Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001012019 | |
Entity Registrant Name | RUSH ENTERPRISES INC \TX\ | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 0-20797 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 74-1733016 | |
Entity Address, Address Line One | 555 I.H. 35 South, Suite 500 | |
Entity Address, City or Town | New Braunfels | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78130 | |
City Area Code | 830 | |
Local Phone Number | 302-5200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,261,903 | |
Title of 12(b) Security | Class B Common Stock, $0.01 par value | |
Trading Symbol | RUSHB | |
Security Exchange Name | NASDAQ | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 27,882,992 | |
Title of 12(b) Security | Class A Common Stock, $0.01 par value | |
Trading Symbol | RUSHA | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 86,117 | $ 131,726 |
Accounts receivable, net | 220,378 | 190,650 |
Note receivable affiliate | 12,310 | 12,885 |
Inventories, net | 1,385,132 | 1,339,923 |
Prepaid expenses and other | 24,419 | 10,491 |
Assets held for sale | 419 | 2,269 |
Total current assets | 1,728,775 | 1,687,944 |
Property and equipment, net | 1,261,370 | 1,184,053 |
Operating lease right-of-use assets, net | 56,372 | 0 |
Goodwill, net | 292,142 | 291,391 |
Other assets, net | 66,595 | 37,962 |
Total assets | 3,405,254 | 3,201,350 |
Current liabilities: | ||
Floor plan notes payable | 1,051,241 | 1,023,019 |
Current maturities of long-term debt | 158,722 | 161,955 |
Current maturities of finance lease obligations | 20,995 | 19,631 |
Current maturities of operating lease obligations | 9,787 | 0 |
Trade accounts payable | 137,781 | 127,451 |
Customer deposits | 33,553 | 36,183 |
Accrued expenses | 106,768 | 125,056 |
Total current liabilities | 1,518,847 | 1,493,295 |
Long-term debt, net of current maturities | 462,646 | 439,218 |
Finance lease obligations, net of current maturities | 57,077 | 49,483 |
Operating lease obligations, net of current maturities | 46,899 | 0 |
Other long-term liabilities | 19,621 | 11,118 |
Deferred income taxes, net | 162,911 | 141,308 |
Shareholders’ equity: | ||
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2019 and 2018 | 0 | 0 |
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 27,806,319 Class A shares and 8,283,916 Class B shares outstanding in 2019; and 28,709,636 Class A shares and 8,290,277 Class B shares outstanding in 2018 | 463 | 458 |
Additional paid-in capital | 390,359 | 370,025 |
Treasury stock, at cost: 4,995,651 Class A shares and 5,262,911 Class B shares in 2019 and 3,791,751 Class A shares and 5,030,787 Class B shares in 2018 | (300,041) | (245,842) |
Retained earnings | 1,046,538 | 942,287 |
Accumulated other comprehensive income | (66) | 0 |
Total shareholders’ equity | 1,137,253 | 1,066,928 |
Total liabilities and shareholders’ equity | $ 3,405,254 | $ 3,201,350 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
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) | 27,806,319 | 28,709,636 |
Treasury stock (in shares) | 4,995,651 | 3,791,751 |
Common Class B [Member] | ||
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, outstanding (in shares) | 8,283,916 | 8,290,277 |
Treasury stock (in shares) | 5,262,911 | 5,030,787 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Revenue | $ 1,536,316 | $ 1,315,311 | $ 4,308,170 | $ 3,788,406 |
Lease and rental | 62,949 | 60,825 | 183,973 | 177,342 |
Total revenue | 1,599,265 | 1,376,136 | 4,492,143 | 3,965,748 |
Cost of products sold: | ||||
Lease and rental | 52,223 | 49,924 | 153,316 | 147,015 |
Total cost of products sold | 1,334,497 | 1,127,079 | 3,700,953 | 3,246,319 |
Gross profit | 264,768 | 249,057 | 791,190 | 719,429 |
Selling, general and administrative expense | 192,482 | 177,405 | 573,644 | 527,729 |
Depreciation and amortization expense | 14,033 | 12,794 | 40,552 | 57,395 |
Gain (loss) on sale of assets | 70 | (209) | (12) | 159 |
Operating income | 58,323 | 58,649 | 176,982 | 134,464 |
Other income | 1,577 | 0 | 2,316 | 0 |
Interest expense, net | 7,690 | 4,468 | 23,120 | 13,268 |
Income before taxes | 52,210 | 54,181 | 156,178 | 121,196 |
Provision for income taxes | 13,106 | 12,516 | 38,349 | 29,103 |
Net income | $ 39,104 | $ 41,665 | $ 117,829 | $ 92,093 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 1.07 | $ 1.06 | $ 3.21 | $ 2.33 |
Diluted (in dollars per share) | $ 1.05 | $ 1.03 | $ 3.13 | $ 2.27 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 36,545 | 39,309 | 36,744 | 39,480 |
Diluted (in shares) | 37,351 | 40,388 | 37,625 | 40,635 |
Dividends declared per common share (in dollars per share) | $ 0.13 | $ 0.12 | $ 0.37 | $ 0.12 |
Comprehensive income | $ 39,159 | $ 41,665 | $ 117,763 | $ 92,093 |
New and Used Commercial Vehicle [Member] | ||||
Revenues: | ||||
Revenue | 1,070,868 | 878,845 | 2,933,952 | 2,508,970 |
Cost of products sold: | ||||
Cost of products sold | 997,946 | 808,634 | 2,717,484 | 2,311,156 |
Parts and Service [Member] | ||||
Revenues: | ||||
Revenue | 454,785 | 426,845 | 1,341,305 | 1,250,080 |
Cost of products sold: | ||||
Cost of products sold | 284,328 | 268,521 | 830,153 | 788,148 |
Finance and Insurance [Member] | ||||
Revenues: | ||||
Revenue | 5,863 | 5,053 | 18,874 | 15,286 |
Product and Service, Other [Member] | ||||
Revenues: | ||||
Revenue | $ 4,800 | $ 4,568 | $ 14,039 | $ 14,070 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 117,829 | $ 92,093 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 129,618 | 142,648 |
Loss (gain) on sale of property and equipment | 12 | (159) |
Stock-based compensation expense related to stock options and employee stock purchases | 15,803 | 15,850 |
Provision for deferred income tax expense | 21,603 | 12,125 |
Change in accounts receivable, net | (29,153) | 6,172 |
Change in inventories, net | 5,709 | (200,662) |
Change in prepaid expenses and other, net | (13,928) | 1,241 |
Change in trade accounts payable | 9,848 | 26,238 |
(Payments) draws on floor plan notes payable – trade, net | (14,148) | 87,548 |
Change in customer deposits | (2,630) | 13,219 |
Change in accrued expenses | (18,715) | 6,710 |
Other, net | (227) | 0 |
Net cash provided by operating activities | 221,621 | 203,023 |
Cash flows from investing activities: | ||
Acquisition of property and equipment | (230,595) | (176,221) |
Proceeds from the sale of property and equipment | 2,100 | 5,822 |
Proceeds from the sale of available for sale securities | 0 | 6,375 |
Business acquisitions | (10,168) | 0 |
Purchase of equity method investment and call option | (22,499) | 0 |
Change in other assets | 2,412 | (1,803) |
Net cash used in investing activities | (258,750) | (165,827) |
Cash flows from financing activities: | ||
Draws on floor plan notes payable – non-trade, net | 42,370 | 124,485 |
Proceeds from long-term debt | 162,039 | 115,216 |
Draws on line of credit | 135,000 | 0 |
Principal payments on long-term debt | (141,844) | (127,354) |
Principal payments on finance lease obligations | (7,508) | (9,511) |
Payments on line of credit | (135,000) | 0 |
Proceeds from issuance of shares relating to employee stock options and employee stock purchases | 4,536 | 3,764 |
Payments of cash dividends | (13,578) | (4,692) |
Common stock repurchased | (53,764) | (58,076) |
Debt issuance costs | (731) | 0 |
Net cash (used in) provided by financing activities | (8,480) | 43,832 |
Net (decrease) increase in cash and cash equivalents | (45,609) | 81,028 |
Cash and cash equivalents, beginning of period | 131,726 | 124,541 |
Cash and cash equivalents, end of period | 86,117 | 205,569 |
Supplemental disclosure of cash flow information: | ||
Interest | 43,909 | 31,002 |
Income taxes, net of refunds | 41,197 | 15,990 |
Assets acquired under finance leases | 24,754 | 3,241 |
Common stock repurchased | 435 | 0 |
Guaranty agreement | $ 5,025 | $ 0 |
Note 1 - Principles of Consolid
Note 1 - Principles of Consolidation and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 The interim consolidated financial statements included herein have been prepared by Rush Enterprises, Inc. and its subsidiaries (collectively referred to as the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All adjustments have been made to the accompanying interim consolidated financial statements, which, in the opinion of the Company’s management, are necessary for a fair presentation of its operating results. All adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is recommended that these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10 December 31, 2018. not may |
Note 2 - Other Assets
Note 2 - Other Assets | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 2 ERP Platform The total capitalized costs of the Company’s SAP enterprise resource planning software platform (“ERP Platform”) of $9.4 million are recorded on the Consolidated Balance Sheet in Other Assets. Amortization expense relating to the ERP Platform, which is recognized in depreciation and amortization expense in the Consolidated Statements of Income and Comprehensive Income, was $0.5 million for the three September 30, 2019 three September 30, 2018, nine September 30, 2019 nine September 30, 2018. five In the first 2018, 350 40, first 2018, May 2018. February 2018 May 2018. nine September 30, 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 million at September 30, 2019 December 31, 2018, 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 impairment write down was required in the period presented. The Company cannot predict the occurrence of certain events that might adversely affect the reported value of manufacturer franchise rights in the future. Equity Method Investment and Call Option On February 25, 2019, February 25, 2024. September 30, 2019, On April 25, 2019, CAD250 not September 30, 2019 September 30, 2019, |
Note 3 - Commitments and Contin
Note 3 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 3 From time to time, the Company is involved in litigation arising out of its operations in the ordinary course of business. The Company maintains liability insurance, including product liability coverage, in amounts deemed adequate by management. To date, aggregate costs to us for claims, including product liability actions, have not not no no not |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4 The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share information): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 39,104 $ 41,665 $ 117,829 $ 92,093 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 36,545 39,309 36,744 39,480 Effect of dilutive securities – Employee and director stock options and restricted share awards 806 1,079 881 1,155 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 37,351 40,388 37,625 40,635 Basic earnings per common share $ 1.07 $ 1.06 $ 3.21 $ 2.33 Diluted earnings per common share and common share equivalents $ 1.05 $ 1.03 $ 3.13 $ 2.27 Options to purchase shares of common stock that were outstanding for the three nine September 30, 2019 2018 not Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Weighted average anti-dilutive options 1,377 455 1,249 432 |
Note 5 - Stock Options and Rest
Note 5 - Stock Options and Restricted Stock Awards | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 5 – Stock Options and Restricted Stock Awards Valuation and Expense Information The Company accounts for stock-based compensation in accordance with ASC 718 10, “Compensation – Stock Compensation,” Stock-based compensation expense, calculated using the Black-Scholes option-pricing model for employee stock options and included in selling, general and administrative expense, was $2.7 million for the three September 30, 2019, three September 30, 2018. nine September 30, 2019 nine September 30, 2018, As of September 30, 2019, 2.4 1.4 |
Note 6 - Financial Instruments
Note 6 - Financial Instruments and Fair Value | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6 The Company has various financial instruments that it must measure at fair value on a recurring basis. The Company also applies the provisions of fair value measurement to various nonrecurring measurements for its financial and nonfinancial assets and liabilities. Applicable accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date (an exit price). The Company measures its assets and liabilities using inputs from the following three Level 1 Level 2 not Level 3 Financial instruments consist primarily of cash, accounts receivable, accounts payable and floor plan notes payable. The carrying values of the Company’s financial instruments approximate fair value due either to their short-term nature or existence of variable interest rates, which approximate market rates. Certain methods and assumptions were used by the Company in estimating the fair value of financial instruments at September 30, 2019, December 31, 2018. The fair value of the Company’s long-term debt is based on secondary market indicators. Because the Company’s debt is not 2 |
Note 7 - Segment Information
Note 7 - Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 7 The Company currently has one reportable business segment - the Truck Segment. The Truck Segment includes the Company’s operation of a nationwide network of commercial vehicle dealerships that provide an integrated one not The Company also has revenues attributable to three other operating segments. These segments include a retail tire company, an insurance agency and a guest ranch operation and are included in the All Other column below. None The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on income before income taxes, not The following table contains summarized information about reportable segment revenues, segment income or loss from continuing operations and segment assets for the periods ended September 30, 2019 2018 Truck Segment All Other Total As of and for the three months ended September 30, 201 9 Revenues from external customers $ 1,595,285 $ 3,980 $ 1,599,265 Segment operating income (loss) 58,642 (319 ) 58,323 Segment income before taxes 51,250 960 52,210 Segment assets 3,364,895 40,359 3,405,254 For the nine months ended September 30, 201 9 Revenues from external customers $ 4,479,972 $ 12,171 $ 4,492,143 Segment operating income 176,963 19 176,982 Segment income before taxes 155,024 1,154 156,178 As of and for the three months ended September 30, 2018 Revenues from external customers $ 1,371,472 $ 4,664 $ 1,376,136 Segment operating income (loss) 58,665 (16 ) 58,649 Segment income (loss) before taxes 54,250 (69 ) 54,181 Segment assets 3,152,204 37,599 3,189,803 For the nine months ended September 30, 2018 Revenues from external customers $ 3,952,396 $ 13,352 $ 3,965,748 Segment operating income 134,151 313 134,464 Segment income before taxes 121,037 159 121,196 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8 The Company had unrecognized income tax benefits totaling $2.4 September 30, 2019 December 31, 2018, may $139,000 September 30, 2019 December 31, 2018. The Company does not twelve September 30, 2019, December 31, 2017 2018 December 31, 2014 2018 The Company adopted ASU 2016 09 January 1, 2017, third 2019 third 2018. first nine 2019 first nine 2018. |
Note 9 - Revenue
Note 9 - Revenue | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 9 The Company’s revenues are primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue for such sales is recognized when the customer obtains control, which is typically when the finished product is delivered to the customer. The Company’s material revenue streams have been identified as the following: the sale of new and used commercial vehicles, arrangement of associated commercial vehicle financing and insurance contracts, the performance of commercial vehicle repair services and the sale of commercial vehicle parts. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. The following table summarizes the Company’s disaggregated revenue by revenue source for the three nine September 30, 2019 2018 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Commercial vehicle sales revenue $ 1,070,868 $ 878,845 $ 2,933,952 $ 2,508,970 Parts revenue 258,513 239,401 760,495 699,823 Commercial vehicle repair service revenue 196,272 187,444 580,810 550,257 Finance revenue 3,570 2,628 11,223 7,826 Insurance revenue 2,293 2,425 7,651 7,460 Other revenue 4,800 4,568 14,039 14,070 Total $ 1,536,316 $ 1,315,311 $ 4,308,170 $ 3,788,406 All of the Company's performance obligations and associated revenues are generally transferred to customers at a point in time. The Company does not September 30, 2019. |
Note 10 - Leases
Note 10 - Leases | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Leases of Lessee and Lessor Disclosure [Text Block] | 10 In February 2016, No. 2016 02, Leases ( “ Topic 842 ” ), twelve A lease is classified as a finance lease if any of the following conditions exist on the date of lease commencement: ● The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. ● The lease provides the lessee an option to purchase the underlying asset, and that option is reasonably certain to be exercised. ● The lease term is for the major part of the remaining economic life of the underlying asset. ● The present value of the lease payments equals or exceeds substantially all of the fair value of the underlying asset. ● The underlying asset is of such a specialized nature that only the lessee can use it without major modifications. ● The lessor expects to have no The Company adopted Topic 842 January 1, 2019. January 1, 2019. three nine September 30, 2019 three nine September 30, 2018 not 842, twelve The Company leases commercial vehicles and real estate under finance and operating leases. The Company determines whether an arrangement is a lease at its inception. For leases with terms greater than twelve not When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of its leases do not Le ase of Vehicles as Lessee The Company leases commercial vehicles as the lessee under finance leases and operating leases. The lease terms vary from one ten 2019 842. three September 30, 2019, nine September 30, 2019. The Company usually guarantees the residual value of vehicles under operating lease and finance lease arrangements. At September 30, 2019, Lease of Facilities as Lessee The Company’s facility leases are classified as operating leases and primarily reflect its use of dealership facilities and office space. The lease terms vary from one 88 one Components of lease cost are as follows (in thousands): Three Months Ended Nine Months Ended Component Classification September 30, 2019 September 30, 2019 Operating lease cost SG&A expense $ 3,524 $ 10,102 Finance lease cost – amortization of right-of-use assets Depreciation and amortization 3,614 10,477 Finance lease cost – interest on lease liabilities Interest expense 910 2,386 Short-term lease cost SG&A expense 32 566 Supplemental cash flow information and non-cash activity related to operating and finance leases are as follows (in thousands): Nine Months Ended September 30, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 12,488 Financing cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 7,508 Non-cash activity: Operating lease right-of-use assets obtained in exchange for lease obligations $ 56,372 Weighted-average remaining lease term and discount rate for operating and finance leases are as follows: September 30, 2019 Weighted-average remaining lease term (in months) 70 Weighted-average discount rate 4.5 % Maturities of lease liabilities by fiscal year for finance leases and operating leases are as follows (in thousands): Finance Leases Operating Leases 2019 (a) $ 7,810 $ 3,391 2020 22,559 12,025 2021 17,928 10,097 2022 14,114 8,974 2023 8,850 7,611 2024 and beyond 14,996 31,424 Total lease payments $ 86,257 $ 73,522 Less: Imputed interest (8,185 ) (16,836 ) Present value of lease liabilities $ 78,072 $ 56,686 (a) Excluding the nine September 30, 2019 Lease of Vehicles as Lessor The Company leases commercial vehicles that the Company owns to customers primarily over periods of one ten 842 not The Company’s policy is to depreciate its lease and rental fleet using a straight-line method over each customer’s contractual lease term. The lease unit is depreciated to a residual value that approximates fair value at the expiration of the lease term. This policy results in the Company realizing reasonable gross margins while the unit is in service and a corresponding gain or loss on sale when the unit is sold at the end of the lease term. Sales-type leases are recognized by the Company as lease receivables. The lessee obtains control of the underlying asset and the Company recognizes sales revenue upon lease commencement. The receivable for sales-type leases at September 30, 2019 Minimum rental payments to be received for non-cancelable leases and subleases in effect as of September 30, 2019, 2019 (a) $ 33,641 2020 119,913 2021 92,496 2022 68,141 2023 46,656 Thereafter 41,986 Total $ 402,833 (a) Excluding the nine September 30, 2019 Rental income during the three nine September 30, 2019, September 30, 2018, Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Minimum rental payments $ 55,139 $ 53,312 $ 161,708 $ 155,726 Nonlease payments 7,970 7,641 22,848 22,360 Total $ 63,109 $ 60,953 $ 184,556 $ 178,086 As of December 31, 2018, Finance Leases Operating Leases 2019 $ 22,033 $ 12,295 2020 19,113 10,466 2021 14,894 8,190 2022 11,062 7,078 2023 5,095 5,196 Thereafter 2,963 22,463 Total lease payments $ 75,160 $ 65,688 Less: Imputed interest (6,046 ) Present value of lease liabilities $ 69,114 |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 1 – Shareholders’ Equity The Company declared and paid a $0.12 per common share cash dividend in the first second 2019 third 2019. Common Stock Accumulated Shares Outstanding $0.01 Par Additional Pain-In Treasury Retained Other Comprehensive (in thousands) Class B Value Capital Stock Earnings Income Total Balance, December 31, 201 8 28,710 8,290 $ 458 $ 370,025 $ (245,842 ) $ 942,287 $ – $ 1,066,928 Stock options exercised and stock awards 59 – 1 1,230 – – – 1,231 Stock-based compensation related to stock options, restricted shares and employee stock purchase plan – – – 8,836 – – – 8,836 Vesting of restricted share awards – 226 2 (2,317 ) – – – (2,315 ) Issuance of common stock under employee stock purchase plan 57 – 1 1,680 – – – 1,681 Common stock repurchases (639 ) (53 ) – – (26,048 ) – – (26,048 ) Dividend Class A common stock – – – – – (3,389 ) – (3,389 ) Dividend Class B common stock – – – – – (991 ) – (991 ) Other comprehensive income – – – – – – 384 384 Net income – – – – – 37,104 – 37,104 Balance, March 31, 2019 28,187 8,463 $ 462 $ 379,454 $ (271,890 ) $ 975,011 $ 384 $ 1,083,421 Stock options exercised and stock awards 87 – – 1,745 – – – 1,745 Stock-based compensation related to stock options, restricted shares and employee stock purchase plan – – – 4,258 – – – 4,258 Vesting of restricted share awards – – – (517 ) – – – (517 ) Issuance of common stock under employee stock purchase plan – – – – – – – – Common stock repurchases (251 ) (67 ) – – (12,062 ) – – (12,062 ) Dividend Class A common stock – – – – – (3,387 ) – (3,387 ) Dividend Class B common stock – – – – – (1,050 ) – (1,050 ) Other comprehensive income – – – – – – (505 ) (505 ) Net income – – – – – 41,621 – 41,621 Balance, June 30, 2019 28,023 8,396 $ 462 $ 384,940 $ (283,952 ) $ 1,012,195 $ (121 ) $ 1,113,524 Stock options exercised and stock awards 36 – – 904 – – – 904 Stock-based compensation related to stock options, restricted shares and employee stock purchase plan – – – 2,709 – – – 2,709 Vesting of restricted share awards – – – – – – – – Issuance of common stock under employee stock purchase plan 60 – 1 1,806 – – – 1,807 Common stock repurchases (313 ) (112 ) – – (16,089 ) – – (16,089 ) Dividend Class A common stock – – – – – (3,637 ) – (3,637 ) Dividend Class B common stock – – – – – (1,124 ) – (1,124 ) Other comprehensive income – – – – – – 55 55 Net income – – – – – 39,104 – 39,104 Balance, September 30, 2019 27,806 8,284 $ 463 $ 390,359 $ (300,041 ) $ 1,046,538 $ (66 ) $ 1,137,253 Common Stock Shares Outstanding $0.01 Par Additional Paid-In Treasury Retained (in thousands) Class A Class B Value Capital Stock Earnings Total Balance, December 31, 2017 31,345 8,469 $ 454 $ 348,044 $ (120,682 ) $ 812,557 $ 1,040,373 Stock options exercised and stock awards 30 – – 766 – – 766 Stock-based compensation related to stock options, restricted shares and employee stock purchase plan – – – 7,893 – – 7,893 Vesting of restricted share awards 1 226 2 (1,621 ) – – (1,619 ) Issuance of common stock under employee stock purchase plan 41 – 1 1,353 – – 1,354 Common stock repurchases (834 ) (72 ) – – (38,137 ) – (38,137 ) Net income – – – – – 21,039 21,039 Balance, March 31, 2018 30,583 8,623 $ 457 $ 356,435 $ (158,819 ) $ 833,596 $ 1,031,669 Stock options exercised and stock awards 64 – – 1,184 – – 1,184 Stock-based compensation related to stock options, restricted shares and employee stock purchase plan – – – 5,949 – – 5,949 Vesting of restricted share awards – 1 – (128 ) – – (128 ) Common stock repurchases – (194 ) – – (7,985 ) – (7,985 ) Net income – – – – – 29,389 29,389 Balance, June 30, 2018 30,647 8,430 $ 457 $ 363,440 $ (166,804 ) $ 862,985 $ 1,060,078 Stock options exercised and stock awards 32 – – 630 – – 630 Stock-based compensation related to stock options, restricted shares and employee stock purchase plan – – – 2,008 – – 2,008 Issuance of common stock under employee stock purchase plan 43 – 1 1,576 – – 1,577 Common stock repurchases (220 ) (71 ) – – (12,107 ) – (12,107 ) Dividend Class A common stock – – – – – (3,683 ) (3,683 ) Dividend Class B common stock – – – – – (1,009 ) (1,009 ) Net income – – – – – 41,665 41,665 Balance, September 30, 2018 30,502 8,359 $ 458 $ 367,654 $ (178,911 ) $ 899,958 $ 1,089,159 |
Note 12 - Accumulated Other Com
Note 12 - Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 12 – Accumulated Other Comprehensive Income The following table shows the components of accumulated other comprehensive loss (in thousands): Balance as of December 31, 2018 $ - Foreign currency translation adjustment 384 Balance at March 31, 2019 $ 384 Foreign currency translation adjustment (505 ) Balance at June 30, 2019 $ (121 ) Foreign currency translation adjustment 55 Balance at September 30, 2019 (66 ) The equity method investment in RTC Canada was valued using the Canadian exchange rate of 1.3221 at September 30, 2019. |
Note 13 - New Accounting Pronou
Note 13 - New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 1 3 – New Accounting Pronouncements In June 2016, No. 2016 13, "Financial Instruments - Credit Losses (Topic 326 , " December 15, 2019, not |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 39,104 $ 41,665 $ 117,829 $ 92,093 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 36,545 39,309 36,744 39,480 Effect of dilutive securities – Employee and director stock options and restricted share awards 806 1,079 881 1,155 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 37,351 40,388 37,625 40,635 Basic earnings per common share $ 1.07 $ 1.06 $ 3.21 $ 2.33 Diluted earnings per common share and common share equivalents $ 1.05 $ 1.03 $ 3.13 $ 2.27 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Weighted average anti-dilutive options 1,377 455 1,249 432 |
Note 7 - Segment Information (T
Note 7 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Truck Segment All Other Total As of and for the three months ended September 30, 201 9 Revenues from external customers $ 1,595,285 $ 3,980 $ 1,599,265 Segment operating income (loss) 58,642 (319 ) 58,323 Segment income before taxes 51,250 960 52,210 Segment assets 3,364,895 40,359 3,405,254 For the nine months ended September 30, 201 9 Revenues from external customers $ 4,479,972 $ 12,171 $ 4,492,143 Segment operating income 176,963 19 176,982 Segment income before taxes 155,024 1,154 156,178 As of and for the three months ended September 30, 2018 Revenues from external customers $ 1,371,472 $ 4,664 $ 1,376,136 Segment operating income (loss) 58,665 (16 ) 58,649 Segment income (loss) before taxes 54,250 (69 ) 54,181 Segment assets 3,152,204 37,599 3,189,803 For the nine months ended September 30, 2018 Revenues from external customers $ 3,952,396 $ 13,352 $ 3,965,748 Segment operating income 134,151 313 134,464 Segment income before taxes 121,037 159 121,196 |
Note 9 - Revenue (Tables)
Note 9 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Commercial vehicle sales revenue $ 1,070,868 $ 878,845 $ 2,933,952 $ 2,508,970 Parts revenue 258,513 239,401 760,495 699,823 Commercial vehicle repair service revenue 196,272 187,444 580,810 550,257 Finance revenue 3,570 2,628 11,223 7,826 Insurance revenue 2,293 2,425 7,651 7,460 Other revenue 4,800 4,568 14,039 14,070 Total $ 1,536,316 $ 1,315,311 $ 4,308,170 $ 3,788,406 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended Component Classification September 30, 2019 September 30, 2019 Operating lease cost SG&A expense $ 3,524 $ 10,102 Finance lease cost – amortization of right-of-use assets Depreciation and amortization 3,614 10,477 Finance lease cost – interest on lease liabilities Interest expense 910 2,386 Short-term lease cost SG&A expense 32 566 Nine Months Ended September 30, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 12,488 Financing cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 7,508 Non-cash activity: Operating lease right-of-use assets obtained in exchange for lease obligations $ 56,372 September 30, 2019 Weighted-average remaining lease term (in months) 70 Weighted-average discount rate 4.5 % |
Lessee, Lease Liability, Maturity [Table Text Block] | Finance Leases Operating Leases 2019 (a) $ 7,810 $ 3,391 2020 22,559 12,025 2021 17,928 10,097 2022 14,114 8,974 2023 8,850 7,611 2024 and beyond 14,996 31,424 Total lease payments $ 86,257 $ 73,522 Less: Imputed interest (8,185 ) (16,836 ) Present value of lease liabilities $ 78,072 $ 56,686 |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | 2019 (a) $ 33,641 2020 119,913 2021 92,496 2022 68,141 2023 46,656 Thereafter 41,986 Total $ 402,833 |
Leases, Lease Income [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Minimum rental payments $ 55,139 $ 53,312 $ 161,708 $ 155,726 Nonlease payments 7,970 7,641 22,848 22,360 Total $ 63,109 $ 60,953 $ 184,556 $ 178,086 |
Schedule of Future Minimum Lease Payments for Capital Leases and Operating Leases [Table Text Block] | Finance Leases Operating Leases 2019 $ 22,033 $ 12,295 2020 19,113 10,466 2021 14,894 8,190 2022 11,062 7,078 2023 5,095 5,196 Thereafter 2,963 22,463 Total lease payments $ 75,160 $ 65,688 Less: Imputed interest (6,046 ) Present value of lease liabilities $ 69,114 |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Common Stock Accumulated Shares Outstanding $0.01 Par Additional Pain-In Treasury Retained Other Comprehensive (in thousands) Class B Value Capital Stock Earnings Income Total Balance, December 31, 201 8 28,710 8,290 $ 458 $ 370,025 $ (245,842 ) $ 942,287 $ – $ 1,066,928 Stock options exercised and stock awards 59 – 1 1,230 – – – 1,231 Stock-based compensation related to stock options, restricted shares and employee stock purchase plan – – – 8,836 – – – 8,836 Vesting of restricted share awards – 226 2 (2,317 ) – – – (2,315 ) Issuance of common stock under employee stock purchase plan 57 – 1 1,680 – – – 1,681 Common stock repurchases (639 ) (53 ) – – (26,048 ) – – (26,048 ) Dividend Class A common stock – – – – – (3,389 ) – (3,389 ) Dividend Class B common stock – – – – – (991 ) – (991 ) Other comprehensive income – – – – – – 384 384 Net income – – – – – 37,104 – 37,104 Balance, March 31, 2019 28,187 8,463 $ 462 $ 379,454 $ (271,890 ) $ 975,011 $ 384 $ 1,083,421 Stock options exercised and stock awards 87 – – 1,745 – – – 1,745 Stock-based compensation related to stock options, restricted shares and employee stock purchase plan – – – 4,258 – – – 4,258 Vesting of restricted share awards – – – (517 ) – – – (517 ) Issuance of common stock under employee stock purchase plan – – – – – – – – Common stock repurchases (251 ) (67 ) – – (12,062 ) – – (12,062 ) Dividend Class A common stock – – – – – (3,387 ) – (3,387 ) Dividend Class B common stock – – – – – (1,050 ) – (1,050 ) Other comprehensive income – – – – – – (505 ) (505 ) Net income – – – – – 41,621 – 41,621 Balance, June 30, 2019 28,023 8,396 $ 462 $ 384,940 $ (283,952 ) $ 1,012,195 $ (121 ) $ 1,113,524 Stock options exercised and stock awards 36 – – 904 – – – 904 Stock-based compensation related to stock options, restricted shares and employee stock purchase plan – – – 2,709 – – – 2,709 Vesting of restricted share awards – – – – – – – – Issuance of common stock under employee stock purchase plan 60 – 1 1,806 – – – 1,807 Common stock repurchases (313 ) (112 ) – – (16,089 ) – – (16,089 ) Dividend Class A common stock – – – – – (3,637 ) – (3,637 ) Dividend Class B common stock – – – – – (1,124 ) – (1,124 ) Other comprehensive income – – – – – – 55 55 Net income – – – – – 39,104 – 39,104 Balance, September 30, 2019 27,806 8,284 $ 463 $ 390,359 $ (300,041 ) $ 1,046,538 $ (66 ) $ 1,137,253 Common Stock Shares Outstanding $0.01 Par Additional Paid-In Treasury Retained (in thousands) Class A Class B Value Capital Stock Earnings Total Balance, December 31, 2017 31,345 8,469 $ 454 $ 348,044 $ (120,682 ) $ 812,557 $ 1,040,373 Stock options exercised and stock awards 30 – – 766 – – 766 Stock-based compensation related to stock options, restricted shares and employee stock purchase plan – – – 7,893 – – 7,893 Vesting of restricted share awards 1 226 2 (1,621 ) – – (1,619 ) Issuance of common stock under employee stock purchase plan 41 – 1 1,353 – – 1,354 Common stock repurchases (834 ) (72 ) – – (38,137 ) – (38,137 ) Net income – – – – – 21,039 21,039 Balance, March 31, 2018 30,583 8,623 $ 457 $ 356,435 $ (158,819 ) $ 833,596 $ 1,031,669 Stock options exercised and stock awards 64 – – 1,184 – – 1,184 Stock-based compensation related to stock options, restricted shares and employee stock purchase plan – – – 5,949 – – 5,949 Vesting of restricted share awards – 1 – (128 ) – – (128 ) Common stock repurchases – (194 ) – – (7,985 ) – (7,985 ) Net income – – – – – 29,389 29,389 Balance, June 30, 2018 30,647 8,430 $ 457 $ 363,440 $ (166,804 ) $ 862,985 $ 1,060,078 Stock options exercised and stock awards 32 – – 630 – – 630 Stock-based compensation related to stock options, restricted shares and employee stock purchase plan – – – 2,008 – – 2,008 Issuance of common stock under employee stock purchase plan 43 – 1 1,576 – – 1,577 Common stock repurchases (220 ) (71 ) – – (12,107 ) – (12,107 ) Dividend Class A common stock – – – – – (3,683 ) (3,683 ) Dividend Class B common stock – – – – – (1,009 ) (1,009 ) Net income – – – – – 41,665 41,665 Balance, September 30, 2018 30,502 8,359 $ 458 $ 367,654 $ (178,911 ) $ 899,958 $ 1,089,159 |
Note 12 - Accumulated Other C_2
Note 12 - Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Balance as of December 31, 2018 $ - Foreign currency translation adjustment 384 Balance at March 31, 2019 $ 384 Foreign currency translation adjustment (505 ) Balance at June 30, 2019 $ (121 ) Foreign currency translation adjustment 55 Balance at September 30, 2019 (66 ) |
Note 2 - Other Assets (Details
Note 2 - Other Assets (Details Textual) $ in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Apr. 25, 2019CAD ($) | Feb. 25, 2019 | Dec. 31, 2018USD ($) | |
Capitalized Computer Software, Net, Ending Balance | $ 9,400 | $ 9,400 | |||||
Capitalized Computer Software, Amortization | 500 | $ 500 | 1,400 | $ 21,200 | |||
Indefinite-Lived Franchise Rights | 7,000 | 7,000 | $ 7,000 | ||||
Goodwill and Intangible Asset Impairment, Total | 0 | ||||||
Financial Guarantee [Member] | |||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 250 | ||||||
Other Noncurrent Liabilities [Member] | Financial Guarantee [Member] | |||||||
Guarantor Obligations, Current Carrying Value | 5,000 | 5,000 | |||||
Rush Truck Centres of Canada Limited [Member] | |||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||
Rush Truck Centres of Canada Limited [Member] | Other Assets [Member] | |||||||
Equity Method Investments | 25,200 | 25,200 | |||||
Rush Truck Centres of Canada Limited [Member] | Call Option [Member] | |||||||
Equity Method Investment, Remaining Ownership Percentage Not Yet Acquired | 50.00% | ||||||
Rush Truck Centres of Canada Limited [Member] | Call Option [Member] | Other Assets [Member] | |||||||
Call Option, Fair Value Disclosure | 3,600 | 3,600 | |||||
Computer Software, Intangible Asset [Member] | |||||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1,900 | 1,900 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,900 | 1,900 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,900 | 1,900 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,900 | 1,900 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 1,900 | $ 1,900 | |||||
Components of ERP Platform Rquired Replacement [Member] | |||||||
Capitalized Computer Software, Amortization | $ 19,900 |
Note 4 - Earnings Per Share - E
Note 4 - Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator for basic and diluted earnings per share – Net income available to common shareholders | $ 39,104 | $ 41,665 | $ 117,829 | $ 92,093 |
Denominator for basic earnings per share – weighted average shares outstanding (in shares) | 36,545 | 39,309 | 36,744 | 39,480 |
Effect of dilutive securities – Employee and director stock options and restricted share awards (in shares) | 806 | 1,079 | 881 | 1,155 |
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares) | 37,351 | 40,388 | 37,625 | 40,635 |
Basic earnings per common share (in dollars per share) | $ 1.07 | $ 1.06 | $ 3.21 | $ 2.33 |
Diluted earnings per common share and common share equivalents (in dollars per share) | $ 1.05 | $ 1.03 | $ 3.13 | $ 2.27 |
Note 4 - Earnings Per Share - A
Note 4 - Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Weighted average anti-dilutive options (in shares) | 1,377 | 455 | 1,249 | 432 |
Note 5 - Stock Options and Re_2
Note 5 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 9.3 | $ 9.3 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 4 months 24 days | |||
Share-based Payment Arrangement, Option [Member] | Selling, General and Administrative Expenses [Member] | ||||
Share-based Payment Arrangement, Expense | 2.7 | $ 2 | $ 15.8 | $ 15.8 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 9.8 | $ 9.8 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 4 months 24 days |
Note 7 - Segment Information (D
Note 7 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2019 | |
Truck Segment [Member] | |
Number of Reportable Segments | 1 |
Other Segments [Member] | |
Number of Operating Segments | 3 |
Note 7 - Segment Information -
Note 7 - Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Revenues from external customers | $ 1,599,265 | $ 1,376,136 | $ 4,492,143 | $ 3,965,748 | |
Segment operating income (loss) | 58,323 | 58,649 | 176,982 | 134,464 | |
Segment income before taxes | 52,210 | 54,181 | 156,178 | 121,196 | |
Segment assets | 3,405,254 | 3,189,803 | 3,405,254 | 3,189,803 | $ 3,201,350 |
Truck Segment [Member] | |||||
Revenues from external customers | 1,595,285 | 1,371,472 | 4,479,972 | 3,952,396 | |
Segment operating income (loss) | 58,642 | 58,665 | 176,963 | 134,151 | |
Segment income before taxes | 51,250 | 54,250 | 155,024 | 121,037 | |
Segment assets | 3,364,895 | 3,152,204 | 3,364,895 | 3,152,204 | |
Other Segments [Member] | |||||
Revenues from external customers | 3,980 | 4,664 | 12,171 | 13,352 | |
Segment operating income (loss) | (319) | (16) | 19 | 313 | |
Segment income before taxes | 960 | (69) | 1,154 | 159 | |
Segment assets | $ 40,359 | $ 37,599 | $ 40,359 | $ 37,599 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 2,400,000 | $ 2,400,000 | $ 2,400,000 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 139,000 | 139,000 | 139,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | 0 | $ 0 | ||
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ 405,000 | $ 92,000 | $ 467,000 | $ 249,000 | |
Domestic Tax Authority [Member] | |||||
Open Tax Year | 2017 2018 | ||||
State and Local Jurisdiction [Member] | |||||
Open Tax Year | 2014 2015 2016 2017 2018 |
Note 9 - Revenue - Disaggregate
Note 9 - Revenue - Disaggregated Revenue by Revenue Source (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | $ 1,536,316 | $ 1,315,311 | $ 4,308,170 | $ 3,788,406 |
Commercial Vehicle [Member] | ||||
Revenue | 1,070,868 | 878,845 | 2,933,952 | 2,508,970 |
Parts [Member] | ||||
Revenue | 258,513 | 239,401 | 760,495 | 699,823 |
Commercial Vehicle Repair Service [Member] | ||||
Revenue | 196,272 | 187,444 | 580,810 | 550,257 |
Financial Service [Member] | ||||
Revenue | 3,570 | 2,628 | 11,223 | 7,826 |
Insurance [Member] | ||||
Revenue | 2,293 | 2,425 | 7,651 | 7,460 |
Product and Service, Other [Member] | ||||
Revenue | $ 4,800 | $ 4,568 | $ 14,039 | $ 14,070 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Sublease Income | $ 5.9 | $ 17.7 |
Lessee, Leases, Residual Value Guarantee, Amount | 43.5 | $ 43.5 |
Lessee, Operating Lease, Option To Terminate Term | 1 year | |
Other Assets [Member] | ||
Sales-type Lease, Lease Receivable | $ 5.2 | $ 5.2 |
Minimum [Member] | ||
Lessee, Leases, Term of Contract | 1 month | |
Lessee, Operating Lease, Term of Contract | 1 year | 1 year |
Lessor, Leases, Term of Contract | 1 year | |
Maximum [Member] | ||
Lessee, Leases, Term of Contract | 10 years | |
Lessee, Operating Lease, Term of Contract | 88 years | 88 years |
Lessor, Leases, Term of Contract | 10 years |
Note 10 - Leases - Lease Cost (
Note 10 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 12,488 | ||
Cash paid for amounts included in the measurement of lease liabilities | 7,508 | $ 9,511 | |
Operating lease right-of-use assets obtained in exchange for lease obligations | $ 56,372 | ||
Weighted-average remaining lease term (in months) (Month) | 70 months | ||
Weighted-average discount rate | 4.50% | 4.50% | |
Selling, General and Administrative Expenses [Member] | |||
Operating lease cost | $ 3,524 | $ 10,102 | |
Short-term lease cost | 32 | 566 | |
Depreciation and Amortization [Member] | |||
Finance lease cost – amortization of right-of-use assets | 3,614 | 10,477 | |
Interest Expense [Member] | |||
Finance lease cost – interest on lease liabilities | $ 910 | $ 2,386 |
Note 10 - Leases - Maturities o
Note 10 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) | |
2019, finance leases | $ 7,810 | [1] |
2019, operating leases | 3,391 | [1] |
2020, finance leases | 22,559 | |
2020, operating leases | 12,025 | |
2021, finance leases | 17,928 | |
2021, operating leases | 10,097 | |
2022, finance leases | 14,114 | |
2022, operating leases | 8,974 | |
2023, finance leases | 8,850 | |
2023, operating leases | 7,611 | |
2024 and beyond, finance leases | 14,996 | |
2024 and beyond, operating leases | 31,424 | |
Total lease payments, finance leases | 86,257 | |
Total lease payments, operating leases | 73,522 | |
Less: Imputed interest, finance leases | (8,185) | |
Less: Imputed interest, operating leases | (16,836) | |
Present value of lease liabilities, finance leases | 78,072 | |
Present value of lease liabilities, operating leases | $ 56,686 | |
[1] | Excluding the nine months ended September 30, 2019 |
Note 10 - Leases - Future Minim
Note 10 - Leases - Future Minimum Rental Receivable (Details) $ in Thousands | Sep. 30, 2019USD ($) | |
2019 (a) | $ 33,641 | [1] |
2020 | 119,913 | |
2021 | 92,496 | |
2022 | 68,141 | |
2023 | 46,656 | |
Thereafter | 41,986 | |
Total | $ 402,833 | |
[1] | Excluding the nine months ended September 30, 2019 |
Note 10 - Leases - Rental Incom
Note 10 - Leases - Rental Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Minimum rental payments | $ 55,139 | $ 53,312 | $ 161,708 | $ 155,726 |
Nonlease payments | 7,970 | 7,641 | 22,848 | 22,360 |
Total | $ 63,109 | $ 60,953 | $ 184,556 | $ 178,086 |
Note 10 - Leases - Minimum Leas
Note 10 - Leases - Minimum Lease Payments Under Non-cancelable Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Total lease payments | $ 75,160 |
Total lease payments | 65,688 |
Less: Imputed interest | (6,046) |
Present value of lease liabilities | 69,114 |
Vehicle Leases as Lessee 1 [Member] | |
2019, Capital Leases | 22,033 |
2019, Operating Leases | 12,295 |
2020, Capital Leases | 19,113 |
2020, Operating Leases | 10,466 |
2021, Capital Leases | 14,894 |
2021, Operating Leases | 8,190 |
2022, Capital Leases | 11,062 |
2022, Operating Leases | 7,078 |
2023, Capital Leases | 5,095 |
2023, Operating Leases | 5,196 |
Thereafter, Capital Leases | 2,963 |
Thereafter, Operating Leases | $ 22,463 |
Note 11 - Shareholders' Equit_2
Note 11 - Shareholders' Equity (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Common Stock, Dividends, Per Share, Declared | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.37 | $ 0.12 |
Note 11 - Shareholders' Equit_3
Note 11 - Shareholders' Equity - Schedule of Shareholders' Equity (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Balance | $ 1,113,524 | $ 1,083,421 | $ 1,066,928 | $ 1,060,078 | $ 1,031,669 | $ 1,040,373 | $ 1,066,928 | $ 1,040,373 |
Stock options exercised and stock awards | 904 | 1,745 | 1,231 | 630 | 1,184 | 766 | ||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 2,709 | 4,258 | 8,836 | 2,008 | 5,949 | 7,893 | ||
Vesting of restricted share awards | 0 | (517) | (2,315) | (128) | (1,619) | |||
Issuance of common stock under employee stock purchase plan | 1,807 | 0 | 1,681 | 1,577 | 1,354 | |||
Common stock repurchases | (16,089) | (12,062) | (26,048) | (12,107) | (7,985) | (38,137) | ||
Foreign currency translation adjustment | 55 | (505) | 384 | |||||
Net income | 39,104 | 41,621 | 37,104 | 41,665 | 29,389 | 21,039 | 117,829 | 92,093 |
Balance | 1,137,253 | 1,113,524 | 1,083,421 | 1,089,159 | 1,060,078 | 1,031,669 | 1,137,253 | 1,089,159 |
Common Class A [Member] | ||||||||
Dividend | (3,637) | (3,387) | (3,389) | (3,683) | ||||
Common Class B [Member] | ||||||||
Dividend | (1,124) | (1,050) | (991) | (1,009) | ||||
Common Stock Outstanding [Member] | ||||||||
Balance | 462 | 462 | 458 | 457 | 457 | 454 | 458 | 454 |
Stock options exercised and stock awards | 0 | 0 | 1 | 0 | 0 | 0 | ||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 0 | 0 | 0 | 0 | 0 | 0 | ||
Vesting of restricted share awards | 0 | 0 | 2 | 0 | 2 | |||
Issuance of common stock under employee stock purchase plan | 1 | 0 | 1 | 1 | 1 | |||
Common stock repurchases | 0 | 0 | 0 | 0 | 0 | 0 | ||
Dividend | 0 | 0 | 0 | 0 | ||||
Foreign currency translation adjustment | 0 | 0 | 0 | |||||
Net income | 0 | 0 | 0 | 0 | 0 | 0 | ||
Balance | $ 463 | $ 462 | $ 462 | $ 458 | $ 457 | $ 457 | $ 463 | $ 458 |
Common Stock Outstanding [Member] | Common Class A [Member] | ||||||||
Balance (in shares) | 28,023 | 28,187 | 28,710 | 30,647 | 30,583 | 31,345 | 28,710 | 31,345 |
Stock options exercised and stock awards (in shares) | 36 | 87 | 59 | 32 | 64 | 30 | ||
Vesting of restricted share awards (in shares) | 0 | 0 | 1 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | 60 | 57 | 43 | 41 | ||||
Common stock repurchases (in shares) | (313) | (251) | (639) | 220 | 0 | (834) | ||
Common stock repurchases (in shares) | 313 | 251 | 639 | (220) | 0 | 834 | ||
Balance (in shares) | 27,806 | 28,023 | 28,187 | 30,502 | 30,647 | 30,583 | 27,806 | 30,502 |
Common Stock Outstanding [Member] | Common Class B [Member] | ||||||||
Balance (in shares) | 8,396 | 8,463 | 8,290 | 8,430 | 8,623 | 8,469 | 8,290 | 8,469 |
Stock options exercised and stock awards (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | ||
Vesting of restricted share awards (in shares) | 226 | 1 | 226 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | 0 | 0 | 0 | 0 | ||||
Common stock repurchases (in shares) | (112) | (67) | (53) | 71 | (194) | (72) | ||
Common stock repurchases (in shares) | 112 | 67 | 53 | (71) | 194 | 72 | ||
Balance (in shares) | 8,284 | 8,396 | 8,463 | 8,359 | 8,430 | 8,623 | 8,284 | 8,359 |
Additional Paid-in Capital [Member] | ||||||||
Balance | $ 384,940 | $ 379,454 | $ 370,025 | $ 363,440 | $ 356,435 | $ 348,044 | $ 370,025 | $ 348,044 |
Stock options exercised and stock awards | 904 | 1,745 | 1,230 | 630 | 1,184 | 766 | ||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 2,709 | 4,258 | 8,836 | 2,008 | 5,949 | 7,893 | ||
Vesting of restricted share awards | 0 | (517) | (2,317) | (128) | (1,621) | |||
Issuance of common stock under employee stock purchase plan | 1,806 | 0 | 1,680 | 1,576 | 1,353 | |||
Common stock repurchases | 0 | 0 | 0 | 0 | 0 | 0 | ||
Dividend | 0 | 0 | 0 | 0 | ||||
Foreign currency translation adjustment | 0 | 0 | 0 | |||||
Net income | 0 | 0 | 0 | 0 | 0 | 0 | ||
Balance | 390,359 | 384,940 | 379,454 | 367,654 | 363,440 | 356,435 | 390,359 | 367,654 |
Treasury Stock [Member] | ||||||||
Balance | (283,952) | (271,890) | (245,842) | (166,804) | (158,819) | (120,682) | (245,842) | (120,682) |
Stock options exercised and stock awards | 0 | 0 | 0 | 0 | 0 | 0 | ||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 0 | 0 | 0 | 0 | 0 | 0 | ||
Vesting of restricted share awards | 0 | 0 | 0 | 0 | 0 | |||
Issuance of common stock under employee stock purchase plan | 0 | 0 | 0 | 0 | 0 | |||
Common stock repurchases | (16,089) | (12,062) | (26,048) | (12,107) | (7,985) | (38,137) | ||
Dividend | 0 | 0 | 0 | 0 | ||||
Foreign currency translation adjustment | 0 | 0 | 0 | |||||
Net income | 0 | 0 | 0 | 0 | 0 | 0 | ||
Balance | (300,041) | (283,952) | (271,890) | (178,911) | (166,804) | (158,819) | (300,041) | (178,911) |
Retained Earnings [Member] | ||||||||
Balance | 1,012,195 | 975,011 | 942,287 | 862,985 | 833,596 | 812,557 | 942,287 | 812,557 |
Stock options exercised and stock awards | 0 | 0 | 0 | 0 | 0 | 0 | ||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 0 | 0 | 0 | 0 | 0 | 0 | ||
Vesting of restricted share awards | 0 | 0 | 0 | 0 | 0 | |||
Issuance of common stock under employee stock purchase plan | 0 | 0 | 0 | 0 | 0 | |||
Common stock repurchases | 0 | 0 | 0 | 0 | 0 | 0 | ||
Foreign currency translation adjustment | 0 | 0 | 0 | |||||
Net income | 39,104 | 41,621 | 37,104 | 41,665 | 29,389 | 21,039 | ||
Balance | 1,046,538 | 1,012,195 | 975,011 | 899,958 | $ 862,985 | $ 833,596 | 1,046,538 | $ 899,958 |
Retained Earnings [Member] | Common Class A [Member] | ||||||||
Dividend | (3,637) | (3,387) | (3,389) | (3,683) | ||||
Retained Earnings [Member] | Common Class B [Member] | ||||||||
Dividend | (1,124) | (1,050) | (991) | $ (1,009) | ||||
AOCI Attributable to Parent [Member] | ||||||||
Balance | (121) | 384 | 0 | 0 | ||||
Stock options exercised and stock awards | 0 | 0 | 0 | |||||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 0 | 0 | 0 | |||||
Vesting of restricted share awards | 0 | 0 | 0 | |||||
Issuance of common stock under employee stock purchase plan | 0 | 0 | 0 | |||||
Common stock repurchases | 0 | 0 | 0 | |||||
Dividend | 0 | 0 | 0 | |||||
Foreign currency translation adjustment | 55 | (505) | 384 | |||||
Net income | 0 | 0 | 0 | |||||
Balance | $ (66) | $ (121) | $ 384 | $ (66) |
Note 12 - Accumulated Other C_3
Note 12 - Accumulated Other Comprehensive Income (Details Textual) | Sep. 30, 2019 |
Rush Truck Centres of Canada Limited [Member] | |
Foreign Currency Exchange Rate, Translation | 1.3221 |
Note 12 - Accumulated Other C_4
Note 12 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Balance | $ 1,113,524 | $ 1,083,421 | $ 1,066,928 |
Foreign currency translation adjustment | 55 | (505) | 384 |
Balance | 1,137,253 | 1,113,524 | 1,083,421 |
AOCI Attributable to Parent [Member] | |||
Balance | (121) | 384 | 0 |
Foreign currency translation adjustment | 55 | (505) | 384 |
Balance | $ (66) | $ (121) | $ 384 |