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Investments in Affiliated Companies | 9 Months Ended
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Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Affiliated Companies | 10. Investments in Affiliated Companies: 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.
The Company’s investments in affiliated companies balance as of September 30, 2018 and December 31, 2017 includes net purchase accounting fair value adjustments of $259,725 and $264,700, respectively, related to the combination of the businesses of PQ Holdings Inc. and Eco Services Operations LLC in May 2016, consisting primarily of goodwill and intangible assets such as customer relationships, technical know-how and trade names. Consolidated equity in net income from affiliates is net of $1,658 and $4,975 of amortization expense related to purchase accounting fair value adjustments for the three and nine months ended September 30, 2018, respectively. Consolidated equity in net income from affiliates is net of $1,658 and $6,941 of amortization expense related to purchase accounting fair value adjustments for the three and nine months ended September 30, 2017.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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