Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 06, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | RUSH ENTERPRISES INC \TX\ | |
Entity Central Index Key | 0001012019 | |
Trading Symbol | rusha | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 8,448,669 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 28,212,301 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 126,572 | $ 131,726 |
Accounts receivable, net | 195,120 | 190,650 |
Note receivable affiliate | 18,629 | 12,885 |
Inventories, net | 1,465,442 | 1,339,923 |
Prepaid expenses and other | 11,425 | 10,491 |
Assets held for sale | 2,269 | 2,269 |
Total current assets | 1,819,457 | 1,687,944 |
Property and equipment, net | 1,195,824 | 1,184,053 |
Right-of-use assets, net | 53,144 | |
Goodwill, net | 291,725 | 291,391 |
Other assets, net | 61,876 | 37,962 |
Total assets | 3,422,026 | 3,201,350 |
Current liabilities: | ||
Floor plan notes payable | 1,111,473 | 1,023,019 |
Line of credit | 75,000 | |
Current maturities of long-term debt | 157,213 | 161,955 |
Current maturities of finance lease obligations | 19,709 | 19,631 |
Current maturities of operating lease obligations | 9,528 | |
Trade accounts payable | 149,077 | 127,451 |
Customer deposits | 24,438 | 36,183 |
Accrued expenses | 104,247 | 125,056 |
Total current liabilities | 1,650,685 | 1,493,295 |
Long-term debt, net of current maturities | 438,794 | 439,218 |
Finance lease obligations, net of current maturities | 49,947 | 49,483 |
Operating lease obligations, net of current maturities | 43,746 | |
Other long-term liabilities | 13,975 | 11,118 |
Deferred income taxes, net | 141,458 | 141,308 |
Shareholders’ equity: | ||
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2019 and 2018 | 0 | 0 |
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 28,186,893 Class A shares and 8,462,616 Class B shares outstanding in 2019; and 28,709,636 Class A shares and 8,290,277 Class B shares outstanding in 2018 | 462 | 458 |
Additional paid-in capital | 379,454 | 370,025 |
Treasury stock, at cost: 4,430,753 Class A shares and 5,084,211 Class B shares in 2019 and 3,791,751 Class A shares and 5,030,787 Class B shares in 2018 | (271,890) | (245,842) |
Retained earnings | 975,011 | 942,287 |
Accumulated other comprehensive income | 384 | |
Total shareholders’ equity | 1,083,421 | 1,066,928 |
Total liabilities and shareholders’ equity | $ 3,422,026 | $ 3,201,350 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Class A [Member] | ||
Common stock, authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, outstanding (in shares) | 28,186,893 | 28,709,636 |
Treasury stock (in shares) | 4,430,753 | 3,791,751 |
Common Class B [Member] | ||
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, outstanding (in shares) | 8,462,616 | 8,290,277 |
Treasury stock (in shares) | 5,084,211 | 5,030,787 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | ||
Revenue | $ 1,288,884 | $ 1,183,257 |
Lease and rental | 59,433 | 57,524 |
Total revenue | 1,348,317 | 1,240,781 |
Cost of products sold: | ||
Lease and rental | 49,795 | 48,428 |
Total cost of products sold | 1,091,401 | 1,013,786 |
Gross profit | 256,916 | 226,995 |
Selling, general and administrative expense | 187,181 | 171,670 |
Depreciation and amortization expense | 12,925 | 22,908 |
Gain (loss) on sale of assets | 57 | (28) |
Operating income | 56,867 | 32,389 |
Equity in earnings of unconsolidated entities | 49 | |
Interest expense, net | 7,358 | 4,306 |
Income before taxes | 49,558 | 28,083 |
Provision for income taxes | 12,454 | 7,044 |
Net income | $ 37,104 | $ 21,039 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 1.01 | $ 0.53 |
Diluted (in dollars per share) | $ 0.98 | $ 0.51 |
Weighted average shares outstanding: | ||
Basic (in shares) | 36,817 | 39,665 |
Diluted (in shares) | 37,834 | 41,092 |
Dividends declared per common share (in dollars per share) | $ 0.12 | |
Comprehensive income | $ 37,488 | $ 21,039 |
New and Used Commercial Vehicle [Member] | ||
Revenues: | ||
Revenue | 838,283 | 773,100 |
Cost of products sold: | ||
Cost of products sold | 768,417 | 710,914 |
Parts and Service [Member] | ||
Revenues: | ||
Revenue | 438,354 | 400,295 |
Cost of products sold: | ||
Cost of products sold | 273,189 | 254,444 |
Finance and Insurance [Member] | ||
Revenues: | ||
Revenue | 6,610 | 4,741 |
Product and Service, Other [Member] | ||
Revenues: | ||
Revenue | $ 5,637 | $ 5,121 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 37,104 | $ 21,039 |
Adjustments to reconcile net income to net cash provided by operating activities- | ||
Depreciation and amortization | 41,764 | 51,056 |
(Gain) loss on sale of property and equipment, net | (57) | 28 |
Stock-based compensation expense related to employee stock options and employee stock purchases | 8,836 | 7,893 |
Provision for deferred income tax expense | 150 | 755 |
Change in accounts receivable, net | (10,214) | (7,140) |
Change in inventories | (106,323) | 5,706 |
Change in prepaid expenses and other, net | (934) | (2,103) |
Change in trade accounts payable | 19,788 | 12,912 |
Draws on floor plan notes payable – trade, net | 3,140 | 35,380 |
Change in customer deposits | (11,745) | 38 |
Change in accrued expenses | (21,233) | (7,900) |
Other, net | 469 | |
Net cash (used in) provided by operating activities | (39,255) | 117,664 |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (59,853) | (48,215) |
Proceeds from the sale of property and equipment | 168 | 2,231 |
Business acquisitions | (7,936) | |
Purchase of equity method investment and call option | (22,567) | |
Other | 948 | (1,098) |
Net cash used in investing activities | (89,240) | (47,082) |
Cash flows from financing activities: | ||
Draws (payments) on floor plan notes payable – non-trade, net | 85,314 | (8,410) |
Proceeds from long-term debt | 37,858 | 32,137 |
Proceeds from line of credit | 75,000 | |
Principal payments on long-term debt | (43,024) | (46,278) |
Principal payments on capital lease obligations | (2,408) | (3,224) |
Issuance of shares relating to employee stock options and employee stock purchases | 597 | 501 |
Payments of cash dividends | (4,380) | |
Common stock repurchased | (25,616) | (38,137) |
Net cash provided by (used in) financing activities | 123,341 | (63,411) |
Net decrease in cash and cash equivalents | (5,154) | 7,171 |
Cash and cash equivalents, beginning of period | 131,726 | 124,541 |
Cash and cash equivalents, end of period | 126,572 | 131,712 |
Supplemental disclosure of cash flow information: | ||
Interest | 13,612 | 9,943 |
Income taxes paid, net | $ 6,589 | $ 1,500 |
Note 1 - Principles of Consolid
Note 1 - Principles of Consolidation and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 The interim consolidated financial statements included herein have been prepared by Rush Enterprises, Inc. and its subsidiaries (collectively referred to as the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All adjustments have been made to the accompanying interim consolidated financial statements, which, in the opinion of the Company’s management, are necessary for a fair presentation of its operating results. All adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is recommended that these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10 December 31, 2018. not may |
Note 2 - Other Assets
Note 2 - Other Assets | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 2 Other Assets ERP Platform The total capitalized costs of the Company’s SAP enterprise resource planning software platform (“ERP Platform”) of $10.3 $0.5 three March 31, 2019 $11.1 three March 31, 2018 ( $ 1.9 five In the first 2018, 350 40, first 2018, May 2018. February 2018 May 2018. $19.9 2018 Franchise Rights 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 March 31, 2019 December 31, 2018, no not 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 Equity Method Investment and Call Option On February 25, 2019, 50% 50% February 25, 2024. March 31, 2019, $3.6 March 31, 2019, $19.4 |
Note 3 - Commitments and Contin
Note 3 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 3 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 us for claims, including product liability actions, have not not no no not |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4 The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended March 31, 2019 2018 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 37,104 $ 21,039 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 36,817 39,665 Effect of dilutive securities– Employee and director stock options and restricted share awards 1,017 1,427 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 37,834 41,092 Basic earnings per common share $ 1.01 $ .53 Diluted earnings per common share and common share equivalents $ 0.98 $ 0.51 Options to purchase shares of common stock that were outstanding for the three March 31, 2019 2018 not March 31, 2019 March 31, 2018 Anti-dilutive options 974 87 |
Note 5 - Stock Options and Rest
Note 5 - Stock Options and Restricted Stock Awards | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 5 – Stock Options and Restricted S tock Awards Valuation and Expense Information The Company accounts for stock-based compensation in accordance with ASC 718 10, “Compensation – Stock Compensation,” Stock-based compensation expense, calculated using the Black-Scholes option-pricing model for employee stock options and included in selling, general and administrative expense, was $8.8 three March 31, 2019, $7.9 three March 31, 2018. As of March 31, 2019, $11.5 2.7 $13.6 1.7 |
Note 6 - Financial Instruments
Note 6 - Financial Instruments and Fair Value | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6 The Company has various financial instruments that it must measure at fair value on a recurring basis. The Company also applies the provisions of fair value measurement to various nonrecurring measurements for its financial and nonfinancial assets and liabilities. 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 on the measurement date (an exit price). The Company measures its assets and liabilities using inputs from the following three Level 1 Level 2 not Level 3 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 March 31, 2019, December 31, 2018. The fair value of the Company’s long-term debt is based on secondary market indicators. Because the Company’s debt is not 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 and Comprehensive Income. Long-Lived Assets During the first 2016, 2016, 3 third March 31, 2019, 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 March 31, 2019 Long-lived assets held for sale $ 2,269 |
Note 7 - Segment Information
Note 7 - Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 7 The Company currently has one one not The Company also has revenues attributable to three None 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 March 31, 2019 2018 Truck Segment All Other Totals As of and for the three months ended March 31, 201 9 Revenues from external customers $ 1,344,449 $ 3,868 $ 1,348,317 Segment operating income 56,742 125 56,867 Segment income before taxes 49,505 53 49,558 Segment assets 3,384,441 37,585 3,422,026 As of and for the three months ended March 31, 2018 Revenues from external customers $ 1,236,652 $ 4,129 $ 1,240,781 Segment operating income 32,360 29 32,389 Segment income (loss) before taxes 28,103 (20 ) 28,083 Segment assets 2,864,504 34,700 2,899,204 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8 The Company had unrecognized income tax benefits totaling $ 2.4 March 31, 2019 December 31, 2018, may $ 139,000 March 31, 2019 December 31, 2018. No The Company does not 12 March 31, 2019, December 31, 2015 2018 December 31, 2014 2018 The Company adopted ASU 2016 09 January 1, 2017, first 2019, $76,000 first 2018, $22,000 |
Note 9 - Revenue
Note 9 - Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 9 – Revenue The Company’s revenues are primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue for such sales is recognized when the customer obtains control, which is typically when the finished product is delivered to the customer. The Company’s material revenue streams have been identified as the following: the sale of new and used commercial vehicles, arrangement of associated commercial vehicle financing and insurance contracts, the performance of commercial vehicle repair services and the sale of commercial vehicle parts. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. The following table summarizes the Company’s disaggregated revenue by revenue source for the three March 31, 2019 2018 Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Commercial vehicle sales revenue $ 838,283 $ 773,100 Parts revenue 247,317 223,354 Commercial vehicle repair service revenue 191,037 176,941 Finance revenue 4,095 2,336 Insurance revenue 2,515 2,405 Other revenue 5,637 5,121 Total $ 1,288,884 $ 1,183,257 All of the Company's performance obligations and associated revenues are generally transferred to customers at a point in time. The Company does not March 31, 2019. |
Note 10 - Leases
Note 10 - Leases | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Leases of Lessee and Lessor Disclosure [Text Block] | 1 0 – Leases In February 2016, No. 2016 02, Leases ( “ Topic 842 ” ), twelve The Company determines whether the leases should be classified as an operating lease or finance lease. A lease is classified as a finance lease if any of the following conditions exist on the date of lease commencement: ● The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. ● The lease provides the lessee an option to purchase the underlying asset, and that option is reasonably certain to be exercised. ● The lease term is for the major part of the remaining economic life of the underlying asset. ● The present value of the lease payments equals or exceeds substantially all of the fair value of the underlying asset. ● The underlying asset is of such a specialized nature that only the lessee can use it without major modifications. The lessor expects to have no The Company adopted Topic 842 January 1, 2019. January 1, 2019. March 31, 2019 not 842, twelve The Company leases commercial vehicles and real estate under finance and operating leases. The Company determines whether an arrangement is a lease at its inception. For leases with terms greater than twelve not When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of its leases do not Le ase of Vehicles as Lessee The Company leases commercial vehicles as the lessee under finance leases and operating leases. The lease terms vary from one ten 2019 842. three March 31, 2019, $6.0 The Company usually guarantees the residual value of vehicles under operating lease and finance lease arrangements. At March 31, 2019, $39.0 Le a se of Facilities as Lessee The Company’s facility leases are classified as operating leases and primarily reflect its use of dealership facilities and office space. The lease terms vary from one 88 one Components of lease cost are as follows (in thousands): Three Months Ended Classification March 31, 2019 Operating lease cost SG&A expense $ 3,278 Finance lease cost - amortization of right-of-use assets Depreciation and amortization 3,322 Finance lease cost – interest on lease liabilities Interest expense 712 Short-term lease cost SG&A expense 334 Supplemental cash flow information and non-cash activity related to operating and finance leases are as follows (in thousands): Three Months Ended March 31, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 3,990 Financing cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 2,408 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 53,274 Weighted-average remaining lease term and discount rate for operating and finance leases are as follows: March 31, 2019 Weighted-average remaining lease term (months) 69 Weighted-average discount rate 4.5 % Maturities of lease liabilities by fiscal year for finance leases and operating leases are as follows (in thousands): Finance Leases Operating Leases 2019 (a) $ 17,372 $ 9,229 2020 19,995 10,889 2021 15,538 8,820 2022 11,819 7,687 2023 5,899 6,341 2024 and beyond 5,571 26,766 Total lease payments $ 76,195 $ 69,732 Less: Imputed interest (6,539 ) (16,458 ) Present value of lease liabilities $ 69,656 $ 53,274 (a)Excluding the three months ended March 31, 2019 Lease of Vehicles as Lessor The Company leases vehicles that the Company owns to customers primarily over periods of one ten 842 not Our policy is to depreciate our lease and rental fleet using a straight line method over each customer’s contractual lease term. The lease unit is depreciated to a residual value that approximates fair value at the expiration of the lease term. This policy results in us realizing reasonable gross margins while the unit is in service and a corresponding gain or loss on sale when the unit is sold at the end of the lease term. Sales-type leases are recognized by the Company as lease receivables. The lessee obtains control of the underlying asset and the Company recognizes sales revenue upon lease commencement. The receivable for sales-type leases at March 31, 2019 $5.3 Minimum rental payments to be received for non-cancelable leases and subleases in effect as of March 31, 2019, 2019 (a) $ 92,240 2020 104,569 2021 76,584 2022 52,348 2023 32,056 Thereafter 22,173 Total $ 379,970 (a)Excluding the three months ended March 31, 2019 Rental income during the three March 31, 2019 March 31, 2018 Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Minimum rental payments $ 52,423 $ 50,904 Nonlease payments 7,258 6,966 Total $ 59,681 $ 57,870 As of December 31, 2018, Finance Leases Operating Leases 2019 $ 22,033 $ 12,295 2020 19,113 10,466 2021 14,894 8,190 2022 11,062 7,078 2023 5,095 5,196 Thereafter 2,963 22,463 Total lease payments $ 75,160 $ 65,688 Less: Imputed interest (6,046 ) Present value of lease liabilities $ 69,114 |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 1 – Shareholders ’ E quity The Company declared and paid a $0.12 first 2019. Common Stock Accumulated Shares Outstanding $0.01 Par Additional Paid-In Treasury Retained Other Comprehensive (in thousands) Class A Class B Value Capital Stock Earnings Income Total Balance, December 31, 2018 28,710 8,290 $ 458 $ 370,025 $ (245,842 ) $ 942,287 $ – $ 1,066,928 Stock options exercised and stock awards 59 – 1 1,230 – – – 1,231 Stock-based compensation related to stock options, restricted shares and employee stock purchase plan – – – 8,836 – – – 8,836 Vesting of restricted share awards – 226 2 (2,317 ) – – – (2,315 ) Issuance of common stock under employee stock purchase plan 57 – 1 1,680 – – – 1,681 Common stock repurchases (639 ) (53 ) – – (26,048 ) – – (26,048 ) Dividend Class A common stock – – – – – (3,389 ) – (3,389 ) Dividend Class B common stock – – – – – (991 ) – (991 ) Other comprehensive income – – – – – – 384 384 Net income – – – – – 37,104 – 37,104 Balance, March 31, 2019 28,187 8,463 $ 462 $ 379,454 $ (271,890 ) $ 975,011 $ 384 $ 1,083,421 Common Stock Shares Outstanding $0.01 Par Additional Paid-In Treasury Retained (in thousands) Class A Class B Value Capital Stock Earnings Total Balance, December 31, 2017 31,345 8,469 $ 454 $ 348,044 $ (120,682 ) $ 812,557 $ 1,040,373 Stock options exercised and stock awards 30 – – 766 – – 766 Stock-based compensation related to stock options, restricted shares and employee stock purchase plan – – – 7,893 – – 7,893 Vesting of restricted share awards 1 226 2 (1,621 ) – – (1,619 ) Issuance of common stock under employee stock purchase plan 41 – 1 1,353 – – 1,354 Common stock repurchases (834 ) (72 ) – – (38,137 ) – (38,137 ) Net income – – – – – 21,039 21,039 Balance, March 31, 2018 30,583 8,623 $ 457 $ 356,435 $ (158,819 ) $ 833,596 $ 1,031,669 |
Note 12 - Acquisition and Equit
Note 12 - Acquisition and Equity Method Investment | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 1 2 – Acquisition and Equity Method Investment On February 25, 2019, 50% 14 not March 31, 2019, $19.4 On February 11, 2019, $7.9 |
Note 13 - Accumulated Other Com
Note 13 - Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 13 – Accumulated Other Comprehensive Income The following table shows the components of accumulated other comprehensive loss (in thousands): Balance as of December 31, 2018 $ − Foreign currency translation adjustment 384 Balance at March 31, 2019 $ 384 The equity method investment in RTC Canada was valued using the Canadian exchange rate of 1.3307 March 31, 2019. |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 1 4 – Subsequent Event s Fourth Amended and Restated Credit Agreement On April 25, 2019, $875.0 July 7, 2016, March 31, 2019, $875.0 Pursuant to the terms of the Floor Plan Credit Agreement, the aggregate loan commitment is $1.0 zero one 1.25% $150.0 $200.0 June 30, 2022, 360 First Amendment to Working Capital Facility On April 25, 2019, $100 0.37% 0.20% Guaranty of Loan to Tallman Truck Centre Limited On April 25, 2019, CAN$250 not 50% |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2019 2018 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 37,104 $ 21,039 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 36,817 39,665 Effect of dilutive securities– Employee and director stock options and restricted share awards 1,017 1,427 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 37,834 41,092 Basic earnings per common share $ 1.01 $ .53 Diluted earnings per common share and common share equivalents $ 0.98 $ 0.51 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, 2019 March 31, 2018 Anti-dilutive options 974 87 |
Note 6 - Financial Instrument_2
Note 6 - Financial Instruments and Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Description Fair Value Measurements Using Significant Unobservable Inputs March 31, 2019 Long-lived assets held for sale $ 2,269 |
Note 7 - Segment Information (T
Note 7 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Truck Segment All Other Totals As of and for the three months ended March 31, 201 9 Revenues from external customers $ 1,344,449 $ 3,868 $ 1,348,317 Segment operating income 56,742 125 56,867 Segment income before taxes 49,505 53 49,558 Segment assets 3,384,441 37,585 3,422,026 As of and for the three months ended March 31, 2018 Revenues from external customers $ 1,236,652 $ 4,129 $ 1,240,781 Segment operating income 32,360 29 32,389 Segment income (loss) before taxes 28,103 (20 ) 28,083 Segment assets 2,864,504 34,700 2,899,204 |
Note 9 - Revenue (Tables)
Note 9 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Commercial vehicle sales revenue $ 838,283 $ 773,100 Parts revenue 247,317 223,354 Commercial vehicle repair service revenue 191,037 176,941 Finance revenue 4,095 2,336 Insurance revenue 2,515 2,405 Other revenue 5,637 5,121 Total $ 1,288,884 $ 1,183,257 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Classification March 31, 2019 Operating lease cost SG&A expense $ 3,278 Finance lease cost - amortization of right-of-use assets Depreciation and amortization 3,322 Finance lease cost – interest on lease liabilities Interest expense 712 Short-term lease cost SG&A expense 334 Three Months Ended March 31, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 3,990 Financing cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 2,408 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 53,274 March 31, 2019 Weighted-average remaining lease term (months) 69 Weighted-average discount rate 4.5 % |
Lessee, Lease Liability, Maturity [Table Text Block] | Finance Leases Operating Leases 2019 (a) $ 17,372 $ 9,229 2020 19,995 10,889 2021 15,538 8,820 2022 11,819 7,687 2023 5,899 6,341 2024 and beyond 5,571 26,766 Total lease payments $ 76,195 $ 69,732 Less: Imputed interest (6,539 ) (16,458 ) Present value of lease liabilities $ 69,656 $ 53,274 (a)Excluding the three months ended March 31, 2019 |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | 2019 (a) $ 92,240 2020 104,569 2021 76,584 2022 52,348 2023 32,056 Thereafter 22,173 Total $ 379,970 (a)Excluding the three months ended March 31, 2019 |
Leases, Lease Income [Table Text Block] | Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Minimum rental payments $ 52,423 $ 50,904 Nonlease payments 7,258 6,966 Total $ 59,681 $ 57,870 |
Schedule of Future Minimum Lease Payments for Capital Leases and Operating Leases [Table Text Block] | Finance Leases Operating Leases 2019 $ 22,033 $ 12,295 2020 19,113 10,466 2021 14,894 8,190 2022 11,062 7,078 2023 5,095 5,196 Thereafter 2,963 22,463 Total lease payments $ 75,160 $ 65,688 Less: Imputed interest (6,046 ) Present value of lease liabilities $ 69,114 |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Common Stock Accumulated Shares Outstanding $0.01 Par Additional Paid-In Treasury Retained Other Comprehensive (in thousands) Class A Class B Value Capital Stock Earnings Income Total Balance, December 31, 2018 28,710 8,290 $ 458 $ 370,025 $ (245,842 ) $ 942,287 $ – $ 1,066,928 Stock options exercised and stock awards 59 – 1 1,230 – – – 1,231 Stock-based compensation related to stock options, restricted shares and employee stock purchase plan – – – 8,836 – – – 8,836 Vesting of restricted share awards – 226 2 (2,317 ) – – – (2,315 ) Issuance of common stock under employee stock purchase plan 57 – 1 1,680 – – – 1,681 Common stock repurchases (639 ) (53 ) – – (26,048 ) – – (26,048 ) Dividend Class A common stock – – – – – (3,389 ) – (3,389 ) Dividend Class B common stock – – – – – (991 ) – (991 ) Other comprehensive income – – – – – – 384 384 Net income – – – – – 37,104 – 37,104 Balance, March 31, 2019 28,187 8,463 $ 462 $ 379,454 $ (271,890 ) $ 975,011 $ 384 $ 1,083,421 Common Stock Shares Outstanding $0.01 Par Additional Paid-In Treasury Retained (in thousands) Class A Class B Value Capital Stock Earnings Total Balance, December 31, 2017 31,345 8,469 $ 454 $ 348,044 $ (120,682 ) $ 812,557 $ 1,040,373 Stock options exercised and stock awards 30 – – 766 – – 766 Stock-based compensation related to stock options, restricted shares and employee stock purchase plan – – – 7,893 – – 7,893 Vesting of restricted share awards 1 226 2 (1,621 ) – – (1,619 ) Issuance of common stock under employee stock purchase plan 41 – 1 1,353 – – 1,354 Common stock repurchases (834 ) (72 ) – – (38,137 ) – (38,137 ) Net income – – – – – 21,039 21,039 Balance, March 31, 2018 30,583 8,623 $ 457 $ 356,435 $ (158,819 ) $ 833,596 $ 1,031,669 |
Note 13 - Accumulated Other C_2
Note 13 - Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Balance as of December 31, 2018 $ − Foreign currency translation adjustment 384 Balance at March 31, 2019 $ 384 |
Note 2 - Other Assets (Details
Note 2 - Other Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Feb. 25, 2019 | |
Capitalized Computer Software, Net, Ending Balance | $ 10,300 | |||
Capitalized Computer Software, Amortization | 500 | $ 11,100 | ||
Indefinite-Lived Franchise Rights | 7,000 | $ 7,000 | ||
Goodwill and Intangible Asset Impairment, Total | 0 | |||
Rush Truck Centres of Canada Limited [Member] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Rush Truck Centres of Canada Limited [Member] | Other Assets [Member] | ||||
Equity Method Investments | 19,400 | |||
Rush Truck Centres of Canada Limited [Member] | Call Option [Member] | ||||
Equity Method Investment, Remaining Ownership Percentage Not Yet Acquired | 50.00% | |||
Rush Truck Centres of Canada Limited [Member] | Call Option [Member] | Other Assets [Member] | ||||
Call Option, Fair Value Disclosure | 3,600 | |||
Computer Software, Intangible Asset [Member] | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1,900 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,900 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,900 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,900 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 1,900 | |||
Components of ERP Platform Rquired Replacement [Member] | ||||
Capitalized Computer Software, Amortization | $ 19,900 |
Note 4 - Earnings Per Share - E
Note 4 - Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator for basic and diluted earnings per share – Net income available to common shareholders | $ 37,104 | $ 21,039 |
Denominator for basic earnings per share – weighted average shares outstanding (in shares) | 36,817 | 39,665 |
Effect of dilutive securities– Employee and director stock options and restricted share awards (in shares) | 1,017 | 1,427 |
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares) | 37,834 | 41,092 |
Basic earnings per common share (in dollars per share) | $ 1.01 | $ 0.53 |
Diluted earnings per common share and common share equivalents (in dollars per share) | $ 0.98 | $ 0.51 |
Note 4 - Earnings Per Share - A
Note 4 - Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Anti-dilutive options (in shares) | 974 | 87 |
Note 5 - Stock Options and Re_2
Note 5 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 11.5 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 255 days | |
Share-based Payment Arrangement, Option [Member] | Selling, General and Administrative Expenses [Member] | ||
Share-based Payment Arrangement, Expense | $ 8.8 | $ 7.9 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 13.6 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 255 days |
Note 6 - Financial Instrument_3
Note 6 - Financial Instruments and Fair Value - Pre-tax Effect of Interest Rate Swaps (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Long-lived assets held for sale, fair value | $ 2,269 |
Note 7 - Segment Information (D
Note 7 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2019 | |
Truck Segment [Member] | |
Number of Reportable Segments | 1 |
Other Segments [Member] | |
Number of Operating Segments | 3 |
Note 7 - Segment Information -
Note 7 - Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Revenues from external customers | $ 1,348,317 | $ 1,240,781 | |
Segment operating income | 56,867 | 32,389 | |
Segment income (loss) before taxes | 49,558 | 28,083 | |
Segment assets | 3,422,026 | 2,899,204 | $ 3,201,350 |
Truck Segment [Member] | |||
Revenues from external customers | 1,344,449 | 1,236,652 | |
Segment operating income | 56,742 | 32,360 | |
Segment income (loss) before taxes | 49,505 | 28,103 | |
Segment assets | 3,384,441 | 2,864,504 | |
Other Segments [Member] | |||
Revenues from external customers | 3,868 | 4,129 | |
Segment operating income | 125 | 29 | |
Segment income (loss) before taxes | 53 | (20) | |
Segment assets | $ 37,585 | $ 34,700 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 2,400,000 | $ 2,400,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 139,000 | 139,000 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | $ 0 | |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ 76,000 | $ 22,000 | |
Domestic Tax Authority [Member] | |||
Open Tax Year | 2015 2016 2017 2018 | ||
State and Local Jurisdiction [Member] | |||
Open Tax Year | 2014 2015 2016 2017 2018 |
Note 9 - Revenue - Disaggregate
Note 9 - Revenue - Disaggregated Revenue by Revenue Source (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | $ 1,288,884 | $ 1,183,257 |
Commercial Vehicle [Member] | ||
Revenue | 838,283 | 773,100 |
Parts [Member] | ||
Revenue | 247,317 | 223,354 |
Commercial Vehicle Repair Service [Member] | ||
Revenue | 191,037 | 176,941 |
Financial Service [Member] | ||
Revenue | 4,095 | 2,336 |
Insurance [Member] | ||
Revenue | 2,515 | 2,405 |
Product and Service, Other [Member] | ||
Revenue | $ 5,637 | $ 5,121 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Sublease Income | $ 6 |
Lessee, Leases, Residual Value Guarantee, Amount | $ 39 |
Lessee, Operating Lease, Option To Terminate Term | 1 year |
Other Assets [Member] | |
Sales-type Lease, Lease Receivable | $ 5.3 |
Minimum [Member] | |
Lessee, Leases, Term of Contract | 30 days |
Lessee, Operating Lease, Term of Contract | 1 year |
Lessor, Leases, Term of Contract | 1 year |
Maximum [Member] | |
Lessee, Leases, Term of Contract | 10 years |
Lessee, Operating Lease, Term of Contract | 88 years |
Lessor, Leases, Term of Contract | 10 years |
Note 10 - Leases - Lease Cost (
Note 10 - Leases - Lease Cost (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities | $ 3,990 |
Cash paid for amounts included in the measurement of lease liabilities | 2,408 |
Right-of-use assets obtained in exchange for lease obligations | $ 53,274 |
Weighted-average remaining lease term (months) (Month) | 5 years 270 days |
Weighted-average discount rate | 4.50% |
Selling, General and Administrative Expenses [Member] | |
Operating lease cost | $ 3,278 |
Short-term lease cost | 334 |
Depreciation and Amortization [Member] | |
Finance lease cost - amortization of right-of-use assets | 3,322 |
Interest Expense [Member] | |
Finance lease cost – interest on lease liabilities | $ 712 |
Note 10 - Leases - Maturities o
Note 10 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) | |
2019 (a) | $ 17,372 | [1] |
2019 (a) | 9,229 | [1] |
2020 | 19,995 | |
2020 | 10,889 | |
2021 | 15,538 | |
2021 | 8,820 | |
2022 | 11,819 | |
2022 | 7,687 | |
2023 | 5,899 | |
2023 | 6,341 | |
2024 and beyond | 5,571 | |
2024 and beyond | 26,766 | |
Total lease payments | 76,195 | |
Total lease payments | 69,732 | |
Less: Imputed interest | (6,539) | |
Less: Imputed interest | (16,458) | |
Present value of lease liabilities | 69,656 | |
Present value of lease liabilities | $ 53,274 | |
[1] | Excluding the three months ended March 31, 2019 |
Note 10 - Leases - Future Minim
Note 10 - Leases - Future Minimum Rental Receivable (Details) $ in Thousands | Mar. 31, 2019USD ($) | |
2019 (a) | $ 92,240 | [1] |
2020 | 104,569 | |
2021 | 76,584 | |
2022 | 52,348 | |
2023 | 32,056 | |
Thereafter | 22,173 | |
Total | $ 379,970 | |
[1] | Excluding the three months ended March 31, 2019 |
Note 10 - Leases - Rental Incom
Note 10 - Leases - Rental Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Minimum rental payments | $ 52,423 | $ 50,904 |
Nonlease payments | 7,258 | 6,966 |
Total | $ 59,681 | $ 57,870 |
Note 10 - Leases - Minimum Leas
Note 10 - Leases - Minimum Lease Payments Under Non-cancelable Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Total lease payments | $ 75,160 |
Total lease payments | 65,688 |
Less: Imputed interest | (6,046) |
Present value of lease liabilities | 69,114 |
Vehicle Leases as Lessee 1 [Member] | |
2019, Capital Leases | 22,033 |
2019, Operating Leases | 12,295 |
2020, Capital Leases | 19,113 |
2020, Operating Leases | 10,466 |
2021, Capital Leases | 14,894 |
2021, Operating Leases | 8,190 |
2022, Capital Leases | 11,062 |
2022, Operating Leases | 7,078 |
2023, Capital Leases | 5,095 |
2023, Operating Leases | 5,196 |
Thereafter, Capital Leases | 2,963 |
Thereafter, Operating Leases | $ 22,463 |
Note 11 - Shareholders' Equit_2
Note 11 - Shareholders' Equity (Details Textual) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Common Stock, Dividends, Per Share, Declared | $ 0.12 |
Note 11 - Shareholders' Equit_3
Note 11 - Shareholders' Equity - Schedule of Shareholders' Equity (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Balance as of December 31, 2018 | $ 1,066,928 | $ 1,040,373 |
Stock options exercised and stock awards | 1,231 | 766 |
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 8,836 | 7,893 |
Vesting of restricted share awards | (2,315) | (1,619) |
Issuance of common stock under employee stock purchase plan | 1,681 | 1,354 |
Common stock repurchases | (26,048) | (38,137) |
Foreign currency translation adjustment | 384 | |
Net income | 37,104 | 21,039 |
Balance at March 31, 2019 | 1,083,421 | 1,031,669 |
Common Class A [Member] | ||
Dividend | (3,389) | |
Common Class B [Member] | ||
Dividend | (991) | |
Common Stock [Member] | ||
Balance as of December 31, 2018 | 458 | 454 |
Stock options exercised and stock awards | 1 | |
Vesting of restricted share awards | 2 | 2 |
Issuance of common stock under employee stock purchase plan | 1 | 1 |
Foreign currency translation adjustment | ||
Balance at March 31, 2019 | $ 462 | $ 457 |
Common Stock [Member] | Common Class A [Member] | ||
Balance (in shares) | 28,710 | 31,345 |
Stock options exercised and stock awards (in shares) | 59 | 30 |
Vesting of restricted share awards (in shares) | 1 | |
Issuance of common stock under employee stock purchase plan (in shares) | 57 | 41 |
Common stock repurchases (in shares) | (639) | (834) |
Balance (in shares) | 28,187 | 30,583 |
Common Stock [Member] | Common Class B [Member] | ||
Balance (in shares) | 8,290 | 8,469 |
Stock options exercised and stock awards (in shares) | ||
Vesting of restricted share awards (in shares) | 226 | 226 |
Issuance of common stock under employee stock purchase plan (in shares) | ||
Common stock repurchases (in shares) | (53) | (72) |
Balance (in shares) | 8,463 | 8,623 |
Additional Paid-in Capital [Member] | ||
Balance as of December 31, 2018 | $ 370,025 | $ 348,044 |
Stock options exercised and stock awards | 1,230 | 766 |
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 8,836 | 7,893 |
Vesting of restricted share awards | (2,317) | (1,621) |
Issuance of common stock under employee stock purchase plan | 1,680 | 1,353 |
Foreign currency translation adjustment | ||
Balance at March 31, 2019 | 379,454 | 356,435 |
Treasury Stock [Member] | ||
Balance as of December 31, 2018 | (245,842) | (120,682) |
Common stock repurchases | (26,048) | (38,137) |
Foreign currency translation adjustment | ||
Balance at March 31, 2019 | (271,890) | (158,819) |
Retained Earnings [Member] | ||
Balance as of December 31, 2018 | 942,287 | 812,557 |
Foreign currency translation adjustment | ||
Net income | 37,104 | 21,039 |
Balance at March 31, 2019 | 975,011 | $ 833,596 |
Retained Earnings [Member] | Common Class A [Member] | ||
Dividend | (3,389) | |
Retained Earnings [Member] | Common Class B [Member] | ||
Dividend | (991) | |
AOCI Attributable to Parent [Member] | ||
Balance as of December 31, 2018 | ||
Stock options exercised and stock awards | ||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | ||
Vesting of restricted share awards | ||
Issuance of common stock under employee stock purchase plan | ||
Common stock repurchases | ||
Dividend | ||
Foreign currency translation adjustment | 384 | |
Net income | ||
Balance at March 31, 2019 | $ 384 |
Note 12 - Acquisition and Equ_2
Note 12 - Acquisition and Equity Method Investment (Details Textual) - USD ($) $ in Thousands | Feb. 11, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Feb. 25, 2019 |
Payments to Acquire Businesses, Gross | $ 7,936 | |||
Acquisition of Country Ford Trucks [Member] | ||||
Payments to Acquire Businesses, Gross | $ 7,900 | |||
Rush Truck Centres of Canada Limited [Member] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Rush Truck Centres of Canada Limited [Member] | Other Assets [Member] | ||||
Equity Method Investments | $ 19,400 |
Note 13 - Accumulated Other C_3
Note 13 - Accumulated Other Comprehensive Income (Details Textual) | Mar. 31, 2019 |
Rush Truck Centres of Canada Limited [Member] | |
Foreign Currency Exchange Rate, Translation | 1.3307 |
Note 13 - Accumulated Other C_4
Note 13 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Balance as of December 31, 2018 | $ 1,066,928 |
Foreign currency translation adjustment | 384 |
Balance at March 31, 2019 | 1,083,421 |
AOCI Attributable to Parent [Member] | |
Balance as of December 31, 2018 | |
Foreign currency translation adjustment | 384 |
Balance at March 31, 2019 | $ 384 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) $ in Thousands, $ in Millions | Apr. 25, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 25, 2019CAD ($) | Mar. 31, 2019USD ($) | Feb. 25, 2019 | Jul. 07, 2016USD ($) |
Floor Plan Notes Payable | $ 1,023,019 | $ 1,111,473 | ||||
Rush Truck Centres of Canada Limited [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Subsequent Event [Member] | Financial Guarantee [Member] | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 250 | |||||
BMO Harris Bank N.A. [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.37% | |||||
BMO Harris Bank N.A. [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||||
BMO Harris Bank N.A. [Member] | Floor Plan Credit Agreement [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 875,000 | |||||
Floor Plan Notes Payable | $ 875,000 | |||||
BMO Harris Bank N.A. [Member] | Floor Plan Credit Agreement [Member] | Subsequent Event [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% | ||||
Debt Instrument, Loan Limit Amount to Purchase Used Inventory | $ 150,000 | |||||
Debt Instrument, Loan Limit Amount for Working Capital Purposes | $ 200,000 | |||||
BMO Harris Bank N.A. [Member] | Floor Plan Credit Agreement [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |