0001437749-24-005136 | 10-K | XBRL Viewer

Print Document View Excel Document

Note 15 - Business Segments (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Number of Reportable Segments	2
Revenue from Contract with Customer, Excluding Assessed Tax	$ 872,198	$ 1,027,164	$ 991,792
Non-US [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 24,706	$ 7,670	$ 11,657
Percentage of Revenue from Contract with Customer, Excluding Assessed Tax	2.80%	0.70%	1.20%

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Note 6 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2024	$ 10,475
2025	9,984
2026	7,840
2027	5,384
2028	4,148
Thereafter	14,367
Total lease payments	52,198
Less: imputed interest	(4,657)
Total lease liabilities	$ 47,541

Note 5 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 5 – PROPERTY, PLANT AND EQUIPMENT

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

	December 31,
	2023			2022
Land and improvements	$	12,578		$	12,314
Buildings and improvements		53,789			42,827
Plant machinery and equipment		60,517			55,969
Furniture and fixtures		19,474			18,334
Vehicles		2,015			2,083
Construction in process		10,570			9,946
Subtotal		158,943			141,473
Less accumulated depreciation		(75,506	)		(70,720	)
Total property, plant and equipment, net	$	83,437		$	70,753

We recorded depreciation expense of $13,143, $10,871, and $7,977 during 2023, 2022, and 2021, respectively. There were no capitalized interest costs in 2023, 2022, or 2021.

Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Depreciation	$ 13,143	$ 10,871	$ 7,977
Interest Costs Capitalized	$ 0	$ 0	$ 0

Note 6 - Leases (Details Textual) - USD ($) $ in Thousands	12 Months Ended
Note 6 - Leases (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Lease, Expense	$ 12,673	$ 10,603	$ 8,679
Minimum [Member]
Leases, Remaining Lease Terms (Year)	1 year
Maximum [Member]
Leases, Remaining Lease Terms (Year)	16 years
Lessee, Operating Lease, Renewal Term (Year)	15 years

Note 13 - Shareholders Equity (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 17, 2022
Stock Repurchased and Retired During Period, Shares (in shares)		1,022,000	607,000
Stock Repurchased and Retired During Period, Value		$ 19,196	$ 26,789
The 2022 Share Repurchase Program [Member]
Stock Repurchase Program, Authorized Amount					$ 250,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)		223,019,000	242,102,000
The 2016 Share Repurchase Program [Member]
Stock Repurchased and Retired During Period, Shares (in shares)	408,994			100,000
Stock Repurchased and Retired During Period, Value	$ 18,884			$ 3,348
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)				408,994

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiary, The Shyft Group USA, Inc. and its subsidiaries. All inter-company transactions have been eliminated.
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]	Non-Controlling Interest. In the fourth quarter of 2023, the liquidation of the Spartan-Gimaex joint venture was completed. At December 31, 2022, 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 was reported as a consolidated subsidiary of The Shyft Group, Inc. The joint venture was not active and the liquidation was substantially complete. In December 2021, the Company purchased the remaining 20% ownership interest in Strobes-R-Us (“SRUS”) for $2,162 and, thus, there was no non-controlling interest in SRUS as of December 31, 2021.
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 Contract liabilities 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 9 – 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. 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 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 and service bodies where we own the 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. 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 service bodies where the customer owns the chassis, 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 receivables are generally 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 are adjusted during the measurement period 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. 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. Inventories are stated at the lower of first-in, first-out cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less cost to sell and considers our current assessment of general market and economic conditions, slow-moving inventory, and future demands.
Contract Assets, Policy [Policy Text Block]	Contract Assets. 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. 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 5 – 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 any subsequent changes are reported 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.
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 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 those 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 4 – 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 9 – Commitments and Contingent Liabilities” for further information regarding warranties.
Deposits from Customers [Policy Text Block]	Contract Liabilities. 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 or assets are recognized for the estimated future tax effects attributable to temporary differences and carryforwards that result from events that have been recognized in either the financial statements or the tax returns, but not both. 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 7 – 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 12 – Stock-Based Compensation” and “Note 14 – Earnings Per Share” for further details.
Share-Based Payment Arrangement [Policy Text Block]	Stock-Based Compensation. Stock based compensation cost 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 12 – 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, 2023 and 2022 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 15 – Business Segments”.
Supplemental Disclosures of Cash Flow Policy [Policy Text Block]	Supplemental Disclosures of Cash Flow Information. Cash paid for interest was $5,620, $2,176 and $592 for 2023, 2022, and 2021. Cash paid for income taxes, net of refunds, was $5,585, $1,319 and $12,199 for 2023, 2022 and 2021. Non-cash investing included $5,585 of capital expenditures in 2023, $2,489 in 2022, and $1,511 in 2021. 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 11 – Debt” for further information about the Chassis Pool Agreements.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Standards. In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted.

Note 9 - Commitments and Contingent Liabilities - Changes in Warranty Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance of accrued warranty, beginning of year	$ 7,161	$ 5,975
Provisions for current period sales	5,882	4,904
Cash settlements	(4,503)	(4,681)
Changes in liability for pre-existing warranties	(1,309)	963
Balance of accrued warranty	$ 7,231	$ 7,161

Note 12 - Stock Based Compensation - PSU and RSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance Shares [Member]
Balance, non-vested shares outstanding (in shares)	375,000	483,000	410,000
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 29.31	$ 19.33	$ 13.63
Granted (in shares)	294,191	124,427	84,740
Granted, weighted average grant date fair value (in dollars per share)	$ 23.86	$ 40.49	$ 48.08
Forfeited (in shares)	(39,000)	(38,000)	(12,000)
Forfeited, weighted average grant date fair value (in dollars per share)	$ 36.89	$ 28.27	$ 26.94
Vested (in shares)	(187,000)	(194,000)
Vested, weighted average grant date fair value (in dollars per share)	$ 20.89	$ 11.82
Balance, non-vested shares outstanding (in shares)	443,000	375,000	483,000
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 30.99	$ 29.31	$ 19.33
Restricted Stock Units (RSUs) [Member]
Balance, non-vested shares outstanding (in shares)	307,000	201,000	212,000
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 28.38	$ 24.51	$ 12.43
Granted (in shares)	273,904	241,217	110,599
Granted, weighted average grant date fair value (in dollars per share)	$ 19.38	$ 29.58	$ 36.67
Forfeited (in shares)	(42,000)	(30,000)	(3,000)
Forfeited, weighted average grant date fair value (in dollars per share)	$ 28.47	$ 32.96	$ 37.09
Vested (in shares)	(154,000)	(105,000)	(119,000)
Vested, weighted average grant date fair value (in dollars per share)	$ 25.53	$ 22.15	$ 14.08
Balance, non-vested shares outstanding (in shares)	385,000	307,000	201,000
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 21.05	$ 28.38	$ 24.51

Note 7 - Taxes on Income - Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Expense (Benefit)	$ (5,768)	$ 7,368	$ 14,506
Income tax expense from discontinued operations	0	0	62
Total taxes (benefit) on income	$ (5,768)	$ 7,368	$ 14,568

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-10

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-2

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-3A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-3B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-4

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-1

+ Details

- Definition

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

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 9,957	$ 11,548
Accounts receivable, less allowance of $276 and $246	79,573	115,742
Contract assets	50,305	86,993
Inventories	105,135	100,161
Other receivables – chassis pool agreements	34,496	19,544
Other current assets	7,462	11,779
Total current assets	286,928	345,767
Property, plant and equipment, net	83,437	70,753
Right of use assets – operating leases	45,827	53,386
Goodwill	48,880	48,880
Intangible assets, net	45,268	49,078
Net deferred tax assets	17,300	10,390
Other assets	2,409	2,227
TOTAL ASSETS	530,049	580,481
Current liabilities:
Accounts payable	99,855	124,309
Accrued warranty	7,231	7,161
Accrued compensation and related taxes	13,526	14,434
Contract liabilities	4,756	5,255
Operating lease liability	10,817	10,888
Other current liabilities and accrued expenses	11,965	19,452
Short-term debt – chassis pool agreements	34,496	19,544
Current portion of long-term debt	185	189
Total current liabilities	182,831	201,232
Other non-current liabilities	8,184	10,033
Long-term operating lease liability	36,724	44,256
Long-term debt, less current portion	50,144	56,266
Total liabilities	277,883	311,787
Commitments and contingent liabilities
Shareholders' equity:
Preferred stock, no par value: 2,000 shares authorized (none issued)	0	0
Common stock, no par value: 80,000 shares authorized; 34,303 and 35,066 outstanding	93,705	92,982
Retained earnings	158,461	175,611
Total Shyft Group, Inc. shareholders’ equity	252,166	268,593
Non-controlling interest	0	101
Total shareholders' equity	252,166	268,694
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 530,049	$ 580,481

Note 11 - Debt (Details Textual) - USD ($) $ in Thousands	12 Months Ended
Note 11 - Debt (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-Term Debt	$ 34,496	$ 19,544
Letters of Credit Outstanding, Amount	1,550	1,200
Lenders [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	400,000
Line of Credit Facility, Potential Increase Borrowing Capacity	$ 200,000
Debt Instrument, Basis Spread on Variable Rate	1.00%
Debt Instrument Reference Rate Term (Month)	1 month
Debt Instrument, Interest Rate During Period	6.45%
Line of Credit Facility, Current Borrowing Capacity	$ 83,243	187,162
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] \| 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	10,000
Chassis Pool Agreements [Member]
Short-Term Debt	$ 34,496	$ 19,544

Note 2 - Revenue (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 $ in Thousands	Dec. 31, 2023 USD ($)
Fleet Vehicles and Services [Member]
Revenue, Remaining Performance Obligation, Amount	$ 325,003
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Specialty Vehicles [Member]
Revenue, Remaining Performance Obligation, Amount	$ 84,269
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year

Note 7 - Taxes on Income - Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal income taxes at the statutory rate	$ 146	$ 9,224	$ 17,741
State tax expense, net of federal income tax benefit	509	1,132	2,481
Non-deductible compensation	422	851	958
Stock based compensation	(82)	(819)	(1,504)
Foreign-derived intangible income deduction	(515)	0	0
Valuation allowance adjustment	0	0	(82)
Unrecognized tax benefit adjustment	(2,234)	0	0
Federal research and development tax credit	(3,645)	(2,681)	(4,413)
Other	(369)	(339)	(675)
Total taxes (benefit) on income	$ (5,768)	$ 7,368	$ 14,506

Note 14 - Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	Year Ended December 31,
	2023		2022		2021
Basic weighted average common shares outstanding		34,721		35,073		35,333
Plus dilutive effect of Restricted Stock Units and Performance Stock Units		140		421		764
Diluted weighted average common shares outstanding		34,861		35,494		36,097

Note 5 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, plant and equipment, gross	$ 158,943	$ 141,473
Less accumulated depreciation	(75,506)	(70,720)
Total property, plant and equipment, net	83,437	70,753
Land and Land Improvements [Member]
Property, plant and equipment, gross	12,578	12,314
Building and Building Improvements [Member]
Property, plant and equipment, gross	53,789	42,827
Machinery and Equipment [Member]
Property, plant and equipment, gross	60,517	55,969
Furniture and Fixtures [Member]
Property, plant and equipment, gross	19,474	18,334
Vehicles [Member]
Property, plant and equipment, gross	2,015	2,083
Construction in Progress [Member]
Property, plant and equipment, gross	$ 10,570	$ 9,946

Note 1 - Nature of Operations and Basis of Presentation

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Business Description and Accounting Policies [Text Block]

NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION

As used herein, the term “Company”, “we”, “us” or “our” refers to The Shyft Group, Inc. and its subsidiaries unless designated or identified otherwise.

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) 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, service and vocational truck bodies, luxury Class A diesel motorhome 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 as well as truck accessories.

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. In the fourth quarter of 2023, the liquidation of the Spartan-Gimaex joint venture was completed. At December 31, 2022, 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 was reported as a consolidated subsidiary of The Shyft Group, Inc. The joint venture was not active and the liquidation was substantially complete. In December 2021, the Company purchased the remaining 20% ownership interest in Strobes-R-Us (“SRUS”) for $2,162 and, thus, there was no non-controlling interest in SRUS as of December 31, 2021.

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 Contract liabilities 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 9 – 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.

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 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 and service bodies where we own the 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. 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 service bodies where the customer owns the chassis, 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 receivables are generally 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 are adjusted during the measurement period 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. 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. Inventories are stated at the lower of first-in, first-out cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less cost to sell and considers our current assessment of general market and economic conditions, slow-moving inventory, and future demands.

Contract Assets. 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. 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 5 – 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 any subsequent changes are reported 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.

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 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 those 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 4 – 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 9 – Commitments and Contingent Liabilities” for further information regarding warranties.

Contract Liabilities. 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 or assets are recognized for the estimated future tax effects attributable to temporary differences and carryforwards that result from events that have been recognized in either the financial statements or the tax returns, but not both.

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 7 – 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 12 – Stock-Based Compensation” and “Note 14 – Earnings Per Share” for further details.

Stock-Based Compensation. Stock based compensation cost 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 12 – Stock Based Compensation”.

Fair Value. We are required to disclose the estimated fair value of our financial instruments. The carrying value at December 31, 2023 and 2022 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 15 – Business Segments”.

Supplemental Disclosures of Cash Flow Information. Cash paid for interest was $5,620, $2,176 and $592 for 2023, 2022, and 2021. Cash paid for income taxes, net of refunds, was $5,585, $1,319 and $12,199 for 2023, 2022 and 2021. Non-cash investing included $5,585 of capital expenditures in 2023, $2,489 in 2022, and $1,511 in 2021. 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 11 – Debt” for further information about the Chassis Pool Agreements.

New Accounting Standards. In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted.

Note 4 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accumulated amortization, finite-lived	$ 18,922	$ 15,112
Net carrying amount, finite-lived	25,878
Gross carrying amount, intangible assets	64,190	64,190
Net carrying amount, intangible assets	45,268	49,078
Customer Relationships [Member]
Gross carrying amount, finite-lived	39,080	39,080
Accumulated amortization, finite-lived	15,068	12,174
Net carrying amount, finite-lived	24,012	26,906
Unpatented Technology [Member]
Gross carrying amount, finite-lived	540	540
Accumulated amortization, finite-lived	195	135
Net carrying amount, finite-lived	345	405
Patented Technology [Member]
Gross carrying amount, finite-lived	2,200	2,200
Accumulated amortization, finite-lived	1,169	894
Net carrying amount, finite-lived	1,031	1,306
Noncompete Agreements [Member]
Gross carrying amount, finite-lived	2,980	2,980
Accumulated amortization, finite-lived	2,490	1,909
Net carrying amount, finite-lived	490	1,071
Trade Names [Member]
Accumulated amortization, finite-lived	0	0
Gross carrying amount, indefinite-lived	$ 19,390	$ 19,390

Note 3 - Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	December 31,
	2023		2022
Finished goods	$	9,374	$	13,361
Work in process		2,543		5,200
Raw materials and purchased components		93,218		81,600
Total Inventories	$	105,135	$	100,161

Note 2 - Revenue

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE 2 – REVENUE

Contract Assets and Liabilities

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

	December 31, 2023			December 31, 2022
Contract Assets
Contract assets, beginning of year	$	86,993		$	21,483
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional		(86,627	)		(21,483	)
Contract assets recognized, net of reclassification to receivables		49,939			86,993
Contract assets, end of year	$	50,305		$	86,993

Contract Liabilities
Contract liabilities, beginning of year	$	5,255		$	988
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied		(5,182	)		(988	)
Cash received in advance and not recognized as revenue		4,683			5,255
Contract liabilities, end of year	$	4,756		$	5,255

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 $325,003 and $84,269, respectively, with substantially all revenue expected to be recognized within one year as of December 31, 2023.

For performance obligations that are satisfied over time, revenue is expected to be recognized over the time period to complete the contract. 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, 2023, 2022, and 2021. The tables also include a reconciliation of the disaggregated revenue with the reportable segments.

	Year Ended December 31, 2023
	FVS		SV		Total Reportable Segments		Eliminations and Other			Total
Primary geographical markets
United States	$	517,116	$	334,559	$	851,675	$	(4,183	)	$	847,492
Other		24,522		184		24,706		-			24,706
Total sales	$	541,638	$	334,743	$	876,381	$	(4,183	)	$	872,198

Timing of revenue recognition
Products transferred at a point in time	$	54,566	$	147,766	$	202,332	$	467		$	202,799
Products and services transferred over time		487,072		186,977		674,049		(4,650	)		669,399
Total sales	$	541,638	$	334,743	$	876,381	$	(4,183	)	$	872,198

	Year Ended December 31, 2022
	FVS		SV		Total Reportable Segments		Eliminations and Other			Total
Primary geographical markets
United States	$	639,441	$	386,536	$	1,025,977	$	(6,483	)	$	1,019,494
Other		7,562		108		7,670		-			7,670
Total sales	$	647,003	$	386,644	$	1,033,647	$	(6,483	)	$	1,027,164

Timing of revenue recognition
Products transferred at a point in time	$	41,750	$	208,645	$	250,395	$	-		$	250,395
Products and services transferred over time		605,253		177,999		783,252		(6,483	)		776,769
Total sales	$	647,003	$	386,644	$	1,033,647	$	(6,483	)	$	1,027,164

	Year Ended December 31, 2021
	FVS		SV		Total Reportable Segments		Eliminations and Other		Total
Primary geographical markets
United States	$	647,842	$	332,293	$	980,135	$	-	$	980,135
Other		11,590		67		11,657		-		11,657
Total sales	$	659,432	$	332,360	$	991,792	$	-	$	991,792

Timing of revenue recognition
Products transferred at a point in time	$	34,558	$	198,852	$	233,410	$	-	$	233,410
Products and services transferred over time		624,874		133,508		758,382		-		758,382
Total sales	$	659,432	$	332,360	$	991,792	$	-	$	991,792

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sales	$ 872,198	$ 1,027,164	$ 991,792
Cost of products sold	721,840	846,731	792,527
Gross profit	150,358	180,433	199,265
Operating expenses:
Research and development	25,185	25,324	8,541
Selling, general and administrative	118,420	107,600	106,672
Total operating expenses	143,605	132,924	115,213
Operating income	6,753	47,509	84,052
Other income (expense):
Interest expense	(6,527)	(2,833)	(414)
Other income (expense)	470	(750)	842
Total other income (expense)	(6,057)	(3,583)	428
Income from continuing operations before income taxes	696	43,926	84,480
Income tax expense (benefit)	(5,768)	7,368	14,506
Income from continuing operations	6,464	36,558	69,974
Income from discontinued operations, net of income taxes	0	0	181
Net income	6,464	36,558	70,155
Less: net income (loss) attributable to non-controlling interest	(32)	0	1,230
Net income attributable to Shyft Group, Inc.	$ 6,496	$ 36,558	$ 68,925
Basic earnings per share
Continuing operations, Basic (in dollars per share)	$ 0.19	$ 1.04	$ 1.94
Discontinued operations, Basic (in dollars per share)	0	0	0.01
Basic earnings per share (in dollars per share)	0.19	1.04	1.95
Diluted earnings per share
Continuing operations, Diluted (in dollars per share)	0.19	1.03	1.91
Discontinued operations, Diluted (in dollars per share)	0	0	0
Diluted earnings per share (in dollars per share)	$ 0.19	$ 1.03	$ 1.91
Basic weighted average common shares outstanding (in shares)	34,721	35,073	35,333
Diluted weighted average common shares outstanding (in shares)	34,861	35,494	36,097

Note 5 - Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Property, Plant and Equipment [Table Text Block]

	December 31,
	2023			2022
Land and improvements	$	12,578		$	12,314
Buildings and improvements		53,789			42,827
Plant machinery and equipment		60,517			55,969
Furniture and fixtures		19,474			18,334
Vehicles		2,015			2,083
Construction in process		10,570			9,946
Subtotal		158,943			141,473
Less accumulated depreciation		(75,506	)		(70,720	)
Total property, plant and equipment, net	$	83,437		$	70,753

Note 3 - Inventories

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 3 – INVENTORIES

Inventories are summarized as follows:

	December 31,
	2023		2022
Finished goods	$	9,374	$	13,361
Work in process		2,543		5,200
Raw materials and purchased components		93,218		81,600
Total Inventories	$	105,135	$	100,161

Note 11 - Debt - Short-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-term debt	$ 34,496	$ 19,544
Chassis Pool Agreements [Member]
Short-term debt	$ 34,496	$ 19,544

Note 9 - Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE 9 – COMMITMENTS AND CONTINGENT LIABILITIES

At December 31, 2023, 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, 2023 and 2022 were as follows:

	2023			2022
Balance of accrued warranty, beginning of year	$	7,161		$	5,975
Provisions for current period sales		5,882			4,904
Cash settlements		(4,503	)		(4,681	)
Changes in liability for pre-existing warranties		(1,309	)		963
Balance of accrued warranty, end of year	$	7,231		$	7,161

Legal Proceedings Relating to Environmental Matters

As previously disclosed, in May 2020, the Company received an information request from the United States Environmental Protection Agency (“EPA”) requesting certain information regarding emissions labels on 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.

On April 6, 2022, the Company received a Notice of Violation from the EPA alleging a failure to secure certain certifications on manufactured chassis and a failure to comply with recordkeeping and reporting requirements related to supplier-provided chassis. The Company continues to investigate this matter, including potential defenses, and is continuing to discuss the allegations with the EPA. At this time, it is not possible to estimate the potential fines or penalties that the Company may incur for this matter.

Note 6 - Leases (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Lease, Cost [Table Text Block]

	Year ended December 31, 2023		Year ended December 31, 2022		Year ended December 31, 2021
Operating leases	$	11,388	$	10,302	$	8,233
Short-term leases (1)		1,285		301		446
Total lease expense	$	12,673	$	10,603	$	8,679

Year ended

December 31,

2023

Year ended

December 31,

2022

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

7.2

8.0

Weighted average discount rate of operating leases

2.9

2.7

	Year ended December 31, 2023		Year ended December 31, 2022		Year ended December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	11,041	$	9,500	$	7,958

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	7,025	$	19,159	$	7,137
Finance leases	$	95	$	304	$	271

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Years ending December 31:
2024	$	10,475
2025		9,984
2026		7,840
2027		5,384
2028		4,148
Thereafter		14,367
Total lease payments		52,198
Less: imputed interest		(4,657	)
Total lease liabilities	$	47,541

Note 13 - Shareholders Equity (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

Year Ended

December 31,

purchased

(000)

Purchase

value

Approximate Dollar Value of Shares That
May Yet be Purchased Under Announced Plans or Programs

2023

1,022

19,083

223,019

2022

607

26,789

242,102

Note 12 - Stock Based Compensation

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE 12 – STOCK BASED COMPENSATION

We have stock incentive plans covering certain employees and non-employee directors. Shares reserved for stock awards under these plans total 5,056,250. Total shares remaining available for stock incentive grants under these plans totaled 1,643,385 at December 31, 2023. We are currently authorized to grant new restricted stock, restricted stock units, performance stock units, stock options and stock appreciation rights 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.

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, 2023, 2022, and 2021, 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 January 1, 2021		370		$	10.02		1.0
Granted		85			36.76
Vested		(230	)		11.26
Forfeited		(35	)		20.45
Non-vested shares outstanding at December 31, 2021		190			21.81		1.0
Vested		(91	)		17.62
Forfeited		(28	)		21.98
Non-vested shares outstanding at December 31, 2022		71			27.14		0.6
Vested		(47	)		22.28
Forfeited		(4	)		36.31
Non-vested shares outstanding at December 31, 2023		20		$	36.72		0.3

The weighted-average grant date fair value of non-vested shares granted was none, none, and $36.76 for the years ended December 31, 2023, 2022 and 2021. During 2023, 2022 and 2021, we recorded compensation expense, net of cancellations, of $790, $1,189, and $2,542, related to restricted stock awards and direct stock grants. The total income tax benefit related to restricted stock awards was $196, $275, and $595 for 2023, 2022 and 2021. For the years ended December 31, 2023, 2022, and 2021, restricted shares vested with a fair market value of $1,049, $1,591, and $1,929. As of December 31, 2023, we had unearned stock-based compensation of $259 associated with these restricted stock grants, which will be recognized over a weighted average of 0.3 years.

Performance Stock Units

During the year ended December 31, 2023, 2022, and 2021, we granted 294,191, 124,427, and 84,740 performance stock units (“PSUs”), respectively, to certain employees, which are earned over a three-year service period.

After completion of the performance period, the number of PSUs earned will be issued as shares of common stock. The aggregate number of shares of common stock that ultimately may be issued under PSUs 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.

89,804, 49,769 and 30,770 of the PSUs granted in 2023, 2022, and 2021, respectively, 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. none, none, and 7,814 of the PSUs granted in 2023, 2022, and 2021, respectively, were based on certain performance criteria, 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 unit is equal to the closing price of the Company’s stock on the date of grant.

204,387, 74,658, and 46,156 of the PSUs granted in 2023, 2022, and 2021, respectively, 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 weighted average grant date fair value for these TSR PSUs of $24.35, $43.41 and $57.11 per unit in 2023, 2022, and 2021, respectively.

The Monte Carlo simulation was computed using the following assumptions:

	Granted in 2023			Granted in 2022			Granted in 2021
Risk-free rate of return ⁽¹⁾		4.15	%		2.41	%		0.29	%
Expected term (in years)		2.8			2.7			2.8
Estimated volatility ⁽²⁾		49.5	%		55.6	%		61.9	%

⁽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, 2023 was $2,790 and $70, respectively, for the year ended December 31, 2022 was $3,176 and $197, respectively, and for the year ended December 31, 2021 was $3,663 and $310, respectively.

The PSU activity for the years ended December 31, 2023, 2022, and 2021, is as follows:

	Total Number of Non-vested Shares (000)			Weighted- Average Grant Date Fair Value per Unit
Non-vested as of January 1, 2021		410		$	13.63
Granted		85			48.08
Forfeited		(12	)		26.94
Non-vested as of December 31, 2021		483			19.33
Granted		124			40.49
Vested		(194	)		11.82
Forfeited		(38	)		28.27
Non-vested as of December 31, 2022		375			29.31
Granted		294			23.86
Vested		(187	)		20.89
Forfeited		(39	)		36.89
Non-vested as of December 31, 2023		443		$	30.99

As of December 31, 2023 there was $3,859 of remaining unrecognized compensation cost related to non-vested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.5 years.

Restricted Stock Units

During the year ended December 31, 2023, 2022, and 2021, we awarded 273,904, 241,217, and 110,599 restricted stock units (“RSUs”), respectively, to certain employees and Board members. These RSUs generally 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, 2023 was $4,254 and $742, respectively, awards for the year ended December 31, 2022 was $3,253 and $668, respectively and, for the year ended December 31, 2021 was $2,540 and $499, respectively.

The RSU activity for the years ended December 31, 2023, 2022, and 2021, is as follows:

	Total Number of Non-vested Shares (000)			Weighted- Average Grant Date Fair Value per Unit
Non-vested as of January 1, 2021		212		$	12.43
Granted		111			36.67
Vested		(119	)		14.08
Forfeited		(3	)		37.09
Non-vested as of December 31, 2021		201			24.51
Granted		241			29.58
Vested		(105	)		22.15
Forfeited		(30	)		32.96
Non-vested as of December 31, 2022		307			28.38
Granted		274			19.38
Vested		(154	)		25.53
Forfeited		(42	)		28.47
Non-vested as of December 31, 2023		385		$	21.05

As of December 31, 2023 there was $6,473 of remaining unrecognized compensation cost related to non-vested RSUs, which is expected to be recognized over a weighted-average period of 1.6 years.

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, 2023, 2022, and 2021, we received proceeds of $393, $434, and $389 for the purchase of approximately 26,000, 20,000, and 11,000 shares under the ESPP.

Note 4 - Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Goodwill [Table Text Block]

	FVS				SV				Total
	December 31,				December 31,				December 31,
	2023		2022		2023		2022		2023		2022
Goodwill, beginning of year	$	15,323	$	15,323	$	33,557	$	33,557	$	48,880	$	48,880
Acquisition and measurement period adjustments		-		-		-		-		-		-
Goodwill, end of year	$	15,323	$	15,323	$	33,557	$	33,557	$	48,880	$	48,880

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

	As of December 31, 2023						As of December 31, 2022
	Gross carrying amount		Accumulated amortization		Net		Gross carrying amount		Accumulated amortization		Net
Customer relationships	$	39,080	$	15,068	$	24,012	$	39,080	$	12,174	$	26,906
Unpatented technology		540		195		345		540		135		405
Patented technology		2,200		1,169		1,031		2,200		894		1,306
Non-compete agreements		2,980		2,490		490		2,980		1,909		1,071
Trade Names		19,390		-		19,390		19,390		-		19,390
	$	64,190	$	18,922	$	45,268	$	64,190	$	15,112	$	49,078

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

	Amount
2024	$	3,477
2025		3,070
2026		2,944
2027		2,706
2028		2,391
Thereafter		11,290
Total	$	25,878

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Note 12 - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Balance, non-vested shares outstanding (in shares)	71	190	370
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 27.14	$ 21.81	$ 10.02
Balance, non-vested shares outstanding, weighted average remaining vesting life (Year)	3 months 18 days	7 months 6 days	1 year
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			85
Granted (in dollars per share)	$ 0	$ 0	$ 36.76
Vested (in shares)	(47)	(91)	(230)
Vested (in dollars per share)	$ 22.28	$ 17.62	$ 11.26
Forfeited (in shares)	(4)	(28)	(35)
Forfeited (in dollars per share)	$ 36.31	$ 21.98	$ 20.45
Balance, non-vested shares outstanding (in shares)	20	71	190
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 36.72	$ 27.14	$ 21.81

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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

APPENDIX A

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, 2023:

Allowance for doubtful accounts	$	246	$	159	$	-	$	(129	)	$	276


Year ended December 31, 2022:

Allowance for doubtful accounts	$	187	$	240	$	-	$	(181	)	$	246


Year ended December 31, 2021:

Allowance for doubtful accounts	$	116	$	149	$	-	$	(78	)	$	187

Schedule II - Valuation and Qualifying Accounts - Schedule II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Balance at Beginning of Period	$ 246	$ 187	$ 116
Additions Charged to Costs and Expenses	159	240	149
Additions Charged to Other Accounts	0	0	0
Deductions	(129)	(181)	(78)
Balance at End of Period	$ 276	$ 246	$ 187

Note 10 - Defined Contribution Plans

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Compensation and Employee Benefit Plans [Text Block]

NOTE 10 – DEFINED CONTRIBUTION PLANS

We sponsor defined contribution retirement plans which cover all employees who meet length of service and minimum age requirements. Our matching contributions vest over five years and were $3,631, $3,291, and $2,572 in 2023, 2022, and 2021, respectively. These amounts are expensed as incurred.

Note 2 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract assets, beginning of year	$ 86,993	$ 21,483
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional	(86,627)	(21,483)
Contract assets recognized, net of reclassification to receivables	49,939	86,993
Contract assets, end of year	50,305	86,993
Contract liabilities, beginning of year	5,255	988
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied	(5,182)	(988)
Cash received in advance and not recognized as revenue	4,683	5,255
Contract liabilities, end of year	$ 4,756	$ 5,255

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 6,464	$ 36,558	$ 70,155
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	16,953	14,774	11,356
Non-cash stock based compensation expense	7,834	7,619	8,745
Deferred income taxes	(6,911)	(5,510)	880
Loss (gain) on disposal of assets	389	826	(110)
Changes in accounts receivable and contract assets	72,857	(93,989)	(34,522)
Changes in inventories	(4,975)	(32,977)	(20,756)
Changes in accounts payable	(27,963)	41,302	34,954
Changes in accrued compensation and related taxes	(908)	(4,630)	1,930
Changes in accrued warranty	70	1,186	53
Changes in other assets and liabilities	(7,566)	15,998	1,324
Net cash provided by (used in) operating activities	56,244	(18,843)	74,009
Cash flows from investing activities:
Purchases of property, plant and equipment	(20,733)	(20,564)	(23,002)
Proceeds from sale of property, plant and equipment	119	148	22
Acquisition of businesses, net of cash acquired	(500)	0	904
Net cash used in investing activities	(21,114)	(20,416)	(22,076)
Cash flows from financing activities:
Proceeds from long-term debt	132,500	145,000	45,000
Payments on long-term debt	(138,500)	(89,000)	(67,400)
Payments of debt issuance costs	0	0	(1,360)
Payments of dividends	(7,109)	(7,148)	(3,551)
Purchase and retirement of common stock	(19,083)	(26,789)	(3,348)
Exercise and vesting of stock incentive awards	(4,460)	(8,414)	(2,949)
Distribution to non-controlling interest owner	(69)	0	(2,162)
Net cash provided by (used in) financing activities	(36,721)	13,649	(35,770)
Net increase (decrease) in cash and cash equivalents	(1,591)	(25,610)	16,163
Cash and cash equivalents at beginning of year	11,548	37,158	20,995
Cash and cash equivalents at end of year	$ 9,957	$ 11,548	$ 37,158

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Common Stock Including Additional Paid in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2020	35,344
Balance at Dec. 31, 2020		$ 91,044	$ 109,286	$ (171)	$ 200,159
Issuance of common stock and tax impact of stock incentive plan (in shares)	11
Issuance of common stock and tax impact of stock incentive plan		(2,950)	0
Dividends declared			(3,744)	0
Purchase and retirement of common stock (in shares)	(100)
Purchase and retirement of common stock		(260)	(3,088)	0
Purchase of non-controlling interest		(1,204)	0	(958)	(2,162)
Issuance of restricted stock, net of cancellation (in shares)	161
Issuance of restricted stock, net of cancellation		0	0	0	0
Stock-based compensation expense		8,745	0	0	8,745
Net income			68,925	1,230	70,155
Balance (in shares) at Dec. 31, 2021	35,416
Balance at Dec. 31, 2021		95,375	171,379	101	$ 266,855
Issuance of common stock and tax impact of stock incentive plan (in shares)	18
Issuance of common stock and tax impact of stock incentive plan		(8,414)	0
Dividends declared			(7,135)	0
Purchase and retirement of common stock (in shares)	(607)				(607)
Purchase and retirement of common stock		(1,598)	(25,191)	0	$ (26,789)
Issuance of restricted stock, net of cancellation (in shares)	239
Issuance of restricted stock, net of cancellation		0	0	0	0
Net income			36,558		36,558
Stock-based compensation expense		7,619	0	0	7,619
Balance (in shares) at Dec. 31, 2022	35,066
Balance at Dec. 31, 2022		92,982	175,611	101	$ 268,694
Issuance of common stock and tax impact of stock incentive plan (in shares)	21
Issuance of common stock and tax impact of stock incentive plan		(4,460)	0
Dividends declared			(7,101)	0
Purchase and retirement of common stock (in shares)	(1,023)				(1,022)
Purchase and retirement of common stock		(2,651)	(16,545)	0	$ (19,196)
Issuance of restricted stock, net of cancellation (in shares)	239
Issuance of restricted stock, net of cancellation			0
Net income			6,496	(32)	6,464
Stock-based compensation expense		7,834	0	0	7,834
Distribution to Non-controlling interest owner				(69)	(69)
Balance (in shares) at Dec. 31, 2023	34,303
Balance at Dec. 31, 2023		$ 93,705	$ 158,461	$ 0	$ 252,166

Note 7 - Taxes on Income (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Expense (Benefit)	$ (5,768)	$ 7,368	$ 14,506
Income Tax Expense (Benefit), Reductions In Unrecognized Tax Benefits	2,527
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount	3,645	2,681	4,413
Deferred Tax Assets, Valuation Allowance	0	0
Unrecognized Tax Benefits	4,664	5,748	5,247	$ 1,234
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	626
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued	5,290
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued, Noncurrent	4,698
Deferred Tax Assets, Offsetting Credit, Unrecognized Tax Benefits	592
Unrecognized Tax Benefits, Period Increase (Decrease)	63	160	199
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	4,933	5,463	$ 4,989
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	638	704
Tax Credit Carryforward, Amount	$ 2,938	$ 2,353

Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands, $ / shares in Thousands	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, authorized (in shares)	2,000	2,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	80,000	80,000
Common stock, shares outstanding (in shares)	34,303	35,066

Note 7 - Taxes on Income

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 7 – TAXES ON INCOME

Income taxes consist of the following:

	Year Ended December 31,
	2023			2022		2021
Taxes (benefit) on income from continuing operations	$	(5,768	)	$	7,368	$	14,506
Income tax expense from discontinued operations		-			-		62
Total taxes (benefit) on income	$	(5,768	)	$	7,368	$	14,568

Income taxes (benefit) from continuing operations consist of the following:

	Year Ended December 31,
	2023			2022			2021
Current (benefit):
Federal	$	(610	)	$	10,672		$	10,891
State		1,521			1,960			2,745
Foreign		231			175			286
Total current		1,142			12,807			13,922
Deferred (benefit):
Federal		(5,828	)		(4,976	)		554
State		(1,082	)		(463	)		30
Total deferred		(6,910	)		(5,439	)		584
Total taxes (benefit) on income	$	(5,768	)	$	7,368		$	14,506

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 (benefit) are as follows:

	Year Ended December 31,
	2023			2022			2021
Federal income taxes at the statutory rate	$	146		$	9,224		$	17,741
State tax expense, net of federal income tax benefit		509			1,132			2,481
Increase (decrease) in income taxes resulting from:
Non-deductible compensation		422			851			958
Stock based compensation		(82	)		(819	)		(1,504	)
Foreign-derived intangible income deduction		(515	)		-			-
Valuation allowance adjustment		-			-			(82	)
Unrecognized tax benefit adjustment		(2,234	)		-			-
Federal research and development tax credit		(3,645	)		(2,681	)		(4,413	)
Other		(369	)		(339	)		(675	)
Total	$	(5,768	)	$	7,368		$	14,506

The 2023 tax benefit of $5,768 includes a $2,527 tax benefit related to reductions in unrecognized tax benefits and a $3,645 tax benefit for research and development credits.

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

	December 31,
	2023			2022
Deferred income tax assets:
Operating lease liability	$	11,783		$	13,664
Research and development costs		19,937			12,066
Warranty reserve		1,164			1,592
Inventory costs and reserves		5,784			5,926
Contract assets		5,181			10,030
Stock-based compensation		1,699			1,261
Net operating loss carry-forwards, net of federal income tax benefit		504			556
Compensation related accruals		916			621
Credit carry-forwards net of federal income tax benefit		1,752			1,454
Other		857			879
Total deferred income tax assets	$	49,577		$	48,049

Deferred income tax liabilities:
Cost offset method	$	(8,304	)	$	(14,371	)
Right of use assets		(11,231	)		(13,121	)
Depreciation		(8,551	)		(7,901	)
Intangible assets		(2,709	)		(2,010	)
Prepaid expenses		(1,482	)		(256	)
Total deferred income tax liabilities	$	(32,277	)	$	(37,659	)

Net deferred tax asset	$	17,300		$	10,390

Based upon an assessment of the available positive and negative evidence at December 31, 2023 and 2022, the total deferred income tax assets are more likely than not to be realized based on the consideration of deferred tax liability reversals and projected future taxable income. Therefore, no valuation allowance was recorded at December 31, 2023 and 2022.

At December 31, 2023 and 2022, we had state tax NOL carry-forwards of $638 and $704, respectively, which expire between years 2029-2043. At December 31, 2023 and 2022, we had state tax credit carry-forwards of $2,938 and $2,353, respectively, which expire between years 2026-2033.

A reconciliation of the change in the unrecognized tax benefits (“UTB”) for the three years ended December 31, 2023, 2022 and 2021 is as follows:

	2023			2022			2021
Balance, beginning of year	$	5,748		$	5,247		$	1,234
Increase (decrease) related to prior year tax positions		362			(139	)		2,935
Increase related to current year tax positions		679			775			1,161
Settlement		-			(97	)		-
Expiration of statute		(2,125	)		(38	)		(83	)
Balance, end of year	$	4,664		$	5,748		$	5,247

As of December 31, 2023, we had an ending UTB balance of $4,664 along with $626 of interest and penalties, for a total liability of $5,290, of which $4,698 is recorded as a non-current liability and $592 as a credit offsetting deferred tax assets. The change in interest and penalties amounted to a decrease of $63 in 2023, an increase of $160 in 2022, and an increase of $199 in 2021, which were reflected in Income tax expense within our Consolidated Statement of Operations.

At December 31, 2023, 2022 and 2021, we had total amounts of UTB that, if recognized, would impact our effective tax rate of $4,933, $5,463 and $4,989, respectively.

As of December 31, 2023, the U.S. federal statute of limitations for tax years 2020 and forward remains open. 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.

We do not expect the total amount of UTB to significantly increase or decrease over the next twelve months.

- Definition

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Note 15 - Business Segments

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 15 – 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 defined 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 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 service bodies operations, operations that engineer and manufacture motorhome chassis, other specialty chassis and distributes related aftermarket parts and assemblies. We also provide vocation-specific equipment upfit services, which are marketed and sold under the Strobes-R-Us brand.

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 $24,706, $7,670, and $11,657 for the years ended December 31, 2023, 2022, and 2021, or 2.8%, 0.7%, and 1.2%, respectively, of sales for those years. Substantially 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, 2023

	Segment
	FVS		SV		Eliminations and Other			Consolidated
Fleet vehicles sales	$	487,072	$	-	$	-		$	487,072
Motorhome chassis sales		-		104,882		-			104,882
Other specialty vehicles sales		-		209,434		(4,183	)		205,251
Aftermarket parts and accessories sales		54,566		20,427		-			74,993
Total sales	$	541,638	$	334,743	$	(4,183	)	$	872,198

Depreciation and amortization expense	$	6,552	$	6,720	$	3,681		$	16,953
Adjusted EBITDA	$	30,326	$	66,186	$	(56,544	)	$	39,968
Segment assets	$	241,546	$	213,509	$	74,994		$	530,049
Capital expenditures	$	5,065	$	2,567	$	17,844		$	25,476

Year Ended December 31, 2022

	Segment
	FVS		SV		Eliminations and Other			Consolidated
Fleet vehicles sales	$	605,253	$	-	$	-		$	605,253
Motorhome chassis sales		-		175,030		-			175,030
Other specialty vehicles sales		-		191,882		(6,483	)		185,399
Aftermarket parts and accessories sales		41,750		19,732		-			61,482
Total sales	$	647,003	$	386,644	$	(6,483	)	$	1,027,164

Depreciation and amortization expense	$	4,555	$	7,011	$	3,208		$	14,774
Adjusted EBITDA	$	65,719	$	54,413	$	(49,339	)	$	70,793
Segment assets	$	308,357	$	220,768	$	51,356		$	580,481
Capital expenditures	$	13,381	$	1,268	$	6,893		$	21,542

Year Ended December 31, 2021

	Segment
	FVS		SV		Eliminations and Other			Consolidated
Fleet vehicles sales	$	624,874	$	-	$	-		$	624,874
Motorhome chassis sales		-		168,166		-			168,166
Other specialty vehicles sales		-		145,134		-			145,134
Aftermarket parts and accessories sales		34,558		19,060		-			53,618
Total sales	$	659,432	$	332,360	$	-		$	991,792

Depreciation and amortization expense	$	2,654	$	6,832	$	1,870		$	11,356
Adjusted EBITDA	$	108,621	$	32,668	$	(33,223	)	$	108,066
Segment assets	$	174,799	$	202,302	$	70,766		$	447,867
Capital expenditures	$	16,647	$	4,198	$	2,163		$	23,008

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Note 12 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	5,056,250
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	1,643,385
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	$ 393	$ 434	$ 389
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)	26,000	20,000	11,000
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)	$ 0	$ 0	$ 36.76
Share-Based Payment Arrangement, Expense	$ 790	$ 1,189	$ 2,542
Share-Based Payment Arrangement, Expense, Tax Benefit	196	275	595
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	1,049	$ 1,591	$ 1,929
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 259
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 months 18 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			85,000
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)	$ 23.86	$ 40.49	$ 48.08
Share-Based Payment Arrangement, Expense	$ 2,790	$ 3,176	$ 3,663
Share-Based Payment Arrangement, Expense, Tax Benefit	70	$ 197	$ 310
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 3,859
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 6 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	294,191	124,427	84,740
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 (in shares)	89,804	49,769	30,770
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)	$ 24.35	$ 43.41	$ 57.11
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	204,387	74,658	46,156
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, Equity Instruments Other than Options, Grants in Period (in shares)	0	0	7,814
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)	$ 19.38	$ 29.58	$ 36.67
Share-Based Payment Arrangement, Expense	$ 4,254	$ 3,253	$ 2,540
Share-Based Payment Arrangement, Expense, Tax Benefit	742	$ 668	$ 499
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 6,473
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 7 months 6 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	273,904	241,217	110,599
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

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Document Information [Line Items]
Entity Central Index Key	0000743238
Entity Registrant Name	SHYFT GROUP, INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-33582
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-2078923
Entity Address, Address Line One	41280 Bridge Street
Entity Address, City or Town	Novi
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48375
City Area Code	517
Local Phone Number	543-6400
Title of 12(b) Security	Common Stock
Trading Symbol	SHYF
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 754,096,182
Entity Common Stock, Shares Outstanding		34,314,252
Auditor Name	Deloitte & Touche LLP
Auditor Location	Detroit, Michigan
Auditor Firm ID	34

Note 10 - Defined Contribution Plans (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Plan Company Matching Contributions Vesting Period (Year)	5 years
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 3,631	$ 3,291	$ 2,572

Note 12 - Stock Based Compensation - Simulation Assumption (Details) - Performance Shares Units [Member]

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Risk-free rate of return (1)

^[1]

4.15%

2.41%

0.29%

Expected term (in years) (Year)

2 years 9 months 18 days

2 years 8 months 12 days

2 years 9 months 18 days

Estimated volatility (2)

^[2]

49.50%

55.60%

61.90%

[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 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finished goods	$ 9,374	$ 13,361
Work in process	2,543	5,200
Raw materials and purchased components	93,218	81,600
Total Inventories	$ 105,135	$ 100,161

Note 7 - Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	Year Ended December 31,
	2023			2022		2021
Taxes (benefit) on income from continuing operations	$	(5,768	)	$	7,368	$	14,506
Income tax expense from discontinued operations		-			-		62
Total taxes (benefit) on income	$	(5,768	)	$	7,368	$	14,568

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

	Year Ended December 31,
	2023			2022			2021
Current (benefit):
Federal	$	(610	)	$	10,672		$	10,891
State		1,521			1,960			2,745
Foreign		231			175			286
Total current		1,142			12,807			13,922
Deferred (benefit):
Federal		(5,828	)		(4,976	)		554
State		(1,082	)		(463	)		30
Total deferred		(6,910	)		(5,439	)		584
Total taxes (benefit) on income	$	(5,768	)	$	7,368		$	14,506

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

	Year Ended December 31,
	2023			2022			2021
Federal income taxes at the statutory rate	$	146		$	9,224		$	17,741
State tax expense, net of federal income tax benefit		509			1,132			2,481
Increase (decrease) in income taxes resulting from:
Non-deductible compensation		422			851			958
Stock based compensation		(82	)		(819	)		(1,504	)
Foreign-derived intangible income deduction		(515	)		-			-
Valuation allowance adjustment		-			-			(82	)
Unrecognized tax benefit adjustment		(2,234	)		-			-
Federal research and development tax credit		(3,645	)		(2,681	)		(4,413	)
Other		(369	)		(339	)		(675	)
Total	$	(5,768	)	$	7,368		$	14,506

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

	December 31,
	2023			2022
Deferred income tax assets:
Operating lease liability	$	11,783		$	13,664
Research and development costs		19,937			12,066
Warranty reserve		1,164			1,592
Inventory costs and reserves		5,784			5,926
Contract assets		5,181			10,030
Stock-based compensation		1,699			1,261
Net operating loss carry-forwards, net of federal income tax benefit		504			556
Compensation related accruals		916			621
Credit carry-forwards net of federal income tax benefit		1,752			1,454
Other		857			879
Total deferred income tax assets	$	49,577		$	48,049

Deferred income tax liabilities:
Cost offset method	$	(8,304	)	$	(14,371	)
Right of use assets		(11,231	)		(13,121	)
Depreciation		(8,551	)		(7,901	)
Intangible assets		(2,709	)		(2,010	)
Prepaid expenses		(1,482	)		(256	)
Total deferred income tax liabilities	$	(32,277	)	$	(37,659	)

Net deferred tax asset	$	17,300		$	10,390

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

	2023			2022			2021
Balance, beginning of year	$	5,748		$	5,247		$	1,234
Increase (decrease) related to prior year tax positions		362			(139	)		2,935
Increase related to current year tax positions		679			775			1,161
Settlement		-			(97	)		-
Expiration of statute		(2,125	)		(38	)		(83	)
Balance, end of year	$	4,664		$	5,748		$	5,247

Note 1 - Nature of Operations and Basis of Presentation (Details Textual) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Payments for Repurchase of Redeemable Noncontrolling Interest		$ 69	$ (0)	$ 2,162
Number of Reportable Segments		2
Interest Paid, Including Capitalized Interest, Operating and Investing Activities		$ 5,620	2,176	592
Income Taxes Paid, Net		5,585	1,319	12,199
Capital Expenditures Incurred but Not yet Paid		$ 5,585	$ 2,489	$ 1,511
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 [Member]
Noncontrolling Interest, Ownership Percentage by Parent	0.00%			0.00%
Noncontrolling Interest, Ownership Percentage by Parent, Purchased	20.00%
Payments for Repurchase of Redeemable Noncontrolling Interest				$ 2,162

Note 4 - Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill, beginning of year	$ 48,880	$ 48,880
Acquisition and measurement period adjustments	0	0
Goodwill, end of year	48,880	48,880
Fleet Vehicles and Services [Member]
Goodwill, beginning of year	15,323	15,323
Acquisition and measurement period adjustments	0	0
Goodwill, end of year	15,323	15,323
Specialty Vehicles [Member]
Goodwill, beginning of year	33,557	33,557
Acquisition and measurement period adjustments	0	0
Goodwill, end of year	$ 33,557	$ 33,557

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Note 12 - Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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 January 1, 2021		370		$	10.02		1.0
Granted		85			36.76
Vested		(230	)		11.26
Forfeited		(35	)		20.45
Non-vested shares outstanding at December 31, 2021		190			21.81		1.0
Vested		(91	)		17.62
Forfeited		(28	)		21.98
Non-vested shares outstanding at December 31, 2022		71			27.14		0.6
Vested		(47	)		22.28
Forfeited		(4	)		36.31
Non-vested shares outstanding at December 31, 2023		20		$	36.72		0.3

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

	Granted in 2023			Granted in 2022			Granted in 2021
Risk-free rate of return ⁽¹⁾		4.15	%		2.41	%		0.29	%
Expected term (in years)		2.8			2.7			2.8
Estimated volatility ⁽²⁾		49.5	%		55.6	%		61.9	%

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 January 1, 2021		410		$	13.63
Granted		85			48.08
Forfeited		(12	)		26.94
Non-vested as of December 31, 2021		483			19.33
Granted		124			40.49
Vested		(194	)		11.82
Forfeited		(38	)		28.27
Non-vested as of December 31, 2022		375			29.31
Granted		294			23.86
Vested		(187	)		20.89
Forfeited		(39	)		36.89
Non-vested as of December 31, 2023		443		$	30.99

	Total Number of Non-vested Shares (000)			Weighted- Average Grant Date Fair Value per Unit
Non-vested as of January 1, 2021		212		$	12.43
Granted		111			36.67
Vested		(119	)		14.08
Forfeited		(3	)		37.09
Non-vested as of December 31, 2021		201			24.51
Granted		241			29.58
Vested		(105	)		22.15
Forfeited		(30	)		32.96
Non-vested as of December 31, 2022		307			28.38
Granted		274			19.38
Vested		(154	)		25.53
Forfeited		(42	)		28.47
Non-vested as of December 31, 2023		385		$	21.05

Note 4 - Goodwill and Intangible Assets - Estimated Remaining Amortization Associated With Finite-lived Intangible Assets (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2024	$ 3,477
2025	3,070
2026	2,944
2027	2,706
2028	2,391
Thereafter	11,290
Total	$ 25,878

Note 7 - Taxes on Income - Reconciliation of the Change in the Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Balance, beginning of year	$ 5,748	$ 5,247	$ 1,234
Increase (decrease) related to prior year tax positions	362		2,935
Increase (decrease) related to prior year tax positions		(139)
Increase related to current year tax positions	679	775	1,161
Settlement	0	(97)	0
Expiration of statute	(2,125)	(38)	(83)
Balance at beginning of year	$ 4,664	$ 5,748	$ 5,247

Note 11 - Debt

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 11 – DEBT

Short-term debt consists of the following:

	December 31, 2023		December 31, 2022
Chassis pool agreements	$	34,496	$	19,544
Total short-term debt	$	34,496	$	19,544

Chassis Pool Agreements

The Company obtains certain vehicle chassis for its walk-in vans, service 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 related obligations in cash, except as required under our credit agreement. 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, 2023 and December 31, 2022, the Company’s outstanding chassis converter pool with manufacturers totaled $34,496 and $19,544, 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, 2023			December 31, 2022
Revolving credit facility	$	50,000		$	56,000
Finance lease obligations		329			455
Total debt		50,329			56,455
Less current portion of long-term debt		(185	)		(189	)
Total long-term debt	$	50,144		$	56,266

Revolving Credit Facility

On November 30, 2021, we entered into an Amended and Restated Credit Agreement (the "Credit Agreement") by and among us and certain of our subsidiaries as borrowers, Wells Fargo Bank, N.A., as administrative agent, and the lenders party thereto consisting of Wells Fargo, N.A., JPMorgan Chase Bank, N.A., PNC Bank, N.A. and Bank of America, N.A. (the "Lenders"). Certain of our other subsidiaries have executed guaranties guarantying the borrowers' obligations under the Credit Agreement.

On May 31, 2023, the Company amended the Credit Agreement to effectuate the transition of the underlying variable interest rate from LIBOR to the Secured Overnight Financing Rate ("SOFR"). Increased interest expense and/or disruption in the financial market could have a material adverse effect on our business, financial condition, or results of operations.

Under the Credit Agreement, we may borrow up to $400,000 from the Lenders under a secured revolving credit facility which matures November 30, 2026. We may also request an increase in the facility of up to $200,000 in the aggregate, subject to customary conditions. The revolving credit facility is also available for the issuance of letters of credit of up to $20,000 and swing line loans of up to $10,000, subject to certain limitations and restrictions. The 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 SOFR including a credit spread adjustment plus 1.0%; or (ii) adjusted SOFR, in each case plus a margin based upon our ratio of debt to earnings from time to time. The applicable borrowing rate including the margin was 6.45% (or one-month SOFR including a credit spread adjustment plus 1.00%) at December 31, 2023. The revolving 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, 2023 and December 31, 2022, we had outstanding letters of credit totaling $1,550 and $1,200, respectively, related to our workers’ compensation insurance.

Under the terms of our Credit Agreement, available borrowings (exclusive of outstanding borrowings) totaled $83,243 and $187,162 at December 31, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, we were in compliance with all covenants in our Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Note 8 - Transactions with Major Customers (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

Year	Number of major customers		Combined percentage of consolidated sales			Segment
2022		2		25.4	%	FVS and SV
2021		1		25.1	%	FVS

Note 7 - Taxes on Income - Income Tax from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current (benefit):
Federal	$ (610)	$ 10,672	$ 10,891
State	1,521	1,960	2,745
Foreign	231	175	286
Total current	1,142	12,807	13,922
Deferred (benefit):
Federal	(5,828)	(4,976)	554
State	(1,082)	(463)	30
Total deferred	(6,910)	(5,439)	584
Total taxes (benefit) on income	$ (5,768)	$ 7,368	$ 14,506

Note 8 - Transactions with Major Customers

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

NOTE 8 – TRANSACTIONS WITH MAJOR CUSTOMERS

Major customers are defined as those with sales greater than 10 percent of consolidated sales in a given year. No customer individually exceeded 10% of our consolidated sales for 2023. Sales to customers that individually exceeded 10% of our consolidated sales for 2022 and 2021 are as follows:

Year	Number of major customers		Combined percentage of consolidated sales			Segment
2022		2		25.4	%	FVS and SV
2021		1		25.1	%	FVS

Note 14 - 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic weighted average common shares outstanding (in shares)	34,721	35,073	35,333
Plus dilutive effect of Restricted Stock Units and Performance Stock Units (in shares)	140	421	764
Diluted weighted average common shares outstanding (in shares)	34,861	35,494	36,097

Note 2 - Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	December 31, 2023			December 31, 2022
Contract Assets
Contract assets, beginning of year	$	86,993		$	21,483
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional		(86,627	)		(21,483	)
Contract assets recognized, net of reclassification to receivables		49,939			86,993
Contract assets, end of year	$	50,305		$	86,993

Contract Liabilities
Contract liabilities, beginning of year	$	5,255		$	988
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied		(5,182	)		(988	)
Cash received in advance and not recognized as revenue		4,683			5,255
Contract liabilities, end of year	$	4,756		$	5,255

Disaggregation of Revenue [Table Text Block]

	Year Ended December 31, 2023
	FVS		SV		Total Reportable Segments		Eliminations and Other			Total
Primary geographical markets
United States	$	517,116	$	334,559	$	851,675	$	(4,183	)	$	847,492
Other		24,522		184		24,706		-			24,706
Total sales	$	541,638	$	334,743	$	876,381	$	(4,183	)	$	872,198

Timing of revenue recognition
Products transferred at a point in time	$	54,566	$	147,766	$	202,332	$	467		$	202,799
Products and services transferred over time		487,072		186,977		674,049		(4,650	)		669,399
Total sales	$	541,638	$	334,743	$	876,381	$	(4,183	)	$	872,198

	Year Ended December 31, 2022
	FVS		SV		Total Reportable Segments		Eliminations and Other			Total
Primary geographical markets
United States	$	639,441	$	386,536	$	1,025,977	$	(6,483	)	$	1,019,494
Other		7,562		108		7,670		-			7,670
Total sales	$	647,003	$	386,644	$	1,033,647	$	(6,483	)	$	1,027,164

Timing of revenue recognition
Products transferred at a point in time	$	41,750	$	208,645	$	250,395	$	-		$	250,395
Products and services transferred over time		605,253		177,999		783,252		(6,483	)		776,769
Total sales	$	647,003	$	386,644	$	1,033,647	$	(6,483	)	$	1,027,164

	Year Ended December 31, 2021
	FVS		SV		Total Reportable Segments		Eliminations and Other		Total
Primary geographical markets
United States	$	647,842	$	332,293	$	980,135	$	-	$	980,135
Other		11,590		67		11,657		-		11,657
Total sales	$	659,432	$	332,360	$	991,792	$	-	$	991,792

Timing of revenue recognition
Products transferred at a point in time	$	34,558	$	198,852	$	233,410	$	-	$	233,410
Products and services transferred over time		624,874		133,508		758,382		-		758,382
Total sales	$	659,432	$	332,360	$	991,792	$	-	$	991,792

Note 7 - Taxes on Income - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Operating lease liability	$ 11,783	$ 13,664
Research and development costs	19,937	12,066
Warranty reserve	1,164	1,592
Inventory costs and reserves	5,784	5,926
Contract assets	5,181	10,030
Stock-based compensation	1,699	1,261
Net operating loss carry-forwards, net of federal income tax benefit	504	556
Compensation related accruals	916	621
Credit carry-forwards net of federal income tax benefit	1,752	1,454
Other	857	879
Total deferred income tax assets	49,577	48,049
Deferred income tax liabilities:
Cost offset method	(8,304)	(14,371)
Right of use assets	(11,231)	(13,121)
Depreciation	(8,551)	(7,901)
Intangible assets	(2,709)	(2,010)
Prepaid expenses	(1,482)	(256)
Total deferred income tax liabilities	(32,277)	(37,659)
Net deferred tax asset	$ 17,300	$ 10,390

Note 15 - Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	Segment
	FVS		SV		Eliminations and Other			Consolidated
Fleet vehicles sales	$	487,072	$	-	$	-		$	487,072
Motorhome chassis sales		-		104,882		-			104,882
Other specialty vehicles sales		-		209,434		(4,183	)		205,251
Aftermarket parts and accessories sales		54,566		20,427		-			74,993
Total sales	$	541,638	$	334,743	$	(4,183	)	$	872,198

Depreciation and amortization expense	$	6,552	$	6,720	$	3,681		$	16,953
Adjusted EBITDA	$	30,326	$	66,186	$	(56,544	)	$	39,968
Segment assets	$	241,546	$	213,509	$	74,994		$	530,049
Capital expenditures	$	5,065	$	2,567	$	17,844		$	25,476

	Segment
	FVS		SV		Eliminations and Other			Consolidated
Fleet vehicles sales	$	605,253	$	-	$	-		$	605,253
Motorhome chassis sales		-		175,030		-			175,030
Other specialty vehicles sales		-		191,882		(6,483	)		185,399
Aftermarket parts and accessories sales		41,750		19,732		-			61,482
Total sales	$	647,003	$	386,644	$	(6,483	)	$	1,027,164

Depreciation and amortization expense	$	4,555	$	7,011	$	3,208		$	14,774
Adjusted EBITDA	$	65,719	$	54,413	$	(49,339	)	$	70,793
Segment assets	$	308,357	$	220,768	$	51,356		$	580,481
Capital expenditures	$	13,381	$	1,268	$	6,893		$	21,542

	Segment
	FVS		SV		Eliminations and Other			Consolidated
Fleet vehicles sales	$	624,874	$	-	$	-		$	624,874
Motorhome chassis sales		-		168,166		-			168,166
Other specialty vehicles sales		-		145,134		-			145,134
Aftermarket parts and accessories sales		34,558		19,060		-			53,618
Total sales	$	659,432	$	332,360	$	-		$	991,792

Depreciation and amortization expense	$	2,654	$	6,832	$	1,870		$	11,356
Adjusted EBITDA	$	108,621	$	32,668	$	(33,223	)	$	108,066
Segment assets	$	174,799	$	202,302	$	70,766		$	447,867
Capital expenditures	$	16,647	$	4,198	$	2,163		$	23,008

Note 4 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amortization of Intangible Assets	$ 3,810	$ 3,903	$ 3,405

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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, 2023:

Allowance for doubtful accounts	$	246	$	159	$	-	$	(129	)	$	276


Year ended December 31, 2022:

Allowance for doubtful accounts	$	187	$	240	$	-	$	(181	)	$	246


Year ended December 31, 2021:

Allowance for doubtful accounts	$	116	$	149	$	-	$	(78	)	$	187

Note 15 - Business Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues	$ 872,198	$ 1,027,164	$ 991,792
Depreciation and amortization expense	16,953	14,774	11,356
Segment assets	530,049	580,481
Capital expenditures	20,733	20,564	23,002
Operating Segments [Member]
Revenues	876,381	1,033,647	991,792
Operating Segments [Member] \| Fleet Vehicles and Services [Member]
Revenues	541,638	647,003	659,432
Operating Segments [Member] \| Specialty Vehicles [Member]
Revenues	334,743	386,644	332,360
Continuing Operations [Member]
Revenues	872,198	1,027,164	991,792
Depreciation and amortization expense	16,953	14,774	11,356
Adjusted EBITDA	39,968	70,793	108,066
Segment assets	530,049	580,481	447,867
Capital expenditures	25,476	21,542	23,008
Continuing Operations [Member] \| Fleet Vehicle Sales [Member]
Revenues	487,072	605,253	624,874
Continuing Operations [Member] \| Motorhome Chassis [Member]
Revenues	104,882	175,030	168,166
Continuing Operations [Member] \| Other Specialty Vehicles [Member]
Revenues	205,251	185,399	145,134
Continuing Operations [Member] \| Aftermarket Parts and Accessories Sales [Member]
Revenues	74,993	61,482	53,618
Continuing Operations [Member] \| Operating Segments [Member] \| Fleet Vehicles and Services [Member]
Revenues	541,638	647,003	659,432
Depreciation and amortization expense	6,552	4,555	2,654
Adjusted EBITDA	30,326	65,719	108,621
Segment assets	241,546	308,357	174,799
Capital expenditures	5,065	13,381	16,647
Continuing Operations [Member] \| Operating Segments [Member] \| Fleet Vehicles and Services [Member] \| Fleet Vehicle Sales [Member]
Revenues	487,072	605,253	624,874
Continuing Operations [Member] \| Operating Segments [Member] \| Fleet Vehicles and Services [Member] \| Motorhome Chassis [Member]
Revenues	0	0	0
Continuing Operations [Member] \| Operating Segments [Member] \| Fleet Vehicles and Services [Member] \| Other Specialty Vehicles [Member]
Revenues	0	0	0
Continuing Operations [Member] \| Operating Segments [Member] \| Fleet Vehicles and Services [Member] \| Aftermarket Parts and Accessories Sales [Member]
Revenues	54,566	41,750	34,558
Continuing Operations [Member] \| Operating Segments [Member] \| Specialty Vehicles [Member]
Revenues	334,743	386,644	332,360
Depreciation and amortization expense	6,720	7,011	6,832
Adjusted EBITDA	66,186	54,413	32,668
Segment assets	213,509	220,768	202,302
Capital expenditures	2,567	1,268	4,198
Continuing Operations [Member] \| Operating Segments [Member] \| Specialty Vehicles [Member] \| Fleet Vehicle Sales [Member]
Revenues	0	0	0
Continuing Operations [Member] \| Operating Segments [Member] \| Specialty Vehicles [Member] \| Motorhome Chassis [Member]
Revenues	104,882	175,030	168,166
Continuing Operations [Member] \| Operating Segments [Member] \| Specialty Vehicles [Member] \| Other Specialty Vehicles [Member]
Revenues	209,434	191,882	145,134
Continuing Operations [Member] \| Operating Segments [Member] \| Specialty Vehicles [Member] \| Aftermarket Parts and Accessories Sales [Member]
Revenues	20,427	19,732	19,060
Continuing Operations [Member] \| Segment Reconciling Items [Member]
Revenues	(4,183)	(6,483)	0
Depreciation and amortization expense	3,681	3,208	1,870
Adjusted EBITDA	(56,544)	(49,339)	(33,223)
Segment assets	74,994	51,356	70,766
Capital expenditures	17,844	6,893	2,163
Continuing Operations [Member] \| Segment Reconciling Items [Member] \| Fleet Vehicle Sales [Member]
Revenues	0	0	0
Continuing Operations [Member] \| Segment Reconciling Items [Member] \| Motorhome Chassis [Member]
Revenues	0	0	0
Continuing Operations [Member] \| Segment Reconciling Items [Member] \| Other Specialty Vehicles [Member]
Revenues	(4,183)	(6,483)	0
Continuing Operations [Member] \| Segment Reconciling Items [Member] \| Aftermarket Parts and Accessories Sales [Member]
Revenues	$ 0	$ 0	$ 0

Note 11 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revolving credit facility	$ 50,000	$ 56,000
Total debt	50,329	56,455
Less current portion of long-term debt	(185)	(189)
Total long-term debt	50,144	56,266
Long-Term Debt [Member]
Finance lease obligations	$ 329	$ 455

- Definition

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 6 - Leases

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Lessee, Operating Leases and Finance Leases [Text Block]

NOTE 6 – LEASES

We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of one year to 16 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, 2023 and 2022, assets recorded under finance leases were immaterial (See “Note 11 – Debt”). Lease expense totaled $12,673, $10,603, and $8,679 for the years ended December 31, 2023, 2022 and 2021, 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, 2023		Year ended December 31, 2022		Year ended December 31, 2021
Operating leases	$	11,388	$	10,302	$	8,233
Short-term leases (1)		1,285		301		446
Total lease expense	$	12,673	$	10,603	$	8,679

(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,

2023

Year ended

December 31,

2022

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

7.2

8.0

Weighted average discount rate of operating leases

2.9

2.7

Supplemental cash flow information related to leases was as follows:

	Year ended December 31, 2023		Year ended December 31, 2022		Year ended December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	11,041	$	9,500	$	7,958

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	7,025	$	19,159	$	7,137
Finance leases	$	95	$	304	$	271

Maturities of operating lease liabilities as of December 31, 2023 are as follows:

Years ending December 31:
2024	$	10,475
2025		9,984
2026		7,840
2027		5,384
2028		4,148
Thereafter		14,367
Total lease payments		52,198
Less: imputed interest		(4,657	)
Total lease liabilities	$	47,541

Note 14 - Earnings Per Share

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 14 – EARNINGS PER SHARE

The table below reconciles basic weighted average common shares outstanding to diluted weighted average shares outstanding for 2023, 2022, and 2021 (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,
	2023		2022		2021
Basic weighted average common shares outstanding		34,721		35,073		35,333
Plus dilutive effect of Restricted Stock Units and Performance Stock Units		140		421		764
Diluted weighted average common shares outstanding		34,861		35,494		36,097

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	*Rule 10b5-1 Trading Arrangements* During the quarter ended December 31, 2023, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K).
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 13 - Shareholders Equity - Summary of Stock Repurchased and Retired (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares purchased (in shares)	1,022	607
Label	$ 19,083	$ 26,789	$ 3,348
The 2022 Share Repurchase Program [Member]
Remaining shares allowable to be purchased (in shares)	223,019	242,102

Note 2 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues	$ 872,198	$ 1,027,164	$ 991,792
Transferred at Point in Time [Member]
Revenues	202,799	250,395	233,410
Transferred over Time [Member]
Revenues	669,399	776,769	758,382
Operating Segments [Member]
Revenues	876,381	1,033,647	991,792
Operating Segments [Member] \| Transferred at Point in Time [Member]
Revenues	202,332	250,395	233,410
Operating Segments [Member] \| Transferred over Time [Member]
Revenues	674,049	783,252	758,382
Consolidation, Eliminations [Member]
Revenues	(4,183)	(6,483)	0
Consolidation, Eliminations [Member] \| Transferred at Point in Time [Member]
Revenues	467	0	0
Consolidation, Eliminations [Member] \| Transferred over Time [Member]
Revenues	(4,650)	(6,483)	0
Fleet Vehicles and Services [Member] \| Operating Segments [Member]
Revenues	541,638	647,003	659,432
Fleet Vehicles and Services [Member] \| Operating Segments [Member] \| Transferred at Point in Time [Member]
Revenues	54,566	41,750	34,558
Fleet Vehicles and Services [Member] \| Operating Segments [Member] \| Transferred over Time [Member]
Revenues	487,072	605,253	624,874
Specialty Vehicles [Member] \| Operating Segments [Member]
Revenues	334,743	386,644	332,360
Specialty Vehicles [Member] \| Operating Segments [Member] \| Transferred at Point in Time [Member]
Revenues	147,766	208,645	198,852
Specialty Vehicles [Member] \| Operating Segments [Member] \| Transferred over Time [Member]
Revenues	186,977	177,999	133,508
UNITED STATES
Revenues	847,492	1,019,494	980,135
UNITED STATES \| Operating Segments [Member]
Revenues	851,675	1,025,977	980,135
UNITED STATES \| Consolidation, Eliminations [Member]
Revenues	(4,183)	(6,483)	0
UNITED STATES \| Fleet Vehicles and Services [Member] \| Operating Segments [Member]
Revenues	517,116	639,441	647,842
UNITED STATES \| Specialty Vehicles [Member] \| Operating Segments [Member]
Revenues	334,559	386,536	332,293
Non-US [Member]
Revenues	24,706	7,670	11,657
Non-US [Member] \| Operating Segments [Member]
Revenues	24,706	7,670	11,657
Non-US [Member] \| Consolidation, Eliminations [Member]
Revenues	0	0	0
Non-US [Member] \| Fleet Vehicles and Services [Member] \| Operating Segments [Member]
Revenues	24,522	7,562	11,590
Non-US [Member] \| Specialty Vehicles [Member] \| Operating Segments [Member]
Revenues	$ 184	$ 108	$ 67

- Definition

+ References

+ Details

Note 4 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 4 – 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 of October 1, 2023, the most recent annual goodwill impairment assessment date, two reporting units were determined for goodwill impairment testing: Fleet Vehicles and Services and Specialty Vehicles. We qualitatively assessed goodwill assigned to the Fleet Vehicles and Services and Specialty Vehicles reporting units and found no indicators of 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 WACC assumption.

The change in the carrying amount of goodwill for the year ended December 31, 2023 and 2022 were as follows (in thousands):

	FVS				SV				Total
	December 31,				December 31,				December 31,
	2023		2022		2023		2022		2023		2022
Goodwill, beginning of year	$	15,323	$	15,323	$	33,557	$	33,557	$	48,880	$	48,880
Acquisition and measurement period adjustments		-		-		-		-		-		-
Goodwill, end of year	$	15,323	$	15,323	$	33,557	$	33,557	$	48,880	$	48,880

OtherIntangible Assets

At December 31, 2023, we had other intangible assets, including customer and dealer relationships, non-compete agreements, trade names, trademarks, unpatented technology, patented technology. Certain non-compete agreements 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. Unpatented technology, patented technology and certain non-compete agreements are amortized utilizing a straight-line approach over the estimated useful lives. We amortize the customer relationships utilizing an accelerated approach over the estimated remaining life. The Royal, DuraMag, Magnum, Utilimaster, and Strobes-R-Us 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, 2023, consisted of our Royal, DuraMag, and Magnum 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. The fair value of our Royal, DuraMag, and Magnum trade names exceeded their carrying values, and therefore do not result in an impairment. We qualitatively assessed Utilimaster and Strobes-R-Us trade names and trademarks and found no indicators of impairment.

The following table provides information regarding our other intangible assets:

	As of December 31, 2023						As of December 31, 2022
	Gross carrying amount		Accumulated amortization		Net		Gross carrying amount		Accumulated amortization		Net
Customer relationships	$	39,080	$	15,068	$	24,012	$	39,080	$	12,174	$	26,906
Unpatented technology		540		195		345		540		135		405
Patented technology		2,200		1,169		1,031		2,200		894		1,306
Non-compete agreements		2,980		2,490		490		2,980		1,909		1,071
Trade Names		19,390		-		19,390		19,390		-		19,390
	$	64,190	$	18,922	$	45,268	$	64,190	$	15,112	$	49,078

We recorded $3,810, $3,903, and $3,405 of intangible asset amortization expense during 2023, 2022 and 2021.

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

	Amount
2024	$	3,477
2025		3,070
2026		2,944
2027		2,706
2028		2,391
Thereafter		11,290
Total	$	25,878

Note 6 - Leases - Lease Expense and Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Operating leases

$ 11,388

$ 10,302

$ 8,233

Short-term leases (1)

^[1]

1,285

301

446

Total lease expense

$ 12,673

$ 10,603

8,679

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

7 years 2 months 12 days

8 years

Weighted average discount rate of operating leases

2.90%

2.70%

Operating cash flow for operating leases

$ 11,041

$ 9,500

7,958

Operating leases

7,025

19,159

7,137

Finance leases

$ 95

$ 304

$ 271

[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 11 - Debt (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Short-Term Debt [Table Text Block]

	December 31, 2023		December 31, 2022
Chassis pool agreements	$	34,496	$	19,544
Total short-term debt	$	34,496	$	19,544

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

	December 31, 2023			December 31, 2022
Revolving credit facility	$	50,000		$	56,000
Finance lease obligations		329			455
Total debt		50,329			56,455
Less current portion of long-term debt		(185	)		(189	)
Total long-term debt	$	50,144		$	56,266

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Note 8 - Transactions with Major Customers - Information about Major Customers (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] - Fleet Vehicles and Services, and Specialty Vehicles [Member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of major customers	2
Combined percentage of consolidated sales		25.10%
Two Customers [Member]
Combined percentage of consolidated sales	25.40%
One Customer [Member]
Number of major customers		1

Note 13 - Shareholders Equity

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Equity [Text Block]

NOTE 13 – SHAREHOLDERS EQUITY

On February 17, 2022, we announced that our Board of Directors had authorized the repurchase of up to $250.0 million of our common stock. The repurchase authorization does not have an expiration date.

The following table represents our purchases of our common stock during the year ended December 31, 2023 and 2022 under the share repurchase program.

Year Ended

December 31,

purchased

(000)

Purchase

value

Approximate Dollar Value of Shares That
May Yet be Purchased Under Announced Plans or Programs

2023

1,022

19,083

223,019

2022

607

26,789

242,102

During the year ended December 31, 2021, 100,000 shares were purchased under a prior authorization approved in 2016 for $3,348. As of December 31, 2021, 408,994 shares remained allowable to be purchased under the 2016 authorization.

In January 2022, we repurchased the remaining 408,994 shares available under the prior authorization for $18,884.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Note 9 - Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Product Warranty Liability [Table Text Block]

	2023			2022
Balance of accrued warranty, beginning of year	$	7,161		$	5,975
Provisions for current period sales		5,882			4,904
Cash settlements		(4,503	)		(4,681	)
Changes in liability for pre-existing warranties		(1,309	)		963
Balance of accrued warranty, end of year	$	7,231		$	7,161