Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 12, 2019 | Jun. 29, 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 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Public Float | $ 1,552,855,317 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Shell Company | false | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 28,236,569 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 8,267,802 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 131,726 | $ 124,541 |
Accounts receivable, net | 190,650 | 183,875 |
Note receivable affiliate | 12,885 | 11,914 |
Inventories, net | 1,339,923 | 1,033,294 |
Prepaid expenses and other | 10,491 | 11,969 |
Assets held for sale | 2,269 | 9,505 |
Total current assets | 1,687,944 | 1,375,098 |
Investments | 6,375 | |
Property and equipment, net | 1,184,053 | 1,159,595 |
Goodwill, net | 291,391 | 291,391 |
Other assets, net | 37,962 | 57,680 |
Total assets | 3,201,350 | 2,890,139 |
Current liabilities: | ||
Floor plan notes payable | 1,023,019 | 778,561 |
Current maturities of long-term debt | 161,955 | 145,139 |
Current maturities of capital lease obligations | 19,631 | 17,119 |
Trade accounts payable | 127,451 | 107,906 |
Customer deposits | 36,183 | 27,350 |
Accrued expenses | 125,056 | 96,132 |
Total current liabilities | 1,493,295 | 1,172,207 |
Long-term debt, net of current maturities | 439,218 | 466,389 |
Capital lease obligations, net of current maturities | 49,483 | 66,022 |
Other long-term liabilities | 11,118 | 9,837 |
Deferred income taxes, net | 141,308 | 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; 28,709,636 Class A shares and 8,290,277 Class B shares outstanding in 2018; and 31,345,116 Class A shares and 8,469,247 Class B shares outstanding in 2017 | 458 | 454 |
Additional paid-in capital | 370,025 | 348,044 |
Treasury stock, at cost: 3,791,751 Class A shares and 5,030,787 Class B shares in 2018 and 934,171 Class A shares and 4,625,181 Class B shares in 2017 | (245,842) | (120,682) |
Retained earnings | 942,287 | 812,557 |
Total shareholders’ equity | 1,066,928 | 1,040,373 |
Total liabilities and shareholders’ equity | $ 3,201,350 | $ 2,890,139 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 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) | 28,709,636 | 31,345,116 |
Treasury stock (in shares) | 3,791,751 | 934,171 |
Common Class B [Member] | ||
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, outstanding (in shares) | 8,290,277 | 8,469,247 |
Treasury stock (in shares) | 5,030,787 | 4,625,181 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Revenue | $ 5,267,952 | ||
Lease and rental | 238,238 | $ 217,356 | $ 208,154 |
Total revenue | 5,506,190 | 4,713,882 | 4,214,614 |
Cost of products sold: | |||
Lease and rental | 197,271 | 183,091 | 182,040 |
Total cost of products sold | 4,527,921 | 3,883,946 | 3,496,602 |
Gross profit | 978,269 | 829,936 | 718,012 |
Selling, general and administrative | 705,226 | 631,053 | 587,778 |
Depreciation and amortization | 70,489 | 50,069 | 51,261 |
Gain (loss) on sale of assets | 297 | (105) | 1,755 |
Operating income | 202,851 | 148,709 | 80,728 |
Interest income (expense): | |||
Interest income | 1,376 | 891 | 621 |
Interest expense | (21,058) | (13,201) | (14,900) |
Total interest expense, net | 19,682 | 12,310 | 14,279 |
Income before taxes | 183,169 | 136,399 | 66,449 |
Income tax provision (benefit) | 44,107 | (35,730) | 25,867 |
Net income | $ 139,062 | $ 172,129 | $ 40,582 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 3.55 | $ 4.34 | $ 1.02 |
Diluted (in dollars per share) | $ 3.45 | $ 4.20 | $ 1 |
New and Used Commercial Vehicle [Member] | |||
Revenues: | |||
Revenue | $ 3,558,637 | $ 2,993,015 | $ 2,640,019 |
Cost of products sold: | |||
Cost of products sold | 3,280,966 | 2,766,461 | 2,463,124 |
Aftermarket Products and Services [Member] | |||
Revenues: | |||
Revenue | 1,670,052 | 1,471,266 | 1,332,356 |
Cost of products sold: | |||
Cost of products sold | 1,049,684 | 934,394 | 851,438 |
Finance and Insurance [Member] | |||
Revenues: | |||
Revenue | 20,535 | 17,988 | 18,582 |
Product and Service, Other [Member] | |||
Revenues: | |||
Revenue | $ 18,728 | $ 14,257 | $ 15,503 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 139,062 | $ 172,129 | $ 40,582 |
Other comprehensive income before tax and net of reclassification adjustments: | |||
Change in fair value of available-for-sale securities | 469 | 32 | |
Other comprehensive income, before tax | 469 | 32 | |
Income tax expense related to components of other comprehensive income | 183 | 13 | |
Other comprehensive income, net of tax | 286 | 19 | |
Comprehensive income | $ 139,062 | $ 172,415 | $ 40,601 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Class A [Member]Common Stock [Member] | Common Class A [Member]Additional Paid-in Capital [Member] | Common Class A [Member]Treasury Stock [Member] | Common Class A [Member]Retained Earnings [Member] | Common Class A [Member]AOCI Attributable to Parent [Member] | Common Class A [Member] | Common Class B [Member]Common Stock [Member] | Common Class B [Member]Additional Paid-in Capital [Member] | Common Class B [Member]Treasury Stock [Member] | Common Class B [Member]Retained Earnings [Member] | Common Class B [Member]AOCI Attributable to Parent [Member] | Common Class B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2015 | 30,304,000 | 10,093,000 | ||||||||||||||||
Balance at Dec. 31, 2015 | $ 430 | $ 288,294 | $ (43,368) | $ 599,846 | $ (305) | $ 844,897 | ||||||||||||
Stock options exercised and stock awards (in shares) | 494,000 | |||||||||||||||||
Stock options exercised and stock awards | 5 | 6,152 | 6,157 | |||||||||||||||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 12,875 | 12,875 | ||||||||||||||||
Vesting of restricted share awards (in shares) | 6,000 | 186,000 | ||||||||||||||||
Vesting of restricted share awards | 2 | (725) | (723) | |||||||||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 137,000 | |||||||||||||||||
Issuance of common stock under employee stock purchase plan | 1 | 2,531 | 2,532 | |||||||||||||||
Common stock repurchases (in shares) | (934,000) | (1,034,000) | ||||||||||||||||
Common stock repurchases | (43,514) | (43,514) | ||||||||||||||||
Other comprehensive income | 19 | 19 | ||||||||||||||||
Net income | 40,582 | 40,582 | ||||||||||||||||
Balance (in shares) at Dec. 31, 2016 | 30,007,000 | 9,245,000 | ||||||||||||||||
Balance at Dec. 31, 2016 | 438 | 309,127 | (86,882) | 640,428 | (286) | 862,825 | ||||||||||||
Stock options exercised and stock awards (in shares) | 1,219,000 | |||||||||||||||||
Stock options exercised and stock awards | 12 | 22,355 | 22,367 | |||||||||||||||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 15,606 | 15,606 | ||||||||||||||||
Vesting of restricted share awards (in shares) | 7,000 | 199,000 | ||||||||||||||||
Vesting of restricted share awards | 3 | (1,518) | (1,515) | |||||||||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 113,000 | |||||||||||||||||
Issuance of common stock under employee stock purchase plan | 1 | 2,474 | 2,475 | |||||||||||||||
Common stock repurchases (in shares) | (975,000) | |||||||||||||||||
Common stock repurchases | (33,800) | (33,800) | ||||||||||||||||
Other comprehensive income | 286 | 286 | ||||||||||||||||
Net income | 172,129 | 172,129 | ||||||||||||||||
Balance (in shares) at Dec. 31, 2017 | 31,345,000 | 8,469,000 | ||||||||||||||||
Balance at Dec. 31, 2017 | 454 | 348,044 | (120,682) | 812,557 | $ 1,040,373 | |||||||||||||
Stock options exercised and stock awards (in shares) | 138,000 | 126,027 | ||||||||||||||||
Stock options exercised and stock awards | 1 | 2,742 | $ 2,743 | |||||||||||||||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 18,059 | 18,059 | ||||||||||||||||
Vesting of restricted share awards (in shares) | 227,000 | |||||||||||||||||
Vesting of restricted share awards | 2 | (1,749) | (1,747) | |||||||||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 84,000 | |||||||||||||||||
Issuance of common stock under employee stock purchase plan | 1 | 2,929 | 2,930 | |||||||||||||||
Common stock repurchases (in shares) | (2,857,000) | (406,000) | ||||||||||||||||
Common stock repurchases | (125,160) | (125,160) | ||||||||||||||||
Other comprehensive income | ||||||||||||||||||
Net income | 139,062 | 139,062 | ||||||||||||||||
Cash dividends declared on common stock | $ (7,324) | $ (7,324) | $ (2,008) | $ (2,008) | ||||||||||||||
Balance (in shares) at Dec. 31, 2018 | 28,710,000 | 8,290,000 | ||||||||||||||||
Balance at Dec. 31, 2018 | $ 458 | $ 370,025 | $ (245,842) | $ 942,287 | $ 1,066,928 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Additional Paid-in Capital [Member] | |
Stock options exercised and stock awards, tax | $ 294 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 139,062 | $ 172,129 | $ 40,582 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 185,122 | 157,951 | 157,627 |
(Gain) loss on sale of property and equipment, net | (297) | 105 | (1,755) |
Loss on impairment of assets | 8,247 | ||
Stock-based compensation expense related to employee stock options and employee stock purchases | 18,059 | 15,606 | 12,875 |
Provision (benefit) for deferred income tax expense | 5,997 | (62,203) | 8,331 |
Excess tax expense from stock-based compensation | 294 | ||
Change in accounts receivable, net | (7,746) | (29,424) | 1,673 |
Change in inventories | (255,040) | (147,453) | 291,773 |
Change in prepaid expenses and other, net | 1,907 | (3,383) | 24,155 |
Change in trade accounts payable | 18,490 | 8,964 | (22,411) |
Draws on floor plan notes payable – trade, net | 76,646 | 19,355 | 3,989 |
Change in customer deposits | 8,833 | 8,932 | (4,020) |
Change in accrued expenses | 24,331 | 12,158 | (190) |
Net cash provided by operating activities | 215,364 | 152,737 | 521,170 |
Cash flows from investing activities: | |||
Acquisition of property and equipment | (238,260) | (209,917) | (196,965) |
Proceeds from the sale of property and equipment | 6,325 | 3,968 | 12,494 |
Business acquisitions | (2,180) | (681) | |
Proceeds from the sale of available for sale securities | 6,375 | 325 | 450 |
Other | (1,683) | 1,241 | (4,708) |
Net cash used in investing activities | (227,243) | (206,563) | (189,410) |
Cash flows from financing activities: | |||
Draws (payments) on floor plan notes payable – non-trade, net | 167,812 | 112,261 | (211,802) |
Proceeds from long-term debt | 156,751 | 152,563 | 121,188 |
Principal payments on long-term debt | (167,106) | (145,038) | (164,940) |
Principal payments on capital lease obligations | (12,429) | (12,449) | (23,479) |
Proceeds from issuance of shares relating to employee stock options and employee stock purchases | 3,926 | 23,327 | 8,260 |
Excess tax expense from stock-based compensation | (294) | ||
Common stock repurchased | (120,558) | (33,800) | (43,514) |
Payments of cash dividends | (9,332) | ||
Debt issuance costs | (523) | ||
Net cash provided by (used in) financing activities | 19,064 | 96,341 | (314,581) |
Net increase (decrease) in cash and cash equivalents | 7,185 | 42,515 | 17,179 |
Cash and cash equivalents, beginning of year | 124,541 | 82,026 | 64,847 |
Cash and cash equivalents, end of year | 131,726 | 124,541 | 82,026 |
Supplemental disclosure of cash flow information: | |||
Interest | 42,752 | 34,149 | 37,904 |
Income taxes paid (refunded), net | 28,674 | 31,323 | (10,939) |
Noncash investing and financing activities: | |||
Assets acquired under capital leases | $ 4,914 | $ 15,205 | $ 24,207 |
Note 1 - Organization and Opera
Note 1 - Organization and Operations | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. ORGANIZATION AND OPERATIONS Rush Enterprises, Inc. (the “Company”) was incorporated in 1965 one |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements presented herein include the accounts of Rush Enterprises, Inc. together with its consolidated subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. Estimates in Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may Cash and Cash Equivalents Cash and cash equivalents generally consist of cash and other money market instruments. The Company considers all highly liquid investments with an original maturity of ninety Allowance for Doubtful Receivables and Repossession Losses The Company provides an allowance for doubtful receivables and repossession losses after considering historical loss experience and other factors that might affect the collection of accounts receivable and the ability of customers to meet their obligations on finance contracts sold by the Company. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined by specific identification of new and used commercial vehicle inventory and by the first first P roperty and Equipment Property and equipment are stated at cost and depreciated over their estimated useful lives. Leasehold improvements are amortized over the useful life of the improvement, or the term of the lease, whichever is shorter. Provision for depreciation of property and equipment is calculated primarily on a straight-line basis. The Company capitalizes interest on borrowings during the active construction period of major capital projects. Capitalized interest, when incurred, is added to the cost of underlying assets and is amortized over the estimated useful life of such assets. The Company capitalized interest of approximately $357,600 2018. 2018 2017 Estimated Life (Years) Land $ 134,873 $ 129,805 – Buildings and improvements 434,049 404,679 10 – 39 Leasehold improvements 27,165 26,765 2 – 39 Machinery and shop equipment 73,578 65,694 5 – 20 Furniture, fixtures and computers 67,330 63,475 3 – 15 Transportation equipment 92,385 81,158 2 – 15 Lease and rental vehicles 914,708 894,905 2 – 8 Construction in progress 16,310 8,043 Accumulated depreciation and amortization (576,345 ) (514,929 ) Total $ 1,184,053 $ 1,159,595 The Company recorded depreciation expense of $149.1 $36.0 December 31, 2018, $140.3 $17.6 December 31, 2017 $140.6 $17.0 December 31, 2016. As of December 31, 2018, $66.4 $44.6 $114.6 December 31, 2018, $107.9 December 31, 2017 $106.3 December 31, 2016. Goodwill Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations accounted for under the purchase method. The Company tests goodwill for impairment annually during the fourth The impairment test for goodwill involves comparing the fair value of a reporting unit to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, a second second not No fourth 2018. The following table sets forth the change in the carrying amount of goodwill for the Company for the years ended December 31, 2018 2017 Balance January 1, 2017 $ 290,191 Acquisition 1,200 Balance December 31, 2017 and 2018 $ 291,391 Other Assets ERP Platform The total capitalized costs of the Company’s SAP enterprise resource planning software platform (“ERP Platform”) of $10.8 $21.7 December 31, 2018 $3.4 December 31, 2017. $1.9 five In the first 2018, 350 40, first 2018, May 2018. February 2018 May 2018. $19.9 2018 Franchise Rights 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 December 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 fourth 2018. Income Taxes Significant management judgment is required to determine the provisions for income taxes and to determine whether deferred tax assets will be realized in full or in part. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. When it is more likely than not not not In determining its provision for income taxes, the Company uses an annual effective income tax rate based on annual income, permanent differences between book and tax income, and statutory income tax rates. The effective income tax rate also reflects its assessment of the ultimate outcome of tax audits. The Company adjusts its annual effective income tax rate as additional information on outcomes or events becomes available. Discrete events such as audit settlements or changes in tax laws are recognized in the period in which they occur. The Company’s income tax returns are periodically audited by U.S. federal, state and local tax authorities. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions. At any time, multiple tax years are subject to audit by the various tax authorities. In evaluating the tax benefits associated with the Company’s various tax filing positions, the Company records a tax benefit for uncertain tax positions. A number of years may Additionally, despite the Company’s belief that its tax return positions are consistent with applicable tax law, management expects that certain positions may no Revenue Recognition Policies Effective January 1, 2018, 2014 09, Revenue from Contracts with Customers ( “ Topic 606 ” ) 606, 606, five five 606, 20 Lease and rental revenue is recognized over the period of the related lease or rental agreement. Contingent rental revenue is recognized when it is earned. Cost of Sales For the Company’s new and used commercial vehicle operations, cost of sales consists primarily of the Company’s actual purchase price plus make-ready expenses, less any applicable manufacturers’ incentives. For the Company’s parts operations, cost of sales consists primarily of the Company’s actual purchase price, less any applicable manufacturers’ incentives. For the Company’s service and collision center operations, technician labor cost is the primary component of cost of sales. For the Company’s rental and leasing operations, cost of sales consists primarily of depreciation and amortization, rent, maintenance costs, license costs and interest expense on the lease and rental fleet owned and leased by the Company. There are no Taxes Assessed by a Governmental Authority The Company accounts for sales taxes assessed by a governmental authority that are directly imposed on a revenue-producing transaction on a net (excluded from revenues) basis. Selling, General and Administrative Expenses Selling, general and administrative expenses consist primarily of incentive based compensation for sales, finance and general management personnel, salaries for administrative personnel and expenses for rent, marketing, insurance, utilities, research and development and other general operating purposes. Stock Based Compensation The Company applies the provisions of ASC topic 718 10, The Company uses the Black-Scholes option-pricing model to estimate the fair value of share-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods. Compensation expense for all share-based payment awards is recognized using the straight-line single-option method. Stock-based compensation expense is recognized based on awards expected to vest. Accordingly, stock based compensation expense has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company’s determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include the Company’s expected stock price volatility over the term of the awards and actual and projected stock option exercise behaviors. Option-pricing models were developed for use in estimating the value of traded options that have no may not may not The following table reflects the weighted-average fair value of stock options granted during each period using the Black-Scholes option valuation model with the following weighted-average assumptions used: 2018 2017 2016 Expected stock volatility 31.68 % 33.54 % 35.63 % Weighted-average stock volatility 31.68 % 33.54 % 35.63 % Expected dividend yield 0.00 % 0.00 % 0.00 % Risk-free interest rate 2.69 % 2.17 % 1.64 % Expected life (years) 6.0 6.0 6.0 Weighted-average fair value of stock options granted $ 15.46 $ 12.33 $ 6.54 The Company computes its historical stock price volatility in accordance with ASC topic 718 10. Advertising Costs Advertising costs are expensed as incurred. Advertising and marketing expense was $10.4 2018, $9.5 2017 $6.8 2016. Accounting for Internal Use Software The Company’s accounting policy with respect to accounting for computer software developed or obtained for internal use is consistent with ASC topic 350 40, $10.8 December 31, 2018, $8.3 $31.9 $20.0 December 31, 2017. Insurance The Company is partially self-insured for a portion of the claims related to its property and casualty insurance programs. Accordingly, the Company is required to estimate expected losses to be incurred. The Company engages a third third not Fair Value Measurements The Company has various financial instruments that it must measure at fair value on a recurring basis. See Note 9 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 Acquisitions The Company uses the acquisition method of accounting for the recognition of assets acquired and liabilities assumed through acquisitions at their estimated fair values as of the date of acquisition. Any excess consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. While the Company uses its best estimates and assumptions to measure the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, the estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which is not one New Accounting Pronouncements In February 2016, No. 2016 02, Leases ( “ Topic 842 ” ), twelve The Company adopted Topic 842 January 1, 2019. January 1, 2019. 842, twelve 842 $51.9 no |
Note 3 - Supplier Concentration
Note 3 - Supplier Concentration | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 3. SUPPLIER CONCENTRATION Major Suppliers and Dealership Agreements The Company has entered into dealership agreements with various manufacturers of commercial vehicles and buses (“Manufacturers”). These agreements are nonexclusive agreements that allow the Company to stock, sell at retail and service commercial vehicles and sell parts from the Manufacturers in the Company’s defined market. The agreements allow the Company to use the Manufacturers’ names, trade symbols and intellectual property and expire as follows: Manufacturer Expiration Dates Peterbilt March 2019 January 2022 International May 2020 October 2023 Isuzu Indefinite Hino Indefinite Ford Indefinite Blue Bird August 2019 IC Bus May 2020 December 2022 These agreements, as well as agreements with various other Manufacturers, impose a number of restrictions and obligations on the Company, including restrictions on a change in control of the Company and the maintenance of certain required levels of working capital. Violation of these restrictions could result in the loss of the Company’s right to purchase the Manufacturers’ products and use the Manufacturers’ trademarks. The Company purchases its new Peterbilt vehicles from Peterbilt and most of the parts sold at its Peterbilt dealerships from PACCAR, Inc, the parent company of Peterbilt, at prevailing prices charged to all franchised dealers. Sales of new Peterbilt trucks accounted for approximately 62.5% December 31, 2018, 65.2% December 31, 2017, 61.0% December 31, 2016. Primary Lenders The Company purchases its new and used commercial vehicle inventories with the assistance of floor plan financing programs as described in Note 7 The Company also acquires lease and rental vehicles with the assistance of financing agreements with PACCAR Leasing Company, Bank of America and Wells Fargo. The financing agreements are secured by a lien on the acquired vehicle. The terms of the financing agreements are similar to the corresponding lease agreements with the Company’s customers. Concentrations of Credit Risks Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with what it considers to be quality financial institutions based on periodic assessments of such institutions. The Company’s cash and cash equivalents may The Company controls credit risk through credit approvals and by selling a majority of its trade receivables, other than vehicle accounts receivable, without recourse. Concentrations of credit risk with respect to trade receivables are reduced because a large number of geographically diverse customers make up the Company’s customer base; however, substantially all of the Company’s business is concentrated in the United States commercial vehicle markets and related aftermarkets. The Company generally sells finance contracts it enters into with customers to finance the purchase of commercial vehicles to third |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. ACCOUNTS RECEIVABLE The Company’s accounts receivable, net, consisted of the following (in thousands): December 31, 2018 2017 Trade accounts receivable from sale of vehicles $ 100,013 $ 104,779 Trade receivables other than vehicles 60,716 57,697 Warranty claims 10,427 9,473 Other accounts receivable 20,910 12,753 Less allowance for bad debt and warranty claims (1,416 ) (826 ) Total $ 190,650 $ 183,875 |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. INVENTORIES The Company’s inventories, net, consisted of the following (in thousands): December 31, 2018 2017 New commercial vehicles $ 976,464 $ 747,531 Used commercial vehicles 96,126 76,488 Parts and accessories 259,396 205,534 Other 19,573 15,924 Less allowance (11,636 ) (12,183 ) Total $ 1,339,923 $ 1,033,294 |
Note 6 - Valuation Accounts
Note 6 - Valuation Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 6. VALUATION ACCOUNTS: Valuation and allowance accounts include the following (in thousands): Balance Beginning of Year Net Charged to Costs and Expenses Net Write- Offs Balance End of Year 2018 Reserve for accounts receivable $ 616 $ 2,183 $ (1,812 ) $ 987 Reserve for warranty receivables 210 2,031 (1,812 ) 429 Reserve for parts inventory 6,230 2,744 (1,924 ) 7,050 Reserve for commercial vehicle inventory 5,953 3,550 (4,916 ) 4,587 2017 Reserve for accounts receivable $ 549 $ 625 $ (558 ) $ 616 Reserve for warranty receivables 114 713 (617 ) 210 Reserve for parts inventory 4,885 1,414 (69 ) 6,230 Reserve for commercial vehicle inventory 5,102 5,997 (5,146 ) 5,953 2016 Reserve for accounts receivable $ 506 $ 1,415 $ (1,372 ) $ 549 Reserve for warranty receivables 105 833 (824 ) 114 Reserve for parts inventory 7,291 3,400 (5,806 ) 4,885 Reserve for commercial vehicle inventory 6,541 9,623 (11,062 ) 5,102 Allowance for Doubtful Receivables The Company sells a majority of its customer accounts receivable on a non-recourse basis to a third third third not The Company provides an allowance for uncollectible warranty receivables. The Company evaluates the collectability of its warranty claims receivable based on a combination of factors, including aging and correspondence with the applicable manufacturer. Management reviews the warranty claims receivable aging and adjusts the allowance based on historical experience. The Company records charge-offs related to warranty receivables after it is determined that a receivable will not Inventory The Company provides a reserve for obsolete and slow moving parts. The reserve is reviewed and, if necessary, adjustments are made on a quarterly basis. The Company relies on historical information to support its reserve. Once the inventory is written down, the Company does not The valuation for new and used commercial vehicle inventory is based on specific identification. A detail of new and used commercial vehicle inventory is reviewed and, if necessary, adjustments to the value of specific vehicles are made on a quarterly basis. |
Note 7 - Floor Plan Notes Payab
Note 7 - Floor Plan Notes Payable and Lines of Credit | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. FLOOR PLAN NOTES PAYABLE AND LINES OF CREDIT Floor Plan Notes Payable Floor plan notes are financing agreements to facilitate the Company’s purchase of new and used commercial vehicle inventory. These notes are collateralized by the inventory purchased and accounts receivable arising from the sale thereof. The Company’s Floor Plan Credit Agreement provides for a loan commitment of up to $875.0 The interest rate under the Company’s Floor Plan Credit Agreement is the three 1.51%. 4.26% December 31, 2018. 0.16% The Company finances substantially all of the purchase price of its new commercial vehicle inventory, and the loan value of its used commercial vehicle inventory, under its Floor Plan Credit Agreement, under which BMO Harris pays the manufacturer directly with respect to new commercial vehicles. Amounts borrowed under the Company’s Floor Plan Credit Agreement are due when the related commercial vehicle inventory (collateral) is sold and the sales proceeds are collected by the Company. The Company’s Floor Plan Credit Agreement expires June 30, 2019, 120 may $500,000 June 30, 2019, December 31, 2018, $798.4 In June 2012, 150 December 31, 2018, 7.0% December 31, 2018, $139.0 The Company’s weighted average interest rate for floor plan notes payable was 1.9% December 31, 2018, 1.4% December 31, 2017, Assets pledged as collateral were as follows (in thousands): December 31, 2018 2017 Inventories, new and used vehicles at cost based on specific identification, net of allowance $ 1,068,003 $ 818,066 Vehicle sale related accounts receivable 100,013 104,779 Total $ 1,168,016 $ 922,845 Floor plan notes payable related to vehicles $ 1,023,019 $ 778,561 Lines of Credit The Company has a secured line of credit that provides for a maximum borrowing of $17.5 no December 31, 2018; $11.6 $5.9 December 31, 2018. The Company has a Working Capital Facility with BMO Harris. The Working Capital Facility includes up to $100 $20 March 21, 2020 no December 31, 2018. |
Note 8 - Long-term Debt
Note 8 - Long-term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 8. LONG-TERM DEBT Long-term debt was comprised of the following (in thousands): December 31, 2018 2017 Variable interest rate term notes $ 80,355 $ 96,157 Fixed interest rate term notes 520,818 515,371 Total debt 601,173 611,528 Less: current maturities (161,955 ) (145,139 ) Total long-term debt, net of current maturities $ 439,218 $ 466,389 As of December 31, 2018, 2019 $ 161,955 2020 158,815 2021 103,938 2022 88,155 2023 57,689 Thereafter 30,621 Total $ 601,173 The interest rates on the Company’s variable interest rate notes are based on various LIBOR benchmark rates. The interest rates on the notes ranged from approximately 4.0% 4.5% December 31, 2018. $5,330 $125,833 May 2019 June 2025. The Company’s fixed interest rate notes had interest rates that ranged from approximately 2.95% 7.61% December 31, 2018. $255 $72,315 January 2019 September 2028. The proceeds from the issuance of the notes were used primarily to acquire land, buildings and improvements and vehicles for the Company’s lease and rental fleet. The notes are secured by the assets acquired with the proceeds of such notes. The Company’s long-term real estate debt agreements, floor plan financing arrangements and the Working Capital Facility require the Company to satisfy various financial ratios such as the debt to worth ratio, leverage ratio, the fixed charge coverage ratio and certain requirements for tangible net worth and GAAP net worth. As of December 31, 2018, not |
Note 9 - Financial Instruments
Note 9 - Financial Instruments and Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. FINANCIAL INSTRUMENTS AND FAIR VALUE The Company measures certain financial assets and liabilities at fair value on a recurring basis. Financial instruments consist primarily of cash, accounts receivable, accounts payable and floor plan notes payable. The carrying values of the Company’s financial instruments approximate fair value due either to their short-term nature or existence of variable interest rates, which approximate market rates. Certain methods and assumptions were used by the Company in estimating the fair value of financial instruments at December 31, 2018, 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 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 On December 31, 2018, not third 2018. December 31, 2017, 2030 $6.4 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 2018, four $4.7 third 2017, one $1.4 fourth 2018, one $2.6 December 31, 2018, 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 December 31 , 201 8 Long-lived assets held for sale $ 2,269 For further discussion of assets held for sale, see Note 19 |
Note 10 - Leasing Activities
Note 10 - Leasing Activities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 10. LEAS ING ACTIVITIES Vehicle Leases as Lessee The Company leases vehicles, as lessee, primarily over periods ranging from one ten December 31, 2018, $38.0 $2.5 December 31, 2018, $0.9 December 31, 2017 $1.3 December 31, 2016. As discussed below, these vehicles are then subleased by the Company to customers under various agreements. Future minimum sublease rentals to be received by the Company under non-cancelable subleases, as described below, are $72.8 Future minimum lease payments under capital and non-cancelable vehicle leases as of December 31, 2018, Capital Leases Operating Leases 2019 $ 22,033 $ 3,580 2020 19,113 3,264 2021 14,894 2,764 2022 11,062 2,479 2023 5,095 1,957 Thereafter 2,963 1,246 Total minimum lease payments $ 75,160 $ 15,290 Less amount representing interest (6,046 ) Present value of net minimum capital lease payments 69,114 Less current portion (19,631 ) Obligations under capital leases less current portion $ 49,483 Customer Vehicle Leases as Lessor The Company, through its PacLease and Idealease franchises, leases vehicles that the Company owns or leases to customers primarily over periods of one ten December 31, 2018 $209.3 $30.0 December 31, 2017 $187.4 $29.0 December 31, 2016 $182.1 $27.8 December 31, 2018, 2019 $ 97,906 2020 79,784 2021 57,486 2022 37,212 2023 21,813 Thereafter 12,980 Total $ 307,181 As of December 31, 2018, $576.0 $338.7 December 31, 2017, $584.4 $310.5 Other Leases - Land and Buildings The Company leases various assets under operating leases with expiration dates ranging from February 2019 June 2102. $275 $38,091 $10.7 December 31, 2018, $9.5 December 31, 2017, $10.3 December 31, 2016. December 31, 2018, 2019 $ 8,715 2020 7,202 2021 5,426 2022 4,599 2023 3,239 Thereafter 21,217 Total $ 50,398 |
Note 11 - Share Based Compensat
Note 11 - Share Based Compensation and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. SHARE BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS Employee Stock Purchase Plan The Company’s 2004 $10,625 six 85% first may $25,000 first 331,000 1,400,000 84,192 December 31, 2018 112,754 December 31, 2017. 7,214 1,495 December 31, 2018. Non-Employee Director Stock Option Plan The Rush Enterprises, Inc. 2006 500,000 40% $125,000. 2018, two 2,926 one 2,048 $37,500 two 1,756 $50,000 $125,000 2017, two 3,307 one 1,984 $50,000 one 2,315 $37,500 one 2,480 $31,250 $125,000 140,300 500,000 11,412 December 31, 2018 13,393 December 31, 2017. Employee Incentive Plans In May 2007, 2007 “2007 2007 may 2007 May 20, 2014 May 16, 2017 7,800,000 2,200,000 2007 The aggregate number of shares of common stock subject to stock options or SARs that may one 2007 100,000 100,000 2007 ten three third 7,800,000 2,200,000 2007 December 31, 2018, 1,781,000 762,000 2007 December 31, 2018, 459,663 306,590 2007 December 31, 2017, 472,463 274,390 2007 Valuation and Expense Information Stock-based compensation expense related to stock options, restricted stock awards, restricted stock units and employee stock purchases was $18.1 December 31, 2018, $15.6 December 31, 2017, $12.9 December 31, 2016. $5.7 December 31, 2018, $24.8 December 31, 2017, $6.5 December 31, 2016. A summary of the Company’s stock option activity and related information for the year ended December 31, 2018, Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Shares Price Life (in Years) Value Balance of Outstanding Options at January 1, 2018 2,724,308 $ 24.78 Granted 459,663 42.99 Exercised (126,027 ) 21.77 Forfeited (73,664 ) 28.21 Balance of Outstanding Options at December 31, 2018 2,984,280 $ 27.63 6.04 $ 24,290,404 Expected to vest after December 31, 2018 1,750,298 $ 30.62 7.63 $ 10,524,034 Vested and exercisable at December 31, 2018 1,187,924 $ 23.15 3.64 $ 13,457,583 The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on the weighted-average of the closing price as of December 31, 2018, $34.48. $2.7 December 31, 2018, $25.0 December 31, 2017, $4.8 December 31, 2016. A summary of the status of the number of shares underlying Company’s non-vested stock options as of December 31, 2018, December 31, 2018, Weighted Average Number of Grant Date Non-vested Shares Shares Fair Value Non-vested at January 1, 2018 1,836,062 $ 11.12 Granted 459,663 15.46 Vested (430,040 ) 13.26 Forfeited (69,329 ) 10.73 Non-vested at December 31, 2018 1,796,356 $ 11.74 The total fair value of vested options was $5.7 December 31, 2018, $6.3 December 31, 2017, $5.6 December 31, 2016. $15.46 December 31, 2018, $12.33 December 31, 2017, $6.54 December 31, 2016. Stock Awards The Company granted restricted stock units to certain of its employees under the 2007 December 31, 2018. three second third The following table presents a summary of the Company’s non-vested restricted stock units outstanding at December 31, 2018: Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Grant Date Stock Awards and Units Shares Life (in Years) Value Fair Value Outstanding non-vested shares at January 1, 2018 540,132 $ 25.71 Granted 306,590 40.46 Vested (267,588 ) 24.57 Forfeited (6,000 ) 33.62 Outstanding non-vested at December 31, 2018 573,134 8.6 $ 20,402,823 $ 34.07 Expected to vest after December 31, 2018 571,974 8.6 $ 20,361,531 The total fair value of the shares issued upon the vesting of stock awards during the year ended December 31, 2018 $6.6 $40.46 December 31, 2018, $31.37 December 31, 2017 $17.57 December 31, 2016. As of December 31, 2018, $8.1 3.3 $7.1 1.9 Defined Contribution Plan The Company has a defined contribution plan (the “Rush 401k 30 401k first may 1% 50% 15% first 10% 20% five 40% five 401k $8.9 December 31, 2018, $7.0 December 31, 2017 $6.5 December 31, 2016. Deferred Compensation Plan On November 6, 2010, may 100% first January 1, 2011. $11.1 December 31, 2018 $9.8 December 31, 2017. $8.9 December 31, 2018 $9.6 December 31, 2017. The Company currently does not |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. EARNINGS PER SHARE Basic earnings per share (“EPS”) were computed by dividing income from continuing operations by the weighted average number of shares of common stock outstanding during the period. Diluted EPS differs from basic EPS due to the assumed conversions of potentially dilutive options and restricted shares that were outstanding during the period. Each share of Class A Common Stock ranks equal to each share of Class B Common Stock with respect to receipt of any dividends or distributions declared on shares of common stock and the right to receive proceeds on liquidation or dissolution of the Company after payment of its indebtedness and liquidation preference payments to holders of any preferred shares. However, holders of Class A Common Stock have 1/20th one one The following is a reconciliation of the numerators and the denominators of the basic and diluted per share computations for income from continuing operations (in thousands, except per share amounts): 2018 2017 2016 Numerator- Numerator for basic and diluted earnings per share − Net income available to common shareholders $ 139,062 $ 172,129 $ 40,582 Denominator- Denominator for basic earnings per share – weighted average shares outstanding 39,223 39,627 39,938 Effect of dilutive securities− Employee and director stock options and restricted share awards 1,070 1,353 665 Denominator for diluted earnings per share − adjusted weighted average shares outstanding and assumed conversions 40,293 40,980 40,603 Basic earnings per common share $ 3.55 $ 4.34 $ 1.02 Diluted earnings per common share and common share equivalents $ 3.45 $ 4.20 $ 1.00 Options to purchase shares of common stock that were outstanding for the years ended December 31, 2018, 2017 2016 not 2018 2017 2016 Anti-dilutive options – weighted average 513 449 2,043 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. INCOME TAXE S: The tax provisions are summarized as follows (in thousands): Year Ended December 31, 2018 2017 2016 Current provision − Federal $ 31,819 $ 22,443 $ 15,236 State 6,291 4,030 2,300 38,110 26,473 17,536 Deferred provision − Federal 6,082 (64,821 ) 8,260 State (85 ) 2,618 71 5,997 (62,203 ) 8,331 Provision (benefit) for income taxes $ 44,107 $ (35,730 ) $ 25,867 A reconciliation of taxes based on the federal statutory rates and the provisions (benefits) for income taxes are summarized as follows (in thousands): Year Ended December 31, 2018 2017 2016 Income taxes at the federal statutory rate $ 38,469 $ 47,749 $ 23,255 State income taxes, net of federal benefit 4,913 3,246 1,552 Tax effect of permanent differences 596 (4,097 ) 887 Revaluation of deferred taxes − (82,862 ) − Other, net 129 234 173 (Benefit) provision for income taxes $ 44,107 $ (35,730 ) $ 25,867 The components of income taxes recorded in other comprehensive income and paid in capital consisted of the following (in thousands): Year Ended December 31, 2018 2017 2016 Income tax expense (benefit) related to components of other comprehensive income: Change in fair value of available-for-sale securities − 183 13 Total $ − $ 183 $ 13 Paid in capital – stock based compensation $ − $ − $ 294 The following summarizes the components of net deferred income tax liabilities included in the balance sheet (in thousands): December 31, 2018 2017 Deferred income tax (assets) liabilities: Inventory $ (4,076 ) $ (3,637 ) Accounts receivable (231 ) (157 ) Capital lease obligations (16,202 ) (19,480 ) Stock options (9,026 ) (6,899 ) Accrued liabilities (2,481 ) (2,533 ) State net operating loss carry forward (2,463 ) (2,262 ) State tax credit (312 ) (410 ) Other (3,276 ) (3,627 ) Difference between book and tax basis- Depreciation and amortization 179,325 174,266 141,258 135,261 Valuation allowance 50 50 Net deferred income tax liability $ 141,308 $ 135,311 On December 22, 2017, 35% 21% January 1, 2018. 2017 No. 118 118 not one 118 2017 2018. December 31, 2017, not 740, Income Taxes December 31, 2018, 2018, not December 31, 2017. At December 31, 2017, $82.9 12 months ended December 31, 2018, $100,000 As of December 31, 2018, $51.0 2018 2038. $50,000 2018. The Company had unrecognized income tax benefits totaling $2.4 December 31, 2018, $2.6 December 31, 2017, December 31, 2018, 2017 2016, 27,450 $21,050, $34,800 No $139,000, $166,000 $145,000 December 31, 2018, 2017 2016, The Company does not 12 December 31, 2018, December 31, 2015 2018 December 31, 2014 2018, A reconciliation of the change in the unrecognized tax benefits is as follows (in thousands): 2018 2017 2016 Unrecognized tax benefits at beginning of period $ 2,555 $ 2,401 $ 2,332 Gross increases – tax positions in current year 504 619 429 Reductions due to lapse of statute of limitations (670 ) (465 ) (360 ) Unrecognized tax benefits at end of period $ 2,389 $ 2,555 $ 2,401 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. COMMITMENTS AND CONTINGENCIES From time to time, the Company is involved in litigation arising out of its operations in the ordinary course of business. The Company maintains liability insurance, including product liability coverage, in amounts deemed adequate by management. To date, aggregate costs to the Company for claims, including product liability actions, have not not no no not The Company has purchase obligations of approximately $10.0 December 31, 2018 $2.8 |
Note 15 - Acquisitions
Note 15 - Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 15. ACQUISITIONS The following acquisition was considered a business combination and accounted for under ASC 805 not 805 not On December 14, 2017, $2.2 |
Note 16 - Unaudited Quarterly F
Note 16 - Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 16. UNAUDITED QUARTERLY FINANCIAL DATA (In thousands, except per share amounts.) First Second Third Fourth Quarter Quarter Quarter Quarter 201 8 Revenues $ 1,240,781 $ 1,348,831 $ 1,376,136 $ 1,540,442 Gross profit 226,995 243,377 249,057 258,840 Operating income 32,389 43,426 58,649 68,387 Income before income taxes 28,083 38,932 54,181 61,973 Net income $ 21,039 $ 29,389 $ 41,665 $ 46,969 Earnings per share: Basic $ 0.53 $ 0.75 $ 1.06 $ 1.22 Diluted $ 0.51 $ 0.72 $ 1.03 $ 1.20 201 7 Revenues $ 1,044,797 $ 1,203,523 $ 1,257,459 $ 1,208,103 Gross profit 187,907 209,072 220,048 212,909 Operating income 24,849 37,407 48,436 38,017 Income before income taxes 22,058 34,583 45,335 34,423 Net income $ 14,479 $ 21,999 $ 29,784 $ 105,867 Earnings per share: Basic $ 0.37 $ 0.55 $ 0.75 $ 2.65 Diluted $ 0.36 $ 0.54 $ 0.72 $ 2.54 |
Note 17 - Segments
Note 17 - Segments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. SEGMENTS 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 Company accounts for intersegment sales and transfers as if the sales or transfers were to third no December 31, 2018, 2017 2016. The following table contains summarized information about reportable segment revenue, segment income or loss from continuing operations and segment assets for the periods ended December 31, 2018, 2017 2016 Truck All Segment Other Totals 201 8 Revenues from external customers $ 5,488,787 $ 17,403 $ 5,506,190 Interest income 1,376 – 1,376 Interest expense 20,850 208 21,058 Depreciation and amortization 70,170 319 70,489 Segment operating income 202,725 126 202,851 Segment income (loss) from continuing operations before taxes 183,251 (82 ) 183,169 Segment assets 3,166,174 35,176 3,201,350 Goodwill 288,831 2,560 291,391 Expenditures for segment assets 238,229 31 238,260 201 7 Revenues from external customers $ 4,698,035 $ 15,847 $ 4,713,882 Interest income 891 – 891 Interest expense 13,024 177 13,201 Depreciation and amortization 49,634 435 50,069 Segment operating income (loss) 149,338 (629 ) 148,709 Segment income (loss) from continuing operations before taxes 137,205 (806 ) 136,399 Segment assets 2,855,001 35,138 2,890,139 Goodwill 288,831 2,560 291,391 Expenditures for segment assets 209,852 65 209,917 201 6 Revenues from external customers $ 4,199,348 $ 15,266 $ 4,214,614 Interest income 621 – 621 Interest expense 14,740 160 14,900 Depreciation and amortization 50,771 490 51,261 Segment operating income (loss) 81,483 (756 ) 80,728 Segment income (loss) from continuing operations before taxes 67,364 (915 ) 66,449 Segment assets 2,570,016 33,031 2,603,047 Goodwill 287,631 2,560 290,191 Expenditures for segment assets 196,704 261 196,965 |
Note 18 - Related Party Transac
Note 18 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 18. RELATED PARTY TRANSACTIONS The Company has entered into a loan and security agreement with Central California Truck & Trailer Sales, LLC (“CCTTS”), a related party. The fifth $17.0 three 4.0%. $12.9 December 31, 2018, $11.9 December 31, 2017. |
Note 19 - Restructuring Costs
Note 19 - Restructuring Costs | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 19. RESTRUCTURING COSTS During 2016, $8.9 The restructuring charges included $8.2 9 During 2016 2017, seven $8.3 2018, four $4.7 third 2017, one $1.4 fourth 2018, one $2.6 December 31, 2018, The restructuring costs and the assets held for sale are reported under the Truck Segment. |
Note 20 - Revenue
Note 20 - Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 20. RE VENUE In May 2014, No. 2014 09, Revenue from Contracts with Customers (“Topic 606” 606 January 1, 2018, not 606 December 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 year ended December 31, 2018 ( Year Ended December 31, 2018 Commercial vehicle sales revenue $ 3,558,637 Parts revenue 937,241 Commercial vehicle repair service revenue 732,811 Finance revenue 10,795 Insurance revenue 9,740 Other revenue 18,728 Total $ 5,267,952 All of the Company's performance obligations and associated revenues are generally transferred to customers at a point in time. The Company does not December 31, 2018. For the sale of new and used 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 certain 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 21 - Subsequent Event
Note 21 - Subsequent Event | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 21. SUBSEQUENT EVENT On February 6, 2019, 50% $30.0 not not February 25, 2019. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements presented herein include the accounts of Rush Enterprises, Inc. together with its consolidated subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Estimates in Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents generally consist of cash and other money market instruments. The Company considers all highly liquid investments with an original maturity of ninety |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Doubtful Receivables and Repossession Losses The Company provides an allowance for doubtful receivables and repossession losses after considering historical loss experience and other factors that might affect the collection of accounts receivable and the ability of customers to meet their obligations on finance contracts sold by the Company. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined by specific identification of new and used commercial vehicle inventory and by the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | P roperty and Equipment Property and equipment are stated at cost and depreciated over their estimated useful lives. Leasehold improvements are amortized over the useful life of the improvement, or the term of the lease, whichever is shorter. Provision for depreciation of property and equipment is calculated primarily on a straight-line basis. The Company capitalizes interest on borrowings during the active construction period of major capital projects. Capitalized interest, when incurred, is added to the cost of underlying assets and is amortized over the estimated useful life of such assets. The Company capitalized interest of approximately $357,600 2018. 2018 2017 Estimated Life (Years) Land $ 134,873 $ 129,805 – Buildings and improvements 434,049 404,679 10 – 39 Leasehold improvements 27,165 26,765 2 – 39 Machinery and shop equipment 73,578 65,694 5 – 20 Furniture, fixtures and computers 67,330 63,475 3 – 15 Transportation equipment 92,385 81,158 2 – 15 Lease and rental vehicles 914,708 894,905 2 – 8 Construction in progress 16,310 8,043 Accumulated depreciation and amortization (576,345 ) (514,929 ) Total $ 1,184,053 $ 1,159,595 The Company recorded depreciation expense of $149.1 $36.0 December 31, 2018, $140.3 $17.6 December 31, 2017 $140.6 $17.0 December 31, 2016. As of December 31, 2018, $66.4 $44.6 $114.6 December 31, 2018, $107.9 December 31, 2017 $106.3 December 31, 2016. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations accounted for under the purchase method. The Company tests goodwill for impairment annually during the fourth The impairment test for goodwill involves comparing the fair value of a reporting unit to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, a second second not No fourth 2018. The following table sets forth the change in the carrying amount of goodwill for the Company for the years ended December 31, 2018 2017 Balance January 1, 2017 $ 290,191 Acquisition 1,200 Balance December 31, 2017 and 2018 $ 291,391 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Other Assets ERP Platform The total capitalized costs of the Company’s SAP enterprise resource planning software platform (“ERP Platform”) of $10.8 $21.7 December 31, 2018 $3.4 December 31, 2017. $1.9 five In the first 2018, 350 40, first 2018, May 2018. February 2018 May 2018. $19.9 2018 Franchise Rights 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 December 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 fourth 2018. |
Income Tax, Policy [Policy Text Block] | Income Taxes Significant management judgment is required to determine the provisions for income taxes and to determine whether deferred tax assets will be realized in full or in part. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. When it is more likely than not not not In determining its provision for income taxes, the Company uses an annual effective income tax rate based on annual income, permanent differences between book and tax income, and statutory income tax rates. The effective income tax rate also reflects its assessment of the ultimate outcome of tax audits. The Company adjusts its annual effective income tax rate as additional information on outcomes or events becomes available. Discrete events such as audit settlements or changes in tax laws are recognized in the period in which they occur. The Company’s income tax returns are periodically audited by U.S. federal, state and local tax authorities. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions. At any time, multiple tax years are subject to audit by the various tax authorities. In evaluating the tax benefits associated with the Company’s various tax filing positions, the Company records a tax benefit for uncertain tax positions. A number of years may Additionally, despite the Company’s belief that its tax return positions are consistent with applicable tax law, management expects that certain positions may no |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Policies Effective January 1, 2018, 2014 09, Revenue from Contracts with Customers ( “ Topic 606 ” ) 606, 606, five five 606, 20 Lease and rental revenue is recognized over the period of the related lease or rental agreement. Contingent rental revenue is recognized when it is earned. |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales For the Company’s new and used commercial vehicle operations, cost of sales consists primarily of the Company’s actual purchase price plus make-ready expenses, less any applicable manufacturers’ incentives. For the Company’s parts operations, cost of sales consists primarily of the Company’s actual purchase price, less any applicable manufacturers’ incentives. For the Company’s service and collision center operations, technician labor cost is the primary component of cost of sales. For the Company’s rental and leasing operations, cost of sales consists primarily of depreciation and amortization, rent, maintenance costs, license costs and interest expense on the lease and rental fleet owned and leased by the Company. There are no |
Sales Taxes, Policy [Policy Text Block] | Taxes Assessed by a Governmental Authority The Company accounts for sales taxes assessed by a governmental authority that are directly imposed on a revenue-producing transaction on a net (excluded from revenues) basis. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative Expenses Selling, general and administrative expenses consist primarily of incentive based compensation for sales, finance and general management personnel, salaries for administrative personnel and expenses for rent, marketing, insurance, utilities, research and development and other general operating purposes. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Based Compensation The Company applies the provisions of ASC topic 718 10, The Company uses the Black-Scholes option-pricing model to estimate the fair value of share-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods. Compensation expense for all share-based payment awards is recognized using the straight-line single-option method. Stock-based compensation expense is recognized based on awards expected to vest. Accordingly, stock based compensation expense has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company’s determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include the Company’s expected stock price volatility over the term of the awards and actual and projected stock option exercise behaviors. Option-pricing models were developed for use in estimating the value of traded options that have no may not may not The following table reflects the weighted-average fair value of stock options granted during each period using the Black-Scholes option valuation model with the following weighted-average assumptions used: 2018 2017 2016 Expected stock volatility 31.68 % 33.54 % 35.63 % Weighted-average stock volatility 31.68 % 33.54 % 35.63 % Expected dividend yield 0.00 % 0.00 % 0.00 % Risk-free interest rate 2.69 % 2.17 % 1.64 % Expected life (years) 6.0 6.0 6.0 Weighted-average fair value of stock options granted $ 15.46 $ 12.33 $ 6.54 The Company computes its historical stock price volatility in accordance with ASC topic 718 10. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred. Advertising and marketing expense was $10.4 2018, $9.5 2017 $6.8 2016. |
Internal Use Software, Policy [Policy Text Block] | Accounting for Internal Use Software The Company’s accounting policy with respect to accounting for computer software developed or obtained for internal use is consistent with ASC topic 350 40, $10.8 December 31, 2018, $8.3 $31.9 $20.0 December 31, 2017. |
Unpaid Policy Claims and Claims Adjustment Expense, Policy [Policy Text Block] | Insurance The Company is partially self-insured for a portion of the claims related to its property and casualty insurance programs. Accordingly, the Company is required to estimate expected losses to be incurred. The Company engages a third third not |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company has various financial instruments that it must measure at fair value on a recurring basis. See Note 9 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 |
Business Combinations Policy [Policy Text Block] | Acquisitions The Company uses the acquisition method of accounting for the recognition of assets acquired and liabilities assumed through acquisitions at their estimated fair values as of the date of acquisition. Any excess consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. While the Company uses its best estimates and assumptions to measure the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, the estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which is not one |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In February 2016, No. 2016 02, Leases ( “ Topic 842 ” ), twelve The Company adopted Topic 842 January 1, 2019. January 1, 2019. 842, twelve 842 $51.9 no |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2018 2017 Estimated Life (Years) Land $ 134,873 $ 129,805 – Buildings and improvements 434,049 404,679 10 – 39 Leasehold improvements 27,165 26,765 2 – 39 Machinery and shop equipment 73,578 65,694 5 – 20 Furniture, fixtures and computers 67,330 63,475 3 – 15 Transportation equipment 92,385 81,158 2 – 15 Lease and rental vehicles 914,708 894,905 2 – 8 Construction in progress 16,310 8,043 Accumulated depreciation and amortization (576,345 ) (514,929 ) Total $ 1,184,053 $ 1,159,595 |
Schedule of Goodwill [Table Text Block] | Balance January 1, 2017 $ 290,191 Acquisition 1,200 Balance December 31, 2017 and 2018 $ 291,391 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2018 2017 2016 Expected stock volatility 31.68 % 33.54 % 35.63 % Weighted-average stock volatility 31.68 % 33.54 % 35.63 % Expected dividend yield 0.00 % 0.00 % 0.00 % Risk-free interest rate 2.69 % 2.17 % 1.64 % Expected life (years) 6.0 6.0 6.0 Weighted-average fair value of stock options granted $ 15.46 $ 12.33 $ 6.54 |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2018 2017 Trade accounts receivable from sale of vehicles $ 100,013 $ 104,779 Trade receivables other than vehicles 60,716 57,697 Warranty claims 10,427 9,473 Other accounts receivable 20,910 12,753 Less allowance for bad debt and warranty claims (1,416 ) (826 ) Total $ 190,650 $ 183,875 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2018 2017 New commercial vehicles $ 976,464 $ 747,531 Used commercial vehicles 96,126 76,488 Parts and accessories 259,396 205,534 Other 19,573 15,924 Less allowance (11,636 ) (12,183 ) Total $ 1,339,923 $ 1,033,294 |
Note 6 - Valuation Accounts (Ta
Note 6 - Valuation Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Balance Beginning of Year Net Charged to Costs and Expenses Net Write- Offs Balance End of Year 2018 Reserve for accounts receivable $ 616 $ 2,183 $ (1,812 ) $ 987 Reserve for warranty receivables 210 2,031 (1,812 ) 429 Reserve for parts inventory 6,230 2,744 (1,924 ) 7,050 Reserve for commercial vehicle inventory 5,953 3,550 (4,916 ) 4,587 2017 Reserve for accounts receivable $ 549 $ 625 $ (558 ) $ 616 Reserve for warranty receivables 114 713 (617 ) 210 Reserve for parts inventory 4,885 1,414 (69 ) 6,230 Reserve for commercial vehicle inventory 5,102 5,997 (5,146 ) 5,953 2016 Reserve for accounts receivable $ 506 $ 1,415 $ (1,372 ) $ 549 Reserve for warranty receivables 105 833 (824 ) 114 Reserve for parts inventory 7,291 3,400 (5,806 ) 4,885 Reserve for commercial vehicle inventory 6,541 9,623 (11,062 ) 5,102 |
Note 7 - Floor Plan Notes Pay_2
Note 7 - Floor Plan Notes Payable and Lines of Credit (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Assets Pledged As Collateral [Table Text Block] | December 31, 2018 2017 Inventories, new and used vehicles at cost based on specific identification, net of allowance $ 1,068,003 $ 818,066 Vehicle sale related accounts receivable 100,013 104,779 Total $ 1,168,016 $ 922,845 Floor plan notes payable related to vehicles $ 1,023,019 $ 778,561 |
Note 8 - Long-term Debt (Tables
Note 8 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2018 2017 Variable interest rate term notes $ 80,355 $ 96,157 Fixed interest rate term notes 520,818 515,371 Total debt 601,173 611,528 Less: current maturities (161,955 ) (145,139 ) Total long-term debt, net of current maturities $ 439,218 $ 466,389 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2019 $ 161,955 2020 158,815 2021 103,938 2022 88,155 2023 57,689 Thereafter 30,621 Total $ 601,173 |
Note 9 - Financial Instrument_2
Note 9 - Financial Instruments and Fair Value (Tables) | 12 Months Ended |
Dec. 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 December 31 , 201 8 Long-lived assets held for sale $ 2,269 |
Note 10 - Leasing Activities (T
Note 10 - Leasing Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases and Operating Leases [Table Text Block] | Capital Leases Operating Leases 2019 $ 22,033 $ 3,580 2020 19,113 3,264 2021 14,894 2,764 2022 11,062 2,479 2023 5,095 1,957 Thereafter 2,963 1,246 Total minimum lease payments $ 75,160 $ 15,290 Less amount representing interest (6,046 ) Present value of net minimum capital lease payments 69,114 Less current portion (19,631 ) Obligations under capital leases less current portion $ 49,483 |
Schedule of Future Minimum Rental Receivable for Operating Leases [Table Text Block] | 2019 $ 97,906 2020 79,784 2021 57,486 2022 37,212 2023 21,813 Thereafter 12,980 Total $ 307,181 |
Lessee, Operating Lease, Disclosure [Table Text Block] | 2019 $ 8,715 2020 7,202 2021 5,426 2022 4,599 2023 3,239 Thereafter 21,217 Total $ 50,398 |
Note 11 - Share Based Compens_2
Note 11 - Share Based Compensation and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Shares Price Life (in Years) Value Balance of Outstanding Options at January 1, 2018 2,724,308 $ 24.78 Granted 459,663 42.99 Exercised (126,027 ) 21.77 Forfeited (73,664 ) 28.21 Balance of Outstanding Options at December 31, 2018 2,984,280 $ 27.63 6.04 $ 24,290,404 Expected to vest after December 31, 2018 1,750,298 $ 30.62 7.63 $ 10,524,034 Vested and exercisable at December 31, 2018 1,187,924 $ 23.15 3.64 $ 13,457,583 |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Number of Grant Date Non-vested Shares Shares Fair Value Non-vested at January 1, 2018 1,836,062 $ 11.12 Granted 459,663 15.46 Vested (430,040 ) 13.26 Forfeited (69,329 ) 10.73 Non-vested at December 31, 2018 1,796,356 $ 11.74 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Grant Date Stock Awards and Units Shares Life (in Years) Value Fair Value Outstanding non-vested shares at January 1, 2018 540,132 $ 25.71 Granted 306,590 40.46 Vested (267,588 ) 24.57 Forfeited (6,000 ) 33.62 Outstanding non-vested at December 31, 2018 573,134 8.6 $ 20,402,823 $ 34.07 Expected to vest after December 31, 2018 571,974 8.6 $ 20,361,531 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2018 2017 2016 Numerator- Numerator for basic and diluted earnings per share − Net income available to common shareholders $ 139,062 $ 172,129 $ 40,582 Denominator- Denominator for basic earnings per share – weighted average shares outstanding 39,223 39,627 39,938 Effect of dilutive securities− Employee and director stock options and restricted share awards 1,070 1,353 665 Denominator for diluted earnings per share − adjusted weighted average shares outstanding and assumed conversions 40,293 40,980 40,603 Basic earnings per common share $ 3.55 $ 4.34 $ 1.02 Diluted earnings per common share and common share equivalents $ 3.45 $ 4.20 $ 1.00 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2018 2017 2016 Anti-dilutive options – weighted average 513 449 2,043 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2018 2017 2016 Current provision − Federal $ 31,819 $ 22,443 $ 15,236 State 6,291 4,030 2,300 38,110 26,473 17,536 Deferred provision − Federal 6,082 (64,821 ) 8,260 State (85 ) 2,618 71 5,997 (62,203 ) 8,331 Provision (benefit) for income taxes $ 44,107 $ (35,730 ) $ 25,867 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2018 2017 2016 Income taxes at the federal statutory rate $ 38,469 $ 47,749 $ 23,255 State income taxes, net of federal benefit 4,913 3,246 1,552 Tax effect of permanent differences 596 (4,097 ) 887 Revaluation of deferred taxes − (82,862 ) − Other, net 129 234 173 (Benefit) provision for income taxes $ 44,107 $ (35,730 ) $ 25,867 |
Schedule of Income Taxes Related to Other Comprehensive Income [Table Text Block] | Year Ended December 31, 2018 2017 2016 Income tax expense (benefit) related to components of other comprehensive income: Change in fair value of available-for-sale securities − 183 13 Total $ − $ 183 $ 13 Paid in capital – stock based compensation $ − $ − $ 294 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2018 2017 Deferred income tax (assets) liabilities: Inventory $ (4,076 ) $ (3,637 ) Accounts receivable (231 ) (157 ) Capital lease obligations (16,202 ) (19,480 ) Stock options (9,026 ) (6,899 ) Accrued liabilities (2,481 ) (2,533 ) State net operating loss carry forward (2,463 ) (2,262 ) State tax credit (312 ) (410 ) Other (3,276 ) (3,627 ) Difference between book and tax basis- Depreciation and amortization 179,325 174,266 141,258 135,261 Valuation allowance 50 50 Net deferred income tax liability $ 141,308 $ 135,311 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2018 2017 2016 Unrecognized tax benefits at beginning of period $ 2,555 $ 2,401 $ 2,332 Gross increases – tax positions in current year 504 619 429 Reductions due to lapse of statute of limitations (670 ) (465 ) (360 ) Unrecognized tax benefits at end of period $ 2,389 $ 2,555 $ 2,401 |
Note 16 - Unaudited Quarterly_2
Note 16 - Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Second Third Fourth Quarter Quarter Quarter Quarter 201 8 Revenues $ 1,240,781 $ 1,348,831 $ 1,376,136 $ 1,540,442 Gross profit 226,995 243,377 249,057 258,840 Operating income 32,389 43,426 58,649 68,387 Income before income taxes 28,083 38,932 54,181 61,973 Net income $ 21,039 $ 29,389 $ 41,665 $ 46,969 Earnings per share: Basic $ 0.53 $ 0.75 $ 1.06 $ 1.22 Diluted $ 0.51 $ 0.72 $ 1.03 $ 1.20 201 7 Revenues $ 1,044,797 $ 1,203,523 $ 1,257,459 $ 1,208,103 Gross profit 187,907 209,072 220,048 212,909 Operating income 24,849 37,407 48,436 38,017 Income before income taxes 22,058 34,583 45,335 34,423 Net income $ 14,479 $ 21,999 $ 29,784 $ 105,867 Earnings per share: Basic $ 0.37 $ 0.55 $ 0.75 $ 2.65 Diluted $ 0.36 $ 0.54 $ 0.72 $ 2.54 |
Note 17 - Segments (Tables)
Note 17 - Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Truck All Segment Other Totals 201 8 Revenues from external customers $ 5,488,787 $ 17,403 $ 5,506,190 Interest income 1,376 – 1,376 Interest expense 20,850 208 21,058 Depreciation and amortization 70,170 319 70,489 Segment operating income 202,725 126 202,851 Segment income (loss) from continuing operations before taxes 183,251 (82 ) 183,169 Segment assets 3,166,174 35,176 3,201,350 Goodwill 288,831 2,560 291,391 Expenditures for segment assets 238,229 31 238,260 201 7 Revenues from external customers $ 4,698,035 $ 15,847 $ 4,713,882 Interest income 891 – 891 Interest expense 13,024 177 13,201 Depreciation and amortization 49,634 435 50,069 Segment operating income (loss) 149,338 (629 ) 148,709 Segment income (loss) from continuing operations before taxes 137,205 (806 ) 136,399 Segment assets 2,855,001 35,138 2,890,139 Goodwill 288,831 2,560 291,391 Expenditures for segment assets 209,852 65 209,917 201 6 Revenues from external customers $ 4,199,348 $ 15,266 $ 4,214,614 Interest income 621 – 621 Interest expense 14,740 160 14,900 Depreciation and amortization 50,771 490 51,261 Segment operating income (loss) 81,483 (756 ) 80,728 Segment income (loss) from continuing operations before taxes 67,364 (915 ) 66,449 Segment assets 2,570,016 33,031 2,603,047 Goodwill 287,631 2,560 290,191 Expenditures for segment assets 196,704 261 196,965 |
Note 20 - Revenue (Tables)
Note 20 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2018 Commercial vehicle sales revenue $ 3,558,637 Parts revenue 937,241 Commercial vehicle repair service revenue 732,811 Finance revenue 10,795 Insurance revenue 9,740 Other revenue 18,728 Total $ 5,267,952 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | |
Depreciation, Total | $ 149,100,000 | $ 140,300,000 | $ 140,600,000 | |||
Amortization, Total | 36,000,000 | 17,600,000 | 17,000,000 | |||
Capitalized Computer Software, Net, Ending Balance | $ 10,800,000 | $ 31,900,000 | 10,800,000 | 31,900,000 | ||
Capitalized Computer Software, Amortization | 21,700,000 | 3,400,000 | ||||
Indefinite-Lived Franchise Rights | 7,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | ||
Goodwill, Impairment Loss | 0 | |||||
Advertising Expense | 10,400,000 | 9,500,000 | 6,800,000 | |||
Capitalized Computer Software, Accumulated Amortization | 8,300,000 | 20,000,000 | 8,300,000 | 20,000,000 | ||
Subsequent Event [Member] | Accounting Standards Update 2016-02 [Member] | ||||||
Operating Lease, Right-of-Use Asset | $ 51,900,000 | |||||
Operating Lease, Liability, Total | $ 51,900,000 | |||||
Vehicles [Member] | ||||||
Depreciation, Total | 114,600,000 | $ 107,900,000 | $ 106,300,000 | |||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Other Property, Plant, and Equipment, Net, Total | 66,400,000 | 66,400,000 | ||||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Property, Plant, and Equipment Other, Accumulated Depreciation | 44,600,000 | 44,600,000 | ||||
Computer Software, Intangible Asset [Member] | ||||||
Interest Costs Capitalized | 357,600 | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,900,000 | 1,900,000 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1,900,000 | 1,900,000 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,900,000 | 1,900,000 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,900,000 | 1,900,000 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 1,900,000 | 1,900,000 | ||||
Components of ERP Platform Rquired Replacement [Member] | ||||||
Capitalized Computer Software, Amortization | $ 19,900,000 |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated depreciation and amortization | $ (576,345) | $ (514,929) |
Total | 1,184,053 | 1,159,595 |
Land [Member] | ||
Property and equipment, gross | 134,873 | 129,805 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | $ 434,049 | 404,679 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property and equipment, estimated life (Year) | 10 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property and equipment, estimated life (Year) | 39 years | |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 27,165 | 26,765 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property and equipment, estimated life (Year) | 2 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property and equipment, estimated life (Year) | 39 years | |
Machinery and Equipment [Member] | ||
Property and equipment, gross | $ 73,578 | 65,694 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property and equipment, estimated life (Year) | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property and equipment, estimated life (Year) | 20 years | |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | $ 67,330 | 63,475 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property and equipment, estimated life (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property and equipment, estimated life (Year) | 15 years | |
Transportation Equipment [Member] | ||
Property and equipment, gross | $ 92,385 | 81,158 |
Transportation Equipment [Member] | Minimum [Member] | ||
Property and equipment, estimated life (Year) | 2 years | |
Transportation Equipment [Member] | Maximum [Member] | ||
Property and equipment, estimated life (Year) | 15 years | |
Vehicles [Member] | ||
Property and equipment, gross | $ 914,708 | 894,905 |
Vehicles [Member] | Minimum [Member] | ||
Property and equipment, estimated life (Year) | 2 years | |
Vehicles [Member] | Maximum [Member] | ||
Property and equipment, estimated life (Year) | 8 years | |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 16,310 | $ 8,043 |
Note 2 - Significant Accounti_5
Note 2 - Significant Accounting Policies - Goodwill (Details) $ in Thousands | 24 Months Ended |
Dec. 31, 2018USD ($) | |
Goodwill, balance | $ 290,191 |
Acquisition | 1,200 |
Goodwill, balance | $ 291,391 |
Note 2 - Significant Accounti_6
Note 2 - Significant Accounting Policies - Fair Value Assumption (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Expected stock volatility | 31.68% | 33.54% | 35.63% |
Weighted-average stock volatility | 31.68% | 33.54% | 35.63% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 2.69% | 2.17% | 1.64% |
Expected life (Year) | 6 years | 6 years | 6 years |
Weighted-average fair value of stock options granted (in dollars per share) | $ 15.46 | $ 12.33 | $ 6.54 |
Note 3 - Supplier Concentrati_2
Note 3 - Supplier Concentration (Details Textual) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Product Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk, Percentage | 62.50% | 65.20% | 61.00% |
Note 4 - Accounts Receivable -
Note 4 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Warranty claims | $ 10,427 | $ 9,473 |
Other accounts receivable | 20,910 | 12,753 |
Less allowance for bad debt and warranty claims | (1,416) | (826) |
Total | 190,650 | 183,875 |
Trade Accounts Receivable From Sale of Vehicles [Member] | ||
Trade receivables | 100,013 | 104,779 |
Trade Receivable Other Than Vehicles [Member] | ||
Trade receivables | $ 60,716 | $ 57,697 |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
New commercial vehicles | $ 976,464 | $ 747,531 |
Used commercial vehicles | 96,126 | 76,488 |
Parts and accessories | 259,396 | 205,534 |
Other | 19,573 | 15,924 |
Less allowance | (11,636) | (12,183) |
Total | $ 1,339,923 | $ 1,033,294 |
Note 6 - Valuation Accounts - V
Note 6 - Valuation Accounts - Valuation and Allowance Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance | $ 616 | $ 549 | $ 506 |
Net Charged to Costs and Expenses | 2,183 | 625 | 1,415 |
Net Write-Offs | (1,812) | (558) | (1,372) |
Balance End of Year | 987 | 616 | 549 |
Allowance for Warranty Receivables From Manufacturers [Member] | |||
Balance | 210 | 114 | 105 |
Net Charged to Costs and Expenses | 2,031 | 713 | 833 |
Net Write-Offs | (1,812) | (617) | (824) |
Balance End of Year | 429 | 210 | 114 |
Parts Inventory [Member] | |||
Balance | 6,230 | 4,885 | 7,291 |
Net Charged to Costs and Expenses | 2,744 | 1,414 | 3,400 |
Net Write-Offs | (1,924) | (69) | (5,806) |
Balance End of Year | 7,050 | 6,230 | 4,885 |
Commercial Vehicle Inventory [Member] | |||
Balance | 5,953 | 5,102 | 6,541 |
Net Charged to Costs and Expenses | 3,550 | 5,997 | 9,623 |
Net Write-Offs | (4,916) | (5,146) | (11,062) |
Balance End of Year | $ 4,587 | $ 5,953 | $ 5,102 |
Note 7 - Floor Plan Notes Pay_3
Note 7 - Floor Plan Notes Payable and Lines of Credit (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 17,500,000 | |
Floor Plan Notes Payable | 1,023,019,000 | $ 778,561,000 |
Long-term Line of Credit, Total | 0 | |
Line of Credit Amount Pledged to Secure Letters of Credit | 11,600,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 5,900,000 | |
Floor Plan Credit Agreement [Member] | ||
Debt, Weighted Average Interest Rate | 1.90% | 1.40% |
BMO Harris Bank N.A. [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 875,000,000 | |
Debt Instrument, Working Capital Fee Percentage | 0.16% | |
Floor Plan Notes Payable | $ 798,400,000 | |
BMO Harris Bank N.A. [Member] | IfTermination Occurs after July 1, 2018 and Prior to June 30, 2019 [Member] | ||
Debt Instrument, Prepayment Processing Fee Amount | $ 500,000 | |
BMO Harris Bank N.A. [Member] | Floor Plan Credit Agreement [Member] | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.26% | |
BMO Harris Bank N.A. [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.51% | |
Ford Motor Financing Agreement [Member] | ||
Floor Plan Notes Payable | $ 139,000,000 | |
Debt Instrument, Variable Rate, Minimum Reference Rate | 7.00% | |
Ford Motor Financing Agreement [Member] | Prime Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Revolving Credit Facility [Member] | BMO Harris Bank N.A. [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | |
Long-term Line of Credit, Total | 0 | |
Letter of Credit [Member] | BMO Harris Bank N.A. [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 |
Note 7 - Floor Plan Notes Pay_4
Note 7 - Floor Plan Notes Payable and Lines of Credit - Assets Pledged as Collateral (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventories, new and used vehicles at cost based on specific identification, net of allowance | $ 1,068,003 | $ 818,066 |
Vehicle sale related accounts receivable | 100,013 | 104,779 |
Total | 1,168,016 | 922,845 |
Floor Plan Notes Payable | $ 1,023,019 | $ 778,561 |
Note 8 - Long-term Debt (Detail
Note 8 - Long-term Debt (Details Textual) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Minimum [Member] | Variable Interest Rate Notes [Member] | |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 4.00% |
Debt Instrument, Periodic Payment, Total | $ 5,330 |
Minimum [Member] | Fixed Interest Rate Notes [Member] | |
Debt Instrument, Periodic Payment, Total | $ 255 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.95% |
Maximum [Member] | Variable Interest Rate Notes [Member] | |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 4.50% |
Debt Instrument, Periodic Payment, Total | $ 125,833 |
Maximum [Member] | Fixed Interest Rate Notes [Member] | |
Debt Instrument, Periodic Payment, Total | $ 72,315 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 7.61% |
Note 8 - Long-term Debt - Long-
Note 8 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Variable interest rate term notes | $ 80,355 | $ 96,157 |
Fixed interest rate term notes | 520,818 | 515,371 |
Total | 601,173 | 611,528 |
Less: current maturities | (161,955) | (145,139) |
Total long-term debt, net of current maturities | $ 439,218 | $ 466,389 |
Note 8 - Long-term Debt - Debt
Note 8 - Long-term Debt - Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
2,019 | $ 161,955 | |
2,020 | 158,815 | |
2,021 | 103,938 | |
2,022 | 88,155 | |
2,023 | 57,689 | |
Thereafter | 30,621 | |
Total | $ 601,173 | $ 611,528 |
Note 9 - Financial Instrument_3
Note 9 - Financial Instruments and Fair Value (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||
Dec. 31, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | |
Impairment of Real Estate | $ 7,500 | |||||
Number of Real Estate Properties Sold During Period | 1 | 4 | 3 | 7 | ||
Real Estate Held-for-sale | $ 4,700 | $ 4,700 | $ 8,300 | $ 8,300 | ||
Number of Real Estate Properties Put Back into Service | 1 | 1 | ||||
Real Estate Previously Held-for-sale Put Back Into Service | $ 2,600 | $ 1,400 | ||||
Auction Rate Securities [Member] | ||||||
Debt Securities, Available-for-sale, Total | $ 0 | $ 0 | $ 6,400 | $ 6,400 |
Note 9 - Financial Instrument_4
Note 9 - Financial Instruments and Fair Value - Pre-tax Effect of Interest Rate Swaps (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Long-lived assets held for sale, fair value | $ 2,269 |
Note 10 - Leasing Activities (D
Note 10 - Leasing Activities (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Guaranteed Residual Value Under Capital Lease Arrangements | $ 38,000,000 | ||
Land and Building [Member] | |||
Operating Leases, Rent Expense, Total | 10,700,000 | $ 9,500,000 | $ 10,300,000 |
Vehicle Leases as Lessee 1 [Member] | |||
Operating Leases, Rent Expense, Total | 2,500,000 | 900,000 | 1,300,000 |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 72,800,000 | ||
Vehicle Leases as Lessor [Member] | |||
Operating Leases, Income Statement, Minimum Lease Revenue | 209,300,000 | 187,400,000 | 182,100,000 |
Operating Leases, Income Statement, Contingent Revenue | 30,000,000 | 29,000,000 | $ 27,800,000 |
Property Subject to or Available for Operating Lease, Net, Total | 576,000,000 | 584,400,000 | |
Property Subject to or Available for Operating Lease, Accumulated Depreciation | 338,700,000 | $ 310,500,000 | |
Minimum [Member] | Land and Building [Member] | |||
Monthly Rental Payment Operating Lease | $ 275 | ||
Minimum [Member] | Vehicle Leases as Lessee 1 [Member] | |||
Lease Term | 1 year | ||
Minimum [Member] | Vehicle Leases as Lessor [Member] | |||
Lease Term | 1 year | ||
Maximum [Member] | Land and Building [Member] | |||
Monthly Rental Payment Operating Lease | $ 38,091 | ||
Maximum [Member] | Vehicle Leases as Lessee 1 [Member] | |||
Lease Term | 10 years | ||
Maximum [Member] | Vehicle Leases as Lessor [Member] | |||
Lease Term | 10 years |
Note 10 - Leasing Activities -
Note 10 - Leasing Activities - Future Minimum Lease Payments Under Capital and Non-cancelable Vehicle Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Less current portion | $ (19,631) | $ (17,119) |
Obligations under capital leases less current portion | 49,483 | $ 66,022 |
Vehicle Leases as Lessee 1 [Member] | ||
2019, Capital Leases | 22,033 | |
2,019 | 3,580 | |
2020, Capital Leases | 19,113 | |
2,020 | 3,264 | |
2021, Capital Leases | 14,894 | |
2,021 | 2,764 | |
2022, Capital Leases | 11,062 | |
2,022 | 2,479 | |
2023, Capital Leases | 5,095 | |
2,023 | 1,957 | |
Thereafter, Capital Leases | 2,963 | |
Thereafter | 1,246 | |
Total minimum lease payments, Capital Leases | 75,160 | |
Total minimum lease payments, Operating Leases | 15,290 | |
Less amount representing interest, Capital Leases | (6,046) | |
Present value of net minimum capital lease payments | 69,114 | |
Less current portion | (19,631) | |
Obligations under capital leases less current portion | $ 49,483 |
Note 10 - Leasing Activities _2
Note 10 - Leasing Activities - Future Minimum Rental Receivable (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2,019 | $ 97,906 |
2,020 | 79,784 |
2,021 | 57,486 |
2,022 | 37,212 |
2,023 | 21,813 |
Thereafter | 12,980 |
Total | $ 307,181 |
Note 10 - Leasing Activities _3
Note 10 - Leasing Activities - Future Minimum Lease Payments Under Operating Leases (Details) - Land and Building [Member] $ in Thousands | Dec. 31, 2018USD ($) |
2,019 | $ 8,715 |
2,020 | 7,202 |
2,021 | 5,426 |
2,022 | 4,599 |
2,023 | 3,239 |
Thereafter | 21,217 |
Total | $ 50,398 |
Note 11 - Share Based Compens_3
Note 11 - Share Based Compensation and Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 16, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 459,663 | |||
Allocated Share-based Compensation Expense, Total | $ 18,100,000 | $ 15,600,000 | $ 12,900,000 | |
Proceeds from Stock Options Exercised | 5,700,000 | 24,800,000 | 6,500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 2,700,000 | 25,000,000 | 4,800,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 5,700,000 | $ 6,300,000 | $ 5,600,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15.46 | $ 12.33 | $ 6.54 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 8,100,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 109 days | |||
Deferred Compensation Plan [Member] | ||||
Deferred Compensation Arrangement with Individual, Vested Percentage | 100.00% | |||
Deferred Compensation Liability, Current, Total | $ 11,100,000 | $ 9,800,000 | ||
Cash Surrender Value of Life Insurance | $ 8,900,000 | 9,600,000 | ||
Rush 401 Plan [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10.00% | |||
Defined Contribution Plan, Cost | $ 8,900,000 | $ 7,000,000 | $ 6,500,000 | |
Rush 401 Plan [Member] | Highly Compensated Employees [Member] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 15.00% | |||
Rush 401 Plan [Member] | Employees with Less than Five Years of Service [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 20.00% | |||
Rush 401 Plan [Member] | Employees with More Than Five Years of Service [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 40.00% | |||
Rush 401 Plan [Member] | Minimum [Member] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 1.00% | |||
Rush 401 Plan [Member] | Maximum [Member] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 6,600,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 40.46 | $ 31.37 | $ 17.57 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 7,100,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 328 days | |||
Common Class A [Member] | ||||
Share Price | $ 34.48 | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||
Maximum Fair Value for Employee Stock Purchase Per Year | $ 25,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 331,000 | |||
Common Stock, Capital Shares Reserved for Future Issuance | 1,400,000 | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 84,192 | 112,754 | ||
Number of Employees Eligible to Participate in Stock Purchase Plan | 7,214 | |||
Number of Employees Participating in Stock Purchase Plan | 1,495 | |||
The 2006 Non-Employee Director Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | |||
Issuance of Cash for Non-employee Director Compensation, Percent | 40.00% | |||
Issuance of Stock and Cash for Non-employee Director Compensation | $ 125,000 | |||
The 2006 Non-Employee Director Stock Option Plan [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 140,300 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures, Total | 11,412 | 13,393 | ||
The 2006 Non-Employee Director Stock Option Plan [Member] | Common Class A [Member] | Shares Issued to Two Nonemployee Directors [Member] | ||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 2,926 | 3,307 | ||
The 2006 Non-Employee Director Stock Option Plan [Member] | Common Class A [Member] | Shares Issued to One Nonemployee Director [Member] | ||||
Issuance of Stock and Cash for Non-employee Director Compensation | $ 125,000 | |||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 2,048 | 1,984 | ||
Payment to Nonemployee Directors | $ 37,500 | $ 50,000 | ||
The 2006 Non-Employee Director Stock Option Plan [Member] | Common Class A [Member] | Shares Issued to Two Nonemployee Directors 2 [Member] | ||||
Issuance of Stock and Cash for Non-employee Director Compensation | $ 125,000 | |||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 1,756 | |||
Payment to Nonemployee Directors | $ 50,000 | |||
The 2006 Non-Employee Director Stock Option Plan [Member] | Common Class A [Member] | Shares Issued to One Non-Employee Director 2 [Member] | ||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 2,315 | |||
Payment to Nonemployee Directors | $ 37,500 | |||
The 2006 Non-Employee Director Stock Option Plan [Member] | Common Class A [Member] | Shares Issued to One Non-Employee Director 3 [Member] | ||||
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 2,480 | |||
Payment to Nonemployee Directors | $ 31,250 | |||
Amended and Restated 2007 Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Amended and Restated 2007 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Amended and Restated 2007 Incentive Plan [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,781,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 7,800,000 | 7,800,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 100,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 459,663 | 472,463 | ||
Amended and Restated 2007 Incentive Plan [Member] | Common Class B [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,200,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 100,000 | |||
Amended and Restated 2007 Incentive Plan [Member] | Common Class B [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 762,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,200,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 306,590 | 274,390 | ||
Every 6 Months [Member] | Employee Stock Purchase Plan [Member] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 10,625 |
Note 11 - Share Based Compens_4
Note 11 - Share Based Compensation and Employee Benefit Plans - Stock Option (Details) | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Balance (in shares) | shares | 2,724,308 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 24.78 |
Granted (in shares) | shares | 459,663 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 42.99 |
Exercised (in shares) | shares | (126,027) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 21.77 |
Forfeited (in shares) | shares | (73,664) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 28.21 |
Balance (in shares) | shares | 2,984,280 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 27.63 |
Balance, weighted average remaining contractual life (Year) | 6 years 14 days |
Aggregate intrinsic value | $ | $ 24,290,404 |
Expected to vest (in shares) | shares | 1,750,298 |
Expected to vest, weighted average exercise price (in dollars per share) | $ / shares | $ 30.62 |
Expected to vest, weighted average remaining contractual life (Year) | 7 years 229 days |
Expected to vest, aggregate intrinsic value | $ | $ 10,524,034 |
Vested and exercisable (in shares) | shares | 1,187,924 |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 23.15 |
Vested and exercisable, weighted average remaining contractual life (Year) | 3 years 233 days |
Vested and exercisable, aggregate intrinsic value | $ | $ 13,457,583 |
Note 11 - Share Based Compens_5
Note 11 - Share Based Compensation and Employee Benefit Plans - Non-vested Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Non-vested balance (in shares) | 1,836,062 | ||
Non-vested, weighted average grant date fair value (in dollars per share) | $ 11.12 | ||
Granted (in shares) | 459,663 | ||
Weighted-average fair value of stock options granted (in dollars per share) | $ 15.46 | $ 12.33 | $ 6.54 |
Vested (in shares) | (430,040) | ||
Vested, weighted average grant date fair value (in dollars per share) | $ 13.26 | ||
Forfeited (in shares) | (69,329) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 10.73 | ||
Non-vested balance (in shares) | 1,796,356 | 1,836,062 | |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 11.74 | $ 11.12 |
Note 11 - Share Based Compens_6
Note 11 - Share Based Compensation and Employee Benefit Plans - Non-vested Restricted Stock Awards and RSU's (Details) - Restricted Stock [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Outstanding non-vested shares (in shares) | 540,132 | |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ 25.71 | |
Granted (in shares) | 306,590 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 40.46 | |
Vested (in shares) | (267,588) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 24.57 | |
Forfeited (in shares) | (6,000) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 33.62 | |
Outstanding non-vested shares (in shares) | 573,134 | 540,132 |
Outstanding non-vested, weighted average remaining contractual life (Year) | 8 years 219 days | |
Outstanding non-vested, aggregate intrinsic value | $ 20,402,823 | |
Outstanding non-vested, weighted average grant date fair value (in dollars per share) | $ 34.07 | $ 25.71 |
Expected to vest (in shares) | 571,974 | |
Expected to vest, weighted average remaining contractual life (Year) | 8 years 219 days | |
Expected to vest, aggregate intrinsic value | $ 20,361,531 |
Note 12 - Earnings Per Share (D
Note 12 - Earnings Per Share (Details Textual) | 12 Months Ended |
Dec. 31, 2018 | |
Common Class A [Member] | |
Common Stock, Voting Rights | 1/20th |
Common Class B [Member] | |
Common Stock, Voting Rights | 1 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income available to common shareholders | $ 139,062 | $ 172,129 | $ 40,582 |
Denominator for basic earnings per share – weighted average shares outstanding (in shares) | 39,223 | 39,627 | 39,938 |
Employee and director stock options and restricted share awards (in shares) | 1,070 | 1,353 | 665 |
Denominator for diluted earnings per share - adjusted weighted average shares outstanding and assumed conversions (in shares) | 40,293 | 40,980 | 40,603 |
Basic earnings per common share (in dollars per share) | $ 3.55 | $ 4.34 | $ 1.02 |
Diluted earnings per common share and common share equivalents (in dollars per share) | $ 3.45 | $ 4.20 | $ 1 |
Note 12 - Earnings Per Share _2
Note 12 - Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Anti-dilutive options – weighted average (in shares) | 513 | 449 | 2,043 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) | Dec. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 100,000 | $ (82,900,000) | ||
Deferred Tax Assets, Valuation Allowance, Total | 50,000 | 50,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,400,000 | 2,600,000 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | (27,450) | 21,050 | $ 34,800 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | 0 | 0 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 139,000 | $ 166,000 | $ 145,000 | |
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards, Total | $ 51,000,000 | |||
Open Tax Year | 2015 2016 2017 2018 | |||
State and Local Jurisdiction [Member] | Deferred Tax Assets Related to Operating Loss Carryforwards [Member] | ||||
Deferred Tax Assets, Valuation Allowance, Total | $ 50,000 | |||
Domestic Tax Authority [Member] | ||||
Open Tax Year | 2016 2017 2018 |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Expense (Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current provision - | |||
Federal | $ 31,819 | $ 22,443 | $ 15,236 |
State | 6,291 | 4,030 | 2,300 |
Total current | 38,110 | 26,473 | 17,536 |
Deferred provision - | |||
Federal | 6,082 | (64,821) | 8,260 |
State | (85) | 2,618 | 71 |
Total deferred | 5,997 | (62,203) | 8,331 |
Provision (benefit) for income taxes | $ 44,107 | $ (35,730) | $ 25,867 |
Note 13 - Income Taxes - Reconc
Note 13 - Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income taxes at the federal statutory rate | $ 38,469 | $ 47,749 | $ 23,255 |
State income taxes, net of federal benefit | 4,913 | 3,246 | 1,552 |
Tax effect of permanent differences | 596 | (4,097) | 887 |
Revaluation of deferred taxes | (82,862) | ||
Other, net | 129 | 234 | 173 |
Provision (benefit) for income taxes | $ 44,107 | $ (35,730) | $ 25,867 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Income Taxes Related to Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income tax expense (benefit) related to components of other comprehensive income: | |||
Change in fair value of available-for-sale securities | $ 183 | $ 13 | |
Total | 183 | 13 | |
Paid in capital – stock based compensation | $ 0 | $ 294 |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred income tax (assets) liabilities: | ||
Inventory | $ (4,076) | $ (3,637) |
Accounts receivable | (231) | (157) |
Capital lease obligations | (16,202) | (19,480) |
Stock options | (9,026) | (6,899) |
Accrued liabilities | (2,481) | (2,533) |
State net operating loss carry forward | (2,463) | (2,262) |
State tax credit | (312) | (410) |
Other | (3,276) | (3,627) |
Difference between book and tax basis- Depreciation and amortization | 179,325 | 174,266 |
Total | 141,258 | 135,261 |
Deferred Tax Assets, Valuation Allowance, Total | 50 | 50 |
Net deferred income tax liability | $ 141,308 | $ 135,311 |
Note 13 - Income Taxes - Unreco
Note 13 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unrecognized tax benefits at beginning of period | $ 2,555 | $ 2,401 | $ 2,332 |
Gross increases – tax positions in current year | 504 | 619 | 429 |
Reductions due to lapse of statute of limitations | (670) | (465) | (360) |
Unrecognized tax benefits at end of period | $ 2,389 | $ 2,555 | $ 2,401 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) $ in Millions | Dec. 31, 2018USD ($) |
Construction Contracts for Facilities [Member] | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 10 |
Information Technology Contracts [Member] | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 2.8 |
Note 15 - Acquisitions (Details
Note 15 - Acquisitions (Details Textual) $ in Millions | Dec. 14, 2017USD ($) |
Transwest San Diego, LLC [Member] | |
Business Combination, Consideration Transferred, Total | $ 2.2 |
Note 16 - Unaudited Quarterly_3
Note 16 - Unaudited Quarterly Financial Data - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Total revenue | $ 1,540,442 | $ 1,376,136 | $ 1,348,831 | $ 1,240,781 | $ 1,208,103 | $ 1,257,459 | $ 1,203,523 | $ 1,044,797 | $ 5,506,190 | $ 4,713,882 | $ 4,214,614 |
Gross profit | 258,840 | 249,057 | 243,377 | 226,995 | 212,909 | 220,048 | 209,072 | 187,907 | 978,269 | 829,936 | 718,012 |
Operating income | 68,387 | 58,649 | 43,426 | 32,389 | 38,017 | 48,436 | 37,407 | 24,849 | 202,851 | 148,709 | 80,728 |
Income before income taxes | 61,973 | 54,181 | 38,932 | 28,083 | 34,423 | 45,335 | 34,583 | 22,058 | 183,169 | 136,399 | 66,449 |
Net income | $ 46,969 | $ 41,665 | $ 29,389 | $ 21,039 | $ 105,867 | $ 29,784 | $ 21,999 | $ 14,479 | $ 139,062 | $ 172,129 | $ 40,582 |
Basic (in dollars per share) | $ 1.22 | $ 1.06 | $ 0.75 | $ 0.53 | $ 2.65 | $ 0.75 | $ 0.55 | $ 0.37 | $ 3.55 | $ 4.34 | $ 1.02 |
Diluted (in dollars per share) | $ 1.20 | $ 1.03 | $ 0.72 | $ 0.51 | $ 2.54 | $ 0.72 | $ 0.54 | $ 0.36 | $ 3.45 | $ 4.20 | $ 1 |
Note 17 - Segments (Details Tex
Note 17 - Segments (Details Textual) | 12 Months Ended |
Dec. 31, 2018 | |
Truck Segment [Member] | |
Number of Reportable Segments | 1 |
Other Segments [Member] | |
Number of Operating Segments | 3 |
Note 17 - Segments - Segment Re
Note 17 - Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from external customers | $ 1,540,442 | $ 1,376,136 | $ 1,348,831 | $ 1,240,781 | $ 1,208,103 | $ 1,257,459 | $ 1,203,523 | $ 1,044,797 | $ 5,506,190 | $ 4,713,882 | $ 4,214,614 |
Interest income | 1,376 | 891 | 621 | ||||||||
Interest expense | 21,058 | 13,201 | 14,900 | ||||||||
Depreciation and amortization | 70,489 | 50,069 | 51,261 | ||||||||
Segment operating income | 68,387 | 58,649 | 43,426 | 32,389 | 38,017 | 48,436 | 37,407 | 24,849 | 202,851 | 148,709 | 80,728 |
Segment income (loss) from continuing operations before taxes | 61,973 | $ 54,181 | $ 38,932 | $ 28,083 | 34,423 | $ 45,335 | $ 34,583 | $ 22,058 | 183,169 | 136,399 | 66,449 |
Segment assets | 3,201,350 | 2,890,139 | 3,201,350 | 2,890,139 | 2,603,047 | ||||||
Goodwill | 291,391 | 291,391 | 291,391 | 291,391 | 290,191 | ||||||
Expenditures for segment assets | 238,260 | 209,917 | 196,965 | ||||||||
Truck Segment [Member] | |||||||||||
Revenues from external customers | 5,488,787 | 4,698,035 | 4,199,348 | ||||||||
Interest income | 1,376 | 891 | 621 | ||||||||
Interest expense | 20,850 | 13,024 | 14,740 | ||||||||
Depreciation and amortization | 70,170 | 49,634 | 50,771 | ||||||||
Segment operating income | 202,725 | 149,338 | 81,483 | ||||||||
Segment income (loss) from continuing operations before taxes | 183,251 | 137,205 | 67,364 | ||||||||
Segment assets | 3,166,174 | 2,855,001 | 3,166,174 | 2,855,001 | 2,570,016 | ||||||
Goodwill | 288,831 | 288,831 | 288,831 | 288,831 | 287,631 | ||||||
Expenditures for segment assets | 238,229 | 209,852 | 196,704 | ||||||||
Other Segments [Member] | |||||||||||
Revenues from external customers | 17,403 | 15,847 | 15,266 | ||||||||
Interest income | |||||||||||
Interest expense | 208 | 177 | 160 | ||||||||
Depreciation and amortization | 319 | 435 | 490 | ||||||||
Segment operating income | 126 | (629) | (756) | ||||||||
Segment income (loss) from continuing operations before taxes | (82) | (806) | (915) | ||||||||
Segment assets | 35,176 | 35,138 | 35,176 | 35,138 | 33,031 | ||||||
Goodwill | $ 2,560 | $ 2,560 | 2,560 | 2,560 | 2,560 | ||||||
Expenditures for segment assets | $ 31 | $ 65 | $ 261 |
Note 18 - Related Party Trans_2
Note 18 - Related Party Transactions (Details Textual) - CCTTS [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | |
Due from Related Parties, Total | $ 11.9 | $ 12.9 |
London Interbank Offered Rate (LIBOR) [Member] | ||
Related Party Transaction, Rate | 4.00% | |
Maximum [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 17 |
Note 19 - Restructuring Costs (
Note 19 - Restructuring Costs (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||
Dec. 31, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | |
Asset Impairment Charges, Total | $ 8,247 | |||||
Number of Real Estate Properties Sold During Period | 1 | 4 | 3 | 7 | ||
Real Estate Held-for-sale | $ 4,700 | $ 4,700 | $ 8,300 | $ 8,300 | ||
Number of Real Estate Properties Put Back into Service | 1 | 1 | ||||
Real Estate Previously Held-for-sale Put Back Into Service | $ 2,600 | $ 1,400 | ||||
Operating Segments [Member] | ||||||
Restructuring and Related Costs, Incurred Cost, Total | 8,900 | |||||
Operating Segments [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Asset Impairment Charges, Total | $ 8,200 |
Note 20 - Revenue - Disaggregat
Note 20 - Revenue - Disaggregated Revenue by Revenue Source (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue | $ 5,267,952 | ||
Commercial Vehicle [Member] | |||
Revenue | 3,558,637 | ||
Parts [Member] | |||
Revenue | 937,241 | ||
Commercial Vehicle Repair Service [Member] | |||
Revenue | 732,811 | ||
Financial Service [Member] | |||
Revenue | 10,795 | ||
Insurance [Member] | |||
Revenue | 9,740 | ||
Product and Service, Other [Member] | |||
Revenue | $ 18,728 | $ 14,257 | $ 15,503 |
Note 21 - Subsequent Event (Det
Note 21 - Subsequent Event (Details Textual) - Subsequent Event [Member] - Rush Truck Centers [Member] $ in Millions | Feb. 06, 2019CAD ($) |
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% |
Business Combination, Consideration Transferred, Total | $ 30 |