Note 14 - Commitments and Contingencies
|3 Months Ended|
Mar. 31, 2019
|Notes to Financial Statements|
|Commitments and Contingencies Disclosure [Text Block]||
We are subject to a variety of environmental laws and regulations governing discharges to air and water, the handling, storage and disposal of hazardous or solid waste materials and the remediation of contamination associated with releases of hazardous substances. Although we believe we are in material compliance with all of the various regulations applicable to our business, there can be
noassurance that requirements will
notchange in the future or that we will
notincur significant costs to comply with such requirements. We are currently
notaware of any environmental matters which
mayhave a material impact on our financial position, results of operations, or liquidity.
2007(the date of inception of GBC), we acquired the assets and operations relating to the worldwide metals business of Olin Corporation. Olin Corporation agreed to retain liability arising out of the existing conditions on certain of our properties for any remedial actions required by environmental laws, and agreed to indemnify us for all or part of a number of other environmental liabilities. Since
2007,Olin Corporation has been performing remedial actions at the facilities in East Alton, Illinois and Waterbury, Connecticut related to environmental conditions at such facilities, and has been participating in remedial actions at certain other properties as well. If Olin Corporation were to stop its environmental remedial activities at our properties, we could be required to assume responsibility for these activities, the cost of which could be material.
Although we are
notcurrently subject to any material claims with respect to clean-up or remediation under CERCLA or similar laws for contamination at our leased or owned properties or at any off-site location, it is possible that we
maybe in the future. For example, in
January 2018,Olin Brass experienced a leak of mineral oil at its Waterbury, Connecticut facility. Our personnel, the Waterbury fire department, the U.S. EPA, the Connecticut DEEP, and remediation contractors responded immediately. We incurred approximately
$0.7million of expenses during the
March 31, 2018
$6,000fine, we remain in discussions with the Connecticut DEEP regarding ongoing remediation activity. We do
notbelieve this incident will materially affect our long-term financial stability or cash flows.
We are party to various legal proceedings arising in the ordinary course of business. We believe that
noneof our legal proceedings are individually material or that the aggregate exposure of all of our legal proceedings, including those that are probable and those that are only reasonably possible, is material to our financial condition, results of operations or cash flows.
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef