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Investments in Associated Companies
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Associated Companies Investments in Associated Companies
As of December 31, 2024, 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, 2024 was $98.0 million, which includes investments of $66.3 million in Houghton Korea; $24.9 million in Primex; $6.3 million in Nippon Japan; and $0.5 million in Kelko Panama. 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.
Dividends and distributions received from associated companies by investment were $9.1 million, $4.2 million, and $3.0 million in the years ended December 31, 2024, 2023 and 2022.
The following table is a summary of equity income in associated companies by investment for the years ending December 31, 2024, 2023 and 2022:
202420232022
Houghton Korea$6,795 $11,442 $2,644 
Nippon Japan925 1,492 323 
Kelko Panama321 309 425 
Primex2,930 2,090 (1,427)
Total equity in net income of associated companies$10,971 $15,333 $1,965