MILLER INDUSTRIES INC TN
For the period ended Dec 31, 2024. Filed Mar 5, 2025.
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FY2024 · Filed Mar 5, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Leases
**9.**LEASES
The following table summarizes the components of lease cost:
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| | December 31, | |||||||
| (in thousands) · 2024 · 2023 · 2022 | ||||||||
| LEASE COST | | | | | | | | |
| FINANCE LEASE COST: | | | | | | | | |
| Amortization of right-of-use assets | $— | | $— | | $14 | |||
| Interest on lease obligation | — | | — | | 1 | |||
| Total finance lease cost | | — | | | — | | | 15 |
| OPERATING LEASE COST: | | | | | | | | |
| Total long-term operating lease cost | 367 | | 365 | | 387 | |||
| Total short-term operating lease cost | 788 | | 368 | | 592 | |||
| TOTAL LEASE COST | $1,155 | | $733 | | $994 | |||
The following table summarizes supplemental balance sheet and other information related to leases at:
| | | | | | |
|---|---|---|---|---|---|
| | December 31, | ||||
| (in thousands) · 2024 · · 2023 | |||||
| OPERATING LEASES: | | | | | |
| Operating lease right-of-use assets | $545 | | $826 | ||
| | | | | | |
| Current Portion of Operating Lease Liabilities | | 318 | | | 320 |
| Long-Term Operating Lease Liabilities | | 227 | | | 506 |
| TOTAL OPERATING LEASE LIABILITIES | $545 | | $826 | ||
| PART II | ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
|---|
The following table presents other lease information related to the Company’s leases:
| | | | | | | |
|---|---|---|---|---|---|---|
| · · December 31, | ||||||
| · · 2024 · · 2023 | ||||||
| WEIGHTED-AVERAGE REMAINING LEASE TERM (YEARS): | | | | | | |
| Operating leases | | 2.0 | | | 2.7 | |
| Finance leases | | — | | | — | |
| | | | | | | |
| WEIGHTED-AVERAGE DISCOUNT RATE: | | | | | | |
| Operating leases | | 3.5% | | 3.5% | ||
The following table summarizes supplemental cash flow information related to leases:
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| | December 31, | |||||||
| (in thousands) · 2024 · · 2023 · · 2022 | ||||||||
| OTHER INFORMATION: | | | | | | | | |
| Cash paid for amounts included in the measurement of lease obligation: · · · · · · · | ||||||||
| Operating cash flows from operating leases | $367 | | $365 | | $387 | |||
| Financing cash flows from finance leases | | — | | | — | | | 15 |
| | | | | | | | | |
| Right-of-use assets obtained in exchange for new operating lease obligations | | — | | | — | | | 117 |
Future lease payments under non-cancellable leases as of December 31, 2024 were as follows:
| | | |
|---|---|---|
| | | |
| | | |
| (in thousands) · Operating Lease Obligations | ||
| Remaining lease payments to be paid during the year ended December 31, | | |
| 2025 | $347 | |
| 2026 | | 161 |
| 2027 | 54 | |
| 2028 | 39 | |
| Thereafter | 11 | |
| Total lease payments | | 612 |
| Less imputed interest | | (67) |
| Lease obligation as of December 31, 2024 | $545 | |
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 year ended December 31, 2024 of$0.1 million, and$0.2 million for each of the years ended 2023 and 2022. The Company’s French subsidiary leased a fleet of vehicles from a related party with related lease costs of$0.1 million,$0.2 million, and$0.1 million for the year ended December 31, 2024, 2023, and 2022, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.