Note 19 - Restructuring Costs

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

19. RESTRUCTURING COSTS :

During

2016,

the Company instituted plans to consolidate its dealership network and incurred pre-tax expenses of approximately

$8.9

million related to costs associated with the restructuring activities, including asset impairment charges.

The restructuring charges included

$8.2

million associated with impairment charges related to certain fixed assets, the value of the real estate underlying the affected locations and a write-down of certain excess real estate, which was reported in selling, general and administrative expenses in the Consolidated Statements of Income and Comprehensive Income. See Note

9

– Financial Instruments and Fair Value, for further discussion on the impairment charge related to the value of real estate in the affected locations.

During

2016

and

2017,

the Company sold

seven

of the properties previously classified as held for sale with a fair value of

$8.3

million. In

2018,

the Company sold

four

of the properties with an aggregate fair value of

$4.7

million. During the

third

quarter of

2017,

the Company made the decision to put

one

of the properties previously classified as “held for sale” with a fair value of

$1.4

million back into service. During the

fourth

quarter of

2018,

the Company made the decision to put

one

of the properties previously classified as “held for sale” with a fair value of

$2.6

million back into service. As of

December 31, 2018,

the remaining real estate associated with the restructuring activities is included in assets held for sale on the Consolidated Balance Sheets.

The restructuring costs and the assets held for sale are reported under the Truck Segment.