Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 03, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | RUSH ENTERPRISES INC \TX\ | |
Entity Central Index Key | 1,012,019 | |
Trading Symbol | rusha | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 8,997,663 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 30,535,559 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 89,073 | $ 82,026 |
Accounts receivable, net | 165,249 | 156,199 |
Note receivable affiliate | 14,017 | 10,166 |
Inventories, net | 872,907 | 840,304 |
Prepaid expenses and other | 9,367 | 8,798 |
Assets held for sale | 12,932 | 13,955 |
Total current assets | 1,163,545 | 1,111,448 |
Investments | 6,231 | 6,231 |
Property and equipment, net | 1,124,746 | 1,135,805 |
Goodwill, net | 290,191 | 290,191 |
Other assets, net | 54,848 | 59,372 |
Total assets | 2,639,561 | 2,603,047 |
Current liabilities: | ||
Floor plan notes payable | 684,595 | 646,945 |
Current maturities of long-term debt | 131,628 | 130,717 |
Current maturities of capital lease obligations | 14,623 | 14,449 |
Liabilities directly associated with assets held for sale | 783 | |
Trade accounts payable | 99,534 | 97,844 |
Customer deposits | 16,217 | 18,418 |
Accrued expenses | 76,811 | 83,974 |
Total current liabilities | 1,023,408 | 993,130 |
Long-term debt, net of current maturities | 459,817 | 472,503 |
Capital lease obligations, net of current maturities | 67,994 | 70,044 |
Other long-term liabilities | 8,249 | 7,214 |
Deferred income taxes, net | 198,739 | 197,331 |
Shareholders’ equity: | ||
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2017 and 2016 | 0 | 0 |
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 30,481,059 Class A shares and 9,200,199 Class B shares outstanding in 2017; and 30,007,088 Class A shares and 9,245,447 Class B shares outstanding in 2016 | 445 | 438 |
Additional paid-in capital | 320,730 | 309,127 |
Treasury stock, at cost: 934,171 class A shares and 3,894,409 class B shares in 2017 and 934,171 class A shares and 3,650,491 class B shares in 2016 | (94,442) | (86,882) |
Retained earnings | 654,907 | 640,428 |
Accumulated other comprehensive loss, net of tax | (286) | (286) |
Total shareholders’ equity | 881,354 | 862,825 |
Total liabilities and shareholders’ equity | $ 2,639,561 | $ 2,603,047 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Class A [Member] | ||
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares outstanding (in shares) | 30,481,059 | 30,007,088 |
Treasury stock, shares (in shares) | 934,171 | 934,171 |
Common Class B [Member] | ||
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares outstanding (in shares) | 9,200,199 | 9,245,447 |
Treasury stock, shares (in shares) | 3,894,409 | 3,650,491 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | ||
New and used commercial vehicle sales | $ 635,953 | $ 668,545 |
Parts and service sales | 350,106 | 341,939 |
Lease and rental | 51,244 | 50,887 |
Finance and insurance | 3,929 | 4,499 |
Other | 3,565 | 4,970 |
Total revenue | 1,044,797 | 1,070,840 |
Cost of products sold: | ||
New and used commercial vehicle sales | 588,120 | 623,660 |
Parts and service sales | 224,466 | 218,243 |
Lease and rental | 44,304 | 45,667 |
Total cost of products sold | 856,890 | 887,570 |
Gross profit | 187,907 | 183,270 |
Selling, general and administrative expense | 150,403 | 162,452 |
Depreciation and amortization expense | 12,492 | 12,647 |
Gain (loss) on sale of assets | (163) | 10 |
Operating income | 24,849 | 8,181 |
Interest expense, net | 2,791 | 4,239 |
Income before taxes | 22,058 | 3,942 |
Provision for income taxes | 7,579 | 1,547 |
Net income | $ 14,479 | $ 2,395 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.37 | $ 0.06 |
Diluted (in dollars per share) | $ 0.36 | $ 0.06 |
Weighted average shares outstanding: | ||
Basic (in shares) | 39,409 | 40,553 |
Diluted (in shares) | 40,701 | 41,049 |
Comprehensive income | $ 14,479 | $ 2,395 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 14,479,000 | $ 2,395,000 |
Adjustments to reconcile net income to net cash provided by operating activities- | ||
Depreciation and amortization | 38,724,000 | 39,073,000 |
Loss (gain) on sale of property and equipment, net | 163,000 | (10,000) |
Loss on impairment of assets | 7,718,000 | |
Stock-based compensation expense related to employee stock options and employee stock purchases | 4,759,000 | 3,597,000 |
Provision for deferred income tax expense | 1,408,000 | (7,585,000) |
Excess tax expense from stock-based compensation | 1,007,000 | |
Change in accounts receivable, net | (12,901,000) | 5,340,000 |
Change in inventories | (19,376,000) | 49,921,000 |
Change in prepaid expenses and other, net | (609,000) | 21,384,000 |
Change in trade accounts payable | 1,690,000 | (16,520,000) |
Draws (payments) on floor plan notes payable – trade, net | 18,552,000 | (1,789,000) |
Change in customer deposits | (2,201,000) | 2,274,000 |
Change in accrued expenses | (7,163,000) | (5,567,000) |
Net cash provided by operating activities | 37,525,000 | 101,238,000 |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (39,209,000) | (53,880,000) |
Proceeds from the sale of property and equipment | 1,600,000 | 616,000 |
Other | 5,160,000 | 676,000 |
Net cash used in investing activities | (32,449,000) | (52,588,000) |
Cash flows from financing activities: | ||
Draws (payments) on floor plan notes payable – non-trade, net | 19,098,000 | (26,982,000) |
Proceeds from long-term debt | 25,555,000 | 32,194,000 |
Principal payments on long-term debt | (38,113,000) | (42,503,000) |
Principal payments on capital lease obligations | (3,337,000) | (4,853,000) |
Issuance of shares relating to employee stock options and employee stock purchases | 6,851,000 | 2,315,000 |
Excess tax expense from stock-based compensation | (1,007,000) | |
Common stock repurchased | (7,560,000) | |
Debt issuance costs | (523,000) | |
Net cash provided by (used in) financing activities | 1,971,000 | (40,836,000) |
Net decrease in cash and cash equivalents | 7,047,000 | 7,814,000 |
Cash and cash equivalents, beginning of period | 82,026,000 | 64,847,000 |
Cash and cash equivalents, end of period | 89,073,000 | 72,661,000 |
Supplemental disclosure of cash flow information: | ||
Interest | 8,211,000 | 10,265,000 |
Income taxes (refunded) paid, net | 6,201,000 | (15,015,000) |
Noncash investing and financing activities: | ||
Assets acquired under capital leases | $ 2,073,000 | $ 7,580,000 |
Note 1 - Principles of Consolid
Note 1 - Principles of Consolidation and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 The interim consolidated financial statements included herein have been prepared by Rush Enterprises, Inc. and its subsidiaries (collectively referred to as the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All adjustments have been made to the accompanying interim consolidated financial statements, which, in the opinion of the Company’s management, are necessary for a fair presentation of its operating results. All adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is recommended that these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10 December 31, 2016. may |
Note 2 - Other Assets
Note 2 - Other Assets | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 2 The total capitalized costs of the Company’s SAP enterprise software and SAP dealership management system of $32.2 $17.4 March 31, 2017. 15 Amortization expense relating to the SAP software, which is recognized in depreciation and amortization expense in the Consolidated Statement of Income , was $0.9 for the three March 31, 2017, $0.8 for the three March 31, 2016. $ 3.4 five The Company’s only significant identifiable intangible assets, other than goodwill, are rights under franchise agreements with manufacturers. The fair value of the franchise right is determined at the acquisition date by discounting the projected cash flows specific to each acquisition. The carrying value of the Company’s manufacturer franchise rights was $ 7.0 March 31, 2017, December 31, 2016, not amortize manufacturer franchise rights. Due to the fact that manufacturer franchise rights are specific to a geographic region, the Company has determined that evaluating and including all locations acquired in the geographic region is the appropriate level for the purpose of testing franchise rights for impairment. Management reviews indefinite-lived manufacturer franchise rights for impairment annually during the fourth may The significant estimates and assumptions used by management in assessing the recoverability of manufacturer franchise rights include estimated future cash flows, present value discount rate, and other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates of future cash flows, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated future cash flows projected in the evaluations of manufacturer franchise rights can vary within a range of outcomes. No |
Note 3 - Commitments and Contin
Note 3 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 3 From time to time, the Company is involved in litigation arising out of its operations in the ordinary course of business. The Company maintains liability insurance, including product liability coverage, in amounts deemed adequate by management. To date, aggregate costs to us for claims, including product liability actions, have not 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. |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4 The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended March 31, 2017 2016 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 14,479 $ 2,395 Denominator– Denominator for basic earnings per share – weighted average shares outstanding 39,409 40,553 Effect of dilutive securities– Employee stock options and restricted stock awards 1,292 496 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 40,701 41,049 Basic earnings per common share $ .37 $ .06 Diluted earnings per common share and common share equivalents $ .36 $ .06 Options to purchase shares of common stock that were outstanding for the three March 31, 2017 2016 March 31, 2017 March 31, 2016 Weighted average anti-dilutive options 729 2,520 |
Note 5 - Stock Options and Rest
Note 5 - Stock Options and Restricted Stock Awards | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
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, Accounting Standards Update (“ASU”) No. 2016 09, Compensation – Stock Compensation (Topic 718 ) January 1, 2017. The Company recorded excess tax benefits of $1.1 first 2017, $4.8 three March 31, 2017, $3.6 three March 31, 2016. As of March 31, 2017 , the Company had $11.6 3.2 $11.3 2.0 |
Note 6 - Financial Instruments
Note 6 - Financial Instruments and Fair Value | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6 – Financial Instruments and Fair Value The Company has various financial instruments that it must measure at fair value on a recurring basis. The Company also applies the provisions of fair value measurement to various nonrecurring measurements for its financial and nonfinancial assets and liabilities. Applicable accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company measures its assets and liabilities using inputs from the following three Level 1 Level 2 Level 3 Financial instruments consist primarily of cash, accounts receivable, accounts payable and floor plan notes payable. The carrying values of the Company’s financial instruments approximate fair value due either to their short-term nature or existence of variable interest rates, which approximate market rates. Certain methods and assumptions were used by the Company in estimating the fair value of financial instruments at March 31, 2017, December 31, 2016. The fair value of the Company’s long-term debt is based on secondary 2 If investments are deemed to be impaired, the Company determines whether the impairment is temporary or other than temporary. If the impairment is deemed to be temporary, the Company records an unrealized loss in other comprehensive income. If the impairment is deemed other than temporary, the Company records the impairment in the Company’s Consolidated Statements of Income and Comprehensive 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 35 Auctions for investment grade securities held by the Company have failed. However, a failed auction does not represent a default by the issuer. The auction rate securities continue to pay interest in accordance with the terms of the underlying security; however, liquidity will be limited until there is a successful auction or until such time as other markets for these investments develop. The Company has the intent and ability to hold these auction rate securities until liquidity returns to the market. The Company does not believe that the lack of liquidity relating to its auction rate securities will have a material impact on its ability to fund operations. As of March 31, 2017 December 31, 2016, 2030 $ 6.2 $ 6.7 $150,000 second 2014, $275,000 second 2015, $250,000 second 2016, $200,000 third 2016. The Company valued the auction rate securities at March 31, 2017 first 2019, 225 The Company recorded a pre-tax impairment charge of $1.0 2011 $427,000 2014. The table below presents disclosures about the auction rate securities measured at fair value on a recurring basis in the Company’s financial statements as follows (in thousands): At March 31, 2017 At December 31, 2016 Level 1 Level 2 Level 3 Level 1 Level 2 Inputs Level 3 Inputs Investment in auction rate securities $ - $ - $ 6,231 $ - $ - $ 6,231 C ost Basis Gross Unrealized Loss In Accumulated OCI Fair Value March 31, 2017 Investment in auction rate securities $ 6,700 $ 469 $ 6,231 December 31, 2016 Investment in auction rate securities $ 6,700 $ 469 $ 6,231 Long-Lived Assets During the first 2016, $7.1 March 31, 2016 $0.4 June 30, 2016. The fair value measurements for the Company’s long-lived assets are based on Level 3 third During the third fourth 2016, four $6.1 first 2017, one $1.0 The following table presents long-lived assets measured and recorded at fair value on a nonrecurring basis (in thousands): Description Fair Value Measurements Using Significant Unobservable Inputs March 31, 2017 Loss D uring the Quarter Ended March 31, 2017 Long-lived assets held for sale $ 12,932 $ − For further discussion of assets held for sale, see Note 10 March 31, 2016, $7.1 |
Note 7 - Segment Information
Note 7 - Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 7 The Company currently has one one The Company also has revenues attributable to three The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on income before income taxes, not including extraordinary items. The following table contains summarized information about reportable segment revenues, segment income or loss from continuing operations and segment assets for the periods ended March 31, 2017 2016 Truck Segment All Other Totals As of and for the three months ended March 31, 201 7 Revenues from external customers $ 1,040,853 $ 3,944 $ 1,044,797 Segment operating income (loss) 24,994 (145 ) 24,849 Segment income (loss) before taxes 22,244 (186 ) 22,058 Segment assets 2,603,945 35,616 2,639,561 As of and for the three months ended March 31, 201 6 Revenues from external customers $ 1,067,290 $ 3,550 $ 1,070,840 Segment operating income (loss) 8,568 (387 ) 8,181 Segment income (loss) before taxes 4,370 (428 ) 3,942 Segment assets 2,764,294 32,498 2,796,792 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8 The Company had unrecognized income tax benefits totaling $ 2.4 March 31, 2017 December 31, 2016, may No $ 145,000 March 31, 2017 December 31, 2016. The Company does not anticipate a significant change in the amount of unrecognized tax benefits in the next 12 March 31, 2017, December 31, 2013 2016 December 31, 2012 2016, In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718), January 1, 2017. $1.1 first 2017, |
Note 9 - Accumulated Other Comp
Note 9 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
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): Available for Sale Securities Balance as of December 31, 2016 $ (286 ) Change in fair value − Income tax expense − Balance at March 31, 2017 $ (286 ) Available for Sale Securities Balance as of December 31, 2015 $ (305 ) Change in fair value − Income tax expense − Balance at March 31, 2016 $ (305 ) |
Note 10 - Restructuring Costs
Note 10 - Restructuring Costs | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 10 March 31, 2016, $8.1 $2.7 $5.0 March 31, 2016. During the third fourth 2016, four $6.1 first 2017, one $1.0 March 31, 2017, |
Note 11 - New Accounting Pronou
Note 11 - New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 11 In March 2016, 2016 09 January 1, 2017. $1.1 first 2017, 2016 09 In February 2016, 2016 02, Leases (Topic 842), 12 December 15, 2018, In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) 2014 09 2014 09 first 2018, two Subsequently, the FASB issued the following standards related to ASU 2014 09: 2016 08, Revenue from Contracts with Customers (Topic 606): 2016 10, Revenue from Contracts with Customers (Topic 606): 2016 12, Revenue from Contracts with Customers (Topic 606): The Company will adopt ASU 2014 09 January 1, 2018. 2016, |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2017 2016 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 14,479 $ 2,395 Denominator– Denominator for basic earnings per share – weighted average shares outstanding 39,409 40,553 Effect of dilutive securities– Employee stock options and restricted stock awards 1,292 496 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 40,701 41,049 Basic earnings per common share $ .37 $ .06 Diluted earnings per common share and common share equivalents $ .36 $ .06 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, 2017 March 31, 2016 Weighted average anti-dilutive options 729 2,520 |
Note 6 - Financial Instrument18
Note 6 - Financial Instruments and Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | At March 31, 2017 At December 31, 2016 Level 1 Level 2 Level 3 Level 1 Level 2 Inputs Level 3 Inputs Investment in auction rate securities $ - $ - $ 6,231 $ - $ - $ 6,231 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | C ost Basis Gross Unrealized Loss In Accumulated OCI Fair Value March 31, 2017 Investment in auction rate securities $ 6,700 $ 469 $ 6,231 December 31, 2016 Investment in auction rate securities $ 6,700 $ 469 $ 6,231 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Description Fair Value Measurements Using Significant Unobservable Inputs March 31, 2017 Loss D uring the Quarter Ended March 31, 2017 Long-lived assets held for sale $ 12,932 $ − |
Note 7 - Segment Information (T
Note 7 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Truck Segment All Other Totals As of and for the three months ended March 31, 201 7 Revenues from external customers $ 1,040,853 $ 3,944 $ 1,044,797 Segment operating income (loss) 24,994 (145 ) 24,849 Segment income (loss) before taxes 22,244 (186 ) 22,058 Segment assets 2,603,945 35,616 2,639,561 As of and for the three months ended March 31, 201 6 Revenues from external customers $ 1,067,290 $ 3,550 $ 1,070,840 Segment operating income (loss) 8,568 (387 ) 8,181 Segment income (loss) before taxes 4,370 (428 ) 3,942 Segment assets 2,764,294 32,498 2,796,792 |
Note 9 - Accumulated Other Co20
Note 9 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Available for Sale Securities Balance as of December 31, 2016 $ (286 ) Change in fair value − Income tax expense − Balance at March 31, 2017 $ (286 ) Available for Sale Securities Balance as of December 31, 2015 $ (305 ) Change in fair value − Income tax expense − Balance at March 31, 2016 $ (305 ) |
Note 2 - Other Assets (Details
Note 2 - Other Assets (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Capitalized Computer Software, Accumulated Amortization | $ 17,400,000 | ||
Goodwill and Intangible Asset Impairment | 0 | $ 0 | $ 0 |
Other Assets [Member] | |||
Indefinite-Lived Franchise Rights | 7,000,000 | $ 7,000,000 | |
Computer Software, Intangible Asset [Member] | |||
Interest Costs Capitalized | $ 32,200,000 | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 3,400,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,400,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,400,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,400,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3,400,000 | ||
Computer Software, Intangible Asset [Member] | Depreciation and Amortization [Member] | |||
Amortization of Intangible Assets | $ 900,000 | $ 800,000 |
Note 4 - Earnings Per Share - E
Note 4 - Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Numerator for basic and diluted earnings per share – Net income available to common shareholders | $ 14,479 | $ 2,395 |
Denominator for basic earnings per share – weighted average shares outstanding (in shares) | 39,409 | 40,553 |
Effect of dilutive securities– Employee stock options and restricted stock awards (in shares) | 1,292 | 496 |
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares) | 40,701 | 41,049 |
Basic earnings per common share (in dollars per share) | $ 0.37 | $ 0.06 |
Diluted earnings per common share and common share equivalents (in dollars per share) | $ 0.36 | $ 0.06 |
Note 4 - Earnings Per Share - A
Note 4 - Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Weighted average anti-dilutive options (in shares) | 729 | 2,520 |
Note 5 - Stock Options and Re24
Note 5 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Expense (Benefit) | $ 7,579 | $ 1,547 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 11,600 | |
Employee Stock Option [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 73 days | |
Restricted Stock Units (RSUs) [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 11,300 | |
Selling, General and Administrative Expenses [Member] | Employee Stock Option [Member] | ||
Allocated Share-based Compensation Expense | 4,800 | $ 3,600 |
Accounting Standards Update 2016-09 [Member] | ||
Income Tax Expense (Benefit) | $ (1,100) |
Note 6 - Financial Instrument25
Note 6 - Financial Instruments and Fair Value (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2011USD ($) | |
Asset Impairment Charges | $ 7,718,000 | $ 427,000 | $ 1,000,000 | ||||||
Impairment of Real Estate | $ 400,000 | 7,100,000 | |||||||
Number of Real Estate Properties Sold During Period | 1 | 4 | |||||||
Real Estate Held-for-sale | $ 1,000,000 | $ 6,100,000 | |||||||
Selling, General and Administrative Expenses [Member] | Truck Segment [Member] | |||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (7,100,000) | ||||||||
Auction Rate Securities [Member] | |||||||||
Available-for-sale Securities | 6,231,000 | 6,231,000 | |||||||
Available-for-sale Securities, Amortized Cost Basis | $ 6,700,000 | $ 6,700,000 | |||||||
Auction Rate Securities Redeemed | $ 200,000 | $ 250,000 | $ 275,000 | $ 150,000 | |||||
Derivative, Basis Spread on Variable Rate | 2.25% |
Note 6 - Financial Instrument26
Note 6 - Financial Instruments and Fair Value - Investment in Auction Rate Securities, Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale Securities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities | $ 6,231 | $ 6,231 |
Note 6 - Financial Instrument27
Note 6 - Financial Instruments and Fair Value - Investment in Auction Rate Securities (Details) - Auction Rate Securities [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Available-for-sale Securities, Amortized Cost Basis | $ 6,700,000 | $ 6,700,000 |
Gross unrealized loss in accumulated OCI | 469,000 | 469,000 |
Available-for-sale Securities | $ 6,231,000 | $ 6,231,000 |
Note 6 - Financial Instrument28
Note 6 - Financial Instruments and Fair Value - Pre-tax Effect of Interest Rate Swaps (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Long-lived assets held for sale, Fair value | $ 12,932 |
Long-lived assets held for sale, Gain (Loss) Included in Earnings |
Note 7 - Segment Information (D
Note 7 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Truck Segment [Member] | |
Number of Reportable Segments | 1 |
Other Segments [Member] | |
Number of Operating Segments | 3 |
Note 7 - Segment Information -
Note 7 - Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Revenues from external customers | $ 1,044,797 | $ 1,070,840 | |
Segment operating income (loss) | 24,849 | 8,181 | |
Segment income (loss) before taxes | 22,058 | 3,942 | |
Segment assets | 2,639,561 | 2,796,792 | $ 2,603,047 |
Truck Segment [Member] | |||
Revenues from external customers | 1,040,853 | 1,067,290 | |
Segment operating income (loss) | 24,994 | 8,568 | |
Segment income (loss) before taxes | 22,244 | 4,370 | |
Segment assets | 2,603,945 | 2,764,294 | |
Other Segments [Member] | |||
Revenues from external customers | 3,944 | 3,550 | |
Segment operating income (loss) | (145) | (387) | |
Segment income (loss) before taxes | (186) | (428) | |
Segment assets | $ 35,616 | $ 32,498 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 2,400,000 | $ 2,400,000 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | 0 | |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 145,000 | $ 145,000 | |
Income Tax Expense (Benefit) | 7,579,000 | $ 1,547,000 | |
Accounting Standards Update 2016-09 [Member] | |||
Income Tax Expense (Benefit) | $ (1,100,000) | ||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | |||
Open Tax Year | 2,013 | ||
Domestic Tax Authority [Member] | Latest Tax Year [Member] | |||
Open Tax Year | 2,016 | ||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | |||
Open Tax Year | 2,012 | ||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | |||
Open Tax Year | 2,016 |
Note 9 - Accumulated Other Co32
Note 9 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Balance | $ 862,825 | |
Balance | 881,354 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Balance | (286) | $ (305) |
Change in fair value | ||
Income tax expense | ||
Balance | $ (286) | $ (305) |
Note 10 - Restructuring Costs (
Note 10 - Restructuring Costs (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2011USD ($) | |
Asset Impairment Charges | $ 7,718,000 | $ 427,000 | $ 1,000,000 | |||
Impairment of Real Estate | $ 400,000 | 7,100,000 | ||||
Number of Real Estate Properties Sold During Period | 1 | 4 | ||||
Real Estate Held-for-sale | $ 1,000,000 | $ 6,100,000 | ||||
Operating Segments [Member] | ||||||
Restructuring and Related Cost, Incurred Cost | 8,100,000 | |||||
Operating Segments [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Asset Impairment Charges | 2,700,000 | |||||
Impairment of Real Estate | $ 5,000,000 |
Note 11 - New Accounting Pron34
Note 11 - New Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Expense (Benefit) | $ 7,579 | $ 1,547 |
Accounting Standards Update 2016-09 [Member] | ||
Income Tax Expense (Benefit) | $ (1,100) |