$MLR
MILLER INDUSTRIES INC /TN/

2023 Q1 Form 10-K Financial Statement

#000155837023003178 Filed on March 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $282.3M $225.9M $848.5M
YoY Change 30.96% 11.98% 18.26%
Cost Of Revenue $251.9M $200.3M $766.0M
YoY Change 25.8% 7.65% 18.28%
Gross Profit $30.42M $25.53M $82.42M
YoY Change 98.29% 63.63% 17.99%
Gross Profit Margin 10.78% 11.3% 9.71%
Selling, General & Admin $17.92M $13.12M $52.83M
YoY Change 44.71% 17.33% 14.26%
% of Gross Profit 58.93% 51.39% 64.1%
Research & Development $4.030M
YoY Change 13.08%
% of Gross Profit 4.89%
Depreciation & Amortization $3.148M $3.134M $11.76M
YoY Change 12.71% 7.62% 6.58%
% of Gross Profit 10.35% 12.28% 14.27%
Operating Expenses $17.92M $13.12M $56.86M
YoY Change 44.71% 17.33% 14.18%
Operating Profit $12.49M $12.41M $25.56M
YoY Change 322.92% 180.79% 27.46%
Interest Expense $1.012M -$863.0K $3.379M
YoY Change 142.11% 53.29% 149.37%
% of Operating Profit 8.1% -6.96% 13.22%
Other Income/Expense, Net -$20.00K $84.00K $188.0K
YoY Change 10.53% 147.37%
Pretax Income $11.80M $11.63M $25.73M
YoY Change 375.0% 198.1% 18.22%
Income Tax $2.579M $2.337M $5.386M
% Of Pretax Income 21.86% 20.1% 20.93%
Net Earnings $9.220M $9.292M $20.35M
YoY Change 346.49% 242.25% 25.17%
Net Earnings / Revenue 3.27% 4.11% 2.4%
Basic Earnings Per Share $0.81 $1.78
Diluted Earnings Per Share $0.81 $0.81 $1.78
COMMON SHARES
Basic Shares Outstanding 11.42M 11.42M 11.42M
Diluted Shares Outstanding 11.43M 11.42M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.72M $40.15M $40.15M
YoY Change 1.46% -26.1% -26.1%
Cash & Equivalents $29.72M $40.15M $40.15M
Short-Term Investments
Other Short-Term Assets $6.771M $4.576M $4.576M
YoY Change -22.56% -20.43% -20.43%
Inventory $164.4M $153.7M $153.7M
Prepaid Expenses $6.771M $4.576M
Receivables $233.1M $177.7M $177.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $434.0M $376.0M $376.0M
YoY Change 21.83% 14.31% 14.31%
LONG-TERM ASSETS
Property, Plant & Equipment $111.0M $112.1M $113.1M
YoY Change 13.49% 16.22% 15.68%
Goodwill $11.62M $11.62M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $686.0K $708.0K $708.0K
YoY Change 7.02% 32.83% 32.83%
Total Long-Term Assets $124.1M $125.4M $125.4M
YoY Change 11.61% 14.11% 14.11%
TOTAL ASSETS
Total Short-Term Assets $434.0M $376.0M $376.0M
Total Long-Term Assets $124.1M $125.4M $125.4M
Total Assets $558.2M $501.4M $501.4M
YoY Change 19.4% 14.26% 14.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $169.5M $125.5M $125.5M
YoY Change 21.64% 5.44% 5.44%
Accrued Expenses $30.26M $27.90M $27.97M
YoY Change 31.49% 12.22% 20.89%
Deferred Revenue $242.0K $242.0K
YoY Change -5.84% -5.84%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $204.8M $156.1M $156.1M
YoY Change 25.87% 8.23% 8.23%
LONG-TERM LIABILITIES
Long-Term Debt $45.00M $45.00M $45.00M
YoY Change 350.0%
Other Long-Term Liabilities $569.0K $597.0K $597.0K
YoY Change -30.27% -31.38% -31.38%
Total Long-Term Liabilities $45.00M $45.00M $45.60M
YoY Change 350.0% 5072.41% 5141.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $204.8M $156.1M $156.1M
Total Long-Term Liabilities $45.00M $45.00M $45.60M
Total Liabilities $256.5M $208.0M $208.0M
YoY Change 43.59% 38.36% 38.36%
SHAREHOLDERS EQUITY
Retained Earnings $157.3M $150.1M
YoY Change 10.82% 5.78%
Common Stock $114.0K $114.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $301.7M $293.5M $293.5M
YoY Change
Total Liabilities & Shareholders Equity $558.2M $501.4M $501.4M
YoY Change 19.4% 14.26% 14.26%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $9.220M $9.292M $20.35M
YoY Change 346.49% 242.25% 25.17%
Depreciation, Depletion And Amortization $3.148M $3.134M $11.76M
YoY Change 12.71% 7.62% 6.58%
Cash From Operating Activities -$6.764M $12.45M -$19.16M
YoY Change -76.62% 51.2% -225.46%
INVESTING ACTIVITIES
Capital Expenditures $1.749M $3.812M $28.94M
YoY Change -57.25% -394.82% 216.27%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $8.000K
YoY Change -100.0% -100.0% -91.21%
Cash From Investing Activities -$1.749M -$3.812M -$28.93M
YoY Change -57.16% 215.56% 219.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.059M -2.055M 36.77M
YoY Change -125.94% -0.24% -546.29%
NET CHANGE
Cash From Operating Activities -6.764M 12.45M -19.16M
Cash From Investing Activities -1.749M -3.812M -28.93M
Cash From Financing Activities -2.059M -2.055M 36.77M
Net Change In Cash -10.43M 6.580M -14.18M
YoY Change -58.33% 32.55% 344.62%
FREE CASH FLOW
Cash From Operating Activities -$6.764M $12.45M -$19.16M
Capital Expenditures $1.749M $3.812M $28.94M
Free Cash Flow -$8.513M $8.635M -$48.09M
YoY Change -74.22% -9.34% -886.11%

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CY2021 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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14099000
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CY2022 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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16118000
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CY2021 us-gaap Net Income Loss
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CY2020 us-gaap Net Income Loss
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CY2021 us-gaap Depreciation Depletion And Amortization
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CY2020 us-gaap Depreciation Depletion And Amortization
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CY2022 us-gaap Gain Loss On Disposition Of Assets1
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CY2021 us-gaap Gain Loss On Disposition Of Assets1
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CY2020 us-gaap Gain Loss On Disposition Of Assets1
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CY2020 us-gaap Provision For Doubtful Accounts
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CY2021 us-gaap Issuance Of Stock And Warrants For Services Or Claims
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CY2020 us-gaap Issuance Of Stock And Warrants For Services Or Claims
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CY2020 us-gaap Deferred Income Taxes And Tax Credits
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CY2021 us-gaap Increase Decrease In Accounts And Notes Receivable
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CY2020 us-gaap Increase Decrease In Accounts And Notes Receivable
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CY2022 us-gaap Increase Decrease In Inventories
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CY2020 us-gaap Increase Decrease In Inventories
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CY2021 us-gaap Increase Decrease In Prepaid Expense
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CY2020 us-gaap Increase Decrease In Prepaid Expense
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CY2021 us-gaap Increase Decrease In Other Operating Assets
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CY2020 us-gaap Increase Decrease In Other Operating Assets
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CY2022 us-gaap Increase Decrease In Accounts Payable
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4485000
CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2020 us-gaap Increase Decrease In Accounts Payable
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400000
CY2020 us-gaap Increase Decrease In Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
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929000
CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2020 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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CY2020 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020 us-gaap Proceeds From Repayments Of Lines Of Credit
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CY2021 us-gaap Payments Of Dividends Common Stock
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CY2020 us-gaap Payments Of Dividends Common Stock
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CY2021 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
22000
CY2020 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
31449000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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54332000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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57521000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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26072000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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40153000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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54332000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Interest Paid Net
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CY2020 us-gaap Interest Paid Net
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CY2021 us-gaap Income Taxes Paid Net
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5890000
CY2020 us-gaap Income Taxes Paid Net
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6721000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
19000
CY2022Q4 us-gaap Operating Lease Liability
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908000
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
14000
CY2022 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1.</b></span>ORGANIZATION AND NATURE OF OPERATIONS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Miller Industries, Inc. and subsidiaries (the “Company”) is The World’s Largest Manufacturer of Towing and Recovery Equipment.<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup> The principal markets for the Company’s towing and recovery equipment are approximately 80 independent distributors and the users of towing and recovery equipment located primarily throughout North America, and other customers throughout the world. The Company’s products are marketed under the brand names of Century<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup>, Challenger<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup>, Holmes<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup>, Champion<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup>, Eagle<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup>, Titan<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup>, Jige<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup>, Boniface<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup>, Vulcan<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup>, and Chevron<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup>.</p>
CY2022 mlr Number Of Independent Distributor
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80
CY2022 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Use of Estimates in the Preparation of Financial Statements</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
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CY2020 us-gaap Finance Lease Right Of Use Asset Amortization
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21000
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CY2021Q4 mlr Inventory Chassis Net Of Reserves
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CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
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15510000
CY2022Q4 us-gaap Inventory Net
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CY2021Q4 us-gaap Inventory Net
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114908000
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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80072000
CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2022 us-gaap Depreciation Depletion And Amortization
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11762000
CY2021 us-gaap Depreciation Depletion And Amortization
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11036000
CY2020 us-gaap Depreciation Depletion And Amortization
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9598000
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2020 us-gaap Finance Lease Interest Expense
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2000
CY2022Q4 us-gaap Employee Related Liabilities Current
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CY2021Q4 us-gaap Employee Related Liabilities Current
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CY2022Q4 us-gaap Product Warranty Accrual Classified Current
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2098000
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
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3076000
CY2022Q4 us-gaap Other Accrued Liabilities Current
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CY2021Q4 us-gaap Other Accrued Liabilities Current
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CY2022Q4 us-gaap Accrued Liabilities Current
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27904000
CY2021Q4 us-gaap Accrued Liabilities Current
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22779000
CY2022 mlr Finance Lease Cost
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CY2021 mlr Finance Lease Cost
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23000
CY2020 mlr Finance Lease Cost
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23000
CY2022 us-gaap Operating Lease Cost
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387000
CY2021 us-gaap Operating Lease Cost
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200000
CY2021 us-gaap Allocated Share Based Compensation Expense
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200000
CY2020 us-gaap Allocated Share Based Compensation Expense
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194000
CY2022 mlr Term Of Standard Product Warranty
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P1Y
CY2022 us-gaap Product Warranty Expense
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3237000
CY2021 us-gaap Product Warranty Expense
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2416000
CY2020 us-gaap Product Warranty Expense
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2915000
CY2021Q4 us-gaap Product Warranty Accrual
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3076000
CY2020Q4 us-gaap Product Warranty Accrual
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3373000
CY2022 us-gaap Product Warranty Accrual Warranties Issued
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3237000
CY2021 us-gaap Product Warranty Accrual Warranties Issued
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CY2022 us-gaap Product Warranty Accrual Payments
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CY2021 us-gaap Product Warranty Accrual Payments
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2713000
CY2022Q4 us-gaap Product Warranty Accrual
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2098000
CY2021Q4 us-gaap Product Warranty Accrual
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3076000
CY2022 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments and trade accounts receivable. The Company places its cash investments with high-quality financial institutions. In addition, the Company limits the amount of credit exposure through the use of accounts and funds backed by the U.S. Government and its agencies. However, certain balances in such accounts backed by the U.S. Government exceed insurance limits at times throughout the year. Trade accounts receivable are generally diversified due to the number of entities comprising the Company’s customer base and their dispersion across many geographic regions and by frequent monitoring of the creditworthiness of the customers to whom the credit is granted in the normal course of business. At December 31, 2022, there was one customer with a trade account receivable of 10.63% of the Company’s total trade receivable.  There were no customers with a trade accounts receivable balance greater than 10% at December 31, 2021. </p>
CY2020 us-gaap Operating Lease Cost
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399000
CY2022 us-gaap Short Term Lease Cost
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592000
CY2021 us-gaap Short Term Lease Cost
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493000
CY2022 us-gaap Research And Development Expense
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4030000
CY2021 us-gaap Research And Development Expense
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3564000
CY2020 us-gaap Research And Development Expense
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4718000
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0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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P5Y
CY2022Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
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CY2021Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
78000
CY2022Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
78000
CY2021Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
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64000
CY2022Q4 us-gaap Finance Lease Right Of Use Asset
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0
CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
14000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
324000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
278000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
243000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
80000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
0
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
926000
CY2020 us-gaap Short Term Lease Cost
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558000
CY2022 us-gaap Lease Cost
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994000
CY2021 us-gaap Lease Cost
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935000
CY2020 us-gaap Lease Cost
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980000
CY2022 us-gaap Operating Lease Payments
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387000
CY2021 us-gaap Operating Lease Payments
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419000
CY2020 us-gaap Operating Lease Payments
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397000
CY2022 us-gaap Finance Lease Principal Payments
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15000
CY2021 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
22000
CY2020 us-gaap Finance Lease Principal Payments
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