Rush Enterprises (RUSHA) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 02, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	0-20797
Entity Registrant Name	RUSH ENTERPRISES, INC.
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
Entity Central Index Key	0001012019
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		42,020,101
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	RUSHA
Security Exchange Name	NASDAQ
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		12,264,252
Title of 12(b) Security	Class B Common Stock, $0.01 par value
Trading Symbol	RUSHB
Security Exchange Name	NASDAQ

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 226,292	$ 201,044
Accounts receivable, net	229,684	220,651
Inventories, net	1,498,948	1,429,429
Prepaid expenses and other	19,028	16,619
Total current assets	1,973,952	1,867,743
Property and equipment, net	1,404,566	1,368,594
Operating lease right-of-use assets, net	99,753	102,685
Goodwill, net	416,481	416,363
Other assets, net	74,800	65,681
Total assets	3,969,552	3,821,066
Current liabilities:
Floor plan notes payable	1,015,971	933,203
Current maturities of finance lease obligations	31,894	29,209
Current maturities of operating lease obligations	14,948	15,003
Trade accounts payable	200,412	171,717
Customer deposits	100,397	116,240
Accrued expenses	149,455	163,302
Total current liabilities	1,513,077	1,428,674
Long-term debt, net of current maturities	262,467	275,433
Finance lease obligations, net of current maturities	100,240	93,483
Operating lease obligations, net of current maturities	86,188	89,029
Other long-term liabilities	22,920	19,455
Deferred income taxes, net	$ 155,124	$ 151,970
Shareholders’ equity:
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, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2023 and 2022	$ 0	$ 0
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 42,149,927 Class A shares and 12,307,852 Class B shares outstanding in 2023; and 42,345,361 Class A shares and 12,083,085 Class B shares outstanding in 2022	577	572
Additional paid-in capital	512,998	500,642
Treasury stock, at cost: 2,041,809 Class A shares and 1,168,432 Class B shares in 2023; and 1,626,777 Class A shares and 1,112,446 Class B shares in 2022	(156,210)	(130,930)
Retained earnings	1,457,203	1,378,337
Accumulated other comprehensive loss	(3,898)	(4,130)
Total Rush Enterprises, Inc. shareholders’ equity	1,810,670	1,744,491
Noncontrolling interest	18,866	18,531
Total shareholders’ equity	1,829,536	1,763,022
Total liabilities and shareholders’ equity	$ 3,969,552	$ 3,821,066
Common Class A [Member]
Shareholders’ equity:
Treasury Stock, Common, Shares (in shares)	2,041,809	1,626,777

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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
Common stock, outstanding (in shares)	42,149,927	42,345,361
Treasury Stock, Common, Shares (in shares)	2,041,809	1,626,777
Common Class B [Member]
Common stock, authorized (in shares)		20,000,000
Common stock, outstanding (in shares)	12,307,852	12,083,085
Treasury Stock, Common, Shares (in shares)	1,168,432	1,112,446

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
New and used commercial vehicle sales	$ 1,825,101	$ 1,491,867
Lease and rental	86,666	71,335
Total revenue	1,911,767	1,563,202
Cost of products sold
Lease and rental	60,478	48,561
Total cost of products sold	1,512,998	1,217,762
Gross profit	398,769	345,440
Selling, general and administrative expense	256,808	224,447
Depreciation and amortization expense	14,314	13,674
Gain on sale of assets	129	180
Operating income	127,776	107,499
Other income	2,347	14,064
Interest expense, net	10,983	1,219
Income before taxes	119,140	120,344
Income tax provision	28,350	27,891
Net income	90,790	92,453
Less: Net income attributable to noncontrolling interest	335
Net income attributable to Rush Enterprises, Inc.	$ 90,455	$ 92,453
Net income attributable to Rush Enterprises, Inc. per share of common stock:
Basic (in dollars per share)	$ 1.65	$ 1.65
Diluted (in dollars per share)	$ 1.60	$ 1.60
Weighted average shares outstanding:
Basic (in shares)	54,767	55,938
Diluted (in shares)	56,564	57,912
Dividends declared per common share (in dollars per share)	$ 0.21	$ 0.19
New and Used Commercial Vehicle [Member]
Revenues
New and used commercial vehicle sales	$ 1,161,725	$ 935,719
Cost of products sold
New and used commercial vehicle sales	1,050,365	834,993
Parts and Service [Member]
Revenues
New and used commercial vehicle sales	648,226	543,263
Cost of products sold
New and used commercial vehicle sales	402,155	334,208
Finance and Insurance [Member]
Revenues
New and used commercial vehicle sales	6,571	7,525
Product and Service, Other [Member]
Revenues
New and used commercial vehicle sales	$ 8,579	$ 5,360

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income	$ 90,790	$ 92,453
Other comprehensive income, net of tax:
Foreign currency translation	232	445
Other comprehensive income attributable to Rush Enterprises, Inc.	232	445
Comprehensive income	91,022	92,898
Less: Comprehensive income attributable to noncontrolling interest	335
Comprehensive income attributable to Rush Enterprises, Inc.	$ 90,687	$ 92,898

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member] Common Class A [Member]	Retained Earnings [Member] Common Class B [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Parent [Member] Common Class A [Member]	Parent [Member] Common Class B [Member]	Parent [Member]	Noncontrolling Interest [Member]	Common Class A [Member]	Common Class B [Member]	Total
Balance (in shares) at Dec. 31, 2021	43,108,000	12,399,000
Balance at Dec. 31, 2021			$ 563	$ 470,750	$ (36,933)			$ 1,031,582	$ 787			$ 1,466,749				$ 1,466,749
Stock options exercised and stock awards (in shares)	112,000
Stock options exercised and stock awards			1	2,384								2,385				2,385
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan				13,793								13,793				13,793
Vesting of restricted share awards (in shares)		302,000
Vesting of restricted share awards			3	(7,215)								(7,212)				(7,212)
Issuance of common stock under employee stock purchase plan (in shares)	66,000
Issuance of common stock under employee stock purchase plan			1	2,434								2,435				2,435
Common stock repurchases (in shares)	(192,000)	(104,000)
Common stock repurchases					(15,315)							(15,315)				(15,315)
Cash dividends declared on Class A common stock						$ (8,189)	$ (2,505)			$ (8,189)	$ (2,505)			$ (8,189)	$ (2,505)
Foreign currency translation adjustment									445			445				445
Net income								92,453				92,453				92,453
Foreign currency translation									445			445				445
Balance (in shares) at Mar. 31, 2022	43,094,000	12,597,000
Balance at Mar. 31, 2022			568	482,146	(52,248)			1,113,341	1,232			1,545,039				1,545,039
Balance (in shares) at Dec. 31, 2022	42,345,000	12,083,000
Balance at Dec. 31, 2022			572	500,642	(130,930)			1,378,337	(4,130)			1,744,491				1,763,022
Stock options exercised and stock awards (in shares)	152
Stock options exercised and stock awards			2	3,412								3,414				3,414
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan				13,080								13,080				13,080
Vesting of restricted share awards (in shares)		281,000
Vesting of restricted share awards			3	(6,964)								(6,961)				(6,961)
Issuance of common stock under employee stock purchase plan (in shares)	68,000
Issuance of common stock under employee stock purchase plan				2,828								2,828				2,828
Common stock repurchases (in shares)	(415,000)	(56,000)
Common stock repurchases					(25,280)							(25,280)				(25,280)
Cash dividends declared on Class A common stock						$ (8,897)	$ (2,692)			$ (8,897)	$ (2,692)			$ (8,897)	$ (2,692)
Foreign currency translation adjustment									232			232				232
Net income								90,455				90,455	$ 335			90,790
Foreign currency translation									232			232				232
Balance (in shares) at Mar. 31, 2023	42,150,000	12,308,000
Balance at Mar. 31, 2023			$ 577	$ 512,998	$ (156,210)			$ 1,457,203	$ (3,898)			$ 1,810,670	$ 18,866			$ 1,829,536

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 90,790	$ 92,453
Adjustments to reconcile net income to net cash provided by operating activities-
Depreciation and amortization	53,896	45,809
Gain on sale of property and equipment, net	(129)	(179)
Gain on joint venture transaction		(12,500)
Stock-based compensation expense related to employee stockoptions and employee stock purchases	13,080	13,793
Provision for deferred income tax expense	3,165	1,019
Change in accounts receivable, net	(8,972)	(58,810)
Change in inventories	(52,845)	(98,292)
Change in prepaid expenses and other, net	(2,408)	(578)
Change in trade accounts payable	27,130	49,656
Change in customer deposits	(15,892)	(8,715)
Change in accrued expenses	(14,699)	14,574
Other, net	(650)	(3,645)
Net cash provided by operating activities	92,466	34,585
Cash flows from investing activities:
Acquisition of property and equipment	(90,446)	(45,689)
Proceeds from the sale of property and equipment	122	2,635
Business disposition		27,500
Other	(5,190)	(736)
Net cash used in investing activities	(95,514)	(16,290)
Cash flows from financing activities:
Draws on floor plan notes payable – non-trade, net	82,642	71,478
Proceeds from long-term debt	257,705	207,500
Principal payments on long-term debt	(270,793)	(204,000)
Principal payments on finance lease obligations	(4,471)	(3,997)
Proceeds from issuance of shares relating to equity awards	6,245	4,823
Taxes paid related to net share settlement of equity awards	(6,964)	(7,215)
Payments of cash dividends	(12,062)	(11,083)
Common stock repurchased	(24,008)	(14,421)
Net cash provided by financing activities	28,294	43,085
Net increase in cash and cash equivalents	25,246	61,380
Effect of exchange rate on cash	204
Cash and cash equivalents, beginning of period	200,842	148,146
Cash and cash equivalents, end of period	226,292	209,526
Supplemental disclosure of cash flow information:
Interest	11,712	2,244
Income taxes paid (refund), net	374	(14)
Assets acquired under finance leases	$ 16,178	$ 2,672

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1 Principles of Consolidation and Basis of Presentation 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-K for the year ended December 31, 2022. Results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim periods or the full fiscal year. Foreign Currency Transactions The functional currency of the Company’s foreign subsidiary, Rush Truck Centres of Canada Limited (“RTC Canada”), is the local currency, the Canadian dollar. Results of operations for RTC Canada are translated to USD using the average exchange rate on a monthly basis during each quarter. The assets and liabilities of RTC Canada are translated into USD using the exchange rate in effect on the balance sheet date. The related translation adjustments are recorded as a separate component of the Company’s Consolidated Statements of Shareholders’ Equity in accumulated other comprehensive income (loss).

Note 2 - Commitments and Contin

Note 2 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	2 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. However, an uninsured or partially insured claim, or claim for which indemnification is not available, could have a material adverse effect on the Company’s financial condition or results of operations. As of March 31, 2023, the Company believes that there are no pending claims or litigation, individually or in the aggregate, that are reasonably likely to have a material adverse effect on its financial position or results of operations. However, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations for the fiscal period in which such resolution occurred.

Note 3 - Earnings Per Share

Note 3 - Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	3 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 March 31, 2023 2022 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 90,455 $ 92,453 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 54,767 55,938 Effect of dilutive securities– Employee stock options and restricted share awards 1,797 1,974 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 56,564 57,912 Basic earnings per common share $ 1.65 $ 1.65 Diluted earnings per common share and common share equivalents $ 1.60 $ 1.60 Options to purchase shares of common stock that were outstanding for the three months ended March 31, 2023 and 2022 that were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive are as follows (in thousands): March 31, 2023 March 31, 2022 Anti-dilutive options – weighted average 853 502

Note 4 - Stock Options and Rest

Note 4 - Stock Options and Restricted Stock Awards	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	4 Stock Options and Restricted Stock Awards Valuation and Expense Information The Company accounts for stock-based compensation in accordance with Accounting Standards Codification (“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 $13.1 million for the three months ended March 31, 2023, and $13.8 million for the three months ended March 31, 2022. As of March 31, 2023, the Company had $16.7 million of unrecognized compensation cost related to non-vested employee stock options to be recognized over a weighted-average period of 2.6 years and $21.6 million of unrecognized compensation cost related to non-vested restricted stock awards to be recognized over a weighted-average period of 1.6 years.

Note 5 - Financial Instruments

Note 5 - Financial Instruments and Fair Value	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	5 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 as of March 31, 2023, and December 31, 2022. The carrying value of current assets and current liabilities approximates the fair value due to the short maturity of these items. The fair value of the Company’s long-term debt is based on secondary market indicators. Because the Company’s debt is not quoted, estimates are based on each obligation’s characteristics, including remaining maturities, variable interest rate, credit rating, collateral and liquidity. Accordingly, the Company concluded that the valuation measurement inputs of its long-term debt represent, at its lowest level, current market interest rates available to the Company for similar debt and the Company’s current credit standing. Thus, the carrying amount of such debt approximates fair value.

Note 6 - Segment Information

Note 6 - Segment Information	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	6 Segment Information The Company currently has one The Company also has revenues attributable to three 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 including extraordinary items. The following table contains summarized information about reportable segment revenues, segment income or loss from continuing operations and segment assets for the periods ended March 31, 2023 and 2022 (in thousands): Truck Segment All Other Totals As of and for the three months ended March 31, 2023 Revenues from external customers $ 1,907,941 $ 3,826 $ 1,911,767 Segment operating income 127,563 213 127,776 Segment income before taxes 118,927 213 119,140 Segment assets 3,913,928 55,624 3,969,552 As of and for the three months ended March 31, 2022 Revenues from external customers $ 1,559,051 $ 4,151 $ 1,563,202 Segment operating income 107,320 179 107,499 Segment income before taxes 120,259 85 120,344 Segment assets 3,266,895 54,653 3,321,548

Note 7 - Income Taxes

Note 7 - Income Taxes	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7 Income Taxes The Company had unrecognized income tax benefits totaling $5.3 million as a component of accrued liabilities as of March 31, 2023 and December 31, 2022, the total of which, if recognized, would impact the Company’s effective tax rate. An unfavorable settlement would require a charge to income tax expense and a favorable resolution would be recognized as a reduction to income tax expense. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. The Company had approximately $302,000 accrued for the payment of interest as of March 31, 2023 and December 31, 2022. No amounts were accrued for penalties. The Company does not anticipate a significant change in the amount of unrecognized tax benefits in the next 12 months. As of March 31, 2023, the tax years ended December 31, 2019 2018

Note 8 - Revenue

Note 8 - Revenue	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	8 Revenue The Company’s non-lease and rental revenues are primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue from 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, excluding lease and rental revenue, for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Commercial vehicle sales revenue $ 1,161,725 $ 935,719 Parts revenue 384,418 330,743 Commercial vehicle repair service revenue 263,808 212,520 Finance revenue 3,508 4,489 Insurance revenue 3,063 3,036 Other revenue 8,579 5,360 Total $ 1,825,101 $ 1,491,867 All of the Company's performance obligations and associated revenues are generally transferred to customers at a point in time. The Company did not have any material contract assets or contract liabilities on the balance sheet as of March 31, 2023. Revenues related to commercial vehicle sales, parts sales, commercial vehicle repair service, finance and the majority of other revenues are related to the Truck Segment.

Note 9 - Leases

Note 9 - Leases	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Leases of Lessee and Lessor Disclosure [Text Block]	9 Leases Lease of Vehicles as Lessor The Company primarily leases commercial vehicles that the Company owns to customers primarily over periods of one ten 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 as of March 31, 2023 was $6.6 million, compared to $6.0 million as of December 31, 2022, and is reflected in Other Assets on the Consolidated Balance Sheet. Lease and rental income during the three months ended March 31, 2023 and March 31, 2022 consisted of the following (in thousands): Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Minimum rental payments $ 75,160 $ 61,998 Nonlease payments 11,506 9,337 Total $ 86,666 $ 71,335

Note 10 - Accumulated Other Com

Note 10 - Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	10 Accumulated Other Comprehensive Income The following table shows the components of accumulated other comprehensive income (loss) (in thousands): Balance as of December 31, 2022 $ (4,130 ) Foreign currency translation adjustment 232 Balance as of March 31, 2023 $ (3,898 ) The functional currency of the Company’s foreign subsidiary, RTC Canada, is its local currency. Results of operations of RTC Canada are translated in USD using the average exchange rates on a monthly basis during the year. The assets and liabilities of RTC Canada are translated into USD using the exchange rates in effect on the balance sheet date. The related translation adjustments are recorded in a separate component of stockholders' equity in accumulated other comprehensive loss and the statement of comprehensive income.

Note 11 - Accounts Receivable a

Note 11 - Accounts Receivable and Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	11 Accounts Receivable and Allowance for Credit Losses The Company establishes an allowance for credit losses to present the net amount of accounts receivable expected to be collected. Under Accounting Standards Update No. 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Accounts receivable consists primarily of commercial vehicle sales receivables, manufacturers’ receivables and leasing, parts and service sales 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 writes off account balances when it has exhausted reasonable collection efforts and determined that the likelihood of collection is remote. These write-offs are charged against the allowance for credit losses. The following table summarizes the changes in the allowance for credit losses (in thousands): Balance December 31, 2022 Provision for the Three Months Ended March 31, 2023 Write offs Against Allowance, net of Recoveries Balance March 31, 2023 Commercial vehicle receivables $ 160 $ (78 ) $ − $ 82 Manufacturers’ receivables 573 353 (241 ) 685 Leasing, parts and service receivables 1,589 1,023 (761 ) 1,851 Other receivables − − 22 22 Total $ 2,322 $ 1,298 $ (980 ) $ 2,640

Note 12 - Acquisitions

Note 12 - Acquisitions	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Business Combination Disclosure [Text Block]	12 Acquisitions The following acquisitions, unless otherwise noted, were considered business combinations accounted for under ASC 805, Business Combinations On November 7, 2022, the Company acquired certain assets of Scheppers International Truck Center, Inc., which included real estate and an International truck franchise in Jefferson City, Missouri, along with commercial vehicle and parts inventory. The transaction was valued at approximately $6.8 million, with the purchase price paid in cash. On May 2, 2022, the Company completed the acquisition of an additional 30% equity interest in RTC Canada, resulting in an 80% controlling interest in RTC Canada. The acquisition was accounted for as an acquisition achieved in stages under ASC 805, Business Combinations As of May 2, 2022, the Company established a noncontrolling interest related to the minority holders. The fair value of the 20% noncontrolling interest in RTC Canada is estimated to be $17.8 million. The fair value of the noncontrolling interest was estimated using a combination of the income approach and a market approach. Since RTC Canada is a private company, the fair value measurement is based on significant inputs that are not observable in the market and thus represents a Level 3 measurement as defined in ASC 820, Fair Value Measurement The preliminary purchase price was allocated based on the fair values of the assets and liabilities at the date of acquisition as follows (in thousands): Cash $ 4,310 Accounts receivable 19,072 Inventory 56,255 Property and equipment, including real estate 80,337 Floor plan notes payable (30,501 ) Trade payables (19,978 ) Customer deposits (1,980 ) Accrued liabilities (7,875 ) Notes payable (69,545 ) Goodwill 44,033 Franchise rights 3,906 Other 3,422 Equity investment in RTC Canada (37,309 ) Noncontrolling interest (17,828 ) Gain on equity method investment (6,958 ) Total $ 19,361 The purchase price allocation has not yet been finalized. The Company is currently working with RTC Canada to obtain additional information that existed at the time of the acquisition related to property and equipment. Management has recorded the purchase price allocations based upon currently available information about RTC Canada. The goodwill of $44.0 million for the RTC Canada acquisition is primarily attributable to the synergies expected to arise after obtaining a controlling interest in the entity. Prior to May 2, 2022, the Company accounted for its 50% equity interest in RTC Canada as an equity-method investment. Subsequent to the Company’s acquisition of the additional 30% equity interest on May 2, 2022, operations of RTC Canada are included in the accompanying consolidated financial statements.

Note 3 - Earnings Per Share (Ta

Note 3 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2023 2022 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 90,455 $ 92,453 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 54,767 55,938 Effect of dilutive securities– Employee stock options and restricted share awards 1,797 1,974 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 56,564 57,912 Basic earnings per common share $ 1.65 $ 1.65 Diluted earnings per common share and common share equivalents $ 1.60 $ 1.60
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	March 31, 2023 March 31, 2022 Anti-dilutive options – weighted average 853 502

Note 6 - Segment Information (T

Note 6 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Truck Segment All Other Totals As of and for the three months ended March 31, 2023 Revenues from external customers $ 1,907,941 $ 3,826 $ 1,911,767 Segment operating income 127,563 213 127,776 Segment income before taxes 118,927 213 119,140 Segment assets 3,913,928 55,624 3,969,552 As of and for the three months ended March 31, 2022 Revenues from external customers $ 1,559,051 $ 4,151 $ 1,563,202 Segment operating income 107,320 179 107,499 Segment income before taxes 120,259 85 120,344 Segment assets 3,266,895 54,653 3,321,548

Note 8 - Revenue (Tables)

Note 8 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Commercial vehicle sales revenue $ 1,161,725 $ 935,719 Parts revenue 384,418 330,743 Commercial vehicle repair service revenue 263,808 212,520 Finance revenue 3,508 4,489 Insurance revenue 3,063 3,036 Other revenue 8,579 5,360 Total $ 1,825,101 $ 1,491,867

Note 9 - Leases (Tables)

Note 9 - Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Leases, Lease Income [Table Text Block]	Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Minimum rental payments $ 75,160 $ 61,998 Nonlease payments 11,506 9,337 Total $ 86,666 $ 71,335

Note 10 - Accumulated Other C_2

Note 10 - Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Balance as of December 31, 2022 $ (4,130 ) Foreign currency translation adjustment 232 Balance as of March 31, 2023 $ (3,898 )

Note 11 - Accounts Receivable_2

Note 11 - Accounts Receivable and Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Balance December 31, 2022 Provision for the Three Months Ended March 31, 2023 Write offs Against Allowance, net of Recoveries Balance March 31, 2023 Commercial vehicle receivables $ 160 $ (78 ) $ − $ 82 Manufacturers’ receivables 573 353 (241 ) 685 Leasing, parts and service receivables 1,589 1,023 (761 ) 1,851 Other receivables − − 22 22 Total $ 2,322 $ 1,298 $ (980 ) $ 2,640

Note 12 - Acquisitions (Tables)

Note 12 - Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Cash $ 4,310 Accounts receivable 19,072 Inventory 56,255 Property and equipment, including real estate 80,337 Floor plan notes payable (30,501 ) Trade payables (19,978 ) Customer deposits (1,980 ) Accrued liabilities (7,875 ) Notes payable (69,545 ) Goodwill 44,033 Franchise rights 3,906 Other 3,422 Equity investment in RTC Canada (37,309 ) Noncontrolling interest (17,828 ) Gain on equity method investment (6,958 ) Total $ 19,361

Note 3 - Earnings Per Share - E

Note 3 - Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$ 90,455	$ 92,453
Denominator for basic earnings per share – weighted average shares outstanding (in shares)	54,767	55,938
Effect of dilutive securities– Employee stock options and restricted share awards (in shares)	1,797	1,974
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares)	56,564	57,912
Basic earnings per common share (in dollars per share)	$ 1.65	$ 1.65
Diluted earnings per common share and common share equivalents (in dollars per share)	$ 1.60	$ 1.60

Note 3 - Earnings Per Share - A

Note 3 - Earnings Per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Anti-dilutive options – weighted average (in shares)	853	502

Note 4 - Stock Options and Re_2

Note 4 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 16.7
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 7 months 6 days
Share-Based Payment Arrangement, Option [Member] | Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expense	$ 13.1	$ 13.8
Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 21.6
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 7 months 6 days

Note 6 - Segment Information (D

Note 6 - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2023
Truck Segment [Member]
Number of Reportable Segments	1
Other Segments [Member]
Number of Operating Segments	3

Note 6 - Segment Information -

Note 6 - Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenues from external customers	$ 1,911,767	$ 1,563,202
Segment operating income	127,776	107,499
Segment income before taxes	119,140	120,344
Segment assets	3,969,552	3,321,548	$ 3,821,066
Truck Segment [Member]
Revenues from external customers	1,907,941	1,559,051
Segment operating income	127,563	107,320
Segment income before taxes	118,927	120,259
Segment assets	3,913,928	3,266,895
Other Segments [Member]
Revenues from external customers	3,826	4,151
Segment operating income		179
Segment income before taxes	213	85
Segment assets	$ 55,624	$ 54,653

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 5,300,000	$ 5,300,000
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	$ 302,000	$ 302,000
Domestic Tax Authority [Member]
Open Tax Year	2019 2020 2021 2022
State and Local Jurisdiction [Member]
Open Tax Year	2018 2019 2020 2021 2022

Note 8 - Revenue - Disaggregate

Note 8 - Revenue - Disaggregated Revenue by Revenue Source (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revnue	$ 1,825,101	$ 1,491,867
Commercial Vehicle [Member]
Revnue	1,161,725	935,719
Parts [Member]
Revnue	384,418	330,743
Commercial Vehicle Repair Service [Member]
Revnue	263,808	212,520
Financial Service [Member]
Revnue	3,508	4,489
Insurance [Member]
Revnue	3,063	3,036
Product and Service, Other [Member]
Revnue	$ 8,579	$ 5,360

Note 9 - Leases (Details Textua

Note 9 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Sales-type Lease, Lease Receivable	$ 6.6	$ 6
Minimum [Member]
Lessor, Leases, Term of Contract	1 year
Maximum [Member]
Lessor, Leases, Term of Contract	10 years

Note 9 - Leases - Rental Income

Note 9 - Leases - Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Minimum rental payments	$ 75,160	$ 61,998
Nonlease payments	11,506	9,337
Total	$ 86,666	$ 71,335

Note 10 - Accumulated Other C_3

Note 10 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Balance as of December 31, 2022	$ 1,744,491
Foreign currency translation adjustment	232	$ 445
Balance as of March 31, 2023	1,810,670
AOCI Attributable to Parent [Member]
Balance as of December 31, 2022	(4,130)
Foreign currency translation adjustment	232
Balance as of March 31, 2023	$ (3,898)

Note 11 - Accounts Receivable_3

Note 11 - Accounts Receivable and Allowance for Credit Losses - Allowance for Accounts Receivable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Balance	$ 2,322
Current period provision	1,298
Balance	2,640
Write offs against allowance, net of recoveries	(980)
Commercial Vehicle Receivables [Member]
Balance	160
Current period provision	(78)
Balance	82
Manufacturers' Receivables [Member]
Balance	573
Current period provision	353
Balance	685
Write offs against allowance, net of recoveries	(241)
Leasing, Parts and Service Receivables [Member]
Balance	1,589
Current period provision	1,023
Balance	1,851
Write offs against allowance, net of recoveries	(761)
Other Receivables [Member]
Balance	22
Write offs against allowance, net of recoveries	$ 22

Note 12 - Acquisitions (Details

Note 12 - Acquisitions (Details Textual) - USD ($) $ in Thousands	Nov. 07, 2022	May 02, 2022	Mar. 31, 2023	Dec. 31, 2022	May 01, 2022
Goodwill, Gross			$ 416,481	$ 416,363
RTC Canada [Member]
Equity Method Investment, Ownership Percentage		30%			50%
RTC Canada [Member]
Business Acquisition, Percentage of Voting Interests Acquired		30%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage		80%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage		50%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value		$ 44,700
Deferred Tax Liabilities, Reclassification of Foreign Currency Translation Adjustment		2,200
Deferred Tax Liabilities, Re-measurement of Equity Method Investment		600
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value		17,828
Goodwill, Gross		$ 44,000
RTC Canada [Member] | Measurement Input, Discount Rate [Member]
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Measurement Inputs		0.11
RTC Canada [Member] | RTC Canada [Member]
Subsidiary, Ownership Percentage, Noncontrolling Owner		20%
RTC Canada [Member] | Other Income (Expense) [Member]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain		$ 7,000
Assets of Scheppers International Truck Center, Inc. [Member]
Payments to Acquire Productive Assets	$ 6,800

Note 12 - Acquisition - Fair Va

Note 12 - Acquisition - Fair Values of Assets and Liabilities Acquired (Details) - RTC Canada [Member] $ in Thousands	May 02, 2022 USD ($)
Cash	$ 4,310
Accounts receivable	19,072
Inventory	56,255
Property and equipment, including real estate	80,337
Floor plan notes payable	(30,501)
Trade payables	(19,978)
Customer deposits	(1,980)
Accrued liabilities	(7,875)
Notes payable	(69,545)
Goodwill	44,033
Franchise rights	3,906
Other	3,422
Equity investment in RTC Canada	(37,309)
Noncontrolling interest	(17,828)
Gain on equity method investment	(6,958)
Total	$ 19,361