0001437749-21-007163 | 10-K | XBRL Viewer

Business Description and Accounting Policies [Text Block]

NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Effective June 1, 2020, our corporate name has changed to The Shyft Group, Inc. (f/k/a Spartan Motors, Inc.). The new corporate name reflects the next phase of our business transformation with an increased focus on higher growth commercial, retail, and service specialty vehicle markets.

Nature of Operations

We are a niche market leader in specialty vehicle manufacturing and assembly for the commercial vehicle (including last-mile delivery, specialty service and vocation-specific upfit segments) and recreational vehicle industries. Our products include walk-in vans and truck bodies used in e-commerce/parcel delivery, upfit equipment used in the mobile retail and utility trades, luxury Class A diesel motor home chassis and contract manufacturing and assembly services. We also supply replacement parts and offer repair, maintenance, field service and refurbishment services for the vehicles that we manufacture. Our operating activities are conducted through our wholly-owned operating subsidiary, The Shyft Group USA, Inc., with locations in Novi and Charlotte, Michigan; Bristol, Indiana; Waterville, Maine; Ephrata, Pennsylvania; North Charleston, South Carolina; Pompano Beach and West Palm Beach, Florida; Kansas City, Missouri; Montebello, Carson and McClellan Park, California; Mesa, Arizona; Dallas and Weatherford, Texas; and Saltillo, Mexico.

Recent Developments

On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (“COVID-19”). On March 11, 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The pandemic has had a significant impact on macroeconomic conditions. To limit the spread of COVID-19, governments have taken various actions including the issuance of stay-at-home orders and social distancing guidelines. While the Company’s plants continued to operate as essential businesses, starting March 23, 2020 certain of our manufacturing facilities were temporarily suspended or cut back on operating levels and shifts as a result of government orders. As of June 30, 2020, approximately 90% of our facilities were at full or modified production levels and as of September 30 and December 31, 2020, all of our facilities were at full or modified production levels. However, additional suspensions and cutbacks may occur as the impacts from COVID-19 and related responses continue to evolve within our global supply chain and customer base. The Company is taking a variety of measures to maintain operations with as minimal impact as possible to promote the safety and security of our associates, including increased frequency of cleaning and disinfecting of facilities, social distancing, remote working when possible, travel restrictions and limitations on visitor access to facilities. We took actions to align operations and spending across our business in response to uncertainty caused by the COVID-19 outbreak during 2020. This included actions that impacted the second and third quarter of 2020, such as temporary compensation reductions for executive management and the Board of Directors, furloughs of a portion of our workforce, freezing associate requisitions and minimizing capital expenditures to critical investments.

The full impact of the COVID-19 outbreak continues to evolve as of the date of this filing. As such, it is uncertain as to the full magnitude that the pandemic will have on the Company’s financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of the global situation on its financial condition, liquidity, operations, suppliers, industry, and workforce. Given the nature of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for future periods.

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"). The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. As a result, the Company recorded an income tax benefit of $2,610 in the first quarter of 2020 (see "Note 10 - Taxes on Income") and has also made provision to defer the employer side social security payments for the last three quarters of 2020, to be paid in two equal installment payments of $1,969 each in 2021 and 2022.

On October 1, 2020, the Company acquired substantially all of the assets and certain liabilities of F3 MFG Inc. through the Company’s subsidiary, The Shyft Group DuraMag LLC (“DuraMag”). DuraMag is a leading aluminum truck body and accessory manufacturer, and DuraMag operations include aluminum manufacturing, finishing, assembly, and installation of DuraMag contractor, service, and van bodies, as well as Magnum branded truck accessories including headache racks (also known as cab protection racks or rear racks). DuraMag operates out of Waterville, Maine and that location is expected to continue to serve as the business’ primary manufacturing and assembly facility for both product lines. The addition of DuraMag aluminum bodies to the Company's product offerings follows the Company’s 2019 acquisition of Royal Truck Body ("Royal"), a West Coast and Southwestern U.S. steel truck body maker. Combined, these acquisitions elevate the Company to a leading position as a national service body manufacturer. DuraMag is part of our Specialty Vehicle segment (f/k/a Specialty Chassis and Vehicles) and continues to go to market under the DuraMag and Magnum brands.

On February 1, 2020, the Company completed its sale of the Emergency Response and Vehicle ("ERV") business for $55,000 cash subject to certain post-closing adjustments. In September 2020, the Company finalized the post-close net working capital adjustment and subsequently paid $7,500 on October 1, 2020. The ERV business consisted of the emergency response cab-chassis and apparatus operations in Charlotte, Michigan, and the Spartan apparatus operations in Brandon, South Dakota; Snyder and Neligh, Nebraska; and Ephrata, Pennsylvania. See "Note 2 - Discontinued Operations" for further discussion regarding this transaction.

Principles of Consolidation

The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiary, The Shyft Group USA, Inc. and its subsidiaries. All inter-company transactions have been eliminated.

Non-Controlling Interest. At December 31, 2020, The Shyft Group USA, Inc. held a 50% share in Spartan-Gimaex, however, due to the management and operational structure of the joint venture, The Shyft Group USA, Inc. was considered to have had the ability to control the operations of Spartan-Gimaex. Accordingly, Spartan-Gimaex is reported as a consolidated subsidiary of The Shyft Group, Inc. The joint venture is not currently active and is in the process of being dissolved. At December 31, 2020, the Company holds an 80% share in Strobes-R-Us (SRUS), which is reported as a consolidated subsidiary of the Company within the Fleet Vehicles and Services segment.

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 have a material impact on the financial statements.

Revenue Recognition. Essentially all of our revenue is generated through contracts with our customers. We may recognize revenue over time or at a point in time when or as obligations under the terms of a contract with our customer are satisfied, depending on the terms and features of the contract and the products supplied. Our contracts generally do not have any significant variable consideration. The collectability of consideration on the contract is reasonably assured before revenue is recognized. On certain vehicles, payment may be received in advance of us satisfying our performance obligations. Such payments are recorded in Deposits from customers on the Consolidated Balance Sheets. The corresponding performance obligations are generally satisfied within one year of the contract inception. In such cases, we have elected to apply the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component. The financing impact on contracts that contain performance obligations that are not expected to be satisfied within one year are expected to be immaterial to our consolidated financial statements.

We have elected to utilize the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred because the amortization period for the prepaid costs that would have otherwise been deferred and amortized is one year or less. We use an observable price to allocate the stand-alone selling price to separate performance obligations within a contract or a cost-plus margin approach when an observable price is not available. The estimated costs to fulfill our base warranties are recognized as expense when the products are sold (see “Note 11 – Commitments and Contingent Liabilities” for further information on warranties). Our contracts with customers do not contain a provision for product returns, except for contracts related to certain parts sales.

Revenue for parts sales for all segments is recognized at the time that control and risk of ownership has passed to the customer, which is generally when the ordered part is shipped to the customer. Historical return rates on parts sales have been immaterial. Accordingly, no return reserve has been recorded. Instead, returns are recognized as a reduction of revenue at the time that they are received.

For certain of our vehicles and chassis, we sell separately priced service contracts that provide roadside assistance or extend certain warranty coverage beyond our base warranty agreements. These separately priced contracts range from one to six years from the date of the shipment of the related vehicle or chassis. We receive payment with the shipment of the related vehicle or at the inception of the extended service contract, if later, and recognize revenue over the coverage term of the agreement, generally on a straight-line basis, which approximates the pattern of costs expected to be incurred in satisfying the obligations under the contract.

Distinct revenue recognition policies for our segments are as follows:

Fleet Vehicles and Services ("FVS")

Our walk-in vans and truck bodies are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligation for these walk-in vans and truck bodies is satisfied as the vehicles are built. Accordingly, the revenue and corresponding cost of products sold associated with these contracts are recognized over time based on the inputs completed for a given performance obligation during the reporting period. Certain contracts will specify that a walk-in van or truck body is to be built on a chassis that we purchase and subsequently sell to the customer. The revenue on these contracts is recognized at the time that the performance obligation is satisfied, and control and risk of ownership has passed to the customer, which is generally upon shipment of the vehicle from our manufacturing facility to the customer or receipt of the vehicle by the customer, depending on contract terms. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized.

Revenue for upfit and field service contracts is recognized over time, as equipment is installed in the customer’s vehicle or as repairs and enhancements are made to the customer’s vehicles. Revenue and the corresponding cost of products sold is estimated based on the inputs completed for a given performance obligation. Our performance obligation for upfit and field service contracts is satisfied when the equipment installation or repairs and enhancements of the customer’s vehicle have been completed. Our receivables are generally collected in less than three months, in accordance with our underlying payment terms.

Specialty Vehicles ("SV")

We recognize revenue and the corresponding cost of products sold on the sale of motorhome chassis when the performance obligation is completed and control and risk of ownership of the chassis has passed to our customer, which is generally upon shipment of the chassis or vehicle to the customer.

Revenue and the corresponding cost of products sold associated with other specialty chassis is recognized over time based on the inputs completed for a given performance obligation during the reporting period. Other specialty chassis are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligations for other specialty chassis contracts are satisfied as the products are assembled. Our receivables will generally be collected in less than three months, in accordance with our underlying payment terms.

Business Combinations. When acquiring other businesses, we recognize identifiable assets acquired and liabilities assumed at their acquisition date estimated fair values, and separately from any goodwill that may be required to be recognized. Goodwill, when recognizable, is measured as the excess amount of any consideration transferred, which is measured at fair value, over the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available.

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 arise that affect their accuracy, which may cause actual results to differ from those estimated by us. 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 year after the acquisition date.

Costs incurred to effect an acquisition, such as legal, accounting, valuation or other third-party costs, as well as internal general and administrative costs incurred are charged to expense in the periods incurred.

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 highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Accounts Receivable. Our receivables are subject to credit risk, and we do not typically require collateral on our accounts receivable. We perform periodic credit evaluations of our customers’ financial condition and generally require a security interest in the products sold. Receivables generally are due within 30 to 60 days. We maintain an allowance for customer accounts that reduces receivables to amounts that are expected to be collected. In estimating the allowance for doubtful accounts consistent with it reflecting related lifetime expected credit losses, management considers relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets.

Inventories are stated at the lower of first-in, first-out cost or net realizable value. Estimated inventory allowances for slow-moving inventory are based upon current assessments about future demands, market conditions and related management initiatives. If market conditions are less favorable than those projected by management, additional inventory allowances may be required.

Contract Assets arise upon the transfer of goods or services to a customer before the customer pays consideration. The Company presents the contract as either a contract asset or as a receivable, depending on the nature of the entity’s right to consideration for its performance. Contract assets are a right to consideration in exchange for goods or services that the Company has transferred to a customer, when the right is conditioned on something other than the passage of time.

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 years for buildings and improvements, three to 15 years for plant machinery and equipment, three to seven years for furniture and fixtures and three to five years for vehicles. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the asset. Maintenance and repair costs are charged to earnings, while expenditures that increase asset lives are capitalized. We review our property, plant and equipment, along with all other long-lived assets that have finite lives, including finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. See "Note 7 – Property, Plant and Equipment" for further information on our property and equipment.

Assets and Liabilities Held for Sale We classify assets and liabilities (disposal groups) to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the disposal group; the disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such disposal groups; an active program to locate a buyer and other actions required to complete the plan to sell the disposal group have been initiated; the sale of the disposal group is probable, and transfer of the disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond the Company's control extend the period of time required to sell the disposal group beyond one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

We initially measure a disposal group that is classified as held for sale at the lower of its carrying value or fair value less costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale. We assess the fair value of a disposal group each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale.

Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale in the Consolidated Balance Sheets. Depreciation is not recorded during the period in which the long-lived assets, included in the disposal group, are classified as held for sale.

Additionally, we report the reporting results for a disposal group in discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations if the disposal represents a strategic shift that has or will have a major effect on our operations and financial results.

Related Party Transactions. We purchase certain components used in the manufacture of our products and logistics services from parties that could be considered related to us because one or more of our executive officers or board members is also an executive officer or board member of the related party. See "Note 18 – Related Party Transactions" for more information regarding our transactions with related parties.

Goodwill and Other Intangible Assets. Goodwill represents the excess of the cost of a business combination over the fair value of the net assets acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to impairment tests on an annual basis, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Goodwill is allocated to the reporting unit from which it was created. A reporting unit is an operating segment or sub-segment to which goodwill is assigned when initially recorded. We review indefinite lived intangible assets annually for impairment by comparing the carrying value of those assets to their fair value.

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 be recoverable.

We perform our annual goodwill and indefinite lived intangible assets impairment test as of October 1 and monitor for interim triggering events on an ongoing basis. For goodwill we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Under authoritative guidance, we are not required to calculate the fair value of a reporting unit unless we determine that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. We have the option to bypass the qualitative assessment and proceed to a quantitative impairment test.

If we elect to bypass the qualitative assessment for a reporting unit, or if after completing the assessment we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative impairment test, whereby we compare the fair value of a reporting unit with its carrying amount, including goodwill. The fair value of the reporting unit is determined by estimating the future cash flows of the reporting unit to which the goodwill relates, and then discounting the future cash flows at a market-participant-derived weighted-average cost of capital (“WACC”). In determining the estimated future cash flows, we consider current and projected future levels of income based on our plans for that business; business trends, prospects and market and economic conditions; and market-participant considerations. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered to not be impaired. If the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss is recognized in an amount equal to the excess, up to the carrying value of the goodwill.

We evaluate the recoverability of our indefinite lived intangible assets, which consists of our Utilimaster and Royal Truck Body trade names, by comparing the estimated fair value of the trade names with their carrying values. We estimate the fair value of our trade names based on estimates of future royalty payments that are avoided through our ownership of the trade name, discounted to their present value. In determining the estimated fair value of the trade names, we consider current and projected future levels of sales based on our plans for Utilimaster and Royal Truck Body branded products, 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 2 – Discontinued Operations” for further details on our goodwill and indefinite-lived intangible assets related to the ERV business. See “Note 6 – Goodwill and Intangible Assets” for further details on our goodwill and other 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 11 – Commitments and Contingent Liabilities" for further information regarding warranties.

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. Sales associated with these deposits are recognized over time based on the inputs completed for a given performance obligation during the reporting period or deferred and recognized upon shipment of the related product to the customer depending on the terms of the contract.

Research and Development. Our research and development costs, which consist of compensation costs, travel and entertainment, administrative expenses and new product development among other items, are expensed as incurred.

Taxes on Income. We recognize deferred income tax assets and liabilities using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Deferred tax liabilities generally represent tax expense recognized for which payment has been deferred, or expenses which have been deducted in our tax returns, but which have not yet been recognized as an expense in our financial statements.

We establish valuation allowances for deferred income tax assets in accordance with GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At each reporting period, we consider the scheduled reversal of deferred tax liabilities, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. Although we believe the estimates are reasonable, no assurance can be given that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals.

Interest and penalties attributable to income taxes are recorded as a component of income taxes. See "Note 9 – Taxes on Income" for further details on our income taxes.

Earnings Per Share. Basic earnings per share is based on the weighted average number of common shares outstanding during the period. Diluted earnings per share also include the dilutive effect of additional potential common shares issuable from stock-based awards and are determined using the treasury stock method. Basic earnings per share represents net earnings divided by basic weighted average number of common shares outstanding during the period. Diluted earnings per share represents net earnings divided by diluted weighted average number of common shares outstanding, which includes the average dilutive effect of all potentially dilutive securities that are outstanding during the period. Our unvested restricted stock units and performance stock units are included in the number of shares outstanding for diluted earnings per share calculations, unless a net loss is reported, in which situation unvested stock awards are excluded from the number of shares outstanding for diluted earnings per share calculations. See "Note 14 – Stock-Based Compensation" and "Note 16 – Earnings Per Share" for further details.

Stock-Based Compensation. Stock based compensation costs for equity-based awards is measured on the grant date based on the estimated fair value of the award at that date, and is recognized over the requisite service period, net of estimated forfeitures. Fair value of restricted stock awards, restricted stock units and performance stock units subject to a performance condition is based upon the quoted market price of the common stock on the date of grant. Fair value of performance stock units subject to a market condition is calculated using the Monte Carlo simulation model. Our stock-based compensation plans are described in more detail in "Note 14 – Stock Based Compensation".

Fair Value. We are required to disclose the estimated fair value of our financial instruments. The carrying value at December 31, 2020 and 2019 of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to their short-term nature. The carrying value of variable rate debt instruments approximate their fair value based on their relative terms and market rates.

Segment Reporting. We identify our reportable segments based on our management structure and the financial data utilized by the chief operating decision maker to assess segment performance and allocate resources among our operating units. We have two reportable segments: Fleet Vehicles and Services and Specialty Vehicles. More detailed information about our reportable segments can be found in "Note 17 – Business Segments".

Supplemental Disclosures of Cash Flow Information. Cash paid for interest was $1,757, $1,844, and $630 for 2020, 2019, and 2018. Cash paid for income taxes, net of refunds, was $608, $4,942, and $5,054 for 2020, 2019 and 2018. Non-cash investing in 2020 included $1,496 of capital expenditures and in 2018 included the issuance of the Company’s stock in the amount of $1,950, which was reversed in 2019, and a contingent liability for the value of future consideration of $1,832 in conjunction with our acquisition of SRUS. See "Note 3 – Acquisition Activities" for further information about the acquisition. The Company has Chassis Pool Agreements, where it participates in a chassis converter pool that is a non-cash arrangement and is offsetting between current assets and current liabilities on the Company’s Consolidated Balance Sheets. See "Note 13 – Debt" for further information about the Chassis Pool Agreements.

Except for the changes below, we have consistently applied the accounting policies to all periods presented in these consolidated financial statements.

Adoption of Current Expected Credit Losses Accounting Policy. Effective January 1, 2020, we adopted ASU 2016-13 and all related amendments, which require entities to use a new impairment model based on current expected credit losses (“CECL”) rather than incurred losses, which recognized credit losses when it was probable a loss had been incurred. Credit losses under CECL are determined using a method that reflects lifetime expected credit losses by considering relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets. We applied ASU 2016-13 using the modified retrospective method and the cumulative effect of adoption was not material. Therefore, the comparative information has not been adjusted and continues to be reported under prior accounting guidance.

Adoption of Lease Accounting Policy. We applied ASU 2016-02 and all related amendments (“ASC 842”) using the modified retrospective method by recognizing the cumulative effect of adoption as an adjustment to the opening balance of retained earnings at January 1, 2019. Therefore, the comparative information has not been adjusted and continues to be reported under prior leasing guidance. In addition, we elected to apply the following package of practical expedients on a consistent basis permitting entities not to reassess: (i) whether any expired or existing contracts are or contain a lease; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. As a result, as of January 1, 2019 we recorded right-of-use ("ROU") assets of $13,582 for operating leases and $675 for financing leases. We also recorded operating lease liabilities of $13,716 and finance lease liabilities of $696. The decrease to retained earnings was $113, net of the tax effect of $42 reflecting the cumulative impact of the accounting change. The standard did not have a material effect on consolidated net income (loss) or cash flows.

We determine if an arrangement is a lease at inception. Operating leases are included in ROU assets - operating leases, Operating lease liability, and Long-term operating lease liability on our Consolidated Balance Sheets. Finance leases are included in Other assets, Other current liabilities and accrued expenses and Other non-current liabilities on our Consolidated Balance Sheets.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. We include options to extend or terminate the lease in our lease term when it is reasonably certain that we will exercise that option. Lease expense for lease payments on operating leases is recognized on a straight-line basis over the lease term.

We do not record a ROU asset or lease liability for leases with an expected term of 12 months or less. Expenses for these leases are recognized on a straight-line basis over the lease term.

We have lease agreements with lease and non-lease components, which are accounted for separately for leases related to real property. For leases related to personal property we account for lease and non-lease components associated with a lease as a single lease component.

Accounting Standards Not Yet Adopted

In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of Topic 740 and improving consistent application of Generally Accepted Accounting Principles ("GAAP") for other areas of Topic 740 by clarifying and amending existing guidance. The provisions of this standard are effective for reporting periods beginning after December 15, 2020 and early adoption is permitted. The adoption of the provisions of ASU 2019-12 is not expected to have a material impact on our consolidated financial position, results of operations or cash flows.

Immaterial Revision of Previously Issued Condensed Consolidated Financial Statements

During the fourth quarter of 2020, errors in the accounting for transactions associated with the divestiture of the Company’s ERV business were identified. These errors related to the quarterly condensed consolidated financial statements for the period ended September 30, 2020 resulting in the adjustment of certain balance sheet and statement of operations financial statement accounts. The Company assessed the materiality of these errors considering both qualitative and quantitative factors and determined that for the period ended September 30, 2020, the errors were not material.

The table below presents the impact of the revisions on the Company’s condensed consolidated financial statements:

Condensed Consolidated Balance Sheet (in 000’s) (Unaudited)

September 30, 2020

As Previously Reported

Adjustment

As Revised

Cash and cash equivalents
$ 43,055 $ 346 $ 43,401

Accounts receivable, less allowance of $198
99,461 (6,672 ) 92,789

Total current assets
217,490 (6,326 ) 211,164

Total Assets
395,119 (6,326 ) 388,793

Accounts payable
63,433 (5,998 ) 57,435

Total current liabilities
111,033 (5,998 ) 105,035

Total liabilities
195,454 (5,998 ) 189,456

Retained earnings
109,288 (328 ) 108,960

Total Liabilities and Shareholders’ Equity
395,119 (6,326 ) 388,793

Condensed Consolidated Statement of Operations (in 000’s) (Unaudited)

Nine Months Ended September 30, 2020

As Previously Reported

Adjustment

As Revised

Loss from discontinued operations, net of income taxes
$ (4,619 ) $ (328 ) $ (4,947 )

Net income
25,364 (328 ) 25,036

Net income attributable to The Shyft Group, Inc.
25,186 (328 ) 24,858

Condensed Consolidated Statement of Cash Flows (in 000’s) (Unaudited)

Nine Months Ended September 30, 2020

As Previously Reported

Adjustment

As Revised

Net income
$ 25,364 $ (328 ) $ 25,036

Changes in accounts receivable and contract assets
(40,027 ) 6,672 (33,355 )

Changes in accounts payable
(1,265 ) (5,998 ) (7,263 )

Total adjustments
(4,717 ) 346 (4,371 )

Net cash provided by operating activities
20,647 346 20,993

As a result of the immaterial revisions above, Specialty Vehicle total segment assets were originally reported as $155,429 resulting in an overstatement of ($6,326) in "Note 11 – Business Segments" of the condensed consolidated financial statements as of September 30, 2020.

Note 2 - Discontinued Operations

12 Months Ended

Dec. 31, 2020

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

NOTE 2 – DISCONTINUED OPERATIONS

On February 1, 2020, we completed the sale of our ERV business for $55,000 cash subject to certain post-closing adjustments. In September 2020, the Company finalized the post-close net working capital adjustment and subsequently paid $7,500 on October 1, 2020. The Company recognized a loss on sale of $3,383 for the year ended December 31, 2020, which are portions of the Loss from discontinued operations, net of tax in the Consolidated Statements of Operations for the years December 31, 2020 and 2019, respectively. The ERV business included the emergency response chassis operations in Charlotte, Michigan, and operations in Brandon, South Dakota; Snyder and Neligh, Nebraska; and Ephrata, Pennsylvania. The ERV business met the accounting criteria for held for sale classification as of December 31, 2019. The results of the ERV business have been reclassified to Loss from discontinued operations, net of tax in the Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018. We continue to have an open Transition Services Agreement with the buyer for the provision of certain transition support services, which may continue for certain services into 2022.

The Loss from discontinued operations presented in the Consolidated Statement of Operations for the years ended December 31, 2020, 2019 and 2018 consisted of:

	Year Ended December 31,
	2020			2019			2018

Sales	$	19,167		$	261,860		$	245,637
Cost of products sold		18,678			245,785			220,526
Gross profit		489			16,075			25,111
Operating expenses		4,484			28,864			31,516
Operating loss		(3,995	)		(12,789	)		(6,405	)
Loss on asset impairments		-			53,131			-
Other income (expense)		(3,383	)		1,021			2,228
Loss from discontinued operations before taxes		(7,378	)		(64,899	)		(4,177	)
Income tax benefit		2,255			15,683			1,073
Net loss from discontinued operations	$	(5,123	)	$	(49,216	)	$	(3,104	)

In the annual goodwill and intangible assets impairment test as of October 1, 2019, we determined that the fair value of our ERV business and Smeal trade name were less than their carrying values due to under-performance in 2019 which was expected to continue in future periods. As a result, we recorded impairment expense of $13,856 to write off the goodwill and indefinite lived intangible assets. In conjunction with the classification of the ERV business as held for sale as of December 31, 2019, we recorded a loss of $39,275 to write down the carrying values of the associated assets and liabilities to their fair values less estimated costs to sell of $3,604. The assets and liabilities of the discontinued operations are presented separately under the captions Current assets held for sale and Current liabilities held for sale in the Consolidated Balance Sheets as of December 31, 2019. As of December 31, 2020, due to the sale of the ERV business, there were no assets or liabilities related to discontinued operations on the Consolidated Balance Sheets.

Assets and Liabilities held for sale in the Consolidated Balance Sheet were as follows:

	December 31,
	2019
Assets:
Accounts receivable, net	$	30,760
Contract assets		36,740
Inventories		32,329
Other current assets		1,142
Property, plant and equipment,		21,967
Right of use assets – operating leases		5,960
Intangible assets		1,050
Other noncurrent assets		52
Impairment of carrying value		(39,275	)
Current assets held for sale	$	90,725

	December 31,
	2019
Liabilities:
Accounts payable		4,213
Accrued warranty		11,347
Accrued compensation and related taxes		3,047
Deposits from customers		21,409
Operating lease liability		727
Other current liabilities		3,495
Long-term operating lease liability		5,363
Current liabilities held for sale	$	49,601

Total depreciation and amortization and capital expenditures for the discontinued operations for the years ended December 31, 2020, 2019 and 2018:

	Year Ended December 31,
	2020		2019		2018

Depreciation and amortization	$	284	$	5,106	$	4,156
Capital expenditures	$	84	$	2,431	$	4,332

Note 3 - Acquisition Activities

12 Months Ended

Dec. 31, 2020

Business Combination Disclosure [Text Block]

NOTE 3 – ACQUISITION ACTIVITIES

DuraMag Acquisition

On October 1, 2020, the Company acquired substantially all of the assets and certain liabilities of F3 MFG Inc. through the Company’s subsidiary, The Shyft Group DuraMag LLC (“DuraMag”). DuraMag is a leading, aluminum truck body and accessory manufacturer, and DuraMag operations include aluminum manufacturing, finishing, assembly, and installation of DuraMag contractor, service, and van bodies, as well as Magnum branded headache racks (also known as cab protection racks or rear racks). The Company paid $18,203 in cash, subject to a net working capital adjustment. The net working capital adjustment was finalized in January 2021, resulting in a decrease to the purchase price of $404. The acquisition was partially financed by borrowing from our existing line of credit, as described in "Note 13 – Debt". DuraMag is part of our Specialty Vehicle segment. During the year ended 2020, we recorded pretax charges totaling $970 for legal expenses and other transaction costs related to the acquisition, which were reported in Selling, general and administrative expense on the Consolidated Statements of Operations.

DuraMag Purchase Price Allocation

The DuraMag acquisition was accounted for using the acquisition 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 customer relationships, DuraMag and Magnum trade names and trademarks, unpatented technology and non-competition agreements. The preliminary excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired of $6,001 was recorded as goodwill, which is expected to be deductible for tax purposes.

The fair values of the net assets acquired were based on a preliminary valuation and the estimates and assumptions are subject to change within the measurement period. The Company will finalize the purchase price allocation for adjustments related to accrued warranty and certain other liabilities that we believe to be insignificant as soon as practicable within the measurement period, but in no event later than one year following the acquisition date.

As of December 31, 2020, the preliminary allocation of purchase price to assets acquired and liabilities assumed is as follows:

Accounts receivable	$	2,230
Inventories		3,659
Other current assets		15
Property, plant and equipment, net		2,949
Right of use assets-operating leases		8,469
Intangible assets		5,590
Goodwill		6,001
Total assets acquired		28,913

Accounts payable		(1,662	)
Accrued compensation and related taxes		(434	)
Current operating lease liabilities		(644	)
Other current liabilities and accrued expenses		(141	)
Long-term operating lease liability		(7,825	)
Long-term debt		(4	)
Total liabilities assumed		(10,710	)

Total purchase price	$	18,203

DuraMag Goodwill Assigned

Intangible assets totaling $5,590 have provisionally been assigned to customer relationships, trade names and trademarks, unpatented technology and non-competition agreements as a result of the acquisition and consist of the following (in thousands):

	Amount		Useful Life (in years)
Customer relationships	$	2,200	15 years
Trade names and trademarks		2,420	Indefinite
Unpatented technology		540	9 years
Non-competition agreements		430	6 years
	$	5,590

The Company amortizes the customer relationships utilizing an accelerated approach and patented technology and non-competition agreements assets utilizing a straight-line approach. Amortization expense, including the intangible assets recorded from the DuraMag acquisition, is $66 for 2020 and estimated to be $278, $278, $299, and $295 for the years 2021 through 2024, respectively.

Goodwill consists of operational synergies that are expected to be realized in both the short and long-term and the opportunity to enter into new markets which will enable us to increase value to our customers and shareholders. Key areas of expected cost savings include an expanded dealer network, complementary product portfolios and manufacturing and supply chain work process improvements.

Due to its insignificant size relative to the Company, supplemental pro forma financial information of the combined entity for the current and prior reporting period is not provided.

Royal Acquisition

On September 9, 2019, the Company completed the acquisition of Fortress Resources, LLC d/b/a Royal Truck Body pursuant to which the Company acquired all the outstanding equity interests of Royal. The Company paid $89,217 in cash, which was financed by borrowing from our existing line of credit, as described in "Note 13 – Debt".

Royal Purchase Price Allocation

The Royal acquisition was accounted for using the acquisition 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 customer relationships, trade names and trademarks, patented technology and non-competition agreements. The excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired of $27,476 was initially recorded as goodwill, which is expected to be deductible for tax purposes.

The initial fair values of the net assets acquired were based on a preliminary valuation and the estimates and assumptions were subject to change within the measurement period. In the second quarter of 2020, the Company agreed to a working capital adjustment with the seller and made certain adjustments which resulted in a decrease to goodwill of $152. The valuation and the estimates and assumptions were finalized during the year ended December 31, 2020, as the measurement period has concluded.

As of December 31, 2020, the final allocation of purchase price to assets acquired and liabilities assumed is as follows:

Cash and cash equivalents	$	431
Accounts receivable, less allowance		5,019
Contract assets		1,499
Inventories, net		6,453
Other receivables – chassis pool agreements		10,424
Property, plant and equipment, net		4,980
Right of use assets-operating leases		12,767
Intangible assets		47,150
Goodwill		27,324
Total assets acquired		116,047

Accounts payable		(1,658	)
Customer prepayments		(255	)
Accrued warranty		(98	)
Operating lease liabilities		(1,693	)
Accrued compensation and related taxes		(569	)
Other current liabilities and accrued expenses		(30	)
Short-term debt – chassis pool agreements		(10,424	)
Long-term operating lease liability		(11,074	)
Long-term debt, less current portion		(1,029	)
Total liabilities assumed		(26,830	)

Total purchase price	$	89,217

Royal Goodwill Assigned

Intangible assets totaling $47,150 have been assigned to customer relationships, trade names and trademarks, patented technology and non-competition agreements as a result of the acquisition and consist of the following (in thousands):

	Amount		Useful Life (in years)
Customer relationships	$	30,000	15
Trade names and trademarks		13,000	Indefinite
Patented technology		2,200	8
Non-competition agreements		1,950	5
	$	47,150

The Company amortizes the customer relationships utilizing an accelerated approach and patented technology and non-competition agreements assets utilizing a straight-line approach. Amortization expense, including the intangible assets recorded from the Royal acquisition, is $2,665 and $666 for 2020 and 2019, respectively, and estimated to be $2,665, $3,162, and $3,072 for the years 2021 through 2023, respectively.

Contingent Consideration

On December 17, 2018, the Company acquired the assets and assumed certain liabilities of Strobes-R-Us, Inc. through the Company’s majority-owned subsidiary, Spartan Upfit Services, Inc. D/B/A Strobes-R-Us (“SRUS”). Pursuant to the purchase agreement, the former owners of the Strobes-R-Us business may receive additional consideration through 2021 in the form of certain performance-based earn-out payments, up to an aggregate maximum of $3,250. The purchase agreement specifies annual payments for each calendar year beginning in 2019 through and including 2021 contingent upon earnings for that calendar year exceeding predetermined thresholds. The recorded contingent liability was $350 and $1,832 as of December 31, 2020 and 2019, respectively, and represents the value of the future consideration, which is ultimately our best estimate of the likelihood of the payments discounted to their present value.

Note 4 - Revenue

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Text Block]

NOTE 4 – REVENUE

Contract Assets and Liabilities

The tables below disclose changes in contract assets and liabilities as of the periods indicated.

	December 31, 2020			December 31, 2019
Contract Assets
Contract assets, beginning of year	$	10,898		$	9,229
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional		(10,898	)		(9,229	)
Contract assets recognized, net of reclassification to receivables		9,414			10,898
Contract assets, end of year		9,414			10,898

Contract Liabilities
Contract liabilities, beginning of year		2,640			871
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied		(2,640	)		(871	)
Cash received in advance and not recognized as revenue		756			2,640
Contract liabilities, end of year		756			2,640

The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the FVS and SV segments are $427,338 and $51,313, respectively, with substantially all revenue expected to be recognized within one year as of December 31, 2020.

For performance obligations that are satisfied over time, revenue is expected to be recognized evenly over the time period to complete the contract due to the assembly line nature of the business operations. For performance obligations that are satisfied at a point in time, revenue is expected to be recognized when the customer obtains control of the product, which is generally upon shipment from our facility. No amounts have been excluded from the transaction prices above related to the guidance on constraining estimates of variable consideration.

In the following tables, revenue is disaggregated by primary geographical market and timing of revenue recognition for the years ended December 31, 2020, 2019, and 2018. The tables also include a reconciliation of the disaggregated revenue with the reportable segments.

	Year Ended December 31, 2020
	FVS		SV		Total Reportable Segments		Other		Total
Primary geographical markets
United States	$	481,452	$	185,060	$	666,512	$	-	$	666,512
Other		9,055		406		9,461		-		9,461
Total sales	$	490,507	$	185,466	$	675,973	$	-	$	675,973

Timing of revenue recognition
Products transferred at a point in time	$	54,972	$	117,247	$	172,219	$	-	$	172,219
Products and services transferred over time		435,535		68,219		503,754		-		503,754
Total sales	$	490,507	$	185,466	$	675,973	$	-	$	675,973

Year Ended December 31, 2019

FVS

SV

Total

Reportable

Segments

Other

Total

Primary geographical markets

United States
$ 554,691 $ 185,768 $ 740,459 $ (5,278
)
$ 735,181

Other
21,203 158 21,361 - 21,361

Total sales
$ 575,894 $ 185,926 $ 761,820 $ (5,278
)
$ 756,542

Timing of revenue recognition

Products transferred at a point in time
$ 164,437 $ 137,894 $ 302,331 $ (5,278
)
$ 297,053

Products and services transferred over time
411,457 48,032 459,489 - 459,489

Total sales
$ 575,894 $ 185,926 $ 761,820 $ (5,278
)
$ 756,542

Year Ended December 31, 2018

FVS

SV

Total

Reportable

Segments

Other

Total

Primary geographical markets

United States
$ 367,730 $ 191,814 $ 559,544 $ (10,221
)
$ 549,323

Other
19,819 1,385 21,204 - 21,204

Total sales
$ 387,549 $ 193,199 $ 580,748 $ (10,221
)
$ 570,527

Timing of revenue recognition

Products transferred at a point in time
$ 113,576 $ 160,408 $ 273,984 $ (10,221
)
$ 263,763

Products and services transferred over time
273,973 32,791 306,764 - 306,764

Total sales
$ 387,549 $ 193,199 $ 580,748 $ (10,221
)
$ 570,527

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Note 5 - Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Text Block]

NOTE 5 – INVENTORIES

Inventories are summarized as follows:

	December 31,
	2020			2019
Finished goods	$	4,200		$	4,764
Work in process		1,908			1,773
Raw materials and purchased components		46,576			57,679
Reserve		(6,256	)		(4,760	)
Total Inventories, net	$	46,428		$	59,456

Note 6 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 6 – GOODWILL AND INTANGIBLE ASSETS

Goodwill

We test goodwill for impairment at the reporting unit level on an annual basis as of October 1, or whenever an event or change in circumstances occurs that would more likely than not reduce the fair value of a reporting unit below its carrying amount. See “Goodwill and Other Intangible Assets” within "Note 1 – Nature of Operations and Basis of Presentation" for a description of our accounting policies regarding goodwill and other intangible assets.

As described in "Note 3 – Acquisition Activities" at December 31, 2020 and 2019, we had recorded goodwill at our Fleet Vehicles and Services and Specialty Vehicles reportable segments. Three reporting units were determined for goodwill impairment testing: Fleet Vehicles and Services, Specialty Vehicles, and Service Truck Bodies, which is a part of the Specialty Vehicles segment. We qualitatively assessed goodwill assigned to the Fleet Vehicles and Services and Specialty Vehicles reporting units and elected to perform quantitative assessment on goodwill assigned to the Service Truck Bodies reporting unit. Our qualitative assessment of the Fleet Vehicles and Services and Specialty Vehicles reporting units found no indicators of impairment. The estimated fair values of our Service Truck Bodies reporting unit exceeded its carrying value as of October 1, 2020, the most recent annual assessment date. DuraMag's goodwill was recorded at the best estimate of fair value as of October 1, 2020 in connection with its initial purchase accounting, therefore, the goodwill was not separately assessed for impairment.

As discussed in "Note 1 – Nature of Operations and Basis of Presentation" there are significant judgments inherent in our impairment assessments and discounted cash flow analyses. These discounted cash flow analyses are most sensitive to the weighted-average cost of capital ("WACC") assumption.

The change in the carrying amount of goodwill for the year ended December 31, 2020 and 2019 were as follows (in thousands):

	FVS					SV				Total
	December 31,					December 31,				December 31,
	2020		2019			2020		2019		2020		2019
Goodwill, beginning of year	$	15,518	$	21,729		$	28,114	$	638	$	43,632	$	22,367
Acquisition and measurement period adjustments		-		(6,211	)		5,849		27,476		5,849		21,265
Goodwill, end of year	$	15,518	$	15,518		$	33,963	$	28,114	$	49,481	$	43,632

OtherIntangible Assets

At December 31, 2020, we had other intangible assets associated with our FVS segment, including customer and dealer relationships, non-compete agreements, an acquired product development project and trade names. The non-compete agreement, 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 and Strobes-R-Us trade names have an indefinite life and are not amortized.

At December 31, 2020, we had other intangible assets associated with our SV segment, including customer relationships, trade names and trademarks, unpatented technology, patented technology and non-competition agreements. We amortize the customer relationships utilizing an accelerated approach over the estimated remaining life. Unpatented technology, patented technology and non-competition agreements are amortized utilizing a straight-line approach over the estimated useful lives. The Royal, DuraMag and Magnum trade names and trademarks are considered to have indefinite lives and are not amortized.

We evaluate the recoverability of our indefinite lived intangible assets, which, as of October 1, 2020, consisted of our Utilimaster, Strobes-R-Us and Royal trade names, by comparing the estimated fair value of the trade names with their carrying values. We estimate the fair value of our trade names based on estimates of future royalty payments that are avoided through our ownership of the trade name, discounted to their present value. In determining the estimated fair value of the trade names, we consider current and projected future levels of sales based on our plans for these trade name branded products, business trends, prospects and market and economic conditions. Because the evaluation of DuraMag's intangible assets including DuraMag and Magnum trade names was assessed as of October 1, 2020, updated testing was not performed nor was deemed necessary. The fair value of our Utilimaster, Strobes-R-Us and Royal trade names exceeded their carrying values, and therefore do not result in an impairment.

The following table provides information regarding our other intangible assets:

	As of December 31, 2020						As of December 31, 2019
	Gross carrying amount		Accumulated amortization		Net		Gross carrying amount		Accumulated amortization		Net
Customer relationships	$	39,770	$	7,390	$	32,380	$	37,570	$	4,943	$	32,627
Unpatented technology		540		15		525		-		-		-
Patented technology		2,200		344		1,856		2,200		69		2,131
Non-compete agreements		3,380		1,145		2,235		2,950		617		2,333
Trade Names		19,390		-		19,390		16,970		-		16,970
	$	65,280	$	8,894	$	56,386	$	59,690	$	5,629	$	54,061

We recorded $3,265, $1,200, and $320 of intangible asset amortization expense during 2020, 2019 and 2018.

The estimated remaining amortization associated with finite-lived intangible assets is expected to be expensed as follows:

	Amount
2021	$	3,406
2022		3,903
2023		3,810
2024		3,477
2025		3,070
Thereafter		19,330
Total	$	36,996

Note 7 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment Disclosure [Text Block]

NOTE 7 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are summarized by major classifications as follows:

	December 31,
	2020			2019
Land and improvements	$	8,721		$	8,692
Buildings and improvements		40,077			38,653
Plant machinery and equipment		41,054			33,348
Furniture and fixtures		16,259			21,416
Vehicles		2,404			1,872
Construction in process		8,724			3,527
Subtotal		117,239			107,508
Less accumulated depreciation		(71,505	)		(67,434	)
Total property, plant and equipment, net	$	45,734		$	40,074

We recorded depreciation expense of $10,638, $5,892, and $6,393 during 2020, 2019, and 2018, respectively. There were no capitalized interest costs in 2020, 2019, or 2018. In the second quarter of 2020, we committed to a plan to phase out the use of an ERP system at certain locations and determined that the estimated useful lives for the related assets had shortened. As a result, in 2020, we recorded depreciation expense of $3,060 attributable to accelerated depreciation and a loss of $2,430 from the write-off of related construction in process. The total after-tax impact on Income from continuing operations was an expense of $4,365 for 2020.

Note 8 - Leases

12 Months Ended

Dec. 31, 2020

Leases of Lessee Disclosure [Text Block]

NOTE 8 – LEASES

We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of one year to 19 years, some of which include options to extend the leases for up to 15 years. Our leases do not contain residual value guarantees. As of December 31, 2020, assets recorded under finance leases were immaterial (See "Note 13 – Debt"). Lease expense totaled $6,913, $4,146, and $2,794 for the years ended December 31, 2020, 2019 and 2018, respectively.

Operating lease expenses are classified as cost of products sold and operating expenses on the Consolidated Statements of Operations. The components of lease expense were as follows:

	Year ended December 31, 2020		Year ended December 31, 2019
Operating leases	$	6,699	$	3,928
Short-term leases ⁽¹⁾		214		218
Total lease expense	$	6,913	$	4,146

(1) Includes expenses for month-to-month equipment leases, which are classified as short-term as the Company is not reasonably certain to renew the lease term beyond one month.

The weighted average remaining lease term and weighted average discount rate were as follows:

Year ended

December 31,

2020

Year ended

December 31,

2019

Weighted average remaining lease term of operating leases (in years)

9.4

8.4

Weighted average discount rate of operating leases

3.1

3.8

Supplemental cash flow information related to leases was as follows:

	Year ended December 31, 2020		Year ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:	$	6,338	$	4,544
Operating cash flow for operating leases

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	16,829	$	10,493
Finance leases	$	141	$	-

Maturities of operating lease liabilities as of December 31, 2020 are as follows:

Years ending December 31:
2021	$	7,616
2022		6,748
2023		6,559
2024		6,404
2025		5,724
Thereafter		17,997
Total lease payments		51,048
Less: imputed interest		(6,878	)
Total lease liabilities	$	44,170

Note 9 - Taxes on Income

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Text Block]

NOTE 9 – TAXES ON INCOME

Income taxes consist of the following:

	Year Ended December 31,
	2020			2019			2018

Taxes on income from continuing operations	$	9,867		$	10,355		$	3,334
Income tax benefits from discontinued operations		(2,255	)		(15,683	)		(1,073	)
Total taxes on income	$	7,612		$	(5,328	)	$	2,261

Income taxes from continuing operations consist of the following:

	Year Ended December 31,
	2020			2019			2018
Current (benefit):
Federal	$	8,191		$	9,883		$	2,819
State		2,474			1,664			758
Foreign		156			128			67
Total current		10,821			11,675			3,644
Deferred (benefit):
Federal		(975	)		(705	)		(316	)
State		21			(615	)		6
Total deferred		(954	)		(1,320	)		(310	)
Total taxes on income	$	9,867		$	10,355		$	3,334

Enacted on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act amended certain provisions of the tax code to allow the five-year carryback of tax basis net operating losses (“NOL”) incurred in the years 2018 through 2020. The closing of the sale of the ERV business in 2020 put the Company into a tax basis NOL position for the year as a result of the reversal of deferred tax assets that were recorded in 2019. Under the CARES Act, the Company will carry the NOL back to offset taxable income incurred in years prior to 2018 when the federal corporate income tax rate was 35%, as compared to the 21% tax rate at which the deferred tax assets were originally recorded. Based upon current accounting guidance, which requires that the impact of tax law changes be recorded in continuing operations, we recorded a $2,610 current period tax benefit in continuing operations resulting from the rate difference as a component of Income tax expense.

On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted. The Tax Act reduced the U.S. corporate income tax rate from 35 percent to 21 percent for tax years beginning after December 31, 2017. In accordance with SAB 118, we recorded a provisional amount of deferred tax expense in connection with the re-measurement of certain deferred tax assets and liabilities as of December 31, 2017. In 2018 we completed the accounting for the effect of the 2017 Tax Act within the measurement period under the SEC guidance and reflected a net $373 decrease in the 2018 income tax expense.

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,
	2020						2019						2018
	Amount			Percen- tage			Amount			Percen- tage			Amount			Percen- tage
Federal income taxes at the statutory rate	$	10,113			21.0	%	$	9,901			21.0	%	$	4,505			21.0	%
State tax expense, net of federal income tax benefit		1,895			3.9			577			1.2			486			2.3
Increase (decrease) in income taxes resulting from:
Tax rate benefit from NOL carryback due to CARES Act		(2,610	)		(5.4	)		-			-			-			-
Deferred income tax re-measurement due to Tax Act		-			-			-			-			(373	)		(1.7	)
Other deferred income tax adjustment		174			0.3			(75	)		(0.2	)		13			-
Non-deductible compensation		1,162			2.4			511			1.1			-			-
Other nondeductible expenses		94			0.2			115			0.2			91			0.4
Foreign derived intangible income deduction		-			-			(45	)		(0.1	)		(35	)		(0.2	)
Stock based compensation		(666	)		(1.4	)		(136	)		(0.3	)		(1,207	)		(5.6	)
Foreign tax expense		156			0.3			128			0.3			67			0.3
Valuation allowance adjustment		(254	)		(0.5	)		135			0.3			60			0.3
Unrecognized tax benefit adjustment		(14	)		-			(61	)		(0.1	)		332			1.6
Federal research and development tax credit		(329	)		(0.7	)		(591	)		(1.3	)		(349	)		(1.6	)
Foreign tax credit		(32	)		-			(38	)		-			(67	)		(0.3	)
Other		178			0.4			(66	)		(0.1	)		(189	)		(0.9	)
Total	$	9,867			20.5	%	$	10,355			22.0	%	$	3,334			15.6	%

Temporary differences which give rise to deferred income tax assets (liabilities) are as follows:

	December 31,
	2020			2019
Deferred income tax assets:
Operating lease liability	$	11,073		$	9,544
Loss on asset impairment for discontinued operations		-			12,764
Warranty reserve		1,239			3,782
Inventory costs and reserves		2,066			2,661
Deferment of employer’s portion Social Security tax payment		979			-
Contract assets		732			7,217
Stock-based compensation		853			1,195
Net operating loss carry-forwards, net of federal income tax benefit		1,664			449
Compensation related accruals		549			698
Credit carry-forwards net of federal income tax benefit		1,018			1,027
Other		445			816
Total deferred income tax assets	$	20,618		$	40,153


Deferred income tax liabilities:
Right of use assets	$	(10,912	)	$	(9,444	)
Depreciation		(2,832	)		(2,666	)
Intangible assets		(879	)		(1,974	)
Prepaid expenses		(154	)		(295	)
Total deferred income tax liabilities	$	(14,777	)	$	(14,379	)

Net deferred income tax assets	$	5,841		$	25,774
Valuation allowance		(82	)		(254	)
Net deferred tax asset	$	5,759		$	25,520

Based upon an assessment of the available positive and negative evidence at December 31, 2020, the net deferred tax asset is more likely than not to be realized based on the consideration of deferred tax liability reversals and future taxable income. The valuation allowance for net deferred income tax assets relates to a state credit carryforward as of December 31, 2020, and to the impact of the limitation on executive compensation deductibility to deferred tax assets related to Stock based compensation at December 31, 2019.

At December 31, 2020 and 2019, we had state deferred income tax assets related to state tax net operating loss carry-forwards, of $2,106 and $569, which begin expiring in 2021. Also, as of December 31, 2020 and 2019, we had deferred income tax assets related to state tax credit carry-forwards of $1,289 and $1,300, which begin expiring in 2021. Due to a current year loss in a certain state jurisdiction, we recorded a valuation allowance against the deferred tax assets related to the same state’s credit carryforward of $82 at December 31, 2020 and none at December 31, 2019.

A reconciliation of the change in the unrecognized tax benefits (“UTB”) for the three years ended December 31, 2020, 2019 and 2018 is as follows:

	2020			2019			2018
Balance at January 1,	$	1,270		$	827		$	565
Increase (decrease) related to prior year tax positions		(109	)		103			35
Increase related to current year tax positions		101			578			319
Expiration of statute		(28	)		(238	)		(92	)
Balance at December 31,	$	1,234		$	1,270		$	827

As of December 31, 2020, we had an ending UTB balance of $1,234 along with $305 of interest and penalties, for a total liability of $1,539 recorded as a non-current liability. The change in interest and penalties amounted to an increase of $92 in 2020, a decrease of $209 in 2019, and an increase of $143 in 2018, which were reflected in Income tax expense within our Consolidated Statements of Operations.

As of December 31, 2020, we are no longer subject to examination by federal taxing authorities for 2015 and earlier years.

We also file tax returns in several states and those jurisdictions remain subject to audit in accordance with relevant state statutes. These audits can involve complex issues that may require an extended period of time to resolve and may cover multiple years. To the extent we prevail in matters for which reserves have been established or are required to pay amounts in excess of our reserves, our effective income tax rate in a given fiscal period could be impacted. However, we do not expect such impacts to be material to our financial statements. An unfavorable tax settlement would require use of our cash and could result in an increase in our effective income tax rate in the period of resolution. A favorable tax settlement could result in a reduction in our effective income tax rate in the period of resolution. We do not expect the total amount of unrecognized tax benefits to significantly increase or decrease over the next twelve months.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Note 10 - Transactions with Major Customers

12 Months Ended

Dec. 31, 2020

Concentration Risk Disclosure [Text Block]

NOTE 10 – TRANSACTIONS WITH MAJOR CUSTOMERS

Major customers are defined as those with sales greater than 10 percent of consolidated sales in a given year. We had certain customers whose sales individually represented 10 percent or more of the Company's total sales as follows:

Year	Number of major customers		Combined percentage of consolidated sales			Segment
2020		1		29.3	%	FVS
2019		2		37.9	%	FVS
2018		4		51.7	%	FVS and SV

Note 11 - Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Text Block]

NOTE 11 – COMMITMENTS AND CONTINGENT LIABILITIES

Under the terms of the Credit Agreement we have the ability to issue letters of credit totaling $20,000. We had outstanding letters of credit totaling $525 at December 31, 2020 and December 31, 2019 related to our workers' compensation insurance.

At December 31, 2020, we and our subsidiaries were parties, both as plaintiff and defendant, to a number of lawsuits and claims arising out of the normal course of our businesses. In the opinion of management, our financial position, future operating results or cash flows will not be materially affected by the final outcome of these legal proceedings.

Warranty Related

We provide limited warranties against assembly/construction defects. These warranties generally provide for the replacement or repair of defective parts or workmanship for a specified period following the date of sale. The end users also may receive limited warranties from suppliers of components that are incorporated into our chassis and vehicles.

Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. Infrequently, a material warranty issue can arise which is 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. An estimate of possible penalty or loss, if any, cannot be made at this time.

Changes in our warranty liability during the years ended December 31, 2020 and 2019 were as follows:

	2020			2019
Balance of accrued warranty at January 1	$	5,694		$	4,407
Provisions for current period sales		3,587			4,383
Cash settlements		(3,205	)		(3,489	)
Changes in liability for pre-existing warranties		(443	)		295
Acquisitions		-			98
Balance of accrued warranty at December 31	$	5,633		$	5,694

Spartan-Gimaex Joint Venture

In February 2015, the Company and Gimaex Holding, Inc. mutually agreed to begin discussions regarding the dissolution of the Spartan-Gimaex joint venture. In June 2015, the Company and Gimaex Holding, Inc. entered into court proceedings to determine the terms of the dissolution. In February 2017, by agreement of the parties, the court proceeding was dismissed with prejudice and the judge entered an order to this effect as the parties agreed to seek a dissolution plan on their own. In late 2019, the Company initiated additional court proceedings to dissolve and liquidate the joint venture. In April of 2020, as a result of a default judgment, the Company was appointed as liquidating trustee of the Gimaex joint venture, but no dissolution terms have been determined as of the date of this Form 10-K. Costs associated with the wind-down will be impacted by the final dissolution terms. In accordance with accounting guidance, the costs we have accrued so far represent the low end of the range of the estimated total charges that we believe we may incur related to the wind-down. While we are unable to determine the final cost of the wind-down with certainty at this time, we may incur additional charges, depending on the final terms of the dissolution. Such charges are not expected to be material to our future operating results.

EPA Information Request

In May 2020, the Company received a letter from the United States Environmental Protection Agency ("EPA") requesting certain information as part of an EPA investigation regarding a potential failure to affix emissions labels on vehicles to determine the Company's compliance with applicable laws and regulations. This information request pertains to chassis, vocational vehicles, and vehicles that the Company manufactured or imported into the U.S. between January 1, 2017 to the date the Company received the request in May 2020. The Company responded to the EPA's request and furnished the requested materials in the third quarter of 2020. An estimate of possible penalties or loss, if any, cannot be made at this time.

Note 12 - Defined Contribution Plans

12 Months Ended

Dec. 31, 2020

Compensation and Employee Benefit Plans [Text Block]

NOTE 12 – DEFINED CONTRIBUTION 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 five years and were $1,762, $1,654, and $1,606 in 2020, 2019 and 2018. These amounts are expensed as incurred.

Note 13 - Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Text Block]

NOTE 13 – DEBT

Short-term debt consists of the following:

	December 31, 2020		December 31, 2019
Chassis pool agreements	$	6,503	$	8,162
Total short-term debt	$	6,503	$	8,162

Chassis Pool Agreements

The Company obtains certain vehicle chassis for its walk-in vans, truck bodies and specialty vehicles directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers, and in some cases, for unallocated orders. The agreements generally state that the manufacturer will provide a supply of chassis to be maintained at the Company’s facilities with the condition that we will store such chassis and will not move, sell, or otherwise dispose of such chassis except under the terms of the agreement. In addition, the manufacturer typically retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales of the chassis to the manufacturer’s dealers. The manufacturer also does not transfer the certificate of origin to the Company nor permit the Company to sell or transfer the chassis to anyone other than the manufacturer (for ultimate resale to a dealer).

Although the Company is party to related finance agreements with manufacturers, the Company has not historically settled, nor expects to in the future settle, any related obligations in cash. Instead, the obligation is settled by the manufacturer upon reassignment of the chassis to an accepted dealer, and the dealer is invoiced for the chassis by the manufacturer. Accordingly, as of December 31, 2020 and December 31, 2019, the Company’s outstanding chassis converter pool with manufacturers totaled $6,503 and $8,162, respectively, and the Company has included this financing agreement on the Company’s Consolidated Balance Sheets within Other receivables – chassis pool agreements and Short-term debt – chassis pool agreements. Typically, chassis are converted and delivered to customers within 90 days of the receipt of the chassis by the Company. The chassis converter pool is a non-cash arrangement and is offsetting between current assets and current liabilities on the Company’s Consolidated Balance Sheets.

Long-term debt consists of the following:

	December 31, 2020			December 31, 2019
Line of credit revolver:	$	22,400		$	87,400
Finance lease obligations		473			496
Other		766			951
Total debt		23,639			88,847
Less current portion of long-term debt		(221	)		(177	)
Total long-term debt	$	23,418		$	88,670

Line of Credit Revolver

On August 8, 2018, we entered into a Credit Agreement (the "Credit Agreement") by and among us and certain of our subsidiaries as borrowers, Wells Fargo Bank, National Association ("Wells Fargo"), as administrative agent, and the lenders party thereto consisting of Wells Fargo, JPMorgan Chase Bank, N.A. and PNC Bank National Association (the "Lenders"). Subsequently, the Credit Agreement was amended on May 14, 2019, September 9, 2019 and September 25, 2019 and certain of our other subsidiaries executed guaranties guarantying the borrowers' obligations under the Credit Agreement. Concurrent with the close of the sale of the ERV business and effective January 31, 2020, the Credit Agreement was further amended by a fourth amendment, which released certain of our subsidiaries that were sold as part of the ERV business. The substantive business terms of the Credit Agreement remain in place and were not changed by the fourth amendment.

As a result, at December 31, 2020, under the Credit Agreement, as amended, we may borrow up to $175,000 from the Lenders under a secured revolving credit facility which matures August 8, 2023. We may also request an increase in the facility of up to $50,000 in the aggregate, subject to customary conditions. The credit facility is also available for the issuance of letters of credit of up to $20,000 and swing line loans of up to $30,000, subject to certain limitations and restrictions. This revolving credit facility carries an interest rate of either (i) the highest of prime rate, the federal funds effective rate from time to time plus 0.5%, or the one month adjusted LIBOR plus 1.0%; or (ii) adjusted LIBOR, in each case plus a margin based upon our ratio of debt to earnings from time to time. The applicable borrowing rate including margin was 1.44% (or one-month LIBOR plus 1.25%) at December 31, 2020. The credit facility is secured by security interests in, and liens on, all assets of the borrowers and guarantors, other than real property and certain other excluded assets. At December 31, 2020 and December 31, 2019, we had outstanding letters of credit totaling $525 related to our workers' compensation insurance.

Under the terms of our Credit Agreement, available borrowings (exclusive of outstanding borrowings) totaled $125,836 and $60,499 at December 31, 2020 and December 31, 2019, respectively. The Credit Agreement requires us to maintain certain financial ratios and other financial covenants; prohibits us from incurring additional indebtedness; limits certain acquisitions, investments, advances or loans; limits our ability to pay dividends in certain circumstances; and restricts substantial asset sales, all subject to certain exceptions and baskets. At December 31, 2020 and December 31, 2019, we were in compliance with all covenants in our Credit Agreement.

In the year ended December 31, 2020 the Company paid down $65,000 of long-term debt, net of borrowings.

Note 14 - Stock Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Text Block]

NOTE 14 – STOCK BASED COMPENSATION

We have stock incentive plans covering certain employees and non-employee directors. Shares reserved for stock awards under these plans total 4,056,250. Total shares remaining available for stock incentive grants under these plans totaled 1,895,970 at December 31, 2020. We are currently authorized to grant new stock options, restricted stock, restricted stock units, stock appreciation rights and performance stock units under our Stock Incentive Plan of 2016.

Restricted Stock

We issue restricted stock, at no cash cost, to our key employees. Shares awarded entitle the shareholder to all rights of common stock ownership except that the shares are subject to the risk of forfeiture and may not be sold, transferred, pledged, exchanged or otherwise disposed of during the vesting period, which is three years. The unearned stock-based compensation related to restricted stock awards, using the market price on the date of grant, is being amortized to compensation expense over the applicable vesting periods. Cash dividends are paid on unvested restricted stock grants and all such dividends vest immediately.

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 years ended December 31, 2020 and 2019, is as follows:

	Total Number of Non-vested Shares (000)			Weighted Average Grant Date Fair Value		Weighted Average Remaining Vesting Life (Years)
Non-vested shares outstanding at December 31, 2018		977		$	7.97
Granted		279			9.38
Vested		(467	)		7.50
Forfeited		(78	)		12.13
Non-vested shares outstanding at December 31, 2019		711			8.58		0.9
Granted		172			13.07
Vested		(460	)		8.42
Forfeited		(53	)		11.85
Non-vested shares outstanding at December 31, 2020		370		$	10.02		1.0

The weighted-average grant date fair value of non-vested shares granted was $13.07, $9.38, and $9.96 for the years ended December 31, 2020, 2019 and 2018. During 2020, 2019 and 2018, we recorded compensation expense, net of cancellations, of $2,637, $3,983, and $4,027, related to restricted stock awards and direct stock grants. The total income tax benefit related to restricted stock awards was $453, $759, and $846 for 2020, 2019 and 2018. For the years ended December 31, 2020, 2019 and 2018, restricted shares vested with a fair market value of $3,876, $3,507, and $4,318. As of December 31, 2020, we had unearned stock-based compensation of $2,376 associated with these restricted stock grants, which will be recognized over a weighted average of 1.4 years.

Performance Stock Units

During the year ended December 31, 2020, we granted 214,299 performance stock units ("PSUs") to certain employees, which are earned over a three-year service period.

After completion of the performance period, the number of performance units earned will be issued as shares of common stock. The aggregate number of shares of common stock that ultimately may be issued under performance units where the performance period has not been completed can range from 0% to 200% of the target amount. The awards will generally be forfeited if a participant leaves the Company for reasons other than retirement, disability or death.

A dividend equivalent is calculated based on the actual number of units earned at the end of the performance period equal to the dividends that would have been payable on the earned units had they been held during the entire performance period as common stock. At the end of the performance period, the dividend equivalents are paid in the form of cash at the discretion of the Human Resources and Compensation Committee.

74,319 of the performance units granted in 2020 are earned based on our three-year cumulative GAAP net income, subject to such adjustments as approved by the Company’s Human Resources and Compensation Committee in its sole discretion (Net Income PSUs), which is a performance condition. 28,505 of the performance units granted in 2020 are earned based on our three-year cumulative weighted target metric, subject to such adjustments as approved by the Company’s Human Resources and Compensation Committee in its sole discretion (Exceptional Performance PSUs), which is a performance condition. The number of shares that may be earned under the Net Income PSUs and Exceptional Performance PSUs can range from 0% to 200% of the target amount. The Net Income PSUs and Exceptional Performance PSUs are expensed and recorded in Common stock on the Consolidated Balance Sheets over the performance period based on the probability that the performance conditions will be met. The expense recorded will be adjusted as the estimate of the total number of Net Income PSUs and Exceptional Performance PSUs that will ultimately be earned changes. The grant date fair value per share of Net Income PSUs and Exceptional Performance PSUs granted in 2020 was $12.24. The grant date fair value per unit is equal to the closing price of the Company’s stock on the date of grant.

111,475 of the performance units granted in 2020 are earned based on achievement of certain total shareholder return results relative to a comparison group of companies ("TSR PSUs"), which is a market condition. The number of shares that may be earned under the TSR PSUs can range from 0% to 200% of the target amount. The TSR PSUs are expensed and recorded in Common stock on the Consolidated Balance Sheets over the performance period.

The fair value of the TSR PSUs granted was calculated using the Monte Carlo simulation model which resulted in the grant date fair value for these TSR PSUs of $18.08 per unit in 2020 and $13.71 per unit in 2019.

The Monte Carlo simulation was computed using the following assumptions:

	Granted in 2020		Granted in 2019
Three-year risk-free interest rate ⁽¹⁾	0.27	%	2.37	%
Expected term (in years)	2.7		2.7
Estimated volatility ⁽²⁾	58.2	%	53.7	%

⁽¹⁾	Based on the U.S. government bond benchmark on the grant date.

⁽²⁾	Represents the historical price volatility of the Company’s common stock for the three-year period preceding the grant date.

The total PSU expense and associated tax benefit for all outstanding awards for the year ended December 31, 2020 was $2,809 and $369, respectively, and for the year ended December 31, 2019 was $642 and $93, respectively. There was no PSU expense or associated tax benefit in the year ended December 31, 2018.

The PSU activity for the years ended December 31, 2020 and 2019, is as follows:

	Total Number of Non-vested Shares (000)			Weighted- Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2018		-		$	-
Granted		218			11.82
Non-vested as of December 31, 2019		218			11.82
Granted		214			15.28
Forfeited		(22	)		11.82
Non-vested as of December 31, 2020		410		$	13.63

As of December 31, 2020, there was $4,093 of remaining unrecognized compensation cost related to non-vested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.8 years.

Restricted Stock Units

During the year ended December 31, 2020, we awarded 194,445 restricted stock units ("RSUs") to certain employees and Board members. These RSUs vest ratably over three years after the date of grant for employees and vest one year after date of grant for Board members, at which time the units will be issued as unrestricted shares of common stock. RSUs are expensed and recorded in Common stock on the Consolidated Balance Sheets over the requisite service period based on the value of the underlying shares on the date of grant. Upon vesting, the dividend equivalents are paid in the form of cash at the discretion of the Human Resources and Compensation Committee.

The RSU expense and associated tax benefit for all outstanding awards for the year ended December 31, 2020 was $1,752 and $362, respectively, and for the year ended December 31, 2019 was $656 and $130, respectively. There was no RSU expense or associated tax benefit in the year ended December 31, 2018.

As of December 31, 2020, there was $1,743 of remaining unrecognized compensation cost related to non-vested RSUs, which is expected to be recognized over a weighted-average period of 1.3 years.

The RSU activity for the years ended December 31, 2020 and 2019, is as follows:

	Total Number of Non-vested Shares (000)			Weighted- Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2018		-		$	-
Granted		182			8.98
Non-vested as of December 31, 2019		182			8.98
Granted		194			13.45
Forfeited		(6	)		16.17
Vested		(158	)		9.56
Non-vested as of December 31, 2020		212		$	12.43

Employee Stock Purchase Plan

We instituted an employee stock purchase plan (“ESPP”) beginning on October 1, 2011 whereby essentially all employees who meet certain service requirements can purchase our common stock on quarterly offering dates at 90% of the fair market value of the shares on the purchase date. A maximum of 750,000 shares are authorized for purchase. During the years ended December 31, 2020, 2019 and 2018, we received proceeds of $198, $231, and $214 for the purchase of 12,000, 22,000, and 20,000 shares under the ESPP.

Note 15 - Shareholders Equity

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note Disclosure [Text Block]

NOTE 15 – SHAREHOLDERS EQUITY

On April 28, 2016, our Board of Directors authorized the repurchase of up to 1.0 million shares of our common stock in open market transactions.

The following table represents our purchases of our common stock during the years ended December 31, 2020 and 2019 under the share repurchase program.

Year Ended

December, 31

purchased

(000)

Purchase

value

Remaining shares

allowable to be

purchased

2020

300

7,503

509

2019

101

793

809

Effective as of November 6, 2020, we amended our articles of incorporation to delete any reference to par value with respect to our common stock, which previously had a par value of $0.01 per share. The amendment was approved by our Board of Directors, pursuant to the authority granted it under the Michigan Business Corporation Act. As a result, we reclassified all amounts in Additional paid in capital to Common stock on our Consolidated Balance Sheets.

On November 6, 2020, the Company filed a Certificate of Elimination of Series B Preferred Stock (the “Series B Preferred Stock”) with the State of Michigan, thereby removing the Certificate of Designation of such Series B Preferred Stock from the Company’s Restated Articles of Incorporation, as amended. No shares of the Series B Preferred Stock were outstanding nor were there any options, warrants, or other rights issued by the Company that could require the issuance of any such shares. The Certificate of Elimination became effective upon filing.

Note 16 - Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Text Block]

NOTE 16 – EARNINGS PER SHARE

The table below reconciles basic weighted average common shares outstanding to diluted weighted average shares outstanding for 2020, 2019 and 2018 (in thousands). Basic earnings per share is based on the weighted average number of common shares outstanding during the period. Diluted earnings per share also include the dilutive effect of additional potential common shares issuable from stock-based awards and are determined using the treasury stock method. Basic earnings per share represents net earnings divided by basic weighted average number of common shares outstanding during the period. Diluted earnings per share represents net earnings divided by diluted weighted average number of common shares outstanding, which includes the average dilutive effect of all potentially dilutive securities that are outstanding during the period. Our unvested restricted stock units and performance stock units are included in the number of shares outstanding for diluted earnings per share calculations, unless a net loss is reported, in which situation unvested stock awards are excluded from the number of shares outstanding for diluted earnings per share calculations.

	Year Ended December 31,
	2020		2019		2018
Basic weighted average common shares outstanding		35,479		35,318		35,187
Plus dilutive effect of Restricted Stock Units and Performance Stock Units		560		98		-
Diluted weighted average common shares outstanding		36,039		35,416		35,187

Note 17 - Business Segments

12 Months Ended

Dec. 31, 2020

Segment Reporting Disclosure [Text Block]

NOTE 17 – BUSINESS SEGMENTS

We identify our reportable segments based on our management structure and the financial data utilized by our chief operating decision maker to assess segment performance and allocate resources among our operating units. We have two reportable segments: Fleet Vehicles and Services and Specialty Vehicles.

We evaluate the performance of our reportable segments based on Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), which is a non-GAAP financial measure. This non-GAAP measure is calculated by excluding items that we believe to be infrequent or not indicative of our underlying operating performance, as well as certain non-cash expenses. In the fourth quarter of 2019, in connection with the divestiture of our ERV business, we refined the definition of Adjusted EBITDA as income from continuing operations before interest, income taxes, depreciation and amortization, as adjusted to eliminate the impact of restructuring charges, acquisition related expenses and adjustments, non-cash stock-based compensation expenses, and other gains and losses not reflective of our ongoing operations.

Our FVS segment consists of our operations at our Bristol, Indiana; Ephrata, Pennsylvania; North Charleston, South Carolina; Charlotte, Michigan and Montebello, California locations along with our operations at our upfit centers in Kansas City, Missouri; North Charleston, South Carolina; Pompano Beach and West Palm Beach, Florida; and Saltillo, Mexico. The segment focuses on designing and manufacturing walk-in vans for parcel delivery, mobile retail, and trades and construction industries, the production of commercial truck bodies, and the distribution of related aftermarket parts and accessories.

Our SV segment consists of our Charlotte, Michigan operations that engineer and manufacture motor home chassis and other specialty chassis, and distribute related aftermarket parts and assemblies. In addition, beginning in September 2019 with the acquisition of Royal, the SV segment includes operations in Carson and McClellan Park, California; Mesa, Arizona; and Dallas and Weatherford, Texas. Royal is a leading California-based designer, manufacturer and installer of service truck bodies and accessories. In addition, beginning in October 2020 with the acquisition of DuraMag, the SV segment includes operations in Waterville, Maine. DuraMag is a leading aluminum truck body and accessory manufacturer and its operations include aluminum manufacturing, finishing, assembly, and installation of DuraMag contractor, service, and van bodies, as well as Magnum branded truck accessories including headache racks.

The accounting policies of the segments are the same as those described, or referred to, in "Note 1 – Nature of Operations and Basis of Presentation". Assets and related depreciation expense in the column labeled “Eliminations and Other” pertain to capital assets maintained at the corporate level. Eliminations for inter-segment sales are shown in the column labeled “Eliminations and other”. Segment loss from operations in the “Eliminations and other” column contains corporate related expenses not allocable to the operating segments. Interest expense and Taxes on income are not included in the information utilized by the chief operating decision makers to assess segment performance and allocate resources, and accordingly, are excluded from the segment results presented below.

Sales to customers outside the United States were $9,461, $21,361, and $21,204 for the years ended December 31, 2020, 2019 and 2018, or 1.4%, 2.8%, and 3.7%, respectively, of sales for those years. All of our long-lived assets are located in the United States.

Sales and other financial information by business segment are as follows:

Year Ended December 31, 2020

	Segment
	FVS		SV		Eliminations and Other			Consolidated
Fleet vehicles sales	$	455,551	$	-	$	-		$	455,551
Motor home chassis sales		-		107,849		-			107,849
Other specialty vehicles sales		-		67,581		-			67,581
Aftermarket parts and accessories sales		34,956		10,036		-			44,992
Total sales	$	490,507	$	185,466	$	-		$	675,973

Depreciation and amortization expense	$	3,446	$	5,895	$	4,562		$	13,903
Adjusted EBITDA		85,210		18,982		(27,846	)		76,346
Segment assets		138,120		170,630		50,299			359,049
Capital expenditures		10,390		3,296		2,260			15,946

Year Ended December 31, 2019

	Segment
	FVS		SV		Eliminations and Other			Consolidated
Fleet vehicles sales	$	504,023	$	5,278	$	(5,278	)	$	504,023
Motor home chassis sales		-		127,130		-			127,130
Other specialty vehicles sales		-		43,067		-			43,067
Aftermarket parts and accessories sales		71,871		10,451		-			82,322
Total sales	$	575,894	$	185,926	$	(5,278	)	$	756,542

Depreciation and amortization expense	$	2,466	$	2,104	$	1,503		$	6,073
Adjusted EBITDA		60,663		20,716		(17,334	)		64,045
Segment assets		154,138		137,777		67,897			359,812
Capital expenditures		2,851		2,220		2,525			7,596

Year Ended December 31, 2018

	Segment
	FVS		SV		Eliminations and Other			Consolidated
Fleet vehicles sales	$	297,627	$	10,221	$	(10,221	)	$	297,627
Motor home chassis sales		-		149,533		-			149,533
Other specialty vehicles sales		-		22,570		-			22,570
Aftermarket parts and accessories sales		89,922		10,875		-			100,797
Total sales	$	387,549	$	193,199	$	(10,221	)	$	570,527

Depreciation and amortization expense	$	2,401	$	1,495	$	2,318		$	6,214
Adjusted EBITDA		26,680		18,620		(9,915	)		35,385
Segment assets		117,508		17,335		82,264			217,107
Capital expenditures		1,859		116		2,678			4,653

The table below presents the reconciliation of our consolidated income from continuing operations to Adjusted EBITDA. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income. Adjusted EBITDA may have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. In addition, although we have excluded certain charges in calculating Adjusted EBITDA, we may in the future incur expenses similar to these adjustments, despite our assessment that such expenses are infrequent and/or not indicative of our regular, ongoing operating performance. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or infrequent items.

	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Income from continuing operations	$	38,289		$	36,790		$	18,116
Net (income) loss attributable to non-controlling interest		(347	)		(140	)		-
Interest expense		1,293			1,839			1,080
Income tax		9,867			10,355			3,334
Depreciation and amortization expense		13,903			6,073			6,214
Restructuring and other related charges		1,873			316			662
Acquisition related expenses and adjustments		1,332			3,531			1,952
Non-cash stock-based compensation expense		7,706			5,281			4,027
Loss from write-off of construction in process		2,430			-			-
Adjusted EBITDA	$	76,346		$	64,045		$	35,385

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

Note 18 - Related Party Transactions

12 Months Ended

Dec. 31, 2020

NOTE 18 – RELATED PARTY TRANSACTIONS

Angela Freeman, who has served on The Shyft Group, Inc.'s Board of Directors since August 5, 2019, is the Chief Human Resources Officer at C.H. Robinson. The Company engaged C.H. Robinson for transportation and logistics services through a competitive bid process in December 2018. For the year ended December 31, 2020 and during the period August 5, 2019 through December 31, 2019, the Company utilized C.H. Robinson for services totaling $7,536 and $6,723, respectively.

Note 19 - Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information [Text Block]

NOTE 19 – QUARTERLY FINANCIAL DATA (UNAUDITED)

Summarized quarterly financial data for the years ended December 31, 2020 and 2019 is as follows. As discussed in "Note 2 – Discontinued Operations" effective February 1, 2020, we completed the sale of our ERV business. The results of the ERV business have been classified as discontinued operations for all periods presented. Full year amounts may not sum due to rounding.

	2020 Quarter Ended												2019 Quarter Ended
	Mar 31			June 30			Sept 30⁽¹⁾			Dec 31			Mar 31			June 30			Sept 30			Dec 31
Sales	$	176,948		$	123,970		$	203,473		$	171,582		$	172,206		$	179,673		$	224,703		$	179,960

Gross profit		36,301			24,005			50,750			35,221			20,720			20,859			38,029			37,419

Operating expenses		22,941			25,740			24,349			24,399			14,767			14,608			20,915			19,123

Income (loss) from continuing operations		11,742			(1,134	)		19,375			8,306			4,835			4,544			13,126			14,285

Loss from discontinued operations, net of income taxes		(3,864	)		(157	)		(598	)		(504	)		(3,298	)		(1,255	)		(2,711	)		(41,952	)

Net income (loss) attributable to The Shyft Group, Inc.		7,811			(1,361	)		18,736			7,633			1,397			3,504			10,354			(27,821	)

Basic earnings (loss) per share
Continuing operations		0.33			(0.03	)		0.55			0.22			0.13			0.14			0.37			0.40
Discontinued operations		(0.11	)		(0.01	)		(0.02	)		(0.01	)		(0.09	)		(0.04	)		(0.08	)		(1.19	)
Basic earnings per share		0.22			(0.04	)		0.53			0.21			0.04			0.10			0.29			(0.79	)

Diluted earnings (loss) per share
Continuing operations		0.33			(0.03	)		0.54			0.22			0.13			0.14			0.37			0.40
Discontinued operations		(0.11	)		(0.01	)		(0.02	)		(0.01	)		(0.09	)		(0.04	)		(0.08	)		(1.18	)
Diluted earnings per share		0.22			(0.04	)		0.52			0.21			0.04			0.10			0.29			(0.78	)

⁽¹⁾ See "Note 1 – Nature of Operations and Basis of Presentation" for immaterial adjustment.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
THE SHYFT GROUP, INC. AND SUBSIDIARIES

Column A	Column B		Column C				Column D			Column E

Description	Balance at Beginning of Period		Additions Charged to Costs and Expenses		Additions Charged to Other Accounts (Acquisition)		Deductions			Balance at End of Period

Year ended December 31, 2020:

Allowance for doubtful accounts	$	228	$	69	$	-	$	(181	)	$	118


Year ended December 31, 2019:

Allowance for doubtful accounts	$	99	$	415	$	-	$	(286	)	$	228


Year ended December 31, 2018:

Allowance for doubtful accounts	$	98	$	32	$	-	$	(31	)	$	99

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]

Non-Controlling Interest. At December 31, 2020, The Shyft Group USA, Inc. held a 50% share in Spartan-Gimaex, however, due to the management and operational structure of the joint venture, The Shyft Group USA, Inc. was considered to have had the ability to control the operations of Spartan-Gimaex. Accordingly, Spartan-Gimaex is reported as a consolidated subsidiary of The Shyft Group, Inc. The joint venture is not currently active and is in the process of being dissolved. At December 31, 2020, the Company holds an 80% share in Strobes-R-Us (SRUS), which is reported as a consolidated subsidiary of the Company within the Fleet Vehicles and Services segment.

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 have a material impact on the financial statements.

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition. Essentially all of our revenue is generated through contracts with our customers. We may recognize revenue over time or at a point in time when or as obligations under the terms of a contract with our customer are satisfied, depending on the terms and features of the contract and the products supplied. Our contracts generally do not have any significant variable consideration. The collectability of consideration on the contract is reasonably assured before revenue is recognized. On certain vehicles, payment may be received in advance of us satisfying our performance obligations. Such payments are recorded in Deposits from customers on the Consolidated Balance Sheets. The corresponding performance obligations are generally satisfied within one year of the contract inception. In such cases, we have elected to apply the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component. The financing impact on contracts that contain performance obligations that are not expected to be satisfied within one year are expected to be immaterial to our consolidated financial statements.

We have elected to utilize the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred because the amortization period for the prepaid costs that would have otherwise been deferred and amortized is one year or less. We use an observable price to allocate the stand-alone selling price to separate performance obligations within a contract or a cost-plus margin approach when an observable price is not available. The estimated costs to fulfill our base warranties are recognized as expense when the products are sold (see “Note 11 – Commitments and Contingent Liabilities” for further information on warranties). Our contracts with customers do not contain a provision for product returns, except for contracts related to certain parts sales.

Revenue for parts sales for all segments is recognized at the time that control and risk of ownership has passed to the customer, which is generally when the ordered part is shipped to the customer. Historical return rates on parts sales have been immaterial. Accordingly, no return reserve has been recorded. Instead, returns are recognized as a reduction of revenue at the time that they are received.

For certain of our vehicles and chassis, we sell separately priced service contracts that provide roadside assistance or extend certain warranty coverage beyond our base warranty agreements. These separately priced contracts range from one to six years from the date of the shipment of the related vehicle or chassis. We receive payment with the shipment of the related vehicle or at the inception of the extended service contract, if later, and recognize revenue over the coverage term of the agreement, generally on a straight-line basis, which approximates the pattern of costs expected to be incurred in satisfying the obligations under the contract.

Distinct revenue recognition policies for our segments are as follows:

Fleet Vehicles and Services ("FVS")

Our walk-in vans and truck bodies are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligation for these walk-in vans and truck bodies is satisfied as the vehicles are built. Accordingly, the revenue and corresponding cost of products sold associated with these contracts are recognized over time based on the inputs completed for a given performance obligation during the reporting period. Certain contracts will specify that a walk-in van or truck body is to be built on a chassis that we purchase and subsequently sell to the customer. The revenue on these contracts is recognized at the time that the performance obligation is satisfied, and control and risk of ownership has passed to the customer, which is generally upon shipment of the vehicle from our manufacturing facility to the customer or receipt of the vehicle by the customer, depending on contract terms. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized.

Revenue for upfit and field service contracts is recognized over time, as equipment is installed in the customer’s vehicle or as repairs and enhancements are made to the customer’s vehicles. Revenue and the corresponding cost of products sold is estimated based on the inputs completed for a given performance obligation. Our performance obligation for upfit and field service contracts is satisfied when the equipment installation or repairs and enhancements of the customer’s vehicle have been completed. Our receivables are generally collected in less than three months, in accordance with our underlying payment terms.

Specialty Vehicles ("SV")

We recognize revenue and the corresponding cost of products sold on the sale of motorhome chassis when the performance obligation is completed and control and risk of ownership of the chassis has passed to our customer, which is generally upon shipment of the chassis or vehicle to the customer.

Revenue and the corresponding cost of products sold associated with other specialty chassis is recognized over time based on the inputs completed for a given performance obligation during the reporting period. Other specialty chassis are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligations for other specialty chassis contracts are satisfied as the products are assembled. Our receivables will generally be collected in less than three months, in accordance with our underlying payment terms.

Business Combinations Policy [Policy Text Block]

Business Combinations. When acquiring other businesses, we recognize identifiable assets acquired and liabilities assumed at their acquisition date estimated fair values, and separately from any goodwill that may be required to be recognized. Goodwill, when recognizable, is measured as the excess amount of any consideration transferred, which is measured at fair value, over the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available.

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 arise that affect their accuracy, which may cause actual results to differ from those estimated by us. 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 year after the acquisition date.

Costs incurred to effect an acquisition, such as legal, accounting, valuation or other third-party costs, as well as internal general and administrative costs incurred are charged to expense in the periods incurred.

Shipping and Handling of Products [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 highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Accounts Receivable [Policy Text Block]

Accounts Receivable. Our receivables are subject to credit risk, and we do not typically require collateral on our accounts receivable. We perform periodic credit evaluations of our customers’ financial condition and generally require a security interest in the products sold. Receivables generally are due within 30 to 60 days. We maintain an allowance for customer accounts that reduces receivables to amounts that are expected to be collected. In estimating the allowance for doubtful accounts consistent with it reflecting related lifetime expected credit losses, management considers relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets.

Inventory, Policy [Policy Text Block]

Inventories are stated at the lower of first-in, first-out cost or net realizable value. Estimated inventory allowances for slow-moving inventory are based upon current assessments about future demands, market conditions and related management initiatives. If market conditions are less favorable than those projected by management, additional inventory allowances may be required.

Contract Assets, Policy [Policy Text Block]

Contract Assets arise upon the transfer of goods or services to a customer before the customer pays consideration. The Company presents the contract as either a contract asset or as a receivable, depending on the nature of the entity’s right to consideration for its performance. Contract assets are a right to consideration in exchange for goods or services that the Company has transferred to a customer, when the right is conditioned on something other than the passage of time.

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 years for buildings and improvements, three to 15 years for plant machinery and equipment, three to seven years for furniture and fixtures and three to five years for vehicles. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the asset. Maintenance and repair costs are charged to earnings, while expenditures that increase asset lives are capitalized. We review our property, plant and equipment, along with all other long-lived assets that have finite lives, including finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. See "Note 7 – Property, Plant and Equipment" for further information on our property and equipment.

Discontinued Operations, Policy [Policy Text Block]

Assets and Liabilities Held for Sale We classify assets and liabilities (disposal groups) to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the disposal group; the disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such disposal groups; an active program to locate a buyer and other actions required to complete the plan to sell the disposal group have been initiated; the sale of the disposal group is probable, and transfer of the disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond the Company's control extend the period of time required to sell the disposal group beyond one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

We initially measure a disposal group that is classified as held for sale at the lower of its carrying value or fair value less costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale. We assess the fair value of a disposal group each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale.

Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale in the Consolidated Balance Sheets. Depreciation is not recorded during the period in which the long-lived assets, included in the disposal group, are classified as held for sale.

Additionally, we report the reporting results for a disposal group in discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations if the disposal represents a strategic shift that has or will have a major effect on our operations and financial results.

Related Party Transactions. We purchase certain components used in the manufacture of our products and logistics services from parties that could be considered related to us because one or more of our executive officers or board members is also an executive officer or board member of the related party. See "Note 18 – Related Party Transactions" for more information regarding our transactions with related parties.

Goodwill and Intangible Assets, Policy [Policy Text Block]

Goodwill and Other Intangible Assets. Goodwill represents the excess of the cost of a business combination over the fair value of the net assets acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to impairment tests on an annual basis, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Goodwill is allocated to the reporting unit from which it was created. A reporting unit is an operating segment or sub-segment to which goodwill is assigned when initially recorded. We review indefinite lived intangible assets annually for impairment by comparing the carrying value of those assets to their fair value.

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 be recoverable.

We perform our annual goodwill and indefinite lived intangible assets impairment test as of October 1 and monitor for interim triggering events on an ongoing basis. For goodwill we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Under authoritative guidance, we are not required to calculate the fair value of a reporting unit unless we determine that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. We have the option to bypass the qualitative assessment and proceed to a quantitative impairment test.

If we elect to bypass the qualitative assessment for a reporting unit, or if after completing the assessment we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative impairment test, whereby we compare the fair value of a reporting unit with its carrying amount, including goodwill. The fair value of the reporting unit is determined by estimating the future cash flows of the reporting unit to which the goodwill relates, and then discounting the future cash flows at a market-participant-derived weighted-average cost of capital (“WACC”). In determining the estimated future cash flows, we consider current and projected future levels of income based on our plans for that business; business trends, prospects and market and economic conditions; and market-participant considerations. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered to not be impaired. If the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss is recognized in an amount equal to the excess, up to the carrying value of the goodwill.

We evaluate the recoverability of our indefinite lived intangible assets, which consists of our Utilimaster and Royal Truck Body trade names, by comparing the estimated fair value of the trade names with their carrying values. We estimate the fair value of our trade names based on estimates of future royalty payments that are avoided through our ownership of the trade name, discounted to their present value. In determining the estimated fair value of the trade names, we consider current and projected future levels of sales based on our plans for Utilimaster and Royal Truck Body branded products, 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 2 – Discontinued Operations” for further details on our goodwill and indefinite-lived intangible assets related to the ERV business. See “Note 6 – Goodwill and Intangible Assets” for further details on our goodwill and other 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 11 – Commitments and Contingent Liabilities" for further information regarding warranties.

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. Sales associated with these deposits are recognized over time based on the inputs completed for a given performance obligation during the reporting period or deferred and recognized upon shipment of the related product to the customer depending on the terms of the contract.

Research and Development Expense, Policy [Policy Text Block]

Research and Development. Our research and development costs, which consist of compensation costs, travel and entertainment, administrative expenses and new product development among other items, are expensed as incurred.

Income Tax, Policy [Policy Text Block]

Taxes on Income. We recognize deferred income tax assets and liabilities using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Deferred tax liabilities generally represent tax expense recognized for which payment has been deferred, or expenses which have been deducted in our tax returns, but which have not yet been recognized as an expense in our financial statements.

We establish valuation allowances for deferred income tax assets in accordance with GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At each reporting period, we consider the scheduled reversal of deferred tax liabilities, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. Although we believe the estimates are reasonable, no assurance can be given that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals.

Interest and penalties attributable to income taxes are recorded as a component of income taxes. See "Note 9 – Taxes on Income" for further details on our income taxes.

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share. Basic earnings per share is based on the weighted average number of common shares outstanding during the period. Diluted earnings per share also include the dilutive effect of additional potential common shares issuable from stock-based awards and are determined using the treasury stock method. Basic earnings per share represents net earnings divided by basic weighted average number of common shares outstanding during the period. Diluted earnings per share represents net earnings divided by diluted weighted average number of common shares outstanding, which includes the average dilutive effect of all potentially dilutive securities that are outstanding during the period. Our unvested restricted stock units and performance stock units are included in the number of shares outstanding for diluted earnings per share calculations, unless a net loss is reported, in which situation unvested stock awards are excluded from the number of shares outstanding for diluted earnings per share calculations. See "Note 14 – Stock-Based Compensation" and "Note 16 – Earnings Per Share" for further details.

Share-based Payment Arrangement [Policy Text Block]

Stock-Based Compensation. Stock based compensation costs for equity-based awards is measured on the grant date based on the estimated fair value of the award at that date, and is recognized over the requisite service period, net of estimated forfeitures. Fair value of restricted stock awards, restricted stock units and performance stock units subject to a performance condition is based upon the quoted market price of the common stock on the date of grant. Fair value of performance stock units subject to a market condition is calculated using the Monte Carlo simulation model. Our stock-based compensation plans are described in more detail in "Note 14 – 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, 2020 and 2019 of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to their short-term nature. The carrying value of variable rate debt instruments approximate their fair value based on their relative terms and market rates.

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 maker to assess segment performance and allocate resources among our operating units. We have two reportable segments: Fleet Vehicles and Services and Specialty Vehicles. More detailed information about our reportable segments can be found in "Note 17 – Business Segments".

Supplemental Disclosures of Cash Flow Policy [Policy Text Block]

Supplemental Disclosures of Cash Flow Information. Cash paid for interest was $1,757, $1,844, and $630 for 2020, 2019, and 2018. Cash paid for income taxes, net of refunds, was $608, $4,942, and $5,054 for 2020, 2019 and 2018. Non-cash investing in 2020 included $1,496 of capital expenditures and in 2018 included the issuance of the Company’s stock in the amount of $1,950, which was reversed in 2019, and a contingent liability for the value of future consideration of $1,832 in conjunction with our acquisition of SRUS. See "Note 3 – Acquisition Activities" for further information about the acquisition. The Company has Chassis Pool Agreements, where it participates in a chassis converter pool that is a non-cash arrangement and is offsetting between current assets and current liabilities on the Company’s Consolidated Balance Sheets. See "Note 13 – Debt" for further information about the Chassis Pool Agreements.

Except for the changes below, we have consistently applied the accounting policies to all periods presented in these consolidated financial statements.

New Accounting Pronouncements, Policy [Policy Text Block]

Adoption of Current Expected Credit Losses Accounting Policy. Effective January 1, 2020, we adopted ASU 2016-13 and all related amendments, which require entities to use a new impairment model based on current expected credit losses (“CECL”) rather than incurred losses, which recognized credit losses when it was probable a loss had been incurred. Credit losses under CECL are determined using a method that reflects lifetime expected credit losses by considering relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets. We applied ASU 2016-13 using the modified retrospective method and the cumulative effect of adoption was not material. Therefore, the comparative information has not been adjusted and continues to be reported under prior accounting guidance.

Adoption of Lease Accounting Policy. We applied ASU 2016-02 and all related amendments (“ASC 842”) using the modified retrospective method by recognizing the cumulative effect of adoption as an adjustment to the opening balance of retained earnings at January 1, 2019. Therefore, the comparative information has not been adjusted and continues to be reported under prior leasing guidance. In addition, we elected to apply the following package of practical expedients on a consistent basis permitting entities not to reassess: (i) whether any expired or existing contracts are or contain a lease; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. As a result, as of January 1, 2019 we recorded right-of-use ("ROU") assets of $13,582 for operating leases and $675 for financing leases. We also recorded operating lease liabilities of $13,716 and finance lease liabilities of $696. The decrease to retained earnings was $113, net of the tax effect of $42 reflecting the cumulative impact of the accounting change. The standard did not have a material effect on consolidated net income (loss) or cash flows.

We determine if an arrangement is a lease at inception. Operating leases are included in ROU assets - operating leases, Operating lease liability, and Long-term operating lease liability on our Consolidated Balance Sheets. Finance leases are included in Other assets, Other current liabilities and accrued expenses and Other non-current liabilities on our Consolidated Balance Sheets.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. We include options to extend or terminate the lease in our lease term when it is reasonably certain that we will exercise that option. Lease expense for lease payments on operating leases is recognized on a straight-line basis over the lease term.

We do not record a ROU asset or lease liability for leases with an expected term of 12 months or less. Expenses for these leases are recognized on a straight-line basis over the lease term.

We have lease agreements with lease and non-lease components, which are accounted for separately for leases related to real property. For leases related to personal property we account for lease and non-lease components associated with a lease as a single lease component.

Accounting Standards Not Yet Adopted

In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of Topic 740 and improving consistent application of Generally Accepted Accounting Principles ("GAAP") for other areas of Topic 740 by clarifying and amending existing guidance. The provisions of this standard are effective for reporting periods beginning after December 15, 2020 and early adoption is permitted. The adoption of the provisions of ASU 2019-12 is not expected to have a material impact on our consolidated financial position, results of operations or cash flows.

Immaterial Revision of Previously Issued Condensed Consolidated Financial Statement [Policy Text Block]

Immaterial Revision of Previously Issued Condensed Consolidated Financial Statements

During the fourth quarter of 2020, errors in the accounting for transactions associated with the divestiture of the Company’s ERV business were identified. These errors related to the quarterly condensed consolidated financial statements for the period ended September 30, 2020 resulting in the adjustment of certain balance sheet and statement of operations financial statement accounts. The Company assessed the materiality of these errors considering both qualitative and quantitative factors and determined that for the period ended September 30, 2020, the errors were not material.

The table below presents the impact of the revisions on the Company’s condensed consolidated financial statements:

Condensed Consolidated Balance Sheet (in 000’s) (Unaudited)

	September 30, 2020
	As Previously Reported		Adjustment			As Revised

Cash and cash equivalents	$	43,055	$	346		$	43,401
Accounts receivable, less allowance of $198		99,461		(6,672	)		92,789
Total current assets		217,490		(6,326	)		211,164
Total Assets		395,119		(6,326	)		388,793

Accounts payable		63,433		(5,998	)		57,435
Total current liabilities		111,033		(5,998	)		105,035
Total liabilities		195,454		(5,998	)		189,456
Retained earnings		109,288		(328	)		108,960
Total Liabilities and Shareholders’ Equity		395,119		(6,326	)		388,793

Condensed Consolidated Statement of Operations (in 000’s) (Unaudited)

Nine Months Ended September 30, 2020

As Previously Reported

Adjustment

As Revised

Loss from discontinued operations, net of income taxes
$ (4,619 ) $ (328 ) $ (4,947 )

Net income
25,364 (328 ) 25,036

Net income attributable to The Shyft Group, Inc.
25,186 (328 ) 24,858

Condensed Consolidated Statement of Cash Flows (in 000’s) (Unaudited)

	Nine Months Ended September 30, 2020
	As Previously Reported			Adjustment			As Revised

Net income	$	25,364		$	(328	)	$	25,036
Changes in accounts receivable and contract assets		(40,027	)		6,672			(33,355	)
Changes in accounts payable		(1,265	)		(5,998	)		(7,263	)
Total adjustments		(4,717	)		346			(4,371	)
Net cash provided by operating activities		20,647			346			20,993

As a result of the immaterial revisions above, Specialty Vehicle total segment assets were originally reported as $155,429 resulting in an overstatement of ($6,326) in "Note 11 – Business Segments" of the condensed consolidated financial statements as of September 30, 2020.

Note 1 - Nature of Operations and Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

Condensed Consolidated Balance Sheet (in 000’s) (Unaudited)

	September 30, 2020
	As Previously Reported		Adjustment			As Revised

Cash and cash equivalents	$	43,055	$	346		$	43,401
Accounts receivable, less allowance of $198		99,461		(6,672	)		92,789
Total current assets		217,490		(6,326	)		211,164
Total Assets		395,119		(6,326	)		388,793

Accounts payable		63,433		(5,998	)		57,435
Total current liabilities		111,033		(5,998	)		105,035
Total liabilities		195,454		(5,998	)		189,456
Retained earnings		109,288		(328	)		108,960
Total Liabilities and Shareholders’ Equity		395,119		(6,326	)		388,793

Condensed Consolidated Statement of Operations (in 000’s) (Unaudited)

	Nine Months Ended September 30, 2020
	As Previously Reported			Adjustment			As Revised

Loss from discontinued operations, net of income taxes	$	(4,619	)	$	(328	)	$	(4,947	)
Net income		25,364			(328	)		25,036
Net income attributable to The Shyft Group, Inc.		25,186			(328	)		24,858

Condensed Consolidated Statement of Cash Flows (in 000’s) (Unaudited)

	Nine Months Ended September 30, 2020
	As Previously Reported			Adjustment			As Revised

Net income	$	25,364		$	(328	)	$	25,036
Changes in accounts receivable and contract assets		(40,027	)		6,672			(33,355	)
Changes in accounts payable		(1,265	)		(5,998	)		(7,263	)
Total adjustments		(4,717	)		346			(4,371	)
Net cash provided by operating activities		20,647			346			20,993

Note 2 - Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2020

Disposal Groups, Including Discontinued Operations [Table Text Block]

	Year Ended December 31,
	2020			2019			2018

Sales	$	19,167		$	261,860		$	245,637
Cost of products sold		18,678			245,785			220,526
Gross profit		489			16,075			25,111
Operating expenses		4,484			28,864			31,516
Operating loss		(3,995	)		(12,789	)		(6,405	)
Loss on asset impairments		-			53,131			-
Other income (expense)		(3,383	)		1,021			2,228
Loss from discontinued operations before taxes		(7,378	)		(64,899	)		(4,177	)
Income tax benefit		2,255			15,683			1,073
Net loss from discontinued operations	$	(5,123	)	$	(49,216	)	$	(3,104	)

	December 31,
	2019
Assets:
Accounts receivable, net	$	30,760
Contract assets		36,740
Inventories		32,329
Other current assets		1,142
Property, plant and equipment,		21,967
Right of use assets – operating leases		5,960
Intangible assets		1,050
Other noncurrent assets		52
Impairment of carrying value		(39,275	)
Current assets held for sale	$	90,725

	December 31,
	2019
Liabilities:
Accounts payable		4,213
Accrued warranty		11,347
Accrued compensation and related taxes		3,047
Deposits from customers		21,409
Operating lease liability		727
Other current liabilities		3,495
Long-term operating lease liability		5,363
Current liabilities held for sale	$	49,601

	Year Ended December 31,
	2020		2019		2018

Depreciation and amortization	$	284	$	5,106	$	4,156
Capital expenditures	$	84	$	2,431	$	4,332

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

Note 3 - Acquisition Activities (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Accounts receivable	$	2,230
Inventories		3,659
Other current assets		15
Property, plant and equipment, net		2,949
Right of use assets-operating leases		8,469
Intangible assets		5,590
Goodwill		6,001
Total assets acquired		28,913

Accounts payable		(1,662	)
Accrued compensation and related taxes		(434	)
Current operating lease liabilities		(644	)
Other current liabilities and accrued expenses		(141	)
Long-term operating lease liability		(7,825	)
Long-term debt		(4	)
Total liabilities assumed		(10,710	)

Total purchase price	$	18,203

Cash and cash equivalents	$	431
Accounts receivable, less allowance		5,019
Contract assets		1,499
Inventories, net		6,453
Other receivables – chassis pool agreements		10,424
Property, plant and equipment, net		4,980
Right of use assets-operating leases		12,767
Intangible assets		47,150
Goodwill		27,324
Total assets acquired		116,047

Accounts payable		(1,658	)
Customer prepayments		(255	)
Accrued warranty		(98	)
Operating lease liabilities		(1,693	)
Accrued compensation and related taxes		(569	)
Other current liabilities and accrued expenses		(30	)
Short-term debt – chassis pool agreements		(10,424	)
Long-term operating lease liability		(11,074	)
Long-term debt, less current portion		(1,029	)
Total liabilities assumed		(26,830	)

Total purchase price	$	89,217

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

	Amount		Useful Life (in years)
Customer relationships	$	2,200	15 years
Trade names and trademarks		2,420	Indefinite
Unpatented technology		540	9 years
Non-competition agreements		430	6 years
	$	5,590

	Amount		Useful Life (in years)
Customer relationships	$	30,000	15
Trade names and trademarks		13,000	Indefinite
Patented technology		2,200	8
Non-competition agreements		1,950	5
	$	47,150

Note 4 - Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	December 31, 2020			December 31, 2019
Contract Assets
Contract assets, beginning of year	$	10,898		$	9,229
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional		(10,898	)		(9,229	)
Contract assets recognized, net of reclassification to receivables		9,414			10,898
Contract assets, end of year		9,414			10,898

Contract Liabilities
Contract liabilities, beginning of year		2,640			871
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied		(2,640	)		(871	)
Cash received in advance and not recognized as revenue		756			2,640
Contract liabilities, end of year		756			2,640

Disaggregation of Revenue [Table Text Block]

	Year Ended December 31, 2020
	FVS		SV		Total Reportable Segments		Other		Total
Primary geographical markets
United States	$	481,452	$	185,060	$	666,512	$	-	$	666,512
Other		9,055		406		9,461		-		9,461
Total sales	$	490,507	$	185,466	$	675,973	$	-	$	675,973

Timing of revenue recognition
Products transferred at a point in time	$	54,972	$	117,247	$	172,219	$	-	$	172,219
Products and services transferred over time		435,535		68,219		503,754		-		503,754
Total sales	$	490,507	$	185,466	$	675,973	$	-	$	675,973

	Year Ended December 31, 2019
	FVS		SV		Total Reportable Segments		Other			Total
Primary geographical markets
United States	$	554,691	$	185,768	$	740,459	$	(5,278	)	$	735,181
Other		21,203		158		21,361		-			21,361
Total sales	$	575,894	$	185,926	$	761,820	$	(5,278	)	$	756,542

Timing of revenue recognition
Products transferred at a point in time	$	164,437	$	137,894	$	302,331	$	(5,278	)	$	297,053
Products and services transferred over time		411,457		48,032		459,489		-			459,489
Total sales	$	575,894	$	185,926	$	761,820	$	(5,278	)	$	756,542

	Year Ended December 31, 2018
	FVS		SV		Total Reportable Segments		Other			Total
Primary geographical markets
United States	$	367,730	$	191,814	$	559,544	$	(10,221	)	$	549,323
Other		19,819		1,385		21,204		-			21,204
Total sales	$	387,549	$	193,199	$	580,748	$	(10,221	)	$	570,527

Timing of revenue recognition
Products transferred at a point in time	$	113,576	$	160,408	$	273,984	$	(10,221	)	$	263,763
Products and services transferred over time		273,973		32,791		306,764		-			306,764
Total sales	$	387,549	$	193,199	$	580,748	$	(10,221	)	$	570,527

Note 5 - Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Inventory, Current [Table Text Block]

	December 31,
	2020			2019
Finished goods	$	4,200		$	4,764
Work in process		1,908			1,773
Raw materials and purchased components		46,576			57,679
Reserve		(6,256	)		(4,760	)
Total Inventories, net	$	46,428		$	59,456

Note 6 - Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Goodwill [Table Text Block]

	FVS					SV				Total
	December 31,					December 31,				December 31,
	2020		2019			2020		2019		2020		2019
Goodwill, beginning of year	$	15,518	$	21,729		$	28,114	$	638	$	43,632	$	22,367
Acquisition and measurement period adjustments		-		(6,211	)		5,849		27,476		5,849		21,265
Goodwill, end of year	$	15,518	$	15,518		$	33,963	$	28,114	$	49,481	$	43,632

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	As of December 31, 2020						As of December 31, 2019
	Gross carrying amount		Accumulated amortization		Net		Gross carrying amount		Accumulated amortization		Net
Customer relationships	$	39,770	$	7,390	$	32,380	$	37,570	$	4,943	$	32,627
Unpatented technology		540		15		525		-		-		-
Patented technology		2,200		344		1,856		2,200		69		2,131
Non-compete agreements		3,380		1,145		2,235		2,950		617		2,333
Trade Names		19,390		-		19,390		16,970		-		16,970
	$	65,280	$	8,894	$	56,386	$	59,690	$	5,629	$	54,061

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

	Amount
2021	$	3,406
2022		3,903
2023		3,810
2024		3,477
2025		3,070
Thereafter		19,330
Total	$	36,996

Note 7 - Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Table Text Block]

	December 31,
	2020			2019
Land and improvements	$	8,721		$	8,692
Buildings and improvements		40,077			38,653
Plant machinery and equipment		41,054			33,348
Furniture and fixtures		16,259			21,416
Vehicles		2,404			1,872
Construction in process		8,724			3,527
Subtotal		117,239			107,508
Less accumulated depreciation		(71,505	)		(67,434	)
Total property, plant and equipment, net	$	45,734		$	40,074

Note 8 - Leases (Tables)

12 Months Ended

Dec. 31, 2020

Lease, Cost [Table Text Block]

	Year ended December 31, 2020		Year ended December 31, 2019
Operating leases	$	6,699	$	3,928
Short-term leases ⁽¹⁾		214		218
Total lease expense	$	6,913	$	4,146

Year ended

December 31,

2020

Year ended

December 31,

2019

Weighted average remaining lease term of operating leases (in years)

9.4

8.4

Weighted average discount rate of operating leases

3.1

3.8

	Year ended December 31, 2020		Year ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:	$	6,338	$	4,544
Operating cash flow for operating leases

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	16,829	$	10,493
Finance leases	$	141	$	-

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Years ending December 31:
2021	$	7,616
2022		6,748
2023		6,559
2024		6,404
2025		5,724
Thereafter		17,997
Total lease payments		51,048
Less: imputed interest		(6,878	)
Total lease liabilities	$	44,170

Note 9 - Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Income Tax Expense (Benefit), Including Discontinued Operations [Table Text Block]

	Year Ended December 31,
	2020			2019			2018

Taxes on income from continuing operations	$	9,867		$	10,355		$	3,334
Income tax benefits from discontinued operations		(2,255	)		(15,683	)		(1,073	)
Total taxes on income	$	7,612		$	(5,328	)	$	2,261

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Year Ended December 31,
	2020			2019			2018
Current (benefit):
Federal	$	8,191		$	9,883		$	2,819
State		2,474			1,664			758
Foreign		156			128			67
Total current		10,821			11,675			3,644
Deferred (benefit):
Federal		(975	)		(705	)		(316	)
State		21			(615	)		6
Total deferred		(954	)		(1,320	)		(310	)
Total taxes on income	$	9,867		$	10,355		$	3,334

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year Ended December 31,
	2020						2019						2018
	Amount			Percen- tage			Amount			Percen- tage			Amount			Percen- tage
Federal income taxes at the statutory rate	$	10,113			21.0	%	$	9,901			21.0	%	$	4,505			21.0	%
State tax expense, net of federal income tax benefit		1,895			3.9			577			1.2			486			2.3
Increase (decrease) in income taxes resulting from:
Tax rate benefit from NOL carryback due to CARES Act		(2,610	)		(5.4	)		-			-			-			-
Deferred income tax re-measurement due to Tax Act		-			-			-			-			(373	)		(1.7	)
Other deferred income tax adjustment		174			0.3			(75	)		(0.2	)		13			-
Non-deductible compensation		1,162			2.4			511			1.1			-			-
Other nondeductible expenses		94			0.2			115			0.2			91			0.4
Foreign derived intangible income deduction		-			-			(45	)		(0.1	)		(35	)		(0.2	)
Stock based compensation		(666	)		(1.4	)		(136	)		(0.3	)		(1,207	)		(5.6	)
Foreign tax expense		156			0.3			128			0.3			67			0.3
Valuation allowance adjustment		(254	)		(0.5	)		135			0.3			60			0.3
Unrecognized tax benefit adjustment		(14	)		-			(61	)		(0.1	)		332			1.6
Federal research and development tax credit		(329	)		(0.7	)		(591	)		(1.3	)		(349	)		(1.6	)
Foreign tax credit		(32	)		-			(38	)		-			(67	)		(0.3	)
Other		178			0.4			(66	)		(0.1	)		(189	)		(0.9	)
Total	$	9,867			20.5	%	$	10,355			22.0	%	$	3,334			15.6	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2020			2019
Deferred income tax assets:
Operating lease liability	$	11,073		$	9,544
Loss on asset impairment for discontinued operations		-			12,764
Warranty reserve		1,239			3,782
Inventory costs and reserves		2,066			2,661
Deferment of employer’s portion Social Security tax payment		979			-
Contract assets		732			7,217
Stock-based compensation		853			1,195
Net operating loss carry-forwards, net of federal income tax benefit		1,664			449
Compensation related accruals		549			698
Credit carry-forwards net of federal income tax benefit		1,018			1,027
Other		445			816
Total deferred income tax assets	$	20,618		$	40,153


Deferred income tax liabilities:
Right of use assets	$	(10,912	)	$	(9,444	)
Depreciation		(2,832	)		(2,666	)
Intangible assets		(879	)		(1,974	)
Prepaid expenses		(154	)		(295	)
Total deferred income tax liabilities	$	(14,777	)	$	(14,379	)

Net deferred income tax assets	$	5,841		$	25,774
Valuation allowance		(82	)		(254	)
Net deferred tax asset	$	5,759		$	25,520

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	2020			2019			2018
Balance at January 1,	$	1,270		$	827		$	565
Increase (decrease) related to prior year tax positions		(109	)		103			35
Increase related to current year tax positions		101			578			319
Expiration of statute		(28	)		(238	)		(92	)
Balance at December 31,	$	1,234		$	1,270		$	827

Note 10 - Transactions with Major Customers (Tables)

12 Months Ended

Dec. 31, 2020

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

Year	Number of major customers		Combined percentage of consolidated sales			Segment
2020		1		29.3	%	FVS
2019		2		37.9	%	FVS
2018		4		51.7	%	FVS and SV

Note 11 - Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Product Warranty Liability [Table Text Block]

	2020			2019
Balance of accrued warranty at January 1	$	5,694		$	4,407
Provisions for current period sales		3,587			4,383
Cash settlements		(3,205	)		(3,489	)
Changes in liability for pre-existing warranties		(443	)		295
Acquisitions		-			98
Balance of accrued warranty at December 31	$	5,633		$	5,694

Note 13 - Debt (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Short-term Debt [Table Text Block]

	December 31, 2020		December 31, 2019
Chassis pool agreements	$	6,503	$	8,162
Total short-term debt	$	6,503	$	8,162

Schedule of Long-term Debt Instruments [Table Text Block]

	December 31, 2020			December 31, 2019
Line of credit revolver:	$	22,400		$	87,400
Finance lease obligations		473			496
Other		766			951
Total debt		23,639			88,847
Less current portion of long-term debt		(221	)		(177	)
Total long-term debt	$	23,418		$	88,670

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

Note 14 - Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

	Total Number of Non-vested Shares (000)			Weighted Average Grant Date Fair Value		Weighted Average Remaining Vesting Life (Years)
Non-vested shares outstanding at December 31, 2018		977		$	7.97
Granted		279			9.38
Vested		(467	)		7.50
Forfeited		(78	)		12.13
Non-vested shares outstanding at December 31, 2019		711			8.58		0.9
Granted		172			13.07
Vested		(460	)		8.42
Forfeited		(53	)		11.85
Non-vested shares outstanding at December 31, 2020		370		$	10.02		1.0

Schedule of Share-based Payment Award, Valuation Assumptions [Table Text Block]

	Granted in 2020		Granted in 2019
Three-year risk-free interest rate ⁽¹⁾	0.27	%	2.37	%
Expected term (in years)	2.7		2.7
Estimated volatility ⁽²⁾	58.2	%	53.7	%

Share-based Payment Arrangement, Activity [Table Text Block]

	Total Number of Non-vested Shares (000)			Weighted- Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2018		-		$	-
Granted		218			11.82
Non-vested as of December 31, 2019		218			11.82
Granted		214			15.28
Forfeited		(22	)		11.82
Non-vested as of December 31, 2020		410		$	13.63

	Total Number of Non-vested Shares (000)			Weighted- Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2018		-		$	-
Granted		182			8.98
Non-vested as of December 31, 2019		182			8.98
Granted		194			13.45
Forfeited		(6	)		16.17
Vested		(158	)		9.56
Non-vested as of December 31, 2020		212		$	12.43

Note 15 - Shareholders Equity (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Common Stock Repurchased and Retired [Table Text Block]

Year Ended

December, 31

purchased

(000)

Purchase

value

Remaining shares

allowable to be

purchased

2020

300

7,503

509

2019

101

793

809

Note 16 - Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Weighted Average Number of Shares [Table Text Block]

	Year Ended December 31,
	2020		2019		2018
Basic weighted average common shares outstanding		35,479		35,318		35,187
Plus dilutive effect of Restricted Stock Units and Performance Stock Units		560		98		-
Diluted weighted average common shares outstanding		36,039		35,416		35,187

Note 17 - Business Segments (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Segment
	FVS		SV		Eliminations and Other			Consolidated
Fleet vehicles sales	$	455,551	$	-	$	-		$	455,551
Motor home chassis sales		-		107,849		-			107,849
Other specialty vehicles sales		-		67,581		-			67,581
Aftermarket parts and accessories sales		34,956		10,036		-			44,992
Total sales	$	490,507	$	185,466	$	-		$	675,973

Depreciation and amortization expense	$	3,446	$	5,895	$	4,562		$	13,903
Adjusted EBITDA		85,210		18,982		(27,846	)		76,346
Segment assets		138,120		170,630		50,299			359,049
Capital expenditures		10,390		3,296		2,260			15,946

	Segment
	FVS		SV		Eliminations and Other			Consolidated
Fleet vehicles sales	$	504,023	$	5,278	$	(5,278	)	$	504,023
Motor home chassis sales		-		127,130		-			127,130
Other specialty vehicles sales		-		43,067		-			43,067
Aftermarket parts and accessories sales		71,871		10,451		-			82,322
Total sales	$	575,894	$	185,926	$	(5,278	)	$	756,542

Depreciation and amortization expense	$	2,466	$	2,104	$	1,503		$	6,073
Adjusted EBITDA		60,663		20,716		(17,334	)		64,045
Segment assets		154,138		137,777		67,897			359,812
Capital expenditures		2,851		2,220		2,525			7,596

	Segment
	FVS		SV		Eliminations and Other			Consolidated
Fleet vehicles sales	$	297,627	$	10,221	$	(10,221	)	$	297,627
Motor home chassis sales		-		149,533		-			149,533
Other specialty vehicles sales		-		22,570		-			22,570
Aftermarket parts and accessories sales		89,922		10,875		-			100,797
Total sales	$	387,549	$	193,199	$	(10,221	)	$	570,527

Depreciation and amortization expense	$	2,401	$	1,495	$	2,318		$	6,214
Adjusted EBITDA		26,680		18,620		(9,915	)		35,385
Segment assets		117,508		17,335		82,264			217,107
Capital expenditures		1,859		116		2,678			4,653

Schedule of Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization [Table Text Block]

	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Income from continuing operations	$	38,289		$	36,790		$	18,116
Net (income) loss attributable to non-controlling interest		(347	)		(140	)		-
Interest expense		1,293			1,839			1,080
Income tax		9,867			10,355			3,334
Depreciation and amortization expense		13,903			6,073			6,214
Restructuring and other related charges		1,873			316			662
Acquisition related expenses and adjustments		1,332			3,531			1,952
Non-cash stock-based compensation expense		7,706			5,281			4,027
Loss from write-off of construction in process		2,430			-			-
Adjusted EBITDA	$	76,346		$	64,045		$	35,385

Note 19 - Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information [Table Text Block]

	2020 Quarter Ended												2019 Quarter Ended
	Mar 31			June 30			Sept 30⁽¹⁾			Dec 31			Mar 31			June 30			Sept 30			Dec 31
Sales	$	176,948		$	123,970		$	203,473		$	171,582		$	172,206		$	179,673		$	224,703		$	179,960

Gross profit		36,301			24,005			50,750			35,221			20,720			20,859			38,029			37,419

Operating expenses		22,941			25,740			24,349			24,399			14,767			14,608			20,915			19,123

Income (loss) from continuing operations		11,742			(1,134	)		19,375			8,306			4,835			4,544			13,126			14,285

Loss from discontinued operations, net of income taxes		(3,864	)		(157	)		(598	)		(504	)		(3,298	)		(1,255	)		(2,711	)		(41,952	)

Net income (loss) attributable to The Shyft Group, Inc.		7,811			(1,361	)		18,736			7,633			1,397			3,504			10,354			(27,821	)

Basic earnings (loss) per share
Continuing operations		0.33			(0.03	)		0.55			0.22			0.13			0.14			0.37			0.40
Discontinued operations		(0.11	)		(0.01	)		(0.02	)		(0.01	)		(0.09	)		(0.04	)		(0.08	)		(1.19	)
Basic earnings per share		0.22			(0.04	)		0.53			0.21			0.04			0.10			0.29			(0.79	)

Diluted earnings (loss) per share
Continuing operations		0.33			(0.03	)		0.54			0.22			0.13			0.14			0.37			0.40
Discontinued operations		(0.11	)		(0.01	)		(0.02	)		(0.01	)		(0.09	)		(0.04	)		(0.08	)		(1.18	)
Diluted earnings per share		0.22			(0.04	)		0.52			0.21			0.04			0.10			0.29			(0.78	)

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2020

Valuation Allowances and Reserves [Table Text Block]

Column A	Column B		Column C				Column D			Column E

Description	Balance at Beginning of Period		Additions Charged to Costs and Expenses		Additions Charged to Other Accounts (Acquisition)		Deductions			Balance at End of Period

Year ended December 31, 2020:

Allowance for doubtful accounts	$	228	$	69	$	-	$	(181	)	$	118


Year ended December 31, 2019:

Allowance for doubtful accounts	$	99	$	415	$	-	$	(286	)	$	228


Year ended December 31, 2018:

Allowance for doubtful accounts	$	98	$	32	$	-	$	(31	)	$	99

Note 1 - Nature of Operations and Basis of Presentation (Details Textual) $ in Thousands				3 Months Ended	12 Months Ended
	Oct. 01, 2020 USD ($)	Feb. 01, 2020 USD ($)	Jan. 01, 2019 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2020 USD ($)
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability				$ 2,610			$ (373)
Deferred Employer Social Security Tax Payments, Installment to be Paid Next Fiscal Year					$ 1,969
Deferred Employer Social Security Tax Payments, Installment to be Paid, Year Two					$ 1,969
Number of Reportable Segments					2
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total					$ 1,757	$ 1,844	630
Income Taxes Paid, Net, Total					608	4,942	5,054
Capital Expenditures Incurred but Not yet Paid					1,496
Stock Issued							1,950
Operating Lease, Right-of-Use Asset					43,430	32,147
Operating Lease, Liability, Total					44,170
Finance Lease, Liability, Total					473	496
Retained Earnings (Accumulated Deficit), Ending Balance					109,286	86,764		$ 108,960
Assets, Total					$ 359,049	$ 450,537		388,793
Previously Reported [Member]
Retained Earnings (Accumulated Deficit), Ending Balance								109,288
Assets, Total								395,119
Revision of Prior Period, Adjustment [Member]
Retained Earnings (Accumulated Deficit), Ending Balance								(328)
Assets, Total								(6,326)
Specialty Vehicles [Member] \| Previously Reported [Member]
Assets, Total								155,429
Specialty Vehicles [Member] \| Revision of Prior Period, Adjustment [Member]
Assets, Total								$ (6,326)
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset			$ 13,582
Finance Lease, Right-of-Use Asset			675
Operating Lease, Liability, Total			13,716
Finance Lease, Liability, Total			696
Accounting Standards Update 2016-02 [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Retained Earnings (Accumulated Deficit), Ending Balance			(113)
Retained Earnings, Tax			$ 42
Strobes-R-Us Inc. [Member]
Accounts Receivable, Amount Forgiven							$ 1,832
Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)					20 years
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)					3 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)					15 years
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)					3 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)					7 years
Vehicles [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)					3 years
Vehicles [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)					5 years
Spartan-Gimaex Joint Venture [Member]
Noncontrolling Interest, Ownership Percentage by Parent					50.00%
Strobes-R-Us Inc. [Member]
Noncontrolling Interest, Ownership Percentage by Parent					80.00%
Discontinued Operations, Disposed of by Sale [Member] \| Disposal of Emergency Response and Vehicle Business [Member]
Proceeds from Divestiture of Businesses		$ 55,000
Payments for Divestiture of Businesses After Working Capital Adjustment	$ 7,500

Note 1 - Nature of Operations and Basis of Presentation - Impact of Revisions (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Sep. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Cash and cash equivalents

$ 20,995

$ 43,401

$ 19,349

$ 43,401

$ 20,995

$ 19,349

Accounts receivable, less allowance of $198

64,695

92,789

58,874

92,789

64,695

58,874

Total current assets

156,207

211,164

252,808

211,164

156,207

252,808

Assets, Total

359,049

388,793

450,537

388,793

359,049

450,537

Total current liabilities

47,487

57,435

54,713

57,435

47,487

54,713

93,363

105,035

157,957

105,035

93,363

157,957

Total liabilities

158,890

189,456

278,790

189,456

158,890

278,790

Retained Earnings (Accumulated Deficit), Ending Balance

109,286

108,960

86,764

108,960

109,286

86,764

Total Liabilities and Shareholders’ Equity

359,049

388,793

450,537

388,793

359,049

450,537

Loss from discontinued operations, net of income taxes

(504)

(598)

^[1]

$ (157)

$ (3,864)

(41,952)

$ (2,711)

$ (1,255)

$ (3,298)

(5,123)

(49,216)

$ (3,104)

33,166

(12,426)

15,012

$ 7,633

18,736

^[1]

$ (1,361)

$ 7,811

$ (27,821)

$ 10,354

$ 3,504

$ 1,397

32,819

(12,566)

15,012

(6,037)

12,700

(27,957)

(10,674)

(20,404)

35,297

31,166

46,607

(6,986)

Previously Reported [Member]

$ 64,332

$ 34,181

$ 8,026

Cash and cash equivalents

43,055

Accounts receivable, less allowance of $198

99,461

Total current assets

217,490

Assets, Total

395,119

Total current liabilities

63,433

111,033

Total liabilities

195,454

Retained Earnings (Accumulated Deficit), Ending Balance

109,288

Total Liabilities and Shareholders’ Equity

395,119

Loss from discontinued operations, net of income taxes

(4,619)

25,364

25,186

(40,027)

(1,265)

(4,717)

Revision of Prior Period, Adjustment [Member]

20,647

Cash and cash equivalents

346

Accounts receivable, less allowance of $198

(6,672)

Total current assets

(6,326)

Assets, Total

(6,326)

Total current liabilities

(5,998)

(5,998)

Total liabilities

(5,998)

Retained Earnings (Accumulated Deficit), Ending Balance

(328)

Total Liabilities and Shareholders’ Equity

$ (6,326)

(6,326)

Loss from discontinued operations, net of income taxes

(328)

(328)

(328)

6,672

(5,998)

346

Loss from discontinued operations, net of income taxes

346

As Revised [Member]

(4,947)

25,036

24,858

(33,355)

(7,263)

(4,371)

Loss from discontinued operations, net of income taxes

$ 20,993

[1]	See "Note 1 - Nature of Operations and Basis of Presentation" for immaterial adjustment.

Note 1 - Nature of Operations and Basis of Presentation - Impact of Revisions (Details) (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Accounts receivable, allowance	$ 116	$ 198	$ 228
Previously Reported [Member]
Accounts receivable, allowance		$ 198

Note 2 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands			12 Months Ended
	Oct. 01, 2020	Feb. 01, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Asset Impairment, Total			$ 0	$ 13,856	$ 0
Impairment of Long-Lived Assets to be Disposed of			0	39,275	$ 0
Emergency Response Vehicles [Member]
Goodwill and Intangible Asset Impairment, Total				13,856
Discontinued Operations, Disposed of by Sale [Member] \| Disposal of Emergency Response and Vehicle Business [Member]
Proceeds from Divestiture of Businesses		$ 55,000
Payments for Divestiture of Businesses After Working Capital Adjustment	$ 7,500
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total			$ (3,383)
Discontinued Operations, Held-for-sale [Member] \| Disposal of Emergency Response and Vehicle Business [Member]
Impairment of Long-Lived Assets to be Disposed of				39,275
Disposal Group, Including Discontinued Operation, Selling Expense				$ 3,604

Note 2 - Discontinued Operations - Schedule of Discontinued Operations for Financial Statements (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

^[1]

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Income tax benefit

$ (2,255)

$ (15,683)

$ (1,073)

$ (504)

$ (598)

$ (157)

$ (3,864)

$ (41,952)

$ (2,711)

$ (1,255)

$ (3,298)

(5,123)

(49,216)

(3,104)

Impairment of carrying value

(39,275)

Disposal of Emergency Response and Vehicle Business [Member] | Discontinued Operations, Held-for-sale [Member]

Sales

19,167

261,860

245,637

Cost of products sold

18,678

245,785

220,526

Gross profit

489

16,075

25,111

Operating expenses

4,484

28,864

31,516

Operating loss

(3,995)

(12,789)

(6,405)

Loss on asset impairments

53,131

Other income (expense)

(3,383)

1,021

2,228

Loss from discontinued operations before taxes

(7,378)

(64,899)

(4,177)

Income tax benefit

(2,255)

(15,683)

(1,073)

Loss from discontinued operations, net of income taxes

(5,123)

(49,216)

(3,104)

Accounts receivable, net

30,760

Contract assets

36,740

Inventories

32,329

Other current assets

1,142

Property, plant and equipment,

21,967

Right of use assets – operating leases

5,960

Intangible assets

1,050

Other noncurrent assets

Impairment of carrying value

(39,275)

Current assets held for sale

90,725

Accrued compensation and related taxes

4,213

Accrued warranty

11,347

3,047

Deposits from customers

21,409

Operating lease liability

727

Other current liabilities

3,495

Long-term operating lease liability

5,363

Current liabilities held for sale

$ 49,601

49,601

Depreciation and amortization

284

5,106

4,156

$ 84

$ 2,431

$ 4,332

[1]	See "Note 1 - Nature of Operations and Basis of Presentation" for immaterial adjustment.

Note 3 - Acquisition Activities (Details Textual) - USD ($) $ in Thousands			1 Months Ended	6 Months Ended	12 Months Ended
	Oct. 01, 2020	Sep. 09, 2019	Jan. 31, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 17, 2018
Goodwill, Ending Balance					$ 49,481	$ 43,632	$ 22,367
Finite-Lived Intangible Asset, Expected Amortization, Year One					3,406
Finite-Lived Intangible Asset, Expected Amortization, Year Two					3,903
Finite-Lived Intangible Asset, Expected Amortization, Year Three					3,810
Finite-Lived Intangible Asset, Expected Amortization, Year Four					3,477
Goodwill, Purchase Accounting Adjustments					5,849	21,265
Amortization of Intangible Assets, Total					3,265	1,200	$ 320
DuraMag [Member]
Payments to Acquire Businesses, Gross	$ 18,203
Goodwill, Ending Balance	6,001
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total	5,590
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	66
Finite-Lived Intangible Asset, Expected Amortization, Year One	278
Finite-Lived Intangible Asset, Expected Amortization, Year Two	278
Finite-Lived Intangible Asset, Expected Amortization, Year Three	299
DuraMag [Member] \| Customer Relationships [Member]
Finite-Lived Intangible Asset, Expected Amortization, Year Four	$ 295
DuraMag [Member] \| Selling, General and Administrative Expenses [Member]
Business Combination, Acquisition Related Costs					970
DuraMag [Member] \| Subsequent Event [Member]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred			$ (404)
Royal [Member]
Payments to Acquire Businesses, Gross		$ 89,217
Goodwill, Ending Balance		27,324
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total		47,150
Finite-Lived Intangible Asset, Expected Amortization, Year One					2,665
Finite-Lived Intangible Asset, Expected Amortization, Year Two					3,162
Finite-Lived Intangible Asset, Expected Amortization, Year Three					3,072
Goodwill, Initial Amount		27,476
Goodwill, Purchase Accounting Adjustments				$ 152
Amortization of Intangible Assets, Total					2,665	666
Proceeds from Lines of Credit, Total		$ 89,217
Strobes-R-Us Inc. [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High								$ 3,250
Business Combination, Contingent Consideration, Liability, Total					$ 350	$ 1,832

Note 3 - Acquisition Activities - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Oct. 01, 2020	Dec. 31, 2019	Sep. 09, 2019	Dec. 31, 2018
Goodwill, Ending Balance	$ 49,481		$ 43,632		$ 22,367
DuraMag [Member]
Accounts receivable		$ 2,230
Inventories		3,659
Other current assets		15
Property, plant and equipment, net		2,949
Right of use assets-operating leases		8,469
Intangible assets		5,590
Goodwill, Ending Balance		6,001
Total assets acquired		28,913
Accounts payable		(1,662)
Accrued compensation and related taxes		(434)
Current operating lease liabilities		(644)
Other current liabilities and accrued expenses		(141)
Long-term operating lease liability		(7,825)
Long-term debt		(4)
Total liabilities assumed		(10,710)
Total purchase price		$ 18,203
Royal [Member]
Accounts receivable				$ 5,019
Inventories				6,453
Other current assets				10,424
Property, plant and equipment, net				4,980
Right of use assets-operating leases				12,767
Intangible assets				47,150
Goodwill, Ending Balance				27,324
Accounts payable				(1,658)
Accrued compensation and related taxes				(569)
Other current liabilities and accrued expenses				(30)
Long-term operating lease liability				(11,074)
Long-term debt				(1,029)
Total liabilities assumed				(26,830)
Total purchase price				89,217
Cash and cash equivalents				431
Contract assets				1,499
Total assets acquired				116,047
Customer prepayments				(255)
Accrued warranty				(98)
Operating lease liabilities				(1,693)
Short-term debt – chassis pool agreements				$ (10,424)

Note 3 - Acquisition Activities - Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 01, 2020	Sep. 09, 2019
DuraMag [Member]
Amount	$ 5,590
DuraMag [Member] \| Trademarks and Trade Names [Member]
Trade names and trademarks	2,420
DuraMag [Member] \| Customer Relationships [Member]
Amount	$ 2,200
Useful Life (Year)	15 years
DuraMag [Member] \| Unpatented Technology [Member]
Amount	$ 540
Useful Life (Year)	9 years
DuraMag [Member] \| Noncompete Agreements [Member]
Amount	$ 430
Useful Life (Year)	6 years
Royal [Member]
Amount		$ 47,150
Royal [Member] \| Trademarks and Trade Names [Member]
Trade names and trademarks		13,000
Royal [Member] \| Customer Relationships [Member]
Amount		$ 30,000
Useful Life (Year)		15 years
Royal [Member] \| Patented Technology [Member]
Amount		$ 2,200
Useful Life (Year)		8 years
Royal [Member] \| Noncompete Agreements [Member]
Amount		$ 1,950
Useful Life (Year)		5 years

Note 4 - Revenue (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 $ in Thousands	Dec. 31, 2020 USD ($)
Fleet Vehicles and Services [Member]
Revenue, Remaining Performance Obligation, Amount	$ 427,338
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Specialty Vehicles [Member]
Revenue, Remaining Performance Obligation, Amount	$ 51,313
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year

Note 4 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Contract assets, beginning of year	$ 10,898	$ 9,229
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional	(10,898)	(9,229)
Contract assets recognized, net of reclassification to receivables	9,414	10,898
Contract assets, end of year	9,414	10,898
Contract liabilities, beginning of year	2,640	871
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied	(2,640)	(871)
Cash received in advance and not recognized as revenue	756	2,640
Contract liabilities, end of year	$ 756	$ 2,640

Note 4 - Revenue - Disaggregated Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

^[1]

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Transferred at Point in Time [Member]

$ 171,582

$ 203,473

$ 123,970

$ 176,948

$ 179,960

$ 224,703

$ 179,673

$ 172,206

$ 675,973

$ 756,542

$ 570,527

Transferred over Time [Member]

172,219

297,053

263,763

Operating Segments [Member]

503,754

459,489

306,764

Operating Segments [Member] | Transferred at Point in Time [Member]

675,973

761,820

580,748

Operating Segments [Member] | Transferred over Time [Member]

172,219

302,331

273,984

Consolidation, Eliminations [Member]

503,754

459,489

306,764

Consolidation, Eliminations [Member] | Transferred at Point in Time [Member]

(5,278)

(10,221)

Consolidation, Eliminations [Member] | Transferred over Time [Member]

(5,278)

(10,221)

Fleet Vehicles and Services [Member] | Operating Segments [Member]

Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred at Point in Time [Member]

490,507

575,894

387,549

Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred over Time [Member]

54,972

164,437

113,576

Specialty Vehicles [Member] | Operating Segments [Member]

435,535

411,457

273,973

Specialty Vehicles [Member] | Operating Segments [Member] | Transferred at Point in Time [Member]

185,466

185,926

193,199

Specialty Vehicles [Member] | Operating Segments [Member] | Transferred over Time [Member]

117,247

137,894

160,408

68,219

48,032

32,791

UNITED STATES

UNITED STATES | Operating Segments [Member]

666,512

735,181

549,323

UNITED STATES | Consolidation, Eliminations [Member]

666,512

740,459

559,544

UNITED STATES | Fleet Vehicles and Services [Member] | Operating Segments [Member]

(5,278)

(10,221)

UNITED STATES | Specialty Vehicles [Member] | Operating Segments [Member]

481,452

554,691

367,730

185,060

185,768

191,814

Non-US [Member]

Non-US [Member] | Operating Segments [Member]

9,461

21,361

21,204

Non-US [Member] | Consolidation, Eliminations [Member]

9,461

21,361

21,204

Non-US [Member] | Fleet Vehicles and Services [Member] | Operating Segments [Member]

Non-US [Member] | Specialty Vehicles [Member] | Operating Segments [Member]

9,055

21,203

19,819

$ 406

$ 158

$ 1,385

[1]	See "Note 1 - Nature of Operations and Basis of Presentation" for immaterial adjustment.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

Weighted average remaining lease term of operating leases (in years) (Year)

Note 5 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finished goods	$ 4,200	$ 4,764
Work in process	1,908	1,773
Raw materials and purchased components	46,576	57,679
Reserve	(6,256)	(4,760)
Total Inventories, net	$ 46,428	$ 59,456

Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amortization of Intangible Assets, Total	$ 3,265	$ 1,200	$ 320

Note 6 - Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill, beginning of year	$ 43,632	$ 22,367
Acquisition and measurement period adjustments	5,849	21,265
Goodwill, end of year	49,481	43,632
Fleet Vehicles and Services [Member]
Goodwill, beginning of year	15,518	21,729
Acquisition and measurement period adjustments	0	(6,211)
Goodwill, end of year	15,518	15,518
Specialty Vehicles [Member]
Goodwill, beginning of year	28,114	638
Acquisition and measurement period adjustments	5,849	27,476
Goodwill, end of year	$ 33,963	$ 28,114

Note 6 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accumulated amortization, finite-lived	$ 8,894	$ 5,629
Net carrying amount, finite-lived	36,996
Gross carrying amount, intangible assets	65,280	59,690
Net carrying amount, intangible assets	56,386	54,061
Customer Relationships [Member]
Gross carrying amount, finite-lived	39,770	37,570
Accumulated amortization, finite-lived	7,390	4,943
Net carrying amount, finite-lived	32,380	32,627
Unpatented Technology [Member]
Gross carrying amount, finite-lived	540	0
Accumulated amortization, finite-lived	15	0
Net carrying amount, finite-lived	525	0
Patented Technology [Member]
Gross carrying amount, finite-lived	2,200	2,200
Accumulated amortization, finite-lived	344	69
Net carrying amount, finite-lived	1,856	2,131
Noncompete Agreements [Member]
Gross carrying amount, finite-lived	3,380	2,950
Accumulated amortization, finite-lived	1,145	617
Net carrying amount, finite-lived	2,235	2,333
Trade Names [Member]
Accumulated amortization, finite-lived	0	0
Gross carrying amount, indefinite-lived	$ 19,390	$ 16,970

Note 6 - Goodwill and Intangible Assets - Estimated Remaining Amortization Associated With Finite-lived Intangible Assets (Details) $ in Thousands	Dec. 31, 2020 USD ($)
2021	$ 3,406
2022	3,903
2023	3,810
2024	3,477
2025	3,070
Thereafter	19,330
Total	$ 36,996

Note 7 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Depreciation, Total	$ 10,638	$ 5,892	$ 6,393
Interest Costs Capitalized	0	0	0
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	(2,430)	$ (0)	$ (0)
Change in Accounting Estimate, Income Statement Impact	4,365
Construction in Progress [Member]
Depreciation, Total	3,060
ERP System [Member]
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	$ (2,430)

Note 7 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, plant and equipment, gross	$ 117,239	$ 107,508
Less accumulated depreciation	(71,505)	(67,434)
Total property, plant and equipment, net	45,734	40,074
Land and Land Improvements [Member]
Property, plant and equipment, gross	8,721	8,692
Building and Building Improvements [Member]
Property, plant and equipment, gross	40,077	38,653
Machinery and Equipment [Member]
Property, plant and equipment, gross	41,054	33,348
Furniture and Fixtures [Member]
Property, plant and equipment, gross	16,259	21,416
Vehicles [Member]
Property, plant and equipment, gross	2,404	1,872
Construction in Progress [Member]
Property, plant and equipment, gross	$ 8,724	$ 3,527

Note 8 - Leases (Details Textual) - USD ($) $ in Thousands	12 Months Ended
Note 8 - Leases (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Leases, Rent Expense, Total	$ 6,913	$ 4,146	$ 2,794
Minimum [Member]
Leases, Remaining Lease Terms (Year)	1 year
Maximum [Member]
Leases, Remaining Lease Terms (Year)	19 years
Lessee, Operating Lease, Renewal Term (Year)	15 years

Note 8 - Leases - Lease Expense and Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Operating leases

$ 6,699

$ 3,928

Short-term leases (1)

^[1]

214

218

Total lease expense

$ 6,913

$ 4,146

9 years 4 months 24 days

8 years 4 months 24 days

Weighted average discount rate of operating leases

3.10%

3.80%

Cash paid for amounts included in the measurement of lease liabilities:

$ 6,338

$ 4,544

Operating leases

16,829

10,493

Finance leases

$ 141

$ 0

[1]	Includes expenses for month-to-month equipment leases, which are classified as short-term as the Company is not reasonably certain to renew the lease term beyond one month.

Note 8 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details) $ in Thousands	Dec. 31, 2020 USD ($)
2021	$ 7,616
2022	6,748
2023	6,559
2024	6,404
2025	5,724
Thereafter	17,997
Total lease payments	51,048
Less: imputed interest	(6,878)
Total lease liabilities	$ 44,170

Note 9 - Taxes on Income (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%	21.00%	21.00%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ 2,610			$ (373)
Deferred Tax Assets, Operating Loss Carryforwards, State and Local		$ 2,106	$ 569
Deferred Tax Assets, Tax Credit Carryforwards, Total		1,018	1,027
Deferred Tax Assets, Valuation Allowance, Total		82	254
Unrecognized Tax Benefits, Ending Balance		1,234	1,270	827	$ 565
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total		305
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued		1,539
Unrecognized Tax Benefits, Period Increase (Decrease), Total		92	(209)	$ 143
Domestic Tax Authority [Member]
Deferred Tax Assets, Tax Credit Carryforwards, Total		1,289	1,300
State and Local Jurisdiction [Member]
Deferred Tax Assets, Valuation Allowance, Total		$ 82	$ 0

Note 9 - Taxes on Income - Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income tax	$ 9,867	$ 10,355	$ 3,334
Income tax benefits from discontinued operations	(2,255)	(15,683)	(1,073)
Total taxes on income	$ 7,612	$ (5,328)	$ 2,261

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3B
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721525-107759

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120385591&loc=d3e38679-109324

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109222160&loc=d3e1012-107759

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721523-107759

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32672-109319

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 9 - Taxes on Income - Income Tax from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current (benefit):
Federal	$ 8,191	$ 9,883	$ 2,819
State	2,474	1,664	758
Foreign	156	128	67
Total current	10,821	11,675	3,644
Deferred (benefit):
Federal	(975)	(705)	(316)
State	21	(615)	6
Total deferred	(954)	(1,320)	(310)
Total taxes on income	$ 9,867	$ 10,355	$ 3,334

Note 9 - Taxes on Income - Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Federal income taxes at the statutory rate, amount	$ 10,113	$ 9,901	$ 4,505
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%
State tax expense, net of federal income tax benefit, amount	$ 1,895	$ 577	$ 486
State tax expense, net of federal income tax benefit, percent	3.90%	1.20%	2.30%
Tax rate benefit from NOL carryback due to CARES Act, amount	$ (2,610)	$ 0	$ 0
Tax rate benefit from NOL carryback due to CARES Act, percent	(5.40%)	0.00%	0.00%
Deferred income tax re-measurement due to Tax Act, amount	$ 0	$ 0	$ (373)
Deferred income tax re-measurement due to Tax Act, percent	0.00%	0.00%	(1.70%)
Other deferred income tax adjustment, amount	$ 174	$ (75)	$ 13
Other deferred income tax adjustment, percent	0.30%	(0.20%)	0.00%
Non-deductible compensation, amount	$ 1,162	$ 511	$ 0
Non-deductible compensation, percent	2.40%	1.10%	0.00%
Other nondeductible expenses, amount	$ 94	$ 115	$ 91
Other nondeductible expenses, percent	0.20%	0.20%	0.40%
Foreign derived intangible income deduction, amount	$ 0	$ (45)	$ (35)
Foreign derived intangible income deduction, percent	0.00%	(0.10%)	(0.20%)
Stock based compensation, amount	$ (666)	$ (136)	$ (1,207)
Stock based compensation, percent	(1.40%)	(0.30%)	(5.60%)
Foreign tax expense, amount	$ 156	$ 128	$ 67
Foreign tax expense, percent	0.30%	0.30%	0.30%
Valuation allowance adjustment, amount	$ (254)	$ 135	$ 60
Valuation allowance adjustment, percent	(0.50%)	0.30%	0.30%
Unrecognized tax benefit adjustment, amount	$ (14)	$ (61)	$ 332
Unrecognized tax benefit adjustment, percent	0.00%	(0.10%)	1.60%
Federal research and development tax credit, amount	$ (329)	$ (591)	$ (349)
Federal research and development tax credit, percent	(0.70%)	(1.30%)	(1.60%)
Foreign tax credit, amount	$ (32)	$ (38)	$ (67)
Foreign tax credit, percent	0.00%	0.00%	(0.30%)
Other, amount	$ 178	$ (66)	$ (189)
Other, percent	0.40%	(0.10%)	(0.90%)
Total taxes on income	$ 9,867	$ 10,355	$ 3,334
Total, percent	20.50%	22.00%	15.60%

Note 9 - Taxes on Income - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred income tax assets:
Operating lease liability	$ 11,073	$ 9,544
Loss on asset impairment for discontinued operations	0	12,764
Warranty reserve	1,239	3,782
Inventory costs and reserves	2,066	2,661
Deferment of employer’s portion Social Security tax payment	979	0
Contract assets	732	7,217
Stock-based compensation	853	1,195
Net operating loss carry-forwards, net of federal income tax benefit	1,664	449
Compensation related accruals	549	698
Credit carry-forwards net of federal income tax benefit	1,018	1,027
Other	445	816
Total deferred income tax assets	20,618	40,153
Deferred income tax liabilities:
Right of use assets	(10,912)	(9,444)
Depreciation	(2,832)	(2,666)
Intangible assets	(879)	(1,974)
Prepaid expenses	(154)	(295)
Total deferred income tax liabilities	(14,777)	(14,379)
Net deferred income tax assets	5,841	25,774
Valuation allowance	(82)	(254)
Net deferred tax asset	$ 5,759	$ 25,520

Note 9 - Taxes on Income - Reconciliation of the Change in the Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Balance at beginning of year	$ 1,270	$ 827	$ 565
Decrease related to prior year tax positions	(109)
Increase related to prior year tax positions		103	35
Increase related to current year tax positions	101	578	319
Expiration of statute	(28)	(238)	(92)
Balance at end of year	$ 1,234	$ 1,270	$ 827

Note 10 - Transactions with Major Customers - Information about Major Customers (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] - Fleet Vehicles and Services [Member]	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of major customers	1	2	4
Two Customers [Member]
Combined percentage of consolidated sales	29.30%	37.90%
Four Customers [Member]
Combined percentage of consolidated sales			51.70%

Note 11 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Letters of Credit Outstanding, Amount	$ 525	$ 525
Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000

Note 11 - Commitments and Contingent Liabilities - Changes in Warranty Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Balance of accrued warranty	$ 5,694	$ 4,407
Provisions for current period sales	3,587	4,383
Cash settlements	(3,205)	(3,489)
Changes in liability for pre-existing warranties	(443)	295
Acquisitions	0	98
Balance of accrued warranty	$ 5,633	$ 5,694

Note 12 - Defined Contribution Plans (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Contribution Plan Company Matching Contributions Vesting Period (Year)	5 years
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 1,762	$ 1,654	$ 1,606

Note 13 - Debt (Details Textual) - USD ($) $ in Thousands	12 Months Ended
Note 13 - Debt (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Short-term Debt, Total	$ 6,503	$ 8,162
Letters of Credit Outstanding, Amount	525	525
Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	20,000
Lenders [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	175,000
Line of Credit Facility, Potential Increase Borrowing Capacity	$ 50,000
Debt Instrument Reference Rate Term (Month)	1 month
Debt Instrument, Interest Rate During Period	1.44%
Line of Credit Facility, Current Borrowing Capacity	$ 125,836	60,499
Repayments of Lines of Credit	$ 65,000
Lenders [Member] \| Revolving Credit Facility [Member] \| Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Lenders [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Lenders [Member] \| Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000
Lenders [Member] \| Swing Line Loans [Member]
Line of Credit Facility, Maximum Borrowing Capacity	30,000
Chassis Pool Agreements [Member]
Short-term Debt, Total	$ 6,503	$ 8,162

Note 13 - Debt - Short-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Short-term debt	$ 6,503	$ 8,162
Chassis Pool Agreements [Member]
Short-term debt	$ 6,503	$ 8,162

Note 13 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Line of credit revolver:	$ 22,400	$ 87,400
Finance lease obligations	473	496
Other	766	951
Total debt	23,639	88,847
Less current portion of long-term debt	(221)	(177)
Total long-term debt	$ 23,418	$ 88,670

Three-year risk-free interest rate (1)

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Note 14 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	4,056,250
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	1,895,970
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	750,000
Employee Stock Purchase Plan Discount	90.00%
Stock Issued During Period, Value, Employee Stock Purchase Plan	$ 198	$ 231	$ 214
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)	12,000	22,000	20,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 13.07	$ 9.38	$ 9.96
Share-based Payment Arrangement, Expense	$ 2,637	$ 3,983	$ 4,027
Share-based Payment Arrangement, Expense, Tax Benefit	453	759	846
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	3,876	$ 3,507	4,318
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 2,376
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 4 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	172,000	279,000
Restricted Stock [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 15.28	$ 11.82
Share-based Payment Arrangement, Expense	$ 2,809	$ 642	0
Share-based Payment Arrangement, Expense, Tax Benefit	369	$ 93
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 4,093
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	214,299	218,000
Performance Shares [Member] \| Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 12.24
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	74,319
Performance Shares [Member] \| Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 18.08	$ 13.71
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	111,475
Performance Shares [Member] \| Minimum [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned	0.00%
Performance Shares [Member] \| Minimum [Member] \| Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned	0.00%
Performance Shares [Member] \| Minimum [Member] \| Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned	0.00%
Performance Shares [Member] \| Maximum [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned	200.00%
Performance Shares [Member] \| Maximum [Member] \| Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned	200.00%
Performance Shares [Member] \| Maximum [Member] \| Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned	200.00%
Exceptional Performance PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	28,505
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 13.45	$ 8.98
Share-based Payment Arrangement, Expense	$ 1,752	$ 656	$ 0
Share-based Payment Arrangement, Expense, Tax Benefit	362	$ 130
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 1,743
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 3 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	194,445	182,000
Restricted Stock Units (RSUs) [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Restricted Stock Units (RSUs) [Member] \| Board Members [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year

Note 14 - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Balance, non-vested shares outstanding (in shares)	711	977
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 8.58	$ 7.97
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	172	279
Granted (in dollars per share)	$ 13.07	$ 9.38	$ 9.96
Vested (in shares)	(460)	(467)
Vested (in dollars per share)	$ 8.42	$ 7.50
Forfeited (in shares)	(53)	(78)
Forfeited (in dollars per share)	$ 11.85	$ 12.13
Balance, non-vested shares outstanding, weighted average remaining vesting life (Year)	1 year	10 months 24 days
Balance, non-vested shares outstanding (in shares)	370	711	977
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 10.02	$ 8.58	$ 7.97

Note 14 - Stock Based Compensation - Simulation Assumption (Details) - Performance Shares Units [Member]

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

^[1]

0.27%

2.37%

Expected term (in years) (Year)

2 years 8 months 12 days

Estimated volatility (2)

^[2]

58.20%

53.70%

[1]	Based on the U.S. government bond benchmark on the grant date.
[2]	Represents the historical price volatility of the Company's common stock for the three-year period preceding the grant date.

Note 14 - Stock Based Compensation - PSU and RSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Performance Shares [Member]
Balance, non-vested shares outstanding (in shares)	218,000	0
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 11.82	$ 0
Granted (in shares)	214,299	218,000
Granted, weighted average grant date fair value (in dollars per share)	$ 15.28	$ 11.82
Forfeited (in shares)	(22,000)
Forfeited, weighted average grant date fair value (in dollars per share)	$ 11.82
Balance, non-vested shares outstanding (in shares)	410,000	218,000
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 13.63	$ 11.82
Restricted Stock Units (RSUs) [Member]
Balance, non-vested shares outstanding (in shares)	182,000	0
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 8.98	$ 0
Granted (in shares)	194,445	182,000
Granted, weighted average grant date fair value (in dollars per share)	$ 13.45	$ 8.98
Forfeited (in shares)	(6,000)
Forfeited, weighted average grant date fair value (in dollars per share)	$ 16.17
Balance, non-vested shares outstanding (in shares)	212,000	182,000
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 12.43	$ 8.98
Vested (in shares)	(158,000)
Vested, weighted average grant date fair value (in dollars per share)	$ 9.56

Note 15 - Shareholders Equity (Details Textual) - $ / shares shares in Thousands	Nov. 05, 2020	Apr. 28, 2016
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)		1,000
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01
Series B Preferred Stock [Member]
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	0

Note 15 - Shareholders Equity - Summary of Stock Repurchased and Retired (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shares purchased (in shares)	300	101
Purchase value	$ 7,503	$ 793	$ 656
Remaining shares allowable to be purchased (in shares)	509	809

Note 16 - 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic weighted average common shares outstanding (in shares)	35,479	35,318	35,187
Plus dilutive effect of Restricted Stock Units and Performance Stock Units (in shares)	560	98	0
Diluted weighted average common shares outstanding (in shares)	36,039	35,416	35,187

Note 17 - Business Segments (Details Textual)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

USD ($)

Sep. 30, 2020

USD ($)

^[1]

Jun. 30, 2020

USD ($)

Mar. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Sep. 30, 2019

USD ($)

Jun. 30, 2019

USD ($)

Mar. 31, 2019

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Number of Reportable Segments

Revenue from Contract with Customer, Excluding Assessed Tax, Total

$ 171,582

$ 203,473

$ 123,970

$ 176,948

$ 179,960

$ 224,703

$ 179,673

$ 172,206

$ 675,973

$ 756,542

$ 570,527

Non-US [Member]

Revenue from Contract with Customer, Excluding Assessed Tax, Total

$ 9,461

$ 21,361

$ 21,204

Percentage of Revenue from Contract with Customer, Excluding Assessed Tax

1.40%

2.80%

3.70%

[1]	See "Note 1 - Nature of Operations and Basis of Presentation" for immaterial adjustment.

Note 17 - Business Segments - Segment Reporting Information (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

$ 171,582

$ 203,473

^[1]

$ 123,970

$ 176,948

$ 179,960

$ 224,703

$ 179,673

$ 172,206

$ 675,973

$ 756,542

$ 570,527

14,187

11,180

10,370

359,049

$ 388,793

450,537

359,049

450,537

Operating Segments [Member]

14,534

10,042

8,985

Operating Segments [Member] | Fleet Vehicles and Services [Member]

675,973

761,820

580,748

Operating Segments [Member] | Specialty Vehicles [Member]

490,507

575,894

387,549

Consolidation, Eliminations [Member]

185,466

185,926

193,199

Continuing Operations [Member]

(5,278)

(10,221)

675,973

756,542

570,527

13,903

6,073

6,214

76,346

64,045

35,385

359,049

359,812

359,049

359,812

217,107

Continuing Operations [Member] | Fleet Vehicle Sales [Member]

15,946

7,596

4,653

Continuing Operations [Member] | Motorhome Chassis [Member]

455,551

504,023

297,627

Continuing Operations [Member] | Other Specialty Vehicles [Member]

107,849

127,130

149,533

Continuing Operations [Member] | Aftermarket Parts and Accessories Sales [Member]

67,581

43,067

22,570

Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member]

44,992

82,322

100,797

490,507

575,894

387,549

3,446

2,466

2,401

85,210

60,663

26,680

138,120

154,138

138,120

154,138

117,508

Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Fleet Vehicle Sales [Member]

10,390

2,851

1,859

Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Motorhome Chassis [Member]

455,551

504,023

297,627

Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Other Specialty Vehicles [Member]

Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Aftermarket Parts and Accessories Sales [Member]

Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member]

34,956

71,871

89,922

185,466

185,926

193,199

5,895

2,104

1,495

18,982

20,716

18,620

170,630

137,777

170,630

137,777

17,335

Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Fleet Vehicle Sales [Member]

3,296

2,220

116

Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Motorhome Chassis [Member]

5,278

10,221

Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Other Specialty Vehicles [Member]

107,849

127,130

149,533

Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member]

67,581

43,067

22,570

Continuing Operations [Member] | Consolidation, Eliminations [Member]

10,036

10,451

10,875

(5,278)

(10,221)

Continuing Operations [Member] | Consolidation, Eliminations [Member] | Fleet Vehicle Sales [Member]

(27,846)

(17,334)

(9,915)

Continuing Operations [Member] | Consolidation, Eliminations [Member] | Motorhome Chassis [Member]

(5,278)

(10,221)

Continuing Operations [Member] | Consolidation, Eliminations [Member] | Other Specialty Vehicles [Member]

Continuing Operations [Member] | Consolidation, Eliminations [Member] | Aftermarket Parts and Accessories Sales [Member]

Continuing Operations [Member] | Segment Reconciling Items [Member]

4,562

1,503

2,318

$ 50,299

$ 67,897

50,299

67,897

82,264

$ 2,260

$ 2,525

$ 2,678

[1]	See "Note 1 - Nature of Operations and Basis of Presentation" for immaterial adjustment.

Note 17 - Business Segments - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net (income) loss attributable to non-controlling interest	$ (347)	$ (140)	$ 0
Interest expense	1,293	1,839	1,080
Income tax	9,867	10,355	3,334
Depreciation and amortization expense	14,187	11,180	10,370
Loss from write-off of construction in process	(2,430)	(0)	(0)
Continuing Operations [Member]
Income from continuing operations	38,289	36,790	18,116
Net (income) loss attributable to non-controlling interest	(347)	(140)	0
Interest expense	1,293	1,839	1,080
Income tax	9,867	10,355	3,334
Depreciation and amortization expense	13,903	6,073	6,214
Restructuring and other related charges	1,873	316	662
Acquisition related expenses and adjustments	1,332	3,531	1,952
Non-cash stock-based compensation expense	7,706	5,281	4,027
Loss from write-off of construction in process	2,430	0	0
Adjusted EBITDA	$ 76,346	$ 64,045	$ 35,385

Note 18 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
C.H. Robinson [Member]
Related Party Transaction, Purchases from Related Party	$ 6,723	$ 7,536

Note 19 - Quarterly Financial Data (Unaudited) - Summarized Quarterly Financial Data (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

^[1]

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018