UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D. C. 20549
FORM
11-K
[X]
|
ANNUAL REPORT PURSUANT TO
SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the fiscal year ended December 31, 2018
OR
[ ]
|
TRANSITION REPORT PURSUANT
TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from
to
Commission
file number 001-12019
A. Full title of the plan and the address of the
plan, if different from that of the issuer named below:
Quaker Chemical
Corporation
Retirement Savings
Plan
B. Name of issuer of the securities held
pursuant to the plan and the address of its principal executive office:
Quaker Chemical
Corporation
One Quaker
Park
901 E. Hector Street
Conshohocken
, PA 19428-2380
QUAKER CHEMICAL CORPORATION
Retirement Savings Plan
Table of Contents
Report of Independent
Registered Public Accounting Firm
Plan Administrator and Plan Participants
Quaker Chemical Corporation Retirement Savings Plan
Conshohocken, Pennsylvania
O
pinion on the
Financial
Statements
We have audited the accompanying statements of net assets
available for benefits of the Quaker Chemical Corporation Retirement Savings
Plan (the “Plan”) as of December 31, 2018 and 2017, the related statements of
changes in net assets available for benefits for the years then ended, and the
related notes (collectively, the “financial statements”). In our opinion, the
financial statements present fairly, in all material respects, the net assets
available for benefits of the Plan as of December 31, 2018 and 2017, and the
changes in net assets available for benefits for the years then ended, in conformity
with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on the Plan’s financial
statements based on our audits. We are a public accounting firm registered with
the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are
required to be independent with respect to the Plan in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement, whether due to error or fraud. The Plan is not required
to have, nor were we engaged to perform, an audit of its internal control over
financial reporting. As part of our audits we are required to obtain an
understanding of internal control over financial reporting but not for the
purpose of expressing an opinion on the effectiveness of the Plan’s internal
control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risk of
material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements. Our audits also included evaluating
the accounting principles used and significant estimates made by the Plan’s
management, as well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis for our
opinion.
Supplemental Information
The supplemental information in the accompanying Schedule of
Assets (Held at End of Year) as of December 31, 2018 has been subjected to
audit procedures performed in conjunction with the audit of the Plan’s
financial statements. The supplemental information is presented for the purpose
of additional analysis and is not a required part of the financial statements
but included supplemental information required by the Department of Labor’s
Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The supplemental information is the
responsibility of the Plan’s management. Our audit procedures included
determining whether the supplemental information reconciles to the financial
statements or the underlying accounting and other records, as applicable, and
performing procedures to test the completeness and accuracy of the information
presented in the supplemental information. In forming our opinion on the supplemental
information, we evaluated whether the supplemental information, including its
form and content, is presented in conformity with the Department of Labor’s
Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. In our opinion, the supplemental
information is fairly stated, in all material respects, in relation to the
financial statements as a whole.
/s/ BDO USA, LLP
We have served as the Plan’s
auditor since 2012.
Philadelphia, Pennsylvania
June 20, 2019
QUAKER CHEMICAL CORPORATION
RETIREMENT SAVINGS
PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
|
|
|
|
|
As of December 31,
|
|
|
|
|
|
2018
|
|
|
2017
|
Assets
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
Registered
investment companies
|
|
$
|
82,967,513
|
|
|
$
|
86,461,772
|
|
Vanguard
Retirement Savings Master Trust
|
|
|
13,976,759
|
|
|
|
12,518,131
|
|
Quaker Chemical
Corporation Stock Fund
|
|
|
43,622,392
|
|
|
|
39,165,893
|
|
Participant-directed
brokerage account
|
|
|
1,331,432
|
|
|
|
1,895,735
|
|
|
Total
investments
|
|
|
141,898,096
|
|
|
|
140,041,531
|
Receivables:
|
|
|
|
|
|
|
|
|
Employer's
contributions
|
|
|
163,476
|
|
|
|
140,382
|
|
Participant
notes receivable
|
|
|
1,838,851
|
|
|
|
1,703,522
|
|
|
Total
receivables
|
|
|
2,002,327
|
|
|
|
1,843,904
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
available for benefits
|
|
$
|
143,900,423
|
|
|
$
|
141,885,435
|
The accompanying notes are an integral
part of the financial statements.
QUAKER CHEMICAL CORPORATION
RETIREMENT SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
|
|
|
|
For the Year Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2018
|
|
|
2017
|
Additions
|
|
|
|
|
|
|
|
Investment
income:
|
|
|
|
|
|
|
|
|
Interest and
dividend income
|
|
$
|
4,286,197
|
|
|
$
|
3,371,995
|
|
Net (decrease)
increase in fair value of investments
|
|
|
(1,655,390)
|
|
|
|
17,434,318
|
|
|
Total
investment income
|
|
|
2,630,807
|
|
|
|
20,806,313
|
|
|
|
|
|
|
|
|
|
|
Interest
income, participant notes receivable
|
|
|
83,678
|
|
|
|
76,250
|
|
|
|
|
|
|
|
|
|
|
Contributions:
|
|
|
|
|
|
|
|
|
Employer
|
|
|
3,162,787
|
|
|
|
2,989,927
|
|
Participant
|
|
|
5,344,961
|
|
|
|
4,881,964
|
|
|
Total
contributions
|
|
|
8,507,748
|
|
|
|
7,871,891
|
|
|
|
|
|
|
|
|
|
|
|
|
Total additions
|
|
|
11,222,233
|
|
|
|
28,754,454
|
|
|
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
|
|
Payment of
benefits
|
|
|
9,207,245
|
|
|
|
9,152,088
|
|
|
Total
deductions
|
|
|
9,207,245
|
|
|
|
9,152,088
|
|
|
|
|
|
|
|
|
|
|
Net increase
|
|
|
2,014,988
|
|
|
|
19,602,366
|
|
|
|
|
|
|
|
|
|
|
Net assets
available for benefits:
|
|
|
|
|
|
|
|
|
Beginning of
year
|
|
|
141,885,435
|
|
|
|
122,283,069
|
|
End of year
|
|
$
|
143,900,423
|
|
|
$
|
141,885,435
|
The accompanying notes are an integral
part of the financial statements.
Quaker Chemical Corporation
Retirement
Savings Plan
Notes
to Financial Statements
NOTE 1 – DESCRIPTION OF PLAN
The
following description of the Quaker Chemical Corporation Retirement Savings
Plan (the “Plan”) provides only general information. The Plan document provides
a complete description of the Plan’s provisions.
General
The Plan is a defined
contribution plan for certain U.S. employees of Quaker Chemical Corporation
(the “Company”) and participating employers (AC Products, Inc. (“AC”), Epmar
Corporation (“Epmar”), Summit Lubricants, Inc. (“Summit”) and ECLI Products,
LLC (“ECLI”)). The Plan is administered by the Global Pension Committee, which
is appointed by the Company’s Board of Directors, and is subject to the
Employee Retirement Income Security Act of 1974 (“ERISA”).
Employees of the Company and
adopting affiliates are eligible to participate in the Plan on their first day
of employment or as soon as administratively practicable thereafter, unless
specified differently in any bargaining unit agreement.
Plan Amendment
The Plan was amended pursuant
to Amendment No. 4 effective April 1, 2018 to include certain technical
language to comply with the final regulations issued by the Department of Labor
regarding disability claims and appeals procedures. Additionally, pursuant to
Amendment No. 4, the Plan was amended to (i) effective January 1, 2017, delete
certain redundant provisions as a result of the merger between the Company and
G.W. Smith & Sons, Inc. and to clarify that employees of ECLI are not
eligible for certain contributions under the Plan, and (ii) effective January
1, 2019, modify the definition of “Compensation” to exclude moving expenses.
Contributions
Participants may elect to
contribute on a before-tax and/or after-tax basis any whole percentage of their
compensation as defined, up to 50%, during the year, not to exceed the annual
Internal Revenue Code limits. At the discretion of the Global Pension
Committee, the Plan matches 50% of the first 6% of compensation as defined that
is contributed to the Plan, with a maximum matching contribution of 3% of
compensation. No changes were made to the discretionary matching provision
during 2018 or 2017. In addition, the Plan provides for non-elective
nondiscretionary contributions on behalf of participants who have
completed one year of service equal to 3% of the eligible participant's
compensation, as defined.
The Company’s Board of
Directors (and AC’s Board of Directors with respect to AC participants)
reserves the right to make future discretionary non-elective contributions, which
are allocated on the basis of eligible participants’ compensation, as defined.
Upon completing one year of service, an eligible participant is eligible to
receive discretionary non-elective contributions on the first day of the month
coinciding with or following the date on which the participant meets the one
year of service requirement. Epmar, Summit and ECLI participants are not eligible
for discretionary non-elective contributions.
Participants who are eligible
to make contributions and who have or will attain age 50 before the end of the
Plan year are eligible to make catch-up contributions in accordance with, and
subject to, the limitations of Internal Revenue Code (“IRC”) Section 414(v).
No Company matching contributions are made with respect to catch-up
contributions.
Participant Accounts
Each participant’s account is
credited or deducted with the participant’s contribution and any applicable
direct expenses and allocation of the Company’s contributions and any Plan
earnings and losses.
Participant Notes Receivable
Participants may borrow from
their fund accounts (other than amounts invested in the Company Stock Fund) an
amount limited to the lesser of $50,000 or 50% of the participant’s vested
account balance. The loans bear interest at a rate equal to the prevailing
rate of interest charged for similar loans by lending institutions in the
community (generally the prime rate), plus 1%. The term of each participant
loan generally may not exceed five years except for the purchase of principal
residence loans. Interest rates on outstanding participant notes receivable at
December 31, 2018
ranged
from 4.25% to 6.25%. Principal and interest is paid ratably through periodic
payroll deductions. Loan application fees and annual maintenance fees on all
outstanding loans are paid by the participant.
Payment of
Benefits
Generally, upon separation of
service, for any reason, a participant may receive a lump sum amount equal to
the value of the participant’s account. In addition, a participant
may elect to take an in-service distribution from their rollover account prior
to reaching age 59 ½, and from all accounts upon reaching age 59 ½. If a
participant’s vested account balance exceeds $1,000, the participant may defer
payment until April 1 following the year the participant reaches age 70 ½ or
following the year in which the participant terminates employment, if later.
Quaker Chemical Corporation
Retirement
Savings Plan
Notes
to Financial Statements - Continued
Hardship Withdrawals
Participants who are actively
employed and who meet certain requirements may take a hardship withdrawal from
their elective contributions. Participants who receive a hardship withdrawal
will not be eligible to make contributions for six months following the receipt
of the hardship withdrawal.
Vesting
Upon entering
the Plan, participants are fully vested in Company matching contributions,
Company discretionary non-elective contributions, Company nondiscretionary
non-elective contributions and employee deferrals plus actual earnings.
Plan
Termination
Although it
has not expressed any intent to do so, the Company has the right to terminate
the Plan subject to the provisions of ERISA. In the event of Plan termination,
participants would remain 100% vested.
NOTE 2 – SUMMARY OF ACCOUNTING
POLICIES
Basis of Accounting
The Plan’s financial
statements are prepared on the accrual basis of accounting.
Use of Estimates
The preparation of financial
statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions
that affect the reported amounts of assets, liabilities, and changes therein,
and disclosure of contingent assets and liabilities. The most significant
estimate is the determination of the fair values of the Plan’s investments. Actual
results could differ from those estimates.
Administration of Plan Assets
The Plan’s assets are held by the Trustee
of the Plan. Certain administrative functions are performed by officers or
employees of the Company. No such officer or employee receives compensation
from the Plan. Substantially all administrative expenses, including the
Trustee’s and audit fees, are paid directly by the Company and are therefore
excluded from these financial statements.
Investment Valuation and
Income Recognition
The Plan’s investments are
recorded at fair value. Fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. Plan management determines the
Plan’s valuation policies utilizing information provided by the Trustee. Refer
to Note 5 – Fair Value Measures for further information.
Purchases and sales of
investments are recorded on a trade-date basis. Net (decrease) increase in
fair value of investments includes gains and losses on investments bought and
sold during the year as well as unrealized gains and losses on those held at
year end. Interest income is accrued when earned. Dividend income is recorded
on the ex-dividend date. Capital gain distributions are included in dividend
income.
Net investment returns reflect
certain fees paid by the investment funds, which include costs for portfolio
management, administrative and other services as described in each fund’s
prospectus. These fees are deducted by the investment funds prior to
allocation of the Plan’s investment earnings activity and are therefore not
separately identified as Plan expenses.
Participant Notes Receivable
Notes receivable from
participants are measured at their unpaid principal balance plus any accrued
but unpaid interest. Interest income is recorded on the accrual basis. No
allowance for credit losses was recorded as of December 31, 2018 or 2017. Delinquent
notes receivable from participants are recorded as a benefit payment when the
Plan Administrator deems the participant note receivable to be in default based
on the terms of the Plan document.
Payment of Benefits
Benefits are recorded when
paid.
Recently Issued Accounting
Standards
In August 2018, the Financial
Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”)
No. 2018-13,
Fair
Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure
Requirements for Fair Value Measurement.
The amendments in this update remove certain
disclosure requirements regarding transfers between levels of the fair
Quaker Chemical Corporation
Retirement
Savings Plan
Notes
to Financial Statements - Continued
value hierarchy as well as certain disclosures related to
the valuation processes for certain fair value measurements. Further, the
amendments added certain disclosure requirements including unrealized gains and
losses and significant unobservable inputs used to develop certain fair value
measurements. The amendments in this update are effective for fiscal
years beginning after December 15, 2019, and should be applied prospectively in
the initial year of adoption or retrospectively to all periods presented,
depending on the amended disclosure requirement. Early adoption is
permitted.
The
Plan elected to early adopt the guidance within this update in 2018 with no
impact to its financial statements.
In February 2017, the FASB
issued ASU No. 2017- 06,
Plan Accounting: Defined Benefit Pension Plans (Topic 960),
Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit
Plans (Topic 965): Employee Benefit Plan Master Trust Reporting.
The amendments in this
update require employee benefit plans to report its interest in a master trust
and the change in the value of the interest as separate line items on the
statement of net assets available for benefits and the statement of changes in
net assets available for benefits, respectively. The update requires a plan to
disclose the master trust’s other assets and liabilities, as well as the dollar
amount of its interest in these balances. In addition, the amendments in this
update remove the requirement to disclose the percentage interest in the master
trust for plans with divided interest and requires that a plan disclose the
dollar amount of its interest in the general types of investments held by the
master trust. The amendments in this update are effective for fiscal years
beginning after December 15, 2018, and should be applied on a retrospective
basis for the periods presented. Early adoption is permitted. The Plan is
still evaluating the impact of this guidance, and has not adopted such.
NOTE 3 – RISKS AND UNCERTAINTIES
Investment
securities are exposed to various risks such as interest rate, credit and
overall market volatility. Due to the risks associated with investment
securities, it is possible that changes in the values of investment securities
will occur in the near term and that such changes could materially affect
participants’ account balances and the amounts reported in the statements of
net assets available for benefits. The Plan therefore provides for investment
options in various investment securities, which allows participants to
diversify their securities portfolios and mitigate these risks.
NOTE 4 – VANGUARD RETIREMENT SAVINGS
MASTER TRUST
The Plan invests in a common/collective trust, the Vanguard
Retirement Savings Trust (the “Trust”), a stable value fund that invests in the
Vanguard Retirement Savings Master Trust (“VRSMT”). The VRSMT is composed of
an investment in fully benefit-responsive contracts that are issued by
insurance companies and commercial banks and in contracts that are backed by
bond funds and trusts that are selected by Vanguard Fiduciary Trust Employer, the
Trustee. Contract value, as reported by VRSMT, is the amount participants
would receive if they were to initiate a permitted transaction under the terms
of the Plan, and also, represents contributions made under the contract, plus
earnings, less participant withdrawals. Participants may ordinarily direct the
withdrawal or transfer of all or a portion of their investment at contract
value. Certain events limit the Plan’s ability to transact at contract value,
including: 1) premature termination of the contracts by the Plan; 2) Plan
termination; and 3) bankruptcy of the Plan sponsor. The Plan administrator
does not believe that any events that would limit the Plan’s ability to
transact at contract value with Plan participants are probable of occurring.
Contract issuers may terminate and settle the contracts at other than contract
value if there is a change in qualification status of a participant, sponsor or
plan, a breach of material obligations under the contract and misrepresentation
by the contract holder or failure of the underlying portfolio to conform to
pre-established investment guidelines. The Trust is valued at the Net Asset
Value (“NAV”) of units held at year end. The NAV, as provided by the Trustee,
is used as a practical expedient to estimate fair value. The NAV ($1 at each
December 31, 2018 and 2017) is based on the fair value of the underlying
investments less any liabilities. The practical expedient would not be used
when it is determined to be probable that the Trust will sell the investment
for an amount different then the reported NAV. The Trust has a fair value of
$13,976,759 and $12,518,131 as of December 31, 2018 and 2017, respectively.
NOTE 5 – FAIR VALUE MEASURES
The Plan applies the guidance
of the FASB regarding fair value measurements, which
establishes a common
definition for fair value. Specifically, t
he guidance utilizes a fair value hierarchy
that prioritizes the inputs to valuation techniques used to measure fair value
into three broad levels. The following is a brief description of those three
levels:
-
Level
1: Observable inputs such as quoted prices (unadjusted) in active markets
for identical assets or liabilities.
-
Level
2: Inputs other than quoted prices that are observable for the asset
or liability, either directly or indirectly. These include quoted prices
for similar assets or liabilities in active markets and quoted prices for
identical or similar assets or liabilities in markets that are not active.
-
Level 3: Unobservable inputs that reflect the reporting
entity’s own assumptions.
Quaker Chemical Corporation
Retirement
Savings Plan
Notes
to Financial Statements - Continued
The following is a description of the valuation
methodologies used for the investments measured at fair value, including the
general classification of such instruments pursuant to the valuation hierarchy:
Registered Investment Companies
The shares of registered investment companies, which
represent the NAV of shares held by the Plan, are valued based on quoted market
prices on an exchange in an active market and are classified as Level 1
investments.
Common Stock Fund
The common stock fund is comprised of investments in the
Quaker Chemical Corporation Stock Fund, which is composed of shares of the
Company and uninvested cash. The shares of the Company are traded on an
exchange in an active market and are classified as a Level 1 investment.
Participant-Directed Brokerage Account
The participant-directed brokerage account is mainly
composed of investments in common stock and registered investment companies,
which are valued based on quoted market prices on an exchange in an active
market and are classified as Level 1 investments.
The valuation methodologies
described above may produce fair value calculations that may not be indicative
of net realizable value or reflective of future fair values. Furthermore,
while the Plan believes its valuation methodologies are appropriate and
consistent with other market participants, the use of different methodologies
or assumptions to determine the fair value of certain financial instruments could
result in a different fair value measurement at the reporting date. There have
been no significant changes in methodologies used or transfers between levels
during the years ended December 31, 2018 and 2017.
As of December 31, 2018 and
2017, the Plan’s investments measured at fair value on a recurring basis were
as follows:
|
|
|
|
|
|
Fair Value Measurements
at December 31, 2018
|
|
|
|
Total
|
|
Using Fair Value
Hierarchy
|
Investments
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
Registered investment companies
|
$
|
82,967,513
|
|
$
|
82,967,513
|
|
$
|
—
|
|
$
|
—
|
Common stock fund
|
|
43,622,392
|
|
|
43,622,392
|
|
|
—
|
|
|
—
|
Participant-directed brokerage account
|
|
1,331,432
|
|
|
1,331,432
|
|
|
—
|
|
|
—
|
|
Total investments in fair value hierarchy
|
$
|
127,921,337
|
|
$
|
127,921,337
|
|
$
|
—
|
|
$
|
—
|
Common/collective trust measured at NAV *
|
|
13,976,759
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total investments
|
$
|
141,898,096
|
|
$
|
127,921,337
|
|
$
|
—
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31,
2017
|
|
|
|
Total
|
|
Using Fair Value Hierarchy
|
Investments
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
Registered
investment companies
|
$
|
86,461,772
|
|
$
|
86,461,772
|
|
$
|
—
|
|
$
|
—
|
Common stock
fund
|
|
39,165,893
|
|
|
39,165,893
|
|
|
—
|
|
|
—
|
Participant-directed
brokerage account
|
|
1,895,735
|
|
|
1,895,735
|
|
|
—
|
|
|
—
|
|
Total
investments in fair value hierarchy
|
$
|
127,523,400
|
|
$
|
127,523,400
|
|
$
|
—
|
|
$
|
—
|
Common/collective
trust measured at NAV *
|
|
12,518,131
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
investments
|
$
|
140,041,531
|
|
$
|
127,523,400
|
|
$
|
—
|
|
$
|
—
|
* Certain investments that are measured at fair value using the
NAV per share (or its equivalent) have not been classified in the fair value
hierarchy. The fair value amounts presented in these tables are intended to
permit reconciliation of the fair value hierarchies to the line items presented
in the statements of net assets available for benefits.
NOTE 6 – RELATED PARTY AND PARTY-IN-INTEREST TRANSACTIONS
The Plan invests in shares of
mutual funds and a collective trust managed by an affiliate of Vanguard
Fiduciary Trust Company (“VFTC”). VFTC acts as the Trustee for Plan
investments. In addition, certain Plan assets are invested in shares of the
Quaker Chemical Corporation Stock Fund. As of December 31, 2018 and 2017, the
Plan held 245,470 and 259,738 shares of common stock of Quaker Chemical
Corporation in the Quaker Chemical Corporation Stock Fund, respectively. Transactions
in such investments qualify as party-in-interest transactions and are exempt
from the prohibited transaction rules.
Participant notes receivable
qualify as party-in-interest transactions and are exempt from the prohibited
transaction rules.
Quaker Chemical Corporation
Retirement
Savings Plan
Notes
to Financial Statements - Continued
NOTE 7 – TAX STATUS
The IRS informed the Company
by letter dated November 15, 2017, which updates the letter dated September 27,
2012, that the Plan is qualified under IRC Section 401(a). The Plan has
since been amended, however, the Plan administrator continues to believe the
Plan is currently designed and being operated in compliance with the applicable
requirements of the IRC. The Plan administrator has not identified any
uncertain tax positions which would require adjustment to or disclosure in the
Plan’s financial statements. The IRS has the ability to examine the Plan’s tax
return filings for all open tax years, which generally relate to the three
prior years; however, there are currently no audits for any tax periods in
progress.
NOTE 8 – SUBSEQUENT EVENTS
The Company and the Plan have evaluated subsequent
events through the date that these financial statements were available to be
issued, and there were no subsequent events which would require an adjustment
or additional disclosures to the financial statements.
Schedule I
Quaker
Chemical Corporation
Retirement
Savings Plan
Schedule of Assets (Held at End of Year)
As of December 31, 2018
Quaker
Chemical Corporation Retirement Savings Plan, EIN 23-0993790, PN 112
Attachment
to Form 5500, Schedule H, Part IV, Line 4 (i):
(a)
|
(b) Identity
of issue, borrower, lessor, or similar party
|
|
(c)
Description of investment including maturity date, rate of interest,
collateral, par, or maturity value
|
|
(e) Current
Value
|
|
Columbia Small
Cap Growth Fund, Inc
|
|
Registered
Investment Company
|
|
$
|
4,353,735
|
*
|
Vanguard 500
Index Fund Investor Shares
|
|
Registered
Investment Company
|
|
|
17,432,090
|
*
|
Vanguard
Balanced Index Fund Investor Shares
|
|
Registered
Investment Company
|
|
|
4,016,761
|
*
|
Vanguard
Extended Market Index Fund Investor Shares
|
|
Registered
Investment Company
|
|
|
4,598,880
|
*
|
Vanguard
Federal Money Market Fund
|
|
Registered
Investment Company
|
|
|
1,608
|
*
|
Vanguard
International Growth Fund Investor Shares
|
|
Registered
Investment Company
|
|
|
4,468,455
|
*
|
Vanguard Target
Retirement 2015 Fund
|
|
Registered
Investment Company
|
|
|
665,850
|
*
|
Vanguard Target
Retirement 2020 Fund
|
|
Registered
Investment Company
|
|
|
5,403,403
|
*
|
Vanguard Target
Retirement 2025 Fund
|
|
Registered
Investment Company
|
|
|
7,560,616
|
*
|
Vanguard Target
Retirement 2030 Fund
|
|
Registered
Investment Company
|
|
|
5,393,155
|
*
|
Vanguard Target
Retirement 2035 Fund
|
|
Registered
Investment Company
|
|
|
3,011,207
|
*
|
Vanguard Target
Retirement 2040 Fund
|
|
Registered
Investment Company
|
|
|
2,643,960
|
*
|
Vanguard Target
Retirement 2045 Fund
|
|
Registered
Investment Company
|
|
|
1,875,347
|
*
|
Vanguard Target
Retirement 2050 Fund
|
|
Registered
Investment Company
|
|
|
1,307,340
|
*
|
Vanguard Target
Retirement 2055 Fund
|
|
Registered
Investment Company
|
|
|
1,185,369
|
*
|
Vanguard Target
Retirement 2060 Fund
|
|
Registered
Investment Company
|
|
|
247,852
|
*
|
Vanguard Target
Retirement 2065 Fund
|
|
Registered
Investment Company
|
|
|
1,003
|
*
|
Vanguard Target
Retirement Income
|
|
Registered
Investment Company
|
|
|
2,202,016
|
*
|
Vanguard Total
Bond Market Index Fund Investor Shares
|
|
Registered
Investment Company
|
|
|
6,682,491
|
*
|
Vanguard Total
International Bond Index Fund Investor Shares
|
|
Registered
Investment Company
|
|
|
393,605
|
*
|
Vanguard U.S.
Growth Fund Investor Shares
|
|
Registered
Investment Company
|
|
|
5,895,293
|
*
|
Vanguard
Windsor II Fund Investor Shares
|
|
Registered
Investment Company
|
|
|
3,627,477
|
*
|
Vanguard
Brokerage Option
|
|
Self-Directed
Brokerage Accounts
|
|
|
1,331,432
|
*
|
Vanguard
Retirement Savings Trust
|
|
Common/Collective
Trust
|
|
|
13,976,759
|
*#
|
Quaker Chemical
Corporation
|
|
Common Stock
Fund
|
|
|
43,622,392
|
*
|
Participant
notes receivable
|
|
(4.25% to
6.25%)
|
|
|
1,838,851
|
|
|
|
|
$
|
143,736,947
|
*
Party-in-Interest
# Related party
(d) Column (d) is omitted as cost is not required for
participant directed investments
Pursuant
to the requirements of the Securities Exchange Act of 1934, the trustees (or
other persons who administer the employee
benefit plan) have duly caused
this annual report to be signed by the undersigned hereunto duly authorized.
|
|
|
|
|
|
|
Quaker Chemical Corporation Retirement Savings Plan
|
June 20, 2019
|
|
By:
|
|
|
|
|
|
|
Mary Dean Hall, Vice President, Chief Financial
Officer and Treasurer
|
Quaker Houghton (NYSE:KWR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Quaker Houghton (NYSE:KWR)
Historical Stock Chart
From Apr 2023 to Apr 2024