Note 16 - Segments

12 Months Ended

Dec. 31, 2023

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 sales, 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.

There were no material intersegment sales during the years ended December 31, 2023, 2022 or 2021.

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, 2023, 2022 and 2021 (in thousands):

	Truck		All
	Segment		Other		Totals
2023
Revenues from external customers	$	7,909,230	$	15,794	$	7,925,024
Interest income		777		–		777
Interest expense		53,694		–		53,694
Depreciation and amortization		59,373		457		59,830
Segment operating income		512,375		6		512,381
Segment income from continuing operations before taxes		462,055		6		462,061
Segment assets		4,308,264		55,977		4,364,241
Goodwill		418,148		2,560		420,708
Expenditures for segment assets		367,942		939		368,881
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