XML 36 R25.htm IDEA: XBRL DOCUMENT v3.23.1
RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block] RELATED PARTY TRANSACTIONSThe Company sells products and pays commissions to companies controlled by persons related to the Chairman of the Board of Directors of the Company, Mr. Maurice Taylor. The related party is Mr. Fred Taylor, who was Mr. Maurice Taylor’s brother. Mr. Fred Taylor passed away on December 13, 2021. The companies with which Mr. Fred Taylor was associated that do business with Titan include the following: Blacksmith OTR, LLC; F.B.T. Enterprises, Inc.; Green Carbon, Inc.; Silverstone, Inc.; and OTR Wheel Engineering, Inc. Sales of Titan products to these companies were approximately $1.4 million for the three months ended March 31, 2023, and approximately $1.3 million for the three months ended March 31, 2022. Titan had trade receivables due from these companies of approximately $0.5 million at March 31, 2023, and approximately $0.2 million at December 31, 2022.  Titan had purchases from these companies of approximately $0.2 million for the three months ended March 31, 2023, and approximately $0.3 million for the three months ended March 31, 2022. Sales commissions accrued to the above companies were approximately $0.2 million for the three months ended March 31, 2023 as compared to $0.5 million accrued for the three months ended March 31, 2022.