Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 02, 2018 | |
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, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 30,593,549 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 8,543,391 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 131,712 | $ 124,541 |
Accounts receivable, net | 185,936 | 183,875 |
Note receivable affiliate | 16,993 | 11,914 |
Inventories, net | 1,044,710 | 1,033,294 |
Prepaid expenses and other | 13,809 | 11,969 |
Assets held for sale | 7,645 | 9,505 |
Total current assets | 1,400,805 | 1,375,098 |
Investments | 6,375 | 6,375 |
Property and equipment, net | 1,151,646 | 1,159,595 |
Goodwill, net | 291,391 | 291,391 |
Other assets, net | 48,987 | 57,680 |
Total assets | 2,899,204 | 2,890,139 |
Current liabilities: | ||
Floor plan notes payable | 805,531 | 778,561 |
Current maturities of long-term debt | 143,401 | 145,139 |
Current maturities of capital lease obligations | 17,399 | 17,119 |
Trade accounts payable | 123,786 | 107,906 |
Customer deposits | 27,388 | 27,350 |
Accrued expenses | 88,232 | 96,132 |
Total current liabilities | 1,205,737 | 1,172,207 |
Long-term debt, net of current maturities | 453,986 | 466,389 |
Capital lease obligations, net of current maturities | 60,706 | 66,022 |
Other long-term liabilities | 11,040 | 9,837 |
Deferred income taxes, net | 136,066 | 135,311 |
Shareholders’ equity: | ||
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2018 and 2017 | 0 | 0 |
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 30,582,509 Class A shares and 8,623,472 Class B shares outstanding in 2018; and 31,345,116 Class A shares and 8,469,427 Class B shares outstanding in 2017 | 457 | 454 |
Additional paid-in capital | 356,435 | 348,044 |
Treasury stock, at cost: 1,768,354 class A shares and 4,697,592 class B shares in 2018 and 934,171 class A shares and 4,625,181 class B shares in 2017 | (158,819) | (120,682) |
Retained earnings | 833,596 | 812,557 |
Total shareholders’ equity | 1,031,669 | 1,040,373 |
Total liabilities and shareholders’ equity | $ 2,899,204 | $ 2,890,139 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Class A [Member] | ||
Common stock, authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, outstanding (in shares) | 30,582,509 | 31,345,116 |
Treasury stock (in shares) | 1,768,354 | 934,171 |
Common Class B [Member] | ||
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, outstanding (in shares) | 8,623,472 | 8,469,427 |
Treasury stock (in shares) | 4,697,592 | 4,625,181 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues: | ||
Revenue | $ 1,183,257 | |
Lease and rental | 57,524 | $ 51,244 |
Total revenue | 1,240,781 | 1,044,797 |
Cost of products sold: | ||
Lease and rental | 48,428 | 44,304 |
Total cost of products sold | 1,013,786 | 856,890 |
Gross profit | 226,995 | 187,907 |
Selling, general and administrative expense | 171,670 | 150,403 |
Depreciation and amortization expense | 22,908 | 12,492 |
Loss on sale of assets | (28) | (163) |
Operating income | 32,389 | 24,849 |
Interest expense, net | 4,306 | 2,791 |
Income before taxes | 28,083 | 22,058 |
Provision for income taxes | 7,044 | 7,579 |
Net income | $ 21,039 | $ 14,479 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.53 | $ 0.37 |
Diluted (in dollars per share) | $ 0.51 | $ 0.36 |
Weighted average shares outstanding: | ||
Basic (in shares) | 39,665 | 39,409 |
Diluted (in shares) | 41,092 | 40,701 |
Comprehensive income | $ 21,039 | $ 14,479 |
New and Used Commercial Vehicle [Member] | ||
Revenues: | ||
Revenue | 773,100 | 635,953 |
Cost of products sold: | ||
Cost of products sold | 710,914 | 588,120 |
Parts and Service [Member] | ||
Revenues: | ||
Revenue | 400,295 | 350,106 |
Cost of products sold: | ||
Cost of products sold | 254,444 | 224,466 |
Finance and Insurance [Member] | ||
Revenues: | ||
Revenue | 4,741 | 3,929 |
Product and Service, Other [Member] | ||
Revenues: | ||
Revenue | $ 5,121 | $ 3,565 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 21,039 | $ 14,479 |
Adjustments to reconcile net income to net cash provided by operating activities- | ||
Depreciation and amortization | 51,056 | 38,724 |
Loss on sale of property and equipment, net | 28 | 163 |
Stock-based compensation expense related to employee stock options and employee stock purchases | 7,893 | 4,759 |
Provision for deferred income tax expense | 755 | 1,408 |
Change in accounts receivable, net | (7,140) | (12,901) |
Change in inventories | 5,706 | (19,376) |
Change in prepaid expenses and other, net | (2,103) | (609) |
Change in trade accounts payable | 12,912 | 1,690 |
Draws on floor plan notes payable – trade, net | 35,380 | 18,552 |
Change in customer deposits | 38 | (2,201) |
Change in accrued expenses | (7,900) | (7,163) |
Net cash provided by operating activities | 117,664 | 37,525 |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (48,215) | (39,209) |
Proceeds from the sale of property and equipment | 2,231 | 1,600 |
Other | (1,098) | 5,160 |
Net cash used in investing activities | (47,082) | (32,449) |
Cash flows from financing activities: | ||
(Payments) draws on floor plan notes payable – non-trade, net | (8,410) | 19,098 |
Proceeds from long-term debt | 32,137 | 25,555 |
Principal payments on long-term debt | (46,278) | (38,113) |
Principal payments on capital lease obligations | (3,224) | (3,337) |
Issuance of shares relating to employee stock options and employee stock purchases | 501 | 6,851 |
Common stock repurchased | (38,137) | (7,560) |
Debt issuance costs | (523) | |
Net cash (used in) provided by financing activities | (63,411) | 1,971 |
Net decrease in cash and cash equivalents | 7,171 | 7,047 |
Cash and cash equivalents, beginning of period | 124,541 | 82,026 |
Cash and cash equivalents, end of period | 131,712 | 89,073 |
Supplemental disclosure of cash flow information: | ||
Interest | 9,943 | 8,211 |
Income taxes paid, net | 1,500 | 6,201 |
Noncash investing and financing activities: | ||
Assets acquired under capital leases | $ 401 | $ 2,073 |
Note 1 - Principles of Consolid
Note 1 - Principles of Consolidation and Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
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, 2017. not may |
Note 2 - Other Assets
Note 2 - Other Assets | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 2 Other Assets The total capitalized costs of the Company’s SAP enterprise resource planning software platform (“ERP Platform”) of $22.0 $31.1 $11.1 three March 31, 2018 $0.9 three March 31, 2017. In the first 2018, 350 40, first 2018, no May 2018. February 2018 May 2018. first 2018, $10.2 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, 2018 December 31, 2017, no not Due to the fact that manufacturer franchise rights are specific to geographic region, the Company has determined that evaluating and including all locations acquired in the geographic region is the appropriate level for purposes of testing franchise rights for impairment. Management reviews indefinite-lived manufacturer franchise rights for impairment annually during the fourth may The significant estimates and assumptions used by management in assessing the recoverability of manufacturer franchise rights include estimated future cash flows, present value discount rate and other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates of future cash flows, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated future cash flows projected in the evaluations of manufacturer franchise rights can vary within a range of outcomes. No |
Note 3 - Commitments and Contin
Note 3 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 3 From time to time, the Company is involved in litigation arising out of its operations in the ordinary course of business. The Company maintains liability insurance, including product liability coverage, in amounts deemed adequate by management. To date, aggregate costs to us for claims, including product liability actions, have not not no no not |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 2017 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 21,039 $ 14,479 Denominator– Denominator for basic earnings per share – weighted average shares outstanding 39,665 39,409 Effect of dilutive securities– Employee stock options and restricted stock awards 1,427 1,292 Denominator for basic earnings per share – adjusted weighted average shares outstanding and assumed conversions shares outstanding 41,092 40,701 Basic earnings per common share $ .53 $ .37 Diluted earnings per common share and common share equivalents $ .51 $ .36 Options to purchase shares of common stock that were outstanding for the three March 31, 2018 2017 not March 31, 2018 March 31, 2017 Anti-dilutive options – weighted average 87 729 |
Note 5 - Stock Options and Rest
Note 5 - Stock Options and Restricted Stock Awards | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5 – Stock Options and Restricted S tock Awards The Company accounts for stock-based compensation in accordance with ASC 718 10, “Compensation – Stock Compensation,” $7.9 three March 31, 2018, $4.8 three March 31, 2017. ASU No. 2016 09, “Improvements to Employee Share-Based Payment Accounting (Topic 718 $22,000 first 2018, $1.1 first 2017 first 2018, As of March 31, 2018, $12.2 3.6 $13.1 2.2 |
Note 6 - Financial Instruments
Note 6 - Financial Instruments and Fair Value | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6 The Company has various financial instruments that it must measure at fair value on a recurring basis. The Company also applies the provisions of fair value measurement to various nonrecurring measurements for its financial and nonfinancial assets and liabilities. Applicable accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company measures its assets and liabilities using inputs from the following three Level 1 Level 2 not Level 3 Financial instruments consist primarily of cash, accounts receivable, accounts payable and floor plan notes payable. The carrying values of the Company’s financial instruments approximate fair value due either to their short-term nature or existence of variable interest rates, which approximate market rates. Certain methods and assumptions were used by the Company in estimating the fair value of financial instruments at March 31, 2018, December 31, 2017. The fair value of the Company’s long-term debt is based on secondary market indicators. Because the Company’s debt is not 2 If investments are deemed to be impaired, the Company determines whether the impairment is temporary or other than temporary. If the impairment is deemed to be temporary, the Company records an unrealized loss in other comprehensive income. If the impairment is deemed other than temporary, the Company records the impairment in the Company’s Consolidated Statements of Income and Comprehensive Income. 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 not As of March 31, 2018 December 31, 2017, 2030 $6.4 $150,000 2014, $275,000 2015, $450,000 2016 $325,000 2017. The Company valued the auction rate securities at March 31, 2018 first 2019, 225 The Company recorded a pre-tax impairment charge of $1.0 2011 $427,000 2014 $469,000 2017, The auction rate securities have a fair value of $6.4 March 31, 2018 December 31, 2017 3 Long-Lived Assets During the first 2016, 2016, $7.5 The fair value measurements for the Company’s long-lived assets are based on Level 3 third 2016, four $6.1 2017, three $2.2 third 2017, one $1.4 February 2018, one $1.9 March 31, 2018, The following table presents long-lived assets classified as held for sale and measured and recorded at fair value on a nonrecurring basis (in thousands): Description Fair Value Measurements Using Significant Unobservable Inputs March 31, 2018 Loss During the March 31, 2018 Loss During the March 31, 2017 Long-lived assets held for sale $ 7,645 $ (56 ) $ − |
Note 7 - Segment Information
Note 7 - Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 7 The Company currently has one one not The Company also has revenues attributable to three None The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on income before income taxes, not 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, 2018 2017 Truck Segment All Other Totals As of and for the three months ended March 31, 201 8 Revenues from external customers $ 1,236,652 $ 4,129 $ 1,240,781 Segment operating income 32,360 29 32,389 Segment income (loss) before taxes 28,103 (20 ) 28,083 Segment assets 2,864,504 34,700 2,899,204 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 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8 The Company had unrecognized income tax benefits totaling $2.6 March 31, 2018 December 31, 2017, may No $166,000 March 31, 2018 December 31, 2017. On December 22, 2017, 35% 21% January 1, 2018. 2017 No. 118 118 not one December 31, 2017, $82.9 may The Company does not 12 March 31, 2018, December 31, 2014 2017 December 31, 2013 2017 In March 2016, No. 2016 09, Compensation – Stock Compensation (Topic 718 January 1, 2017. 2016 09 $22,000 first 2018, $1.1 first 2017, |
Note 9 - Accumulated Other Comp
Note 9 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2017 $ − Change in fair value − Income tax expense − Balance at March 31, 2018 $ − Available for Sale Securities Balance as of December 31, 2016 $ (286 ) Change in fair value − Income tax expense − Balance at March 31, 2017 $ (286 ) |
Note 10 - New Accounting Pronou
Note 10 - New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 1 0 – New Accounting Pronouncements Leases In February 2016, No. 2016 02, Leases ( “ Topic 842 ” ), 12 The Company will adopt Topic 842 January 1, 2019. not No. 2018 01, Leases : Land Easement Practical Expedient for Transition to Topic 842 , " Revenue from Contracts with Customers In May 2014, No. 2014 09, Revenue from Contracts with Customers ( “ Topic 606 ” ) 606 606 January 1, 2018 not 606 three March 31, 2018, not not The Company’s revenues are primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue for such sales is recognized when the customer obtains control which is typically when the finished product is delivered to the customer. The Company’s material revenue streams have been identified as the following: the sale of new and used commercial vehicles, arrangement of associated commercial vehicle financing and insurance contracts, the performance of commercial vehicle repair services and the sale of commercial vehicle parts. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. The following table summarizes the Company’s disaggregated revenue by revenue source for the three March 31, 2018 ( Commercial vehicle sales revenue $ 773,100 Parts revenue 223,354 Commercial vehicle repair service revenue 176,941 Finance revenue 2,336 Insurance revenue 2,405 Other revenue 5,121 Total revenue $ 1,183,257 All of the Company's performance obligations and associated revenues are generally transferred to customers at a point in time. The Company does not March 31, 2018. For the sale of new and commercial vehicles, revenue is recognized at a point in time when control is transferred to the customer, which is when delivery of the commercial vehicle occurs. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring the commercial vehicle. When control is transferred to the customer, the Company has an unconditional right to payment and a receivable is recorded for any consideration not The Company controls the commercial vehicle before it is transferred to the customer and it obtains all of the remaining benefits from the commercial vehicle relating to the sale, ability to pledge the asset, or hold the asset. The Company is a principal in all commercial vehicle transactions. The Company retains inventory risk, determines the selling price to the customer, and delivers the commercial vehicle to the customer. The Company generally pays a commission to internal sales representatives for the sale of a commercial vehicle. The Company will continue to expense the commission and recognize it concurrently with the respective commercial vehicle sale revenue upon delivery of the commercial vehicle to a customer. Revenue from the sale of parts is recognized when the Company transfers control of the goods to the customer and consideration has been received in the form of cash or a receivable from the customer. We give our customers the right to return eligible parts, and we estimate the expected returns based on an analysis of historical experience and record an allowance for estimated returns, which has historically not Revenue from the sale of commercial vehicle repair service is recognized when the service performed by the Company on a customer’s vehicle is complete and the customer accepts the repairs. Since the Company does not no Any remaining performance obligations represent service orders for which work has not one 606 one The Company receives commissions from third no not The Company receives commissions from third no not Revenues from finance and insurance products are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established and which result from chargebacks if the contract term is not six not Other revenue is mostly documentation fees related to the sale of a truck that are charged to the customer and recognized as other revenue when a truck is sold. We recognize the documentation fees at a point in time when the truck is transferred to the customer. |
Note 11 - ERP Platform
Note 11 - ERP Platform | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 1 1 – ERP Platform In February 2018, 2011. 350 40, The Company expects to replace certain components of its ERP Platform no May 2018. $19.9 February 2018 May 2018. first 2018, $10.2 $9.3 second 2018. $0.9 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2018 2017 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 21,039 $ 14,479 Denominator– Denominator for basic earnings per share – weighted average shares outstanding 39,665 39,409 Effect of dilutive securities– Employee stock options and restricted stock awards 1,427 1,292 Denominator for basic earnings per share – adjusted weighted average shares outstanding and assumed conversions shares outstanding 41,092 40,701 Basic earnings per common share $ .53 $ .37 Diluted earnings per common share and common share equivalents $ .51 $ .36 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, 2018 March 31, 2017 Anti-dilutive options – weighted average 87 729 |
Note 6 - Financial Instrument18
Note 6 - Financial Instruments and Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Description Fair Value Measurements Using Significant Unobservable Inputs March 31, 2018 Loss During the March 31, 2018 Loss During the March 31, 2017 Long-lived assets held for sale $ 7,645 $ (56 ) $ − |
Note 7 - Segment Information (T
Note 7 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 8 Revenues from external customers $ 1,236,652 $ 4,129 $ 1,240,781 Segment operating income 32,360 29 32,389 Segment income (loss) before taxes 28,103 (20 ) 28,083 Segment assets 2,864,504 34,700 2,899,204 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 |
Note 9 - Accumulated Other Co20
Note 9 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Available for Sale Securities Balance as of December 31, 2017 $ − Change in fair value − Income tax expense − Balance at March 31, 2018 $ − Available for Sale Securities Balance as of December 31, 2016 $ (286 ) Change in fair value − Income tax expense − Balance at March 31, 2017 $ (286 ) |
Note 10 - New Accounting Pron21
Note 10 - New Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Commercial vehicle sales revenue $ 773,100 Parts revenue 223,354 Commercial vehicle repair service revenue 176,941 Finance revenue 2,336 Insurance revenue 2,405 Other revenue 5,121 Total revenue $ 1,183,257 |
Note 2 - Other Assets (Details
Note 2 - Other Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Capitalized Computer Software, Net, Ending Balance | $ 22,000 | ||
Capitalized Computer Software, Accumulated Amortization | 31,100 | ||
Capitalized Computer Software, Amortization | 11,100 | $ 900 | $ 900 |
Indefinite-Lived Franchise Rights | 7,000 | $ 7,000 | |
Goodwill and Intangible Asset Impairment, Total | 0 | ||
Components of ERP Platform Rquired Replacement [Member] | |||
Capitalized Computer Software, Amortization | $ 10,200 |
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, 2018 | Mar. 31, 2017 | |
Numerator for basic and diluted earnings per share – Net income available to common shareholders | $ 21,039 | $ 14,479 |
Denominator for basic earnings per share – weighted average shares outstanding (in shares) | 39,665 | 39,409 |
Effect of dilutive securities– Employee stock options and restricted stock awards (in shares) | 1,427 | 1,292 |
Denominator for basic earnings per share – adjusted weighted average shares outstanding and assumed conversions shares outstanding (in shares) | 41,092 | 40,701 |
Basic earnings per common share (in dollars per share) | $ 0.53 | $ 0.37 |
Diluted earnings per common share and common share equivalents (in dollars per share) | $ 0.51 | $ 0.36 |
Note 4 - Earnings Per Share - A
Note 4 - Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Anti-dilutive options – weighted average (in shares) | 87 | 729 |
Note 5 - Stock Options and Re25
Note 5 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | $ 22,000 | $ (1,100,000) |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 12,200,000 | |
Employee Stock Option [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 219 days | |
Restricted Stock Units (RSUs) [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 73 days | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 13,100,000 | |
Selling, General and Administrative Expenses [Member] | Employee Stock Option [Member] | ||
Allocated Share-based Compensation Expense, Total | $ 7,900,000 | $ 4,800,000 |
Note 6 - Financial Instrument26
Note 6 - Financial Instruments and Fair Value (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Feb. 28, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2011USD ($) | Mar. 31, 2018USD ($) | |
Asset Impairment Charges, Total | $ 469,000 | $ 427,000 | $ 1,000,000 | |||||
Impairment of Real Estate | $ 7,500,000 | |||||||
Number of Real Estate Properties Sold During Period | 1 | 3 | 4 | |||||
Real Estate Held-for-sale | $ 1,900,000 | $ 2,200,000 | $ 6,100,000 | |||||
Number of Real Estate Properties Put Back into Service | 1 | |||||||
Real Estate Previously Held-for-sale Put Back Into Service | $ 1,400,000 | |||||||
Auction Rate Securities [Member] | ||||||||
Debt Securities, Available-for-sale, Total | 6,400,000 | $ 6,400,000 | ||||||
Debt Securities, Available-for-sale, Amortized Cost, Total | 6,400,000 | $ 6,400,000 | ||||||
Auction Rate Securities Redeemed | 325,000 | $ 450,000 | $ 275,000 | $ 150,000 | ||||
Derivative, Basis Spread on Variable Rate | 2.25% | |||||||
Auction Rate Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Debt Securities, Available-for-sale, Total | $ 6,400,000 | $ 6,400,000 |
Note 6 - Financial Instrument27
Note 6 - Financial Instruments and Fair Value - Pre-tax Effect of Interest Rate Swaps (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Long-lived assets held for sale, fair value | $ 7,645 | |
Long-lived assets held for sale, gain (loss) included in earnings | $ (56) |
Note 7 - Segment Information (D
Note 7 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Revenues from external customers | $ 1,240,781 | $ 1,044,797 | |
Segment operating income | 32,389 | 24,849 | |
Segment income (loss) before taxes | 28,083 | 22,058 | |
Segment assets | 2,899,204 | 2,639,561 | $ 2,890,139 |
Truck Segment [Member] | |||
Revenues from external customers | 1,236,652 | 1,040,853 | |
Segment operating income | 32,360 | 24,994 | |
Segment income (loss) before taxes | 28,103 | 22,244 | |
Segment assets | 2,864,504 | 2,603,945 | |
Other Segments [Member] | |||
Revenues from external customers | 4,129 | 3,944 | |
Segment operating income | 29 | (145) | |
Segment income (loss) before taxes | (20) | (186) | |
Segment assets | $ 34,700 | $ 35,616 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | Dec. 22, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 2,600,000 | $ 2,600,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | ||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 166,000 | 166,000 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (82,900,000) | ||||
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | $ 22,000 | $ (1,100,000) | |||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | |||||
Open Tax Year | 2,014 | ||||
Domestic Tax Authority [Member] | Latest Tax Year [Member] | |||||
Open Tax Year | 2,017 | ||||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | |||||
Open Tax Year | 2,013 | ||||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | |||||
Open Tax Year | 2,017 | ||||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 9 - Accumulated Other Co31
Note 9 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Balance | $ 1,040,373 | |
Balance | 1,031,669 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Balance | $ (286) | |
Change in fair value | ||
Income tax expense | ||
Balance | $ (286) |
Note 10 - New Accounting Pron32
Note 10 - New Accounting Pronouncements - Disaggrgated Revenue by Revenue Source (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue | $ 1,183,257 | |
Commercial Vehicle [Member] | ||
Revenue | 773,100 | |
Parts [Member] | ||
Revenue | 223,354 | |
Commercial Vehicle Repair Service [Member] | ||
Revenue | 176,941 | |
Financial Service [Member] | ||
Revenue | 2,336 | |
Insurance [Member] | ||
Revenue | 2,405 | |
Product and Service, Other [Member] | ||
Revenue | $ 5,121 | $ 3,565 |
Note 11 - ERP Platform (Details
Note 11 - ERP Platform (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Capitalized Computer Software, Net, Ending Balance | $ 22,000 | |||
Capitalized Computer Software, Amortization | 11,100 | $ 900 | $ 900 | |
Components of ERP Platform Rquired Replacement [Member] | ||||
Capitalized Computer Software, Amortization | 10,200 | |||
Components of ERP Platform Rquired Replacement [Member] | Scenario, Forecast [Member] | ||||
Capitalized Computer Software, Amortization | $ 9,300 | |||
Components of ERP Platform Rquired Replacement [Member] | Other Assets [Member] | ||||
Capitalized Computer Software, Net, Ending Balance | $ 19,900 |