MILLER INDUSTRIES INC TN
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
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Leases
**9.**LEASES
The following table summarizes the components of lease cost:
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · December 31, | |||||||||
| (in thousands) | 2023 | 2022 | 2021 | ||||||
| Lease Cost | | | | | | | | | |
| Finance lease cost: | | | | | | | | | |
| Amortization of right-of-use assets | | $— | | $14 | | $22 | |||
| Interest on lease obligation | | — | | 1 | | 1 | |||
| Total finance lease cost | | | — | | | 15 | | | 23 |
| Total long-term operating lease cost | | 365 | | 387 | | 419 | |||
| Total short-term operating lease cost | | 368 | | 592 | | 493 | |||
| Total lease cost | | $733 | | $994 | | $935 | |||
| PART II | ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
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The following table summarizes supplemental balance sheet and other information related to leases at:
| | | | | | | |
|---|---|---|---|---|---|---|
| · · December 31, | ||||||
| (in thousands) · · 2023 · 2022 | ||||||
| Operating Leases | | $ | | | | |
| Operating lease right-of-use assets | | | 826 | | | 909 |
| | | | | | | |
| Current portion of operating lease liabilities | | | 320 | | | 311 |
| Long-term operating lease liabilities | | | 506 | | | 597 |
| Total operating lease liabilities | | | 826 | | | 908 |
The following table presents other lease information related to the Company’s leases:
| | | | | | | | |
|---|---|---|---|---|---|---|---|
| · · December 31, | |||||||
| · · 2023 · · · 2022 | |||||||
| Weighted-average remaining lease term (years) | | | | | | | |
| Operating leases | | | 2.7 | | | 3.1 | |
| Finance leases | | | — | | | — | |
| | | | | | | | |
| Weighted-average discount rate | | | | | | | |
| Operating leases | | | 3.5% | | 3.1% | ||
| Finance leases | | | —% | | 4.0% | ||
The following table summarizes supplemental cash flow information related to leases:
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · December 31, | |||||||||
| (in thousands) · · · 2023 · 2022 · 2021 | |||||||||
| Other Information | | | | | | | | | |
| Cash paid for amounts included in the measurement of lease obligation: · · · · · · · | |||||||||
| Operating cash flows from operating leases | | $365 | | $387 | | $419 | |||
| Financing cash flows from finance leases | | — | | 15 | | 22 | |||
| | | | | | | | | | |
| Right-of-use assets obtained in exchange for new operating lease obligations | | — | | 117 | | 143 | |||
Future lease payments under non-cancellable leases as of December 31, 2023 were as follows:
| | | | |
|---|---|---|---|
| (in thousands) · · Operating Lease Obligations | |||
| Remaining lease payments to be paid during the year ended December 31, | | | |
| 2024 | $360 | ||
| 2025 | | 306 | |
| 2026 | | 139 | |
| 2027 | | 30 | |
| 2028 | | 24 | |
| Thereafter | | 11 | |
| Total lease payments | | | 869 |
| Less imputed interest | | | (43) |
| Lease obligation at December 31, 2023 | | $826 | |
Related Party Leases
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 years ended December 31, 2023, 2022, and 2021 of$0.2 million for all three years. The Company’s French subsidiary leased a fleet of vehicles from a related party with related lease costs during the year ended December 31, 2023, 2022, and 2021 of$0.2 million,$0.1 million, and$0.1 million, respectively.
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| | 49 |
| PART II | ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.