Quaker Chemical Corporation
06/23/2022 | Press release | Distributed by Public on 06/23/2022 14:23
Annual Report of Employee Stock Purchase/Savings Plan (Form 11-K)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
[X]
ANNUAL REPORT PURSUANT TO SECTION15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
OR
[]
TRANSITION REPORT PURSUANT TOSECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period fromto
Commission file number 001-12019
A. Full title of the plan and the address of the plan, if different from thatof the issuer named below:
Quaker Houghton
Retirement Savings Plan
B. Name of issuer of the securities held pursuant to theplan and the address of its principal executive office:
Quaker Chemical Corporation
One Quaker Park
901 E. Hector Street
Conshohocken, PA 19428-2380
QUAKER HOUGHTON
Retirement Savings Plan
Tableof Contents
Page
Number
Report of Independent Registered Public Accounting Firm
1
Financial Statements
Statements of Net Assets Availablefor Benefits
2
Statements of Changes in Net Assets Availablefor Benefits
3
Notes to Financial Statements
4-8
Additional Information*
Schedule I - Schedule of Assets (Held at End of Year)
9
*Other supplemental schedules required by Section 2520.103-10 of the Departmentof Labor Rules and
Regulations for Reporting and Disclosure under ERISA have been omitted because theyare not applicable.
Signature
10
Exhibits
Exhibit 23.1 - Consent of Independent Registered Public
1
Report of Independent Registered Public Accounting Firm
To the Plan Administratorand Plan Participants of
Quaker Houghton Retirement Savings Plan:
Opinion on the Financial Statements
We have auditedthe accompanying statements of net assets available for benefits of the Quaker HoughtonRetirement Savings Plan
(the Plan) as of December 31, 2021 and 2020, and the related statements ofchanges in net assets available for benefits for the years
then ended, and the related notes (collectively referred to as the financialstatements). In our opinion, the financial statements present
fairly, in all materialrespects, the net assets available for benefits of the Plan as of December 31, 2021 and2020, and the changes in
net assets available for benefits for the years then ended, in conformity withaccounting 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. Weare a public accounting firm registered with the Public Company AccountingOversight
Board (United States) (PCAOB) and are required to be independentwith respect to the Plan in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securitiesand Exchange Commission and the PCAOB.
We conductedour audits in accordance with the standards of the PCAOB. Those standards requirethat we plan and perform the audit
to obtain reasonable assurance about whether the financial statementsare free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatementof the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Suchprocedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our auditsalso included evaluating the accounting principles used
and significant estimates made by management, as well as evaluating the overallpresentation of the financial statements. Webelieve
that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental Schedule H, Line 4(i)- Schedule of assets (Held at Endof Year)has been subjected to audit procedures performed
in conjunction with the audit of the Plan's financial statements. The supplementalinformation is the responsibility of the Plan's
management. Our audit procedures included determining whether thesupplemental information reconciles to the financial statements
or the underlying accounting and other records, as applicable, and performingprocedures to test the completeness and accuracy of the
information presented in the supplemental information. In forming ouropinion on the supplemental information, we evaluated
whether the supplemental information, including its forms and content, is presentedin conformity with the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the EmployeeRetirement Income Security Act of 1974. In our opinion, the
supplemental information is fairly stated, in all material respects, in relationto the financial statements as a whole.
We have servedas the Plan's auditor since 2020.
/s/ Baker Tilly US, LLP
Philadelphia, Pennsylvania
June 23, 2022
2
QUAKER HOUGHTON
RETIREMENT SAVINGSPLAN
STATEMENTSOF NET ASSETS AVAILABLEFOR BENEFITS
As of December 31,
2021
2020
Assets
Investments, at fair value:
Registered investment companies
$
200,220,832
$
184,684,138
Collective trust fund
22,756,870
23,218,127
Quaker Chemical Corporation Stock Fund
41,418,668
47,182,901
Participant-directed brokerage accounts
3,626,110
2,690,706
Total investments
268,022,480
257,775,872
Receivables:
Employer's contributions
200,094
199,643
Plan merger receivable (Note 1)
10,063,135
-
Participant notes receivable
2,605,854
2,756,563
Total receivables
12,869,083
2,956,206
Net assets available for benefits
$
280,891,563
$
260,732,078
The accompanying notes are an integral partof the financial statements.
3
QUAKER HOUGHTON
RETIREMENT SAVINGSPLAN
STATEMENTSOF CHANGES IN NET ASSETS AVAILABLEFOR BENEFITS
For the YearEnded
December 31,
2021
2020
Additions
Investment income:
Interest and dividend income
$
9,403,551
$
6,300,895
Net appreciation in fair value of investments
10,895,096
45,215,330
Total investmentincome
20,298,647
51,516,225
Interest income, participant notes receivable
137,765
167,073
Contributions:
Employer
5,014,894
6,025,004
Participant
8,043,628
7,803,242
Rollover
1,207,625
3,578,178
Total contributions
14,266,147
17,406,424
Other additions:
Plan merger assets transferred in
10,149,772
64,902,583
Total additions
44,852,331
133,992,305
Deductions
Payment of benefits
24,692,846
22,064,196
Total deductions
24,692,846
22,064,196
Net increase
20,159,485
111,928,109
Net assets available for benefits:
Beginning of year
260,732,078
148,803,969
End of year
$
280,891,563
$
260,732,078
The accompanying notes are an integral partof the financial statements.
Quaker Houghton
Retirement Savings Plan
Notes to Financial Statements
4
NOTE 1 - DESCRIPTION OF PLAN
The following description of the Quaker Houghton Retirement SavingsPlan (the "Plan") provides only general information.The Plan
document provides a complete description of the Plan'sprovisions.
General
The Plan is a defined contribution plan for certain U.S. employees of QuakerChemical Corporation (doing business as Quaker
Houghton) (the "Company") and participating employers (AC Products,Inc. ("AC"), Epmar Corporation ("Epmar"), Summit
Lubricants, Inc. ("Summit"), ECLI Products, LLC ("ECLI"), HoughtonInternational Inc. ("Houghton"), and WalloverOil Company,
Inc. ("Wallover")).Effective as of January 1, 2022, Coral Chemical Company ("Coral"),Ultraseal America, Inc. ("Ultraseal") and
SIFCO Applied Surface Concepts, LLC ("SIFCO") became participatingemployers in the Plan.Additionally, effectiveJanuary 1,
2022, the Plan was migrated to a volume submitter plan format with Vanguard.The Plan is administered by the Retirement Savings
Plan Committee, which is appointed by the Company'sBoard of Directors, and is subject to the Employee Retirement Income
Security Act of 1974 ("ERISA").
Employees of the Company and adopting affiliates are eligibleto participate in the Plan on their first day of employment or as soon as
administratively practicable thereafter,unless specified differently in any bargaining unitagreement.
During the year ended December 31, 2021, Vanguardrevised the share class for a majority of the Plan's investment options in order to
reduce participant plan expenses. Underlying investment holdingsfor each fund remain materially unchanged.
Plan Amendments
Effective January 1, 2021, the Plan was amendedand restated (the "2021 Restatement").The Plan was previously most recently
amended and restated effective January 1, 2020 (the "2020Restatement").Effective January 1, 2022, the Coral Chemical Company
401(k) Plan (the "Coral Plan") and the SIFCO Applied Surface Concepts,LLC 401(k) Plan (the "SIFCO Plan") were merged into the
Plan.The 2021 Restatement changed the Plan to: (i) incorporate the amendments adoptedin 2020 after the effective date of the 2020
Restatement, and (ii) effective January 1, 2022, addCoral and SIFCO as participating employers in the Plan.On December 31, 2021
(the "Coral Plan Transfer Date"), net assets, includingnotes receivable from participants,totaling $10,149,772 were transferred from
the Coral Plan to the Plan.Similarly, on January 4, 2022 and February24, 2022 (the "SIFCO Plan Transfer Dates"), netassets,
including notes receivable from participants,totaling $8,485,318 were transferred from the SIFCO Plan to the Plan.
Contributions
Participants may elect to contribute on a before-tax and/or after-taxbasis any whole percentage of their compensation as defined, up to
75%, during the year, not to exceedthe annual Internal Revenue Code ("IRC") limits.At the discretion of the Retirement Savings
Plan Committee, the Plan matches 50% of the first 6% of compensation as definedthat is contributed to the Plan, with a maximum
matching contribution of 3% of compensation.No changes were made to the discretionary matching provision during 2021.In
addition, the Plan provides for non-elective nondiscretionary contributionson 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 (andAC'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 ofeligible participants' compensation, as defined.Upon
completing one year of service, an eligible participant is eligible to receive discretionarynon-elective contributions on the first day of
the month coinciding with or following the date on which the participantmeets the one year of service requirement.Epmar, Summit,
ECLI, Houghton, Wallover,Ultraseal, Coral and SIFCO participants are not eligible for discretionary non-elective contributions.
Participants who are eligible to make contributions and who have or will attain age50 before the end of the Plan year are eligible to
make catch-up contributions in accordance with, and subject to, the limitationsof IRC Section 414(v).No Company matching
contributions are made with respect to catch-up contributions.
Beginning with the first pay date on or after April 17, 2020 and continuinguntil the first pay date on or after April 1, 2021, the
Company made both non-elective contributions and matching contributionsin shares of the Company's common stockrather than
cash.The Company made non-cash contributions of approximately $1,551,043and $3,111,977 for the years endedDecember 31,
2021 and 2020, respectively.
Participant Accounts
Each participant's accountis credited or deducted with the participant's contributionand any applicable direct expenses and allocation
of the Company's contributionsand any Plan earnings and losses.Allocations are based on participant earnings, account balances, or
specific participation transactions, as defined.The benefit to which a participant is entitled is the benefit that can be providedfrom the
participant's vested accountbalance.
Quaker Houghton
Retirement Savings Plan
Notes to Financial Statements - Continued
5
Participant Notes Receivable
Participants may borrow from their fund accounts (other than amountsinvested in the Company Stock Fund) an amount limited to the
lesser of $50,000 or 50% of the participant'svested account balance.The loans bear interest at a rate equal to the prevailing rate of
interest charged for similar loans by lending institutionsin the community (generally the prime rate), plus 1%.The term of each
participant loan generally may not exceed five years except for thepurchase of principal residence loans.Interest rates on outstanding
participant notes receivable at December 31, 2021 ranged from 4.25%to 6.50%.Principal and interest are paid ratably through
periodic payroll deductions.Loan application fees and annual maintenance fees on all outstandingloans are paid by the participant.
Payment of Benefits
Generally, uponseparation of service, for any reason, a participant may receive a lump sum amount equalto the value of the
participant's account.In addition, a participant may elect to take an in-service distribution fromtheir rollover account prior to
reaching age 59 ½, and from all accounts upon reaching age 59 ½.If a participant's vested account balanceexceeds $1,000, the
participant may defer payment until April 1 following the year the participantreaches age 70 ½ or following the year in which the
participant terminates employment, if later.Effective January 1, 2020, pursuant to the Setting Every CommunityUp for Retirement
Enhancement Act of 2019 ("SECURE Act"), the required minimumdistribution age was raised to 72 from 70 ½.
Hardship Withdrawals
Participants who are actively employed and who meet certain requirementsmay take a hardship withdrawal from their elective
contributions.
Vesting
Upon entering the Plan, participants are fully vested in Company matchingcontributions, Company discretionary non-elective
contributions, Company nondiscretionary non-elective contributionsand employee deferrals plus actual earnings.
Plan Termination
Although it has not expressed any intent to do so, the Company has theright to terminate the Plan subject to the provisions of ERISA.
NOTE 2 - SUMMARY OF ACCOUNTING POLICIES
Basis of Accounting
The Plan's financial statements are preparedon the accrual basis of accounting.
Use of Estimates
The preparation of financial statements in conformity with accountingprinciples generally accepted in the United States of America
requires management to make estimates and assumptions that affectthe 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 ofthe Plan's
investments.Actual results could differ from those estimates.
Administration of Plan Assets
The Plan's assets are held by a collectivetrust managed by an affiliate of VanguardFiduciary Trust Company ("VFTC"), which acts
as the Trustee for Plan investments.Certain administrative functions are performed by officers or employeesof the Company.No
such officer or employee receives compensation from the Plan.Substantially all administrative expenses, including the Trustee'sand
audit fees, are paid directly by the Company and are therefore excluded fromthese financial statements.
Investment Valuationand Income Recognition
The Plan's investments are recordedat 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 measurementdate.Plan management determines the Plan's
valuation policies utilizing information provided by the Trustee.Refer to Note 4 - Fair ValueMeasures for further information.
Purchases and sales of investments are recorded on a trade-date basis.Net appreciation in fair value of investments includes gains and
losses on investments bought and sold during the year as well as unrealizedgains 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.
Quaker Houghton
Retirement Savings Plan
Notes to Financial Statements - Continued
6
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'sprospectus.These fees are deducted by the investment funds prior to allocation of the
Plan's investment earningsactivity and are therefore not separately identified as Plan expenses.
Participant Notes Receivable
Notes receivable from participants are measured at their unpaid principal balanceplus any accrued but unpaid interest.Interest
income is recorded on the accrual basis.No allowance for credit losses were recorded as of December 31, 2021 or2020.Delinquent
notes receivable from participants are recorded as a benefit payment when thePlan Administrator deems the participant note
receivable to be in default based on the terms of the Plan document.
Payment of Benefits
Benefits are recorded when paid.
NOTE 3 - RISKS AND UNCERTAINTIES
Investment securities are exposed to various risks such as interest rate, creditand overall market volatility.Due to the risks associated
with investment securities, it is possible that changes in the values of investmentsecurities will occur in the near term and that such
changes could materially affect participants' account balances andthe amounts reported in the Statements of Net Assets Availablefor
Benefits.The Plan therefore provides for investment options in various investmentsecurities, which allows participants to diversify
their securities portfolios and mitigate these risks.
The following table shows details on investments that represent a concentrationof greater than 10% of the Plan's net assets:
December 31, 2021
December 31, 2020
Investments
Balance
% of Net assets
Balance
% of Net assets
Quaker Chemical Corporation Stock Fund
$
41,418,668
15%
$
47,182,901
18%
VanguardInstitutional Index Fund Inst'l Shares
34,505,785
12%
26,932,268
10%
Due the concentration of investments denoted above, in additionto the level of risk associated with certain investments, it is at least
reasonably possible that changes in the value of investments will occurin the near term and that such changes could materially affect
participants' account balances and the amounts reported in the Statements ofNet Assets Available forBenefits.
NOTE 4 - FAIR VALUEMEASURES
The Plan applies the guidance of the Financial Accounting StandardsBoard regarding fair value measurements, which establishes a
common definition for fair value.Specifically, the guidance utilizes a fairvalue 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 marketsfor 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 quotedprices for identical or similar assets or
liabilities in markets that are not active.
●
Level 3: Unobservable inputs that reflect the reporting entity'sown assumptions.
The following is a description of the valuation methodologies used forthe investments measured at fair value, including the general
classification of such instruments pursuant to the valuation hierarchy:
Registered Investment Companies
The shares of registered investment companies, which represent the Net Asset Value("NAV")of shares held by the Plan, are
valued based on quoted market prices on an exchange in an active marketand are classified as Level 1 investments.
Common Stock Fund
The common stock fund is comprised of investments in the Quaker ChemicalCorporation 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.
Quaker Houghton
Retirement Savings Plan
Notes to Financial Statements - Continued
7
Participant-Directed Brokerage Accounts
The participant-directed brokerage accounts are mainly composed ofinvestments in common stock, registered investment
companies and warrants, which are valued based on quoted market priceson an exchange in an active market and are classified as
Level 1 investments.
Common/CollectiveTrust
The Plan also invests in a common/collective trust, the VanguardRetirement Savings Trust (the "Trust"),a stable value fund that
invests in the VanguardRetirement Savings Master Trust ("VRSMT").The VRSMT is composed of an investment in fully
benefit-responsive contracts that are issued by insurance companiesand commercial banks and in contracts that are backed by
bond funds and trusts that are selected by VanguardFiduciary Trust Employer,the Trustee.Contract value, as reported by
VRSMT, is the amountparticipants 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 contractvalue.Certain events limit the Plan's ability to
transact at contract value, including: 1) premature termination of thecontracts 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'sability 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 orfailure of the underlying portfolio to conform to pre-established
investment guidelines.The Trust is valued at the NAVof 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, 2021 and 2020) is based on the fair value of the
underlying investments less any liabilities.The practical expedient would not be used when it is determinedto be probable that
the Trust will sell the investment for an amountdifferent than the reported
NAV.
The Trust has a fair value of $22,756,870 and
$23,218,127 as of December 31, 2021 and 2020, respectively,with no unfunded commitments, daily pricing frequency,and daily
redemption notice periods.
The valuation methodologies described above may produce fairvalue 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 appropriateand consistent with
other market participants, the use of different methodologies orassumptions to determine the fair value of certain financial
instruments could result in a different fair value measurementat the reporting date.There have been no significant changes in
methodologies used or transfers between levels during the years endedDecember 31, 2021 and 2020.
As of December 31, 2021 and 2020, the Plan'sinvestments measured at fair value on a recurring basis were as follows:
Fair ValueMeasurements at December 31, 2021
Total
Using Fair ValueHierarchy
Investments
Fair Value
Level 1
Level 2
Level 3
Registered investment companies
$
200,220,832
$
200,220,832
$
-
$
-
Quaker Chemical Corporation stock fund
41,418,668
41,418,668
-
-
Participant-directed brokerage accounts
3,626,110
3,626,110
-
-
Total investments infair value hierarchy
245,265,610
245,265,610
-
-
Common/collective trust measured at NAV*
22,756,870
Total investments
$
268,022,480
$
245,265,610
$
-
$
-
Fair ValueMeasurements at December 31, 2020
Total
Using Fair ValueHierarchy
Investments
Fair Value
Level 1
Level 2
Level 3
Registered investment companies
$
184,684,138
$
184,684,138
$
-
$
-
Quaker Chemical Corporation stock fund
47,182,901
47,182,901
-
-
Participant-directed brokerage accounts
2,690,706
2,690,706
-
-
Total investments infair value hierarchy
234,557,745
234,557,745
-
-
Common/collective trust measured at NAV*
23,218,127
Total investments
$
257,775,872
$
234,557,745
$
-
$
-
* Certain investments that are measured at fair value usingthe 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 reconciliationof the fair value hierarchies to the line items presented in the Statementsof Net Assets Available
for Benefits.
Quaker Houghton
Retirement Savings Plan
Notes to Financial Statements - Continued
8
NOTE 5 - RELATED PARTYAND PARTY-IN-INTEREST TRANSACTIONS
The Plan invests in shares of mutual funds and a collective trust managed byan affiliate of VFTC, which acts as the Trustee forPlan
investments.
In addition, shares of Company common stock included in the QuakerChemical Corporation Stock Fund are offered as an investment
to Plan participants.As of December 31, 2021 and 2020, the Plan held approximately 179,473 and 186,207shares of common stock
of Quaker Chemical Corporation, respectively,with a fair value of $41,418,668 and $47,182,901.Total sales at market value related
to the Quaker Chemical Corporation Stock Fund for the years endedDecember 31, 2021 and 2020 were $8,423,544 and $11,508,270,
respectively.Total contributions intothe Quaker Chemical Corporation Stock Fund for the years ended December 31,2021 and 2020
were $3,117,113and $3,275,634, respectively.Transactions in such investments qualify as party-in-interesttransactions and are
exempt from the prohibited transaction rules.
Participant notes receivable qualify as party-in-interest transactions andare exempt from the prohibited transaction rules.
NOTE 6 - TAX STATUS
The Internal Revenue Service ("IRS") informed the Company byletter dated November 15, 2017 that the Plan is qualified under IRC
Section 401(a).The Plan has since been amended;however, the Plan administrator continues to believethe 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 disclosurein the Plan's financial statements.The IRS has the ability to
examine the Plan's tax return filingsfor all open tax years, which generally relate to the three prior years; however,there are currently
no audits for any tax periods in progress.The Plan administrator believes it is no longer subject to income tax examinations foryears
prior to 2017.
NOTE 7 - SUBSEQUENT EVENTS
The Company and the Plan have evaluated subsequent events through the datethat these financial statements were available to be
issued, and there were no subsequent events, except the plan mergersdisclosed in Note 1, which would require an adjustment or
additional disclosures to the financial statements.
Schedule I
Quaker Houghton
Retirement Savings Plan
Schedule of Assets (Held at End of Year)
As of December 31, 2021
Quaker Houghton Retirement Savings Plan, EIN 23-0993790, PN 112
Attachment to Form 5500, Schedule H, Part IV,Line 4 (i):
9
(a)
(b) Identity of issue, borrower,lessor, orsimilar party
(c) Description of investment
including maturity date, rate of
interest, collateral, par,or
maturity value
(e) Current
Value
Columbia Small Cap Growth Fund, Inst'l 3 Class
Registered Investment Company
$
6,688,222
*
VanguardInstitutional Index Fund Inst'l Shares
Registered Investment Company
34,505,785
*
VanguardBalanced Index Fund Admiral Shares
Registered Investment Company
4,589,668
*
VanguardExtended Market Index Fund: Inst'l Shares
Registered Investment Company
9,630,049
*
VanguardFederal Money Market Fund
Registered Investment Company
25,222
*
VanguardInternational Growth Fund Admiral Shares
Registered Investment Company
10,628,508
*
VanguardInstitutional TargetRetirement 2015 Fund
Registered Investment Company
1,727,469
*
VanguardInstitutional TargetRetirement 2020 Fund
Registered Investment Company
11,205,025
*
VanguardInstitutional TargetRetirement 2025 Fund
Registered Investment Company
20,050,661
*
VanguardInstitutional TargetRetirement 2030 Fund
Registered Investment Company
19,743,826
*
VanguardInstitutional TargetRetirement 2035 Fund
Registered Investment Company
11,286,861
*
VanguardInstitutional TargetRetirement 2040 Fund
Registered Investment Company
10,975,303
*
VanguardInstitutional TargetRetirement 2045 Fund
Registered Investment Company
7,917,377
*
VanguardInstitutional TargetRetirement 2050 Fund
Registered Investment Company
7,020,745
*
VanguardInstitutional TargetRetirement 2055 Fund
Registered Investment Company
3,861,476
*
VanguardInstitutional TargetRetirement 2060 Fund
Registered Investment Company
1,362,923
*
VanguardInstitutional TargetRetirement 2065 Fund
Registered Investment Company
643,780
*
VanguardInstitutional TargetRetirement Income Fund
Registered Investment Company
1,765,330
*
VanguardTotal Bond Market IndexFund: Inst'l Shr
Registered Investment Company
10,706,525
*
VanguardTotal International BondIndex Fund Admiral Shr
Registered Investment Company
934,603
*
VanguardU.S. Growth Fund Admiral Shares
Registered Investment Company
16,663,101
*
VanguardWindsor II Fund Admiral Shares
Registered Investment Company
8,288,373
*
VanguardBrokerage Fund
Self-Directed Brokerage Accounts
3,626,110
*
VanguardRetirement Savings Trust III
Common/Collective Trust
22,756,870
*#
Quaker Chemical Corporation Stock Fund
Common Stock Fund
41,418,668
*
Participant notes receivable
(4.25% to 6.50%)
2,605,854
$
270,628,334
*
Party-in-Interest
#Related party
(d)Column (d) is omitted as cost is not required for participant directed investments
10
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or otherpersons who administer the employee
benefit plan) have duly caused this annual report to be signed on its behalf by theundersigned hereunto duly authorized.
Quaker Houghton Retirement Savings Plan
Date: June 23, 2022
By:
/s/ Shane W. Hostetter
Shane W.Hostetter, Senior VicePresident, Chief Financial Officer