Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 01, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 62,058,119 | |
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) | 16,697,663 | |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash, cash equivalents and restricted cash | $ 167,266 | $ 183,725 |
Accounts receivable, net | 286,848 | 259,353 |
Notes receivable from affiliate | 6,035 | |
Inventories, net | 1,894,214 | 1,801,447 |
Prepaid expenses and other | 23,338 | 15,779 |
Total current assets | 2,377,701 | 2,260,304 |
Property and equipment, net | 1,522,808 | 1,488,086 |
Operating lease right-of-use assets, net | 115,503 | 120,162 |
Goodwill, net | 419,303 | 420,708 |
Other assets, net | 71,211 | 74,981 |
Total assets | 4,506,526 | 4,364,241 |
Current liabilities: | ||
Floor plan notes payable | 1,226,651 | 1,139,744 |
Current maturities of finance lease obligations | 40,076 | 36,119 |
Current maturities of operating lease obligations | 16,084 | 17,438 |
Trade accounts payable | 166,630 | 162,134 |
Customer deposits | 95,835 | 145,326 |
Accrued expenses | 152,625 | 172,549 |
Total current liabilities | 1,697,901 | 1,673,310 |
Long-term debt, net of current maturities | 396,562 | 414,002 |
Finance lease obligations, net of current maturities | 97,134 | 97,617 |
Operating lease obligations, net of current maturities | 101,510 | 104,514 |
Other long-term liabilities | 29,586 | 24,811 |
Deferred income taxes, net | 160,899 | 159,571 |
Shareholders’ equity: | ||
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2024 and 2023 | 0 | 0 |
Common stock, par value $.01 per share; 105,000,000 Class A shares and 35,000,000 Class B shares authorized; 61,869,093 Class A shares and 16,700,392 Class B shares outstanding in 2024; and 61,461,281 Class A shares and 16,364,158 Class B shares outstanding in 2023 | 816 | 806 |
Additional paid-in capital | 563,604 | 542,046 |
Treasury stock, at cost: 1,298,522 Class A shares and 1,746,047 Class B shares in 2024; and 1,092,142 Class A shares and 1,731,157 Class B shares in 2023 | (129,415) | (119,835) |
Retained earnings | 1,573,316 | 1,450,025 |
Accumulated other comprehensive income | (4,927) | (2,163) |
Total Rush Enterprises, Inc. shareholders’ equity | 2,003,394 | 1,870,879 |
Noncontrolling interest | 19,540 | 19,537 |
Total shareholders’ equity | 2,022,934 | 1,890,416 |
Total liabilities and shareholders’ equity | $ 4,506,526 | $ 4,364,241 |
Common Class A [Member] | ||
Shareholders’ equity: | ||
Treasury Stock, Common, Shares (in shares) | 1,092,142 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
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) | 105,000,000 | 105,000,000 | |
Common stock, outstanding (in shares) | 61,869,093 | 61,461,281 | |
Treasury Stock, Common, Shares (in shares) | 1,298,522 | 1,092,142 | |
Common Class B [Member] | |||
Common stock, authorized (in shares) | 35,000,000 | 35,000,000 | |
Common stock, outstanding (in shares) | 16,700,392 | 16,364,158 | |
Treasury Stock, Common, Shares (in shares) | 1,746,047 | 1,731,157 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | ||||
Revenue | $ 1,939,382 | $ 1,914,503 | $ 3,723,460 | $ 3,739,604 |
Lease and rental sales | 87,646 | 88,549 | 175,567 | 175,215 |
Total revenue | 2,027,028 | 2,003,052 | 3,899,027 | 3,914,819 |
Cost of products sold | ||||
Lease and rental sales | 62,687 | 61,514 | 126,457 | 121,992 |
Total cost of products sold | 1,634,639 | 1,589,204 | 3,116,763 | 3,102,202 |
Gross profit | 392,389 | 413,848 | 782,264 | 812,617 |
Selling, general and administrative expense | 251,368 | 256,691 | 515,033 | 513,499 |
Depreciation and amortization expense | 16,492 | 14,545 | 32,242 | 28,859 |
Gain (loss) on sale of assets | (48) | 247 | 102 | 376 |
Operating income | 124,481 | 142,859 | 235,091 | 270,635 |
Other (expense) income | 44 | (96) | 221 | 2,251 |
Interest expense, net | 19,464 | 12,238 | 37,437 | 23,221 |
Income before taxes | 105,061 | 130,525 | 197,875 | 249,665 |
Income tax provision | 26,278 | 32,001 | 47,603 | 60,351 |
Net income | 78,783 | 98,524 | 150,272 | 189,314 |
Less: Net income (loss) attributable to noncontrolling interest | 122 | 249 | 3 | 584 |
Net income attributable to Rush Enterprises, Inc. | $ 78,661 | $ 98,275 | $ 150,269 | $ 188,730 |
Net income attributable to Rush Enterprises, Inc. per share of common stock: | ||||
Basic (in dollars per share) | $ 1.01 | $ 1.2 | $ 1.91 | $ 2.31 |
Diluted (in dollars per share) | $ 97 | $ 1.17 | $ 1.84 | $ 2.23 |
Basic (in shares) | 78,270 | 81,690 | 78,706 | 81,926 |
Diluted (in shares) | 80,778 | 84,156 | 81,467 | 84,501 |
Dividends declared per common share (in dollars per share) | $ 0.17 | $ 0.14 | $ 0.34 | $ 0.28 |
New and Used Commercial Vehicle [Member] | ||||
Revenues | ||||
Revenue | $ 1,300,308 | $ 1,250,794 | $ 2,423,627 | $ 2,412,519 |
Cost of products sold | ||||
Costs of products sold | 1,179,819 | 1,124,339 | 2,185,919 | 2,174,704 |
Parts and Service [Member] | ||||
Revenues | ||||
Revenue | 627,431 | 651,130 | 1,276,627 | 1,299,356 |
Cost of products sold | ||||
Costs of products sold | 392,133 | 403,351 | 804,387 | 805,506 |
Finance and Insurance [Member] | ||||
Revenues | ||||
Revenue | 5,937 | 6,189 | 11,331 | 12,760 |
Product and Service, Other [Member] | ||||
Revenues | ||||
Revenue | $ 5,706 | $ 6,390 | $ 11,875 | $ 14,969 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ 78,783 | $ 98,524 | $ 150,272 | $ 189,314 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | (873) | 1,689 | (2,764) | 1,921 |
Comprehensive income | 77,910 | 100,213 | 147,508 | 191,235 |
Less: Comprehensive income attributable to noncontrolling interest | 122 | 249 | 3 | 584 |
Comprehensive income attributable to Rush Enterprises, Inc. | 77,788 | 99,964 | 147,505 | 190,651 |
Product and Service, Other [Member] | ||||
Other comprehensive income (loss), net of tax: | ||||
Other comprehensive income (loss) attributable to Rush Enterprises, Inc. | $ (873) | $ 1,689 | $ (2,764) | $ 1,921 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares 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) | 63,518 | 18,125 | ||||||||||||||
Balance | $ 572,000 | $ 500,642,000 | $ (130,930,000) | $ 1,378,337,000 | $ (4,130,000) | $ 1,744,491,000 | $ 18,531,000 | $ 1,763,022,000 | ||||||||
Balance (in shares) at Dec. 31, 2022 | 63,518 | 18,125 | ||||||||||||||
Balance at Dec. 31, 2022 | 572,000 | 500,642,000 | (130,930,000) | 1,378,337,000 | (4,130,000) | 1,744,491,000 | 18,531,000 | 1,763,022,000 | ||||||||
Stock options exercised and stock awards (in shares) | 228 | |||||||||||||||
Stock options exercised and stock awards | 2,000 | 3,412,000 | 3,414,000 | 3,414,000 | ||||||||||||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 13,080,000 | 13,080,000 | ||||||||||||||
Vesting of restricted share awards (in shares) | 422 | |||||||||||||||
Vesting of restricted share awards | 3,000 | (6,964,000) | (6,961,000) | (6,961,000) | ||||||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 102 | |||||||||||||||
Issuance of common stock under employee stock purchase plan | 2,828,000 | 2,828,000 | 2,828,000 | |||||||||||||
Common stock repurchases (in shares) | (623) | (84) | ||||||||||||||
Common stock repurchases | (25,280,000) | (25,280,000) | (25,280,000) | |||||||||||||
Cash dividends declared | $ (8,897,000) | $ (2,692,000) | $ (8,897,000) | $ (2,692,000) | ||||||||||||
Foreign currency translation adjustment | 232,000 | 232,000 | ||||||||||||||
Net income | 90,455,000 | 90,455,000 | 335,000 | |||||||||||||
Foreign currency translation | 232,000 | 232,000 | ||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 63,225 | 18,463 | ||||||||||||||
Balance at Mar. 31, 2023 | 577,000 | 512,998,000 | (156,210,000) | 1,457,203,000 | (3,898,000) | 1,810,670,000 | 18,866,000 | 1,829,536,000 | ||||||||
Balance (in shares) at Dec. 31, 2022 | 63,518 | 18,125 | ||||||||||||||
Balance at Dec. 31, 2022 | 572,000 | 500,642,000 | (130,930,000) | 1,378,337,000 | (4,130,000) | 1,744,491,000 | 18,531,000 | 1,763,022,000 | ||||||||
Foreign currency translation adjustment | 1,921,000 | |||||||||||||||
Net income | 189,314,000 | |||||||||||||||
Foreign currency translation | 1,921,000 | |||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 62,572 | 18,269 | ||||||||||||||
Balance at Jun. 30, 2023 | 578,000 | 522,375,000 | (196,515,000) | 1,543,941,000 | (2,209,000) | 1,868,170,000 | 19,115,000 | 1,887,285,000 | ||||||||
Balance (in shares) | 63,225 | 18,463 | ||||||||||||||
Balance | 577,000 | 512,998,000 | (156,210,000) | 1,457,203,000 | (3,898,000) | 1,810,670,000 | 18,866,000 | 1,829,536,000 | ||||||||
Balance (in shares) at Mar. 31, 2023 | 63,225 | 18,463 | ||||||||||||||
Balance at Mar. 31, 2023 | 577,000 | 512,998,000 | (156,210,000) | 1,457,203,000 | (3,898,000) | 1,810,670,000 | 18,866,000 | 1,829,536,000 | ||||||||
Stock options exercised and stock awards (in shares) | 237 | |||||||||||||||
Stock options exercised and stock awards | 1,000 | 3,479,000 | 3,480,000 | 3,480,000 | ||||||||||||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 5,952,000 | 5,952,000 | 5,952,000 | |||||||||||||
Vesting of restricted share awards | (54,000) | (54,000) | (54,000) | |||||||||||||
Common stock repurchases | (40,305,000) | (40,305,000) | (40,305,000) | |||||||||||||
Cash dividends declared | (8,812,000) | (2,725,000) | (8,812,000) | (2,725,000) | $ (8,812,000) | $ (2,725,000) | ||||||||||
Foreign currency translation adjustment | 1,689,000 | 1,689,000 | 1,689,000 | |||||||||||||
Net income | 98,275,000 | 98,275,000 | 249,000 | 98,524,000 | ||||||||||||
Foreign currency translation | 1,689,000 | 1,689,000 | 1,689,000 | |||||||||||||
Balance (in shares) at Jun. 30, 2023 | 62,572 | 18,269 | ||||||||||||||
Balance at Jun. 30, 2023 | 578,000 | 522,375,000 | (196,515,000) | 1,543,941,000 | (2,209,000) | 1,868,170,000 | 19,115,000 | 1,887,285,000 | ||||||||
Balance (in shares) | 62,572 | 18,269 | ||||||||||||||
Balance | 578,000 | 522,375,000 | (196,515,000) | 1,543,941,000 | (2,209,000) | 1,868,170,000 | 19,115,000 | 1,887,285,000 | ||||||||
Balance (in shares) | 61,461 | 16,364 | ||||||||||||||
Balance | 806,000 | 542,046,000 | (119,835,000) | 1,450,025,000 | (2,163,000) | 1,870,879,000 | 1,890,416,000 | |||||||||
Balance (in shares) at Dec. 31, 2023 | 61,461 | 16,364 | ||||||||||||||
Balance at Dec. 31, 2023 | 806,000 | 542,046,000 | (119,835,000) | 1,450,025,000 | (2,163,000) | 1,870,879,000 | 1,890,416,000 | |||||||||
Stock options exercised and stock awards (in shares) | 383 | |||||||||||||||
Stock options exercised and stock awards | 4,000 | 5,997,000 | 6,001,000 | 6,001,000 | ||||||||||||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 14,090,000 | 14,090,000 | 14,090,000 | |||||||||||||
Vesting of restricted share awards (in shares) | 351 | |||||||||||||||
Vesting of restricted share awards | 4,000 | (9,486,000) | (9,482,000) | (9,482,000) | ||||||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 97 | |||||||||||||||
Issuance of common stock under employee stock purchase plan | 1,000 | 3,354,000 | 3,355,000 | 3,355 | ||||||||||||
Common stock repurchases (in shares) | (128) | |||||||||||||||
Common stock repurchases | (5,627,000) | (5,627,000) | (5,627,000) | |||||||||||||
Cash dividends declared | (10,467,000) | (2,964,000) | (10,467,000) | (2,964,000) | (10,467,000) | (2,964,000) | ||||||||||
Foreign currency translation adjustment | (1,891,000) | (1,891,000) | (1,891,000) | |||||||||||||
Net income | 71,608,000 | 71,608,000 | (119,000) | 71,489,000 | ||||||||||||
Foreign currency translation | (1,891,000) | (1,891,000) | (1,891,000) | |||||||||||||
Balance (in shares) at Mar. 31, 2024 | 61,813 | 16,715 | ||||||||||||||
Balance at Mar. 31, 2024 | 815,000 | 556,001,000 | (125,462,000) | 1,508,202,000 | (4,054,000) | 1,935,502,000 | 19,418,000 | 1,954,920,000 | ||||||||
Balance (in shares) at Dec. 31, 2023 | 61,461 | 16,364 | ||||||||||||||
Balance at Dec. 31, 2023 | 806,000 | 542,046,000 | (119,835,000) | 1,450,025,000 | (2,163,000) | 1,870,879,000 | 1,890,416,000 | |||||||||
Foreign currency translation adjustment | (2,764,000) | |||||||||||||||
Net income | 150,272,000 | |||||||||||||||
Foreign currency translation | (2,764,000) | |||||||||||||||
Balance (in shares) at Jun. 30, 2024 | 61,869 | 16,700 | ||||||||||||||
Balance at Jun. 30, 2024 | 816,000 | 563,604,000 | (129,415,000) | 1,573,316,000 | (4,927,000) | 2,003,394,000 | 19,540,000 | 2,022,934,000 | ||||||||
Balance (in shares) | 61,813 | 16,715 | ||||||||||||||
Balance | 815,000 | 556,001,000 | (125,462,000) | 1,508,202,000 | (4,054,000) | 1,935,502,000 | 19,418,000 | 1,954,920,000 | ||||||||
Balance (in shares) at Mar. 31, 2024 | 61,813 | 16,715 | ||||||||||||||
Balance at Mar. 31, 2024 | 815,000 | 556,001,000 | (125,462,000) | 1,508,202,000 | (4,054,000) | 1,935,502,000 | 19,418,000 | 1,954,920,000 | ||||||||
Stock options exercised and stock awards (in shares) | 134 | |||||||||||||||
Stock options exercised and stock awards | 1,000 | 2,098,000 | 2,099,000 | 2,099,000 | ||||||||||||
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan | 5,515,000 | 5,515,000 | 5,515,000 | |||||||||||||
Vesting of restricted share awards | (10,000) | (10,000) | (10,000) | |||||||||||||
Common stock repurchases (in shares) | (78) | (15) | ||||||||||||||
Common stock repurchases | (3,953,000) | (3,953,000) | (3,953,000) | |||||||||||||
Cash dividends declared | $ (10,523,000) | $ (3,024,000) | $ (10,523,000) | $ (3,024,000) | $ (10,523,000) | $ (3,024,000) | ||||||||||
Foreign currency translation adjustment | (873,000) | (873,000) | (873,000) | |||||||||||||
Net income | 78,661,000 | 78,661,000 | 122,000 | 78,783,000 | ||||||||||||
Foreign currency translation | (873,000) | (873,000) | (873,000) | |||||||||||||
Balance (in shares) at Jun. 30, 2024 | 61,869 | 16,700 | ||||||||||||||
Balance at Jun. 30, 2024 | 816,000 | 563,604,000 | (129,415,000) | 1,573,316,000 | (4,927,000) | 2,003,394,000 | 19,540,000 | 2,022,934,000 | ||||||||
Balance (in shares) | 61,869 | 16,700 | ||||||||||||||
Balance | $ 816,000 | $ 563,604,000 | $ (129,415,000) | $ 1,573,316,000 | $ (4,927,000) | $ 2,003,394,000 | $ 19,540,000 | $ 2,022,934,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 150,272 | $ 189,314 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 114,318 | 108,557 |
Gain on sale of property and equipment, net | (102) | (377) |
Stock-based compensation expense related to employee equity awards and employee stock purchases | 19,605 | 19,032 |
Deferred income tax expense | 1,499 | 2,854 |
Change in accounts and notes receivable, net | (34,041) | (15,911) |
Change in inventories, net | (63,376) | (174,353) |
Change in prepaid expenses and other, net | (7,593) | (5,057) |
Change in trade accounts payable | 3,885 | 12,813 |
Change in customer deposits | (49,151) | (14,868) |
Change in accrued expenses | (19,418) | (7,354) |
Other, net | (373) | (634) |
Net cash provided by operating activities | 115,525 | 114,016 |
Acquisition of property and equipment | (172,522) | (186,000) |
Proceeds from the sale of property and equipment | 3,139 | 1,142 |
Other | 8,255 | (4,088) |
Net cash used in investing activities | (161,128) | (188,946) |
Cash flows from financing activities: | ||
Draws on floor plan notes payable – non-trade, net | 88,404 | 191,002 |
Proceeds from long-term debt | 1,184,870 | 653,445 |
Principal payments on long-term debt | (1,200,797) | (684,803) |
Principal payments on finance lease obligations | (8,486) | (9,341) |
Proceeds from issuance of shares relating to equity awards and employee stock purchases | 11,460 | 9,724 |
Taxes paid related to net share settlement of equity awards | (9,497) | (7,017) |
Payments of cash dividends | (27,232) | (23,449) |
Common stock repurchased | (9,542) | (63,857) |
Net cash provided by financing activities | 29,180 | 65,704 |
Net decrease in cash, cash equivalents and restricted cash | (16,423) | (9,226) |
Effect of exchange rate on cash | (36) | 79 |
Cash, cash equivalents and restricted cash, beginning of period | 183,725 | 201,044 |
Cash, cash equivalents and restricted cash, end of period | 167,266 | 191,897 |
Income taxes, net of refunds | ||
Interest | 40,235 | 25,033 |
Noncash activities: | ||
Assets acquired under finance leases | $ 19,448 | $ 29,401 |
Note 1 - Principles of Consolid
Note 1 - Principles of Consolidation and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023. 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. Authorized Shares On May 16, 2023, the Company’s shareholders approved the Certificate of Amendment to the Restated Articles of Incorporation of the Company to increase the number of authorized shares of Class A Common Stock from 60,000,000 to 105,000,000 and Class B Common Stock from 20,000,000 to 35,000,000. Stock Split On July 25, 2023, the Company’s Board of Directors declared a three two 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 | 6 Months Ended |
Jun. 30, 2024 | |
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, through self-insurance and third-party excess 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 June 30, 2024, 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 | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 78,661 $ 98,275 $ 150,269 $ 188,730 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 78,270 81,690 78,706 81,926 Effect of dilutive securities– Employee stock options and restricted stock awards 2,508 2,466 2,761 2,575 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 80,778 84,156 81,467 84,501 Basic earnings per common share $ 1.01 $ 1.20 $ 1.91 $ 2.31 Diluted earnings per common share and common share equivalents $ 0.97 $ 1.17 $ 1.84 $ 2.23 Options to purchase shares of common stock that were outstanding for the three months and six months ended June 30, 2024, and 2023, 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): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Weighted average anti-dilutive stock options 860 1,700 589 1,490 |
Note 4 - Stock Options and Rest
Note 4 - Stock Options and Restricted Stock Awards | 6 Months Ended |
Jun. 30, 2024 | |
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 $5.5 million for the three months ended June 30, 2024, and $6.0 million for the three months ended June 30, 2023. Stock-based compensation expense, included in selling, general and administrative expense, was $19.6 million for the six months ended June 30, 2024, and was $19.0 million for the six months ended June 30, 2023. As of June 30, 2024, the Company had $15.9 million of unrecognized compensation cost related to non-vested employee stock options to be recognized over a weighted-average period of 2.5 years and $20.0 million of unrecognized compensation cost related to non-vested restricted stock awards to be recognized over a weighted-average period of 1.5 years. |
Note 5 - Financial Instruments
Note 5 - Financial Instruments and Fair Value | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024, and December 31, 2023. 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 rates, 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 | 6 Months Ended |
Jun. 30, 2024 | |
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 its 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 June 30, 2024 and 2023 (in thousands): Truck Segment All Other Total As of and for the three months ended June 30, 2024 Revenues from external customers $ 2,022,756 $ 4,272 $ 2,027,028 Segment operating income 124,553 (72 ) 124,481 Segment income before taxes 105,133 (72 ) 105,061 Segment assets 4,446,418 60,108 4,506,526 For the six months ended June 30, 2024 Revenues from external customers $ 3,890,803 $ 8,224 $ 3,899,027 Segment operating income 235,340 (249 ) 235,091 Segment income before taxes 198,124 (249 ) 197,875 As of and for the three months ended June 30, 2023 Revenues from external customers $ 1,999,028 $ 4,024 $ 2,003,052 Segment operating income 142,869 (10 ) 142,859 Segment income before taxes 130,535 (10 ) 130,525 Segment assets 4,070,544 55,777 4,126,321 For the six months ended June 30, 2023 Revenues from external customers $ 3,906,969 $ 7,850 $ 3,914,819 Segment operating income 270,432 203 270,635 Segment income before taxes 249,462 203 249,665 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7 Income Taxes The Company had unrecognized income tax benefits totaling $6.7 million and $5.3 million as a component of accrued liabilities as of June 30, 2024 and December 31, 2023, 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 $389,000 accrued for the payment of interest as of June 30, 2024 and December 31, 2023. No The Company does not anticipate a significant change in the amount of unrecognized tax benefits in the next 12 months. As of June 30, 2024, the tax years ended December 31, 2020 2019 |
Note 8 - Revenue
Note 8 - Revenue | 6 Months Ended |
Jun. 30, 2024 | |
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 revenues from such sales are 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 and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Commercial vehicle sales revenue $ 1,300,308 $ 1,250,794 $ 2,423,627 $ 2,412,519 Parts revenue 365,032 379,444 738,458 764,898 Commercial vehicle repair service revenue 262,399 271,685 538,169 534,458 Finance revenue 2,387 2,978 4,462 6,500 Insurance revenue 3,550 3,212 6,869 6,260 Other revenue 5,706 6,390 11,875 14,969 Total $ 1,939,382 $ 1,914,503 $ 3,723,460 $ 3,739,604 All of the Company's performance obligations and associated revenues are generally transferred to customers at a point in time. The Company did not |
Note 9 - Leases
Note 9 - Leases | 6 Months Ended |
Jun. 30, 2024 | |
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 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. Lease and rental income during the three and six months ended June 30, 2024 and June 30, 2023 consisted of the following (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Minimum rental payments $ 76,362 $ 76,431 $ 153,229 $ 151,591 Nonlease payments 11,284 12,118 22,338 23,624 Total $ 87,646 $ 88,549 $ 175,567 $ 175,215 |
Note 10 - Accumulated Other Com
Note 10 - Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 $ (2,163 ) Foreign currency translation adjustment (1,891 ) Balance as of March 31, 2024 $ (4,054 ) Foreign currency translation adjustment (873 ) Balance as of June 30, 2024 $ (4,927 ) The functional currency of the Company’s foreign subsidiary, RTC Canada, is its local currency. Results of operations of RTC Canada are translated into USD using the monthly average exchange rates 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 | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 Provision for the Six Months Ended June 30, 2024 Write offs Against Allowance, net of Recoveries Balance June 30, 2024 Commercial vehicle receivables $ 102 $ 10 $ − $ 112 Manufacturers’ receivables 964 1,447 (1,602 ) 809 Leasing, parts and service receivables 1,660 1,264 (1,297 ) 1,627 Other receivables 1,079 15 (46 ) 1,048 Total $ 3,805 $ 2,736 $ (2,945 ) $ 3,596 |
Note 12 - Acquisitions
Note 12 - Acquisitions | 6 Months Ended |
Jun. 30, 2024 | |
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.” Pro forma information was not included in accordance with ASC 805 because the acquisitions were not considered material. On December 4, 2023, the Company acquired certain assets of Freeway Ford Truck Sales, Inc., which included real estate and a Ford commercial vehicle franchise in Chicago, Illinois, along with commercial vehicle and parts inventory. The transaction was valued at approximately $16.3 million, with the purchase price paid in cash. On July 15, 2024, the Company acquired certain assets of Nebraska Peterbilt, which included real estate and a Peterbilt commercial vehicle franchise in Grand Island and North Platte, Nebraska, along with commercial vehicle and parts inventory. The transaction was valued at approximately $16.5 million, with the purchase price paid in cash. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | During the three months ended June 30, 2024, none | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 78,661 $ 98,275 $ 150,269 $ 188,730 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 78,270 81,690 78,706 81,926 Effect of dilutive securities– Employee stock options and restricted stock awards 2,508 2,466 2,761 2,575 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 80,778 84,156 81,467 84,501 Basic earnings per common share $ 1.01 $ 1.20 $ 1.91 $ 2.31 Diluted earnings per common share and common share equivalents $ 0.97 $ 1.17 $ 1.84 $ 2.23 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Weighted average anti-dilutive stock options 860 1,700 589 1,490 |
Note 6 - Segment Information (T
Note 6 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 Revenues from external customers $ 2,022,756 $ 4,272 $ 2,027,028 Segment operating income 124,553 (72 ) 124,481 Segment income before taxes 105,133 (72 ) 105,061 Segment assets 4,446,418 60,108 4,506,526 For the six months ended June 30, 2024 Revenues from external customers $ 3,890,803 $ 8,224 $ 3,899,027 Segment operating income 235,340 (249 ) 235,091 Segment income before taxes 198,124 (249 ) 197,875 As of and for the three months ended June 30, 2023 Revenues from external customers $ 1,999,028 $ 4,024 $ 2,003,052 Segment operating income 142,869 (10 ) 142,859 Segment income before taxes 130,535 (10 ) 130,525 Segment assets 4,070,544 55,777 4,126,321 For the six months ended June 30, 2023 Revenues from external customers $ 3,906,969 $ 7,850 $ 3,914,819 Segment operating income 270,432 203 270,635 Segment income before taxes 249,462 203 249,665 |
Note 8 - Revenue (Tables)
Note 8 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Commercial vehicle sales revenue $ 1,300,308 $ 1,250,794 $ 2,423,627 $ 2,412,519 Parts revenue 365,032 379,444 738,458 764,898 Commercial vehicle repair service revenue 262,399 271,685 538,169 534,458 Finance revenue 2,387 2,978 4,462 6,500 Insurance revenue 3,550 3,212 6,869 6,260 Other revenue 5,706 6,390 11,875 14,969 Total $ 1,939,382 $ 1,914,503 $ 3,723,460 $ 3,739,604 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Leases, Lease Income [Table Text Block] | Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Minimum rental payments $ 76,362 $ 76,431 $ 153,229 $ 151,591 Nonlease payments 11,284 12,118 22,338 23,624 Total $ 87,646 $ 88,549 $ 175,567 $ 175,215 |
Note 10 - Accumulated Other C_2
Note 10 - Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Balance as of December 31, 2023 $ (2,163 ) Foreign currency translation adjustment (1,891 ) Balance as of March 31, 2024 $ (4,054 ) Foreign currency translation adjustment (873 ) Balance as of June 30, 2024 $ (4,927 ) |
Note 11 - Accounts Receivable_2
Note 11 - Accounts Receivable and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Balance December 31, 2023 Provision for the Six Months Ended June 30, 2024 Write offs Against Allowance, net of Recoveries Balance June 30, 2024 Commercial vehicle receivables $ 102 $ 10 $ − $ 112 Manufacturers’ receivables 964 1,447 (1,602 ) 809 Leasing, parts and service receivables 1,660 1,264 (1,297 ) 1,627 Other receivables 1,079 15 (46 ) 1,048 Total $ 3,805 $ 2,736 $ (2,945 ) $ 3,596 |
Note 1 - Principles of Consol_2
Note 1 - Principles of Consolidation and Basis of Presentation (Details Textual) | Jul. 25, 2020 | Mar. 31, 2024 shares | Dec. 31, 2023 shares | May 16, 2023 shares | Dec. 31, 2022 shares |
Stock Split From [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3 | ||||
Stock Split To [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | ||||
Common Class A [Member] | |||||
Common Stock, Shares Authorized | 105,000,000 | 105,000,000 | 105,000,000 | 60,000,000 | |
Common Class B [Member] | |||||
Common Stock, Shares Authorized | 35,000,000 | 35,000,000 | 35,000,000 | 20,000,000 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator for basic and diluted earnings per share – Net income available to common shareholders | $ 78,661 | $ 98,275 | $ 150,269 | $ 188,730 |
Denominator for basic earnings per share – weighted average shares outstanding (in shares) | 78,270 | 81,690 | 78,706 | 81,926 |
Effect of dilutive securities– Employee stock options and restricted stock awards (in shares) | 2,508 | 2,466 | 2,761 | 2,575 |
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares) | 80,778 | 84,156 | 81,467 | 84,501 |
Basic earnings per common share (in dollars per share) | $ 1.01 | $ 1.2 | $ 1.91 | $ 2.31 |
Diluted earnings per common share and common share equivalents (in dollars per share) | $ 0.97 | $ 1.17 | $ 1.84 | $ 2.23 |
Note 3 - Earnings Per Share - A
Note 3 - Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Anti-dilutive options – weighted average (in shares) | 860 | 1,700 | 589 | 1,490 |
Note 4 - Stock Options and Re_2
Note 4 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 15.9 | $ 15.9 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | |||
Share-Based Payment Arrangement, Option [Member] | Selling, General and Administrative Expenses [Member] | ||||
Share-Based Payment Arrangement, Expense | 5.5 | $ 6 | $ 19.6 | $ 19 |
Restricted Stock [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 20 | $ 20 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months |
Note 6 - Segment Information (D
Note 6 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2024 | |
Truck Segment [Member] | |
Number of Reportable Segments | 1 |
Other Operating Segment [Member] | |
Number of Operating Segments | 3 |
Note 6 - Segment Information -
Note 6 - Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenues from external customers | $ 2,027,028 | $ 2,003,052 | $ 3,899,027 | $ 3,914,819 | |
Segment operating income | 124,481 | 142,859 | 235,091 | 270,635 | |
Segment income before taxes | 105,061 | 130,525 | 197,875 | 249,665 | |
Segment assets | 4,506,526 | 4,126,321 | 4,506,526 | 4,126,321 | $ 4,364,241 |
Truck Segment [Member] | |||||
Revenues from external customers | 2,022,756 | 1,999,028 | 3,890,803 | 3,906,969 | |
Segment operating income | 124,553 | 142,869 | 235,340 | 270,432 | |
Segment income before taxes | 105,133 | 130,535 | 198,124 | 249,462 | |
Segment assets | 4,446,418 | 4,070,544 | 4,446,418 | 4,070,544 | |
Other Operating Segment [Member] | |||||
Revenues from external customers | 4,272 | 4,024 | 8,224 | 7,850 | |
Segment operating income | (10) | (249) | 203 | ||
Segment income before taxes | (72) | (10) | (249) | 203 | |
Segment assets | $ 60,108 | $ 55,777 | $ 60,108 | $ 55,777 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 6,700,000 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | $ 5,300,000 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 389,000 | $ 389,000 |
Domestic Tax Jurisdiction [Member] | ||
Open Tax Year | 2020 2021 2022 2023 | |
State and Local Jurisdiction [Member] | ||
Open Tax Year | 2019 2020 2021 2022 2023 |
Note 8 - Revenue (Details Textu
Note 8 - Revenue (Details Textual) $ in Thousands | Jun. 30, 2024 USD ($) |
Contract with Customer, Asset, after Allowance for Credit Loss | $ 0 |
Contract with Customer, Liability | $ 0 |
Note 8 - Revenue - Disaggregate
Note 8 - Revenue - Disaggregated Revenue by Revenue Source (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue | $ 1,939,382 | $ 1,914,503 | $ 3,723,460 | $ 3,739,604 |
Commercial Vehicle [Member] | ||||
Revenue | 1,300,308 | 1,250,794 | 2,423,627 | 2,412,519 |
Parts [Member] | ||||
Revenue | 365,032 | 379,444 | 738,458 | 764,898 |
Commercial Vehicle Repair Service [Member] | ||||
Revenue | 262,399 | 271,685 | 538,169 | 534,458 |
Financial Service [Member] | ||||
Revenue | 2,387 | 2,978 | 4,462 | 6,500 |
Insurance [Member] | ||||
Revenue | 3,550 | 3,212 | 6,869 | 6,260 |
Product and Service, Other [Member] | ||||
Revenue | $ 5,706 | $ 6,390 | $ 11,875 | $ 14,969 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) | 6 Months Ended |
Jun. 30, 2024 | |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Minimum rental payments | $ 76,362 | $ 76,431 | $ 153,229 | $ 151,591 |
Nonlease payments | 11,284 | 12,118 | 22,338 | 23,624 |
Total | $ 87,646 | $ 88,549 | $ 175,567 | $ 175,215 |
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 | 6 Months Ended | |
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | |
Balance | $ 1,870,879 | $ 1,870,879 | |
Balance | $ 2,003,394 | 2,003,394 | |
AOCI Attributable to Parent [Member] | |||
Balance | (4,054) | (2,163) | (2,163) |
Foreign currency translation adjustment | (873) | (1,891) | |
Balance | $ (4,927) | $ (4,054) | $ (4,927) |
Note 11 - Accounts Receivable_3
Note 11 - Accounts Receivable and Allowance for Credit Losses - Allowance for Accounts Receivable (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Balance | $ 3,805 |
Current period provision | 2,736 |
Balance | 3,596 |
Write offs against allowance, net of recoveries | (2,945) |
Commercial Vehicle Receivables [Member] | |
Balance | 102 |
Current period provision | 10 |
Balance | 112 |
Manufacturers' Receivables [Member] | |
Balance | 964 |
Current period provision | 1,447 |
Balance | 809 |
Write offs against allowance, net of recoveries | (1,602) |
Leasing, Parts and Service Receivables [Member] | |
Balance | 1,660 |
Current period provision | 1,264 |
Balance | 1,627 |
Write offs against allowance, net of recoveries | (1,297) |
Other Receivables [Member] | |
Balance | 1,079 |
Current period provision | 15 |
Balance | 1,048 |
Write offs against allowance, net of recoveries | $ (46) |
Note 12 - Acquisitions (Details
Note 12 - Acquisitions (Details Textual) - USD ($) $ in Millions | Jul. 15, 2024 | Dec. 04, 2023 |
Freeway Ford Truck Sales, Inc. [Member] | ||
Payments to Acquire Productive Assets | $ 16.3 | |
Nebraska Peterbilt [Member] | Subsequent Event [Member] | ||
Payments to Acquire Productive Assets | $ 16.5 |