RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2020

13.	RELATED PARTY TRANSACTIONS

Purchases from Carrier and its affiliates comprised 65% and 60% of all inventory purchases made during the quarters ended September 30, 2020 and 2019, respectively. Purchases from Carrier and its affiliates comprised 62% and 61% of all inventory purchases made during the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020 and December 31, 2019, approximately $106,000 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 nine months ended September 30, 2020 and 2019 included approximately $27,000, $24,000, $82,000, and $68,000, respectively, of sales to Carrier and its affiliates. We believe these transactions are conducted on

arm’s-length

terms

in the ordinary course of business.

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, 2020 and 2019, fees to this firm for services performed were $28, $175, $28, and $175, respectively, and $28 was payable at September 30, 2020.