QUAKER CHEMICAL CORP Files 2023 Annual Report on Form 10-K

TL;DR

<b>QUAKER CHEMICAL CORP has filed its 2023 10-K report detailing its fiscal year performance and financial standing.</b>

AI Summary

QUAKER CHEMICAL CORP (KWR) filed a Annual Report (10-K) with the SEC on February 29, 2024. QUAKER CHEMICAL CORP filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in Miscellaneous Products of Petroleum & Coal. QUAKER CHEMICAL CORP is incorporated in Pennsylvania. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking QUAKER CHEMICAL CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Quaker Chemical's financial health and operational performance for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's market position and potential challenges in the petroleum and coal products sector.

Risk Assessment

Risk Level: medium — QUAKER CHEMICAL CORP shows moderate risk based on this filing. The company operates in the 'Miscellaneous Products of Petroleum & Coal' sector, which can be subject to significant market volatility and regulatory scrutiny, as indicated by its SIC code.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Quaker Chemical's performance and outlook for 2024.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-29 — Filing Date (Filed as of date)
• 2023 — Fiscal Year (Filing values)
• 2022 — Previous Fiscal Year (Filing values)
• 2021 — Prior Fiscal Year (Filing values)

Key Players & Entities

• QUAKER CHEMICAL CORP (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-29 (date) — Filing date
• PA (location) — State of incorporation
• CONSHOHOCKEN (location) — Business address city
• 19428 (postal_code) — Business address zip
• 6108324000 (phone_number) — Business phone
• 2990 (industry_code) — Standard Industrial Classification

FAQ

Risk Factors

• Market Volatility [medium — market]: The company's business is subject to fluctuations in the market for its products, which can impact sales and profitability.
• Environmental Regulations [medium — regulatory]: Operations are subject to various environmental laws and regulations, which may increase compliance costs.
• Supply Chain Disruptions [medium — operational]: The company relies on a complex supply chain, and disruptions can affect production and delivery.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-29: 10-K Filing Date — Date the annual report was officially submitted to the SEC.

Key Financial Figures

• $1 — ange on which registered Common Stock, $1 par value KWR New York Stock Exchange
• $1.00 — date 17,991,778 shares of Common Stock, $1.00 Par Value, as of February 29, 2024. DO
• $50.3 m — d December 31, 2023, 2022 and 2021 were $50.3 million, $46.0 million and $44.9 million,
• $46.0 million — 2023, 2022 and 2021 were $50.3 million, $46.0 million and $44.9 million, respectively. Rece
• $44.9 m — 1 were $50.3 million, $46.0 million and $44.9 million, respectively. Recent Acquisiti
• $29.1 million — for approximately 27.0 million EUR, or $29.1 million subject to routine and customary post-c
• $3.5 m — ry compliance amounted to approximately $3.5 million, $2.2 million and $4.2 million du
• $2.2 million — amounted to approximately $3.5 million, $2.2 million and $4.2 million during the years ended
• $4.2 million — ximately $3.5 million, $2.2 million and $4.2 million during the years ended December 31, 202

Filing Documents

• kwr-20231231.htm (10-K) — 3000KB
• kwr-20231231xex1014.htm (EX-10.14) — 20KB
• kwr-20231231xex21.htm (EX-21) — 131KB
• kwr-20231231xex23.htm (EX-23) — 2KB
• kwr-20231231xex311.htm (EX-31.1) — 10KB
• kwr-20231231xex312.htm (EX-31.2) — 9KB
• kwr-20231231xex321.htm (EX-32.1) — 3KB
• kwr-20231231xex322.htm (EX-32.2) — 3KB
• kwr-20231231xex97.htm (EX-97) — 30KB
• kwr-20231231_g1.jpg (GRAPHIC) — 111KB
• kwrlogosquarea.jpg (GRAPHIC) — 14KB
• qhlogos.jpg (GRAPHIC) — 55KB
• 0000081362-24-000020.txt (&nbsp;) — 18211KB
• kwr-20231231.xsd (EX-101.SCH) — 101KB
• kwr-20231231_cal.xml (EX-101.CAL) — 166KB
• kwr-20231231_def.xml (EX-101.DEF) — 526KB
• kwr-20231231_lab.xml (EX-101.LAB) — 1370KB
• kwr-20231231_pre.xml (EX-101.PRE) — 951KB
• kwr-20231231_htm.xml (XML) — 3456KB

Cybersecurity

Item 1C. Cybersecurity . 18 Item 2. Properties. 19 Item 3. Legal Proceedings. 19 Item 4. Mine Safety Disclosures. 19

(a)

Item 4(a). Information about our Executive Officers. 20 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 22 Item 6. Reserved. 23 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 39 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 41 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 89 Item 9A.

Controls and Procedures

Controls and Procedures. 89 Item 9B. Other Information. 89 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 89 Part III Item 10. Directors, Executive Officers and Corporate Governance. 90 Item 11.

Executive Compensation

Executive Compensation. 90 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 90 Item 13. Certain Relationships and Related Transactions, and Director Independence. 90 Item 14. Principal Accountant Fees and Services. 90 Part IV Item 15. Exhibits and Financial Statement Schedules. 91 Item 16. Form 10-K Summary. 94 1 Table of Contents PART I As used in this Annual Report on Form 10-K (the "Report"), the terms "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").

Business

Item 1. Business. General Description The Company was organized in 1918 and incorporated as a Pennsylvania business corporation in 1930. Quaker Houghton is the global leader in industrial process fluids. With a presence around the world, including operations in over 25 countries, the Company's customers include thousands of the world's most advanced and specialized steel, aluminum, automotive, aerospace, offshore, container, mining, and metalworking companies. Quaker Houghton develops, produces, and markets a broad range of formulated specialty chemical products and offers chemical management services (which we refer to as "Fluidcare TM ") for various heavy industrial and manufacturing applications throughout its three segments: Americas; Europe, Middle East and Africa ("EMEA"); and Asia/Pacific. The major product lines of Quaker Houghton include metal removal fluids, cleaning fluids, corrosion inhibitors, metal drawing and forming fluids, die cast mold releases, heat treatment and quenchants, metal forging fluids, hydraulic fluids, specialty greases, offshore sub-sea energy control fluids, rolling lubricants, rod and wire drawing fluids and surface treatment chemicals. The following are the respective contributions to consolidated net sales of each of our principal product lines representing more than 10% of consolidated net sales for any of the past three years based on the Company's current product line segmentation: 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 % Sales Revenue A substantial portion of the Company's sales worldwide are made directly through its own employees and its Fluidcare TM programs, with the balance sold through distributors and agents. The Company's employees typically visit the plants of customers regularly, work on site, and through training and experience, identify production needs which can be resolved or otherwise addre

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View this 10-K filing on SEC EDGAR