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| Related Parties | Note 17 – Related Parties Åkers TISCO Roll Co., Ltd. (“ATR”), a 59.88% indirectly owned joint venture of UES, has sales to and purchases from ATR’s minority shareholder and its affiliates and sales to a shareholder of one of the Corporation’s other joint ventures in China and its affiliates. These sales and purchases, which were in the ordinary course of business, for the three months ended March 31, 2026 and 2025 were as follows:
Purchases from related parties are included in costs of products sold (excluding depreciation and amortization) and selling and administrative on the condensed consolidated statements of operations or inventories on the condensed consolidated balance sheet.
Balances outstanding with ATR’s minority shareholder including its affiliates and the other joint venture’s shareholder and its affiliates as of March 31, 2026 and December 31, 2025 were as follows:
The manufacturing facilities of ATR are located on land leased by ATR from the other partner. The land lease commenced in 2007, the date the joint venture was formed, and continues through 2054, the expected end date of the joint venture, and includes variable lease payments based on the land standard price prevailing in Taiyuan, China, where the joint venture is located. Rent paid by ATR to the other partner approximated $31 (RMB 223) for each of the three months ended March 31, 2026 and 2025, which is included in purchases from related parties. For the three months ended March 31, 2026, the Corporation had purchases from UES-UK to fulfill orders on existing customer contracts. These purchases, which were in the ordinary course of business, for the three months ended March 31, 2026, were as follows:
Purchases from UES-UK are included in costs of products sold (excluding depreciation and amortization) on the condensed consolidated statement of operations for the three months ended March 31, 2026. Balances outstanding with UES-UK were as follows:
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