Miller Industries (MLR) 10-Q9 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity Registrant Name	MILLER INDUSTRIES, INC.
Entity File Number	001-14124
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1566286
Entity Address, Address Line One	8503 Hilltop Drive
Entity Address, City or Town	Ooltewah
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37363
City Area Code	423
Local Phone Number	238-4171
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MLR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		11,445,640
Entity Central Index Key	0000924822
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and temporary investments	$ 30,502	$ 40,153
Accounts receivable, net of allowance for credit losses of $1,412 and $1,319 at June 30, 2023 and December 31, 2022, respectively	264,542	177,663
Inventories, net	167,458	153,656
Prepaid expenses	6,393	4,576
Total current assets	468,895	376,048
NONCURRENT ASSETS:
Property, plant and equipment, net	116,055	112,145
Right-of-use assets - operating leases	770	909
Goodwill	20,594	11,619
Other assets	681	708
TOTAL ASSETS	606,995	501,429
CURRENT LIABILITIES:
Accounts payable	188,869	125,500
Accrued liabilities	34,537	27,904
Income taxes payable	882	2,430
Current portion of operating lease obligation	311	311
Total current liabilities	224,599	156,145
NONCURRENT LIABILITIES:
Long-term obligations	60,000	45,000
Noncurrent portion of operating lease obligation	496	597
Deferred income tax liabilities	6,182	6,230
Total liabilities	291,277	207,972
COMMITMENTS AND CONTINGENCIES (Note 8)
SHAREHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 5,000,000 shares authorized, none issued or outstanding
Common stock, $0.01 par value; 100,000,000 shares authorized, 11,445,640 and 11,416,716 outstanding at June 30, 2023 and December 31, 2022, respectively	114	114
Additional paid-in capital	152,746	152,392
Accumulated surplus	170,141	150,124
Accumulated other comprehensive loss	(7,283)	(9,173)
Total shareholders' equity	315,718	293,457
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 606,995	$ 501,429

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts (in dollars)	$ 1,412	$ 1,319
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	11,445,640	11,416,716

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
NET SALES	$ 300,264	$ 201,500	$ 582,539	$ 417,045
COSTS OF OPERATIONS	260,335	183,126	512,194	383,331
GROSS PROFIT	39,929	18,374	70,345	33,714
OPERATING EXPENSES:
Selling, general and administrative expenses	19,480	12,651	37,403	25,037
NON-OPERATING (INCOME) EXPENSES:
Interest expense, net	1,700	628	2,713	1,046
Other (income) expense, net	(229)	275	(548)	327
Total expense, net	20,951	13,554	39,568	26,410
INCOME BEFORE INCOME TAXES	18,978	4,820	30,777	7,304
INCOME TAX PROVISION	4,063	1,063	6,642	1,482
NET INCOME	$ 14,915	$ 3,757	$ 24,135	$ 5,822
BASIC INCOME PER COMMON SHARE (in dollars per share)	$ 1.30	$ 0.33	$ 2.11	$ 0.51
DILUTED INCOME PER COMMON SHARE (in dollars per share)	1.29	0.33	2.10	0.51
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)	$ 0.18	$ 0.18	$ 0.36	$ 0.36
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	11,466	11,417	11,425	11,417
Diluted (in shares)	11,526	11,417	11,477	11,421

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 14,915	$ 3,757	$ 24,135	$ 5,822
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation adjustment	911	(2,305)	1,890	(2,280)
Total other comprehensive income (loss)	911	(2,305)	1,890	(2,280)
COMPREHENSIVE INCOME	$ 15,826	$ 1,452	$ 26,025	$ 3,542

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Surplus	Accumulated Other Comprehensive Income (Loss)	Total
BALANCE at Dec. 31, 2021	$ 114	$ 151,449	$ 137,998	$ (4,945)	$ 284,616
Components of comprehensive income:
Net income			2,065		2,065
Foreign currency translation adjustment				25	25
COMPREHENSIVE INCOME			2,065	25	2,090
Issuance of common stock to non-employee directors		200			200
Stock-based compensation on nonvested restricted stock units		75			75
Dividends paid			(2,055)		(2,055)
BALANCE at Mar. 31, 2022	114	151,724	138,008	(4,920)	284,926
BALANCE at Dec. 31, 2021	114	151,449	137,998	(4,945)	284,616
Components of comprehensive income:
Net income					5,822
Foreign currency translation adjustment					(2,280)
COMPREHENSIVE INCOME					3,542
BALANCE at Jun. 30, 2022	114	151,946	139,711	(7,225)	284,546
BALANCE at Mar. 31, 2022	114	151,724	138,008	(4,920)	284,926
Components of comprehensive income:
Net income			3,757		3,757
Foreign currency translation adjustment				(2,305)	(2,305)
COMPREHENSIVE INCOME			3,757	(2,305)	1,452
Stock-based compensation on nonvested restricted stock units		222			222
Dividends paid			(2,054)		(2,054)
BALANCE at Jun. 30, 2022	114	151,946	139,711	(7,225)	284,546
BALANCE at Dec. 31, 2022	114	152,392	150,124	(9,173)	293,457
Components of comprehensive income:
Net income			9,220		9,220
Foreign currency translation adjustment				979	979
COMPREHENSIVE INCOME			9,220	979	10,199
Provision for restricted stock units to non-employee directors		61			61
Stock-based compensation on nonvested restricted stock units		223			223
Vesting of executive restricted stock units		(214)			(214)
Dividends paid			(2,059)		(2,059)
BALANCE at Mar. 31, 2023	114	152,462	157,285	(8,194)	301,667
BALANCE at Dec. 31, 2022	114	152,392	150,124	(9,173)	293,457
Components of comprehensive income:
Net income					24,135
Foreign currency translation adjustment					1,890
COMPREHENSIVE INCOME					26,025
BALANCE at Jun. 30, 2023	114	152,746	170,141	(7,283)	315,718
BALANCE at Mar. 31, 2023	114	152,462	157,285	(8,194)	301,667
Components of comprehensive income:
Net income			14,915		14,915
Foreign currency translation adjustment				911	911
COMPREHENSIVE INCOME			14,915	911	15,826
Issuance of restricted stock units to non-employee directors		61			61
Stock-based compensation on nonvested restricted stock units		223			223
Dividends paid			(2,059)		(2,059)
BALANCE at Jun. 30, 2023	$ 114	$ 152,746	$ 170,141	$ (7,283)	$ 315,718

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (Parentheticals) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Issuance of common stock to non-employee directors (in shares)				(5,988)
Issuance of restricted stock units to non-employee directors (in shares)	(4,604)
Provision for restricted stock units to non-employee directors (in shares)		(2,302)
Dividends paid (in dollars per share)	$ 0.18	$ 0.18	$ 0.18	$ 0.18

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES:
Net Income (Loss)	$ 24,135	$ 5,822
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	6,361	5,623
(Gain) Loss on disposal of property, plant and equipment	1	(36)
Provision for credit losses	90	81
Issuance of non-employee director shares	123	200
Stock-based compensation on nonvested restricted stock units	231	297
Deferred tax provision	(44)	56
Changes in operating assets and liabilities:
Accounts receivable	(84,227)	(37,708)
Inventories	(9,407)	(27,482)
Prepaid expenses	(1,714)	(1,716)
Other assets	198	34
Accounts payable	62,508	19,194
Accrued liabilities	4,655	808
Net cash flows from operating activities	2,910	(34,827)
INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(6,610)	(22,840)
Proceeds from sale of property, plant and equipment	239	8
Acquisition of business	(17,802)
Net cash flows from investing activities	(24,173)	(22,832)
FINANCING ACTIVITIES:
Net borrowings under credit facility	15,000	40,000
Payments of cash dividends	(4,119)	(4,109)
Finance lease obligation payments		(11)
Net cash flows from financing activities	10,881	35,880
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND TEMPORARY INVESTMENTS	731	(1,424)
NET CHANGE IN CASH AND TEMPORARY INVESTMENTS	(9,651)	(23,203)
CASH AND TEMPORARY INVESTMENTS, beginning of period	40,153	54,332
CASH AND TEMPORARY INVESTMENTS, end of period	30,502	31,129
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash payments for interest	3,473	1,022
Cash payments for income taxes, net of refunds	$ 8,268	$ 1,496

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2023
BASIS OF PRESENTATION
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION The condensed consolidated financial statements of Miller Industries, Inc. and subsidiaries (the “Company”) included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. Nevertheless, the Company believes that the disclosures are adequate to make the financial information presented not misleading. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, to present fairly the Company’s financial position, results of operations and cash flows at the dates and for the periods presented. Interim results of operations are not necessarily indicative of results to be expected for the fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated financial statements include accounts of certain subsidiaries whose fiscal closing dates differ from December 31 st

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Standards During the first quarter of 2023, the Company adopted ASU 2021-08, Business Combinations (Topic 805) which requires the Company to measure and recognize contract assets and contract liabilities when purchased as part of a business combination. According to the guidance, the acquirer must follow ASC Topic 606 in accounting for the contract asset or contract liability being purchased. The amendments in the update were effective for financial statements beginning after December 15, 2022, including interim periods within those fiscal years. The Company has applied the amendments prospectively. The adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures. Also during the first quarter of 2023, the Company adopted ASU 2022-02, Financial Instruments – Credit Losses (Topic 326). The update requires entities with financing receivables to disclose gross write-offs by year of origination of the receivable. The amendments in the update were effective for financial statements beginning after December 15, 2022, including interim periods within those fiscal years, and has been applied prospectively. The adoption of this update did not have a material impact on the condensed Company’s consolidated financial statements and related disclosures.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	6 Months Ended
BUSINESS COMBINATIONS	Jun. 30, 2023
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS	3. On May 31, 2023, the Company acquired substantially all of the assets and assumed certain liabilities of Southern Hydraulic Cylinder, Inc., (“SHC”), a Tennessee corporation. SHC manufactures, sells and services hydraulic cylinders and related components. The operations of SHC align with those of the Company, which management believes will bolster its efforts to enhance the stability of the Company’s supply chain. The purchase price totaling approximately $17.8 million was comprised of cash on hand and by drawing on the existing revolving credit facility. The preliminary allocation of the consideration for the net assets acquired from the acquisition of SHC were as follows: Sources of financing Cash $ 17,802 Fair value of consideration transferred 17,802 Fair value of assets and liabilities Accounts receivable 2,244 Fixed assets 3,735 Inventory 3,385 Prepaid insurance 93 Total identifiable assets acquired 9,457 Assumed liabilities 630 Goodwill $ 8,975 The acquired business contributed revenues of $919 and earnings of $33 to the Company for the period from June 1, 2023 to June 30, 2023. Earnings for the period include adjustments made for the elimination of intercompany sales and profits, as well as sales of finished goods recorded at market value as part of the acquisition. Pro forma for six months ended (unaudited) June 30, 2023 2022 Revenue $ 588,469 $ 423,251 Earnings $ 25,742 $ 6,272 The Company did not have any material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The goodwill is attributable to the workforce of the acquired business and the significant synergies expected to arise after the Company’s acquisition of Southern Hydraulic Cylinder, Inc. The goodwill is not deductible for tax purposes. The fair value of the assets acquired includes trade receivables of $2,244 that are not purchased financial assets with credit deterioration. The Company does not anticipate any markdowns of trade receivables or corresponding credit losses. The initial accounting is incomplete due to the timing of the closing in relation to this quarterly filing. The Company is still evaluating the value of certain assets acquired and will be obtaining a third-party valuation. Any adjustments to the value of assets, such as intangible assets, fixed assets or inventory, will be disclosed in future filings. Transaction costs incurred in the acquisition were not material and were primarily related to legal, accounting and consulting services and were expensed as incurred through June 30, 2023 and are included in Selling, General and Administrative expenses in the condensed consolidated statements of operations. The allocations of the fair value of the acquired business were based on preliminary valuations of the estimated net fair value of the assets acquired and liabilities assumed. The fair value estimates are subject to adjustment during the measurement period (up to one year from the acquisition date). The fair values of the net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management. During the measurement period, we will adjust preliminary valuations assigned to assets and liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date, if any, that, if known, would have resulted in revised values for these items as of that date. The net working capital adjustment related to the acquisitions are estimated as of the closing date and will be adjusted based on that estimate. Net working capital adjustments, if any, will be recorded in other assets on the condensed consolidated balance sheet. The impact of all changes, if any, that do not qualify as measurement period adjustments are included in current period earnings.

BASIC AND DILUTED INCOME PER SH

BASIC AND DILUTED INCOME PER SHARE	6 Months Ended
BASIC AND DILUTED INCOME PER SHARE	Jun. 30, 2023
BASIC AND DILUTED INCOME PER COMMON SHARE
BASIC AND DILUTED INCOME PER COMMON SHARE	4 Basic and diluted income per common share were calculated using the following: Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Net Income $ 14,915 $ 3,757 $ 24,135 $ 5,822 Basic and Diluted Common Shares Weighted Average Shares Outstanding - Basic 11,466 11,417 11,425 11,417 Dilution for Assumed Exercises of Nonvested Restricted Stock Units 60 — 52 4 Weighted Average Common Shares Outstanding - Diluted 11,526 11,417 11,477 11,421 Basic income per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted income per common share is calculated by dividing net income by the weighted average number of common and potential dilutive common shares outstanding. The Company uses the treasury stock method to account for the effect of nonvested restricted stock units on the computation of diluted income per share. For the three months ended June 30, 2023, 128 thousand nonvested restricted stock units would have been anti-dilutive. There were 5 thousand restricted stock units that vested in June 2023, with 29 thousand shares being issued and no shares being forfeited. For the six months ended June 30, 2023, 128 thousand of the nonvested restricted stock units would have been anti-dilutive. For the three months ended June 30, 2022, 160 thousand nonvested restricted stock units would have been anti-dilutive. For the six months ended June 30, 2022, none of the nonvested restricted stock units would have been anti-dilutive.

REVENUE

REVENUE	6 Months Ended
REVENUE	Jun. 30, 2023
REVENUE
REVENUE	5. REVENUE Substantially all of our revenue is generated from sales of towing and recovery equipment. As such, disaggregation of revenue by product line would not provide useful information because all product lines have substantially similar characteristics. However, revenue streams are tracked by the geographic location of customers. This disaggregated information is presented in the table below. For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net Sales: North America $ 272,320 $ 185,635 $ 530,487 $ 379,986 Foreign 27,944 15,865 52,052 37,059 $ 300,264 $ 201,500 $ 582,539 $ 417,045 Revenue is recognized when obligations under the terms of a contract with a customer are satisfied. Except for certain extended service contracts on a small percentage of units sold, the Company’s performance obligations are satisfied, and sales revenue is recognized when products are shipped from the Company’s facilities. From time to time, revenue is recognized under a bill and hold arrangement. Recognition of revenue on bill and hold arrangements occurs when control transfers to the customer. The bill and hold arrangement must be substantive, and the product must be separately identified as belonging to the customer, ready for physical transfer, and unavailable to be used or directed to another customer. Revenue is measured as the amount of consideration expected to be received in exchange for the transfer of products. Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue. Warranty related costs are recognized as an expense at the time products are sold and a reserve is established. Depending on the terms of the arrangement, for certain contracts the Company may defer the recognition of a portion of the consideration received because a future obligation has not yet been satisfied, such as an extended service contract. An observable price is used to determine the stand-alone selling price for separate performance obligations or a cost plus margin approach is utilized when one is not available. Contract assets primarily relate to the Company’s rights to consideration for work completed but not billed at the reporting date. The contract assets are transferred to receivables when the rights become unconditional. Contract liabilities primarily relate to performance obligations to be satisfied in the future. For both June 30, 2023 and December 31, 2022, contract liability balances were $242, and are included in accrued liabilities on the condensed consolidated balance sheets. No revenue related to contract liability balances was recognized during the three and six months ended June 30, 2023, or during the three and six months ended June 30, 2022. The Company did not have any contract assets at June 30, 2023 or December 31, 2022. The Company extends credit to customers in the normal course of business. Collections from customers are continuously monitored and an allowance for credit losses is maintained based on historical experience adjusted for current conditions and forecasts capturing country and industry-specific economic factors. The Company also considers any specific customer collection issues. Since the Company’s trade receivables are largely similar, the Company evaluates its allowance for credit losses as one portfolio segment. At origination, the Company evaluates credit risk based on a variety of credit quality factors including prior payment experience, customer financial information, credit ratings, probabilities of default, industry trends and other internal metrics. On an ongoing basis, data by each major customer is regularly reviewed based on past-due status to evaluate the adequacy of the allowance for credit losses and actual write-offs are charged against the allowance. customer. Write-offs of accounts receivable were de minimis during the three and six months ended June 30, 2023 and during the three and six month Trade accounts receivable are generally diversified due to the number of entities comprising the Company’s customer base and their dispersion across many geographic regions. The Company also frequently monitors the creditworthiness of the customers to whom the credit is granted in the normal course of business. No one customer made up more than 10% of total Company sales during the three and six months ended June 30, 2023. Sales from one customer made up approximately 10.0% of total Company sales during the three and six months ended June 30, 2022. There were no customers with accounts receivable greater than 10% of total accounts receivable at June 30, 2023. Accounts receivable from one customer made up approximately 10% of total Company trade accounts receivable at June 30, 2023 and December 31, 2022.

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Jun. 30, 2023
INVENTORIES
INVENTORIES	6. INVENTORIES Inventory costs include materials, labor and factory overhead. Inventories are stated at the lower of cost or net realizable value, determined on a moving average unit cost basis. Appropriate consideration is given to obsolescence, valuation and other factors in determining net realizable value. Revisions of these estimates could result in the need for adjustments. Inventories, net of reserves, at June 30, 2023 and December 31, 2022 consisted of the following: June 30, December 31, 2023 2022 Chassis $ 14,888 $ 18,604 Raw materials 84,729 75,934 Work in process 43,129 40,655 Finished goods 24,712 18,463 $ 167,458 $ 153,656

LONG-TERM OBLIGATIONS

LONG-TERM OBLIGATIONS	6 Months Ended
LONG-TERM OBLIGATIONS	Jun. 30, 2023
LONG-TERM OBLIGATIONS
LONG-TERM OBLIGATIONS	7. LONG-TERM OBLIGATIONS Credit Facility The Company’s current loan agreement with First Horizon Bank, which governs its existing $100.0 million unsecured revolving credit facility with a maturity date of May 31, 2027, contains customary representations and warranties, events of default, and financial, affirmative and negative covenants for loan agreements of this kind. The credit facility restricts the payment of cash dividends if the payment would cause the Company to be in violation of the minimum tangible net worth test or the leverage ratio test in the loan agreement, among various other customary covenants. The Company has been in compliance with these covenants throughout 2022 and during the first six months of 2023, and it is anticipated that the Company will continue to be in compliance for the foreseeable future. In absence of a default, all borrowings under the credit facility bear interest at the one month Term SOFR Rate plus 1.00% or 1.25% per annum, depending on the leverage ratio. The Company pays a non-usage fee under the current loan agreement at a rate per annum equal to between 0.15% and 0.35% of the unused amount of the credit facility, which fee is paid quarterly. The Company retained $60.0 million in outstanding borrowings under its credit facility at June 30, 2023. At June 30, 2023 and December 31, 2022, the Company had cash and temporary investments of $30,502 and $40,153, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2023
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES Leasing Activities The Company leases certain equipment and facilities under long-term non-cancellable operating and finance lease agreements. The leases expire at various dates through 2027. Certain of the lease agreements contain renewal options. For those leases that have renewal options, the Company included these renewal periods in the lease term if the Company determined it was reasonably certain to exercise the renewal option. Lease payments during such renewal periods were also considered in the calculation of right-of-use assets and lease obligations. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease obligations represent the Company’s obligation to make lease payments arising from the lease. Lease obligations are recognized at the commencement date based on the present value of lease payments over the lease term. Right-of-use assets are recognized at the commencement date as the initial measurement of the lease liability, plus payments made prior to lease commencement and any initial direct costs. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Expense is recognized on a straight-line basis over the lease term for operating leases. For finance leases, expense is recognized as the expense from straight-line amortization of the right-of-use asset plus the periodic interest expense from the lease obligation. Short-term leases have a lease term of twelve months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related right-of-use asset or lease obligation for such contracts. Right-of-use assets related to finance leases are included as a component of property, plant and equipment, net on the condensed consolidated balance sheets. A maturity analysis of the undiscounted cash flows of operating lease obligations is as follows: Operating Lease Obligation Remaining lease payments to be paid during the year ended December 31, 2023 $ 173 2024 310 2025 256 2026 98 2027 2 Thereafter — Total lease payments 839 Less imputed interest (32) Lease obligation at June 30, 2023 $ 807 The lease cost and certain other information during the three and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Lease Cost Finance lease cost: Amortization of right-of-use assets $ 6 $ 5 $ 15 $ 10 Interest on lease obligation 2 — 3 1 Total finance lease cost 8 5 18 11 Total long-term operating lease cost 92 99 180 205 Total short-term operating lease cost 83 117 169 283 Total lease cost $ 183 $ 221 $ 367 $ 499 Other Information Cash paid for amounts included in the measurement of lease obligation: Operating cash flows from operating leases $ 92 $ 99 $ 180 $ 206 Financing cash flows from finance leases — 5 — 11 Right-of-use assets obtained in exchange for new operating lease obligations — 37 — 68 The weighted average remaining lease term for operating leases at June 30, 2023 was 2.6 years. The weighted average remaining lease term for operating leases at December 31, 2022 was 3.7 years. The weighted average discount rate for operating leases at June 30, 2023 was 3.2%. The weighted average discount rate for operating leases at December 31, 2022 was 3.9%. The Company’s subsidiary in the United Kingdom leased facilities used for manufacturing and office space from a related party with related lease costs during the three months ended June 30, 2023 and 2022 of $51 and $53, respectively, and related lease costs during the six months ended June 30, 2023 and 2022 of $101 and $108, respectively. The Company’s French subsidiary leased a fleet of vehicles from a related party with related lease costs of $54 and $38 during the three months ended June 30, 2023 and 2022, respectively, and related lease costs of $111 and $71 during the six months ended June 30, 2023 and 2022. Other Commitments At June 30, 2023 and December 31, 2022, the Company had commitments of approximately $10,062 and $6,351 , respectively, for construction and acquisition of property, plant and equipment. The Company migrated its enterprise resource planning (ERP) system to a multi-tenant cloud environment in 2021 and is continuing to implement additional modules such as enterprise performance management, human capital management, data analytics and the use of artificial intelligence. Related to the continuing implementation project, at June 30, 2023 and December 31, 2022, the Company had commitments of approximately $1,378 and $2,565 , respectively, in software license fees payable in installments through 2025. Contingencies The Company has entered into arrangements with third-party lenders where it has agreed, in the event of default by a distributor within the independent distributor network, to repurchase from the third-party lender Company products repossessed from the independent distributor customer. These arrangements are typically subject to a maximum repurchase amount. The maximum amount of collateral that the Company could be required to purchase was approximately $118,042 at June 30, 2023, and $74,122 at December 31, 2022. The increase during 2023 is due to increases in sales and supply chain issues that delay payment until all parts and components are received. The Company’s risk under these arrangements is mitigated by the value of the products that would be repurchased as part of the transaction. The Company considered the fair value at inception of its commitment under these arrangements and concluded that there is no probable loss associated with these potential repurchase obligations and thus no associated liability was recognized at June 30, 2023 or December 31, 2022. The Company is, from time to time, a party to litigation arising in the normal course of its business. Litigation is subject to various inherent uncertainties, and it is possible that some of such matters could be resolved unfavorably to the Company, which could result in substantial damages against the Company. The Company establishes accruals for matters that are probable and reasonably estimable and maintains product liability and other insurance that management believes to be adequate. Management believes that any liability that may ultimately result from the resolution of any such matters in excess of available insurance coverage and accruals will not have a material adverse effect on the consolidated financial position or results of operations of the Company.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2023
INCOME TAXES
INCOME TAXES	9. INCOME TAXES As of June 30, 2023, the Company had no federal net operating loss carryforwards. State net operating loss carryforwards were $1,366 at June 30, 2023.

CORRECTION OF PRIOR PERIOD ERRO

CORRECTION OF PRIOR PERIOD ERRORS	6 Months Ended
CORRECTION OF PRIOR PERIOD ERRORS	Jun. 30, 2023
CORRECTION OF PRIOR PERIOD ERRORS
CORRECTION OF PRIOR PERIOD ERRORS	10. CORRECTION OF PRIOR PERIOD ERRORS As previously disclosed in Note 11 to the Company’s consolidated financial statements as of and for the fiscal year ended December 31, 2022, the Company identified prior period accounting errors that the Company concluded were not material to the Company’s previously reported consolidated financial statements and unaudited interim condensed consolidated financial statements. The financial reporting periods affected by these errors include the Company’s previously reported consolidated financial statements for the fiscal years ended December 31, 2021, and the Company’s previously reported unaudited interim condensed consolidated financial information for each of the quarterly and fiscal year-to-date periods in the fiscal year ended December 31, 2022 (collectively the “previously reported financial statements”). Based on management’s evaluation of the accounting errors under the SEC Staff’s Accounting Bulletins Nos. 99 (“SAB 99”) and 108 (“SAB 208”) and interpretations thereof, the Company concluded the errors were not material, on an individual or aggregate basis, to the Company’s previously reported financial statements. The errors originated many years ago, were less than 3.6% June 30, 2022 As Reported Adjustment Revised Property, plant and equipment, net $ 113,550 $ (1,203) $ 112,347 Accounts payable 137,702 2,717 140,419 Accumulated surplus 143,631 (3,920) 139,711 December 31, 2021 As Reported Adjustment Revised Property, plant and equipment, net $ 96,496 $ (1,203) $ 95,293 Accounts payable 119,029 2,717 121,746 Accumulated surplus 141,918 (3,920) 137,998

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	11. SUBSEQUENT EVENTS Dividends On August 7, 2023, the Board of Directors (the “Board”) of the Company declared a quarterly cash dividend of $0.18 per share. The dividend is payable September 11, 2023, to shareholders of record as of September 1, 2023.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION	The condensed consolidated financial statements of Miller Industries, Inc. and subsidiaries (the “Company”) included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. Nevertheless, the Company believes that the disclosures are adequate to make the financial information presented not misleading. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, to present fairly the Company’s financial position, results of operations and cash flows at the dates and for the periods presented. Interim results of operations are not necessarily indicative of results to be expected for the fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated financial statements include accounts of certain subsidiaries whose fiscal closing dates differ from December 31 st
Recent Accounting Pronouncements	Recently Adopted Standards During the first quarter of 2023, the Company adopted ASU 2021-08, Business Combinations (Topic 805) which requires the Company to measure and recognize contract assets and contract liabilities when purchased as part of a business combination. According to the guidance, the acquirer must follow ASC Topic 606 in accounting for the contract asset or contract liability being purchased. The amendments in the update were effective for financial statements beginning after December 15, 2022, including interim periods within those fiscal years. The Company has applied the amendments prospectively. The adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures. Also during the first quarter of 2023, the Company adopted ASU 2022-02, Financial Instruments – Credit Losses (Topic 326). The update requires entities with financing receivables to disclose gross write-offs by year of origination of the receivable. The amendments in the update were effective for financial statements beginning after December 15, 2022, including interim periods within those fiscal years, and has been applied prospectively. The adoption of this update did not have a material impact on the condensed Company’s consolidated financial statements and related disclosures.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of inventories, net of reserves	June 30, December 31, 2023 2022 Chassis $ 14,888 $ 18,604 Raw materials 84,729 75,934 Work in process 43,129 40,655 Finished goods 24,712 18,463 $ 167,458 $ 153,656

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	6 Months Ended
BUSINESS COMBINATIONS (Tables)	Jun. 30, 2023
BUSINESS COMBINATIONS
Schedule of allocation of the consideration for net assets acquired	The preliminary allocation of the consideration for the net assets acquired from the acquisition of SHC were as follows: Sources of financing Cash $ 17,802 Fair value of consideration transferred 17,802 Fair value of assets and liabilities Accounts receivable 2,244 Fixed assets 3,735 Inventory 3,385 Prepaid insurance 93 Total identifiable assets acquired 9,457 Assumed liabilities 630 Goodwill $ 8,975
Schedule of pro forma summary of the Company	Pro forma for six months ended (unaudited) June 30, 2023 2022 Revenue $ 588,469 $ 423,251 Earnings $ 25,742 $ 6,272

BASIC AND DILUTED INCOME PER _2

BASIC AND DILUTED INCOME PER SHARE (Tables)	6 Months Ended
BASIC AND DILUTED INCOME PER SHARE (Tables)	Jun. 30, 2023
BASIC AND DILUTED INCOME PER COMMON SHARE
Schedule of basic and diluted income per common share	Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Net Income $ 14,915 $ 3,757 $ 24,135 $ 5,822 Basic and Diluted Common Shares Weighted Average Shares Outstanding - Basic 11,466 11,417 11,425 11,417 Dilution for Assumed Exercises of Nonvested Restricted Stock Units 60 — 52 4 Weighted Average Common Shares Outstanding - Diluted 11,526 11,417 11,477 11,421

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
REVENUE (Tables)	Jun. 30, 2023
REVENUE
Schedule of disaggregation of revenue by the geographic region for customers	For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net Sales: North America $ 272,320 $ 185,635 $ 530,487 $ 379,986 Foreign 27,944 15,865 52,052 37,059 $ 300,264 $ 201,500 $ 582,539 $ 417,045

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
INVENTORIES (Tables)	Jun. 30, 2023
INVENTORIES
Schedule of inventories, net of reserves	June 30, December 31, 2023 2022 Chassis $ 14,888 $ 18,604 Raw materials 84,729 75,934 Work in process 43,129 40,655 Finished goods 24,712 18,463 $ 167,458 $ 153,656

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Jun. 30, 2023
COMMITMENTS AND CONTINGENCIES.
Summary of components of our lease cost	Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 Lease Cost Finance lease cost: Amortization of right-of-use assets $ 6 $ 5 $ 15 $ 10 Interest on lease obligation 2 — 3 1 Total finance lease cost 8 5 18 11 Total long-term operating lease cost 92 99 180 205 Total short-term operating lease cost 83 117 169 283 Total lease cost $ 183 $ 221 $ 367 $ 499 Other Information Cash paid for amounts included in the measurement of lease obligation: Operating cash flows from operating leases $ 92 $ 99 $ 180 $ 206 Financing cash flows from finance leases — 5 — 11 Right-of-use assets obtained in exchange for new operating lease obligations — 37 — 68
Summary of maturities of operating lease liabilities	Operating Lease Obligation Remaining lease payments to be paid during the year ended December 31, 2023 $ 173 2024 310 2025 256 2026 98 2027 2 Thereafter — Total lease payments 839 Less imputed interest (32) Lease obligation at June 30, 2023 $ 807

CORRECTION OF PRIOR PERIOD ER_2

CORRECTION OF PRIOR PERIOD ERRORS (Tables)	6 Months Ended
CORRECTION OF PRIOR PERIOD ERRORS (Tables)	Jun. 30, 2023
CORRECTION OF PRIOR PERIOD ERRORS
Schedule of impact of correcting prior period errors	June 30, 2022 As Reported Adjustment Revised Property, plant and equipment, net $ 113,550 $ (1,203) $ 112,347 Accounts payable 137,702 2,717 140,419 Accumulated surplus 143,631 (3,920) 139,711 December 31, 2021 As Reported Adjustment Revised Property, plant and equipment, net $ 96,496 $ (1,203) $ 95,293 Accounts payable 119,029 2,717 121,746 Accumulated surplus 141,918 (3,920) 137,998

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Chassis	$ 14,888	$ 18,604
Raw materials	84,729	75,934
Work in process	43,129	40,655
Finished goods	24,712	18,463
Inventories	$ 167,458	$ 153,656

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property, plant and equipment, net	$ 116,055	$ 112,145	$ 112,347	$ 95,293

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Life (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Depreciation and amortization	$ 6,361	$ 5,623

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accrued taxes	$ 882	$ 2,430
Accrued liabilities	$ 34,537	$ 27,904

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 customer
Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Number of customer	0

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended
	May 31, 2023	Jun. 30, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Purchase price			$ 17,802
Southern Hydraulic Cylinder, Inc. [Member]
Business Acquisition [Line Items]
Purchase price	$ 17,802
Inventory acquired	3,385
Acquired business contributed revenues		$ 919
Acquired business contributed earnings		$ 33
Accounts receivable	$ 2,244

BUSINESS COMBINATIONS - Schedul

BUSINESS COMBINATIONS - Schedule of allocations for net assets acquired (Details) - USD ($) $ in Thousands		6 Months Ended
	May 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Sources of financing
Cash		$ 17,802
Fair value of assets and liabilities
Goodwill		$ 20,594	$ 11,619
Southern Hydraulic Cylinder, Inc. [Member]
Sources of financing
Cash	$ 17,802
Fair value of consideration transferred	17,802
Fair value of assets and liabilities
Accounts receivable	2,244
Fixed assets	3,735
Inventory	3,385
Prepaid insurance	93
Total identifiable assets acquired	9,457
Assumed liabilities	630
Goodwill	$ 8,975

BUSINESS COMBINATIONS - Pro for

BUSINESS COMBINATIONS - Pro forma summary (Details) - Southern Hydraulic Cylinder, Inc. [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Revenue	$ 588,469	$ 423,251
Earnings	$ 25,742	$ 6,272

BASIC AND DILUTED INCOME PER CO

BASIC AND DILUTED INCOME PER COMMON SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income (Loss)		$ 14,915	$ 9,220	$ 3,757	$ 2,065	$ 24,135	$ 5,822
Basic and Diluted Common Shares
Weighted Average Shares Outstanding - Basic		11,466		11,417		11,425	11,417
Dilution for Assumed Exercises of Nonvested Restricted Stock Units		60				52	4
Weighted Average Common Shares Outstanding - Diluted		11,526		11,417		11,477	11,421
Restricted Stock Units
Basic and Diluted Common Shares
Antidilutive securities excluded from computation of earnings per share		128		160		128	0
Restricted stock units that vested	5
Restricted stock issued	29
Restricted stock units forfeited	0

REVENUE - Schedule of Disaggreg

REVENUE - Schedule of Disaggregation of Revenue by Geographic Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Net Sales	$ 300,264	$ 201,500	$ 582,539	$ 417,045
North America
Disaggregation of Revenue [Line Items]
Net Sales	272,320	185,635	530,487	379,986
Foreign
Disaggregation of Revenue [Line Items]
Net Sales	$ 27,944	$ 15,865	$ 52,052	$ 37,059

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended		18 Months Ended
REVENUE - Narrative (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) customer	Jun. 30, 2022 USD ($) customer	Jun. 30, 2023 USD ($) customer	Dec. 31, 2022 USD ($)
Concentration Risk [Line Items]
Contract liability balances related to performance obligations \| $	$ 242		$ 242		$ 242
Recognized revenue related to contract liability balances \| $	0	$ 0	0	$ 0
Contract assets \| $	$ 0		$ 0		$ 0	$ 0
Net sales \| Customer Concentration Risk \| Customer one
Concentration Risk [Line Items]
Number of customer \| customer				1
Concentration Risk, Percentage				10%
Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Number of customer \| customer			0
Accounts Receivable \| Customer Concentration Risk \| Customer one
Concentration Risk [Line Items]
Number of customer \| customer					1
Concentration Risk, Percentage					10%

INVENTORIES (Schedule of Invent

INVENTORIES (Schedule of Inventories, Net of Reserves) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
INVENTORIES
Chassis	$ 14,888	$ 18,604
Raw materials	84,729	75,934
Work in process	43,129	40,655
Finished goods	24,712	18,463
Inventories	$ 167,458	$ 153,656

LONG-TERM OBLIGATIONS (Details)

LONG-TERM OBLIGATIONS (Details) - USD ($) $ in Thousands	6 Months Ended
LONG-TERM OBLIGATIONS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Cash and temporary investments	$ 30,502	$ 40,153	$ 31,129	$ 54,332
First Tennessee Bank National Association \| Credit facility
Line of Credit Facility [Line Items]
Revolving credit facility	100,000
Line of credit outstanding borrowings	$ 60
First Tennessee Bank National Association \| Credit facility \| Minimum \| Secured Overnight Financing Rate (SOFR) [Member]
Line of Credit Facility [Line Items]
Variable interest rate in addition to reference rate	1%
Non-usage fee for current loan agreement in annual amount percentage	0.15%
First Tennessee Bank National Association \| Credit facility \| Maximum \| Secured Overnight Financing Rate (SOFR) [Member]
Line of Credit Facility [Line Items]
Variable interest rate in addition to reference rate	1.25%
Non-usage fee for current loan agreement in annual amount percentage	0.35%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Maturity of Undiscounted Cash Flows of Operating Lease Obligations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Operating Lease Obligation
2023	$ 173
2024	310
2025	256
2026	98
2027	2
Total lease payments	839
Less: Imputed Interest	(32)
Lease obligation at end of period	$ 807
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Finance Lease Obligation
Lessee, Finance Lease, Existence of Option to Extend [true false]	true
Lessee, Finance Lease, Existence of Option to Terminate [true false]	true

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Lease Cost
Amortization of right-of-use assets	$ 6	$ 5	$ 15	$ 10
Interest on lease obligation	2		3	1
Total finance lease cost	8	5	18	11
Total long-term operating lease cost	92	99	180	205
Total short-term operating lease cost	83	117	169	283
Total lease cost	183	221	367	499
Cash paid for amounts included in the measurement of lease obligation:
Operating cash flows from operating leases	$ 92	99	$ 180	206
Financing cash flows from finance leases		5		11
Right-of-use assets obtained in exchange for new operating lease obligations		37		68
Weighted average remaining lease term for operating leases	2 years 7 months 6 days		2 years 7 months 6 days		3 years 8 months 12 days
Weighted average discount rate for operating leases	3.20%		3.20%		3.90%
Boniface Engineering, Ltd.
Lease Cost
Total lease cost	$ 51	53	$ 101	108
Jige International S.A
Lease Cost
Total lease cost	$ 54	$ 38	$ 111	$ 71

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Other Commitments and Contingencies (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Maximum
Long-term Purchase Commitment [Line Items]
Repurchase collateral amount	$ 118,042	$ 74,122
Capital Addition Purchase Commitments
Long-term Purchase Commitment [Line Items]
Commitment amount	10,062	6,351
Software License Fee Arrangement
Long-term Purchase Commitment [Line Items]
Commitment amount	$ 1,378	$ 2,565

INCOME TAXES (Details)

INCOME TAXES (Details) $ in Thousands	Jun. 30, 2023 USD ($)
INCOME TAXES
Federal net operating loss carryforward	$ 0
State net operating loss carryforward	$ 1,366

CORRECTION OF PRIOR PERIOD ER_3

CORRECTION OF PRIOR PERIOD ERRORS (Details) $ in Thousands	6 Months Ended
CORRECTION OF PRIOR PERIOD ERRORS (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Property, plant and equipment, net	$ 116,055	$ 112,145	$ 112,347	$ 95,293
Accounts payable	188,869	125,500	140,419	121,746
Accumulated Surplus	$ 170,141	$ 150,124	139,711	137,998
Percent of accounts	0.036
As reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Property, plant and equipment, net			113,550	96,496
Accounts payable			137,702	119,029
Accumulated Surplus			143,631	141,918
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Property, plant and equipment, net			(1,203)	(1,203)
Accounts payable			2,717	2,717
Accumulated Surplus			$ (3,920)	$ (3,920)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 07, 2023	Jun. 12, 2023	Jun. 05, 2023	Jun. 30, 2023
Subsequent Event [Line Items]
Dividends payable, declared date	Aug. 07, 2023
Dividends payable, amount per share	$ 0.18
Dividends payable, payment date		Sep. 11, 2023
Dividends payable, record date			Sep. 01, 2023
First Tennessee Bank National Association \| Credit facility
Subsequent Event [Line Items]
Revolving credit facility				$ 100

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 14,915	$ 9,220	$ 3,757	$ 2,065	$ 24,135	$ 5,822

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false