pension assets are invested in a manner consistent with meeting the future benefit obligations of the pension plans and maintaining compliance with various laws and regulations including the Employee Retirement Income Security Act of 1974. The Company establishes strategic asset allocation percentage targets and benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. The Company’s investment horizon is generally long term, and, accordingly, the target asset allocations encompass a long-term perspective of capital markets, expected risk and return and perceived future economic conditions while also considering the profile of plan liabilities. To the extent feasible, the short-term investment portfolio is managed to match the short-term obligations, the intermediate portfolio duration is matched to reduce the risk of volatility in intermediate plan distributions, and the total return portfolio is managed to maximize the long-term real growth of plan assets. The critical investment principles of diversification, assessment of risk and targeting the optimal expected returns for given levels of risk are applied. The Company’s investment guidelines prohibit the use of securities such as letter stock and other unregistered securities, commodities or commodity contracts, short sales, margin transactions, private placements (unless specifically addressed by addendum), or any derivatives, options or futures for the purpose of portfolio leveraging. The target asset allocation is reviewed periodically and is determined based on a long-term projection of capital market outcomes, inflation rates, fixed income yields, returns, volatilities and correlation relationships. The interaction between plan assets and benefit obligations is periodically studied to assist in establishing such strategic asset allocation targets. Asset performance is monitored with an overall expectation that plan assets will meet or exceed benchmark performance over rolling five year periods. The Company’s pension committee, as authorized by the Company’s Board, has discretion to manage the assets within established asset allocation ranges approved by senior management of the Company. See Note 20 for additional information.
Derivatives	Derivatives: The Company is exposed to the impact of changes in interest rates, foreign currency fluctuations, changes in commodity prices and credit risk. Historically, the Company has utilized interest rate swap agreements to enhance its ability to manage risk, including exposure to variability in interest payments associated with its variable rate debt. Derivative instruments are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. In order to manage the Company’s exposure to variable interest rate risk associated with the Credit Facility, such as the Secured Overnight Financing Rate (“SOFR”), in the first quarter of 2023, the Company entered into $300.0 million notional amounts of three year interest rate swaps to convert a portion of the Company’s variable rate borrowings into a fixed rate obligation. The Company records these instruments on a net basis within the Consolidated Balance Sheets. These interest rate swaps are designated as cash flow hedges and, as such, the contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in AOCI to the extent effective and reclassified to interest expense in the period during which the transaction affects earnings or it becomes probable that the forecasted transaction will not occur. See Note 24 for additional information. A significant portion of the Company’s revenues and earnings are generated by its foreign operations. These foreign operations also represent a significant portion of the Company’s assets and liabilities. Generally, all of these foreign operations use the local currency as their functional currency and translate their assets and liabilities into U.S. dollars at current exchange rates in effect on the balance sheet date. The gains and losses that result from this process are shown as translation adjustments in Accumulated Other Comprehensive Income in the equity section of the balance sheet. Many of these operations have transactions in currencies other than their functional currency, which creates foreign exchange remeasurement risk. The Company uses foreign exchange forward contracts to economically hedge the impact of the variability in exchange rates on certain assets and/or liabilities denominated in certain foreign currencies. These forward contracts are marked-to-market at each reporting date, with changes in the fair value of the underlying instruments, as well as gains and losses on the hedged foreign currency transactions recognized in earnings in Other (expense) income, net. The fair value of the forward contract is determined from sources independent of the Company, including the financial institutions which are party to the derivative instruments.
Environmental liabilities and expenditures	Environmental liabilities and expenditures: Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. If there is a range of estimated liability and no amount in that range is considered more probable than another, then the Company records the lowest amount in the range. Environmental costs and remediation costs are capitalized if the costs extend the life, increase the capacity or improve safety or efficiency of the property from the date acquired or constructed, and/or mitigate or prevent contamination in the future.
Asset retirement obligations	Asset retirement obligations: The Company assesses whether it has legal or conditional obligations associated with the retirement of tangible long-lived assets that result from the acquisition, construction, or development and/or the normal operation of a long-lived asset, including any legal obligations that require disposal of a replaced part that is a component of a tangible long-lived asset. As of December 31, 2023 and 2022, the Company had no significant exposure or liabilities recorded on its Consolidated Balance Sheets.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures in November 2023. This ASU expands on reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The required disclosure, which is on an annual and interim basis, specifies that significant segment expenses are expenses that are regularly provided to the chief operating decision maker and are used to evaluate performance by segment to make decisions about resource allocations. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the disclosure requirements of this standard and the impact on its Consolidated Financial Statements and related disclosures. The FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures in December 2023. This ASU requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate (the “rate reconciliation”) for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the disclosure requirements of this standard and the impact on its Consolidated Financial Statements.

Fair Value Measures - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2023	Oct. 01, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Surrendered and liquidated life insurance policies	$ 1.9
Americas
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average cost of capital percentage		11.00%
EMEA
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average cost of capital percentage		12.00%
Asia/Pacific
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average cost of capital percentage		11.00%

Taxes on Income- Valuation Allowance Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Balance at January 1,	$ 11,730	$ 17,400	$ 21,511
Net charges to income tax expense	14,393	1,119	359
Release of valuation allowance	(1,941)	(6,789)	(4,470)
Balance at December 31,	$ 24,182	$ 11,730	$ 17,400

Other Non-Current Assets - Schedule of Other Assets, Noncurrent (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Uncertain tax positions (See Note 10)	$ 5,307	$ 5,803
Pension assets (See Note 20)	3,879	8,639
Debt issuance costs (See Note 19)	3,340	4,305
Interest rate swap (See Note 24)	1,828	0
Long-term note receivable	1,014	1,016
Trust investment	601	604
Bad debt and bad debt provisions (See Note 12)	302	440
Supplemental retirement income program (See Notes 20 and 23)	286	2,114
Other	1,783	909
Total other non-current assets	18,770	27,739
Houghton
Business Acquisition [Line Items]
Indemnification assets (See Notes 10 and 21)	$ 430	$ 3,909

Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Taxes on income before equity in net income of associated companies for the years ended December 31, 2023, 2022 and 2021 are as follows:


	2023		2022		2021
Current:
Federal	$	12,159	$	(708)	$	955
State	2,938		1,450		2,115
Foreign	51,930		34,735		44,375
Total	67,027		35,477		47,445
Deferred:
Federal	518		(2,798)		(3,863)
State	(163)		(713)		(3,117)
Foreign	(11,797)		(7,041)		(5,526)
Total	$	(11,442)	$	(10,552)	$	(12,506)
Taxes on income before equity in net income of associated companies	$	55,585	$	24,925	$	34,939

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before taxes and equity of associated companies for the years ended December 31, 2023, 2022 and 2021 are as follows:


	2023		2022		2021
U.S.	$	14,520	$	(4,933)	$	7,263
Foreign	138,604		12,051		139,728
Total	$	153,124	$	7,118	$	146,991

Schedule of Deferred Tax Assets and Liabilities

Total deferred tax assets and liabilities are composed of the following as of December 31, 2023 and 2022:


	2023		2022
Pension and other postretirement benefits	$	6,539	$	5,777
Allowance for credit losses	2,627		2,246
Insurance and litigation reserves	534		716
Performance incentives	5,839		3,327
Equity-based compensation	2,980		2,723
Prepaid expense	541		486
Operating loss carryforward	22,693		20,519
Foreign tax credit and other credits	13,360		5,506
Interest	12,926		9,928
Restructuring reserves	403		791
Right of use lease assets	8,018		8,440
Inventory reserves	4,810		3,712
Research and development	11,125		11,936
Other	5,712		3,562
Total deferred tax assets, gross	98,107		79,669
Valuation allowance	(24,182)		(11,730)
Total deferred tax assets, net	$	73,925	$	67,939
Depreciation	10,240		11,935

Intangibles	177,320		182,838
Lease liabilities	9,105		9,590
Outside basis in equity investment	5,276		5,886
Unremitted earnings	8,204		6,766
Total deferred tax liabilities	$	210,145	$	217,015
Total net deferred tax liabilities	$	(136,220)	$	(149,076)

Schedule Of Deferred Tax Assets And Liabilities Balance Sheet Classification

The Company’s net deferred tax assets and liabilities are classified in the Consolidated Balance Sheets as of December 31, 2023 and 2022 as follows:


	2023		2022
Non-current deferred tax assets	$	10,737	$	11,218
Non-current deferred tax liabilities	146,957		160,294
Total net deferred tax liabilities	$	(136,220)	$	(149,076)

Schedule of Valuation Allowance

The following are the changes in the Company’s deferred tax asset valuation allowance for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021

Balance at January 1,	$	11,730	$	17,400	$	21,511
Net charges to income tax expense	$	14,393	$	1,119	$	359
Release of valuation allowance	$	(1,941)	$	(6,789)	$	(4,470)
Balance at December 31,	$	24,182	$	11,730	$	17,400

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of income taxes at the Federal statutory rate with income taxes recorded by the Company for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
Income tax provision at the Federal statutory tax rate	$	32,156	$	1,495	$	30,868
Unremitted earnings	1,211		(1,839)		1,841
Tax law changes / reform	47		823		1,955
U.S. tax on foreign operations	9,014		4,864		10,479
Pension settlement	—		—		—
Foreign derived intangible income	(1,147)		(917)		(8,698)
Non-deductible acquisition expenses	—		45		129
Withholding taxes	11,193		7,785		6,584
Foreign tax credits	(3,432)		(5,850)		(14,725)
Share-based compensation	973		1,234		600
Foreign tax rate differential	4,731		4,782		1,712
Research and development credit	(2,000)		(1,757)		(1,685)
Audit Settlements	456		2,697		1,378
Uncertain tax positions	(598)		(6,375)		519
State income tax provisions, net	2,158		432		(1,446)
Non-deductible meals and entertainment	416		146		426
Intercompany transfer of intangible assets	(584)		(1,932)		4,347
Goodwill Impairment	—		19,550		—
Miscellaneous items, net	991		(258)		655
Taxes on income before equity in net income of associated companies	$	55,585	$	24,925	$	34,939

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021, respectively, is as follows:


	2023		2022		2021
Unrecognized tax benefits as of January 1	$	16,340	$	22,464	$	22,152
(Decrease) increase in unrecognized tax benefits taken in prior periods	(147)		(1,174)		1,002
Increase in unrecognized tax benefits taken in current period	1,799		953		2,915
Decrease in unrecognized tax benefits due to lapse of statute of limitations	(2,736)		(2,378)		(1,527)
Decrease in unrecognized tax benefits due to audit settlements	—		(2,509)		(1,104)

(Decrease) increase due to foreign exchange rates	403		(1,016)		(974)
Unrecognized tax benefits as of December 31	$	15,659	$	16,340	$	22,464

Schedule of Income Tax Examinations

Tax years that remain subject to examination by major tax jurisdictions are shown in the table below:


Jurisdiction						Open Years
Brazil						2018-2023
China						2018-2023
Germany						2018-2023
India						2017-2023
Italy						2007, 2019-2023
Mexico						2018-2023
Netherlands						2017-2023
Spain						2018-2023
U.S. Federal and State						2019-2023
United Kingdom						2018-2023

Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of information about the performance of the Company's reportable segments, sales and total assets

The following tables present information about the performance of the Company’s reportable segments for the years ended December 31, 2023, 2022 and 2021.


Net sales	2023		2022		2021
Americas	$	977,095	$	946,516	$	762,211
EMEA	571,347		562,508		564,128
Asia/Pacific	404,871		434,561		434,819
Total net sales	$	1,953,313	$	1,943,585	$	1,761,158


	2023		2022		2021
Segment operating earnings
Americas	$	266,036	$	223,629	$	176,253
EMEA	104,811		76,364		110,981
Asia/Pacific	118,458		105,842		109,233
Total segment operating earnings	489,305		405,835		396,467
Combination, integration and other acquisition-related expenses	—		(8,779)		(23,885)
Restructuring and related charges, net	(7,588)		(3,163)		(1,433)
Fair value step up of acquired inventory sold	—		—		(801)
Impairment charges	—		(93,000)		—
Non-operating and administrative expenses	(206,398)		(187,841)		(157,309)
Depreciation of corporate assets and amortization	(60,824)		(60,748)		(62,573)
Operating income	214,495		52,304		150,466
Other (expense) income, net	(10,672)		(12,607)		18,851
Interest expense, net	(50,699)		(32,579)		(22,326)
Income before taxes and equity in net income of associated companies	$	153,124	$	7,118	$	146,991


Segment assets, excluding goodwill	2023		2022		2021
Americas	$	903,319	$	1,196,906	$	1,160,921
EMEA	703,338		583,861		685,812
Asia/Pacific	595,036		525,847		477,833
Total segment assets	$	2,201,693	$	2,306,614	$	2,324,566


Inter-segment revenues	2023		2022		2021
Americas	$	9,005	$	11,552	$	13,307
EMEA	24,865		44,605		40,396
Asia/Pacific	2,651		957		1,951

Schedule of reportable segments' long-lived assets, including certain identifiable assets


Segment long-lived assets	2023		2022		2021
Americas	$	159,015	$	150,294	$	145,390
EMEA	83,488		87,279		89,637
Asia/Pacific	123,846		120,761		125,365
Total segment long-lived assets	$	366,349	$	358,334	$	360,392

The following table summarizes net sales and long-lived assets, respectively, attributable to non-U.S. domiciled operations for the years ended December 31, 2023, 2022 and 2021:


Non-U.S. operations	2023		2022		2021
Total net sales	$	1,234,571	$	1,246,700	$	1,198,377
Long-lived assets	148,515		156,374		155,208

Reconciliation of capital expenditures and depreciation for identifiable assets


Capital expenditures	2023		2022		2021
Americas	$	25,650	$	19,121	$	11,716
EMEA	7,561		6,065		7,428
Asia/Pacific	5,589		3,353		2,313
Total segment capital expenditures	$	38,800	$	28,539	$	21,457


Depreciation	2023		2022		2021
Americas	$	12,298	$	11,723	$	13,599
EMEA	7,321		6,608		8,294
Asia/Pacific	4,214		4,593		4,756
Total segment depreciation	$	23,833	$	22,924	$	26,649

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization		$ 58,200	$ 57,500	$ 59,900
Indefinite lived intangible assets		193,200
Indefinite-lived trademarks	$ 189,100	192,100	189,100
Impairment charges	$ 93,000	$ 0	$ 93,000	$ 0

Net Sales and Revenue Recognition - Disaggregation of the Company's net sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Product Information [Line Items]
Net sales	$ 1,953,313	$ 1,943,585	$ 1,761,158
Operating Segments \| Product
Product Information [Line Items]
Net sales	1,953,313	1,943,585	1,761,158
Operating Segments \| Metals
Product Information [Line Items]
Net sales	600,731	604,657	559,450
Operating Segments \| Metalworking and other
Product Information [Line Items]
Net sales	1,352,582	1,338,928	1,201,708
Operating Segments \| Americas \| Product
Product Information [Line Items]
Net sales	977,095	946,516	762,211
Operating Segments \| Americas \| Metals
Product Information [Line Items]
Net sales	268,174	252,513	210,340
Operating Segments \| Americas \| Metalworking and other
Product Information [Line Items]
Net sales	708,921	694,003	551,871
Operating Segments \| EMEA \| Product
Product Information [Line Items]
Net sales	571,347	562,508	564,128
Operating Segments \| EMEA \| Metals
Product Information [Line Items]
Net sales	136,979	137,767	141,950
Operating Segments \| EMEA \| Metalworking and other
Product Information [Line Items]
Net sales	434,368	424,741	422,178
Operating Segments \| Asia/Pacific \| Product
Product Information [Line Items]
Net sales	404,871	434,561	434,819
Operating Segments \| Asia/Pacific \| Metals
Product Information [Line Items]
Net sales	195,578	214,377	207,160
Operating Segments \| Asia/Pacific \| Metalworking and other
Product Information [Line Items]
Net sales	$ 209,293	$ 220,184	$ 227,659

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Share-Based Compensation - Option Rollforward (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Number of Options
Options outstanding, beginning balance \| shares	119,482
Options exercised (in shares) \| shares	(55,168)
Options forfeited (in shares) \| shares	(1,461)
Options outstanding, ending balance \| shares	62,853
Weighted Average Exercise Price (per option)
Options outstanding, beginning balance (in dollars per share) \| $ / shares	$ 183.39
Options exercised (in dollars per share) \| $ / shares	148.01
Options forfeited (in dollars per share) \| $ / shares	185.05
Options outstanding, ending balance (in dollars per share) \| $ / shares	$ 214.40
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, weighted average remaining contractual term	4 years 3 months 18 days
Options outstanding, aggregate intrinsic value \| $	$ 1,474
Options expected to vest, number of options (in shares) \| shares	19,756
Options exercisable, number of options, (in shares) \| shares	43,097
Options expected to vest, weighted average exercise price (in dollars per share) \| $ / shares	$ 177.92
Options exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 195.48
Options expected to vest, weighted average remaining contractual term	5 years 2 months 12 days
Options exercisable, weighted average remaining contractual term	3 years 10 months 24 days
Options expected to vest, aggregate intrinsic value \| $	$ 701
Options exercisable, aggregate intrinsic value \| $	$ 773

Pension and Other Postretirement Benefits - Level 3 Asset Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Change in plan assets
Fair value of plan assets at beginning of year	$ 189,535	$ 294,566
Currency translation adjustment	5,489	(17,672)
Fair value of plan assets at end of year	196,354	189,535
Level 3
Change in plan assets
Fair value of plan assets at beginning of year	68,865	118,053
Purchases	47,337	(8,237)
Unrealized losses	4,754	(34,147)
Currency translation adjustment	3,355	(6,804)
Fair value of plan assets at end of year	124,311	68,865
Insurance contract \| Level 3
Change in plan assets
Fair value of plan assets at beginning of year	59,963	99,527
Purchases	47,640	(1,136)
Unrealized losses	7,621	(32,305)
Currency translation adjustment	3,169	(6,123)
Fair value of plan assets at end of year	118,393	59,963
Real estate \| Level 3
Change in plan assets
Fair value of plan assets at beginning of year	8,902	11,547
Purchases	(303)	(122)
Unrealized losses	(2,867)	(1,842)
Currency translation adjustment	186	(681)
Fair value of plan assets at end of year	5,918	8,902
Alternative Investments \| Level 3
Change in plan assets
Fair value of plan assets at beginning of year	0	6,979
Purchases	0	(6,979)
Unrealized losses	0	0
Currency translation adjustment	0	0
Fair value of plan assets at end of year	$ 0	$ 0

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Investments in Associated Companies - Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2021
Equity in net income of associated companies	$ 15,333	$ 1,965	$ 9,379
Houghton Korea
Equity in net income of associated companies	11,442	2,644	3,808
Nippon Japan
Equity in net income of associated companies	1,492	323	461
Kelko Panama
Equity in net income of associated companies	309	425	154
Grindaix
Equity in net income of associated companies	0	0	(37)
Equity method investment, ownership percentage				38.00%
Primex
Equity in net income of associated companies	$ 2,090	$ (1,427)	$ 4,993

Basis of Presentation and Significant Accounting Policies - Property, Plant and Equipment (Details)	Dec. 31, 2023
Building and Building Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Building and Building Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	33 years
Machinery and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	4 years
Machinery and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years

Recently Issued Accounting Standards	12 Months Ended
Recently Issued Accounting Standards	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Recently Issued Accounting Standards Not Yet Adopted The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures in November 2023. This ASU expands on reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The required disclosure, which is on an annual and interim basis, specifies that significant segment expenses are expenses that are regularly provided to the chief operating decision maker and are used to evaluate performance by segment to make decisions about resource allocations. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the disclosure requirements of this standard and the impact on its Consolidated Financial Statements and related disclosures. The FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures in December 2023. This ASU requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate (the “rate reconciliation”) for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the disclosure requirements of this standard and the impact on its Consolidated Financial Statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income (loss) attributable to Quaker Chemical Corporation	$ 112,748	$ (15,931)	$ 121,369
Less: (income) loss allocated to participating securities	(555)	92	(480)
Net income (loss) available to common shareholders	$ 112,193	$ (15,839)	$ 120,889
Basic weighted average common shares outstanding (in shares)	17,892,461	17,841,487	17,805,034
Basic earnings (loss) per common share (in dollars per share)	$ 6.27	$ (0.89)	$ 6.79

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

Other (Expense) Income, net - Schedule of Other Income (Expense), net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Income from third party license fees	$ 1,210	$ 1,268	$ 1,367
Foreign exchange losses, net	(14,785)	(9,399)	(3,821)
Gain on disposals of property, plant, equipment and other assets, net	1,307	168	4,695
Non-income tax refunds and other related credits (expense)	1,339	(1,613)	15,155
Pension and postretirement benefit (costs) income, non-service components	(2,033)	1,704	759
Loss on extinguishment of debt	0	(6,763)	0
Facility remediation recoveries, net	2,141	1,804	0
Other non-operating income, net	149	224	696
Total other (expense) income, net	$ (10,672)	$ (12,607)	$ 18,851

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

The following table summarizes earnings per share calculations for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
Basic earnings per common share
Net income (loss) attributable to Quaker Chemical Corporation	$	112,748	$	(15,931)	$	121,369
Less: (income) loss allocated to participating securities	(555)		92		(480)
Net income (loss) available to common shareholders	$	112,193	$	(15,839)	$	120,889
Basic weighted average common shares outstanding	17,892,461		17,841,487		17,805,034
Basic earnings (loss) per common share	$	6.27	$	(0.89)	$	6.79

Diluted earnings per common share
Net income (loss) attributable to Quaker Chemical Corporation	$	112,748	$	(15,931)	$	121,369
Less: (income) loss allocated to participating securities	(554)		92		(479)
Net income (loss) available to common shareholders	$	112,194	$	(15,839)	$	120,890
Basic weighted average common shares outstanding	17,892,461		17,841,487		17,805,034
Effect of dilutive securities	22,348		15,005		50,090
Diluted weighted average common shares outstanding	17,914,809		17,856,492		17,855,124
Diluted earnings (loss) per common share	$	6.26	$	(0.89)	$	6.77

Certain stock options, restricted stock units and PSUs are not included in the diluted earnings per share calculation when the effect would have been anti-dilutive. The calculated amount of anti-diluted shares not included were 10,621 in 2023, 28,222 in 2022 and 4,070 in 2021.

Debt - Maturity Schedules (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
For the year ended December 31, 2024	$ 23,250
For the year ended December 31, 2025	36,955
For the year ended December 31, 2026	36,914
For the year ended December 31, 2027	647,899
For the year ended December 31, 2028	10,028
Total maturities on debt in the next five fiscal years	$ 755,046

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Equity and Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2024	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares issued (in shares)	17,991,988	17,950,264
Common stock, shares outstanding (in shares)	17,991,988	17,950,264
Shares issued for equity based comp plans	38,522
Shares issued for options exercise and other activity	3,202
Preferred stock, shares authorized (in shares)	10,000,000
Preferred stock, par value (in dollars per share)	$ 1
Shares issued for ESPP (in shares)	0
Share Repurchase Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock repurchased and retired during period (in shares)	0	0	0
2024 Share Repurchase Program \| Subsequent Event
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock repurchase program, authorized amount				$ 150.0
2015 Share Repurchase Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock repurchase program, authorized amount					$ 100.0
Stock repurchase program, remaining authorized repurchase amount	$ 86.9

Accounts Receivable and Allowance for Credit Losses - Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Gross trade accounts receivable	$ 458.3	$ 486.4

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories, net, as of December 31, 2023 and 2022 were as follows:


	2023		2022
Raw materials and supplies	$	119,047	$	151,105
Work in process, finished goods and reserves	114,810		133,743
Total inventories, net	$	233,857	$	284,848

Taxes on Income- Components of Expense and Earnings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 12,159	$ (708)	$ 955
State	2,938	1,450	2,115
Foreign	51,930	34,735	44,375
Total current income tax expense	67,027	35,477	47,445
Deferred:
Federal	518	(2,798)	(3,863)
State	(163)	(713)	(3,117)
Foreign	(11,797)	(7,041)	(5,526)
Total deferred income tax expense	(11,442)	(10,552)	(12,506)
Taxes on income before equity in net income of associated companies	55,585	24,925	34,939
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
U.S.	14,520	(4,933)	7,263
Foreign	138,604	12,051	139,728
Income before taxes and equity in net income of associated companies	$ 153,124	$ 7,118	$ 146,991

Business Segments - Information of Company's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total net sales		$ 1,953,313	$ 1,943,585	$ 1,761,158
Total segment operating earnings		489,305	405,835	396,467
Combination, integration and other acquisition-related expenses		0	(8,779)	(23,885)
Restructuring and related charges, net		(7,588)	(3,163)	(1,433)
Fair value step up of acquired inventory sold		0	0	(801)
Impairment charges	$ (93,000)	0	(93,000)	0
Non-operating and administrative expenses		(206,398)	(187,841)	(157,309)
Depreciation of corporate assets and amortization		(60,824)	(60,748)	(62,573)
Operating income		214,495	52,304	150,466
Other (expense) income, net		(10,672)	(12,607)	18,851
Interest expense, net		(50,699)	(32,579)	(22,326)
Income before taxes and equity in net income of associated companies		153,124	7,118	146,991
Total segment assets	2,306,614	2,201,693	2,306,614	2,324,566
Total segment long-lived assets	358,334	366,349	358,334	360,392
Total segment capital expenditures		38,800	28,539	21,457
Total segment depreciation		23,833	22,924	26,649
Non-US
Segment Reporting Information [Line Items]
Total net sales		1,234,571	1,246,700	1,198,377
Total segment long-lived assets	156,374	148,515	156,374	155,208
Intersegment Sales Elimination \| Asia/Pacific
Segment Reporting Information [Line Items]
Total net sales		2,651	957	1,951
Intersegment Sales Elimination \| Americas
Segment Reporting Information [Line Items]
Total net sales		9,005	11,552	13,307
Intersegment Sales Elimination \| EMEA
Segment Reporting Information [Line Items]
Total net sales		24,865	44,605	40,396
Americas
Segment Reporting Information [Line Items]
Total net sales		977,095	946,516	762,211
Total segment operating earnings		266,036	223,629	176,253
Total segment assets	1,196,906	903,319	1,196,906	1,160,921
Total segment long-lived assets	150,294	159,015	150,294	145,390
Total segment capital expenditures		25,650	19,121	11,716
Total segment depreciation		12,298	11,723	13,599
EMEA
Segment Reporting Information [Line Items]
Total net sales		571,347	562,508	564,128
Total segment operating earnings		104,811	76,364	110,981
Total segment assets	583,861	703,338	583,861	685,812
Total segment long-lived assets	87,279	83,488	87,279	89,637
Total segment capital expenditures		7,561	6,065	7,428
Total segment depreciation		7,321	6,608	8,294
Asia/Pacific
Segment Reporting Information [Line Items]
Total net sales		404,871	434,561	434,819
Total segment operating earnings		118,458	105,842	109,233
Total segment assets	525,847	595,036	525,847	477,833
Total segment long-lived assets	$ 120,761	123,846	120,761	125,365
Total segment capital expenditures		5,589	3,353	2,313
Total segment depreciation		$ 4,214	$ 4,593	$ 4,756

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Right of use lease assets	$ 38,614	$ 43,766
Other accrued liabilities	11,965	12,024
Long-term lease liabilities	22,937	26,967
Total operating lease liabilities	$ 34,902	$ 38,991
Weighted average remaining lease term (years)	5 years 1 month 6 days	5 years 1 month 6 days
Weighted average discount rate	4.91%	4.36%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued liabilities	Other accrued liabilities

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Arrangement, Cost by Plan

The Company recognized the following share-based compensation expense in its Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
Stock options	$	1,039	$	1,774	$	1,235
Non-vested stock awards and restricted stock units	9,305		6,679		5,438
Non-elective and elective 401(k) matching contribution in stock	—		—		1,553
Director stock ownership plan	86		63		901
Performance stock units	4,175		3,150		1,911
Total share-based compensation expense	$	14,605	$	11,666	$	11,038

Schedule of Share-based Payment Arrangement, Option, Activity

Stock option activity under all plans is as follows:


	Number of Options	Weighted Average Exercise Price (per option)		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Options outstanding as of January 1, 2023	119,482	$	183.39

Options exercised	(55,168)	148.01
Options forfeited	(1,461)	185.05
Options outstanding as of December 31, 2023	62,853	$	214.40	4.3	$	1,474
Options expected to vest after December 31, 2023	19,756	$	177.92	5.2	$	701
Options exercisable as of December 31, 2023	43,097	$	195.48	3.9	$	773

Schedule of Share-based Payment Arrangement, Option, Exercise Price Range

A summary of the Company’s outstanding stock options as of December 31, 2023 is as follows:


Range of Exercise Prices					Number of Options Outstanding	Weighted Average Remaining Contractual Term (years)	Weighted Average Exercise Price (per option)	Number of Options Exercisable	Weighted Average Exercise Price (per option)
$	120.01	-	$	150.00	15,481	3.7	137.76	12,660	136.73
$	150.01	-	$	180.00	25,652	4.8	174.77	10,236	169.46
$	220.01	-	$	250.00	21,720	4.2	245.10	20,201	245.49
					62,853	4.3	214.40	43,097	195.48

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

For the purposes of determining the fair value of stock option awards, the Company used a Black-Scholes option pricing model and primarily used the assumptions set forth in the table below:


	July 2022 Grant		March 2022 Grant		March 2021 Grant
Number of stock options granted	4,837		27,077		25,250
Dividend yield	0.79	%	0.80	%	0.85	%
Expected volatility	40.47	%	38.60	%	37.33	%
Risk-free interest rate	2.87	%	2.07	%	0.60	%
Expected term (years)	4.0		4.0		4.0

PSUs granted with a relative TSR condition are valued using a Monte Carlo simulation on the grant date. The grant-date fair value of the PSUs valued using a Monte Carlo simulation, which included the following assumptions set forth in the table below:


	2023		2022		CEO Grant 2021 (1)		2021
Number of PSUs granted	16,984		18,462		3,775		12,103
Risk-free interest rate	3.85	%	2.11	%	0.65	%	0.29	%
Dividend yield	0.96	%	0.93	%	0.72	%	0.64	%
Expected term (years)	3.0		3.0		3.0		3.0

Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount


	2023	2022	2021
2022 Stock option awards	494	783	—
2021 Stock option awards	446	521	429
2020 Stock option awards	99	443	516
2019 Stock option awards	—	27	234
2018 Stock option awards	—	—	56
Total	1,039	1,774	1,235

Schedule of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

Activity of non-vested restricted stock awards granted under the Company’s LTIP plan is shown below:


	Number of Shares	Weighted Average Grant Date Fair Value (per share)
Non-vested restricted stock awards, December 31, 2022	79,455	$	171.61
Granted	43,008	184.61
Vested	(33,685)	149.26
Forfeited	(11,021)	180.41
Non-vested restricted stock awards, December 31, 2023	77,757	$	187.24

Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity

Activity of non-vested restricted stock units granted under the Company’s LTIP plan is shown below:


	Number of Units	Weighted Average Grant Date Fair Value (per unit)
Non-vested restricted stock units, December 31, 2022	18,500	$	171.83
Granted	6,675	180.38
Vested	(7,014)	152.17
Forfeited	(1,959)	184.08
Non-vested restricted stock units, December 31, 2023	16,202	$	180.14

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies As used in these Notes to Consolidated Financial Statements, the terms “Quaker,” “Quaker Houghton,” the “Company,” “we,” and “our” refer to Quaker Chemical Corporation (doing business as Quaker Houghton), its subsidiaries, and associated companies, unless the context otherwise requires. The “Combination” refers to the Quaker combination with Houghton International, Inc. (“Houghton”). Basis of presentation: The accompanying consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and include the accounts of Quaker Houghton and its controlled subsidiaries. Principles of consolidation: All majority-owned subsidiaries are included in the Company’s consolidated financial statements, with appropriate elimination of intercompany balances and transactions. For consolidated subsidiaries in which the Company’s ownership is less than 100%, the outside shareholders’ interests are reflected as non-controlling interests within the consolidated financial statements. The Company applies the equity method of accounting to investments in which the Company has significant influence but does not control the operating and financial decisions of the investee. This generally applies when the Company’s ownership interest in common stock of the investee is between 20% and 50%. Such investments are presented on the Consolidated Balance Sheet at “Investments in associated companies.” We initially record our investment at cost and subsequently adjust the investment to recognize our share of net earnings and losses and distributions received. The Company’s share of net income or losses in these investments in associated companies is included in the Consolidated Statements of Operations. The Company reviews these investments for impairments when events of changes in circumstances indicate that the carrying amount of the investment may be other-than-temporarily impaired. See Note 16 for additional information. The Company is not the primary beneficiary of any variable interest entities (“VIEs”) and therefore the Company’s consolidated financial statements do not include the accounts of any VIEs. Accounting estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and the accompanying notes. Actual results could differ from such estimates. Translation of foreign currency: Assets and liabilities of non-U.S. subsidiaries and associated companies are translated into U.S. dollars at the respective rates of exchange prevailing at the end of the year. Income and expense accounts are translated at average exchange rates prevailing during the year. Translation adjustments resulting from this process are recorded directly in equity as accumulated other comprehensive (loss) income (“AOCI”) and will be included as income or expense only upon sale or substantial liquidation of the underlying entity or asset. Generally, all of the Company’s non-U.S. subsidiaries use their local currency as their functional currency. Segments: The Company’s operating segments, which are consistent with its reportable segments, reflect the structure of the Company’s internal organization, the method by which the Company’s resources are allocated and the manner by which the chief operating decision maker assesses the Company’s performance. During the first quarter of 2023, the Company reorganized its executive management team to align with its new business structure. The Company’s new structure includes three reportable segments: (i) Americas; (ii) Europe, Middle East and Africa (“EMEA”); and (iii) Asia/Pacific. Prior to the Company’s reorganization, the Company’s historical reportable segments were: (i) Americas; (ii) EMEA; (iii) Asia/Pacific; and (iv) Global Specialty Businesses. Prior period segment financial information has been recast to align with segment change, including reportable segments and customer industry disaggregation. Reclassifications: Certain information has been reclassified to conform to the current year presentation. Business combinations: The Company accounts for business combinations under the acquisition method of accounting. This method requires the recording of acquired assets, including separately identifiable intangible assets, and assumed liabilities at their respective acquisition date estimated fair values. Any excess of the purchase price over the estimated fair value of the identifiable net assets acquired is recorded as goodwill. The determination of the estimated fair value of assets acquired and liabilities assumed requires significant estimates and assumptions. Based on the assessment of additional information during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the estimated fair value of assets acquired and liabilities assumed. Revenue recognition: The Company recognizes revenue in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services transferred to its customers. To do this, the Company applies a five-step model, which requires the Company to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company identifies a contract with a customer when a sales agreement indicates approval and commitment of the parties; identifies the rights of the parties; identifies the payment terms; has commercial substance; and it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. The Company identifies a performance obligation in a contract for each promised good or service that is separately identifiable from other obligations in the contract and for which the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer. The Company determines the transaction price as the amount of consideration it expects to be entitled to in exchange for fulfilling the performance obligations, including the effects of any variable consideration, significant financing elements, amounts payable to the customer or noncash consideration. For any contracts that have more than one performance obligation, the Company allocates the transaction price to each performance obligation in an amount that depicts the amount of consideration to which the Company expects to be entitled in exchange for satisfying each performance obligation. In accordance with the last step of the five-step model, the Company recognizes revenue when, or as, it satisfies the performance obligation in a contract by transferring control of a promised good or providing the service to the customer. The Company typically satisfies its performance obligations and recognizes revenue at a point in time for product sales, generally when products are shipped or delivered to the customer, depending on the terms underlying each arrangement. In circumstances where the Company’s products are on consignment, revenue is generally recognized upon usage or consumption by the customer. For any FluidcareTM or other services provided by the Company to the customer, the Company typically satisfies its performance obligations and recognizes revenue over time, as the promised services are performed. The Company uses input methods to recognize revenue over time related to these services, including labor costs and time incurred. The Company believes that these input methods represent the most indicative measure of the FluidcareTM or other service work performed by the Company. The Company does not have standard payment terms for all customers; however, the Company’s general payment terms require customers to pay for products or services provided after the performance obligation is satisfied. The Company does not have significant financing arrangements with its customers. Therefore, the Company does not adjust the promised amount of consideration for the effects of a significant financing component as the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to the customer and when the customer pays for that good or service will be one year or less. In addition, the Company expenses costs to obtain a contract as incurred when the expected period of benefit, and therefore the amortization period, is one year or less. In addition, the Company excludes from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, value added, excise and various other taxes. Lastly, the Company has elected to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment cost, rather than an additional promised service. The Company does not have significant amounts of variable consideration in its contracts with customers and where applicable, the Company’s estimates of variable consideration are not constrained. The Company records certain third-party license fees in Other (expense) income, net, in its Consolidated Statement of Operations, which generally include sales-based royalties in exchange for the license of intellectual property. These license fees are recognized in accordance with their agreed-upon terms and when performance obligations are satisfied, which is generally when the third party has a subsequent sale. The Company recognizes a contract asset or receivable on its Consolidated Balance Sheet when the Company performs a service or transfers a good in advance of receiving consideration. A receivable is the Company’s right to consideration that is unconditional and only the passage of time is required before payment of that consideration is due. A contract asset is the Company’s right to consideration in exchange for goods or services that the Company has transferred to a customer. A contract liability is recognized when the Company receives consideration, or if it has the unconditional right to receive consideration, in advance of performance. A contract liability is the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration, or a specified amount of consideration is due, from the customer. See Note 5 for additional information. Right of use lease assets and lease liabilities: The Company determines if an arrangement is a lease at its inception. This determination generally depends on whether the arrangement conveys the right to control the use of an identified fixed asset explicitly or implicitly for a period of time in exchange for consideration. Control of an underlying asset is conveyed if the Company obtains the rights to direct the use of, and obtains substantially all of the economic benefits from the use of, the underlying asset. Lease expense for variable leases and short-term leases is recognized when the obligation is incurred. The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by an option to extend the lease that the Company is reasonably certain it will exercise. Operating leases are included in right of use lease assets, other accrued liabilities and long-term lease liabilities on the Consolidated Balance Sheet. Right of use lease assets and liabilities are recognized at each lease’s commencement date based on the present value of its lease payments over its respective lease term. Operating lease expense is recognized on a straight-line basis over the lease term. The Company uses the stated borrowing rate for a lease when readily determinable. When a stated borrowing rate is not available in a lease agreement, the Company uses its incremental borrowing rate based on information available at the lease’s commencement date to determine the present value of its lease payments. In determining the incremental borrowing rate used to present value each of its leases, the Company considers certain information including fully secured borrowing rates readily available to the Company and its subsidiaries. The Company includes finance leases in PP&E, current portion of long-term debt and long-term debt on the Consolidated Balance Sheet. See Note 6 for additional information. Restructuring activities: Restructuring programs consist of employee severance, rationalization of manufacturing or other facilities and other related items. To account for such programs, the Company recognizes a liability for a cost associated with an exit or disposal activity, when the liability is incurred, is estimable, and payment is probable. See Note 7 for additional information. Share-based compensation: The Company recognizes the fair value of share-based compensation as a component of expense. The Company has a long-term incentive program (“LTIP”) for key employees which provides for the granting of options to purchase stock at prices not less than its market value on the date of the grant. Most options become exercisable within three years after the date of the grant for a period of time determined by the Company, but not to exceed seven years from the date of grant. The Company did not grant any stock options during 2023. Restricted stock awards and restricted stock units issued under the LTIP program are subject to time vesting generally over a one to three year period. In addition, as part of the Company’s Annual Incentive Plan, non-vested shares may be issued to key employees, which generally would vest over a two to five year period. Prior to 2023, the Company generally has assumed a forfeiture rate of 13% based on historical experience. Beginning in 2023, the Company elected to account for forfeitures on new awards as they occur for service condition aspects of certain share-based awards. The Company also issues various performance-dependent stock awards as a component of its LTIP. For performance-dependent stock units for which the performance target is market-based and tied to Total Shareholder Return, the grant date fair value is based on grant-date stock price adjusted for the likelihood of attaining certain predetermined performance goals and is calculated by utilizing a Monte Carlo simulation model. For performance-dependent stock units for which payout is linked to the achievement of a performance-based return on invested capital, the grant date fair value is based on the trading price of the Company’s stock on the grant date. Compensation expense for the performance-dependent is recognized on a straight-line basis over the vesting period, generally three years. See Note 8 for additional information. Research and development costs: Research and development costs are expensed as incurred and are included in selling, general and administrative expenses (“SG&A”). Research and development expenses were $50.3 million, $46.0 million and $44.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. Hyper-inflationary accounting: Economies that have a cumulative three year rate of inflation exceeding 100% are considered hyper-inflationary. A legal entity that operates within an economy deemed to be hyper-inflationary is required to remeasure its monetary assets and liabilities to the applicable published exchange rates and record the associated gains or losses resulting from the remeasurement directly to the Consolidated Statements of Operations. Argentina’s and Türkiye’s economies were considered hyper-inflationary effective July 1, 2018 and April 1, 2022, respectively. As of, and for the year ended December 31, 2023, the Company's Argentine and Turkish subsidiaries represented a combined 1% and 2% of the Company’s consolidated total assets and net sales, respectively. For the years ended December 31, 2023, 2022 and 2021, the Company recorded $7.8 million, $1.6 million, and $0.6 million, respectively, of remeasurement losses associated with the applicable currency conversions related to Argentina and Türkiye. These losses were recorded within foreign exchange losses, net, which is a component of Other (expense) income, net, in the Company’s Consolidated Statements of Operations. Income taxes and uncertain tax positions: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year and the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. The Company accounts for uncertainty in income taxes by applying the recognition threshold and measurement attributes for financial statement recognition and measurement of tax positions taken or expected to be taken on a tax return. The Company determines whether the benefits of tax positions are probable or more likely than not sustained upon audit based upon the technical merits of the tax position. For tax positions that are determined to be more likely than not sustained upon audit, the Company recognizes the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement in the financial statements. For tax positions that are not determined to be more likely than not sustained upon audit, the Company does not recognize any portion of the benefit in the financial statements. Additionally, the Company monitors and adjusts for derecognition, classification, and penalties and interest in interim periods, with appropriate disclosure and transition thereto. Also, the amount of interest expense and income related to uncertain tax positions is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized, including timing differences, and the amount previously taken or expected to be taken in a tax return. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. Finally, when applicable, the Company nets its liability for unrecognized tax benefits against deferred tax assets related to net operating losses or other tax credit carryforwards that would apply if the uncertain tax position were settled for the presumed amount at the balance sheet date. Pursuant to the Tax Cuts and Jobs Act (“U.S. Tax Reform”), specifically the one-time tax on deemed repatriation (the “Transition Tax”), the Company has provided for U.S. income tax on its undistributed earnings of non-U.S. subsidiaries, however, the Company is subject to and will incur other taxes, such as withholding taxes and dividend distribution taxes, if these undistributed earnings were ultimately remitted to the U.S. The Company currently intends to reinvest its future undistributed earnings of non-U.S. subsidiaries to support working capital needs and certain other growth initiatives of those subsidiaries. However, in certain cases the Company has and may in the future change its indefinite reinvestment assertion for any or all of these undistributed earnings. In this case, the Company would estimate and record a tax liability and corresponding tax expense for the amount of non-U.S. income taxes it would incur to ultimately remit these earnings to the U.S. See Note 10 for additional information. Earnings per share: The Company calculates earnings per share for non-vested stock awards with rights to non-forfeitable dividends, which requires non-vested stock awards with rights to non-forfeitable dividends to be included as part of the basic weighted average share calculation under the two-class method. See Note 11 for additional information. Comprehensive income (loss): The Company presents Other comprehensive income (loss) in its Statements of Comprehensive Income (Loss). The Company discloses significant amounts reclassified from each component of AOCI, the related tax amounts and the income statement line items affected by such reclassifications. See Note 22 for additional information. Cash and cash equivalents: The Company invests temporary and excess funds in money market securities and financial instruments having maturities within 90 days. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company has not experienced losses from the aforementioned investments. Accounts receivable and allowance for credit losses: Trade accounts receivable subject the Company to credit risk. Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. The Company recognizes an allowance for credit losses, which represents the portion of the receivable that the Company does not expect to collect over its contractual life, considering past events and reasonable and supportable forecasts of future economic conditions. The Company’s allowance for credit losses on its trade accounts receivable is based on specific collectability facts and circumstances for each outstanding receivable and customer, the aging of outstanding receivables, and the associated collection risk the Company estimates for certain past due aging categories, and also, the general risk to all outstanding accounts receivable based on historical amounts determined to be uncollectible. The Company does not have any off-balance-sheet credit exposure related to its customers. See Note 12 for additional information. Inventories: Inventories are valued at the lower of cost or net realizable value, and are valued using the first-in, first-out method. See Note 13 for additional information. Long-lived assets: PP&E is stated at gross cost, less accumulated depreciation. Depreciation is computed using the straight-line method on an individual asset basis over the following estimated useful lives: buildings and improvements, 10 to 33 years, or the remaining term of the lease; and machinery and equipment, 4 to 10 years, or the remaining term of the lease. The carrying values of long-lived assets are evaluated whenever changes in circumstances or current events indicate the carrying amount of such assets may not be recoverable. An estimate of undiscounted cash flows produced by the asset, or the appropriate group of assets, is compared with the carrying value to determine whether an impairment exists. If necessary, the Company recognizes an impairment loss for the difference between the carrying amount of the assets and their estimated fair value. Fair value is based on current and anticipated future cash flows. Upon sale or other dispositions of long-lived assets, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount, less proceeds from disposals, is recorded in the Consolidated Statements of Operations. Expenditures for renewals or improvements that increase the estimated useful life or capacity of the assets are capitalized, whereas expenditures for repairs and maintenance are expensed when incurred. See Notes 9 and 14 for additional information. Capitalized software: The Company capitalizes certain costs in connection with developing or obtaining software for internal use, depending on the associated project. These costs are amortized over a period of 3 to 5 years once the assets are ready for their intended use. In connection with the implementations and upgrades to the Company’s global transaction, consolidation and other related systems, approximately $4.5 million and $3.5 million of net costs were capitalized in PP&E on the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively. Goodwill and other intangible assets: The Company records goodwill, definite-lived intangible assets and indefinite-lived intangible assets at fair value at the date of acquisition. Goodwill and indefinite-lived intangible assets are not amortized but tested for impairment at least annually. These tests will be performed more frequently if triggering events indicate potential impairment. In completing a quantitative goodwill impairment test, the Company compares a reporting unit’s fair value, primarily based on future discounted cash flows, to its carrying value in order to determine if an impairment charge is warranted. Definite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, generally for periods ranging from 3 to 24 years. The Company continually evaluates the reasonableness of the useful lives of these assets, consistent with the discussion of long-lived assets, above. See Notes 15 and 23 for additional information. Fair value measurements: Fair value is defined as an exit price, or 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. The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. See Notes 20, 23 and 24 for additional information. The following briefly describes 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, for sustainability the full term of the asset or liability. 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 for the asset or liability that reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability. Pension and other postretirement benefits: The Company maintains various noncontributory retirement plans, covering a portion of its employees in the U.S. and certain other countries, including the Netherlands, the United Kingdom (“U.K.”), Mexico, Sweden, Germany and France. The plans of the remaining non-U.S. subsidiaries are, for the most part, either fully insured or integrated with the local governments’ plans. The Company recognizes on a prospective basis the funded status of the defined benefit pension and other postretirement plans on its Consolidated Balance Sheets and, also, recognizes as a component of AOCI, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit cost. In addition, the Company recognizes a settlement charge in its Consolidated Statements of Operations when certain events occur, including plan termination or the settlement of certain plan liabilities. A settlement charge represents the immediate recognition into expense of a portion of the unrecognized loss within AOCI on the balance sheet in proportion to the share of the projected benefit obligation that was settled. The measurement date for the Company’s postretirement benefits plan is December 31. The Company’s global pension investment policies are designed to ensure that pension assets are invested in a manner consistent with meeting the future benefit obligations of the pension plans and maintaining compliance with various laws and regulations including the Employee Retirement Income Security Act of 1974. The Company establishes strategic asset allocation percentage targets and benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. The Company’s investment horizon is generally long term, and, accordingly, the target asset allocations encompass a long-term perspective of capital markets, expected risk and return and perceived future economic conditions while also considering the profile of plan liabilities. To the extent feasible, the short-term investment portfolio is managed to match the short-term obligations, the intermediate portfolio duration is matched to reduce the risk of volatility in intermediate plan distributions, and the total return portfolio is managed to maximize the long-term real growth of plan assets. The critical investment principles of diversification, assessment of risk and targeting the optimal expected returns for given levels of risk are applied. The Company’s investment guidelines prohibit the use of securities such as letter stock and other unregistered securities, commodities or commodity contracts, short sales, margin transactions, private placements (unless specifically addressed by addendum), or any derivatives, options or futures for the purpose of portfolio leveraging. The target asset allocation is reviewed periodically and is determined based on a long-term projection of capital market outcomes, inflation rates, fixed income yields, returns, volatilities and correlation relationships. The interaction between plan assets and benefit obligations is periodically studied to assist in establishing such strategic asset allocation targets. Asset performance is monitored with an overall expectation that plan assets will meet or exceed benchmark performance over rolling five year periods. The Company’s pension committee, as authorized by the Company’s Board, has discretion to manage the assets within established asset allocation ranges approved by senior management of the Company. See Note 20 for additional information. Derivatives: The Company is exposed to the impact of changes in interest rates, foreign currency fluctuations, changes in commodity prices and credit risk. Historically, the Company has utilized interest rate swap agreements to enhance its ability to manage risk, including exposure to variability in interest payments associated with its variable rate debt. Derivative instruments are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. In order to manage the Company’s exposure to variable interest rate risk associated with the Credit Facility, such as the Secured Overnight Financing Rate (“SOFR”), in the first quarter of 2023, the Company entered into $300.0 million notional amounts of three year interest rate swaps to convert a portion of the Company’s variable rate borrowings into a fixed rate obligation. The Company records these instruments on a net basis within the Consolidated Balance Sheets. These interest rate swaps are designated as cash flow hedges and, as such, the contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in AOCI to the extent effective and reclassified to interest expense in the period during which the transaction affects earnings or it becomes probable that the forecasted transaction will not occur. See Note 24 for additional information. A significant portion of the Company’s revenues and earnings are generated by its foreign operations. These foreign operations also represent a significant portion of the Company’s assets and liabilities. Generally, all of these foreign operations use the local currency as their functional currency and translate their assets and liabilities into U.S. dollars at current exchange rates in effect on the balance sheet date. The gains and losses that result from this process are shown as translation adjustments in Accumulated Other Comprehensive Income in the equity section of the balance sheet. Many of these operations have transactions in currencies other than their functional currency, which creates foreign exchange remeasurement risk. The Company uses foreign exchange forward contracts to economically hedge the impact of the variability in exchange rates on certain assets and/or liabilities denominated in certain foreign currencies. These forward contracts are marked-to-market at each reporting date, with changes in the fair value of the underlying instruments, as well as gains and losses on the hedged foreign currency transactions recognized in earnings in Other (expense) income, net. The fair value of the forward contract is determined from sources independent of the Company, including the financial institutions which are party to the derivative instruments. See Note 24 for additional information. Environmental liabilities and expenditures: Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. If there is a range of estimated liability and no amount in that range is considered more probable than another, then the Company records the lowest amount in the range. Environmental costs and remediation costs are capitalized if the costs extend the life, increase the capacity or improve safety or efficiency of the property from the date acquired or constructed, and/or mitigate or prevent contamination in the future. See Note 25 for additional information. Asset retirement obligations: The Company assesses whether it has legal or conditional obligations associated with the retirement of tangible long-lived assets that result from the acquisition, construction, or development and/or the normal operation of a long-lived asset, including any legal obligations that require disposal of a replaced part that is a component of a tangible long-lived asset. As of December 31, 2023 and 2022, the Company had no significant exposure or liabilities recorded on its Consolidated Balance Sheets.

Other Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Assets [Abstract]

Schedule of Other Assets, Noncurrent

Other non-current assets as of December 31, 2023 and 2022 were as follows:


	2023		2022
Uncertain tax positions (See Note 10)	$	5,307	$	5,803
Pension assets (See Note 20)	3,879		8,639
Debt issuance costs (See Note 19)	3,340		4,305
Interest rate swap (See Note 24)	1,828		—
Long-term note receivable	1,014		1,016
Trust investment	601		604
Indemnification assets (See Notes 10 and 21)	430		3,909
Bad debt and bad debt provisions (See Note 12)	302		440
Supplemental retirement income program (See Notes 20 and 23)	286		2,114
Other	1,783		909
Total other non-current assets	$	18,770	$	27,739

Hedging Activities

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Hedging Activities

The Company’s ongoing business operations expose it to various risks, including fluctuating foreign exchange rates and interest rate risk. To manage these risks, the Company periodically enters into derivative financial instruments, such as foreign exchange forward contracts and interest rate swap agreements. The Company does not hold or enter into financial instruments for trading or speculative purposes.

Foreign Exchange Forward Contracts

A significant portion of the Company’s revenues and earnings are generated by its foreign operations. These foreign operations also represent a significant portion of the Company’s assets and liabilities. Generally, these foreign operations have the local currency as their functional currency and many have transactions in currencies other than their functional currency, which creates foreign exchange risk. The Company uses foreign exchange forward contracts to economically hedge the impact of the variability in exchange rates on certain monetary assets and liabilities denominated in certain foreign currencies. These forward contracts are marked-to-market at each reporting date. Changes in the fair value of the underlying instrument and settlements are recognized in earnings in Other non-operating income, net. The fair value of the forward contract is determined from sources independent of the Company, including the financial institutions which are party to the derivative instruments.

All open foreign exchange forward contracts as of December 31, 2023 were entered into as hedges against the U.S. dollar. As of December 31, 2023, the Company had open foreign exchange forward contracts with a notional U.S. dollar value of the following:


Currency	December 31, 2023
Mexican Peso	$	16,700
Japanese Yen	9,000
Total	$	25,700

Open foreign exchange forward contracts as of December 31, 2023 had maturities occurring over a period of one month.

Interest Rate Swaps

In order to manage the Company’s exposure to variable interest rate risk associated with the Credit Facility, such as the Secured Overnight Financing Rate (“SOFR”), in the first quarter of 2023, the Company entered into $300.0 million notional amounts of three year interest rate swaps to convert a portion of the Company’s variable rate borrowings into a fixed rate obligation. See Note 19 for additional information.

These interest rate swaps are designated as cash flow hedges and, as such, the contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in AOCI to the extent effective and reclassified to interest expense in the period during which the transaction affects earnings or it becomes probable that the forecasted transaction will not occur. Interest rate swaps are entered into with a limited number of counterparties within several tranches, each of which allows for net settlement of all contracts through a single payment to participating counterparties in a single currency in the event of a default or termination of any one contract. As such, in accordance with the Company’s accounting policy, these derivative instruments are recorded on a net basis within the Consolidated Balance Sheets.

Prior to expiration in October 2022, the interest rate swaps associated with the Original Credit Facility were entered into with a limited number of counterparties, each of which allowed for net settlement of all contracts through a single payment in a single currency in the event of a default or termination of any one contract. As such, in accordance with the Company’s accounting policy, these derivative instruments were recorded on a net basis within the Consolidated Balance Sheets.

The fair value of the Company’s interest rate swaps and forward exchange contracts is determined from sources independent of the Company, including the financial institutions which are party to the derivative instruments, using standard pricing models that consider the value of future cash flows as of the balance sheet date, discounted to a present value using discount factors that match both the time to maturity and currency of the underlying instruments. These standard pricing models utilize inputs that are derived from or corroborated by observable market data such as interest rate yield curves as well as currency spot and forward rates; therefore, the fair value of our derivatives is classified as a Level 2 measurement. The balance sheet classification and fair values of the Company’s derivative instruments are as follows:


Derivative instruments	Consolidated Balance Sheet Location	December 31,
		2023		2022
Interest rate swaps	Other non-current assets	$	1,828	$	—

Foreign currency forward contracts	Other accrued liabilities	(159)		—

The following table presents the net unrealized loss deferred to AOCI:


		December 31,
		2023		2022
Derivatives designated as cash flow hedges
Interest rate swaps	AOCI	$	1,407	$	—

The following table presents the net gain recognized in the Company’s Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021:


Derivative instruments	Consolidated Statement of Operations Location	2023		2022		2021
Interest rate swaps	Interest expense, net	$	3,555	$	—	$	2,649
Foreign exchange forward contracts	Other income, net	2,134		—		—
Total		$	5,689	$	—	$	2,649

Basis of Presentation and Significant Accounting Policies - Segments (Details) - segment	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Number of reportable segments	3	3

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 755,612	$ 954,798
Less: debt issuance costs	(1,545)	(1,992)
Less: short-term and current portion of long-term debts	(23,444)	(19,245)
Total long-term debt	$ 730,623	$ 933,561
Revolver
Debt Instrument [Line Items]
Interest Rate	5.13%	5.17%
Total debt	$ 30,904	$ 195,673
U.S. Term Loan
Debt Instrument [Line Items]
Interest Rate	6.71%	5.70%
Total debt	$ 561,250	$ 596,250
EURO Term Loan
Debt Instrument [Line Items]
Interest Rate	5.13%	1.50%
Total debt	$ 152,366	$ 151,572
Industrial development bonds
Debt Instrument [Line Items]
Interest Rate	5.26%	5.26%
Total debt	$ 10,000	$ 10,000
Bank lines of credit and other debt obligations
Debt Instrument [Line Items]
Total debt	$ 1,092	$ 1,303

Share-Based Compensation - Option Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 14,605	$ 11,666	$ 11,038
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	1,039	1,774	1,235
2022 Stock option awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	494	783	0
2021 Stock option awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	446	521	429
2020 Stock option awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	99	443	516
2019 Stock option awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	0	27	234
2018 Stock option awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 0	$ 0	$ 56

Taxes on Income

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Taxes on Income

On December 22, 2017, the U.S. government enacted comprehensive tax legislation which we refer to as U.S. Tax Reform. U.S. Tax Reform implemented a new system of taxation for non-U.S. earnings which eliminated U.S. federal income taxes on dividends from certain foreign subsidiaries and imposed a one-time transition tax on the deemed repatriation of undistributed earnings of certain foreign subsidiaries that is payable over eight years. Accordingly, the Company had initially recorded a $15.5 million transition tax liability for U.S. income taxes on undistributed earnings of non-U.S. subsidiaries. As of December 31, 2023, $8.5 million in installments have been paid with the remaining $7.0 million to be paid through installments in future years. The Company may also be subject to other taxes, such as withholding taxes and dividend distribution taxes, if these undistributed earnings are ultimately remitted to the U.S.

Taxes on income before equity in net income of associated companies for the years ended December 31, 2023, 2022 and 2021 are as follows:


	2023		2022		2021
Current:
Federal	$	12,159	$	(708)	$	955
State	2,938		1,450		2,115
Foreign	51,930		34,735		44,375
Total	67,027		35,477		47,445
Deferred:
Federal	518		(2,798)		(3,863)
State	(163)		(713)		(3,117)
Foreign	(11,797)		(7,041)		(5,526)
Total	$	(11,442)	$	(10,552)	$	(12,506)
Taxes on income before equity in net income of associated companies	$	55,585	$	24,925	$	34,939

The components of income before taxes and equity of associated companies for the years ended December 31, 2023, 2022 and 2021 are as follows:


	2023		2022		2021
U.S.	$	14,520	$	(4,933)	$	7,263
Foreign	138,604		12,051		139,728
Total	$	153,124	$	7,118	$	146,991

Total deferred tax assets and liabilities are composed of the following as of December 31, 2023 and 2022:


	2023		2022
Pension and other postretirement benefits	$	6,539	$	5,777
Allowance for credit losses	2,627		2,246
Insurance and litigation reserves	534		716
Performance incentives	5,839		3,327
Equity-based compensation	2,980		2,723
Prepaid expense	541		486
Operating loss carryforward	22,693		20,519
Foreign tax credit and other credits	13,360		5,506
Interest	12,926		9,928
Restructuring reserves	403		791
Right of use lease assets	8,018		8,440
Inventory reserves	4,810		3,712
Research and development	11,125		11,936
Other	5,712		3,562
Total deferred tax assets, gross	98,107		79,669
Valuation allowance	(24,182)		(11,730)
Total deferred tax assets, net	$	73,925	$	67,939
Depreciation	10,240		11,935

Intangibles	177,320		182,838
Lease liabilities	9,105		9,590
Outside basis in equity investment	5,276		5,886
Unremitted earnings	8,204		6,766
Total deferred tax liabilities	$	210,145	$	217,015
Total net deferred tax liabilities	$	(136,220)	$	(149,076)

The Company’s net deferred tax assets and liabilities are classified in the Consolidated Balance Sheets as of December 31, 2023 and 2022 as follows:


	2023		2022
Non-current deferred tax assets	$	10,737	$	11,218
Non-current deferred tax liabilities	146,957		160,294
Total net deferred tax liabilities	$	(136,220)	$	(149,076)

As of December 31, 2023, the Company has a deferred tax liability of $8.2 million on certain undistributed foreign earnings, which primarily represents the Company’s estimate of the non-U.S. income taxes the Company will incur to ultimately remit certain earnings to the U.S. Otherwise, it is the Company’s current intention to reinvest its additional undistributed earnings of certain non-U.S. subsidiaries to support working capital needs and certain other growth initiatives outside of the U.S. The amount of such undistributed earnings at December 31, 2023 was approximately $379.2 million. Any tax liability which might result from ultimate remittance of these earnings is expected to be substantially offset by foreign tax credits (subject to certain limitations). It is currently impractical to estimate any such incremental tax expense.

The Company has $7.3 million of deferred tax assets related to state net operating losses. Management analyzed the expected impact of the reversal of existing taxable temporary differences, considered expiration dates, analyzed current state tax laws, and determined that $1.9 million of state net operating loss carryforwards is expected to be realized as a future benefit based on the reversal of deferred tax liabilities. Accordingly, a partial valuation allowance of $5.4 million has been established. These state net operating losses are subject to various carryforward periods of 5 years to 20 years or an indefinite carryforward period. An additional $0.9 million of valuation allowance was established for other net state deferred tax assets.

The Company has $15.6 million of deferred tax assets related to foreign net operating loss carryforwards. A partial valuation allowance of $2.4 million has been established against this amount resulting in a net $13.2 million expected future benefit. These foreign net operating losses are subject to various carryforward periods with the majority having an indefinite carryforward period. An additional partial valuation allowance of $3.0 million has been established against certain other foreign deferred tax assets.

Foreign tax credits may be carried forward for 10 years. Management analyzed the expected impact of the utilization of foreign tax credits based on certain assumptions such as projected U.S. taxable income, overall domestic loss recapture, and annual limitations due to the ownership change under the Internal Revenue Code. The Company had a foreign tax credit carry forward of $13.0 million and $5.2 million as of December 31, 2023 and 2022, respectively, with a $12.5 million and $1.3 million valuation allowance as of December 31, 2023 and 2022, respectively, reflecting the amount of credits that are not expected to be utilized before expiration.

The following are the changes in the Company’s deferred tax asset valuation allowance for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021

Balance at January 1,	$	11,730	$	17,400	$	21,511
Net charges to income tax expense	$	14,393	$	1,119	$	359
Release of valuation allowance	$	(1,941)	$	(6,789)	$	(4,470)
Balance at December 31,	$	24,182	$	11,730	$	17,400

The following is a reconciliation of income taxes at the Federal statutory rate with income taxes recorded by the Company for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
Income tax provision at the Federal statutory tax rate	$	32,156	$	1,495	$	30,868
Unremitted earnings	1,211		(1,839)		1,841
Tax law changes / reform	47		823		1,955
U.S. tax on foreign operations	9,014		4,864		10,479
Pension settlement	—		—		—
Foreign derived intangible income	(1,147)		(917)		(8,698)
Non-deductible acquisition expenses	—		45		129
Withholding taxes	11,193		7,785		6,584
Foreign tax credits	(3,432)		(5,850)		(14,725)
Share-based compensation	973		1,234		600
Foreign tax rate differential	4,731		4,782		1,712
Research and development credit	(2,000)		(1,757)		(1,685)
Audit Settlements	456		2,697		1,378
Uncertain tax positions	(598)		(6,375)		519
State income tax provisions, net	2,158		432		(1,446)
Non-deductible meals and entertainment	416		146		426
Intercompany transfer of intangible assets	(584)		(1,932)		4,347
Goodwill Impairment	—		19,550		—
Miscellaneous items, net	991		(258)		655
Taxes on income before equity in net income of associated companies	$	55,585	$	24,925	$	34,939

For the years ended December 31, 2023 and 2022, the Company’s cumulative liability for gross unrecognized tax benefits were $15.7 million and $16.3 million, respectively. For the years ended December 31, 2023 and 2022, the Company had accrued approximately $1.1 million and $1.3 million, respectively, for cumulative penalties and $2.9 million and $2.7 million, respectively, for cumulative interest.

The Company continues to recognize interest and penalties associated with uncertain tax positions as a component of tax expense on income before equity in net income of associated companies in its Consolidated Statements of Operations. The Company recognized a benefit of $0.4 million for penalties and an expense of $0.1 million for interest (net of expirations and settlements) in its Consolidated Statement of Income for the year ended December 31, 2023, a benefit of $1.7 million for penalties and a benefit of $0.3 million for interest (net of expirations and settlements) in its Consolidated Statement of Income for the year ended December 31, 2022, and a benefit of $0.5 million for penalties and a benefit of $0.3 million for interest (net of expirations and settlements) in its Consolidated Statement of Income for the year ended December 31, 2021.

The Company estimates that during the year ending December 31, 2023, it will reduce its cumulative liability for gross unrecognized tax benefits by approximately $2.7 million due to the expiration of the statute of limitations with regard to certain tax positions. This estimated reduction in the cumulative liability for unrecognized tax benefits does not consider any increase in liability for unrecognized tax benefits with regard to existing tax positions or any increase in cumulative liability for unrecognized tax benefits with regard to new tax positions for the year ending December 31, 2023.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021, respectively, is as follows:


	2023		2022		2021
Unrecognized tax benefits as of January 1	$	16,340	$	22,464	$	22,152
(Decrease) increase in unrecognized tax benefits taken in prior periods	(147)		(1,174)		1,002
Increase in unrecognized tax benefits taken in current period	1,799		953		2,915
Decrease in unrecognized tax benefits due to lapse of statute of limitations	(2,736)		(2,378)		(1,527)
Decrease in unrecognized tax benefits due to audit settlements	—		(2,509)		(1,104)

(Decrease) increase due to foreign exchange rates	403		(1,016)		(974)
Unrecognized tax benefits as of December 31	$	15,659	$	16,340	$	22,464

The amount of net unrecognized tax benefits above that, if recognized, would impact the Company’s tax expense and effective tax rate is $10.1 million, $10.2 million and $15.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The Company and its subsidiaries are subject to U.S. Federal income tax, as well as the income tax of various state and foreign tax jurisdictions. Tax years that remain subject to examination by major tax jurisdictions are shown in the table below:


Jurisdiction						Open Years
Brazil						2018-2023
China						2018-2023
Germany						2018-2023
India						2017-2023
Italy						2007, 2019-2023
Mexico						2018-2023
Netherlands						2017-2023
Spain						2018-2023
U.S. Federal and State						2019-2023
United Kingdom						2018-2023

Positions challenged by the taxing authorities may be settled or applied by the Company. As a result, income tax uncertainties are recognized in the Company’s financial statements in accordance with the accounting for income taxes, when applicable.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Pension and Other Postretirement Benefits - Net Periodic Benefit Cost and Changes in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net periodic benefit costs	$ (2,079)	$ (7,964)	$ (6,330)
Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	427	512	1,245
Interest cost	9,932	5,224	4,331
Expected return on plan assets	(8,070)	(7,981)	(8,297)
Settlement gain	0	(71)	35
Curtailment (gain) loss	(198)	207
Actuarial gain amortization	410	981	3,248
Prior service credit amortization	34	10	10
Net periodic benefit costs	2,535	(1,118)	572
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net (gain) loss arising during period	9,003	(10,563)	(836)
Settlement loss	(23)	(323)	(2,335)
Prior service (cost) credit	(15)	296	(7)
Actuarial (loss) gain	(480)	660	(7,879)
Curtailment recognition	(28)	(3)	(3)
Effect of exchange rates on amounts included in AOCI	560	(1,169)	(1,390)
Total recognized in other comprehensive loss (income)	9,017	(11,102)	(12,450)
Total recognized in net periodic benefit cost and other comprehensive loss (income)	11,552	(12,220)	(11,878)
Foreign \| Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	399	465	698
Interest cost	6,083	3,079	2,594
Expected return on plan assets	(5,271)	(4,472)	(4,686)
Settlement gain	0	(71)	35
Curtailment (gain) loss	(213)	207
Actuarial gain amortization	388	658	996
Prior service credit amortization	28	3	3
Net periodic benefit costs	1,414	(131)	(360)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net (gain) loss arising during period	8,605	(7,008)	(388)
Settlement loss	0	0	(83)
Prior service (cost) credit	0	303	0
Actuarial (loss) gain	(388)	(587)	(954)
Curtailment recognition	(28)	(3)	(3)
Effect of exchange rates on amounts included in AOCI	560	(1,169)	(1,390)
Total recognized in other comprehensive loss (income)	8,749	(8,464)	(2,818)
Total recognized in net periodic benefit cost and other comprehensive loss (income)	10,163	(8,595)	(3,178)
U.S. \| Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	28	47	547
Interest cost	3,849	2,145	1,737
Expected return on plan assets	(2,799)	(3,509)	(3,611)
Settlement gain	0	0	0
Curtailment (gain) loss	15	0
Actuarial gain amortization	22	323	2,252
Prior service credit amortization	6	7	7
Net periodic benefit costs	1,121	(987)	932
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net (gain) loss arising during period	398	(3,555)	(448)
Settlement loss	(23)	(323)	(2,252)
Prior service (cost) credit	(15)	(7)	(7)
Actuarial (loss) gain	(92)	1,247	(6,925)
Curtailment recognition	0	0	0
Effect of exchange rates on amounts included in AOCI	0	0	0
Total recognized in other comprehensive loss (income)	268	(2,638)	(9,632)
Total recognized in net periodic benefit cost and other comprehensive loss (income)	1,389	(3,625)	(8,700)
U.S. \| Other Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	1
Interest cost	69	37	27
Actuarial gain amortization	128	79	82
Prior service credit amortization	16	32	31
Net periodic benefit costs	(75)	(74)	(85)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net (gain) loss arising during period	(150)	(263)	(992)
Prior service (cost) credit	0	(2)	(78)
Prior service credit	(16)	(32)	(31)
Actuarial (loss) gain	127	79	82
Total recognized in other comprehensive loss (income)	(7)	(154)	(957)
Total recognized in net periodic benefit cost and other comprehensive loss (income)	$ (82)	$ (228)	$ (1,042)

Other Non-Current Assets - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Text Block [Abstract]
Defined benefit plan, benefit obligation, benefits made to escrow	$ 1.0

Fair Value Measures

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measures

Fair value is defined as an exit price, or 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. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows:

• Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2 - Inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the asset or liability.

• Level 3 - Inputs that are unobservable for the asset or liability based on our own assumptions about the assumptions market participants would use in pricing the asset or liability.

Refer to Note 24, Hedging Activities, for a description of the Company’s derivative instruments including the valuation techniques used to determine fair value and support for their classification within Level 2 of the fair value hierarchy.

The Company values its company-owned life insurance policies at fair value based on quotes for like instruments with similar credit ratings and terms. During June 2023, the Company surrendered and liquidated $1.9 million of these life insurance policies. As a result, the Company owns an immaterial remaining amount of company-owned life insurance policies as of the year ended December 31, 2023. These assets were subject to fair value measurement as follows:


			Fair Value Measurements at December 31, 2022
	Total Fair Value		Using Fair Value Hierarchy
Assets			Level 1		Level 2		Level 3
Company-owned life insurance	$	2,114	$	—	$	2,114	$	—
Total	$	2,114	$	—	$	2,114	$	—

The Company did not hold any Level 3 investments as of December 31, 2023 or 2022, respectively

Items Measured at Fair Value on Nonrecurring Basis

The Company is also required to measure certain items, including intangible assets and goodwill, at fair value on a nonrecurring basis. For non-observable market values, the Company determines fair value using acceptable valuation principles, including the excess earnings, relief from royalty, lost profit, or cost methods. The determination of the estimated fair values of intangible assets and goodwill requires management’s judgment and involves the use of significant estimates and assumptions, including revenue growth rates, gross margin levels, operating expenses, the weighted average cost of capital (“WACC”), and royalty rates, among other items. Significant unobservable inputs used to estimate the fair values as of the Company’s October 1, 2023 goodwill impairment assessment included WACCs of 11.0%, 12.0% and 11.0% for the Company’s Americas, EMEA and Asia/Pacific reporting units, respectively. See Note 15 for additional information.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Pension and Other Postretirement Benefits - Fair Value Hierarchy - Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 196,354	$ 189,535	$ 294,566
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	124,311	68,865	118,053
Real estate \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,918	8,902	11,547
Alternative Investments \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0	6,979
Insurance contract \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	118,393	59,963	99,527
U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	60,967	59,591	77,680
Foreign
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	135,387	129,944	$ 216,886
Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	196,354	189,535
Fair Value, Recurring \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	194,281	187,693
Fair Value, Recurring \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,582	4,923
Fair Value, Recurring \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	68,388	113,905
Fair Value, Recurring \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	124,311	68,865
Fair Value, Recurring \| Measured at NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,073	1,842
Fair Value, Recurring \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	60,967	59,591
Fair Value, Recurring \| U.S. \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	60,967	59,591
Fair Value, Recurring \| U.S. \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| U.S. \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	56,820	54,596
Fair Value, Recurring \| U.S. \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4,147	4,995
Fair Value, Recurring \| U.S. \| Pooled separate accounts \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	56,820	54,596
Fair Value, Recurring \| U.S. \| Pooled separate accounts \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| U.S. \| Pooled separate accounts \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	56,820	54,596
Fair Value, Recurring \| U.S. \| Pooled separate accounts \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| U.S. \| Real estate \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4,147	4,995
Fair Value, Recurring \| U.S. \| Real estate \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| U.S. \| Real estate \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| U.S. \| Real estate \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4,147	4,995
Fair Value, Recurring \| Foreign
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	135,387	129,944
Fair Value, Recurring \| Foreign \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	133,314	128,102
Fair Value, Recurring \| Foreign \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,582	4,923
Fair Value, Recurring \| Foreign \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	11,568	59,309
Fair Value, Recurring \| Foreign \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	120,164	63,870
Fair Value, Recurring \| Foreign \| Real estate \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,771	3,907
Fair Value, Recurring \| Foreign \| Real estate \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Real estate \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Real estate \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,771	3,907
Fair Value, Recurring \| Foreign \| Cash and cash equivalents \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,582	4,923
Fair Value, Recurring \| Foreign \| Cash and cash equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,582	4,923
Fair Value, Recurring \| Foreign \| Cash and cash equivalents \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Cash and cash equivalents \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Insurance contract \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	118,393	59,963
Fair Value, Recurring \| Foreign \| Insurance contract \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Insurance contract \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Insurance contract \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	118,393	59,963
Fair Value, Recurring \| Foreign \| Diversified equity securities - registered investment companies \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,892	5,211
Fair Value, Recurring \| Foreign \| Diversified equity securities - registered investment companies \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Diversified equity securities - registered investment companies \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,892	5,211
Fair Value, Recurring \| Foreign \| Diversified equity securities - registered investment companies \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Fixed income – foreign registered investment companies \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	9,676	54,098
Fair Value, Recurring \| Foreign \| Fixed income – foreign registered investment companies \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Fixed income – foreign registered investment companies \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	9,676	54,098
Fair Value, Recurring \| Foreign \| Fixed income – foreign registered investment companies \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Recurring \| Foreign \| Commingled funds measured at NAV \| Measured at NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 2,073	$ 1,842