Marine Products (MPX) 10-K26 Feb 212020 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Entity File Number	1-16263
Entity Registrant Name	MARINE PRODUCTS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-2572419
Entity Address, Address Line One	2801 BUFORD HIGHWAY NE, SUITE 300
Entity Address, City or Town	ATLANTA
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30329
City Area Code	404
Local Phone Number	321-7910
Title of 12(b) Security	COMMON STOCK
Trading Symbol	MPX
Security Exchange Name	NYSE
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 98,382,173
Entity Common Stock, Shares Outstanding		33,992,885
Entity Central Index Key	0001129155
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	true

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 31,573	$ 19,804
Accounts receivable, net of allowance for doubtful accounts of $20 in 2020 and 2019	4,706	6,607
Inventories	42,310	41,553
Income taxes receivable		907
Prepaid expenses and other current assets	1,947	2,056
Current assets	80,536	70,927
Property, plant and equipment, net	14,938	14,796
Goodwill	3,308	3,308
Other intangibles, net	465	465
Deferred income taxes	4,075	3,990
Other assets	16,100	11,278
Total assets	119,422	104,764
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	6,079	3,886
Accrued expenses and other liabilities	15,583	13,155
Current liabilities	21,662	17,041
Pension liabilities	12,524	9,980
Other long-term liabilities	717	531
Total liabilities	34,903	27,552
Commitments and contingencies (Note 10)
Preferred stock, $0.10 par value, 1,000,000 shares authorized, none issued	0	0
Common stock, $0.10 par value, 74,000,000 shares authorized, issued and outstanding ? 33,868,624 shares in 2020, 33,869,817 shares in 2019	3,387	3,387
Capital in excess of par value	0	0
Retained earnings	83,079	76,573
Accumulated other comprehensive loss	(1,947)	(2,748)
Total stockholders' equity	84,519	77,212
Total liabilities and stockholders' equity	$ 119,422	$ 104,764

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollar per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollar per share)	$ 0.10	$ 0.10
Common stock, shares authorized	74,000,000	74,000,000
Common stock, shares issued	33,868,624	33,869,817
Common Stock, Shares, Outstanding	33,868,624	33,869,817

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 239,825	$ 292,136	$ 298,616
Cost of goods sold	186,220	226,742	232,293
Gross profit	53,605	65,394	66,323
Selling, general and administrative expenses	29,244	31,259	30,936
Operating income	24,361	34,135	35,387
Interest income	95	323	268
Income before income taxes	24,456	34,458	35,655
Income tax provision	5,012	6,219	7,167
Net income	$ 19,444	$ 28,239	$ 28,488
EARNINGS PER SHARE
Basic	$ 0.57	$ 0.83	$ 0.83
Diluted	0.57	0.83	0.83
Dividends paid per share	$ 0.40	$ 0.58	$ 0.50

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 19,444	$ 28,239	$ 28,488
Other comprehensive income, net of taxes:
Pension adjustment	801	(166)	(242)
Unrealized gain on securities, net of reclassification adjustments		7	47
Comprehensive income	$ 20,245	$ 28,080	$ 28,293

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Total
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of accounting standard (Note 1)	$ (3,457)			$ (68,127)		$ 1,980	$ (69,604)
Balance at Dec. 31, 2017	$ 3,457			68,127		(1,980)	69,604
Balance (in shares) at Dec. 31, 2017	34,572,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 19	$ 2,070					2,089
Stock issued for stock incentive plans, net (in shares)	190,000
Adoption of accounting standard (Note 1)	$ (3,433)			(73,954)		2,175	(75,212)
Stock purchased and retired	$ (43)	(2,070)		(5,409)			(7,522)
Stock purchased and retired (in shares)	(434,000)
Net income				28,488			28,488
Pension adjustment, net of taxes						(242)	(242)
Unrealized gain on securities, net of taxes and reclassification adjustment						47	47
Dividends declared				(17,252)			(17,252)
Balance at Dec. 31, 2018	$ 3,433			73,954		(2,175)	75,212
Balance (in shares) at Dec. 31, 2018	34,328,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of accounting standard (Note 1)	$ (3,433)			(73,954)		2,175	(75,212)
Stock issued for stock incentive plans, net	$ 13	2,110					2,123
Stock issued for stock incentive plans, net (in shares)	129,000
Adoption of accounting standard (Note 1)	$ (3,387)		$ 414	(76,573)	$ (414)	2,748	(75,212)
Stock purchased and retired	$ (59)	(2,110)		(6,278)			(8,447)
Stock purchased and retired (in shares)	(587,000)
Net income				28,239			28,239
Pension adjustment, net of taxes						(166)	(166)
Unrealized gain on securities, net of taxes and reclassification adjustment						7	7
Dividends declared				(19,756)			(19,756)
Balance at Dec. 31, 2019	$ 3,387		(414)	76,573	414	(2,748)	$ 77,212
Balance (in shares) at Dec. 31, 2019	33,870,000						33,869,817
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of accounting standard (Note 1)	$ (3,387)		414	(76,573)	(414)	2,748	$ (77,212)
Stock issued for stock incentive plans, net	$ 17	3,085					3,102
Stock issued for stock incentive plans, net (in shares)	173,000
Adoption of accounting standard (Note 1)	$ (3,387)		$ 414	(83,079)	$ (414)	1,947	(77,212)
Stock purchased and retired	$ (17)	$ (3,085)		612			(2,490)
Stock purchased and retired (in shares)	(174,000)
Net income				19,444			19,444
Pension adjustment, net of taxes						801	801
Dividends declared				(13,550)			(13,550)
Balance at Dec. 31, 2020	$ 3,387			83,079		(1,947)	$ 84,519
Balance (in shares) at Dec. 31, 2020	33,869,000						33,868,624
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of accounting standard (Note 1)	$ (3,387)			$ (83,079)		$ 1,947	$ (84,519)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OPERATING ACTIVITIES
Net income	$ 19,444	$ 28,239	$ 28,488
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation Expense	1,954	2,090	1,820
Gain on sale of equipment and property	(31)
(Accretion) of discount/ amortization of premium related to marketable securities		(5)	213
Stock-based compensation expense	3,102	2,123	2,089
Deferred income tax (benefit) provision	(311)	(620)	378
Pension settlement loss	647
(Increase) decrease in assets:
Accounts receivable	1,901	(2,735)	(821)
Income taxes receivable	907	(455)	262
Inventories	(757)	5,217	(8,764)
Prepaid expenses and other current assets	109	(261)	301
Other non-current assets	(4,428)	(1,355)	(563)
Increase (decrease) in liabilities:
Accounts payable	2,193	(787)	(689)
Other accrued expenses	2,426	(386)	(505)
Other long-term liabilities	2,718	2,852	566
Net cash provided by operating activities	29,874	33,917	22,775
INVESTING ACTIVITIES
Capital expenditures	(2,099)	(2,334)	(2,154)
Proceeds from sale of assets	34
Sales and maturities of marketable securities		7,978	21,423
Purchases of marketable securities		(299)	(16,209)
Net cash (used for) provided by investing activities	(2,065)	5,345	3,060
FINANCING ACTIVITIES
Payment of dividends	(13,550)	(19,756)	(17,252)
Cash paid for common stock purchased and retired	(2,490)	(8,447)	(7,522)
Net cash used for financing activities	(16,040)	(28,203)	(24,774)
Net increase in cash and cash equivalents	11,769	11,059	1,061
Cash and cash equivalents at beginning of year	19,804	8,745	7,684
Cash and cash equivalents at end of year	$ 31,573	$ 19,804	$ 8,745

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 1: SIGNIFICANT ACCOUNTING POLICIES Basis of Consolidation and Presentation The consolidated financial statements included herein may not necessarily be indicative of the future results of operations, financial position and cash flows of Marine Products. The Company has one reportable segment — its Powerboat Manufacturing business. The Company’s results of operations and its financial condition are not significantly reliant upon any single customer or product model. No single dealer accounted for 10 percent or more of net sales during 2020, 2019 or 2018. Net sales to the Company’s international dealers were approximately $11.8 million in 2020, $17.0 million in 2019, and $19.4 million in 2018. Common Stock Preferred Stock Share Repurchases Dividend Use of Estimates in the Preparation of Financial Statements Sales Recognition Advertising Cash and Cash Equivalents Marketable Securities Management determined the appropriate classification of debt securities at the time of purchase and re-evaluates such designations as of each balance sheet date. Debt securities were classified as available-for-sale because the Company did not have the intent to hold the securities to maturity. Available-for-sale securities are stated at their fair values, with the unrealized gains and losses, net of taxes, reported as a separate component of stockholders’ equity. The cost of securities sold is based on the specific identification method. Realized gains and losses, declines in value judged to be other than temporary, interest and dividends on available-for-sale securities are included in interest income. Net realized gains (losses) on marketable securities totaled $4,000 in 2019 and $(81,000) in 2018. Of the total (losses) gains realized, reclassification from other comprehensive income totaled $4,000 in 2019 and $(81,000) in 2018. There were no gross unrealized gains or losses on marketable securities as of December 31, 2020 and 2019. Accounts Receivable Inventories Property, Plant and Equipment Goodwill and Other Intangibles Investments Warranty Costs one (in thousands) 2020 2019 Balance at beginning of year $ 5,410 $ 5,607 Less: Payments made during the year (3,225) (4,004) Add: Warranty provision for the current year 3,095 3,788 Changes to warranty provision for prior years (250) 19 Balance at end of year $ 5,030 $ 5,410 Insurance Accruals Research and Development Costs Repurchase Obligations Income Taxes Retirement Income Plan 65 59 1/2 Stock-Based Compensation Earnings per Share Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows: (In thousands) 2020 2019 2018 Net income available for stockholders $ 19,444 $ 28,239 $ 28,488 Less: Adjustments for earnings attributable to participating securities (416) (669) (762) Net income used in calculating earnings per share $ 19,028 $ 27,570 $ 27,726 Weighted average shares outstanding (including participating securities) 33,926 34,061 34,529 Adjustment for participating securities (734) (831) (959) Shares used in calculating diluted earnings per share 33,192 33,230 33,570 Fair Value of Financial Instruments Concentration of Suppliers Recent Accounting Pronouncements — The FASB issued the following Accounting Standards Updates (ASUs): Recently Adopted Accounting Standards: ASU No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The ASU introduced a new accounting model, the Current Expected Credit Losses model (CECL), which requires earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for recognition. The expected credit losses are adjusted each period for changes in expected lifetime. The Company adopted the provisions of the standard in the first quarter of 2020 and the adoption did not have a material impact on its consolidated financial statements. ASU No. 2017-04 —Intangibles —Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU No. 2018-15 — Intangibles —Goodwill and Other —Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments reduce the complexity for the accounting for costs of implementing a cloud computing service arrangement and align the requirements for capitalizing implementation costs that are incurred in a hosting arrangement that is a service contract with the costs incurred to develop or obtain internal-use software. The Company adopted these provisions in the first quarter of 2020 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: ASU No. 2019-12 — Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing the exceptions to the incremental approach for intra-period tax allocation in certain situations, requirement to recognize a deferred tax liability for a change in the status of a foreign investment, and the general methodology for computing income taxes in an interim period when year-to date loss exceeds the anticipated loss for the year. The amendments also simplify the accounting for income taxes with regard to franchise tax, evaluation of step up in the tax basis of goodwill in certain business combinations, allocating current and deferred tax expense to legal entities that are not subject to tax and enacted change in tax laws or rates. The Company will adopt these provisions in the first quarter of 2021 and the adoption is not expected to have a material impact on its consolidated financial statements.

NET SALES

NET SALES	12 Months Ended
NET SALES	Dec. 31, 2020
Net Sales
Net Sales	NOTE 2: NET SALES Accounting Policy - Nature of goods - ● Boats and accessories (domestic sales) – upon delivery and acceptance by the dealer. ● Boats and accessories (international sales) – upon delivery to shipping port. ● Parts – upon shipment/delivery to carrier. Payment terms - seven ten When the Company enters into contracts with its customers, it generally expects there to be no significant timing difference between the date the goods have been delivered to the customer (satisfaction of the performance obligation) and the date cash consideration is received. Accordingly, there is no financing component to the Company’s arrangements with its customers. Significant judgments Determining the transaction price - ● Inputs: Current model year boat sales, total potential program incentive percentage, prior model year results of dealer incentive activity (i.e., incentive earned as a percentage of total incentive potential). ● Assumption: Current model year incentive activity will closely reflect prior model year actual results, adjusted as necessary for dealer purchasing trends or economic factors. Other Disaggregation of revenues The following table disaggregates our sales by major source: (in thousands) 2020 2019 2018 Boats and accessories $ 235,097 $ 287,837 $ 294,537 Parts 4,728 4,299 4,079 Net sales $ 239,825 $ 292,136 $ 298,616 The following table disaggregates our revenues between domestic and international: (in thousands) 2020 2019 2018 Domestic $ 228,092 $ 275,133 $ 279,175 International 11,733 17,003 19,441 Net sales $ 239,825 $ 292,136 $ 298,616 Timing of revenue recognition for each of the periods presented is shown below: (in thousands) 2020 2019 2018 Products transferred at a point in time $ 239,825 $ 292,136 $ 298,616 Products transferred over time — — — Net sales $ 239,825 $ 292,136 $ 298,616 Contract balances - (in thousands) 2020 2019 Deferred revenue $ 1,245 $ 295 Substantially all of the amounts of deferred revenue as of December 31, 2020 and December 31, 2019 were recognized as sales during the following quarter, when control transferred.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	12 Months Ended
ACCOUNTS RECEIVABLE	Dec. 31, 2020
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE	NOTE 3: ACCOUNTS RECEIVABLE Accounts receivable consist of the following: December 31, 2020 2019 (in thousands) Trade receivables $ 3,253 $ 2,319 Other 1,469 4,308 Total 4,722 6,627 Less: allowance for credit losses (16) (20) Net accounts receivable $ 4,706 $ 6,607 Trade receivables consist primarily of balances related to the sales of boats which are shipped pursuant to “floor-plan financing” programs with qualified lenders. Other receivables consist primarily of rebate receivables from various suppliers and also a state incentive receivable in 2020 and 2019. Changes in the Company’s allowance for credit losses are disclosed in Schedule II on page 66 of this report.

INVENTORIES

INVENTORIES	12 Months Ended
INVENTORIES	Dec. 31, 2020
INVENTORIES
INVENTORIES	NOTE 4: INVENTORIES Inventories consist of the following: December 31, 2020 2019 (in thousands) Raw materials $ 21,754 $ 24,993 Work in process 11,378 7,731 Finished goods 9,178 8,829 Total inventories $ 42,310 $ 41,553

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT	Dec. 31, 2020
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	NOTE 5: PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are presented at cost, net of accumulated depreciation, and consist of the following: Estimated December 31, Useful Lives 2020 2019 (in thousands) Land N/A $ 878 $ 878 Buildings 7-40 20,966 20,552 Operating equipment and property 3-15 12,923 11,891 Furniture and fixtures 5-7 2,560 1,999 Vehicles 5-10 7,677 7,734 Gross property, plant and equipment 45,004 43,054 Less: accumulated depreciation (30,066) (28,258) Net property, plant and equipment $ 14,938 $ 14,796 Depreciation expense was $1,954,000 in 2020, $2,090,000 in 2019 and $1,820,000 in 2018. The Company’s accounts payable for purchases of property and equipment was immaterial as of December 31, 2020, December 31, 2019 and December 31, 2018.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	12 Months Ended
ACCRUED EXPENSES AND OTHER LIABILITIES	Dec. 31, 2020
ACCRUED EXPENSES AND OTHER LIABILITIES
ACCRUED EXPENSES AND OTHER LIABILITIES	NOTE 6: ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consist of the following: December 31, 2020 2019 (in thousands) Accrued payroll and related expenses $ 4,458 $ 3,021 Accrued sales incentives and discounts 3,292 3,716 Accrued warranty costs 5,030 5,410 Deferred revenue 1,245 295 Other 1,558 713 Total accrued expenses and other liabilities $ 15,583 $ 13,155

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2020
INCOME TAXES
INCOME TAXES	NOTE 7: INCOME TAXES On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which provided a variety of tax incentives for businesses to counter the effects of the COVID -19 pandemic. The CARES Act did not have a material impact on the Company’s consolidated financial statements. The Tax Cuts and Jobs Act of 2017 (“the Act”), effective January 1, 2018, included a reduction to the US federal tax rate from 35 percent to 21 percent and resulted in adjustments in the carrying amounts of deferred tax assets and liabilities for the new corporate income tax rate, and modified the calculation of deductible compensation of our executive officers. Included among other international provisions, the Act provides for a deduction on certain qualifying income related to export sales of property or services referred to as Foreign Derived Intangible Income (“FDII”), and the elimination of the US manufacturing deduction. In accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 118, the Company completed its accounting for the provisional amounts recognized under the Act as of December 31, 2017 and recorded a reduction in tax expense of $0.1 million, in the fourth quarter of 2018. The 2020 tax expense includes an estimated tax benefit associated with FDII of $103 thousand. The following table lists the components of the provision for income taxes: Years ended December 31, 2020 2019 2018 (in thousands) Current provision: Federal $ 4,741 $ 6,637 $ 6,173 State 582 202 616 Deferred (benefit) provision: Federal (410) (715) 384 State 99 95 (6) Total income tax provision $ 5,012 $ 6,219 $ 7,167 A reconciliation between the federal statutory rate and Marine Products’ effective tax rate is as follows: Years ended December 31, 2020 2019 2018 Federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 1.4 1.0 1.5 Research and experimentation credit (1.5) (1.2) (0.8) Non-deductible expenses 0.1 (0.7) 0.4 Change in contingencies 0.1 (0.1) 0.4 Adjustments related to the Act — — (0.3) Adjustments related to vesting of restricted stock (1.5) (1.5) (1.8) Other 0.9 (0.5) (0.3) Effective tax rate 20.5 % 18.0 % 20.1 % Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2020 2019 (in thousands) Deferred tax assets: Warranty costs $ 1,107 $ 1,190 Sales incentives and discounts 278 404 Stock-based compensation 717 696 Pension 2,365 2,002 State NOL’s 423 484 State credits 1,818 1,818 All others 635 560 Valuation allowance (1,818) (1,818) Total deferred tax assets 5,525 5,336 Deferred tax liabilities: Depreciation and amortization expense (965) (947) Basis differences in joint venture (485) (399) Net deferred tax assets $ 4,075 $ 3,990 Total net income tax payments were $4,099,000 in 2020, $7,330,000 in 2019, and $6,290,000 in 2018. As of December 31, 2020, the Company had net operating loss carryforwards related to state income taxes of approximately $10.6 million and other state credits of approximately $2.3 million (gross) that will expire between 2021 and 2035. The Company does not have a valuation allowance related to net operating loss carryforwards due to implemented tax planning strategies. The Company has a valuation allowance against the corresponding deferred tax asset on all state tax credits because, at this time, the Company does not expect to utilize them. The Company’s policy is to record interest and penalties related to income tax matters as income tax expense. Accrued interest and penalties were immaterial as of December 31, 2020 and 2019. During 2020, the Company recognized an increase in its liability for unrecognized tax benefits related primarily to state income taxes. The liability, if recognized, would affect our effective rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2020 2019 Balance at January 1 $ 358,000 $ 393,000 Additions (reductions) based on tax positions related to the current year 34,000 (28,000) Additions (reductions) for tax positions of prior years 9,000 (7,000) Balance at December 31 $ 401,000 $ 358,000 It is reasonably possible that the amount of the unrecognized benefits with respect to the Company’s unrecognized tax positions will increase or decrease in the next 12 months. These changes may be the result of, among other things, state tax settlements under voluntary disclosure agreements. However, quantification of an estimated range cannot be made at this time. The Company and its subsidiaries are subject to U.S. federal and state income tax in multiple jurisdictions. In many cases, the uncertain tax positions are related to tax returns that remain open and subject to examination by the relevant taxing authorities. The Company’s 2016 through 2019 tax returns remain open to examination. Additional years may be open to the extent attributes are being carried forward to an open year.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Dec. 31, 2020
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 8: ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss consists of the following: Unrealized Gain (Loss) Pension on Adjustment Securities Total (in thousands) Balance at December 31, 2018 $ (2,178) $ 3 $ (2,175) Adoption of accounting standard (Note 1) (404) (10) (414) Before-tax amount (300) 13 (287) Tax benefit 66 (3) 63 Reclassification adjustment, net of taxes Amortization of net loss 68 — 68 Net realized loss — (3) (3) Total activity in 2019 (570) (3) (573) Balance at December 31, 2019 $ (2,748) $ — $ (2,748) Before-tax amount 250 250 Tax expense (30) (30) Reclassification adjustment, net of taxes Amortization of net loss 76 76 Pension settlement loss 505 505 Total activity in 2020 801 801 Balance at December 31, 2020 $ (1,947) $ — $ (1,947)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Dec. 31, 2020
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 9: FAIR VALUE MEASUREMENTS The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three broad levels as follows: 1. Level 1 – Quoted market prices in active markets for identical assets or liabilities. 2. Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 3. Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use. The Company determines the fair value of the marketable securities that are available-for-sale through quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. There are no available-for-sale securities held as of December 31, 2020 and 2019. Trading securities are comprised of SERP assets, as described in Note 11, and are recorded primarily at their net cash surrender values calculated using their net asset values, which approximate fair value, as provided by the issuing insurance company. Trading securities were $10,622,000 as of December 31, 2020 and $6,716,000 as of December 31, 2019. Significant observable inputs, in addition to quoted market prices, were used to value the trading securities. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. For the year ended December 31, 2020 there were 1 2 3 The carrying amount of other financial instruments reported in the balance sheet for current assets and current liabilities approximate their fair values because of the short-term maturity of these instruments. The Company currently does not use the fair value option to measure any of its existing financial instruments and has not determined whether or not it will elect this option for financial instruments it may acquire in the future.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 10: COMMITMENTS AND CONTINGENCIES Lawsuits Dealer Floor Plan Financing The Company had no repurchases of dealer inventory under contractual agreements during 2020 and had repurchases totaling $3.4 million during 2019 as a result of dealer defaults. During 2019, the Company redistributed $3.1 million of these boats among existing and replacement dealers. As of December 31, 2020, no liability related to repurchases remains outstanding to floor plan lenders. The remaining repurchased boats were included in inventory as of December 31, 2019 and were recorded at a net realizable value of $0.3 million. The Company recorded $0.1 million for costs associated with these repurchases in 2019 including a reserve for estimated transportation costs and the write down of repurchased inventory to net realizable value. As of December 31, 2020, no liability related to this repurchase remains outstanding. Management continues to monitor the risk of additional defaults and resulting repurchase obligations based in part on information provided by the third-party floor plan lenders and will adjust the guarantee liability at the end of each reporting period based on information reasonably available at that time. The Company currently has an agreement with one of the floor plan lenders whereby the contractual repurchase limit is not to exceed 16 percent of the average net receivables financed by the floor plan lender for dealers during the prior 12 month period, which was $9.7 million as of December 31, 2020. The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of approximately $3.5 million, with various expiration and cancellation terms of less than one year, for an aggregate repurchase obligation with all financing institutions of approximately $13.2 million as of December 31, 2020. This repurchase obligation risk is mitigated by the value of the boat repurchased. Income Taxes Employment Agreement

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Dec. 31, 2020
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	NOTE 11: EMPLOYEE BENEFIT PLANS Supplemental Executive Retirement Plan (“SERP”) The Company classifies the SERP assets as trading securities as described in Note 1. The fair value of these assets totaled $10,622,000 as of December 31, 2020 and $6,716,000 as of December 31, 2019. The SERP assets are reported in other assets on the consolidated balance sheets and changes related to the fair value of the assets are included in selling, general and administrative expenses in the consolidated statements of operations. Trading (losses) gains related to the SERP assets totaled $906,000 in 2020, $1,197,000 in 2019 and $(544,000) in 2018. The SERP liabilities are recorded on the balance sheet in pension liabilities with any change in the fair value of the SERP liabilities recorded as selling, general and administrative expenses in the consolidated statements of operations. Retirement Income Plan In October 2020, the Company amended the Retirement Income Plan to add a limited lump-sum payment window for vested terminated participants who had terminated employment before July 1, 2020 and for active employees who reached age 59 ½ by December 1, 2020, with a vested balance. The participants could elect to receive their vested balance immediately as a lump-sum or a monthly annuity payment. The lump-sum payment window offering ended during the fourth quarter of 2020 and plan assets were used to fund participant elections. The resulting non-cash settlement charges represent the accelerated recognition of actuarial losses reflected in accumulated other comprehensive income (AOCI). A settlement loss of $0.6 million associated with the acceptance of these lump-sum payments is included as part of selling, general and administrative expenses in the consolidated statements of operations. The Company’s fair value of the plan assets exceeded the projected benefit obligation for its Retirement Income Plan by $1,775,000 and thus the plan was over-funded as of December 31, 2020. The following table sets forth the funded status of the Retirement Income Plan and the amounts recognized in Marine Products’ consolidated balance sheets: December 31, 2020 2019 (in thousands) ACCUMULATED BENEFIT OBLIGATION, END OF YEAR $ 5,576 $ 6,433 CHANGE IN PROJECTED BENEFIT OBLIGATION: Benefit obligation at beginning of year $ 6,433 $ 5,833 Service cost — — Interest cost 230 255 Actuarial loss 622 570 Benefits paid (264) (225) Settlement (1,445) — Projected benefit obligation at end of year $ 5,576 $ 6,433 CHANGE IN PLAN ASSETS: Fair value of plan assets at beginning of year $ 7,314 $ 6,802 Actual return on plan assets 1,196 737 Employer contributions 550 — Benefits paid (264) (225) Settlements (1,445) — Fair value of plan assets at end of year $ 7,351 $ 7,314 Funded status at end of year $ 1,775 $ 881 December 31, 2020 2019 (in thousands) AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF: Noncurrent assets $ 1,775 $ 881 Current liabilities — — Noncurrent liabilities — — $ 1,775 $ 881 The funded status of the Retirement Income Plan was recorded in the consolidated balance sheets in other assets as of both December 31, 2020 and December 31, 2019. December 31, 2020 2019 (in thousands) AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF: Net loss $ 2,496 $ 3,524 Prior service cost (credit) — — Net transition obligation (asset) — — $ 2,496 $ 3,524 The accumulated benefit obligation for the Retirement Income Plan as of December 31, 2020 and 2019 has been disclosed above. The Company uses a December 31 measurement date for this qualified plan. Amounts recorded in the consolidated balance sheet as pension liabilities consist of: December 31, 2020 2019 (in thousands) SERP liability $ (12,524) $ (9,980) Funded status of Retirement Income Plan — — Pension liabilities $ (12,524) $ (9,980) Marine Products’ funding policy is to contribute to the Retirement Income Plan the amount required, if any, under the Employee Retirement Income Security Act of 1974. The Company contributed $550,000 during 2020 and $770,000 during 2019 to the plan. The components of net periodic benefit cost of the Retirement Income Plan are summarized as follows: Years ended December 31, 2020 2019 2018 (in thousands) Service cost for benefits earned during the period $ — $ — $ — Interest cost on projected benefit obligation 230 255 251 Expected return on plan assets (292) (468) (501) Amortization of net loss 98 87 81 Settlement loss 647 — — $ 683 $ (126) $ (169) The Company recognized pre-tax decreases to the funded status in accumulated other comprehensive loss of $899,000 in 2020 and other comprehensive income of $213,000 in 2019 and $314,000 in 2018. There were no previously unrecognized prior service costs during 2020, 2019 and 2018. The pre-tax amounts recognized in other comprehensive income for the years ended December 31, 2020, 2019 and 2018 are summarized as follows: (in thousands) 2020 2019 2018 Net loss (gain) $ (154) $ 300 $ 395 Amortization of net loss (98) (87) (81) Net transition obligation (asset) — — — Settlement loss (647) — — Amount recognized in accumulated other comprehensive (loss) income $ (899) $ 213 $ 314 The weighted average assumptions as of December 31 used to determine the projected benefit obligation and net benefit cost were as follows: December 31, 2020 2019 2018 PROJECTED BENEFIT OBLIGATION: Discount rate 2.70 % 3.70 % 4.65 % Rate of compensation increase N/A N/A N/A NET BENEFIT COST: Discount rate 3.70 % 4.65 % 4.05 % Expected return on plan assets 4.00 % 7.00 % 7.00 % Rate of compensation increase N/A N/A N/A The Company’s expected return on assets assumption is derived from a detailed periodic assessment by its management and investment advisor. It includes a review of anticipated future long-term performance of individual asset classes and consideration of the appropriate asset allocation strategy given the anticipated requirements of the plan to determine the average rate of earnings expected on the funds invested to provide for the pension plan benefits. While the assessment considers recent fund performance and historical returns, the rate of return assumption is derived primarily from a long-term, prospective view. Based on its recent assessment, the Company has concluded that its expected long-term return assumption of four percent is reasonable. The plan’s weighted average asset allocation at December 31, 2020 and 2019 by asset category along with the target allocation for 2020 are as follows: Percentage of Percentage of Plan Assets as of Plan Assets as of Target Allocation December 31, December 31, Asset Category for 2021 2020 2019 Cash and Cash Equivalents 0 % - 5 % 2.0 % 1.3 % Fixed Income Securities 15 % - 100 % 98.0 91.7 Investments measured at net asset value — % — 7.0 Total 100.0 % 100.0 % 100.0 % The Company’s investments consist primarily of fixed-income securities that include corporate bonds, mortgage-backed securities, sovereign bonds, and U.S. Treasuries. For each of the asset categories in the pension plan, the investment strategy is identical – maximize the long-term rate of return on plan assets while minimizing the level of risk to minimize the cost of providing pension benefits. The investment policy establishes a target allocation for each asset class which is rebalanced as required. The plan utilizes a number of investment approaches, including but not limited to individual market securities, equity and fixed income funds in which the underlying securities are marketable, and debt funds to achieve this target allocation. Although not required, the Company is currently evaluating the cash contributions to the pension plan during fiscal year 2021. The following tables present our plan assets using the fair value hierarchy as of December 31, 2020 and 2019. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. See Note 8 for a brief description of the three levels under the fair value hierarchy. Fair Value Hierarchy as of December 31, 2020: Investments (in thousands) Total Level 1 Level 2 Cash and Cash Equivalents (1) $ 138 $ 138 $ — Fixed Income Securities (2) 7,213 — 7,213 Total Assets in the Fair Value Hierarchy $ 7,351 $ 138 $ 7,213 Investments Measured at Net Asset Value — Investments at Fair Value $ 7,351 Fair Value Hierarchy as of December 31, 2019: Investments (in thousands) Total Level 1 Level 2 Cash and Cash Equivalents (1) $ 92 $ 92 $ — Fixed Income Securities (2) 6,708 — 6,708 Total Assets in the Fair Value Hierarchy $ 6,800 $ 92 $ 6,708 Investments Measured at Net Asset Value 514 Investments at Fair Value $ 7,314 (1) Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds. (2) Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. The Company estimates that the future benefits payable for the Retirement Income Plan over the next ten years are as follows: (in thousands) 2021 $ 264 2022 264 2023 266 2024 266 2025 264 2026-2030 $ 1,384 401(k) Plan Effective January 1, 2019, the Company began matching 100 percent of employee’s contributions for each dollar of a participant’s contribution to the 401(k) Plan for the first three percent of his or her annual compensation, and fifty percent for each dollar of a participant’s contribution to the 401(k) Plan for the next three percent of his or her annual compensation. Employees vest in the Company’s contributions after three years of service. The charges to expense for Marine Products’ contributions to the 401(k) plan were $603,000 in 2020, $796,000 in 2019 and $319,000 in 2018. Stock Incentive Plan expiring in April 2024. All future equity compensation awards by the Company will be issued under the 2014 plan. This plan provides for the issuance of various forms of stock incentives, including among others, incentive and non-qualified stock options and restricted shares. As of December 31, 2020, there were 1,569,700 shares available for grant. The Company recognizes compensation expense for the unvested portion of awards outstanding over the remainder of the service period. The compensation cost recorded for these awards will be based on their fair value at grant date less the cost of estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods to reflect actual forfeitures. Pre-tax stock-based employee compensation expense was approximately $3,102,000 ($2,420,000 after tax) for 2020, $2,123,000 ($1,656,000 after tax) for 2019, and $2,089,000 ($1,629,000 after tax) for 2018. Stock Options The Company estimates the fair value of stock options as of the date of grant using the Black-Scholes option pricing model. The Company has not granted stock options to employees since 2004. There were no options exercised in 2020, 2019 or 2018 and there are no stock options outstanding as of December 31, 2020. Restricted Stock The agreements under which the restricted stock is issued provide that shares awarded may not be sold or otherwise transferred until restrictions established under the stock plans have lapsed. Upon termination of employment from the Company, with the exception of death (fully vests), disability or retirement (partially vests based on duration of service), shares with restrictions are forfeited in accordance with the plan. The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2020: Weighted Average Grant-Date Fair Shares Value Non-vested shares at January 1, 2020 815,540 $ 11.29 Granted 179,000 15.00 Vested (310,520) 9.91 Forfeited (5,800) 13.09 Non-vested shares at December 31, 2020 678,220 $ 12.89 The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2019: Weighted Average Grant-Date Fair Shares Value Non-vested shares at January 1, 2019 947,710 $ 9.41 Granted 141,600 17.21 Vested (260,770) 7.65 Forfeited (13,000) 11.68 Non-vested shares at December 31, 2019 815,540 $ 11.29 The fair value of restricted stock awards is based on the market price of the Company’s stock on the date of grant and is amortized to compensation expense on a straight-line basis over the requisite service period. The weighted average grant date fair value of these restricted stock awards was $15.00 in 2020, $17.21 in 2019 and $13.97 in 2018. The total fair value of shares vested was approximately $4,431,000 in 2020, $3,818,000 in 2019 and $4,289,000 during 2018. For the year ending December 31, 2020 approximately $363,000 of excess tax benefits for stock-based compensation awards were recorded as a discrete tax adjustment and classified within operating activities in the consolidated statements of cash flows compared to approximately $517,000 for the year ending December 31, 2019. Other Information which is expected to be recognized over a weighted-average period of 3.1 years.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 12: RELATED PARTY TRANSACTIONS In conjunction with its spin-off from RPC in 2001, the Company and RPC entered into various agreements that define the companies’ relationship after the spin-off. The Transition Support Services Agreement provides for RPC to provide certain services, including financial reporting and income tax administration, acquisition assistance, etc., to Marine Products until the agreement is terminated by either party. Marine Products reimbursed RPC for its estimated allocable share of administrative costs incurred for services rendered on behalf of Marine Products totaling $846,000 in 2020, $865,000 in 2019, and $873,000 in 2018. The Company’s payable to RPC for these services was $49,000 as of December 31, 2020 and $56,000 as of December 31, 2019. Many of the Company’s directors are also directors of RPC and the Company’s executive officers are employees of both the Company and RPC. The Employee Benefits Agreement provides for, among other things, the Company’s employees to continue participating subsequent to the spin-off in two RPC sponsored benefit plans, specifically, the defined contribution 401(k) plan and the defined benefit retirement income plan. RPC and Marine Products own 50 percent each of a limited liability company called 255 RC, LLC that was created for the joint purchase and ownership of a corporate aircraft. The purchase was funded primarily by a $2,554,000 contribution by each company to 255 RC, LLC. Each of RPC and Marine Products is currently a party to an operating lease agreement with 255 RC, LLC for a period of five years . Marine Products recorded certain net operating costs comprised of rent and an allocable share of fixed costs of $160,000 in 2020 and $159,000 in 2019 and 2018 for the corporate aircraft. The Company has a payable to 255 RC LLC of $1.2 million as of December 31, 2020 and $1.0 million as of December 31, 2019. The Company accounts for this investment using the equity method and its proportionate share of income or loss is recorded in selling, general and administrative expenses. As of December 31, 2020, the investment closely approximates the underlying equity in the net assets of 255 RC, LLC and the undistributed earnings represented in retained earnings was approximately $462,000. A group that includes the Company’s Chairman of the Board, Gary W. Rollins, who is also director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.

LEASES

LEASES	12 Months Ended
LEASES	Dec. 31, 2020
LEASES
LEASES	NOTE 13: LEASES The Company adopted ASU No. 2016-02, Leases (Topic 842) on January 1, 2019 and recognized leases with duration greater than 12 months on the balance sheet using the modified retrospective approach. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed for a carry-forward of the historical lease classification. For leases with terms greater than 12 months, the Company has recorded the related Right-Of-Use asset and liability at the present value of lease payments over the term. Renewal options have been factored into the determination of lease payments when appropriate. There are no residual value guarantees on the existing leases. The Company estimates its incremental borrowing rate, at lease commencement, to determine the present value of lease payments, since most of the Company’s leases do not provide an implicit rate of return. The Company’s lease population consists primarily of office equipment. The Company does not have any finance leases. The Company determines at contract inception, if an arrangement is a lease or contains a lease based on whether the Company obtains the right to control the use of specifically identifiable property, plant and equipment for a period of time in exchange for consideration. The Company has elected not to separate non-lease components from lease components for its leases. Variable lease payments are recognized as expense when incurred. As of December 31, 2020, the Company had no operating leases that had not yet commenced. Lease position: The table below presents the assets and liabilities related to operating leases recorded on the balance sheet: December 31, Classification on Consolidated Balance Sheet 2020 2019 (in thousands) Assets: Operating lease right-of-use assets Other assets $ 124 $ 159 Liabilities: Current portion of operating lease liabilities Accrued expenses and other liabilities $ 52 $ 47 Long-term operating lease liabilities Other long-term liabilities 70 110 Total lease liabilities $ 122 $ 157 Lease Costs: The components of lease expense are included in selling, general and administrative expenses in the consolidated statements of operations as disclosed below: Year ended December 31, 2020 2019 (in thousands) Operating lease cost $ 54 $ 52 Short-term lease cost 2 3 Total lease cost $ 56 $ 55 Total rental expense, charged to operations related to operating leases under the previous lease standard, was $191,000 in 2018. Other information: As of December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities – operating leases (in thousands) $ 49 $ 46 ROU assets obtained in exchange for operating lease liabilities (in thousands) $ 14 $ — Weighted average remaining lease term – operating leases (years) 2.5 3.3 Weighted average discount rate – operating leases 3.48 % 3.68 % Lease Commitments: Maturity of lease liabilities - Operating Leases: As of December 31, 2020 2019 (in thousands) 2020 $ — $ 52 2021 55 52 2022 55 52 2023 13 10 2024 3 — 2025 1 — Total lease payments 127 166 Less: Amounts representing interest (5) (9) Present value of lease liabilities $ 122 $ 157 In the second quarter of 2019, the company entered into an operating lease as the lessor for certain real estate leased to a third party under an operating lease with an initial term of 36 months . The lease requires fixed monthly payments and does not contain clauses for future rent escalations or renewal options. There are no terms and conditions under which the lessee has the option to purchase this asset. As of December 31, 2020, projected future lease income on this lease totaled $294,375 scheduled to be received as follows: 2021 - $235,500 and 2022 - $58,875. During the year ended December 31, 2020, the company recorded rental income of $236,000 that is classified as part of selling, general and administrative expenses on the consolidated statements of operations.

SCHEDULE II-VALUATION AND QUALI

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS	Dec. 31, 2020
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II–VALUATION AND QUALIFYING ACCOUNTS MARINE PRODUCTS CORPORATION AND SUBSIDIARIES (in thousands of dollars) For the years ended December 31, 2020, 2019 and 2018 Balance at Charged to Net Balance Beginning Costs and (Write-Offs)/ at End of Description of Period Expenses Recoveries Period Year ended December 31, 2020 Credit loss allowance for accounts receivable $ 20 $ 8 $ (12) $ 16 Deferred tax asset valuation allowance $ 1,818 $ — $ — $ 1,818 Year ended December 31, 2019 Credit loss allowance for accounts receivable $ 25 $ 14 $ (19) $ 20 Deferred tax asset valuation allowance $ 2,794 $ — $ (976) $ 1,818 Year ended December 31, 2018 Credit loss allowance for accounts receivable $ 25 $ — $ — $ 25 Deferred tax asset valuation allowance $ 5,447 $ — $ (2,653) $ 2,794

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Basis of Consolidation and Presentation	Basis of Consolidation and Presentation The consolidated financial statements included herein may not necessarily be indicative of the future results of operations, financial position and cash flows of Marine Products. The Company has one reportable segment — its Powerboat Manufacturing business. The Company’s results of operations and its financial condition are not significantly reliant upon any single customer or product model. No single dealer accounted for 10 percent or more of net sales during 2020, 2019 or 2018. Net sales to the Company’s international dealers were approximately $11.8 million in 2020, $17.0 million in 2019, and $19.4 million in 2018.
Common Stock	Common Stock
Preferred Stock	Preferred Stock
Share Repurchases	Share Repurchases
Dividend	Dividend
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements
Sales Recognition	Sales Recognition
Advertising	Advertising
Cash and Cash Equivalents	Cash and Cash Equivalents
Marketable Securities	Marketable Securities Management determined the appropriate classification of debt securities at the time of purchase and re-evaluates such designations as of each balance sheet date. Debt securities were classified as available-for-sale because the Company did not have the intent to hold the securities to maturity. Available-for-sale securities are stated at their fair values, with the unrealized gains and losses, net of taxes, reported as a separate component of stockholders’ equity. The cost of securities sold is based on the specific identification method. Realized gains and losses, declines in value judged to be other than temporary, interest and dividends on available-for-sale securities are included in interest income. Net realized gains (losses) on marketable securities totaled $4,000 in 2019 and $(81,000) in 2018. Of the total (losses) gains realized, reclassification from other comprehensive income totaled $4,000 in 2019 and $(81,000) in 2018. There were no gross unrealized gains or losses on marketable securities as of December 31, 2020 and 2019.
Accounts Receivable	Accounts Receivable
Inventories	Inventories
Property, Plant and Equipment	Property, Plant and Equipment
Goodwill and Other Intangibles	Goodwill and Other Intangibles
Investments	Investments
Warranty Costs	Warranty Costs one (in thousands) 2020 2019 Balance at beginning of year $ 5,410 $ 5,607 Less: Payments made during the year (3,225) (4,004) Add: Warranty provision for the current year 3,095 3,788 Changes to warranty provision for prior years (250) 19 Balance at end of year $ 5,030 $ 5,410
Insurance Accruals	Insurance Accruals
Research and Development Costs	Research and Development Costs
Repurchase Obligations	Repurchase Obligations
Income Taxes	Income Taxes
Retirement Income Plan	Retirement Income Plan 65 59 1/2
Stock-Based Compensation	Stock-Based Compensation
Earnings per Share	Earnings per Share Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows: (In thousands) 2020 2019 2018 Net income available for stockholders $ 19,444 $ 28,239 $ 28,488 Less: Adjustments for earnings attributable to participating securities (416) (669) (762) Net income used in calculating earnings per share $ 19,028 $ 27,570 $ 27,726 Weighted average shares outstanding (including participating securities) 33,926 34,061 34,529 Adjustment for participating securities (734) (831) (959) Shares used in calculating diluted earnings per share 33,192 33,230 33,570
Fair Value of Financial Instruments	Fair Value of Financial Instruments
Concentration of Suppliers	Concentration of Suppliers
Recent Accounting Pronouncements	Recent Accounting Pronouncements — The FASB issued the following Accounting Standards Updates (ASUs): Recently Adopted Accounting Standards: ASU No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The ASU introduced a new accounting model, the Current Expected Credit Losses model (CECL), which requires earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for recognition. The expected credit losses are adjusted each period for changes in expected lifetime. The Company adopted the provisions of the standard in the first quarter of 2020 and the adoption did not have a material impact on its consolidated financial statements. ASU No. 2017-04 —Intangibles —Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU No. 2018-15 — Intangibles —Goodwill and Other —Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments reduce the complexity for the accounting for costs of implementing a cloud computing service arrangement and align the requirements for capitalizing implementation costs that are incurred in a hosting arrangement that is a service contract with the costs incurred to develop or obtain internal-use software. The Company adopted these provisions in the first quarter of 2020 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: ASU No. 2019-12 — Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing the exceptions to the incremental approach for intra-period tax allocation in certain situations, requirement to recognize a deferred tax liability for a change in the status of a foreign investment, and the general methodology for computing income taxes in an interim period when year-to date loss exceeds the anticipated loss for the year. The amendments also simplify the accounting for income taxes with regard to franchise tax, evaluation of step up in the tax basis of goodwill in certain business combinations, allocating current and deferred tax expense to legal entities that are not subject to tax and enacted change in tax laws or rates. The Company will adopt these provisions in the first quarter of 2021 and the adoption is not expected to have a material impact on its consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Schedule of analysis of warranty accruals	(in thousands) 2020 2019 Balance at beginning of year $ 5,410 $ 5,607 Less: Payments made during the year (3,225) (4,004) Add: Warranty provision for the current year 3,095 3,788 Changes to warranty provision for prior years (250) 19 Balance at end of year $ 5,030 $ 5,410
Schedule of reconciliation of weighted average shares outstanding	(In thousands) 2020 2019 2018 Net income available for stockholders $ 19,444 $ 28,239 $ 28,488 Less: Adjustments for earnings attributable to participating securities (416) (669) (762) Net income used in calculating earnings per share $ 19,028 $ 27,570 $ 27,726 Weighted average shares outstanding (including participating securities) 33,926 34,061 34,529 Adjustment for participating securities (734) (831) (959) Shares used in calculating diluted earnings per share 33,192 33,230 33,570

NET SALES (Tables)

NET SALES (Tables)	12 Months Ended
NET SALES (Tables)	Dec. 31, 2020
Net Sales
Schedule of disaggregation of sales by major source	(in thousands) 2020 2019 2018 Boats and accessories $ 235,097 $ 287,837 $ 294,537 Parts 4,728 4,299 4,079 Net sales $ 239,825 $ 292,136 $ 298,616
Schedule of revenue by geographic region	(in thousands) 2020 2019 2018 Domestic $ 228,092 $ 275,133 $ 279,175 International 11,733 17,003 19,441 Net sales $ 239,825 $ 292,136 $ 298,616
Schedule of timing of revenue recognition	(in thousands) 2020 2019 2018 Products transferred at a point in time $ 239,825 $ 292,136 $ 298,616 Products transferred over time — — — Net sales $ 239,825 $ 292,136 $ 298,616
Schedule of contract balances	(in thousands) 2020 2019 Deferred revenue $ 1,245 $ 295

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
ACCOUNTS RECEIVABLE (Tables)	Dec. 31, 2020
ACCOUNTS RECEIVABLE
Schedule of accounts receivable	December 31, 2020 2019 (in thousands) Trade receivables $ 3,253 $ 2,319 Other 1,469 4,308 Total 4,722 6,627 Less: allowance for credit losses (16) (20) Net accounts receivable $ 4,706 $ 6,607

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
INVENTORIES (Tables)	Dec. 31, 2020
INVENTORIES
Schedule of inventories	December 31, 2020 2019 (in thousands) Raw materials $ 21,754 $ 24,993 Work in process 11,378 7,731 Finished goods 9,178 8,829 Total inventories $ 42,310 $ 41,553

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Tables)	Dec. 31, 2020
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment	Estimated December 31, Useful Lives 2020 2019 (in thousands) Land N/A $ 878 $ 878 Buildings 7-40 20,966 20,552 Operating equipment and property 3-15 12,923 11,891 Furniture and fixtures 5-7 2,560 1,999 Vehicles 5-10 7,677 7,734 Gross property, plant and equipment 45,004 43,054 Less: accumulated depreciation (30,066) (28,258) Net property, plant and equipment $ 14,938 $ 14,796

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	12 Months Ended
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	Dec. 31, 2020
ACCRUED EXPENSES AND OTHER LIABILITIES
Schedule of accrued expenses and other liabilities	December 31, 2020 2019 (in thousands) Accrued payroll and related expenses $ 4,458 $ 3,021 Accrued sales incentives and discounts 3,292 3,716 Accrued warranty costs 5,030 5,410 Deferred revenue 1,245 295 Other 1,558 713 Total accrued expenses and other liabilities $ 15,583 $ 13,155

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2020
INCOME TAXES
Schedule of components of the provision for income taxes	Years ended December 31, 2020 2019 2018 (in thousands) Current provision: Federal $ 4,741 $ 6,637 $ 6,173 State 582 202 616 Deferred (benefit) provision: Federal (410) (715) 384 State 99 95 (6) Total income tax provision $ 5,012 $ 6,219 $ 7,167
Schedule of reconciliation between the federal statutory rate and effective tax rate	Years ended December 31, 2020 2019 2018 Federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 1.4 1.0 1.5 Research and experimentation credit (1.5) (1.2) (0.8) Non-deductible expenses 0.1 (0.7) 0.4 Change in contingencies 0.1 (0.1) 0.4 Adjustments related to the Act — — (0.3) Adjustments related to vesting of restricted stock (1.5) (1.5) (1.8) Other 0.9 (0.5) (0.3) Effective tax rate 20.5 % 18.0 % 20.1 %
Schedule of components of deferred tax assets and liabilities	December 31, 2020 2019 (in thousands) Deferred tax assets: Warranty costs $ 1,107 $ 1,190 Sales incentives and discounts 278 404 Stock-based compensation 717 696 Pension 2,365 2,002 State NOL’s 423 484 State credits 1,818 1,818 All others 635 560 Valuation allowance (1,818) (1,818) Total deferred tax assets 5,525 5,336 Deferred tax liabilities: Depreciation and amortization expense (965) (947) Basis differences in joint venture (485) (399) Net deferred tax assets $ 4,075 $ 3,990
Schedule of unrecognized tax benefits	2020 2019 Balance at January 1 $ 358,000 $ 393,000 Additions (reductions) based on tax positions related to the current year 34,000 (28,000) Additions (reductions) for tax positions of prior years 9,000 (7,000) Balance at December 31 $ 401,000 $ 358,000

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Dec. 31, 2020
ACCUMULATED OTHER COMPREHENSIVE LOSS
Schedule of accumulated other comprehensive loss	Unrealized Gain (Loss) Pension on Adjustment Securities Total (in thousands) Balance at December 31, 2018 $ (2,178) $ 3 $ (2,175) Adoption of accounting standard (Note 1) (404) (10) (414) Before-tax amount (300) 13 (287) Tax benefit 66 (3) 63 Reclassification adjustment, net of taxes Amortization of net loss 68 — 68 Net realized loss — (3) (3) Total activity in 2019 (570) (3) (573) Balance at December 31, 2019 $ (2,748) $ — $ (2,748) Before-tax amount 250 250 Tax expense (30) (30) Reclassification adjustment, net of taxes Amortization of net loss 76 76 Pension settlement loss 505 505 Total activity in 2020 801 801 Balance at December 31, 2020 $ (1,947) $ — $ (1,947)

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
EMPLOYEE BENEFIT PLANS (Tables)	Dec. 31, 2020
EMPLOYEE BENEFIT PLANS
Schedule of funded status of the Retirement Income Plan	December 31, 2020 2019 (in thousands) ACCUMULATED BENEFIT OBLIGATION, END OF YEAR $ 5,576 $ 6,433 CHANGE IN PROJECTED BENEFIT OBLIGATION: Benefit obligation at beginning of year $ 6,433 $ 5,833 Service cost — — Interest cost 230 255 Actuarial loss 622 570 Benefits paid (264) (225) Settlement (1,445) — Projected benefit obligation at end of year $ 5,576 $ 6,433 CHANGE IN PLAN ASSETS: Fair value of plan assets at beginning of year $ 7,314 $ 6,802 Actual return on plan assets 1,196 737 Employer contributions 550 — Benefits paid (264) (225) Settlements (1,445) — Fair value of plan assets at end of year $ 7,351 $ 7,314 Funded status at end of year $ 1,775 $ 881 December 31, 2020 2019 (in thousands) AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF: Noncurrent assets $ 1,775 $ 881 Current liabilities — — Noncurrent liabilities — — $ 1,775 $ 881 December 31, 2020 2019 (in thousands) AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF: Net loss $ 2,496 $ 3,524 Prior service cost (credit) — — Net transition obligation (asset) — — $ 2,496 $ 3,524
Schedule of amounts recorded in the consolidated balance sheet as pension liabilities	December 31, 2020 2019 (in thousands) SERP liability $ (12,524) $ (9,980) Funded status of Retirement Income Plan — — Pension liabilities $ (12,524) $ (9,980)
Schedule of net periodic cost (benefit)	Years ended December 31, 2020 2019 2018 (in thousands) Service cost for benefits earned during the period $ — $ — $ — Interest cost on projected benefit obligation 230 255 251 Expected return on plan assets (292) (468) (501) Amortization of net loss 98 87 81 Settlement loss 647 — — $ 683 $ (126) $ (169)
Schedule of amounts recognized in other comprehensive income	(in thousands) 2020 2019 2018 Net loss (gain) $ (154) $ 300 $ 395 Amortization of net loss (98) (87) (81) Net transition obligation (asset) — — — Settlement loss (647) — — Amount recognized in accumulated other comprehensive (loss) income $ (899) $ 213 $ 314
Schedule of weighted average assumptions	December 31, 2020 2019 2018 PROJECTED BENEFIT OBLIGATION: Discount rate 2.70 % 3.70 % 4.65 % Rate of compensation increase N/A N/A N/A NET BENEFIT COST: Discount rate 3.70 % 4.65 % 4.05 % Expected return on plan assets 4.00 % 7.00 % 7.00 % Rate of compensation increase N/A N/A N/A
Schedule of allocation of plan assets	Percentage of Percentage of Plan Assets as of Plan Assets as of Target Allocation December 31, December 31, Asset Category for 2021 2020 2019 Cash and Cash Equivalents 0 % - 5 % 2.0 % 1.3 % Fixed Income Securities 15 % - 100 % 98.0 91.7 Investments measured at net asset value — % — 7.0 Total 100.0 % 100.0 % 100.0 %
Schedule of plan assets using the fair value hierarchy	Investments (in thousands) Total Level 1 Level 2 Cash and Cash Equivalents (1) $ 138 $ 138 $ — Fixed Income Securities (2) 7,213 — 7,213 Total Assets in the Fair Value Hierarchy $ 7,351 $ 138 $ 7,213 Investments Measured at Net Asset Value — Investments at Fair Value $ 7,351 Fair Value Hierarchy as of December 31, 2019: Investments (in thousands) Total Level 1 Level 2 Cash and Cash Equivalents (1) $ 92 $ 92 $ — Fixed Income Securities (2) 6,708 — 6,708 Total Assets in the Fair Value Hierarchy $ 6,800 $ 92 $ 6,708 Investments Measured at Net Asset Value 514 Investments at Fair Value $ 7,314 (1) Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds. (2) Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades.
Schedule of future benefits payable for the Retirement Income Plan over the next ten years	(in thousands) 2021 $ 264 2022 264 2023 266 2024 266 2025 264 2026-2030 $ 1,384
Schedule of summary of the changes in non-vested restricted shares	Weighted Average Grant-Date Fair Shares Value Non-vested shares at January 1, 2020 815,540 $ 11.29 Granted 179,000 15.00 Vested (310,520) 9.91 Forfeited (5,800) 13.09 Non-vested shares at December 31, 2020 678,220 $ 12.89 Weighted Average Grant-Date Fair Shares Value Non-vested shares at January 1, 2019 947,710 $ 9.41 Granted 141,600 17.21 Vested (260,770) 7.65 Forfeited (13,000) 11.68 Non-vested shares at December 31, 2019 815,540 $ 11.29

LEASES (Tables)

LEASES (Tables)	12 Months Ended
LEASES (Tables)	Dec. 31, 2020
LEASES
Schedule of operating leases assets and liabilities	December 31, Classification on Consolidated Balance Sheet 2020 2019 (in thousands) Assets: Operating lease right-of-use assets Other assets $ 124 $ 159 Liabilities: Current portion of operating lease liabilities Accrued expenses and other liabilities $ 52 $ 47 Long-term operating lease liabilities Other long-term liabilities 70 110 Total lease liabilities $ 122 $ 157
Schedule of components of lease expense	Year ended December 31, 2020 2019 (in thousands) Operating lease cost $ 54 $ 52 Short-term lease cost 2 3 Total lease cost $ 56 $ 55
Schedule of other information	As of December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities – operating leases (in thousands) $ 49 $ 46 ROU assets obtained in exchange for operating lease liabilities (in thousands) $ 14 $ — Weighted average remaining lease term – operating leases (years) 2.5 3.3 Weighted average discount rate – operating leases 3.48 % 3.68 %
Schedule of future minimum lease payments	As of December 31, 2020 2019 (in thousands) 2020 $ — $ 52 2021 55 52 2022 55 52 2023 13 10 2024 3 — 2025 1 — Total lease payments 127 166 Less: Amounts representing interest (5) (9) Present value of lease liabilities $ 122 $ 157

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Basis of Consolidation and Presentation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Concentration Risk [Line Items]
Number of reportable segments \| segment	1
Net sales to all dealers	$ 239,825	$ 292,136	$ 298,616
Net sales \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, customer	0
Percent of net sales	10
Net sales \| International dealers
Concentration Risk [Line Items]
Net sales to all dealers	$ 11,800	$ 17,000	$ 19,400

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Common and Preferred Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
Common stock, shares authorized	74,000,000	74,000,000
Common stock, par value (in dollar per share)	$ 0.10	$ 0.10
Votes per share	one vote
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, par value (in dollar per share)	$ 0.10	$ 0.10

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Dividends, Advertising and Marketable securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting policies:
Prepaid expenses related to unamortized product brochure costs	$ 194,000	$ 269,000
Net realized (losses) gains on marketable securities		4,000	$ (81,000)
Net realized gain		4,000	(81,000)
Selling, general and administrative expenses
Accounting policies:
Advertising expenses	$ 2,013,000	$ 2,543,000	$ 2,468,000
Dividend declared
Accounting policies:
Amount of dividend payable in cash per share	$ 0.10
Dividends payable, date declared	Jan. 26, 2021
Dividend payable, date to be payable	Mar. 10, 2021
Dividends payable, date of record	Feb. 10, 2021

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Warranty Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Warranty accruals:
Balance at beginning of year	$ 5,410	$ 5,607
Less: Payments made during the year	(3,225)	(4,004)
Add: Warranty provision for the current year	3,095	3,788
Changes to warranty provision for prior years	(250)	19
Balance at end of year	$ 5,030	$ 5,410
Warranty Costs
Period of limited warranty on structural deck	5 years
Period of transferable limited warranty to original owner	1 year
Period of transferable hull warranty available to first subsequent owner	5 years
Length of period after original retail purchase the 5-year transferable hull warranty terminates	5 years
Minimum
Warranty Costs
Period of non-transferable warranty on additional items	1 year
Maximum
Warranty Costs
Period of non-transferable warranty on additional items	5 years

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of weighted average shares outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings per Share
Net income available for stockholders	$ 19,444	$ 28,239	$ 28,488
Less: Adjustments for earnings attributable to participating securities	(416)	(669)	(762)
Net income used in calculating earnings per share	$ 19,028	$ 27,570	$ 27,726
Weighted average shares outstanding (including participating securities)	33,926	34,061	34,529
Adjustment for participating securities	(734)	(831)	(959)
Shares used in calculating diluted earnings per share	33,192	33,230	33,570

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Product Information [Line Items]
Statutory federal income tax rate	21.00%	21.00%	21.00%
Retirement age of eligible employees for future retirement benefit	65 years
Goodwill and Other Intangibles
Goodwill	$ 3,308,000	$ 3,308,000
Impairment of goodwill or trade names	$ 0	0	$ 0
Earliest tax year
Product Information [Line Items]
Statutory federal income tax rate	35.00%
Latest tax year
Product Information [Line Items]
Statutory federal income tax rate	21.00%
Minimum
Product Information [Line Items]
Retirement age of eligible employees for future retirement benefit	59 years 6 months
Selling, general and administrative expenses
Product Information [Line Items]
Research and development costs	$ 751,000	$ 730,000	$ 822,000
Accounts Receivable
Product Information [Line Items]
Percentage of domestic shipments made pursuant to floor plan financing	64.00%
Supplier Concentration Risk
Product Information [Line Items]
Number of supplier \| item	4
Number of types of engines \| item	3

NET SALES - Payment Terms (Deta

NET SALES - Payment Terms (Details)	12 Months Ended
NET SALES - Payment Terms (Details)	Dec. 31, 2020
Minimum
Net sales:
Revenue satisfaction period	7 days
Maximum
Net sales:
Revenue satisfaction period	10 days

NET SALES - Disaggregate sales

NET SALES - Disaggregate sales by major source (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of revenue:
Net sales	$ 239,825	$ 292,136	$ 298,616
Boats and accessories
Disaggregation of revenue:
Net sales	235,097	287,837	294,537
Parts
Disaggregation of revenue:
Net sales	$ 4,728	$ 4,299	$ 4,079

NET SALES - Disaggregate revenu

NET SALES - Disaggregate revenue by location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of revenue:
Net sales	$ 239,825	$ 292,136	$ 298,616
Domestic
Disaggregation of revenue:
Net sales	228,092	275,133	279,175
International
Disaggregation of revenue:
Net sales	$ 11,733	$ 17,003	$ 19,441

NET SALES - Timing of revenue r

NET SALES - Timing of revenue recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of revenue:
Net sales	$ 239,825	$ 292,136	$ 298,616
Products transferred at point in time
Disaggregation of revenue:
Net sales	239,825	292,136	298,616
Products transferred over time
Disaggregation of revenue:
Net sales	$ 0	$ 0	$ 0

NET SALES - Deferred revenue (D

NET SALES - Deferred revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accrued expenses and other liabilities
Disaggregation of revenue:
Deferred revenue	$ 1,245	$ 295

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts receivable
Trade receivables	$ 3,253	$ 2,319
Other	1,469	4,308
Total	4,722	6,627
Less: allowance for credit losses	(16)	(20)
Net accounts receivable	$ 4,706	$ 6,607

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
INVENTORIES
Raw materials	$ 21,754	$ 24,993
Work in process	11,378	7,731
Finished goods	9,178	8,829
Total inventories	$ 42,310	$ 41,553

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	$ 45,004	$ 43,054
Less: accumulated depreciation	(30,066)	(28,258)
Net property, plant and equipment	14,938	14,796
Land
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	878	878
Buildings
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	$ 20,966	20,552
Buildings \| Minimum
PROPERTY, PLANT AND EQUIPMENT
Estimated Useful Lives	7 years
Buildings \| Maximum
PROPERTY, PLANT AND EQUIPMENT
Estimated Useful Lives	40 years
Operating equipment and property
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	$ 12,923	11,891
Operating equipment and property \| Minimum
PROPERTY, PLANT AND EQUIPMENT
Estimated Useful Lives	3 years
Operating equipment and property \| Maximum
PROPERTY, PLANT AND EQUIPMENT
Estimated Useful Lives	15 years
Furniture and fixtures
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	$ 2,560	1,999
Furniture and fixtures \| Minimum
PROPERTY, PLANT AND EQUIPMENT
Estimated Useful Lives	5 years
Furniture and fixtures \| Maximum
PROPERTY, PLANT AND EQUIPMENT
Estimated Useful Lives	7 years
Vehicles
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	$ 7,677	$ 7,734
Vehicles \| Minimum
PROPERTY, PLANT AND EQUIPMENT
Estimated Useful Lives	5 years
Vehicles \| Maximum
PROPERTY, PLANT AND EQUIPMENT
Estimated Useful Lives	10 years

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
PROPERTY, PLANT AND EQUIPMENT
Depreciation expense	$ 1,954	$ 2,090	$ 1,820

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued payroll and related expenses	$ 4,458	$ 3,021
Accrued sales incentives and discounts	3,292	3,716
Accrued warranty costs	5,030	5,410
Deferred revenue	1,245	295
Other	1,558	713
Total accrued expenses and other liabilities	$ 15,583	$ 13,155

INCOME TAXES - Components of pr

INCOME TAXES - Components of provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current provision:
Federal	$ 4,741	$ 6,637	$ 6,173
State	582	202	616
Deferred (benefit) provision:
Federal	(410)	(715)	384
State	99	95	(6)
Total income tax provision	$ 5,012	$ 6,219	$ 7,167

INCOME TAXES - Reconciliation b

INCOME TAXES - Reconciliation between the federal statutory rate and effective tax rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Federal statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	1.40%	1.00%	1.50%
Research and experimentation credit	(1.50%)	(1.20%)	(0.80%)
Non-deductible expenses	0.10%	(0.70%)	0.40%
Change in contingencies	0.10%	(0.10%)	0.40%
Adjustments related to the Act			(0.30%)
Adjustments related to vesting of restricted stock	(1.50%)	(1.50%)	(1.80%)
Other	0.90%	(0.50%)	(0.30%)
Effective tax rate	20.50%	18.00%	20.10%

INCOME TAXES - Significant comp

INCOME TAXES - Significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Warranty costs	$ 1,107	$ 1,190
Sales incentives and discounts	278	404
Stock-based compensation	717	696
Pension	2,365	2,002
State NOL's	423	484
State credits	1,818	1,818
All others	635	560
Valuation allowance	(1,818)	(1,818)
Total deferred tax assets	5,525	5,336
Deferred tax liabilities:
Depreciation and amortization expense	(965)	(947)
Basis differences in joint venture	(485)	(399)
Net deferred tax assets	$ 4,075	$ 3,990

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of beginning and ending amount of unrecognized tax benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 358,000	$ 393,000
Additions (reductions) based on tax positions related to the current year	34,000	(28,000)
Additions (reductions) for tax positions of prior years	9,000	(7,000)
Balance at December 31	$ 401,000	$ 358,000

INCOME TAXES - Additional infor

INCOME TAXES - Additional information (Details) - USD ($)	3 Months Ended	12 Months Ended
INCOME TAXES - Additional information (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income taxes
Statutory federal income tax rate		21.00%	21.00%	21.00%
Discrete income tax provision adjustment	$ 100,000
Estimated tax benefit associated with FDII		$ 103,000
Total net income tax payments		$ 4,099,000	$ 7,330,000	$ 6,290,000
Latest tax year
Income taxes
Statutory federal income tax rate		21.00%
Earliest tax year
Income taxes
Statutory federal income tax rate		35.00%
State income taxes
Income taxes
Net operating loss carry forwards		$ 10,600,000
Other State Credits
Income taxes
Net operating loss carry forwards		$ 2,300,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
AOCI Roll Forward
Balance	$ (2,748)	$ (2,175)
Change during period:
Adoption of accounting standard (Note 1)		(414)
Before-tax amount	250	(287)
Tax benefit (expense)	(30)	63
Reclassification adjustment, net of taxes
Amortization of net loss	76	68
Pension settlement loss	505
Net realized gain (loss)		(3)
Total activity for the period	801	(573)
Balance	(1,947)	(2,748)
Pension Adjustment
AOCI Roll Forward
Balance	(2,748)	(2,178)
Change during period:
Adoption of accounting standard (Note 1)		(404)
Before-tax amount	250	(300)
Tax benefit (expense)	(30)	66
Reclassification adjustment, net of taxes
Amortization of net loss	76	68
Pension settlement loss	505
Total activity for the period	801	(570)
Balance	$ (1,947)	(2,748)
Unrealized Gain (Loss) on Securities
AOCI Roll Forward
Balance		3
Change during period:
Adoption of accounting standard (Note 1)		(10)
Before-tax amount		13
Tax benefit (expense)		(3)
Reclassification adjustment, net of taxes
Net realized gain (loss)		(3)
Total activity for the period		$ (3)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	12 Months Ended
FAIR VALUE MEASUREMENTS (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Available-for-sale securities
Available-for-sale securities	$ 0	$ 0
Fair value transfers between levels
Transfers from Level 1 to Level 2	0
Transfers from Level 2 to Level 1	0
Transfers into Level 3	0
Transfers out of Level 3	0
Fair value on a recurring basis
Available-for-sale securities
Investments measured at Net Asset Value - Trading securities	$ 10,622,000	$ 6,716,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Dealer Floor Plan Financing (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
Repurchases of inventory		$ 3.4
Redistributed amounts		3.1
Net realizable value of repurchased inventory		0.3
Costs associated with repurchases		$ 0.1
Total purchase obligation	$ 13.2
Floor plan lender one
COMMITMENTS AND CONTINGENCIES
Liability related to repurchase remains outstanding	$ 0
Repurchase limit in percentage of amount of average net receivables	16.00%
Total purchase obligation	$ 9.7
Additional floor plan lenders
COMMITMENTS AND CONTINGENCIES
Total purchase obligation	$ 3.5

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Income taxes and employee agreements (Details)	12 Months Ended
	Dec. 31, 2020USD ($)employee	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
COMMITMENTS AND CONTINGENCIES.
Long-term deferred tax liabilities	$ 401,000	$ 358,000
Selling, general and administrative expenses	$ 29,244,000	31,259,000	$ 30,936,000
Employment agreement
COMMITMENTS AND CONTINGENCIES.
Number Of Employees \| employee	1
Monthly payment (in percent of profit)	10.00%
Selling, general and administrative expenses	$ 3,586,000	$ 4,487,000	$ 4,630,000

EMPLOYEE BENEFIT PLANS - SERP (

EMPLOYEE BENEFIT PLANS - SERP (Details) - USD ($)	12 Months Ended
EMPLOYEE BENEFIT PLANS - SERP (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee Benefit Plans
Settlement loss	$ (647,000)
Selling, general and administrative expenses
Employee Benefit Plans
Settlement loss	600,000
SERP
Employee Benefit Plans
Variable life insurance policies investment amount	8,600,000	$ 7,200,000
Fair value of plan assets	10,622,000	6,716,000
Trading (losses) gains related to the SERP assets	$ 906,000	$ 1,197,000	$ (544,000)

EMPLOYEE BENEFIT PLANS - Funded

EMPLOYEE BENEFIT PLANS - Funded status of Retirement Income Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CHANGE IN PLAN ASSETS:
Funded status at end of year	$ 0	$ 0
Retirement Income Plan
EMPLOYEE BENEFIT PLANS
ACCUMULATED BENEFIT OBLIGATION, END OF YEAR	5,576,000	6,433,000
CHANGE IN PROJECTED BENEFIT OBLIGATION:
Benefit obligation at beginning of year	6,433,000	5,833,000
Service cost	0	0	$ 0
Interest cost	230,000	255,000	251,000
Actuarial loss	622,000	570,000
Benefits paid	(264,000)	(225,000)
Settlements	(1,445,000)	0
Projected benefit obligation at end of year	5,576,000	6,433,000	5,833,000
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year	7,314,000	6,802,000
Actual return on plan assets	1,196,000	737,000
Employer contributions	550,000	0	770,000
Benefits paid	(264,000)	(225,000)
Settlements	(1,445,000)	0
Fair value of plan assets at end of year	7,351,000	7,314,000	$ 6,802,000
Funded status at end of year	1,775,000	881,000
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF:
Noncurrent assets	1,775,000	881,000
Current liabilities	0	0
Noncurrent liabilities	0	0
Amounts recognized in balance sheet	1,775,000	881,000
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF:
Net loss	2,496,000	3,524,000
Prior service cost (credit)	0	0
Net transition obligation (asset)	0	0
Amounts (pre-tax) recognized in accumulated other comprehensive loss	$ 2,496,000	$ 3,524,000

EMPLOYEE BENEFIT PLANS - Amount

EMPLOYEE BENEFIT PLANS - Amounts recorded in consolidated balance sheet as pension liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
EMPLOYEE BENEFIT PLANS
SERP liability	$ (12,524)	$ (9,980)
Funded status of Retirement Income Plan	0	0
Pension liabilities	$ (12,524)	$ (9,980)

EMPLOYEE BENEFIT PLANS - Compon

EMPLOYEE BENEFIT PLANS - Components of net periodic cost (benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
EMPLOYEE BENEFIT PLANS
Pension settlement loss	$ 647,000
Retirement Income Plan
EMPLOYEE BENEFIT PLANS
Service cost for benefits earned during the period	0	$ 0	$ 0
Interest cost on projected benefit obligation	230,000	255,000	251,000
Expected return on plan assets	(292,000)	(468,000)	(501,000)
Amortization of net losses	98,000	87,000	81,000
Pension settlement loss	647,000	0	0
Net periodic cost (benefit)	683,000	(126,000)	(169,000)
Employer contributions	$ 550,000	$ 0	$ 770,000

EMPLOYEE BENEFIT PLANS - Pre-ta

EMPLOYEE BENEFIT PLANS - Pre-tax amounts recognized in other comprehensive income (Details) - Retirement Income Plan - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
EMPLOYEE BENEFIT PLANS
Net loss (gain)	$ (154,000)	$ 300,000	$ 395,000
Amortization of net loss	(98,000)	(87,000)	(81,000)
Net transition obligation (asset)	0	0	0
Settlement loss	(647,000)	0	0
Amount recognized in accumulated other comprehensive (loss) income	$ (899,000)	$ 213,000	$ 314,000

EMPLOYEE BENEFIT PLANS - Weight

EMPLOYEE BENEFIT PLANS - Weighted average assumptions used to determine the projected benefit obligation and net benefit cost (Details) - Retirement Income Plan	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
PROJECTED BENEFIT OBLIGATION:
Discount rate	2.70%	3.70%	4.65%
Rate of compensation increase
NET BENEFIT COST:
Discount rate	3.70%	4.65%	4.05%
Expected return on plan assets	4.00%	7.00%	7.00%
Rate of compensation increase

EMPLOYEE BENEFIT PLANS - Weig_2

EMPLOYEE BENEFIT PLANS - Weighted average asset allocation by asset category along with target allocation (Details) - Retirement Income Plan	Dec. 31, 2020	Dec. 31, 2019
EMPLOYEE BENEFIT PLANS
Percentage of Plan Assets	100.00%	100.00%
Target Allocation for 2021	100.00%
Cash and Cash Equivalents
EMPLOYEE BENEFIT PLANS
Percentage of Plan Assets	2.00%	1.30%
Fixed Income Securities
EMPLOYEE BENEFIT PLANS
Percentage of Plan Assets	98.00%	91.70%
Investments measured at net asset value
EMPLOYEE BENEFIT PLANS
Percentage of Plan Assets	0.00%	7.00%
Minimum \| Cash and Cash Equivalents
EMPLOYEE BENEFIT PLANS
Target Allocation for 2021	0.00%
Minimum \| Fixed Income Securities
EMPLOYEE BENEFIT PLANS
Target Allocation for 2021	15.00%
Maximum \| Cash and Cash Equivalents
EMPLOYEE BENEFIT PLANS
Target Allocation for 2021	5.00%
Maximum \| Fixed Income Securities
EMPLOYEE BENEFIT PLANS
Target Allocation for 2021	100.00%

EMPLOYEE BENEFIT PLANS - Plan a

EMPLOYEE BENEFIT PLANS - Plan assets using fair value hierarchy (Details) - Retirement Income Plan - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
EMPLOYEE BENEFIT PLANS
Investments Measured at Net Asset Value		$ 514
Investments at Fair Value	$ 7,351	7,314
Cash and Cash Equivalents
EMPLOYEE BENEFIT PLANS
Total Assets in the Fair Value Hierarchy	138	92
Cash and Cash Equivalents \| Quoted prices in active markets for identical assets (Level 1)
EMPLOYEE BENEFIT PLANS
Total Assets in the Fair Value Hierarchy	138	92
Fixed Income Securities
EMPLOYEE BENEFIT PLANS
Total Assets in the Fair Value Hierarchy	7,213	6,708
Fixed Income Securities \| Significant other observable inputs (Level 2)
EMPLOYEE BENEFIT PLANS
Total Assets in the Fair Value Hierarchy	7,213	6,708
Investment
EMPLOYEE BENEFIT PLANS
Total Assets in the Fair Value Hierarchy	7,351	6,800
Investment \| Quoted prices in active markets for identical assets (Level 1)
EMPLOYEE BENEFIT PLANS
Total Assets in the Fair Value Hierarchy	138	92
Investment \| Significant other observable inputs (Level 2)
EMPLOYEE BENEFIT PLANS
Total Assets in the Fair Value Hierarchy	$ 7,213	$ 6,708

EMPLOYEE BENEFIT PLANS - Estima

EMPLOYEE BENEFIT PLANS - Estimates that future benefits payable for Retirement Income Plan (Details) - Retirement Income Plan $ in Thousands	Dec. 31, 2020USD ($)
EMPLOYEE BENEFIT PLANS
2021	$ 264
2022	264
2023	266
2024	266
2025	264
2026-2030	$ 1,384

EMPLOYEE BENEFIT PLANS - 401(k)

EMPLOYEE BENEFIT PLANS - 401(k) Plan and Stock Incentive Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
EMPLOYEE BENEFIT PLANS
Maximum percentage of annual contribution per employee		25.00%
Percentage of employer matching contribution		100.00%	50.00%
Threshold limit percentage of employee compensation		6.00%
Maximum period of vesting in contribution of employees		3 years
Employer matching contribution	$ 603,000	$ 796,000	$ 319,000
Stock Incentive Plans Member
EMPLOYEE BENEFIT PLANS
Stock authorized (in shares)	3,000,000
Expiration term of share-based compensation plans	10 years
Number of shares available for grants	1,569,700
Pre-tax stock-based employee compensation expense	$ 3,102,000	2,123,000	2,089,000
After tax stock-based employee compensation expense	$ 2,420,000	$ 1,656,000	$ 1,629,000

EMPLOYEE BENEFIT PLANS - Stock

EMPLOYEE BENEFIT PLANS - Stock Options and Restricted Stock (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum threshold limit percentage of incentive stock options grants to owners	10.00%
Percentage of fair market value of the common stock	110.00%
Stock based compensation award, vesting period	5 years
Expiry period of the stock	10 years
Expiry period of the stock of the majority owners	5 years
Fair value of stock options method used	Black-Scholes option pricing model
Options exercised in period	0	0	0	0
Stock options outstanding	0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation award, vesting period	6 years
Stock based compensation award, vesting percentage	20.00%

EMPLOYEE BENEFIT PLANS - Summar

EMPLOYEE BENEFIT PLANS - Summary of changes in non-vested restricted shares (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shares
Non-vested shares at beginning	815,540	947,710
Granted	179,000	141,600
Vested	(310,520)	(260,770)
Forfeited	(5,800)	(13,000)
Non-vested shares at ending	678,220	815,540	947,710
Weighted Average Grant-Date Fair Value
Non-vested shares at beginning	$ 11.29	$ 9.41
Granted	15	17.21	$ 13.97
Vested	9.91	7.65
Forfeited	13.09	11.68
Non-vested shares at ending	$ 12.89	$ 11.29	$ 9.41

EMPLOYEE BENEFIT PLANS - Additi

EMPLOYEE BENEFIT PLANS - Additional information (Details) - Restricted Stock - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 15	$ 17.21	$ 13.97
Total fair value of shares vested	$ 4,431,000	$ 3,818,000	$ 4,289,000
Tax benefits for compensation expense for restricted stock	363,000	$ 517,000
Unrecognized compensation cost related to non-vested restricted shares	$ 6,970,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	3 years 1 month 6 days

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	1 Months Ended	12 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jan. 31, 2016	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
RPC \| 255 RC, LLC
Related Party Transaction [Line Items]
Joint venture ownership interest percentage	50.00%
Investment in joint venture	$ 2,554,000
Operating lease agreement term	5 years
Rent and allocable fixed cost for corporate aircraft		$ 160,000	$ 159,000	$ 159,000
Payable due to related party		1,200,000	1,000,000
Undistributed earnings represented in retained earnings		462,000
RPC \| Transition Support Services Agreement
Related Party Transaction [Line Items]
Aggregate service charges paid		846,000	865,000	$ 873,000
Receivable (payable) due from (to) related party		$ (49,000)	$ (56,000)
Chairman of Board and Director
Related Party Transaction [Line Items]
Voting power (in percent)		50.00%

LEASES - Assets and liabilities

LEASES - Assets and liabilities related to operating leases recorded on balance sheet (Details) - ASU No. 2016-02, Leases (Topic 842) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Liabilities:
Total lease liabilities	$ 122	$ 157
Other assets
Assets:
Operating lease right-of-use assets	124	159
Accrued expenses and other liabilities
Liabilities:
Current portion of operating lease liabilities	52	47
Other long-term liabilities
Liabilities:
Long-term operating lease liabilities	$ 70	$ 110

LEASES - Components of lease ex

LEASES - Components of lease expense (Details) - USD ($)	12 Months Ended
LEASES - Components of lease expense (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Line Items]
Total rent expense charged to operations			$ 191,000
ASU No. 2016-02, Leases (Topic 842) \| Selling, general and administrative expenses
Leases [Line Items]
Operating lease cost	$ 54,000	$ 52,000
Short-term lease cost	2,000	3,000
Total lease cost	$ 56,000	$ 55,000

LEASES - Other information rela

LEASES - Other information related to operating leases (Details) - ASU No. 2016-02, Leases (Topic 842) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Line Items]
Cash paid for amounts included in the measurement of lease liabilities	$ 49	$ 46
ROU assets obtained in exchange for operating lease liabilities	$ 14	$ 0
Weighted average remaining lease term	2 years 5 months 30 days	3 years 3 months 18 days
Weighted average discount rate	3.48%	3.68%

LEASES - Future minimum lease p

LEASES - Future minimum lease payments (Details) - USD ($)	12 Months Ended
LEASES - Future minimum lease payments (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2019
Maturity of lease liabilities
Initial lease term (in months)			36 months
2021	$ 235,500
2022	58,875
Total received leases	294,375
Rental income	236,000
ASU No. 2016-02, Leases (Topic 842)
Maturity of lease liabilities
2020	0	$ 52,000
2021	55,000	52,000
2022	55,000	52,000
2023	13,000	10,000
2024	3,000	0
2025	1,000	0
Total lease payments	127,000	166,000
Less: Amounts representing interest	(5,000)	(9,000)
Present value of lease liabilities	$ 122,000	$ 157,000

SCHEDULE II-VALUATION AND QUA_2

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for doubtful accounts
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 20	$ 25	$ 25
Charged to Costs and Expenses	8	14	0
Net (Write-Offs)/ Recoveries	(12)	(19)	0
Balance at End of Period	16	20	25
Deferred tax asset valuation allowance
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	1,818	2,794	5,447
Charged to Costs and Expenses	0	0	0
Net (Write-Offs)/ Recoveries	0	(976)	(2,653)
Balance at End of Period	$ 1,818	$ 1,818	$ 2,794