Commitments and Contingencies

6 Months Ended

Jun. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments And Contingencies Disclosure [Text Block]

Note 19 – Commitments and Contingencies

The Company previously disclosed in its 2019 Form 10-K that AC Products, Inc. (“ACP”), a wholly owned subsidiary, has been

operating a groundwater treatment system to hydraulically contain groundwater contamination emanating from ACP’s site, the

principal contaminant of which is perchloroethylene. As of June 30, 2020, ACP believes it is close to meeting the conditions for

closure of the groundwater treatment system, but continues to operate this system while in discussions with the relevant authorities. 

As of June 30, 2020, the Company believes that the range of potential-known liabilities associated with the balance of the ACP water

remediation program is approximately $

0.1

 million to $

1.0

 million. The low and high ends of the range are based on the length of

operation of the treatment system as determined by groundwater modeling. Costs of operation include the operation and maintenance

of the extraction well, groundwater monitoring and progr am management.

The Company previously disclosed in its 2019 Form 10-K that an inactive subsidiary of the Company that was acquired in 1978

sold certain products containing asbestos, primarily on an installed basis, and is among the defendants in numerous lawsuits alleging

injury due to exposure to asbestos. During the three and six months ended June 30, 2020, there have been no significant changes to

the facts or circumstances of this previously disclosed matter, aside from on-going claims and routine payments associated with this

litigation. Based on a continued analysis of the existing and anticipated future claims against this subsidiary, it is currently projected

that the subsidiary’s total liability over the next 50 years for these claims is approximately $

0.5

 million (excluding costs of defense).

The Company previously disclosed in its 2019 Form 10-K that as a result of the closing of the Combination, the Company is now

party to Houghton environmental matters related to certain domestic and foreign properties currently or previously owned. These

environmental matters primarily require the Company to perform long-term monitoring as well as operating and maintenance at each

of the applicable sites. During the three and six months ended June 30, 2020, there have been no significant changes to the facts or

circumstances of these previously disclosed matters, aside from on-going monitoring and maintenance activities and routine payments

associated with each of the sites. The Company continually evaluates its obligations related to such matters, and based on historical

costs incurred and projected costs to be incurred over the next 28 years, has estimated the present value range of costs for all of the

Houghton environmental matters, on a discounted basis, to be between approximately $

5

 million and $

6

 million as of June 30, 2020,

for which $

5.8

 million was accrued within other accrued liabilities and other non-current liabilities on the Company’s Condensed

Consolidated Balance Sheet as of June 30, 2020. Comparatively, as of December 31, 2019, the Company had $

6.6

 million accrued for

with respect to these matters.

The Company believes, although there can be no assurance regarding the outcome of other unrelated environmental matters, that

it has made adequate accruals for costs associated with other environmental problems of which it is aware. Approximately $

0.1

million and $

0.2

 million were accrued as of June 30, 2020 and December 31, 2019, respectively, to provide for such anticipated future

environmental assessments and remediation costs. 

The Company is party to other litigation which management currently believes will not have a material adverse effect on the

Company’s results of operations, cash flows or financial condition. In addition, the Company has an immaterial amount of contractual

purchase obligations.