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Investments in Affiliated Companies (Tables) | 9 Months Ended
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Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments | The Company accounts for investments in affiliated companies under the equity method. Affiliated companies accounted for on the equity basis as of September 30, 2018 are as follows:
Company |  | Country |  | Percent Ownership
PQ Silicates Ltd. |  | Taiwan |  | 50%
Zeolyst International |  | USA |  | 50%
Zeolyst C.V. |  | Netherlands |  | 50%
Quaker Holdings |  | South Africa |  | 49%
Following is summarized information of the combined investments(1):
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Net sales |  | $ | 74,088 |  |  | $ | 83,983 |  |  | $ | 271,562 |  |  | $ | 225,770 |
Gross profit |  | 24,495 |  |  | 33,276 |  |  | 100,686 |  |  | 91,862 |
Operating income |  | 14,594 |  |  | 22,713 |  |  | 72,257 |  |  | 60,408 |
Net income |  | 14,545 |  |  | 23,819 |  |  | 72,204 |  |  | 63,663 |
(1) | Summarized information of the combined investments is presented at 100%; the Company’s share of the net assets and net income of affiliates is calculated based on the percent ownership specified in the table above.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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