RELATED PARTY TRANSACTIONS |
12 Months Ended |
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Dec. 31, 2017 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS |
RELATED PARTY TRANSACTIONS
The Company maintains split-dollar life insurance policies on certain executives. The cash surrender value of $15,000 related to such policies is recorded in other assets as of December 31, 2017 and 2016, respectively.
The Company's joint venture in China borrowed $2.0 million from the Company and $0.5 million from the Company's joint venture partner, during the year ended December 31, 2017. These notes are payable in one year and bear interest of 3.0 percent. The note between the joint venture and the Company eliminates in consolidation.
Subsequent to the year ended December 31, 2017, the Company's joint venture in China borrowed an additional $2.0 million from the Company and $0.5 million from the Company's joint venture partner. These notes are payable in one year and bear interest of 3.0 percent.
Eugene L. Hughes, a former member of the Company's Board of Directors, and the spouse of Kristine F. Hughes, Vice Chair of the Board of Directors, retired as an employee of the Company effective as of December 22, 2008. The Company and Mr. Hughes entered into a Retirement and Consulting Agreement, dated as of December 9, 2008, pursuant to which Mr. Hughes provided consulting services to the Company for an initial term of eight years following his retirement. In exchange for such consulting services, Mr. Hughes received an annual compensation of approximately $0.2 million for the first two years of service, and an annual compensation of $0.1 million for the remainder of the initial term. The term of the Retirement and Consulting Agreement with Mr. Hughes expired on December 22, 2016, and was not renewed.
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