Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 30, 2017 | |
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) | 35,089,684 | ||
Entity Public Float | $ 295,236,168 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 33,523 | $ 32,041 |
Accounts receivable, less allowance of $139 and $487 | 83,147 | 65,441 |
Inventories | 77,692 | 58,896 |
Income taxes receivable | 1,287 | |
Other current assets | 4,425 | 4,526 |
Total current assets | 198,787 | 162,191 |
Property, plant and equipment, net | 55,177 | 53,116 |
Goodwill | 27,417 | 15,961 |
Intangible assets, net | 9,427 | 6,385 |
Other assets | 3,072 | 2,331 |
Net deferred tax asset | 7,284 | 3,310 |
TOTAL ASSETS | 301,164 | 243,294 |
Current liabilities: | ||
Accounts payable | 40,643 | 31,336 |
Accrued warranty | 18,268 | 19,334 |
Accrued compensation and related taxes | 13,264 | 13,188 |
Deposits from customers | 25,422 | 16,142 |
Other current liabilities and accrued expenses | 12,071 | 7,659 |
Current portion of long-term debt | 64 | 65 |
Total current liabilities | 109,732 | 87,724 |
Other non-current liabilities | 5,238 | 2,544 |
Long-term debt, less current portion | 17,925 | 74 |
Total liabilities | 132,895 | 90,342 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, no par value: 2,000 shares authorized (none issued) | ||
Common stock, $0.01 par value; 80,000 shares authorized; 35,097 and 34,383 outstanding | 351 | 344 |
Additional paid in capital | 79,721 | 76,837 |
Retained earnings | 88,855 | 76,428 |
Total Spartan Motors, Inc. shareholders’ equity | 168,927 | 153,609 |
Non-controlling interest | (658) | (657) |
Total shareholders' equity | 168,269 | 152,952 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 301,164 | $ 243,294 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts receivable, allowance | $ 139 | $ 487 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 2,000 | 2,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 80,000 | 80,000 |
Common stock, outstanding (in shares) | 35,097 | 34,383 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Sales | $ 707,098 | $ 590,777 | $ 550,414 |
Cost of products sold | 617,655 | 518,113 | 502,783 |
Restructuring charges | 208 | 136 | 519 |
Gross profit | 89,235 | 72,528 | 47,112 |
Operating expenses: | |||
Research and development | 6,523 | 6,772 | 4,560 |
Selling, general and administrative | 65,497 | 56,172 | 52,695 |
Restructuring Charges | 1,044 | 959 | 2,336 |
Total operating expenses | 73,064 | 63,903 | 59,591 |
Operating income (loss) | 16,171 | 8,625 | (12,479) |
Other income (expense): | |||
Interest expense | (864) | (410) | (365) |
Interest and other income | 717 | 488 | 244 |
Total other income (expense) | (147) | 78 | (121) |
Income (loss) before taxes | 16,024 | 8,703 | (12,600) |
Income tax expense | 90 | 100 | 4,880 |
Net earnings (loss) | 15,934 | 8,603 | (17,480) |
Less: net loss attributable to non-controlling interest | (1) | (7) | (508) |
Net earnings (loss) attributable to Spartan Motors, Inc. | $ 15,935 | $ 8,610 | $ (16,972) |
Basic net earnings (loss) per share (in dollars per share) | $ 0.46 | $ 0.25 | $ (0.50) |
Diluted net earnings (loss) per share (in dollars per share) | $ 0.46 | $ 0.25 | $ (0.50) |
Basic weighted average common shares outstanding (in shares) | 34,949 | 34,405 | 33,826 |
Diluted weighted average common shares outstanding (in shares) | 34,949 | 34,405 | 33,826 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance at December 31, 2014 (in shares) at Dec. 31, 2014 | 34,094,000 | ||||
Balance at December 31, 2014 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) | 13,000 | ||||
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) | |||
Issuance of restricted stock, net of cancellation (in shares) | 164,000 | ||||
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 at December 31, 2015 (in shares) at Dec. 31, 2015 | 34,271,000 | ||||
Balance at December 31, 2015 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) | 16,000 | ||||
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) | |||
Issuance of restricted stock, net of cancellation (in shares) | 518,000 | ||||
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 | ||
Purchase and retirement of common stock (in shares) | (422) | ||||
Purchase and retirement of common stock | $ (4) | (932) | (1,064) | (2,000) | |
Balance at December 31, 2015 (in shares) at Dec. 31, 2016 | 34,383,000 | ||||
Balance at December 31, 2015 at Dec. 31, 2016 | $ 344 | 76,837 | 76,428 | (657) | 152,952 |
Issuance of common stock and the tax impact of stock incentive plan transactions (in shares) | 29,000 | ||||
Issuance of common stock and the tax impact of stock incentive plan transactions | (645) | (645) | |||
Dividends declared ($0.10 per share) | (3,508) | (3,508) | |||
Issuance of restricted stock, net of cancellation (in shares) | 685,000 | ||||
Issuance of restricted stock, net of cancellation | $ 7 | (7) | |||
Stock based compensation expense related to restricted stock | 3,536 | 3,536 | |||
Net earnings (loss) | 15,935 | (1) | 15,934 | ||
Balance at December 31, 2015 (in shares) at Dec. 31, 2017 | 35,097,000 | ||||
Balance at December 31, 2015 at Dec. 31, 2017 | $ 351 | $ 79,721 | $ 88,855 | $ (658) | $ 168,269 |
Consolidated Statement of Shar6
Consolidated Statement of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ 15,934 | $ 8,603 | $ (17,480) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | |||
Depreciation and amortization | 9,937 | 7,903 | 7,437 |
Gain on disposal of assets | (13) | (13) | (24) |
Impairment of assets | 406 | 2,234 | |
Accruals for warranty | 9,099 | 12,989 | 15,388 |
Deferred income taxes | (3,974) | (2,666) | 5,147 |
Stock based compensation related to stock awards | 3,536 | 1,536 | 1,198 |
Decrease (increase) in operating assets, net of effects of acquisition: | |||
Accounts receivable | (18,576) | (8,824) | (8,255) |
Inventories | 42,920 | 1,662 | 10,605 |
Income taxes receivable | 1,287 | 468 | (59) |
Other assets | 851 | (1,020) | 155 |
Increase (decrease) in operating liabilities, net of effects of acquisition: | |||
Accounts payable | 5,366 | 4,018 | 4,556 |
Cash paid for warranty repairs | (13,854) | (10,265) | (8,015) |
Accrued compensation and related taxes | (1,530) | 4,504 | 458 |
Deposits from customers | (33,648) | 3,047 | 1,571 |
Payment of contingent consideration on acquisitions | (1,338) | ||
Other current liabilities and accrued expenses | 240 | 1,056 | (707) |
Other long-term liabilities | 1,725 | ||
Taxes on income | 2,716 | (76) | (15) |
Total adjustments | 6,082 | 14,725 | 30,336 |
Net cash provided by operating activities | 22,016 | 23,328 | 12,856 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (5,340) | (13,410) | (4,895) |
Proceeds from sale of property, plant and equipment | 13 | 25 | 208 |
Acquisition of business, net of cash acquired | (28,903) | ||
Net cash used in investing activities | (34,230) | (13,385) | (4,687) |
Cash flows from financing activities: | |||
Borrowings under credit facilities | 15,244 | ||
Payments on credit facilities | (15,244) | ||
Proceeds from long-term debt | 32,919 | 10 | |
Payments on long-term debt | (15,070) | (5,058) | (75) |
Payment of contingent consideration on acquisitions | (162) | ||
Purchase and retirement of common stock | (2,000) | ||
Net cash used in the exercise, vesting or cancellation of stock incentive awards | (645) | (111) | (375) |
Payment of dividends | (3,508) | (3,444) | (3,426) |
Net cash provided by (used in) financing activities | 13,696 | (10,603) | (4,038) |
Net increase (decrease) in cash and cash equivalents | 1,482 | (660) | 4,131 |
Cash and cash equivalents at beginning of year | 32,041 | 32,701 | 28,570 |
Cash and cash equivalents at end of year | $ 33,523 | $ 32,041 | $ 32,701 |
Note 1 - General and Summary of
Note 1 - General and Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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. We have various subsidiaries that are manufacturers of bodies for various markets including fleet vehicles and emergency response vehicles. Our principal chassis markets are emergency response vehicles, motor homes and other specialty vehicles. On January 1, 2017, red substantially all of the assets and certain liabilities of Smeal Fire Apparatus Co., Smeal Properties, Inc., Ladder Tower Co., and U.S. Tanker Co. When used in this Annual Report on Form 10 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; Snyder and Neligh, Nebraska; Delavan, Wisconsin; Ephrata, Pennsylvania; Bristol, Indiana; Kansas City, Missouri; and Saltillo, Mexico. 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. Our Brandon, South Dakota, Snyder and Neligh, Nebraska, Delavan, Wisconsin and Ephrata, Pennsylvania locations manufacture emergency response vehicles under the Spartan, Smeal, US Tanker and Ladder Tower Company brand names. Our Charlotte, Michigan location manufactures heavy duty chassis and vehicles and supplies aftermarket parts and accessories under the Spartan Chassis and Spartan brand names. Spartan USA is also a participant in Spartan-Gimaex Innovations, LLC (“Spartan-Gimaex”), a 50/50 February 2015, June 2015, February 2017, No 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 7, 50% Use of Estimates . In the preparation of our financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”), management uses estimates and makes judgments and assumptions that affect asset and liability values and the amounts reported as income and expense during the periods presented. Certain of these estimates, judgments and assumptions, such as the allowance for credit losses, warranty expenses, 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. not 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 When necessary, we will adjust the values of the assets acquired and liabilities assumed against the goodwill or acquisition gain, as initially recorded, for a period of up to 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 30 60 90 10 25%. may may no 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 3 15 3 7 3 5 may not 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 may not 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 not We perform our annual goodwill and indefinite lived intangible assets impairment test as of October 1 first not not not 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 not We evaluate the recoverability of our indefinite lived intangible asset s, which consist of our Utilimaster and Smeal trade names, based on estimates of future royalty payments that are avoided through our ownership of the trade names, discounted to their present value. In determining the estimated fair value of the trade names, we consider current and projected future levels of revenue based on our plans for Utilimaster and Smeal, 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 because 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 names. 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 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 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 not 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, 2017 2016 Reclassifications . Certain immaterial amounts in the prior periods’ financial statements have been reclassified to conform to the current period’s presentation. These reclassifications had no Segment Reporting. We identify our reportable segments based on our management structure and the financial data utilized by the chief operating decision makers to assess segment performance and allocate resources among our operating units. We have three 16, Business Segments . Supplemental Disclosures of Cash Flow Information. Cash paid for interest was $619, $309 $374 2017, 2016 2015. $0, $2,232 18 2017, 2016 2015. 2017 $7,391 2 New Accounting Standard s In February 2017 No. 2017 05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610 20 2017 05” 2017 05 2017 05 2014 09 that the adoption of the provisions of ASU 2017 05 not In January 2017, No. 2017 04, Intangibles—Goodwill and Other (Topic 350 2017 04” 2017 04 December 15, 2019, January 1, 2017. 2017 04 October 1, 2017 not have an impact on our consolidated financial position, results of operations or cash flows. In January 2017, ccounting Standards Update 2017 01, Business Combinations (Topic 805 2017 01” not not December 15, 2017, not The adoption of the provisions of ASU 2017 01 no In August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 2016 15” 2016 15 2016 15 December 15, 2017, 2016 15, third 2017, not December 31, 2017. 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 not In March 2016, No. 2016 09, Compensation – Stock Compensation 2016 09” 2016 09 2016 09 December 15, 2016, 2016 09 December 31, 2017 $394, In February 2016, No. 2016 02, Leases 2016 02” 12 December 15, 2018, 2016 02 In July 2015, 2015 11, Inventory (Topic 330 2015 11” 2015 11 2015 11 December 15, 2016. 2015 11 not In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” No. 2016 08 , Revenue from Contracts with Customers (Topic 606 No. 2016 10, Revenue from Contracts with Customers (Topic 606 No. 2016 12, Revenue from Contracts with Customers (Topic 606 2014 09, 2014 09 December 15, 2017, may We substantially completed our assessment of the impacts of the new revenue standard during the fourth We have determined that the adoption of ASU 2014 09 1 2 not not one We adopted ASU 2014 09 January 1, 2018 first 2018 transition adjustment to increase retained earnings by approximately $4,900, $38,000 $33,100 We are unable to precisely quantify the impact to revenue, gross profit or net income for future periods since revenue and gross profit recognized in those periods will depend on the actual production levels in those periods, but we expect the increase in revenue, gross profit and net income from recognizing revenue on these contracts over time in 2018 |
Note 2 - Acquisition Activities
Note 2 - Acquisition Activities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 2 – ACQUISITION ACTIVITIES On January 1, 2017, Smeal pursuant to an Asset Purchase Agreement dated December 12, 2016. This acquisition brings significant scale to our Emergency Response Vehicles segment, expands the geographic reach of our dealer network and adds complementary products to our existing emergency response product portfolio. Sales and operating income included in our results since the January 1, 2017 Year Ended December 31, 2017 Net sales $ 124,669 Operating income 2,070 The above operating income amounts include a one $189 year ended December 31, 2017 Pro forma Results of Operation (Unaudited) The following table provides unaudited pro forma net sales and results of operations for the years ended December 31, 2017 2016, January 1 2016. not not Year s Ended Dec ember 31, 2017 Dec ember 31, 2016 Net sales $ 707,098 $ 656,292 Net earnings attributable to Spartan Motors, Inc. $ 18,792 $ 4,964 Diluted net earnings per share $ 0.54 $ 0.14 Purchase Price Allocation The total purchase price paid for our acquisition of Smeal was $4 1,513, $28,903 $3,825, $7,391. may no April 1, 2018, not $1,394. first 2018. This acquisition was 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. Identifiable intangible assets include trade-names and certain non-patented technology. The excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired of $11,456 2017, $1,787 $1,394. The allocation of purchase p rice to assets acquired and liabilities assumed is as follows: Cash $ 3,825 Accounts receivable 6,523 Inventory 61,716 Other current assets 662 Property, plant and equipment 5,773 Intangible assets 3,900 Goodwill 11,456 Total assets acquired 93,855 Accounts payable 3,941 Customer prepayments 42,929 Accrued warranty 3,689 Other liabilities 1,783 Total liabilities assumed 52,342 Total purchase price $ 41,513 Contingent Consideration Pursuant to the purchase agreement, the former owners of Smeal may December 31, 2017 1,394. Goodwill Assigned The acquisition resulted in the recognition of $1 1,456 Goodwill consists of expected synergies resulting from the acquisition and the estimated value of the workforce employed. Key areas of expected cost savings include an expanded dealer network; complementary product portfolios; manufacturing and supply chain work process improvements; and the elimination of redundant corporate overhead. Financing for the Acquisition Our acquisition of Smeal was financed using $32,800 $100,000 October 31, 2016, December 1, 2017, and among us and our affiliates, as borrowers; certain lenders; Wells Fargo Bank, National Association, as Administrative Agent; and Wells Fargo Securities, LLC, as Sole Lead Arranger and Sole Bookrunner. Acquisition Related Expenses During 2017 and 2016, $868 $882 16, Business Segments |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 – INVENTORIES Inventories are summarized as follows: December 31, 201 7 201 6 Finished goods $ 15,539 $ 12,743 Work in process 15,980 14,063 Raw materials and purchased components 48,092 35,458 Reserve for slow-moving inventory (1,919 ) (3,368 ) Total Inventory $ 77,692 $ 58,896 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 $7,435 $3,558 December 31, 2017 2016. 2017 |
Note 4 - Restructuring Charges
Note 4 - Restructuring Charges | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 4 – RESTRUCTURING CHARGES During the year ended December 31, 2017, 2016 2015, Restructuring charges included in our Consolidated Statements of Operations for the year ended December 31, 2017, December 31, 2017 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Other Total Cost of products sold Accrual for severance $ 97 $ 43 $ 30 $ - $ 170 Production relocation - 38 - - 38 General and Administrative Accrual for severance 547 367 79 51 1,044 Total restructuring $ 644 $ 448 $ 109 $ 51 $ 1,252 During the years ended December 31, 2016 2015, Restructuring charges included in our Consolidated Statements of Operations for the year s ended December 31, 2016 2015, December 31, 2016 December 31, 2015 Cost of products sold Inventory impairment $ - $ 345 Production relocation /equipment impairment 136 174 Accrual for severance - - Total cost of products sold 136 519 General and Administrative Manufacturing process reengineering 959 2,336 Accrual for severance - - Total general and administrative 959 2,336 Total restructuring $ 1,095 $ 2,855 The following table provides a summary of the compensation related charges incurred during the year ended December 31, 2017 Severance Balance January 1, 2017 $ - Accrual for severance 643 Payments and adjustments made in period (201 ) Balance March 31, 2017 442 Accrual for severance 325 Payments and adjustments made in period (540 ) Balance June 30, 2017 227 Accrual for severance 232 Payments and adjustments made in period (366 ) Balance September 30, 2017 93 Accrual for severance 14 Payments and adjustments made in period (95 ) Balance December 31, 2017 $ 12 There were no years ended December 31, 2016 2015. |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
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, not See “Goodwill and Other Intangible Assets” within Note 1, General and Summary of Accounting Policies As described in Note 2 Acquisition Activities, January 1, 2017. The goodwill at Smeal was evaluated as part of the annual assessment which occurred as of October 1, 2017, no During the second 2017, At December 31, 2017, determined to be reporting units for goodwill impairment testing, while the reporting unit for the goodwill recorded in the Specialty Chassis and Vehicles segment was determined to be limited to the Reach Manufacturing component of that reportable segment. The goodwill recorded in these reporting units was evaluated for impairment as of October 1, 2017 At December 31, 2016, so determined to be a reporting unit for goodwill impairment testing. The goodwill recorded in the Fleet Vehicles and Services reporting unit was evaluated for impairment as of October 1, 2016 The estimated fair va lues of our Fleet Vehicles and Services, Emergency Response Vehicles and Reach reporting units exceeded their carrying value by approximately 232%, 91% 62%, October 1, 2017, not October 1, 2017, 500 not 1, General and Summary of Accounting Policies Our goodwill by reportable segment is as follows: Fleet Vehicles and Services Emergency Response Vehicles Specialty Vehicles and Chassis Total December 31, December 31, December 31, December 31, 2017 2016 2017 2016 2017 2016 2017 2016 Goodwill, beginning of year $ 15,961 $ 15,961 $ - $ - $ - $ - $ 15,961 $ 15,961 Acquisition of Smeal - - 11,456 - - - 11,456 - Reassignment of goodwill (638 ) - - - 638 - - - Goodwill, end of year $ 15,323 $ 15,961 $ 11,456 $ - $ 638 $ - $ 27,417 $ 15,961 Other Intangible Assets Fleet Vehicles and Services segment intangible assets At December 31, 2017, reement, acquired product development project and certain other intangible assets are being amortized over their expected remaining useful lives based on the pattern of estimated after-tax operating income generated, or on a straight-line basis. Our Utilimaster trade name has an indefinite life, and is not We tested our Utilimaster trade name for imp airment, as of October 1, 2017 2016, October 1, 2017 545%. no October 1, 2017, 500 not Emergency Response Vehicles segment intangible assets With the acquisition of Smeal, we acquired other intangible assets besides goodwill. We recorded $3,900 10 not not We tested our Smeal trade name for impairment, as of October 1, 2017, October 1, 2017 136%. no October 1, 2017, 500 not The following table provides information regarding our other intangible assets: As of December 31, 2017 As of December 31, 2016 Gross carrying amount Accumulated amortization Net Gross carrying amount Accumulated amortization Net Customer and dealer relationships $ 6,170 $ 3,709 $ 2,461 $ 6,170 $ 3,348 $ 2,822 Acquired product development project 1,860 1,514 346 1,860 1,167 693 Unpatented technology 1,500 150 1,350 - - - Non-compete agreements 400 400 - 400 400 - Backlog 320 320 - 320 320 - Trade Names 5,270 - 5,270 2,870 - 2,870 $ 15,520 $ 6,093 $ 9,427 $ 11,620 $ 5,235 $ 6,385 We recorded $858, $708 $872 2017, 2016 2015. The estimated remaining amortization associated with finite-lived intangible assets is expected to be expensed as follows: Amount 2018 $ 816 2019 449 2020 423 2021 399 2022 375 Thereafter 1,695 Total $ 4,157 |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
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 7 201 6 Land and improvements $ 7,754 $ 8,049 Buildings and improvements 66,227 63,418 Plant machinery and equipment 39,800 34,879 Furniture and fixtures 22,285 12,954 Vehicles 3,063 2,912 Construction in process 1,770 7,876 Subtotal 140,899 130,088 Less accumulated depreciation (85,722 ) (76,972 ) Total property, plant and equipment, net $ 55,177 $ 53,116 We recorded depreciation expense of $ 9,055, $7,195 $6,565 2017, 2016 2015. no 2017 2016. Construction in progress includes $790 $6,624 December 31, 2017 2016 2017 first Additional phases of implementation are expected to go live in 2018 2020. We review our long-lived assets that have finite lives for impairment whenever events or changes in circumstances indicate that their carrying amounts may not 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, may September 30, 2016 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 in the Consolidated Statement of Operations to adjust the carrying cost of these long-lived tangible assets to their estimated fair value at September 30, 2016 $406 No 2016 December 31, 2017. |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016 2015 $2,989, $3,086 $2,876. Future minimum operating lease commitments under non-cancelable leases are as follows: Year Future Minimum Operating Lease Payments 201 8 $ 2,494 201 9 1,915 20 20 1,674 202 1 1,483 202 2 149 Thereafter - Total $ 7,715 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 $728 $548, December 31, 2017. Year Future Minimum Capital Lease Payments 201 8 $ 70 201 9 59 20 20 26 202 1 26 202 2 21 Thereafter - Total lease obligations, including imputed interest 202 Less imputed interest charges (13 ) Total outstanding capital lease obligations $ 189 |
Note 8 - Taxes on Income
Note 8 - Taxes on Income | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8 - TAXES ON INCOME Income taxes consist of the following: Year Ended December 31, 2017 2016 2015 Current (credit): Federal $ 3,809 $ 2,203 $ (520 ) State 255 563 253 Total current 4,064 2,766 (267 ) Deferred (credit): Federal (1,743 ) (2,666 ) 3,994 State (2,231 ) - 1,153 Total deferred (3,974 ) (2,666 ) 5,147 Total taxes on income $ 90 $ 100 $ 4,880 The current tax expense amounts in 2016 2015 13, Stock Based Compensation $123 $44 2016 2015. January 1, 2017, On December 22, 2017, Tax Act”) was enacted. The Tax Act makes broad and complex changes to the U.S. tax code that impact the Company, most notably a reduction of the U.S. corporate income tax rate from 35 21 December 31, 2017. 2017 not September 27, 2017. 2018 The SEC staff issued Staff Accounting Bulletin No. 118 SAB 118” 2017 118, not not not December 31, 2017. In accordance with SAB 118, $2, 963 2017 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, 2017 2016 2015 Amount Percentage Amount Percentage Amount Percentage Federal income taxes at the statutory rate $ 5,609 35.00 % $ 2,959 34.00 % $ (4,284 ) 34.00 % Increase (decrease) in income taxes resulting from: Deferred income tax re-measurement due to Tax Act 2,963 18.49 - - - - Other deferred income tax adjustment (241 ) (1.50 ) (51 ) (0.59 ) (156 ) 1.24 Non-deductible compensation - - 459 5.27 - - Non-deductible NHTSA penalty - - - - 340 (2.70 ) Other nondeductible expenses 156 0.97 226 2.60 176 (1.39 ) Domestic manufacturing deduction (504 ) (3.15 ) - - - - Stock based compensation (394 ) (2.46 ) - - - - Worthless stock deduction of dissolved subsidiary (966 ) (6.03 ) State tax expense, net of federal income tax benefit 547 3.41 68 0.78 (79 ) 0.63 Forfeiture of state net operating loss and credit carry-forwards from dissolution of subsidiary 3,039 18.97 - - - - Valuation allowance adjustment (9,544 ) (59.56 ) (2,932 ) (33.69 ) 9,472 (75.17 ) Unrecognized tax benefit adjustment 314 1.96 129 1.48 (162 ) 1.29 Federal research and development tax credit (753 ) (4.70 ) (801 ) (9.20 ) (364 ) 2.89 Other (136 ) (0.84 ) 43 0.50 (63 ) 0.48 Total $ 90 0.56 % $ 100 1.15 % $ 4,880 (38.73 )% Temporary differences which give rise to deferred income tax assets (liabilities) are as follows: December 31, 2017 2016 Deferred income tax assets: Warranty reserve $ 3,595 $ 7,246 Credit carry-forwards, net of federal income tax benefit 317 3,199 Inventory costs and reserves 1,792 2,194 Compensation related accruals 663 1,512 Net operating loss carry-forwards, net of federal income tax benefit 954 1,029 Stock based compensation 1,061 615 Vendor compensation 507 - Other 409 773 Total deferred income tax assets $ 9,298 $ 16,568 Deferred income tax liabilities: Depreciation $ (1,230 ) $ (2,294 ) Intangible assets (574 ) (840 ) Prepaid insurance (152 ) (522 ) Total deferred income tax liabilities $ (1,956 ) $ (3,656 ) Net deferred income tax assets $ 7,342 $ 12,912 Valuation allowance (58 ) (9,602 ) Net deferred tax asset $ 7,284 $ 3,310 Based upon an assessment of the available positive and negative evidence at December 31, 2016, December 31, 2016 a valuation allowance of $9,602 three December 31, 2016. 2017, not. 2017. 740, not At December 31, 2017 2016, $1,207 $1,560, 2019. December 31, 2017 2016, $402 $4,846, 2026. $58 $4,228 December 31, 2017 2016. During 2017 December 31, 2016, 100% $3,039 A reconciliation of the change in the unrecognized tax benefits (“UTB”) for the three December 31, 201 7, 2016 2015 201 7 201 6 201 5 Balance at January 1, $ 345 $ 349 $ 481 Increase (decrease) related to prior year tax positions 168 (24 ) (73 ) Increase related to current year tax positions 118 20 91 Settlement - - (110 ) Expiration of statute (66 ) - (40 ) Balance at December 31, $ 565 $ 345 $ 349 As of December 31, 2017, $565 $279 $847, $117 $730 $94 2017, $133 2016, $30 2015, As of December 31, 2017, no 2013 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 not not twelve |
Note 9 - Transactions With Majo
Note 9 - Transactions With Major Customers | 12 Months Ended |
Dec. 31, 2017 | |
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 There were no 10 2017. We had one 2016 2015, 201 6 201 5 Sales Accounts Receivable Sales Accounts Receivable $ 70,954 $ 7,169 $ 78,749 $ 8,512 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016, $754 $1,599 At December 31, 2017, not Spartan-Gimaex joint venture In February 2015, June 2015, February 2017, No 10 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 not not 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 $57 $784 December 31, 2017 2016. one not 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, 2017 2016 201 7 201 6 Balance of accrued warranty at January 1 $ 19,334 $ 16,610 Warranties issued during the period 7,539 5,705 Cash settlements made during the period (13,854 ) (10,265 ) Changes in liability for pre-existing warranties during the period, including expirations 1,560 7,284 Assumed warranties outstanding at Smeal on January 1, 2017 3,689 - Balance of accrued warranty at December 31 $ 18,268 $ 19,334 |
Note 11 - Compensation Incentiv
Note 11 - Compensation Incentive Plans | 12 Months Ended |
Dec. 31, 2017 | |
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 1,055, $796 $707 2017, 2016 2015. 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 $2,193, $3,298 $1,898 2017, 2016 2015. 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 $4,890, $6,470 $1,789 2017, 2016 2015. |
Note 12 - Debt
Note 12 - Debt | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 1 2 - DEBT Long-term debt consists of the following: December 31, 201 7 December 31, 201 6 Line of credit revolver ( 1): $ 17,800 $ -- Capital lease obligations (See Note 7 – Leases 189 139 Total debt 17,989 139 Less current portion of long-term debt (64 ) (65 ) Total long-term debt $ 17,925 $ 74 ( 1 On December 1, 2017, may $100,000 three October 31, 2019, two one October 31, 2021. may $35,000 0.5%, one 1.00%; January 2017, $32,800 December 31, 2017 $17,800 no December 31, 2016. December 31, 2017, 10, Commitments and Contingent Liabilities 3.0% one 1.5% December 31, 2017. Under the terms of the primary line of credit agreement, as amended, 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 $66,400 nd $73,600 December 31, 2017 2016. December 31, 2017 2016, |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
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. 2,057,290 Dec ember 31, 2017. 2016. Stock Options and Stock Appreciation Rights. Granted options and Stock Appreciation Rights (SARs) are generally exercisable for a period of 10 not 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 operating 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 7, 2016 2015, no no December 31, 2015. December 31, 2017, 2016 2015, $0, $0 $0. SARs activity for the year ended December 31, 2017 Total Number (000) Weighted Total Weighted Average SARs outstanding and exercisable at December 31, 2016 93 $ 3.20 Granted and vested - - Exercised (61 ) 3.20 Cancelled (32 ) 3.20 SARs outstanding and exercisable at December 31, 2017 - $ - $ - - No 201 7, 2016 2015, no December 31, 2017, 2016 2015 $305, $14 $0. Restricted Stock Awards. We issue restricted stock, at no may not 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 operating cash flows. Restricted stock activity for the year ended December 31, 2017, Total - vested (000) Weighted Weighted Average Non -vested shares outstanding at December 31, 2016 666 $ 4.25 Granted 822 7.65 Vested (299 ) 4.53 Forfeited (61 ) 6.60 Non -vested shares outstanding at December 31, 2017 1,128 6.53 0.89 The weighted-average grant date fair value of non -vested shares granted was $7.65, $4.01 $4.86 December 31, 2017, 2016 2015. During 201 7, 2016 2015, $3,536, $1,536 $1,198, $1,238, $538 $419 2017, 2016 2015. December 31, 2017, 2016 2015, $1,356, $1,248 $1,528. December 31, 2017, $4,399 0.89 Employee Stock Purchase Plan . October 1, 2011 95% 750,000 February 24, 2021, December 31, 2017 2016, $98 $86 9,000 13,000 |
Note 14 - Shareholders Equity
Note 14 - Shareholders Equity | 12 Months Ended |
Dec. 31, 2017 | |
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. The following table represents our purchases of our common stock during the years ended December 31, 2017 2016 Share purchase programs 201 7 201 6 Authorized amount (shares ) (000) Date approved by board Program termination date Shares purchased (000) Purchase value Shares purchased (000) Purchase value Remaining shares allowable to be purchased 1,000 October, 2011 June 30, 2016 - $ - 422 $ 2,000 - 1,000 April, 2016 N/A - $ - - $ - 1,000 |
Note 15 - Earnings Per Share
Note 15 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
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 2017, 2016 2015 not not may Year Ended December 31, 201 7 201 6 201 5 Basic weighted average common shares outstanding 34,949 34,405 33,826 Diluted weighted average common shares outstanding 34,949 34,405 33,826 Antidilutive stock awards: Unvested restricted stock awards - - 403 |
Note 16 - Business Segments
Note 16 - Business Segments | 12 Months Ended |
Dec. 31, 2017 | |
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 As a result of a realignment of our operating segments completed during the second 2017, Another realignment of our operating segments was completed during the second 2016, 2015 three Beginning in 2017, parable results from period to period. These adjustments include restructuring charges and items related to our acquisition of Smeal, such as expenses incurred to complete the acquisition, the impact of fair value adjustments to inventory acquired from Smeal, and the impact on the timing of the recognition of gross profit for our chassis that are utilized by our recently acquired Smeal operations. We exclude these items from earnings when presenting our Adjusted EBITDA measure because we believe they will be incurred infrequently and/or are otherwise not 2017 April 13, 2017. Our Fleet Vehicles and Services segment consists of our operations at our Bristol, Indiana location, and beginning in 2018 ns at our Ephrata, Pennsylvania location, along with our operations at our up-fit centers in Kansas City, Missouri and Saltillo, Mexico and focuses on designing and manufacturing walk-in vans for the parcel delivery, mobile retail, and trades and construction industries, and the production of commercial truck bodies, and distributes related aftermarket parts and accessories. Our Emergency Response Vehicles segment consists of the emergency response chassis operations at our Charlotte, Michigan location and our operations at our Brandon, South Dakota; Snyder and Neligh, Nebraska; Delavan, Wisconsin; and Ephrata, Pennsylvania locations, along with our Spartan-Gimaex joint venture. This segment engineers and manufactures emergency response chassis and apparatus and distributes related aftermarket parts and accessories. Our 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 assemblies. The accounting policies of the segments are the same as those described, or referred to, in Note 1 , General and Summary of Accounting Policies not not Sales to customers outside the United States were $81,157, $31,716 $40,058 December 31, 2017, 2016 2015, 11.5%, 5.4% 7.3%, Sales and other financial information by business segment are as follows: Year Ended December 31, 201 7 Segment Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Other Consolidated Fleet vehicles sales $ 207,666 $ - $ 5,657 $ (5,657 ) $ 207,666 Emergency response vehicles sales - 293,559 - - 293,559 Motor home chassis sales - - 124,584 - 124,584 Other specialty vehicles sales - - 18,416 - 18,416 Aftermarket parts and accessories sales 43,429 9,291 10,153 - 62,873 Total sales $ 251,095 $ 302,850 $ 158,810 $ (5,657 ) $ 707,098 Depreciation and amortization expense $ 3,361 $ 2,342 $ 1,314 $ 2,920 $ 9,937 Adjusted EBITDA 26,958 3,192 14,058 (12,881 ) 31,327 Segment assets 60,550 133,546 33,700 73,368 301,164 Capital expenditures 562 1,364 386 3,028 5,340 Year Ended December 31, 201 6 Segment Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Other Consolidated Fleet vehicles sales $ 206,248 $ - $ 5,347 $ (5,347 ) $ 206,248 Emergency response vehicles sales - 175,730 - - 175,730 Motor home chassis sales - - 97,999 - 97,999 Other specialty vehicles sales - - 21,074 - 21,074 Aftermarket parts and accessories sales 72,141 7,251 10,334 - 89,726 Total sales $ 278,389 $ 182,981 $ 134,754 $ (5,347 ) $ 590,777 Depreciation and amortization expense $ 3,185 $ 1,143 $ 789 $ 2,786 $ 7,903 Adjusted EBITDA 31,237 (7,542 ) 8,334 (9,159 ) 22,870 Segment assets 65,277 77,887 28,825 71,305 243,294 Capital expenditures 2,011 1,558 6,842 2,999 13,410 Year Ended December 31, 201 5 Segment Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Other Consolidated Fleet vehicles sales $ 193,772 $ - $ 2,996 $ (2,996 ) $ 193,772 Emergency response vehicles sales - 187,127 - - 187,127 Motor home chassis sales - - 103,264 - 103,264 Other specialty vehicles sales - - 13,849 - 13,849 Aftermarket parts and accessories sales 33,911 6,093 12,398 - 52,402 Total sales $ 227,683 $ 193,220 $ 132,507 $ (2,996 ) $ 550,414 Depreciation and amortization expense $ 3,308 $ 914 $ 730 $ 2,485 $ 7,437 Adjusted EBITDA 17,569 (8,689 ) 8,833 (5,538 ) 12,175 Segment assets 70,491 76,030 24,032 60,118 230,671 Capital expenditures 1,323 1,010 859 1,703 4,895 The table below presents the reconciliation of our consolidated income before taxes to total segment Adjusted EBITDA. Adjusted EBITDA is not not may not may not not Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Total segment adjusted EBITDA $ 44,208 $ 32,029 $ 17,713 Add (subtract): Interest expense (864 ) (410 ) (365 ) Depreciation and amortization expense (9,937 ) (7,903 ) (7,437 ) Restructuring expense (1,252 ) (1,095 ) (2,855 ) Acquisition expense (1,354 ) (882 ) - Impact of intercompany chassis shipments to Smeal (2,073 ) - - Recall expense 368 (3,457 ) (8,600 ) Impact of inventory fair value step-up (189 ) - - Joint venture expenses (2 ) (14 ) (1,015 ) Asset impairment - (406 ) (2,234 ) NHTSA settlement - - (2,269 ) Unallocated corporate expenses (12,881 ) (9,159 ) (5,538 ) Consolidated income (loss) before taxes $ 16,024 $ 8,703 $ (12,600 ) |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 17 – RELATED PARTY TRANSACTIONS On January 1, 2017, December 1 2, 2016 2, Acquisition Activities December 31, 2016, $7,391 January 1, 2017. $30,748 $32,600 2016 2015. John Forbes , who retired from Spartan Motors on June 30, 2017, December 31, 2016, $4,009 2017 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, 2017 2016, $698 $836 |
Note 18 - Quarterly Financial D
Note 18 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 1 8 - QUARTERLY FINANCIAL DATA (UNAUDITED) Summarized quarterly financial data for the years ended December 31, 2017 2016 may not 201 7 Quarter Ended 201 6 Quarter Ended Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 Sales $ 167,075 $ 169,739 $ 189,215 $ 181,068 $ 133,726 $ 162,537 $ 148,664 $ 145,850 Gross profit 16,394 19,501 28,651 24,689 15,820 20,807 18,010 17,890 Restructuring charges 642 325 232 52 339 227 304 224 Net earnings (loss) attributable to Spartan Motors, Inc. (1,098 ) 1,124 13,470 2,439 543 4,379 2,745 942 Basic net earnings (loss) per share (0.03 ) 0.03 0.38 0.07 0.02 0.13 0.08 0.03 Diluted net earnings (loss) per share (0.03 ) 0.03 0.38 0.07 0.02 0.13 0.08 0.03 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
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 7 : Allowance for doubtful accounts $ 487 $ 109 $ - $ (457 ) $ 139 Year ended December 31, 201 6 : Allowance for doubtful accounts $ 130 $ 368 $ - $ (11 ) $ 487 Year ended December 31, 201 5 : Allowance for doubtful accounts $ 144 $ 12 $ - $ (26 ) $ 130 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 7, 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 principles (“GAAP”), management uses estimates and makes judgments and assumptions that affect asset and liability values and the amounts reported as income and expense during the periods presented. Certain of these estimates, judgments and assumptions, such as the allowance for credit losses, warranty expenses, 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. not 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 When necessary, we will adjust the values of the assets acquired and liabilities assumed against the goodwill or acquisition gain, as initially recorded, for a period of up to 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 30 60 90 10 25%. may may no |
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 3 15 3 7 3 5 may not 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 may not 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 not We perform our annual goodwill and indefinite lived intangible assets impairment test as of October 1 first not not not 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 not We evaluate the recoverability of our indefinite lived intangible asset s, which consist of our Utilimaster and Smeal trade names, based on estimates of future royalty payments that are avoided through our ownership of the trade names, discounted to their present value. In determining the estimated fair value of the trade names, we consider current and projected future levels of revenue based on our plans for Utilimaster and Smeal, 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 because 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 names. 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 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 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 not 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, 2017 2016 |
Reclassification, Policy [Policy Text Block] | Reclassifications . Certain immaterial amounts in the prior periods’ financial statements have been reclassified to conform to the current period’s presentation. These reclassifications had no |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting. We identify our reportable segments based on our management structure and the financial data utilized by the chief operating decision makers to assess segment performance and allocate resources among our operating units. We have three 16, Business Segments |
Supplemental Disclosures of Cash Flow Policy [Policy Text Block] | Supplemental Disclosures of Cash Flow Information. Cash paid for interest was $619, $309 $374 2017, 2016 2015. $0, $2,232 18 2017, 2016 2015. 2017 $7,391 2 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standard s In February 2017 No. 2017 05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610 20 2017 05” 2017 05 2017 05 2014 09 that the adoption of the provisions of ASU 2017 05 not In January 2017, No. 2017 04, Intangibles—Goodwill and Other (Topic 350 2017 04” 2017 04 December 15, 2019, January 1, 2017. 2017 04 October 1, 2017 not have an impact on our consolidated financial position, results of operations or cash flows. In January 2017, ccounting Standards Update 2017 01, Business Combinations (Topic 805 2017 01” not not December 15, 2017, not The adoption of the provisions of ASU 2017 01 no In August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 2016 15” 2016 15 2016 15 December 15, 2017, 2016 15, third 2017, not December 31, 2017. 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 not In March 2016, No. 2016 09, Compensation – Stock Compensation 2016 09” 2016 09 2016 09 December 15, 2016, 2016 09 December 31, 2017 $394, In February 2016, No. 2016 02, Leases 2016 02” 12 December 15, 2018, 2016 02 In July 2015, 2015 11, Inventory (Topic 330 2015 11” 2015 11 2015 11 December 15, 2016. 2015 11 not In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” No. 2016 08 , Revenue from Contracts with Customers (Topic 606 No. 2016 10, Revenue from Contracts with Customers (Topic 606 No. 2016 12, Revenue from Contracts with Customers (Topic 606 2014 09, 2014 09 December 15, 2017, may We substantially completed our assessment of the impacts of the new revenue standard during the fourth We have determined that the adoption of ASU 2014 09 1 2 not not one We adopted ASU 2014 09 January 1, 2018 first 2018 transition adjustment to increase retained earnings by approximately $4,900, $38,000 $33,100 We are unable to precisely quantify the impact to revenue, gross profit or net income for future periods since revenue and gross profit recognized in those periods will depend on the actual production levels in those periods, but we expect the increase in revenue, gross profit and net income from recognizing revenue on these contracts over time in 2018 |
Note 2 - Acquisition Activiti28
Note 2 - Acquisition Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Business Combination, Pro Forma Information, Financial Information of Acquiree since Acquisition Date, Actual [Table Text Block] | Year Ended December 31, 2017 Net sales $ 124,669 Operating income 2,070 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 3,825 Accounts receivable 6,523 Inventory 61,716 Other current assets 662 Property, plant and equipment 5,773 Intangible assets 3,900 Goodwill 11,456 Total assets acquired 93,855 Accounts payable 3,941 Customer prepayments 42,929 Accrued warranty 3,689 Other liabilities 1,783 Total liabilities assumed 52,342 Total purchase price $ 41,513 |
Smeal Acquisition [Member] | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | Year s Ended Dec ember 31, 2017 Dec ember 31, 2016 Net sales $ 707,098 $ 656,292 Net earnings attributable to Spartan Motors, Inc. $ 18,792 $ 4,964 Diluted net earnings per share $ 0.54 $ 0.14 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories are summarized as follows: December 31, 201 7 201 6 Finished goods $ 15,539 $ 12,743 Work in process 15,980 14,063 Raw materials and purchased components 48,092 35,458 Reserve for slow-moving inventory (1,919 ) (3,368 ) Total Inventory $ 77,692 $ 58,896 |
Note 4 - Restructuring Charges
Note 4 - Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | December 31, 2017 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Other Total Cost of products sold Accrual for severance $ 97 $ 43 $ 30 $ - $ 170 Production relocation - 38 - - 38 General and Administrative Accrual for severance 547 367 79 51 1,044 Total restructuring $ 644 $ 448 $ 109 $ 51 $ 1,252 December 31, 2016 December 31, 2015 Cost of products sold Inventory impairment $ - $ 345 Production relocation /equipment impairment 136 174 Accrual for severance - - Total cost of products sold 136 519 General and Administrative Manufacturing process reengineering 959 2,336 Accrual for severance - - Total general and administrative 959 2,336 Total restructuring $ 1,095 $ 2,855 |
Restructuring and Related Costs [Table Text Block] | Severance Balance January 1, 2017 $ - Accrual for severance 643 Payments and adjustments made in period (201 ) Balance March 31, 2017 442 Accrual for severance 325 Payments and adjustments made in period (540 ) Balance June 30, 2017 227 Accrual for severance 232 Payments and adjustments made in period (366 ) Balance September 30, 2017 93 Accrual for severance 14 Payments and adjustments made in period (95 ) Balance December 31, 2017 $ 12 |
Note 5 - Goodwill and Intangi31
Note 5 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Fleet Vehicles and Services Emergency Response Vehicles Specialty Vehicles and Chassis Total December 31, December 31, December 31, December 31, 2017 2016 2017 2016 2017 2016 2017 2016 Goodwill, beginning of year $ 15,961 $ 15,961 $ - $ - $ - $ - $ 15,961 $ 15,961 Acquisition of Smeal - - 11,456 - - - 11,456 - Reassignment of goodwill (638 ) - - - 638 - - - Goodwill, end of year $ 15,323 $ 15,961 $ 11,456 $ - $ 638 $ - $ 27,417 $ 15,961 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of December 31, 2017 As of December 31, 2016 Gross carrying amount Accumulated amortization Net Gross carrying amount Accumulated amortization Net Customer and dealer relationships $ 6,170 $ 3,709 $ 2,461 $ 6,170 $ 3,348 $ 2,822 Acquired product development project 1,860 1,514 346 1,860 1,167 693 Unpatented technology 1,500 150 1,350 - - - Non-compete agreements 400 400 - 400 400 - Backlog 320 320 - 320 320 - Trade Names 5,270 - 5,270 2,870 - 2,870 $ 15,520 $ 6,093 $ 9,427 $ 11,620 $ 5,235 $ 6,385 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amount 2018 $ 816 2019 449 2020 423 2021 399 2022 375 Thereafter 1,695 Total $ 4,157 |
Note 6 - Property, Plant and 32
Note 6 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 201 7 201 6 Land and improvements $ 7,754 $ 8,049 Buildings and improvements 66,227 63,418 Plant machinery and equipment 39,800 34,879 Furniture and fixtures 22,285 12,954 Vehicles 3,063 2,912 Construction in process 1,770 7,876 Subtotal 140,899 130,088 Less accumulated depreciation (85,722 ) (76,972 ) Total property, plant and equipment, net $ 55,177 $ 53,116 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Future Minimum Operating Lease Payments 201 8 $ 2,494 201 9 1,915 20 20 1,674 202 1 1,483 202 2 149 Thereafter - Total $ 7,715 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year Future Minimum Capital Lease Payments 201 8 $ 70 201 9 59 20 20 26 202 1 26 202 2 21 Thereafter - Total lease obligations, including imputed interest 202 Less imputed interest charges (13 ) Total outstanding capital lease obligations $ 189 |
Note 8 - Taxes on Income (Table
Note 8 - Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2017 2016 2015 Current (credit): Federal $ 3,809 $ 2,203 $ (520 ) State 255 563 253 Total current 4,064 2,766 (267 ) Deferred (credit): Federal (1,743 ) (2,666 ) 3,994 State (2,231 ) - 1,153 Total deferred (3,974 ) (2,666 ) 5,147 Total taxes on income $ 90 $ 100 $ 4,880 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2017 2016 2015 Amount Percentage Amount Percentage Amount Percentage Federal income taxes at the statutory rate $ 5,609 35.00 % $ 2,959 34.00 % $ (4,284 ) 34.00 % Increase (decrease) in income taxes resulting from: Deferred income tax re-measurement due to Tax Act 2,963 18.49 - - - - Other deferred income tax adjustment (241 ) (1.50 ) (51 ) (0.59 ) (156 ) 1.24 Non-deductible compensation - - 459 5.27 - - Non-deductible NHTSA penalty - - - - 340 (2.70 ) Other nondeductible expenses 156 0.97 226 2.60 176 (1.39 ) Domestic manufacturing deduction (504 ) (3.15 ) - - - - Stock based compensation (394 ) (2.46 ) - - - - Worthless stock deduction of dissolved subsidiary (966 ) (6.03 ) State tax expense, net of federal income tax benefit 547 3.41 68 0.78 (79 ) 0.63 Forfeiture of state net operating loss and credit carry-forwards from dissolution of subsidiary 3,039 18.97 - - - - Valuation allowance adjustment (9,544 ) (59.56 ) (2,932 ) (33.69 ) 9,472 (75.17 ) Unrecognized tax benefit adjustment 314 1.96 129 1.48 (162 ) 1.29 Federal research and development tax credit (753 ) (4.70 ) (801 ) (9.20 ) (364 ) 2.89 Other (136 ) (0.84 ) 43 0.50 (63 ) 0.48 Total $ 90 0.56 % $ 100 1.15 % $ 4,880 (38.73 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2017 2016 Deferred income tax assets: Warranty reserve $ 3,595 $ 7,246 Credit carry-forwards, net of federal income tax benefit 317 3,199 Inventory costs and reserves 1,792 2,194 Compensation related accruals 663 1,512 Net operating loss carry-forwards, net of federal income tax benefit 954 1,029 Stock based compensation 1,061 615 Vendor compensation 507 - Other 409 773 Total deferred income tax assets $ 9,298 $ 16,568 Deferred income tax liabilities: Depreciation $ (1,230 ) $ (2,294 ) Intangible assets (574 ) (840 ) Prepaid insurance (152 ) (522 ) Total deferred income tax liabilities $ (1,956 ) $ (3,656 ) Net deferred income tax assets $ 7,342 $ 12,912 Valuation allowance (58 ) (9,602 ) Net deferred tax asset $ 7,284 $ 3,310 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 201 7 201 6 201 5 Balance at January 1, $ 345 $ 349 $ 481 Increase (decrease) related to prior year tax positions 168 (24 ) (73 ) Increase related to current year tax positions 118 20 91 Settlement - - (110 ) Expiration of statute (66 ) - (40 ) Balance at December 31, $ 565 $ 345 $ 349 |
Note 9 - Transactions With Ma35
Note 9 - Transactions With Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | 201 6 201 5 Sales Accounts Receivable Sales Accounts Receivable $ 70,954 $ 7,169 $ 78,749 $ 8,512 |
Note 10 - Commitments and Con36
Note 10 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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] | 201 7 201 6 Balance of accrued warranty at January 1 $ 19,334 $ 16,610 Warranties issued during the period 7,539 5,705 Cash settlements made during the period (13,854 ) (10,265 ) Changes in liability for pre-existing warranties during the period, including expirations 1,560 7,284 Assumed warranties outstanding at Smeal on January 1, 2017 3,689 - Balance of accrued warranty at December 31 $ 18,268 $ 19,334 |
Note 12 - Debt (Tables)
Note 12 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 201 7 December 31, 201 6 Line of credit revolver ( 1): $ 17,800 $ -- Capital lease obligations (See Note 7 – Leases 189 139 Total debt 17,989 139 Less current portion of long-term debt (64 ) (65 ) Total long-term debt $ 17,925 $ 74 |
Note 13 - Stock Based Compens38
Note 13 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2016 93 $ 3.20 Granted and vested - - Exercised (61 ) 3.20 Cancelled (32 ) 3.20 SARs outstanding and exercisable at December 31, 2017 - $ - $ - - |
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, 2016 666 $ 4.25 Granted 822 7.65 Vested (299 ) 4.53 Forfeited (61 ) 6.60 Non -vested shares outstanding at December 31, 2017 1,128 6.53 0.89 |
Note 14 - Shareholders Equity (
Note 14 - Shareholders Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Common Stock Repurchased and Retired [Table Text Block] | Share purchase programs 201 7 201 6 Authorized amount (shares ) (000) Date approved by board Program termination date Shares purchased (000) Purchase value Shares purchased (000) Purchase value Remaining shares allowable to be purchased 1,000 October, 2011 June 30, 2016 - $ - 422 $ 2,000 - 1,000 April, 2016 N/A - $ - - $ - 1,000 |
Note 15 - Earnings Per Share (T
Note 15 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended December 31, 201 7 201 6 201 5 Basic weighted average common shares outstanding 34,949 34,405 33,826 Diluted weighted average common shares outstanding 34,949 34,405 33,826 Antidilutive stock awards: Unvested restricted stock awards - - 403 |
Note 16 - Business Segments (Ta
Note 16 - Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Other Consolidated Fleet vehicles sales $ 207,666 $ - $ 5,657 $ (5,657 ) $ 207,666 Emergency response vehicles sales - 293,559 - - 293,559 Motor home chassis sales - - 124,584 - 124,584 Other specialty vehicles sales - - 18,416 - 18,416 Aftermarket parts and accessories sales 43,429 9,291 10,153 - 62,873 Total sales $ 251,095 $ 302,850 $ 158,810 $ (5,657 ) $ 707,098 Depreciation and amortization expense $ 3,361 $ 2,342 $ 1,314 $ 2,920 $ 9,937 Adjusted EBITDA 26,958 3,192 14,058 (12,881 ) 31,327 Segment assets 60,550 133,546 33,700 73,368 301,164 Capital expenditures 562 1,364 386 3,028 5,340 Segment Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Other Consolidated Fleet vehicles sales $ 206,248 $ - $ 5,347 $ (5,347 ) $ 206,248 Emergency response vehicles sales - 175,730 - - 175,730 Motor home chassis sales - - 97,999 - 97,999 Other specialty vehicles sales - - 21,074 - 21,074 Aftermarket parts and accessories sales 72,141 7,251 10,334 - 89,726 Total sales $ 278,389 $ 182,981 $ 134,754 $ (5,347 ) $ 590,777 Depreciation and amortization expense $ 3,185 $ 1,143 $ 789 $ 2,786 $ 7,903 Adjusted EBITDA 31,237 (7,542 ) 8,334 (9,159 ) 22,870 Segment assets 65,277 77,887 28,825 71,305 243,294 Capital expenditures 2,011 1,558 6,842 2,999 13,410 Segment Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Other Consolidated Fleet vehicles sales $ 193,772 $ - $ 2,996 $ (2,996 ) $ 193,772 Emergency response vehicles sales - 187,127 - - 187,127 Motor home chassis sales - - 103,264 - 103,264 Other specialty vehicles sales - - 13,849 - 13,849 Aftermarket parts and accessories sales 33,911 6,093 12,398 - 52,402 Total sales $ 227,683 $ 193,220 $ 132,507 $ (2,996 ) $ 550,414 Depreciation and amortization expense $ 3,308 $ 914 $ 730 $ 2,485 $ 7,437 Adjusted EBITDA 17,569 (8,689 ) 8,833 (5,538 ) 12,175 Segment assets 70,491 76,030 24,032 60,118 230,671 Capital expenditures 1,323 1,010 859 1,703 4,895 |
Schedule of Earnings Before Interest, Taxes, Depreciation and Amortization [Table Text Block] | Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Total segment adjusted EBITDA $ 44,208 $ 32,029 $ 17,713 Add (subtract): Interest expense (864 ) (410 ) (365 ) Depreciation and amortization expense (9,937 ) (7,903 ) (7,437 ) Restructuring expense (1,252 ) (1,095 ) (2,855 ) Acquisition expense (1,354 ) (882 ) - Impact of intercompany chassis shipments to Smeal (2,073 ) - - Recall expense 368 (3,457 ) (8,600 ) Impact of inventory fair value step-up (189 ) - - Joint venture expenses (2 ) (14 ) (1,015 ) Asset impairment - (406 ) (2,234 ) NHTSA settlement - - (2,269 ) Unallocated corporate expenses (12,881 ) (9,159 ) (5,538 ) Consolidated income (loss) before taxes $ 16,024 $ 8,703 $ (12,600 ) |
Note 18 - Quarterly Financial42
Note 18 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 201 7 Quarter Ended 201 6 Quarter Ended Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 Sales $ 167,075 $ 169,739 $ 189,215 $ 181,068 $ 133,726 $ 162,537 $ 148,664 $ 145,850 Gross profit 16,394 19,501 28,651 24,689 15,820 20,807 18,010 17,890 Restructuring charges 642 325 232 52 339 227 304 224 Net earnings (loss) attributable to Spartan Motors, Inc. (1,098 ) 1,124 13,470 2,439 543 4,379 2,745 942 Basic net earnings (loss) per share (0.03 ) 0.03 0.38 0.07 0.02 0.13 0.08 0.03 Diluted net earnings (loss) per share (0.03 ) 0.03 0.38 0.07 0.02 0.13 0.08 0.03 |
Schedule II - Valuation and Q43
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 7 : Allowance for doubtful accounts $ 487 $ 109 $ - $ (457 ) $ 139 Year ended December 31, 201 6 : Allowance for doubtful accounts $ 130 $ 368 $ - $ (11 ) $ 487 Year ended December 31, 201 5 : Allowance for doubtful accounts $ 144 $ 12 $ - $ (26 ) $ 130 |
Note 1 - General and Summary 44
Note 1 - General and Summary of Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | 50.00% | ||||||||||
Number of Reportable Segments | 3 | |||||||||||
Interest Paid | $ 619,000 | $ 309,000 | $ 374,000 | |||||||||
Income Taxes Paid, Net | 0 | 2,232,000 | 18,000 | |||||||||
Income Tax Expense (Benefit) | 90,000 | 100,000 | 4,880,000 | |||||||||
Revenue, Net | $ 181,068,000 | $ 189,215,000 | $ 169,739,000 | $ 167,075,000 | $ 145,850,000 | $ 148,664,000 | $ 162,537,000 | $ 133,726,000 | 707,098,000 | 590,777,000 | 550,414,000 | |
Cost of Goods Sold | 617,655,000 | $ 518,113,000 | $ 502,783,000 | |||||||||
Accounting Standards Update 2016-09 [Member] | ||||||||||||
Income Tax Expense (Benefit) | (394,000) | |||||||||||
Accounting Standards Update 2014-09 [Member] | Scenario, Forecast [Member] | ||||||||||||
Cumulative Effect on Retained Earnings, before Tax | $ 4,900,000 | |||||||||||
Revenue, Net | 38,000,000 | |||||||||||
Cost of Goods Sold | $ 33,100,000 | |||||||||||
Smeal Acquisition [Member] | ||||||||||||
Accounts Receivable, Amount Forgiven | $ 7,391,000 | |||||||||||
Maximum [Member] | ||||||||||||
Percentage of Service Revenue | 1.00% | |||||||||||
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 Activiti45
Note 2 - Acquisition Activities (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Combination, Inventory Fair Value Step-up | $ 189 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 28,903 | |||
Goodwill, Acquired During Period | 11,456 | |||
Proceeds from Lines of Credit | $ 15,244 | |||
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] | ||||
Business Combination, Inventory Fair Value Step-up | 189 | |||
Business Combination, Consideration Transferred | 41,513 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 28,903 | |||
Cash Acquired from Acquisition | 3,825 | |||
Business Combination, Consideration Transferred, Forgiveness of Liabilities | 7,391 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 1,394 | |||
Goodwill, Acquired During Period | 11,456 | 1,787 | ||
Business Combination, Contingent Consideration, Liability | 1,394 | |||
Smeal Acquisition [Member] | Selling, General and Administrative Expenses [Member] | ||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | $ 868 | $ 882 | ||
Smeal [Member] | Wells Fargo, JPMorgan Chase Bank, N.A.and PNC Bank [Member] | Line of Credit [Member] | ||||
Proceeds from Lines of Credit | $ 32,800 |
Note 2 - Acquisition Activiti46
Note 2 - Acquisition Activities - Sales and Operating Income (Loss) Included in Results Since Acquisition (Details) - Smeal Acquisition [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Net sales | $ 124,669 |
Operating income | $ 2,070 |
Note 2 - Acquisition Activiti47
Note 2 - Acquisition Activities - Smeal Acquisition Pro Forma Information (Details) - Smeal Acquisition [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net sales | $ 707,098 | $ 656,292 |
Net earnings attributable to Spartan Motors, Inc. | $ 18,792 | $ 4,964 |
Diluted net earnings per share (in dollars per share) | $ 0.54 | $ 0.14 |
Note 2 - Acquisition Activiti48
Note 2 - Acquisition Activities - Smeal Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill | $ 27,417 | $ 15,961 | $ 15,961 | |
Smeal Acquisition [Member] | ||||
Cash | $ 3,825 | |||
Accounts receivable | 6,523 | |||
Inventory | 61,716 | |||
Other current assets | 662 | |||
Property, plant and equipment | 5,773 | |||
Intangible assets | 3,900 | |||
Goodwill | 11,456 | |||
Total assets acquired | 93,855 | |||
Accounts payable | 3,941 | |||
Customer prepayments | 42,929 | |||
Accrued warranty | 3,689 | |||
Other liabilities | 1,783 | |||
Total liabilities assumed | 52,342 | |||
Total purchase price | $ 41,513 |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Inventory, Demo, Gross | $ 7,435 | $ 3,558 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finished goods | $ 15,539 | $ 12,743 |
Work in process | 15,980 | 14,063 |
Raw materials and purchased components | 48,092 | 35,458 |
Reserve for slow-moving inventory | (1,919) | (3,368) |
Total Inventory | $ 77,692 | $ 58,896 |
Note 4 - Restructuring Charge51
Note 4 - Restructuring Charges (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Charges | $ 52,000 | $ 232,000 | $ 325,000 | $ 642,000 | $ 224,000 | $ 304,000 | $ 227,000 | $ 339,000 | $ 1,044,000 | $ 959,000 | $ 2,336,000 |
Employee Severance [Member] | |||||||||||
Restructuring Charges | $ 0 | $ 0 |
Note 4 - Restructuring Charge52
Note 4 - Restructuring Charges - Restructuring Charges Included in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cost of products sold | |||||||||||
Restructuring charges, cost of products sold | $ 208 | $ 136 | $ 519 | ||||||||
Restructuring charges, general and admininstrative | $ 52 | $ 232 | $ 325 | $ 642 | $ 224 | $ 304 | $ 227 | $ 339 | 1,044 | 959 | 2,336 |
Total restructuring | 1,252 | 1,095 | 2,855 | ||||||||
Accrual Of Severance [Member] | |||||||||||
Cost of products sold | |||||||||||
Restructuring charges, cost of products sold | 170 | ||||||||||
Restructuring charges, general and admininstrative | 1,044 | ||||||||||
Production Relocation Costs [Member] | |||||||||||
Cost of products sold | |||||||||||
Restructuring charges, cost of products sold | 38 | ||||||||||
Delivery and Service Vehicles [Member] | |||||||||||
Cost of products sold | |||||||||||
Total restructuring | 644 | ||||||||||
Delivery and Service Vehicles [Member] | Accrual Of Severance [Member] | |||||||||||
Cost of products sold | |||||||||||
Restructuring charges, cost of products sold | 97 | ||||||||||
Restructuring charges, general and admininstrative | 547 | ||||||||||
Delivery and Service Vehicles [Member] | Production Relocation Costs [Member] | |||||||||||
Cost of products sold | |||||||||||
Restructuring charges, cost of products sold | |||||||||||
Emergency Response Vehicles [Member] | |||||||||||
Cost of products sold | |||||||||||
Restructuring charges, cost of products sold | 136 | 519 | |||||||||
Restructuring charges, general and admininstrative | 959 | 2,336 | |||||||||
Total restructuring | 448 | 1,095 | 2,855 | ||||||||
Emergency Response Vehicles [Member] | Accrual Of Severance [Member] | |||||||||||
Cost of products sold | |||||||||||
Restructuring charges, cost of products sold | 43 | ||||||||||
Restructuring charges, general and admininstrative | 367 | ||||||||||
Emergency Response Vehicles [Member] | Inventory Impairment [Member] | |||||||||||
Cost of products sold | |||||||||||
Restructuring charges, cost of products sold | 345 | ||||||||||
Emergency Response Vehicles [Member] | Production Relocation Costs [Member] | |||||||||||
Cost of products sold | |||||||||||
Restructuring charges, cost of products sold | 38 | 136 | 174 | ||||||||
Emergency Response Vehicles [Member] | Manufacturing Process Reengineering [Member] | |||||||||||
Cost of products sold | |||||||||||
Restructuring charges, general and admininstrative | $ 959 | $ 2,336 | |||||||||
Specialty Chassis and Vehicles [Member] | |||||||||||
Cost of products sold | |||||||||||
Total restructuring | 109 | ||||||||||
Specialty Chassis and Vehicles [Member] | Accrual Of Severance [Member] | |||||||||||
Cost of products sold | |||||||||||
Restructuring charges, cost of products sold | 30 | ||||||||||
Restructuring charges, general and admininstrative | 79 | ||||||||||
Specialty Chassis and Vehicles [Member] | Production Relocation Costs [Member] | |||||||||||
Cost of products sold | |||||||||||
Restructuring charges, cost of products sold | |||||||||||
Other Segments [Member] | |||||||||||
Cost of products sold | |||||||||||
Total restructuring | 51 | ||||||||||
Other Segments [Member] | Accrual Of Severance [Member] | |||||||||||
Cost of products sold | |||||||||||
Restructuring charges, cost of products sold | |||||||||||
Restructuring charges, general and admininstrative | 51 | ||||||||||
Other Segments [Member] | Production Relocation Costs [Member] | |||||||||||
Cost of products sold | |||||||||||
Restructuring charges, cost of products sold |
Note 4 - Restructuring - Summar
Note 4 - Restructuring - Summary of Compensation Related Charges (Details) - Employee Severance [Member] - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Balance | $ 93 | $ 227 | $ 442 | |
Accrual for severance | 14 | 232 | 325 | 643 |
Payments and adjustments made in period | (95) | (366) | (540) | (201) |
Balance | $ 12 | $ 93 | $ 227 | $ 442 |
Note 5 - Goodwill and Intangi54
Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | Oct. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2017 |
Goodwill, Impairment Loss | $ 0 | ||||
Increase in WACC Basis Points | 5.00% | ||||
Amortization of Intangible Assets | $ 858 | $ 708 | $ 872 | ||
Unpatented Technology [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||
Trade Names [Member] | |||||
Increase in WACC Basis Points | 5.00% | ||||
Utilimaster [Member] | Trade Names [Member] | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 545.00% | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | ||||
Smeal Acquisition [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 3,900 | ||||
Smeal Acquisition [Member] | Trade Names [Member] | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 136.00% | ||||
Increase in WACC Basis Points | 5.00% | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | ||||
Delivery and Service Vehicles [Member] | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 232.00% | ||||
Emergency Response Vehicles [Member] | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 91.00% | ||||
Reach [Member] | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 62.00% |
Note 5 - Goodwill and Intangi55
Note 5 - Goodwill and Intangible Assets - Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill, beginning of year | $ 15,961 | $ 15,961 |
Acquisition of Smeal | 11,456 | |
Reassignment of goodwill | ||
Goodwill, end of year | 27,417 | 15,961 |
Delivery and Service Vehicles [Member] | ||
Goodwill, beginning of year | 15,961 | 15,961 |
Acquisition of Smeal | ||
Reassignment of goodwill | (638) | |
Goodwill, end of year | 15,323 | 15,961 |
Emergency Response Vehicles [Member] | ||
Goodwill, beginning of year | ||
Acquisition of Smeal | 11,456 | |
Reassignment of goodwill | ||
Goodwill, end of year | 11,456 | |
Specialty Chassis and Vehicles [Member] | ||
Goodwill, beginning of year | ||
Acquisition of Smeal | ||
Reassignment of goodwill | 638 | |
Goodwill, end of year | $ 638 |
Note 5 - Goodwill and Intangi56
Note 5 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accumulated amortization, finite-lived | $ 6,093 | $ 5,235 |
Net carrying amount, finite-lived | 4,157 | |
Gross carrying amount, intangible assets | 15,520 | 11,620 |
Net carrying amount, intangible assets | 9,427 | 6,385 |
Customer Relationships [Member] | ||
Gross carrying amount, finite-lived | 6,170 | 6,170 |
Accumulated amortization, finite-lived | 3,709 | 3,348 |
Net carrying amount, finite-lived | 2,461 | 2,822 |
Acquired Product Development Project [Member] | ||
Gross carrying amount, finite-lived | 1,860 | 1,860 |
Accumulated amortization, finite-lived | 1,514 | 1,167 |
Net carrying amount, finite-lived | 346 | 693 |
Unpatented Technology [Member] | ||
Gross carrying amount, finite-lived | 1,500 | |
Accumulated amortization, finite-lived | 150 | |
Net carrying amount, finite-lived | 1,350 | |
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] | ||
Accumulated amortization, finite-lived | ||
Gross carrying amount, indefinite-lived | $ 5,270 | $ 2,870 |
Note 5 - Goodwill and Intangi57
Note 5 - Goodwill and Intangible Assets - Estimated Remaining Amortization Associated With Finite-lived Intangible Assets (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 816 |
2,019 | 449 |
2,020 | 423 |
2,021 | 399 |
2,022 | 375 |
Thereafter | 1,695 |
Total | $ 4,157 |
Note 6 - Property, Plant and 58
Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Depreciation | $ 9,055 | $ 7,195 | $ 6,565 | |
Interest Costs Capitalized | 0 | 0 | ||
Cost Of Goods Sold [Member] | Machinery & Equipment [Member] | ||||
Impairment of Long-Lived Assets Held-for-use | $ 406 | |||
Enterprise Resource Planning System [Member] | ||||
Construction in Progress, Gross | $ 790 | $ 6,624 |
Note 6 - Property, Plant and 59
Note 6 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, plant and equipment, gross | $ 140,899 | $ 130,088 |
Less accumulated depreciation | (85,722) | (76,972) |
Total property, plant and equipment, net | 55,177 | 53,116 |
Land and Land Improvements [Member] | ||
Property, plant and equipment, gross | 7,754 | 8,049 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 66,227 | 63,418 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 39,800 | 34,879 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 22,285 | 12,954 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 3,063 | 2,912 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 1,770 | $ 7,876 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases, Rent Expense | $ 2,989 | $ 3,086 | $ 2,876 |
Capital Leased Assets, Gross | 728 | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $ 548 |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 2,494 |
2,019 | 1,915 |
2,020 | 1,674 |
2,021 | 1,483 |
2,022 | 149 |
Thereafter | |
Total | $ 7,715 |
Note 7 - Leases - Future Mini62
Note 7 - Leases - Future Minimum Capital Lease Commitments Under Non-cancelable Capital Leases (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 70 |
2,019 | 59 |
2,020 | 26 |
2,021 | 26 |
2,022 | 21 |
Thereafter | |
Total lease obligations, including imputed interest | 202 |
Less imputed interest charges | (13) |
Total outstanding capital lease obligations | $ 189 |
Note 8 - Taxes on Income (Detai
Note 8 - Taxes on Income (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | $ 123 | $ 44 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 34.00% | 34.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 2,963 | ||||
Deferred Tax Assets, Valuation Allowance | 58 | $ 9,602 | |||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 1,207 | 1,560 | |||
Deferred Tax Assets, Tax Credit Carryforwards | 317 | 3,199 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (3,039) | ||||
Unrecognized Tax Benefits | 565 | 345 | $ 349 | $ 481 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 279 | ||||
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued | 847 | ||||
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued, Current | 117 | ||||
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued, Noncurrent | 730 | ||||
Unrecognized Tax Benefits, Period Increase (Decrease) | 94 | 133 | $ (30) | ||
Domestic Tax Authority [Member] | |||||
Deferred Tax Assets, Tax Credit Carryforwards | 402 | 4,846 | |||
State and Local Jurisdiction [Member] | |||||
Deferred Tax Assets, Valuation Allowance | $ 58 | $ 4,228 | |||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current (credit): | |||
Federal | $ 3,809 | $ 2,203 | $ (520) |
State | 255 | 563 | 253 |
Total current | 4,064 | 2,766 | (267) |
Deferred (credit): | |||
Federal | (1,743) | (2,666) | 3,994 |
State | (2,231) | 1,153 | |
Total deferred | (3,974) | (2,666) | 5,147 |
Total taxes on income | $ 90 | $ 100 | $ 4,880 |
Note 8 - Taxes on Income - In65
Note 8 - Taxes on Income - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Federal income taxes at the statutory rate, amount | $ 5,609 | $ 2,959 | $ (4,284) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 34.00% | 34.00% |
spar_IncreaseDecreaseInIncomeTaxesResultingFromAbstract | |||
Deferred income tax re-measurement due to Tax Act, amount | $ 2,963 | ||
Deferred income tax re-measurement due to Tax Act | 18.49% | ||
Other deferred income tax adjustment, amount | $ (241) | $ (51) | $ (156) |
Other deferred income tax adjustment | (1.50%) | (0.59%) | 1.24% |
Non-deductible compensation, amount | $ 459 | ||
Non-deductible compensation | 5.27% | ||
Non-deductible NHTSA penalty, amount | $ 340 | ||
Non-deductible NHTSA penalty | (2.70%) | ||
Other nondeductible expenses, amount | $ 156 | $ 226 | $ 176 |
Other nondeductible expenses | 0.97% | 2.60% | (1.39%) |
Domestic manufacturing deduction, amount | $ (504) | ||
Domestic manufacturing deduction | (3.15%) | ||
Stock based compensation, amount | $ (394) | ||
Stock based compensation | (2.46%) | ||
Stock based compensation | 2.46% | ||
Worthless stock deduction of dissolved subsidiary, amount | $ (966) | ||
Worthless stock deduction of dissolved subsidiary | (6.03%) | ||
Worthless stock deduction of dissolved subsidiary | 6.03% | ||
State tax expense, net of federal income tax benefit, amount | $ 547 | $ 68 | $ (79) |
State tax expense, net of federal income tax benefit | 3.41% | 0.78% | 0.63% |
Forfeiture of state net operating loss and credit carry-forwards from dissolution of subsidiary, amount | $ 3,039 | ||
Forfeiture of state net operating loss and credit carry-forwards from dissolution of subsidiary | 18.97% | ||
Valuation allowance adjustment, amount | $ (9,544) | $ (2,932) | $ 9,472 |
Valuation allowance adjustment | (59.56%) | (33.69%) | (75.17%) |
Unrecognized tax benefit adjustment, amount | $ 314 | $ 129 | $ (162) |
Unrecognized tax benefit adjustment | 1.96% | 1.48% | 1.29% |
Federal research and development tax credit, amount | $ (753) | $ (801) | $ (364) |
Federal research and development tax credit | (4.70%) | (9.20%) | (2.89%) |
Federal research and development tax credit | 4.70% | 9.20% | 2.89% |
Other, amount | $ (136) | $ 43 | $ (63) |
Other | (0.84%) | 0.50% | 0.48% |
Income Tax Expense (Benefit) | $ 90 | $ 100 | $ 4,880 |
Total | 0.56% | 1.15% | (38.73%) |
Note 8 - Taxes on Income - Defe
Note 8 - Taxes on Income - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred income tax assets: | ||
Warranty reserve | $ 3,595 | $ 7,246 |
Credit carry-forwards, net of federal income tax benefit | 317 | 3,199 |
Inventory costs and reserves | 1,792 | 2,194 |
Compensation related accruals | 663 | 1,512 |
Net operating loss carry-forwards, net of federal income tax benefit | 954 | 1,029 |
Stock based compensation | 1,061 | 615 |
Vendor compensation | 507 | |
Other | 409 | 773 |
Total deferred income tax assets | 9,298 | 16,568 |
Deferred income tax liabilities: | ||
Depreciation | (1,230) | (2,294) |
Intangible assets | (574) | (840) |
Prepaid insurance | (152) | (522) |
Total deferred income tax liabilities | (1,956) | (3,656) |
Net deferred income tax assets | 7,342 | 12,912 |
Valuation allowance | (58) | (9,602) |
Net deferred tax asset | $ 7,284 | $ 3,310 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at beginning of year | $ 345 | $ 349 | $ 481 |
Increase related to prior year tax positions | 168 | ||
Decrease related to prior year tax positions | (24) | (73) | |
Increase related to current year tax positions | 118 | 20 | 91 |
Settlement | (110) | ||
Expiration of statute | (66) | (40) | |
Balance at end of year | $ 565 | $ 345 | $ 349 |
Note 9 - Transactions With Ma68
Note 9 - Transactions With Major Customers (Details Textual) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Number of Customers Classified as Major Customers | 0 | 1 | 1 |
Note 9 - Transactions with Ma69
Note 9 - Transactions with Major Customers - Information about Major Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Sales revenue, net | $ 181,068 | $ 189,215 | $ 169,739 | $ 167,075 | $ 145,850 | $ 148,664 | $ 162,537 | $ 133,726 | $ 707,098 | $ 590,777 | $ 550,414 |
Customer A [Member] | |||||||||||
Sales revenue, net | 70,954 | 78,749 | |||||||||
Accounts receivable | $ 7,169 | $ 7,169 | $ 8,512 |
Note 10 - Commitments and Con70
Note 10 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Letters of Credit Outstanding, Amount | $ 754 | $ 1,599 | |||
Litigation Settlement, Amount Awarded to Other Party | $ 2,269 | ||||
Long-term Line of Credit | [1] | 17,800 | |||
NHTSA [Member] | |||||
Litigation Settlement, Amount Awarded to Other Party | $ 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 | ||||
Long-term Line of Credit | $ 57 | $ 784 | |||
[1] | On December 1, 2017, we entered into a First Amendment to the 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. The credit facility matures October 31, 2019, following which we have the option to renew the credit facility, subject to lender approval, for two successive one-year periods with an ultimate maturity date of October 31, 2021. 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. In January 2017, we borrowed $32,800 from our credit line to fund our acquisition of Smeal. At December 31, 2017 we had outstanding borrowings of $17,800 against our credit line. We had no drawings against this credit line as of December 31, 2016. During the year ended December 31, 2017, and in future years, our revolving credit facility was utilized, and will continue to be utilized, to finance commercial chassis received under chassis bailment inventory agreements with GM and Chrysler. This funding is reflected as a reduction of the revolving credit facility available to us equal to the amount drawn by GM and Chrysler. See Note 10, Commitments and Contingent Liabilities for further details about these chassis bailment inventory agreements. The applicable borrowing rate including margin was 3.0% (or one-month LIBOR plus 1.5%) at December 31, 2017. |
Note 10 - Commitments and Con71
Note 10 - Commitments and Contingent Liabilities - Charges for National Highway Traffic Safety Administration Policy (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Litigation Settlement, Amount Awarded to Other Party | $ 2,269 | ||
Cost of Sales [Member] | |||
Litigation Settlement, Amount Awarded to Other Party | 1,269 | ||
Selling, General and Administrative Expenses [Member] | |||
Litigation Settlement, Amount Awarded to Other Party | $ 1,000 |
Note 10 - Commitments and Con72
Note 10 - Commitments and Contingent Liabilities - Changes Warranty Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance of accrued warranty | $ 19,334 | $ 16,610 |
Warranties issued during the period | 7,539 | 5,705 |
Cash settlements made during the period | (13,854) | (10,265) |
Changes in liability for pre-existing warranties during the period, including expirations | 1,560 | 7,284 |
Assumed warranties outstanding at Smeal on January 1, 2017 | 3,689 | |
Balance of accrued warranty | $ 18,268 | $ 19,334 |
Note 11 - Compensation Incent73
Note 11 - Compensation Incentive Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan Company Matching Contributions Vesting Period | 5 years | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,055 | $ 796 | $ 707 |
Economic Value Add Plan [Member] | Quarterly Bonus [Member] | |||
Compensation | 2,193 | 3,298 | 1,898 |
Economic Value Add Plan [Member] | Annual Bonus [Member] | |||
Compensation | $ 4,890 | $ 6,470 | $ 1,789 |
Note 12 - Debt (Details Textual
Note 12 - Debt (Details Textual) - USD ($) $ in Thousands | Dec. 01, 2017 | Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Proceeds from Lines of Credit | $ 15,244 | |||||
Long-term Line of Credit | [1] | 17,800 | ||||
Line of Credit Facility, Current Borrowing Capacity | 66,400 | 73,600 | ||||
Well Fargo Bank and JPMorgan Chase Bank [Member] | Revolving Credit Facility [Member] | ||||||
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 | |||||
Long-term Line of Credit | $ 17,800 | $ 0 | ||||
Line of Credit Facility, Interest Rate at Period End | 3.00% | |||||
Well Fargo Bank and JPMorgan Chase Bank [Member] | Revolving Credit Facility [Member] | Smeal Acquisition [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% | |||||
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% | 1.50% | ||||
[1] | On December 1, 2017, we entered into a First Amendment to the 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. The credit facility matures October 31, 2019, following which we have the option to renew the credit facility, subject to lender approval, for two successive one-year periods with an ultimate maturity date of October 31, 2021. 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. In January 2017, we borrowed $32,800 from our credit line to fund our acquisition of Smeal. At December 31, 2017 we had outstanding borrowings of $17,800 against our credit line. We had no drawings against this credit line as of December 31, 2016. During the year ended December 31, 2017, and in future years, our revolving credit facility was utilized, and will continue to be utilized, to finance commercial chassis received under chassis bailment inventory agreements with GM and Chrysler. This funding is reflected as a reduction of the revolving credit facility available to us equal to the amount drawn by GM and Chrysler. See Note 10, Commitments and Contingent Liabilities for further details about these chassis bailment inventory agreements. The applicable borrowing rate including margin was 3.0% (or one-month LIBOR plus 1.5%) at December 31, 2017. |
Note 12 - Debt - Schedule of Lo
Note 12 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Long-term Line of Credit | [1] | $ 17,800 | |
Capital lease obligations (See Note 7 – Leases) | 189 | 139 | |
Total debt | 17,989 | 139 | |
Less current portion of long-term debt | (64) | (65) | |
Total long-term debt | $ 17,925 | $ 74 | |
[1] | On December 1, 2017, we entered into a First Amendment to the 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. The credit facility matures October 31, 2019, following which we have the option to renew the credit facility, subject to lender approval, for two successive one-year periods with an ultimate maturity date of October 31, 2021. 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. In January 2017, we borrowed $32,800 from our credit line to fund our acquisition of Smeal. At December 31, 2017 we had outstanding borrowings of $17,800 against our credit line. We had no drawings against this credit line as of December 31, 2016. During the year ended December 31, 2017, and in future years, our revolving credit facility was utilized, and will continue to be utilized, to finance commercial chassis received under chassis bailment inventory agreements with GM and Chrysler. This funding is reflected as a reduction of the revolving credit facility available to us equal to the amount drawn by GM and Chrysler. See Note 10, Commitments and Contingent Liabilities for further details about these chassis bailment inventory agreements. The applicable borrowing rate including margin was 3.0% (or one-month LIBOR plus 1.5%) at December 31, 2017. |
Note 13 - Stock Based Compens76
Note 13 - Stock Based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 2,057,290 | ||
Share Based Compensation Exercisability Period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 0 | $ 0 |
Share Based Compensation Arrangement By Share Based Payment Award SARs Exercises In Period Total Intrinsic Value | $ 305,000 | 14,000 | 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 | $ 98,000 | $ 86,000 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 9,000 | 13,000 | |
Employee Stock Option [Member] | |||
Allocated Share-based Compensation Expense | $ 0 | $ 0 | 0 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 0 | 0 | 0 |
Stock Appreciation Rights (SARs) [Member] | |||
Allocated Share-based Compensation Expense | $ 0 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 0 | 0 | 0 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 0 | $ 0 | $ 0 |
Restricted Stock [Member] | |||
Allocated Share-based Compensation Expense | $ 3,536,000 | $ 1,536,000 | $ 1,198,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.65 | $ 4.01 | $ 4.86 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 1,238,000 | $ 538,000 | $ 419,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 1,356 | $ 1,248,000 | $ 1,528,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4,399,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 324 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 |
Note 13 - Stock Based Compens77
Note 13 - Stock Based Compensation - SARs Activity (Details) - Stock Appreciation Rights (SARs) [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
SARs outstanding and exercisable (in shares) | shares | 93 |
SARs outstanding and exercisable (in dollars per share) | $ 3.20 |
Exercised (in shares) | shares | (61) |
Exercised (in dollars per share) | $ 3.20 |
Cancelled (in shares) | shares | (32) |
Cancelled (in dollars per share) | $ 3.20 |
SARs outstanding and exercisable (in shares) | shares | |
SARs outstanding and exercisable (in dollars per share) | |
SARs outstanding and exercisable at December 31, 2017 (in dollars per share) | |
SARs outstanding and exercisable at December 31, 2017 (Year) |
Note 13 - Stock Based Compens78
Note 13 - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, non-vested shares outstanding (in shares) | 666 | ||
SARs outstanding and exercisable (in dollars per share) | $ 4.25 | ||
Granted (in shares) | 822 | ||
Granted (in dollars per share) | $ 7.65 | $ 4.01 | $ 4.86 |
Vested (in shares) | (299) | ||
Exercised (in dollars per share) | $ 4.53 | ||
Forfeited (in shares) | (61) | ||
Cancelled (in dollars per share) | $ 6.60 | ||
Balance, non-vested shares outstanding (in shares) | 1,128 | 666 | |
SARs outstanding and exercisable (in dollars per share) | $ 6.53 | $ 4.25 | |
SARs outstanding and exercisable at December 31, 2017 (Year) | 324 days |
Note 14 - Shareholders Equity79
Note 14 - Shareholders Equity (Details Textual) - shares shares in Millions | Apr. 30, 2016 | Oct. 31, 2011 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1 | 1 |
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, 2017 | Dec. 31, 2016 | Apr. 30, 2016 | Oct. 31, 2011 | |
Authorized amount (in shares) | 1,000 | 1,000 | ||
Purchase value | $ 2,000 | |||
Repurchase Program Approved October 2011 [Member] | ||||
Authorized amount (in shares) | 1,000 | |||
Shares purchased (in shares) | 422 | |||
Purchase value | $ 2,000 | |||
Remaining shares allowable to be purchased (in shares) | ||||
Repurchase Program Approved April 2016 [Member] | ||||
Authorized amount (in shares) | 1,000 | |||
Shares purchased (in shares) | ||||
Purchase value | ||||
Remaining shares allowable to be purchased (in shares) | 1,000 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic weighted average common shares outstanding (in shares) | 34,949 | 34,405 | 33,826 |
Diluted weighted average common shares outstanding (in shares) | 34,949 | 34,405 | 33,826 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Reportable Segments | 3 | ||
Percent of Revenue Attributed to Foreign Countries | 11.50% | 5.40% | 7.30% |
Foreign Countries [Member] | |||
Revenues | $ 81,157 | $ 31,716 | $ 40,058 |
Note 16 - Business Segments - S
Note 16 - Business Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue, Net | $ 181,068 | $ 189,215 | $ 169,739 | $ 167,075 | $ 145,850 | $ 148,664 | $ 162,537 | $ 133,726 | $ 707,098 | $ 590,777 | $ 550,414 |
Depreciation and amortization expense | 9,937 | 7,903 | 7,437 | ||||||||
Adjusted EBITDA | 31,327 | 22,870 | 12,175 | ||||||||
Segment assets | 301,164 | 243,294 | 301,164 | 243,294 | 230,671 | ||||||
Capital expenditures | 5,340 | 13,410 | 4,895 | ||||||||
Utilmaster Vehicles [Member] | |||||||||||
Revenue, Net | 207,666 | 206,248 | 193,772 | ||||||||
Emergency Response Vehicles [Member] | |||||||||||
Revenue, Net | 293,559 | 175,730 | 187,127 | ||||||||
Motorhome Chassis [Member] | |||||||||||
Revenue, Net | 124,584 | 97,999 | 103,264 | ||||||||
Other Specialty Vehicles [Member] | |||||||||||
Revenue, Net | 18,416 | 21,074 | 13,849 | ||||||||
Aftermarket Parts and Accessories Sales [Member] | |||||||||||
Revenue, Net | 62,873 | 89,726 | 52,402 | ||||||||
Emergency Response Vehicles [Member] | |||||||||||
Revenue, Net | 251,095 | 278,389 | 227,683 | ||||||||
Depreciation and amortization expense | 3,361 | 3,185 | 3,308 | ||||||||
Adjusted EBITDA | 26,958 | 31,237 | 17,569 | ||||||||
Segment assets | 60,550 | 65,277 | 60,550 | 65,277 | 70,491 | ||||||
Capital expenditures | 562 | 2,011 | 1,323 | ||||||||
Emergency Response Vehicles [Member] | Utilmaster Vehicles [Member] | |||||||||||
Revenue, Net | 207,666 | 206,248 | 193,772 | ||||||||
Emergency Response Vehicles [Member] | Emergency Response Vehicles [Member] | |||||||||||
Revenue, Net | |||||||||||
Emergency Response Vehicles [Member] | Motorhome Chassis [Member] | |||||||||||
Revenue, Net | |||||||||||
Emergency Response Vehicles [Member] | Other Specialty Vehicles [Member] | |||||||||||
Revenue, Net | |||||||||||
Emergency Response Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member] | |||||||||||
Revenue, Net | 43,429 | 72,141 | 33,911 | ||||||||
Delivery and Service Vehicles [Member] | |||||||||||
Revenue, Net | 302,850 | 182,981 | 193,220 | ||||||||
Depreciation and amortization expense | 2,342 | 1,143 | 914 | ||||||||
Adjusted EBITDA | 3,192 | (7,542) | (8,689) | ||||||||
Segment assets | 133,546 | 77,887 | 133,546 | 77,887 | 76,030 | ||||||
Capital expenditures | 1,364 | 1,558 | 1,010 | ||||||||
Delivery and Service Vehicles [Member] | Utilmaster Vehicles [Member] | |||||||||||
Revenue, Net | |||||||||||
Delivery and Service Vehicles [Member] | Emergency Response Vehicles [Member] | |||||||||||
Revenue, Net | 293,559 | 175,730 | 187,127 | ||||||||
Delivery and Service Vehicles [Member] | Motorhome Chassis [Member] | |||||||||||
Revenue, Net | |||||||||||
Delivery and Service Vehicles [Member] | Other Specialty Vehicles [Member] | |||||||||||
Revenue, Net | |||||||||||
Delivery and Service Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member] | |||||||||||
Revenue, Net | 9,291 | 7,251 | 6,093 | ||||||||
Specialty Chassis and Vehicles [Member] | |||||||||||
Revenue, Net | 158,810 | 134,754 | 132,507 | ||||||||
Depreciation and amortization expense | 1,314 | 789 | 730 | ||||||||
Adjusted EBITDA | 14,058 | 8,334 | 8,833 | ||||||||
Segment assets | 33,700 | 28,825 | 33,700 | 28,825 | 24,032 | ||||||
Capital expenditures | 386 | 6,842 | 859 | ||||||||
Specialty Chassis and Vehicles [Member] | Utilmaster Vehicles [Member] | |||||||||||
Revenue, Net | 5,657 | 5,347 | 2,996 | ||||||||
Specialty Chassis and Vehicles [Member] | Emergency Response Vehicles [Member] | |||||||||||
Revenue, Net | |||||||||||
Specialty Chassis and Vehicles [Member] | Motorhome Chassis [Member] | |||||||||||
Revenue, Net | 124,584 | 97,999 | 103,264 | ||||||||
Specialty Chassis and Vehicles [Member] | Other Specialty Vehicles [Member] | |||||||||||
Revenue, Net | 18,416 | 21,074 | 13,849 | ||||||||
Specialty Chassis and Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member] | |||||||||||
Revenue, Net | 10,153 | 10,334 | 12,398 | ||||||||
Other Segments [Member] | |||||||||||
Revenue, Net | (5,657) | (5,347) | (2,996) | ||||||||
Depreciation and amortization expense | 2,920 | 2,786 | 2,485 | ||||||||
Adjusted EBITDA | (12,881) | (9,159) | (5,538) | ||||||||
Segment assets | $ 73,368 | $ 71,305 | 73,368 | 71,305 | 60,118 | ||||||
Capital expenditures | 3,028 | 2,999 | 1,703 | ||||||||
Other Segments [Member] | Utilmaster Vehicles [Member] | |||||||||||
Revenue, Net | (5,657) | (5,347) | (2,996) | ||||||||
Other Segments [Member] | Emergency Response Vehicles [Member] | |||||||||||
Revenue, Net | |||||||||||
Other Segments [Member] | Motorhome Chassis [Member] | |||||||||||
Revenue, Net | |||||||||||
Other Segments [Member] | Other Specialty Vehicles [Member] | |||||||||||
Revenue, Net | |||||||||||
Other Segments [Member] | Aftermarket Parts and Accessories Sales [Member] | |||||||||||
Revenue, Net |
Note 16 - Business Segments - R
Note 16 - Business Segments - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Total segment adjusted EBITDA | $ 44,208 | $ 32,029 | $ 17,713 |
Interest expense | (864) | (410) | (365) |
Depreciation and amortization expense | (9,937) | (7,903) | (7,437) |
Restructuring expense | (1,252) | (1,095) | (2,855) |
Acquisition expense | (1,354) | (882) | |
Impact of intercompany chassis shipments to Smeal | (2,073) | ||
Recall expense | 368 | (3,457) | (8,600) |
Impact of inventory fair value step-up | (189) | ||
Joint venture expenses | (2) | (14) | (1,015) |
Asset impairment | (406) | (2,234) | |
NHTSA settlement | (2,269) | ||
Consolidated income (loss) before taxes | 16,024 | 8,703 | (12,600) |
Corporate, Non-Segment [Member] | |||
Unallocated corporate expenses | $ (12,881) | $ (9,159) | $ (5,538) |
Note 17 - Related Party Trans85
Note 17 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Smeal Acquisition [Member] | ||||
Business Combination, Consideration Transferred, Forgiveness of Liabilities | $ 7,391 | |||
Smeal [Member] | ||||
Accounts Receivable, Related Parties | $ 7,391 | |||
Revenue from Related Parties | 30,748 | $ 32,600 | ||
Subsidiaries of Patrick Industries [Member] | ||||
Related Party Transaction, Purchases from Related Party | 4,009 | |||
Accuride Distributing [Member] | ||||
Related Party Transaction, Purchases from Related Party | $ 698 | $ 836 |
Note 18 - Quarterly Financial86
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue, Net | $ 181,068 | $ 189,215 | $ 169,739 | $ 167,075 | $ 145,850 | $ 148,664 | $ 162,537 | $ 133,726 | $ 707,098 | $ 590,777 | $ 550,414 |
Gross profit | 24,689 | 28,651 | 19,501 | 16,394 | 17,890 | 18,010 | 20,807 | 15,820 | 89,235 | 72,528 | 47,112 |
Restructuring Charges | 52 | 232 | 325 | 642 | 224 | 304 | 227 | 339 | 1,044 | 959 | 2,336 |
Net earnings (loss) attributable to Spartan Motors, Inc. | $ 2,439 | $ 13,470 | $ 1,124 | $ (1,098) | $ 942 | $ 2,745 | $ 4,379 | $ 543 | $ 15,935 | $ 8,610 | $ (16,972) |
Basic net earnings (loss) per share (in dollars per share) | $ 0.07 | $ 0.38 | $ 0.03 | $ (0.03) | $ 0.03 | $ 0.08 | $ 0.13 | $ 0.02 | $ 0.46 | $ 0.25 | $ (0.50) |
Diluted net earnings (loss) per share (in dollars per share) | $ 0.07 | $ 0.38 | $ 0.03 | $ (0.03) | $ 0.03 | $ 0.08 | $ 0.13 | $ 0.02 | $ 0.46 | $ 0.25 | $ (0.50) |
Schedule II - Valuation and Q87
Schedule II - Valuation and Qualifying Accounts - Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at Beginning of Period | $ 487 | $ 130 | $ 144 |
Additions Charged to Costs and Expenses | 109 | 368 | 12 |
Additions Charged to Other Accounts | |||
Deductions | (457) | (11) | (26) |
Balance at End of Period | $ 139 | $ 487 | $ 130 |