Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
Document Information [Line Items] | ||
Entity Registrant Name | RUSH ENTERPRISES INC \TX\ | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
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-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 30,170,422 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 10,093,305 |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $47,275 | $191,463 |
Accounts receivable, net | 208,177 | 170,027 |
Note receivable affiliate | 6,140 | 8,168 |
Inventories, net | 1,124,953 | 1,024,104 |
Prepaid expenses and other | 16,463 | 28,312 |
Asset held for sale | 5,053 | 5,053 |
Deferred income taxes, net | 18,569 | 18,387 |
Total current assets | 1,426,630 | 1,445,514 |
Investments | 6,905 | 6,905 |
Property and equipment, net | 976,303 | 923,080 |
Goodwill, net | 274,304 | 265,145 |
Other assets, net | 54,581 | 53,618 |
Total assets | 2,738,723 | 2,694,262 |
Current liabilities: | ||
Floor plan notes payable | 912,600 | 845,977 |
Current maturities of long-term debt | 138,364 | 149,065 |
Current maturities of capital lease obligations | 10,823 | 11,231 |
Liabilities directly associated with asset held for sale | 5,920 | 6,160 |
Trade accounts payable | 121,526 | 124,555 |
Customer deposits | 38,548 | 44,879 |
Accrued expenses | 65,099 | 92,743 |
Total current liabilities | 1,292,880 | 1,274,610 |
Long-term debt, net of current maturities | 434,267 | 429,189 |
Capital lease obligations, net of current maturities | 48,554 | 46,019 |
Other long-term liabilities | 4,192 | 4,470 |
Deferred income taxes, net | 174,234 | 175,635 |
Shareholders’ equity: | ||
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2015 and 2014 | 0 | 0 |
Common stock, par value $.01 per share; 60,000,000 class A shares and 20,000,000 class B shares authorized; 30,157,533 class A shares and 10,092,981 class B shares outstanding in 2015; and 29,889,332 class A shares and 9,999,122 class B shares outstanding in 2014 | 429 | 424 |
Additional paid-in capital | 277,349 | 272,486 |
Retained earnings | 550,574 | 533,793 |
Accumulated other comprehensive loss, net of tax | -388 | -460 |
Total shareholders’ equity | 784,596 | 764,339 |
Total liabilities and shareholders’ equity | 2,738,723 | 2,694,262 |
Common Class B [Member] | ||
Shareholders’ equity: | ||
Treasury stock, at cost: 2,616,657 class B shares in 2015; and 2,560,580 class B shares in 2014 | ($43,368) | ($41,904) |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 A [Member] | ||
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares outstanding | 30,157,533 | 29,889,332 |
Common Class B [Member] | ||
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares outstanding | 10,092,981 | 9,999,122 |
Treasury stock, shares | 2,616,657 | 2,560,580 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
New and used commercial vehicle sales | $800,194 | $600,900 |
Parts and service sales | 337,022 | 308,974 |
Lease and rental | 47,792 | 40,989 |
Finance and insurance | 4,531 | 4,076 |
Other | 3,996 | 3,728 |
Total revenue | 1,193,535 | 958,667 |
Cost of products sold: | ||
New and used commercial vehicle sales | 744,260 | 558,142 |
Parts and service sales | 214,697 | 198,703 |
Lease and rental | 40,956 | 35,897 |
Total cost of products sold | 999,913 | 792,742 |
Gross profit | 193,622 | 165,925 |
Selling, general and administrative | 152,627 | 134,445 |
Depreciation and amortization | 9,994 | 8,818 |
Gain (loss) on sale of assets | -672 | 84 |
Operating income | 30,329 | 22,746 |
Interest expense, net | 2,941 | 3,131 |
Income before taxes | 27,388 | 19,615 |
Provision for income taxes | 10,607 | 7,601 |
Net income | 16,781 | 12,014 |
Earnings per common share: | ||
Earnings per common share - Basic (in Dollars per share) | $0.42 | $0.31 |
Earnings per common share - Diluted (in Dollars per share) | $0.41 | $0.30 |
Weighted average shares outstanding: | ||
Basic (in Shares) | 40,066 | 39,332 |
Diluted (in Shares) | 40,985 | 40,511 |
Comprehensive income | $16,853 | $12,128 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $16,781 | $12,014 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 33,959 | 29,056 |
Loss (gain) on sale of property and equipment | 672 | -84 |
Stock-based compensation expense related to employee stock options and employee stock purchases | 3,699 | 3,269 |
Deferred income tax (benefit) | -1,629 | -165 |
Excess tax expense (benefit) from stock-based compensation | 423 | -1,021 |
Change in accounts receivable, net | -34,816 | -25,387 |
Change in inventories, net | -84,894 | -24,282 |
Change in prepaid expenses and other, net | 11,929 | 2,024 |
Change in trade accounts payable | -3,029 | 11,981 |
(Payments) draws on floor plan notes payable – trade, net | -5,057 | 20,463 |
Change in customer deposits | -6,331 | -27,432 |
Change in accrued expenses | -28,280 | -7,525 |
Net cash (used in) operating activities | -96,573 | -7,089 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisition of property and equipment | -82,455 | -53,202 |
Proceeds from the sale of property and equipment | 2,121 | 134 |
Business acquisitions | -27,849 | -143,050 |
Change in other assets | -1,743 | 1,892 |
Net cash used in investing activities | -109,926 | -194,226 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Draws on floor plan notes payable – non-trade, net | 71,680 | 45,177 |
Proceeds from long-term debt | 39,222 | 61,929 |
Principal payments on long-term debt | -45,085 | -24,813 |
Principal payments on capital lease obligations | -3,211 | -3,086 |
Issuance of shares relating to employee stock options and employee stock purchases | 1,592 | 1,947 |
Excess tax benefits (expense) from stock-based compensation | -423 | 1,021 |
Common stock repurchased | -1,464 | -3,796 |
Net cash provided by (used in) financing activities | 62,311 | 78,379 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -144,188 | -122,936 |
CASH AND CASH EQUIVALENTS, beginning of period | 191,463 | 217,305 |
CASH AND CASH EQUIVALENTS, end of period | 47,275 | 94,369 |
Cash paid during the period for: | ||
Interest | 8,381 | 7,343 |
Income taxes, net of refunds | 143 | 1,578 |
Noncash investing and financing activities: | ||
Common stock issued related to business acquisition | 2,000 | |
Assets acquired under capital leases | $5,338 | $3,562 |
Note_1_Principles_of_Consolida
Note 1 - Principles of Consolidation and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 – Principles of Consolidation and Basis of Presentation |
The interim consolidated financial statements included herein have been prepared by Rush Enterprises, Inc. and its subsidiaries (collectively referred to as the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All adjustments have been made to the accompanying interim consolidated financial statements, which, in the opinion of our management, are necessary for a fair presentation of our operating results. All adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is recommended that these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. Results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim periods or the full fiscal year. |
Note_2_Other_Assets
Note 2 - Other Assets | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | 2 – Other Assets |
The capitalized costs, including capitalized interest, of the SAP enterprise software and SAP dealership management system are recorded in Other Assets on the Consolidated Balance Sheets in the amount of $38.1 million at March 31, 2015 and $38.5 million at December 31, 2014. These capitalized costs are net of accumulated amortization of $11.1 million at March 31, 2015 and $10.3 million at December 31, 2014. The SAP software is being amortized over a period of 15 years. The Company completed the conversion of the remaining of its existing Rush Truck Centers and leasing operations to the SAP enterprise software and SAP dealership management system during the first quarter of 2015. | |
Amortization expense relating to the SAP software, which is recognized in depreciation and amortization expense in the Consolidated Statement of Income, was $0.8 million for the three months ended March 31, 2015, and $0.8 million for the three months ended March 31, 2014. The Company estimates that amortization expense relating to the SAP software will be approximately $3.3 million for each of the next five succeeding years. | |
Our only significant identifiable intangible assets, other than goodwill, are rights under franchise agreements with manufacturers. The fair value of franchise rights is determined at the acquisition date by discounting the projected cash flows specific to each acquisition. The carrying value of our manufacturer franchise rights was $7.0 million at March 31, 2015 and December 31, 2014, 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. However, no facts or circumstances were noted during the three months ended March 31, 2015 that would indicate impairment. |
Note_3_Commitments_and_Conting
Note 3 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 3 – 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 our 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 our financial condition or results of operations for the fiscal period in which such resolution occurred. |
Note_4_Earnings_Per_Share
Note 4 - Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share [Text Block] | 4 – Earnings Per Share | ||||||||
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Numerator for basic and diluted earnings per share – | |||||||||
Net income available to common shareholders | $ | 16,781 | $ | 12,014 | |||||
Denominator– | |||||||||
Denominator for basic earnings per share – weighted average shares outstanding | 40,066 | 39,332 | |||||||
Effect of dilutive securities– | |||||||||
Employee and director stock options and restricted share awards | 919 | 1,179 | |||||||
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions | 40,985 | 40,511 | |||||||
Basic earnings per common share | $ | 0.42 | $ | 0.31 | |||||
Diluted earnings per common share and common share equivalents | $ | 0.41 | $ | 0.3 | |||||
Options to purchase shares of common stock that were outstanding for the three months ended March 31, 2015 and 2014 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): | |||||||||
31-Mar-15 | 31-Mar-14 | ||||||||
Weighted average anti-dilutive options | 857 | 431 | |||||||
Note_5_Stock_Options_and_Restr
Note 5 - Stock Options and Restricted Stock Awards | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5 – Stock Options and Restricted Stock Awards |
The Company accounts for stock-based compensation in accordance with Accounting Standards Codification (“ASC”) 718-10, “Compensation – Stock Compensation,” which requires the measurement and recognition of compensation expense for all share-based payment awards made to our employees and directors, including employee stock options, restricted share awards and employee stock purchases related to the Employee Stock Purchase Plan based on estimated fair values. Stock-based compensation expense, calculated using the Black-Scholes option-pricing model for employee stock options, and included in selling, general and administrative expense, was $3.7 million for the three months ended March 31, 2015, and $3.3 million for the three months ended March 31, 2014. As of March 31, 2015, there was $24.1 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements to be recognized over a weighted-average period of 3.0 years. |
Note_6_Financial_Instruments_a
Note 6 - Financial Instruments and Fair Value | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | 6 – 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 our financial instruments approximate fair value due either to their short-term nature or existence of variable interest rates, which approximate market rates. Certain methods and assumptions were used by the Company in estimating the fair value of financial instruments at March 31, 2015, and December 31, 2014. 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 our long-term debt is based on secondary market indicators. Because our 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 that the valuation measurement inputs of its long-term debt represent, at its lowest level, current market interest rates available to the Company for similar debt and our 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. | |||||||||||||||||||||||||
Auction Rate Securities | |||||||||||||||||||||||||
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 March 31, 2015 and 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. 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 March 31, 2015 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 that 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 our financial statements as follows (in thousands): | |||||||||||||||||||||||||
At March 31, 2015 | At December 31, 2014 | ||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 6,905 | |||||||||||||
Cost Basis | Gross Unrealized | Fair Value | |||||||||||||||||||||||
Amount | Loss In | ||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||
OCI | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Investment in auction rate securities | $ | 7,425 | $ | 520 | $ | 6,905 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Investment in auction rate securities | $ | 7,425 | $ | 520 | $ | 6,905 | |||||||||||||||||||
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 March 31, 2015, the Company had an aggregate $20.4 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. Our interest rate swaps qualify for cash flow hedge accounting treatment. Unrealized gains or losses are recorded in Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheets. 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. These swaps were effective during the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
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 $117,000 as of March 31, 2015. The carrying value of these swaps is included in Other Long-Term Liabilities on the accompanying Consolidated Balance Sheets as of March 31, 2015. | |||||||||||||||||||||||||
As of March 31, 2015 the Company was a party to certain derivative financial instruments, as described in the following table (in thousands): | |||||||||||||||||||||||||
Agreement | Notional Amount | Fixed Interest Rate | Underlying | Expiration Date | Fair Value | ||||||||||||||||||||
Rate | |||||||||||||||||||||||||
Interest Rate Swap | $ | 1,667 | 5.075 | % | 3 month LIBOR | 1-Jul-15 | $ | (9 | ) | ||||||||||||||||
Interest Rate Swap | 3,444 | 5.075 | % | 3 month LIBOR | 1-Jul-15 | (18 | ) | ||||||||||||||||||
Interest Rate Swap | 4,264 | 5.38 | % | 1 month LIBOR | 29-Jun-15 | (26 | ) | ||||||||||||||||||
Interest Rate Swap | 656 | 5.29 | % | 1 month LIBOR | 30-Jun-15 | (4 | ) | ||||||||||||||||||
Interest Rate Swap | 1,258 | 5.29 | % | 1 month LIBOR | 30-Jun-15 | (7 | ) | ||||||||||||||||||
Interest Rate Swap | 6,341 | 5.29 | % | 1 month LIBOR | 30-Jun-15 | (37 | ) | ||||||||||||||||||
Interest Rate Swap | 547 | 5.29 | % | 1 month LIBOR | 30-Jun-15 | (3 | ) | ||||||||||||||||||
Interest Rate Swap | 2,197 | 5.29 | % | 1 month LIBOR | 30-Jun-15 | (13 | ) | ||||||||||||||||||
Fair values of derivative instruments are on the accompanying Consolidated Balance Sheets (in thousands): | |||||||||||||||||||||||||
Fair Value at | |||||||||||||||||||||||||
Derivative Liabilities Designated as Hedging Instruments | Balance Sheet Location | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||
Interest Rate Swaps | Other Long-Term Liabilities | $ | 117 | $ | 235 | ||||||||||||||||||||
Gain (Loss) Recognized in | Location of Loss | Loss Reclassified | |||||||||||||||||||||||
OCI on Derivatives | from Accumulated | ||||||||||||||||||||||||
(Effective Portion) | OCI into Income | ||||||||||||||||||||||||
during the | (Effective Portion) | ||||||||||||||||||||||||
Three Months Ended | during the | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | March 31, | Reclassified into | March 31, | March 31, | |||||||||||||||||||||
2015 | 2014 | Income | 2015 | 2014 | |||||||||||||||||||||
Interest rate swaps | $ | 118 | $ | 187 | Interest Expense | $ | (29 | ) | $ | (64 | ) | ||||||||||||||
Note_7_Segment_Information
Note 7 - Segment Information | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Reporting Disclosure [Text Block] | 7 – Segment Information | ||||||||||||
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. Our chief operating decision maker considers the entire Truck Segment, not individual dealerships, when making decisions about resources to be allocated to the segment and assessing its performance. | |||||||||||||
The Company also has revenues attributable to three other operating segments. These segments include a retail tire company, an insurance agency and a guest ranch operation and are included in the All Other column below. None of these segments has ever met any of the quantitative thresholds for determining reportable segments. | |||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on income before income taxes, not including extraordinary items. | |||||||||||||
The following table contains summarized information about reportable segment revenue, segment income or loss from continuing operations and segment assets for the periods ended March 31, 2015 and 2014 (in thousands): | |||||||||||||
Truck Segment | All Other | Totals | |||||||||||
As of and for the three months ended March 31, 2015 | |||||||||||||
Revenues from external customers | $ | 1,189,987 | $ | 3,548 | $ | 1,193,535 | |||||||
Segment income (loss) before taxes | 27,752 | (364 | ) | 27,388 | |||||||||
Segment assets | 2,708,600 | 30,123 | 2,738,723 | ||||||||||
As of and for the three months ended March 31, 2014 | |||||||||||||
Revenues from external customers | $ | 954,407 | $ | 4,260 | $ | 958,667 | |||||||
Segment income (loss) before taxes | 19,759 | (144 | ) | 19,615 | |||||||||
Segment assets | 2,233,510 | 30,210 | 2,263,720 | ||||||||||
Note_8_Income_Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 8 – Income Taxes |
The Company had unrecognized income tax benefits totaling $1.5 million as a component of accrued liabilities at March 31, 2015 and December 31, 2014, the total of which, if recognized, would impact its effective tax rate. An unfavorable settlement may 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. No amounts were accrued for penalties. The Company had approximately $98,500 accrued for the payment of interest at March 31, 2015 and December 31, 2014. | |
The Company does not anticipate a significant change in the amount of unrecognized tax benefits in the next 12 months. As of March 31, 2015, 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. |
Note_9_Accumulated_Other_Compr
Note 9 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Comprehensive Income (Loss) Note [Text Block] | 9 – Accumulated Other Comprehensive Income (Loss) | ||||||||||||
The following table shows the components of accumulated other comprehensive loss, net of tax, (in thousands): | |||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||
Cash Flow Swaps | Available for Sale Securities | Total | |||||||||||
Balance as of December 31, 2014 | $ | (143 | ) | $ | (317 | ) | $ | (460 | ) | ||||
Change in fair value | 118 | − | 118 | ||||||||||
Income tax deferred | (46 | ) | (46 | ) | |||||||||
Balance at March 31, 2015 | $ | (71 | ) | $ | (317 | ) | $ | (388 | ) | ||||
Three Months Ended March 31, 2014 | |||||||||||||
Cash Flow Swaps | Available for Sale Securities | Total | |||||||||||
Balance as of December 31, 2013 | $ | (624 | ) | $ | (578 | ) | $ | (1,202 | ) | ||||
Change in fair value | 187 | − | 187 | ||||||||||
Income tax deferred | (73 | ) | (73 | ) | |||||||||
Balance at March 31, 2014 | $ | (510 | ) | $ | (578 | ) | $ | (1,088 | ) | ||||
The following table shows the amount of loss reclassified from accumulated other comprehensive loss into earnings (in thousands): | |||||||||||||
Three Months Ended | |||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||
Losses on cash flow swaps to: | |||||||||||||
Interest expense | $ | (29 | ) | $ | (64 | ) | |||||||
Income tax benefit | 11 | 25 | |||||||||||
Total reclassifications | $ | (18 | ) | $ | (39 | ) | |||||||
Note_10_Acquisitions
Note 10 - Acquisitions | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Business Combination Disclosure [Text Block] | 10 – 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 2015 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 February 9, 2015, the Company acquired certain assets of Effingham Truck Sales, Inc. The acquisition included International commercial truck dealerships and an Idealease commercial vehicle rental and leasing business in Effingham and Mount Vernon, Illinois. | |||||
The purchase price for the assets, membership interests, goodwill, and dealership properties was approximately $25.3 million, which was paid in cash. The operations of Effingham Truck Sales, 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): | |||||
Goodwill | $ | 9,159 | |||
Inventory | 7,622 | ||||
Property and equipment | 7,090 | ||||
Accounts receivable | 1,306 | ||||
Prepaid expenses | 80 | ||||
Other | 4 | ||||
Total | $ | 25,261 | |||
All of the goodwill acquired in the Effingham Truck Sales, Inc. acquisition will be amortized over 15 years for tax purposes. | |||||
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 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 | ||||
Inventory | 31,048 | ||||
Accounts receivable | 7,175 | ||||
Franchise rights | 2,442 | ||||
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. |
Note_11_Subsequent_Event
Note 11 - Subsequent Event | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 11 – Subsequent Event |
On May 4, 2015, we acquired certain assets of Yancey Truck Centers, LLC, which operated commercial vehicle dealerships in Albany, Blackshear, Tifton, Valdosta, Augusta, Columbus and Macon, Georgia. These locations are operating as Rush Truck Centers and offer commercial vehicle sales, parts and service for International trucks. The Albany location also includes an Idealease commercial vehicle rental and leasing business. The transaction was valued at approximately $30.0 million, including real estate of $7.8 million, with the purchase price paid in cash. |
Note_4_Earnings_Per_Share_Tabl
Note 4 - Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Numerator for basic and diluted earnings per share – | |||||||||
Net income available to common shareholders | $ | 16,781 | $ | 12,014 | |||||
Denominator– | |||||||||
Denominator for basic earnings per share – weighted average shares outstanding | 40,066 | 39,332 | |||||||
Effect of dilutive securities– | |||||||||
Employee and director stock options and restricted share awards | 919 | 1,179 | |||||||
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions | 40,985 | 40,511 | |||||||
Basic earnings per common share | $ | 0.42 | $ | 0.31 | |||||
Diluted earnings per common share and common share equivalents | $ | 0.41 | $ | 0.3 | |||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 31-Mar-15 | 31-Mar-14 | |||||||
Weighted average anti-dilutive options | 857 | 431 |
Note_6_Financial_Instruments_a1
Note 6 - Financial Instruments and Fair Value (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | At March 31, 2015 | At December 31, 2014 | |||||||||||||||||||||||
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 | $ | — | $ | — | $ | 6,905 | |||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Cost Basis | Gross Unrealized | Fair Value | ||||||||||||||||||||||
Amount | Loss In | ||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||
OCI | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Investment in auction rate securities | $ | 7,425 | $ | 520 | $ | 6,905 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Investment in auction rate securities | $ | 7,425 | $ | 520 | $ | 6,905 | |||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | Agreement | Notional Amount | Fixed Interest Rate | Underlying | Expiration Date | Fair Value | |||||||||||||||||||
Rate | |||||||||||||||||||||||||
Interest Rate Swap | $ | 1,667 | 5.075 | % | 3 month LIBOR | 1-Jul-15 | $ | (9 | ) | ||||||||||||||||
Interest Rate Swap | 3,444 | 5.075 | % | 3 month LIBOR | 1-Jul-15 | (18 | ) | ||||||||||||||||||
Interest Rate Swap | 4,264 | 5.38 | % | 1 month LIBOR | 29-Jun-15 | (26 | ) | ||||||||||||||||||
Interest Rate Swap | 656 | 5.29 | % | 1 month LIBOR | 30-Jun-15 | (4 | ) | ||||||||||||||||||
Interest Rate Swap | 1,258 | 5.29 | % | 1 month LIBOR | 30-Jun-15 | (7 | ) | ||||||||||||||||||
Interest Rate Swap | 6,341 | 5.29 | % | 1 month LIBOR | 30-Jun-15 | (37 | ) | ||||||||||||||||||
Interest Rate Swap | 547 | 5.29 | % | 1 month LIBOR | 30-Jun-15 | (3 | ) | ||||||||||||||||||
Interest Rate Swap | 2,197 | 5.29 | % | 1 month LIBOR | 30-Jun-15 | (13 | ) | ||||||||||||||||||
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-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||
Interest Rate Swaps | Other Long-Term Liabilities | $ | 117 | $ | 235 | ||||||||||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Gain (Loss) Recognized in | Location of Loss | Loss Reclassified | ||||||||||||||||||||||
OCI on Derivatives | from Accumulated | ||||||||||||||||||||||||
(Effective Portion) | OCI into Income | ||||||||||||||||||||||||
during the | (Effective Portion) | ||||||||||||||||||||||||
Three Months Ended | during the | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | March 31, | Reclassified into | March 31, | March 31, | |||||||||||||||||||||
2015 | 2014 | Income | 2015 | 2014 | |||||||||||||||||||||
Interest rate swaps | $ | 118 | $ | 187 | Interest Expense | $ | (29 | ) | $ | (64 | ) |
Note_7_Segment_Information_Tab
Note 7 - Segment Information (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Truck Segment | All Other | Totals | ||||||||||
As of and for the three months ended March 31, 2015 | |||||||||||||
Revenues from external customers | $ | 1,189,987 | $ | 3,548 | $ | 1,193,535 | |||||||
Segment income (loss) before taxes | 27,752 | (364 | ) | 27,388 | |||||||||
Segment assets | 2,708,600 | 30,123 | 2,738,723 | ||||||||||
As of and for the three months ended March 31, 2014 | |||||||||||||
Revenues from external customers | $ | 954,407 | $ | 4,260 | $ | 958,667 | |||||||
Segment income (loss) before taxes | 19,759 | (144 | ) | 19,615 | |||||||||
Segment assets | 2,233,510 | 30,210 | 2,263,720 |
Note_9_Accumulated_Other_Compr1
Note 9 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Note 9 - Accumulated Other Comprehensive Income (Loss) (Tables) [Line Items] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, 2015 | ||||||||||||
Cash Flow Swaps | Available for Sale Securities | Total | |||||||||||
Balance as of December 31, 2014 | $ | (143 | ) | $ | (317 | ) | $ | (460 | ) | ||||
Change in fair value | 118 | − | 118 | ||||||||||
Income tax deferred | (46 | ) | (46 | ) | |||||||||
Balance at March 31, 2015 | $ | (71 | ) | $ | (317 | ) | $ | (388 | ) | ||||
Three Months Ended March 31, 2014 | |||||||||||||
Cash Flow Swaps | Available for Sale Securities | Total | |||||||||||
Balance as of December 31, 2013 | $ | (624 | ) | $ | (578 | ) | $ | (1,202 | ) | ||||
Change in fair value | 187 | − | 187 | ||||||||||
Income tax deferred | (73 | ) | (73 | ) | |||||||||
Balance at March 31, 2014 | $ | (510 | ) | $ | (578 | ) | $ | (1,088 | ) | ||||
Reclassifications [Member] | |||||||||||||
Note 9 - Accumulated Other Comprehensive Income (Loss) (Tables) [Line Items] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended | ||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||
Losses on cash flow swaps to: | |||||||||||||
Interest expense | $ | (29 | ) | $ | (64 | ) | |||||||
Income tax benefit | 11 | 25 | |||||||||||
Total reclassifications | $ | (18 | ) | $ | (39 | ) |
Note_10_Acquisitions_Tables
Note 10 - Acquisitions (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Goodwill | $ | 9,159 | ||
Inventory | 7,622 | ||||
Property and equipment | 7,090 | ||||
Accounts receivable | 1,306 | ||||
Prepaid expenses | 80 | ||||
Other | 4 | ||||
Total | $ | 25,261 | |||
Property and equipment | $ | 60,066 | |||
Goodwill | 46,384 | ||||
Inventory | 31,048 | ||||
Accounts receivable | 7,175 | ||||
Franchise rights | 2,442 | ||||
Prepaid expenses | 750 | ||||
Other | 23 | ||||
Accrued expenses | (1,325 | ) | |||
Total | $ | 146,563 |
Note_2_Other_Assets_Details
Note 2 - Other Assets (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Note 2 - Other Assets (Details) [Line Items] | |||
Capitalized Computer Software, Net | $38.50 | $38.10 | |
Capitalized Computer Software, Accumulated Amortization | 10.3 | 11.1 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3.3 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3.3 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3.3 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 3.3 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3.3 | ||
Indefinite-Lived Franchise Rights | 7 | 7 | |
Goodwill and Intangible Asset Impairment | 0 | ||
Computer Software, Intangible Asset [Member] | |||
Note 2 - Other Assets (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Amortization of Intangible Assets | $0.80 | $0.80 |
Note_4_Earnings_Per_Share_Deta
Note 4 - Earnings Per Share (Details) - Earnings Per Share Calculation (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator for basic and diluted earnings per share – | ||
Net income available to common shareholders (in Dollars) | $16,781 | $12,014 |
Denominator– | ||
Denominator for basic earnings per share – weighted average shares outstanding | 40,066 | 39,332 |
Effect of dilutive securities– | ||
Employee and director stock options and restricted share awards | 919 | 1,179 |
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions | 40,985 | 40,511 |
Basic earnings per common share (in Dollars per share) | $0.42 | $0.31 |
Diluted earnings per common share and common share equivalents (in Dollars per share) | $0.41 | $0.30 |
Note_4_Earnings_Per_Share_Deta1
Note 4 - Earnings Per Share (Details) - Anti-dilutive Securities | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Anti-dilutive Securities [Abstract] | ||
Weighted average anti-dilutive options | 857 | 431 |
Note_5_Stock_Options_and_Restr1
Note 5 - Stock Options and Restricted Stock Awards (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Note 5 - Stock Options and Restricted Stock Awards (Details) [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $24.10 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |
Selling, General and Administrative Expenses [Member] | ||
Note 5 - Stock Options and Restricted Stock Awards (Details) [Line Items] | ||
Allocated Share-based Compensation Expense | $3.70 | $3.30 |
Note_6_Financial_Instruments_a2
Note 6 - Financial Instruments and Fair Value (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2011 | Mar. 31, 2015 | |
Note 6 - 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 | 117,000 | ||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||
Note 6 - Financial Instruments and Fair Value (Details) [Line Items] | |||
Derivative Asset, Notional Amount | 20,400,000 | ||
Auction Rate Securities [Member] | |||
Note 6 - Financial Instruments and Fair Value (Details) [Line Items] | |||
Available-for-sale Securities | 6,905,000 | 6,905,000 | |
Available-for-sale Securities, Amortized Cost Basis | $7,425,000 | $7,425,000 | |
Derivative, Basis Spread on Variable Rate | 2.25% |
Note_6_Financial_Instruments_a3
Note 6 - Financial Instruments and Fair Value (Details) - Investment in Auction Rate Securities - Fair Value (Auction Rate Securities [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Note 6 - Financial Instruments and Fair Value (Details) - Investment in Auction Rate Securities - Fair Value [Line Items] | ||
Investment in auction rate securities | $6,905 | $6,905 |
Fair Value, Inputs, Level 3 [Member] | ||
Note 6 - Financial Instruments and Fair Value (Details) - Investment in Auction Rate Securities - Fair Value [Line Items] | ||
Investment in auction rate securities | $6,905 | $6,905 |
Note_6_Financial_Instruments_a4
Note 6 - Financial Instruments and Fair Value (Details) - Investment in Auction Rate Securities (Auction Rate Securities [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Auction Rate Securities [Member] | ||
Note 6 - Financial Instruments and Fair Value (Details) - Investment in Auction Rate Securities [Line Items] | ||
Cost Basis Amount | $7,425 | $7,425 |
Gross Unrealized Loss In Accumulated OCI | 520 | 520 |
Fair Value | $6,905 | $6,905 |
Note_6_Financial_Instruments_a5
Note 6 - Financial Instruments and Fair Value (Details) - Derivative Financial Instruments (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Interest Rate Swap Agreement 1 [Member] | |
Derivative [Line Items] | |
Current Notional Amount | $1,667 |
Fixed Interest Rate | 5.08% |
Expiration Date | 1-Jul-15 |
Fair Value | -9 |
Interest Rate Swap Agreement 2 [Member] | |
Derivative [Line Items] | |
Current Notional Amount | 3,444 |
Fixed Interest Rate | 5.08% |
Expiration Date | 1-Jul-15 |
Fair Value | -18 |
Interest Rate Swap Agreement 3 [Member] | |
Derivative [Line Items] | |
Current Notional Amount | 4,264 |
Fixed Interest Rate | 5.38% |
Expiration Date | 29-Jun-15 |
Fair Value | -26 |
Interest Rate Swap Agreement 4 [Member] | |
Derivative [Line Items] | |
Current Notional Amount | 656 |
Fixed Interest Rate | 5.29% |
Expiration Date | 30-Jun-15 |
Fair Value | -4 |
Interest Rate Swap Agreement 5 [Member] | |
Derivative [Line Items] | |
Current Notional Amount | 1,258 |
Fixed Interest Rate | 5.29% |
Expiration Date | 30-Jun-15 |
Fair Value | -7 |
Interest Rate Swap Agreement 6 [Member] | |
Derivative [Line Items] | |
Current Notional Amount | 6,341 |
Fixed Interest Rate | 5.29% |
Expiration Date | 30-Jun-15 |
Fair Value | -37 |
Interest Rate Swap Agreement 7 [Member] | |
Derivative [Line Items] | |
Current Notional Amount | 547 |
Fixed Interest Rate | 5.29% |
Expiration Date | 30-Jun-15 |
Fair Value | -3 |
Interest Rate Swap Agreement 8 [Member] | |
Derivative [Line Items] | |
Current Notional Amount | 2,197 |
Fixed Interest Rate | 5.29% |
Expiration Date | 30-Jun-15 |
Fair Value | ($13) |
Note_6_Financial_Instruments_a6
Note 6 - Financial Instruments and Fair Value (Details) - Fair Values of Derivative Instruments (Other Liabilities [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Swaps | $117 | $235 |
Note_6_Financial_Instruments_a7
Note 6 - Financial Instruments and Fair Value (Details) - Pre-tax Effect of Interest Rate Swaps (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Note 6 - Financial Instruments and Fair Value (Details) - Pre-tax Effect of Interest Rate Swaps [Line Items] | ||
Interest rate swaps | $118 | $187 |
Interest rate swaps | -18 | -39 |
Interest Expense [Member] | ||
Note 6 - Financial Instruments and Fair Value (Details) - Pre-tax Effect of Interest Rate Swaps [Line Items] | ||
Interest rate swaps | ($29) | ($64) |
Note_7_Segment_Information_Det
Note 7 - Segment Information (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 1 |
Number of Operating Segments | 3 |
Note_7_Segment_Information_Det1
Note 7 - Segment Information (Details) - Segment Reporting Information (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Revenues from external customers, by segment | $1,193,535 | $958,667 | |
Segment income (loss) before taxes | 27,388 | 19,615 | |
Segment assets, by segment | 2,738,723 | 2,263,720 | 2,694,262 |
Truck Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers, by segment | 1,189,987 | 954,407 | |
Segment income (loss) before taxes | 27,752 | 19,759 | |
Segment assets, by segment | 2,708,600 | 2,233,510 | |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers, by segment | 3,548 | 4,260 | |
Segment income (loss) before taxes | -364 | -144 | |
Segment assets, by segment | $30,123 | $30,210 |
Note_8_Income_Taxes_Details
Note 8 - Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $1,500,000 | $1,500,000 |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | 0 |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $98,500 | $98,500 |
Note_9_Accumulated_Other_Compr2
Note 9 - Accumulated Other Comprehensive Income (Loss) (Details) - Accumulated Other Comprehensive (Loss) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive (Loss) [Abstract] | ||||
Balance, Cash Flow Swaps | ($71) | ($510) | ($143) | ($624) |
Balance, Available for Sale Securities | -317 | -578 | -317 | -578 |
Balance, Total | -388 | -1,088 | -460 | -1,202 |
Changes in Value, Cash Flow Swaps | 118 | 187 | ||
Changes in Value, Total | 118 | 187 | ||
Income Tax Deferred, Cash Flow Swaps | -46 | -73 | ||
Income Tax Deferred, Total | ($46) | ($73) |
Note_9_Accumulated_Other_Compr3
Note 9 - Accumulated Other Comprehensive Income (Loss) (Details) - Loss Reclassified from Accumulated Other Comprehensive (Loss) into Earnings (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Losses on cash flow swaps to: | ||
Loss Reclassified from Accumulated Other Comprehensive Loss into Earnings | ($18) | ($39) |
Income tax benefit | 11 | 25 |
Interest Expense [Member] | ||
Losses on cash flow swaps to: | ||
Loss Reclassified from Accumulated Other Comprehensive Loss into Earnings | ($29) | ($64) |
Note_10_Acquisitions_Details
Note 10 - Acquisitions (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Feb. 09, 2015 | Jan. 13, 2014 | |
Note 10 - Acquisitions (Details) [Line Items] | ||||
Payments to Acquire Businesses, Gross | $27,849,000 | $143,050,000 | ||
Effingham Truck Sales, Inc. [Member] | Goodwill Acquired [Member] | ||||
Note 10 - Acquisitions (Details) [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |||
Effingham Truck Sales, Inc. [Member] | ||||
Note 10 - Acquisitions (Details) [Line Items] | ||||
Payments to Acquire Businesses, Gross | 25,300,000 | |||
CIT, Inc [Member] | Goodwill Acquired [Member] | ||||
Note 10 - Acquisitions (Details) [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |||
CIT, Inc [Member] | ||||
Note 10 - Acquisitions (Details) [Line Items] | ||||
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 |
Note_10_Acquisitions_Details_P
Note 10 - Acquisitions (Details) - Purchase Price Allocation (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Feb. 09, 2015 | Jan. 13, 2014 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $274,304 | $265,145 | ||
Effingham Truck Sales, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 9,159 | |||
Inventory | 7,622 | |||
Property, plant and equipment | 7,090 | |||
Accounts receivable | 1,306 | |||
Prepaid expenses | 80 | |||
Other | 4 | |||
Total | 25,261 | |||
CIT, Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 46,384 | |||
Inventory | 31,048 | |||
Property, plant and equipment | 60,066 | |||
Accounts receivable | 7,175 | |||
Franchise rights | 2,442 | |||
Prepaid expenses | 750 | |||
Other | 23 | |||
Accrued expenses | -1,325 | |||
Total | $146,563 |
Note_11_Subsequent_Event_Detai
Note 11 - Subsequent Event (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | 4-May-15 | |
Note 11 - Subsequent Event (Details) [Line Items] | |||
Payments to Acquire Businesses, Gross | $27,849,000 | $143,050,000 | |
Subsequent Event [Member] | Yancey Truck Centers, LLC [Member] | |||
Note 11 - Subsequent Event (Details) [Line Items] | |||
Payments to Acquire Businesses, Gross | 30,000,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Real Estate | $7,800,000 |