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Note 6 - Segment Information
 9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

6 – Segment Information

 

The Company currently has one reportable business segment - the Truck Segment. The Truck Segment includes the Company’s operation of a network of commercial vehicle dealerships throughout the United States and Ontario, Canada 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 income before income taxes, not including extraordinary items.

 

The following table contains summarized information about reportable segment revenues, segment income or loss from continuing operations and segment assets for the periods ended September 30, 2023 and 2022 (in thousands):

 

   

Truck

Segment

    

All Other

    

Total

  
                         

As of and for the three months ended September 30, 2023

                        
                         

Revenues from external customers

   $ 1,976,395     $ 4,345     $ 1,980,740  

Segment operating income

     121,675       (54 )     121,621  

Segment income before taxes

     107,614       (54 )     107,560  

Segment assets

     4,163,261       54,792       4,218,053  
                         

For the nine months ended September 30, 2023

                        
                         

Revenues from external customers

   $ 5,883,127     $ 12,432     $ 5,895,559  

Segment operating income

     391,870       386       392,256  

Segment income before taxes

     356,839       386       357,225  
                         

As of and for the three months ended September 30, 2022

                        
                         

Revenues from external customers

   $ 1,859,823     $ 4,463     $ 1,864,286  

Segment operating income

     126,770       267       127,037  

Segment income before taxes

     120,373       174       120,547  

Segment assets

     3,688,151       54,428       3,742,579  
                         

For the nine months ended September 30, 2022

                        
                         

Revenues from external customers

   $ 5,205,802     $ 12,927     $ 5,218,729  

Segment operating income

     368,596       963       369,559  

Segment income before taxes

     380,397       682       381,079