Rush Enterprises (RUSHA) 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 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	Q3
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		12,508,881
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		42,228,096
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, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 259,543	$ 181,620
Accounts receivable (less allowances for credit losses of $1,262 and $1,424, respectively)	155,677	183,704
Inventories, net	937,878	1,326,080
Prepaid expenses and other	13,315	20,728
Assets held for sale	0	419
Total current assets	1,366,413	1,712,551
Property and equipment, net	1,227,275	1,279,931
Operating lease right-of-use assets, net	57,535	57,197
Goodwill, net	292,142	292,142
Other assets, net	67,324	65,508
Total assets	3,010,689	3,407,329
Current liabilities:
Floor plan notes payable	613,700	996,336
Current maturities of long-term debt	179,450	189,265
Current maturities of finance lease obligations	23,940	22,892
Current maturities of operating lease obligations	9,986	10,114
Trade accounts payable	109,982	133,697
Customer deposits	36,584	42,695
Accrued expenses	115,621	112,390
Total current liabilities	1,089,263	1,507,389
Long-term debt, net of current maturities	385,408	438,413
Finance lease obligations, net of current maturities	85,268	69,478
Operating lease obligations, net of current maturities	48,212	47,555
Other long-term liabilities	22,765	20,704
Deferred income taxes, net	152,700	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; 42,208,299 Class A shares and 12,518,877 Class B shares outstanding in 2020; and 41,930,472 Class A shares and 12,360,729 Class B shares outstanding in 2019	547	465
Additional paid-in capital	428,823	397,267
Treasury stock, at cost: 24,892 Class B shares in 2020 and 7,583,674 Class A shares and 7,959,511 Class B shares in 2019	(723)	(304,129)
Retained earnings	798,606	1,065,553
Accumulated other comprehensive (loss) income	(180)	337
Total shareholders’ equity	1,227,073	1,159,493
Total liabilities and shareholders’ equity	$ 3,010,689	$ 3,407,329

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Allowances for credit losses	$ 1,262	$ 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)	42,208,299	41,930,472
Treasury stock (in shares)	0	7,583,674
Common Class B [Member]
Common stock, authorized (in shares)	20,000,000	20,000,000
Common stock, outstanding (in shares)	12,518,877	12,360,729
Treasury stock (in shares)	24,892	7,959,511

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Revenue	$ 1,120,655	$ 1,536,316	$ 3,291,759	$ 4,308,170
Lease and rental	57,913	62,949	175,984	183,973
Total revenue	1,178,568	1,599,265	3,467,743	4,492,143
Cost of products sold
Lease and rental	49,545	52,223	153,244	153,316
Total cost of products sold	966,116	1,334,497	2,828,459	3,700,953
Gross profit	212,452	264,768	639,284	791,190
Selling, general and administrative expense	155,487	192,482	496,756	573,644
Depreciation and amortization expense	14,423	14,033	43,269	40,552
Gain (loss) on sale of assets	326	70	1,807	(12)
Operating income	42,868	58,323	101,066	176,982
Other income	2,113	1,577	5,074	2,316
Interest expense, net	1,053	7,690	8,031	23,120
Income before taxes	43,928	52,210	98,109	156,178
Income tax provision	9,989	13,106	24,247	38,349
Net income	$ 33,939	$ 39,104	$ 73,862	$ 117,829
Earnings per common share:
Basic (in dollars per share)	$ 0.62	$ 0.71	$ 1.35	$ 2.14
Diluted (in dollars per share)	$ 0.60	$ 0.70	$ 1.32	$ 2.09
Weighted average shares outstanding:
Basic (in shares)	55,033	54,817	54,734	55,116
Diluted (in shares)	56,443	56,026	55,929	56,438
Dividends declared per common share (in dollars per share)	$ 0.14	$ 0.13	$ 0.40	$ 0.37
Comprehensive income	$ 34,427	$ 39,159	$ 73,345	$ 117,763
New and Used Commercial Vehicle [Member]
Revenues
Revenue	711,754	1,070,868	2,060,370	2,933,952
Cost of products sold
Cost of products sold	658,192	997,946	1,908,225	2,717,484
Parts and Service [Member]
Revenues
Revenue	400,260	454,785	1,205,791	1,341,305
Cost of products sold
Cost of products sold	258,379	284,328	766,990	830,153
Finance and Insurance [Member]
Revenues
Revenue	5,633	5,863	15,060	18,874
Product and Service, Other [Member]
Revenues
Revenue	$ 3,008	$ 4,800	$ 10,538	$ 14,039

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Class A [Member]Common Stock [Member]	Common Class A [Member]Additional Paid-in Capital [Member]	Common Class A [Member]Treasury Stock [Member]	Common Class A [Member]Retained Earnings [Member]	Common Class A [Member]AOCI Attributable to Parent [Member]	Common Class A [Member]	Common Class B [Member]Common Stock [Member]	Common Class B [Member]Additional Paid-in Capital [Member]	Common Class B [Member]Treasury Stock [Member]	Common Class B [Member]Retained Earnings [Member]	Common Class B [Member]AOCI Attributable to Parent [Member]	Common Class B [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2018	43,064						12,435
Balance at Dec. 31, 2018													$ 458	$ 370,025	$ (245,842)	$ 942,287	$ 0	$ 1,066,928
Stock options exercised and stock awards (in shares)	88						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)	1						339
Vesting of restricted share awards													2	(2,317)	0	0	0	(2,315)
Issuance of common stock under employee stock purchase plan (in shares)	86						0
Issuance of common stock under employee stock purchase plan													1	1,680	0	0	0	1,681
Common stock repurchases (in shares)	(959)						(80)
Common stock repurchases													0	0	(26,048)	0	0	(26,048)
Dividends				$ (3,389)		$ (3,389)				$ (991)		$ (991)
Other comprehensive income (loss)													0	0	0	0	384	384
Net income													0	0	0	37,104	0	37,104
Balance (in shares) at Mar. 31, 2019	42,280						12,694
Balance at Mar. 31, 2019													462	379,454	(271,890)	975,011	384	1,083,421
Balance (in shares) at Dec. 31, 2018	43,064						12,435
Balance at Dec. 31, 2018													458	370,025	(245,842)	942,287	0	1,066,928
Net income																		117,829
Balance (in shares) at Sep. 30, 2019	41,710						12,426
Balance at Sep. 30, 2019													463	390,359	(300,041)	1,046,538	(66)	1,137,253
Balance (in shares) at Mar. 31, 2019	42,280						12,694
Balance at Mar. 31, 2019													462	379,454	(271,890)	975,011	384	1,083,421
Stock options exercised and stock awards (in shares)	131						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)	(377)						(100)
Common stock repurchases													0	0	(12,062)	0	0	(12,062)
Dividends				(3,387)		(3,387)				(1,050)		(1,050)
Other comprehensive income (loss)													0	0	0	0	(505)	(505)
Net income													0	0	0	41,621	0	41,621
Balance (in shares) at Jun. 30, 2019	42,034						12,594
Balance at Jun. 30, 2019													462	384,940	(283,952)	1,012,195	(121)	1,113,524
Stock options exercised and stock awards (in shares)	55						0
Stock options exercised and stock awards													0	904	0	0	0	904
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan													0	2,709	0	0	0	2,709
Vesting of restricted share awards													0	0	0	0	0	0
Issuance of common stock under employee stock purchase plan (in shares)	90						0
Issuance of common stock under employee stock purchase plan													1	1,806	0	0	0	1,807
Common stock repurchases (in shares)	(469)						(168)
Common stock repurchases													0	0	(16,089)	0	0	(16,089)
Dividends	$ 0	$ 0	$ 0	(3,637)	$ 0	(3,637)	$ 0	$ 0	$ 0	(1,124)	$ 0	(1,124)
Other comprehensive income (loss)													0	0	0	0	55	55
Net income													0	0	0	39,104	0	39,104
Balance (in shares) at Sep. 30, 2019	41,710						12,426
Balance at Sep. 30, 2019													463	390,359	(300,041)	1,046,538	(66)	1,137,253
Balance (in shares) at Dec. 31, 2019	41,930						12,361
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)	110						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						337
Vesting of restricted share awards													2	(2,416)	0	0	0	(2,414)
Issuance of common stock under employee stock purchase plan (in shares)	92						0
Issuance of common stock under employee stock purchase plan													1	1,900	0	0	0	1,901
Common stock repurchases (in shares)	(833)						(82)
Common stock repurchases													0	0	(19,902)	0	0	(19,902)
Dividends				(3,646)		(3,646)				(1,108)		(1,108)
Other comprehensive income (loss)													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	41,299						12,616
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	41,930						12,361
Balance at Dec. 31, 2019													465	397,267	(304,129)	1,065,553	337	1,159,493
Net income																		73,862
Balance (in shares) at Sep. 30, 2020	42,208						12,519
Balance at Sep. 30, 2020													547	428,823	(723)	798,606	(180)	1,227,073
Balance (in shares) at Mar. 31, 2020	41,299						12,616
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)	294						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													0	(28)	0	0	0	(28)
Dividends				(3,581)		(3,581)				(1,165)		(1,165)
Other comprehensive income (loss)													0	0	0	0	925	925
Net income													0	0	0	16,816	0	16,816
Balance (in shares) at Jun. 30, 2020	41,593						12,616
Balance at Jun. 30, 2020													471	414,812	(324,031)	1,095,976	(668)	1,186,560
Stock options exercised and stock awards (in shares)	537						0
Stock options exercised and stock awards													3	8,701	0	0	0	8,704
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan													0	3,324	0	0	0	3,324
Vesting of restricted share awards (in shares)	0						2
Vesting of restricted share awards													0	(14)	0	0	0	(14)
Issuance of common stock under employee stock purchase plan (in shares)	85						0
Issuance of common stock under employee stock purchase plan													1	2,000				2,001
Common stock repurchases (in shares)							(95)
Common stock repurchases															(2,749)			(2,749)
Dividends	$ 0	$ 0	$ 0	$ (3,922)	$ 0	$ (3,922)	$ 0	$ 0	$ 0	$ (1,258)	$ 0	$ (1,258)
Other comprehensive income (loss)													0	0	0	0	488	488
Net income													0	0	0	33,939	0	33,939
Cancellation of treasury stock (in shares)	(7)						(4)
Cancellation of treasury stock													72		326,057	(326,129)		0
Balance (in shares) at Sep. 30, 2020	42,208						12,519
Balance at Sep. 30, 2020													$ 547	$ 428,823	$ (723)	$ 798,606	$ (180)	$ 1,227,073

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 73,862	$ 117,829
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	134,001	129,618
(Gain) loss on sale of property and equipment	(1,807)	12
Stock-based compensation expense related to stock options and employee stock purchases	15,463	15,803
Deferred income tax (benefit) expense	(11,597)	21,603
Change in accounts receivable, net	28,027	(29,153)
Change in inventories, net	439,226	5,709
Change in prepaid expenses and other, net	7,413	(13,928)
Change in trade accounts payable	(24,883)	9,848
Payments on floor plan notes payable – trade, net	(62,329)	(14,148)
Change in customer deposits	(6,111)	(2,630)
Change in accrued expenses	2,985	(18,715)
Other, net	(3,781)	(227)
Net cash provided by operating activities	590,469	221,621
Cash flows from investing activities:
Acquisition of property and equipment	(107,839)	(230,595)
Proceeds from the sale of property and equipment	5,663	2,100
Business acquisitions	0	(10,168)
Purchase of equity method investment and call option	0	(22,499)
Change in other assets	3,278	2,412
Net cash used in investing activities	(98,898)	(258,750)
Cash flows from financing activities:
(Payments) draws on floor plan notes payable – non-trade, net	(320,307)	42,370
Proceeds from long-term debt	139,870	162,039
Draws on line of credit	0	135,000
Principal payments on long-term debt	(202,690)	(141,844)
Principal payments on finance lease obligations	(9,539)	(7,508)
Payments on line of credit	0	(135,000)
Proceeds from issuance of shares relating to employee stock options and employee stock purchases	16,103	4,536
Payments of cash dividends	(14,680)	(13,578)
Common stock repurchased	(22,405)	(53,764)
Debt issuance costs	0	(731)
Net cash used in financing activities	(413,648)	(8,480)
Net increase (decrease) in cash and cash equivalents	77,923	(45,609)
Cash and cash equivalents, beginning of period	181,620	131,726
Cash and cash equivalents, end of period	259,543	86,117
Supplemental disclosure of cash flow information:
Interest	31,153	43,909
Income taxes, net of refunds	26,934	41,197
Assets acquired under finance leases	34,839	24,754
Common stock repurchased	246	435
Guaranty agreement	$ 0	$ 5,025

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation and Basis of Presentation	9 Months Ended
	Sep. 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 Stock Split On September 15, 2020, October 12, 2020, one two September 28, 2020. 10 first 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 September 30, 2020. 19

Note 2 - Other Assets

Note 2 - Other Assets	9 Months Ended
	Sep. 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 $7.4 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, 2020 three September 30, 2019, nine September 30, 2020 nine September 30, 2019. 2021 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 September 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. September 30, 2020, On April 25, 2019, CAD250 2019, not September 30, 2020 December 31, 2019, September 30, 2020,

Note 3 - Commitments and Contin

Note 3 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
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, 2020
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, 2020 2019 2020 2019 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 33,939 $ 39,104 $ 73,862 $ 117,829 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 55,033 54,817 54,734 55,116 Effect of dilutive securities– Employee and director stock options and restricted share awards 1,410 1,209 1,195 1,322 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 56,443 56,026 55,929 56,438 Basic earnings per common share $ 0.62 $ 0.71 $ 1.35 $ 2.14 Diluted earnings per common share and common share equivalents $ 0.60 $ 0.70 $ 1.32 $ 2.09 Options to purchase shares of common stock that were outstanding for the three nine September 30, 2020 2019 not Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Weighted average anti-dilutive options 1,100 2,065 1,799 1,874

Note 5 - Stock Options and Rest

Note 5 - Stock Options and Restricted Stock Awards	9 Months Ended
	Sep. 30, 2020
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 $3.3 million for the three September 30, 2020, three September 30, 2019. nine September 30, 2020, nine September 30, 2019. As of September 30, 2020,

Note 6 - Financial Instruments

Note 6 - Financial Instruments and Fair Value	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6 – Financial Instruments and Fair Value The Company measures certain financial assets and liabilities at fair value on a recurring basis. Financial instruments consist primarily of cash, accounts receivable, accounts payable and floor plan notes payable. The carrying values of the Company’s financial instruments approximate fair value due either to their short-term nature or existence of variable interest rates, which approximate market rates. Certain methods and assumptions were used by the Company in estimating the fair value of financial instruments at September 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	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	7 The Company currently has one one not The Company also has revenues attributable to three None The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on operating income. 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, 2020 2019 Truck Segment All Other Total As of and for the three months ended September 30, 20 20 Revenues from external customers $ 1,174,662 $ 3,906 $ 1,178,568 Segment operating income 42,714 154 42,868 Segment income before taxes 43,844 84 43,928 Segment assets 2,965,188 45,501 3,010,689 For the nine months ended September 30, 20 20 Revenues from external customers $ 3,456,780 $ 10,963 $ 3,467,743 Segment operating income 100,842 224 101,066 Segment income before taxes 98,097 12 98,109 As of and for the three months ended September 30, 2019 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

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Sep. 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 September 30, 2020 December 31, 2019, may September 30, 2020 December 31, 2019. The Company does not 12 September 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, September 30, 2020, no may

Note 9 - Revenue

Note 9 - Revenue	9 Months Ended
	Sep. 30, 2020
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, 2020 2019 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Commercial vehicle sales revenue $ 711,754 $ 1,070,868 $ 2,060,370 $ 2,933,952 Parts revenue 235,282 258,513 683,684 760,495 Commercial vehicle repair service revenue 164,978 196,272 522,107 580,810 Finance revenue 3,107 3,570 7,986 11,223 Insurance revenue 2,526 2,293 7,074 7,651 Other revenue 3,008 4,800 10,538 14,039 Total $ 1,120,655 $ 1,536,316 $ 3,291,759 $ 4,308,170 All of the Company's performance obligations are generally transferred to customers at a point in time. The Company does not September 30, 2020 December 31, 2019.

Note 10 - Leases

Note 10 - Leases	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Leases of Lessee and Lessor Disclosure [Text Block]	10 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 was $5.6 million as of September 30, 2020 December 31, 2019, Lease and rental income during the three nine September 30, 2020, September 30, 2019, Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Minimum rental payments $ 50,085 $ 54,538 $ 153,453 $ 159,866 Nonlease payments 7,828 8,411 22,531 24,107 Total $ 57,913 $ 62,949 $ 175,984 $ 183,973

Note 11 - Accumulated Other Com

Note 11 - Accumulated Other Comprehensive (Loss) Income	9 Months Ended
	Sep. 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 (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 ) Foreign currency translation adjustment 488 Balance at September 30, 2020 $ (180 ) The equity method investment in RTC Canada was valued using the exchange rate of one September 30, 2020.

Note 12 - Accounts Receivable a

Note 12 - Accounts Receivable and Allowance for Credit Losses	9 Months Ended
	Sep. 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 receivables, 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 nine 2020 19 The following table summarizes the changes in the allowance for credit losses (in thousands): Balance December 31, 2019 Provision for the Nine Months Ended September 30, 2020 Write offs Against Allowance, net of Recoveries Balance September 30, 2020 Commercial vehicle receivables $ 11 $ 96 $ − $ 107 Manufacturers’ receivables 410 895 (1,131 ) 174 Leasing, parts and service receivables 989 1,182 (1,205 ) 966 Other receivables 14 15 (14 ) 15 Total $ 1,424 $ 2,188 $ (2,350 ) $ 1,262

Note 13 - Subsequent Event

Note 13 - Subsequent Event	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	1 3 – Subsequent Event On October 12, 2020, one two September 28, 2020, three two 10 first

Note 4 - Earnings Per Share (Ta

Note 4 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 33,939 $ 39,104 $ 73,862 $ 117,829 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 55,033 54,817 54,734 55,116 Effect of dilutive securities– Employee and director stock options and restricted share awards 1,410 1,209 1,195 1,322 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 56,443 56,026 55,929 56,438 Basic earnings per common share $ 0.62 $ 0.71 $ 1.35 $ 2.14 Diluted earnings per common share and common share equivalents $ 0.60 $ 0.70 $ 1.32 $ 2.09
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Weighted average anti-dilutive options 1,100 2,065 1,799 1,874

Note 7 - Segment Information (T

Note 7 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
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, 20 20 Revenues from external customers $ 1,174,662 $ 3,906 $ 1,178,568 Segment operating income 42,714 154 42,868 Segment income before taxes 43,844 84 43,928 Segment assets 2,965,188 45,501 3,010,689 For the nine months ended September 30, 20 20 Revenues from external customers $ 3,456,780 $ 10,963 $ 3,467,743 Segment operating income 100,842 224 101,066 Segment income before taxes 98,097 12 98,109 As of and for the three months ended September 30, 2019 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

Note 9 - Revenue (Tables)

Note 9 - Revenue (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Commercial vehicle sales revenue $ 711,754 $ 1,070,868 $ 2,060,370 $ 2,933,952 Parts revenue 235,282 258,513 683,684 760,495 Commercial vehicle repair service revenue 164,978 196,272 522,107 580,810 Finance revenue 3,107 3,570 7,986 11,223 Insurance revenue 2,526 2,293 7,074 7,651 Other revenue 3,008 4,800 10,538 14,039 Total $ 1,120,655 $ 1,536,316 $ 3,291,759 $ 4,308,170

Note 10 - Leases (Tables)

Note 10 - Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Leases, Lease Income [Table Text Block]	Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Minimum rental payments $ 50,085 $ 54,538 $ 153,453 $ 159,866 Nonlease payments 7,828 8,411 22,531 24,107 Total $ 57,913 $ 62,949 $ 175,984 $ 183,973

Note 11 - Accumulated Other C_2

Note 11 - Accumulated Other Comprehensive (Loss) Income (Tables)	9 Months Ended
	Sep. 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 ) Foreign currency translation adjustment 488 Balance at September 30, 2020 $ (180 )

Note 12 - Accounts Receivable_2

Note 12 - Accounts Receivable and Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Balance December 31, 2019 Provision for the Nine Months Ended September 30, 2020 Write offs Against Allowance, net of Recoveries Balance September 30, 2020 Commercial vehicle receivables $ 11 $ 96 $ − $ 107 Manufacturers’ receivables 410 895 (1,131 ) 174 Leasing, parts and service receivables 989 1,182 (1,205 ) 966 Other receivables 14 15 (14 ) 15 Total $ 1,424 $ 2,188 $ (2,350 ) $ 1,262

Note 1 - Principles of Consol_2

Note 1 - Principles of Consolidation and Basis of Presentation (Details Textual)	Oct. 12, 2020$ / sharesshares	Sep. 28, 2020	Sep. 15, 2020	Sep. 30, 2020$ / shares	Dec. 31, 2019$ / shares
Common Stock, Par or Stated Value Per Share (in dollars per share)				$ 0.01	$ 0.01
Subsequent Event [Member] | Common Class A [Member]
Additional Share Issued for Every Two Shares of Common Stock (in shares) | shares	1
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01
Subsequent Event [Member] | Common Class B [Member]
Additional Share Issued for Every Two Shares of Common Stock (in shares) | shares	1
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01
Stock Split From [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		3	3
Stock Split To [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		2	2

Note 2 - Other Assets (Details

Note 2 - Other Assets (Details Textual) $ in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Apr. 25, 2019CAD ($)	Feb. 25, 2019
Capitalized Computer Software, Net, Ending Balance	$ 7,400		$ 7,400
Capitalized Computer Software, Amortization	500	$ 500	1,400	$ 1,400
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		$ 5,100
Rush Truck Centres of Canada Limited [Member]
Equity Method Investment, Ownership Percentage							50.00%
Rush Truck Centres of Canada Limited [Member] | Other Noncurrent Liabilities [Member]
Equity Method Investments	29,600		29,600
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 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$ 33,939	$ 39,104	$ 73,862	$ 117,829
Denominator for basic earnings per share – weighted average shares outstanding (in shares)	55,033	54,817	54,734	55,116
Effect of dilutive securities– Employee and director stock options and restricted share awards (in shares)	1,410	1,209	1,195	1,322
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares)	56,443	56,026	55,929	56,438
Basic earnings per common share (in dollars per share)	$ 0.62	$ 0.71	$ 1.35	$ 2.14
Diluted earnings per common share and common share equivalents (in dollars per share)	$ 0.60	$ 0.70	$ 1.32	$ 2.09

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Weighted average anti-dilutive options (in shares)	1,100	2,065	1,799	1,874

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 9		$ 9
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			2 years 2 months 12 days
Share-based Payment Arrangement, Option [Member] | Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expense	3.3	$ 2.7	$ 15.5	$ 15.8
Restricted Stock Units (RSUs) [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 9.7		$ 9.7
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			1 year 3 months 18 days

Note 7 - Segment Information (D

Note 7 - Segment Information (Details Textual)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenues from external customers	$ 1,178,568	$ 1,599,265	$ 3,467,743	$ 4,492,143
Segment operating income	42,868	58,323	101,066	176,982
Segment income before taxes	43,928	52,210	98,109	156,178
Segment assets	3,010,689	3,405,254	3,010,689	3,405,254	$ 3,407,329
Truck Segment [Member]
Revenues from external customers	1,174,662	1,595,285	3,456,780	4,479,972
Segment operating income	42,714	58,642	100,842	176,963
Segment income before taxes	43,844	51,250	98,097	155,024
Segment assets	2,965,188	3,364,895	2,965,188	3,364,895
Other Segments [Member]
Revenues from external customers	3,906	3,980	10,963	12,171
Segment operating income	154	(319)	224	19
Segment income before taxes	84	960	12	1,154
Segment assets	$ 45,501	$ 40,359	$ 45,501	$ 40,359

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue	$ 1,120,655	$ 1,536,316	$ 3,291,759	$ 4,308,170
Commercial Vehicle [Member]
Revenue	711,754	1,070,868	2,060,370	2,933,952
Parts [Member]
Revenue	235,282	258,513	683,684	760,495
Commercial Vehicle Repair Service [Member]
Revenue	164,978	196,272	522,107	580,810
Financial Service [Member]
Revenue	3,107	3,570	7,986	11,223
Insurance [Member]
Revenue	2,526	2,293	7,074	7,651
Product and Service, Other [Member]
Revenue	$ 3,008	$ 4,800	$ 10,538	$ 14,039

Note 10 - Leases (Details Textu

Note 10 - Leases (Details Textual) - USD ($) $ in Millions	Sep. 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Minimum rental payments	$ 50,085	$ 54,538	$ 153,453	$ 159,866
Nonlease payments	7,828	8,411	22,531	24,107
Total	$ 57,913	$ 62,949	$ 175,984	$ 183,973

Note 11 - Accumulated Other C_3

Note 11 - Accumulated Other Comprehensive (Loss) Income (Details Textual)	Sep. 30, 2020
Rush Truck Centres of Canada Limited [Member]
Foreign Currency Exchange Rate, Translation	1.33

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
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Balance	$ 1,186,560	$ 1,165,476	$ 1,159,493
Balance	1,227,073	1,186,560	1,165,476
AOCI Attributable to Parent [Member]
Balance	(668)	(1,593)	337
Foreign currency translation adjustment	488	925	(1,930)
Balance	$ (180)	$ (668)	$ (1,593)

Note 12 - Accounts Receivable_3

Note 12 - Accounts Receivable and Allowance for Credit Losses - Allowance for Accounts Receivable (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Balance	$ 1,424
Current period provision	2,188
Balance	1,262
Write offs against allowance, net of recoveries	(2,350)
Commercial Vehicle Receivables [Member]
Balance	11
Current period provision	96
Balance	107
Manufacturers' Receivables [Member]
Balance	410
Current period provision	895
Balance	174
Write offs against allowance, net of recoveries	(1,131)
Leasing, Parts and Service Receivables [Member]
Balance	989
Current period provision	1,182
Balance	966
Write offs against allowance, net of recoveries	(1,205)
Other Receivables [Member]
Balance	14
Current period provision	15
Balance	15
Write offs against allowance, net of recoveries	$ (14)

Note 13 - Subsequent Event (Det

Note 13 - Subsequent Event (Details Textual)	Oct. 12, 2020$ / sharesshares	Sep. 28, 2020	Sep. 15, 2020	Sep. 30, 2020$ / shares	Dec. 31, 2019$ / shares
Common Stock, Par or Stated Value Per Share (in dollars per share)				$ 0.01	$ 0.01
Stock Split From [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		3	3
Stock Split To [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		2	2
Common Class A [Member] | Subsequent Event [Member]
Additional Share Issued for Every Two Shares of Common Stock (in shares) | shares	1
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01
Common Class B [Member] | Subsequent Event [Member]
Additional Share Issued for Every Two Shares of Common Stock (in shares) | shares	1
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01