Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Feb. 25, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | RUSH ENTERPRISES INC \TX\ | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Public Float | $1,232,949,299 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1012019 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 29,960,414 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 9,943,045 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $191,463 | $217,305 |
Accounts receivable, net | 170,027 | 103,293 |
Note receivable from affiliate | 8,168 | |
Inventories, net | 1,024,104 | 802,220 |
Prepaid expenses and other | 28,312 | 14,341 |
Asset held for sale | 5,053 | |
Deferred income taxes, net | 18,387 | 16,277 |
Total current assets | 1,445,514 | 1,153,436 |
Investments | 6,905 | 6,628 |
Property and equipment, net | 923,080 | 739,663 |
Goodwill, net | 265,145 | 215,464 |
Other assets, net | 53,618 | 52,607 |
Total assets | 2,694,262 | 2,167,798 |
Current liabilities: | ||
Floor plan notes payable | 845,977 | 593,649 |
Current maturities of long-term debt | 149,065 | 97,243 |
Current maturities of capital lease obligations | 11,231 | 10,268 |
Liabilities directly associated with asset held for sale | 6,160 | |
Trade accounts payable | 124,555 | 100,375 |
Customer deposits | 44,879 | 58,319 |
Accrued expenses | 92,743 | 69,321 |
Total current liabilities | 1,274,610 | 929,175 |
Long-term debt, net of current maturities | 429,189 | 385,538 |
Capital lease obligations, net of current maturities | 46,019 | 35,199 |
Other long-term liabilities | 4,470 | 4,683 |
Deferred income taxes, net | 175,635 | 147,822 |
Shareholders’ equity: | ||
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2014 and 2013 | 0 | 0 |
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 29,889,332 Class A shares and 9,999,122 Class B shares outstanding in 2014; and 28,910,505 Class A shares and 10,304,518 Class B shares outstanding in 2013 | 424 | 414 |
Additional paid-in capital | 272,486 | 243,154 |
Retained earnings | 533,793 | 453,836 |
Accumulated other comprehensive loss, net of tax | -460 | -1,202 |
Total shareholders’ equity | 764,339 | 665,381 |
Total liabilities and shareholders’ equity | 2,694,262 | 2,167,798 |
Common Class B [Member] | ||
Shareholders’ equity: | ||
Treasury stock, at cost: 2,560,580 Class B shares | ($41,904) | ($30,821) |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common Class B [Member] | ||
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares outstanding | 9,999,122 | 10,304,518 |
Treasury stock, shares | 2,560,580 | 2,560,580 |
Common Class A [Member] | ||
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares outstanding | 29,889,332 | 28,910,505 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
New and used commercial vehicle sales | $3,195,873 | $2,239,847 | $2,149,335 |
Parts and service sales | 1,315,694 | 988,317 | 817,280 |
Lease and rental | 177,561 | 129,638 | 100,247 |
Finance and insurance | 19,988 | 15,320 | 13,638 |
Other | 18,240 | 11,583 | 10,067 |
Total revenue | 4,727,356 | 3,384,705 | 3,090,567 |
Cost of products sold: | |||
New and used commercial vehicle sales | 2,975,905 | 2,083,439 | 2,005,776 |
Parts and service sales | 842,438 | 620,030 | 499,850 |
Lease and rental | 152,967 | 109,222 | 84,174 |
Total cost of products sold | 3,971,310 | 2,812,691 | 2,589,800 |
Gross profit | 756,046 | 572,014 | 500,767 |
Selling, general and administrative | 573,670 | 450,340 | 361,727 |
Depreciation and amortization | 40,786 | 29,925 | 25,016 |
Gain on sale of assets | 151 | 5 | 176 |
Operating income | 141,741 | 91,754 | 114,200 |
Interest income (expense): | |||
Interest income | 239 | 41 | 21 |
Interest expense | -11,437 | -10,734 | -13,038 |
Total interest expense, net | 11,198 | 10,693 | 13,017 |
Income before taxes | 130,543 | 81,061 | 101,183 |
Provision for income taxes | 50,586 | 31,844 | 38,728 |
Net income | $79,957 | $49,217 | $62,455 |
Earnings per common share - Basic: | |||
Net income (in Dollars per share) | $2.01 | $1.25 | $1.62 |
Earnings per common share - Diluted: | |||
Net income (in Dollars per share) | $1.96 | $1.22 | $1.57 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $79,957 | $49,217 | $62,455 |
Other comprehensive income before tax and net of reclassification adjustments: | |||
Change in fair value of interest rate swaps | 789 | 892 | 317 |
Change in fair value of available-for-sale securities | 427 | ||
Other comprehensive income, before tax | 1,216 | 892 | 317 |
Income tax expense related to components of other comprehensive income | 474 | 338 | 124 |
Other comprehensive income, net of tax | 742 | 554 | 193 |
Comprehensive income | $80,699 | $49,771 | $62,648 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders’ Equity (USD $) | Common Class A [Member] | Common Class B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Balance, amount at Dec. 31, 2011 | $398 | $208,569 | ($17,948) | $342,164 | ($1,949) | $531,234 | ||
Balance, shares (in Shares) at Dec. 31, 2011 | 27,406,000 | 10,777,000 | ||||||
Stock options exercised, amount | 4 | 5,722 | 5,726 | |||||
Stock options exercised, shares (in Shares) | 439,000 | 15,000 | ||||||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 7,332 | 7,332 | ||||||
Vesting of restricted share awards, amount | 1 | -62 | -61 | |||||
Vesting of restricted share awards, shares (in Shares) | 83,000 | |||||||
Issuance of common stock under employee stock purchase plan, amount | 1 | 1,066 | 1,067 | |||||
Issuance of common stock under employee stock purchase plan, shares (in Shares) | 71,000 | |||||||
Other comprehensive income (loss) | 193 | 193 | ||||||
Net income | 62,455 | 62,455 | ||||||
Balance, amount at Dec. 31, 2012 | 404 | 222,627 | -17,948 | 404,619 | -1,756 | 607,946 | ||
Balance, shares (in Shares) at Dec. 31, 2012 | 27,999,000 | 10,792,000 | ||||||
Stock options exercised, amount | 8 | 11,325 | 11,333 | |||||
Stock options exercised, shares (in Shares) | 747,000 | 43,000 | ||||||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 8,645 | 8,645 | ||||||
Vesting of restricted share awards, amount | 1 | -711 | -710 | |||||
Vesting of restricted share awards, shares (in Shares) | 85,000 | 24,000 | ||||||
Issuance of common stock under employee stock purchase plan, amount | 1 | 1,268 | 1,269 | |||||
Issuance of common stock under employee stock purchase plan, shares (in Shares) | 80,000 | |||||||
-12,873 | -12,873 | |||||||
(in Shares) | -554,000 | |||||||
Other comprehensive income (loss) | 554 | 554 | ||||||
Net income | 49,217 | 49,217 | ||||||
Balance, amount at Dec. 31, 2013 | 414 | 243,154 | -30,821 | 453,836 | -1,202 | 665,381 | ||
Balance, shares (in Shares) at Dec. 31, 2013 | 28,911,000 | 10,305,000 | ||||||
Stock options exercised, amount | 9 | 16,216 | 16,225 | |||||
Stock options exercised, shares (in Shares) | 872,000 | 30,000 | 902,238 | |||||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 11,343 | 11,343 | ||||||
Vesting of restricted share awards, amount | 1 | 311 | 312 | |||||
Vesting of restricted share awards, shares (in Shares) | 42,000 | 113,000 | ||||||
Issuance of common stock under employee stock purchase plan, amount | 1,462 | 1,462 | ||||||
Issuance of common stock under employee stock purchase plan, shares (in Shares) | 64,000 | |||||||
Issuance of common stock related to business acquisition | 1,170 | 1,170 | ||||||
-12,253 | -12,253 | |||||||
(in Shares) | -449,000 | |||||||
Other comprehensive income (loss) | 742 | 742 | ||||||
Net income | 79,957 | 79,957 | ||||||
Balance, amount at Dec. 31, 2014 | $424 | $272,486 | ($41,904) | $533,793 | ($460) | $764,339 | ||
Balance, shares (in Shares) at Dec. 31, 2014 | 29,889,000 | 9,999,000 |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders’ Equity (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tax effect, stock options exercised | $5,207 | $2,566 | $1,668 |
Additional Paid-in Capital [Member] | |||
Tax effect, stock options exercised | $5,207 | $2,566 | $1,668 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $79,957 | $49,217 | $62,455 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities- | |||
Depreciation and amortization | 126,452 | 93,486 | 73,289 |
Gain on sale of property and equipment, net | -151 | -5 | -176 |
Stock-based compensation expense related to employee stock options and employee stock purchases | 11,343 | 8,645 | 7,332 |
Provision for deferred income tax expense | 25,229 | 22,081 | 28,164 |
Excess tax benefits from stock-based compensation | -5,207 | -2,566 | -1,668 |
Acquired research and development | 2,000 | ||
Change in accounts receivable, net | -67,664 | -10,358 | 14,184 |
Change in inventories | -151,911 | -67,217 | 32,579 |
Change in prepaid expenses and other, net | -13,215 | -1,789 | 558 |
Change in trade accounts payable | 24,180 | 38,105 | -29 |
Draws on floor plan notes payable – trade, net | 44,870 | 13,044 | 34,504 |
Change in customer deposits | -13,802 | 29,139 | -25,347 |
Change in accrued expenses | 26,856 | 1,706 | -6,509 |
Net cash provided by operating activities | 88,937 | 173,488 | 219,336 |
Cash flows from investing activities: | |||
Acquisition of property and equipment | -260,820 | -191,584 | -170,951 |
Proceeds from the sale of property and equipment | 249 | 633 | 1,249 |
Business acquisitions | -157,626 | -72,725 | -104,571 |
Proceeds from the sale of available for sale securities | 150 | ||
Other | 1,631 | -5,992 | -24 |
Net cash used in investing activities | -416,416 | -269,668 | -274,297 |
Cash flows from financing activities: | |||
Draws (payments) on floor plan notes payable – non-trade, net | 207,458 | 46,085 | -20,677 |
Proceeds from long-term debt | 214,622 | 171,166 | 144,639 |
Principal payments on long-term debt | -112,828 | -88,048 | -73,151 |
Principal payments on capital lease obligations | -12,531 | -13,511 | -11,584 |
Proceeds from issuance of shares relating to employee stock options and employee stock purchases | 11,962 | 9,327 | 5,064 |
Excess tax benefits from stock-based compensation | 5,207 | 2,566 | 1,668 |
Common stock repurchased | -12,253 | -12,873 | |
Net cash provided by financing activities | 301,637 | 114,712 | 45,959 |
Net increase (decrease) in cash and cash equivalents | -25,842 | 18,532 | -9,002 |
Cash and cash equivalents, beginning of year | 217,305 | 198,773 | 207,775 |
Cash and cash equivalents, end of year | 191,463 | 217,305 | 198,773 |
Cash paid during the year for: | |||
Interest | 29,539 | 24,195 | 23,275 |
Income taxes, net of refunds | 29,795 | 9,314 | 7,122 |
Noncash investing and financing activities: | |||
Common stock issued related to business acquisition | 2,000 | ||
Assets acquired under capital leases | $24,314 | $9,005 | $15,892 |
Note_1_Organization_and_Operat
Note 1 - Organization and Operations | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. ORGANIZATION AND OPERATIONS: |
Rush Enterprises, Inc. (the “Company”) was incorporated in 1965 under the laws of the State of Texas. The Company operates a network of commercial vehicle dealerships that primarily sell commercial vehicles manufactured by Peterbilt, International, Hino, Ford, Isuzu, Mitsubishi Fuso, IC Bus or Blue Bird. Through its dealership network, the Company provides one-stop service for the needs of its customers, including retail sales of new and used commercial vehicles, aftermarket parts sales, service and repair facilities, financing, leasing and rental, and insurance products. The Company’s Rush Truck Centers are located throughout the United States. |
Note_2_Significant_Accounting_
Note 2 - Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
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 our 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 differ from those estimates. | |||||||||||||
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 days or less to be cash equivalents. | |||||||||||||
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-in, first-out method for parts and accessories. An allowance is provided when it is anticipated that cost will exceed net realizable value less a reasonable profit margin. | |||||||||||||
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 $244,000 related to major capital projects during 2014. The cost, accumulated depreciation and amortization and estimated useful lives are summarized as follows (in thousands): | |||||||||||||
2014 | 2013 | Estimated Life (Years) | |||||||||||
Land | $ | 98,033 | $ | 81,196 | – | ||||||||
Buildings and improvements | 233,742 | 205,778 | 31 | – | 39 | ||||||||
Leasehold improvements | 27,100 | 25,681 | 2 | – | 39 | ||||||||
Machinery and shop equipment | 48,988 | 42,274 | 5 | – | 20 | ||||||||
Furniture, fixtures and computers | 57,730 | 45,723 | 3 | – | 15 | ||||||||
Transportation equipment | 47,758 | 45,005 | 2 | – | 15 | ||||||||
Lease and rental vehicles | 697,147 | 547,557 | 2 | – | 8 | ||||||||
Construction in progress | 39,775 | 6,000 | |||||||||||
Accumulated depreciation and amortization | (327,193 | ) | (259,551 | ) | |||||||||
Total | $ | 923,080 | $ | 739,663 | |||||||||
As of December 31, 2014, the Company had $54.8 million in lease and rental vehicles under various capital leases included in property and equipment, net of accumulated amortization of $21.5 million. The Company recorded depreciation expense of $115.3 million and amortization expense of $11.2 million for the year ended December 31, 2014, and depreciation expense of $82.3 million and amortization expense of $11.2 million for the year ended December 31, 2013. Depreciation and amortization of vehicles related to lease and rental operations is included in lease and rental cost of products sold. | |||||||||||||
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 in the fourth quarter, or when indications of potential impairment exist. These indicators would include a significant change in operating performance, or a planned sale or disposition of a significant portion of the business, among other factors. The Company tests for goodwill impairment utilizing a fair value approach at the reporting unit level. A reporting unit is an operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. The Company has deemed its reporting unit to be the Truck Segment, which is the level at which management regularly reviews operating results and makes resource allocation decisions. | |||||||||||||
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 step is required to measure the goodwill impairment loss. The second step includes hypothetically valuing all the tangible and intangible assets of the reporting unit as if the reporting unit had been acquired in a business combination and comparing the hypothetical implied fair value of the reporting unit’s goodwill to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the hypothetical implied fair value of the goodwill, the Company would recognize an impairment loss in an amount equal to the excess, not to exceed the carrying amount. The Company determines the fair values calculated in an impairment test using the discounted cash flow method, which requires assumptions and estimates regarding future revenue, expenses and cash flow projections. The analysis is based upon available information regarding expected future cash flows of its reporting unit discounted at rates consistent with the cost of capital specific to the reporting unit. | |||||||||||||
No impairment write down was required in the fourth quarter of 2014. However, the Company cannot predict the occurrence of certain events that might adversely affect the reported value of goodwill in the future. | |||||||||||||
The following table sets forth the change in the carrying amount of goodwill for the Company for the years ended December 31, 2014 and 2013 (in thousands): | |||||||||||||
Balance December 31, 2012 | $ | 198,257 | |||||||||||
Acquisitions | 17,182 | ||||||||||||
Adjustment | 25 | ||||||||||||
Balance December 31, 2013 | 215,464 | ||||||||||||
Acquisitions | 49,609 | ||||||||||||
Adjustment | 72 | ||||||||||||
Balance December 31, 2014 | $ | 265,145 | |||||||||||
Other Assets | |||||||||||||
The total capitalized costs of the SAP enterprise software and SAP dealership management system of $38.5 million, including capitalized interest, are recorded on the Consolidated Balance Sheet in Other Assets, net of accumulated amortization of $10.3 million. The SAP software is being amortized over a period of 15 years. The Company is currently operating 101 Rush Truck Centers and all of its leasing operations on the SAP enterprise software and SAP dealership management system, which represent approximately 90% of the Company’s total revenues for the year ended December 31, 2014. The Company plans to convert all of its existing Rush Truck Centers to the SAP enterprise software and SAP dealership management system by the end of the second quarter of 2015. | |||||||||||||
Amortization expense relating to the SAP software, which is recognized in depreciation and amortization expense in the Consolidated Statements of Income, was $3.2 million for the year ended December 31, 2014, $3.0 million for the year ended December 31, 2013, and $3.0 million for the year ended December 31, 2012. The Company estimates that amortization expense relating to the SAP software will be approximately $3.2 million for each of the next five succeeding years. | |||||||||||||
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 $6.9 million at December 31, 2014, and $4.5 million at December 31, 2013, and is included in Other Assets on the accompanying consolidated balance sheets. The Company has determined that manufacturer franchise rights have an indefinite life as there are no economic or other factors that limit their useful lives and they are expected to generate cash flows indefinitely due to the historically long lives of the manufacturers’ brand names. Furthermore, to the extent that any agreements evidencing manufacturer franchise rights have expiration dates, the Company expects that it will be able to renew those agreements in the ordinary course of business. Accordingly, the Company does not amortize manufacturer franchise rights. | |||||||||||||
Due to the fact that manufacturer franchise rights are specific to geographic region, the Company has determined that 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 quarter, or more often if events or circumstances indicate that an impairment may have occurred. The Company is subject to financial statement risk to the extent that manufacturer franchise rights become impaired due to decreases in the fair market value of its individual franchises. | |||||||||||||
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 impairment write down was required in the fourth quarter of 2014. The Company cannot predict the occurrence of certain events that might adversely affect the reported value of manufacturer franchise rights in the future. | |||||||||||||
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 our 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 our 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 elapse before a particular matter for which the Company has established a liability is audited and effectively settled. The Company adjusts its liability for unrecognized tax benefits in the period in which it determines the issue is effectively settled with the tax authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position, or when more information becomes available. The Company includes its liability for unrecognized tax benefits, including accrued interest, in accrued liabilities on the Company’s Consolidated Balance Sheet and in income tax expense in the Company’s Consolidated Statements of Income. Unfavorable settlement of any particular issue would require use of the Company’s cash and a charge to income tax expense. Favorable resolution would be recognized as a reduction to income tax expense at the time of resolution. | |||||||||||||
Additionally, despite the Company’s belief that its tax return positions are consistent with applicable tax law, management expects that certain positions may be challenged by taxing authorities. Settlement of any challenge can result in no change, a complete disallowance, or some partial adjustment reached through negotiations. | |||||||||||||
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 parties. These finance contracts are sold both with and without recourse. A majority of the Company’s finance contracts are sold without recourse. Finance income is recognized by the Company upon the sale of such finance contracts to the finance companies, net of a provision for estimated repossession losses and early repayment penalties. | |||||||||||||
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 the service work order related to service provided to the customer’s vehicle. Payments received on prepaid maintenance plans are deferred as a component of accrued expenses and recognized as income when the maintenance is performed. | |||||||||||||
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. The Company is subject to a chargeback of manufacturer incentives for commercial vehicles that are not sold to the customer for which they were ordered. The Company records a liability for a potential chargeback of manufacturer incentives in its financial statements. 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, and interest expense on the lease and rental fleet owned and leased by the Company, and the maintenance cost of the lease and rental fleet. 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. | |||||||||||||
In May 2013, the Company entered into a Retirement and Transition Agreement with the Company’s former Chairman, W. Marvin Rush, which resulted in the recognition of $10.8 million in retirement pay and benefits recorded in selling, general and administrative expense on the Consolidated Statements of Income. | |||||||||||||
Stock Based Compensation | |||||||||||||
The Company applies the provisions of ASC topic 718-10, “Compensation – Stock Compensation,” which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including grants of employee stock options, restricted stock units, restricted stock awards and employee stock purchases under the Employee Stock Purchase Plan based on estimated fair values. | |||||||||||||
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 not provide an accurate measure of the fair value that value may not be indicative of the fair value observed in a market transaction between a willing buyer and a willing seller. | |||||||||||||
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: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected stock volatility | 51.51% | 49.59% | 53.64% | ||||||||||
Weighted-average stock volatility | 51.51% | 49.59% | 53.64% | ||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||
Risk-free interest rate | 2.14% | 1.22% | 1.11% | ||||||||||
Expected life (years) | 6.5 | 6.5 | 5 | ||||||||||
Weighted-average fair value of stock options granted | $ | 15.86 | $ | 12.69 | $ | 10.95 | |||||||
The Company computes its historical stock price volatility in accordance with ASC topic 718-10. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. The expected life of stock options represents the weighted-average period the stock options are expected to remain outstanding. | |||||||||||||
Advertising Costs | |||||||||||||
Advertising costs are expensed as incurred. Advertising and marketing expense was $8.7 million for 2014, $6.8 million for 2013 and $4.4 million for 2012. Advertising and marketing expense is included in selling, general and administrative expense. | |||||||||||||
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, which provides guidance on accounting for the costs of computer software developed or obtained for internal use and identifies characteristics of internal-use software. The Company has capitalized software costs, including capitalized interest, of approximately $38.5 million at December 31, 2014, net of accumulated amortization of $10.3 million, and $40.8 million, net of accumulated amortization of $7.1 million at December 31, 2013. | |||||||||||||
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-party administrator to assess any open claims and the Company adjusts its accrual accordingly on an annual basis. The Company is also partially self-insured for a portion of the claims related to its worker’s compensation and medical insurance programs. The Company uses actuarial information provided from third-party administrators to calculate an accrual for claims incurred, but not reported, and for the remaining portion of claims that have been reported. | |||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||
The Company utilizes derivative financial instruments to manage its interest rate risk. The types of risks hedged are those relating to the variability of cash flows and changes in the fair value of the Company’s financial instruments caused by fluctuations in interest rates. The Company assesses hedge effectiveness at the inception and during the term of each hedge. Derivatives are reported at fair value on the accompanying Consolidated Balance Sheets. | |||||||||||||
At December 31, 2014, the Company had an aggregate $20.9 million notional amount of interest rate swap contracts, which have been designated as cash flow hedges, to pay fixed rates of interest and receive 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. | |||||||||||||
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 – Financial Instruments and Fair Value of the Notes to Consolidated Financial Statements, for further information. 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 at the measurement date (an exit price). The Company measures its assets and liabilities using inputs from the following three levels of the fair value hierarchy: | |||||||||||||
Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |||||||||||||
Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). | |||||||||||||
Level 3 includes unobservable inputs that reflect the Company’s assumptions about what factors market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data. | |||||||||||||
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 year from the date of acquisition, any changes in the estimated fair values of the net assets recorded for the acquisitions will result in an adjustment to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our Consolidated Statements of Income. | |||||||||||||
New Accounting Pronouncements | |||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update that amends the accounting guidance on revenue recognition. The amendments in this accounting standard update are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices, and improve disclosure requirements. The amendments in this accounting standard update are effective for interim and annual reporting periods beginning after December 15, 2016, and should be applied using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which requires additional footnote disclosures). Early adoption is not permitted. The Company is currently evaluating the method of adoption and the impact of the provisions of the accounting standard update. |
Note_3_Supplier_and_Customer_C
Note 3 - Supplier and Customer Concentration | 12 Months Ended | ||
Dec. 31, 2014 | |||
Risks and Uncertainties [Abstract] | |||
Concentration Risk Disclosure [Text Block] | 3. SUPPLIER AND CUSTOMER 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 products of 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 | August 2015 through May 2017 | ||
International | March 2016 through May 2020 | ||
Isuzu | Indefinite | ||
Hino | Indefinite | ||
Ford | Indefinite | ||
Blue Bird | Aug-16 | ||
IC Bus | May 2015 through December 2017 | ||
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 its parts from PACCAR, Inc., the parent company of Peterbilt, at prevailing prices charged to all franchised dealers. Sales of new Peterbilt trucks accounted for approximately 63.5% of the Company’s new vehicle sales for the year ended December 31, 2014, 65.5% of the Company’s new vehicle sales for the year ended December 31, 2013, and 75.1% of the Company’s new vehicle sales for the year ended December 31, 2012. | |||
Primary Lenders | |||
The Company purchases its new and used commercial vehicle inventories with the assistance of floor plan financing programs. The Company’s floor plan financing agreements provide that the occurrence of certain events will be considered events of default. In the event that the Company’s floor plan financing becomes insufficient, or its relationship with any of its current primary lenders terminates, the Company would need to obtain similar financing from other sources. Management believes it can obtain additional floor plan financing or alternative financing if necessary. | |||
The Company also acquires lease and rental vehicles with the assistance of financing agreements with PACCAR Leasing Company, Bank of America, GE Capital 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. Our cash and cash equivalents may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation insurance limit. | |||
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 parties. These finance contracts are sold both with and without recourse. A majority of the Company’s finance contracts are sold without recourse. The Company provides an allowance for doubtful receivables and a reserve for repossession losses related to finance contracts sold with recourse. Historically, the Company’s allowance and reserve have covered losses inherent in these receivables. |
Note_4_Accounts_Receivable
Note 4 - Accounts Receivable | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Receivables [Abstract] | |||||||||
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, | |||||||||
2014 | 2013 | ||||||||
Trade accounts receivable from sale of vehicles | $ | 96,850 | $ | 42,830 | |||||
Trade receivables other than vehicles | 34,404 | 27,387 | |||||||
Warranty claims | 8,624 | 10,616 | |||||||
Other accounts receivable | 30,928 | 23,700 | |||||||
Less allowance for bad debt and warranty receivable | (779 | ) | (1,240 | ) | |||||
Total | $ | 170,027 | $ | 103,293 | |||||
Note_5_Inventories
Note 5 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | 5. INVENTORIES: | ||||||||
The Company’s inventories, net, consisted of the following (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
New commercial vehicles | $ | 749,615 | $ | 566,396 | |||||
Used commercial vehicles | 84,972 | 75,731 | |||||||
Parts and accessories | 186,208 | 157,873 | |||||||
Other | 19,020 | 14,031 | |||||||
Less allowance | (15,711 | ) | (11,811 | ) | |||||
Total | $ | 1,024,104 | $ | 802,220 | |||||
Note_6_Valuation_Accounts
Note 6 - Valuation Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 6. VALUATION ACCOUNTS: | ||||||||||||||||
Valuation and allowance accounts include the following (in thousands): | |||||||||||||||||
Balance Beginning | Net Charged to Costs and Expenses | Net Write-Offs | Balance | ||||||||||||||
of Year | End | ||||||||||||||||
of Year | |||||||||||||||||
2014 | |||||||||||||||||
Reserve for accounts receivable | $ | 821 | $ | 919 | $ | (1,101 | ) | $ | 639 | ||||||||
Reserve for warranty receivable | 419 | 411 | (690 | ) | 140 | ||||||||||||
Reserve for parts inventory | 4,416 | 2,547 | (1,896 | ) | 5,067 | ||||||||||||
Reserve for commercial vehicle inventory | 7,395 | 17,416 | (14,167 | ) | 10,644 | ||||||||||||
2013 | |||||||||||||||||
Reserve for accounts receivable | $ | 540 | $ | 1,163 | $ | (882 | ) | $ | 821 | ||||||||
Reserve for warranty receivable | 444 | 626 | (651 | ) | 419 | ||||||||||||
Reserve for parts inventory | 3,593 | 2,560 | (1,737 | ) | 4,416 | ||||||||||||
Reserve for commercial vehicle inventory | 6,839 | 13,020 | (12,464 | ) | 7,395 | ||||||||||||
2012 | |||||||||||||||||
Reserve for accounts receivable | $ | 480 | $ | 922 | $ | (862 | ) | $ | 540 | ||||||||
Reserve for warranty receivable | 480 | 334 | (370 | ) | 444 | ||||||||||||
Reserve for parts inventory | 3,406 | 1,796 | (1,609 | ) | 3,593 | ||||||||||||
Reserve for commercial vehicle inventory | 1,624 | 12,944 | (7,729 | ) | 6,839 | ||||||||||||
Allowance for Doubtful Receivables | |||||||||||||||||
The Company sells a majority of its customer accounts receivable on a non-recourse basis to a third-party that is responsible for qualifying the customer for credit at the point of sale. If the third-party approves the customer for credit, then the third-party assumes all credit risk related to the transaction. The Company provides an allowance for doubtful receivables after considering historical loss experience and other factors that might affect the collection of accounts receivable. | |||||||||||||||||
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 the 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_Payabl
Note 7 - Floor Plan Notes Payable and Lines of Credit | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
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 vehicles. These notes are collateralized by the inventory purchased and accounts receivable arising from the sale thereof. The GE Credit Agreement provides for a loan commitment of up to $750.0 million and has the interest rate benchmarked to LIBOR, as defined in the agreement. | |||||||||
The interest rate under the GE Credit Agreement is the three month LIBOR rate plus 2.03%. The interest rate applicable to the GE Credit Agreement was approximately 2.28% at December 31, 2014. The Company utilizes its excess cash on hand to pay down its outstanding borrowings under the GE Credit Agreement, and the resulting interest earned is recognized as an offset to the Company’s gross interest expense under the agreement. The Company is required to pay a monthly working capital fee equal to 0.35% per annum multiplied by the amount of voluntary prepayments of new and used inventory loans. GE Capital may terminate the agreement without cause upon 120 days written notice. | |||||||||
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 the GE Credit Agreement, under which GE Capital pays the manufacturer directly with respect to new commercial vehicles. Amounts borrowed under the GE Credit Agreement are due when the related commercial vehicle inventory (collateral) is sold and the sales proceeds are collected by the Company. Pursuant to the third amendment, the GE Credit Agreement expires July 11, 2016, although GE Capital has the right to terminate the GE Credit Agreement at any time upon 120 days’ written notice. We may terminate the agreement at any time, although, if we do so, we must pay the lenders a prepayment processing fee of (i) $7,500,000 if it terminates on or prior to July 11, 2015; and (ii) $300,000 if it terminates thereafter, subject in each case to specified limited exceptions. On December 31, 2014, the Company had approximately $677.8 million outstanding under the GE Credit Agreement. | |||||||||
In June 2012, the Company entered into a wholesale financing agreement with Ford Motor Credit Company that provides for the financing of, and is collateralized by, the Company’s new Ford vehicle inventory. This wholesale financing agreement bears interest at a rate of Prime plus 150 basis points minus certain incentives and rebates; however, the prime rate is defined to be a minimum of 3.75%. As of December 31, 2014, the interest rate on the wholesale financing agreement was 5.25% before considering the applicable incentives. On December 31, 2014, the Company had an outstanding balance of $79.4 million under the Ford Motor Credit Company wholesale financing agreement. | |||||||||
The Company’s weighted average interest rate for floor plan notes payable was 1.16% for the year ended December 31, 2014, and 1.26% for the year ended December 31, 2013, which is net of interest related to prepayments of new and used inventory loans. | |||||||||
Assets pledged as collateral were as follows (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Inventories, new and used vehicles at cost based on specific identification, net of allowance | $ | 823,944 | $ | 634,732 | |||||
Vehicle sale related accounts receivable | 96,853 | 42,830 | |||||||
Total | $ | 920,797 | $ | 677,562 | |||||
Floor plan notes payable related to vehicles | $ | 845,977 | $ | 593,649 | |||||
Lines of Credit | |||||||||
The Company has a secured line of credit that provides for a maximum borrowing of $17.5 million. There were no advances outstanding under this secured line of credit at December 31, 2014; however, $15.3 million was pledged to secure various letters of credit related to self-insurance products, leaving $2.2 million available for future borrowings as of December 31, 2014. |
Note_8_Longterm_Debt
Note 8 - Long-term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Long-term Debt [Text Block] | 8. LONG-TERM DEBT: | ||||||||
Long-term debt was comprised of the following (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Variable interest rate term notes | $ | 74,834 | $ | 76,162 | |||||
Fixed interest rate term notes | 503,420 | 406,619 | |||||||
Total debt | 578,254 | 482,781 | |||||||
Less: current maturities | (149,065 | ) | (97,243 | ) | |||||
Total long-term debt, net of current maturities | $ | 429,189 | $ | 385,538 | |||||
As of December 31, 2014, debt maturities were as follows (in thousands): | |||||||||
2015 | $ | 149,065 | |||||||
2016 | 131,793 | ||||||||
2017 | 105,649 | ||||||||
2018 | 85,404 | ||||||||
2019 | 59,168 | ||||||||
Thereafter | 47,175 | ||||||||
Total | $ | 578,254 | |||||||
The interest rates on the Company’s variable interest rate notes are based on LIBOR. The interest rates on the notes range from approximately 1.6% to 3.0% on December 31, 2014. Payments on the notes range from approximately $1,910 to $80,000 per month, plus interest. Maturities of these notes range from June 2015 to December 2018. | |||||||||
The Company’s fixed interest rate notes are with financial institutions and had interest rates that ranged from approximately 2.42% to 8.02% on December 31, 2014. Payments on the notes range from $98 to $59,437 per month, plus interest. Maturities of these notes range from January 2015, to December 2023. | |||||||||
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 debt agreements and floor plan financing arrangements require it to satisfy various financial ratios such as the debt-to-worth ratio, leverage ratio and the fixed charge coverage ratio and certain requirements for tangible net worth and GAAP net worth. On December 31, 2014, the Company was in compliance with all of its debt covenants except with respect to the leverage ratio requirement in the GE Credit Agreement and the Wells Fargo Equipment Finance, Inc. loan agreement and the Company received waivers of noncompliance from each of these lenders. As of December 31, 2014, the Company had obligations under the GE Credit Agreement in the amount of $677.8 million and the Wells Fargo Equipment Finance, Inc. loan agreement in the amount of $82.7 million. Pursuant to the terms of such agreements, the Company is required to have a leverage ratio of 2.50:1 as of the end of each fiscal quarter. As of December 31, 2014, the Company's leverage ratio was 2.52:1. The noncompliance was primarily the result of inventories being at a higher level due to industry forecasted demand and not due to any existing financial problems that were materially affecting the Company's business. As a condition of the waivers, the Company is required to be back in compliance with the leverage ratio as of March 31, 2015, and for each quarter thereafter. The Company does not anticipate the breach of any of its debt covenants, including the leverage ratio covenant, in the foreseeable future. |
Note_9_Financial_Instruments_a
Note 9 - Financial Instruments and Fair Value | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
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, 2014, and 2013. The carrying value of current assets and current liabilities approximates the fair value due to the short maturity of these items. | |||||||||||||||||||||||||
The fair value of the Company’s long-term debt is based on secondary market indicators. Because the Company’s debt is not quoted, estimates are based on each obligation’s characteristics, including remaining maturities, interest rate, credit rating, collateral and liquidity. Accordingly, the Company concluded the valuation measurement inputs of its long-term debt to represent, at its lowest level, current market interest rates available to the Company for similar debt and the Company’s current credit standing and has categorized such debt within Level 2 of the hierarchy framework. The carrying amount approximates fair value. | |||||||||||||||||||||||||
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 to 35 days. This reset mechanism was intended to allow existing investors to continue to own their respective interest in the auction rate security or to gain immediate liquidity by selling their interests at par. | |||||||||||||||||||||||||
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, 2014, the Company held auction rate securities with underlying tax-exempt municipal bonds that mature in 2030 and have a fair value of $6.9 million and a cost basis of $7.4 million. As of December 31, 2013, the auction rate securities had a fair value of $6.6 million and a cost basis of $7.6 million. The Company redeemed $150,000 of the auction rate securities during the second quarter of 2014. These bonds have credit wrap insurance and a credit rating of A by a major credit rating agency. | |||||||||||||||||||||||||
The Company valued the auction rate securities at December 31, 2014 using a discounted cash flow model based on the characteristics of the individual securities, which the Company believes yields the best estimate of fair value. The first step in the valuation included a credit analysis of the security which considered various factors including the credit quality of the issuer, the instrument’s position within the capital structure of the issuing authority, and the composition of the authority’s assets including the effect of insurance and/or government guarantees. Next, the future cash flows of the instruments were projected based on certain assumptions regarding the auction rate market significant to the valuation including the auction rate market will remain illiquid and auctions will continue to fail causing the interest rate to be the maximum applicable rate. This assumption resulted in discounted cash flow analysis being performed through 2019, the point at which the Company estimates the securities will be redeemed by the municipality. The projected cash flows were then discounted using the applicable yield curve plus a 225 basis point liquidity premium added to the applicable discount rate. | |||||||||||||||||||||||||
The Company recorded a pre-tax impairment charge of $1.0 million on these auction rate securities in 2011 and a subsequent pre-tax increase in fair value of $427,000 during 2014. The Company believes that the impairment is temporary and has included the impairment in accumulated other comprehensive loss. | |||||||||||||||||||||||||
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, 2014 | At December 31, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Inputs | Inputs | Inputs | Inputs | Inputs | Inputs | ||||||||||||||||||||
Investment in auction rate securities | $ | — | $ | — | $ | 6,905 | $ | — | $ | — | $ | 6,628 | |||||||||||||
Cost Basis | Gross Unrealized | Fair Value | |||||||||||||||||||||||
Amount | Loss In | ||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||
OCI | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Investment in auction rate securities | $ | 7,425 | $ | 520 | $ | 6,905 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Investment in auction rate securities | $ | 7,575 | $ | 947 | $ | 6,628 | |||||||||||||||||||
Interest Rate Swap Agreements | |||||||||||||||||||||||||
The Company has entered into swap agreements to hedge against the potential impact of increases in interest rates on its floating-rate debt instruments. Swap agreements that hedge exposures to changes in interest rates expose us to credit risk and market risk. Credit risk is the potential failure of the counterparty to perform under the terms of the swap agreement. The Company attempts to minimize this risk by entering into transactions with high-quality counterparties. Market risk is the potential adverse effect on the value of the swap agreement that results from a decline in interest rates. The market risk associated with interest-rate contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. | |||||||||||||||||||||||||
At December 31, 2014, the Company had an aggregate $20.9 million notional amount of interest rate swap contracts, which have been designated as cash flow hedges, to pay fixed rates of interest and receive 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 Company’s interest rate swaps qualify for cash flow hedge accounting treatment. Unrealized gains or losses are recorded in accumulated other comprehensive income. Realized gains and losses will be recognized in interest expense, if they occur. Amounts to be received or paid under the contracts will be recognized as interest expense over the life of the contracts. There was no ineffectiveness for these swaps during the years ended December 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||
The fair value of cash flow hedges is calculated as the present value of expected future cash flows, determined on the basis of forward interest rates and present value factors. As such, the carrying amounts for these swaps are designated to be Level 2 fair values and totaled $235,000 as of December 31, 2014. The carrying value of these swaps is included in Other Long-Term Liabilities on the accompanying Consolidated Balance Sheet as of December 31, 2014. | |||||||||||||||||||||||||
As of December 31, 2014 the Company was party to derivative financial instruments, as described in the following table (in thousands): | |||||||||||||||||||||||||
Agreement | Current Notional Amount | Fixed Interest Rate | Underlying | Expiration Date | Fair Value | ||||||||||||||||||||
Rate | |||||||||||||||||||||||||
Interest Rate Swap | $ | 1,708 | 5.08% | 3 month LIBOR | 1-Jul-15 | $ | (17 | ) | |||||||||||||||||
Interest Rate Swap | 3,528 | 5.08% | 3 month LIBOR | 1-Jul-15 | (36 | ) | |||||||||||||||||||
Interest Rate Swap | 4,368 | 5.38% | 1 month LIBOR | 29-Jun-15 | (52 | ) | |||||||||||||||||||
Interest Rate Swap | 672 | 5.29% | 1 month LIBOR | 30-Jun-15 | (8 | ) | |||||||||||||||||||
Interest Rate Swap | 1,288 | 5.29% | 1 month LIBOR | 30-Jun-15 | (15 | ) | |||||||||||||||||||
Interest Rate Swap | 6,496 | 5.29% | 1 month LIBOR | 30-Jun-15 | (75 | ) | |||||||||||||||||||
Interest Rate Swap | 560 | 5.29% | 1 month LIBOR | 30-Jun-15 | (6 | ) | |||||||||||||||||||
Interest Rate Swap | 2,251 | 5.29% | 1 month LIBOR | 30-Jun-15 | (26 | ) | |||||||||||||||||||
Fair values of derivative instruments are on the accompanying Consolidated Balance Sheet as follows (in thousands): | |||||||||||||||||||||||||
Fair Value at | |||||||||||||||||||||||||
Derivative Liabilities Designated as Hedging Instruments | Balance Sheet Location | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||
Interest Rate Swaps | Other Long-Term Liabilities | $ | 235 | $ | 1,024 | ||||||||||||||||||||
(in thousands) | Gain (Loss) Recognized in | Location of Loss | Loss Reclassified | ||||||||||||||||||||||
OCI on Derivatives | from Accumulated | ||||||||||||||||||||||||
(Effective Portion) | OCI into Income | ||||||||||||||||||||||||
during the | (Effective Portion) | ||||||||||||||||||||||||
Year Ended | during the | ||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | Reclassified into | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||
Income | |||||||||||||||||||||||||
Interest rate swaps | $ | 789 | $ | 892 | Interest Expense | $ | (196 | ) | $ | (290 | ) | ||||||||||||||
Note_10_Leasing_Activities
Note 10 - Leasing Activities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Leases [Abstract] | |||||||||
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 to ten years under operating lease and capital lease arrangements. Generally, the Company is required to incur all operating costs and pay a minimum rental. The Company guarantees the residual value of vehicles under operating lease and capital lease arrangements. At December 31, 2014, the Company guaranteed vehicle residual values of $1.3 million under operating lease arrangements and $22.8 million under capital lease arrangements. Historically, the Company purchases these vehicles at the end of the lease term and recognizes a gain on the subsequent sale of the vehicle. The residual values are not reflected in the future minimum lease payments for operating leases. Vehicle lease expenses were approximately $4.1 million for the year ended December 31, 2014, $2.3 million for the year ended December 31, 2013, and $2.8 million for the year ended December 31, 2012. | |||||||||
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 $54.0 million. | |||||||||
Future minimum lease payments under capital and non-cancelable vehicle leases as of December 31, 2014, are as follows (in thousands): | |||||||||
Capital | Operating | ||||||||
Leases | Leases | ||||||||
2015 | $ | 12,903 | $ | 1,257 | |||||
2016 | 11,176 | 447 | |||||||
2017 | 12,549 | 131 | |||||||
2018 | 9,113 | 73 | |||||||
2019 | 6,818 | 28 | |||||||
Thereafter | 10,051 | — | |||||||
Total minimum lease payments | $ | 62,610 | $ | 1,936 | |||||
Less amount representing interest | (5,360 | ) | |||||||
Present value of net minimum capital lease payments | 57,250 | ||||||||
Less current portion | (11,231 | ) | |||||||
Obligations under capital leases less current portion | $ | 46,019 | |||||||
Customer Vehicle Leases as Lessor | |||||||||
The Company leases both owned and leased vehicles to customers, through PacLease and Idealease, primarily over periods of one to ten years under operating lease arrangements, which require a minimum rental payment and a contingent rental payment based on mileage. Rental income during the year ended December 31, 2014, consisted of minimum rental payments of approximately $154.8 million and contingent rental payments of $24.5 million. Rental income during the year ended December 31, 2013, consisted of minimum rental payments of approximately $112.0 million and contingent rental payments of $18.1 million. Rental income during the year ended December 31, 2012, consisted of minimum rental payments of approximately $86.3 million and contingent rental payments of $13.8 million. Minimum rental payments to be received for non-cancelable leases and subleases in effect at December 31, 2014, are as follows (in thousands): | |||||||||
2015 | $ | 103,992 | |||||||
2016 | 91,383 | ||||||||
2017 | 73,073 | ||||||||
2018 | 51,156 | ||||||||
2019 | 31,109 | ||||||||
Thereafter | 18,550 | ||||||||
Total | $ | 369,263 | |||||||
As of December 31, 2014, the Company had $512.1 million of lease vehicles included in property and equipment, net of accumulated depreciation of $185.0 million. As of December 31, 2013, the Company had $405.2 million of lease vehicles included in property and equipment, net of accumulated depreciation of $142.4 million. | |||||||||
Other Leases - Land and Buildings | |||||||||
The Company leases various assets under operating leases with expiration dates ranging from January 2015 through April 2027. Monthly rental payments range from approximately $275 per month to $64,609 per month. Rental expense was $12.8 million for the year ended December 31, 2014, $9.1 million for the year ended December 31, 2013, and $6.8 million for the year ended December 31, 2012. Future minimum lease payments under non-cancelable leases at December 31, 2014, are as follows (in thousands): | |||||||||
2015 | $ | 11,640 | |||||||
2016 | 8,664 | ||||||||
2017 | 5,888 | ||||||||
2018 | 4,461 | ||||||||
2019 | 3,315 | ||||||||
Thereafter | 9,426 | ||||||||
Total | $ | 43,394 | |||||||
Note_11_Share_Based_Compensati
Note 11 - Share Based Compensation and Employee Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. SHARE BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS: | ||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
The Company has an Employee Stock Purchase Plan that allows eligible employees to contribute up to $10,625 of their base earnings every six months toward the semi-annual purchase of the Company’s Class A Common Stock. The employee’s purchase price is 85% of the lesser of the closing price of the Class A Common Stock on the first business day or the last business day of the semi-annual offering period, as reported by The NASDAQ Global Select Market. Employees may purchase shares having a fair market value of up to $25,000 (measured as of the first day of each semi-annual offering period) for each calendar year. Under the Employee Stock Purchase Plan, there are approximately 250,500 shares remaining of the 900,000 shares of the Company’s Class A Common Stock that have been reserved for issuance. The Company issued 64,090 shares under the Employee Stock Purchase Plan during the year ended December 31, 2014 and 79,681 shares during the year ended December 31, 2013. Of the 6,297 employees eligible to participate, 837 elected to participate in the plan as of December 31, 2014. | |||||||||||||||||
Non-Employee Director Stock Option Plan | |||||||||||||||||
On May 16, 2006, the Board of Directors and shareholders adopted the Rush Enterprises, Inc. 2006 Non-Employee Director Stock Option Plan (the “Director Plan”), reserving 1,500,000 shares of Class A Common Stock for issuance upon exercise of any awards granted under the plan. This Director Plan was Amended and Restated on May 20, 2008 to expand the type of award that may be granted under the plan to include Class A Common Stock awards. The Director Plan was also amended on May 18, 2010 to reduce the number of shares reserved for issuance under the plan by 1,000,000 shares of Class A Common Stock. | |||||||||||||||||
The Director Plan is designed to attract and retain highly qualified non-employee directors. Prior to 2008, each non-employee director received options to purchase 20,000 shares of the Company’s Class A Common Stock upon their respective date of appointment and each year on the date that they are elected or reelected by the shareholders to serve on the Board of Directors. Each option has a ten year term from the grant date and vested immediately. Currently, each non-employee director receives a grant of the Company’s Class A Common Stock equivalent to a compensation value of $125,000. In 2013, three non-employee directors received a grant of 4,512 shares of the Company’s Class A Common Stock and one non-employee director received a grant of 2,707 shares of the Company’s Class A Common Stock and $50,000 cash, for total compensation equivalent to $125,000. In 2014, four non-employee directors received a grant of 3,877 shares of the Company’s Class A Common Stock, one non-employee director received a grant of 3,101 shares of the Company’s Class A Common Stock and $25,000 cash, for total compensation equivalent to $125,000, and one non-employee director received a grant of 2,326 shares of the Company’s Class A Common Stock and $50,000 cash, for total compensation equivalent to $125,000. Under the Director Plan, there are approximately 218,000 shares remaining for issuance of the 500,000 shares of the Company’s Class A Common Stock that have been reserved for issuance. The Company granted 20,935 shares of Class A Common Stock under the Director Plan during the year ended December 31, 2014 and 16,243 shares of Class A Common Stock under the Director Plan during the year ended December 31, 2013. | |||||||||||||||||
Employee Incentive Plans | |||||||||||||||||
In May 2007, the Board of Directors and shareholders adopted the Rush Enterprises, Inc. 2007 Long-Term Incentive Plan (the “2007 Incentive Plan”). The 2007 Incentive Plan provides for the grant of stock options (which may be nonqualified stock options or incentive stock options for tax purposes), stock appreciation rights issued independent of or in tandem with such options (“SARs”), restricted stock awards and performance awards. The 2007 Incentive Plan replaced the Rush Enterprises, Inc. Long-Term Incentive Plan (“Incentive Plan”) effective May 22, 2007. The 2007 Incentive Plan was Amended and Restated on May 20, 2014 to increase the number of shares available for issuance under the plan to 6,050,000 shares of Class A Common Stock and 1,450,000 shares of Class B Common Stock. | |||||||||||||||||
The aggregate number of shares of common stock subject to stock options or SARs that may be granted to any one participant in any year under the 2007 Incentive Plan is 100,000 shares of Class A Common Stock or 100,000 shares of Class B Common Stock. Each option, granted pursuant to the 2007 Incentive Plan, has a ten year term from the grant date and vests in three equal annual installments beginning on the third anniversary of the grant date. The Company has 6,050,000 shares of Class A Common Stock and 1,450,000 shares of Class B Common Stock reserved for issuance upon exercise of any awards granted under the Company’s 2007 Incentive Plan. As of December 31, 2014, approximately 1,805,000 shares of Class A Common Stock and 1,013,000 shares of Class B Common Stock are available for issuance upon exercise of any awards granted under the Company’s 2007 Incentive Plan. The Company issues new shares of its Class A or Class B Common Stock upon the exercise of stock options or vesting of restricted stock units. During the year ended December 31, 2014, the Company granted 459,058 options to purchase Class A Common Stock, 25,550 restricted Class A Common Stock units and 207,370 restricted Class B Common Stock units under the 2007 Incentive Plan. During the year ended December 31, 2013, the Company granted 400,633 options to purchase Class A Common Stock and 241,930 restricted Class A Common Stock units under the 2007 Incentive Plan. | |||||||||||||||||
Valuation and Expense Information | |||||||||||||||||
Stock-based compensation expense related to stock options, restricted stock awards, restricted stock units and employee stock purchases was $11.3 million for the year ended December 31, 2014, $8.6 million for the year ended December 31, 2013, and $7.3 million for the year ended December 31, 2012. | |||||||||||||||||
Cash received from options exercised and shares purchased under all share-based payment arrangements was $12.5 million for the year ended December 31, 2014, $10.0 million for the year ended December 31, 2013, and $5.1 million for the year ended December 31, 2012. | |||||||||||||||||
A summary of the Company’s stock option activity and related information for the year ended December 31, 2014, follows: | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | ||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||
Exercise | Contractual | Intrinsic | |||||||||||||||
Options | Shares | Price | Life (in Years) | Value | |||||||||||||
Balance of Outstanding Options at January 1, 2014 | 3,642,156 | $ | 16.41 | ||||||||||||||
Granted | 459,058 | 30.27 | |||||||||||||||
Exercised | (902,238 | ) | 12.21 | ||||||||||||||
Forfeited | (16,000 | ) | 26.86 | ||||||||||||||
Balance of Outstanding Options at December 31, 2014 | 3,182,976 | $ | 19.55 | 6.02 | $ | 39,792,666 | |||||||||||
Expected to vest after December 31, 2014 | 1,950,078 | $ | 23.61 | 7.49 | $ | 16,465,041 | |||||||||||
Vested and exercisable at December 31, 2014 | 1,114,912 | $ | 12.47 | 3.43 | $ | 22,420,955 | |||||||||||
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 31, 2014, of the Company’s Class A common of $32.05. The total intrinsic value of options exercised was $18.7 million during the year ended December 31, 2014, $10.5 million during the year ended December 31, 2013, and $5.6 million during the year ended December 31, 2012. | |||||||||||||||||
A summary of the status of the number of shares underlying Company’s non-vested stock options as of December 31, 2014, and changes during the year ended December 31, 2014, follows: | |||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Number of | Grant Date | ||||||||||||||||
Non-vested Shares | Shares | Fair Value | |||||||||||||||
Non-vested at January 1, 2014 | 2,152,940 | $ | 9.13 | ||||||||||||||
Granted | 459,058 | 15.86 | |||||||||||||||
Vested | (557,934 | ) | 5.97 | ||||||||||||||
Forfeited | (16,000 | ) | 13.43 | ||||||||||||||
Non-vested at December 31, 2014 | 2,038,064 | $ | 11.48 | ||||||||||||||
The total fair value of vested options was $3.3 million during the year ended December 31, 2014, $3.4 million during the year ended December 31, 2013, and $2.4 million during the year ended December 31, 2012. The weighted-average grant date fair value of options granted was $15.86 per share during the year ended December 31, 2014, $12.69 per share during the year ended December 31, 2013, and $10.95 per share during the year ended December 31, 2012. | |||||||||||||||||
Stock Awards | |||||||||||||||||
The Company granted restricted stock units to its employees under the 2007 Incentive Plan and unrestricted stock awards to its non-employee directors under the Director Plan during the year ended December 31, 2014. The shares granted to employees vest in three equal installments on the first, second and third anniversary of the grant date and are forfeited in the event the recipient’s employment or relationship with the Company is terminated prior to vesting. The fair value of the restricted stock awards and units to the Company’s employees is amortized to expense on a straight-line basis over the restricted stock’s vesting period. The shares granted to non-employee directors are expensed on the grant date. | |||||||||||||||||
The following table presents a summary of the Company’s non-vested restricted stock awards and non-vested restricted stock units outstanding at December 31, 2014: | |||||||||||||||||
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, 2014 | 302,015 | $ | 21.81 | ||||||||||||||
Granted | 253,855 | 26.81 | |||||||||||||||
Vested | (152,520 | ) | 22.95 | ||||||||||||||
Forfeited | (1,000 | ) | 25.76 | ||||||||||||||
Outstanding Non-vested at December 31, 2014 | 402,350 | 8.71 | $ | 11,553,831 | $ | 24.53 | |||||||||||
Expected to vest after December 31, 2014 | 398,268 | 8.71 | $ | 11,459,524 | |||||||||||||
The total fair value of the shares issued upon the vesting of stock awards during the year ended December 31, 2013 was $3.5 million. The weighted-average grant date fair value of stock awards and units granted was $26.81 per share during the year ended December 31, 2014, $22.12 per share during the year ended December 31, 2013, and $21.98 per share during the year ended December 31, 2012. | |||||||||||||||||
As of December 31, 2014, there was $15.8 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Incentive Plan and the 2007 Incentive Plan. That cost is expected to be recognized over a weighted-average period of 2.7 years. | |||||||||||||||||
Defined Contribution Plan | |||||||||||||||||
The Company has a defined contribution plan (the “Rush 401k Plan”), which is available to all Company employees and the employees of certain affiliates. Each employee who has completed 90 days of continuous service is entitled to enter the Rush 401k Plan on the first day of the following month. Participating employees may contribute from 1% to 50% of total gross compensation. However, certain highly compensated employees are limited to a maximum contribution of 15% of total gross compensation. Effective January 1, 2011, for the first 10% of an employee’s contribution, the Company contributed an amount equal to 15% of the employees’ contributions for those employees with less than five years of service and an amount equal to 30% of the employees’ contributions for those employees with more than five years of service. Effective February 1, 2012, for the first 10% of an employee’s contribution, the Company contributed an amount equal to 20% of the employees’ contributions for those employees with less than five years of service and an amount equal to 40% of the employees’ contributions for those employees with more than five years of service. The Company incurred expenses related to the Rush 401k Plan of approximately $5.2 million during the year ended December 31, 2014, $4.4 million during the year ended December 31, 2013, and $3.7 million during the year ended December 31, 2012. | |||||||||||||||||
Deferred Compensation Plan | |||||||||||||||||
On November 6, 2010 the Board of Directors of the Company adopted the Rush Enterprises, Inc. Deferred Compensation Plan (the “Deferred Compensation Plan”) pursuant to which selected employees and directors may elect to defer a portion of their annual compensation. The Deferred Compensation Plan also provides the Company with the discretion to make matching contributions to participants’ accounts. The Company established a rabbi trust to finance obligations under the Deferred Compensation Plan with corporate-owned variable life insurance contracts. Participants are 100% vested in their respective deferrals and the earnings thereon. The first deferral election period began on January 1, 2011. The Company’s liability related to the Deferred Compensation Plan was $3.0 million on December 31, 2014 and $1.7 million on December 31, 2013. The related cash surrender value of the life insurance contracts was $2.9 million on December 31, 2014 and $1.6 million on December 31, 2013. | |||||||||||||||||
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, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
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. The Company’s Class A Common Stock and Class B Common Stock have equal claims on earnings of the Company. 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): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator- | |||||||||||||
Numerator for basic and diluted earnings per share - | |||||||||||||
Net income available to common shareholders | $ | 79,957 | $ | 49,217 | $ | 62,455 | |||||||
Denominator- | |||||||||||||
Denominator for basic earnings per share – weighted average shares | 39,783 | 39,405 | 38,643 | ||||||||||
Effect of dilutive securities- | |||||||||||||
Employee and director stock options and restricted share awards | 1,111 | 1,101 | 1,045 | ||||||||||
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions | 40,894 | 40,506 | 39,688 | ||||||||||
Basic earnings per common share | $ | 2.01 | $ | 1.25 | $ | 1.62 | |||||||
Diluted earnings per common share and common share equivalents | $ | 1.96 | $ | 1.22 | $ | 1.57 | |||||||
Options to purchase shares of common stock that were outstanding for the years ended December 31, 2014, 2013 and 2012 that were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive are as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Options | 482 | 928 | 1,124 | ||||||||||
Total anti-dilutive securities | 482 | 928 | 1,124 | ||||||||||
Note_13_Income_Taxes
Note 13 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current provision- | |||||||||||||
Federal | $ | 21,826 | $ | 7,755 | $ | 8,647 | |||||||
State | 3,531 | 2,008 | 1,917 | ||||||||||
25,357 | 9,763 | 10,564 | |||||||||||
Deferred provision- | |||||||||||||
Federal | 23,243 | 20,470 | 25,752 | ||||||||||
State | 1,986 | 1,611 | 2,412 | ||||||||||
25,229 | 22,081 | 28,164 | |||||||||||
Provision (benefit) for income taxes | $ | 50,586 | $ | 31,844 | $ | 38,728 | |||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income taxes at the federal statutory rate | $ | 45,691 | $ | 28,371 | $ | 35,414 | |||||||
State income taxes, net of federal benefit | 3,398 | 2,259 | 2,753 | ||||||||||
Tax effect of permanent differences | 1,069 | 802 | 766 | ||||||||||
Other, net | 428 | 412 | (205 | ) | |||||||||
Provision for income taxes | $ | 50,586 | $ | 31,844 | $ | 38,728 | |||||||
The components of income taxes for other than continuing operations consisted of the following (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax expense (benefit) related to components of other comprehensive income: | |||||||||||||
Change in fair value of cash flow swaps | $ | 308 | $ | 338 | $ | 133 | |||||||
Change in fair value of available-for-sale securities | 166 | – | (9 | ) | |||||||||
Total | $ | 474 | $ | 338 | $ | 124 | |||||||
Paid in capital – stock based compensation | $ | (5,207 | ) | $ | (2,566 | ) | $ | (1,668 | ) | ||||
The following summarizes the components of deferred tax assets and liabilities included in the balance sheet (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Current: | |||||||||||||
Deferred tax assets: | |||||||||||||
Inventory | $ | 6,786 | $ | 4,673 | |||||||||
Accounts receivable | 304 | 304 | |||||||||||
Capital lease obligations | 4,217 | 3,821 | |||||||||||
Stock options | 1,764 | 1,474 | |||||||||||
Accrued liabilities | 3,935 | 4,531 | |||||||||||
State net operating loss carry forward | 1,436 | 1,071 | |||||||||||
State tax credit | 354 | 403 | |||||||||||
18,796 | 16,277 | ||||||||||||
Valuation allowance | (409 | ) | – | ||||||||||
Current deferred tax asset | $ | 18,387 | $ | 16,277 | |||||||||
Non-Current: | |||||||||||||
Deferred tax assets: | |||||||||||||
Capital lease obligations | $ | 16,965 | $ | 13,002 | |||||||||
Stock options | 7,056 | 5,894 | |||||||||||
Other | 1,839 | 1,821 | |||||||||||
25,860 | 20,717 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Difference between book and tax basis- | |||||||||||||
Depreciation and amortization | (201,495 | ) | (168,539 | ) | |||||||||
Net non-current tax liability | $ | (175,635 | ) | $ | (147,822 | ) | |||||||
At December 31, 2014, the Company had approximately $35.28 million in state net operating loss carry forwards that expire from 2014 through 2034. The Company has a valuation allowance of $409,000 associated with U.S. state net operating losses. The valuation allowance increased by $409,000 due to uncertainty regarding the ability to utilize the losses. | |||||||||||||
The Company had unrecognized income tax benefits totaling $1.5 million as a component of accrued liabilities at December 31, 2014, and $1.0 million at December 31, 2013, the total of which, if recognized, would impact the Company’s effective tax rate. An unfavorable settlement would require a charge to income tax expense and a favorable resolution would be recognized as a reduction to income tax expense. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2014, 2013 and 2012, the Company recognized approximately $17,500, $32,000, and $2,300 in interest. No amounts were accrued for penalties. The Company had approximately $98,500, $81,000 and $49,000 for the payment of interest accrued at December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
The Company does not anticipate a significant change in the amount of unrecognized tax benefits in the next 12 months. As of December 31, 2014, the tax years ended December 31, 2011 through 2014 remained subject to audit by federal tax authorities and the tax years ended December 31, 2010 through 2014, remained subject to audit by state tax authorities. | |||||||||||||
A reconciliation of the change in the unrecognized tax benefits is as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Unrecognized tax benefits at beginning of period | $ | 1,545 | $ | 1,409 | $ | 1,337 | |||||||
Gross increases – tax positions in current year | 815 | 466 | 358 | ||||||||||
Gross increases – tax positions in a prior year | − | − | 267 | ||||||||||
Reductions due to lapse of statute of limitations | (273 | ) | (330 | ) | (553 | ) | |||||||
Unrecognized tax benefits at end of period | $ | 2,087 | $ | 1,545 | $ | 1,409 | |||||||
Note_14_Commitments_and_Contin
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
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 us 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 $49.0 million at December 31, 2014 related to the Company’s construction contracts for facilities in San Antonio, Dallas, and Odessa, Texas, Whittier, California, Chicago, Illinois, Cincinnati and Cleveland, Ohio and Denver, Colorado. The Company also has contractual obligations of $22.5 million with IBM for integration and management services related to the SAP enterprise software and dealership management system implementation and SAP America, Inc. with respect to the Software License Agreement for the SAP enterprise software and dealership management system. |
Note_15_Acquisitions
Note 15 - Acquisitions | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Business Combination Disclosure [Text Block] | 15. ACQUISITIONS: | ||||
All of the following acquisitions, unless otherwise noted, were considered business combinations accounted for under ASC 805 “Business Combinations.” Pro forma information is not included in accordance with ASC 805 since no acquisitions were considered material individually or in the aggregate. | |||||
As the value of certain assets and liabilities acquired in 2014 are preliminary in nature, they are subject to adjustment as additional information is obtained about the facts and circumstances that existed at the acquisition date. The property and equipment, inventory and valuation of intangibles is subject to change during the purchase price allocation period. | |||||
On December 8, 2014, the Company acquired certain assets of North Florida Truck Parts, Inc. which included a commercial parts and service facility in Lake City, Florida. The Lake City location is operating as a full-service Rush Truck Center and offers commercial vehicles manufactured by Peterbilt. The transaction was valued at approximately $1.6 million, with the purchase price paid in cash. The preliminary purchase price was allocated based on the fair values of the assets at the date of acquisition as follows (in thousands): | |||||
Goodwill | $ | 1,048 | |||
Property and equipment | 448 | ||||
Inventory | 50 | ||||
Accounts receivable | 20 | ||||
Total | $ | 1,566 | |||
All of the goodwill acquired in the North Florida Truck Parts, Inc. acquisition will be amortized over 15 years for tax purposes. | |||||
On November 3, 2014, the Company acquired certain assets of House of Trucks, Inc. which included used commercial vehicle facilities in Willowbrook and Wilmington, Illinois. The transaction, including real estate, was valued at approximately $6.9 million, with the purchase price paid in cash. The preliminary purchase price was allocated based on the fair values of the assets at the date of acquisition as follows (in thousands): | |||||
Goodwill | $ | 1,968 | |||
Inventory | 2,512 | ||||
Property and equipment, including real estate | 2,416 | ||||
Prepaid expenses | 6 | ||||
Accrued expenses | (28 | ) | |||
Total | $ | 6,874 | |||
All of the goodwill acquired in the House of Trucks, Inc. acquisition will be amortized over 15 years for tax purposes. | |||||
On July 1, 2014, the Company acquired certain assets of Truck Parts Depot, Inc. which included a commercial parts and service facility in Gainesville, Georgia. The Gainesville location is operating as a full-service Rush Truck Center and offers commercial vehicles manufactured by International. The transaction was valued at approximately $500,000, with the purchase price paid in cash. | |||||
On June 25, 2014, a joint venture was established to further expand the Company’s used commercial vehicle sales network. As a result, the Company owns 50% of CCTTS, which has locations in multiple locations in California that sell used trucks. In connection with the formation of this joint venture, the Company contributed $2.2 million. CCTTS is accounted for using the equity method of accounting in accordance with ASC 323, “Investments-Equity Method and Joint Venture,” and is recorded on the Consolidated Balance Sheet in Other Assets. | |||||
In May 2014, the Company announced an agreement with 3M to pursue the design, manufacture and installation of a portfolio of compressed natural gas CNG fuel systems for use in Class 6 through 8 vehicles. The Agreement allows the Company to engineer, assemble and install CNG fuel systems utilizing 3M’s CNG tanks, as well as provide market distribution and aftermarket support. In addition to the initial $2.0 million investment for research and development, which was recorded in selling, general and administrative expense, the Company will continue to incur expenses to bring its CNG fuel system to market. The transaction did not qualify as a business combination in accordance with ASC 805, “Business Combinations.” | |||||
On January 13, 2014, the Company acquired certain assets of CIT, Inc., which did business as Chicago International Trucks, Mcgrenho L.L.C., which did business as Indy Truck Sales, and Indiana Mack Leasing, LLC; and the membership interests of Idealease of Chicago, LLC. The acquisition included International commercial truck dealerships and Idealease commercial vehicle rental and leasing businesses in Carol Stream, Chicago, Grayslake, Huntley, Joliet, Kankakee and Ottawa, Illinois, and Brazil, Gary and Indianapolis, Indiana. | |||||
The purchase price for the assets, membership interests, goodwill, franchise rights and dealership properties was approximately $146.6 million, which was paid in cash and 83,091 shares of the Company’s Class B Common Stock with a total value of $2.0 million on the date of acquisition. The operations of CIT, Inc. are included in the accompanying consolidated financial statements from the date of the acquisition. The preliminary purchase price was allocated based on the fair values of the assets at the date of acquisition as follows (in thousands): | |||||
Property and equipment | $ | 60,066 | |||
Goodwill | 46,384 | ||||
Franchise rights | 2,442 | ||||
Inventory | 31,048 | ||||
Accounts receivable | 7,175 | ||||
Prepaid expenses | 750 | ||||
Other | 23 | ||||
Accrued expenses | (1,325 | ) | |||
Total | $ | 146,563 | |||
All of the goodwill acquired in the CIT, Inc. acquisition will be amortized over 15 years for tax purposes. | |||||
On October 28, 2013, the Company acquired certain assets of Prairie International Trucks, which operated International commercial vehicle dealerships in Champaign, Decatur, Bloomington, Quincy and Springfield, Illinois; a collision center in Champaign, Illinois and Idealease commercial lease and rental operations at the dealerships in Champaign, Decatur, Quincy and Springfield, Illinois. | |||||
The transaction was valued at approximately $9.5 million with the purchase price paid in cash. The operations of Prairie International Trucks are included in the accompanying consolidated financial statements from the date of the acquisition. The purchase price was allocated based on the fair values of the assets and liabilities at the date of acquisition as follows (in thousands): | |||||
Property and equipment | $ | 3,209 | |||
Goodwill | 2,832 | ||||
Inventory | 2,174 | ||||
Accounts receivable | 1,401 | ||||
Other | 3 | ||||
Accrued expenses | (23 | ) | |||
Prepaid expenses | (56 | ) | |||
Total | $ | 9,540 | |||
All of the goodwill acquired in the Prairie International Trucks acquisition will be amortized over 15 years for tax purposes. | |||||
On September 30, 2013, the Company acquired certain assets of Transauthority, Inc., Transauthority Idealease, LLC and Transauthority Idealease-Tidewater, LLC, which operated commercial vehicle dealerships and commercial vehicle leasing operations in Richmond, Suffolk, Fredericksburg and Chester, Virginia. | |||||
The transaction was valued at approximately $41.7 million, including real estate of $11.1 million. The purchase price for the assets of the business was financed under the Company’s floor plan and lease and rental truck financing arrangements with the remainder paid in cash. The operations of Transauthority, Inc., Transauthority Idealease, LLC and Transauthority Idealease-Tidewater, LLC are included in the accompanying consolidated financial statements from the date of the acquisition. The purchase price was allocated based on the fair values of the assets and liabilities at the date of acquisition as follows (in thousands): | |||||
Property and equipment | $ | 26,829 | |||
Goodwill | 7,798 | ||||
Inventory | 5,177 | ||||
Accounts receivable | 1,554 | ||||
Prepaid expenses | 471 | ||||
Other | 66 | ||||
Accrued expenses | (213 | ) | |||
Total | $ | 41,682 | |||
All of the goodwill acquired in the Transauthority acquisition will be amortized over 15 years for tax purposes. | |||||
On July 29, 2013, the Company acquired certain assets of Midwest Truck Sales, which operated commercial vehicle dealerships in St. Peters and St. Louis, Missouri and Olathe, Kansas. | |||||
The transaction was valued at approximately $16.8 million, including real estate of $2.3 million. The purchase price for the assets of the business was financed under the Company’s floor plan and lease and rental truck financing arrangements with the remainder paid in cash. The operations of Midwest Truck Sales are included in the accompanying consolidated financial statements from the date of the acquisition. The purchase price was allocated based on the fair values of the assets at the date of acquisition as follows (in thousands): | |||||
Inventory | $ | 6,792 | |||
Goodwill | 5,624 | ||||
Property and equipment | 4,333 | ||||
Prepaid expenses | 39 | ||||
Other | 53 | ||||
Accrued expenses | (61 | ) | |||
Total | $ | 16,780 | |||
All of the goodwill acquired in the Midwest Truck Sales acquisition will be amortized over 15 years for tax purposes. | |||||
On July 1, 2013, the Company acquired certain assets of The Larson Group, Inc., which included Ford and Mitsubishi Fuso truck franchises in Cincinnati Ohio. The transaction was valued at approximately $1.2 million, with the purchase price paid in cash. | |||||
On May 6, 2013, the Company acquired certain assets of Piedmont International Trucks, LLC, which operated commercial vehicle dealerships in Statesville, Hickory and Asheville, North Carolina. The acquisition included International and Idealease franchises. These locations are operating as Rush Truck Centers and offer commercial vehicles manufactured by International in addition to parts, service, body shop, leasing, financing and insurance capabilities. | |||||
The transaction was valued at approximately $3.5 million. The purchase price for the assets of the business was financed under the Company’s floor plan and lease and rental truck financing arrangements with the remainder paid in cash. The operations of Piedmont International Trucks, LLC are included in the accompanying consolidated financial statements from the date of the acquisition. The purchase price was allocated based on the fair values of the assets at the date of acquisition as follows (in thousands): | |||||
Inventory | $ | 1,720 | |||
Property and equipment | 1,485 | ||||
Prepaid expenses | 10 | ||||
Accounts receivable | 364 | ||||
Accrued expenses | (76 | ) | |||
Total | $ | 3,503 | |||
On December 31, 2012, the Company acquired certain assets of MVI Group, which operated commercial vehicle and bus dealerships in Ohio under the names of Miami Valley International, Center City International, CCI North Coast and Buckeye Truck Centers. The acquisition included International, IC Bus, and Isuzu franchise locations in Akron, Cincinnati, Cleveland, Columbus, Dayton, Findlay and Lima, Ohio. Rush Truck Leasing now operates Idealease truck rental and leasing franchises in Cincinnati, Cleveland, Columbus, Dayton and Lima, Ohio. | |||||
The transaction, including real estate, was valued at approximately $104.5 million. The purchase price for the assets of the business was financed under the Company’s floor plan and lease and rental truck financing arrangements with the remainder paid in cash. The purchase price was allocated based on the fair values of the assets at the date of acquisition as follows (in thousands): | |||||
Property and equipment, including real estate | $ | 29,768 | |||
Inventory | 51,476 | ||||
Accounts receivable | 5,638 | ||||
Prepaid expenses | 488 | ||||
Accrued expenses | (200 | ) | |||
Goodwill | 17,365 | ||||
Total | $ | 104,535 | |||
All of the goodwill acquired in the MVI Group acquisition will be amortized over 15 years for tax purposes. |
Note_16_Accumulated_Other_Comp
Note 16 - Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
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, 2012 | $ | (1,178 | ) | $ | (578 | ) | $ | (1,756 | ) | ||||
Changes in fair value | 892 | − | 892 | ||||||||||
Income tax expense | (338 | ) | − | (338 | ) | ||||||||
Balance as of December 31, 2013 | $ | (624 | ) | $ | (578 | ) | $ | (1,202 | ) | ||||
Changes in fair value | 789 | 427 | 1,216 | ||||||||||
Income tax expense | (308 | ) | (166 | ) | (474 | ) | |||||||
Balance as of December 31, 2014 | $ | (143 | ) | $ | (317 | ) | $ | (460 | ) | ||||
The following table shows the amount of loss reclassified from accumulated other comprehensive loss into earnings (in thousands): | |||||||||||||
Year Ended | |||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||
Losses on cash flow swaps to: | |||||||||||||
Interest expense | $ | (196 | ) | $ | (290 | ) | (393 | ) | |||||
Income tax benefit | 76 | 113 | 153 | ||||||||||
Total reclassifications | $ | (120 | ) | $ | (177 | ) | (240 | ) | |||||
Note_17_Unaudited_Quarterly_Fi
Note 17 - Unaudited Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | 17. UNAUDITED QUARTERLY FINANCIAL DATA: | ||||||||||||||||
(In thousands, except per share amounts.) | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2014 | |||||||||||||||||
Revenues | $ | 958,667 | $ | 1,182,461 | $ | 1,241,022 | $ | 1,345,206 | |||||||||
Gross profit | 165,925 | 193,349 | 198,739 | 198,033 | |||||||||||||
Operating income | 22,746 | 34,932 | 41,018 | 43,045 | |||||||||||||
Income before income taxes | 19,615 | 32,389 | 38,329 | 40,210 | |||||||||||||
Net income | $ | 12,014 | $ | 19,838 | $ | 23,478 | $ | 24,627 | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.31 | $ | 0.5 | $ | 0.59 | $ | 0.62 | |||||||||
Diluted | $ | 0.3 | $ | 0.49 | $ | 0.57 | $ | 0.6 | |||||||||
In May 2013, the Company entered into a Retirement and Transition Agreement with the Company’s former Chairman, W. Marvin Rush, which resulted in the recognition of $10.8 million in retirement pay and benefits recorded in selling, general and administrative expense on the Consolidated Statements of Income in the second quarter of 2013. |
Note_18_Segments
Note 18 - Segments | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Reporting Disclosure [Text Block] | 18. SEGMENTS: | ||||||||||||
The Company currently has one reportable business segment - the Truck Segment. The Truck Segment includes the Company’s operation of a network of commercial vehicle dealerships that provide an integrated one-stop source for the commercial vehicle needs of its customers, including retail sales of new and used commercial vehicles; aftermarket parts, service and body shop facilities; and a wide array of financial services, including the financing of new and used commercial vehicle purchases, insurance products and truck leasing and rentals. The commercial vehicle dealerships are deemed a single reporting unit because they have similar economic characteristics. The Company’s chief operating decision maker considers the entire Truck Segment, not individual dealerships, when making decisions about resources to be allocated to the segment and assess its performance. | |||||||||||||
The Company also has revenues attributable to three other operating segments. These segments include a retail tire company, an insurance agency and a guest ranch operation and are included in the All Other column below. None of these segments has ever met any of the quantitative thresholds for determining reportable segments. | |||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on income before income taxes, not including extraordinary items. | |||||||||||||
The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. There were no material intersegment sales during the years ended December 31, 2014, 2013 or 2012. | |||||||||||||
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, 2014, 2013 and 2012 (in thousands): | |||||||||||||
Truck | All | ||||||||||||
Segment | Other | Totals | |||||||||||
2014 | |||||||||||||
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 income (loss) from continuing operations before taxes | 131,035 | (492 | ) | 130,543 | |||||||||
Segment assets | 2,664,405 | 29,857 | 2,694,262 | ||||||||||
Goodwill | 262,585 | 2,560 | 265,145 | ||||||||||
Expenditures for segment assets | 262,613 | 510 | 263,123 | ||||||||||
2013 | |||||||||||||
Revenues from external customers | $ | 3,365, 900 | $ | 18,805 | $ | 3,384,705 | |||||||
Interest income | 41 | – | 41 | ||||||||||
Interest expense | 10,559 | 175 | 10,734 | ||||||||||
Depreciation and amortization | 29,403 | 522 | 29,925 | ||||||||||
Segment income (loss) from continuing operations before taxes | 81,856 | (795 | ) | 81,061 | |||||||||
Segment assets | 2,140,008 | 27,790 | 2,167,798 | ||||||||||
Goodwill | 212,904 | 2,560 | 215,464 | ||||||||||
Expenditures for segment assets | 191,016 | 568 | 191,584 | ||||||||||
2012 | |||||||||||||
Revenues from external customers | $ | 3,072,092 | $ | 18,475 | $ | 3,090,567 | |||||||
Interest income | 21 | – | 21 | ||||||||||
Interest expense | 12,830 | 208 | 13,038 | ||||||||||
Depreciation and amortization | 24,482 | 534 | 25,016 | ||||||||||
Segment income (loss) from continuingoperations before taxes | 102,392 | (1,209 | ) | 101,183 | |||||||||
Segment assets | 1,855,431 | 26,135 | 1,881,566 | ||||||||||
Goodwill | 195,697 | 2,560 | 198,257 | ||||||||||
Expenditures for segment assets | 170,436 | 515 | 170,951 | ||||||||||
Note_19_Asset_Impairment
Note 19 - Asset Impairment | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Asset Impairment Charges [Text Block] | 19. ASSET IMPAIRMENT: |
During the fourth quarter of 2014, the Company initiated a plan to sell its corporate aircraft and met all of the initial criteria of ASC 360, “Property, Plant and Equipment” to classify the corporate asset as an asset held for sale. It was determined that the carrying value of the corporate aircraft was no longer recoverable, and the Company recognized a $3.4 million in pre-tax non-cash asset impairment charge during the twelve months ended December 31, 2014. As a result, the Company adjusted the carrying value of its corporate aircraft to its estimated fair market value less costs to sell in accordance with ASC 820, “Fair Value Measurement.” The impairment loss is included in depreciation and amortization expense as of December 31, 2014, on the Consolidated Statements of Income. At December 31, 2014, the corporate aircraft is presented on the Consolidated Balance Sheets as a current asset in asset held for sale and the related debt is presented in current liabilities in liabilities directly associated with asset held for sale. Depreciation will not be recorded on the corporate aircraft during the period in which it is classified as held for sale. At December 31, 2013, the corporate aircraft is presented on the Consolidated Balance Sheets as a non-current asset in property, plant and equipment at a cost of $9.9 million, net of accumulated depreciation of $3.9 million, and the related debt is presented in both current liabilities in the amount of $1.0 million and non-current liabilities in the amount of $6.2 million. The asset is reported under the Truck Segment. |
Note_20_Related_Party_Transact
Note 20 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 20. RELATED PARTY TRANSACTIONS: |
During the year ended December 31, 2014, the Company entered into a loan agreement with CCTTS, a related party, that provides for advances up to $10.0 million to finance commercial vehicle inventory. Borrowings under this loan agreement bear interest at the three month LIBOR rate plus 4.0% and the interest is payable monthly. Amounts advanced under the loan agreement are due when the related commercial vehicle inventory is sold by the related party. On December 31, 2014, the Company had a $8.2 million receivable under the loan agreement. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
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 $244,000 related to major capital projects during 2014. The cost, accumulated depreciation and amortization and estimated useful lives are summarized as follows (in thousands): | |||||||||||||
2014 | 2013 | Estimated Life (Years) | |||||||||||
Land | $ | 98,033 | $ | 81,196 | – | ||||||||
Buildings and improvements | 233,742 | 205,778 | 31 | – | 39 | ||||||||
Leasehold improvements | 27,100 | 25,681 | 2 | – | 39 | ||||||||
Machinery and shop equipment | 48,988 | 42,274 | 5 | – | 20 | ||||||||
Furniture, fixtures and computers | 57,730 | 45,723 | 3 | – | 15 | ||||||||
Transportation equipment | 47,758 | 45,005 | 2 | – | 15 | ||||||||
Lease and rental vehicles | 697,147 | 547,557 | 2 | – | 8 | ||||||||
Construction in progress | 39,775 | 6,000 | |||||||||||
Accumulated depreciation and amortization | (327,193 | ) | (259,551 | ) | |||||||||
Total | $ | 923,080 | $ | 739,663 | |||||||||
As of December 31, 2014, the Company had $54.8 million in lease and rental vehicles under various capital leases included in property and equipment, net of accumulated amortization of $21.5 million. The Company recorded depreciation expense of $115.3 million and amortization expense of $11.2 million for the year ended December 31, 2014, and depreciation expense of $82.3 million and amortization expense of $11.2 million for the year ended December 31, 2013. Depreciation and amortization of vehicles related to lease and rental operations is included in lease and rental cost of products sold. | |||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Based Compensation | ||||||||||||
The Company applies the provisions of ASC topic 718-10, “Compensation – Stock Compensation,” which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including grants of employee stock options, restricted stock units, restricted stock awards and employee stock purchases under the Employee Stock Purchase Plan based on estimated fair values. | |||||||||||||
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 not provide an accurate measure of the fair value that value may not be indicative of the fair value observed in a market transaction between a willing buyer and a willing seller. | |||||||||||||
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: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected stock volatility | 51.51% | 49.59% | 53.64% | ||||||||||
Weighted-average stock volatility | 51.51% | 49.59% | 53.64% | ||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||
Risk-free interest rate | 2.14% | 1.22% | 1.11% | ||||||||||
Expected life (years) | 6.5 | 6.5 | 5 | ||||||||||
Weighted-average fair value of stock options granted | $ | 15.86 | $ | 12.69 | $ | 10.95 | |||||||
The Company computes its historical stock price volatility in accordance with ASC topic 718-10. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. The expected life of stock options represents the weighted-average period the stock options are expected to remain outstanding. | |||||||||||||
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 in the fourth quarter, or when indications of potential impairment exist. These indicators would include a significant change in operating performance, or a planned sale or disposition of a significant portion of the business, among other factors. The Company tests for goodwill impairment utilizing a fair value approach at the reporting unit level. A reporting unit is an operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. The Company has deemed its reporting unit to be the Truck Segment, which is the level at which management regularly reviews operating results and makes resource allocation decisions. | |||||||||||||
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 step is required to measure the goodwill impairment loss. The second step includes hypothetically valuing all the tangible and intangible assets of the reporting unit as if the reporting unit had been acquired in a business combination and comparing the hypothetical implied fair value of the reporting unit’s goodwill to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the hypothetical implied fair value of the goodwill, the Company would recognize an impairment loss in an amount equal to the excess, not to exceed the carrying amount. The Company determines the fair values calculated in an impairment test using the discounted cash flow method, which requires assumptions and estimates regarding future revenue, expenses and cash flow projections. The analysis is based upon available information regarding expected future cash flows of its reporting unit discounted at rates consistent with the cost of capital specific to the reporting unit. | |||||||||||||
No impairment write down was required in the fourth quarter of 2014. However, the Company cannot predict the occurrence of certain events that might adversely affect the reported value of goodwill in the future. | |||||||||||||
The following table sets forth the change in the carrying amount of goodwill for the Company for the years ended December 31, 2014 and 2013 (in thousands): | |||||||||||||
Balance December 31, 2012 | $ | 198,257 | |||||||||||
Acquisitions | 17,182 | ||||||||||||
Adjustment | 25 | ||||||||||||
Balance December 31, 2013 | 215,464 | ||||||||||||
Acquisitions | 49,609 | ||||||||||||
Adjustment | 72 | ||||||||||||
Balance December 31, 2014 | $ | 265,145 | |||||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation | ||||||||||||
The consolidated financial statements presented herein include the accounts of Rush Enterprises, Inc. together with our 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 differ from those estimates. | |||||||||||||
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 days or less to be cash equivalents. | |||||||||||||
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-in, first-out method for parts and accessories. An allowance is provided when it is anticipated that cost will exceed net realizable value less a reasonable profit margin. | |||||||||||||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Other Assets | ||||||||||||
The total capitalized costs of the SAP enterprise software and SAP dealership management system of $38.5 million, including capitalized interest, are recorded on the Consolidated Balance Sheet in Other Assets, net of accumulated amortization of $10.3 million. The SAP software is being amortized over a period of 15 years. The Company is currently operating 101 Rush Truck Centers and all of its leasing operations on the SAP enterprise software and SAP dealership management system, which represent approximately 90% of the Company’s total revenues for the year ended December 31, 2014. The Company plans to convert all of its existing Rush Truck Centers to the SAP enterprise software and SAP dealership management system by the end of the second quarter of 2015. | |||||||||||||
Amortization expense relating to the SAP software, which is recognized in depreciation and amortization expense in the Consolidated Statements of Income, was $3.2 million for the year ended December 31, 2014, $3.0 million for the year ended December 31, 2013, and $3.0 million for the year ended December 31, 2012. The Company estimates that amortization expense relating to the SAP software will be approximately $3.2 million for each of the next five succeeding years. | |||||||||||||
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 $6.9 million at December 31, 2014, and $4.5 million at December 31, 2013, and is included in Other Assets on the accompanying consolidated balance sheets. The Company has determined that manufacturer franchise rights have an indefinite life as there are no economic or other factors that limit their useful lives and they are expected to generate cash flows indefinitely due to the historically long lives of the manufacturers’ brand names. Furthermore, to the extent that any agreements evidencing manufacturer franchise rights have expiration dates, the Company expects that it will be able to renew those agreements in the ordinary course of business. Accordingly, the Company does not amortize manufacturer franchise rights. | |||||||||||||
Due to the fact that manufacturer franchise rights are specific to geographic region, the Company has determined that 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 quarter, or more often if events or circumstances indicate that an impairment may have occurred. The Company is subject to financial statement risk to the extent that manufacturer franchise rights become impaired due to decreases in the fair market value of its individual franchises. | |||||||||||||
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 impairment write down was required in the fourth quarter of 2014. The Company cannot predict the occurrence of certain events that might adversely affect the reported value of manufacturer franchise rights in the future. | |||||||||||||
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 our 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 our 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 elapse before a particular matter for which the Company has established a liability is audited and effectively settled. The Company adjusts its liability for unrecognized tax benefits in the period in which it determines the issue is effectively settled with the tax authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position, or when more information becomes available. The Company includes its liability for unrecognized tax benefits, including accrued interest, in accrued liabilities on the Company’s Consolidated Balance Sheet and in income tax expense in the Company’s Consolidated Statements of Income. Unfavorable settlement of any particular issue would require use of the Company’s cash and a charge to income tax expense. Favorable resolution would be recognized as a reduction to income tax expense at the time of resolution. | |||||||||||||
Additionally, despite the Company’s belief that its tax return positions are consistent with applicable tax law, management expects that certain positions may be challenged by taxing authorities. Settlement of any challenge can result in no change, a complete disallowance, or some partial adjustment reached through negotiations. | |||||||||||||
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 parties. These finance contracts are sold both with and without recourse. A majority of the Company’s finance contracts are sold without recourse. Finance income is recognized by the Company upon the sale of such finance contracts to the finance companies, net of a provision for estimated repossession losses and early repayment penalties. | |||||||||||||
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 the service work order related to service provided to the customer’s vehicle. Payments received on prepaid maintenance plans are deferred as a component of accrued expenses and recognized as income when the maintenance is performed. | |||||||||||||
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. The Company is subject to a chargeback of manufacturer incentives for commercial vehicles that are not sold to the customer for which they were ordered. The Company records a liability for a potential chargeback of manufacturer incentives in its financial statements. 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, and interest expense on the lease and rental fleet owned and leased by the Company, and the maintenance cost of the lease and rental fleet. 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. | |||||||||||||
In May 2013, the Company entered into a Retirement and Transition Agreement with the Company’s former Chairman, W. Marvin Rush, which resulted in the recognition of $10.8 million in retirement pay and benefits recorded in selling, general and administrative expense on the Consolidated Statements of Income. | |||||||||||||
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 – Financial Instruments and Fair Value of the Notes to Consolidated Financial Statements, for further information. 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 at the measurement date (an exit price). The Company measures its assets and liabilities using inputs from the following three levels of the fair value hierarchy: | |||||||||||||
Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |||||||||||||
Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). | |||||||||||||
Level 3 includes unobservable inputs that reflect the Company’s assumptions about what factors market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data. | |||||||||||||
Advertising Costs, Policy [Policy Text Block] | Advertising Costs | ||||||||||||
Advertising costs are expensed as incurred. Advertising and marketing expense was $8.7 million for 2014, $6.8 million for 2013 and $4.4 million for 2012. Advertising and marketing expense is included in selling, general and administrative expense. | |||||||||||||
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, which provides guidance on accounting for the costs of computer software developed or obtained for internal use and identifies characteristics of internal-use software. The Company has capitalized software costs, including capitalized interest, of approximately $38.5 million at December 31, 2014, net of accumulated amortization of $10.3 million, and $40.8 million, net of accumulated amortization of $7.1 million at December 31, 2013. | |||||||||||||
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-party administrator to assess any open claims and the Company adjusts its accrual accordingly on an annual basis. The Company is also partially self-insured for a portion of the claims related to its worker’s compensation and medical insurance programs. The Company uses actuarial information provided from third-party administrators to calculate an accrual for claims incurred, but not reported, and for the remaining portion of claims that have been reported. | |||||||||||||
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities | ||||||||||||
The Company utilizes derivative financial instruments to manage its interest rate risk. The types of risks hedged are those relating to the variability of cash flows and changes in the fair value of the Company’s financial instruments caused by fluctuations in interest rates. The Company assesses hedge effectiveness at the inception and during the term of each hedge. Derivatives are reported at fair value on the accompanying Consolidated Balance Sheets. | |||||||||||||
At December 31, 2014, the Company had an aggregate $20.9 million notional amount of interest rate swap contracts, which have been designated as cash flow hedges, to pay fixed rates of interest and receive 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. | |||||||||||||
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 year from the date of acquisition, any changes in the estimated fair values of the net assets recorded for the acquisitions will result in an adjustment to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our Consolidated Statements of Income. | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements | ||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update that amends the accounting guidance on revenue recognition. The amendments in this accounting standard update are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices, and improve disclosure requirements. The amendments in this accounting standard update are effective for interim and annual reporting periods beginning after December 15, 2016, and should be applied using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which requires additional footnote disclosures). Early adoption is not permitted. The Company is currently evaluating the method of adoption and the impact of the provisions of the accounting standard update. |
Note_2_Significant_Accounting_1
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Property, Plant and Equipment [Table Text Block] | 2014 | 2013 | Estimated Life (Years) | ||||||||||
Land | $ | 98,033 | $ | 81,196 | – | ||||||||
Buildings and improvements | 233,742 | 205,778 | 31 | – | 39 | ||||||||
Leasehold improvements | 27,100 | 25,681 | 2 | – | 39 | ||||||||
Machinery and shop equipment | 48,988 | 42,274 | 5 | – | 20 | ||||||||
Furniture, fixtures and computers | 57,730 | 45,723 | 3 | – | 15 | ||||||||
Transportation equipment | 47,758 | 45,005 | 2 | – | 15 | ||||||||
Lease and rental vehicles | 697,147 | 547,557 | 2 | – | 8 | ||||||||
Construction in progress | 39,775 | 6,000 | |||||||||||
Accumulated depreciation and amortization | (327,193 | ) | (259,551 | ) | |||||||||
Total | $ | 923,080 | $ | 739,663 | |||||||||
Schedule of Goodwill [Table Text Block] | Balance December 31, 2012 | $ | 198,257 | ||||||||||
Acquisitions | 17,182 | ||||||||||||
Adjustment | 25 | ||||||||||||
Balance December 31, 2013 | 215,464 | ||||||||||||
Acquisitions | 49,609 | ||||||||||||
Adjustment | 72 | ||||||||||||
Balance December 31, 2014 | $ | 265,145 | |||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Expected stock volatility | 51.51% | 49.59% | 53.64% | ||||||||||
Weighted-average stock volatility | 51.51% | 49.59% | 53.64% | ||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||
Risk-free interest rate | 2.14% | 1.22% | 1.11% | ||||||||||
Expected life (years) | 6.5 | 6.5 | 5 | ||||||||||
Weighted-average fair value of stock options granted | $ | 15.86 | $ | 12.69 | $ | 10.95 |
Note_3_Supplier_and_Customer_C1
Note 3 - Supplier and Customer Concentration (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Risks and Uncertainties [Abstract] | |||
Major Suppliers and Dealership Agreements [Table Text Block] | Manufacturer | Expiration Dates | |
Peterbilt | August 2015 through May 2017 | ||
International | March 2016 through May 2020 | ||
Isuzu | Indefinite | ||
Hino | Indefinite | ||
Ford | Indefinite | ||
Blue Bird | Aug-16 | ||
IC Bus | May 2015 through December 2017 |
Note_4_Accounts_Receivable_Tab
Note 4 - Accounts Receivable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Trade accounts receivable from sale of vehicles | $ | 96,850 | $ | 42,830 | |||||
Trade receivables other than vehicles | 34,404 | 27,387 | |||||||
Warranty claims | 8,624 | 10,616 | |||||||
Other accounts receivable | 30,928 | 23,700 | |||||||
Less allowance for bad debt and warranty receivable | (779 | ) | (1,240 | ) | |||||
Total | $ | 170,027 | $ | 103,293 |
Note_5_Inventories_Tables
Note 5 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
New commercial vehicles | $ | 749,615 | $ | 566,396 | |||||
Used commercial vehicles | 84,972 | 75,731 | |||||||
Parts and accessories | 186,208 | 157,873 | |||||||
Other | 19,020 | 14,031 | |||||||
Less allowance | (15,711 | ) | (11,811 | ) | |||||
Total | $ | 1,024,104 | $ | 802,220 |
Note_6_Valuation_Accounts_Tabl
Note 6 - Valuation Accounts (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Summary of Valuation Allowance [Table Text Block] | Balance Beginning | Net Charged to Costs and Expenses | Net Write-Offs | Balance | |||||||||||||
of Year | End | ||||||||||||||||
of Year | |||||||||||||||||
2014 | |||||||||||||||||
Reserve for accounts receivable | $ | 821 | $ | 919 | $ | (1,101 | ) | $ | 639 | ||||||||
Reserve for warranty receivable | 419 | 411 | (690 | ) | 140 | ||||||||||||
Reserve for parts inventory | 4,416 | 2,547 | (1,896 | ) | 5,067 | ||||||||||||
Reserve for commercial vehicle inventory | 7,395 | 17,416 | (14,167 | ) | 10,644 | ||||||||||||
2013 | |||||||||||||||||
Reserve for accounts receivable | $ | 540 | $ | 1,163 | $ | (882 | ) | $ | 821 | ||||||||
Reserve for warranty receivable | 444 | 626 | (651 | ) | 419 | ||||||||||||
Reserve for parts inventory | 3,593 | 2,560 | (1,737 | ) | 4,416 | ||||||||||||
Reserve for commercial vehicle inventory | 6,839 | 13,020 | (12,464 | ) | 7,395 | ||||||||||||
2012 | |||||||||||||||||
Reserve for accounts receivable | $ | 480 | $ | 922 | $ | (862 | ) | $ | 540 | ||||||||
Reserve for warranty receivable | 480 | 334 | (370 | ) | 444 | ||||||||||||
Reserve for parts inventory | 3,406 | 1,796 | (1,609 | ) | 3,593 | ||||||||||||
Reserve for commercial vehicle inventory | 1,624 | 12,944 | (7,729 | ) | 6,839 |
Note_7_Floor_Plan_Notes_Payabl1
Note 7 - Floor Plan Notes Payable and Lines of Credit (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Assets Pledged As Collateral [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Inventories, new and used vehicles at cost based on specific identification, net of allowance | $ | 823,944 | $ | 634,732 | |||||
Vehicle sale related accounts receivable | 96,853 | 42,830 | |||||||
Total | $ | 920,797 | $ | 677,562 | |||||
Floor plan notes payable related to vehicles | $ | 845,977 | $ | 593,649 |
Note_8_Longterm_Debt_Tables
Note 8 - Long-term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Variable interest rate term notes | $ | 74,834 | $ | 76,162 | |||||
Fixed interest rate term notes | 503,420 | 406,619 | |||||||
Total debt | 578,254 | 482,781 | |||||||
Less: current maturities | (149,065 | ) | (97,243 | ) | |||||
Total long-term debt, net of current maturities | $ | 429,189 | $ | 385,538 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | 2015 | $ | 149,065 | ||||||
2016 | 131,793 | ||||||||
2017 | 105,649 | ||||||||
2018 | 85,404 | ||||||||
2019 | 59,168 | ||||||||
Thereafter | 47,175 | ||||||||
Total | $ | 578,254 |
Note_9_Financial_Instruments_a1
Note 9 - Financial Instruments and Fair Value (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | At December 31, 2014 | At December 31, 2013 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Inputs | Inputs | Inputs | Inputs | Inputs | Inputs | ||||||||||||||||||||
Investment in auction rate securities | $ | — | $ | — | $ | 6,905 | $ | — | $ | — | $ | 6,628 | |||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Cost Basis | Gross Unrealized | Fair Value | ||||||||||||||||||||||
Amount | Loss In | ||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||
OCI | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Investment in auction rate securities | $ | 7,425 | $ | 520 | $ | 6,905 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Investment in auction rate securities | $ | 7,575 | $ | 947 | $ | 6,628 | |||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | Agreement | Current Notional Amount | Fixed Interest Rate | Underlying | Expiration Date | Fair Value | |||||||||||||||||||
Rate | |||||||||||||||||||||||||
Interest Rate Swap | $ | 1,708 | 5.08% | 3 month LIBOR | 1-Jul-15 | $ | (17 | ) | |||||||||||||||||
Interest Rate Swap | 3,528 | 5.08% | 3 month LIBOR | 1-Jul-15 | (36 | ) | |||||||||||||||||||
Interest Rate Swap | 4,368 | 5.38% | 1 month LIBOR | 29-Jun-15 | (52 | ) | |||||||||||||||||||
Interest Rate Swap | 672 | 5.29% | 1 month LIBOR | 30-Jun-15 | (8 | ) | |||||||||||||||||||
Interest Rate Swap | 1,288 | 5.29% | 1 month LIBOR | 30-Jun-15 | (15 | ) | |||||||||||||||||||
Interest Rate Swap | 6,496 | 5.29% | 1 month LIBOR | 30-Jun-15 | (75 | ) | |||||||||||||||||||
Interest Rate Swap | 560 | 5.29% | 1 month LIBOR | 30-Jun-15 | (6 | ) | |||||||||||||||||||
Interest Rate Swap | 2,251 | 5.29% | 1 month LIBOR | 30-Jun-15 | (26 | ) | |||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value at | ||||||||||||||||||||||||
Derivative Liabilities Designated as Hedging Instruments | Balance Sheet Location | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||
Interest Rate Swaps | Other Long-Term Liabilities | $ | 235 | $ | 1,024 | ||||||||||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | (in thousands) | Gain (Loss) Recognized in | Location of Loss | Loss Reclassified | |||||||||||||||||||||
OCI on Derivatives | from Accumulated | ||||||||||||||||||||||||
(Effective Portion) | OCI into Income | ||||||||||||||||||||||||
during the | (Effective Portion) | ||||||||||||||||||||||||
Year Ended | during the | ||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | Reclassified into | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||
Income | |||||||||||||||||||||||||
Interest rate swaps | $ | 789 | $ | 892 | Interest Expense | $ | (196 | ) | $ | (290 | ) |
Note_10_Leasing_Activities_Tab
Note 10 - Leasing Activities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Leases [Abstract] | |||||||||
Schedule of Future Minimum Lease Payments for Capital Leases and Operating Leases [Table Text Block] | Capital | Operating | |||||||
Leases | Leases | ||||||||
2015 | $ | 12,903 | $ | 1,257 | |||||
2016 | 11,176 | 447 | |||||||
2017 | 12,549 | 131 | |||||||
2018 | 9,113 | 73 | |||||||
2019 | 6,818 | 28 | |||||||
Thereafter | 10,051 | — | |||||||
Total minimum lease payments | $ | 62,610 | $ | 1,936 | |||||
Less amount representing interest | (5,360 | ) | |||||||
Present value of net minimum capital lease payments | 57,250 | ||||||||
Less current portion | (11,231 | ) | |||||||
Obligations under capital leases less current portion | $ | 46,019 | |||||||
Schedule of Future Minimum Rental Receivable for Operating Leases [Table Text Block] | 2015 | $ | 103,992 | ||||||
2016 | 91,383 | ||||||||
2017 | 73,073 | ||||||||
2018 | 51,156 | ||||||||
2019 | 31,109 | ||||||||
Thereafter | 18,550 | ||||||||
Total | $ | 369,263 | |||||||
Operating Leases of Lessee Disclosure [Table Text Block] | 2015 | $ | 11,640 | ||||||
2016 | 8,664 | ||||||||
2017 | 5,888 | ||||||||
2018 | 4,461 | ||||||||
2019 | 3,315 | ||||||||
Thereafter | 9,426 | ||||||||
Total | $ | 43,394 |
Note_11_Share_Based_Compensati1
Note 11 - Share Based Compensation and Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
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, 2014 | 3,642,156 | $ | 16.41 | ||||||||||||||
Granted | 459,058 | 30.27 | |||||||||||||||
Exercised | (902,238 | ) | 12.21 | ||||||||||||||
Forfeited | (16,000 | ) | 26.86 | ||||||||||||||
Balance of Outstanding Options at December 31, 2014 | 3,182,976 | $ | 19.55 | 6.02 | $ | 39,792,666 | |||||||||||
Expected to vest after December 31, 2014 | 1,950,078 | $ | 23.61 | 7.49 | $ | 16,465,041 | |||||||||||
Vested and exercisable at December 31, 2014 | 1,114,912 | $ | 12.47 | 3.43 | $ | 22,420,955 | |||||||||||
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, 2014 | 2,152,940 | $ | 9.13 | ||||||||||||||
Granted | 459,058 | 15.86 | |||||||||||||||
Vested | (557,934 | ) | 5.97 | ||||||||||||||
Forfeited | (16,000 | ) | 13.43 | ||||||||||||||
Non-vested at December 31, 2014 | 2,038,064 | $ | 11.48 | ||||||||||||||
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, 2014 | 302,015 | $ | 21.81 | ||||||||||||||
Granted | 253,855 | 26.81 | |||||||||||||||
Vested | (152,520 | ) | 22.95 | ||||||||||||||
Forfeited | (1,000 | ) | 25.76 | ||||||||||||||
Outstanding Non-vested at December 31, 2014 | 402,350 | 8.71 | $ | 11,553,831 | $ | 24.53 | |||||||||||
Expected to vest after December 31, 2014 | 398,268 | 8.71 | $ | 11,459,524 |
Note_12_Earnings_Per_Share_Tab
Note 12 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Numerator- | |||||||||||||
Numerator for basic and diluted earnings per share - | |||||||||||||
Net income available to common shareholders | $ | 79,957 | $ | 49,217 | $ | 62,455 | |||||||
Denominator- | |||||||||||||
Denominator for basic earnings per share – weighted average shares | 39,783 | 39,405 | 38,643 | ||||||||||
Effect of dilutive securities- | |||||||||||||
Employee and director stock options and restricted share awards | 1,111 | 1,101 | 1,045 | ||||||||||
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions | 40,894 | 40,506 | 39,688 | ||||||||||
Basic earnings per common share | $ | 2.01 | $ | 1.25 | $ | 1.62 | |||||||
Diluted earnings per common share and common share equivalents | $ | 1.96 | $ | 1.22 | $ | 1.57 | |||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Options | 482 | 928 | 1,124 | ||||||||||
Total anti-dilutive securities | 482 | 928 | 1,124 |
Note_13_Income_Taxes_Tables
Note 13 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current provision- | |||||||||||||
Federal | $ | 21,826 | $ | 7,755 | $ | 8,647 | |||||||
State | 3,531 | 2,008 | 1,917 | ||||||||||
25,357 | 9,763 | 10,564 | |||||||||||
Deferred provision- | |||||||||||||
Federal | 23,243 | 20,470 | 25,752 | ||||||||||
State | 1,986 | 1,611 | 2,412 | ||||||||||
25,229 | 22,081 | 28,164 | |||||||||||
Provision (benefit) for income taxes | $ | 50,586 | $ | 31,844 | $ | 38,728 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income taxes at the federal statutory rate | $ | 45,691 | $ | 28,371 | $ | 35,414 | |||||||
State income taxes, net of federal benefit | 3,398 | 2,259 | 2,753 | ||||||||||
Tax effect of permanent differences | 1,069 | 802 | 766 | ||||||||||
Other, net | 428 | 412 | (205 | ) | |||||||||
Provision for income taxes | $ | 50,586 | $ | 31,844 | $ | 38,728 | |||||||
Schedule of Income Taxes Related to Other Comprehensive Income [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax expense (benefit) related to components of other comprehensive income: | |||||||||||||
Change in fair value of cash flow swaps | $ | 308 | $ | 338 | $ | 133 | |||||||
Change in fair value of available-for-sale securities | 166 | – | (9 | ) | |||||||||
Total | $ | 474 | $ | 338 | $ | 124 | |||||||
Paid in capital – stock based compensation | $ | (5,207 | ) | $ | (2,566 | ) | $ | (1,668 | ) | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Current: | |||||||||||||
Deferred tax assets: | |||||||||||||
Inventory | $ | 6,786 | $ | 4,673 | |||||||||
Accounts receivable | 304 | 304 | |||||||||||
Capital lease obligations | 4,217 | 3,821 | |||||||||||
Stock options | 1,764 | 1,474 | |||||||||||
Accrued liabilities | 3,935 | 4,531 | |||||||||||
State net operating loss carry forward | 1,436 | 1,071 | |||||||||||
State tax credit | 354 | 403 | |||||||||||
18,796 | 16,277 | ||||||||||||
Valuation allowance | (409 | ) | – | ||||||||||
Current deferred tax asset | $ | 18,387 | $ | 16,277 | |||||||||
Non-Current: | |||||||||||||
Deferred tax assets: | |||||||||||||
Capital lease obligations | $ | 16,965 | $ | 13,002 | |||||||||
Stock options | 7,056 | 5,894 | |||||||||||
Other | 1,839 | 1,821 | |||||||||||
25,860 | 20,717 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Difference between book and tax basis- | |||||||||||||
Depreciation and amortization | (201,495 | ) | (168,539 | ) | |||||||||
Net non-current tax liability | $ | (175,635 | ) | $ | (147,822 | ) | |||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Unrecognized tax benefits at beginning of period | $ | 1,545 | $ | 1,409 | $ | 1,337 | |||||||
Gross increases – tax positions in current year | 815 | 466 | 358 | ||||||||||
Gross increases – tax positions in a prior year | − | − | 267 | ||||||||||
Reductions due to lapse of statute of limitations | (273 | ) | (330 | ) | (553 | ) | |||||||
Unrecognized tax benefits at end of period | $ | 2,087 | $ | 1,545 | $ | 1,409 |
Note_15_Acquisitions_Tables
Note 15 - Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Goodwill | $ | 1,048 | ||
Property and equipment | 448 | ||||
Inventory | 50 | ||||
Accounts receivable | 20 | ||||
Total | $ | 1,566 | |||
Goodwill | $ | 1,968 | |||
Inventory | 2,512 | ||||
Property and equipment, including real estate | 2,416 | ||||
Prepaid expenses | 6 | ||||
Accrued expenses | (28 | ) | |||
Total | $ | 6,874 | |||
Property and equipment | $ | 60,066 | |||
Goodwill | 46,384 | ||||
Franchise rights | 2,442 | ||||
Inventory | 31,048 | ||||
Accounts receivable | 7,175 | ||||
Prepaid expenses | 750 | ||||
Other | 23 | ||||
Accrued expenses | (1,325 | ) | |||
Total | $ | 146,563 | |||
Property and equipment | $ | 3,209 | |||
Goodwill | 2,832 | ||||
Inventory | 2,174 | ||||
Accounts receivable | 1,401 | ||||
Other | 3 | ||||
Accrued expenses | (23 | ) | |||
Prepaid expenses | (56 | ) | |||
Total | $ | 9,540 | |||
Property and equipment | $ | 26,829 | |||
Goodwill | 7,798 | ||||
Inventory | 5,177 | ||||
Accounts receivable | 1,554 | ||||
Prepaid expenses | 471 | ||||
Other | 66 | ||||
Accrued expenses | (213 | ) | |||
Total | $ | 41,682 | |||
Inventory | $ | 6,792 | |||
Goodwill | 5,624 | ||||
Property and equipment | 4,333 | ||||
Prepaid expenses | 39 | ||||
Other | 53 | ||||
Accrued expenses | (61 | ) | |||
Total | $ | 16,780 | |||
Inventory | $ | 1,720 | |||
Property and equipment | 1,485 | ||||
Prepaid expenses | 10 | ||||
Accounts receivable | 364 | ||||
Accrued expenses | (76 | ) | |||
Total | $ | 3,503 | |||
Property and equipment, including real estate | $ | 29,768 | |||
Inventory | 51,476 | ||||
Accounts receivable | 5,638 | ||||
Prepaid expenses | 488 | ||||
Accrued expenses | (200 | ) | |||
Goodwill | 17,365 | ||||
Total | $ | 104,535 |
Note_16_Accumulated_Other_Comp1
Note 16 - Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Note 16 - Accumulated Other Comprehensive Income (Tables) [Line Items] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Cash Flow Swaps | Available for Sale Securities | Total | ||||||||||
Balance as of December 31, 2012 | $ | (1,178 | ) | $ | (578 | ) | $ | (1,756 | ) | ||||
Changes in fair value | 892 | − | 892 | ||||||||||
Income tax expense | (338 | ) | − | (338 | ) | ||||||||
Balance as of December 31, 2013 | $ | (624 | ) | $ | (578 | ) | $ | (1,202 | ) | ||||
Changes in fair value | 789 | 427 | 1,216 | ||||||||||
Income tax expense | (308 | ) | (166 | ) | (474 | ) | |||||||
Balance as of December 31, 2014 | $ | (143 | ) | $ | (317 | ) | $ | (460 | ) | ||||
Reclassifications [Member] | |||||||||||||
Note 16 - Accumulated Other Comprehensive Income (Tables) [Line Items] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Year Ended | ||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||
Losses on cash flow swaps to: | |||||||||||||
Interest expense | $ | (196 | ) | $ | (290 | ) | (393 | ) | |||||
Income tax benefit | 76 | 113 | 153 | ||||||||||
Total reclassifications | $ | (120 | ) | $ | (177 | ) | (240 | ) |
Note_17_Unaudited_Quarterly_Fi1
Note 17 - Unaudited Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2014 | |||||||||||||||||
Revenues | $ | 958,667 | $ | 1,182,461 | $ | 1,241,022 | $ | 1,345,206 | |||||||||
Gross profit | 165,925 | 193,349 | 198,739 | 198,033 | |||||||||||||
Operating income | 22,746 | 34,932 | 41,018 | 43,045 | |||||||||||||
Income before income taxes | 19,615 | 32,389 | 38,329 | 40,210 | |||||||||||||
Net income | $ | 12,014 | $ | 19,838 | $ | 23,478 | $ | 24,627 | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.31 | $ | 0.5 | $ | 0.59 | $ | 0.62 | |||||||||
Diluted | $ | 0.3 | $ | 0.49 | $ | 0.57 | $ | 0.6 |
Note_18_Segments_Tables
Note 18 - Segments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Truck | All | |||||||||||
Segment | Other | Totals | |||||||||||
2014 | |||||||||||||
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 income (loss) from continuing operations before taxes | 131,035 | (492 | ) | 130,543 | |||||||||
Segment assets | 2,664,405 | 29,857 | 2,694,262 | ||||||||||
Goodwill | 262,585 | 2,560 | 265,145 | ||||||||||
Expenditures for segment assets | 262,613 | 510 | 263,123 | ||||||||||
2013 | |||||||||||||
Revenues from external customers | $ | 3,365, 900 | $ | 18,805 | $ | 3,384,705 | |||||||
Interest income | 41 | – | 41 | ||||||||||
Interest expense | 10,559 | 175 | 10,734 | ||||||||||
Depreciation and amortization | 29,403 | 522 | 29,925 | ||||||||||
Segment income (loss) from continuing operations before taxes | 81,856 | (795 | ) | 81,061 | |||||||||
Segment assets | 2,140,008 | 27,790 | 2,167,798 | ||||||||||
Goodwill | 212,904 | 2,560 | 215,464 | ||||||||||
Expenditures for segment assets | 191,016 | 568 | 191,584 | ||||||||||
2012 | |||||||||||||
Revenues from external customers | $ | 3,072,092 | $ | 18,475 | $ | 3,090,567 | |||||||
Interest income | 21 | – | 21 | ||||||||||
Interest expense | 12,830 | 208 | 13,038 | ||||||||||
Depreciation and amortization | 24,482 | 534 | 25,016 | ||||||||||
Segment income (loss) from continuingoperations before taxes | 102,392 | (1,209 | ) | 101,183 | |||||||||
Segment assets | 1,855,431 | 26,135 | 1,881,566 | ||||||||||
Goodwill | 195,697 | 2,560 | 198,257 | ||||||||||
Expenditures for segment assets | 170,436 | 515 | 170,951 |
Note_2_Significant_Accounting_2
Note 2 - Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 30-May-13 | 31-May-13 | |
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Depreciation | $115,300,000 | $82,300,000 | |||
Amortization | 11,200,000 | 11,200,000 | |||
Capitalized Computer Software, Net | 38,500,000 | ||||
Capitalized Computer Software, Accumulated Amortization | 10,300,000 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,200,000 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,200,000 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,200,000 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3,200,000 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 3,200,000 | ||||
Indefinite-Lived Franchise Rights | 6,900,000 | 4,500,000 | |||
Goodwill and Intangible Asset Impairment | 0 | ||||
Advertising Expense | 8,700,000 | 6,800,000 | 4,400,000 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Derivative Asset, Notional Amount | 20,900,000 | ||||
SAP Enterprise Software And SAP Dealership Management System [Member] | Sales Revenue, Net [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Concentration Risk, Percentage | 90.00% | ||||
Rush Truck Centers [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Number of Stores | 101 | ||||
Vehicles [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Other Property, Plant, and Equipment, Net | 54,800,000 | ||||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Property, Plant, and Equipment Other, Accumulated Depreciation | 21,500,000 | ||||
Computer Software, Intangible Asset [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Interest Costs Capitalized | 244,000 | ||||
Capitalized Computer Software, Net | 38,500,000 | 40,800,000 | |||
Capitalized Computer Software, Accumulated Amortization | 10,300,000 | 7,100,000 | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||
Amortization of Intangible Assets | 3,200,000 | 3,000,000 | 3,000,000 | ||
Former Chairman [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Pension and Other Postretirement Benefit Expense | $10,800,000 | $10,800,000 |
Note_2_Significant_Accounting_3
Note 2 - Significant Accounting Policies (Details) - Property and Equipment (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | -327,193 | ($259,551) |
Total | 923,080 | 739,663 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 98,033 | 81,196 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 31 | |
Lease and rental vehicles | 31 | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 39 | |
Lease and rental vehicles | 39 | |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 233,742 | 205,778 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 2 | |
Lease and rental vehicles | 2 | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 39 | |
Lease and rental vehicles | 39 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 27,100 | 25,681 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 5 | |
Lease and rental vehicles | 5 | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 20 | |
Lease and rental vehicles | 20 | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 48,988 | 42,274 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 3 | |
Lease and rental vehicles | 3 | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 15 | |
Lease and rental vehicles | 15 | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 57,730 | 45,723 |
Transportation Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 2 | |
Lease and rental vehicles | 2 | |
Transportation Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 15 | |
Lease and rental vehicles | 15 | |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 47,758 | 45,005 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 39,775 | 6,000 |
Vehicles [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 2 | |
Lease and rental vehicles | 2 | |
Vehicles [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life | 8 | |
Lease and rental vehicles | 8 | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Lease and rental vehicles | 697,147 | $547,557 |
Note_2_Significant_Accounting_4
Note 2 - Significant Accounting Policies (Details) - Goodwill (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Abstract] | ||
Balance December 31, 2012 | $215,464 | $198,257 |
Acquisitions | 49,609 | 17,182 |
Adjustment | 72 | 25 |
Goodwill, balance | $265,145 | $215,464 |
Note_2_Significant_Accounting_5
Note 2 - Significant Accounting Policies (Details) - Fair Value Assumption (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value Assumption [Abstract] | |||
Expected stock volatility | 51.51% | 49.59% | 53.64% |
Weighted-average stock volatility | 51.51% | 49.59% | 53.64% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 2.14% | 1.22% | 1.11% |
Expected life (years) | 6 years 6 months | 6 years 6 months | 5 years |
Weighted-average fair value of stock options granted (in Dollars per share) | $15.86 | $12.69 | $10.95 |
Note_3_Supplier_and_Customer_C2
Note 3 - Supplier and Customer Concentration (Details) (Sales Revenue, Goods, Net [Member], Product Concentration Risk [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member] | |||
Note 3 - Supplier and Customer Concentration (Details) [Line Items] | |||
Concentration Risk, Percentage | 63.50% | 65.50% | 75.10% |
Note_3_Supplier_and_Customer_C3
Note 3 - Supplier and Customer Concentration (Details) - Major Suppliers and Dealership Agreements | 12 Months Ended |
Dec. 31, 2014 | |
Peterbilt [Member] | |
Note 3 - Supplier and Customer Concentration (Details) - Major Suppliers and Dealership Agreements [Line Items] | |
Expiration Dates, by Distributor | August 2015 through May 2017 |
International [Member] | |
Note 3 - Supplier and Customer Concentration (Details) - Major Suppliers and Dealership Agreements [Line Items] | |
Expiration Dates, by Distributor | March 2016 through May 2020 |
Isuzu [Member] | |
Note 3 - Supplier and Customer Concentration (Details) - Major Suppliers and Dealership Agreements [Line Items] | |
Expiration Dates, by Distributor | Indefinite |
Hino [Member] | |
Note 3 - Supplier and Customer Concentration (Details) - Major Suppliers and Dealership Agreements [Line Items] | |
Expiration Dates, by Distributor | Indefinite |
Ford [Member] | |
Note 3 - Supplier and Customer Concentration (Details) - Major Suppliers and Dealership Agreements [Line Items] | |
Expiration Dates, by Distributor | Indefinite |
Blue Bird [Member] | |
Note 3 - Supplier and Customer Concentration (Details) - Major Suppliers and Dealership Agreements [Line Items] | |
Expiration Dates, by Distributor | Aug-16 |
IC Bus [Member] | |
Note 3 - Supplier and Customer Concentration (Details) - Major Suppliers and Dealership Agreements [Line Items] | |
Expiration Dates, by Distributor | May 2015 through December 2017 |
Note_4_Accounts_Receivable_Det
Note 4 - Accounts Receivable (Details) - Accounts Receivable (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Warranty claims | $8,624 | $10,616 |
Other accounts receivable | 30,928 | 23,700 |
Less allowance for bad debt and warranty receivable | -779 | -1,240 |
Total | 170,027 | 103,293 |
Trade Accounts Receivable From Sale of Vehicles [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade receivables | 96,850 | 42,830 |
Trade Receivable Other Than Vehicles [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade receivables | $34,404 | $27,387 |
Note_5_Inventories_Details_Inv
Note 5 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
New commercial vehicles | $749,615 | $566,396 |
Used commercial vehicles | 84,972 | 75,731 |
Parts and accessories | 186,208 | 157,873 |
Other | 19,020 | 14,031 |
Less allowance | -15,711 | -11,811 |
Total | $1,024,104 | $802,220 |
Note_6_Valuation_Accounts_Deta
Note 6 - Valuation Accounts (Details) - Valuation and Allowance Accounts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Trade Receivables [Member] | |||
2014 | |||
Balance | $821 | $540 | $480 |
Net Charged to Costs and Expenses | 919 | 1,163 | 922 |
Net Write - Offs | -1,101 | -882 | -862 |
Balance | 639 | 821 | 540 |
Allowance for Warranty Receivables from Manufacturers [Member] | |||
2014 | |||
Balance | 419 | 444 | 480 |
Net Charged to Costs and Expenses | 411 | 626 | 334 |
Net Write - Offs | -690 | -651 | -370 |
Balance | 140 | 419 | 444 |
Parts Inventory [Member] | |||
2014 | |||
Balance | 4,416 | 3,593 | 3,406 |
Net Charged to Costs and Expenses | 2,547 | 2,560 | 1,796 |
Net Write - Offs | -1,896 | -1,737 | -1,609 |
Balance | 5,067 | 4,416 | 3,593 |
Commercial Vehicle Inventory [Member] | |||
2014 | |||
Balance | 7,395 | 6,839 | 1,624 |
Net Charged to Costs and Expenses | 17,416 | 13,020 | 12,944 |
Net Write - Offs | -14,167 | -12,464 | -7,729 |
Balance | $10,644 | $7,395 | $6,839 |
Note_7_Floor_Plan_Notes_Payabl2
Note 7 - Floor Plan Notes Payable and Lines of Credit (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 7 - Floor Plan Notes Payable and Lines of Credit (Details) [Line Items] | ||
Floor Plan Notes Payable | $845,977,000 | $593,649,000 |
Debt, Weighted Average Interest Rate | 1.16% | 1.26% |
If Terminated after January 11, 2015 and On or Prior to July 11, 2015 [Member] | GE Capital Credit Agreement [Member] | ||
Note 7 - Floor Plan Notes Payable and Lines of Credit (Details) [Line Items] | ||
Debt Instrument, Prepayment Processing Fee, Amount | 7,500,000 | |
If Terminated After July 11, 2015[Member] | GE Capital Credit Agreement [Member] | ||
Note 7 - Floor Plan Notes Payable and Lines of Credit (Details) [Line Items] | ||
Debt Instrument, Prepayment Processing Fee, Amount | 300,000 | |
GE Capital Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Note 7 - Floor Plan Notes Payable and Lines of Credit (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.03% | |
GE Capital Credit Agreement [Member] | ||
Note 7 - Floor Plan Notes Payable and Lines of Credit (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 750,000,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 2.28% | |
Debt Instrument, Working Capital Fee, Percentage | 0.35% | |
Floor Plan Notes Payable | 677,800,000 | |
Ford Motor Financing Agreement [Member] | Prime Rate [Member] | ||
Note 7 - Floor Plan Notes Payable and Lines of Credit (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.75% | |
Ford Motor Financing Agreement [Member] | ||
Note 7 - Floor Plan Notes Payable and Lines of Credit (Details) [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.25% | |
Floor Plan Notes Payable | 79,400,000 | |
Line of Credit [Member] | ||
Note 7 - Floor Plan Notes Payable and Lines of Credit (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 17,500,000 | |
Long-term Line of Credit | 0 | |
Line of Credit, Amount Pledged to Secure Letters of Credit | 15,300,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | $2,200,000 |
Note_7_Floor_Plan_Notes_Payabl3
Note 7 - Floor Plan Notes Payable and Lines of Credit (Details) - Assets Pledged as Collateral (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets Pledged as Collateral [Abstract] | ||
Inventories, new and used vehicles at cost based on specific identification, net of allowance | $823,944 | $634,732 |
Vehicle sale related accounts receivable | 96,853 | 42,830 |
Total | 920,797 | 677,562 |
Floor plan notes payable related to vehicles | $845,977 | $593,649 |
Note_8_Longterm_Debt_Details
Note 8 - Long-term Debt (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 8 - Long-term Debt (Details) [Line Items] | ||
Long-term Debt | $578,254,000 | $482,781,000 |
Debt Instrument, Covenant, Leverage Ratio Maximum | 2.5 | |
Leverage Ratio | 2.52 | |
Variable Interest Rate Notes [Member] | Minimum [Member] | ||
Note 8 - Long-term Debt (Details) [Line Items] | ||
Debt Instrument, Periodic Payment | 1,910 | |
Variable Interest Rate Notes [Member] | Maximum [Member] | ||
Note 8 - Long-term Debt (Details) [Line Items] | ||
Debt Instrument, Periodic Payment | 80,000 | |
Fixed Interest Rate Notes [Member] | Minimum [Member] | ||
Note 8 - Long-term Debt (Details) [Line Items] | ||
Debt Instrument, Periodic Payment | 98 | |
Fixed Interest Rate Notes [Member] | Maximum [Member] | ||
Note 8 - Long-term Debt (Details) [Line Items] | ||
Debt Instrument, Periodic Payment | 59,437 | |
GE Capital Credit Agreement [Member] | ||
Note 8 - Long-term Debt (Details) [Line Items] | ||
Long-term Debt | 677,800,000 | |
Wells Fargo Equipment Finance, Inc. Loan Agreement [Member] | ||
Note 8 - Long-term Debt (Details) [Line Items] | ||
Long-term Debt | $82,700,000 | |
Minimum [Member] | ||
Note 8 - Long-term Debt (Details) [Line Items] | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.60% | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.42% | |
Maximum [Member] | ||
Note 8 - Long-term Debt (Details) [Line Items] | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 3.00% | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 8.02% |
Note_8_Longterm_Debt_Details_L
Note 8 - Long-term Debt (Details) - Long-term Debt (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Unclassified [Abstract] | ||
Variable interest rate term notes | $74,834 | $76,162 |
Fixed interest rate term notes | 503,420 | 406,619 |
Total debt | 578,254 | 482,781 |
Less: current maturities | -149,065 | -97,243 |
Total long-term debt, net of current maturities | $429,189 | $385,538 |
Note_8_Longterm_Debt_Details_D
Note 8 - Long-term Debt (Details) - Debt Maturities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Maturities [Abstract] | ||
2015 | $149,065 | |
2016 | 131,793 | |
2017 | 105,649 | |
2018 | 85,404 | |
2019 | 59,168 | |
Thereafter | 47,175 | |
Total | $578,254 | $482,781 |
Note_9_Financial_Instruments_a2
Note 9 - Financial Instruments and Fair Value (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2011 | Jun. 30, 2014 | Dec. 31, 2013 | |
Note 9 - Financial Instruments and Fair Value (Details) [Line Items] | ||||
Asset Impairment Charges | $1,000,000 | |||
Available-for-sale Debt Securities Gross Unrealized Gain | 427,000 | |||
Interest Rate Cash Flow Hedge Liability at Fair Value | 235,000 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Note 9 - Financial Instruments and Fair Value (Details) [Line Items] | ||||
Derivative Asset, Notional Amount | 20,900,000 | |||
Auction Rate Securities [Member] | ||||
Note 9 - Financial Instruments and Fair Value (Details) [Line Items] | ||||
Available-for-sale Securities | 6,905,000 | 6,628,000 | ||
Available-for-sale Securities, Amortized Cost Basis | 7,425,000 | 7,575,000 | ||
Auction Rate Securities Redeemed | $150,000 | |||
Derivative, Basis Spread on Variable Rate | 2.25% |
Note_9_Financial_Instruments_a3
Note 9 - Financial Instruments and Fair Value (Details) - Investment in Auction Rate Securities - Fair Value (Auction Rate Securities [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 9 - Financial Instruments and Fair Value (Details) - Investment in Auction Rate Securities - Fair Value [Line Items] | ||
Investment in auction rate securities | $6,905 | $6,628 |
Fair Value, Inputs, Level 3 [Member] | ||
Note 9 - Financial Instruments and Fair Value (Details) - Investment in Auction Rate Securities - Fair Value [Line Items] | ||
Investment in auction rate securities | $6,905 | $6,628 |
Note_9_Financial_Instruments_a4
Note 9 - Financial Instruments and Fair Value (Details) - Investment in Auction Rate Securities (Auction Rate Securities [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Auction Rate Securities [Member] | ||
Note 9 - Financial Instruments and Fair Value (Details) - Investment in Auction Rate Securities [Line Items] | ||
Cost Basis Amount | $7,425 | $7,575 |
Gross Unrealized Loss In Accumulated OCI | 520 | 947 |
Fair Value | $6,905 | $6,628 |
Note_9_Financial_Instruments_a5
Note 9 - Financial Instruments and Fair Value (Details) - Derivative Financial Instruments (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Interest Rate Swap Agreement 1 [Member] | |
Derivative [Line Items] | |
Current Notional Amount | $1,708 |
Fixed Interest Rate | 5.08% |
Expiration Date | 1-Jul-15 |
Fair Value | -17 |
Interest Rate Swap Agreement 2 [Member] | |
Derivative [Line Items] | |
Current Notional Amount | 3,528 |
Fixed Interest Rate | 5.08% |
Expiration Date | 1-Jul-15 |
Fair Value | -36 |
Interest Rate Swap Agreement 3 [Member] | |
Derivative [Line Items] | |
Current Notional Amount | 4,368 |
Fixed Interest Rate | 5.38% |
Expiration Date | 29-Jun-15 |
Fair Value | -52 |
Interest Rate Swap Agreement 4 [Member] | |
Derivative [Line Items] | |
Current Notional Amount | 672 |
Fixed Interest Rate | 5.29% |
Expiration Date | 30-Jun-15 |
Fair Value | -8 |
Interest Rate Swap Agreement 5 [Member] | |
Derivative [Line Items] | |
Current Notional Amount | 1,288 |
Fixed Interest Rate | 5.29% |
Expiration Date | 30-Jun-15 |
Fair Value | -15 |
Interest Rate Swap Agreement 6 [Member] | |
Derivative [Line Items] | |
Current Notional Amount | 6,496 |
Fixed Interest Rate | 5.29% |
Expiration Date | 30-Jun-15 |
Fair Value | -75 |
Interest Rate Swap Agreement 7 [Member] | |
Derivative [Line Items] | |
Current Notional Amount | 560 |
Fixed Interest Rate | 5.29% |
Expiration Date | 30-Jun-15 |
Fair Value | -6 |
Interest Rate Swap Agreement 8 [Member] | |
Derivative [Line Items] | |
Current Notional Amount | 2,251 |
Fixed Interest Rate | 5.29% |
Expiration Date | 30-Jun-15 |
Fair Value | ($26) |
Note_9_Financial_Instruments_a6
Note 9 - Financial Instruments and Fair Value (Details) - Fair Values of Derivative Instruments (Other Liabilities [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Swaps | $235 | $1,024 |
Note_9_Financial_Instruments_a7
Note 9 - Financial Instruments and Fair Value (Details) - Pre-tax Effect of Interest Rate Swaps (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pre-tax Effect of Interest Rate Swaps [Abstract] | |||
Interest rate swaps | $789 | $892 | $317 |
Interest rate swaps | ($196) | ($290) | ($393) |
Note_10_Leasing_Activities_Det
Note 10 - Leasing Activities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 10 - Leasing Activities (Details) [Line Items] | |||
Operating Leases, Rent Expense | $152,967,000 | $109,222,000 | $84,174,000 |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 54,000,000 | ||
Operating Leases, Income Statement, Minimum Lease Revenue | 154,800,000 | 112,000,000 | 86,300,000 |
Operating Leases, Income Statement, Contingent Revenue | 24,500,000 | 18,100,000 | 13,800,000 |
Property Subject to or Available for Operating Lease, Net | 512,100,000 | 405,200,000 | |
Property Subject to or Available for Operating Lease, Accumulated Depreciation | 185,000,000 | 142,400,000 | |
Vehicles [Member] | |||
Note 10 - Leasing Activities (Details) [Line Items] | |||
Operating Leases, Rent Expense | 4,100,000 | 2,300,000 | 2,800,000 |
Land and Building [Member] | Minimum [Member] | |||
Note 10 - Leasing Activities (Details) [Line Items] | |||
Monthly Rental Payment, Operating Lease | 275 | ||
Land and Building [Member] | Maximum [Member] | |||
Note 10 - Leasing Activities (Details) [Line Items] | |||
Monthly Rental Payment, Operating Lease | 64,609 | ||
Land and Building [Member] | |||
Note 10 - Leasing Activities (Details) [Line Items] | |||
Operating Leases, Rent Expense | 12,800,000 | 9,100,000 | 6,800,000 |
Vehicle Leases As Lessee [Member] | Minimum [Member] | |||
Note 10 - Leasing Activities (Details) [Line Items] | |||
Lease Term | 1 year | ||
Vehicle Leases As Lessee [Member] | Maximum [Member] | |||
Note 10 - Leasing Activities (Details) [Line Items] | |||
Lease Term | 10 years | ||
Vehicle Leases As Lessor [Member] | Minimum [Member] | |||
Note 10 - Leasing Activities (Details) [Line Items] | |||
Lease Term | 1 year | ||
Vehicle Leases As Lessor [Member] | Maximum [Member] | |||
Note 10 - Leasing Activities (Details) [Line Items] | |||
Lease Term | 10 years | ||
Vehicle Leases As Lessee [Member] | |||
Note 10 - Leasing Activities (Details) [Line Items] | |||
Guaranteed Residual Value under Operating Lease Arrangements | 1,300,000 | ||
Guaranteed Residual Value under Capital Lease Arrangements | $22,800,000 |
Note_10_Leasing_Activities_Det1
Note 10 - Leasing Activities (Details) - Future Minimum Lease Payments Under Capital and Non-cancelable Vehicle Leases (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Future Minimum Lease Payments Under Capital and Non-cancelable Vehicle Leases [Abstract] | ||
2015 | $12,903,000 | |
2015 | 1,257,000 | |
2016 | 11,176,000 | |
2016 | 447,000 | |
2017 | 12,549,000 | |
2017 | 131,000 | |
2018 | 9,113,000 | |
2018 | 73,000 | |
2019 | 6,818,000 | |
2019 | 28 | |
Thereafter | 10,051,000 | |
Total minimum lease payments | 62,610,000 | |
Total minimum lease payments | 1,936,000 | |
Less amount representing interest | -5,360,000 | |
Present value of net minimum capital lease payments | 57,250,000 | |
Less current portion | -11,231,000 | -10,268,000 |
Obligations under capital leases less current portion | $46,019,000 | $35,199,000 |
Note_10_Leasing_Activities_Det2
Note 10 - Leasing Activities (Details) - Future Minimum Rental Receivable (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Rental Receivable [Abstract] | |
2015 | $103,992 |
2016 | 91,383 |
2017 | 73,073 |
2018 | 51,156 |
2019 | 31,109 |
Thereafter | 18,550 |
Total | $369,263 |
Note_10_Leasing_Activities_Det3
Note 10 - Leasing Activities (Details) - Future Minimum Lease Payments Under Operating Leases (USD $) | Dec. 31, 2014 |
Operating Leased Assets [Line Items] | |
2015 | $1,257,000 |
2016 | 447,000 |
2017 | 131,000 |
2018 | 73,000 |
2019 | 28 |
Total | 1,936,000 |
Other Leases, Land and Buildings [Member] | |
Operating Leased Assets [Line Items] | |
2015 | 11,640,000 |
2016 | 8,664,000 |
2017 | 5,888,000 |
2018 | 4,461,000 |
2019 | 3,315,000 |
Thereafter | 9,426,000 |
Total | $43,394,000 |
Note_11_Share_Based_Compensati2
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) (USD $) | 12 Months Ended | 11 Months Ended | 13 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jan. 31, 2012 | 20-May-14 | 18-May-10 | 16-May-06 | |
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 459,058 | |||||||
Allocated Share-based Compensation Expense | $11,300,000 | $8,600,000 | $7,300,000 | |||||
Proceeds from Stock Options Exercised | 12,500,000 | 10,000,000 | 5,100,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 18,700,000 | 10,500,000 | 5,600,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 3,300,000 | 3,400,000 | 2,400,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $15.86 | $12.69 | $10.95 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $26.81 | $22.12 | $21.98 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 15,800,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 255 days | |||||||
Every Six Months [Member] | Employee Stock Purchase Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | 10,625 | |||||||
Common Class A [Member] | Restricted Stock Units (RSUs) [Member] | Amended and Restated 2007 Incentive Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 25,550 | |||||||
Common Class A [Member] | Restricted Stock Units (RSUs) [Member] | The 2007 Long-Term Incentive Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 241,930 | |||||||
Common Class A [Member] | Shares Issued to Three Non-Employee Directors [Member] | The 2006 Non-Employee Director Stock Option Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued (in Shares) | 4,512 | |||||||
Common Class A [Member] | Shares Issued to One Non-Employee Director [Member] | The 2006 Non-Employee Director Stock Option Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued (in Shares) | 3,101 | 2,707 | ||||||
Common Class A [Member] | Shares Issued to Four Nonemployee Directors [Member] | The 2006 Non-Employee Director Stock Option Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued (in Shares) | 3,877 | |||||||
Common Class A [Member] | Shares Issued to One Non-Employee Director 2 [Member] | The 2006 Non-Employee Director Stock Option Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued (in Shares) | 2,326 | |||||||
Common Class A [Member] | The 2006 Non-Employee Director Stock Option Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 218,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 500,000 | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in Shares) | 20,935 | 16,243 | ||||||
Common Class A [Member] | Amended and Restated 2007 Incentive Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 1,805,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 6,050,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee (in Shares) | 100,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 459,058 | |||||||
Common Class A [Member] | The 2007 Long-Term Incentive Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 400,633 | |||||||
Common Class A [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share Price (in Dollars per share) | $32.05 | |||||||
Common Class B [Member] | Per Year [Member] | Amended and Restated 2007 Incentive Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee (in Shares) | 100,000 | |||||||
Common Class B [Member] | Restricted Stock Units (RSUs) [Member] | Amended and Restated 2007 Incentive Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 207,370 | |||||||
Common Class B [Member] | Amended and Restated 2007 Incentive Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 1,013,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,450,000 | |||||||
Restricted Stock Units (RSUs) [Member] | Amended and Restated 2007 Incentive Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
Restricted Stock [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 253,855 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 3,500,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $26.81 | |||||||
Deferred Compensation Plan [Member | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Deferred Compensation Arrangement With Individual, Vested Percentage | 100.00% | |||||||
Deferred Compensation Liability, Current | 3,000,000 | 1,700,000 | ||||||
Cash Surrender Value of Life Insurance | 2,900,000 | 1,600,000 | ||||||
Rush 401k Plan [Member] | Minimum [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 1.00% | |||||||
Rush 401k Plan [Member] | Maximum [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% | |||||||
Rush 401k Plan [Member] | Highly Compensated Employees [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 15.00% | |||||||
Rush 401k Plan [Member] | Employees With Less Than Five Years Of Service [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 20.00% | 15.00% | ||||||
Rush 401k Plan [Member] | Employees With More Than Five Years Of Service [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 40.00% | 30.00% | ||||||
Rush 401k Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Contribution Plan Period For Eligibility | 90 days | |||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10.00% | 10.00% | ||||||
Defined Contribution Plan, Cost Recognized | 5,200,000 | 4,400,000 | 3,700,000 | |||||
Shares Issued to One Non-Employee Director [Member] | The 2006 Non-Employee Director Stock Option Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Payment to Non-Employee Directors | 25,000 | 50,000 | ||||||
Issuance of Stock and Cash for Non-employee Director Compensation | 125,000 | 125,000 | ||||||
Shares Issued to One Non-Employee Director 2 [Member] | The 2006 Non-Employee Director Stock Option Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Payment to Non-Employee Directors | 50,000 | |||||||
Issuance of Stock and Cash for Non-employee Director Compensation | 125,000 | |||||||
Employee Stock Purchase Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
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 Shares Available for Grant (in Shares) | 250,500 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | 900,000 | |||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in Shares) | 64,090 | 79,681 | ||||||
Number Of Employees Eligible To Participate In Stock Purchase Plan | 6,297 | |||||||
Number Of Employees Participating In Stock Purchase Plan | 837 | |||||||
The 2006 Non-Employee Director Stock Option Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,500,000 | |||||||
Reduction in Number of Shares Reserved for Issuance (in Shares) | 1,000,000 | |||||||
Number of Shares Available for Purchase with Options by Non-Employee Director Each Year (in Shares) | 20,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||
Amended and Restated 2007 Incentive Plan [Member] | ||||||||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Note_11_Share_Based_Compensati3
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) - Stock Option (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Stock Option [Abstract] | |
Outstanding options, shares | 3,642,156 |
Outstanding options, weighted average exercise price | $16.41 |
Outstanding options, weighted average remaining contractual life | 6 years 7 days |
Expected to vest after December 31, 2014 | 1,950,078 |
Expected to vest after December 31, 2014 | $23.61 |
Expected to vest after December 31, 2014 | 7 years 178 days |
Expected to vest after December 31, 2014 | $16,465,041 |
Vested and exercisable at December 31, 2014 | 1,114,912 |
Vested and exercisable at December 31, 2014 | $12.47 |
Vested and exercisable at December 31, 2014 | 3 years 156 days |
Vested and exercisable at December 31, 2014 | 22,420,955 |
Granted | 459,058 |
Granted | $30.27 |
Exercised | -902,238 |
Exercised | $12.21 |
Forfeited | -16,000 |
Forfeited | $26.86 |
Outstanding options, shares | 3,182,976 |
Outstanding options, weighted average exercise price | $19.55 |
Outstanding options, weighted average remaining contractual life | 6 years 7 days |
Outstanding options, aggregate intrinsic value | $39,792,666 |
Note_11_Share_Based_Compensati4
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) - Non-vested Options (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) - Non-vested Options [Line Items] | |||
Outstanding options, shares | 3,642,156 | ||
Granted | 459,058 | ||
Granted | $15.86 | $12.69 | $10.95 |
Vested | -557,934 | ||
Vested | $5.97 | ||
Forfeited | -16,000 | ||
Outstanding options, shares | 3,182,976 | 3,642,156 | |
Non-Vested Shares [Member] | |||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) - Non-vested Options [Line Items] | |||
Outstanding options, shares | 2,152,940 | ||
Non-vested, weighted average grant date fair value | $9.13 | ||
Forfeited | -16,000 | ||
Forfeited | $13.43 | ||
Outstanding options, shares | 2,038,064 | ||
Non-vested, weighted average grant date fair value | $11.48 |
Note_11_Share_Based_Compensati5
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) - Non-vested Restricted Stock Awards and RSU's (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) - Non-vested Restricted Stock Awards and RSU's [Line Items] | |||
Granted (in Dollars per share) | $26.81 | $22.12 | $21.98 |
Restricted Stock [Member] | |||
Note 11 - Share Based Compensation and Employee Benefit Plans (Details) - Non-vested Restricted Stock Awards and RSU's [Line Items] | |||
Stock Awards and Units, Shares | 302,015 | ||
Weighted Average Remaining Contractual Life (in Years) | 8 years 259 days | ||
Weighted Average Grant Date Fair Value (in Dollars per share) | $21.81 | ||
Expected to vest after December 31, 2014 | 398,268 | ||
Expected to vest after December 31, 2014 | 8 years 259 days | ||
Expected to vest after December 31, 2014 (in Dollars) | $11,459,524 | ||
Granted | 253,855 | ||
Granted (in Dollars per share) | $26.81 | ||
Vested | -152,520 | ||
Vested (in Dollars per share) | $22.95 | ||
Forfeited | -1,000 | ||
Forfeited (in Dollars per share) | $25.76 | ||
Stock Awards and Units, Shares | 402,350 | ||
Weighted Average Remaining Contractual Life (in Years) | 8 years 259 days | ||
Aggregate Intrinsic Value (in Dollars) | $11,553,831 | ||
Weighted Average Grant Date Fair Value (in Dollars per share) | $24.53 |
Note_12_Earnings_Per_Share_Det
Note 12 - Earnings Per Share (Details) - Earnings Per Share Calculation (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator- | |||
Net income available to common shareholders (in Dollars) | $79,957 | $49,217 | $62,455 |
Denominator- | |||
Denominator for basic earnings per share – weighted average shares | 39,783 | 39,405 | 38,643 |
Effect of dilutive securities- | |||
Employee and director stock options and restricted share awards | 1,111 | 1,101 | 1,045 |
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions | 40,894 | 40,506 | 39,688 |
Basic earnings per common share (in Dollars per share) | $2.01 | $1.25 | $1.62 |
Diluted earnings per common share and common share equivalents (in Dollars per share) | $1.96 | $1.22 | $1.57 |
Note_12_Earnings_Per_Share_Det1
Note 12 - Earnings Per Share (Details) - Anti-Dilutive Securities | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 482 | 928 | 1,124 |
Equity Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 482 | 928 | 1,124 |
Note_13_Income_Taxes_Details
Note 13 - Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $35,280,000 | ||
Deferred Tax Assets, Valuation Allowance | 409,000,000,000 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 409,000,000,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,500,000 | 1,000,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 17,500 | 32,000 | 2,300 |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | 0 | 0 |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $98,500 | $81,000 | $49,000 |
Note_13_Income_Taxes_Details_I
Note 13 - Income Taxes (Details) - Income Tax Expense (Benefits) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current provision- | |||
Federal | $21,826 | $7,755 | $8,647 |
State | 3,531 | 2,008 | 1,917 |
25,357 | 9,763 | 10,564 | |
Deferred provision- | |||
Federal | 23,243 | 20,470 | 25,752 |
State | 1,986 | 1,611 | 2,412 |
25,229 | 22,081 | 28,164 | |
Provision (benefit) for income taxes | $50,586 | $31,844 | $38,728 |
Note_13_Income_Taxes_Details_R
Note 13 - Income Taxes (Details) - Reconciliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation [Abstract] | |||
Income taxes at the federal statutory rate | $45,691 | $28,371 | $35,414 |
State income taxes, net of federal benefit | 3,398 | 2,259 | 2,753 |
Tax effect of permanent differences | 1,069 | 802 | 766 |
Other, net | 428 | 412 | -205 |
Provision for income taxes | $50,586 | $31,844 | $38,728 |
Note_13_Income_Taxes_Details_C
Note 13 - Income Taxes (Details) - Components of Income Taxes Related to Other Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income tax expense (benefit) related to components of other comprehensive income: | |||
Change in fair value of cash flow swaps | $308 | $338 | $133 |
Change in fair value of available-for-sale securities | 166 | -9 | |
Total | 474 | 338 | 124 |
Paid in capital – stock based compensation | ($5,207) | ($2,566) | ($1,668) |
Note_13_Income_Taxes_Details_D
Note 13 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Inventory | $6,786 | $4,673 |
Accounts receivable | 304 | 304 |
Capital lease obligations | 4,217 | 3,821 |
Stock options | 1,764 | 1,474 |
Accrued liabilities | 3,935 | 4,531 |
State net operating loss carry forward | 1,436 | 1,071 |
State tax credit | 354 | 403 |
18,796 | 16,277 | |
Valuation allowance | -409 | |
Current deferred tax asset | 18,387 | 16,277 |
Non-Current: | ||
Capital lease obligations | 16,965 | 13,002 |
Stock options | 7,056 | 5,894 |
Other | 1,839 | 1,821 |
25,860 | 20,717 | |
Deferred tax liabilities: | ||
Depreciation and amortization | -201,495 | -168,539 |
Net non-current tax liability | ($175,635) | ($147,822) |
Note_13_Income_Taxes_Details_U
Note 13 - Income Taxes (Details) - Unrecognized Tax Benefits (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unrecognized Tax Benefits [Abstract] | |||
Unrecognized tax benefits | $1,545 | $1,409 | $1,337 |
Gross increases – tax positions in current year | 815 | 466 | 358 |
Gross increases – tax positions in a prior year | 267 | ||
Reductions due to lapse of statute of limitations | -273 | -330 | -553 |
Unrecognized tax benefits | $2,087 | $1,545 | $1,409 |
Note_14_Commitments_and_Contin1
Note 14 - Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Construction Contracts for Facilities [Member] | |
Note 14 - Commitments and Contingencies (Details) [Line Items] | |
Purchase Commitment, Remaining Minimum Amount Committed | $49 |
Information Technology Contracts [Member] | |
Note 14 - Commitments and Contingencies (Details) [Line Items] | |
Purchase Commitment, Remaining Minimum Amount Committed | $22.50 |
Note_15_Acquisitions_Details
Note 15 - Acquisitions (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-14 | Jun. 25, 2014 | Dec. 08, 2014 | Nov. 03, 2014 | Jul. 01, 2014 | Jan. 13, 2014 | Oct. 28, 2013 | Sep. 30, 2013 | Jul. 29, 2013 | Jul. 01, 2013 | 6-May-13 | Dec. 31, 2012 | |
Note 15 - Acquisitions (Details) [Line Items] | |||||||||||||||
Payments to Acquire Businesses, Gross | $157,626,000 | $72,725,000 | $104,571,000 | ||||||||||||
Research and Development Expense | 2,000,000 | ||||||||||||||
Selling, General and Administrative Expenses [Member] | CNG Fuel Systems [Member] | |||||||||||||||
Note 15 - Acquisitions (Details) [Line Items] | |||||||||||||||
Research and Development Expense | 2,000,000 | ||||||||||||||
CCTTS [Member] | |||||||||||||||
Note 15 - Acquisitions (Details) [Line Items] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||||||
Payments to Acquire Equity Method Investments | 2,200,000 | ||||||||||||||
North Florida Truck Parts, Inc [Member] | |||||||||||||||
Note 15 - Acquisitions (Details) [Line Items] | |||||||||||||||
Payments to Acquire Businesses, Gross | 1,600,000 | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||||||
House of Trucks, Inc [Member] | |||||||||||||||
Note 15 - Acquisitions (Details) [Line Items] | |||||||||||||||
Payments to Acquire Businesses, Gross | 6,900,000 | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||||||
Truck Parts Depot Inc [Member] | |||||||||||||||
Note 15 - Acquisitions (Details) [Line Items] | |||||||||||||||
Payments to Acquire Businesses, Gross | 500,000,000,000 | ||||||||||||||
CIT, Inc [Member] | |||||||||||||||
Note 15 - Acquisitions (Details) [Line Items] | |||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||||||
Business Combination, Consideration Transferred | 146,600,000 | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 83,091 | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 2,000,000 | ||||||||||||||
Prairie International Trucks [Member] | |||||||||||||||
Note 15 - Acquisitions (Details) [Line Items] | |||||||||||||||
Payments to Acquire Businesses, Gross | 9,500,000 | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||||||
TransAuthority, Inc. [Member] | |||||||||||||||
Note 15 - Acquisitions (Details) [Line Items] | |||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||||||
Business Combination, Consideration Transferred | 41,700,000 | ||||||||||||||
Business Combination, Value of Real Estate Transferred | 11,100,000 | ||||||||||||||
Midwest Truck Sales [Member] | |||||||||||||||
Note 15 - Acquisitions (Details) [Line Items] | |||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||||||
Business Combination, Consideration Transferred | 16,800,000 | ||||||||||||||
Business Combination, Value of Real Estate Transferred | 2,300,000 | ||||||||||||||
Larson Group [Member] | |||||||||||||||
Note 15 - Acquisitions (Details) [Line Items] | |||||||||||||||
Payments to Acquire Businesses, Gross | 1,200,000 | ||||||||||||||
Piedmont International Trucks, LLC [Member] | |||||||||||||||
Note 15 - Acquisitions (Details) [Line Items] | |||||||||||||||
Business Combination, Consideration Transferred | 3,500,000 | ||||||||||||||
Acquisition of MVI Group [Member] | |||||||||||||||
Note 15 - Acquisitions (Details) [Line Items] | |||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||||||
Business Combination, Consideration Transferred | $104,500,000 |
Note_15_Acquisitions_Details_P
Note 15 - Acquisitions (Details) - Purchase Price Allocation (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 08, 2014 | Nov. 03, 2014 | Jan. 13, 2014 | Oct. 28, 2013 | Sep. 30, 2013 | Jul. 29, 2013 | 6-May-13 |
In Thousands, unless otherwise specified | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | $265,145 | $215,464 | $198,257 | |||||||
North Florida Truck Parts, Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 1,048 | |||||||||
Property, plant and equipment | 448 | |||||||||
Inventory | 50 | |||||||||
Accounts receivable | 20 | |||||||||
Total purchase price | 1,566 | |||||||||
House of Trucks, Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 1,968 | |||||||||
Property, plant and equipment | 2,416 | |||||||||
Prepaid expenses | 6 | |||||||||
Accrued expenses | -28 | |||||||||
Inventory | 2,512 | |||||||||
Total purchase price | 6,874 | |||||||||
CIT, Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 46,384 | |||||||||
Franchise rights | 2,442 | |||||||||
Property, plant and equipment | 60,066 | |||||||||
Prepaid expenses | 750 | |||||||||
Other | 23 | |||||||||
Accrued expenses | -1,325 | |||||||||
Inventory | 31,048 | |||||||||
Accounts receivable | 7,175 | |||||||||
Total purchase price | 146,563 | |||||||||
Prairie International Trucks [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 2,832 | |||||||||
Property, plant and equipment | 3,209 | |||||||||
Prepaid expenses | -56 | |||||||||
Other | 3 | |||||||||
Accrued expenses | -23 | |||||||||
Inventory | 2,174 | |||||||||
Accounts receivable | 1,401 | |||||||||
Total purchase price | 9,540 | |||||||||
Transauthority, Inc., Transauthority Idealease, LLC and Transauthority Idealease-Tidewater, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 7,798 | |||||||||
Property, plant and equipment | 26,829 | |||||||||
Prepaid expenses | 471 | |||||||||
Other | 66 | |||||||||
Accrued expenses | -213 | |||||||||
Inventory | 5,177 | |||||||||
Accounts receivable | 1,554 | |||||||||
Total purchase price | 41,682 | |||||||||
Midwest Truck Sales [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 5,624 | |||||||||
Property, plant and equipment | 4,333 | |||||||||
Prepaid expenses | 39 | |||||||||
Other | 53 | |||||||||
Accrued expenses | -61 | |||||||||
Inventory | 6,792 | |||||||||
Total purchase price | 16,780 | |||||||||
Piedmont International Trucks, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Property, plant and equipment | 1,485 | |||||||||
Prepaid expenses | 10 | |||||||||
Accrued expenses | -76 | |||||||||
Inventory | 1,720 | |||||||||
Accounts receivable | 364 | |||||||||
Total purchase price | 3,503 | |||||||||
Acquisition of MVI Group [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 17,365 | |||||||||
Property, plant and equipment | 29,768 | |||||||||
Prepaid expenses | 488 | |||||||||
Accrued expenses | -200 | |||||||||
Inventory | 51,476 | |||||||||
Accounts receivable | 5,638 | |||||||||
Total purchase price | $104,535 |
Note_16_Accumulated_Other_Comp2
Note 16 - Accumulated Other Comprehensive Income (Details) - Accmulated Other Comprehensive (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accmulated Other Comprehensive (Loss) [Abstract] | |||
Balance as of December 31, 2012 | ($624) | ($1,178) | |
Balance as of December 31, 2012 | -578 | -578 | |
Balance as of December 31, 2012 | -1,202 | -1,756 | |
Income Tax Expense, Cash Flow Swaps | -308 | -338 | |
Income Tax Expense, Available for Sale Securities | -474 | -338 | -124 |
Income Tax Expense, Total | -166 | 9 | |
Balance, Cash Flow Swaps | -143 | -624 | -1,178 |
Balance, Available for Sale Securities | -317 | -578 | -578 |
Balance, Total | -460 | -1,202 | -1,756 |
Changes in Value, Cash Flow Swaps | 789 | 892 | 317 |
Changes in Value, Available for Sale Securities | 427 | ||
Changes in Value, Total | $1,216 | $892 |
Note_16_Accumulated_Other_Comp3
Note 16 - Accumulated Other Comprehensive Income (Details) - Loss Reclassified from Accumulated Other Comprehensive (Loss) into Earnings (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Losses on cash flow swaps to: | |||
Interest expense | ($196) | ($290) | ($393) |
Income tax benefit | 76 | 113 | 153 |
Total reclassifications | ($120) | ($177) | ($240) |
Note_17_Unaudited_Quarterly_Fi2
Note 17 - Unaudited Quarterly Financial Data (Details) (Former Chairman [Member], USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | 30-May-13 | 31-May-13 |
Former Chairman [Member] | ||
Note 17 - Unaudited Quarterly Financial Data (Details) [Line Items] | ||
Pension and Other Postretirement Benefit Expense | $10.80 | $10.80 |
Note_17_Unaudited_Quarterly_Fi3
Note 17 - Unaudited Quarterly Financial Data (Details) - Quarterly Financial Data (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
2014 | |||
Revenues | $4,727,356 | $3,384,705 | $3,090,567 |
Gross profit | 756,046 | 572,014 | 500,767 |
Operating income | 141,741 | 91,754 | 114,200 |
Income before income taxes | 130,543 | 81,061 | 101,183 |
Net income | 79,957 | 49,217 | 62,455 |
Earnings per share: | |||
Basic (in Dollars per share) | $2.01 | $1.25 | $1.62 |
Diluted (in Dollars per share) | $1.96 | $1.22 | $1.57 |
First Quarter [Member] | |||
2014 | |||
Revenues | 958,667 | ||
Gross profit | 165,925 | ||
Operating income | 22,746 | ||
Income before income taxes | 19,615 | ||
Net income | 12,014 | ||
Earnings per share: | |||
Basic (in Dollars per share) | $0.31 | ||
Diluted (in Dollars per share) | $0.30 | ||
Second Quarter [Member] | |||
2014 | |||
Revenues | 1,182,461 | ||
Gross profit | 193,349 | ||
Operating income | 34,932 | ||
Income before income taxes | 32,389 | ||
Net income | 19,838 | ||
Earnings per share: | |||
Basic (in Dollars per share) | $0.50 | ||
Diluted (in Dollars per share) | $0.49 | ||
Third Quarter [Member] | |||
2014 | |||
Revenues | 1,241,022 | ||
Gross profit | 198,739 | ||
Operating income | 41,018 | ||
Income before income taxes | 38,329 | ||
Net income | 23,478 | ||
Earnings per share: | |||
Basic (in Dollars per share) | $0.59 | ||
Diluted (in Dollars per share) | $0.57 | ||
Fourth Quarter [Member] | |||
2014 | |||
Revenues | 1,345,206 | ||
Gross profit | 198,033 | ||
Operating income | 43,045 | ||
Income before income taxes | 40,210 | ||
Net income | $24,627 | ||
Earnings per share: | |||
Basic (in Dollars per share) | $0.62 | ||
Diluted (in Dollars per share) | $0.60 |
Note_18_Segments_Details
Note 18 - Segments (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 1 |
Number of Operating Segments | 3 |
Note_18_Segments_Details_Segme
Note 18 - Segments (Details) - Segment Reporting Information (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
2014 | |||
Revenues from external customers, by segment | $4,727,356 | $3,384,705 | $3,090,567 |
Interest income, by segment | 239 | 41 | 21 |
Interest expense, by segment | 11,437 | 10,734 | 13,038 |
Depreciation and amortization, by segment | 40,786 | 29,925 | 25,016 |
Segment income (loss) from continuing operations before taxes, by segment | 130,543 | 81,061 | 101,183 |
Segment assets, by segment | 2,694,262 | 2,167,798 | 1,881,566 |
Goodwill, by segment | 265,145 | 215,464 | 198,257 |
Expenditures for segment assets, by segment | 263,123 | 191,584 | 170,951 |
Truck Segment [Member] | |||
2014 | |||
Revenues from external customers, by segment | 4,708,978 | 3,365,900 | 3,072,092 |
Interest income, by segment | 239 | 41 | 21 |
Interest expense, by segment | 11,278 | 10,559 | 12,830 |
Depreciation and amortization, by segment | 40,283 | 29,403 | 24,482 |
Segment income (loss) from continuing operations before taxes, by segment | 131,035 | 81,856 | 102,392 |
Segment assets, by segment | 2,664,405 | 2,140,008 | 1,855,431 |
Goodwill, by segment | 262,585 | 212,904 | 195,697 |
Expenditures for segment assets, by segment | 262,613 | 191,016 | 170,436 |
Other Segments [Member] | |||
2014 | |||
Revenues from external customers, by segment | 18,378 | 18,805 | 18,475 |
Interest expense, by segment | 159 | 175 | 208 |
Depreciation and amortization, by segment | 503 | 522 | 534 |
Segment income (loss) from continuing operations before taxes, by segment | -492 | -795 | -1,209 |
Segment assets, by segment | 29,857 | 27,790 | 26,135 |
Goodwill, by segment | 2,560 | 2,560 | 2,560 |
Expenditures for segment assets, by segment | $510 | $568 | $515 |
Note_19_Asset_Impairment_Detai
Note 19 - Asset Impairment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 19 - Asset Impairment (Details) [Line Items] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $327,193,000 | $259,551,000 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 6,160,000 | |
Air Transportation Equipment [Member] | Truck Segment [Member] | ||
Note 19 - Asset Impairment (Details) [Line Items] | ||
Impairment of Long-Lived Assets Held-for-use | 3,400,000 | |
Property, Plant and Equipment, Gross | 9,900,000 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 3,900,000 | |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 1,000,000 | |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | $6,200,000 |
Note_20_Related_Party_Transact1
Note 20 - Related Party Transactions (Details) (CCTTS [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Note 20 - Related Party Transactions (Details) [Line Items] | |
Related Party Transaction, Amounts of Transaction | 10 |
Due to Related Parties | 8.2 |
London Interbank Offered Rate (LIBOR) [Member] | |
Note 20 - Related Party Transactions (Details) [Line Items] | |
Related Party Transaction, Rate | 4.00% |