Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis Of Accounting Policy [Policy Text Block]

The condensed consolidated financial statements included herein are unaudited and have

been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial

reporting and the United States Securities and Exchange Commission (“SEC”) regulations. Certain information and footnote

disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted

pursuant to such rules and regulations. In the opinion of management, the financial statements reflect all adjustments which are

necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods. The results for the

three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year. These financial

statements should be read in conjunction with the Company’s Annual Report filed on Form 10-K for the year ended December 31,

2020 (the “2020 Form 10-K”).

Segment Reporting, Policy [Policy Text Block]

The Company’s operating segments, which are consistent with its reportable segments, reflect the structure of the Company’s

internal organization, the method by which the Company’s resources are allocated and the manner by which the chief operating

decision maker assesses the Company’s performance. The Company has

four

 reportable segments: (i) Americas; (ii) EMEA; (iii)

Asia/Pacific; and (iv) Global Specialty Businesses. The three geographic segments are composed of the net sales and operations in

each respective region, excluding net sales and operations managed globally by the Global Specialty Businesses segment, which

includes the Company’s container, metal finishing, mining, offshore, specialty coatings, specialty grease and Norman Hay businesses.

Revenue Recognition [Policy Text Block]

The Company applies the five-step model in the FASB’s guidance, which requires the Company to: (i) identify the contract with a

customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction

price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance

obligation. Refer to the Company’s 2020 Form 10-K for additional information on the Company’s revenue recognition policies,

including its practical expedients and accounting policy elections.

The Company recognizes a contract asset or receivable on its Condensed Consolidated Balance Sheet when the Company

performs a service or transfers a good in advance of receiving consideration. A receivable is the Company’s right to consideration that

is unconditional and only the passage of time is required before payment of that consideration is due. A contract asset is the

Company’s right to consideration in exchange for goods or services that the Company has transferred to a customer.

A contract liability is recognized when the Company receives consideration, or if it has the unconditional right to receive

consideration, in advance of performance. A contract liability is the Company’s obligation to transfer goods or services to a customer

for which the Company has received consideration, or a specified amount of consideration is due, from the customer. The Company’s

contract liabilities primarily represent deferred revenue recorded for customer payments received by the Company prior to the

Company satisfying the associated performance obligation. Deferred revenues are presented within other current liabilities in the

Company’s Condensed Consolidated Balance Sheets.

Revenue From Contract With Customer [Policy Text Block]

As part of the Company’s Fluidcare business, certain third-party product sales to customers are managed by the Company. Where

the Company acts as a principal, revenues are recognized on a gross reporting basis at the selling price negotiated with its customers.

Where the Company acts as an agent, revenue is recognized on a net reporting basis at the amount of the administrative fee earned by

the Company for ordering the goods.

Goodwill And Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill and intangible assets that have indefinite lives are not amortized and are required to be assessed at least annually for

impairment. The Company completes its annual goodwill and indefinite-lived intangible asset impairment test during the fourth

quarter of each year. The Company continuously evaluates if triggering events indicate a possible impairment in one or more of its

reporting units or indefinite-lived or long-lived assets.

Lessee Leases [Policy Text Block]

The Company determines if an arrangement is a lease at its inception. This determination generally depends on whether the

arrangement conveys the right to control the use of an identified fixed asset explicitly or implicitly for a period of time in exchange for

consideration. Control of an underlying asset is conveyed if the Company obtains the rights to direct the use of, and obtains

substantially all of the economic benefits from the use of, the underlying asset. Lease expense for variable leases and short-term

leases is recognized when the obligation is incurred.

Credit Loss Financial Instrument [Policy Text Block]

The Company recognizes an

allowance for credit losses, which represents the portion of its trade accounts receivable that the Company does not expect to collect

over the contractual life, considering past events and reasonable and supportable forecasts of future economic conditions. The

Company’s allowance for credit losses on its trade accounts receivables is based on specific collectability facts and circumstances for

each outstanding receivable and customer, the aging of outstanding receivables, and the associated collection risk the Company

estimates for certain past due aging categories, and also, the general risk to all outstanding accounts receivable based on historical

amounts determined to be uncollectible.