Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 27, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | SPARTAN MOTORS INC | ||
Entity Central Index Key | 743,238 | ||
Trading Symbol | spar | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 34,385,986 | ||
Entity Public Float | $ 207,813,677 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 32,041 | $ 32,701 |
Accounts receivable, less allowance of $487 and $130 | 65,441 | 56,617 |
Inventories | 58,896 | 60,558 |
Income taxes receivable | 1,287 | 1,755 |
Other current assets | 4,526 | 3,506 |
Total current assets | 162,191 | 155,137 |
Property, plant and equipment, net | 53,116 | 47,320 |
Goodwill | 15,961 | 15,961 |
Intangible assets, net | 6,385 | 7,093 |
Other assets | 2,331 | 1,996 |
Net deferred tax asset | 3,310 | 644 |
TOTAL ASSETS | 243,294 | 230,671 |
Current liabilities: | ||
Accounts payable | 31,336 | 27,318 |
Accrued warranty | 19,334 | 16,610 |
Accrued compensation and related taxes | 13,188 | 8,684 |
Deposits from customers | 16,142 | 13,095 |
Other current liabilities and accrued expenses | 7,659 | 6,603 |
Current portion of long-term debt | 65 | 63 |
Total current liabilities | 87,724 | 72,373 |
Other non-current liabilities | 2,544 | 2,163 |
Long-term debt, less current portion | 74 | 5,124 |
Total liabilities | 90,342 | 79,660 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, no par value: 2,000 shares authorized (none issued) | ||
Common stock, $0.01 par value; 40,000 shares authorized; 34,383 and 34,271 outstanding | 344 | 343 |
Additional paid in capital | 76,837 | 76,472 |
Retained earnings | 76,428 | 72,326 |
Total Spartan Motors, Inc. shareholders’ equity | 153,609 | 149,141 |
Non-controlling interest | (657) | (650) |
Total shareholders' equity | 152,952 | 148,491 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 243,294 | $ 228,151 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts receivable, allowance | $ 487 | $ 130 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 2,000 | 2,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000 | 40,000 |
Common stock, shares outstanding (in shares) | 34,383 | 34,271 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Sales | $ 590,777 | $ 550,414 | $ 506,764 |
Cost of products sold | 518,113 | 502,783 | 450,702 |
Restructuring charges | 136 | 519 | 808 |
Gross profit | 72,528 | 47,112 | 55,254 |
Operating expenses: | |||
Research and development | 6,772 | 4,560 | 3,851 |
Selling, general and administrative | 56,172 | 52,695 | 51,205 |
Restructuring charges, general and admininstrative | 959 | 2,336 | 1,349 |
Total operating expenses | 63,903 | 59,591 | 56,405 |
Operating income (loss) | 8,625 | (12,479) | (1,151) |
Other income (expense): | |||
Interest expense | (410) | (365) | (341) |
Interest and other income | 488 | 244 | 418 |
Total other income (expense) | 78 | (121) | 77 |
Income (loss) before taxes | 8,703 | (12,600) | (1,074) |
Income tax expense (benefit) | 100 | 4,880 | (2,103) |
Net earnings (loss) | 8,603 | (17,480) | 1,029 |
Less: net loss attributable to non-controlling interest | (7) | (508) | (144) |
Net earnings (loss) attributable to Spartan Motors, Inc. | $ 8,610 | $ (16,972) | $ 1,173 |
Basic net earnings (loss) per share (in dollars per share) | $ 0.25 | $ (0.50) | $ 0.03 |
Diluted net earnings (loss) per share (in dollars per share) | $ 0.25 | $ (0.50) | $ 0.03 |
Basic weighted average common shares outstanding (in shares) | 34,405 | 33,826 | 34,251 |
Diluted weighted average common shares outstanding (in shares) | 34,405 | 33,826 | 34,256 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 34,210 | ||||
Balance at Dec. 31, 2013 | $ 342 | $ 75,075 | $ 96,132 | $ 2 | $ 171,551 |
Issuance of common stock and the tax impact of stock incentive plan transactions (in shares) | 25 | ||||
Issuance of common stock and the tax impact of stock incentive plan transactions | (159) | (159) | |||
Dividends declared ($0.10 per share) | (3,427) | (3,427) | |||
Purchase and retirement of common stock (in shares) | (382) | ||||
Purchase and retirement of common stock | $ (3) | (843) | (1,154) | (2,000) | |
Issuance of restricted stock, net of cancellation (in shares) | 241 | ||||
Issuance of restricted stock, net of cancellation | $ 2 | (2) | |||
Stock based compensation expense related to restricted stock | 1,624 | 1,624 | |||
Net earnings (loss) | 1,173 | (144) | 1,029 | ||
Balance (in shares) at Dec. 31, 2014 | 34,094 | ||||
Balance at Dec. 31, 2014 | $ 341 | 75,695 | 92,724 | (142) | 168,618 |
Issuance of common stock and the tax impact of stock incentive plan transactions (in shares) | 13 | ||||
Issuance of common stock and the tax impact of stock incentive plan transactions | (419) | (419) | |||
Dividends declared ($0.10 per share) | (3,426) | $ (3,426) | |||
Purchase and retirement of common stock (in shares) | |||||
Purchase and retirement of common stock | |||||
Issuance of restricted stock, net of cancellation (in shares) | 164 | ||||
Issuance of restricted stock, net of cancellation | $ 2 | (2) | |||
Stock based compensation expense related to restricted stock | 1,198 | 1,198 | |||
Net earnings (loss) | (16,972) | (508) | (17,480) | ||
Balance (in shares) at Dec. 31, 2015 | 34,271 | ||||
Balance at Dec. 31, 2015 | $ 343 | 76,472 | 72,326 | (650) | 148,491 |
Issuance of common stock and the tax impact of stock incentive plan transactions (in shares) | 16 | ||||
Issuance of common stock and the tax impact of stock incentive plan transactions | (234) | (234) | |||
Dividends declared ($0.10 per share) | (3,444) | $ (3,444) | |||
Purchase and retirement of common stock (in shares) | (422) | (422) | |||
Purchase and retirement of common stock | $ (4) | (932) | (1,064) | $ (2,000) | |
Issuance of restricted stock, net of cancellation (in shares) | 518 | ||||
Issuance of restricted stock, net of cancellation | $ 5 | (5) | |||
Stock based compensation expense related to restricted stock | 1,536 | 1,536 | |||
Net earnings (loss) | 8,610 | (7) | 8,603 | ||
Balance (in shares) at Dec. 31, 2016 | 34,383 | ||||
Balance at Dec. 31, 2016 | $ 344 | $ 76,837 | $ 76,428 | $ (657) | $ 152,952 |
Consolidated Statement of Shar6
Consolidated Statement of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Retained Earnings [Member] | |||
Dividends declared (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ 8,603 | $ (17,480) | $ 1,029 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | |||
Depreciation and amortization | 7,903 | 7,437 | 8,378 |
Gain on disposal of assets | (13) | (24) | (191) |
Impairment of assets | 406 | 2,234 | |
Accruals for warranty | 12,989 | 15,388 | 6,533 |
Expense from changes in fair value of contingent consideration | 742 | ||
Tax benefit related to stock incentive plan transactions | 123 | 44 | 100 |
Deferred income taxes | (2,666) | 5,147 | (2,265) |
Stock based compensation related to stock awards | 1,536 | 1,198 | 1,624 |
Decrease (increase) in operating assets: | |||
Accounts receivable | (8,824) | (8,255) | (802) |
Inventories | 1,662 | 10,605 | 10,256 |
Income taxes receivable | 468 | (59) | (55) |
Other assets | (1,020) | 155 | (1,370) |
Increase (decrease) in operating liabilities: | |||
Accounts payable | 4,018 | 4,556 | (7,763) |
Cash paid for warranty repairs | (10,265) | (8,015) | (4,875) |
Accrued compensation and related taxes | 4,504 | 458 | 1,786 |
Deposits from customers | 3,047 | 1,571 | (6,482) |
Payment of contingent consideration on acquisitions | (1,338) | (86) | |
Other current liabilities and accrued expenses | 1,056 | (707) | 35 |
Taxes on income | (76) | (15) | (88) |
Total adjustments | 14,848 | 30,380 | 5,477 |
Net cash provided by operating activities | 23,451 | 12,900 | 6,506 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (13,410) | (4,895) | (3,463) |
Proceeds from sale of property, plant and equipment | 25 | 208 | 648 |
Net cash used in investing activities | (13,385) | (4,687) | (2,815) |
Cash flows from financing activities: | |||
Borrowings under credit facilities | 15,244 | 2,191 | |
Payments on credit facilities | (15,244) | (2,191) | |
Proceeds from long-term debt | 10 | ||
Payments on long-term debt | (5,058) | (75) | (80) |
Payment of contingent consideration on acquisitions | (162) | (162) | |
Purchase and retirement of common stock | (2,000) | (2,000) | |
Net cash used in the exercise, vesting or cancellation of stock incentive awards | (111) | (375) | (59) |
Cash paid related to tax impact of stock incentive plan transactions | (123) | (44) | (100) |
Payment of dividends | (3,444) | (3,426) | (3,427) |
Net cash used in financing activities | (10,726) | (4,082) | (5,828) |
Net increase (decrease) in cash and cash equivalents | (660) | 4,131 | (2,137) |
Cash and cash equivalents at beginning of year | 32,701 | 28,570 | 30,707 |
Cash and cash equivalents at end of year | $ 32,041 | $ 32,701 | $ 28,570 |
Note 1 - General and Summary of
Note 1 - General and Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | NOTE 1 Nature of Operations . Spartan Motors, Inc. (the “Company”, “we”, or “us”) is a custom engineer and manufacturer of specialized motor vehicle chassis and bodies. Our principal chassis markets are emergency response vehicles, motor homes and other specialty vehicles. We also have various subsidiaries that are manufacturers of bodies for various markets including emergency response vehicles and fleet vehicles. Our operating activities are conducted through our wholly-owned operating subsidiary, Spartan Motors USA, Inc. (“Spartan USA”), with locations in Charlotte, Michigan; Brandon, South Dakota; Ephrata, Pennsylvania; and Bristol, Indiana , along with contract manufacturing in Kansas City, Missouri and Saltillo, Mexico. Spartan USA was formerly known as Crimson Fire, Inc. We recently completed a corporate reorganization. On July 1, 2015, January 1, 2016, Our Charlotte, Michigan location manufactures heavy duty chassis and vehicles and supplies aftermarket parts and accessories under the Spartan Chassis and Spartan ERV brand names. Our Brandon, South Dakota and Ephrata, Pennsylvania locations manufacture emergency response vehicles under the Spartan ERV brand name, while our Bristol, Indiana location manufactures vehicles used in the parcel delivery, mobile retail and trades and construction industries, and supplies related aftermarket parts and services under the Utilimaster brand name. Our Kansas City, Missouri and Saltillo, Mexico locations sell and install equipment used in fleet vehicles. Spartan USA is also a participant in Spartan-Gimaex Innovations, LLC (“Spartan-Gimaex”), a 50/50 February 2015, June 2015, February 2017, 10 Principles of Consolidation . The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiary, Spartan USA. All intercompany transactions have been eliminated. Non-Controlling Interest At December 31, 201 6, 50% Use of Estimates . In the preparation of our financial statements in accordance with U.S. generally accepted accounting impairment assessments of tangible and intangible assets, and the provision for income taxes, are particularly sensitive. If actual results are different from estimates used by management, they may Revenue Recognition . We recognize revenue in accordance with Accounting Standards Codification Topic (“ASC”) 605. tendered one Business Combinations . When acquiring other businesses we recognize identifiable assets acquired and liabilities assumed at their acquisition date fair values, and separately from any goodwill that may Accounting for such acquisitions requires us to make significant assumptions and estimates and, although we believe any estimates and assumptions we make are reasonable and appropriate at the time they are made, unanticipated events and circumstances may may one Costs incurred to effect an acquisition, such as legal, accounting, valuation or other third Shipping and Handling of Products . Costs incurred related to the shipment and handling of products are classified in cost of products sold. Amounts billed to customers for shipping and handling of products are included in sales. Cash and Cash Equivalents include cash on hand, cash on deposit, treasuries and money market funds. We consider all investments purchased with an original maturity of three Accounts Receivable . Our receivables are subject to credit risk, and we do not typically require collateral on our accounts receivable. We perform periodic credit evaluations of our customers’ financial condition and generally require a security interest in the products sold. Receivables generally are due within 30 60 90 10 25%. may may Inventories are stated at the lower of first first may Property, Plant and Equipment is stated at cost and the related assets are depreciated over their estimated useful lives on a straight line basis for financial statement purposes and an accelerated method for income tax purposes. Cost includes an amount of interest associated with significant capital projects. Estimated useful lives range from 20 31.5 3 15 3 7 3 5 may 6, Property , Plant and Equipment Related Party Transactions . one 17, Related Party Transactions Goodwill and Other Intangible Assets . Goodwill represents the excess of the cost of a business combination over the fair value of the net assets acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized, but are subject to impairment tests on an annual basis, or whenever events or changes in circumstances indicate that the carrying value may Other intangible assets with finite lives are amortized over their estimated useful lives and are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may We perform our annual goodwill and indefinite lived intangible assets impairment test as of October 1 first first two I f we elect to bypass the qualitative assessment for a reporting unit, or if after completing the assessment we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a two first second second We evaluate the recoverability of our indefinite lived intangible asset, which consists of our Utilimaster trade name, based on estimates of future royalty payments that are avoided through our ownership of the trade name, discounted to their present value. In determining the estimated fair value of the trade name, we consider current and projected future levels of revenue based on our plans for Utilimaster, business trends, prospects and market and economic conditions. Significant judgments inherent in these assessments and analyses include assumptions about macroeconomic and industry conditions, appropriate sales growth rates, WACC and the amount of expected future net cash flows. The judgments and assumptions used in the estimate of fair value are generally consistent with the projections and assumptions that are used in current operating plans. Such assumptions are subject to change as a result of changing economic and competitive conditions. The determination of fair value is highly sensitive to differences between estimated and actual cash flows and changes in the related discount rate used to evaluate the fair value of the reporting units and trade name s. See Note 5 , Goodwill and Intangible Assets, Warranties . Our policy is to record a provision for the estimated cost of warranty-related claims at the time of the sale, and periodically adjust the warranty liability to reflect actual experience. The amount of warranty liability accrued reflects management’s best estimate of the expected future cost of honoring our obligations under the warranty agreements. Expense related to warranty liabilities accrued for product sales, as well as adjustments to pre-existing warranty liabilities, are reflected within Cost of products sold on our Consolidated Statements of Operations. Our estimates are based on historical experience, the number of units involved and the extent of features and components included in product models. See Note 10, Commitments and Contingent Liabilities Deposits from Customers . We sometimes receive advance payments from customers for product orders and record these amounts as liabilities. We accept such deposits when presented by customers seeking improved pricing in connection with orders that are placed for products to be manufactured and sold at a future date. Revenue associated with these deposits is deferred and recognized upon shipment of the related product to the customer. Research and Development . Our research and development costs, which consist of compensation costs, travel and entertainment, administrative expenses and new product development among other items, are expensed as incurred. Taxes on Income . We recognize deferred income tax assets and liabilities using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Deferred tax liabilities generally represent tax expense recognized for which payment has been deferred, or expenses which have been deducted in our tax returns but which have not yet been recognized as an expense in our financial statements. We establish valuation allowances for deferred income tax assets in accordance with GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At each reporting period, we consider the scheduled reversal of deferred tax liabilities, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. Although we believe the estimates are reasonable, no assurance can be given that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals. Interest and penalties attributable to income taxes are recorded as a component of income taxes. See Note 8, Taxes on Income Earnings (Loss) Per Share 15, Earnings Per Share, Stock Incentive Plans . Share based payment compensation costs for equity-based awards is measured on the grant date based on the fair value of the award at that date, and is recognized over the requisite service period, net of estimated forfeitures. Fair value of stock option and stock appreciation rights awards are estimated using a closed option valuation (Black-Scholes) model. Fair value of restricted stock awards is based upon the quoted market price of the common stock on the date of grant. Our incentive stock plans are described in more detail in Note 13, Stock Based Compensation Fair Value . We are required to disclose the estimated fair value of our financial instruments. The carrying value at December 31, 2016 2015 Reclassifications . Certain engineering costs related to routine product changes, that, prior to 2015, $7,825 2014 2015 17 2016. Segment Reporting . three 16, Business Segments Supplemental Disclosures of Cash Flow Information. Cash paid for interest was $309, $374 $327 2016, 2015 2014. $2,232, $(18) $1,168 2016, 2015 2014. New Accounting Standard s In January 2017, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017 4, Intangibles—Goodwill and Other (Topic 350): 2017 4”). 2017 4 December 15, 2019, January 1, 2017. We believe that that the adoption of the provisions of ASU 2017 04 In January 2017, 2017 01, Business Combinations (Topic 805): 2017 01”), December 15, 2017, We believe that the adoption of the provisions of ASU 2017 01 In August 2016, 2016 15, Statement of Cash Flows (Topic 230) 2016 15”). 2016 15 2016 15 December 15, 2017, that the adoption of the provisions of ASU 2016 15 In June 2016, 2016 13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments 2016 13"). 2016 13 December 15, 2019 2016 13 In March 2016, 2016 09, Compensation – Stock Compensation 2016 09”). 2016 09 2016 09 December 15, 2016, 2016 09 December 31, 2017 In February 2016, (“FASB”) issued Accounting Standards Update No. 2016 02, Leases 2016 02”). 12 December 15, 2018, 2016 02 In November 2015, 2015 17, Income Taxes (Topic 740), 2015 17”). 2015 17 2015 17 December 15, 2016 2015 17 second 2016. $3,164 $2,520 December 31, 2015 $3,164, $644 $2,520 In July 2015, 2015 11, Inventory (Topic 330) 2015 11”). 2015 11 2015 11 December 15, 2016. 2015 11 In February 2015, 2015 02 Consolidation (Topic 810), 2015 02”). 2015 02 2015 02 December 15, 2015. he adoption of the provisions of ASU 2015 02 In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) 2014 09”). 2014 09 2014 09 December 15, 2017, may December 15, 2016 August 12, 2015, 2018, 2017 2014 09 first 2018. In March 2016, 2016 08, Revenue from Contracts with Customers (Topic 606), 2016 08”). 2016 08 two 2016 08 2014 09 In April 2016, 2016 10, Revenue from Contracts with Customers (Topic 606), 2016 10”). 2016 10 606 2016 10 2016 10 2016 10 2014 09 In May 2016, 2016 12, Revenue from Contracts with Customers (Topic 606), 2016 12”). 2016 12 2016 12 2014 09 |
Note 2 - Acquisition Activities
Note 2 - Acquisition Activities (Subsequent Event) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 2 – ACQUISITION ACTIVITIES (Subsequent Event) On January 1, 2017, December 12, 2016. When used in these Notes, “ Smeal” refers to the assets, liabilities and operations acquired from these entities. Smeal will be included within our Emergency Response Vehicles segment. This acquisition will bring significant scale to our Emergency Response Vehicles segment, expand the geographic reach of our dealer network and add complementary products to our existing emergency response product portfolio . Purchase Price The estimated total purchase price paid for our acquisition of Smeal was $42,550. The consideration paid consisted of $28,958 $3,825, $7,397. may April 1, 2018, $2,400. second 2017. This acquisition will be accounted for using the purchase method of accounting with the purchase price allocated to the assets purchased and liabilities assumed based upon their estimated fair values at the date of acquisition. We are unable to present the supplemental pro forma revenue and earnings of the Spartan and Smeal combined entity as of January 1, 2016 2016 Financing for the Acquisition Our acquisition of Smeal was financed using $32,800 $100 October 31, 2016, Acquisition Related Expenses During 20 16, $882 2016 16, Business Segments $600 2017 |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 – INVENTORIES Inventories are summarized as follows: December 31, 201 6 201 5 Finished goods $ 12,743 $ 16,812 Work in process 14,063 11,691 Raw materials and purchased components 35,458 35,285 Reserve for slow-moving inventory (3,368 ) (3,230 ) Total Inventory $ 58,896 $ 60,558 We also have a number of demonstration units as part of our sales and training program. These demonstration units are included in the “Finished goods” line item above, and amounted to $3,558 $2,857 December 31, 2016 2015. |
Note 4 - Restructuring Charges
Note 4 - Restructuring Charges | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 4 – RESTRUCTURING CHARGES During each of 2016, 2015 2014, Restructuring charges included in our Consolidated Statements of Operations for the years ended December 31, 2016, 2015 2014, December 31, 2016 December 31, 2015 December 31, 2014 Cost of products sold Inventory impairment $ - $ 345 $ 584 Relocation/retention costs - - 93 Production relocation /equipment impairment 136 174 - Accrual for severance - - 131 Total cost of products sold 136 519 808 General and Administrative Manufacturing process reengineering 959 2,336 1,017 Relocation/retention costs - - 298 Accrual for severance - - 34 Total general and administrative 959 2,336 1,349 Total restructuring $ 1,095 $ 2,855 $ 2,157 |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5 – GOODWILL AND INTANGIBLE ASSETS Goodwill We test goodwill for impairment at the reporting unit level on an annual basis as of October 1, 1, General and Summary of Accounting Policies At December 31, 201 6 2015, October 1, 2016 The estimated fair value of our Fleet Vehicles and Services reporting unit exceeded its carrying value by approximately 115% 2016, October 1, 2016, 500 1, General and Summary of Accounting Policies Our goodwill by reportable segment is as follows: Emergency Response Vehicles Fleet Vehicles & Services Total December 31, December 31, December 31, 201 6 20 15 201 6 201 5 201 6 201 5 Goodwill, beginning of year $ - $ - $ 15,961 $ 15,961 $ 15,961 $ 15,961 Impairment losses during the year - - - - - - Goodwill, end of year $ - $ - $ 15,961 $ 15,961 $ 15,961 $ 15,961 Acquired goodwill $ 4,854 $ 4,854 $ 15,961 $ 15,961 $ 20,815 $ 20,815 Accumulated impairment (4,854 ) (4,854 ) - - (4,854 ) (4,854 ) Goodwill, net $ - $ - $ 15,961 $ 15,961 $ 15,961 $ 15,961 Fleet Vehicles and Services segment intangible assets At December 31, 201 6, We tested our Utilimaster trade name for impairment, as of October 1, 2016 2015, October 1, 2016 505%. October 1, 2016, 500 Emergency Response Vehicles segment intangible assets During the three September 30, 2015, September 30, 2015. and the balance was entirely written off. During the three September 30, 2015, may September 30, 2015 We estimated the fair value of the intangible assets of this asset group by determining the discounted cash flows associated with benefits that we will receive or expenses we will avoid as a result of our ownership of these intangible assets. Impairment charges recorded within General and administrative in the Condensed Consolidated Statement of Operations to adjust the carrying cost of these long-lived intangible assets to their estimated fair value at September 30, 2015 Asset Description Impairment Charge Customer relationships $ 224 Non-patented technology 209 Classic Fire trade name 560 Total General and administrative $ 993 The following table provides information regarding our other intangible assets: As of December 31, 201 6 As of December 31, 201 5 Gross carrying amount Accumulated amortization Net Gross carrying amount Accumulated amortization Net Customer and dealer relationships $ 6,170 $ 3,348 $ 2,822 $ 6,170 $ 2,986 $ 3,184 Acquired product development project 1,860 1,167 693 1,860 821 1,039 Non-compete agreements 400 400 - 400 400 - Backlog 320 320 - 320 320 - Trade Names 2,870 - 2,870 2,870 - 2,870 $ 11,620 $ 5,235 $ 6,385 $ 11,620 $ 4,527 $ 7,093 We recorded $ 708, $872 $1,136 2016, 2015 2014. The estimated remaining amortization associated with finite-lived intangible assets is expected to be expensed as follows: Amount 201 7 $ 683 201 8 666 201 9 299 20 20 273 2021 249 Thereafter 1,345 Total $ 3,515 |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6 - PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are summarized by major classifications as follows: December 31, 201 6 201 5 Land and improvements $ 8,049 $ 5,538 Buildings and improvements 63,418 59,371 Plant machinery and equipment 34,879 35,395 Furniture and fixtures 12,954 15,897 Vehicles 2,912 2,949 Construction in process 7,876 5,566 Subtotal 130,088 124,716 Less accumulated depreciation (76,972 ) (77,396 ) Total property, plant and equipment, net $ 53,116 $ 47,320 We recorded depreciation expense of $ 7,195, $6,565 $7,242 2016, 2015 2014. no 2016 2015. Construction in progress includes $ 6,624 $4,604 December 31, 2016 2015 2013 2015. 2017 2018. We review our long-lived assets that have finite lives for impairment whenever events or changes in circumstances indicate that their carrying amounts may When reviewing long-lived assets for impairment, we group our long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. During the three September 30, 2016 2015, may September 30, 2016 2015 We estimated the fair value of our tangible long-lived assets of this asset group based on assessments or recent sale prices of similar assets. Impairment charges recorded within Cost of goods sold and General and administrative in the Condensed Consolidated Statement of Operations to adjust the carrying cost of these long-lived tangible assets to their estimated fair value at September 30 2016 2015 Cost of goods sold Machinery & equipment $ 406 $ 1,013 General and administrative Office & computer equipment - 228 Total asset impairment $ 406 $ 1,241 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE 7 - LEASES We lease certain office equipment, computer hardware, manufacturing equipment and manufacturing and warehouse space under operating lease agreements. Building leases generally provide that we pay the cost of utilities, insurance, taxes and maintenance. Rent expense for the years ended December 31, 2016, 2015 2014 $3,086, $2,876 $2,286. Future minimum operating lease commitments under non-cancelable leases are as follows: Year Future Minimum Operating Lease Payments 201 7 $ 2,247 201 8 1,843 201 9 1,541 20 20 1,455 202 1 1,130 Thereafter 73 Total $ 8,289 We lease certain office equipment, computer hardware and material handling equipment under capital lease agreements. Cost and accumulated depreciation of capitalized leased assets included in machinery and equipment are $609 $483, December 31, 2016. Year Future Minimum Capital Lease Payments 201 7 $ 71 201 8 45 201 9 33 20 20 - 20 21 - Thereafter - Total lease obligations, including imputed interest 149 Less imputed interest charges (10 ) Total outstanding capital lease obligations $ 139 |
Note 8 - Taxes on Income
Note 8 - Taxes on Income | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8 - TAXES ON INCOME Income taxes consist of the following: Year Ended December 31, 201 6 201 5 201 4 Current (credit): Federal $ 2,203 $ (520 ) $ 269 State 563 253 (107 ) Total current 2,766 (267 ) 162 Deferred (credit): Federal (2,666 ) 3,994 (1,426 ) State - 1,153 (839 ) Total deferred (2,666 ) 5,147 (2,265 ) TOTAL TAXES ON INCOME $ 100 $ 4,880 $ (2,103 ) The current tax expense amounts differ from the actual amounts payable to the taxing authorities due to the tax impact associated with stock incentive plan transactions under the plans described in Note 1 3, Stock Based Compensation $123, $44 $100 2016, 2015 2014. The deferred income tax credit at December 31, 2016 Differences between the expected income tax expense derived from applying the federal statutory income tax rate to earnings from continuing operations before taxes on income and the actual tax expense are as follows: Year Ended December 31, 201 6 201 5 201 4 Amount Percentage Amount Percentage Amount Percentage Federal income taxes at the statutory rate $ 2,959 34.00 % $ (4,284 ) 34.00 % $ (365 ) 34.00 % Increase (decrease) in income taxes Deferred income tax adjustment (51 ) (0.59 ) (156 ) 1.24 (275 ) 25.61 Non-deductible compensation 459 5.27 - - - - Non-deductible NHTSA penalty - - 340 (2.70 ) - - Other nondeductible expenses 226 2.60 176 (1.39 ) 449 (41.80 ) State tax expense, net of federal income tax benefit 68 0.78 (79 ) 0.63 (201 ) 18.72 Valuation allowance adjustment (2,932 ) (33.69 ) 9,472 (75.17 ) (505 ) 47.02 Unrecognized tax benefit adjustment, settlement and expiration of statute - - (172 ) 1.36 (765 ) 71.23 Federal research and development tax credit (801 ) (9.20 ) (364 ) 2.89 (296 ) 27.56 Other 172 1.98 (53 ) 0.41 (145 ) 13.47 TOTAL $ 100 1.15 % $ 4,880 (38.73 ) % $ (2,103 ) 195.81 % Temporary differences which give rise to deferred income tax assets (liabilities) are as follows: December 31, 2016 201 5 Deferred income tax assets: Warranty reserve $ 7,246 $ 6,286 C redit carry-forwards, net of federal income tax benefit 3,199 3,170 Inventory costs and reserves 2,194 2,163 Compensation related accruals 1,512 1,030 Net operating loss carry-forwards, net of federal income tax benefit 1,029 1,108 Stock based compensation 615 626 Other intangible assets 232 (209 ) Other 773 921 Total deferred tax assets $ 16,800 $ 15,095 Deferred income tax liabilities: Depreciation $ (2,294 ) $ (551 ) Trade name (1,072 ) (999 ) Prepaid insurance (522 ) (367 ) Total deferred income tax liabilities $ (3,888 ) $ (1,917 ) Net deferred income tax assets $ 12,912 $ 13,178 Valuation allowance (9,602 ) (12,534 ) Net deferred tax asset $ 3,310 $ 644 We assessed the available positive and negative evidence to determine whether sufficient future taxable income will be generated to realize the benefit of the deferred tax assets as of December 31, 2016 2015, $9,602 $12,534 against a portion of the deferred tax assets. A significant portion of negative evidence considered was the cumulative loss incurred over the three December 31, 2016 2015. $3,310 The determination of this valuation allowance took into account our deferred tax liability for a trade name assigned an indefinite life for book purposes in the amount of $1,072 $999 December 31, 2016 2015. may At December 31, 2016 2015, $1,560 $1,678, 2018. December 31, 2016 2015, $4,846 $4,824, 2019. $4,228 $4,278 December 31, 2016 2015. A reconciliation of the change in the unrecognized tax benefits (“UTB”) for the three December 31, 2016, 2015 2014 201 6 201 5 201 4 Balance at January 1, $ 349 $ 481 $ 833 Increase (decrease) related to prior year tax positions (24 ) (73 ) 73 Increase related to current year tax positions 20 91 99 Settlement - (110 ) - Expiration of statute - (40 ) (524 ) Balance at December 31, $ 345 $ 349 $ 481 As of December 31, 2016, $345 $188 $533, $82 $451 $133 2016, $30 2015, $198 2014, As of December 31, 2016, 2012 We also file tax returns in a number of states and those jurisdictions remain subject to audit in accordance with relevant state statutes. These audits can involve complex issues that may may twelve |
Note 9 - Transactions With Majo
Note 9 - Transactions With Major Customers | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 9 - TRANSACTIONS WITH MAJOR CUSTOMERS Major customers are defined as those with sales greater than 10 We had one 2016, 2015 2014 201 6 201 5 201 4 Customer Sales Accounts Receivable Sales Accounts Receivable Sales Accounts Receivable Customer A $ 70,954 $ 7,169 $ 78,759 $ 8,512 $ 57,093 $ 7,541 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 - COMMITMENTS AND CONTINGENT LIABILITIES Under the terms of our credit agreement with our banks, we have the ability to issue letters of credit totaling $20,000. December 31, 2016 2015, $1,599 $1,337 At December 31, 2016, Spartan-Gimaex joint venture In February 2015, June 2015, erms of the dissolution. In February 2017, 10 fourth 2015 2014, $982 $235 may may National Highway Traffic Safety Administration (“NHTSA”) penalty In July 2015, $1,000 three year ended December 31, 2015 Cost of products sold $ 1,269 Selling, general and administrative 1,000 $ 2,269 Chassis Agreements Our Fleet Vehicles and Services segment assembles van and truck bodies onto original equipment manufacturer (“OEM”) chassis. The majority of such OEM chassis are purchased directly by our customers from the OEM and drop-shipped to our facilities. We are a bailee of most other chassis under converter pool agreements with the OEMs, as described below. Chassis possessed under converter pool agreements are invoiced to the customer by the OEM or its affiliated financial institution based upon the terms of the converter pool agreements. On an annual basis, we purchase and take title to an immaterial number of chassis that ultimately are recorded as sales and cost of sales. Converter pool chassis obtained from the OEMs are based upon estimated future requirements and, to a lesser extent, confirmed orders from customers. Although each manufacturer’s agreement has different terms and conditions, the agreements generally provide that the manufacturer will provide a supply of chassis to be maintained at our production facility under the conditions that we will store such chassis, will not make any additions or modifications to such chassis and will not move, sell or otherwise dispose of such chassis, except under the terms of the agreement. The manufacturer does not transfer the certificate of origin to us and, accordingly, we account for the chassis in our possession as bailed inventory belonging to the manufacturer. We are party to chassis bailment inventory agreements with General Motors Company (“GM”) and Chrysler Group, LLC (“Chrysler”) which allow GM and Chrysler to draw up to $10,000 $784 $3,795 December 31, 2016 2015. one 12 Debt Warranty Related We provide limited warranties against assembly/construction defects for periods generally ranging from two may Our policy is to record a provision for the estimated cost of warranty-related claims at the time of the sale and periodically adjust the provision and liability to reflect actual experience. The amount of warranty liability accrued reflects our best estimate of the expected future cost of honoring our obligations under the warranty agreements. Historically, the cost of fulfilling our warranty obligations has principally involved replacement parts and labor for field retrofit campaigns. Our estimates are based on historical experience, the number of units involved and the extent of features and components included in product models. Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. Material warranty issues can arise which are beyond the scope of our historical experience. We provide for any such warranty issues as they become known and are estimable. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters beyond the scope of our historical experience. Changes in our warranty liability during the years ended December 31, 2016 2015 2016 201 5 Balance of accrued warranty at January 1 $ 16,610 $ 9,237 Warranties issued during the period 5,705 5,027 Cash settlements made during the period (10,265 ) (8,015 ) Changes in liability for pre-existing warranties during the period, including expirations 7,284 10,361 Balance of accrued warranty at December 31 $ 19,334 $ 16,610 Changes in liability for pre-existing warranties during the years ended December 31, 2016 2015 $3,968 $7,100 |
Note 11 - Compensation Incentiv
Note 11 - Compensation Incentive Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 1 1 - COMPENSATION INCENTIVE PLANS We sponsor defined contribution retirement plans which cover all associates who meet length of service and minimum age requirements. Our matching contributions vest over 5 $796, $707 $625 2016, 2015 2014. The Spartan Motors, Inc. Incentive Compensation Plan encompasses a quarterly and an annual bonus program. The quarterly program covers certain of our full-time employees. The cash bonuses paid under the quarterly program are equal for all participants. Amounts expensed for the quarterly bonus were $3,298, $1,898 $1,789 2016, 2015 2014. The annual bonus provides that executive officers and certain designated managers may our achievement of pre-defined financial and operational objectives. Amounts expensed for the annual bonus were $6,470, $1,789 $1,644 2016, 2015 2014. |
Note 12 - Debt
Note 12 - Debt | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 1 2 - DEBT Long-term debt consists of the following: December 31, 6 December 31, 5 Note payable to Prudential Investment Management, Inc. Principal due December 1, 2016 with quarterly interest $ -- $ 5,000 Line of credit revolver (2): -- -- Capital lease obligations (See Note 7 – Leases 139 187 Total debt 139 5,187 Less current portion of long-term debt (65 ) (63 ) Total long-term debt $ 74 $ 5,124 (1) We had $5,000 December 31, 2015 December 1, 2016. October 31, 2016 $5,000 December 1, 2016, December 1, 2016 December 31, 2015. (2) On October 31, 2016, Credit Agreement (the "Credit Agreement") by and among us, certain of our subsidiaries, Wells Fargo Bank, National Association, as administrative agent ("Wells Fargo"), and the lenders party thereto consisting of Wells Fargo, JPMorgan Chase Bank, N.A. and PNC Bank (the "Lenders"). Under the Credit Agreement, we may $100,000 three may $35,000 0.5%, one 1.00%; no December 31, 2016 2015. January 2017, $32.8 $10,000 10, Commitments and Contingent Liabilities 1.86672% one 1.25%) December 31, 2016. Under the terms of the primary line of credit agreement and the private shelf agreement, we are required to maintain certain financial ratios and other financial conditions, which limited our available borrowings under our line of credit to a total of approximately $73,600 $36,500 December 31, 2016 2015. December 31, 2016 2015, |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 1 3 - STOCK BASED COMPENSATION We have stock incentive plans covering certain employees and non-employee directors. Shares reserved for stock awards under these plans total 2,856,250. 2,856,250 December 31, 2016. 2016 100% Stock Options and Stock Appreciation Rights. Granted options and Stock Appreciation Rights (SARs) vest immediately and are exercisable for a period of 10 We receive a tax deduction for certain stock option exercises during the period the options are exercised, generally for the excess of the fair value of the stock on the date of exercise over the exercise price of the options. As required, we report any excess tax benefits in our Consolidated Statement of Cash Flows as financing cash flows. Excess tax benefits derive from the difference between the tax deduction and the fair market value of the option as determined by the Black-Scholes valuation model. No 201 6, 2015 2014, no nor no December 31, 2015. December 31, 2016, 2015 2014, $0, $0 $10. SARs activity for the year ended December 31, 2016 Total Number (000) Weighted Total Weighted Average SARs outstanding and exercisable at December 31, 2015 221 $ 3.30 Granted and vested - - Exercised (16 ) 3.20 Cancelled (112 ) 3.39 SARs outstanding and exercisable at December 31, 2016 93 3.20 $ 150 1.0 No 201 6, 2015 2014, December 31, 2016, 2015 2014 $14, $0 $0. Restricted Stock Awards. We issue restricted stock, at no cash cost, to our directors, officers and key employees. Shares awarded entitle the shareholder to all rights of common stock ownership except that the shares are subject to the risk of forfeiture and may three five We receive an excess tax benefit or liability during the period the restricted shares vest. The excess tax benefit (liability) is determined by the excess (shortfall) of the market price of the stock on date of vesting over (under) the grant date market price used to amortize the awards to compensation expense. As required, any excess tax benefits or liabilities are reported in the Consolidated Statements of Cash Flows as financing cash flows. Restricted stock activity for the year ended December 31, 2016, Total - vested (000) Weighted Weighted Average Non -vested shares outstanding at December 31, 2015 379 $ 4.93 Granted 630 4.01 Vested (272 ) 4.59 Forfeited (71 ) 4.47 Non -vested shares outstanding at December 31, 2016 666 4.25 1.08 The weighted-average grant date fair value of non -vested shares granted was $4.01, $4.86 $5.09 December 31, 2016, 2015 2014. During 201 6, 2015 2014, $1,536, $1,198 $1,624, $538, $419 $568 2016, 2015 2014. December 31, 2016, 2015 2014, $1,248, $1,528 $1,785. December 31, 2016, $1,978 1.08 Employee Stock Purchase Plan . October 1, 2011 95% 750,000 February 24, 2021, December 31, 2016 2015, $86 $61 13,000 16,000 |
Note 14 - Shareholders Equity
Note 14 - Shareholders Equity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 1 4 – SHAREHOLDERS EQUITY I n October 2011, 1 April 2016, 1 October 2011 June 30, 2016. December 31, 2016 2015 Share purchase programs 2016 2015 Authorized amount (shares ) (000) Date approved by board Program termination date Shares purchased (000) Purchase value Shares purchased (000) Purchase value 1,000 October, 2011 June 30, 2016 422 $ 2,000 - $ - 1,000 April, 2016 N/A - $ - - $ - |
Note 15 - Earnings Per Share
Note 15 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | N OTE 1 5 – EARNINGS PER SHARE The table below reconciles basic weighted average common shares outstanding to diluted weighted average shares outstanding for 201 6, 2015 2014 may Year Ended December 31, 201 6 201 5 20 14 Basic weighted average common shares outstanding 34,405 33,826 34,251 Effect of dilutive stock options - - 5 Diluted weighted average common shares outstanding 34,405 33,826 34,256 Antidilutive stock awards: Stock options - - 175 Unvested restricted stock awards - 403 - |
Note 16 - Business Segments
Note 16 - Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 1 6 - BUSINESS SEGMENTS We identify our reportable segments based on our management structure and the financial data utilized by our chief operating decision makers to assess segment performance and allocate resources among our operating units. We have three The Emergency Response Vehicles segment consists of the emergency response chassis operations at our Charlotte, Michigan location and our operations at our Brandon, South Dakota and Ephrata, Pennsylvania locations, along with our Spartan-Gimaex joint venture. This segment engineers and manufactures emergency response chassis and vehicles and distributes related aftermarket parts and accessories. The Fleet Vehicles and Services segment consists of our operations at our Bristol, Indiana location and focuses on designing and manufacturing walk-in vans used in the parcel delivery, mobile retail, and trades and construction industries, along with the production of commercial truck bodies, and supplies related aftermarket parts and accessories. The Specialty Chassis and Vehicles segment consists of our Charlotte, Michigan operations that engineer and manufacture motor home chassis, defense vehicles and other specialty chassis and distribute related aftermarket parts and accessories. As a result of a realignment of our operating segments completed during the second 2016, 2015 2014 Appropriate expense amounts are allocated to the three The accounting policies of the segments are the same as those described, or referred to, in Note 1 , General and Summary of Accounting Policies Sales to customers outside the United States were $31,716, $40,058 $55,919 December 31, 2016, 2015 2014, 5.4%, 7.3% 11.0%, Sales and other financial information by business segment are as follows: Year Ended December 31, 2016 Segment Emergency Response Vehicles Fleet Vehicles and Services Specialty Chassis and Vehicles Other Consolidated Emergency response vehicles sales $ 175,730 $ - $ - $ - $ 175,730 Fleet vehicles sales - 206,248 - - 206,248 Motor home chassis sales - - 97,999 - 97,999 Other specialty vehicles sales - - 21,074 - 21,074 Aftermarket parts and a ccessories sales 7,251 72,141 10,334 - 89,726 Total sales $ 182,981 $ 278,389 $ 129,407 $ - $ 590,777 Depreciation and amortization expense $ 1,143 $ 3,455 $ 519 $ 2,786 $ 7,903 Operating income (loss) (13,660 ) 28,740 6,846 (13,301 ) 8,625 Segment assets 77,887 65,277 28,825 71,305 243,294 Capital expenditures 1,558 2,011 6,842 2,999 13,410 Year Ended December 31, 201 5 Segment Emergency Response Vehicles Fleet Vehicles and Services Specialty Chassis and Vehicles Other Consolidated Emergency response vehicles sales $ 187,127 $ - $ - $ - $ 187,127 Fleet vehicles sales - 193,772 - - 193,772 Motor home chassis sales - - 103,264 - 103,264 Other specialty vehicles sales - - 13,849 - 13,849 Aftermarket parts and accessories sales 6,093 33,911 12,398 - 52,402 Total sales $ 193,220 $ 227,683 $ 129,511 $ - $ 550,414 Depreciation and amortization expense $ 914 $ 3,631 $ 408 $ 2,487 $ 7,440 Operating income (loss) (23,722 ) 14,530 4,906 (8,193 ) (12,479 ) Segment assets 76,030 70,491 24,032 60,118 230,671 Capital expenditures 1,010 1,323 859 1,703 4,895 Year Ended December 31, 2014 Segment Emergency Response Vehicles Fleet Vehicles and Services Specialty Chassis and Vehicles Other Consolidated Emergency response vehicles sales $ 184,532 $ - $ - $ - $ 184,532 Fleet vehicles sales - 189,016 - - 189,016 Motor home chassis sales - - 86,186 - 86,186 Other specialty vehicles sales - - 9,165 - 9,165 Aftermarket parts and accessories sales 5,471 21,482 10,912 - 37,865 Total sales $ 190,003 $ 210,498 $ 106,263 $ - $ 506,764 Depreciation and amortization expense $ 1,030 $ 4,297 $ 669 $ 2,382 $ 8,378 Operating income (loss) (6,280 ) 8,324 6,619 (9,814 ) (1,151 ) Segment assets 81,748 65,827 21,269 69,669 238,813 Capital expenditures 516 989 412 1,546 3,463 |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 17 – RELATED PARTY TRANSACTIONS On January 1, 2017, December 12, 2016 (see Note 2, Acquisition Activities December 31, 2016, $7,397 January 1, 2017. 2, Acquisition Activities $30,748, $32,600, $17,785 2016, 2015, 2014. John Forbes, the President of our Fleet Vehicles and Services segment s erves on the Board of Directors of Patrick Industries, Inc. During the years ended December 31, 2016 2015, $4,009 $300 Richard Dauch, who serves on the Spartan Motors Board of Directors, is the Chief Executive Officer of Accuride, Inc. During the years ended December 31, 2016 2015, $836 $1,000 |
Note 18 - Quarterly Financial D
Note 18 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 1 8 - QUARTERLY FINANCIAL DATA (UNAUDITED) Summarized quarterly financial data for the year s ended December 31, 2016 2015 may 2016 Quarter Ended 201 5 Quarter Ended Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 Sales $ 133,726 $ 162,537 $ 148,664 $ 145,850 $ 128,372 $ 144,824 $ 136,572 $ 140,647 Gross profit 15,820 20,807 18,010 17,890 11,533 17,442 12,808 5,329 Restructuring charges 339 227 304 224 1,155 811 462 427 Net earnings (loss) attributable to Spartan Motors, Inc. 543 4,379 2,745 942 (2,880 ) 1,177 (5,818 ) (9,450 ) Basic net earnings (loss) per share 0.02 0.13 0.08 0.03 (0.09 ) 0.03 (0.17 ) (0.28 ) Diluted net earnings (loss) per share 0.02 0.13 0.08 0.03 (0.09 ) 0.03 (0.17 ) (0.28 ) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Column A Column B Column C Column D Column E Description Balance at Additions Additions Charged to Deductions Balance Year ended December 31, 201 6 : Allowance for doubtful accounts $ 130 $ 368 $ - $ (11 ) $ 487 Reserve for slow-moving inventory 3,230 2,984 - (2,846 ) 3,368 Accrued warranty 16,610 12,989 - (10,265 ) 19,334 Valuation allowance for deferred tax assets 12,534 - - (2,932 ) 9,602 Year ended December 31, 201 5 : Allowance for doubtful accounts $ 144 $ 12 $ - $ (26 ) $ 130 Reserve for slow-moving inventory 3,588 3,973 - (4,331 ) 3,230 Accrued warranty 9,237 15,388 - (8,015 ) 16,610 Valuation allowance for deferred tax assets 3,062 9,472 - - 12,534 Year ended December 31, 201 4 : Allowance for doubtful accounts $ 769 $ 71 $ - $ (696 ) $ 144 Reserve for slow-moving inventory 2,295 5,343 - (4,050 ) 3,588 Accrued warranty 7,579 6,533 - (4,875 ) 9,237 Valuation allowance for deferred tax assets 3,567 - - (505 ) 3,062 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation . The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiary, Spartan USA. All intercompany transactions have been eliminated. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Non-Controlling Interest At December 31, 201 6, 50% |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates . In the preparation of our financial statements in accordance with U.S. generally accepted accounting impairment assessments of tangible and intangible assets, and the provision for income taxes, are particularly sensitive. If actual results are different from estimates used by management, they may |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition . We recognize revenue in accordance with Accounting Standards Codification Topic (“ASC”) 605. tendered one |
Business Combinations Policy [Policy Text Block] | Business Combinations . When acquiring other businesses we recognize identifiable assets acquired and liabilities assumed at their acquisition date fair values, and separately from any goodwill that may Accounting for such acquisitions requires us to make significant assumptions and estimates and, although we believe any estimates and assumptions we make are reasonable and appropriate at the time they are made, unanticipated events and circumstances may may one Costs incurred to effect an acquisition, such as legal, accounting, valuation or other third |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling of Products . Costs incurred related to the shipment and handling of products are classified in cost of products sold. Amounts billed to customers for shipping and handling of products are included in sales. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents include cash on hand, cash on deposit, treasuries and money market funds. We consider all investments purchased with an original maturity of three |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable . Our receivables are subject to credit risk, and we do not typically require collateral on our accounts receivable. We perform periodic credit evaluations of our customers’ financial condition and generally require a security interest in the products sold. Receivables generally are due within 30 60 90 10 25%. may may |
Inventory, Policy [Policy Text Block] | Inventories are stated at the lower of first first may |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment is stated at cost and the related assets are depreciated over their estimated useful lives on a straight line basis for financial statement purposes and an accelerated method for income tax purposes. Cost includes an amount of interest associated with significant capital projects. Estimated useful lives range from 20 31.5 3 15 3 7 3 5 may 6, Property , Plant and Equipment |
Related Party Transactions Policy [Policy Text Block] | Related Party Transactions . one 17, Related Party Transactions |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets . Goodwill represents the excess of the cost of a business combination over the fair value of the net assets acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized, but are subject to impairment tests on an annual basis, or whenever events or changes in circumstances indicate that the carrying value may Other intangible assets with finite lives are amortized over their estimated useful lives and are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may We perform our annual goodwill and indefinite lived intangible assets impairment test as of October 1 first first two I f we elect to bypass the qualitative assessment for a reporting unit, or if after completing the assessment we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a two first second second We evaluate the recoverability of our indefinite lived intangible asset, which consists of our Utilimaster trade name, based on estimates of future royalty payments that are avoided through our ownership of the trade name, discounted to their present value. In determining the estimated fair value of the trade name, we consider current and projected future levels of revenue based on our plans for Utilimaster, business trends, prospects and market and economic conditions. Significant judgments inherent in these assessments and analyses include assumptions about macroeconomic and industry conditions, appropriate sales growth rates, WACC and the amount of expected future net cash flows. The judgments and assumptions used in the estimate of fair value are generally consistent with the projections and assumptions that are used in current operating plans. Such assumptions are subject to change as a result of changing economic and competitive conditions. The determination of fair value is highly sensitive to differences between estimated and actual cash flows and changes in the related discount rate used to evaluate the fair value of the reporting units and trade name s. See Note 5 , Goodwill and Intangible Assets, |
Standard Product Warranty, Policy [Policy Text Block] | Warranties . Our policy is to record a provision for the estimated cost of warranty-related claims at the time of the sale, and periodically adjust the warranty liability to reflect actual experience. The amount of warranty liability accrued reflects management’s best estimate of the expected future cost of honoring our obligations under the warranty agreements. Expense related to warranty liabilities accrued for product sales, as well as adjustments to pre-existing warranty liabilities, are reflected within Cost of products sold on our Consolidated Statements of Operations. Our estimates are based on historical experience, the number of units involved and the extent of features and components included in product models. See Note 10, Commitments and Contingent Liabilities |
Deposits from Customers [Policy Text Block] | Deposits from Customers . We sometimes receive advance payments from customers for product orders and record these amounts as liabilities. We accept such deposits when presented by customers seeking improved pricing in connection with orders that are placed for products to be manufactured and sold at a future date. Revenue associated with these deposits is deferred and recognized upon shipment of the related product to the customer. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development . Our research and development costs, which consist of compensation costs, travel and entertainment, administrative expenses and new product development among other items, are expensed as incurred. |
Income Tax, Policy [Policy Text Block] | Taxes on Income . We recognize deferred income tax assets and liabilities using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Deferred tax liabilities generally represent tax expense recognized for which payment has been deferred, or expenses which have been deducted in our tax returns but which have not yet been recognized as an expense in our financial statements. We establish valuation allowances for deferred income tax assets in accordance with GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At each reporting period, we consider the scheduled reversal of deferred tax liabilities, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. Although we believe the estimates are reasonable, no assurance can be given that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals. Interest and penalties attributable to income taxes are recorded as a component of income taxes. See Note 8, Taxes on Income |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Share 15, Earnings Per Share, |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Incentive Plans . Share based payment compensation costs for equity-based awards is measured on the grant date based on the fair value of the award at that date, and is recognized over the requisite service period, net of estimated forfeitures. Fair value of stock option and stock appreciation rights awards are estimated using a closed option valuation (Black-Scholes) model. Fair value of restricted stock awards is based upon the quoted market price of the common stock on the date of grant. Our incentive stock plans are described in more detail in Note 13, Stock Based Compensation |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value . We are required to disclose the estimated fair value of our financial instruments. The carrying value at December 31, 2016 2015 |
Reclassification, Policy [Policy Text Block] | Reclassifications . Certain engineering costs related to routine product changes, that, prior to 2015, $7,825 2014 2015 17 2016. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting . three 16, Business Segments |
Supplemental Disclosures of Cash Flow Policy [Policy Text Block] | Supplemental Disclosures of Cash Flow Information. Cash paid for interest was $309, $374 $327 2016, 2015 2014. $2,232, $(18) $1,168 2016, 2015 2014. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standard s In January 2017, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017 4, Intangibles—Goodwill and Other (Topic 350): 2017 4”). 2017 4 December 15, 2019, January 1, 2017. We believe that that the adoption of the provisions of ASU 2017 04 In January 2017, 2017 01, Business Combinations (Topic 805): 2017 01”), December 15, 2017, We believe that the adoption of the provisions of ASU 2017 01 In August 2016, 2016 15, Statement of Cash Flows (Topic 230) 2016 15”). 2016 15 2016 15 December 15, 2017, that the adoption of the provisions of ASU 2016 15 In June 2016, 2016 13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments 2016 13"). 2016 13 December 15, 2019 2016 13 In March 2016, 2016 09, Compensation – Stock Compensation 2016 09”). 2016 09 2016 09 December 15, 2016, 2016 09 December 31, 2017 In February 2016, (“FASB”) issued Accounting Standards Update No. 2016 02, Leases 2016 02”). 12 December 15, 2018, 2016 02 In November 2015, 2015 17, Income Taxes (Topic 740), 2015 17”). 2015 17 2015 17 December 15, 2016 2015 17 second 2016. $3,164 $2,520 December 31, 2015 $3,164, $644 $2,520 In July 2015, 2015 11, Inventory (Topic 330) 2015 11”). 2015 11 2015 11 December 15, 2016. 2015 11 In February 2015, 2015 02 Consolidation (Topic 810), 2015 02”). 2015 02 2015 02 December 15, 2015. he adoption of the provisions of ASU 2015 02 In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) 2014 09”). 2014 09 2014 09 December 15, 2017, may December 15, 2016 August 12, 2015, 2018, 2017 2014 09 first 2018. In March 2016, 2016 08, Revenue from Contracts with Customers (Topic 606), 2016 08”). 2016 08 two 2016 08 2014 09 In April 2016, 2016 10, Revenue from Contracts with Customers (Topic 606), 2016 10”). 2016 10 606 2016 10 2016 10 2016 10 2014 09 In May 2016, 2016 12, Revenue from Contracts with Customers (Topic 606), 2016 12”). 2016 12 2016 12 2014 09 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories are summarized as follows: December 31, 201 6 201 5 Finished goods $ 12,743 $ 16,812 Work in process 14,063 11,691 Raw materials and purchased components 35,458 35,285 Reserve for slow-moving inventory (3,368 ) (3,230 ) Total Inventory $ 58,896 $ 60,558 |
Note 4 - Restructuring Charges
Note 4 - Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | December 31, 2016 December 31, 2015 December 31, 2014 Cost of products sold Inventory impairment $ - $ 345 $ 584 Relocation/retention costs - - 93 Production relocation /equipment impairment 136 174 - Accrual for severance - - 131 Total cost of products sold 136 519 808 General and Administrative Manufacturing process reengineering 959 2,336 1,017 Relocation/retention costs - - 298 Accrual for severance - - 34 Total general and administrative 959 2,336 1,349 Total restructuring $ 1,095 $ 2,855 $ 2,157 |
Note 5 - Goodwill and Intangi30
Note 5 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Emergency Response Vehicles Fleet Vehicles & Services Total December 31, December 31, December 31, 201 6 20 15 201 6 201 5 201 6 201 5 Goodwill, beginning of year $ - $ - $ 15,961 $ 15,961 $ 15,961 $ 15,961 Impairment losses during the year - - - - - - Goodwill, end of year $ - $ - $ 15,961 $ 15,961 $ 15,961 $ 15,961 Acquired goodwill $ 4,854 $ 4,854 $ 15,961 $ 15,961 $ 20,815 $ 20,815 Accumulated impairment (4,854 ) (4,854 ) - - (4,854 ) (4,854 ) Goodwill, net $ - $ - $ 15,961 $ 15,961 $ 15,961 $ 15,961 |
Schedule of Impaired Intangible Assets [Table Text Block] | Asset Description Impairment Charge Customer relationships $ 224 Non-patented technology 209 Classic Fire trade name 560 Total General and administrative $ 993 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of December 31, 201 6 As of December 31, 201 5 Gross carrying amount Accumulated amortization Net Gross carrying amount Accumulated amortization Net Customer and dealer relationships $ 6,170 $ 3,348 $ 2,822 $ 6,170 $ 2,986 $ 3,184 Acquired product development project 1,860 1,167 693 1,860 821 1,039 Non-compete agreements 400 400 - 400 400 - Backlog 320 320 - 320 320 - Trade Names 2,870 - 2,870 2,870 - 2,870 $ 11,620 $ 5,235 $ 6,385 $ 11,620 $ 4,527 $ 7,093 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amount 201 7 $ 683 201 8 666 201 9 299 20 20 273 2021 249 Thereafter 1,345 Total $ 3,515 |
Note 6 - Property, Plant and 31
Note 6 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 201 6 201 5 Land and improvements $ 8,049 $ 5,538 Buildings and improvements 63,418 59,371 Plant machinery and equipment 34,879 35,395 Furniture and fixtures 12,954 15,897 Vehicles 2,912 2,949 Construction in process 7,876 5,566 Subtotal 130,088 124,716 Less accumulated depreciation (76,972 ) (77,396 ) Total property, plant and equipment, net $ 53,116 $ 47,320 |
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | 2016 2015 Cost of goods sold Machinery & equipment $ 406 $ 1,013 General and administrative Office & computer equipment - 228 Total asset impairment $ 406 $ 1,241 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Future Minimum Operating Lease Payments 201 7 $ 2,247 201 8 1,843 201 9 1,541 20 20 1,455 202 1 1,130 Thereafter 73 Total $ 8,289 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year Future Minimum Capital Lease Payments 201 7 $ 71 201 8 45 201 9 33 20 20 - 20 21 - Thereafter - Total lease obligations, including imputed interest 149 Less imputed interest charges (10 ) Total outstanding capital lease obligations $ 139 |
Note 8 - Taxes on Income (Table
Note 8 - Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 201 6 201 5 201 4 Current (credit): Federal $ 2,203 $ (520 ) $ 269 State 563 253 (107 ) Total current 2,766 (267 ) 162 Deferred (credit): Federal (2,666 ) 3,994 (1,426 ) State - 1,153 (839 ) Total deferred (2,666 ) 5,147 (2,265 ) TOTAL TAXES ON INCOME $ 100 $ 4,880 $ (2,103 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 201 6 201 5 201 4 Amount Percentage Amount Percentage Amount Percentage Federal income taxes at the statutory rate $ 2,959 34.00 % $ (4,284 ) 34.00 % $ (365 ) 34.00 % Increase (decrease) in income taxes Deferred income tax adjustment (51 ) (0.59 ) (156 ) 1.24 (275 ) 25.61 Non-deductible compensation 459 5.27 - - - - Non-deductible NHTSA penalty - - 340 (2.70 ) - - Other nondeductible expenses 226 2.60 176 (1.39 ) 449 (41.80 ) State tax expense, net of federal income tax benefit 68 0.78 (79 ) 0.63 (201 ) 18.72 Valuation allowance adjustment (2,932 ) (33.69 ) 9,472 (75.17 ) (505 ) 47.02 Unrecognized tax benefit adjustment, settlement and expiration of statute - - (172 ) 1.36 (765 ) 71.23 Federal research and development tax credit (801 ) (9.20 ) (364 ) 2.89 (296 ) 27.56 Other 172 1.98 (53 ) 0.41 (145 ) 13.47 TOTAL $ 100 1.15 % $ 4,880 (38.73 ) % $ (2,103 ) 195.81 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2016 201 5 Deferred income tax assets: Warranty reserve $ 7,246 $ 6,286 C redit carry-forwards, net of federal income tax benefit 3,199 3,170 Inventory costs and reserves 2,194 2,163 Compensation related accruals 1,512 1,030 Net operating loss carry-forwards, net of federal income tax benefit 1,029 1,108 Stock based compensation 615 626 Other intangible assets 232 (209 ) Other 773 921 Total deferred tax assets $ 16,800 $ 15,095 Deferred income tax liabilities: Depreciation $ (2,294 ) $ (551 ) Trade name (1,072 ) (999 ) Prepaid insurance (522 ) (367 ) Total deferred income tax liabilities $ (3,888 ) $ (1,917 ) Net deferred income tax assets $ 12,912 $ 13,178 Valuation allowance (9,602 ) (12,534 ) Net deferred tax asset $ 3,310 $ 644 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 201 6 201 5 201 4 Balance at January 1, $ 349 $ 481 $ 833 Increase (decrease) related to prior year tax positions (24 ) (73 ) 73 Increase related to current year tax positions 20 91 99 Settlement - (110 ) - Expiration of statute - (40 ) (524 ) Balance at December 31, $ 345 $ 349 $ 481 |
Note 9 - Transactions With Ma34
Note 9 - Transactions With Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | 201 6 201 5 201 4 Customer Sales Accounts Receivable Sales Accounts Receivable Sales Accounts Receivable Customer A $ 70,954 $ 7,169 $ 78,759 $ 8,512 $ 57,093 $ 7,541 |
Note 10 - Commitments and Con35
Note 10 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Loss Contingencies by Contingency [Table Text Block] | Cost of products sold $ 1,269 Selling, general and administrative 1,000 $ 2,269 |
Schedule of Product Warranty Liability [Table Text Block] | 2016 201 5 Balance of accrued warranty at January 1 $ 16,610 $ 9,237 Warranties issued during the period 5,705 5,027 Cash settlements made during the period (10,265 ) (8,015 ) Changes in liability for pre-existing warranties during the period, including expirations 7,284 10,361 Balance of accrued warranty at December 31 $ 19,334 $ 16,610 |
Note 12 - Debt (Tables)
Note 12 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 6 December 31, 5 Note payable to Prudential Investment Management, Inc. Principal due December 1, 2016 with quarterly interest $ -- $ 5,000 Line of credit revolver (2): -- -- Capital lease obligations (See Note 7 – Leases 139 187 Total debt 139 5,187 Less current portion of long-term debt (65 ) (63 ) Total long-term debt $ 74 $ 5,124 |
Note 13 - Stock Based Compens37
Note 13 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | Total Number (000) Weighted Total Weighted Average SARs outstanding and exercisable at December 31, 2015 221 $ 3.30 Granted and vested - - Exercised (16 ) 3.20 Cancelled (112 ) 3.39 SARs outstanding and exercisable at December 31, 2016 93 3.20 $ 150 1.0 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Total - vested (000) Weighted Weighted Average Non -vested shares outstanding at December 31, 2015 379 $ 4.93 Granted 630 4.01 Vested (272 ) 4.59 Forfeited (71 ) 4.47 Non -vested shares outstanding at December 31, 2016 666 4.25 1.08 |
Note 14 - Shareholders Equity (
Note 14 - Shareholders Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Common Stock Repurchased and Retired [Table Text Block] | Share purchase programs 2016 2015 Authorized amount (shares ) (000) Date approved by board Program termination date Shares purchased (000) Purchase value Shares purchased (000) Purchase value 1,000 October, 2011 June 30, 2016 422 $ 2,000 - $ - 1,000 April, 2016 N/A - $ - - $ - |
Note 15 - Earnings Per Share (T
Note 15 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended December 31, 201 6 201 5 20 14 Basic weighted average common shares outstanding 34,405 33,826 34,251 Effect of dilutive stock options - - 5 Diluted weighted average common shares outstanding 34,405 33,826 34,256 Antidilutive stock awards: Stock options - - 175 Unvested restricted stock awards - 403 - |
Note 16 - Business Segments (Ta
Note 16 - Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment Emergency Response Vehicles Fleet Vehicles and Services Specialty Chassis and Vehicles Other Consolidated Emergency response vehicles sales $ 175,730 $ - $ - $ - $ 175,730 Fleet vehicles sales - 206,248 - - 206,248 Motor home chassis sales - - 97,999 - 97,999 Other specialty vehicles sales - - 21,074 - 21,074 Aftermarket parts and a ccessories sales 7,251 72,141 10,334 - 89,726 Total sales $ 182,981 $ 278,389 $ 129,407 $ - $ 590,777 Depreciation and amortization expense $ 1,143 $ 3,455 $ 519 $ 2,786 $ 7,903 Operating income (loss) (13,660 ) 28,740 6,846 (13,301 ) 8,625 Segment assets 77,887 65,277 28,825 71,305 243,294 Capital expenditures 1,558 2,011 6,842 2,999 13,410 Segment Emergency Response Vehicles Fleet Vehicles and Services Specialty Chassis and Vehicles Other Consolidated Emergency response vehicles sales $ 187,127 $ - $ - $ - $ 187,127 Fleet vehicles sales - 193,772 - - 193,772 Motor home chassis sales - - 103,264 - 103,264 Other specialty vehicles sales - - 13,849 - 13,849 Aftermarket parts and accessories sales 6,093 33,911 12,398 - 52,402 Total sales $ 193,220 $ 227,683 $ 129,511 $ - $ 550,414 Depreciation and amortization expense $ 914 $ 3,631 $ 408 $ 2,487 $ 7,440 Operating income (loss) (23,722 ) 14,530 4,906 (8,193 ) (12,479 ) Segment assets 76,030 70,491 24,032 60,118 230,671 Capital expenditures 1,010 1,323 859 1,703 4,895 Segment Emergency Response Vehicles Fleet Vehicles and Services Specialty Chassis and Vehicles Other Consolidated Emergency response vehicles sales $ 184,532 $ - $ - $ - $ 184,532 Fleet vehicles sales - 189,016 - - 189,016 Motor home chassis sales - - 86,186 - 86,186 Other specialty vehicles sales - - 9,165 - 9,165 Aftermarket parts and accessories sales 5,471 21,482 10,912 - 37,865 Total sales $ 190,003 $ 210,498 $ 106,263 $ - $ 506,764 Depreciation and amortization expense $ 1,030 $ 4,297 $ 669 $ 2,382 $ 8,378 Operating income (loss) (6,280 ) 8,324 6,619 (9,814 ) (1,151 ) Segment assets 81,748 65,827 21,269 69,669 238,813 Capital expenditures 516 989 412 1,546 3,463 |
Note 18 - Quarterly Financial41
Note 18 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2016 Quarter Ended 201 5 Quarter Ended Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 Sales $ 133,726 $ 162,537 $ 148,664 $ 145,850 $ 128,372 $ 144,824 $ 136,572 $ 140,647 Gross profit 15,820 20,807 18,010 17,890 11,533 17,442 12,808 5,329 Restructuring charges 339 227 304 224 1,155 811 462 427 Net earnings (loss) attributable to Spartan Motors, Inc. 543 4,379 2,745 942 (2,880 ) 1,177 (5,818 ) (9,450 ) Basic net earnings (loss) per share 0.02 0.13 0.08 0.03 (0.09 ) 0.03 (0.17 ) (0.28 ) Diluted net earnings (loss) per share 0.02 0.13 0.08 0.03 (0.09 ) 0.03 (0.17 ) (0.28 ) |
Schedule II - Valuation and Q42
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Column A Column B Column C Column D Column E Description Balance at Additions Additions Charged to Deductions Balance Year ended December 31, 201 6 : Allowance for doubtful accounts $ 130 $ 368 $ - $ (11 ) $ 487 Reserve for slow-moving inventory 3,230 2,984 - (2,846 ) 3,368 Accrued warranty 16,610 12,989 - (10,265 ) 19,334 Valuation allowance for deferred tax assets 12,534 - - (2,932 ) 9,602 Year ended December 31, 201 5 : Allowance for doubtful accounts $ 144 $ 12 $ - $ (26 ) $ 130 Reserve for slow-moving inventory 3,588 3,973 - (4,331 ) 3,230 Accrued warranty 9,237 15,388 - (8,015 ) 16,610 Valuation allowance for deferred tax assets 3,062 9,472 - - 12,534 Year ended December 31, 201 4 : Allowance for doubtful accounts $ 769 $ 71 $ - $ (696 ) $ 144 Reserve for slow-moving inventory 2,295 5,343 - (4,050 ) 3,588 Accrued warranty 7,579 6,533 - (4,875 ) 9,237 Valuation allowance for deferred tax assets 3,567 - - (505 ) 3,062 |
Note 1 - General and Summary 43
Note 1 - General and Summary of Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | |||
Number of Reportable Segments | 3 | |||
Interest Paid | $ 309 | $ 374 | $ 327 | |
Income Taxes Paid, Net | $ 2,232 | (18) | 1,168 | |
Accounting Standards Update 2015-17 [Member] | ||||
Increase (Decrease) in Current Assets | (3,164) | |||
Increase (Decrease) in Other Assets | 644 | |||
Increase (Decrease) in Operating Liabilities | (2,520) | |||
Increase (Decrease) in Operating Assets | $ (2,520) | |||
Accounting Standards Update 2015-17 [Member] | Year Ended December 31, 2015 [Member] | Reclassification from Current Deferred Tax Assets to Noncurrent Deferred Tax Assets [Member] | ||||
Prior Period Reclassification Adjustment | $ 3,164 | |||
Accounting Standards Update 2015-17 [Member] | Year Ended December 31, 2015 [Member] | Reclassification from Deferred Tax Liabilities to Noncurrent Deferred Tax Assets [Member] | ||||
Prior Period Reclassification Adjustment | $ 2,520 | |||
Reclassified from Research and Development Expense to Cost of Products Sold [Member] | ||||
Prior Period Reclassification Adjustment | $ 7,825 | |||
Maximum [Member] | ||||
Percentage of Service Revenue | 1.00% | |||
Maximum [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life | 31 years 182 days | |||
Maximum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 15 years | |||
Maximum [Member] | Furniture and Fixtures [Member] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Maximum [Member] | Vehicles [Member] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Minimum [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
Minimum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Minimum [Member] | Furniture and Fixtures [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Minimum [Member] | Vehicles [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years |
Note 2 - Acquisition Activiti44
Note 2 - Acquisition Activities (Subsequent Event) (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2017 | Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2017 | Oct. 31, 2016 |
Proceeds from Lines of Credit | $ 15,244 | $ 2,191 | |||||
Wells Fargo, JPMorgan Chase Bank, N.A.and PNC Bank [Member] | Line of Credit [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | ||||||
Smeal Acquisition [Member] | Scenario, Forecast [Member] | |||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Costs | $ 600 | ||||||
Smeal Acquisition [Member] | Selling, General and Administrative Expenses [Member] | |||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | $ 882 | ||||||
Smeal Acquisition [Member] | Subsequent Event [Member] | |||||||
Business Combination, Consideration Transferred | $ 42,550 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 28,958 | ||||||
Cash Acquired from Acquisition | 3,825 | ||||||
Business Combination, Consideration Transferred, Forgiveness of Liabilities | 7,397 | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 2,400 | ||||||
Smeal [Member] | Subsequent Event [Member] | Wells Fargo, JPMorgan Chase Bank, N.A.and PNC Bank [Member] | Line of Credit [Member] | |||||||
Proceeds from Lines of Credit | $ 32,800 |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Inventory, Demo, Gross | $ 3,558 | $ 2,857 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finished goods | $ 12,743 | $ 16,812 |
Work in process | 14,063 | 11,691 |
Raw materials and purchased components | 35,458 | 35,285 |
Reserve for slow-moving inventory | (3,368) | (3,230) |
Total Inventory | $ 58,896 | $ 60,558 |
Note 4 - Restructuring Charge47
Note 4 - Restructuring Charges - Restructuring Charges Included in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring charges, cost of products sold | $ 136 | $ 519 | $ 808 | ||||||||
General and Administrative | |||||||||||
Restructuring charges, general and admininstrative | $ 224 | $ 304 | $ 227 | $ 339 | $ 427 | $ 462 | $ 811 | $ 1,155 | 959 | 2,336 | 1,349 |
Emergency Response Vehicles [Member] | |||||||||||
Restructuring charges, cost of products sold | 136 | 519 | 808 | ||||||||
General and Administrative | |||||||||||
Restructuring charges, general and admininstrative | 959 | 2,336 | 1,349 | ||||||||
Total restructuring | 1,095 | 2,855 | 2,157 | ||||||||
Emergency Response Vehicles [Member] | Inventory Impairment [Member] | |||||||||||
Restructuring charges, cost of products sold | 345 | 584 | |||||||||
Emergency Response Vehicles [Member] | Relocation Retention Costs [Member] | |||||||||||
Restructuring charges, cost of products sold | 93 | ||||||||||
Emergency Response Vehicles [Member] | Production Relocation Costs [Member] | |||||||||||
Restructuring charges, cost of products sold | 136 | 174 | |||||||||
General and Administrative | |||||||||||
Restructuring charges, general and admininstrative | 298 | ||||||||||
Emergency Response Vehicles [Member] | Accrual Of Severance [Member] | |||||||||||
Restructuring charges, cost of products sold | 131 | ||||||||||
General and Administrative | |||||||||||
Restructuring charges, general and admininstrative | 34 | ||||||||||
Emergency Response Vehicles [Member] | Manufacturing Process Reengineering [Member] | |||||||||||
General and Administrative | |||||||||||
Restructuring charges, general and admininstrative | $ 959 | $ 2,336 | $ 1,017 |
Note 5 - Goodwill and Intangi48
Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 01, 2016 | |
Amortization of Intangible Assets | $ 708 | $ 872 | $ 1,136 | |
Trade Names [Member] | ||||
Increase in WACC Basis Points | 5.00% | |||
Trade Names [Member] | Utilimaster [Member] | ||||
Fair Value Exceeds Carrying Value, Percentage | 505.00% | |||
Delivery and Service Vehicles [Member] | ||||
Fair Value Exceeds Carrying Value, Percentage | 115.00% |
Note 5 - Goodwill and Intangi49
Note 5 - Goodwill and Intangible Assets - Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill, beginning of year | $ 15,961 | $ 15,961 | ||
Impairment losses during the year | ||||
Goodwill, end of year | 15,961 | 15,961 | ||
Acquired goodwill | $ 20,815 | $ 20,815 | ||
Accumulated impairment | (4,854) | (4,854) | ||
Goodwill, net | 15,961 | 15,961 | 15,961 | 15,961 |
Emergency Response Vehicles [Member] | ||||
Goodwill, beginning of year | ||||
Impairment losses during the year | ||||
Goodwill, end of year | ||||
Acquired goodwill | 4,854 | 4,854 | ||
Accumulated impairment | (4,854) | (4,854) | ||
Goodwill, net | ||||
Delivery and Service Vehicles [Member] | ||||
Goodwill, beginning of year | 15,961 | 15,961 | ||
Impairment losses during the year | ||||
Goodwill, end of year | 15,961 | 15,961 | ||
Acquired goodwill | 15,961 | 15,961 | ||
Accumulated impairment | ||||
Goodwill, net | $ 15,961 | $ 15,961 | $ 15,961 | $ 15,961 |
Note 5 - Goodwill and Intangi50
Note 5 - Goodwill and Intangible Assets - Impairment Charges, General and Administrative (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Asset Impairment | $ 406 | $ 2,234 | ||
Selling, General and Administrative Expenses [Member] | ||||
Asset Impairment | $ 993 | |||
Selling, General and Administrative Expenses [Member] | Customer Relationship [Member] | ||||
Asset Impairment | 224 | |||
Selling, General and Administrative Expenses [Member] | Non-Patented Technology [Member] | ||||
Asset Impairment | 209 | |||
Selling, General and Administrative Expenses [Member] | Classic Fire Trade Name [Member] | ||||
Asset Impairment | $ 560 |
Note 5 - Goodwill and Intangi51
Note 5 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accumulated amortization, finite-lived | $ 5,235 | $ 4,527 |
Net carrying amount, finite-lived | 3,515 | |
Gross carrying amount, intangible assets | 11,620 | 11,620 |
Net carrying amount, intangible assets | 6,385 | 7,093 |
Customer Relationships [Member] | ||
Gross carrying amount, finite-lived | 6,170 | 6,170 |
Accumulated amortization, finite-lived | 3,348 | 2,986 |
Net carrying amount, finite-lived | 2,822 | 3,184 |
Acquired Product Development Project [Member] | ||
Gross carrying amount, finite-lived | 1,860 | 1,860 |
Accumulated amortization, finite-lived | 1,167 | 821 |
Net carrying amount, finite-lived | 693 | 1,039 |
Noncompete Agreements [Member] | ||
Gross carrying amount, finite-lived | 400 | 400 |
Accumulated amortization, finite-lived | 400 | 400 |
Net carrying amount, finite-lived | ||
Order or Production Backlog [Member] | ||
Gross carrying amount, finite-lived | 320 | 320 |
Accumulated amortization, finite-lived | 320 | 320 |
Net carrying amount, finite-lived | ||
Trade Names [Member] | ||
Gross carrying amount, indefinite-lived | $ 2,870 | $ 2,870 |
Note 5 - Goodwill and Intangi52
Note 5 - Goodwill and Intangible Assets - Estimated Remaining Amortization Associated With Finite-lived Intangible Assets (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 683 |
2,018 | 666 |
2,019 | 299 |
2,020 | 273 |
2,021 | 249 |
Thereafter | 1,345 |
Total | $ 3,515 |
Note 6 - Property, Plant and 53
Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation | $ 7,195 | $ 6,565 | $ 7,242 |
Interest Costs Capitalized | 0 | 0 | |
Enterprise Resource Planning System [Member] | |||
Construction in Progress, Gross | $ 6,624 | $ 4,604 |
Note 6 - Property, Plant and 54
Note 6 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, plant and equipment, gross | $ 130,088 | $ 124,716 |
Less accumulated depreciation | (76,972) | (77,396) |
Total property, plant and equipment, net | 53,116 | 47,320 |
Land and Land Improvements [Member] | ||
Property, plant and equipment, gross | 8,049 | 5,538 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 63,418 | 59,371 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 34,879 | 35,395 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 12,954 | 15,897 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 2,912 | 2,949 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 7,876 | $ 5,566 |
Note 6 - Property, Plant, and E
Note 6 - Property, Plant, and Equipment - Impairment of Long-lived Tangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cost of goods sold | ||
Impairment of assets | $ 406 | $ 1,241 |
General and administrative | ||
Impairment of assets | 406 | 1,241 |
Cost Of Goods Sold [Member] | Machinery & Equipment [Member] | ||
Cost of goods sold | ||
Impairment of assets | 406 | 1,013 |
General and administrative | ||
Impairment of assets | 406 | 1,013 |
Selling, General and Administrative Expenses [Member] | Office & Computer Equipment [Member] | ||
Cost of goods sold | ||
Impairment of assets | 228 | |
General and administrative | ||
Impairment of assets | $ 228 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Rent Expense | $ 3,086 | $ 2,876 | $ 2,286 |
Capital Leased Assets, Gross | 609 | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $ 483 |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 2,247 |
2,018 | 1,843 |
2,019 | 1,541 |
2,020 | 1,455 |
2,021 | 1,130 |
Thereafter | 73 |
Total | $ 8,289 |
Note 7 - Leases - Future Mini58
Note 7 - Leases - Future Minimum Capital Lease Commitments Under Non-cancelable Capital Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 71 |
2,018 | 45 |
2,019 | 33 |
2,020 | |
2,021 | |
Thereafter | |
Total lease obligations, including imputed interest | 149 |
Less imputed interest charges | (10) |
Total outstanding capital lease obligations | $ 139 |
Note 8 - Taxes on Income (Detai
Note 8 - Taxes on Income (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | $ 123 | $ 44 | $ 100 | |
Deferred Tax Assets, Valuation Allowance | 9,602 | 12,534 | ||
Deferred Tax Assets, Net | 3,310 | 644 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 1,560 | 1,678 | ||
Deferred Tax Assets, Tax Credit Carryforwards | 3,199 | 3,170 | ||
Unrecognized Tax Benefits | 345 | 349 | 481 | $ 833 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 188 | |||
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued | 533 | |||
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued, Current | 82 | |||
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued, Noncurrent | 451 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 133 | 30 | $ 198 | |
Domestic Tax Authority [Member] | ||||
Deferred Tax Assets, Tax Credit Carryforwards | 4,846 | 4,824 | ||
State and Local Jurisdiction [Member] | ||||
Deferred Tax Assets, Valuation Allowance | 4,228 | 4,278 | ||
Trade Names [Member] | ||||
Deferred Tax Liabilities, Intangible Assets | $ 1,072 | $ 999 |
Note 8 - Taxes on Income - Inco
Note 8 - Taxes on Income - Income Tax from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current (credit): | |||
Federal | $ 2,203 | $ (520) | $ 269 |
State | 563 | 253 | (107) |
Total current | 2,766 | (267) | 162 |
Deferred (credit): | |||
Federal | (2,666) | 3,994 | (1,426) |
State | 1,153 | (839) | |
Total deferred | (2,666) | 5,147 | (2,265) |
TOTAL TAXES ON INCOME | $ 100 | $ 4,880 | $ (2,103) |
Note 8 - Taxes on Income - In61
Note 8 - Taxes on Income - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal income taxes at the statutory rate | $ 2,959 | $ (4,284) | $ (365) |
Federal income taxes at the statutory rate | 34.00% | 34.00% | 34.00% |
spar_IncreaseDecreaseInIncomeTaxesResultingFromAbstract | |||
Deferred income tax adjustment | $ (51) | $ (156) | $ (275) |
Deferred income tax adjustment | (0.59%) | 1.24% | 25.61% |
Non-deductible compensation | $ 459 | ||
Non-deductible compensation | 5.27% | ||
Non-deductible NHTSA penalty | $ 340 | ||
Non-deductible NHTSA penalty | (2.70%) | ||
Other nondeductible expenses | $ 226 | $ 176 | $ 449 |
Other nondeductible expenses | 2.60% | (1.39%) | (41.80%) |
State tax expense, net of federal income tax benefit | $ 68 | $ (79) | $ (201) |
State tax expense, net of federal income tax benefit | 0.78% | 0.63% | 18.72% |
Valuation allowance adjustment | $ (2,932) | $ 9,472 | $ (505) |
Valuation allowance adjustment | (33.69%) | (75.17%) | 47.02% |
Unrecognized tax benefit adjustment, settlement and expiration of statute | $ (172) | $ (765) | |
Unrecognized tax benefit adjustment, settlement and expiration of statute | 1.36% | 71.23% | |
Federal research and development tax credit | $ (801) | $ (364) | $ (296) |
Federal research and development tax credit | (9.20%) | 2.89% | 27.56% |
Other | $ 172 | $ (53) | $ (145) |
Other | 1.98% | 0.41% | 13.47% |
TOTAL | $ 100 | $ 4,880 | $ (2,103) |
TOTAL | 1.15% | (38.73%) | 195.81% |
Note 8 - Taxes on Income - Defe
Note 8 - Taxes on Income - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred income tax assets: | ||
Warranty reserve | $ 7,246 | $ 6,286 |
Credit carry-forwards, net of federal income tax benefit | 3,199 | 3,170 |
Inventory costs and reserves | 2,194 | 2,163 |
Compensation related accruals | 1,512 | 1,030 |
Net operating loss carry-forwards, net of federal income tax benefit | 1,029 | 1,108 |
Stock based compensation | 615 | 626 |
Other intangible assets | 232 | (209) |
Other | 773 | 921 |
Total deferred tax assets | 16,800 | 15,095 |
Deferred income tax liabilities: | ||
Depreciation | (2,294) | (551) |
Prepaid insurance | (522) | (367) |
Total deferred income tax liabilities | (3,888) | (1,917) |
Net deferred income tax assets | 12,912 | 13,178 |
Valuation allowance | (9,602) | (12,534) |
Net deferred tax asset | 3,310 | 644 |
Trade Names [Member] | ||
Deferred income tax liabilities: | ||
Trade name | $ (1,072) | $ (999) |
Note 8 - Taxes on Income - Reco
Note 8 - Taxes on Income - Reconciliation of the Change in the Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance at beginning of year | $ 349 | $ 481 | $ 833 |
Decrease related to prior year tax positions | (24) | (73) | |
Increase related to prior year tax positions | 73 | ||
Increase related to current year tax positions | 20 | 91 | 99 |
Settlement | (110) | ||
Expiration of statute | (40) | (524) | |
Balance at end of year | $ 345 | $ 349 | $ 481 |
Note 9 - Transactions With Ma64
Note 9 - Transactions With Major Customers (Details Textual) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Number of Customers Classified as Major Customers | 1 | 1 | 1 |
Note 9 - Transactions with Ma65
Note 9 - Transactions with Major Customers - Information about Major Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Sales revenue, net | $ 145,850 | $ 148,664 | $ 162,537 | $ 133,726 | $ 140,647 | $ 136,572 | $ 144,824 | $ 128,372 | $ 590,777 | $ 550,414 | $ 506,764 |
Customer A [Member] | |||||||||||
Sales revenue, net | 70,954 | 78,759 | 57,093 | ||||||||
Accounts receivable | $ 7,169 | $ 8,512 | $ 7,169 | $ 8,512 | $ 7,541 |
Note 10 - Commitments and Con66
Note 10 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jul. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | ||
Letters of Credit Outstanding, Amount | $ 1,337 | $ 1,599 | $ 1,337 | ||||
Inventory Write-down | 982 | $ 235 | |||||
Litigation Settlement, Amount | 2,269 | ||||||
Long-term Line of Credit | [1] | ||||||
Limited Warranty Coverage, Assembly and Construction Defects, Low End | 2 years | ||||||
Campaigns and Recalls [Member] | |||||||
Inventory Recall Expense | $ 3,968 | 7,100 | |||||
GM [Member] | |||||||
Litigation Settlement, Amount | $ (1,000) | ||||||
Letter of Credit [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | ||||||
Revolving Credit Facility [Member] | GM [Member] | |||||||
Line of Credit Facility, Capacity Available for Trade Purchases | 10,000 | 10,000 | |||||
Long-term Line of Credit | $ 3,795 | $ 784 | $ 3,795 | ||||
[1] | On October 31, 2016, we entered into a Second Amended and Restated Credit Agreement (the "Credit Agreement") by and among us, certain of our subsidiaries, Wells Fargo Bank, National Association, as administrative agent ("Wells Fargo"), and the lenders party thereto consisting of Wells Fargo, JPMorgan Chase Bank, N.A. and PNC Bank (the "Lenders"). Under the Credit Agreement, we may borrow up to $100,000 from the Lenders under a three-year unsecured revolving credit facility. We may also request an increase in the facility of up to $35,000 in the aggregate, subject to customary conditions. This line carries an interest rate of the higher of either (i) the highest of prime rate, the federal funds effective rate plus 0.5%, or the one month adjusted LIBOR plus 1.00%; or (ii) adjusted LIBOR plus margin based upon our ratio of debt to earnings from time to time. We had no borrowings on this line at December 31, 2016 or 2015. In January 2017, we borrowed $32.8 million from our credit line to fund our acquisition of Smeal. GM and Chrysler have the ability to draw up to $10,000 against our primary line of credit in relation to chassis supplied to Spartan USA under chassis bailment inventory programs. See Note 10, Commitments and Contingent Liabilities for further information about this chassis bailment inventory program. The applicable borrowing rate including margin was 1.86672% (or one-month LIBOR plus 1.25%) at December 31, 2016. |
Note 10 - Commitments and Con67
Note 10 - Commitments and Contingent Liabilities - Charges for National Highway Traffic Safety Administration Policy (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Litigation Settlement, Amount | $ 2,269 |
Cost of Sales [Member] | |
Litigation Settlement, Amount | 1,269 |
Selling, General and Administrative Expenses [Member] | |
Litigation Settlement, Amount | $ 1,000 |
Note 10 - Commitments and Con68
Note 10 - Commitments and Contingent Liabilities - Changes Warranty Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance of accrued warranty | $ 16,610 | $ 9,237 |
Warranties issued during the period | 5,705 | 5,027 |
Cash settlements made during the period | (10,265) | (8,015) |
Changes in liability for pre-existing warranties during the period, including expirations | 7,284 | 10,361 |
Balance of accrued warranty | $ 19,334 | $ 16,610 |
Note 11 - Compensation Incent69
Note 11 - Compensation Incentive Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Plan Company Matching Contributions Vesting Period | 5 years | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 796 | $ 707 | $ 625 |
Economic Value Add Plan [Member] | Quarterly Bonus [Member] | |||
Compensation | 3,298 | 1,898 | 1,789 |
Economic Value Add Plan [Member] | Annual Bonus [Member] | |||
Compensation | $ 6,470 | $ 1,789 | $ 1,644 |
Note 12 - Debt (Details Textual
Note 12 - Debt (Details Textual) - USD ($) $ in Thousands | Oct. 31, 2016 | Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Long-term Line of Credit | [1] | |||||
Proceeds from Lines of Credit | 15,244 | $ 2,191 | ||||
Line of Credit Facility, Current Borrowing Capacity | 73,600 | 36,500 | ||||
Series B Senior Note [Member] | ||||||
Repayments of Unsecured Debt | $ 5,000 | |||||
Prudential Investment Management [Member] | ||||||
Long-term Line of Credit | 5,000 | |||||
Well Fargo Bank and JPMorgan Chase Bank [Member] | Revolving Credit Facility [Member] | ||||||
Long-term Line of Credit | $ 0 | 0 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |||||
Debt Instrument, Term | 3 years | |||||
Line of Credit Facility, Potential Increase Borrowing Capacity | $ 35,000 | |||||
Debt Instrument Reference Rate Term | 30 days | |||||
Line of Credit Facility, Capacity Available for Trade Purchases | $ 10,000 | |||||
Well Fargo Bank and JPMorgan Chase Bank [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | Smeal [Member] | ||||||
Proceeds from Lines of Credit | $ 32,800 | |||||
Well Fargo Bank and JPMorgan Chase Bank [Member] | Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | 1.25% | ||||
Line of Credit Facility, Interest Rate at Period End | 1.86672% | |||||
Well Fargo Bank and JPMorgan Chase Bank [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||
[1] | On October 31, 2016, we entered into a Second Amended and Restated Credit Agreement (the "Credit Agreement") by and among us, certain of our subsidiaries, Wells Fargo Bank, National Association, as administrative agent ("Wells Fargo"), and the lenders party thereto consisting of Wells Fargo, JPMorgan Chase Bank, N.A. and PNC Bank (the "Lenders"). Under the Credit Agreement, we may borrow up to $100,000 from the Lenders under a three-year unsecured revolving credit facility. We may also request an increase in the facility of up to $35,000 in the aggregate, subject to customary conditions. This line carries an interest rate of the higher of either (i) the highest of prime rate, the federal funds effective rate plus 0.5%, or the one month adjusted LIBOR plus 1.00%; or (ii) adjusted LIBOR plus margin based upon our ratio of debt to earnings from time to time. We had no borrowings on this line at December 31, 2016 or 2015. In January 2017, we borrowed $32.8 million from our credit line to fund our acquisition of Smeal. GM and Chrysler have the ability to draw up to $10,000 against our primary line of credit in relation to chassis supplied to Spartan USA under chassis bailment inventory programs. See Note 10, Commitments and Contingent Liabilities for further information about this chassis bailment inventory program. The applicable borrowing rate including margin was 1.86672% (or one-month LIBOR plus 1.25%) at December 31, 2016. |
Note 12 - Debt - Schedule of Lo
Note 12 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Principal due December 1, 2016 with quarterly interest only payments of $68 at 5.46%. Unsecured debt. (1) | [1] | $ 5,000 | |
Long-term Line of Credit | [2] | ||
Capital lease obligations (See Note 7 – Leases) | 139 | 187 | |
Total debt | 139 | 5,187 | |
Less current portion of long-term debt | (65) | (63) | |
Total long-term debt | $ 74 | $ 5,124 | |
[1] | We had $5,000 of private placement notes outstanding at December 31, 2015 with Prudential Investment Management, Inc., with principal due December 1, 2016. On October 31, 2016 we repaid the $5,000 principal outstanding on our Series B Senior Notes due December 1, 2016, with cash on hand. We had initially planned to fund the December 1, 2016 principal payment with borrowings available under our primary line of credit agreement with Wells Fargo Bank and JPMorgan Chase Bank. Accordingly, this debt was classified as long-term at December 31, 2015. | ||
[2] | On October 31, 2016, we entered into a Second Amended and Restated Credit Agreement (the "Credit Agreement") by and among us, certain of our subsidiaries, Wells Fargo Bank, National Association, as administrative agent ("Wells Fargo"), and the lenders party thereto consisting of Wells Fargo, JPMorgan Chase Bank, N.A. and PNC Bank (the "Lenders"). Under the Credit Agreement, we may borrow up to $100,000 from the Lenders under a three-year unsecured revolving credit facility. We may also request an increase in the facility of up to $35,000 in the aggregate, subject to customary conditions. This line carries an interest rate of the higher of either (i) the highest of prime rate, the federal funds effective rate plus 0.5%, or the one month adjusted LIBOR plus 1.00%; or (ii) adjusted LIBOR plus margin based upon our ratio of debt to earnings from time to time. We had no borrowings on this line at December 31, 2016 or 2015. In January 2017, we borrowed $32.8 million from our credit line to fund our acquisition of Smeal. GM and Chrysler have the ability to draw up to $10,000 against our primary line of credit in relation to chassis supplied to Spartan USA under chassis bailment inventory programs. See Note 10, Commitments and Contingent Liabilities for further information about this chassis bailment inventory program. The applicable borrowing rate including margin was 1.86672% (or one-month LIBOR plus 1.25%) at December 31, 2016. |
Note 12 - Debt - Schedule of 72
Note 12 - Debt - Schedule of Long-term Debt (Details) (Parentheticals) - Unsecured Debt [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Interest only payments | $ 68 | $ 68 |
Interest rate, percentage | 5.46% | 5.46% |
Note 13 - Stock Based Compens73
Note 13 - Stock Based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,856,250 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,856,250 | ||
Exercise Price To Fair Market Value Of Stock Percentage | 100.00% | ||
Share Based Compensation Exercisability Period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 0 | $ 10,000 |
Share Based Compensation Arrangement By Share Based Payment Award SARs Exercises In Period Total Intrinsic Value | $ 14,000 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 750,000 | ||
Employee Stock Purchase Plan Discount | 95.00% | ||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 86,000 | $ 61,000 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 13,000 | 16,000 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.01 | $ 4.86 | $ 5.09 |
Allocated Share-based Compensation Expense | $ 1,536,000 | $ 1,198,000 | $ 1,624,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 538,000 | 419,000 | 568,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 1,248,000 | $ 1,528,000 | $ 1,785,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,978,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 29 days | ||
Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Employee Stock Option [Member] | |||
Allocated Share-based Compensation Expense | $ 0 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 0 | ||
Stock Appreciation Rights (SARs) [Member] | |||
Allocated Share-based Compensation Expense | 0 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 0 | 0 | 0 |
Note 13 - Stock Based Compens74
Note 13 - Stock Based Compensation - SARs Activity (Details) - Stock Appreciation Rights (SARs) [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
SARs outstanding and exercisable (in shares) | shares | 221 |
SARs outstanding and exercisable (in dollars per share) | $ 3.30 |
Exercised (in shares) | shares | (16) |
Exercised (in dollars per share) | $ 3.20 |
Cancelled (in shares) | shares | (112) |
Cancelled (in dollars per share) | $ 3.39 |
SARs outstanding and exercisable (in shares) | shares | 93 |
SARs outstanding and exercisable (in dollars per share) | $ 3.20 |
SARs outstanding and exercisable at December 31, 2016 (in dollars per share) | $ 150 |
Note 13 - Stock Based Compens75
Note 13 - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance, non-vested shares outstanding (in shares) | 379 | ||
SARs outstanding and exercisable (in dollars per share) | $ 4.93 | ||
Granted (in shares) | 630 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.01 | $ 4.86 | $ 5.09 |
Vested (in shares) | (272) | ||
Exercised (in dollars per share) | $ 4.59 | ||
Forfeited (in shares) | (71) | ||
Cancelled (in dollars per share) | $ 4.47 | ||
Balance, non-vested shares outstanding (in shares) | 666 | 379 | |
SARs outstanding and exercisable (in dollars per share) | $ 4.25 | $ 4.93 | |
Balance, non-vested shares outstanding, weighted average remaining vesting life (Year) | 1 year 29 days |
Note 14 - Shareholders Equity76
Note 14 - Shareholders Equity (Details Textual) - shares shares in Thousands | Dec. 31, 2016 | Apr. 30, 2016 | Dec. 31, 2015 | Oct. 19, 2011 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,000 | 1,000 | 1,000 | 1,000 |
Note 14 - Stockholders Equity -
Note 14 - Stockholders Equity - Summary of Stock Repurchased and Retired (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2016 | Oct. 19, 2011 | |
Authorized amount (in shares) | 1,000 | 1,000 | 1,000 | 1,000 | |
Shares purchased (in shares) | 422 | ||||
Purchase value | $ 2,000 | $ 2,000 |
Note 15 - Earnings Per Share -
Note 15 - Earnings Per Share - Reconciliation of Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basic weighted average common shares outstanding (in shares) | 34,405 | 33,826 | 34,251 |
Diluted weighted average common shares outstanding (in shares) | 34,405 | 33,826 | 34,256 |
Employee Stock Option [Member] | |||
Basic weighted average common shares outstanding (in shares) | 34,405 | 33,826 | 34,251 |
Effect of dilutive stock options (in shares) | 5 | ||
Diluted weighted average common shares outstanding (in shares) | 34,405 | 33,826 | 34,256 |
Antidilutive stock awards: | |||
Anti-dilutive stock awards (in shares) | 175 | ||
Restricted Stock [Member] | |||
Antidilutive stock awards: | |||
Anti-dilutive stock awards (in shares) | 403 |
Note 16 - Business Segments (De
Note 16 - Business Segments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Reportable Segments | 3 | ||
Percent of Revenue Attributed to Foreign Countries | 5.40% | 7.30% | 11.00% |
Foreign Countries [Member] | |||
Revenues | $ 31,716 | $ 40,058 | $ 55,919 |
Note 16 - Business Segments - S
Note 16 - Business Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Sales revenue, net | $ 145,850 | $ 148,664 | $ 162,537 | $ 133,726 | $ 140,647 | $ 136,572 | $ 144,824 | $ 128,372 | $ 590,777 | $ 550,414 | $ 506,764 |
Depreciation and amortization expense | 7,903 | 7,437 | 8,378 | ||||||||
Operating income (loss) | 8,625 | (12,479) | (1,151) | ||||||||
Segment assets | 243,294 | 230,671 | 243,294 | 230,671 | 238,813 | ||||||
Capital expenditures | 13,410 | 4,895 | 3,463 | ||||||||
Emergency Response Vehicles [Member] | |||||||||||
Sales revenue, net | 175,730 | 187,127 | 184,532 | ||||||||
Utilmaster Vehicles [Member] | |||||||||||
Sales revenue, net | 206,248 | 193,772 | 189,016 | ||||||||
Motorhome Chassis [Member] | |||||||||||
Sales revenue, net | 97,999 | 103,264 | 86,186 | ||||||||
Other Specialty Vehicles [Member] | |||||||||||
Sales revenue, net | 21,074 | 13,849 | 9,165 | ||||||||
Aftermarket Parts and Accessories Sales [Member] | |||||||||||
Sales revenue, net | 89,726 | 52,402 | 37,865 | ||||||||
Emergency Response Vehicles [Member] | |||||||||||
Sales revenue, net | 182,981 | 193,220 | 190,003 | ||||||||
Depreciation and amortization expense | 1,143 | 914 | 1,030 | ||||||||
Operating income (loss) | (13,660) | (23,722) | (6,280) | ||||||||
Segment assets | 77,887 | 76,030 | 77,887 | 76,030 | 81,748 | ||||||
Capital expenditures | 1,558 | 1,010 | 516 | ||||||||
Emergency Response Vehicles [Member] | Emergency Response Vehicles [Member] | |||||||||||
Sales revenue, net | 175,730 | 187,127 | 184,532 | ||||||||
Emergency Response Vehicles [Member] | Utilmaster Vehicles [Member] | |||||||||||
Sales revenue, net | |||||||||||
Emergency Response Vehicles [Member] | Motorhome Chassis [Member] | |||||||||||
Sales revenue, net | |||||||||||
Emergency Response Vehicles [Member] | Other Specialty Vehicles [Member] | |||||||||||
Sales revenue, net | |||||||||||
Emergency Response Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member] | |||||||||||
Sales revenue, net | 7,251 | 6,093 | 5,471 | ||||||||
Delivery and Service Vehicles [Member] | |||||||||||
Sales revenue, net | 278,389 | 227,683 | 210,498 | ||||||||
Depreciation and amortization expense | 3,455 | 3,631 | 4,297 | ||||||||
Operating income (loss) | 28,740 | 14,530 | 8,324 | ||||||||
Segment assets | 65,277 | 70,491 | 65,277 | 70,491 | 65,827 | ||||||
Capital expenditures | 2,011 | 1,323 | 989 | ||||||||
Delivery and Service Vehicles [Member] | Emergency Response Vehicles [Member] | |||||||||||
Sales revenue, net | |||||||||||
Delivery and Service Vehicles [Member] | Utilmaster Vehicles [Member] | |||||||||||
Sales revenue, net | 206,248 | 193,772 | 189,016 | ||||||||
Delivery and Service Vehicles [Member] | Motorhome Chassis [Member] | |||||||||||
Sales revenue, net | |||||||||||
Delivery and Service Vehicles [Member] | Other Specialty Vehicles [Member] | |||||||||||
Sales revenue, net | |||||||||||
Delivery and Service Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member] | |||||||||||
Sales revenue, net | 72,141 | 33,911 | 21,482 | ||||||||
Specialty Chassis and Vehicles [Member] | |||||||||||
Sales revenue, net | 129,407 | 129,511 | 106,263 | ||||||||
Depreciation and amortization expense | 519 | 408 | 669 | ||||||||
Operating income (loss) | 6,846 | 4,906 | 6,619 | ||||||||
Segment assets | 28,825 | 24,032 | 28,825 | 24,032 | 21,269 | ||||||
Capital expenditures | 6,842 | 859 | 412 | ||||||||
Specialty Chassis and Vehicles [Member] | Emergency Response Vehicles [Member] | |||||||||||
Sales revenue, net | |||||||||||
Specialty Chassis and Vehicles [Member] | Utilmaster Vehicles [Member] | |||||||||||
Sales revenue, net | |||||||||||
Specialty Chassis and Vehicles [Member] | Motorhome Chassis [Member] | |||||||||||
Sales revenue, net | 97,999 | 103,264 | 86,186 | ||||||||
Specialty Chassis and Vehicles [Member] | Other Specialty Vehicles [Member] | |||||||||||
Sales revenue, net | 21,074 | 13,849 | 9,165 | ||||||||
Specialty Chassis and Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member] | |||||||||||
Sales revenue, net | 10,334 | 12,398 | 10,912 | ||||||||
Other Segments [Member] | |||||||||||
Sales revenue, net | |||||||||||
Depreciation and amortization expense | 2,786 | 2,487 | 2,382 | ||||||||
Operating income (loss) | (13,301) | (8,193) | (9,814) | ||||||||
Segment assets | $ 71,305 | $ 60,118 | 71,305 | 60,118 | 69,669 | ||||||
Capital expenditures | 2,999 | 1,703 | 1,546 | ||||||||
Other Segments [Member] | Emergency Response Vehicles [Member] | |||||||||||
Sales revenue, net | |||||||||||
Other Segments [Member] | Utilmaster Vehicles [Member] | |||||||||||
Sales revenue, net | |||||||||||
Other Segments [Member] | Motorhome Chassis [Member] | |||||||||||
Sales revenue, net | |||||||||||
Other Segments [Member] | Other Specialty Vehicles [Member] | |||||||||||
Sales revenue, net | |||||||||||
Other Segments [Member] | Aftermarket Parts and Accessories Sales [Member] | |||||||||||
Sales revenue, net |
Note 17 - Related Party Trans81
Note 17 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Smeal Acquisition [Member] | Subsequent Event [Member] | ||||
Business Combination, Consideration Transferred, Forgiveness of Liabilities | $ 7,397 | |||
Smeal [Member] | ||||
Accounts Receivable, Related Parties | $ 7,397 | |||
Revenue from Related Parties | 30,748 | $ 32,600 | $ 17,785 | |
Subsidiaries of Patrick Industries [Member] | ||||
Related Party Transaction, Purchases from Related Party | 4,009 | 300 | ||
Accuride Distributing [Member] | ||||
Related Party Transaction, Purchases from Related Party | $ 836 | $ 1,000 |
Note 18 - Quarterly Financial82
Note 18 - Quarterly Financial Data (Unaudited) - Summarized Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Sales revenue, net | $ 145,850 | $ 148,664 | $ 162,537 | $ 133,726 | $ 140,647 | $ 136,572 | $ 144,824 | $ 128,372 | $ 590,777 | $ 550,414 | $ 506,764 |
Gross profit | 17,890 | 18,010 | 20,807 | 15,820 | 5,329 | 12,808 | 17,442 | 11,533 | 72,528 | 47,112 | 55,254 |
Restructuring charges, general and admininstrative | 224 | 304 | 227 | 339 | 427 | 462 | 811 | 1,155 | 959 | 2,336 | 1,349 |
Net earnings (loss) attributable to Spartan Motors, Inc. | $ 942 | $ 2,745 | $ 4,379 | $ 543 | $ (9,450) | $ (5,818) | $ 1,177 | $ (2,880) | $ 8,610 | $ (16,972) | $ 1,173 |
Basic net earnings (loss) per share (in dollars per share) | $ 0.03 | $ 0.08 | $ 0.13 | $ 0.02 | $ (0.28) | $ (0.17) | $ 0.03 | $ (0.09) | $ 0.25 | $ (0.50) | $ 0.03 |
Diluted net earnings (loss) per share (in dollars per share) | $ 0.03 | $ 0.08 | $ 0.13 | $ 0.02 | $ (0.28) | $ (0.17) | $ 0.03 | $ (0.09) | $ 0.25 | $ (0.50) | $ 0.03 |
Schedule II - Valuation and Q83
Schedule II - Valuation and Qualifying Accounts - Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts [Member] | |||
Balance at Beginning of Period | $ 130 | $ 144 | $ 769 |
Additions Charged to Costs and Expenses | 368 | 12 | 71 |
Additions Charged to Other Accounts | |||
Deductions | (11) | (26) | (696) |
Balance at End of Period | 487 | 130 | 144 |
Inventory Valuation Reserve [Member] | |||
Balance at Beginning of Period | 3,230 | 3,588 | 2,295 |
Additions Charged to Costs and Expenses | 2,984 | 3,973 | 5,343 |
Additions Charged to Other Accounts | |||
Deductions | (2,846) | (4,331) | (4,050) |
Balance at End of Period | 3,368 | 3,230 | 3,588 |
Warranty Reserves [Member] | |||
Balance at Beginning of Period | 16,610 | 9,237 | 7,579 |
Additions Charged to Costs and Expenses | 12,989 | 15,388 | 6,533 |
Additions Charged to Other Accounts | |||
Deductions | (10,265) | (8,015) | (4,875) |
Balance at End of Period | 19,334 | 16,610 | 9,237 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Balance at Beginning of Period | 12,534 | 3,062 | 3,567 |
Additions Charged to Costs and Expenses | 9,472 | ||
Additions Charged to Other Accounts | |||
Deductions | (2,932) | (505) | |
Balance at End of Period | $ 9,602 | $ 12,534 | $ 3,062 |