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Note 16 - Segments
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

16.

SEGMENTS:

 

The Company currently has one reportable business segment - the Truck Segment. The Truck Segment includes the Company’s operation of a nationwide network of commercial vehicle dealerships that provide an integrated one-stop source for the commercial vehicle needs of its customers, including retail sales of new and used commercial vehicles; aftermarket parts, service and collision center facilities; and financial services, including the financing of new and used commercial vehicle purchases, insurance products and truck leasing and rentals. The commercial vehicle dealerships are deemed a single reporting unit because they have similar economic characteristics. The Company’s chief operating decision maker considers the entire Truck Segment, not individual dealerships or departments within its dealerships, when making decisions about resources to be allocated to the segment and assessing its performance.

 

The Company also has revenues attributable to three other operating segments. These segments include a retail tire company, an insurance agency and a guest ranch operation and are included in the All Other column below. None of these segments has ever met any of the quantitative thresholds for determining reportable segments.

 

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on operating income.

 

The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. There were no material intersegment sales during the years ended December 31, 2022, 2021 or 2020.

 

The following table contains summarized information about reportable segment revenue, segment income or loss from continuing operations and segment assets for the periods ended December 31, 2022, 2021 and 2020 (in thousands):

 

   

Truck

    

All

          
   

Segment

    

Other

    

Totals

  
2022                        

Revenues from external customers

   $ 7,084,847     $ 16,821     $ 7,101,668  

Interest income

     639       -       639  

Interest expense

     19,763       -       19,763  

Depreciation and amortization

     55,354       311       55,665  

Segment operating income

     505,415       698       506,113  

Segment income from continuing operations before taxes

     508,629       698       509,327  

Segment assets

     3,769,007       52,059       3,821,066  

Goodwill

     413,803       2,560       416,363  

Expenditures for segment assets

     242,503       557       243,060  
                         
2021                        

Revenues from external customers

   $ 5,109,070     $ 17,072     $ 5,126,142  

Interest income

     657       -       657  

Interest expense

     2,119       308       2,427  

Depreciation and amortization

     53,096       258       53,354  

Segment operating income

     307,394       1,642       309,036  

Segment income from continuing operations before taxes

     312,350       1,333       313,683  

Segment assets

     3,068,365       51,612       3,119,977  

Goodwill

     367,771       2,560       370,331  

Expenditures for segment assets

     163,624       3,553       167,177  
                         
2020                        

Revenues from external customers

   $ 4,721,058     $ 14,882     $ 4,735,940  

Interest income

     713       -       713  

Interest expense

     9,444       283       9,727  

Depreciation and amortization

     57,162       294       57,456  

Segment operating income

     153,841       764       154,605  

Segment income from continuing operations before taxes

     151,222       501       151,723  

Segment assets

     2,939,390       46,003       2,985,393  

Goodwill

     289,582       2,560       292,142  

Expenditures for segment assets

     135,956       244       136,200