Related Party Transactions |
6 Months Ended |
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Jun. 30, 2021 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions The Company from time-to-time engages in transactions with related parties. These transactions cannot be presumed to be carried out on an arm's length basis or terms equivalent to those that prevail in arm's-length transactions. The Company's Board of Directors reviews any related party relationships and approves any significant modifications to any existing related party transactions, as well as any new significant related party transactions.
During the six months ended June 30, 2020, Privet and UPG, with an ownership interest of approximately 25% of the Company's outstanding common shares, filed a proxy statement with the Securities and Exchange Commission seeking an election of five of its nominees to the Synalloy Board of Directors at the Company's 2020 Annual Meeting of Shareholders. At the Annual Meeting held on June 30, 2020, Synalloy shareholders voted to elect three of the five nominees designated by Privet and UPG to serve on Synalloy's Board of Directors. During the three and six months ended June 30, 2021, the Company agreed to reimburse Privet and UPG for up to 90% of its documented out-of-pocket fees and expenses (including legal expenses) incurred related to the proxy contest through the date of the 2020 Annual Meeting. As of June 30, 2021, the Company accrued $0.6 million related to the reimbursement to Privet and UPG. The Company's Interim President and Chief Executive Officer has ownership interests in other entities in which the Company conducts business. During the three and six months ended June 30, 2021, the Company recorded revenue of $31,073 from the sale of product to certain of these entities.
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