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LONG-TERM BORROWINGS
 9 Months Ended
Sep. 30, 2023
Long-Term Debt, by Current and Noncurrent [Abstract]  
LONG-TERM BORROWINGS LONG-TERM BORROWINGS
At September 30, 2023 and December 31, 2022, long-term borrowings consisted of the following:
September 30,
2023		December 31,
2022
Loan from China Merchants Bank$13,595 $15,265 
Loans from Bank of China5,015 5,744 
Loan from Bank of Shanghai
13,930 — 
Loan from China CITIC Bank
13,930 — 
Less: Current portion(6,717)(2,322)
$39,753 $18,687 
The loan from China Merchants Bank is for the purpose of purchasing housing property in Lingang, Shanghai. The loan is repayable in 120 total installments with the last installment due in November 2030, with an annual interest rate of 3.95%. The loan is pledged by the property of ACM Lingang and guaranteed by ACM Shanghai. The housing property was transferred to ACM Lingang in January 2022 (Note 6).
Two loans from Bank of China are for the purpose of funding ACM Shanghai project expenditures. The loans bear interest at an annual rate of 2.6% and are repayable in 6 installments, with the last installments due in June 2024 and September 2024, respectively.
The loan from Bank of Shanghai is for the purpose of funding ACM Shanghai project expenditures. The loan bears interest at an annual rate of 2.85%, and will be fully repaid in April 2025.

The loan from China CITIC Bank is for the purpose of funding ACM Shanghai project expenditures. The loan bears interest at an annual rate of 3.4% and are repayable in 4 installments, with the last installments due in August 2025.
As of September 30, 2023 and December 31, 2022, the total carrying amount of long-term loans was $46,470 and $21,009, compared with an estimated fair value of $43,151 and $18,538, respectively. The fair value of the long-term loans is estimated by discounting cash flows using interest rates currently available for debts with similar terms and maturities (Level 2 fair value measurement). Refer to Note 2 for an explanation of the fair value hierarchy structure.
Scheduled principal payments for the outstanding long-term loan, including the current portion, as of September 30, 2023 are as follows:
Year ending December 31
Reminder of 2023$482 
20246,664 
202529,591 
20261,830 
20271,903 
Thereafter6,000 
$46,470 
For the three months ended September 30, 2023 and 2022, respectively, interest related to long-term borrowings of $276 and $218 was incurred.
For the nine months ended September 30, 2023 and 2022, respectively, interest related to long-term borrowings of $646 and $720 was incurred, of which $646 and $660 was charged to interest expenses and $0 and $60 was capitalized as property plant and equipment and other long-term assets, respectively.