Marine Products (MPX) 10-Q 28 Apr 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 21, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Entity File Number	1-16263
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-2572419
Entity Registrant Name	MARINE PRODUCTS CORPORATION
Entity Address, Address Line One	2801 Buford Highway
Entity Address, Address Line Two	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 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 Common Stock, Shares Outstanding		34,437,678
Entity Central Index Key	0001129155
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 62,601	$ 43,171
Accounts receivable, net of allowance for credit losses of $12 in 2023 and 2022	10,920	5,340
Inventories	66,839	73,015
Income taxes receivable	174	28
Pension plan assets	227	356
Prepaid expenses and other current assets	2,204	3,088
Total current assets	142,965	124,998
Property, plant and equipment, net of accumulated depreciation of $33,578 in 2023 and $33,055 in 2022	16,231	14,965
Goodwill	3,308	3,308
Other intangibles, net	465	465
Deferred income taxes	6,935	6,027
Other assets	14,273	13,952
Total assets	184,177	163,715
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	12,530	8,250
Accrued expenses and other liabilities	21,697	15,340
Total current liabilities	34,227	23,590
Retirement plan liabilities	15,535	14,440
Other long-term liabilities	1,549	1,304
Total liabilities	51,311	39,334
Commitments and contingencies (Note 6)
Preferred stock, $0.10 par value, 1,000,000 shares authorized, none issued
Common stock, $0.10 par value, 74,000,000 shares authorized, issued and outstanding - 34,437,678 shares in 2023 and 34,217,582 shares in 2022	3,444	3,422
Retained earnings	129,531	122,954
Accumulated other comprehensive loss	(109)	(1,995)
Total stockholders' equity	132,866	124,381
Total liabilities and stockholders' equity	$ 184,177	$ 163,715

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Allowance for credit losses	$ 12	$ 12
Accumulated depreciation, property plant and equipment	$ 33,578	$ 33,055
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	34,437,678	34,217,582
Common stock, shares outstanding	34,437,678	34,217,582

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 118,914	$ 76,612
Cost of goods sold	89,892	58,217
Gross profit	29,022	18,395
Selling, general and administrative expenses	14,533	9,240
Operating income	14,489	9,155
Interest income (expense), net	483	(17)
Income before income taxes	14,972	9,138
Income tax provision	3,423	2,075
Net income	$ 11,549	$ 7,063
Earnings per share
Basic	$ 0.34	$ 0.21
Diluted	0.34	0.21
Dividends paid per share	$ 0.14	$ 0.12

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 11,549	$ 7,063
Other comprehensive income, net of taxes:
Pension adjustment	1,886	22
Comprehensive income	$ 13,435	$ 7,085

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2021	$ 3,399		$ 97,702	$ (2,576)	$ 98,525
Balance (in shares) at Dec. 31, 2021	33,993
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 21	$ 589			610
Stock issued for stock incentive plans, net (in shares)	211
Stock purchased and retired	$ (6)	(589)	(107)		(702)
Stock purchased and retired (in shares)	(60)
Net income			7,063		7,063
Pension adjustment, net of taxes				22	22
Dividends paid			(4,095)		(4,095)
Balance at Mar. 31, 2022	$ 3,414		100,563	(2,554)	101,423
Balance (in shares) at Mar. 31, 2022	34,144
Balance at Dec. 31, 2022	$ 3,422		122,954	(1,995)	124,381
Balance (in shares) at Dec. 31, 2022	34,218
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 29	748			777
Stock issued for stock incentive plans, net (in shares)	289
Stock purchased and retired	$ (7)	$ (748)	(155)		(910)
Stock purchased and retired (in shares)	(69)
Net income			11,549		11,549
Pension adjustment, net of taxes				1,886	1,886
Dividends paid			(4,817)		(4,817)
Balance at Mar. 31, 2023	$ 3,444		$ 129,531	$ (109)	$ 132,866
Balance (in shares) at Mar. 31, 2023	34,438

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES
Net income	$ 11,549	$ 7,063
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	523	472
Stock-based compensation expense	777	610
Deferred income tax benefit	(1,133)	499
Pension settlement loss	2,089
(Increase) decrease in assets:
Accounts receivable	(5,580)	(5,302)
Income taxes receivable	(146)	(1,695)
Inventories	6,176	(4,918)
Prepaid expenses and other current assets	1,035	557
Other non-current assets	(321)	1,315
Increase (decrease) in liabilities:
Accounts payable	4,280	5,663
Accrued expenses and other liabilities	6,357	1,032
Other long-term liabilities	1,340	(777)
Net cash provided by operating activities	26,946	4,519
INVESTING ACTIVITIES
Capital expenditures	(1,789)	(202)
Net cash used for investing activities	(1,789)	(202)
FINANCING ACTIVITIES
Payment of dividends	(4,817)	(4,095)
Cash paid for common stock purchased and retired	(910)	(702)
Net cash used for financing activities	(5,727)	(4,797)
Net increase (decrease) in cash and cash equivalents	19,430	(480)
Cash and cash equivalents at beginning of period	43,171	14,102
Cash and cash equivalents at end of period	62,601	13,622
Supplemental information:
Income tax payments, net	$ 355	$ 3,395

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2023
GENERAL
GENERAL	1. GENERAL The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (all of which consisted of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The Consolidated Balance Sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the annual report of Marine Products Corporation (“Marine Products,” the “Company” or “MPC”) on Form 10-K for the year ended December 31, 2022. A group that includes Gary W. Rollins, Pamela R. Rollins, Amy Rollins Kreisler and Timothy C. Rollins, each of whom is a director of the Company, controls in excess of fifty percent of the Company’s voting power.

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2023
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	2. RECENT ACCOUNTING STANDARDS The FASB issued the following Accounting Standards Updates (ASUs): Recently Adopted Accounting Standards: ASU No. 2021-08 — Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.

NET SALES

NET SALES	3 Months Ended
	Mar. 31, 2023
NET SALES
NET SALES	3. NET SALES Accounting Policy: MPC’s contract revenues are generated principally from selling: (1) fiberglass motorized boats and accessories and (2) parts to independent dealers. Revenue is recognized when obligations under the terms of a contract with our customer are satisfied. Satisfaction of contract terms occur with the transfer of title of our boats and accessories and parts to our dealers. Net sales are measured as the amount of consideration we expect to receive in exchange for transferring the goods to the dealer. The amount of consideration we expect to receive consists of the sales price adjusted for dealer incentives. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold as they are deemed to be assurance-type warranties (see Note 6). Incidental promotional items that are immaterial in the context of the contract are recognized as expense. Fees charged to customers for shipping and handling are included in Net sales in the accompanying Consolidated Statements of Operations and the related costs incurred by the Company are included in Cost of goods sold. Nature of goods: MPC’s performance obligations within its contracts consist of: (1) boats and accessories and (2) parts. The Company transfers control and recognizes revenue on the satisfaction of its performance obligations (point in time) as follows: ● 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: For most domestic customers, MPC manufactures and delivers boats and accessories and parts ahead of payment - i.e., MPC has fulfilled its performance obligations prior to submitting an invoice to the dealer. MPC invoices the customer when the products are delivered and typically receives the payment within 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 The transaction price for MPC’s boats and accessories is the invoice price adjusted for dealer incentives. Key inputs and assumptions in determining variable consideration related to dealer incentives include: ● 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: Our contracts with dealers do not provide them with a right of return. Accordingly, we do not have any obligations recorded for returns or refunds. Disaggregation of revenues: The following table disaggregates our sales by major source: ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2023 March 31, 2022 Boats and accessories ​ $ 117,719 ​ $ 75,405 ​ Parts ​ 1,195 ​ 1,207 ​ Net sales ​ $ 118,914 ​ $ 76,612 ​ ​ The following table disaggregates our revenues between domestic and international: ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2023 March 31, 2022 Domestic ​ $ 110,995 ​ $ 72,500 ​ International ​ 7,919 ​ 4,112 ​ Net sales ​ $ 118,914 ​ $ 76,612 ​ ​ Contract balances: Amounts received from international and certain domestic dealers toward the purchase of boats are classified as deferred revenue and are included in Accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ (in thousands) 2023 ​ 2022 Deferred revenue ​ $ 1,658 ​ $ 1,989 ​ ​ Substantially all of the amounts of deferred revenue disclosed above were or will be recognized as sales during the immediately following quarters, respectively, when control is transferred.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2023
EARNINGS PER SHARE
EARNINGS PER SHARE	4. EARNINGS PER SHARE Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (in thousands) 2023 2022 Net income available for stockholders: ​ $ 11,549 ​ $ 7,063 Less: Adjustments for earnings attributable to participating securities ​ (274) ​ (142) Net income used in calculating earnings per share ​ $ 11,275 ​ $ 6,921 ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 34,379 ​ 34,100 Adjustment for participating securities ​ (821) ​ (693) Shares used in calculating basic and diluted earnings per share ​ 33,558 ​ 33,407 ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	5. STOCK-BASED COMPENSATION The Company reserved 3,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of ten years expiring in April 2024. 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 March 31, 2023, there were approximately 806,247 shares available for grant. In the first quarter of 2023, the Company issued time-lapse restricted shares to certain employees that will vest ratably over a period of four years. In addition, the Company granted performance share unit awards to its executive officers that vest based on the achievement of pre-established performance targets. The awards will be issued at different levels based on the performance achieved with a cliff vesting at the end of fiscal year ending 2025. The Company evaluated the portions of the award that are probable to vest and has accrued compensation expense at 100% of the target award. Stock-based compensation for both the time-lapse restricted shares and performance share unit awards was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, (in thousands) 2023 2022 Pre – tax cost ​ $ 777 ​ $ 610 After tax cost ​ ​ 606 ​ ​ 476 ​ The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ Shares Fair Value Non-vested shares at December 31, 2022 764,170 ​ $ 14.15 Granted 289,300 ​ 13.20 Vested (214,420) ​ 14.21 Non-vested shares at March 31, 2023 839,050 ​ $ 13.81 ​ The total fair value of shares vested was approximately $2,820,000 during the three months ended March 31, 2023 and approximately $2,066,000 during the three months ended March 31, 2022. The above table does not include any of the activity related to performance share unit awards since they are not currently issued or vested. For the three months ended March 31, 2023, approximately $24,000 of excess tax benefit for stock-based compensation awards was recorded as a discrete tax adjustment and classified within Net cash provided by operating activities in the accompanying Consolidated Statements of Cash Flows compared to approximately $3,000 for the three months ended March 31, 2022.

WARRANTY COSTS AND OTHER CONTIN

WARRANTY COSTS AND OTHER CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
WARRANTY COSTS AND OTHER CONTINGENCIES
WARRANTY COSTS AND OTHER CONTINGENCIES	6. WARRANTY COSTS AND OTHER CONTINGENCIES Warranty Costs: For its Chaparral and Robalo products, Marine Products provides a lifetime limited structural hull warranty and a transferable one-year limited warranty to the original owner. Chaparral also includes a five-year limited structural deck warranty. Warranties for additional items are provided for periods of one The manufacturers of the engines, generators, and navigation electronics included on our boats provide and administer their own warranties for various lengths of time. An analysis of the warranty accruals for the three months ended March 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2023 2022 Balance at January 1 ​ $ 5,699 ​ $ 4,641 Less: Payments made during the period ​ (1,063) ​ (1,119) Add: Warranty provision for the period ​ 1,739 ​ 1,016 Changes to warranty provision for prior periods ​ 112 ​ 81 Balance at March 31 ​ $ 6,487 ​ $ 4,619 ​ The warranty accruals are reflected in Accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets. Repurchase Obligations: The Company is a party to various agreements with third party lenders that provide floor plan financing to qualifying dealers whereby the Company guarantees varying amounts of debt on boats in dealer inventory. The Company’s obligation under these guarantees becomes effective in the case of a default under the financing arrangement between the dealer and the third-party lender. The agreements provide for the return of repossessed boats to the Company in new and unused condition subject to normal wear and tear as defined, in exchange for the Company’s assumption of specified percentages of the debt obligation on those boats, up to certain contractually determined dollar limits by the lenders. The Company had no material repurchases under the contractual agreements during the three months ended March 31, 2023 and 2022. Management continues to monitor the risk of defaults and resulting repurchase obligations based in part on information provided by 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, subject to a minimum of $8.0 million, is based on a specified percentage of the amount of the average net receivables financed by the floor plan lender for our dealers less repurchases during the prior 12 month period, which was a repurchase limit of $8.3 million as of March 31, 2023. The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of approximately $6.3 million with various expiration and cancellation terms of less than one year, for an aggregate repurchase obligation with all floor plan financing institutions of approximately $14.6 million as of March 31, 2023.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2023
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION	7. BUSINESS SEGMENT INFORMATION The Company has one reportable segment, its powerboat manufacturing business; therefore, the majority of segment-related disclosures are not relevant to the Company. In addition, the Company’s results of operations and its financial condition are not significantly reliant upon any single customer or product model. ​

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2023
INVENTORIES
INVENTORIES	8. INVENTORIES Inventories consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, December 31, 2023 ​ 2022 (in thousands) ​ ​ ​ ​ ​ ​ Raw materials and supplies ​ $ 36,215 ​ $ 37,210 Work in process ​ 15,199 ​ 14,190 Finished goods ​ 15,425 ​ 21,615 Total inventories ​ $ 66,839 ​ $ 73,015 ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
INCOME TAXES
INCOME TAXES	9. INCOME TAXES The Company determines its periodic income tax provision based upon the current period income and the annual estimated tax rate for the Company adjusted for discrete items including tax credits and changes to prior year estimates. The estimated tax rate is adjusted, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate. Income tax provision for the first quarter of 2023 reflects an effective tax rate of 22.9 percent compared to 22.7 percent for the comparable period in the prior year.

PENSION AND RETIREMENT PLANS

PENSION AND RETIREMENT PLANS	3 Months Ended
	Mar. 31, 2023
PENSION AND RETIREMENT PLANS
PENSION AND RETIREMENT PLANS	10. PENSION AND RETIREMENT PLANS The Company participates in a multiple employer Retirement Income Plan, a trusteed defined benefit pension plan, sponsored by RPC, Inc. (“RPC”). The following represents the net periodic cost and related components for the plan for the three months ended March 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended (in thousands) ​ March 31, ​ 2023 2022 Interest cost ​ $ 4 ​ $ 33 Expected return on plan assets ​ — ​ — Amortization of net losses ​ 22 ​ 28 Settlement loss ​ ​ 2,089 ​ ​ — Net periodic cost ​ $ 2,115 ​ $ 61 ​ During the first quarter of 2023, as part of the termination of the Plan, the Company completed an annuity purchase to transfer the risk from the Plan to a commercial annuity provider for substantially all of the remaining Plan participants through the liquidation of investments in the Plan. As part of this transfer, the Company recognized a pre-tax, non-cash settlement loss of $2.1 million representing the accelerated recognition of actuarial losses. The Company continues to utilize an expected return on plan assets of zero percent due to the nature of investments and short-term duration. Additionally, the Company recorded a receivable for approximately $430 thousand from RPC, which represents funds paid from the Company’s assets in the Plan to settle RPC’s participant liabilities. RPC is expected to repay these amounts in the second quarter of 2023. The Company did not contribute to this Plan during the three months ended March 31, 2023 and 2022. ​ The Company expects to recognize an estimated additional pre-tax, non-cash settlement loss of approximately $140 thousand in the second quarter of 2023 and currently does not expect to make any additional cash contributions. The final amount of settlement loss is subject to change based on the actual return on plan assets. The Company currently expects the Plan to be fully terminated in the second quarter of 2023. ​ The Company permits selected highly compensated employees to defer a portion of their compensation into a non-qualified Supplemental Executive Retirement Plan (“SERP”). The Company maintains certain securities primarily in mutual funds and company-owned life insurance (“COLI”) policies as a funding source to satisfy the obligation of the SERP that have been classified as trading and are stated at fair value totaling approximately $10,218,000 as of March 31, 2023 and $9,881,000 as of December 31, 2022. Trading gains related to the SERP assets totaled approximately $337,000 during the three months ended March 31, 2023, compared to trading losses of approximately $1,227,000 during the three months ended March 31, 2022. The SERP assets are reported in Other assets in the accompanying Consolidated Balance Sheets and changes to the fair value of the assets are reported in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. The SERP liabilities include participant deferrals net of distributions and are stated at fair value of approximately $15,535,000 as of March 31, 2023 and $14,440,000 as of December 31, 2022. The SERP liabilities are reported in the accompanying Consolidated Balance Sheets in Retirement plan liabilities and any change in the fair value is recorded as compensation cost within Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. Changes in the fair value of the SERP liabilities represented unrealized gains of approximately $297,000 during the three months ended March 31, 2023, compared to unrealized losses of approximately $1,265,000 during the three months ended March 31, 2022.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	11. 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. Trading securities are comprised of SERP assets, as described in Note 10, 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 or investment company. Significant observable inputs, in addition to quoted market prices, are used to value the trading securities. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. The carrying amount of other financial instruments reported in the accompanying Consolidated Balance Sheets 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.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	12. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss consists of pension adjustments as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (in thousands) ​ 2023 ​ 2022 Balance at beginning of the period ​ $ (1,995) ​ $ (2,576) Change during the period: ​ ​ ​ ​ Before-tax amount ​ 308 ​ — Tax provision ​ (68) ​ — Pension settlement loss, net of taxes (1) ​ 1,629 ​ — Reclassification adjustment, net of taxes ​ ​ ​ ​ Amortization of net loss (1) ​ 17 ​ 22 Total activity for the period ​ 1,886 ​ 22 Balance at end of the period ​ $ (109) ​ $ (2,554) (1) Reported as part of Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2023
ACCRUED EXPENSES AND OTHER LIABILITIES
ACCRUED EXPENSES AND OTHER LIABILITIES	13. ACCRUED EXPENSES AND OTHER LIABILITIES ​ Accrued expenses and other liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, December 31, ​ ​ ​ ​ 2023 2022 (in thousands) ​ ​ ​ ​ ​ Accrued payroll and related expenses ​ ​ ​ ​ $ 4,432 ​ $ 3,753 Accrued sales incentives and discounts ​ ​ ​ ​ 3,508 ​ 2,485 Accrued warranty costs ​ ​ ​ ​ 6,487 ​ 5,699 Deferred revenue ​ ​ ​ ​ 1,658 ​ 1,989 Income taxes payable ​ ​ ​ ​ ​ 4,739 ​ ​ 342 Other ​ ​ ​ ​ 873 ​ 1,072 Total accrued expenses and other liabilities ​ ​ ​ ​ $ 21,697 ​ $ 15,340 ​

NOTES PAYABLE TO BANKS

NOTES PAYABLE TO BANKS	3 Months Ended
	Mar. 31, 2023
NOTES PAYABLE TO BANKS
NOTES PAYABLE TO BANKS	14. NOTES PAYABLE TO BANKS During the fourth quarter of 2021, the Company entered into a revolving credit agreement with Truist Bank which provides a credit facility of $20.0 million. The facility includes (i) a $5.0 million sublimit for swingline loans, (ii) a $2.5 million aggregate sublimit for all letters of credit, and (iii) a committed accordion which can increase the aggregate commitments by the greater of $35.0 million and consolidated EBITDA over the most recently completed twelve month period at the time of incurrence. The facility is secured by a first priority security interest in and lien on substantially all personal property of MPC and the guarantors including, without limitation, certain assets owned by the borrower or any guarantor. The facility will terminate on November 12, 2026. Revolving borrowings under the facility will accrue interest at a rate equal to one-month LIBOR plus the applicable percentage, as defined. The applicable percentage will be between 150 and 250 basis points for all loans based on MPC’s net leverage ratio. In addition, the Company pays facility fees under the agreement ranging from 25 to 45 basis points, based on MPC’s net leverage ratio, on the unused revolving commitment. The Company expects to replace LIBOR with the Term Secured Overnight Financing Rate (SOFR) based on the occurrence of any of the triggering events in the revolving credit agreement. The credit agreement contains certain financial covenants including: (i) a maximum consolidated leverage ratio of 2.50:1.00 and (ii) a minimum consolidated fixed charge coverage ratio of 1.25:1.00 both determined as of the end of each fiscal quarter. Additionally, the agreement contains customary covenants including affirmative and negative covenants and events of default (each with customary exceptions, thresholds and exclusions). As of March 31, 2023, the Company was in compliance with all covenants. The Company has incurred total loan origination fees and other debt related costs associated with this revolving credit facility in the aggregate of $195,000. These costs are being amortized to interest expense over the remaining term of the loan, and the remaining net balance is classified as part of Other assets in the accompanying Consolidated Balance Sheets. MPC had no outstanding borrowings under the revolving credit facility as of March 31, 2023 and December 31, 2022. Interest expense incurred, which includes facility fees on the unused portion of the revolving credit facility and the amortization of loan costs, on the credit facility was $22,000 for the three months ended March 31, 2023 and $22,000 for the three months ended March 31, 2022. Interest expense paid on the credit facility was $38,000 for the three months ended March 31, 2023 and $7,000 for the three months ended March 31, 2022.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	3 Months Ended
	Mar. 31, 2023
SUBSEQUENT EVENT
SUBSEQUENT EVENT	15. SUBSEQUENT EVENT On April 25, 2023, the Board of Directors declared a regular quarterly cash dividend of $0.14 per share payable June 9, 2023 to common stockholders of record at the close of business May 10, 2023.

RECENT ACCOUNTING STANDARDS (Po

RECENT ACCOUNTING STANDARDS (Policies)	3 Months Ended
	Mar. 31, 2023
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	The FASB issued the following Accounting Standards Updates (ASUs): Recently Adopted Accounting Standards: ASU No. 2021-08 — Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.
NET SALES	MPC’s contract revenues are generated principally from selling: (1) fiberglass motorized boats and accessories and (2) parts to independent dealers. Revenue is recognized when obligations under the terms of a contract with our customer are satisfied. Satisfaction of contract terms occur with the transfer of title of our boats and accessories and parts to our dealers. Net sales are measured as the amount of consideration we expect to receive in exchange for transferring the goods to the dealer. The amount of consideration we expect to receive consists of the sales price adjusted for dealer incentives. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold as they are deemed to be assurance-type warranties (see Note 6). Incidental promotional items that are immaterial in the context of the contract are recognized as expense. Fees charged to customers for shipping and handling are included in Net sales in the accompanying Consolidated Statements of Operations and the related costs incurred by the Company are included in Cost of goods sold.

NET SALES (Tables)

NET SALES (Tables)	3 Months Ended
	Mar. 31, 2023
NET SALES
Schedule of disaggregation of sales by major source	​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2023 March 31, 2022 Boats and accessories ​ $ 117,719 ​ $ 75,405 ​ Parts ​ 1,195 ​ 1,207 ​ Net sales ​ $ 118,914 ​ $ 76,612 ​ ​
Schedule of revenue by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2023 March 31, 2022 Domestic ​ $ 110,995 ​ $ 72,500 ​ International ​ 7,919 ​ 4,112 ​ Net sales ​ $ 118,914 ​ $ 76,612 ​ ​
Schedule of contract balances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ (in thousands) 2023 ​ 2022 Deferred revenue ​ $ 1,658 ​ $ 1,989 ​ ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (in thousands) 2023 2022 Net income available for stockholders: ​ $ 11,549 ​ $ 7,063 Less: Adjustments for earnings attributable to participating securities ​ (274) ​ (142) Net income used in calculating earnings per share ​ $ 11,275 ​ $ 6,921 ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 34,379 ​ 34,100 Adjustment for participating securities ​ (821) ​ (693) Shares used in calculating basic and diluted earnings per share ​ 33,558 ​ 33,407

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
STOCK-BASED COMPENSATION
Schedule of stock-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, (in thousands) 2023 2022 Pre – tax cost ​ $ 777 ​ $ 610 After tax cost ​ ​ 606 ​ ​ 476 ​
Schedule of summary of the changes in non-vested restricted shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ Shares Fair Value Non-vested shares at December 31, 2022 764,170 ​ $ 14.15 Granted 289,300 ​ 13.20 Vested (214,420) ​ 14.21 Non-vested shares at March 31, 2023 839,050 ​ $ 13.81 ​

WARRANTY COSTS AND OTHER CONT_2

WARRANTY COSTS AND OTHER CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2023
WARRANTY COSTS AND OTHER CONTINGENCIES
Schedule of analysis of warranty accruals	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2023 2022 Balance at January 1 ​ $ 5,699 ​ $ 4,641 Less: Payments made during the period ​ (1,063) ​ (1,119) Add: Warranty provision for the period ​ 1,739 ​ 1,016 Changes to warranty provision for prior periods ​ 112 ​ 81 Balance at March 31 ​ $ 6,487 ​ $ 4,619 ​

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2023
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, December 31, 2023 ​ 2022 (in thousands) ​ ​ ​ ​ ​ ​ Raw materials and supplies ​ $ 36,215 ​ $ 37,210 Work in process ​ 15,199 ​ 14,190 Finished goods ​ 15,425 ​ 21,615 Total inventories ​ $ 66,839 ​ $ 73,015

PENSION AND RETIREMENT PLANS (T

PENSION AND RETIREMENT PLANS (Tables)	3 Months Ended
	Mar. 31, 2023
PENSION AND RETIREMENT PLANS
Schedule of net periodic cost (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended (in thousands) ​ March 31, ​ 2023 2022 Interest cost ​ $ 4 ​ $ 33 Expected return on plan assets ​ — ​ — Amortization of net losses ​ 22 ​ 28 Settlement loss ​ ​ 2,089 ​ ​ — Net periodic cost ​ $ 2,115 ​ $ 61 ​

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE LOSS
Schedule of accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (in thousands) ​ 2023 ​ 2022 Balance at beginning of the period ​ $ (1,995) ​ $ (2,576) Change during the period: ​ ​ ​ ​ Before-tax amount ​ 308 ​ — Tax provision ​ (68) ​ — Pension settlement loss, net of taxes (1) ​ 1,629 ​ — Reclassification adjustment, net of taxes ​ ​ ​ ​ Amortization of net loss (1) ​ 17 ​ 22 Total activity for the period ​ 1,886 ​ 22 Balance at end of the period ​ $ (109) ​ $ (2,554) (1) Reported as part of Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations.

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2023
ACCRUED EXPENSES AND OTHER LIABILITIES
Schedule of accrued expenses and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, December 31, ​ ​ ​ ​ 2023 2022 (in thousands) ​ ​ ​ ​ ​ Accrued payroll and related expenses ​ ​ ​ ​ $ 4,432 ​ $ 3,753 Accrued sales incentives and discounts ​ ​ ​ ​ 3,508 ​ 2,485 Accrued warranty costs ​ ​ ​ ​ 6,487 ​ 5,699 Deferred revenue ​ ​ ​ ​ 1,658 ​ 1,989 Income taxes payable ​ ​ ​ ​ ​ 4,739 ​ ​ 342 Other ​ ​ ​ ​ 873 ​ 1,072 Total accrued expenses and other liabilities ​ ​ ​ ​ $ 21,697 ​ $ 15,340

GENERAL (Details)

GENERAL (Details)	3 Months Ended
	Mar. 31, 2023
Board of Director
Ownership control
Voting power (in percent)	50%

NET SALES - Payment Terms (Deta

NET SALES - Payment Terms (Details)	3 Months Ended
	Mar. 31, 2023
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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of revenue:
Net sales	$ 118,914	$ 76,612
Boats and accessories
Disaggregation of revenue:
Net sales	117,719	75,405
Parts
Disaggregation of revenue:
Net sales	$ 1,195	$ 1,207

NET SALES - Disaggregate revenu

NET SALES - Disaggregate revenue by location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of revenue:
Net sales	$ 118,914	$ 76,612
Domestic
Disaggregation of revenue:
Net sales	110,995	72,500
International
Disaggregation of revenue:
Net sales	$ 7,919	$ 4,112

NET SALES - Deferred revenue (D

NET SALES - Deferred revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued expenses and other liabilities.
Disaggregation of revenue:
Deferred revenue	$ 1,658	$ 1,989

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
EARNINGS PER SHARE
Net income available for stockholders:	$ 11,549	$ 7,063
Less: Adjustments for earnings attributable to participating securities	(274)	(142)
Net income used in calculating earnings per share	$ 11,275	$ 6,921
Weighted average shares outstanding (including participating securities)	34,379	34,100
Adjustment for participating securities	(821)	(693)
Shares used in calculating basic earnings per share	33,558	33,407
Shares used in calculating diluted earnings per share	33,558	33,407

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details)	3 Months Ended
	Mar. 31, 2023 shares
Stock-based compensation
Stock based compensation award, vesting period	4 years
Stock based compensation award, vesting percentage	100%
Stock Incentive Plans Member
Stock-based compensation
Stock authorized (in shares)	3,000,000
Term (in years)	P10Y
Available for grant (in shares)	806,247

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
STOCK-BASED COMPENSATION
Pre - tax cost	$ 777	$ 610
After tax cost	$ 606	$ 476

STOCK-BASED COMPENSATION - Non

STOCK-BASED COMPENSATION - Non vested RSU's (Details) - Restricted shares of common stock	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Shares
Non-vested shares at beginning | shares	764,170
Granted | shares	289,300
Vested | shares	(214,420)
Non-vested shares at ending | shares	839,050
Weighted Average Grant-Date Fair Value
Non-vested shares at beginning | $ / shares	$ 14.15
Granted | $ / shares	13.20
Vested | $ / shares	14.21
Non-vested shares at ending | $ / shares	$ 13.81

STOCK-BASED COMPENSATION - Fair

STOCK-BASED COMPENSATION - Fair value (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restricted shares of common stock
Stock-based compensation
Fair value, shares vested	$ 2,820,000	$ 2,066,000

STOCK-BASED COMPENSATION - Othe

STOCK-BASED COMPENSATION - Other Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restricted shares of common stock
Stock-based compensation
Tax benefits for compensation expense for restricted stock	$ 24,000	$ 3,000

WARRANTY COSTS AND OTHER CONT_3

WARRANTY COSTS AND OTHER CONTINGENCIES - Warranty Costs (Details)	3 Months Ended
	Mar. 31, 2023
Warranty Costs:
Period of transferable limited warranty to original owner	1 year
Period of transferable hull warranty available to second 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
Chaparral
Warranty Costs:
Period of limited warranty on structural deck	5 years

WARRANTY COSTS AND OTHER CONT_4

WARRANTY COSTS AND OTHER CONTINGENCIES - Analysis of warranty accruals (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Warranty accruals:
Balance at beginning of year	$ 5,699	$ 4,641
Less: Payments made during the period	(1,063)	(1,119)
Add: Warranty provision for the period	1,739	1,016
Changes to warranty provision for prior periods	112	81
Balance at end of year	$ 6,487	$ 4,619

WARRANTY COSTS AND OTHER CONT_5

WARRANTY COSTS AND OTHER CONTINGENCIES- Repurchase Obligations (Details) $ in Millions	Mar. 31, 2023 USD ($)
Repurchase obligations
Total purchase obligation	$ 14.6
Floor plan lender one
Repurchase obligations
Total purchase obligation	8.3
Floor plan lender one | Minimum
Repurchase obligations
Total purchase obligation	8
Additional floor plan lenders
Repurchase obligations
Total purchase obligation	$ 6.3

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Details)	3 Months Ended
	Mar. 31, 2023 segment
BUSINESS SEGMENT INFORMATION
Number of reportable segments	1

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
INVENTORIES
Raw materials and supplies	$ 36,215	$ 37,210
Work in process	15,199	14,190
Finished goods	15,425	21,615
Total inventories	$ 66,839	$ 73,015

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
INCOME TAXES
Effective tax rate (as a percent)	22.90%	22.70%

PENSION AND RETIREMENT PLANS -

PENSION AND RETIREMENT PLANS - Components of net periodic cost (benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
EMPLOYEE BENEFIT PLANS
Pension settlement loss	$ 2,089
Retirement Income Plan
EMPLOYEE BENEFIT PLANS
Interest cost	4	$ 33
Amortization of net losses	22	28
Pension settlement loss	2,089
Net periodic cost	$ 2,115	$ 61
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense

PENSION AND RETIREMENT PLANS (D

PENSION AND RETIREMENT PLANS (Details) - USD ($)	3 Months Ended			12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Settlement loss		$ (2,089,000)
RPC, Inc
Defined Benefit Plan Disclosure [Line Items]
Amount Receivable as Reimbursement to Cover Funds		430,000
SERP
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		10,218,000		$ 9,881,000
Trading (losses) gains related to the SERP assets		(337,000)	$ (1,227,000)
Participant deferrals net of distributions stated at fair value		15,535,000		$ 14,440,000
Change in fair value of liability unrealized gains (losses)		$ (297,000)	$ (1,265,000)
Retirement Income Plan
Defined Benefit Plan Disclosure [Line Items]
Estimated Additional Pre Tax, Non Cash Settlement Loss	$ 140,000
Expected return on plan assets		0%
Settlement loss		$ (2,089,000)

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Roll Forward
Balance at beginning of the period	$ (1,995)
Reclassification adjustment, net of taxes
Balance at end of the period	(109)
Pension Adjustment
AOCI Roll Forward
Balance at beginning of the period	(1,995)	$ (2,576)
Change during the period:
Before-tax amount	308	0
Tax provision	(68)	0
Pension settlement loss, net of taxes	1,629	0
Reclassification adjustment, net of taxes
Amortization of net loss (1)	17	22
Total activity for the period	1,886	22
Balance at end of the period	$ (109)	$ (2,554)

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued payroll and related expenses	$ 4,432	$ 3,753
Accrued sales incentives and discounts	3,508	2,485
Accrued warranty costs	6,487	5,699
Deferred revenue	1,658	1,989
Income taxes payable	4,739	342
Other	873	1,072
Total accrued expenses and other liabilities	$ 21,697	$ 15,340

NOTES PAYABLE TO BANKS (Details

NOTES PAYABLE TO BANKS (Details)		3 Months Ended
	Nov. 12, 2021	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Maximum debt consolidated leverage ratio		2.50
Minimum debt consolidated fixed charge coverage ratio		1.25
Origination and other debt related costs		$ 195,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 20,000,000
Increase in the aggregate commitments from committed accordion				35,000,000
Outstanding borrowings		0			$ 0
Interest incurred		22,000	$ 22,000
Interest expense paid		$ 38,000	$ 7,000
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Facility fee	25%
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Facility fee	45%
Revolving Credit Facility | LIBOR | Minimum
Line of Credit Facility [Line Items]
Interest rate	150%
Revolving Credit Facility | LIBOR | Maximum
Line of Credit Facility [Line Items]
Interest rate	250%
Swingline loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity				5,000,000
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 2,500,000

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - Subsequent Event.	Apr. 25, 2023 $ / shares
Subsequent Event
Regular cash dividend Payable, Amount Per Share	$ 0.14
Dividend payable, date to be payable	Jun. 09, 2023
Dividends payable, date declared	May 10, 2023