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Commitments and Contingencies
9 Months Ended
Sep. 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 September 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 September 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 program 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 nine months ended September
 
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 nine months ended September 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
September 30, 2020, for which $
5.7
 
million was accrued within other accrued liabilities and other non-current
 
liabilities on the
Company’s Condensed
 
Consolidated Balance Sheet as of September 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 September 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.