COVID-19

12 Months Ended

Dec. 31, 2020

COVID-19 [Abstract]

COVID-19

Note 2.  COVID-19

In March 2020, the World Health Organization categorized the novel coronavirus (COVID-19) as a pandemic. Around the world, the Company has been closely adhering to all government regulations as they are issued. Applicable governmental directives across the United States and other global locations have typically permitted the continued operation of essential critical infrastructure sectors. As the Company supplies products and services to many essential industries, including critical manufacturing and energy sectors, all of our operations have qualified as essential businesses. Accordingly, all of the Company’s production facilities are currently operational. In a few locations, however, sites were temporarily impacted by the pandemic.

The economic environment related to the COVID-19 pandemic, which slowed business activity in several key end-markets, negatively impacted the Company’s results in 2020. The pandemic has affected and may continue to affect the demand for a number of our Performance Materials segment’s products and services. Paper consumption has been and may continue to be impacted, affecting sales in our Specialty Minerals segment. Global steel production has been and may continue to be affected by volatility in the market due to the pandemic, which could impact our Refractory segment. Oil and natural gas prices have been volatile as a result of the pandemic, and this could cause oil and natural gas companies to reduce their capital expenditures and production and exploration activities, serviced by our Energy Services segment.

The impacts of the COVID-19 pandemic may continue to impact our results during 2021. The extent to which our operations will be impacted by the pandemic will depend largely on future developments, including the continued severity of the pandemic and future actions by government authorities to contain it or treat its impact. These conditions are highly uncertain and cannot be accurately predicted.  We will continue to actively monitor and respond to the evolving situation.

On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which includes modifications to the limitation on business interest expense and net operating loss provisions, and provides a payment delay of employer payroll taxes during 2020 after the date of enactment with 50% due by December 31, 2021 and the remaining 50% due by December 31, 2022. The CARES Act did not have a material impact on the Company’s consolidated financial statements.