Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Orion Engineered Carbons S.A.
Entity Central Index Key	0001609804
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Type	6-K
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Net sales	$ 384,714	$ 406,699
Cost of sales	286,745	294,296
Gross profit	97,969	112,403
Selling, general and administrative expenses	55,577	58,911
Research and development costs	5,129	5,061
Other expenses, net	2,475	1,832
Restructuring expenses	89	1,266
Income from operations	34,699	45,333
Interest and other financial expense, net	6,443	8,382
Income from operations before income taxes and equity in earnings of affiliated companies	28,256	36,951
Income tax expense	9,439	10,346
Equity in earnings of affiliated companies, net of tax	137	149
Net income	$ 18,954	$ 26,754
Weighted-average shares outstanding (in thousands of shares):
Basic (in shares)	59,518	59,320
Diluted (in shares)	61,113	60,926
Earnings per share (USD per share):
Basic (in USD per share)	$ 0.32	$ 0.45
Diluted (in USD per share)	$ 0.31	$ 0.44

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income	$ 18,954	$ 26,754
Other comprehensive loss, net of tax
Foreign currency translation adjustments	1,463	(6,035)
Gains/(losses) on defined benefit plans	53	(648)
Other comprehensive income/(loss)	(709)	(2,486)
Comprehensive income	18,245	24,268
Net Investment Hedging
Other comprehensive loss, net of tax
Unrealized net gains/(losses) on hedges	0	3,244
Cash Flow Hedge
Other comprehensive loss, net of tax
Unrealized net gains/(losses) on hedges	$ (2,225)	$ 953

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 60,921	$ 57,016
Accounts receivable, net of reserve for doubtful accounts	272,793	262,821
Other current financial assets	13,238	12,573
Inventories	173,542	183,629
Income tax receivables	22,228	24,342
Prepaid expenses and other current assets	35,850	34,938
Total current assets	578,572	575,319
Property, plant and equipment - net	452,451	483,534
Operating lease right-of-use assets	30,452
Goodwill	54,503	55,546
Intangible assets - net	88,976	95,245
Investment in equity method affiliates	5,368	5,332
Deferred income tax assets	57,244	52,395
Other financial assets	2,918	2,723
Other assets	2,883	2,928
Total non-current assets	694,795	697,703
Total assets	1,273,367	1,273,022
Current liabilities
Accounts payable	163,510	163,585
Current portion of long term debt and other financial liabilities	54,565	41,020
Current portion of employee benefit plan obligation	839	855
Accrued liabilities	34,911	56,297
Income taxes payable	27,940	28,086
Other current liabilities	37,731	30,493
Total current liabilities	319,496	320,336
Long-term debt, net	635,264	643,748
Employee benefit plan obligation	59,705	60,377
Deferred income tax liabilities	46,740	45,504
Other liabilities	43,372	44,161
Total non-current liabilities	785,081	793,790
Commitments and contingencies
Stockholders' equity
Common stock	84,254	84,254
Less cost of 517,081 and 517,081 shares of common treasury stock	(8,683)	(8,683)
Additional paid-in capital	67,097	63,544
Retained earnings	46,459	39,409
Accumulated other comprehensive income/(loss)	(20,337)	(19,628)
Total stockholders' equity	168,790	158,896
Total liabilities and stockholders' equity	$ 1,273,367	$ 1,273,022

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Reserve for doubtful accounts	$ 5,175	$ 5,081
Common stock, shares authorized (in shares)	89,452,626	89,452,626
Common stock, shares issued (in shares)	60,035,579	60,035,579
Common stock, shares outstanding (in shares)	59,518,498	59,518,498
Treasury stock (in shares)	517,081	517,081

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Common stock	Treasury shares	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss
Beginning balance (in shares) at Dec. 31, 2017		59,320,214
Beginning balance at Dec. 31, 2017	$ 95,305	$ 83,770	$ (3,773)	$ 102,529	$ (81,901)	$ (5,320)
Increase (Decrease) in Stockholders' Equity
Net income	26,754				26,754
Other comprehensive loss, net of tax	(2,486)					(2,486)
Distributions from additional paid-in capital - $0.20 per share	(11,864)			(11,864)
Share based compensation	3,100			3,100
Ending balance (in shares) at Mar. 31, 2018		59,320,214
Ending balance at Mar. 31, 2018	$ 110,809	$ 83,770	(3,773)	93,765	(55,147)	(7,806)
Beginning balance (in shares) at Dec. 31, 2018	59,518,498	59,518,498
Beginning balance at Dec. 31, 2018	$ 158,896	$ 84,254	(8,683)	63,544	39,409	(19,628)
Increase (Decrease) in Stockholders' Equity
Net income	18,954				18,954
Other comprehensive loss, net of tax	(709)					(709)
Dividends paid - $0.20 per share	(11,904)				(11,904)
Share based compensation	$ 3,553			3,553
Ending balance (in shares) at Mar. 31, 2019	59,518,498	59,518,498
Ending balance at Mar. 31, 2019	$ 168,790	$ 84,254	$ (8,683)	$ 67,097	$ 46,459	$ (20,337)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.20	$ 0.20

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 18,954	$ 26,754
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment and amortization of intangible assets	24,095	24,790
Amortization of debt issuance costs	535	655
Share-based incentive compensation	3,553	3,100
Deferred tax (benefit)/provision	(2,913)	3
Foreign currency transactions	935	(2,862)
Other operating non-cash expenses	1,028	432
Changes in operating assets and liabilities
(Increase)/decrease in trade receivables	(12,623)	(47,848)
(Increase)/decrease in inventories	7,946	(11)
Increase/(decrease) in trade payables	3,868	11,958
Increase/(decrease) in provisions	(20,821)	(13,328)
Increase/(decrease) in tax liabilities	1,748	6,762
Increase/(decrease) in other assets and liabilities that cannot be allocated to investing or financing activities	(134)	10,983
Net cash provided by operating activities	26,171	21,388
Cash flows from investing activities:
Cash paid for the acquisition of intangible assets and property, plant and equipment	(22,487)	(25,930)
Net cash used in investing activities	(22,487)	(25,930)
Cash flows from financing activities:
Repayments of long-term debt	(2,018)	(2,134)
Cash inflows related to current financial liabilities	37,082	5,073
Cash outflows related to current financial liabilities	(22,823)	0
Dividends paid to shareholders	(11,904)	(11,864)
Net cash provided by (used in) financing activities	337	(8,925)
Increase (decrease) in cash, cash equivalents and restricted cash	4,021	(13,467)
Cash, cash equivalents and restricted cash at the beginning of the period	61,604	75,213	$ 75,213
Effect of exchange rate changes on cash	(200)	976
Cash, cash equivalents and restricted cash at the end of the period	65,425	62,722	61,604
Less restricted cash at the end of the period	4,504	3,008
Cash and cash equivalents at the end of the period	60,921	59,714	$ 57,016
Cash paid for interest, net	6,024	5,908
Cash paid for income taxes	8,764	3,581
Supplemental disclosure of Non-cash activity
Liabilities under built-to-suit lease		7,165
Liabilities for leasing - current	5,144
Liabilities for leasing - non-current	$ 25,587	$ 21,492

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization and Description of the Business Orion’s condensed consolidated financial information comprise Orion and its subsidiaries (the “Orion Group”, or the “Group” or the “Company”). The Company's fiscal year comprises the period from January 1 to December 31, 2019. The Company is a leading global manufacturer of carbon black products and is incorporated in Luxembourg. Carbon black is a powdered form of carbon that is used to create the desired physical, electrical and optical qualities of various materials. Carbon black products are primarily used as consumables and additives for the production of polymers, printing inks and coatings (“Specialty Carbon Black” or “Specialties”) and in the reinforcement of rubber polymers (“Rubber Carbon Black” or “Rubber”). Specialty Carbon Black are high-tech materials which are mainly used for polymers, printing systems and coatings applications. The various production processes result in a wide range of different Specialty Carbon Black pigment grades with respect to their primary particle size, structure and surface area/surface chemistry. These parameters affect jetness, tinting strength, undertone, dispersibility, oil absorption, electrical conductivity and other characteristics. The types of Rubber Carbon Black used in the rubber industry are manufactured according to strict specifications and quality standards. Structure and specific surface area are the key factors in optimizing reinforcement properties in rubber polymers. As at March 31, 2019, the Company operates 13 wholly owned production facilities in Europe, North and South America, Asia and South Africa and five sales companies. Another [ten] holding companies and one service company, as well as two former operating entities in Portugal and France (currently in dissolution), are consolidated in the Orion Group. Additionally, the Company operates a joint venture with one production facility in Germany. The Company's global presence enables it to supply Specialty Carbon Black customers as well as international customers in the tire and rubber industry with the full range of carbon black grades and particle sizes. Sales activities are supported by sales and representative offices all around the globe. Integrated sales activities with key account managers and customer services are carried out in the United States, Brazil, South Korea and Germany and China. Recently Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under the amendments in ASU 2016-02, lessees are required to recognize (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term for all leases (with the exception of short-term leases) at the commencement date. This guidance is effective for fiscal years beginning after December 15, 2018 including interim periods within those fiscal years. Early adoption is permitted. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842-): Targeted Improvements, to provide an additional (and optional) transition method with which to adopt ASU 2016-02. In July 2018, the FASB also issued ASU 2018-10, Codification Improvements to Topic 842, Leases, to clarify the codification more generally and/or to correct unintended application of guidance. More recently, in March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842): Codification Improvements, which was also issued to clarify the codification more generally and/or to correct unintended application of guidance. ASU 2019-01 clarifies transition disclosure requirements upon adoption of Topic 842. We adopted ASUs 2016-02, 2018-11, 2018-10 and 2019-01 (“Lease ASUs”) as of January 1, 2019 using the optional transition method under ASU 2018-11 that allows for a cumulative-effect adjustment in the period of adoption without restating prior periods. Orion elected the practical expedients upon transition to retain the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. As a result of adopting these Lease ASUs we recorded additional lease assets and liabilities of approximately $30 million and $31 million on our condensed consolidated balance sheet as of March 31, 2019. Additionally, upon adoption of ASU 2016-02 we de-recognized one asset previously recorded under build-to-suit accounting and its associated liability of $29 million. A right-of-use asset will be capitalized upon subsequent commencement of the lease.We refer to Note C. Leases for further information about adoption of Topic 842. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, that amends the hedge accounting recognition and presentation requirements under hedge accounting. The new standard will make more financial and non-financial hedging strategies eligible for hedge accounting, amends the presentation and disclosure requirements, and simplifies how companies assess effectiveness. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those years, and early adoption is permitted. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, to introduce an alternative reference rate in the United States because of concerns about the sustainability of LIBOR. The Company adopted ASUs 2017-12 and 2018-16 as of January 1, 2019. Adoption of the standard did not result in adjustments to amounts recognized in the financial statements. The Company continually monitors whether additional hedging strategies are available under the new standard. In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows for the elimination of the stranded income tax effects resulting from the enactment of the Tax Cuts and Jobs Act through a reclassification from accumulated other comprehensive income to retained earnings. The standard is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company adopted ASU 2018-02 as of January 1, 2019. The adoption of this guidance had no impact on the Company's financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses. The new guidance requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The new standard is effective for fiscal years beginning after December 15, 2019, including all interim periods within those years, and early adoption is permitted for fiscal years beginning after December 15, 2018. The Company adopted ASU 2016-13 as of January 1, 2019. The adoption of this guidance and recognition of a loss allowance at an amount equal to lifetime expected credit losses for trade receivables was immaterial, did not result in a transition adjustment on retained earnings. Recently Issued Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, that modifies the disclosure requirements for fair value measurements made in accordance with Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The new guidance removes requirements to disclose the amount of and reason for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently evaluating the potential impact the adoption of this standard will have on its financial statements. In August 2018, the FASB issued ASU No 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. The guidance changes the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. It eliminates requirements for certain disclosures that are no longer considered cost beneficial and requires new ones that the FASB considers pertinent. The guidance is effective for financial statements issued for fiscal years ending after December 15, 2020 for public business entities and fiscal years ending after December 15, 2021 for all other entities. Early adoption is permitted. Entities will apply the amendments retrospectively. The Company is currently evaluating the potential impact the adoption of this standard will have on its financial statements. Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 20-F for the fiscal year ended December 31, 2018. The accompanying unaudited condensed consolidated financial statements include all adjustments that are of a normal recurring nature and necessary for the fair presentation of our results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for the full year. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates.

Revenue and Income Recognition	3 Months Ended
Revenue and Income Recognition	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue and Income Recognition	Revenue and Income Recognition OEC recognizes revenue when or as it satisfies a performance obligation by transferring a good or a service to a customer. Revenue is only recognized when control is transferred to the customer. The amount of consideration we receive and revenue we recognize is based upon the terms stated in the sales contract, which may contain variable consideration such as discounts or rebates. We also give our customers a limited right to return product that has been damaged, does not satisfy their specifications, or other specific reasons. Payment terms on product sales to our customers typically range from 30 to 90 days. Although certain exceptions exist where standard payment terms are exceeded, these instances are infrequent and do not exceed one year. Revenue is recognized according to the five-step model proscribed in ASC 606. Under the first step, the entity has to identify the contract entered with a customer granting the right to receive goods or service in exchange for consideration. The second step requires the identification of distinct performance obligations within a contract. The transaction price of the arrangement is defined in Step 3 of ASC 606. In addition to the contractual fixed price the entity has to take variable considerations into account. If the entity identified more than one separate performance obligation under step 2, it has to account for this contract as a multiple element arrangement resulting in an allocation of revenues to the obligations identified. If these conditions are satisfied, revenue from the sale of goods is recognized when control have been transferred to the buyer, either at a point in time, or over time. The Company derives substantial majority of revenues by selling carbon black to industrial customers for further processing. Revenue recognition and measurement is governed by the following principles. The amount of revenue, the transactions price, is contractually specified between the parties and is measured at the amount expected be received less value-added tax and any trade discounts and volume rebates granted. Discounts and volume rebates are accounted for as estimates of variable consideration and deducted from revenue. With respect to the sale of goods, sales are recognized at the point in time control over the good transfers to the customer. The timing of the transfer of control varies depending on the individual terms of the sales agreement. The Company's business is organized by its two carbon black product types. For corporate management purposes and all periods presented the Company had “Rubber” and “Specialty” as reportable operating segments. Rubber carbon black is used in the reinforcement of rubber in tires and mechanical rubber goods, Specialties are used as pigments and performance additives in coatings, polymers, printing and special applications.

Inventories

3 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories, net of obsolete, unmarketable and slow moving reserves is as follows:



	March 31, 2019		December 31, 2018
	(In thousands)
Raw materials, consumables and supplies, net	$	71,876	$	73,460
Work in process	231		1,246
Finished goods, net	101,435		108,923
Total	$	173,542	$	183,629

Orion periodically reviews inventories for both obsolescence and loss in value. In this review, Orion makes assumptions about the future demand for and the future market value of the inventory and, based on these assumptions, estimates the amount of obsolete, unmarketable or slow-moving inventory. The inventory reserve for obsolete, unmarketable and slow moving assets as of March 31, 2019 and December 31, 2018 amounted to $1,838k and $1,639k, respectively.

For the three months ended March 31, 2019 and 2018 $139k and $871k, respectively, were recognized as an expense for damaged and lost inventories.

As of March 31, 2019 and December 31, 2018, reserves to adjust inventories net realizable value in the amount of $2,238k and $2,422k, respectively, were recognized on raw materials, consumables and supplies and on finished goods.

Leases

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Leases

Orion entered into a limited number of lease contracts as a lessee and is not acting as a lessor. On January 1, 2019, Orion adopted Topic 842 (Leases). Orion adopted ASUs 2016-02, 2018-11, 2018-10 and 2019-01 (“Lease ASUs”) using the optional transition method under ASU 2018-11 that allows for a cumulative-effect adjustment in the period of adoption without restating prior periods. Orion elected the optional practical expedient upon transition to retain the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. We have not recorded an adjustment to retained earnings due to materiality. In addition, the adoption did not materially impact our consolidated net income and had no impact on our cash flows.

Orion’s vast majority of lease contracts are concerning operational items such as rail cars, company cars, offices, office equipment.

The recorded right-of-use assets as of March 31, 2019 amount to $30,452k, the corresponding minimum lease liabilities to $30,731k of which $5,144k are recorded within other current liabilities and $25,587k as other liabilities.

The weighted average minimum lease period is 3.3 years the undiscounted minimum lease payments are due in and reconcile to the discounted lease liabilities as follows:



	March 31, 2019
	(In thousands)
Next 12 months	$	5,778
1 to 2 years	5,372
2 to 3 years	5,291
3 to 4 years	5,107
4 to 5 years	4,692
More than 5 years	8,780
Total undiscounted minimum lease payments	$	35,020
Discount	(4,289		)
Lease liability (current and non-current)	$	30,731

The weighted average discount rate applied to the lease liabilities is 4.04%.

Debt and Other Obligations

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Debt and Other Obligations

Debt and other obligations consist of the following:



	March 31, 2019			December 31, 2018
	(In thousands)
Current
Term loan	$	8,063		$	8,149
Deferred debt issuance costs - term loan⁽¹⁾	(1,436		)	(1,472		)
Other short-term debt and obligations	47,938			34,343
Current portion of long term debt and other financial liabilities	54,565			41,020
Non-current
Term loan	641,076			650,014
Deferred debt issuance costs - term loan⁽¹⁾	(5,812		)	(6,266		)
Other long-term debt and obligations	—			—
Long-term debt, net	635,264			643,748
Total	$	689,829		$	684,768


⁽¹⁾	According to ASU 2015-03, adopted on January 1, 2016, the Company presents debt issuance costs related to a recognized liability as a direct deduction from the carrying amount of that liability.

(a) Term loan

On May 8, 2018 Orion signed an amendment to the credit agreement to reprice its EUR- and USD-denominated outstanding term loans. The repricing on the US dollar tranche reflects a 50 basis point reduction on margin from 2.50% to 2.00%, whereas on the euro tranche there is a 25 basis point reduction on margin from 2.50% to 2.25%. Other provisions of the credit agreement remained unchanged and maturity remains at July 25, 2024. In conjunction with the amendment of the credit agreement, on May 11, 2018, Orion entered into a $235.0 million cross currency swap to virtually convert its US dollar liabilities into EUR as part of a new hedging approach. This swap transaction impacts both principal and interest payments associated with debt service and will result in a further annual interest payments savings of approximately $4.7 million over and above the interest savings achieved by the amendment itself. The swap became effective on May 15, 2018 and will expire on July 25, 2024, in line with maturity of the term loan.

Transaction costs incurred directly in connection with the incurrence of the Euro and U.S. Dollar denominated term loans, thereby reducing their carrying amount, are amortized as finance costs over the term of the loans. Transaction costs incurred in connection with the modifications of the term loan in 2016, 2017 and 2018 were directly expensed as incurred as the modified terms were not substantially different. For the three months ended March 31, 2019, an amount of $341k equivalent related to capitalized transaction costs was amortized and recognized as finance costs in this regard (prior year: $495k equivalent).

A portion of the USD-denominated term loan was designated as a hedge of the net investment in a foreign operation to reduce the Company's foreign currency exposure. Since January 1, 2015 the Company had designated $180 million of the total USD-denominated term loan held by a Germany based subsidiary as the hedging instrument to hedge the change in net assets of a US subsidiary, which is held by a Germany based subsidiary, to manage foreign currency risk. Due to the new hedging approach and the new cross currency swap as described above, hedge accounting for the net investment hedge was discontinued on May 15, 2018. An unrealized loss of $2.2 million remains within other comprehensive income until it is recycled through profit and loss upon divestment of the hedged item.

The carrying value as at March 31, 2019 includes the nominal amount of the Term Loans plus accrued unpaid interest less deferred debt issuance costs of $7,248k (December 31, 2018: $7,738k).

(b) Revolving credit facility (“RCF”)

During the three months ended March 31, 2019, transaction costs of $187k were amortized (prior year: $203k). Unamortized transaction costs that were incurred in conjunction with the RCF in July 2014 and the Amendment on May 30, 2017, amount to $2,164k as at March 31, 2019 and $2,394k as at December 31, 2018. We further refer to Note O. Subsequent Events.

(c) Local bank loans and other short term borrowings

In March 2019, OEC GmbH in Germany has drawn a local ancillary facility from Deutsche Bank in an amount of $20,071k and a local ancillary facility with Unicredit in an amount of $3,031k. In addition OEC GmbH entered into a short term swap of certain emission rights in an amount of $24,717k. We further refer to Note O. Subsequent Events with respect to the repayment of the three facilities.

Financial Instruments and Fair Value Measurement

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurement

Orion's financial instruments consist primarily of cash and cash equivalents, trade receivables, loans, miscellaneous financial assets, term loan, local bank loans, trade payables and derivative instruments. The carrying values of Orion's financial instruments approximate fair value with the exception of variable rate long-term debt, which is recorded at amortized cost. The Company measures financial instruments, such as derivatives, at fair value at each balance sheet date. 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 measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the following fair value hierarchy based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 — Unadjusted quoted market prices in active markets for identical assets or liabilities that the entity can access at the measurement date.

Level 2 — Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). For example, quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs.

Level 3 — Unobservable inputs for the asset or liability.

For financial assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization at the end of each reporting period.

The following table shows the fair value measurement at March 31, 2019 and December 31, 2018. All measurements are based on observable inputs such as interest rates and are classified as Level 2 within the fair value hierarchy:



		March 31, 2019		December 31, 2018
	Fair Value Hierarchy	(In thousands)
Receivables from hedges/ derivatives	Level 2	$	10,504	$	9,949
Other current financial assets	Level 2	10,468		9,777
Other financial assets (non-current)	Level 2	36		172

Liabilities from derivatives	Level 2	$	8,056	$	7,032
Other current liabilities	Level 2	423		2,302
Other liabilities (non-current)	Level 2	7,633		4,730

Term loan	Level 2	$	649,139	$	658,163
Local bank loans	Level 2	$	23,102	$	28,618

Employee Benefit Plans

3 Months Ended

Mar. 31, 2019

Retirement Benefits [Abstract]

Employee Benefit Plans

Provisions for pensions are established to cover benefit plans for retirement, disability and surviving dependents’ pensions. The benefit obligations vary depending on the legal, tax and economic circumstances in the various countries in which the Group companies operate. Generally, the level of benefit depends on the length of service and the remuneration.

Net periodic defined benefit pension benefit costs include the:



	Three months ended March 31,
	2019		2018
	Pension Benefits
	Non-U.S.		Non-U.S.
	(In thousands)
Service cost	$	311	$	415
Interest cost	432		480
Net periodic cost	$	743	$	895

Service cost were recorded within income from operations under Selling, general and administrative expenses, interest cost in Interest and other financial expense, net. There are also defined contribution pension plans in Germany and the United States for which our Group companies make regular contributions to off-balance sheet pension funds managed by third party insurance companies.

In South Korea, the Company’s pension plan provides, at the option of employees for either projected benefit or defined contribution benefits. Plan assets relating to this plan reduce the pension provision disclosed.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

On July 25, 2015, the Company established the Long-Term Incentive Plan (“LTIP”) providing for the grant of performance share units (“PSUs”) to employees and officers selected by the Compensation Committee of the Board of Directors (the “Compensation Committee”). PSU awards are earned based on achievement against one or more performance metrics established by the Compensation Committee in respect of a specified performance period. Earned PSUs range from zero to a specified maximum percentage of a participant’s target award based on the performance of applicable performance metrics, and are also subject to vesting terms based on continued employment. The first performance period was settled at the beginning of the second quarter of 2018, with PSUs earned based on achievement of EBITDA metrics established by the Compensation Committee and total shareholder return relative to a peer group. The first vesting period ended March 31, 2018 (the “2015 Plan”) and earned and vested PSUs settled in one common share of the Company per vested PSU - issued to participants on April 30, 2018, except for certain PSUs settled in cash at fair market value to cover wage taxes or as substitute for share transfer restrictions. On August 2, 2016, the Compensation Committee established a consecutive LTIP (the “2016 Plan”) having consistent terms with those of the 2015 Plan. On July 31, 2017, the Compensation Committee established a consecutive LTIP (the “2017 Plan”). On July 12, 2018, the Compensation Committee established a consecutive LTIP (the “2018 Plan’). All PSUs are granted under, and are subject to the terms and conditions of, the Company’s 2014 Omnibus Incentive Compensation Plan.

The following table summarizes the activity of our PSU's for the three months ended March 31, 2019:



Period Granted	Performance Period	PSUs Outstanding at December 31, 2018	PSUs Granted	PSUs Vested	PSUs Forfeited	PSUs Outstanding at March 31, 2019	Weighted Average Grant Date Fair Value
2016	2016 - 2019	677,607	—	—	—	677,607	$	17.21
2017	2017 - 2020	467,349	—	—	—	467,349	$	24.89
2018	2018 - 2021	450,034	—	—	—	450,034	$	39.24
Total		1,594,990	—	—	—	1,594,990

We recognized $3,553k and $3,100k of total stock-based compensation expense related to outstanding PSUs for the three months ended March 31, 2019 and 2018, respectively. At March 31, 2019, we had unrecognized compensation cost of $13.45 million, based on the target amount, related to unvested PSUs, which is expected to be recognized over a weighted average period of 1.7 years.

The closing price of the Company's shares and therefore the intrinsic value of one PSU outstanding was $18.99 as of March 31, 2019 compared to $27.10 as of March 31, 2018. Total intrinsic value amounted to $30.3 million and $43.4 million as of March 31, 2019 and 2018, respectively.

Restructuring Expenses

3 Months Ended

Mar. 31, 2019

Restructuring and Related Activities [Abstract]

Restructuring Expenses

Details of all restructuring activities and the related reserves for the three months ended March 31, 2019 were as follows:



(In thousands)	Personnel expenses			Demolition and Removal costs			Ground remediation costs			Other			Total
Provision at January 1, 2019	$	2,334		$	2,541		$	2,939		$	844		$	8,658
Charges	61			9			19			—			89
Cash paid	(103		)	(1,234		)	(19		)	(4		)	(1,361		)
Foreign currency translation adjustment	(44		)	(35		)	(22		)	(8		)	(108		)
Provision at March 31, 2019	$	2,248		$	1,281		$	2,917		$	832		$	7,278

Orion's reserves for restructuring are reflected in accrued liabilities on the Condensed Consolidated Balance Sheets.

The restructuring activity relate to the Company's effort to restructure its Rubber segment. As a first step the Company's German operating subsidiary terminated with effect as of December 31, 2016, the Contract Manufacturing Agreement then in place between the Company's German operating subsidiary and the Company's French subsidiary, Orion Engineered Carbons SAS ("OEC SAS"), which has a plant in Ambès with a maximum capacity of mostly standard rubber grades of 50 kmt per year. Consequently, the management of OEC SAS concluded consultations with the local works council at this facility to implement a restructuring and down staffing with a cessation of production at the site by the end of 2016.

The restructuring of the South Korean footprint concluded in the second quarter of 2018 resulting in cessation of production at the Bupyeong plant and the sale of the land to a third party.

For the three months ended March 31, 2019 and 2018 restructuring expenses, net amounted to $89k and $1,266k.

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Changes in each component of AOCI, net of tax, are as follows for the three months ended March 31, 2019 and 2018:



	Currency Translation Adjustments			Hedging Activities Adjustments			Pension and Other Postretirement Benefit Liability Adjustments			Total
	(In thousands)
Balance January 1, 2019	$	(10,650	)	$	(6,147	)	$	(2,831	)	$	(19,628	)
Other comprehensive income (loss) before reclassifications	1,532			(3,767		)	—			(2,235		)
Income tax effects before reclassifications	(69		)	1,462			—			1,393
Amounts reclassified from AOCI	—			—			—			—
Income tax effects on reclassifications	—			—			—			—
Currency translation AOCI	—			80			53			133
Balance March 31, 2019	$	(9,187	)	$	(8,372	)	$	(2,778	)	$	(20,337	)



	Currency Translation Adjustments			Hedging Activities Adjustments			Pension and Other Postretirement Benefit Liability Adjustments			Total
	(In thousands)
Balance January 1, 2018	$	(554	)	$	(1,801	)	$	(2,965	)	$	(5,320	)
Other comprehensive income (loss) before reclassifications	(6,045		)	5,492			—			(553		)
Income tax effects before reclassifications	10			(1,813		)	—			(1,803		)
Amounts reclassified from AOCI	—			—			—			—
Income tax effects on reclassifications	—			—			—			—
Currency translation AOCI	—			518			(648		)	(130		)
Balance March 31, 2018	$	(6,589	)	$	2,396		$	(3,613	)	$	(7,806	)

For the three months ended March 31, 2019 and 2018 no amounts were reclassified out of AOCI and into the Condensed Consolidated Statement of Operations.

Earnings Per Share

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

The following table reflects the income and share data used in the basic and diluted EPS computations for the periods presented below:



	Three months ended March 31,
	2019		2018
Net income for the period- attributable to ordinary equity holders of the parent (in USD k)	$	18,954	$	26,754
Weighted average number of ordinary shares (in thousands of shares)	59,518		59,320
Basic EPS	$	0.32	$	0.45
Dilutive effect of share based payments (in thousands of shares)	1,595		1,606
Weighted average number of diluted ordinary shares (in thousands of shares)	61,113		60,926
Diluted EPS	$	0.31	$	0.44

For the first quarter of 2019 and 2018 the weighted average number of shares equals the outstanding number of shares. The dilutive effect of the share-based payment transaction is the weighted number of shares considering the grant date, forfeitures and executions during the respective fiscal years. The effect is determined by using the treasury stock method.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company records its tax provision or benefit on an interim basis using an estimated annual effective tax rate. This rate is applied to the current period ordinary income to determine the income tax provision or benefit allocated to the interim period. Losses from jurisdictions for which no benefit can be recognized and the income tax effects of unusual and infrequent items are excluded from the estimated annual effective tax rate and are recognized in the impacted interim period as discrete items. Valuation allowances are provided against the future tax benefits that arise from the losses in jurisdictions for which no benefit can be recognized. The estimated annual effective tax rate may be significantly impacted by nondeductible expenses and the Company’s projected earnings mix by tax jurisdiction. Adjustments to the estimated annual effective income tax rate are recognized in the period when such estimates are revised. The development of deferred tax assets and liabilities relates to changes in temporary differences and tax loss carry forwards. Income tax receivables decreased from $24,342k at December 31, 2018 to $22,228k at March 31, 2019 due to tax refunds received from tax authorities. Income taxes payable decreased from $28,086k at December 31, 2018 to $27,940k at March 31, 2019 due to the tax calculation for the period. Income tax expense in the three months ended March 31, 2019 amounted to $9,439k compared to $10,346k in the three months ended March 31, 2018, reflecting profit in these periods. For the three months ended March 31, 2019, the impact of discrete tax items included a net discrete tax expense of $935k and is primarily due to various provision adjustments related to tax return filings. Therefore the [effective] tax rate of 33.4% for the three months ended March 31, 2019 deviated from the estimated annual tax rate of 30.1% for 2019. Income Tax Uncertainties As of March 31, 2019, the total amount of uncertain tax positions included in our condensed consolidated balance sheet was $14,096k. In addition, accruals in a total amount of $3,495k have been recorded for penalties and interest. Orion and certain subsidiaries are under audit in a number of jurisdictions. It cannot be excluded that a further change in the unrecognized tax benefits may occur within the next twelve months related to the settlement of one or more of these audits or the lapse of applicable statutes of limitations; however, an estimated range of the impact on the unrecognized tax benefits cannot be quantified at this time.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Environmental Matters EPA Action During 2008 and 2009, the U.S. Environmental Protection Agency (“EPA”) contacted all U.S. carbon black producers as part of an industry-wide EPA initiative, requesting extensive and comprehensive information under Section 114 of the U.S. Clean Air Act. The EPA used that information to determine, for each facility, that either: (i) the facility has been in compliance with the Clean Air Act; (ii) violations have occurred and enforcement litigation may be undertaken; or (iii) violations have occurred and a settlement of an enforcement case is appropriate. In response to information requests received by the Company’s U.S. facilities, the Company furnished information to the EPA on each of its U.S. facilities. EPA subsequently sent notices under Section 113(a) of the Clean Air Act in 2010 alleging violations of Prevention of Significant Deterioration (“PSD”) and Title V permitting requirements under the Clean Air Act at the Company’s Belpre (Ohio) facility. In October 2012, the Company received a corresponding notice and finding of violation (an “NOV”) alleging the failure to obtain PSD and Title V permits reflecting Best Available Control Technology (“BACT”) at several units of the Company’s Ivanhoe (Louisiana) facility, and in January 2013 the Company also received an NOV issued by the EPA for its facility in Borger (Texas) alleging the failure to obtain PSD and Title V permits reflecting BACT during the years 1996 to 2008. A comparable NOV for the Company’s U.S. facility in Orange (Texas) was issued by the EPA in February 2013; and EPA issued an additional NOV in March 2016 alleging more recent non-PSD air emissions violations primarily at the dryers and the incinerator of the Orange facility. In 2013, Orion began discussions with the EPA and the U.S. Department of Justice (“DOJ”) about a potential settlement to resolve the NOVs received, which ultimately led to a consent decree executed between Orion Engineered Carbons LLC (for purpose of this Note L. “Orion”) and the United States (on behalf of the EPA), as well as the Louisiana Department of Environmental Quality. The consent decree (the “EPA CD”) became effective on June 7, 2018. The consent decree resolves and settles the EPA’s claims of noncompliance set forth in the NOVs and in a respective complaint filed in court against Orion by the United States immediately prior to the filing of the consent decree. All five U.S. carbon black producers have settled with the U.S. government. Orion was one of the two last carbon black companies to sign a consent decree. Under Orion’s EPA CD, Orion will install certain pollution control technology in order to further reduce SO2, NOx and particulate matter (“PM”) emissions at its four U.S. manufacturing facilities in Ivanhoe (Louisiana), Belpre (Ohio), Borger (Texas), and Orange (Texas) over approximately six years. The EPA CD also requires the continuous monitoring of emissions reductions that Orion will need to comply with over a number of years. Orion has commenced the installation works for its Ivanhoe facility, and expects to complete the installation in this facility over the next two years. Under the EPA CD, Orion can choose either its Belpre or Borger facilities as the next site for installation of pollution control equipment with comparable effectiveness. We expect the capital expenditures for installation of pollution control equipment in the remaining Orion facilities to decrease due to economies of scale and synergies from prior installations. We also expect that the third and fourth plants will require significantly less costly pollution control equipment given the requirements of the EPA CD. We estimate the installations of monitoring and pollution control equipment at all four Orion plants in the U.S. will require capital expenditures of up to $190 million. However, the actual total capital expenditures we might need to incur in order to fulfill the requirements of the EPA CD remain uncertain. The EPA CD allows some flexibility for Orion to choose among different technology solutions for reducing emissions and the locations where these solutions are implemented. The solutions Orion ultimately chooses to implement may differ in scope and operation from those it currently anticipates (including those discussed in the next paragraph) and factors, such as timing, locations, target levels, changing cost estimates and local regulations, could cause actual capital expenditures to significantly exceed current expectations or affect Orion’s ability to meet the agreed target emission levels or target dates for installing required equipment as anticipated or at all. Orion also agreed to and paid a civil penalty of $800,000 and agreed to perform environmental mitigation projects totaling $550,000. Noncompliance with applicable emissions limits could lead to further penalty payments to the EPA. As part of Orion’s compliance plan under the EPA CD, in April 2018 Orion signed a contract with Haldor Topsoe group to install its SNOXTM emissions control technology to remove SO2, NOx and dust particles from tail gases at Orion’s Ivanhoe, Louisiana Carbon Black production plant. The SNOXTM technology has not been used previously in the carbon black industry. Orion’s Share Purchase Agreement with Evonik in connection with the Acquisition provides for a partial indemnity from Evonik against various exposures, including, but not limited to, capital investments, fines and costs arising in connection with Clean Air Act violations that occurred prior to July 29, 2011. Except for certain less relevant allegations contained in the second NOV received for the Company’s facility in Orange (Texas) in March 2016, all of the other allegations made by the EPA with regard to all four of the Company’s U.S. facilities - as discussed above - relate to alleged violations before July 29, 2011. The indemnity provides for a recovery from Evonik of a share of the costs (including fines), expenses (including reasonable attorney’s fees, but excluding costs for maintenance and control in the ordinary course of business and any internal cost of monitoring the remedy), liabilities, damages and losses suffered and is subject to various contractual provisions including provisions set forth in the Share Purchase Agreement with Evonik, such as a de minimis clause, a basket, overall caps (which apply to all covered exposures and all covered environmental exposures, in the aggregate), damage mitigation and cooperation requirements, as well as a statute of limitations provision. Due to the cost-sharing and cap provisions in Evonik’s indemnity, the Company expects that substantial costs it has already incurred and will incur in this EPA enforcement initiative and the EPA CD likely will exceed the scope of the indemnity in the tens of millions of US dollars. In addition, Evonik has signaled that it may likely defend itself against claims under the indemnity. While the Company intends to enforce its rights vigorously, there is no assurance that the Company will be able to recover costs or expenditures incurred under the indemnity as it expects or at all. Pledges and guarantees The pledge serves as collateral for claims arising under the finance documents, including the credit agreement dated July 25, 2014 as amended from time to time. The current principal amounts of the outstanding term loans under the Credit Agreement are $284.0 million (U.S. Dollar Term Loan), and $365.2 million (Euro Term Loan). As at March 31, 2019 Orion Engineered Carbons GmbH has four guarantees issued by Euler Hermes S.A. with a total volume of $14,937k (at prior year end four guarantees by Euler Hermes S.A. of $15,222k); one guarantee insurance issued by Deutsche Bank AG with a volume of $2,247k (at prior year end one guarantee issued by HSBC AG with a volume of $2,900k). In addition, there is one cash collateral provided by Norcarb Engineered Carbons AB of $32k (at prior year end one cash collateral of $33k). None of these guarantees reduce the possible utilization limit of the current RCF.

Financial Information by Segment

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Financial Information by Segment

Segment information

The Company's business is organized by its two carbon black product types. For corporate management purposes and all periods presented the Company had “Rubber” and “Specialty” as reportable operating segments. Rubber carbon black is used in the reinforcement of rubber in tires and mechanical rubber goods, Specialties are used as pigments and performance additives in coatings, polymers, printing and special applications.

The following table shows the relative size of the revenue recognized in each of the Company’s reportable segment:



	Three months ended March 31,
	2019	2018
Rubber	66%	65%
Specialty	34%	35%

The senior management team, which is composed of the CEO, CFO and certain other senior management members is the chief operating decision maker (“CODM”). The senior management team monitors the operating segments’ results separately in order to facilitate decisions regarding the allocation of resources and determine the segments’ performance. Orion uses Adjusted EBITDA as the segments' performance measure. The CODM does not review reportable segment asset or liability information for purposes of assessing performance or allocating resources.

Adjustment items are not allocated to the individual segments as they are managed on a group basis.

Segment reconciliation as of and for the three months ended March 31, 2019 and 2018:



	Rubber			Specialties			Corporate and other			Total
	(In thousands)
2019
Revenues from external customers	$	253,128		$	131,586		$	—		$	384,714
Adjusted EBITDA	$	35,165		$	29,402		$	—		$	64,567
Corporate Charges	—			—			(5,636		)	(5,636		)
Depreciation and amortization of intangible assets and property, plant and equipment	(13,765		)	(10,330		)	—			(24,095		)
Excluding equity in earnings of affiliated companies	(137		)	—			—			(137		)
Income from operations before income taxes and finance costs	21,263			19,072			(5,636		)	34,699
Interest and other financial expense, net	—			—			(6,443		)	(6,443		)
Income tax expense	—			—			(9,439		)	(9,439		)
Equity in earnings of affiliated companies, net of tax	137			—			—			137
Net income										$	18,954
2018
Revenues from external customers	$	265,028		$	141,671		$	—		$	406,699
Adjusted EBITDA	$	35,656		$	40,336		$	—		$	75,992
Corporate Charges	—			—			(5,720		)	(5,720		)
Depreciation and amortization of intangible assets and property, plant and equipment	(14,904		)	(9,886		)	—			(24,790		)
Excluding equity in earnings of affiliated companies	(149		)	—			—			(149		)
Income from operations before income taxes and finance costs	20,603			30,450			(5,720		)	45,333
Interest and other financial expense, net	—			—			(8,382		)	(8,382		)
Income tax expense	—			—			(10,346		)	(10,346		)
Equity in earnings of affiliated companies, net of tax	149			—			—			149
Net income										$	26,754

Related Parties

3 Months Ended

Mar. 31, 2019

Related Parties

As of March 31, 2019 related parties include one associate of Orion that is accounted for using the equity method, namely "Deutsche Gaßrußwerke" (DGW) and one principal owner of more than 10%.

Related parties include key management personnel having authority and responsibility for planning, directing and monitoring the activities of the Company directly or indirectly and their close family members.

In the normal course of business Orion from time to time receives services from, or sells products to, related unconsolidated parties, in transactions that are either not material or approved in accordance with our Related Party Transaction Approval Policy.



	March 31, 2019		December 31, 2018
	(In thousands)
Trade receivables from DGW KG	$	522	$	651
Trade payables to DGW KG	$	17,871	$	18,615



	Three Months Ended March 31,
	2019		2018
	(In thousands)
Purchased carbon black products from DGW KG	$	22,765	$	23,651
Sales and services provided to DGW KG	$	663	$	707

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 2, 2019, the Company entered into the 8th amendment (the “Amendment”) to the Credit Agreement (the “Credit Agreement”) originally dated as of July 25, 2014, among the Company and certain of its subsidiaries, as Borrowers or Guarantors, the Lenders from time to time party thereto and Goldman Sachs Bank US, as administrative agent for the Lenders. The Amendment relates to the revolving credit facility (RCF) provided by the Credit Agreement. The Amendment: (i) extends the maturity date for the revolving credit facility by three years to April 25, 2024, (ii) increases the aggregate amount of revolving credit commitments by EUR 75 million to EUR 250 million, and (iii) reduces significantly revolving credit interest expenses due to a new pricing grid (still based upon leverage ratio); initial margin of 190 basis points at leverage ratio ≤ 2.25x and > 1.75x (formerly 250 basis points at leverage ratio < 2.30x); commitment fee still at 35% of applicable margin. All other terms of the Credit Agreement remain substantially unchanged. The Amendment became effective on April 10, 2019. The two ancillary facilities and the emission right swap referred to in Note D. Debt and Other Obligations (c) Local bank loans and other short term borrowings’ were repaid in April 2019 in full. The Company´s authorized share capital was renewed in the amount of five million shares at the shareholders meeting which took place on April 16, 2019.

Organization and Basis of Presentation (Policies)	3 Months Ended
Organization and Basis of Presentation (Policies)	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Adopted Accounting Standards / Recently Issued Accounting Pronouncements Note Yet Adopted	Recently Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under the amendments in ASU 2016-02, lessees are required to recognize (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term for all leases (with the exception of short-term leases) at the commencement date. This guidance is effective for fiscal years beginning after December 15, 2018 including interim periods within those fiscal years. Early adoption is permitted. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842-): Targeted Improvements, to provide an additional (and optional) transition method with which to adopt ASU 2016-02. In July 2018, the FASB also issued ASU 2018-10, Codification Improvements to Topic 842, Leases, to clarify the codification more generally and/or to correct unintended application of guidance. More recently, in March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842): Codification Improvements, which was also issued to clarify the codification more generally and/or to correct unintended application of guidance. ASU 2019-01 clarifies transition disclosure requirements upon adoption of Topic 842. We adopted ASUs 2016-02, 2018-11, 2018-10 and 2019-01 (“Lease ASUs”) as of January 1, 2019 using the optional transition method under ASU 2018-11 that allows for a cumulative-effect adjustment in the period of adoption without restating prior periods. Orion elected the practical expedients upon transition to retain the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. As a result of adopting these Lease ASUs we recorded additional lease assets and liabilities of approximately $30 million and $31 million on our condensed consolidated balance sheet as of March 31, 2019. Additionally, upon adoption of ASU 2016-02 we de-recognized one asset previously recorded under build-to-suit accounting and its associated liability of $29 million. A right-of-use asset will be capitalized upon subsequent commencement of the lease.We refer to Note C. Leases for further information about adoption of Topic 842. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, that amends the hedge accounting recognition and presentation requirements under hedge accounting. The new standard will make more financial and non-financial hedging strategies eligible for hedge accounting, amends the presentation and disclosure requirements, and simplifies how companies assess effectiveness. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those years, and early adoption is permitted. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, to introduce an alternative reference rate in the United States because of concerns about the sustainability of LIBOR. The Company adopted ASUs 2017-12 and 2018-16 as of January 1, 2019. Adoption of the standard did not result in adjustments to amounts recognized in the financial statements. The Company continually monitors whether additional hedging strategies are available under the new standard. In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows for the elimination of the stranded income tax effects resulting from the enactment of the Tax Cuts and Jobs Act through a reclassification from accumulated other comprehensive income to retained earnings. The standard is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company adopted ASU 2018-02 as of January 1, 2019. The adoption of this guidance had no impact on the Company's financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses. The new guidance requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The new standard is effective for fiscal years beginning after December 15, 2019, including all interim periods within those years, and early adoption is permitted for fiscal years beginning after December 15, 2018. The Company adopted ASU 2016-13 as of January 1, 2019. The adoption of this guidance and recognition of a loss allowance at an amount equal to lifetime expected credit losses for trade receivables was immaterial, did not result in a transition adjustment on retained earnings. Recently Issued Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, that modifies the disclosure requirements for fair value measurements made in accordance with Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The new guidance removes requirements to disclose the amount of and reason for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently evaluating the potential impact the adoption of this standard will have on its financial statements. In August 2018, the FASB issued ASU No 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. The guidance changes the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. It eliminates requirements for certain disclosures that are no longer considered cost beneficial and requires new ones that the FASB considers pertinent. The guidance is effective for financial statements issued for fiscal years ending after December 15, 2020 for public business entities and fiscal years ending after December 15, 2021 for all other entities. Early adoption is permitted. Entities will apply the amendments retrospectively. The Company is currently evaluating the potential impact the adoption of this standard will have on its financial statements.
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates.
Revenue and Income Recognition	Revenue and Income Recognition OEC recognizes revenue when or as it satisfies a performance obligation by transferring a good or a service to a customer. Revenue is only recognized when control is transferred to the customer. The amount of consideration we receive and revenue we recognize is based upon the terms stated in the sales contract, which may contain variable consideration such as discounts or rebates. We also give our customers a limited right to return product that has been damaged, does not satisfy their specifications, or other specific reasons. Payment terms on product sales to our customers typically range from 30 to 90 days. Although certain exceptions exist where standard payment terms are exceeded, these instances are infrequent and do not exceed one year. Revenue is recognized according to the five-step model proscribed in ASC 606. Under the first step, the entity has to identify the contract entered with a customer granting the right to receive goods or service in exchange for consideration. The second step requires the identification of distinct performance obligations within a contract. The transaction price of the arrangement is defined in Step 3 of ASC 606. In addition to the contractual fixed price the entity has to take variable considerations into account. If the entity identified more than one separate performance obligation under step 2, it has to account for this contract as a multiple element arrangement resulting in an allocation of revenues to the obligations identified. If these conditions are satisfied, revenue from the sale of goods is recognized when control have been transferred to the buyer, either at a point in time, or over time. The Company derives substantial majority of revenues by selling carbon black to industrial customers for further processing. Revenue recognition and measurement is governed by the following principles. The amount of revenue, the transactions price, is contractually specified between the parties and is measured at the amount expected be received less value-added tax and any trade discounts and volume rebates granted. Discounts and volume rebates are accounted for as estimates of variable consideration and deducted from revenue. With respect to the sale of goods, sales are recognized at the point in time control over the good transfers to the customer. The timing of the transfer of control varies depending on the individual terms of the sales agreement. The Company's business is organized by its two carbon black product types. For corporate management purposes and all periods presented the Company had “Rubber” and “Specialty” as reportable operating segments. Rubber carbon black is used in the reinforcement of rubber in tires and mechanical rubber goods, Specialties are used as pigments and performance additives in coatings, polymers, printing and special applications.

Inventories (Tables)

3 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Schedule of Inventory, Net

Inventories, net of obsolete, unmarketable and slow moving reserves is as follows:



	March 31, 2019		December 31, 2018
	(In thousands)
Raw materials, consumables and supplies, net	$	71,876	$	73,460
Work in process	231		1,246
Finished goods, net	101,435		108,923
Total	$	173,542	$	183,629

Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Schedule of Minimum Lease Payments

The weighted average minimum lease period is 3.3 years the undiscounted minimum lease payments are due in and reconcile to the discounted lease liabilities as follows:



	March 31, 2019
	(In thousands)
Next 12 months	$	5,778
1 to 2 years	5,372
2 to 3 years	5,291
3 to 4 years	5,107
4 to 5 years	4,692
More than 5 years	8,780
Total undiscounted minimum lease payments	$	35,020
Discount	(4,289		)
Lease liability (current and non-current)	$	30,731

Debt and Other Obligations (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of Debt Arrangements

Debt and other obligations consist of the following:



	March 31, 2019			December 31, 2018
	(In thousands)
Current
Term loan	$	8,063		$	8,149
Deferred debt issuance costs - term loan⁽¹⁾	(1,436		)	(1,472		)
Other short-term debt and obligations	47,938			34,343
Current portion of long term debt and other financial liabilities	54,565			41,020
Non-current
Term loan	641,076			650,014
Deferred debt issuance costs - term loan⁽¹⁾	(5,812		)	(6,266		)
Other long-term debt and obligations	—			—
Long-term debt, net	635,264			643,748
Total	$	689,829		$	684,768


⁽¹⁾	According to ASU 2015-03, adopted on January 1, 2016, the Company presents debt issuance costs related to a recognized liability as a direct deduction from the carrying amount of that liability.

Financial Instruments and Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

The following table shows the fair value measurement at March 31, 2019 and December 31, 2018. All measurements are based on observable inputs such as interest rates and are classified as Level 2 within the fair value hierarchy:



		March 31, 2019		December 31, 2018
	Fair Value Hierarchy	(In thousands)
Receivables from hedges/ derivatives	Level 2	$	10,504	$	9,949
Other current financial assets	Level 2	10,468		9,777
Other financial assets (non-current)	Level 2	36		172

Liabilities from derivatives	Level 2	$	8,056	$	7,032
Other current liabilities	Level 2	423		2,302
Other liabilities (non-current)	Level 2	7,633		4,730

Term loan	Level 2	$	649,139	$	658,163
Local bank loans	Level 2	$	23,102	$	28,618

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2019

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

Net periodic defined benefit pension benefit costs include the:



	Three months ended March 31,
	2019		2018
	Pension Benefits
	Non-U.S.		Non-U.S.
	(In thousands)
Service cost	$	311	$	415
Interest cost	432		480
Net periodic cost	$	743	$	895

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Activity of PSUs

The following table summarizes the activity of our PSU's for the three months ended March 31, 2019:



Period Granted	Performance Period	PSUs Outstanding at December 31, 2018	PSUs Granted	PSUs Vested	PSUs Forfeited	PSUs Outstanding at March 31, 2019	Weighted Average Grant Date Fair Value
2016	2016 - 2019	677,607	—	—	—	677,607	$	17.21
2017	2017 - 2020	467,349	—	—	—	467,349	$	24.89
2018	2018 - 2021	450,034	—	—	—	450,034	$	39.24
Total		1,594,990	—	—	—	1,594,990

Restructuring Expenses (Tables)

3 Months Ended

Mar. 31, 2019

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Activities and Related Reserves

Details of all restructuring activities and the related reserves for the three months ended March 31, 2019 were as follows:



(In thousands)	Personnel expenses			Demolition and Removal costs			Ground remediation costs			Other			Total
Provision at January 1, 2019	$	2,334		$	2,541		$	2,939		$	844		$	8,658
Charges	61			9			19			—			89
Cash paid	(103		)	(1,234		)	(19		)	(4		)	(1,361		)
Foreign currency translation adjustment	(44		)	(35		)	(22		)	(8		)	(108		)
Provision at March 31, 2019	$	2,248		$	1,281		$	2,917		$	832		$	7,278

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Schedule of Changes in AOCI, Net of Tax

Changes in each component of AOCI, net of tax, are as follows for the three months ended March 31, 2019 and 2018:



	Currency Translation Adjustments			Hedging Activities Adjustments			Pension and Other Postretirement Benefit Liability Adjustments			Total
	(In thousands)
Balance January 1, 2019	$	(10,650	)	$	(6,147	)	$	(2,831	)	$	(19,628	)
Other comprehensive income (loss) before reclassifications	1,532			(3,767		)	—			(2,235		)
Income tax effects before reclassifications	(69		)	1,462			—			1,393
Amounts reclassified from AOCI	—			—			—			—
Income tax effects on reclassifications	—			—			—			—
Currency translation AOCI	—			80			53			133
Balance March 31, 2019	$	(9,187	)	$	(8,372	)	$	(2,778	)	$	(20,337	)

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Schedule of Basic and Diluted EPS

The following table reflects the income and share data used in the basic and diluted EPS computations for the periods presented below:



	Three months ended March 31,
	2019		2018
Net income for the period- attributable to ordinary equity holders of the parent (in USD k)	$	18,954	$	26,754
Weighted average number of ordinary shares (in thousands of shares)	59,518		59,320
Basic EPS	$	0.32	$	0.45
Dilutive effect of share based payments (in thousands of shares)	1,595		1,606
Weighted average number of diluted ordinary shares (in thousands of shares)	61,113		60,926
Diluted EPS	$	0.31	$	0.44

Financial Information by Segment (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Schedule of the Relative Size of Revenue Recognized in each Reportable Segment

The following table shows the relative size of the revenue recognized in each of the Company’s reportable segment:



	Three months ended March 31,
	2019	2018
Rubber	66%	65%
Specialty	34%	35%

Schedule of Segment Information

Segment reconciliation as of and for the three months ended March 31, 2019 and 2018:



	Rubber			Specialties			Corporate and other			Total
	(In thousands)
2019
Revenues from external customers	$	253,128		$	131,586		$	—		$	384,714
Adjusted EBITDA	$	35,165		$	29,402		$	—		$	64,567
Corporate Charges	—			—			(5,636		)	(5,636		)
Depreciation and amortization of intangible assets and property, plant and equipment	(13,765		)	(10,330		)	—			(24,095		)
Excluding equity in earnings of affiliated companies	(137		)	—			—			(137		)
Income from operations before income taxes and finance costs	21,263			19,072			(5,636		)	34,699
Interest and other financial expense, net	—			—			(6,443		)	(6,443		)
Income tax expense	—			—			(9,439		)	(9,439		)
Equity in earnings of affiliated companies, net of tax	137			—			—			137
Net income										$	18,954
2018
Revenues from external customers	$	265,028		$	141,671		$	—		$	406,699
Adjusted EBITDA	$	35,656		$	40,336		$	—		$	75,992
Corporate Charges	—			—			(5,720		)	(5,720		)
Depreciation and amortization of intangible assets and property, plant and equipment	(14,904		)	(9,886		)	—			(24,790		)
Excluding equity in earnings of affiliated companies	(149		)	—			—			(149		)
Income from operations before income taxes and finance costs	20,603			30,450			(5,720		)	45,333
Interest and other financial expense, net	—			—			(8,382		)	(8,382		)
Income tax expense	—			—			(10,346		)	(10,346		)
Equity in earnings of affiliated companies, net of tax	149			—			—			149
Net income										$	26,754

Related Parties (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Related Party Transactions



	March 31, 2019		December 31, 2018
	(In thousands)
Trade receivables from DGW KG	$	522	$	651
Trade payables to DGW KG	$	17,871	$	18,615



	Three Months Ended March 31,
	2019		2018
	(In thousands)
Purchased carbon black products from DGW KG	$	22,765	$	23,651
Sales and services provided to DGW KG	$	663	$	707

Organization and Basis of Presentation - Organization and Description of the Business (Details)	3 Months Ended
	Mar. 31, 2019 USD ($) facility holding_company sales_company operating_entity asset
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of wholly owned production facilities \| facility	13
Number of sales companies \| sales_company	5
Number of holding companies \| holding_company	10
Number of service companies \| operating_entity	1
Number of former operating entities \| operating_entity	2
Number of production facilities operated in a joint venture \| facility	1
Operating lease right-of-use assets	$ 30,452,000
Lease liability (current and non-current)	$ 30,731,000
Number of assets derecognized under build-to-suit designation \| asset	1
Lease liability derecognized	$ 29,000,000

Revenue and Income Recognition - Narrative (Details)	3 Months Ended
Revenue and Income Recognition - Narrative (Details)	Mar. 31, 2019 segment
Revenue from Contract with Customer [Abstract]
Number of reporting segments	2
Number of operating segments	2

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials, consumables and supplies, net	$ 71,876	$ 73,460
Work in process	231	1,246
Finished goods, net	101,435	108,923
Total	$ 173,542	$ 183,629

Inventories - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Inventory Disclosure [Abstract]
Reserve for obsolete, unmarketable and slow moving assets	$ 1,838		$ 1,639
Expense for damaged and lost inventories	139	$ 871
Reserves to adjust inventories net realizable value	$ 2,238		$ 2,422

Leases - Narrative (Details) - USD ($)	3 Months Ended
Leases - Narrative (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Leases [Abstract]
Operating lease right-of-use assets	$ 30,452,000
Minimum lease liabilities	30,731,000
Lease liabilities, recorded within other current liabilities	5,144,000
Lease liabilities, recorded within other liabilities	$ 25,587,000	$ 21,492,000
Weighted average minimum lease term	3 years 4 months
Weighted average discount rate	4.04%

Leases - Schedule of Minimum Lease Payments (Details)	Mar. 31, 2019 USD ($)
Leases [Abstract]
Next 12 months	$ 5,778,100
1 to 2 years	5,371,600
2 to 3 years	5,290,800
3 to 4 years	5,107,400
4 to 5 years	4,692,400
More than 5 years	8,779,800
Total undiscounted minimum lease payments	35,020,000
Discount	(4,289,200)
Lease liability (current and non-current)	$ 30,731,000

Debt and Other Obligations - Schedule of Debt Arrangements (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current
Other short-term debt and obligations	$ 47,938	$ 34,343
Current portion of long term debt and other financial liabilities	54,565	41,020
Non-current
Other long-term debt and obligations	0	0
Long-term debt, net	635,264	643,748
Total	689,829	684,768
Term Loan Facility \| Term Loan
Current
Term loan	8,063	8,149
Deferred debt issuance costs - term loan	(1,436)	(1,472)
Non-current
Term loan	641,076	650,014
Deferred debt issuance costs - term loan	$ (5,812)	$ (6,266)

Debt and Other Obligations - Term Loan (Details)				3 Months Ended		12 Months Ended
Debt and Other Obligations - Term Loan (Details)	May 11, 2018 USD ($)	May 08, 2018	May 07, 2018	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)	May 11, 2018 EUR (€)	Jan. 01, 2015 USD ($)
Line of Credit Facility [Line Items]
Finance costs directly expensed				$ 535,000	$ 655,000
Unrealized loss				20,337,000		$ 19,628,000
Designated as Hedging Instrument \| Cash Flow Hedge \| Cross Currency Interest Rate Contract
Line of Credit Facility [Line Items]
Notional amount converted into EUR \| €							€ 235,000,000
Designated as Hedging Instrument \| Net Investment Hedging \| Currency Swap
Line of Credit Facility [Line Items]
Notional amount converted into EUR								$ 180,000,000
Unrealized loss				2,200,000
Term Loan Facility \| Term Loan
Line of Credit Facility [Line Items]
Estimated annual interest expense reduction	$ 4,700,000
Finance costs directly expensed				341,000		495,000
Debt issuance costs				$ (7,248,000)		$ (7,738,000)
Term Loan - USD \| LIBOR \| Term Loan
Line of Credit Facility [Line Items]
Margin reduction		0.50%
Basis spread on variable rate		2.00%	2.50%
Term Loan - EUR \| EURIBOR \| Term Loan
Line of Credit Facility [Line Items]
Margin reduction		0.25%
Basis spread on variable rate		2.25%	2.50%

Debt and Other Obligations - Revolving credit facility (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 535	$ 655
Revolving Credit Facility
Debt Instrument [Line Items]
Amortization of debt issuance costs	187		$ 203
Transaction costs	$ 2,164		$ 2,394

Debt and Other Obligations - Local bank loans and other short term borrowings (Details)	3 Months Ended
	Mar. 31, 2019 USD ($)
Deutsche Bank AG
Debt Instrument [Line Items]
Proceeds short term borrowings	$ 20,071,000
Unicredit
Debt Instrument [Line Items]
Proceeds short term borrowings	3,031,000
Emission Rights Swap
Debt Instrument [Line Items]
Notional amount	$ 24,717,000

Financial Instruments and Fair Value Measurement - Fair Value Measurements (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 10,504	$ 9,949
Derivative asset current	10,468	9,777
Derivative asset noncurrent	36	172
Derivative liability	8,056	7,032
Derivative liability current	423	2,302
Derivative liability noncurrent	7,633	4,730
Credit Facility Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of loans	649,139	658,163
Local Bank Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of loans	$ 23,102	$ 28,618

Employee Benefit Plans - Net Periodic Benefit Cost (Details) - Pension Benefits - Non-U.S. - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 311,000	$ 415,000
Interest cost	432,000	480,000
Net periodic cost	$ 743,000	$ 895,000

Stock-Based Compensation - Movement of PSUs (Details)	3 Months Ended
Stock-Based Compensation - Movement of PSUs (Details)	Mar. 31, 2019 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, end of period (in shares)	1,594,990
PSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	1,594,990
Granted during the period (in shares)	0
Exercised/vested during the period (in shares)	0
Forfeited during the period (in shares)	0
2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, end of period (in shares)	677,607
2016 Plan \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	677,607
Granted during the period (in shares)	0
Exercised/vested during the period (in shares)	0
Forfeited during the period (in shares)	0
Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 17.21
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, end of period (in shares)	467,349
2017 Plan \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	467,349
Granted during the period (in shares)	0
Exercised/vested during the period (in shares)	0
Forfeited during the period (in shares)	0
Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 24.89
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, end of period (in shares)	450,034
2018 Plan \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	450,034
Granted during the period (in shares)	0
Exercised/vested during the period (in shares)	0
Forfeited during the period (in shares)	0
Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 39.24

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, recognition period	1 year 8 months
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,553	$ 3,100
Unrecognized compensation cost	$ 13,400
Intrinsic value of PSU outstanding (in dollars per share)	$ 18.99	$ 27.10
Intrinsic value of PSU	$ 30,300	$ 43,400

Restructuring Expenses - Schedule of Restructuring Activities and Related Reserves (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Restructuring Reserve
Beginning Provision	$ 8,658
Charges	89
Cash paid	(1,361)
Foreign currency translation adjustment	(108)
Ending Provision	7,278
Personnel expenses
Restructuring Reserve
Beginning Provision	2,334
Charges	61
Cash paid	(103)
Foreign currency translation adjustment	(44)
Ending Provision	2,248
Demolition and Removal costs
Restructuring Reserve
Beginning Provision	2,541
Charges	9
Cash paid	(1,234)
Foreign currency translation adjustment	(35)
Ending Provision	1,281
Ground remediation costs
Restructuring Reserve
Beginning Provision	2,939
Charges	19
Cash paid	(19)
Foreign currency translation adjustment	(22)
Ending Provision	2,917
Other
Restructuring Reserve
Beginning Provision	844
Charges	0
Cash paid	(4)
Foreign currency translation adjustment	(8)
Ending Provision	$ 832

Restructuring Expenses - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
Restructuring Expenses - Narrative (Details) $ in Thousands	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2016 kmt
Restructuring Cost and Reserve [Line Items]
Restructuring expenses, net \| $	$ 89	$ 1,266
Rubber Carbon Black
Restructuring Cost and Reserve [Line Items]
Standard rubber grade (kmt) \| kmt			50

Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in AOCI, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 158,896	$ 95,305
Other comprehensive income (loss) before reclassifications	(2,235)	(553)
Income tax effects before reclassifications	1,393	(1,803)
Amounts reclassified from AOCI	0	0
Income tax effects on reclassifications	0	0
Currency translation AOCI	133	(130)
Ending balance	168,790	110,809
Accumulated other comprehensive loss
AOCI Attributable to Parent, Net of Tax
Beginning balance	(19,628)	(5,320)
Ending balance	(20,337)	(7,806)
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(10,650)	(554)
Other comprehensive income (loss) before reclassifications	1,532	(6,045)
Income tax effects before reclassifications	(69)	10
Amounts reclassified from AOCI	0	0
Income tax effects on reclassifications	0	0
Currency translation AOCI	0	0
Ending balance	(9,187)	(6,589)
Hedging Activities Adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(6,147)	(1,801)
Other comprehensive income (loss) before reclassifications	(3,767)	5,492
Income tax effects before reclassifications	1,462	(1,813)
Amounts reclassified from AOCI	0	0
Income tax effects on reclassifications	0	0
Currency translation AOCI	80	518
Ending balance	(8,372)	2,396
Pension and Other Postretirement Benefit Liability Adjustments
AOCI Attributable to Parent, Net of Tax
Beginning balance	(2,831)	(2,965)
Other comprehensive income (loss) before reclassifications	0	0
Income tax effects before reclassifications	0	0
Amounts reclassified from AOCI	0	0
Income tax effects on reclassifications	0	0
Currency translation AOCI	53	(648)
Ending balance	$ (2,778)	$ (3,613)

Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Equity [Abstract]
Reclassified out of AOCI	$ 0	$ 0

Earnings Per Share - Schedule of Earnings Per Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income for the period- attributable to ordinary equity holders of the parent (in USD k)	$ 18,954	$ 26,754
Weighted average number of ordinary shares (in thousands of shares)	59,518	59,320
Basic EPS (in USD per share)	$ 0.32	$ 0.45
Dilutive effect of share based payments (in thousands of shares)	1,595	1,606
Weighted average number of diluted ordinary shares (in thousands of shares)	61,113	60,926
Diluted EPS (in USD per share)	$ 0.31	$ 0.44

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax receivables	$ 22,228		$ 24,342
Income taxes payable	27,940		$ 28,086
Income tax expense	9,439	$ 10,346
Net discrete tax expense	$ 935
Effective tax rate	33.40%
Estimated effective tax rate	30.10%
Uncertain tax position	$ 14,096
Income tax penalties and interest accrued	$ 3,495

Commitments and Contingencies - Environmental Matters (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($) defendant facility
Loss Contingencies [Line Items]
Number of facilities owned \| facility	13
United States
Loss Contingencies [Line Items]
Number of facilities owned \| facility	4
Settled with the U.S. government \| Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Number of carbon black producers (defendants) \| defendant	5
Period to install pollution control technology	6 years
Civil penalty	$ 800
Cost of environmental mitigation projects	$ 550
Settled with the U.S. government \| Unfavorable Regulatory Action \| Louisiana
Loss Contingencies [Line Items]
Period to install pollution control technology	2 years
Settled with the U.S. government \| Unfavorable Regulatory Action \| Louisiana \| Maximum
Loss Contingencies [Line Items]
Estimated capital expenditures to be incurred for installments over approximately six years	$ 190,000

Commitments and Contingencies - Pledges and Guarantees (Details) $ in Thousands, € in Millions	Mar. 31, 2019 USD ($) guarantee	Mar. 31, 2019 EUR (€) guarantee	Dec. 31, 2018 USD ($) guarantee
Euler Hermes S.A.
Loss Contingencies [Line Items]
Number of guarantees issued by counterparty \| guarantee	4	4	4
Guarantee obligation carrying amount	$ 14,937		$ 15,222
Deutsche Bank AG
Loss Contingencies [Line Items]
Number of guarantees issued by counterparty \| guarantee	1	1	1
Guarantee obligation carrying amount	$ 2,247
HSBC AG
Loss Contingencies [Line Items]
Guarantee obligation carrying amount			$ 2,900
Norcarb Engineered Carbons AB
Loss Contingencies [Line Items]
Number of guarantees issued by counterparty \| guarantee	1	1	1
Guarantee obligation carrying amount	$ 32		$ 33
Term Loan \| Term Loan - USD
Loss Contingencies [Line Items]
Long-term debt	$ 284,000
Term Loan \| Term Loan - EUR
Loss Contingencies [Line Items]
Long-term debt \| €		€ 365.2

Financial Information by Segment - Narrative (Details)	3 Months Ended
Financial Information by Segment - Narrative (Details)	Mar. 31, 2019 segment
Segment Reporting [Abstract]
Number of operating segments	2

Financial Information by Segment - Schedule of the Relative Size of Revenue Recognized in each Reportable Segment (Details) - Product Concentration Risk - Revenue generated	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Rubber
Segment Reporting, Revenue Reconciling Item [Line Items]
Concentration risk percentage	66.00%	65.00%
Specialty
Segment Reporting, Revenue Reconciling Item [Line Items]
Concentration risk percentage	34.00%	35.00%

Financial Information by Segment - Schedule of Segment Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Revenues from external customers	$ 384,714	$ 406,699
Adjusted EBITDA	64,567	75,992
Corporate Charges	(5,636)	(5,720)
Depreciation and amortization of intangible assets and property, plant and equipment	(24,095)	(24,790)
Equity in earnings of affiliated companies, net of tax	(137)	(149)
Income from operations	34,699	45,333
Interest and other financial expense, net	(6,443)	(8,382)
Income tax expense	(9,439)	(10,346)
Net income	18,954	26,754
Operating segments \| Rubber
Segment Reporting Information [Line Items]
Revenues from external customers	253,128	265,028
Adjusted EBITDA	35,165	35,656
Depreciation and amortization of intangible assets and property, plant and equipment	(13,765)	(14,904)
Equity in earnings of affiliated companies, net of tax	(137)	(149)
Income from operations	21,263	20,603
Operating segments \| Specialty
Segment Reporting Information [Line Items]
Revenues from external customers	131,586	141,671
Adjusted EBITDA	29,402	40,336
Depreciation and amortization of intangible assets and property, plant and equipment	(10,330)	(9,886)
Equity in earnings of affiliated companies, net of tax		0
Income from operations	19,072	30,450
Corporate and other
Segment Reporting Information [Line Items]
Revenues from external customers	0	0
Adjusted EBITDA	0	0
Corporate Charges	(5,636)	(5,720)
Equity in earnings of affiliated companies, net of tax		0
Income from operations	(5,636)	(5,720)
Interest and other financial expense, net	$ (6,443)	$ (8,382)

Related Parties - Narrative and Schedule of Related Party Transactions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($) related_party	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)
Equity Method Investee
Related Party Transaction [Line Items]
Number of related parties \| related_party	1
Principal Owner
Related Party Transaction [Line Items]
Number of related parties \| related_party	1
Affiliated Entity
Related Party Transaction [Line Items]
Trade receivables from DGW KG	$ 522		$ 651
Trade payables to DGW KG	17,871		$ 18,615
Purchased carbon black products from DGW KG	22,765	$ 23,651
Sales and services provided to DGW KG	$ 663	$ 707

Subsequent Events - Narrative (Details)	Apr. 02, 2019 EUR (€)	Apr. 01, 2019 EUR (€)	Apr. 16, 2019 shares	Mar. 31, 2019 shares	Dec. 31, 2018 shares
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)				89,452,626	89,452,626
Subsequent Event
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)			5,000,000
Subsequent Event \| Revolving Credit Facility
Subsequent Event [Line Items]
Extended expiration period	3 years
Revolving credit commitments \| €	€ 250,000,000	€ 75,000,000
Maximum leverage ratio	2.25
Minimum leverage ratio	1.75
Leverage ratio		2.30
Subsequent Event \| Revolving Credit Facility \| Eurodollar
Subsequent Event [Line Items]
Basis spread on variable rate	1.90%	2.50%
Commitment fee	35.00%