RISKS AND UNCERTAINTIES

6 Months Ended

Jun. 30, 2020

Risks And Uncertainties, Unusual Items [Abstract]

RISKS AND UNCERTAINTIES

RISKS AND UNCERTAINTIES

In March 2020, the World Health Organization declared the novel coronavirus (COVID-19) outbreak a global pandemic. Various governments worldwide instituted quarantines, shelter-in-place or stay-at-home orders, and other material limitations on the conduct of business. These restrictions and limitations have had an adverse effect on the economies and financial markets of the countries where our products, or our customers' products, are sold resulting in an economic downturn that has had an effect on our customers' demand for our products.

Due to the speed with which the COVID-19 pandemic developed and the uncertainties created, including the depth and duration of any disruptions to customers and suppliers, its future effect on our business, results of operations and financial condition cannot be predicted. While we are unable to accurately foresee these future impacts, we believe that our financial resources and liquidity levels, along with various contingency plans to reduce costs are sufficient to manage the impact currently anticipated from the COVID-19 pandemic, which will likely include reduced revenues and operating profits for the full year 2020 in all segments and lower operating cash flows.

Because the COVID-19 pandemic is an evolving situation, we will continue to monitor the business impact and may take further actions that we deem appropriate in light of the circumstances. If government restrictions are imposed, or demand declines further, we could be required to make additional adjustments to our operations, including additional permanent reductions in workforce, operating reductions or facility closures.