Related Party Transactions |
9 Months Ended |
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Sep. 29, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS |
14. RELATED PARTY TRANSACTIONS Enovation Controls purchases and sells inventory to an entity partially owned by one of its officers. For the nine months ended September 29, 2018, and September 30, 2017, inventory sales to the entity totaled $2,080 and $1,869, respectively, and inventory purchases from the entity totaled $5,184 and $8,973, respectively. In addition to these inventory transactions, Enovation Controls entered into a transition service agreement with the related party to provide, and receive, certain transition services for a period of up to one year for specified services. For the nine months ended September 29, 2018, and September 30, 2017, sales and related costs recognized under the agreement were $39 and $1,606, respectively, and are included in miscellaneous expense, net in the Consolidated Statements of Operations. For the nine months ended September 29, 2018, and September 30, 2017, purchases from the related party under the agreement totaled $22 and $1,122, respectively. At September 29, 2018, and September 30, 2017, total amounts due from the entity totaled $171 and $525, respectively, and total amounts due to the entity totaled $1,146 and $565, respectively.
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- References No definition available.
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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. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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