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Subsequent Events
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

Note 20 – COVID-19 Global Pandemic

Beginning in early 2020, there has been an outbreak of COVID-19, initially in China and which has spread globally, including generally all locations where the Company does business. In March 2020, the World Health Organization formally identified the COVID-19 outbreak as a pandemic. In an effort to halt the outbreak of COVID-19, the governments of impacted countries, including but not limited to the United States, the European Union, and China, have placed significant restrictions on travel within their respective borders, leading to extended business closures in some instances. This outbreak and associated travel restrictions and business closures or temporary shutdowns have had a significant disruption on the operations of the Company and its suppliers and customers. The Company has experienced disruptions as a result of COVID-19, including volume declines and lower net sales first at its China subsidiaries and subsequently, particularly beginning in the second half of March, throughout the rest of the business due to the global economic slowdown brought on by COVID-19. Management continues to monitor the impact that the COVID-19 pandemic is having on the Company, the overall specialty chemical industry, and the economies in which the Company operates. The Company anticipates that its future results of operations, including the results for the remainder of 2020 and particularly for the second quarter of 2020, will be significantly adversely impacted by COVID-19. Further, management continues to evaluate how COVID-19-related circumstances, such as remote work arrangements, have affected financial reporting processes, internal control over financial reporting, and disclosure controls and procedures. At this time, management does not believe that COVID-19 has had a material impact on financial reporting processes, internal controls over financial reporting, and disclosure controls and procedures.

The full extent of the COVID-19 pandemic related business and travel restrictions and changes to business and consumer behavior intended to reduce its spread are uncertain as of the date of this Report as COVID-19 and the responses of governmental authorities continue to rapidly evolve globally. The Company cannot reasonably estimate the magnitude of the effects these conditions will have on the Company’s operations as they are subject to significant uncertainties relating to the ultimate geographic spread of the virus, the incidence and severity of the disease, the duration of the outbreak, the length of the travel restrictions and business closures imposed by governments of impacted countries, and the economic response by governments of impacted countries. The Company expects that there will be volume declines and lower net sales in the second quarter compared to the first quarter and prior year. A prolonged outbreak and continued restrictions on day-to-day life would likely result in volume declines and lower net sales for later periods in 2020 as well, when compared to the prior year. To the extent that the Company’s customers and suppliers continue to be significantly and adversely impacted by COVID-19, this could reduce the availability, or result in delays, of materials or supplies to or from the Company, which in turn could significantly interrupt the Company’s business operations. Such impacts could grow and become more significant to the Company’s operations and the Company’s liquidity or financial position. Therefore, given the speed and frequency of continuously evolving developments with respect to this pandemic, the Company cannot reasonably estimate the magnitude or the full extent to which COVID-19 may impact the Company’s results of operations, liquidity or financial position.