Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

There are many uncertainties regarding the current COVID-19 pandemic, and the Company is closely monitoring the impact of the pandemic on all aspects of its business, including how it will impact its customers, employees, suppliers, vendors, business partners and distribution channels. We are unable to predict the impact that COVID-19 will have on its financial position and operating results due to numerous uncertainties. The Company has initiated cost reduction actions, including deferral of management and board fees, hiring freezes, employee furloughs, staffing and force reductions, salary reductions, bonus payment deferrals and 401(k) match suspension to help mitigate the financial impact of the COVID-19 pandemic. The Company has also frozen all discretionary spend, implemented strict approvals for capital expenditures and is aggressively managing working capital. The Company expects to continue to assess the evolving impact of the COVID-19 pandemic and intends to make adjustments to its responses accordingly.

During the month of April 2020, the operations of two of the Company's subsidiaries in the electrical products business were temporarily closed by the Mexican government for a period of two weeks. These operations received subsequent legal approval to restart operations in early May 2020. The Company is unable to predict if Mexican or others governments will undertake similar courses of actions in future periods that may adversely impact the Company.