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RELATED PARTY TRANSACTIONS | 6 Months Ended
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Jun. 30, 2020
RELATED PARTY TRANSACTIONS |
13. | RELATED PARTY TRANSACTIONS
Purchases from Carrier and its affiliates comprised 63% of all inventory purchases made during both the quarters ended June 30, 2020 and 2019 . Purchases from Carrier and its affiliates comprised 60% and 62% of all inventory purchases made during the six months ended June 30, 2020 and 2019, respectively. At June 30, 2020 and December 31, 2019, approximately $139,000 and $86,000, 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 six months ended June 30, 2020 and 2019 included approximately $33,000, $23,000, $55,000, and $44,000, 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.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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