Rush Enterprises (RUSHA) 10-Q 7 Aug 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
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	Q2
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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		8,408,897
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		27,989,698
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	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 215,556	$ 181,620
Accounts receivable (less allowances for credit losses of $1,312 and $1,424, respectively)	162,677	183,704
Inventories, net	1,004,624	1,326,080
Prepaid expenses and other	15,482	20,728
Assets held for sale	0	419
Total current assets	1,398,339	1,712,551
Property and equipment, net	1,251,876	1,279,931
Operating lease right-of-use assets, net	57,266	57,197
Goodwill, net	292,142	292,142
Other assets, net	64,978	65,508
Total assets	3,064,601	3,407,329
Current liabilities:
Floor plan notes payable	724,946	996,336
Current maturities of long-term debt	177,742	189,265
Current maturities of finance lease obligations	24,223	22,892
Current maturities of operating lease obligations	9,939	10,114
Trade accounts payable	98,011	133,697
Customer deposits	17,609	42,695
Accrued expenses	111,183	112,390
Total current liabilities	1,163,653	1,507,389
Long-term debt, net of current maturities	408,580	438,413
Finance lease obligations, net of current maturities	82,145	69,478
Operating lease obligations, net of current maturities	47,922	47,555
Other long-term liabilities	21,881	20,704
Deferred income taxes, net	153,860	164,297
Shareholders’ equity:
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2020 and 2019	0	0
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 27,728,493 Class A shares and 8,410,440 Class B shares outstanding in 2020; and 27,953,648 Class A shares and 8,240,486 Class B shares outstanding in 2019	471	465
Additional paid-in capital	414,812	397,267
Treasury stock, at cost: 5,610,906 Class A shares and 5,360,832 Class B shares in 2020 and 5,055,783 Class A shares and 5,306,341 Class B shares in 2019	(324,031)	(304,129)
Retained earnings	1,095,976	1,065,553
Accumulated other comprehensive (loss) income	(668)	337
Total shareholders’ equity	1,186,560	1,159,493
Total liabilities and shareholders’ equity	$ 3,064,601	$ 3,407,329

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Allowances for credit losses	$ 1,312	$ 1,424
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)	27,728,493	27,953,648
Treasury stock (in shares)	5,610,906	5,055,783
Common Class B [Member]
Common stock, authorized (in shares)	20,000,000	20,000,000
Common stock, outstanding (in shares)	8,410,440	8,240,486
Treasury stock (in shares)	5,360,832	5,306,341

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Revenue	$ 945,222	$ 1,482,970	$ 2,171,104	$ 2,771,854
Lease and rental sales	57,290	61,591	118,071	121,024
Total revenue	1,002,512	1,544,561	2,289,175	2,892,878
Cost of products sold
Lease and rental sales	51,491	51,298	103,699	101,093
Total cost of products sold	810,181	1,275,055	1,862,343	2,366,456
Gross profit	192,331	269,506	426,832	526,422
Selling, general and administrative expense	156,195	193,981	341,269	381,162
Depreciation and amortization expense	14,516	13,594	28,846	26,519
Gain (loss) on sale of assets	1,381	(139)	1,481	(82)
Operating income	23,001	61,792	58,198	118,659
Other income	1,720	690	2,961	739
Interest expense, net	2,209	8,072	6,978	15,430
Income before taxes	22,512	54,410	54,181	103,968
Income tax provision	5,696	12,789	14,258	25,243
Net income	$ 16,816	$ 41,621	$ 39,923	$ 78,725
Earnings per common share:
Basic (in dollars per share)	$ 0.46	$ 1.13	$ 1.10	$ 2.14
Diluted (in dollars per share)	$ 0.46	$ 1.10	$ 1.08	$ 2.08
Weighted average shares outstanding:
Basic (in shares)	36,291	36,852	36,387	36,847
Diluted (in shares)	36,900	37,695	37,113	37,764
Dividends declared per common share (in dollars per share)	$ 0.13	$ 0.12	$ 0.26	$ 0.24
Comprehensive income	$ 17,741	$ 41,116	$ 38,918	$ 78,604
New and Used Commercial Vehicle [Member]
Revenues
Revenue	559,062	1,024,801	1,348,616	1,863,084
Cost of products sold
Cost of products sold	521,494	951,121	1,250,033	1,719,538
Parts and Service [Member]
Revenues
Revenue	377,553	448,166	805,531	886,520
Cost of products sold
Cost of products sold	237,196	272,636	508,611	545,825
Finance and Insurance [Member]
Revenues
Revenue	4,960	6,401	9,427	13,011
Product and Service, Other [Member]
Revenues
Revenue	$ 3,647	$ 3,602	$ 7,530	$ 9,239

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Class A [Member]Common Stock [Member]	Common Class A [Member]Retained Earnings [Member]	Common Class A [Member]	Common Class B [Member]Common Stock [Member]	Common Class B [Member]Retained Earnings [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, 2018	28,710,000			8,290,000
Balance at Dec. 31, 2018							$ 458	$ 370,025	$ (245,842)	$ 942,287	$ 0	$ 1,066,928
Stock options exercised and stock awards (in shares)	59,000			0
Stock options exercised and stock awards							1	1,230	0	0	0	1,231
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan							0	8,836	0	0	0	8,836
Vesting of restricted share awards (in shares)	0			226,000
Vesting of restricted share awards							2	(2,317)	0	0	0	(2,315)
Issuance of common stock under employee stock purchase plan (in shares)	57,000			0
Issuance of common stock under employee stock purchase plan							1	1,680	0	0	0	1,681
Common stock repurchases (in shares)	(639,000)			(53,000)
Common stock repurchases							0	0	(26,048)	0	0	(26,048)
Dividends		$ (3,389)	$ (3,389)		$ (991)	$ (991)
Other comprehensive income							0	0	0	0	384	384
Net income							0	0	0	37,104	0	37,104
Balance (in shares) at Mar. 31, 2019	28,187,000			8,463,000
Balance at Mar. 31, 2019							462	379,454	(271,890)	975,011	384	1,083,421
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	0	1,066,928
Net income												78,725
Balance (in shares) at Jun. 30, 2019	28,023,000			8,396,000
Balance at Jun. 30, 2019							462	384,940	(283,952)	1,012,195	(121)	1,113,524
Balance (in shares) at Mar. 31, 2019	28,187,000			8,463,000
Balance at Mar. 31, 2019							462	379,454	(271,890)	975,011	384	1,083,421
Stock options exercised and stock awards (in shares)	87,000			0
Stock options exercised and stock awards							0	1,745	0	0	0	1,745
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan							0	4,258	0	0	0	4,258
Vesting of restricted share awards							0	(517)	0	0	0	(517)
Common stock repurchases (in shares)	(251)			(67)
Common stock repurchases							0	0	(12,062)	0	0	(12,062)
Dividends		(3,387)	(3,387)		(1,050)	(1,050)
Other comprehensive income							0	0	0	0	(505)	(505)
Net income							0	0	0	41,621	0	41,621
Balance (in shares) at Jun. 30, 2019	28,023,000			8,396,000
Balance at Jun. 30, 2019							462	384,940	(283,952)	1,012,195	(121)	1,113,524
Balance (in shares) at Dec. 31, 2019	27,954,000			8,240,000
Balance at Dec. 31, 2019							465	397,267	(304,129)	1,065,553	337	1,159,493
Stock options exercised and stock awards (in shares)	73,000			0
Stock options exercised and stock awards							1	1,421	0	0	0	1,422
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan							0	8,553	0	0	0	8,553
Vesting of restricted share awards (in shares)	0			224,000
Vesting of restricted share awards							2	(2,416)	0	0	0	(2,414)
Issuance of common stock under employee stock purchase plan (in shares)	61,000			0
Issuance of common stock under employee stock purchase plan							1	1,900	0	0	0	1,901
Common stock repurchases (in shares)	(555,000)			(54,000)
Common stock repurchases							0	0	(19,902)	0	0	(19,902)
Dividends		(3,646)	(3,646)		(1,108)	(1,108)
Other comprehensive income							0	0	0	0	(1,930)	(1,930)
Net income							0	0	0	23,107	0	23,107
Balance (in shares) at Mar. 31, 2020	27,533,000			8,410,000
Balance at Mar. 31, 2020							469	406,725	(324,031)	1,083,906	(1,593)	1,165,476
Balance (in shares) at Dec. 31, 2019	27,954,000			8,240,000
Balance at Dec. 31, 2019							465	397,267	(304,129)	1,065,553	337	1,159,493
Net income												39,923
Balance (in shares) at Jun. 30, 2020	27,728,000			8,410,000
Balance at Jun. 30, 2020							471	414,812	(324,031)	1,095,976	(668)	1,186,560
Balance (in shares) at Mar. 31, 2020	27,533,000			8,410,000
Balance at Mar. 31, 2020							469	406,725	(324,031)	1,083,906	(1,593)	1,165,476
Stock options exercised and stock awards (in shares)	195,000			0
Stock options exercised and stock awards							2	4,529	0	0	0	4,531
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan							0	3,586	0	0	0	3,586
Vesting of restricted share awards (in shares)	0			0
Vesting of restricted share awards							0	(28)	0	0	0	(28)
Dividends		$ (3,581)	$ (3,581)		$ (1,165)	$ (1,165)
Other comprehensive income							0	0	0	0	925	9,251,681
Net income							0	0	0	16,816	0	16,816
Balance (in shares) at Jun. 30, 2020	27,728,000			8,410,000
Balance at Jun. 30, 2020							$ 471	$ 414,812	$ (324,031)	$ 1,095,976	$ (668)	$ 1,186,560

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 39,923	$ 78,725
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	89,897	84,982
Loss (gain) on sale of property and equipment	(1,481)	82
Stock-based compensation expense related to stock options and employee stock purchases	12,139	13,094
Deferred income tax expense	(10,437)	4,901
Change in accounts and notes receivable, net	21,027	(39,008)
Change in inventories, net	358,945	(136,611)
Change in prepaid expenses and other, net	5,246	(5,297)
Change in trade accounts payable	(36,147)	15,717
Payments on floor plan notes payable – trade, net	(32,609)	(9,801)
Change in customer deposits	(25,086)	(7,297)
Change in accrued expenses	(1,207)	(30,571)
Other, net	(2,000)	(859)
Net cash provided by (used in) operating activities	418,210	(31,943)
Cash flows from investing activities:
Acquisition of property and equipment	(82,236)	(153,073)
Proceeds from the sale of property and equipment	5,342	1,950
Business acquisitions	0	(10,168)
Purchase of equity method investment and call option	0	(22,499)
Change in other assets	2,515	2,109
Net cash (used in) investing activities	(74,379)	(181,681)
Cash flows from financing activities:
(Payments) draws on floor plan notes payable – non-trade, net	(238,781)	176,918
Proceeds from long-term debt	119,348	106,083
Draws on line of credit	0	135,000
Principal payments on long-term debt	(160,704)	(99,982)
Principal payments on finance lease obligations	(5,768)	(4,358)
Payments on line of credit	0	(75,000)
Debt issuance costs	0	(731)
Proceeds from issuance of shares relating to employee stock options and employee stock purchases	5,412	1,825
Payments of cash dividends	(9,500)	(8,817)
Common stock repurchased	(19,902)	(37,694)
Net cash (used in) provided by financing activities	(309,895)	193,244
Net (decrease) increase in cash and cash equivalents	33,936	(20,380)
Cash and cash equivalents, beginning of period	181,620	131,726
Cash and cash equivalents, end of period	215,556	111,346
Supplemental disclosure of cash flow information:
Interest	22,559	28,573
Income taxes, net of refunds	165	33,771
Noncash activities:
Assets acquired under finance leases	26,492	15,327
Common stock repurchased	0	416
Guaranty agreement	$ 0	$ 5,025

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation and Basis of Presentation	6 Months Ended
	Jun. 30, 2020
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, 2019. not may Adoption of New Accounting Pronouncements Accounting Standards Update ("ASU") No. 2016 13, Financial Instruments - Credit Losses (“Topic 326” : Measurement of Credit Losses on Financial Instruments , June 2016. 326, 326, 326. 326 January 1, 2020, not 12 COVID- 19 In March 2020, 19 19 19 June 30, 2020. 19

Note 2 - Other Assets

Note 2 - Other Assets	6 Months Ended
	Jun. 30, 2020
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 (“the ERP Platform”) of $7.9 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 June 30, 2020 three June 30, 2019, six June 30, 2020 six June 30, 2019. four 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 as of June 30, 2020 December 31, 2019, 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. June 30, 2020, On April 25, 2019, CAD250 2019, not June 30, 2020 December 31, 2019, June 30, 2020,

Note 3 - Commitments and Contin

Note 3 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	3 – Commitments and Contingencies From time to time, the Company is involved in litigation arising out of its operations in the ordinary course of business. The Company maintains liability insurance, including product liability coverage, in amounts deemed adequate by management. To date, aggregate costs to us for claims, including product liability actions, have not not no no not

Note 4 - Earnings Per Share

Note 4 - Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	4 – Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 16,816 $ 41,621 $ 39,923 $ 78,725 Denominator– Denominator for basic earnings per share – weighted average shares outstanding 36,291 36,852 36,387 36,847 Effect of dilutive securities– Employee stock options and restricted stock awards 609 843 726 917 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 36,900 37,695 37,113 37,764 Basic earnings per common share $ 0.46 $ 1.13 $ 1.10 $ 2.14 Diluted earnings per common share and common share equivalents $ 0.46 $ 1.10 $ 1.08 $ 2.08 Options to purchase shares of common stock that were outstanding for the three six June 30, 2020, 2019, not Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Weighted average anti-dilutive options 1,671 1,397 1,433 1,186

Note 5 - Stock Options and Rest

Note 5 - Stock Options and Restricted Stock Awards	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	5 – Stock Options and Restricted S tock 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 $3.6 million for the three June 30, 2020, three June 30, 2019. six June 30, 2020, six June 30, 2019, As of June 30, 2020,

Note 6 - Financial Instruments

Note 6 - Financial Instruments and Fair Value	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6 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 June 30, 2020, December 31, 2019. The fair value of the Company’s long-term debt is based on secondary market indicators. Because the Company’s debt is not

Note 7 - Segment Information

Note 7 - Segment Information	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	7 – Segment Information The Company currently has one one not The Company also has revenues attributable to three None The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on income before income taxes, not The following table contains summarized information about reportable segment revenues, segment income or loss from continuing operations and segment assets for the periods ended June 30, 2020 2019 Truck All Other Total As of and for the three months ended June 30, 20 20 Revenues from external customers $ 998,739 $ 3,773 $ 1,002,512 Segment operating income 22,678 323 23,001 Segment income before taxes 22,260 252 22,512 Segment assets 3,021,241 43,360 3,064,601 For the six months ended June 30, 20 20 Revenues from external customers $ 2,282,118 $ 7,057 $ 2,289,175 Segment operating income 58,129 69 58,198 Segment income before taxes 54,253 (72 ) 54,181 As of and for the three months ended June 30, 201 9 Revenues from external customers $ 1,540,237 $ 4,324 $ 1,544,561 Segment operating income 61,579 213 61,792 Segment income before taxes 54,269 141 54,410 Segment assets 3,490,254 40,441 3,530,695 For the six months ended June 30, 201 9 Revenues from external customers $ 2,884,686 $ 8,192 $ 2,892,878 Segment operating income 118,321 338 118,659 Segment income before taxes 103,774 194 103,968

Note 8 - Income Taxes

Note 8 - Income Taxes	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8 The Company had unrecognized income tax benefits totaling $3.0 million as a component of accrued liabilities as of June 30, 2020 December 31, 2019, may June 30, 2020 December 31, 2019. The Company does not 12 June 30, 2020, December 31, 2016 2019 December 31, 2015 2019 Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) In response to the COVID- 19 March 27, 2020, June 30, 2020, no may

Note 9 - Revenue

Note 9 - Revenue	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	9 Revenue The Company’s revenues are primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue for such sales is recognized when the customer obtains control, which is typically when the finished product is delivered to the customer. The Company’s material revenue streams have been identified as the following: the sale of new and used commercial vehicles, arrangement of associated commercial vehicle financing and insurance contracts, the performance of commercial vehicle repair services and the sale of commercial vehicle parts. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. The following table summarizes the Company’s disaggregated revenue by revenue source for the three six June 30, 2020 2019 Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Commercial vehicle sales revenue $ 559,062 $ 1,024,801 $ 1,348,616 $ 1,863,084 Parts revenue 211,804 254,664 448,402 501,981 Commercial vehicle repair service revenue 165,749 193,502 357,129 384,539 Finance revenue 2,523 3,558 4,879 7,653 Insurance revenue 2,437 2,843 4,548 5,358 Other revenue 3,647 3,602 7,530 9,239 Total $ 945,222 $ 1,482,970 $ 2,171,104 $ 2,771,854 All of the Company's performance obligations are generally transferred to customers at a point in time. The Company does not June 30, 2020 December 31, 2019.

Note 10 - Leases

Note 10 - Leases	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Leases of Lessee and Lessor Disclosure [Text Block]	1 0 – Leases Lease of Vehicles as Lessor The Company leases commercial vehicles to customers primarily over periods of one ten not The Company’s policy is to depreciate its lease 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 as of June 30, 2020 December 31, 2019, Rental income during the three six June 30, 2020 June 30, 2019 Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Minimum rental payments $ 50,195 $ 53,585 $ 103,368 $ 105,327 Nonlease payments 7,095 8,006 14,703 15,697 Total $ 57,290 $ 61,591 $ 118,071 $ 121,024

Note 11 - Accumulated Other Com

Note 11 - Accumulated Other Comprehensive (Loss) Income	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	1 1 – Accumulated Other Comprehensive (Loss) Income The following table shows the components of accumulated other comprehensive (loss) income (in thousands): Balance as of December 31, 2019 $ 337 Foreign currency translation adjustment (1,930 ) Balance as of March 31, 2020 $ (1,593 ) Foreign currency translation adjustment 925 Balance as of June 30, 2020 $ (668 ) The equity method investment in RTC Canada was valued using the exchange rate of one June 30, 2020.

Note 12 - Accounts Receivable a

Note 12 - Accounts Receivable and Allowance for Credit Losses	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	1 2 – Accounts Receivable and Allowance for Credit Losses The Company adopted Topic 326 January 1, 2020. not not 326, Accounts receivable consists primarily of commercial vehicle sales, manufacturers’ receivables, leasing and parts and service receivables and other trade receivables. The Company maintains an allowance for credit losses based on the probability of default, its historical rate of losses, aging and current economic conditions. The Company’s assessment of future losses in the first six 2020 19 The following table summarizes the changes in the allowance for credit losses (in thousands): Balance December 31, Provision for Write offs Balance June 30, 2020 Commercial vehicle receivables $ 11 $ 95 $ – $ 106 Manufacturers’ receivables 410 576 (809 ) 177 Leasing, parts and service receivables 989 543 (583 ) 949 Other receivables 14 73 (7 ) 80 Total $ 1,424 $ 1,287 $ (1,399 ) $ 1,312

Note 4 - Earnings Per Share (Ta

Note 4 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 16,816 $ 41,621 $ 39,923 $ 78,725 Denominator– Denominator for basic earnings per share – weighted average shares outstanding 36,291 36,852 36,387 36,847 Effect of dilutive securities– Employee stock options and restricted stock awards 609 843 726 917 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 36,900 37,695 37,113 37,764 Basic earnings per common share $ 0.46 $ 1.13 $ 1.10 $ 2.14 Diluted earnings per common share and common share equivalents $ 0.46 $ 1.10 $ 1.08 $ 2.08
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Weighted average anti-dilutive options 1,671 1,397 1,433 1,186

Note 7 - Segment Information (T

Note 7 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Truck All Other Total As of and for the three months ended June 30, 20 20 Revenues from external customers $ 998,739 $ 3,773 $ 1,002,512 Segment operating income 22,678 323 23,001 Segment income before taxes 22,260 252 22,512 Segment assets 3,021,241 43,360 3,064,601 For the six months ended June 30, 20 20 Revenues from external customers $ 2,282,118 $ 7,057 $ 2,289,175 Segment operating income 58,129 69 58,198 Segment income before taxes 54,253 (72 ) 54,181 As of and for the three months ended June 30, 201 9 Revenues from external customers $ 1,540,237 $ 4,324 $ 1,544,561 Segment operating income 61,579 213 61,792 Segment income before taxes 54,269 141 54,410 Segment assets 3,490,254 40,441 3,530,695 For the six months ended June 30, 201 9 Revenues from external customers $ 2,884,686 $ 8,192 $ 2,892,878 Segment operating income 118,321 338 118,659 Segment income before taxes 103,774 194 103,968

Note 9 - Revenue (Tables)

Note 9 - Revenue (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Commercial vehicle sales revenue $ 559,062 $ 1,024,801 $ 1,348,616 $ 1,863,084 Parts revenue 211,804 254,664 448,402 501,981 Commercial vehicle repair service revenue 165,749 193,502 357,129 384,539 Finance revenue 2,523 3,558 4,879 7,653 Insurance revenue 2,437 2,843 4,548 5,358 Other revenue 3,647 3,602 7,530 9,239 Total $ 945,222 $ 1,482,970 $ 2,171,104 $ 2,771,854

Note 10 - Leases (Tables)

Note 10 - Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Leases, Lease Income [Table Text Block]	Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Minimum rental payments $ 50,195 $ 53,585 $ 103,368 $ 105,327 Nonlease payments 7,095 8,006 14,703 15,697 Total $ 57,290 $ 61,591 $ 118,071 $ 121,024

Note 11 - Accumulated Other C_2

Note 11 - Accumulated Other Comprehensive (Loss) Income (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Balance as of December 31, 2019 $ 337 Foreign currency translation adjustment (1,930 ) Balance as of March 31, 2020 $ (1,593 ) Foreign currency translation adjustment 925 Balance as of June 30, 2020 $ (668 )

Note 12 - Accounts Receivable_2

Note 12 - Accounts Receivable and Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Balance December 31, Provision for Write offs Balance June 30, 2020 Commercial vehicle receivables $ 11 $ 95 $ – $ 106 Manufacturers’ receivables 410 576 (809 ) 177 Leasing, parts and service receivables 989 543 (583 ) 949 Other receivables 14 73 (7 ) 80 Total $ 1,424 $ 1,287 $ (1,399 ) $ 1,312

Note 2 - Other Assets (Details

Note 2 - Other Assets (Details Textual) $ in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Apr. 25, 2019CAD ($)	Feb. 25, 2019
Capitalized Computer Software, Net, Ending Balance	$ 7,900		$ 7,900
Capitalized Computer Software, Amortization	500	$ 500	1,000	$ 1,000
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	4,900	$ 5,100	4,900	$ 5,100
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	27,200		27,200
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 Asset, Expected Amortization, Remainder of Fiscal Year	1,500		1,500
Finite-Lived Intangible Asset, Expected Amortization, Year One	1,200		1,200
Finite-Lived Intangible Asset, Expected Amortization, Year Two	1,200		1,200
Finite-Lived Intangible Asset, Expected Amortization, Year Three	1,200		1,200
Finite-Lived Intangible Asset, Expected Amortization, Year Four	$ 1,200		$ 1,200

Note 4 - Earnings Per Share - E

Note 4 - Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$ 16,816	$ 41,621	$ 39,923	$ 78,725
Denominator for basic earnings per share – weighted average shares outstanding (in shares)	36,291	36,852	36,387	36,847
Employee stock options and restricted stock awards (in shares)	609	843	726	917
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares)	36,900	37,695	37,113	37,764
Basic earnings per common share (in dollars per share)	$ 0.46	$ 1.13	$ 1.10	$ 2.14
Diluted earnings per common share and common share equivalents (in dollars per share)	$ 0.46	$ 1.10	$ 1.08	$ 2.08

Note 4 - Earnings Per Share - A

Note 4 - Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Weighted average anti-dilutive options (in shares)	1,671	1,397	1,433	1,186

Note 5 - Stock Options and Re_2

Note 5 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 10		$ 10
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			2 years 3 months 18 days
Share-based Payment Arrangement, Option [Member] | Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expense	3.6	$ 4.3	$ 12.1	$ 13.1
Restricted Stock Units (RSUs) [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 11.6		$ 11.6
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			1 year 4 months 24 days

Note 7 - Segment Information (D

Note 7 - Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 2020
Truck Segment [Member]
Number of Reportable Segments	1
Other Segments [Member]
Number of Operating Segments	3

Note 7 - Segment Information -

Note 7 - Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Revenues from external customers	$ 1,002,512	$ 1,544,561	$ 2,289,175	$ 2,892,878
Segment operating income	23,001	61,792	58,198	118,659
Segment income before taxes	22,512	54,410	54,181	103,968
Segment assets	3,064,601	3,530,695	3,064,601	3,530,695	$ 3,407,329
Truck Segment [Member]
Revenues from external customers	998,739	1,540,237	2,282,118	2,884,686
Segment operating income	22,678	61,579	58,129	118,321
Segment income before taxes	22,260	54,269	54,253	103,774
Segment assets	3,021,241	3,490,254	3,021,241	3,490,254
Other Segments [Member]
Revenues from external customers	3,773	4,324	7,057	8,192
Segment operating income	323	213	69	338
Segment income before taxes	252	141	(72)	194
Segment assets	$ 43,360	$ 40,441	$ 43,360	$ 40,441

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 3,000,000	$ 3,000,000
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	144,000	144,000
Unrecognized Tax Benefits, Income Tax Penalties Accrued	$ 0	$ 0
Domestic Tax Authority [Member]
Open Tax Year	2016 2017 2018 2019
State and Local Jurisdiction [Member]
Open Tax Year	2015 2016 2017 2018 2019

Note 9 - Revenue - Disaggregate

Note 9 - Revenue - Disaggregated Revenue by Revenue Source (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue	$ 945,222	$ 1,482,970	$ 2,171,104	$ 2,771,854
Commercial Vehicle [Member]
Revenue	559,062	1,024,801	1,348,616	1,863,084
Parts [Member]
Revenue	211,804	254,664	448,402	501,981
Commercial Vehicle Repair Service [Member]
Revenue	165,749	193,502	357,129	384,539
Financial Service [Member]
Revenue	2,523	3,558	4,879	7,653
Insurance [Member]
Revenue	2,437	2,843	4,548	5,358
Product and Service, Other [Member]
Revenue	$ 3,647	$ 3,602	$ 7,530	$ 9,239

Note 10 - Leases (Details Textu

Note 10 - Leases (Details Textual) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Sales-type Lease, Lease Receivable	$ 5.6	$ 5.6
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Year)	10 years

Note 10 - Leases - Rental Incom

Note 10 - Leases - Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Minimum rental payments	$ 50,195	$ 53,585	$ 103,368	$ 105,327
Nonlease payments	7,095	8,006	14,703	15,697
Total	$ 57,290	$ 61,591	$ 118,071	$ 121,024

Note 11 - Accumulated Other C_3

Note 11 - Accumulated Other Comprehensive (Loss) Income (Details Textual)	Jun. 30, 2020
Rush Truck Centres of Canada Limited [Member]
Foreign Currency Exchange Rate, Translation	1.3587

Note 11 - Accumulated Other C_4

Note 11 - Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020
Balance	$ 1,165,476	$ 1,159,493
Balance	1,186,560	1,165,476
AOCI Attributable to Parent [Member]
Balance	(1,593)	337
Foreign currency translation adjustment	925	(1,930)
Balance	$ (668)	$ (1,593)

Note 12 - Accounts Receivable_3

Note 12 - Accounts Receivable and Allowance for Credit Losses - Allowance for Accounts Receivable (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Balance	$ 1,424
Current period provision	1,287
Write offs against allowance, net of recoveries	(1,399)
Balance	1,312
Write offs against allowance, net of recoveries	(1,399)
Commercial Vehicle Receivables [Member]
Balance	11
Current period provision	95
Write offs against allowance, net of recoveries	0
Balance	106
Write offs against allowance, net of recoveries	0
Manufacturers' Receivables [Member]
Balance	410
Current period provision	576
Write offs against allowance, net of recoveries	(809)
Balance	177
Write offs against allowance, net of recoveries	(809)
Leasing, Parts and Service Receivables [Member]
Balance	989
Current period provision	543
Write offs against allowance, net of recoveries	(583)
Balance	949
Write offs against allowance, net of recoveries	(583)
Other Receivables [Member]
Balance	14
Current period provision	73
Write offs against allowance, net of recoveries	(7)
Balance	80
Write offs against allowance, net of recoveries	$ (7)