Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 22, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | RUSH ENTERPRISES INC \TX\ | ||
Entity Central Index Key | 1,012,019 | ||
Trading Symbol | rusha | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 766,151,533 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 9,060,365 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 30,355,636 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 82,026 | $ 64,847 |
Accounts receivable, net | 156,199 | 156,977 |
Note receivable affiliate | 10,166 | 10,611 |
Inventories, net | 840,304 | 1,061,198 |
Prepaid expenses and other | 8,798 | 32,953 |
Assets held for sale | 13,955 | |
Total current assets | 1,111,448 | 1,326,586 |
Investments | 6,231 | 6,650 |
Property and equipment, net | 1,135,805 | 1,172,824 |
Goodwill, net | 290,191 | 285,041 |
Other assets, net | 59,372 | 60,907 |
Total assets | 2,603,047 | 2,852,008 |
Current liabilities: | ||
Floor plan notes payable | 646,945 | 854,758 |
Current maturities of long-term debt | 130,717 | 151,024 |
Current maturities of capital lease obligations | 14,449 | 14,691 |
Liabilities directly associated with assets held for sale | 783 | |
Trade accounts payable | 97,844 | 120,255 |
Customer deposits | 18,418 | 22,438 |
Accrued expenses | 83,974 | 83,871 |
Total current liabilities | 993,130 | 1,247,037 |
Long-term debt, net of current maturities | 472,503 | 496,731 |
Capital lease obligations, net of current maturities | 70,044 | 69,074 |
Other long-term liabilities | 7,214 | 5,282 |
Deferred income taxes, net | 197,331 | 188,987 |
Shareholders’ equity: | ||
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2016 and 2015 | ||
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 30,007,088 Class A shares and 9,245,447 Class B shares outstanding in 2016; and 30,303,818 Class A shares and 10,093,305 Class B shares outstanding in 2015 | 438 | 430 |
Additional paid-in capital | 309,127 | 288,294 |
Treasury stock, at cost: 934,171 class A shares and 3,650,491 class B shares in 2016 and 2,616,657 class B shares in 2015 | (86,882) | (43,368) |
Retained earnings | 640,428 | 599,846 |
Accumulated other comprehensive loss, net of tax | (286) | (305) |
Total shareholders’ equity | 862,825 | 844,897 |
Total liabilities and shareholders’ equity | $ 2,603,047 | $ 2,852,008 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Class A [Member] | ||
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares outstanding (in shares) | 30,007,088 | 30,303,818 |
Treasury stock, shares (in shares) | 934,171 | |
Common Class B [Member] | ||
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares outstanding (in shares) | 9,245,447 | 10,093,305 |
Treasury stock, shares (in shares) | 3,650,491 | 2,616,657 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
New and used commercial vehicle sales | $ 2,640,019 | $ 3,360,808 | $ 3,195,873 |
Parts and service sales | 1,332,356 | 1,382,447 | 1,315,694 |
Lease and rental | 208,154 | 199,867 | 177,561 |
Finance and insurance | 18,582 | 21,150 | 19,988 |
Other | 15,503 | 15,461 | 18,240 |
Total revenue | 4,214,614 | 4,979,733 | 4,727,356 |
Cost of products sold: | |||
New and used commercial vehicle sales | 2,463,124 | 3,138,754 | 2,975,905 |
Parts and service sales | 851,438 | 879,141 | 842,438 |
Operating Leases, Rent Expense | 182,040 | 176,891 | 152,967 |
Total cost of products sold | 3,496,602 | 4,194,786 | 3,971,310 |
Gross profit | 718,012 | 784,947 | 756,046 |
Selling, general and administrative | 587,778 | 619,268 | 573,670 |
Depreciation and amortization | 51,261 | 43,859 | 40,786 |
Gain (loss) on sale of assets | 1,755 | (544) | 151 |
Operating income | 80,728 | 121,276 | 141,741 |
Interest income (expense): | |||
Interest income | 621 | 490 | 239 |
Interest expense | (14,900) | (13,963) | (11,437) |
Total interest expense, net | 14,279 | 13,473 | 11,198 |
Income before taxes | 66,449 | 107,803 | 130,543 |
Provision for income taxes | 25,867 | 41,750 | 50,586 |
Net income | $ 40,582 | $ 66,053 | $ 79,957 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 1.02 | $ 1.64 | $ 2.01 |
Diluted (in dollars per share) | $ 1 | $ 1.61 | $ 1.96 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 40,582 | $ 66,053 | $ 79,957 |
Other comprehensive income before tax and net of reclassification adjustments: | |||
Change in fair value of interest rate swaps | 235 | 789 | |
Change in fair value of available-for-sale securities | 32 | 19 | 427 |
Other comprehensive income, before tax | 32 | 254 | 1,216 |
Income tax expense related to components of other comprehensive income | 13 | 99 | 474 |
Other comprehensive income, net of tax | 19 | 155 | 742 |
Comprehensive income | $ 40,601 | $ 66,208 | $ 80,699 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 28,911,000 | 10,305,000 | ||||||
Balance at Dec. 31, 2013 | $ 414 | $ 243,154 | $ (30,821) | $ 453,836 | $ (1,202) | $ 665,381 | ||
Stock options exercised and stock awards (in shares) | 872,000 | 30,000 | ||||||
Stock options exercised and stock awards | 9 | 16,216 | 16,225 | |||||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 11,343 | 11,343 | ||||||
Vesting of restricted share awards (in shares) | 42,000 | 113,000 | ||||||
Vesting of restricted share awards | 1 | 311 | 312 | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 64,000 | |||||||
Issuance of common stock under employee stock purchase plan | 1,462 | 1,462 | ||||||
Issuance of common stock related to business acquisition | 1,170 | 1,170 | ||||||
Common stock repurchases (in shares) | (449,000) | |||||||
Common stock repurchases | (12,253) | (12,253) | ||||||
Other comprehensive income | 742 | 742 | ||||||
Net income | 79,957 | 79,957 | ||||||
Balance (in shares) at Dec. 31, 2014 | 29,889,000 | 9,999,000 | ||||||
Balance at Dec. 31, 2014 | 424 | 272,486 | (41,904) | 533,793 | (460) | 764,339 | ||
Stock options exercised and stock awards (in shares) | 182,000 | |||||||
Stock options exercised and stock awards | 2 | 1,933 | 1,935 | |||||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 12,384 | 12,384 | ||||||
Vesting of restricted share awards (in shares) | 147,000 | 150,000 | ||||||
Vesting of restricted share awards | 3 | (572) | (569) | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 86,000 | |||||||
Issuance of common stock under employee stock purchase plan | 1 | 2,063 | 2,064 | |||||
Common stock repurchases (in shares) | (56,000) | |||||||
Common stock repurchases | (1,464) | (1,464) | ||||||
Other comprehensive income | 155 | 155 | ||||||
Net income | 66,053 | 66,053 | ||||||
Balance (in shares) at Dec. 31, 2015 | 30,304,000 | 10,093,000 | ||||||
Balance at Dec. 31, 2015 | 430 | 288,294 | (43,368) | 599,846 | (305) | $ 844,897 | ||
Stock options exercised and stock awards (in shares) | 494,000 | 466,877 | ||||||
Stock options exercised and stock awards | 5 | 6,152 | $ 6,157 | |||||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 12,875 | 12,875 | ||||||
Vesting of restricted share awards (in shares) | 6,000 | 186,000 | ||||||
Vesting of restricted share awards | 2 | (725) | (723) | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 137,000 | |||||||
Issuance of common stock under employee stock purchase plan | 1 | 2,531 | 2,532 | |||||
Common stock repurchases (in shares) | (934,000) | (1,034,000) | ||||||
Common stock repurchases | (43,514) | (43,514) | ||||||
Other comprehensive income | 19 | 19 | ||||||
Net income | 40,582 | 40,582 | ||||||
Balance (in shares) at Dec. 31, 2016 | 30,007,000 | 9,245,000 | ||||||
Balance at Dec. 31, 2016 | $ 438 | $ 309,127 | $ (86,882) | $ 640,428 | $ (286) | $ 862,825 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Additional Paid-in Capital [Member] | |||
Stock options exercised and stock awards, tax | $ 294 | $ 337 | $ 5,207 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 40,582,000 | $ 66,053,000 | $ 79,957,000 |
Adjustments to reconcile net income to net cash provided by operating activities- | |||
Depreciation and amortization | 157,627,000 | 144,935,000 | 126,452,000 |
(Gain) loss on sale of property and equipment, net | (1,755,000) | 544,000 | (151,000) |
Loss on impairment of assets | 8,247,000 | ||
Stock-based compensation expense related to employee stock options and employee stock purchases | 12,875,000 | 12,384,000 | 11,343,000 |
Provision for deferred income tax expense | 8,331,000 | 31,645,000 | 25,229,000 |
Excess tax expense (benefit) from stock-based compensation | 294,000 | 337,000 | (5,207,000) |
Acquired research and development | 2,000,000 | ||
Change in accounts receivable, net | 1,673,000 | 11,921,000 | (67,664,000) |
Change in inventories | 291,773,000 | 18,664,000 | (151,911,000) |
Change in prepaid expenses and other, net | 24,155,000 | (3,690,000) | (13,215,000) |
Change in trade accounts payable | (22,411,000) | (4,154,000) | 24,180,000 |
(Payments) draws on floor plan notes payable – trade, net | 3,989,000 | (17,005,000) | 44,870,000 |
Change in customer deposits | (4,020,000) | (22,371,000) | (13,802,000) |
Change in accrued expenses | (190,000) | (12,013,000) | 26,856,000 |
Net cash provided by operating activities | 521,170,000 | 227,250,000 | 88,937,000 |
Cash flows from investing activities: | |||
Acquisition of property and equipment | (196,965,000) | (367,790,000) | (260,820,000) |
Proceeds from the sale of property and equipment | 12,494,000 | 3,319,000 | 249,000 |
Business acquisitions | (681,000) | (69,013,000) | (157,626,000) |
Proceeds from the sale of available for sale securities | 450,000 | 275,000 | 150,000 |
Other | (4,708,000) | (3,025,000) | 1,631,000 |
Net cash used in investing activities | (189,410,000) | (436,234,000) | (416,416,000) |
Cash flows from financing activities: | |||
(Payments) draws on floor plan notes payable – non-trade, net | (211,802,000) | 31,568,000 | 207,458,000 |
Proceeds from long-term debt | 121,188,000 | 218,026,000 | 214,622,000 |
Principal payments on long-term debt | (164,940,000) | (154,685,000) | (112,828,000) |
Principal payments on capital lease obligations | (23,479,000) | (14,506,000) | (12,531,000) |
Proceeds from issuance of shares relating to employee stock options and employee stock purchases | 8,260,000 | 3,766,000 | 11,962,000 |
Excess tax (expense) benefit from stock-based compensation | (294,000) | (337,000) | 5,207,000 |
Common stock repurchased | (43,514,000) | (1,464,000) | (12,253,000) |
Net cash provided by financing activities | (314,581,000) | 82,368,000 | 301,637,000 |
Net increase (decrease) in cash and cash equivalents | 17,179,000 | (126,616,000) | (25,842,000) |
Cash and cash equivalents, beginning of year | 64,847,000 | 191,463,000 | 217,305,000 |
Cash and cash equivalents, end of year | 82,026,000 | 64,847,000 | 191,463,000 |
Cash paid during the year for: | |||
Interest | 37,904,000 | 35,356,000 | 29,539,000 |
Income taxes (refunded) paid, net | (10,939,000) | 16,126,000 | 29,795,000 |
Noncash investing and financing activities: | |||
Common stock issued related to business acquisition | 2,000,000 | ||
Assets acquired under capital leases | $ 24,207,000 | $ 41,021,000 | $ 24,314,000 |
Note 1 - Organization and Opera
Note 1 - Organization and Operations | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. ORGANIZATION AND OPERATIONS Rush Enterprises, Inc. (the “Company”) was incorporated in 1965 one |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements presented herein include the accounts of Rush Enterprises, Inc. together with its consolidated subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. Estimates in Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may Cash and Cash Equivalents Cash and cash equivalents generally consist of cash and other money market instruments. The Company considers all highly liquid investments with an original maturity of ninety Allowance for Doubtful Receivables and Repossession Losses The Company provides an allowance for doubtful receivables and repossession losses after considering historical loss experience and other factors that might affect the collection of accounts receivable and the ability of customers to meet their obligations on finance contracts sold by the Company. Inventories Inventories are stated at the lower of cost or market value. Cost is determined by specific identification of new and used commercial vehicle inventory and by the first first Property and Equipment Property and equipment are stated at cost and depreciated over their estimated useful lives. Leasehold improvements are amortized over the useful life of the improvement, or the term of the lease, whichever is shorter. Provision for depreciation of property and equipment is calculated primarily on a straight-line basis. The Company capitalizes interest on borrowings during the active construction period of major capital projects. Capitalized interest, when incurred, is added to the cost of underlying assets and is amortized over the estimated useful life of such assets. The Company capitalized interest of approximately $353,000 2016. 2016 2015 Estimated Life (Years) Land $ 126,123 $ 134,246 - Buildings and improvements 377,070 313,706 10 - 39 Leasehold improvements 26,925 28,149 2 - 39 Machinery and shop equipment 67,558 59,455 5 - 20 Furniture, fixtures and computers 73,912 74,201 3 - 15 Transportation equipment 73,156 74,761 2 - 15 Lease and rental vehicles 832,661 825,787 2 - 8 Construction in progress 11,921 66,338 Accumulated depreciation and amortization (453,521 ) (403,819 ) Total $ 1,135,805 $ 1,172,824 The Company recorded depreciation expense of $140.6 $17.0 December 31, 2016, $131.8 $13.1 December 31, 2015. As of December 31, 2016, $81.5 $28.7 $106.3 December 31, 2016 $101.1 December 31, 2015. Goodwill Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations accounted for under the purchase method. The Company tests goodwill for impairment annually during the fourth The impairment test for goodwill involves comparing the fair value of a reporting unit to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, a second second No fourth 2016. The following table sets forth the change in the carrying amount of goodwill for the Company for the years ended December 31, 2016 2015 Balance December 31, 2014 $ 265,145 Acquisitions and adjustments 19,896 Balance December 31, 2015 285,041 Acquisitions and adjustments 5,150 Balance December 31, 2016 $ 290,191 Other Assets The total capitalized costs of the Company’s SAP enterprise software and SAP dealership management system of $33.0 $16.5 15 Amortization expense relating to the SAP software, which is recognized in depreciation and amortization expense in the Consolidated Statements of Income, was $3.4 for the year ended December 31, 2016 , $3.3 for the year ended December 31, 2015 , and $3.2 for the year ended December 31, 2014 . The Company estimates that amortization expense relating to the SAP software will be approximately $3.4 five The Company’s only significant identifiable intangible assets, other than goodwill, are rights under franchise agreements with manufacturers. The fair value of the franchise right is determined at the acquisition date by discounting the projected cash flows specific to each acquisition. The carrying value of the Company’s manufacturer franchise rights was $7.0 December 31, 2016, $7.9 December 31, 2015, not amortize manufacturer franchise rights. Due to the fact that manufacturer franchise rights are specific to geographic region, the Company has determined that evaluating and including all locations acquired in the geographic region is the appropriate level for purposes of testing franchise rights for impairment. Management reviews indefinite-lived manufacturer franchise rights for impairment annually during the fourth may The significant estimates and assumptions used by management in assessing the recoverability of manufacturer franchise rights include estimated future cash flows, present value discount rate, and other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates of future cash flows, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated future cash flows projected in the evaluations of manufacturer franchise rights can vary within a range of outcomes. No fourth 2016. Income Taxes Significant management judgment is required to determine the provisions for income taxes and to determine whether deferred tax assets will be realized in full or in part. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. When it is more likely than not that all or some portion of specific deferred income tax assets will not be realized, a valuation allowance must be established for the amount of deferred income tax assets that are determined not to be realizable. Accordingly, the facts and financial circumstances impacting state deferred income tax assets are reviewed quarterly and management’s judgment is applied to determine the amount of valuation allowance required, if any, in any given period. In determining its provision for income taxes, the Company uses an annual effective income tax rate based on annual income, permanent differences between book and tax income, and statutory income tax rates. The effective income tax rate also reflects its assessment of the ultimate outcome of tax audits. The Company adjusts its annual effective income tax rate as additional information on outcomes or events becomes available. Discrete events such as audit settlements or changes in tax laws are recognized in the period in which they occur. The Company’s income tax returns are periodically audited by U.S. federal, state and local tax authorities. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions. At any time, multiple tax years are subject to audit by the various tax authorities. In evaluating the tax benefits associated with the Company’s various tax filing positions, the Company records a tax benefit for uncertain tax positions. A number of years may Additionally, despite the Company’s belief that its tax return positions are consistent with applicable tax law, management expects that certain positions may Revenue Recognition Policies Income on the sale of a vehicle is recognized when the Company and a customer execute a purchase contract, delivery has occurred and there are no significant uncertainties related to financing or the purchase price is paid by the customer. The Company generally sells finance contracts it enters into with customers to finance the purchase of commercial vehicles to third Lease and rental income is recognized over the period of the related lease or rental agreement. Contingent rental income is recognized when it is earned. Parts and services revenue is earned at the time the Company sells the parts to its customers or at the time the Company completes, and the customer accepts, the service work order related to service provided to the customer’s vehicle. Cost of Sales For the Company’s new and used commercial vehicle operations and its parts operations, cost of sales consists primarily of the Company’s actual purchase price, less manufacturer’s incentives, for new and used commercial vehicles and parts. For the Company’s service and body shop operations, technician labor cost is the primary component of cost of sales. For the Company’s rental and leasing operations, cost of sales consists primarily of depreciation and amortization, rent, maintenance costs and interest expense on the lease and rental fleet owned and leased by the Company. There are no costs of sales associated with the Company’s finance and insurance revenue or other revenue. Taxes Assessed by a Governmental Authority The Company accounts for sales taxes assessed by a governmental authority, that are directly imposed on a revenue-producing transaction, on a net (excluded from revenues) basis. Selling, General and Administrative Expenses Selling, general and administrative expenses consist primarily of incentive based compensation for sales, finance and general management personnel, salaries for administrative personnel and expenses for rent, marketing, insurance, utilities, research and development and other general operating purposes. Stock Based Compensation The Company applies the provisions of ASC topic 718 10, The Company uses the Black-Scholes option-pricing model to estimate the fair value of share-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods. Compensation expense for all share-based payment awards is recognized using the straight-line single-option method. Stock-based compensation expense is recognized based on awards expected to vest. Accordingly, stock based compensation expense has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company’s determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include the Company’s expected stock price volatility over the term of the awards and actual and projected stock option exercise behaviors. Option-pricing models were developed for use in estimating the value of traded options that have no vesting or hedging restrictions and are fully transferable. Because the Company’s stock options have characteristics that are significantly different from traded options and because changes in the subjective assumptions can materially affect the estimated value, in management’s opinion, the existing valuation models may may The following table reflects the weighted-average fair value of stock options granted during each period using the Black-Scholes option valuation model with the following weighted-average assumptions used: 2016 2015 2014 Expected stock volatility 35.63 % 40.90 % 51.51 % Weighted-average stock volatility 35.63 % 40.90 % 51.51 % Expected dividend yield 0.00 % 0.00 % 0.00 % Risk-free interest rate 1.64 % 1.74 % 2.14 % Expected life (years) 6.0 6.0 6.5 Weighted-average fair value of stock options granted $ 6.54 $ 11.27 $ 15.86 The Company computes its historical stock price volatility in accordance with ASC topic 718 10. Advertising Costs Advertising costs are expensed as incurred. Advertising and marketing expense was $6.8 2016, $8.8 2015 $8.7 2014. Accounting for Internal Use Software The Company’s accounting policy with respect to accounting for computer software developed or obtained for internal use is consistent with ASC topic 350 40, $33.0 December 31, 2016, $16.5 $36.1 $13.4 December 31, 2015. Insurance The Company is partially self-insured for a portion of the claims related to its property and casualty insurance programs. Accordingly, the Company is required to estimate expected losses to be incurred. The Company engages a third third Derivative Instruments and Hedging Activities From 2012 2015, At December 31, 2016 December 31, 2015, not Fair Value Measurements The Company has various financial instruments that it must measure at fair value on a recurring basis, including certain available for sale securities and derivatives. See Note 9 Applicable accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company measures its assets and liabilities using inputs from the following three Level 1 Level 2 Level 3 Acquisitions The Company uses the acquisition method of accounting for the recognition of assets acquired and liabilities assumed with acquisitions at their estimated fair values as of the date of acquisition. Any excess consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. While the Company uses its best estimates and assumptions to measure the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, the estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which is not to exceed one first, New Accounting Pronouncements In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718), January 1, 2017. In February 2016, 2016 02, Leases (Topic 842), 12 December 15, 2018, In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) 2014 09 2014 09 first 2018, two Subsequently, the FASB issued the following standards related to ASU 2014 09: 2016 08, Revenue from Contracts with Customers (Topic 606): 2016 10, Revenue from Contracts with Customers (Topic 606): 2016 12, Revenue from Contracts with Customers (Topic 606): The Company will adopt ASU 2014-09 on January 1, 2018. 2016, |
Note 3 - Supplier Concentration
Note 3 - Supplier Concentration | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 3. SUPPLIER CONCENTRATION Major Suppliers and Dealership Agreements The Company has entered into dealership agreements with various manufacturers of commercial vehicles and buses (“Manufacturers”). These agreements are nonexclusive agreements that allow the Company to stock, sell at retail and service commercial vehicles and sell parts from the Manufacturers in the Company’s defined market. The agreements allow the Company to use the Manufacturers’ names, trade symbols and intellectual property and expire as follows: Manufacturer Expiration Dates Peterbilt May 2017 through March 2019 International December 2017 through March 2021 Isuzu Indefinite Hino Indefinite Ford Indefinite Blue Bird July 2017 IC Bus December 2017 through March 2021 These agreements, as well as agreements with various other Manufacturers, impose a number of restrictions and obligations on the Company, including restrictions on a change in control of the Company and the maintenance of certain required levels of working capital. Violation of these restrictions could result in the loss of the Company’s right to purchase the Manufacturers’ products and use the Manufacturers’ trademarks. The Company purchases its new Peterbilt vehicles from Peterbilt and most of the parts sold at its Peterbilt dealerships from PACCAR, Inc., the parent company of Peterbilt, at prevailing prices charged to all franchised dealers. Sales of new Peterbilt trucks accounted for approximately 61.0% December 31, 2016, 59.6% December 31, 2015, 63.5% December 31, 2014. Primary Lenders The Company purchases its new and used commercial vehicle inventories with the assistance of floor plan financing programs as described in Note 7 The Company also acquires lease and rental vehicles with the assistance of financing agreements with PACCAR Leasing Company, Bank of America and Wells Fargo. The financing agreements are secured by a lien on the acquired vehicle. The terms of the financing agreements are similar to the corresponding lease agreements with the Company’s customers. Concentrations of Credit Risks Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with what it considers to be quality financial institutions based on periodic assessments of such institutions. The Company’s cash and cash equivalents may The Company controls credit risk through credit approvals and by selling a majority of its trade receivables, other than vehicle accounts receivable, without recourse. Concentrations of credit risk with respect to trade receivables are reduced because a large number of geographically diverse customers make up the Company’s customer base; however, substantially all of the Company’s business is concentrated in the United States commercial vehicle markets and related aftermarkets. The Company generally sells finance contracts it enters into with customers to finance the purchase of commercial vehicles to third |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. ACCOUNTS RECEIVABLE The Company’s accounts receivable, net, consisted of the following (in thousands): December 31, 2016 2015 Trade accounts receivable from sale of vehicles $ 83,482 $ 76,601 Trade receivables other than vehicles 42,876 43,916 Warranty claims 8,095 8,261 Other accounts receivable 22,409 28,810 Less allowance for bad debt and warranty claims (663 ) (611 ) Total $ 156,199 $ 156,977 |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. INVENTORIES The Company’s inventories, net, consisted of the following (in thousands): December 31, 2016 2015 New commercial vehicles $ 575,879 $ 770,861 Used commercial vehicles 71,429 86,960 Parts and accessories 187,419 201,868 Other 15,564 15,341 Less allowance (9,987 ) (13,832 ) Total $ 840,304 $ 1,061,198 |
Note 6 - Valuation Accounts
Note 6 - Valuation Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 Charged to Costs and Expenses Net Write- Offs Balance End of Year 2016 Reserve for accounts receivable $ 506 $ 1,415 $ (1,372 ) $ 549 Reserve for warranty receivables 105 833 (824 ) 114 Reserve for parts inventory 7,291 3,400 (5,806 ) 4,885 Reserve for commercial vehicle inventory 6,541 9,623 (11,062 ) 5,102 2015 Reserve for accounts receivable $ 639 $ 992 $ (1,125 ) $ 506 Reserve for warranty receivables 140 1,677 (1,712 ) 105 Reserve for parts inventory 5,067 4,215 (1,991 ) 7,291 Reserve for commercial vehicle inventory 10,644 8,417 (12,520 ) 6,541 2014 Reserve for accounts receivable $ 821 $ 919 $ (1,101 ) $ 639 Reserve for warranty receivables 419 411 (690 ) 140 Reserve for parts inventory 4,416 2,547 (1,896 ) 5,067 Reserve for commercial vehicle inventory 7,395 7,877 (4,628 ) 10,644 Allowance for Doubtful Receivables The Company sells a majority of its customer accounts receivable on a non-recourse basis to a third third third The Company provides an allowance for uncollectible warranty receivables. The Company evaluates the collectability of its warranty claims receivable based on a combination of factors, including aging and correspondence with the applicable manufacturer. Management reviews the warranty claims receivable aging and adjusts the allowance based on historical experience. The Company records charge-offs related to warranty receivables after it is determined that a receivable will not be fully collected. 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. |
Note 7 - Floor Plan Notes Payab
Note 7 - Floor Plan Notes Payable and Lines of Credit | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. FLOOR PLAN NOTES PAYABLE AND LINES OF CREDIT Floor Plan Notes Payable Floor plan notes are financing agreements to facilitate the Company’s purchase of new and used commercial vehicle inventory. These notes are collateralized by the inventory purchased and accounts receivable arising from the sale thereof. The Company’s Floor Plan Credit Agreement provides for a loan commitment of up to $875.0 The interest rate under the Company’s Floor Plan Credit Agreement is the three 1.51%. 2.44% December 31, 2016. 0.16% The Company finances substantially all of the purchase price of its new commercial vehicle inventory, and the loan value of its used commercial vehicle inventory, under its Floor Plan Credit Agreement, under which BMO Harris pays the manufacturer directly with respect to new commercial vehicles. Amounts borrowed under the Company’s Floor Plan Credit Agreement are due when the related commercial vehicle inventory (collateral) is sold and the sales proceeds are collected by the Company. The Company’s Floor Plan Credit Agreement expires June 30, 2019, 120 may 2.0% January 1, 2018; 1.0% January 1, 2018 July 1, 2018; $500,000 July 1, 2018 June 30, 2019, December 31, 2016, $548.1 In June 2012, 150 3.75%. December 31, 2016, 5.25% December 31, 2016, $66.4 The Company’s weighted average interest rate for floor plan notes payable was 1.58% December 31, 2016, 1.47% December 31, 2015, Assets pledged as collateral were as follows (in thousands): December 31, 2016 2015 Inventories, new and used vehicles at cost based on specific identification, net of allowance $ 642,205 $ 851,280 Vehicle sale related accounts receivable 83,482 76,601 Total $ 725,687 $ 927,881 Floor plan notes payable related to vehicles $ 646,945 $ 854,758 Lines of Credit The Company has a secured line of credit that provides for a maximum borrowing of $17.5 no December 31, 2016; $12.0 $5.5 December 31, 2016. |
Note 8 - Long Term Debt
Note 8 - Long Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 8. LONG-TERM DEBT Long-term debt was comprised of the following (in thousands): December 31, 2016 2015 Variable interest rate term notes $ 107,894 $ 127,508 Fixed interest rate term notes 495,326 520,247 Total debt 603,220 647,755 Less: current maturities (130,717 ) (151,024 ) Total long-term debt, net of current maturities $ 472,503 $ 496,731 As of December 31, 2016, 2017 130,717 2018 125,226 2019 123,353 2020 118,913 2021 59,567 Thereafter 45,444 Total $ 603,220 The interest rates on the Company’s variable interest rate notes are based on various LIBOR benchmark rates. The interest rates on the notes range from approximately 2.3% 2.7% December 31, 2016. $3,111 $125,833 May 2017 June 2025. The Company’s fixed interest rate notes had interest rates that ranged from approximately 2.75% 7.61% December 31, 2016. $255 $27,607 January 2017 October 2024. The proceeds from the issuance of the notes were used primarily to acquire land, buildings and improvements, transportation equipment and leasing vehicles. The notes are secured by the assets acquired with the proceeds of such notes. The Company’s long-term real estate debt agreements and floor plan financing arrangements require the Company to satisfy various financial ratios such as the debt to worth ratio, leverage ratio, the fixed charge coverage ratio and certain requirements for tangible net worth and GAAP net worth. As of December 31, 2016, |
Note 9 - Financial Instruments
Note 9 - Financial Instruments and Fair Value | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. FINANCIAL INSTRUMENTS AND FAIR VALUE The Company measures certain financial assets and liabilities at fair value on a recurring basis. Financial instruments consist primarily of cash, accounts receivable, accounts payable and floor plan notes payable. The carrying values of the Company’s financial instruments approximate fair value due either to their short-term nature or existence of variable interest rates, which approximate market rates. Certain methods and assumptions were used by the Company in estimating the fair value of financial instruments at December 31, 2016, 2015. The fair value of the Company’s long-term debt is based on secondary 2 If investments are deemed to be impaired, the Company determines whether the impairment is temporary or other than temporary. If the impairment is deemed to be temporary, the Company records an unrealized loss in other comprehensive income. If the impairment is deemed other than temporary, the Company records the impairment in the Company’s Consolidated Statements of Income. In prior years, the Company invested in interest-bearing short-term investments primarily consisting of investment-grade auction rate securities classified as available-for-sale and reported at fair value. These types of investments were designed to provide liquidity through an auction process that reset the applicable interest rates at predetermined periods ranging from 1 35 Auctions for investment grade securities held by the Company have failed. However, a failed auction does not represent a default by the issuer. The auction rate securities continue to pay interest in accordance with the terms of the underlying security; however, liquidity will be limited until there is a successful auction or until such time as other markets for these investments develop. The Company has the intent and ability to hold these auction rate securities until liquidity returns to the market. The Company does not believe that the lack of liquidity relating to its auction rate securities will have a material impact on its ability to fund operations. As of December 31, 2016, 2030 $6.2 $6.7 December 31, 2015, 2030 $6.7 $7.2 $150,000 second 2014, $275,000 second 2015, $250,000 second 2016, $200,000 third 2016. The Company valued the auction rate securities at December 31, 2016 first 2019, 225 The Company recorded a pre-tax impairment charge of $1.0 2011 $427,000 2014. The table below presents disclosures about the auction rate securities measured at fair value on a recurring basis in the Company’s financial statements as follows (in thousands): At December 31, 2016 At December 31, 2015 Level 1 Level 2 Level 3 Level 1 Level 2 Inputs Level 3 Inputs Investment in auction rate securities - - $ 6,231 - - $ 6,650 C ost Basis Gross Unrealized Loss In Accumulated OCI Fair Value December 31, 201 6 Investment in auction rate securities $ 6,700 $ 469 $ 6,231 December 31, 201 5 Investment in auction rate securities $ 7,150 $ 500 $ 6,650 Interest Rate Swap Agreements In January 2012, July 1, 2015, December 31, 2016 2015, These swap contracts were designated as cash flow hedges to pay fixed rates of interest and received a floating interest rate based on LIBOR. The fixed interest rates specified in the interest rate swap contracts became effective on or about January 1, 2012. The derivative instruments described above are on the accompanying Consolidated Statements of Income (in thousands): Gain (Loss) Recognized in Year Ended Location of Loss Loss Reclassified Year Ended December 31, 201 6 December 31, 201 5 Reclassified into December 31, 201 6 December 31, 201 5 Interest rate swaps $ − $ 235 Interest Expense $ − $ (55 ) Long-Lived Assets During the first 2016, 2016, $7.5 The fair value measurements for the Company’s long-lived assets are based on Level 3 third third fourth 2016, four $6.1 The following table presents long-lived assets measured and recorded at fair value on a nonrecurring basis (in thousands): Description Fair Value Measurements Using Significant Unobservable Inputs December 31 , 2016 Loss D uring the Year Ended December 31, 2016 Long-lived assets held for sale $ 13,955 $ (7,481 ) For further discussion of assets held for sale, see Note 21 2016. |
Note 10 - Leasing Activities
Note 10 - Leasing Activities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 10. LEASING ACTIVITIES Vehicle Leases as Lessee The Company leases vehicles, as lessee, primarily over periods ranging from one ten December 31, 2016, $0.5 $34.0 $1.3 December 31, 2016, $2.4 December 31, 2015, $4.1 December 31, 2014. As discussed below, these vehicles are then subleased by the Company to customers under various agreements. Future minimum sublease rentals to be received by the Company under non-cancelable subleases, as described below, are $75.2 Future minimum lease payments under capital and non-cancelable vehicle leases as of December 31, 2016, Capital Leases Operating Leases 2017 $ 17,029 $ 819 2018 17,657 672 2019 18,264 602 2020 16,977 342 2021 10,936 342 Thereafter 11,659 190 Total minimum lease payments $ 92,522 $ 2,967 Less amount representing interest (8,029 ) Present value of net minimum capital lease payments 84,493 Less current portion (14,449 ) Obligations under capital leases less current portion $ 70,044 Customer Vehicle Leases as Lessor The Company leases both owned and leased vehicles to customers, through its PacLease and Idealease franchises, primarily over periods of one ten December 31, 2016, $182.1 $27.8 December 31, 2015, $175.0 $27.4 December 31, 2014, $154.8 $24.5 December 31, 2016, 2017 $ 121,335 2018 103,092 2019 81,532 2020 58,660 2021 34,083 Thereafter 17,257 Total $ 415,959 As of December 31, 2016, $570.1 $262.6 December 31, 2015, $592.0 $233.8 Other Leases - Land and Buildings The Company leases various assets under operating leases with expiration dates ranging from February 2017 May 2045. $275 $46,479 $10.3 December 31, 2016, $11.8 December 31, 2015, $12.8 December 31, 2014. December 31, 2015, 2017 $ 8,180 2018 6,341 2019 4,639 2020 3,404 2021 1,899 Thereafter 16,336 Total $ 40,799 |
Note 11 - Share Based Compensat
Note 11 - Share Based Compensation and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. SHARE BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS Employee Stock Purchase Plan The Company’s 2004 $10,625 six 85% first may $25,000 first May 17, 2016, 500,000 528,000 1,400,000 137,360 December 31, 2016 85,263 December 31, 2015. 6,180 1,011 December 31, 2016. Non-Employee Director Stock Option Plan On May 16, 2006, 2006 1,500,000 May 20, 2008 may May 18, 2010 1,000,000 The Director Plan is designed to attract and retain highly qualified non-employee directors. Prior to 2008, 20,000 ten 40% $125,000. 2015, three 4,725 one 3,780 $25,000 three 2,835 $50,000 $125,000 2016, two 6,145 four 3,687 $50,000 $125,000 165,000 500,000 27,038 December 31, 2016 26,460 December 31, 2015. Employee Incentive Plans In May 2007, 2007 “2007 2007 may 2007 May 22, 2007. 2007 May 20, 2014 6,050,000 1,450,000 The aggregate number of shares of common stock subject to stock options or SARs that may one 2007 100,000 100,000 2007 ten three third 6,050,000 1,450,000 2007 December 31, 2016, 856,000 539,000 2007 During the year ended December 31, 2016, 493,088 268,890 2007 December 31, 2015, 485,838 259,490 2007 Valuation and Expense Information Stock-based compensation expense related to stock options, restricted stock awards, restricted stock units and employee stock purchases was $12.9 December 31, 2016, $12.4 December 31, 2015, $11.3 December 31, 2014. Cash received from options exercised and shares purchased under all share-based payment arrangements was $6.5 December 31, 2016, $4.3 December 31, 2015, $12.5 December 31, 2014. A summary of the Company’s stock option activity and related information for the year ended December 31, 2016, Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Shares Price Life (in Years) Value Balance of Outstanding Options at January 1, 2016 3,475,115 $ 20.95 Granted 493,088 17.65 Exercised (466,877 ) 13.82 Forfeited (11,500 ) 25.55 Balance of Outstanding Options at December 31, 2016 3,489,826 $ 21.42 5.86 $ 36,573,365 Expected to vest after December 31, 2016 1,823,896 $ 24.79 7.63 $ 12,969,933 Vested and exercisable at December 31, 2016 1,608,248 $ 17.48 3.80 $ 23,198,547 The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on the weighted-average of the closing price as of December 30, 2016, $31.90. $4.8 December 31, 2016, $2.6 December 31, 2015, $18.7 December 31, 2014. A summary of the status of the number of shares underlying Company’s non-vested stock options as of December 31, 2016, December 31, 2016, Weighted Average Number of Grant Date Non-vested Shares Shares Fair Value Non-vested at January 1, 2016 1,919,873 $ 12.30 Granted 493,088 6.54 Vested (527,883 ) 10.56 Forfeited (3,500 ) 9.24 Non-vested at December 31, 2016 1,881,578 $ 11.28 The total fair value of vested options was $5.6 December 31, 2016, $5.1 December 31, 2015, $3.3 December 31, 2014. $6.54 December 31, 2016, $11.27 December 31, 2015, $15.86 December 31, 2014. Stock Awards The Company granted restricted stock units to certain of its employees under the 2007 December 31, 2016. three first, second third The following table presents a summary of the Company’s non-vested restricted stock units outstanding at December 31, 2016: Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Grant Date Stock Awards and Units Shares Life (in Years) Value Fair Value Outstanding Non-vested shares at January 1, 2016 483,335 $ 24.73 Granted 268,890 17.57 Vested (233,052 ) 24.32 Forfeited − − Outstanding Non-vested at December 31, 2016 519,173 8.6 $ 16,561,618 $ 21.21 Expected to vest after December 31, 2016 516,649 8.6 $ 16,481,103 The total fair value of the shares issued upon the vesting of stock awards during the year ended December 31, 2016 $5.7 $17.57 December 31, 2016, $24.75 December 31, 2015, $26.81 December 31, 2014. As of December 31, 2016, $13.3 2007 2.2 Defined Contribution Plan The Company has a defined contribution plan (the “Rush 401k 90 401k first may 1% 50% 15% February 1, 2012, first 10% 20% five 40% five 401k $6.5 December 31, 2016, $6.2 December 31, 2015, $5.2 December 31, 2014. Deferred Compensation Plan On November 6, 2010 may 100% first January 1, 2011. $7.2 December 31, 2016 $4.9 December 31, 2015. $6.8 December 31, 2016 $4.8 December 31, 2015. The Company currently does not provide any post-retirement benefits nor does it provide any post-employment benefits. |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. EARNINGS PER SHARE Basic earnings per share (“EPS”) were computed by dividing income from continuing operations by the weighted average number of shares of common stock outstanding during the period. Diluted EPS differs from basic EPS due to the assumed conversions of potentially dilutive options and restricted shares that were outstanding during the period. Each share of Class A Common Stock ranks equal to each share of Class B Common Stock with respect to receipt of any dividends or distributions declared on shares of common stock and the right to receive proceeds on liquidation or dissolution of us after payment of our indebtedness and liquidation preference payments to holders of any preferred shares. However, holders of Class A Common Stock have 1/20th one one The following is a reconciliation of the numerators and the denominators of the basic and diluted per share computations for income from continuing operations (in thousands, except per share amounts): 2016 2015 2014 Numerator- Numerator for basic and diluted earnings per share - Net income available to common shareholders $ 40,582 $ 66,053 $ 79,957 Denominator- Denominator for basic earnings per share – weighted average shares 39,938 40,271 39,783 Effect of dilutive securities- Employee and director stock options and restricted share awards 665 822 1,111 Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions 40,603 41,093 40,894 Basic earnings per common share $ 1.02 $ 1.64 $ 2.01 Diluted earnings per common share and common share equivalents $ 1.00 $ 1.61 $ 1.96 Options to purchase shares of common stock that were outstanding for the years ended December 31, 2016, 2015 2014 2016 2015 2014 Anti-dilutive options – weighted average 2,043 1,186 482 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. INCOME TAXES Provision for Income Taxes The tax provisions are summarized as follows (in thousands): Year Ended December 31, 2016 2015 2014 Current provision- Federal $ 15,236 $ 7,513 $ 21,826 State 2,300 2,592 3,531 17,536 10,105 25,357 Deferred provision- Federal 8,260 29,561 23,243 State 71 2,084 1,986 8,331 31,645 25,229 Provision (benefit) for income taxes $ 25,867 $ 41,750 $ 50,586 A reconciliation of taxes based on the federal statutory rates and the provisions (benefits) for income taxes are summarized as follows (in thousands): Year Ended December 31, 2016 2015 2014 Income taxes at the federal statutory rate $ 23,255 $ 37,733 $ 45,691 State income taxes, net of federal benefit 1,552 3,053 3,398 Tax effect of permanent differences 887 959 1,069 Other, net 173 5 428 Provision for income taxes $ 25,867 $ 41,750 $ 50,586 The components of income taxes recorded in other comprehensive income and paid in capital consisted of the following (in thousands): Year Ended December 31, 2016 2015 2014 Income tax expense (benefit) related to components of other comprehensive income: Change in fair value of cash flow swaps $ − $ 92 $ 308 Change in fair value of available-for-sale securities 13 7 166 Total $ 13 $ 99 $ 474 Paid in capital – stock based compensation $ 294 $ 337 $ (5,207 ) The following summarizes the components of net deferred income tax liabilities included in the balance sheet (in thousands): December 31, 2016 2015 Deferred income tax (assets) liabilities: Inventory $ (5,074 ) $ (6,039 ) Accounts receivable (203 ) (187 ) Capital lease obligations (31,263 ) (30,993 ) Stock options (11,655 ) (10,719 ) Accrued liabilities (3,610 ) (3,685 ) State net operating loss carry forward (1,921 ) (1,570 ) State tax credit (380 ) (382 ) Other (5,170 ) (2,606 ) Difference between book and tax basis- Depreciation and amortization 256,352 244,716 197,076 188,535 Valuation allowance 255 452 Net deferred income tax liability $ 197,331 $ 188,987 At December 31, 2016, $44.6 2016 2036. $255,000 $197,000 The Company had unrecognized income tax benefits totaling $2.4 December 31, 2016, $2.3 December 31, 2015, December 31, 2016, 2015 2014, $34,800, $11,600, $17,500 $145,000, $110,100 $98,500 December 31, 2016, 2015 2014, The Company does not anticipate a significant change in the amount of unrecognized tax benefits in the next 12 December 31, 2016, December 31, 2013 2016 December 31, 2012 2016, A reconciliation of the change in the unrecognized tax benefits is as follows (in thousands): 2016 2015 2014 Unrecognized tax benefits at beginning of period $ 2,332 $ 2,087 $ 1,545 Gross increases – tax positions in current year 429 692 815 Gross increases – tax positions in a prior year − − Reductions due to lapse of statute of limitations (360 ) (447 ) (273 ) Unrecognized tax benefits at end of period $ 2,401 $ 2,332 $ 2,087 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. COMMITMENTS AND CONTINGENCIES From time to time, the Company is involved in litigation arising out of its operations in the ordinary course of business. The Company maintains liability insurance, including product liability coverage, in amounts deemed adequate by management. To date, aggregate costs to the Company for claims, including product liability actions, have not been material. However, an uninsured or partially insured claim, or claim for which indemnification is not available, could have a material adverse effect on the Company’s financial condition or results of operations. The Company believes that there are no claims or litigation pending, the outcome of which could have a material adverse effect on its financial position or results of operations. However, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations for the fiscal period in which such resolution occurred. The Company has purchase obligations of approximately $8.1 December 31, 2016 $14.9 |
Note 15 - Acquisitions
Note 15 - Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 15. ACQUISITIONS All of the following acquisitions, unless otherwise noted, were considered business combinations accounted for under ASC 805 805 On May 27, 2016, we acquired certain assets of Transwest Truck Center Las Vegas, LLC, which included a Ford truck franchise in Las Vegas, Nevada . The transaction was valued at approximately $0.8 On September 28, 2015, 8 $6.4 $5.9 The purchase price for the assets in Las Vegas, Nevada was approximately $3.4 Property, equipment and capital lease assets $ 17,241 Inventory 3,662 Prepaid expenses 295 Other 37 Accrued expenses (960 ) Capital lease obligations (16,925 ) Total $ 3,350 On July 27, 2015, the Company acquired certain assets of Dallas Truck Center, Inc., which included real estate and used truck inventory, in Dallas, Texas . This location is operating as Rig Tough Used Trucks, Dallas. The transaction was valued at approximately $3.3 Property $ 2,308 Inventory 949 Total $ 3,257 On May 4, 2015, The purchase price for the assets, goodwill, franchise rights and dealership properties was approximately $30.1 Goodwill $ 11,670 Property and equipment 11,316 Inventory 7,206 Other 85 Accrued expenses (220 ) Total $ 30,057 All of the goodwill acquired in the Yancey Truck Centers, LLC acquisition will be amortized over 15 On February 9, 2015, the Company acquired certain assets of Effingham Truck Sales, Inc. The acquisition included International commercial truck dealerships and an Idealease commercial vehicle rental and leasing business in Effingham and Mount Vernon, Illinois. The purchase price for the assets, membership interests, goodwill, and dealership properties was approximately $25.3 Goodwill $ 9,159 Inventory 7,622 Property and equipment 7,090 Accounts receivable 1,306 Prepaid expenses 80 Other 4 Total $ 25,261 All of the goodwill acquired in the Effingham Truck Sales, Inc. acquisition will be amortized over 15 |
Note 16 - Accumulated Other Com
Note 16 - Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 16. ACCUMULATED OTHER COMPREHENSIVE INCOME The following table shows the components of accumulated other comprehensive loss (in thousands): Cash Flow Swaps Available for Sale Securities Total Balance as of December 31, 2014 $ (143 ) $ (317 ) $ (460 ) Changes in fair value 235 19 254 Income tax expense (92 ) (7 ) (99 ) Balance as of December 31, 2015 $ − $ (305 ) $ (305 ) Reclassification of gain into income − 32 32 Income tax expense − (13 ) (13 ) Balance as of December 31, 2016 $ − $ (286 ) $ (286 ) The following table shows the amount of loss reclassified from accumulated other comprehensive loss into earnings (in thousands): Year Ended December 31, 2016 December 31, 2015 December 31, 2014 Losses on cash flow swaps to: Interest expense $ − $ (55 ) $ (196 ) Income tax benefit − 21 76 Total reclassifications $ − $ (34 ) $ (120 ) |
Note 17 - Unaudited Quarterly F
Note 17 - Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 17. UNAUDITED QUARTERLY FINANCIAL DATA (In thousands, except per share amounts.) First Second Third Fourth Quarter Quarter Quarter Quarter 201 6 Revenues $ 1,070,840 $ 1,026,462 $ 1,096,041 $ 1,021,271 Gross profit 183,270 180,478 181,316 172,948 Operating income 8,181 21,572 27,588 23,387 Income before income taxes 3,942 17,809 24,303 20,395 Net income $ 2,395 $ 10,817 $ 14,880 $ 12,490 Earnings per share: Basic $ 0.06 $ 0.27 $ 0.38 $ 0.32 Diluted $ 0.06 $ 0.27 $ 0.37 $ 0.31 2015 Revenues $ 1,193,535 $ 917,878 $ 1,294,076 $ 1,161,819 Gross profit 193,622 207,633 208,008 175,684 Operating income 30,329 35,560 36,030 19,357 Income before income taxes 27,388 31,962 32,462 15,991 Net income $ 16,781 $ 19,576 $ 19,883 $ 9,813 Earnings per share: Basic $ 0.42 $ 0.49 $ 0.49 $ 0.24 Diluted $ 0.41 $ 0.48 $ 0.48 $ 0.24 |
Note 18 - Segments
Note 18 - Segments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 18. SEGMENTS The Company currently has one one The Company also has revenues attributable to three 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 Company accounts for intersegment sales and transfers as if the sales or transfers were to third December 31, 2016, 2015 2014. 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, 2016, 2015 2014 Truck All Segment Other Totals 201 6 Revenues from external customers $ 4,199,348 $ 15,266 $ 4,214,614 Interest income 621 – 621 Interest expense 14,740 160 14,900 Depreciation and amortization 50,771 490 51,261 Segment operating income 81,483 (756 ) 80,728 Segment income (loss) from continuing operations before taxes 67,364 (915 ) 66,449 Segment assets 2,570,016 33,031 2,603,047 Goodwill 287,631 2,560 290,191 Expenditures for segment assets 196,704 261 196,965 201 5 Revenues from external customers $ 4,964,642 $ 15,091 $ 4,979,733 Interest income 490 – 490 Interest expense 13,814 149 13,963 Depreciation and amortization 43,355 504 43,859 Segment operating income 122,907 (1,631 ) 121,276 Segment income (loss) from continuing operations before taxes 109,583 (1,780 ) 107,803 Segment assets 2,818,255 33,753 2,852,008 Goodwill 282,481 2,560 285,041 Expenditures for segment assets 367,482 308 367,790 201 4 Revenues from external customers $ 4,708,978 $ 18,378 $ 4,727,356 Interest income 239 – 239 Interest expense 11,278 159 11,437 Depreciation and amortization 40,283 503 40,786 Segment operating income 142,074 (333 ) 141,741 Segment income (loss) from continuing operations before taxes 131,035 (492 ) 130,543 Segment assets 2,646,018 29,857 2,675,875 Goodwill 262,585 2,560 265,145 Expenditures for segment assets 262,613 510 263,123 |
Note 19 - Asset Impairment
Note 19 - Asset Impairment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 19. ASSET IMPAIRMENT During the fourth 2014, 360, $3.4 twelve December 31, 2014. 820, December 31, 2014, 2015 |
Note 20 - Related Party Transac
Note 20 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 20. RELATED PARTY TRANSACTIONS During the year ended December 31, 2014, $16.0 three 4.0% $10.2 December 31, 2016 $10.6 December 31, 2015. |
Note 21 - Restructuring Costs
Note 21 - Restructuring Costs | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 21. RESTRUCTURING COSTS During the first 2016, $9.0 The restructuring costs included $3.2 9 $0.7 100 In addition, the Company classified certain excess real estate as held for sale, which resulted in an impairment charge of $5.0 2016. During the third fourth 2016, four $6.1 December 31, 2016, The restructuring costs and the assets held for sale are reported under the Truck Segment. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements presented herein include the accounts of Rush Enterprises, Inc. together with its consolidated subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Estimates in Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents generally consist of cash and other money market instruments. The Company considers all highly liquid investments with an original maturity of ninety |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Doubtful Receivables and Repossession Losses The Company provides an allowance for doubtful receivables and repossession losses after considering historical loss experience and other factors that might affect the collection of accounts receivable and the ability of customers to meet their obligations on finance contracts sold by the Company. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or market value. Cost is determined by specific identification of new and used commercial vehicle inventory and by the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost and depreciated over their estimated useful lives. Leasehold improvements are amortized over the useful life of the improvement, or the term of the lease, whichever is shorter. Provision for depreciation of property and equipment is calculated primarily on a straight-line basis. The Company capitalizes interest on borrowings during the active construction period of major capital projects. Capitalized interest, when incurred, is added to the cost of underlying assets and is amortized over the estimated useful life of such assets. The Company capitalized interest of approximately $353,000 2016. 2016 2015 Estimated Life (Years) Land $ 126,123 $ 134,246 - Buildings and improvements 377,070 313,706 10 - 39 Leasehold improvements 26,925 28,149 2 - 39 Machinery and shop equipment 67,558 59,455 5 - 20 Furniture, fixtures and computers 73,912 74,201 3 - 15 Transportation equipment 73,156 74,761 2 - 15 Lease and rental vehicles 832,661 825,787 2 - 8 Construction in progress 11,921 66,338 Accumulated depreciation and amortization (453,521 ) (403,819 ) Total $ 1,135,805 $ 1,172,824 The Company recorded depreciation expense of $140.6 $17.0 December 31, 2016, $131.8 $13.1 December 31, 2015. As of December 31, 2016, $81.5 $28.7 $106.3 December 31, 2016 $101.1 December 31, 2015. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations accounted for under the purchase method. The Company tests goodwill for impairment annually during the fourth The impairment test for goodwill involves comparing the fair value of a reporting unit to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, a second second No fourth 2016. The following table sets forth the change in the carrying amount of goodwill for the Company for the years ended December 31, 2016 2015 Balance December 31, 2014 $ 265,145 Acquisitions and adjustments 19,896 Balance December 31, 2015 285,041 Acquisitions and adjustments 5,150 Balance December 31, 2016 $ 290,191 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Other Assets The total capitalized costs of the Company’s SAP enterprise software and SAP dealership management system of $33.0 $16.5 15 Amortization expense relating to the SAP software, which is recognized in depreciation and amortization expense in the Consolidated Statements of Income, was $3.4 for the year ended December 31, 2016 , $3.3 for the year ended December 31, 2015 , and $3.2 for the year ended December 31, 2014 . The Company estimates that amortization expense relating to the SAP software will be approximately $3.4 five The Company’s only significant identifiable intangible assets, other than goodwill, are rights under franchise agreements with manufacturers. The fair value of the franchise right is determined at the acquisition date by discounting the projected cash flows specific to each acquisition. The carrying value of the Company’s manufacturer franchise rights was $7.0 December 31, 2016, $7.9 December 31, 2015, not amortize manufacturer franchise rights. Due to the fact that manufacturer franchise rights are specific to geographic region, the Company has determined that evaluating and including all locations acquired in the geographic region is the appropriate level for purposes of testing franchise rights for impairment. Management reviews indefinite-lived manufacturer franchise rights for impairment annually during the fourth may The significant estimates and assumptions used by management in assessing the recoverability of manufacturer franchise rights include estimated future cash flows, present value discount rate, and other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates of future cash flows, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated future cash flows projected in the evaluations of manufacturer franchise rights can vary within a range of outcomes. No fourth 2016. |
Income Tax, Policy [Policy Text Block] | Income Taxes Significant management judgment is required to determine the provisions for income taxes and to determine whether deferred tax assets will be realized in full or in part. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. When it is more likely than not that all or some portion of specific deferred income tax assets will not be realized, a valuation allowance must be established for the amount of deferred income tax assets that are determined not to be realizable. Accordingly, the facts and financial circumstances impacting state deferred income tax assets are reviewed quarterly and management’s judgment is applied to determine the amount of valuation allowance required, if any, in any given period. In determining its provision for income taxes, the Company uses an annual effective income tax rate based on annual income, permanent differences between book and tax income, and statutory income tax rates. The effective income tax rate also reflects its assessment of the ultimate outcome of tax audits. The Company adjusts its annual effective income tax rate as additional information on outcomes or events becomes available. Discrete events such as audit settlements or changes in tax laws are recognized in the period in which they occur. The Company’s income tax returns are periodically audited by U.S. federal, state and local tax authorities. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions. At any time, multiple tax years are subject to audit by the various tax authorities. In evaluating the tax benefits associated with the Company’s various tax filing positions, the Company records a tax benefit for uncertain tax positions. A number of years may Additionally, despite the Company’s belief that its tax return positions are consistent with applicable tax law, management expects that certain positions may |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Policies Income on the sale of a vehicle is recognized when the Company and a customer execute a purchase contract, delivery has occurred and there are no significant uncertainties related to financing or the purchase price is paid by the customer. The Company generally sells finance contracts it enters into with customers to finance the purchase of commercial vehicles to third Lease and rental income is recognized over the period of the related lease or rental agreement. Contingent rental income is recognized when it is earned. Parts and services revenue is earned at the time the Company sells the parts to its customers or at the time the Company completes, and the customer accepts, the service work order related to service provided to the customer’s vehicle. |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales For the Company’s new and used commercial vehicle operations and its parts operations, cost of sales consists primarily of the Company’s actual purchase price, less manufacturer’s incentives, for new and used commercial vehicles and parts. For the Company’s service and body shop operations, technician labor cost is the primary component of cost of sales. For the Company’s rental and leasing operations, cost of sales consists primarily of depreciation and amortization, rent, maintenance costs and interest expense on the lease and rental fleet owned and leased by the Company. There are no costs of sales associated with the Company’s finance and insurance revenue or other revenue. |
Sales Taxes, Policy [Policy Text Block] | Taxes Assessed by a Governmental Authority The Company accounts for sales taxes assessed by a governmental authority, that are directly imposed on a revenue-producing transaction, on a net (excluded from revenues) basis. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative Expenses Selling, general and administrative expenses consist primarily of incentive based compensation for sales, finance and general management personnel, salaries for administrative personnel and expenses for rent, marketing, insurance, utilities, research and development and other general operating purposes. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Based Compensation The Company applies the provisions of ASC topic 718 10, The Company uses the Black-Scholes option-pricing model to estimate the fair value of share-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods. Compensation expense for all share-based payment awards is recognized using the straight-line single-option method. Stock-based compensation expense is recognized based on awards expected to vest. Accordingly, stock based compensation expense has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company’s determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include the Company’s expected stock price volatility over the term of the awards and actual and projected stock option exercise behaviors. Option-pricing models were developed for use in estimating the value of traded options that have no vesting or hedging restrictions and are fully transferable. Because the Company’s stock options have characteristics that are significantly different from traded options and because changes in the subjective assumptions can materially affect the estimated value, in management’s opinion, the existing valuation models may may The following table reflects the weighted-average fair value of stock options granted during each period using the Black-Scholes option valuation model with the following weighted-average assumptions used: 2016 2015 2014 Expected stock volatility 35.63 % 40.90 % 51.51 % Weighted-average stock volatility 35.63 % 40.90 % 51.51 % Expected dividend yield 0.00 % 0.00 % 0.00 % Risk-free interest rate 1.64 % 1.74 % 2.14 % Expected life (years) 6.0 6.0 6.5 Weighted-average fair value of stock options granted $ 6.54 $ 11.27 $ 15.86 The Company computes its historical stock price volatility in accordance with ASC topic 718 10. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred. Advertising and marketing expense was $6.8 2016, $8.8 2015 $8.7 2014. |
Internal Use Software, Policy [Policy Text Block] | Accounting for Internal Use Software The Company’s accounting policy with respect to accounting for computer software developed or obtained for internal use is consistent with ASC topic 350 40, $33.0 December 31, 2016, $16.5 $36.1 $13.4 December 31, 2015. |
Unpaid Policy Claims and Claims Adjustment Expense, Policy [Policy Text Block] | Insurance The Company is partially self-insured for a portion of the claims related to its property and casualty insurance programs. Accordingly, the Company is required to estimate expected losses to be incurred. The Company engages a third third |
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities From 2012 2015, At December 31, 2016 December 31, 2015, not |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company has various financial instruments that it must measure at fair value on a recurring basis, including certain available for sale securities and derivatives. See Note 9 Applicable accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company measures its assets and liabilities using inputs from the following three Level 1 Level 2 Level 3 |
Business Combinations Policy [Policy Text Block] | Acquisitions The Company uses the acquisition method of accounting for the recognition of assets acquired and liabilities assumed with acquisitions at their estimated fair values as of the date of acquisition. Any excess consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. While the Company uses its best estimates and assumptions to measure the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, the estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which is not to exceed one first, |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718), January 1, 2017. In February 2016, 2016 02, Leases (Topic 842), 12 December 15, 2018, In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) 2014 09 2014 09 first 2018, two Subsequently, the FASB issued the following standards related to ASU 2014 09: 2016 08, Revenue from Contracts with Customers (Topic 606): 2016 10, Revenue from Contracts with Customers (Topic 606): 2016 12, Revenue from Contracts with Customers (Topic 606): The Company will adopt ASU 2014-09 on January 1, 2018. 2016, |
Note 2 - Significant Accounti31
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2016 2015 Estimated Life (Years) Land $ 126,123 $ 134,246 - Buildings and improvements 377,070 313,706 10 - 39 Leasehold improvements 26,925 28,149 2 - 39 Machinery and shop equipment 67,558 59,455 5 - 20 Furniture, fixtures and computers 73,912 74,201 3 - 15 Transportation equipment 73,156 74,761 2 - 15 Lease and rental vehicles 832,661 825,787 2 - 8 Construction in progress 11,921 66,338 Accumulated depreciation and amortization (453,521 ) (403,819 ) Total $ 1,135,805 $ 1,172,824 |
Schedule of Goodwill [Table Text Block] | Balance December 31, 2014 $ 265,145 Acquisitions and adjustments 19,896 Balance December 31, 2015 285,041 Acquisitions and adjustments 5,150 Balance December 31, 2016 $ 290,191 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 2014 Expected stock volatility 35.63 % 40.90 % 51.51 % Weighted-average stock volatility 35.63 % 40.90 % 51.51 % Expected dividend yield 0.00 % 0.00 % 0.00 % Risk-free interest rate 1.64 % 1.74 % 2.14 % Expected life (years) 6.0 6.0 6.5 Weighted-average fair value of stock options granted $ 6.54 $ 11.27 $ 15.86 |
Note 3 - Supplier Concentrati32
Note 3 - Supplier Concentration (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Major Suppliers and Dealership Agreements [Table Text Block] | Manufacturer Expiration Dates Peterbilt May 2017 through March 2019 International December 2017 through March 2021 Isuzu Indefinite Hino Indefinite Ford Indefinite Blue Bird July 2017 IC Bus December 2017 through March 2021 |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2016 2015 Trade accounts receivable from sale of vehicles $ 83,482 $ 76,601 Trade receivables other than vehicles 42,876 43,916 Warranty claims 8,095 8,261 Other accounts receivable 22,409 28,810 Less allowance for bad debt and warranty claims (663 ) (611 ) Total $ 156,199 $ 156,977 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2016 2015 New commercial vehicles $ 575,879 $ 770,861 Used commercial vehicles 71,429 86,960 Parts and accessories 187,419 201,868 Other 15,564 15,341 Less allowance (9,987 ) (13,832 ) Total $ 840,304 $ 1,061,198 |
Note 6 - Valuation Accounts (Ta
Note 6 - Valuation Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Balance Beginning of Year Net Charged to Costs and Expenses Net Write- Offs Balance End of Year 2016 Reserve for accounts receivable $ 506 $ 1,415 $ (1,372 ) $ 549 Reserve for warranty receivables 105 833 (824 ) 114 Reserve for parts inventory 7,291 3,400 (5,806 ) 4,885 Reserve for commercial vehicle inventory 6,541 9,623 (11,062 ) 5,102 2015 Reserve for accounts receivable $ 639 $ 992 $ (1,125 ) $ 506 Reserve for warranty receivables 140 1,677 (1,712 ) 105 Reserve for parts inventory 5,067 4,215 (1,991 ) 7,291 Reserve for commercial vehicle inventory 10,644 8,417 (12,520 ) 6,541 2014 Reserve for accounts receivable $ 821 $ 919 $ (1,101 ) $ 639 Reserve for warranty receivables 419 411 (690 ) 140 Reserve for parts inventory 4,416 2,547 (1,896 ) 5,067 Reserve for commercial vehicle inventory 7,395 7,877 (4,628 ) 10,644 |
Note 7 - Floor Plan Notes Pay36
Note 7 - Floor Plan Notes Payable and Lines of Credit (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Assets Pledged As Collateral [Table Text Block] | December 31, 2016 2015 Inventories, new and used vehicles at cost based on specific identification, net of allowance $ 642,205 $ 851,280 Vehicle sale related accounts receivable 83,482 76,601 Total $ 725,687 $ 927,881 Floor plan notes payable related to vehicles $ 646,945 $ 854,758 |
Note 8 - Long Term Debt (Tables
Note 8 - Long Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2016 2015 Variable interest rate term notes $ 107,894 $ 127,508 Fixed interest rate term notes 495,326 520,247 Total debt 603,220 647,755 Less: current maturities (130,717 ) (151,024 ) Total long-term debt, net of current maturities $ 472,503 $ 496,731 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2017 130,717 2018 125,226 2019 123,353 2020 118,913 2021 59,567 Thereafter 45,444 Total $ 603,220 |
Note 9 - Financial Instrument38
Note 9 - Financial Instruments and Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | At December 31, 2016 At December 31, 2015 Level 1 Level 2 Level 3 Level 1 Level 2 Inputs Level 3 Inputs Investment in auction rate securities - - $ 6,231 - - $ 6,650 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | C ost Basis Gross Unrealized Loss In Accumulated OCI Fair Value December 31, 201 6 Investment in auction rate securities $ 6,700 $ 469 $ 6,231 December 31, 201 5 Investment in auction rate securities $ 7,150 $ 500 $ 6,650 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Gain (Loss) Recognized in Year Ended Location of Loss Loss Reclassified Year Ended December 31, 201 6 December 31, 201 5 Reclassified into December 31, 201 6 December 31, 201 5 Interest rate swaps $ − $ 235 Interest Expense $ − $ (55 ) |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Description Fair Value Measurements Using Significant Unobservable Inputs December 31 , 2016 Loss D uring the Year Ended December 31, 2016 Long-lived assets held for sale $ 13,955 $ (7,481 ) |
Note 10 - Leasing Activities (T
Note 10 - Leasing Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases and Operating Leases [Table Text Block] | Capital Leases Operating Leases 2017 $ 17,029 $ 819 2018 17,657 672 2019 18,264 602 2020 16,977 342 2021 10,936 342 Thereafter 11,659 190 Total minimum lease payments $ 92,522 $ 2,967 Less amount representing interest (8,029 ) Present value of net minimum capital lease payments 84,493 Less current portion (14,449 ) Obligations under capital leases less current portion $ 70,044 |
Schedule of Future Minimum Rental Receivable for Operating Leases [Table Text Block] | 2017 $ 121,335 2018 103,092 2019 81,532 2020 58,660 2021 34,083 Thereafter 17,257 Total $ 415,959 |
Operating Leases of Lessee Disclosure [Table Text Block] | 2017 $ 8,180 2018 6,341 2019 4,639 2020 3,404 2021 1,899 Thereafter 16,336 Total $ 40,799 |
Note 11 - Share Based Compens40
Note 11 - Share Based Compensation and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Shares Price Life (in Years) Value Balance of Outstanding Options at January 1, 2016 3,475,115 $ 20.95 Granted 493,088 17.65 Exercised (466,877 ) 13.82 Forfeited (11,500 ) 25.55 Balance of Outstanding Options at December 31, 2016 3,489,826 $ 21.42 5.86 $ 36,573,365 Expected to vest after December 31, 2016 1,823,896 $ 24.79 7.63 $ 12,969,933 Vested and exercisable at December 31, 2016 1,608,248 $ 17.48 3.80 $ 23,198,547 |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Number of Grant Date Non-vested Shares Shares Fair Value Non-vested at January 1, 2016 1,919,873 $ 12.30 Granted 493,088 6.54 Vested (527,883 ) 10.56 Forfeited (3,500 ) 9.24 Non-vested at December 31, 2016 1,881,578 $ 11.28 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Grant Date Stock Awards and Units Shares Life (in Years) Value Fair Value Outstanding Non-vested shares at January 1, 2016 483,335 $ 24.73 Granted 268,890 17.57 Vested (233,052 ) 24.32 Forfeited − − Outstanding Non-vested at December 31, 2016 519,173 8.6 $ 16,561,618 $ 21.21 Expected to vest after December 31, 2016 516,649 8.6 $ 16,481,103 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2016 2015 2014 Numerator- Numerator for basic and diluted earnings per share - Net income available to common shareholders $ 40,582 $ 66,053 $ 79,957 Denominator- Denominator for basic earnings per share – weighted average shares 39,938 40,271 39,783 Effect of dilutive securities- Employee and director stock options and restricted share awards 665 822 1,111 Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions 40,603 41,093 40,894 Basic earnings per common share $ 1.02 $ 1.64 $ 2.01 Diluted earnings per common share and common share equivalents $ 1.00 $ 1.61 $ 1.96 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2016 2015 2014 Anti-dilutive options – weighted average 2,043 1,186 482 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2016 2015 2014 Current provision- Federal $ 15,236 $ 7,513 $ 21,826 State 2,300 2,592 3,531 17,536 10,105 25,357 Deferred provision- Federal 8,260 29,561 23,243 State 71 2,084 1,986 8,331 31,645 25,229 Provision (benefit) for income taxes $ 25,867 $ 41,750 $ 50,586 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2016 2015 2014 Income taxes at the federal statutory rate $ 23,255 $ 37,733 $ 45,691 State income taxes, net of federal benefit 1,552 3,053 3,398 Tax effect of permanent differences 887 959 1,069 Other, net 173 5 428 Provision for income taxes $ 25,867 $ 41,750 $ 50,586 |
Schedule of Income Taxes Related to Other Comprehensive Income [Table Text Block] | Year Ended December 31, 2016 2015 2014 Income tax expense (benefit) related to components of other comprehensive income: Change in fair value of cash flow swaps $ − $ 92 $ 308 Change in fair value of available-for-sale securities 13 7 166 Total $ 13 $ 99 $ 474 Paid in capital – stock based compensation $ 294 $ 337 $ (5,207 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2016 2015 Deferred income tax (assets) liabilities: Inventory $ (5,074 ) $ (6,039 ) Accounts receivable (203 ) (187 ) Capital lease obligations (31,263 ) (30,993 ) Stock options (11,655 ) (10,719 ) Accrued liabilities (3,610 ) (3,685 ) State net operating loss carry forward (1,921 ) (1,570 ) State tax credit (380 ) (382 ) Other (5,170 ) (2,606 ) Difference between book and tax basis- Depreciation and amortization 256,352 244,716 197,076 188,535 Valuation allowance 255 452 Net deferred income tax liability $ 197,331 $ 188,987 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2016 2015 2014 Unrecognized tax benefits at beginning of period $ 2,332 $ 2,087 $ 1,545 Gross increases – tax positions in current year 429 692 815 Gross increases – tax positions in a prior year − − Reductions due to lapse of statute of limitations (360 ) (447 ) (273 ) Unrecognized tax benefits at end of period $ 2,401 $ 2,332 $ 2,087 |
Note 15 - Acquisitions (Tables)
Note 15 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Property, equipment and capital lease assets $ 17,241 Inventory 3,662 Prepaid expenses 295 Other 37 Accrued expenses (960 ) Capital lease obligations (16,925 ) Total $ 3,350 Property $ 2,308 Inventory 949 Total $ 3,257 Goodwill $ 11,670 Property and equipment 11,316 Inventory 7,206 Other 85 Accrued expenses (220 ) Total $ 30,057 Goodwill $ 9,159 Inventory 7,622 Property and equipment 7,090 Accounts receivable 1,306 Prepaid expenses 80 Other 4 Total $ 25,261 |
Note 16 - Accumulated Other C44
Note 16 - Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Cash Flow Swaps Available for Sale Securities Total Balance as of December 31, 2014 $ (143 ) $ (317 ) $ (460 ) Changes in fair value 235 19 254 Income tax expense (92 ) (7 ) (99 ) Balance as of December 31, 2015 $ − $ (305 ) $ (305 ) Reclassification of gain into income − 32 32 Income tax expense − (13 ) (13 ) Balance as of December 31, 2016 $ − $ (286 ) $ (286 ) |
Reclassifications [Member] | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Year Ended December 31, 2016 December 31, 2015 December 31, 2014 Losses on cash flow swaps to: Interest expense $ − $ (55 ) $ (196 ) Income tax benefit − 21 76 Total reclassifications $ − $ (34 ) $ (120 ) |
Note 17 - Unaudited Quarterly45
Note 17 - Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Second Third Fourth Quarter Quarter Quarter Quarter 201 6 Revenues $ 1,070,840 $ 1,026,462 $ 1,096,041 $ 1,021,271 Gross profit 183,270 180,478 181,316 172,948 Operating income 8,181 21,572 27,588 23,387 Income before income taxes 3,942 17,809 24,303 20,395 Net income $ 2,395 $ 10,817 $ 14,880 $ 12,490 Earnings per share: Basic $ 0.06 $ 0.27 $ 0.38 $ 0.32 Diluted $ 0.06 $ 0.27 $ 0.37 $ 0.31 2015 Revenues $ 1,193,535 $ 917,878 $ 1,294,076 $ 1,161,819 Gross profit 193,622 207,633 208,008 175,684 Operating income 30,329 35,560 36,030 19,357 Income before income taxes 27,388 31,962 32,462 15,991 Net income $ 16,781 $ 19,576 $ 19,883 $ 9,813 Earnings per share: Basic $ 0.42 $ 0.49 $ 0.49 $ 0.24 Diluted $ 0.41 $ 0.48 $ 0.48 $ 0.24 |
Note 18 - Segments (Tables)
Note 18 - Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Truck All Segment Other Totals 201 6 Revenues from external customers $ 4,199,348 $ 15,266 $ 4,214,614 Interest income 621 – 621 Interest expense 14,740 160 14,900 Depreciation and amortization 50,771 490 51,261 Segment operating income 81,483 (756 ) 80,728 Segment income (loss) from continuing operations before taxes 67,364 (915 ) 66,449 Segment assets 2,570,016 33,031 2,603,047 Goodwill 287,631 2,560 290,191 Expenditures for segment assets 196,704 261 196,965 201 5 Revenues from external customers $ 4,964,642 $ 15,091 $ 4,979,733 Interest income 490 – 490 Interest expense 13,814 149 13,963 Depreciation and amortization 43,355 504 43,859 Segment operating income 122,907 (1,631 ) 121,276 Segment income (loss) from continuing operations before taxes 109,583 (1,780 ) 107,803 Segment assets 2,818,255 33,753 2,852,008 Goodwill 282,481 2,560 285,041 Expenditures for segment assets 367,482 308 367,790 201 4 Revenues from external customers $ 4,708,978 $ 18,378 $ 4,727,356 Interest income 239 – 239 Interest expense 11,278 159 11,437 Depreciation and amortization 40,283 503 40,786 Segment operating income 142,074 (333 ) 141,741 Segment income (loss) from continuing operations before taxes 131,035 (492 ) 130,543 Segment assets 2,646,018 29,857 2,675,875 Goodwill 262,585 2,560 265,145 Expenditures for segment assets 262,613 510 263,123 |
Note 2 - Significant Accounti47
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation | $ 140,600,000 | $ 131,800,000 | ||
Amortization | 17,000,000 | 13,100,000 | ||
Capitalized Computer Software, Net | $ 33,000,000 | 33,000,000 | 36,100,000 | |
Capitalized Computer Software, Accumulated Amortization | 16,500,000 | 16,500,000 | 13,400,000 | |
Indefinite-Lived Franchise Rights | 7,000,000 | 7,000,000 | 7,900,000 | |
Advertising Expense | 6,800,000 | 8,800,000 | $ 8,700,000 | |
Goodwill, Impairment Loss | 0 | |||
Franchise Rights [Member] | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,400,000 | 3,400,000 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative Asset, Notional Amount | 0 | 0 | 0 | |
Vehicles [Member] | ||||
Depreciation | 106,300,000 | 101,100,000 | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Other Property, Plant, and Equipment, Net | 81,500,000 | 81,500,000 | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Property, Plant, and Equipment Other, Accumulated Depreciation | 28,700,000 | 28,700,000 | ||
Computer Software, Intangible Asset [Member] | ||||
Interest Costs Capitalized | $ 353,000 | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||
Amortization of Intangible Assets | $ 3,400,000 | $ 3,300,000 | $ 3,200,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 3,400,000 | 3,400,000 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,400,000 | 3,400,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,400,000 | 3,400,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 3,400,000 | $ 3,400,000 |
Note 2 - Significant Accounti48
Note 2 - Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, plant and equipment, gross | $ 453,521 | $ 403,819 |
Accumulated depreciation and amortization | (453,521) | (403,819) |
Total | 1,135,805 | 1,172,824 |
Land [Member] | ||
Property, plant and equipment, gross | 126,123 | 134,246 |
Accumulated depreciation and amortization | (126,123) | (134,246) |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 377,070 | 313,706 |
Accumulated depreciation and amortization | $ (377,070) | $ (313,706) |
Building and Building Improvements [Member] | Minimum [Member] | ||
Buildings and improvements (Year) | 10 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Buildings and improvements (Year) | 39 years | |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | $ 26,925 | $ 28,149 |
Accumulated depreciation and amortization | $ (26,925) | $ (28,149) |
Leasehold Improvements [Member] | Minimum [Member] | ||
Buildings and improvements (Year) | 2 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Buildings and improvements (Year) | 39 years | |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $ 67,558 | $ 59,455 |
Accumulated depreciation and amortization | $ (67,558) | $ (59,455) |
Machinery and Equipment [Member] | Minimum [Member] | ||
Buildings and improvements (Year) | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Buildings and improvements (Year) | 20 years | |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 73,912 | $ 74,201 |
Accumulated depreciation and amortization | $ (73,912) | $ (74,201) |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Buildings and improvements (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Buildings and improvements (Year) | 15 years | |
Transportation Equipment [Member] | ||
Property, plant and equipment, gross | $ 73,156 | $ 74,761 |
Accumulated depreciation and amortization | $ (73,156) | $ (74,761) |
Transportation Equipment [Member] | Minimum [Member] | ||
Buildings and improvements (Year) | 2 years | |
Transportation Equipment [Member] | Maximum [Member] | ||
Buildings and improvements (Year) | 15 years | |
Vehicles [Member] | ||
Property, plant and equipment, gross | $ 832,661 | $ 825,787 |
Accumulated depreciation and amortization | $ (832,661) | $ (825,787) |
Vehicles [Member] | Minimum [Member] | ||
Buildings and improvements (Year) | 2 years | |
Vehicles [Member] | Maximum [Member] | ||
Buildings and improvements (Year) | 8 years | |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 11,921 | $ 66,338 |
Accumulated depreciation and amortization | $ (11,921) | $ (66,338) |
Note 2 - Significant Accounti49
Note 2 - Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill, balance | $ 285,041 | $ 265,145 |
Acquisitions and adjustments | 5,150 | 19,896 |
Goodwill, balance | $ 290,191 | $ 285,041 |
Note 2 - Significant Accounti50
Note 2 - Significant Accounting Policies - Fair Value Assumption (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Expected stock volatility | 35.63% | 40.90% | 51.51% |
Weighted-average stock volatility | 35.63% | 40.90% | 51.51% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 1.64% | 1.74% | 2.14% |
Expected life (years) (Year) | 6 years | 6 years | 6 years 182 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.54 | $ 11.27 | $ 15.86 |
Note 3 - Supplier Concentrati51
Note 3 - Supplier Concentration (Details Textual) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Product Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk, Percentage | 61.00% | 59.60% | 63.50% |
Note 4 - Accounts Receivable -
Note 4 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Warranty claims | $ 8,095 | $ 8,261 |
Other accounts receivable | 22,409 | 28,810 |
Less allowance for bad debt and warranty claims | (663) | (611) |
Total | 156,199 | 156,977 |
Trade Accounts Receivable From Sale of Vehicles [Member] | ||
Trade receivables | 83,482 | 76,601 |
Trade Receivable Other Than Vehicles [Member] | ||
Trade receivables | $ 42,876 | $ 43,916 |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
New commercial vehicles | $ 575,879 | $ 770,861 |
Used commercial vehicles | 71,429 | 86,960 |
Parts and accessories | 187,419 | 201,868 |
Other | 15,564 | 15,341 |
Less allowance | (9,987) | (13,832) |
Total | $ 840,304 | $ 1,061,198 |
Note 6 - Valuation Accounts - V
Note 6 - Valuation Accounts - Valuation and Allowance Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Trade Receivables [Member] | |||
Balance | $ 506 | $ 639 | $ 821 |
Net Charged to Costs and Expenses | 1,415 | 992 | 919 |
Net Write-Offs | (1,372) | (1,125) | (1,101) |
Balance End of Year | 549 | 506 | 639 |
Allowance for Warranty Receivables From Manufacturers [Member] | |||
Balance | 105 | 140 | 419 |
Net Charged to Costs and Expenses | 833 | 1,677 | 411 |
Net Write-Offs | (824) | (1,712) | (690) |
Balance End of Year | 114 | 105 | 140 |
Parts Inventory [Member] | |||
Balance | 7,291 | 5,067 | 4,416 |
Net Charged to Costs and Expenses | 3,400 | 4,215 | 2,547 |
Net Write-Offs | (5,806) | (1,991) | (1,896) |
Balance End of Year | 4,885 | 7,291 | 5,067 |
Commercial Vehicle Inventory [Member] | |||
Balance | 6,541 | 10,644 | 7,395 |
Net Charged to Costs and Expenses | 9,623 | 8,417 | 7,877 |
Net Write-Offs | (11,062) | (12,520) | (4,628) |
Balance End of Year | $ 5,102 | $ 6,541 | $ 10,644 |
Note 7 - Floor Plan Notes Pay55
Note 7 - Floor Plan Notes Payable and Lines of Credit (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 17,500,000 | |
Floor Plan Notes Payable | $ 646,945,000 | $ 854,758,000 |
Debt, Weighted Average Interest Rate | 1.58% | 1.47% |
Line of Credit Amount Pledged to Secure Letters of Credit | $ 12,000,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 5,500,000 | |
Long-term Line of Credit | 0 | |
BMO Harris Bank N.A. [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 875,000,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 2.44% | |
Debt Instrument, Working Capital Fee Percentage | 0.16% | |
Floor Plan Notes Payable | $ 548,100,000 | |
BMO Harris Bank N.A. [Member] | If Termination Occurs on or Before January 1, 2018 [Member] | ||
Debt Instrument, Prepayment Processing Fee, Percent | 2.00% | |
BMO Harris Bank N.A. [Member] | If Termination Occurs after January 1, 2018 and on or Prior to July 1, 2018 [Member] | ||
Debt Instrument, Prepayment Processing Fee, Percent | 1.00% | |
BMO Harris Bank N.A. [Member] | IfTermination Occurs after July 1, 2018 and Prior to June 30, 2019 [Member] | ||
Debt Instrument, Prepayment Processing Fee Amount | $ 500,000 | |
BMO Harris Bank N.A. [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.51% | |
Ford Motor Financing Agreement [Member] | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.25% | |
Floor Plan Notes Payable | $ 66,400,000 | |
Ford Motor Financing Agreement [Member] | Prime Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Debt Instrument, Variable Rate, Minimum Reference Rate | 3.75% |
Note 7 - Floor Plan Notes Pay56
Note 7 - Floor Plan Notes Payable and Lines of Credit - Assets Pledged as Collateral (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventories, new and used vehicles at cost based on specific identification, net of allowance | $ 642,205 | $ 851,280 |
Vehicle sale related accounts receivable | 83,482 | 76,601 |
Total | 725,687 | 927,881 |
Floor Plan Notes Payable | $ 646,945 | $ 854,758 |
Note 8 - Long Term Debt (Detail
Note 8 - Long Term Debt (Details Textual) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Minimum [Member] | |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.30% |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.75% |
Minimum [Member] | Variable Interest Rate Notes [Member] | |
Debt Instrument, Periodic Payment | $ 3,111 |
Minimum [Member] | Fixed Interest Rate Notes [Member] | |
Debt Instrument, Periodic Payment | $ 255 |
Maximum [Member] | |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.70% |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 7.61% |
Maximum [Member] | Variable Interest Rate Notes [Member] | |
Debt Instrument, Periodic Payment | $ 125,833 |
Maximum [Member] | Fixed Interest Rate Notes [Member] | |
Debt Instrument, Periodic Payment | $ 27,607 |
Note 8 - Long Term Debt - Long-
Note 8 - Long Term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Variable interest rate term notes | $ 107,894 | $ 127,508 |
Fixed interest rate term notes | 495,326 | 520,247 |
Total | 603,220 | 647,755 |
Less: current maturities | (130,717) | (151,024) |
Total long-term debt, net of current maturities | $ 472,503 | $ 496,731 |
Note 8 - Long Term Debt - Debt
Note 8 - Long Term Debt - Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
2,017 | $ 130,717 | |
2,018 | 125,226 | |
2,019 | 123,353 | |
2,020 | 118,913 | |
2,021 | 59,567 | |
Thereafter | 45,444 | |
Total | $ 603,220 | $ 647,755 |
Note 9 - Financial Instrument60
Note 9 - Financial Instruments and Fair Value (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2011USD ($) | |
Asset Impairment Charges | $ 8,247,000 | $ 1,000,000 | |||||||
Available-for-sale Debt Securities Gross Unrealized Gain | $ 427,000 | ||||||||
Impairment of Real Estate | 7,500,000 | ||||||||
Number of Real Estate Properties Sold During Period | 4 | ||||||||
Real Estate Held-for-sale | $ 6,100,000 | 6,100,000 | |||||||
Auction Rate Securities [Member] | |||||||||
Available-for-sale Securities | 6,231,000 | 6,231,000 | 6,650,000 | ||||||
Available-for-sale Securities, Amortized Cost Basis | $ 6,700,000 | $ 6,700,000 | $ 7,150,000 | ||||||
Auction Rate Securities Redeemed | $ 200,000 | $ 250,000 | $ 275,000 | $ 150,000 | |||||
Derivative, Basis Spread on Variable Rate | 2.25% | 2.25% |
Note 9 - Financial Instrument61
Note 9 - Financial Instruments and Fair Value - Investment in Auction Rate Securities - Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale Securities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities | $ 6,231 | $ 6,650 |
Note 9 - Financial Instrument62
Note 9 - Financial Instruments and Fair Value - Investment in Auction Rate Securities (Details) - Auction Rate Securities [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Available-for-sale Securities, Amortized Cost Basis | $ 6,700,000 | $ 7,150,000 |
Gross unrealized loss in accumulated OCI | 469,000 | 500,000 |
Available-for-sale Securities | $ 6,231,000 | $ 6,650,000 |
Note 9 - Financial Instrument63
Note 9 - Financial Instruments and Fair Value - Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest rate swaps | $ 14,900 | $ 13,963 | $ 11,437 |
Interest rate swaps | (14,900) | (13,963) | $ (11,437) |
Other Noncurrent Liabilities [Member] | |||
Interest rate swaps | 235 | ||
Interest rate swaps | 55 | ||
Interest rate swaps | $ (55) |
Note 9 - Financial Instrument64
Note 9 - Financial Instruments and Fair Value - Pre-tax Effect of Interest Rate Swaps (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Long-lived assets held for sale, Fair value | $ 13,955 |
Long-lived assets held for sale, Gain (Loss) Included in Earnings | $ (7,481) |
Note 10 - Leasing Activities (D
Note 10 - Leasing Activities (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Rent Expense | $ 182,040,000 | $ 176,891,000 | $ 152,967,000 |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 75,200,000 | ||
Land and Building [Member] | |||
Operating Leases, Rent Expense | 10,300,000 | 11,800,000 | 12,800,000 |
Vehicle Leases as Lessee 1 [Member] | |||
Guaranteed Residual Value Under Operating Lease Arrangements | 500,000 | ||
Guaranteed Residual Value Under Capital Lease Arrangements | 34,000,000 | ||
Operating Leases, Rent Expense | 1,300,000 | 2,400,000 | 4,100,000 |
Vehicle Leases as Lessor [Member] | |||
Operating Leases, Income Statement, Minimum Lease Revenue | 182,100,000 | 175,000,000 | 154,800,000 |
Operating Leases, Income Statement, Contingent Revenue | 27,800,000 | 27,400,000 | $ 24,500,000 |
Property Subject to or Available for Operating Lease, Net | 570,100,000 | 592,000,000 | |
Property Subject to or Available for Operating Lease, Accumulated Depreciation | 262,600,000 | $ 233,800,000 | |
Minimum [Member] | Land and Building [Member] | |||
Monthly Rental Payment Operating Lease | $ 275 | ||
Minimum [Member] | Vehicle Leases as Lessee 1 [Member] | |||
Lease Term | 1 year | ||
Minimum [Member] | Vehicle Leases as Lessor [Member] | |||
Lease Term | 1 year | ||
Maximum [Member] | Land and Building [Member] | |||
Monthly Rental Payment Operating Lease | $ 46,479 | ||
Maximum [Member] | Vehicle Leases as Lessee 1 [Member] | |||
Lease Term | 10 years | ||
Maximum [Member] | Vehicle Leases as Lessor [Member] | |||
Lease Term | 10 years |
Note 10 - Leasing Activities -
Note 10 - Leasing Activities - Future Minimum Lease Payments Under Capital and Non-cancelable Vehicle Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
2,017 | $ 17,029 | |
2,017 | 819 | |
2,018 | 17,657 | |
2,018 | 672 | |
2,019 | 18,264 | |
2,019 | 602 | |
2,020 | 16,977 | |
2,020 | 342 | |
2,021 | 10,936 | |
2,021 | 342 | |
Thereafter | 11,659 | |
Thereafter | 190 | |
Total minimum lease payments | 92,522 | |
Total minimum lease payments | 2,967 | |
Less amount representing interest | (8,029) | |
Present value of net minimum capital lease payments | 84,493 | |
Less current portion | (14,449) | $ (14,691) |
Obligations under capital leases less current portion | $ 70,044 | $ 69,074 |
Note 10 - Leasing Activities 67
Note 10 - Leasing Activities - Future Minimum Rental Receivable (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 121,335 |
2,018 | 103,092 |
2,019 | 81,532 |
2,020 | 58,660 |
2,021 | 34,083 |
Thereafter | 17,257 |
Total | $ 415,959 |
Note 10 - Leasing Activities 68
Note 10 - Leasing Activities - Future Minimum Lease Payments Under Operating Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 819 |
2,018 | 672 |
2,019 | 602 |
2,020 | 342 |
2,021 | 342 |
Thereafter | 190 |
Total | 2,967 |
Land and Building [Member] | |
2,017 | 8,180 |
2,018 | 6,341 |
2,019 | 4,639 |
2,020 | 3,404 |
2,021 | 1,899 |
Thereafter | 16,336 |
Total | $ 40,799 |
Note 11 - Share Based Compens69
Note 11 - Share Based Compensation and Employee Benefit Plans (Details Textual) - USD ($) | May 17, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 20, 2014 | May 18, 2010 | May 16, 2006 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 493,088 | ||||||
Allocated Share-based Compensation Expense | $ 12,900,000 | $ 12,400,000 | $ 11,300,000 | ||||
Proceeds from Stock Options Exercised | 6,500,000 | 4,300,000 | 12,500,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 4,800,000 | 2,600,000 | 18,700,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 5,600,000 | $ 5,100,000 | $ 3,300,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.54 | $ 11.27 | $ 15.86 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 17.57 | $ 24.75 | $ 26.81 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 13,300,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 73 days | ||||||
Deferred Compensation Plan [Member] | |||||||
Deferred Compensation Arrangement with Individual, Vested Percentage | 100.00% | ||||||
Deferred Compensation Liability, Current | $ 7,200,000 | $ 4,900,000 | |||||
Cash Surrender Value of Life Insurance | $ 6,800,000 | 4,800,000 | |||||
Rush 401 Plan [Member] | |||||||
Contribution Plan Period for Eligibility | 90 days | ||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10.00% | ||||||
Defined Contribution Plan, Cost Recognized | $ 6,500,000 | $ 6,200,000 | $ 5,200,000 | ||||
Rush 401 Plan [Member] | Highly Compensated Employees [Member] | |||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 15.00% | ||||||
Rush 401 Plan [Member] | Employees with Less than Five Years of Service [Member] | |||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 20.00% | ||||||
Rush 401 Plan [Member] | Employees with More Than Five Years of Service [Member] | |||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 40.00% | ||||||
Rush 401 Plan [Member] | Minimum [Member] | |||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 1.00% | ||||||
Rush 401 Plan [Member] | Maximum [Member] | |||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 5,700,000 | ||||||
Common Class A [Member] | |||||||
Share Price | $ 31.90 | ||||||
Employee Stock Purchase Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||||
Maximum Fair Value for Employee Stock Purchase Per Year | $ 25,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 500,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 528,000 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,400,000 | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 137,360 | 85,263 | |||||
Number of Employees Eligible to Participate in Stock Purchase Plan | 6,180 | ||||||
Number of Employees Participating in Stock Purchase Plan | 1,011 | ||||||
The 2006 Non-Employee Director Stock Option Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,500,000 | ||||||
Reduction in Number of Shares Reserved for Issuance | 1,000,000 | ||||||
Number of Shares Available for Purchase With Options by Nonemployee Director Each Year | 20,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
The 2006 Non-Employee Director Stock Option Plan [Member] | Common Class A [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 165,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 27,038 | 26,460 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 493,088 | 485,838 | |||||
The 2006 Non-Employee Director Stock Option Plan [Member] | Shares Issued to Four Non-employee Directors [Member] | |||||||
Issuance of Cash for Non-employee Director Compensation, Percent | 40.00% | ||||||
Issuance of Stock and Cash for Non-employee Director Compensation | $ 125,000 | ||||||
The 2006 Non-Employee Director Stock Option Plan [Member] | Shares Issued to Three Non-employee Directors [Member] | Common Class A [Member] | |||||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 4,725 | ||||||
The 2006 Non-Employee Director Stock Option Plan [Member] | Shares Issued to One Nonemployee Director [Member] | Common Class A [Member] | |||||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 3,780 | ||||||
Payment to Nonemployee Directors | $ 25,000 | ||||||
The 2006 Non-Employee Director Stock Option Plan [Member] | Shares Issued to Three Non-employee Directors 2 [Member] | Common Class A [Member] | |||||||
Issuance of Stock and Cash for Non-employee Director Compensation | $ 125,000 | ||||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 2,835 | ||||||
Payment to Nonemployee Directors | $ 50,000 | ||||||
The 2006 Non-Employee Director Stock Option Plan [Member] | Shares Issued to Two Nonemployee Directors [Member] | Common Class A [Member] | |||||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 6,145 | ||||||
The 2006 Non-Employee Director Stock Option Plan [Member] | Shares Issued to Four Non-employee Directors 2 [Member] | Common Class A [Member] | |||||||
Issuance of Stock and Cash for Non-employee Director Compensation | $ 125,000 | ||||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 3,687 | ||||||
Payment to Nonemployee Directors | $ 50,000 | ||||||
Amended and Restated 2007 Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
Amended and Restated 2007 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Amended and Restated 2007 Incentive Plan [Member] | Common Class A [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 856,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,050,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 100,000 | ||||||
Amended and Restated 2007 Incentive Plan [Member] | Common Class B [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 539,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,450,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 100,000 | ||||||
Amended and Restated 2007 Incentive Plan [Member] | Common Class B [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 268,890 | 259,490 | |||||
Every 6 Months [Member] | Employee Stock Purchase Plan [Member] | |||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 10,625 |
Note 11 - Share Based Compens70
Note 11 - Share Based Compensation and Employee Benefit Plans - Stock Option (Details) | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Balance of Outstanding Options at January 1, 2016 (in shares) | shares | 3,475,115 |
Balance of Outstanding Options at January 1, 2016 (in dollars per share) | $ / shares | $ 20.95 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 493,088 |
Granted (in dollars per share) | $ / shares | $ 17.65 |
Exercised (in shares) | shares | (466,877) |
Exercised (in dollars per share) | $ / shares | $ 13.82 |
Forfeited (in shares) | shares | (11,500) |
Forfeited (in dollars per share) | $ / shares | $ 25.55 |
Balance of Outstanding Options at December 31, 2016 (in shares) | shares | 3,489,826 |
Balance of Outstanding Options at December 31, 2016 (in dollars per share) | $ / shares | $ 21.42 |
Balance of Outstanding Options at December 31, 2016 (Year) | 5 years 313 days |
Balance of Outstanding Options at December 31, 2016 | $ | $ 36,573,365 |
Expected to vest after December 31, 2016 (in shares) | shares | 1,823,896 |
Expected to vest after December 31, 2016 (in dollars per share) | $ / shares | $ 24.79 |
Expected to vest after December 31, 2016 (Year) | 7 years 229 days |
Expected to vest after December 31, 2016 | $ | $ 12,969,933 |
Vested and exercisable at December 31, 2016 (in shares) | shares | 1,608,248 |
Vested and exercisable at December 31, 2016 (in dollars per share) | $ / shares | $ 17.48 |
Vested and exercisable at December 31, 2016 (Year) | 3 years 292 days |
Vested and exercisable at December 31, 2016 | $ | $ 23,198,547 |
Note 11 - Share Based Compens71
Note 11 - Share Based Compensation and Employee Benefit Plans - Non-vested Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Non-vested at January 1, 2016 (in shares) | 1,919,873 | ||
Non-vested at January 1, 2016 (in dollars per share) | $ 12.30 | ||
Granted (in shares) | 493,088 | ||
Granted (in dollars per share) | $ 6.54 | $ 11.27 | $ 15.86 |
Vested (in shares) | (527,883) | ||
Vested (in dollars per share) | $ 10.56 | ||
Forfeited (in shares) | (3,500) | ||
Forfeited (in dollars per share) | $ 9.24 | ||
Non-vested at December 31, 2016 (in shares) | 1,881,578 | 1,919,873 | |
Non-vested at December 31, 2016 (in dollars per share) | $ 11.28 | $ 12.30 |
Note 11 - Share Based Compens72
Note 11 - Share Based Compensation and Employee Benefit Plans - Non-vested Restricted Stock Awards and RSU's (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 17.57 | $ 24.75 | $ 26.81 |
Restricted Stock [Member] | |||
Outstanding Non-vested shares at January 1, 2016 (in shares) | 483,335 | ||
Outstanding Non-vested shares at January 1, 2016 (in dollars per share) | $ 24.73 | ||
Granted (in shares) | 268,890 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 17.57 | ||
Vested (in shares) | (233,052) | ||
Vested (in dollars per share) | $ 24.32 | ||
Outstanding Non-vested at December 31, 2016 (in shares) | 519,173 | 483,335 | |
Outstanding Non-vested at December 31, 2016 (Year) | 8 years 219 days | ||
Outstanding Non-vested at December 31, 2016 | $ 16,561,618 | ||
Outstanding Non-vested at December 31, 2016 (in dollars per share) | $ 21.21 | $ 24.73 | |
Expected to vest after December 31, 2016 (in shares) | 516,649 | ||
Expected to vest after December 31, 2016 (Year) | 8 years 219 days | ||
Expected to vest after December 31, 2016 | $ 16,481,103 |
Note 12 - Earnings Per Share (D
Note 12 - Earnings Per Share (Details Textual) | 12 Months Ended |
Dec. 31, 2016 | |
Common Class A [Member] | |
Common Stock, Voting Rights | 1/20th of one vote per share |
Common Class B [Member] | |
Common Stock, Voting Rights | One full vote per share |
Note 12- Earnings Per Share - E
Note 12- Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income available to common shareholders | $ 40,582 | $ 66,053 | $ 79,957 |
Denominator for basic earnings per share – weighted average shares (in shares) | 39,938 | 40,271 | 39,783 |
Employee and director stock options and restricted share awards (in shares) | 665 | 822 | 1,111 |
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions (in shares) | 40,603 | 41,093 | 40,894 |
Basic earnings per common share (in dollars per share) | $ 1.02 | $ 1.64 | $ 2.01 |
Diluted earnings per common share and common share equivalents (in dollars per share) | $ 1 | $ 1.61 | $ 1.96 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Anti-dilutive options – weighted average (in shares) | 2,043 | 1,186 | 482 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Tax Assets, Valuation Allowance | $ 255,000 | $ 452,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,400,000 | 2,300,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 34,800 | 11,600 | $ 17,500 |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 145,000 | $ 110,100 | $ 98,500 |
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | $ 44,600,000 | ||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | |||
Open Tax Year | 2,012 | ||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | |||
Open Tax Year | 2,016 | ||
State and Local Jurisdiction [Member] | Deferred Tax Assets Related to Operating Loss Carryforwards [Member] | |||
Deferred Tax Assets, Valuation Allowance | $ 255,000 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 197,000 | ||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | |||
Open Tax Year | 2,013 | ||
Domestic Tax Authority [Member] | Latest Tax Year [Member] | |||
Open Tax Year | 2,016 |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Expense (Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current provision- | |||
Federal | $ 15,236 | $ 7,513 | $ 21,826 |
State | 2,300 | 2,592 | 3,531 |
Total current | 17,536 | 10,105 | 25,357 |
Deferred provision- | |||
Federal | 8,260 | 29,561 | 23,243 |
State | 71 | 2,084 | 1,986 |
Total deferred | 8,331 | 31,645 | 25,229 |
Provision (benefit) for income taxes | $ 25,867 | $ 41,750 | $ 50,586 |
Note 13 - Income Taxes - Reconc
Note 13 - Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income taxes at the federal statutory rate | $ 23,255 | $ 37,733 | $ 45,691 |
State income taxes, net of federal benefit | 1,552 | 3,053 | 3,398 |
Tax effect of permanent differences | 887 | 959 | 1,069 |
Other, net | 173 | 5 | 428 |
Provision (benefit) for income taxes | $ 25,867 | $ 41,750 | $ 50,586 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Income Taxes Related to Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax expense (benefit) related to components of other comprehensive income: | |||
Change in fair value of cash flow swaps | $ 92 | $ 308 | |
Change in fair value of available-for-sale securities | 13 | 7 | 166 |
Total | 13 | 99 | 474 |
Paid in capital – stock based compensation | 294 | 337 | 5,207 |
Paid in capital – stock based compensation | $ (294) | $ (337) | $ (5,207) |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred income tax (assets) liabilities: | ||
Inventory | $ (5,074) | $ (6,039) |
Accounts receivable | (203) | (187) |
Capital lease obligations | (31,263) | (30,993) |
Stock options | (11,655) | (10,719) |
Accrued liabilities | (3,610) | (3,685) |
State net operating loss carry forward | (1,921) | (1,570) |
State tax credit | (380) | (382) |
Other | (5,170) | (2,606) |
Difference between book and tax basis- Depreciation and amortization | 256,352 | 244,716 |
Total | 197,076 | 188,535 |
Deferred Tax Assets, Valuation Allowance | 255 | 452 |
Net deferred income tax liability | $ 197,331 | $ 188,987 |
Note 13 - Income Taxes - Unreco
Note 13 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrecognized tax benefits at beginning of period | $ 2,332 | $ 2,087 | $ 1,545 |
Gross increases – tax positions in current year | 429 | 692 | 815 |
Reductions due to lapse of statute of limitations | (360) | (447) | (273) |
Unrecognized tax benefits at end of period | $ 2,401 | $ 2,332 | $ 2,087 |
Note 14 - Commitments and Con82
Note 14 - Commitments and Contingencies (Details Textual) $ in Millions | Dec. 31, 2016USD ($) |
Construction Contracts for Facilities [Member] | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 8.1 |
Information Technology Contracts [Member] | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 14.9 |
Note 15 - Acquisitions (Details
Note 15 - Acquisitions (Details Textual) - USD ($) $ in Thousands | May 27, 2016 | Sep. 28, 2015 | Dec. 31, 2016 | Jul. 27, 2015 | May 04, 2015 | Feb. 09, 2015 |
Peterbilt in Charlotte [Member] | ||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 6,400 | |||||
Disposal Group, Including Discontinued Operation, Accounts Payable | 5,900 | |||||
Transwest Truck Center and Ford Truck Franchise in Las Vegas [Member] | ||||||
Business Combination, Consideration Transferred | $ 800 | |||||
Peterbilt of Las Vegas [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 3,400 | |||||
Dallas Truck Center, Inc. [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 3,257 | |||||
Yancey Truck Centers LLC [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 30,057 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |||||
Effingham Truck Sales Inc. [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 25,261 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years |
Note 15 - Acquisitions - Purcha
Note 15 - Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 28, 2015 | Jul. 27, 2015 | May 04, 2015 | Feb. 09, 2015 | Dec. 31, 2014 |
Goodwill | $ 290,191 | $ 285,041 | $ 265,145 | ||||
Peterbilt of Las Vegas, Inc. [Member] | |||||||
Property, equipment and capital lease assets | $ 17,241 | ||||||
Inventory | 3,662 | ||||||
Prepaid expenses | 295 | ||||||
Other | 37 | ||||||
Accrued expenses | (960) | ||||||
Capital lease obligations | (16,925) | ||||||
Total | $ 3,350 | ||||||
Dallas Truck Center, Inc. [Member] | |||||||
Property, equipment and capital lease assets | $ 2,308 | ||||||
Inventory | 949 | ||||||
Total | $ 3,257 | ||||||
Yancey Truck Centers LLC [Member] | |||||||
Property, equipment and capital lease assets | $ 11,316 | ||||||
Inventory | 7,206 | ||||||
Other | 85 | ||||||
Accrued expenses | (220) | ||||||
Total | 30,057 | ||||||
Goodwill | $ 11,670 | ||||||
Effingham Truck Sales Inc. [Member] | |||||||
Property, equipment and capital lease assets | $ 7,090 | ||||||
Inventory | 7,622 | ||||||
Prepaid expenses | 80 | ||||||
Other | 4 | ||||||
Total | 25,261 | ||||||
Goodwill | 9,159 | ||||||
Accounts receivable | $ 1,306 |
Note 16 - Accumulated Other C85
Note 16 - Accumulated Other Comprehensive Income - Accumulated Other Comprehensive (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance | $ (143) | ||
Balance | (305) | (317) | |
Balance | (305) | (460) | |
Changes in fair value | 235 | $ 789 | |
Changes in fair value | 32 | 19 | 427 |
Changes in fair value | 32 | 254 | |
Income tax expense | (92) | ||
Income tax expense | (13) | (7) | (166) |
Income tax expense | (13) | (99) | (474) |
Balance, Cash flow swaps | (143) | ||
Balance, available for sale securities | (286) | (305) | (317) |
Balance | $ (286) | $ (305) | $ (460) |
Note 16 - Accumulated Other C86
Note 16 - Accumulated Other Comprehensive Income - Loss Reclassified From Accumulated Other Comprehensive Income (Loss) Into Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Losses on cash flow swaps to: | |||
Interest expense | $ (55) | $ (196) | |
Income tax benefit | 21 | 76 | |
Total reclassifications | $ (34) | $ (120) |
Note 17 - Unaudited Quarterly87
Note 17 - Unaudited Quarterly Financial Data - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from external customers | $ 4,214,614 | $ 4,979,733 | $ 4,727,356 |
Gross profit | 718,012 | 784,947 | 756,046 |
Segment operating income | 80,728 | 121,276 | 141,741 |
Segment income (loss) from continuing operations before taxes | 66,449 | 107,803 | 130,543 |
Net income | $ 40,582 | $ 66,053 | $ 79,957 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 1.02 | $ 1.64 | $ 2.01 |
Diluted (in dollars per share) | $ 1 | $ 1.61 | $ 1.96 |
Revenues from external customers | $ 4,214,614 | $ 4,979,733 | $ 4,727,356 |
Gross profit | 718,012 | 784,947 | 756,046 |
Segment operating income | 80,728 | 121,276 | 141,741 |
Segment income (loss) from continuing operations before taxes | 66,449 | 107,803 | 130,543 |
Net income | 40,582 | 66,053 | $ 79,957 |
First Quarter [Member] | |||
Revenues from external customers | 1,070,840 | 1,193,535 | |
Gross profit | 183,270 | 193,622 | |
Segment operating income | 8,181 | 30,329 | |
Segment income (loss) from continuing operations before taxes | 3,942 | 27,388 | |
Net income | $ 2,395 | $ 16,781 | |
Earnings per common share: | |||
Basic (in dollars per share) | $ 0.06 | $ 0.42 | |
Diluted (in dollars per share) | $ 0.06 | $ 0.41 | |
Revenues from external customers | $ 1,070,840 | $ 1,193,535 | |
Gross profit | 183,270 | 193,622 | |
Segment operating income | 8,181 | 30,329 | |
Segment income (loss) from continuing operations before taxes | 3,942 | 27,388 | |
Net income | 2,395 | 16,781 | |
Second Quarter [Member] | |||
Revenues from external customers | 1,026,462 | 917,878 | |
Gross profit | 180,478 | 207,633 | |
Segment operating income | 21,572 | 35,560 | |
Segment income (loss) from continuing operations before taxes | 17,809 | 31,962 | |
Net income | $ 10,817 | $ 19,576 | |
Earnings per common share: | |||
Basic (in dollars per share) | $ 0.27 | $ 0.49 | |
Diluted (in dollars per share) | $ 0.27 | $ 0.48 | |
Revenues from external customers | $ 1,026,462 | $ 917,878 | |
Gross profit | 180,478 | 207,633 | |
Segment operating income | 21,572 | 35,560 | |
Segment income (loss) from continuing operations before taxes | 17,809 | 31,962 | |
Net income | 10,817 | 19,576 | |
Third Quarter [Member] | |||
Revenues from external customers | 1,096,041 | 1,294,076 | |
Gross profit | 181,316 | 208,008 | |
Segment operating income | 27,588 | 36,030 | |
Segment income (loss) from continuing operations before taxes | 24,303 | 32,462 | |
Net income | $ 14,880 | $ 19,883 | |
Earnings per common share: | |||
Basic (in dollars per share) | $ 0.38 | $ 0.49 | |
Diluted (in dollars per share) | $ 0.37 | $ 0.48 | |
Revenues from external customers | $ 1,096,041 | $ 1,294,076 | |
Gross profit | 181,316 | 208,008 | |
Segment operating income | 27,588 | 36,030 | |
Segment income (loss) from continuing operations before taxes | 24,303 | 32,462 | |
Net income | 14,880 | 19,883 | |
Fourth Quarter [Member] | |||
Revenues from external customers | 1,021,271 | 1,161,819 | |
Gross profit | 172,948 | 175,684 | |
Segment operating income | 23,387 | 19,357 | |
Segment income (loss) from continuing operations before taxes | 20,395 | 15,991 | |
Net income | $ 12,490 | $ 9,813 | |
Earnings per common share: | |||
Basic (in dollars per share) | $ 0.32 | $ 0.24 | |
Diluted (in dollars per share) | $ 0.31 | $ 0.24 | |
Revenues from external customers | $ 1,021,271 | $ 1,161,819 | |
Gross profit | 172,948 | 175,684 | |
Segment operating income | 23,387 | 19,357 | |
Segment income (loss) from continuing operations before taxes | 20,395 | 15,991 | |
Net income | $ 12,490 | $ 9,813 |
Note 18 - Segments - Segment Re
Note 18 - Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from external customers | $ 4,214,614 | $ 4,979,733 | $ 4,727,356 |
Interest income | 621 | 490 | 239 |
Interest rate swaps | 14,900 | 13,963 | 11,437 |
Depreciation and amortization | 51,261 | 43,859 | 40,786 |
Segment operating income | 80,728 | 121,276 | 141,741 |
Segment income (loss) from continuing operations before taxes | 66,449 | 107,803 | 130,543 |
Segment assets | 2,603,047 | 2,852,008 | 2,675,875 |
Goodwill | 290,191 | 285,041 | 265,145 |
Expenditures for segment assets | 196,965 | 367,790 | 263,123 |
Truck Segment [Member] | |||
Revenues from external customers | 4,199,348 | 4,964,642 | 4,708,978 |
Interest income | 621 | 490 | 239 |
Interest rate swaps | 14,740 | 13,814 | 11,278 |
Depreciation and amortization | 50,771 | 43,355 | 40,283 |
Segment operating income | 81,483 | 122,907 | 142,074 |
Segment income (loss) from continuing operations before taxes | 67,364 | 109,583 | 131,035 |
Segment assets | 2,570,016 | 2,818,255 | 2,646,018 |
Goodwill | 287,631 | 282,481 | 262,585 |
Expenditures for segment assets | 196,704 | 367,482 | 262,613 |
Other Segments [Member] | |||
Revenues from external customers | 15,266 | 15,091 | 18,378 |
Interest income | |||
Interest rate swaps | 160 | 149 | 159 |
Depreciation and amortization | 490 | 504 | 503 |
Segment operating income | (756) | (1,631) | (333) |
Segment income (loss) from continuing operations before taxes | (915) | (1,780) | (492) |
Segment assets | 33,031 | 33,753 | 29,857 |
Goodwill | 2,560 | 2,560 | 2,560 |
Expenditures for segment assets | $ 261 | $ 308 | $ 510 |
Note 19 - Asset Impairment (Det
Note 19 - Asset Impairment (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Air Transportation Equipment [Member] | Truck Segment [Member] | |
Impairment of Long-Lived Assets Held-for-use | $ 3.4 |
Note 20 - Related Party Trans90
Note 20 - Related Party Transactions (Details Textual) - CCTTS [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Due from Related Parties | $ 10.2 | $ 10.6 | |
London Interbank Offered Rate (LIBOR) [Member] | |||
Related Party Transaction, Rate | 4.00% | ||
Maximum [Member] | |||
Related Party Transaction, Amounts of Transaction | $ (16) |
Note 21 - Restructuring Costs (
Note 21 - Restructuring Costs (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2011USD ($) | |
Asset Impairment Charges | $ 8,247,000 | $ 1,000,000 | ||||
Impairment of Real Estate | 7,500,000 | |||||
Number of Real Estate Properties Sold During Period | 4 | |||||
Real Estate Held-for-sale | $ 6,100,000 | $ 6,100,000 | ||||
Operating Segments [Member] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 9,000,000 | |||||
Restructuring and Related Cost, Number of Positions Eliminated | 100 | |||||
Operating Segments [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Asset Impairment Charges | $ 3,200,000 | |||||
Severance Costs | 700,000 | |||||
Impairment of Real Estate | $ 5,000,000 |