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Note 6 - Valuation Accounts | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] |
6. | VALUATION ACCOUNTS:
Valuation and allowance accounts include the following (in thousands):
|  | Balance Beginning of Year |  |  | Net Charge to Costs and Expenses |  |  | Net Write- Offs |  |  | Balance End of Year |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reserve for parts inventory |  | $ | 9,315 |  |  | $ | 3,520 |  |  | $ | (5,375 | ) |  | $ | 7,460 |
Reserve for commercial vehicle inventory |  |  | 6,075 |  |  |  | (536 | ) |  |  | (4,620 | ) |  |  | 919 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reserve for parts inventory |  | $ | 7,661 |  |  | $ | 4,501 |  |  | $ | (2,847 | ) |  | $ | 9,315 |
Reserve for commercial vehicle inventory |  |  | 9,602 |  |  |  | 9,598 |  |  |  | (13,125 | ) |  |  | 6,075 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reserve for accounts receivable |  | $ | 987 |  |  | $ | 2,065 |  |  | $ | (2,038 | ) |  | $ | 1,014 |
Reserve for warranty receivables |  |  | 429 |  |  |  | 1,661 |  |  |  | (1,680 | ) |  |  | 410 |
Reserve for parts inventory |  |  | 7,050 |  |  |  | 4,460 |  |  |  | (3,849 | ) |  |  | 7,661 |
Reserve for commercial vehicle inventory |  |  | 4,587 |  |  |  | 12,489 |  |  |  | (7,474 | ) |  |  | 9,602 |
Accounts Receivable and Allowance for Credit Losses The Company establishes an allowance for credit losses to present the net amount of accounts receivable expected to be collected. Under Topic 326, the Company is required to remeasure expected credit losses for financial instruments held on the reporting date based on historical experience, current conditions and reasonable forecasts. Accounts receivable consists primarily of commercial vehicle sales receivables, manufacturers’ receivables and leasing, parts and service sales receivables and other trade receivables. The Company maintains an allowance for credit losses based on the probability of default, its historical rate of losses, aging and current economic conditions. The Company’s assessment of future losses in 2021 considered the impact of the COVID-19 pandemic on forecasted economic trends. The Company writes off account balances when it has exhausted reasonable collection efforts and determined that the likelihood of collection is remote. These write-offs are charged against the allowance for credit losses. The following table summarizes the changes in the allowance for credit losses (in thousands):
|  | Balance December 31, 2020 |  |  | Provision for the Year Ended December 31, 2021 |  |  | Write offs Against Allowance, net of Recoveries |  |  | Balance December 31, 2021 |
Commercial vehicle receivables |  | $ | 172 |  |  | $ | (96 | ) |  | $ | − |  |  | $ | 76 |
Manufacturers’ receivables |  |  | 136 |  |  |  | 1,158 |  |  |  | (875 | ) |  |  | 419 |
Leasing, parts and service receivables |  |  | 1,278 |  |  |  | 1,335 |  |  |  | (1,544 | ) |  |  | 1,069 |
Other receivables |  |  | 19 |  |  |  | 7 |  |  |  | − |  |  |  | 26 |
Total |  | $ | 1,605 |  |  | $ | 2,404 |  |  | $ | (2,419 | ) |  | $ | 1,590 |
Inventory The Company provides a reserve for obsolete and slow moving parts. The reserve is reviewed and, if necessary, adjustments are made on a quarterly basis. The Company relies on historical information to support its reserve. Once the inventory is written down, the Company does not reverse any reserve balance until the inventory is sold. The valuation for new and used commercial vehicle inventory is based on specific identification. A detail of new and used commercial vehicle inventory is reviewed and, if necessary, adjustments to the value of specific vehicles are made on a quarterly basis.

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- Definition The entire disclosure for valuation and qualifying accounts and reserves. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 09 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SX 210.12-09) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24092-122690 + Details
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