QUAKER CHEMICAL CORP
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
KWR$154.37-2.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(Dollars in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 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 | — | — | 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 | — | 5,246 | — |
| Gain on disposal of property, plant, equipment and other assets | (1,307) | (168) | (4,695) |
| Impairment charges | — | 93,000 | — |
| Combination and other acquisition-related expenses, net of payments | — | (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 | — | (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 | — | 750,000 | — |
| (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 | — | (3,734) | — |
| 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: | |||
| Cash paid during the year for: | |||
| 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 |
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