Rush Enterprises (RUSHA) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 31, 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	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		8,414,568
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		30,695,861

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 148,316	$ 124,541
Accounts receivable, net	201,197	183,875
Note receivable affiliate	17,368	11,914
Inventories, net	1,126,613	1,033,294
Prepaid expenses and other	12,494	11,969
Assets held for sale	6,622	9,505
Total current assets	1,512,610	1,375,098
Investments	6,025	6,375
Property and equipment, net	1,166,814	1,159,595
Goodwill, net	291,391	291,391
Other assets, net	39,623	57,680
Total assets	3,016,463	2,890,139
Current liabilities:
Floor plan notes payable	867,992	778,561
Current maturities of long-term debt	155,743	145,139
Current maturities of capital lease obligations	17,137	17,119
Trade accounts payable	150,904	107,906
Customer deposits	32,036	27,350
Accrued expenses	88,677	96,132
Total current liabilities	1,312,489	1,172,207
Long-term debt, net of current maturities	434,743	466,389
Capital lease obligations, net of current maturities	57,548	66,022
Other long-term liabilities	11,544	9,837
Deferred income taxes, net	140,061	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; 30,647,051 Class A shares and 8,430,123 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	363,440	348,044
Treasury stock, at cost: 1,768,354 class A shares and 4,890,941 class B shares in 2018 and 934,171 class A shares and 4,625,181 class B shares in 2017	(166,804)	(120,682)
Retained earnings	862,985	812,557
Total shareholders’ equity	1,060,078	1,040,373
Total liabilities and shareholders’ equity	$ 3,016,463	$ 2,890,139

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 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)	30,647,051	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)	8,430,123	8,469,427
Treasury stock (in shares)	4,890,941	4,625,181

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Revenue	$ 1,289,838		$ 2,473,095
Lease and rental sales	58,993	$ 53,048	116,517	$ 104,292
Total revenue	1,348,831	1,203,523	2,589,612	2,248,320
Cost of products sold:
Lease and rental sales	48,663	44,206	97,091	88,510
Total cost of products sold	1,105,454	994,451	2,119,240	1,851,341
Gross profit	243,377	209,072	470,372	396,979
Selling, general and administrative expense	178,654	159,353	350,324	309,756
Depreciation and amortization expense	21,693	12,444	44,601	24,936
Gain (loss) on sale of assets	396	132	368	(31)
Operating income	43,426	37,407	75,815	62,256
Interest expense, net	4,494	2,824	8,800	5,615
Income before taxes	38,932	34,583	67,015	56,641
Provision for income taxes	9,543	12,584	16,587	20,163
Net income	$ 29,389	$ 21,999	$ 50,428	$ 36,478
Earnings per common share:
Basic (in dollars per share)	$ 0.75	$ 0.55	$ 1.27	$ 0.92
Diluted (in dollars per share)	$ 0.72	$ 0.54	$ 1.23	$ 0.90
Weighted average shares outstanding:
Basic (in shares)	39,399	39,641	39,567	39,493
Diluted (in shares)	40,690	40,839	40,967	40,737
Comprehensive income	$ 29,389	$ 22,285	$ 50,428	$ 36,764
New and Used Commercial Vehicle [Member]
Revenues:
Revenue	857,025	775,988	1,630,125	1,411,941
Cost of products sold:
Cost of products sold	791,608	718,253	1,502,522	1,306,373
Aftermarket Products and Services [Member]
Revenues:
Revenue	422,940	366,599	823,235	716,705
Cost of products sold:
Cost of products sold	265,183	231,992	519,627	456,458
Finance and Insurance [Member]
Revenues:
Revenue	5,492	4,392	10,233	8,321
Product and Service, Other [Member]
Revenues:
Revenue	$ 4,381	$ 3,496	$ 9,502	$ 7,061

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income	$ 50,428	$ 36,478
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	101,020	77,653
(Gain) loss on sale of property and equipment	(368)	31
Stock-based compensation expense related to stock options and employee stock purchases	13,842	8,660
Deferred income tax expense	4,750	2,594
Change in accounts receivable, net	(22,776)	7,067
Change in inventories, net	(65,639)	(52,425)
Change in prepaid expenses and other, net	(834)	(1,143)
Change in trade accounts payable	41,242	14,506
Draws on floor plan notes payable – trade, net	71,303	20,994
Change in customer deposits	4,686	11,330
Change in accrued expenses	(7,671)	4,977
Net cash provided by operating activities	189,983	130,722
Cash flows from investing activities:
Acquisition of property and equipment	(116,218)	(79,572)
Proceeds from the sale of property and equipment	4,239	3,192
Proceeds from the sale of available for sale securities	350	325
Change in other assets	(918)	4,887
Net cash used in investing activities	(112,547)	(71,168)
Cash flows from financing activities:
Draws on floor plan notes payable – non-trade, net	18,128	24,186
Proceeds from long-term debt	68,269	51,108
Principal payments on long-term debt	(89,311)	(74,326)
Principal payments on capital lease obligations	(6,398)	(6,647)
Proceeds from issuance of shares relating to employee stock options and employee stock purchases	1,557	12,840
Common stock repurchased	(45,906)	(24,411)
Debt issuance costs		(523)
Net cash used in financing activities	(53,661)	(17,773)
Net increase in cash and cash equivalents	23,775	41,781
Cash and cash equivalents, beginning of period	124,541	82,026
Cash and cash equivalents, end of period	148,316	123,807
Supplemental disclosure of cash flow information:
Interest	20,463	16,565
Income taxes, net of refunds	11,977	17,012
Assets acquired under capital leases	1,534	5,513
Common stock repurchased	$ 216	$ 1,798

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation and Basis of Presentation	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Other Assets Disclosure [Text Block]	2 The total capitalized costs of the Company’s SAP enterprise resource planning software platform (“ERP Platform”) of $11.6 $9.7 three June 30, 2018 $0.8 three June 30, 2017 $20.7 six June 30, 2018 $1.7 six June 30, 2017. In the first 2018, 350 40, first 2018, May 2018. February 2018 May 2018. $10.2 first 2018 $9.7 second 2018. 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 June 30, 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	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
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 not no no not

Note 4 - Earnings Per Share

Note 4 - Earnings Per Share	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 29,389 $ 21,999 $ 50,428 $ 36,478 Denominator– Denominator for basic earnings per share – weighted average shares outstanding 39,399 39,641 39,567 39,493 Effect of dilutive securities– Employee stock options and restricted stock awards 1,291 1,198 1,400 1,244 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 40,690 40,839 40,967 40,737 Basic earnings per common share $ .75 $ .55 $ 1.27 $ .92 Diluted earnings per common share and common share equivalents $ .72 $ .54 $ 1.23 $ .90 Options to purchase shares of common stock that were outstanding for the three six June 30, 2018, 2017, not Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Weighted average anti-dilutive options 753 662 420 695

Note 5 - Stock Options and Rest

Note 5 - Stock Options and Restricted Stock Awards	6 Months Ended
	Jun. 30, 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,” $5.9 three June 30, 2018, $3.9 three June 30, 2017. six June 30, 2018, $13.8 six June 30, 2017, $8.7 In March 2016, No. 2016 09, Co mpensation – Stock Compensation , 2019 06” No. 2016 09 $0.2 three June 30, 2018 $0.9 three June 30, 2017, $0.2 six June 30, 2018 $2.0 six June 30, 2017, As of June 30, 2018, $10.5 3.6 $9.8 2.3

Note 6 - Financial Instruments

Note 6 - Financial Instruments and Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2018 December 31, 2017, 2030 $6.0 $6.4 $350,000 2018, $325,000 2017, $450,000 2016. The Company valued the auction rate securities at June 30, 2018 first 2019, 225 The Company recorded a pre-tax impairment charge of $1.0 2011 $427,000 2014 $469,000 2017, The fair values were measured using Level 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 2017, seven $8.3 third 2017, one $1.4 February 2018, one $1.9 May 2018, one $1.0 June 30, 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 June 30, 201 8 Long-lived assets held for sale $ 6,622

Note 7 - Segment Information

Note 7 - Segment Information	6 Months Ended
	Jun. 30, 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 June 30, 2018 2017 Truck Segment All Other Total As of and for the three months ended June 30, 201 8 Revenues from external customers $ 1,344,271 $ 4,560 $ 1,348,831 Segment operating income 43,126 300 43,426 Segment income before taxes 38,684 248 38,932 Segment assets 2,981,063 35,400 3,016,463 For the six months ended June 30, 201 8 Revenues from external customers $ 2,580,924 $ 8,688 $ 2,589,612 Segment operating income 75,486 329 75,815 Segment income before taxes 66,787 228 67,015 As of and for the three months ended June 30, 201 7 Revenues from external customers $ 1,199,703 $ 3,821 $ 1,203,523 Segment operating income (loss) 37,546 (139 ) 37,407 Segment income (loss) before taxes 34,766 (183 ) 34,583 Segment assets 2,655,860 35,939 2,691,799 For the six months ended June 30, 201 7 Revenues from external customers $ 2,240,556 $ 7,764 $ 2,248,320 Segment operating income (loss) 62,540 (284 ) 62,256 Segment income (loss) before taxes 57,010 (368 ) 56,641

Note 8 - Income Taxes

Note 8 - Income Taxes	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8 The Company had unrecognized income tax benefits totaling $2.6 June 30, 2018 December 31, 2017, may No $166,000 June 30, 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 June 30, 2018, December 31, 2014 2017 December 31, 2013 2017 June 2018, 2015. The Company adopted ASU 2016 09 January 1, 2017, $0.2 three June 30, 2018 $0.9 three June 30, 2017, $0.2 six June 30, 2018 $2.0 six June 30, 2017,

Note 9 - Recent Accounting Guid

Note 9 - Recent Accounting Guidance	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	9 – Recent Accounting Guidance In February 2016, No. 2016 02, Leases ( “ Topic 842 ” ), 12 The Company will adopt Topic 842 January 1, 2019. 12

Note 10 - Revenue

Note 10 - Revenue	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	1 0 – Revenue In May 2014, No. 2014 09, Revenue from Contracts with Customers (“Topic 606” 606 January 1, 2018 not 606 three six June 30, 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 six June 30, 2018 ( Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Commercial vehicle sales revenue $ 857,025 $ 1,630,125 Parts revenue 237,068 460,422 Commercial vehicle repair service revenue 185,872 362,813 Finance revenue 2,863 5,199 Insurance revenue 2,629 5,034 Other revenue 4,381 9,502 Total $ 1,289,838 $ 2,473,095 All of the Company's performance obligations and associated revenues are generally transferred to customers at a point in time. The Company does not June 30, 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 the Company expects 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. The Company provides its customers the right to return eligible parts, estimates the expected returns based on an analysis of historical experience and records 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 repair. Because 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 The Company records revenues from finance and insurance products at the net commission amount, which includes estimates of chargebacks that can occur if the underlying contract is not six not Other revenue is mostly documentation fees that are charged to customers in connection with the sale of a commercial vehicle and recognized as other revenue when a truck is sold. The Company recognizes the documentation fees at the point in time when the commercial vehicle is delivered to the customer.

Note 11 - ERP Platform

Note 11 - ERP Platform	6 Months Ended
	Jun. 30, 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 replaced certain components of its ERP Platform with a net book value of $19.9 May 2018. February 2018 May 2018. $9.7 three June 30, 2018, $19.9 six June 30, 2018. There has been no

Note 12 - Subsequent Event

Note 12 - Subsequent Event	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	1 2 – Subsequent Event On July 24, 2018, July 24, 2018 $0.12 August 29, 2018 August 8, 2018

Note 4 - Earnings Per Share (Ta

Note 4 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 29,389 $ 21,999 $ 50,428 $ 36,478 Denominator– Denominator for basic earnings per share – weighted average shares outstanding 39,399 39,641 39,567 39,493 Effect of dilutive securities– Employee stock options and restricted stock awards 1,291 1,198 1,400 1,244 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 40,690 40,839 40,967 40,737 Basic earnings per common share $ .75 $ .55 $ 1.27 $ .92 Diluted earnings per common share and common share equivalents $ .72 $ .54 $ 1.23 $ .90
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Weighted average anti-dilutive options 753 662 420 695

Note 6 - Financial Instrument19

Note 6 - Financial Instruments and Fair Value (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Description Fair Value Measurements Using Significant Unobservable Inputs June 30, 201 8 Long-lived assets held for sale $ 6,622

Note 7 - Segment Information (T

Note 7 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Truck Segment All Other Total As of and for the three months ended June 30, 201 8 Revenues from external customers $ 1,344,271 $ 4,560 $ 1,348,831 Segment operating income 43,126 300 43,426 Segment income before taxes 38,684 248 38,932 Segment assets 2,981,063 35,400 3,016,463 For the six months ended June 30, 201 8 Revenues from external customers $ 2,580,924 $ 8,688 $ 2,589,612 Segment operating income 75,486 329 75,815 Segment income before taxes 66,787 228 67,015 As of and for the three months ended June 30, 201 7 Revenues from external customers $ 1,199,703 $ 3,821 $ 1,203,523 Segment operating income (loss) 37,546 (139 ) 37,407 Segment income (loss) before taxes 34,766 (183 ) 34,583 Segment assets 2,655,860 35,939 2,691,799 For the six months ended June 30, 201 7 Revenues from external customers $ 2,240,556 $ 7,764 $ 2,248,320 Segment operating income (loss) 62,540 (284 ) 62,256 Segment income (loss) before taxes 57,010 (368 ) 56,641

Note 10 - Revenue (Tables)

Note 10 - Revenue (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Commercial vehicle sales revenue $ 857,025 $ 1,630,125 Parts revenue 237,068 460,422 Commercial vehicle repair service revenue 185,872 362,813 Finance revenue 2,863 5,199 Insurance revenue 2,629 5,034 Other revenue 4,381 9,502 Total $ 1,289,838 $ 2,473,095

Note 2 - Other Assets (Details

Note 2 - Other Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Capitalized Computer Software, Net, Ending Balance	$ 11,600			$ 11,600
Capitalized Computer Software, Amortization	9,700		$ 800	20,700	$ 1,700
Indefinite-Lived Franchise Rights	7,000			7,000		$ 7,000
Goodwill and Intangible Asset Impairment, Total				0
Components of ERP Platform Rquired Replacement [Member]
Capitalized Computer Software, Amortization	$ 9,700	$ 10,200		$ 19,900

Note 4 - Earnings Per Share - E

Note 4 - Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$ 29,389	$ 21,999	$ 50,428	$ 36,478
Denominator for basic earnings per share – weighted average shares outstanding (in shares)	39,399	39,641	39,567	39,493
Effect of dilutive securities– Employee stock options and restricted stock awards (in shares)	1,291	1,198	1,400	1,244
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares)	40,690	40,839	40,967	40,737
Basic earnings per common share (in dollars per share)	$ 0.75	$ 0.55	$ 1.27	$ 0.92
Diluted earnings per common share and common share equivalents (in dollars per share)	$ 0.72	$ 0.54	$ 1.23	$ 0.90

Note 4 - Earnings Per Share - A

Note 4 - Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Weighted average anti-dilutive options (in shares)	753	662	420	695

Note 5 - Stock Options and Re25

Note 5 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount	$ 0.2	$ 0.9	$ 0.2	$ 2
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	10.5		$ 10.5
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 Not yet Recognized, Stock Options	9.8		$ 9.8
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 109 days
Selling, General and Administrative Expenses [Member] | Employee Stock Option [Member]
Allocated Share-based Compensation Expense, Total	$ 5.9	$ 3.9	$ 13.8	$ 8.7

Note 6 - Financial Instrument26

Note 6 - Financial Instruments and Fair Value (Details Textual)	1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2018USD ($)	Feb. 28, 2018USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2011USD ($)
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	1			7	7
Real Estate Held-for-sale	$ 1,000,000	$ 1,900,000			$ 8,300,000	$ 8,300,000
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				$ 6,000,000	6,400,000
Auction Rate Securities Redeemed				$ 350,000	$ 325,000	$ 450,000
Derivative, Basis Spread on Variable Rate				2.25%

Note 6 - Financial Instrument27

Note 6 - Financial Instruments and Fair Value - Pre-tax Effect of Interest Rate Swaps (Details) $ in Thousands	Jun. 30, 2018USD ($)
Long-lived assets held for sale, fair value	$ 6,622

Note 7 - Segment Information (D

Note 7 - Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Revenues from external customers	$ 1,348,831	$ 1,203,523	$ 2,589,612	$ 2,248,320
Segment operating income	43,426	37,407	75,815	62,256
Segment income before taxes	38,932	34,583	67,015	56,641
Segment assets	3,016,463	2,691,799	3,016,463	2,691,799	$ 2,890,139
Truck Segment [Member]
Revenues from external customers	1,344,271	1,199,703	2,580,924	2,240,556
Segment operating income	43,126	37,546	75,486	62,540
Segment income before taxes	38,684	34,766	66,787	57,010
Segment assets	2,981,063	2,655,860	2,981,063	2,655,860
Other Segments [Member]
Revenues from external customers	4,560	3,821	8,688	7,764
Segment operating income	300	(139)	329	(284)
Segment income before taxes	248	(183)	228	(368)
Segment assets	$ 35,400	$ 35,939	$ 35,400	$ 35,939

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	Dec. 22, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017
Unrecognized Tax Benefits that Would Impact Effective Tax Rate		$ 2,600,000		$ 2,600,000			$ 2,600,000
Unrecognized Tax Benefits, Income Tax Penalties Accrued		0		0
Unrecognized Tax Benefits, Interest on Income Taxes Accrued		166,000		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		$ 200,000	$ 900,000	$ 200,000	$ 2,000,000
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Income Tax Examination, Year under Examination				2,015
Domestic Tax Authority [Member] | Latest Tax Year [Member]
Open Tax Year				2,017
Domestic Tax Authority [Member] | Earliest Tax Year [Member]
Open Tax Year				2,014
State and Local Jurisdiction [Member] | Latest Tax Year [Member]
Open Tax Year				2,017
State and Local Jurisdiction [Member] | Earliest Tax Year [Member]
Open Tax Year				2,013
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent						21.00%

Note 10 - Revenue - Disaggregat

Note 10 - Revenue - Disaggregated Revenue by Revenue Source (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue	$ 1,289,838		$ 2,473,095
Commercial Vehicle [Member]
Revenue	857,025		1,630,125
Parts [Member]
Revenue	237,068		460,422
Commercial Vehicle Repair Service [Member]
Revenue	185,872		362,813
Financial Service [Member]
Revenue	2,863		5,199
Insurance [Member]
Revenue	2,629		5,034
Product and Service, Other [Member]
Revenue	$ 4,381	$ 3,496	$ 9,502	$ 7,061

Note 11 - ERP Platform (Details

Note 11 - ERP Platform (Details Textual) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	May 31, 2018
Capitalized Computer Software, Net, Ending Balance	$ 11,600			$ 11,600
Capitalized Computer Software, Amortization	9,700		$ 800	20,700	$ 1,700
Components of ERP Platform Rquired Replacement [Member]
Capitalized Computer Software, Amortization	$ 9,700	$ 10,200		$ 19,900
Components of ERP Platform Rquired Replacement [Member] | Other Assets [Member]
Capitalized Computer Software, Net, Ending Balance						$ 19,900

Note 12 - Subsequent Event (Det

Note 12 - Subsequent Event (Details Textual) - Subsequent Event [Member]	Jul. 24, 2018$ / shares
Dividends Payable, Date Declared	Jul. 24, 2018
Dividends Payable, Date to be Paid	Aug. 29, 2018
Dividends Payable, Date of Record	Aug. 8, 2018
Common Class A [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.12
Common Class B [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.12