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Subsequent Events
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
Note 20 – COVID-19 Global Pandemic
In early 2020, a global outbreak of COVID-19 occurred
 
initially in China and then across all locations where the Company does
business, and which continued into the third quarter.
 
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
 
taken various actions to reduce its spread, including travel
restrictions, shutdowns of businesses deemed nonessential,
 
and stay-at-home or similar orders.
 
This outbreak and associated
measures to reduce its spread have caused significant disruption
 
s
 
to the operations of the Company and its suppliers and customers.
 
The disruptions and negative impact to the Company
 
include significant volume declines and lower net sales initially at its China
subsidiaries in the first quarter of 2020 and subsequently,
 
beginning late March and continuing into the third quarter,
 
at almost all of
its other sites as the global economy slowed significantly
 
in response to the pandemic.
 
Management continues to monitor the impact
that the COVID-19 pandemic is having on the Company
 
,
 
the overall specialty chemical industry,
 
and the economies and markets in
which the Company operates.
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.
 
While the
circumstances have presented and are expected to continue
 
to present challenges, at this time, management does not believe
 
that
COVID-19 has had a material impact on financial reporting
 
processes, internal control 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 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
 
or resurgence 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.
 
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.