COVID-19 Global Pandemic (Notes)

3 Months Ended

Mar. 31, 2020

COVID-19 Global Pandemic [Abstract]

COVID-19 Global Pandemic [Text Block]

Note 22. COVID-19 Global Pandemic

On March 11, 2020, the World Health Organization declared the outbreak of a respiratory disease caused by a newly discovered coronavirus, known now as COVID-19, as a global pandemic and recommended containment and mitigation measures worldwide. In response, many countries have implemented measures to combat the outbreak which impacted global business operations and resulted in a Company decision to temporarily close or limit its workforce to essential crews within many facilities throughout the world in order to ensure employee safety. In compliance with government protocols with respect to stay-in-place procedures, the Company's non-essential employees were instructed to work from home. Within the United States, the Company has been designated as an essential service provider by the U.S. Department of Homeland Security and will continue operating its plants, installing and servicing its products.

During the three months ended March 31, 2020, the Company was adversely impacted by the COVID-19 global pandemic. Temporary facility closures during January and February disrupted results in the Asia Pacific region. Commencing in March and through the date of this filing, impacts were more widely felt throughout operations in the Americas and EMEA. As a result, COVID-19 impacted the Company's business globally, including, but not limited to, lower revenue volumes, temporary facility closures, supply chain disruptions and unfavorable foreign currency exchange rate movements. The Company will continue to monitor its liquidity needs and ability to access capital markets. Operationally, the Company’s financial reporting systems, internal

control over financial reporting and disclosure controls and procedures continue to operate effectively despite a remote workforce. The Company will continue to monitor the ongoing situation.

Through the date of issuance of this report, management did not identify any impairment charges in long-lived tangible or intangible assets (including goodwill) as a result of the global pandemic. However, due to significant uncertainty surrounding the COVID-19 global pandemic, management's judgment regarding this could change in the future. In addition, while the Company's results of operations, cash flows and financial condition could be negatively impacted, the extent of the impact cannot be estimated with certainty at this time.

As part of the response to COVID-19 global pandemic, many countries are implementing emergency economic relief plans as a way of minimizing the economic impact of this health crisis. The Company is evaluating the potential benefits from certain of these measures and will continue to monitor the plans as they are finalized and implemented. In the United States, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted on March 27, 2020 providing numerous tax provisions and other stimulus measures. The Company is currently anticipating an impact of the CARES Act, which includes the deferral of employer social security payroll tax payments under the CARES Act until January 1, 2021, with 50 percent owed on December 31, 2021 and the other half owed on December 31, 2022.