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RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2018
RELATED PARTY TRANSACTIONS

13. RELATED PARTY TRANSACTIONS

Purchases from Carrier and its affiliates comprised 64%, 62%, 63% and 62% of all inventory purchases made during the quarters and nine months ended September 30, 2018 and 2017, respectively. At September 30, 2018 and December 31, 2017, approximately $93,000 and $75,000, respectively, was payable to Carrier and its affiliates, net of receivables. Our joint ventures with Carrier also sell HVAC products to Carrier and its affiliates. Revenues in our condensed consolidated unaudited statements of income for the quarters and nine months ended September 30, 2018 and 2017 included approximately $28,000, $19,000, $65,000 and $51,000, respectively, of sales to Carrier and its affiliates. We believe these transactions are conducted on terms equivalent to an arm’s-length basis in the ordinary course of business.

A member of our Board of Directors is the Chairman and Chief Executive Officer of Moss & Associates LLC, who served as general contractor for the remodeling of our Miami headquarters, which was completed in 2018. We paid Moss & Associates LLC $0, $58, $124 and $702 for construction services performed during the quarters and nine months ended September 30, 2018 and 2017, respectively, and no amount was payable at September 30, 2018.

 

A member of our Board of Directors is the Senior Chairman of Greenberg Traurig, P.A., which serves as our principal outside counsel for compliance and acquisition-related legal services. During the quarters and nine months ended September 30, 2018 and 2017, we paid this firm $0, $71, $18 and $291 for services performed, respectively, and $113 was payable at September 30, 2018.