XML 35 R25.htm IDEA: XBRL DOCUMENT v3.22.1
Related Parties
3 Months Ended
Mar. 31, 2022
Related Party Transactions [Abstract]  
Related Parties

Note 17 – Related Parties

Shanxi Åkers TISCO Roll Co., Ltd. (“ATR”) had a loan outstanding with its minority shareholder of $742 (RMB 4,711) as of March 31, 2022. While loans were outstanding during 2021, no amounts were outstanding as of December 31, 2021. Interest accrued at the three-to-five-year loan interest rate set by the People’s Bank of China, which approximated 5% for the three months ended March 31, 2022, and 2021. Accrued interest approximated $1,718 (RMB 10,901) and $1,713 (RMB 10,901) as of March 31, 2022, and December 31, 2021, respectively, and is recorded in other current liabilities on the condensed consolidated balance sheets.

Purchases from ATR’s minority shareholder and its affiliates, which were in the ordinary course of business, approximated $2,058 (RMB 13,058) and $2,942 (RMB 19,123) for the three months ended March 31, 2022, and 2021, respectively. The amount payable to ATR’s minority shareholder and its affiliates for purchases approximated $2,635 (RMB 16,715) and $1,125 (RMB 7,157) at March 31, 2022, and December 31, 2021, respectively. Additionally, customer deposits received from ATR’s minority shareholder and its affiliates on future orders approximated $380 (RMB 2,415) and $616 (RMB 3,921) at March 31, 2022, and December 31, 2021, respectively, and are recorded in other current liabilities on the condensed consolidated balance sheets.

Sales to ATR’s minority shareholder and its affiliates, which were in the ordinary course of business, approximated $2,248 (RMB 14,265) and $2,083 (RMB 13,538) for the three months ended March 31, 2022, and 2021, respectively. The amount receivable from ATR’s minority shareholder and its affiliates for sales approximated $866 (RMB 5,493) at March 31, 2022. No amounts were receivable from ATR’s minority shareholder and its affiliates at December 31, 2021.