0001437749-21-003966 | 10-K | XBRL Viewer

Note 11 - Share Based Compensation and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement, Option, Activity [Table Text Block]

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
Options	Shares			Price		Life (in Years)		Value

Balance of Outstanding Options at January 1, 2020		4,601,438		$	20.41
Granted		753,600			22.28
Exercised		(1,221,594	)		16.04
Forfeited		(52,500	)		24.63
Balance of Outstanding Options at December 31, 2020		4,080,944		$	22.01		6.4	$	79,205,864
Expected to vest after December 31, 2020		2,705,026		$	24.31		7.7	$	46,284,768
Vested and exercisable at December 31, 2020		1,343,187		$	17.31		3.8	$	32,378,174

Schedule of Nonvested Share Activity [Table Text Block]

				Weighted
				Average
	Number of			Grant Date
Non-vested Shares	Shares			Fair Value

Non-vested at January 1, 2020		2,712,147		$	8.07
Granted		753,600			6.36
Vested		(675,490	)		6.69
Forfeited		(52,500	)		7.91

Non-vested at December 31, 2020		2,737,757		$	7.95

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

				Weighted
				Average				Weighted
				Remaining		Aggregate		Average
				Contractual		Intrinsic		Grant Date
Stock Awards and Units	Shares			Life (in Years)		Value		Fair Value

Outstanding non-vested shares at January 1, 2020		915,604						$	26.04
Granted		543,528							21.98
Vested		(471,404	)						25.04
Outstanding non-vested at December 31, 2020		987,728			8.6	$	37,425,013	$	24.28
Expected to vest after December 31, 2020		986,332			8.6	$	37,372,147

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 312,048	$ 181,620
Accounts receivable, net	172,481	183,704
Inventories, net	858,291	1,326,080
Prepaid expenses and other	14,906	20,728
Assets held for sale	0	419
Total current assets	1,357,726	1,712,551
Property and equipment, net	1,203,719	1,279,931
Operating lease right-of-use assets, net	60,577	57,197
Goodwill, net	292,142	292,142
Other assets, net	71,229	65,508
Total assets	2,985,393	3,407,329
Current liabilities:
Floor plan notes payable	511,786	996,336
Current maturities of long-term debt	141,672	189,265
Current maturities of finance lease obligations	26,373	22,892
Current maturities of operating lease obligations	10,196	10,114
Trade accounts payable	110,728	133,697
Customer deposits	74,209	42,695
Accrued expenses	151,830	112,390
Total current liabilities	1,026,794	1,507,389
Long-term debt, net of current maturities	387,982	438,413
Finance lease obligations, net of current maturities	90,740	69,478
Operating lease obligations, net of current maturities	51,155	47,555
Other long-term liabilities	34,246	20,704
Deferred income taxes, net	126,439	164,297
Shareholders’ equity:
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2020 and 2019	0	0
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 42,503,925 Class A shares and 12,470,308 Class B shares outstanding in 2020; and 41,930,472 Class A shares and 12,360,729 Class B shares outstanding in 2019	551	465
Additional paid-in capital	437,646	397,267
Treasury stock, at cost: 10,335 Class A shares and 73,437 Class B shares in 2020 and 7,583,674 Class A shares and 7,959,511 Class B shares in 2019	(2,879)	(304,129)
Retained earnings	831,850	1,065,553
Accumulated other comprehensive income	869	337
Total shareholders’ equity	1,268,037	1,159,493
Total liabilities and shareholders’ equity	$ 2,985,393	$ 3,407,329

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net income	$ 114,887	$ 141,583	$ 139,062
Other comprehensive income net of tax and net of reclassification adjustments:
Change in currency translation	532	337	0
Comprehensive income	$ 115,419	$ 141,920	$ 139,062

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Note 7 - Floor Plan Notes Payable and Lines of Credit (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Line of Credit Facility, Maximum Borrowing Capacity	$ 17,500
Floor Plan Notes Payable	511,786	$ 996,336
Long-term Line of Credit, Total	0
Line of Credit Amount Pledged to Secure Letters of Credit	12,300
Line of Credit Facility, Remaining Borrowing Capacity	5,200
Floor Plan Credit Agreement [Member]
Floor Plan Notes Payable	$ 0
Debt, Weighted Average Interest Rate	1.20%	2.60%
BMO Harris Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000
Debt Instrument, Working Capital Fee Percentage	0.16%
Floor Plan Notes Payable	$ 451,500
BMO Harris Bank N.A. [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Debt Instrument, Interest Rate, Effective Percentage	1.40%
Ford Motor Financing Agreement [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Revolving Credit Facility [Member] \| BMO Harris Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000
Long-term Line of Credit, Total	0
Letter of Credit [Member] \| BMO Harris Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000

Note 13 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Unrecognized tax benefits at beginning of period	$ 3,007	$ 2,389	$ 2,555
Gross increases – tax positions in current year	651	1,188	504
Reductions due to lapse of statute of limitations	(353)	(570)	(670)
Unrecognized tax benefits at end of period	$ 3,306	$ 3,007	$ 2,389

Note 1 - Organization and Operations

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1.	ORGANIZATION AND OPERATIONS:

Rush Enterprises, Inc. (the “Company”) was incorporated in 1965 under the laws of the State of Texas. The Company operates a network of commercial vehicle dealerships that primarily sell commercial vehicles manufactured by Peterbilt, International, Hino, Ford, Isuzu, IC Bus or Blue Bird. Through its strategically located network of Rush Truck Centers, the Company provides one-stop service for the needs of its commercial vehicle customers, including retail sales of new and used commercial vehicles, aftermarket parts sales, service and repair facilities, financing, leasing and rental, and insurance products.

Stock Split

On September 15, 2020, the Board of Directors of the Company declared a 3-for-2 stock split of the Company’s Class A common stock and Class B common stock, to be effected in the form of a stock dividend. On October 12, 2020, the Company distributed one additional share of stock for every two shares of Class A common stock, par value $0.01 per share, and Class B common stock, par value $0.01 per share, held by shareholders of record as of September 28, 2020. All share and per share data in this Form 10-K have been adjusted and restated to reflect the stock split as if it occurred on the first day of the earliest period presented.

COVID-19 Risks and Uncertainties

In March 2020, the World Health Organization made the assessment that COVID-19 could be characterized as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. The Company’s nationwide network of commercial vehicle dealerships are classified as “essential businesses” and have remained operational across the Company’s dealership network. Despite the dealerships remaining open, the COVID-19 pandemic had a significant negative impact on the Company’s financial results during the year ended December 31, 2020. The Company is unable to predict the impact that the COVID-19 pandemic will have on its future business and operating results due to numerous uncertainties, including the duration and severity of the outbreak.

Note 12 - Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net income available to common shareholders	$ 114,887	$ 141,583	$ 139,062
Denominator for basic earnings per share – weighted average shares outstanding (in shares)	54,866	54,988	58,835
Employee and director stock options and restricted share awards (in shares)	1,376	1,368	1,605
Denominator for diluted earnings per share - adjusted weighted average shares outstanding and assumed conversions (in shares)	56,242	56,356	60,440
Basic earnings per common share (in dollars per share)	$ 2.09	$ 2.57	$ 2.36
Diluted earnings per common share and common share equivalents (in dollars per share)	$ 2.04	$ 2.51	$ 2.30

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

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The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

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+ Details

Note 18 - Revenue - Disaggregated Revenue by Revenue Source (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue	$ 4,499,717	$ 5,562,298	$ 5,267,952
Commercial Vehicle [Member]
Revenue	2,863,309	3,757,584	3,558,637
Parts [Member]
Revenue	911,102	993,288	937,241
Commercial Vehicle Repair Service [Member]
Revenue	689,343	769,222	732,811
Financial Service [Member]
Revenue	12,047	14,618	10,795
Insurance [Member]
Revenue	9,902	9,825	9,740
Product and Service, Other [Member]
Revenue	$ 14,014	$ 17,761	$ 18,728

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
New commercial vehicles	$ 563,097	$ 967,785
Used commercial vehicles	56,214	84,610
Parts and accessories	238,195	273,185
Other	16,175	17,763
Less allowance	(15,390)	(17,263)
Total	$ 858,291	$ 1,326,080

Note 8 - Long-term Debt

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Long-term Debt [Text Block]

8.	LONG-TERM DEBT:

Long-term debt was comprised of the following (in thousands):

	December 31,
	2020			2019

Variable interest rate term notes	$	40,975		$	58,416
Fixed interest rate term notes		488,679			569,262

Total debt		529,654			627,678

Less: current maturities		(141,672	)		(189,265	)

Total long-term debt, net of current maturities	$	387,982		$	438,413

As of December 31, 2020, long-term debt maturities were as follows (in thousands):

2021		141,672
2022		125,511
2023		107,145
2024		81,916
2025		46,778
Thereafter		26,632

Total	$	529,654

The interest rates on the Company’s variable interest rate notes are based on various LIBOR and Prime benchmark rates. The interest rates on the notes ranged from approximately 1.6% to 3.5% on December 31, 2020. Payments on the notes range from approximately $5,330 to $522,636 per month, plus interest. Maturities of these notes range from October 2022 to October 2025.

The Company’s fixed interest rate notes had interest rates that ranged from approximately 2.0% to 6.19% on December 31, 2020. Payments on the notes range from $254 to $72,316 per month. Maturities of these notes range from January 2021 to May 2029.

The proceeds from the issuance of the notes were used primarily to acquire land, buildings and related property improvements, in addition to vehicles for the Company’s lease and rental fleet. The notes are secured by the assets acquired with the proceeds of such notes.

The Company’s long-term real estate debt agreements, floor plan financing arrangements and the Working Capital Facility require the Company to satisfy various financial ratios such as the debt to worth ratio, leverage ratio, the fixed charge coverage ratio and certain requirements for tangible net worth and GAAP net worth. As of December 31, 2020, the Company was in compliance with all debt covenants. The Company does not anticipate any breach of the covenants in the foreseeable future.

Note 11 - Share Based Compensation and Employee Benefit Plans - Non-vested Restricted Stock Awards and RSU's (Details) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Outstanding non-vested shares (in shares)	915,604
Outstanding non-vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 26.04
Granted (in shares)	543,528
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 21.98
Vested (in shares)	(471,404)
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 25.04
Outstanding non-vested shares (in shares)	987,728
Outstanding non-vested, weighted average remaining contractual life (Year)	8 years 7 months 6 days
Outstanding non-vested, aggregate intrinsic value \| $	$ 37,425,013
Outstanding non-vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 24.28
Expected to vest (in shares)	986,332
Expected to vest, weighted average remaining contractual life (Year)	8 years 7 months 6 days
Expected to vest, aggregate intrinsic value \| $	$ 37,372,147

Note 7 - Floor Plan Notes Payable and Lines of Credit - Assets Pledged as Collateral (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Inventories, new and used vehicles at cost based on specific identification, net of allowance	$ 613,236	$ 1,042,794
Vehicle sale related accounts receivable	82,338	82,991
Total	695,574	1,125,785
Floor Plan Notes Payable	$ 511,786	$ 996,336

Note 13 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
Note 13 - Income Taxes (Details Textual) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax Assets, Valuation Allowance, Total	$ 0	$ 121,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	3,300,000	3,000,000.0
Unrecognized Tax Benefits, Interest on Income Taxes Expense	6,150	5,220	$ (27,450)
Unrecognized Tax Benefits, Income Tax Penalties Accrued	0
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	150,000	$ 144,000	$ 139,000
Undistributed Earnings of Foreign Subsidiaries	$ 7,000,000.0
Effective Income Tax Rate Reconciliation, Dividend Received Deduction, Percent	100.00%
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Total	$ 22,800,000
Deferred Tax Assets, Operating Loss Carryforwards, Total	$ 1,100,000
Open Tax Year	2017 2018 2019 2020
State and Local Jurisdiction [Member] \| Deferred Tax Assets Related to Operating Loss Carryforwards [Member]
Deferred Tax Assets, Valuation Allowance, Total	$ 121,000
Domestic Tax Authority [Member]
Open Tax Year	2017 2018 2019 2020

Note 17 - Segments

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

17.

SEGMENTS:

The Company currently has one reportable business segment - the Truck Segment. The Truck Segment includes the Company’s operation of a nationwide network of commercial vehicle dealerships that provide an integrated one-stop source for the commercial vehicle needs of its customers, including retail sales of new and used commercial vehicles; aftermarket parts, service and collision center facilities; and financial services, including the financing of new and used commercial vehicle purchases, insurance products and truck leasing and rentals. The commercial vehicle dealerships are deemed a single reporting unit because they have similar economic characteristics. The Company’s chief operating decision maker considers the entire Truck Segment, not individual dealerships or departments within its dealerships, when making decisions about resources to be allocated to the segment and assessing its performance.

The Company also has revenues attributable to three other operating segments. These segments include a retail tire company, an insurance agency and a guest ranch operation and are included in the All Other column below. None of these segments has ever met any of the quantitative thresholds for determining reportable segments.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on operating income.

The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. There were no material intersegment sales during the years ended December 31, 2020, 2019 or 2018.

The following table contains summarized information about reportable segment revenue, segment income or loss from continuing operations and segment assets for the periods ended December 31, 2020, 2019 and 2018 (in thousands):

	Truck		All
	Segment		Other			Totals
2020
Revenues from external customers	$	4,721,058	$	14,882		$	4,735,940
Interest income		713		-			713
Interest expense		9,444		283			9,727
Depreciation and amortization		57,162		294			57,456
Segment operating income		153,841		764			154,605
Segment income from continuing operations before taxes		151,222		501			151,723
Segment assets		2,939,390		46,003			2,985,393
Goodwill		289,582		2,560			292,142
Expenditures for segment assets		135,956		244			136,200

2019
Revenues from external customers	$	5,794,155	$	15,692		$	5,809,847
Interest income		1,680		-			1,680
Interest expense		30,201		286			30,487
Depreciation and amortization		55,036		336			55,372
Segment operating income (loss)		216,691		(286	)		216,405
Segment income from continuing operations before taxes		188,122		1,401			189,523
Segment assets		3,369,517		37,812			3,407,329
Goodwill		289,582		2,560			292,142
Expenditures for segment assets		292,980		513			293,493

2018
Revenues from external customers	$	5,488,787	$	17,403		$	5,506,190
Interest income		1,376		-			1,376
Interest expense		20,850		208			21,058
Depreciation and amortization		70,170		319			70,489
Segment operating income		202,725		126			202,851
Segment income (loss) from continuing operations before taxes		183,251		(82	)		183,169
Segment assets		3,166,174		35,176			3,201,350
Goodwill		288,831		2,560			291,391
Expenditures for segment assets		238,229		31			238,260

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 2 - Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accumulated depreciation and amortization	$ (640,577)	$ (606,503)
Total	1,203,719	1,279,931
Land [Member]
Property and equipment, gross	136,024	137,416
Building and Building Improvements [Member]
Property and equipment, gross	$ 495,808	474,106
Building and Building Improvements [Member] \| Minimum [Member]
Property and equipment, estimated life (Year)	10 years
Building and Building Improvements [Member] \| Maximum [Member]
Property and equipment, estimated life (Year)	39 years
Leasehold Improvements [Member]
Property and equipment, gross	$ 38,767	34,350
Leasehold Improvements [Member] \| Minimum [Member]
Property and equipment, estimated life (Year)	2 years
Leasehold Improvements [Member] \| Maximum [Member]
Property and equipment, estimated life (Year)	39 years
Machinery and Equipment [Member]
Property and equipment, gross	$ 87,090	82,594
Machinery and Equipment [Member] \| Minimum [Member]
Property and equipment, estimated life (Year)	5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property and equipment, estimated life (Year)	20 years
Furniture and Fixtures [Member]
Property and equipment, gross	$ 81,834	73,846
Furniture and Fixtures [Member] \| Minimum [Member]
Property and equipment, estimated life (Year)	3 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property and equipment, estimated life (Year)	15 years
Transportation Equipment [Member]
Property and equipment, gross	$ 96,319	99,127
Transportation Equipment [Member] \| Minimum [Member]
Property and equipment, estimated life (Year)	3 years
Transportation Equipment [Member] \| Maximum [Member]
Property and equipment, estimated life (Year)	15 years
Vehicles [Member]
Property and equipment, gross	$ 905,465	968,121
Vehicles [Member] \| Minimum [Member]
Property and equipment, estimated life (Year)	1 year
Vehicles [Member] \| Maximum [Member]
Property and equipment, estimated life (Year)	8 years
Construction in Progress [Member]
Property and equipment, gross	$ 2,989	$ 16,874

Note 12 - Earnings Per Share (Details Textual)	12 Months Ended
Note 12 - Earnings Per Share (Details Textual)	Dec. 31, 2020
Common Class A [Member]
Common Stock, Voting Rights	1/20th
Common Class B [Member]
Common Stock, Voting Rights	one

Note 16 - Unaudited Quarterly Financial Data

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Quarterly Financial Information [Text Block]

16.

UNAUDITED QUARTERLY FINANCIAL DATA:

(In thousands, except per share amounts.)

	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
2020

Revenues	$	1,286,663	$	1,002,512	$	1,178,568	$	1,268,197
Gross profit		234,501		192,331		212,452		236,183
Operating income		35,197		23,001		42,868		53,539
Income before income taxes		31,669		22,512		43,928		53,614
Net income	$	23,107	$	16,816	$	33,939	$	41,025

Earnings per share:
Basic	$	0.42	$	0.31	$	0.62	$	0.74
Diluted	$	0.41	$	0.30	$	0.60	$	0.72

2019

Revenues	$	1,348,317	$	1,544,561	$	1,599,265	$	1,317,704
Gross profit		256,916		269,506		264,768		234,438
Operating income		56,867		61,792		58,323		39,423
Income before income taxes		49,558		54,410		52,210		33,345
Net income	$	37,104	$	41,621	$	39,104	$	23,754

Earnings per share:
Basic	$	0.67	$	0.75	$	0.71	$	0.43
Diluted	$	0.65	$	0.74	$	0.70	$	0.42

Note 6 - Valuation Accounts - Valuation and Allowance Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Parts Inventory [Member]
Balance	$ 7,661	$ 7,050	$ 6,230
Net Charged to Costs and Expenses	4,501	4,460	2,744
Net Write-Offs	(2,847)	(3,849)	(1,924)
Balance End of Year	9,315	7,661	7,050
Commercial Vehicle Inventory [Member]
Balance	9,602	4,587	5,953
Net Charged to Costs and Expenses	9,598	12,489	3,550
Net Write-Offs	(13,125)	(7,474)	(4,916)
Balance End of Year	6,075	9,602	4,587
SEC Schedule, 12-09, Allowance, Credit Loss [Member]
Balance	1,014	987	616
Net Charged to Costs and Expenses		2,065	2,183
Net Write-Offs		(2,038)	(1,812)
Balance End of Year		1,014	987
Allowance for Warranty Receivables From Manufacturers [Member]
Balance	$ 410	429	210
Net Charged to Costs and Expenses		1,661	2,031
Net Write-Offs		(1,680)	(1,812)
Balance End of Year		$ 410	$ 429

Note 8 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable interest rate term notes	$ 40,975	$ 58,416
Fixed interest rate term notes	488,679	569,262
Total	529,654	627,678
Less: current maturities	(141,672)	(189,265)
Total long-term debt, net of current maturities	$ 387,982	$ 438,413

Note 8 - Long-term Debt - Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
2021	$ 141,672
2022	125,511
2023	107,145
2024	81,916
2025	46,778
Thereafter	26,632
Total	$ 529,654	$ 627,678

Note 3 - Supplier Concentration (Details Textual)	12 Months Ended
Note 3 - Supplier Concentration (Details Textual)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Product Concentration Risk [Member] \| Revenue Benchmark [Member]
Concentration Risk, Percentage	59.00%	61.60%	62.50%

Note 11 - Share Based Compensation and Employee Benefit Plans (Details Textual) - USD ($)		12 Months Ended
	Jun. 16, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 12, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)		753,600
Share-based Payment Arrangement, Expense		$ 19,400,000	$ 19,000,000.0	$ 18,100,000
Proceeds from Stock Options Exercised		23,500,000	11,100,000	5,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		20,800,000	8,700,000	2,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value		$ 4,500,000	$ 5,000,000.0	$ 5,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 6.36	$ 8.37	$ 10.31
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 8,000,000.0
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		2 years 1 month 6 days
Deferred Compensation Plan [Member]
Deferred Compensation Arrangement with Individual, Vested Percentage		100.00%
Deferred Compensation Liability, Current, Total		$ 19,500,000	$ 15,600,000
Cash Surrender Value of Life Insurance		$ 11,500,000	10,600,000
Rush 401 Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	10.00%	10.00%
Defined Contribution Plan, Cost		$ 6,000,000.0	$ 9,400,000	$ 8,900,000
Rush 401 Plan [Member] \| Highly Compensated Employees [Member]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent		15.00%
Rush 401 Plan [Member] \| Employees with Less than Five Years of Service [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	5.00%	20.00%
Rush 401 Plan [Member] \| Employees with More Than Five Years of Service [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	10.00%	40.00%
Rush 401 Plan [Member] \| Minimum [Member]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent		1.00%
Rush 401 Plan [Member] \| Maximum [Member]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent		50.00%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value		$ 11,800,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 21.98	$ 26.91	$ 26.97
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 7,800,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		1 year 3 months 18 days
Common Class A [Member]
Share Price (in dollars per share)		$ 41.42
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent		85.00%
Maximum Fair Value for Employee Stock Purchase Per Year		$ 25,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)					600,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		743,716
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		2,700,000
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)		176,807	175,925
Number of Employees Eligible to Participate in Stock Purchase Plan		6,307
Number of Employees Participating in Stock Purchase Plan		1,650
The 2006 Non-Employee Director Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)		750,000
Issuance of Cash for Non-employee Director Compensation, Percent		40.00%
Issuance of Stock and Cash for Non-employee Director Compensation		$ 125,000
The 2006 Non-Employee Director Stock Option Plan [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)		750,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		163,878
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares)		25,128	21,560
The 2006 Non-Employee Director Stock Option Plan [Member] \| Common Class A [Member] \| Shares Issued to Three Non-employee Directors [Member]
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued (in shares)		5,235	4,756
The 2006 Non-Employee Director Stock Option Plan [Member] \| Common Class A [Member] \| Shares Issued to Two Nonemployee Directors [Member]
Issuance of Stock and Cash for Non-employee Director Compensation		$ 125,000		$ 125,000
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued (in shares)		3,141	2,854
Payment to Nonemployee Directors		$ 50,000	$ 50,000
The 2006 Non-Employee Director Stock Option Plan [Member] \| Common Class A [Member] \| Shares Issued to One Nonemployee Director [Member]
Issuance of Stock and Cash for Non-employee Director Compensation			$ 62,500
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued (in shares)			1,584
Payment to Nonemployee Directors			$ 18,750
Amended and Restated 2007 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)		10 years
Amended and Restated 2007 Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		3 years
Amended and Restated 2007 Incentive Plan [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)		13,200,000			13,200,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		2,736,479
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee (in shares)		150,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)		753,600	723,995
Amended and Restated 2007 Incentive Plan [Member] \| Common Class B [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)					4,800,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		1,648,275
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee (in shares)		150,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)		518,400	476,385
Amended and Restated 2007 Incentive Plan [Member] \| Common Class B [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)		4,800,000
Every 6 Months [Member] \| Employee Stock Purchase Plan [Member]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount		$ 10,625

Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred income tax (assets) liabilities:
Inventory	$ (4,329)	$ (5,086)
Accounts receivable	(168)	(140)
Finance lease obligations	(27,522)	(21,618)
Finance and operating leases	(13,607)	(12,726)
Stock options	(7,463)	(8,749)
Accrued liabilities	(7,680)	(2,989)
State net operating loss carry forward	(1,101)	(2,381)
State tax credit	(193)	(196)
Other	(3,302)	(3,817)
Difference between book and tax basis- Operating lease assets	13,444	12,628
Difference between book and tax basis- Depreciation and amortization	178,360	209,250
Total	126,439	164,176
Deferred Tax Assets, Valuation Allowance, Total	0	121
Net deferred income tax liability	$ 126,439	$ 164,297

Note 11 - Share Based Compensation and Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

11.

SHARE BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS:

Employee Stock Purchase Plan

The Company’s 2004 Employee Stock Purchase Plan, as amended and restated (the “Employee Stock Purchase Plan”) allows eligible employees to contribute up to $10,625 of their base earnings every six months toward the semi-annual purchase of the Company’s Class A Common Stock. The employee’s purchase price is 85% of the lesser of the closing price of the Class A Common Stock on the first business day or the last business day of the semi-annual offering period, as reported by The NASDAQ Global Select Market. Employees may purchase shares having a fair market value of up to $25,000 (measured as of the first day of each semi-annual offering period) for each calendar year. On May 12, 2020, the Company’s shareholders approved the amendment and restatement of the Employee Stock Purchase Plan to increase the number of shares of Class A Common Stock authorized for issuance thereunder by 600,000 shares. Under the Employee Stock Purchase Plan, there are approximately 743,716 shares remaining of the 2,700,000 shares of the Company’s Class A Common Stock that were reserved for issuance. The Company issued 176,807 shares under the Employee Stock Purchase Plan during the year ended December 31, 2020 and 175,925 shares during the year ended December 31, 2019. Of the 6,307 employees eligible to participate, approximately 1,650 elected to participate in the plan as of December 31, 2020.

Non-Employee Director Stock Option Plan

The Rush Enterprises, Inc. 2006 Non-Employee Director Stock Option Plan, as amended and restated (the “Director Plan”), reserved 750,000 shares of Class A Common Stock for issuance upon exercise of any awards granted under the plan. The Director Plan is designed to attract and retain highly qualified non-employee directors. Currently, each non-employee director receives a grant of the Company’s Class A Common Stock, or up to 40% cash, equivalent to a compensation value of $125,000. In 2020, three non-employee directors received a grant of 5,235 shares of the Company’s Class A Common Stock and three non-employee directors received a grant of 3,141 shares of the Company’s Class A Common Stock and $50,000 cash, for total compensation equivalent to $125,000 each. In 2019, three non-employee directors received a grant of 4,756 shares of the Company’s Class A Common Stock, two non-employee directors received a grant of 2,854 shares of the Company’s Class A Common Stock and $50,000 cash, for total compensation equivalent to $125,000 each. In 2019, one director who was appointed to the Company’s Board of Directors in October of 2019 received 1,584 shares of the Company’s Class A Common Stock and $18,750 cash, for total compensation equivalent to $62,500. Under the Director Plan, there are approximately 163,878 shares remaining for issuance of the 750,000 shares of the Company’s Class A Common Stock that were reserved for issuance. The Company granted 25,128 shares of Class A Common Stock under the Director Plan during the year ended December 31, 2020 and 21,560 shares of Class A Common Stock under the Director Plan during the year ended December 31, 2019.

Employee Incentive Plans

In May 2007, the Board of Directors and shareholders adopted the Rush Enterprises, Inc. 2007 Long-Term Incentive Plan (the “2007 Incentive Plan”). The 2007 Incentive Plan provides for the grant of stock options (which may be nonqualified stock options or incentive stock options for tax purposes), stock appreciation rights issued independent of or in tandem with such options (“SARs”), restricted stock awards and performance awards. The 2007 Incentive Plan was amended and restated on May 20, 2014, May 16, 2017 and again on May 12, 2020 to increase the number of shares available for issuance under the plan to 13,200,000 shares of Class A Common Stock and 4,800,000 shares of Class B Common Stock and to make certain other changes intended to bring the 2007 Incentive Plan into conformance with current best practices.

The aggregate number of shares of common stock subject to stock options or SARs that may be granted to any one participant in any year under the 2007 Incentive Plan is 150,000 shares of Class A Common Stock or 150,000 shares of Class B Common Stock. Each option granted pursuant to the 2007 Incentive Plan has a ten year term from the grant date and vests in three equal annual installments beginning on the third anniversary of the grant date. The Company has 13,200,000 shares of Class A Common Stock and 4,800,000 shares of Class B Common Stock reserved for issuance under the Company’s 2007 Incentive Plan. As of December 31, 2020, approximately 2,736,479 shares of Class A Common Stock and 1,648,275 shares of Class B Common Stock are available for issuance under the Company’s 2007 Incentive Plan. The Company issues new shares of its Class A or Class B Common Stock upon the exercise of stock options or vesting of restricted stock units and upon the issuance of restricted stock awards. During the year ended December 31, 2020, the Company granted to employees 753,600 options to purchase Class A Common Stock and 518,400 restricted Class B Common Stock awards under the 2007 Incentive Plan. Restricted stock awards are issued when granted, but are subject to vesting requirements. During the year ended December 31, 2019, the Company granted to employees 723,995 options to purchase Class A Common Stock and 476,385 restricted Class B Common Stock awards under the 2007 Incentive Plan.

Valuation and Expense Information

Stock-based compensation expense related to stock options, restricted stock awards, restricted stock units and employee stock purchases was $19.4 million for the year ended December 31, 2020, $19.0 million for the year ended December 31, 2019, and $18.1 million for the year ended December 31, 2018. Cash received from options exercised and shares purchased under all share-based payment arrangements was $23.5 million for the year ended December 31, 2020, $11.1 million for the year ended December 31, 2019, and $5.7 million for the year ended December 31, 2018.

The following table presents a summary of the Company’s stock option activity and related information for the year ended December 31, 2020:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
Options	Shares			Price		Life (in Years)		Value

Balance of Outstanding Options at January 1, 2020		4,601,438		$	20.41
Granted		753,600			22.28
Exercised		(1,221,594	)		16.04
Forfeited		(52,500	)		24.63
Balance of Outstanding Options at December 31, 2020		4,080,944		$	22.01		6.4	$	79,205,864
Expected to vest after December 31, 2020		2,705,026		$	24.31		7.7	$	46,284,768
Vested and exercisable at December 31, 2020		1,343,187		$	17.31		3.8	$	32,378,174

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on the closing price of the Company’s Class A Common Stock on December 31, 2020, which was $41.42. The total intrinsic value of options exercised was $20.8 million during the year ended December 31, 2020, $8.7 million during the year ended December 31, 2019, and $2.7 million during the year ended December 31, 2018.

The following table presents a summary of the status of the number of shares underlying Company’s non-vested stock options as of December 31, 2020, and changes during the year ended December 31, 2020:

				Weighted
				Average
	Number of			Grant Date
Non-vested Shares	Shares			Fair Value

Non-vested at January 1, 2020		2,712,147		$	8.07
Granted		753,600			6.36
Vested		(675,490	)		6.69
Forfeited		(52,500	)		7.91

Non-vested at December 31, 2020		2,737,757		$	7.95

The total fair value of vested options was $4.5 million during the year ended December 31, 2020, $5.0 million during the year ended December 31, 2019, and $5.7 million during the year ended December 31, 2018. The weighted-average grant date fair value of options granted was $6.36 per share during the year ended December 31, 2020, $8.37 per share during the year ended December 31, 2019, and $10.31 per share during the year ended December 31, 2018.

Stock Awards

The Company granted restricted stock awards to certain of its employees under the 2007 Incentive Plan and unrestricted stock awards to its non-employee directors under the Director Plan during the year ended December 31, 2020. The restricted stock awards and previously granted restricted stock units granted to employees vest in three equal installments on the first, second and third anniversary of the grant date and are forfeited in the event the recipient’s employment or relationship with the Company is terminated prior to vesting, except as a result of retirement or under certain circumstances associated with a change of control or involuntary termination, as further described in the Company’s executive transition plan. The fair value of the restricted stock awards and restricted stock unit awards granted to the Company’s employees is amortized to expense on a straight-line basis over the restricted stock’s vesting period. The shares granted to non-employee directors are expensed on the grant date.

The following table presents a summary of the Company’s non-vested restricted stock awards and restricted stock unit awards outstanding at December 31, 2020:

				Weighted
				Average				Weighted
				Remaining		Aggregate		Average
				Contractual		Intrinsic		Grant Date
Stock Awards and Units	Shares			Life (in Years)		Value		Fair Value

Outstanding non-vested shares at January 1, 2020		915,604						$	26.04
Granted		543,528							21.98
Vested		(471,404	)						25.04
Outstanding non-vested at December 31, 2020		987,728			8.6	$	37,425,013	$	24.28
Expected to vest after December 31, 2020		986,332			8.6	$	37,372,147

The total fair value of the shares issued upon the vesting of restricted and unrestricted stock awards and restricted stock unit awards during the year ended December 31, 2020 was $11.8 million. The weighted-average grant date fair value of stock awards and units granted was $21.98 per share during the year ended December 31, 2020, $26.91 per share during the year ended December 31, 2019 and $26.97 per share during the year ended December 31, 2018.

As of December 31, 2020, the Company had $8.0 million of unrecognized compensation expense related to non-vested employee stock options to be recognized over a weighted-average period of 2.1 years and $7.8 million of unrecognized compensation cost related to non-vested restricted stock awards and restricted stock unit awards to be recognized over a weighted-average period of 1.3 years.

Defined Contribution Plan

The Company has a defined contribution plan (the “Rush 401k Plan”), which is available to all Company employees. Each employee who has completed 30 days of continuous service is entitled to enter the Rush 401k Plan on the first day of the following month. Participating employees may contribute from 1% to 50% of their total gross compensation. However, certain highly compensated employees are limited to a maximum contribution of 15% of total gross compensation. Effective February 1, 2012, for the first 10% of an employee’s contribution, the Company contributed an amount equal to 20% of the employees’ contributions for those employees with less than five years of service and an amount equal to 40% of the employees’ contributions for those employees with more than five years of service. Effective June 16, 2020, for the first 10% of an employee’s contribution, the Company contributed an amount equal to 5% of the employees’ contributions for those employees with less than five years of service and an amount equal to 10% of the employees’ contributions for those employees with more than five years of service. The Company incurred expenses related to the Rush 401k Plan of approximately $6.0 million during the year ended December 31, 2020, $9.4 million during the year ended December 31, 2019 and $8.9 million during the year ended December 31, 2018.

Deferred Compensation Plan

On November 6, 2010, the Board of Directors of the Company adopted the Rush Enterprises, Inc. Deferred Compensation Plan (the “Deferred Compensation Plan”) pursuant to which certain employees and directors may elect to defer a portion of their annual compensation. The Deferred Compensation Plan also provides the Company with the discretion to make matching contributions to participants’ accounts. The Company established a rabbi trust to finance obligations under the Deferred Compensation Plan with corporate-owned variable life insurance contracts. Participants are 100% vested in their respective deferrals and the earnings thereon. The first deferral election period began on January 1, 2011. The Company’s liability related to the Deferred Compensation Plan was $19.5 million on December 31, 2020 and $15.6 million on December 31, 2019. The related cash surrender value of the life insurance contracts was $11.5 million on December 31, 2020 and $10.6 million on December 31, 2019.

The Company currently does not provide any post-retirement benefits nor does it provide any post-employment benefits.

Note 4 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Warranty claims	$ 9,032	$ 16,819
Other accounts receivable	24,027	16,942
Less allowance for credit losses	(1,605)	(1,424)
Total	172,481	183,704
Trade Accounts Receivable From Sale of Vehicles [Member]
Trade receivables	82,338	82,991
Trade Receivable Other Than Vehicles [Member]
Trade receivables	$ 58,689	$ 68,376

Note 6 - Valuation Accounts

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

6.	VALUATION ACCOUNTS:

Valuation and allowance accounts include the following (in thousands):

	Balance Beginning of Year		Net Charged to Costs and Expenses		Net Write- Offs			Balance End of Year

2020
Reserve for parts inventory	$	7,661	$	4,501	$	(2,847	)	$	9,315
Reserve for commercial vehicle inventory		9,602		9,598		(13,125	)		6,075

2019
Reserve for accounts receivable	$	987	$	2,065	$	(2,038	)	$	1,014
Reserve for warranty receivables		429		1,661		(1,680	)		410
Reserve for parts inventory		7,050		4,460		(3,849	)		7,661
Reserve for commercial vehicle inventory		4,587		12,489		(7,474	)		9,602

2018
Reserve for accounts receivable	$	616	$	2,183	$	(1,812	)	$	987
Reserve for warranty receivables		210		2,031		(1,812	)		429
Reserve for parts inventory		6,230		2,744		(1,924	)		7,050
Reserve for commercial vehicle inventory		5,953		3,550		(4,916	)		4,587

Accounts Receivable and Allowance for Credit Losses

The Company adopted Topic 326 on January 1, 2020. The Company did not recognize an adjustment to the beginning balance of retained earnings because the new accounting standard did not have a material impact on its consolidated financial statements. The Company establishes an allowance for credit losses to present the net amount of accounts receivable expected to be collected. Under Topic 326, the Company is required to remeasure expected credit losses for financial instruments held on the reporting date based on historical experience, current conditions and reasonable forecasts.

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’s assessment of future losses in 2020 considered the impact of the COVID-19 pandemic on forecasted economic trends. 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, 2019		Provision for the Year Ended December 31, 2020		Write offs Against Allowance, net of Recoveries			Balance December 31, 2020

Commercial vehicle receivables	$	11	$	161	$	-		$	172
Manufacturers’ receivables		410		1,169		(1,443	)		136
Leasing, parts and service receivables		989		1,852		(1,563	)		1,278
Other receivables		14		21		(16	)		19
Total	$	1,424	$	3,203	$	(3,022	)	$	1,605

Inventory

The Company provides a reserve for obsolete and slow moving parts. The reserve is reviewed and, if necessary, adjustments are made on a quarterly basis. The Company relies on historical information to support its reserve. Once the inventory is written down, the Company does not reverse any reserve balance until the inventory is sold.

The valuation for new and used commercial vehicle inventory is based on specific identification. A detail of new and used commercial vehicle inventory is reviewed and, if necessary, adjustments to the value of specific vehicles are made on a quarterly basis.

Note 19 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Balance	$ 1,159,493
Balance	1,268,037
AOCI Attributable to Parent [Member]
Balance	337
Foreign currency translation adjustment	532
Balance	$ 869

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Note 14 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

14.

COMMITMENTS AND CONTINGENCIES:

From time to time, the Company is involved in litigation arising out of its operations in the ordinary course of business. The Company maintains liability insurance, including product liability coverage, in amounts deemed adequate by management. To date, aggregate costs to the Company for claims, including product liability actions, have not been material. 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. The Company believes that there are no claims or litigation pending, the outcome of which could 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 7 - Floor Plan Notes Payable and Lines of Credit

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

7.	FLOOR PLAN NOTES PAYABLE AND LINES OF CREDIT:

Floor Plan Notes Payable

Floor plan notes are financing agreements to facilitate the Company’s purchase of new and used commercial vehicle inventory. These notes are collateralized by the inventory purchased and accounts receivable arising from the sale thereof. The Company’s Floor Plan Credit Agreement provides for a loan commitment of up to $1.0 billion and has the interest rate benchmarked to LIBOR, as defined in the agreement. The interest rate under the Company’s Floor Plan Credit Agreement is the one month LIBOR rate plus 1.25%. The effective interest rate applicable to the Company’s Floor Plan Credit Agreement was approximately 1.4% as of December 31, 2020. The Company utilizes its excess cash on hand to pay down its outstanding borrowings under its Floor Plan Credit Agreement, and the resulting interest earned is recognized as an offset to the Company’s gross interest expense under the Floor Plan Credit Agreement. The Company is required to pay a monthly working capital fee equal to 0.16% per annum multiplied by the amount of voluntary prepayments of new and used inventory loans.

The Company finances substantially all of the purchase price of its new commercial vehicle inventory and the loan value of its used commercial vehicle inventory under its Floor Plan Credit Agreement, under which BMO Harris pays the manufacturer directly with respect to new commercial vehicles. Amounts borrowed under the Company’s Floor Plan Credit Agreement are due when the related commercial vehicle inventory (collateral) is sold and the sales proceeds are collected by the Company. The Company’s Floor Plan Credit Agreement expires June 30, 2022, although BMO Harris has the right to terminate the Floor Plan Credit Agreement at any time upon 360 days written notice and the Company may terminate at any time, subject to specified limited exceptions. On December 31, 2020, the Company had approximately $451.5 million outstanding under its Floor Plan Credit Agreement.

In June 2012, the Company entered into a wholesale financing agreement with Ford Motor Credit Company that provides for the financing of, and is collateralized by, the Company’s new Ford vehicle inventory. This wholesale financing agreement bore interest at a rate of Prime plus 150 basis points minus certain incentives and rebates. As of December 31, 2020, the Company had did not have an outstanding balance under the Ford Motor Credit Company wholesale financing agreement.

The Company’s weighted average interest rate for floor plan notes payable was 1.2% for the year ended December 31, 2020, and 2.6% for the year ended December 31, 2019, which is net of interest related to prepayments of new and used inventory loans.

Assets pledged as collateral were as follows (in thousands):

	December 31,
	2020		2019
Inventories, new and used vehicles at cost based on specific identification, net of allowance	$	613,236	$	1,042,794
Vehicle sale related accounts receivable		82,338		82,991

Total	$	695,574	$	1,125,785

Floor plan notes payable related to vehicles	$	511,786	$	996,336

Lines of Credit

The Company has a secured line of credit that provides for a maximum borrowing of $17.5 million. There were no advances outstanding under this secured line of credit at December 31, 2020; however, $12.3 million was pledged to secure various letters of credit related to self-insurance products, leaving $5.2 million available for future borrowings as of December 31, 2020.

The Company’s Working Capital Facility with BMO Harris includes up to $100.0 million of revolving credit loans available to it for working capital, capital expenditures and other general corporate purposes. The amount of the borrowings under the Working Capital Facility are subject to borrowing base limitations based on the value of the Company’s eligible parts inventory and company vehicles. The Working Capital Facility includes a $20 million letter of credit sublimit. Borrowings under the Working Capital Facility bear interest at rates based on LIBOR or the Base Rate (as such terms are defined in the Working Capital Facility), plus an applicable margin determined based on outstanding borrowing under the Working Capital Facility. In addition, the Company is required to pay a commitment fee on the amount unused under the Working Capital Facility. The Working Capital Facility expires on the earlier of (i) June 30, 2022 and (ii) the date on which all commitments under the Working Capital Facility shall have terminated, whether as a result of the occurrence of the Commitment Termination Date (as defined in the Working Capital Facility) or otherwise. There were no advances outstanding under the Working Capital Facility as of December 31, 2020.

Note 17 - Segments (Details Textual)	12 Months Ended
Note 17 - Segments (Details Textual)	Dec. 31, 2020
Truck Segment [Member]
Number of Reportable Segments	1
Other Segments [Member]
Number of Operating Segments	3

Note 8 - Long-term Debt (Details Textual)	12 Months Ended
Note 8 - Long-term Debt (Details Textual)	Dec. 31, 2020 USD ($)
Minimum [Member] \| Variable Interest Rate Notes [Member]
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	1.60%
Debt Instrument, Periodic Payment, Total	$ 5,330
Minimum [Member] \| Fixed Interest Rate Notes [Member]
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	2.00%
Debt Instrument, Periodic Payment, Total	$ 254
Maximum [Member] \| Variable Interest Rate Notes [Member]
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	3.50%
Debt Instrument, Periodic Payment, Total	$ 522,636
Maximum [Member] \| Fixed Interest Rate Notes [Member]
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	6.19%
Debt Instrument, Periodic Payment, Total	$ 72,316

Note 17 - Segments (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Truck		All
	Segment		Other			Totals
2020
Revenues from external customers	$	4,721,058	$	14,882		$	4,735,940
Interest income		713		-			713
Interest expense		9,444		283			9,727
Depreciation and amortization		57,162		294			57,456
Segment operating income		153,841		764			154,605
Segment income from continuing operations before taxes		151,222		501			151,723
Segment assets		2,939,390		46,003			2,985,393
Goodwill		289,582		2,560			292,142
Expenditures for segment assets		135,956		244			136,200

2019
Revenues from external customers	$	5,794,155	$	15,692		$	5,809,847
Interest income		1,680		-			1,680
Interest expense		30,201		286			30,487
Depreciation and amortization		55,036		336			55,372
Segment operating income (loss)		216,691		(286	)		216,405
Segment income from continuing operations before taxes		188,122		1,401			189,523
Segment assets		3,369,517		37,812			3,407,329
Goodwill		289,582		2,560			292,142
Expenditures for segment assets		292,980		513			293,493

2018
Revenues from external customers	$	5,488,787	$	17,403		$	5,506,190
Interest income		1,376		-			1,376
Interest expense		20,850		208			21,058
Depreciation and amortization		70,170		319			70,489
Segment operating income		202,725		126			202,851
Segment income (loss) from continuing operations before taxes		183,251		(82	)		183,169
Segment assets		3,166,174		35,176			3,201,350
Goodwill		288,831		2,560			291,391
Expenditures for segment assets		238,229		31			238,260

Note 10 - Leases (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Lease, Cost [Table Text Block]

		Twelve Months Ended
Component	Classification	December 31, 2020		December 31, 2019
Operating lease cost	SG&A expense	$	9,986	$	9,479
Operating lease cost	Lease and rental cost of products sold		4,654		4,154
Finance lease cost – amortization of right-of-use assets	Lease and rental cost of products sold		16,791		14,312
Finance lease cost – interest on lease liabilities	Lease and rental cost of products sold		4,678		3,372
Short-term lease cost	SG&A expense		66		594

	Twelve Months Ended
	December 31, 2020		December 31, 2019
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	19,318	$	17,005
Financing cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	11,192	$	8,331
Non-cash activity:
Operating lease right-of-use assets obtained in exchange for lease obligations	$	16,545	$	57,197

Weighted-average remaining lease term (in months)			68
Weighted-average discount rate			5.3	%

Lessee, Lease Liability, Maturity [Table Text Block]

	Finance Leases			Operating Leases
2021	$	31,579		$	13,055
2022		25,714			11,333
2023		21,553			9,890
2024		22,797			9,835
2025		15,837			6,242
2026 and beyond		16,931			28,572
Total lease payments	$	134,411		$	78,927
Less: Imputed interest		(17,298	)		(17,576	)
Present value of lease liabilities	$	117,113		$	61,351

Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block]

2021	$	130,063
2022		105,791
2023		82,312
2024		57,813
2025		32,112
Thereafter		17,927
Total	$	426,018

Leases, Lease Income [Table Text Block]

	2020		2019
Minimum rental payments	$	205,640	$	215,288
Nonlease payments		30,583		32,261
Total	$	236,223	$	247,549

Note 19 - Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Balance as of December 31, 2019	$	337
Foreign currency translation adjustment		532
Balance as of December 31, 2020	$	869

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2020	Feb. 16, 2021	Jun. 30, 2020
Document Information [Line Items]
Entity Central Index Key	0001012019
Entity Registrant Name	RUSH ENTERPRISES INC \TX\
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	0-20797
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	74-1733016
Entity Address, Address Line One	555 IH 35 South
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float			$ 1,308,563,538
Common Class B [Member]
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock, $0.01 par value
Trading Symbol	RUSHB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		12,397,082
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	RUSHA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		42,677,577

Note 6 - Valuation Accounts (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Summary of Valuation Allowance [Table Text Block]

	Balance Beginning of Year		Net Charged to Costs and Expenses		Net Write- Offs			Balance End of Year

2020
Reserve for parts inventory	$	7,661	$	4,501	$	(2,847	)	$	9,315
Reserve for commercial vehicle inventory		9,602		9,598		(13,125	)		6,075

2019
Reserve for accounts receivable	$	987	$	2,065	$	(2,038	)	$	1,014
Reserve for warranty receivables		429		1,661		(1,680	)		410
Reserve for parts inventory		7,050		4,460		(3,849	)		7,661
Reserve for commercial vehicle inventory		4,587		12,489		(7,474	)		9,602

2018
Reserve for accounts receivable	$	616	$	2,183	$	(1,812	)	$	987
Reserve for warranty receivables		210		2,031		(1,812	)		429
Reserve for parts inventory		6,230		2,744		(1,924	)		7,050
Reserve for commercial vehicle inventory		5,953		3,550		(4,916	)		4,587

Financing Receivable, Allowance for Credit Loss [Table Text Block]

	Balance December 31, 2019		Provision for the Year Ended December 31, 2020		Write offs Against Allowance, net of Recoveries			Balance December 31, 2020

Commercial vehicle receivables	$	11	$	161	$	-		$	172
Manufacturers’ receivables		410		1,169		(1,443	)		136
Leasing, parts and service receivables		989		1,852		(1,563	)		1,278
Other receivables		14		21		(16	)		19
Total	$	1,424	$	3,203	$	(3,022	)	$	1,605

Note 13 - Income Taxes

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Income Tax Disclosure [Text Block]

13.

INCOME TAXES:

The tax provisions are summarized as follows (in thousands):

	Year Ended December 31,
	2020			2019		2018
Income before income taxes:
Domestic	$	146,055		$	188,174	$	183,169
Foreign		5,668			1,349		-
Total		151,723			189,523		183,169

Current provision
Federal	$	67,988		$	20,303	$	31,819
State		6,706			4,648		6,291
Total		74,694			24,951		38,110
Deferred provision
Federal		(37,683	)		20,925		6,082
State		(1,254	)		2,064		(85	)
Foreign		1,079			-		-
Total		(37,858	)		22,989		5,997
Provision (benefit) for income taxes	$	36,836		$	47,940	$	44,107

A reconciliation of taxes based on the federal statutory rates and the provisions (benefits) for income taxes are summarized as follows (in thousands):

	Year Ended December 31,
	2020			2019		2018
Income taxes at the federal statutory rate	$	31,862		$	39,530	$	38,469
State income taxes, net of federal benefit		4,487			5,303		4,913
Tax effect of permanent differences		283			1,562		596
Foreign tax rate differential		(111	)		-		-
Other, net		315			1,545		129
Provision (benefit) for income taxes	$	36,836		$	47,940	$	44,107

The following summarizes the components of net deferred income tax liabilities included in the balance sheet (in thousands):

	December 31,
	2020			2019
Deferred income tax (assets) liabilities:
Inventory	$	(4,329	)	$	(5,086	)
Accounts receivable		(168	)		(140	)
Finance lease obligations		(27,522	)		(21,618	)
Finance and operating leases		(13,607	)		(12,726	)
Stock options		(7,463	)		(8,749	)
Accrued liabilities		(7,680	)		(2,989	)
State net operating loss carry forward		(1,101	)		(2,381	)
State tax credit		(193	)		(196	)
Other		(3,302	)		(3,817	)
Difference between book and tax basis- Operating lease assets		13,444			12,628
Difference between book and tax basis- Depreciation and amortization		178,360			209,250
		126,439			164,176
Valuation allowance		-			121
Net deferred income tax liability	$	126,439		$	164,297

As of December 31, 2020, the Company had approximately $22.8 million in state net operating loss carry forwards that expire from 2020 to 2039, which result in a deferred tax asset of $1.1 million. The Company has evaluated whether its state net operating losses are realizable and has not recorded a valuation allowance against them. The valuation allowance decreased $121,000 over the prior year ending December 31, 2019.

The Company had unrecognized income tax benefits totaling $3.3 million as a component of accrued liabilities as of December 31, 2020, and $3.0 million at December 31, 2019, 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. During the years ended December 31, 2020, 2019 and 2018, the Company recognized approximately $6,150, $5,220, and $(27,450) in interest expense (income). No amounts were accrued for penalties. The Company had approximately $150,000, $144,000 and $139,000 of interest accrued as of December 31, 2020, 2019 and 2018, respectively.

Undistributed earnings of certain of the Company’s foreign subsidiaries amounted to approximately $7.0 million at December 2020. Those earnings are considered to be indefinitely reinvested. Upon repatriation of those earnings in the form of dividends or otherwise, the Company may be subject to state and local taxes, and/or withholding taxes payable to the various foreign countries. The Company expects to be able to take a 100% dividends received deduction to offset any U.S. federal income tax liability on the undistributed earnings.

The Company does not anticipate a significant change in the amount of unrecognized tax benefits in the next 12 months. As of December 31, 2020, the tax years ended December 31, 2017 through 2020 remained subject to audit by federal tax authorities and the tax years ended December 31, 2016 through 2020, remained subject to audit by state tax authorities.

The table below presents the reconciliation of the change in the unrecognized tax benefits (in thousands):

	2020			2019			2018
Unrecognized tax benefits at beginning of period	$	3,007		$	2,389		$	2,555
Gross increases – tax positions in current year		651			1,188			504
Reductions due to lapse of statute of limitations		(353	)		(570	)		(670	)
Unrecognized tax benefits at end of period	$	3,306		$	3,007		$	2,389

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Note 17 - Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues from external customers	$ 1,268,197	$ 1,178,568	$ 1,002,512	$ 1,286,663	$ 1,317,704	$ 1,599,265	$ 1,544,561	$ 1,348,317	$ 4,735,940	$ 5,809,847	$ 5,506,190
Interest income									713	1,680	1,376
Interest expense									9,727	30,487	21,058
Depreciation and amortization									57,456	55,372	70,489
Segment operating income	53,539	42,868	23,001	35,197	39,423	58,323	61,792	56,867	154,605	216,405	202,851
Segment income from continuing operations before taxes	53,614	$ 43,928	$ 22,512	$ 31,669	33,345	$ 52,210	$ 54,410	$ 49,558	151,723	189,523	183,169
Segment assets	2,985,393				3,407,329				2,985,393	3,407,329	3,201,350
Goodwill	292,142				292,142				292,142	292,142	291,391
Expenditures for segment assets									136,200	293,493	238,260
Truck Segment [Member]
Revenues from external customers									4,721,058	5,794,155	5,488,787
Interest income									713	1,680	1,376
Interest expense									9,444	30,201	20,850
Depreciation and amortization									57,162	55,036	70,170
Segment operating income									153,841	216,691	202,725
Segment income from continuing operations before taxes									151,222	188,122	183,251
Segment assets	2,939,390				3,369,517				2,939,390	3,369,517	3,166,174
Goodwill	289,582				289,582				289,582	289,582	288,831
Expenditures for segment assets									135,956	292,980	238,229
Other Segments [Member]
Revenues from external customers									14,882	15,692	17,403
Interest income									0	0	0
Interest expense									283	286	208
Depreciation and amortization									294	336	319
Segment operating income									764	(286)	126
Segment income from continuing operations before taxes									501	1,401	(82)
Segment assets	46,003				37,812				46,003	37,812	35,176
Goodwill	$ 2,560				$ 2,560				2,560	2,560	2,560
Expenditures for segment assets									$ 244	$ 513	$ 31

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Class A [Member]
Common stock, authorized (in shares)	60,000,000	60,000,000
Common stock, outstanding (in shares)	42,503,925	41,930,472
Treasury stock (in shares)	10,335	7,583,674
Common Class B [Member]
Common stock, authorized (in shares)	20,000,000	20,000,000
Common stock, outstanding (in shares)	12,470,308	12,360,729
Treasury stock (in shares)	73,437	7,959,511

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 114,887	$ 141,583	$ 139,062
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	177,347	175,484	185,122
(Gain) loss on sale of property and equipment, net	(1,852)	102	(297)
Stock-based compensation expense related to employee stock options and employee stock purchases	19,356	19,005	18,059
(Benefit) provision for deferred income tax expense	(37,858)	22,989	5,997
Change in accounts receivable, net	11,223	19,831	(7,746)
Change in inventories	536,682	81,722	(255,040)
Change in prepaid expenses and other, net	5,822	(10,237)	1,907
Change in trade accounts payable	(23,336)	2,241	18,490
(Payments) draws on floor plan notes payable – trade, net	(114,958)	(26,579)	76,646
Change in customer deposits	31,514	6,512	8,833
Change in accrued expenses	48,974	(12,757)	24,331
Other, net	(4,819)	1,376	0
Net cash provided by operating activities	762,982	421,272	215,364
Cash flows from investing activities:
Acquisition of property and equipment	(136,200)	(293,493)	(238,260)
Proceeds from the sale of property and equipment	5,783	2,310	6,325
Business acquisitions	0	(10,168)	0
Purchase of equity method investment and call option	0	(22,499)	0
Proceeds from the sale of available for sale securities	0	0	6,375
Other	2,960	3,394	(1,683)
Net cash used in investing activities	(127,457)	(320,456)	(227,243)
Cash flows from financing activities:
(Payments) draws on floor plan notes payable – non-trade, net	(369,592)	(104)	167,812
Proceeds from long-term debt	157,255	210,043	156,751
Principal payments on long-term debt	(255,279)	(183,538)	(167,106)
Principal payments on finance lease obligations	(11,192)	(8,331)	(12,429)
Draws on line of credit	0	135,000	0
Payments on line of credit	0	(135,000)	0
Proceeds from issuance of shares relating to employee stock options and employee stock purchases	21,037	8,244	3,926
Payments of cash dividends	(22,461)	(18,317)	(9,332)
Common stock repurchased	(24,865)	(58,188)	(120,558)
Debt issuance costs	0	(731)	0
Net cash (used in) provided by financing activities	(505,097)	(50,922)	19,064
Net increase (decrease) in cash and cash equivalents	130,428	49,894	7,185
Cash and cash equivalents, beginning of year	181,620	131,726	124,541
Cash and cash equivalents, end of year	312,048	181,620	131,726
Supplemental disclosure of cash flow information:
Interest	38,806	57,373	42,752
Income taxes paid, net	36,364	42,440	28,674
Assets acquired under finance leases	$ 49,523	44,904	$ 4,914
Guaranty agreement		$ 5,025

Note 16 - Unaudited Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Quarterly Financial Information [Table Text Block]

	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
2020

Revenues	$	1,286,663	$	1,002,512	$	1,178,568	$	1,268,197
Gross profit		234,501		192,331		212,452		236,183
Operating income		35,197		23,001		42,868		53,539
Income before income taxes		31,669		22,512		43,928		53,614
Net income	$	23,107	$	16,816	$	33,939	$	41,025

Earnings per share:
Basic	$	0.42	$	0.31	$	0.62	$	0.74
Diluted	$	0.41	$	0.30	$	0.60	$	0.72

2019

Revenues	$	1,348,317	$	1,544,561	$	1,599,265	$	1,317,704
Gross profit		256,916		269,506		264,768		234,438
Operating income		56,867		61,792		58,323		39,423
Income before income taxes		49,558		54,410		52,210		33,345
Net income	$	37,104	$	41,621	$	39,104	$	23,754

Earnings per share:
Basic	$	0.67	$	0.75	$	0.71	$	0.43
Diluted	$	0.65	$	0.74	$	0.70	$	0.42

Note 18 - Revenue

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

18.

REVENUE:

The Company’s revenues are primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue for such sales is recognized when the customer obtains control, which is typically when the finished product is delivered to the customer. The Company’s material revenue streams have been identified as the following: the sale of new and used commercial vehicles, arrangement of associated commercial vehicle financing and insurance contracts, the performance of commercial vehicle repair services and the sale of commercial vehicle parts. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues.

The following table summarizes the Company’s disaggregated revenue by revenue source for the years ended December 31, 2020, December 31, 2019 and December 31, 2018 (in thousands):

	2020		2019		2018
Commercial vehicle sales revenue	$	2,863,309	$	3,757,584	$	3,558,637
Parts revenue		911,102		993,288		937,241
Commercial vehicle repair service revenue		689,343		769,222		732,811
Finance revenue		12,047		14,618		10,795
Insurance revenue		9,902		9,825		9,740
Other revenue		14,014		17,761		18,728
Total	$	4,499,717	$	5,562,298	$	5,267,952

All of the Company's performance obligations are generally transferred to customers at a point in time. The Company does not have any material contract assets or contract liabilities on the balance sheet as of December 31, 2020 or December 31, 2019. 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.

For the sale of new and used commercial vehicles, revenue is recognized at a point in time when control is transferred to the customer, which is when delivery of the commercial vehicle occurs. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring the commercial vehicle. When control is transferred to the customer, the Company has an unconditional right to payment and a receivable is recorded for any consideration not received.

The Company controls the commercial vehicle before it is transferred to the customer and it obtains all of the remaining benefits from the commercial vehicle relating to the sale, ability to pledge the asset or hold the asset. The Company is a principal in all commercial vehicle transactions. The Company retains inventory risk, determines the selling price to the customer and delivers the commercial vehicle to the customer. The Company generally pays a commission to internal sales representatives for the sale of a commercial vehicle. The Company will continue to expense the commission and recognize it concurrently with the respective commercial vehicle sale revenue upon delivery of the commercial vehicle to a customer.

Revenue from the sale of parts is recognized when the Company transfers control of the goods to the customer and consideration has been received in the form of cash or a receivable from the customer. The Company provides its customers the right to return certain eligible parts, estimates the expected returns based on an analysis of historical experience and records an allowance for estimated returns, which has historically not been material.

Revenue from the sale of commercial vehicle repair service is recognized when the service performed by the Company on a customer’s vehicle is complete and the customer accepts the repair. Because the Company does not have an enforceable right to payment while the repair is being performed, revenue is recognized when the repair is complete. After a customer’s acceptance, the Company has no remaining obligations to transfer goods or services to the customer and consideration has been received in the form of cash or a receivable from the customer.

Any remaining performance obligations represent service orders for which work has not been completed. The Company’s service contracts are predominantly short-term in nature with a contract term of one month or less. For those contracts, the Company has utilized the practical expedient in Topic 606 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.

The Company receives commissions from third-party lenders for arranging customer financing for the purchase of commercial vehicles. The receipt of such commissions is deemed to be a single performance obligation that is satisfied when a financing agreement is executed and accepted by the financing provider. Once the contract has been accepted by the financing provider, the Company’s performance obligation has been satisfied and the Company generally has no further obligations under the contract. The Company is the agent in this transaction, as it does not have control over the acceptance of the customer’s financing arrangement by the financing provider. Consideration paid to the Company by the financing provider is based on the agreement between the Company and the financing provider.

The Company receives commissions from third-party insurance companies for arranging insurance coverage for customers. The receipt of such commissions is deemed to be a single performance obligation that is satisfied when the insurance coverage is bound. The Company has no further obligations under the contract. The Company is the agent in this transaction because it does not have control over the insurance coverage provided by the insurance carrier. Consideration paid to the Company by the insurance provider is based on the agreement between the Company and the insurance provider.

The Company records revenues from finance and insurance products at the net commission amount, which includes estimates of chargebacks that can occur if the underlying contract is not fulfilled. Chargeback amounts for commissions from financing companies are estimated assuming financing contracts are terminated before the customer has made six monthly payments. Chargeback amounts for commissions from insurance companies are estimated assuming insurance contracts are terminated before the underlying insurance contractual term has expired. Chargeback reserve amounts are based on historical chargebacks and have historically been immaterial. The Company does not have any right to retrospective commissions based on future profitability of finance and insurance contracts arranged.

Other revenue is mostly documentation fees that are charged to customers in connection with the sale of a commercial vehicle and recognized as other revenue when a truck is sold. The Company recognizes the documentation fees at the point in time when the commercial vehicle is delivered to the customer.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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-Paragraph 13
-Subparagraph (b)(2)
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+ Details

Note 8 - Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	December 31,
	2020			2019

Variable interest rate term notes	$	40,975		$	58,416
Fixed interest rate term notes		488,679			569,262

Total debt		529,654			627,678

Less: current maturities		(141,672	)		(189,265	)

Total long-term debt, net of current maturities	$	387,982		$	438,413

Schedule of Maturities of Long-term Debt [Table Text Block]

2021		141,672
2022		125,511
2023		107,145
2024		81,916
2025		46,778
Thereafter		26,632

Total	$	529,654

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Note 10 - Leases

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Leases of Lessee and Lessor Disclosure [Text Block]

10.

LEASES:

In February 2016, the FASB issued ASU No. 2016-02, “Leases (“Topic 842”),” which was intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The standard requires lessees to record assets and liabilities on the balance sheet for all leases with terms longer than twelve months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement.

A lease is classified as a finance lease if any of the following conditions exist on the date of lease commencement:

●

The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.

●

The lease provides the lessee an option to purchase the underlying asset, and that option is reasonably certain to be exercised.

●

The lease term is for the major part of the remaining economic life of the underlying asset.

●

The present value of the lease payments equals or exceeds substantially all of the fair value of the underlying asset.

●

The underlying asset is of such a specialized nature that only the lessee can use it without major modifications.

●

The lessor expects to have no alternative use for the leased asset at the end of the lease.

The Company adopted Topic 842 on January 1, 2019. The Company applied a modified retrospective transition approach for all leases existing at, or entered into after, January 1, 2019. The Consolidated Financial Statements for the year ended December 31, 2020 and December 31, 2019 are presented under the new standard, while the comparative year ended December 31, 2018 is not adjusted and continues to be reported in accordance with the Company’s historical accounting policy. The Company applied the practical expedients permitted within Topic 842, which among other things, allowed it to retain its existing assessment of whether an arrangement is, or contains, a lease and whether such lease is classified as an operating or finance lease. The Company made an accounting policy election that keeps leases with an initial term of twelve months or less off of the balance sheet and results in recognizing those lease payments in the Consolidated Statements of Income and Comprehensive Income on a straight-line basis over the lease term.

The Company leases commercial vehicles and real estate under finance and operating leases. The Company determines whether an arrangement is a lease at its inception. For leases with terms greater than twelve months, the Company records the related asset and obligation at the present value of lease payments over the term. Many of the Company’s leases include renewal options and/or termination options that are factored into its determination of lease payments when appropriate. The Company has elected not to account for lease and nonlease components as a single combined lease component as lessee.

When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of its leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement.

Lease of Vehicles as Lessee

The Company leases commercial vehicles as the lessee under finance leases and operating leases. The lease terms vary from one month to ten years. Commercial vehicle finance leases continue to be reported on the Consolidated Balance Sheet, while operating leases were added to the Consolidated Balance Sheet in 2019 with the adoption of Topic 842. These vehicles are then subleased or rented by the Company to customers under various agreements. The Company received sublease income under non-cancelable subleases of $26.9 million for the year ended December 31, 2020 and $24.0 million for the year ended December 31, 2019.

The Company usually guarantees the residual value of vehicles under operating lease and finance lease arrangements. As of December 31, 2020, the Company guaranteed commercial vehicle residual values of approximately $59.5 million under operating lease and finance lease arrangements.

Lease of Facilities as Lessee

The Company’s facility leases are classified as operating and finance leases and primarily reflect its use of dealership facilities and office space. The lease terms vary from one year to 83 years, some of which include options to extend the lease term, and some of which include options to terminate the lease within one year. The Company considers these options in determining the lease term used to establish its right-of-use assets and lease liabilities.

Lease costs and Supplemental Information

Components of lease cost are as follows (in thousands):

		Twelve Months Ended
Component	Classification	December 31, 2020		December 31, 2019
Operating lease cost	SG&A expense	$	9,986	$	9,479
Operating lease cost	Lease and rental cost of products sold		4,654		4,154
Finance lease cost – amortization of right-of-use assets	Lease and rental cost of products sold		16,791		14,312
Finance lease cost – interest on lease liabilities	Lease and rental cost of products sold		4,678		3,372
Short-term lease cost	SG&A expense		66		594

Supplemental cash flow information and non-cash activity related to operating and finance leases are as follows (in thousands):

	Twelve Months Ended
	December 31, 2020		December 31, 2019
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	19,318	$	17,005
Financing cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	11,192	$	8,331
Non-cash activity:
Operating lease right-of-use assets obtained in exchange for lease obligations	$	16,545	$	57,197

Weighted-average remaining lease term and discount rate for operating and finance leases as of December 31, 2020 are as follows:

Weighted-average remaining lease term (in months)			68
Weighted-average discount rate			5.3	%

Maturities of lease liabilities by fiscal year for finance leases and operating leases as of December 31, 2020 are as follows (in thousands):

	Finance Leases			Operating Leases
2021	$	31,579		$	13,055
2022		25,714			11,333
2023		21,553			9,890
2024		22,797			9,835
2025		15,837			6,242
2026 and beyond		16,931			28,572
Total lease payments	$	134,411		$	78,927
Less: Imputed interest		(17,298	)		(17,576	)
Present value of lease liabilities	$	117,113		$	61,351

Lease of Vehicles as Lessor

The Company leases commercial vehicles that the Company owns to customers primarily over periods of one to ten years. The Company applied the practical expedient permitted within Topic 842 that allows it not to separate lease and nonlease components. Nonlease components typically consist of maintenance and licensing for the commercial vehicle. The variable nonlease components are generally based on mileage. Some leases contain an option for the lessee to purchase the commercial vehicle.

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 December 31, 2020 in the amount of $5.6 million is reflected in Other Assets on the Consolidated Balance Sheet.

Minimum rental payments to be received for non-cancelable leases and subleases in effect as of December 31, 2020, are as follows (in thousands):

2021	$	130,063
2022		105,791
2023		82,312
2024		57,813
2025		32,112
Thereafter		17,927
Total	$	426,018

Rental income during the year ended December 31, 2020, and 2019, consisted of the following (in thousands):

	2020		2019
Minimum rental payments	$	205,640	$	215,288
Nonlease payments		30,583		32,261
Total	$	236,223	$	247,549

Note 19 - Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

19.

ACCUMULATED OTHER COMPREHENSIVE INCOME:

The following table shows the components of accumulated other comprehensive income (in thousands):

Balance as of December 31, 2019	$	337
Foreign currency translation adjustment		532
Balance as of December 31, 2020	$	869

The equity method investment in RTC Canada was valued using the exchange rate of one US Dollar to 1.27 Canadian dollars as of December 31, 2020. The adjustment is reflected in Other Assets on the Consolidated Balance Sheet.

Note 9 - Financial Instruments and Fair Value

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Fair Value Disclosures [Text Block]

9.	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 December 31, 2020, and 2019. 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, 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. The Company has categorized such debt within Level 2 of the hierarchy framework. The carrying amount approximates fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 15 - Acquisitions, Dispositions and Equity Method Investment

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Acquisitions, Dispositions and Equity Method Investment [Text Block]

15.

ACQUISITIONS, DISPOSITIONS AND EQUITY METHOD INVESTMENT:

On October 31, 2019, the Company and its joint venture partner sold substantially all of the assets of Central California Truck & Trailer Sales, LLC. The transaction was valued at approximately $12.7 million, with the purchase price paid in cash.

On May 6, 2019, the Company acquired certain assets of Stover Sales, Inc., which included real estate and a used truck dealership in Jacksonville, Florida, along with commercial vehicle and parts inventory. The transaction was valued at approximately $2.3 million, with the purchase price paid in cash.

On February 25, 2019, the Company acquired 50% of the equity interest in RTC Canada, which acquired the operating assets of Tallman Group, the largest International Truck dealer in Canada. RTC Canada currently operates a network of 14 International Truck full-service dealerships throughout the Province of Ontario. The Company does not consolidate RTC Canada. RTC Canada is accounted for as an equity method investment. As of December 31, 2020, the Company’s investment in RTC Canada is $32.0 million and is reported in Other Assets on the Consolidated Balance Sheet.

On February 11, 2019, the Company acquired certain assets of Country Ford Trucks, which included real estate and a Ford truck franchise in Ceres, California, along with commercial vehicle and parts inventory. The transaction was valued at approximately $7.9 million, with the purchase price paid in cash.

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Revenue	$ 4,499,717	$ 5,562,298	$ 5,267,952
Lease and rental	236,223	247,549	238,238
Total revenue	4,735,940	5,809,847	5,506,190
Cost of products sold
Lease and rental	202,412	206,200	197,271
Total cost of products sold	3,860,473	4,784,219	4,527,921
Gross profit	875,467	1,025,628	978,269
Selling, general and administrative	665,258	753,749	705,226
Depreciation and amortization	57,456	55,372	70,489
Gain (loss) on sale of assets	1,852	(102)	297
Operating income	154,605	216,405	202,851
Other income	6,132	1,925	0
Interest income (expense):
Interest income	713	1,680	1,376
Interest expense	(9,727)	(30,487)	(21,058)
Total interest expense, net	9,014	28,807	19,682
Income before taxes	151,723	189,523	183,169
Income tax provision	36,836	47,940	44,107
Net income	$ 114,887	$ 141,583	$ 139,062
Earnings per common share
Basic (in dollars per share)	$ 2.09	$ 2.57	$ 2.36
Diluted (in dollars per share)	2.04	2.51	2.30
Dividends declared per common share (in dollars per share)	$ 0.41	$ 0.34	$ 0.16
New and Used Commercial Vehicle [Member]
Revenues
Revenue	$ 2,863,309	$ 3,757,584	$ 3,558,637
Cost of products sold
Cost of products sold	2,641,487	3,480,682	3,280,966
Parts and Service [Member]
Revenues
Revenue	1,600,445	1,762,510	1,670,052
Cost of products sold
Cost of products sold	1,016,574	1,097,337	1,049,684
Finance and Insurance [Member]
Revenues
Revenue	21,949	24,443	20,535
Product and Service, Other [Member]
Revenues
Revenue	$ 14,014	$ 17,761	$ 18,728

Note 10 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash paid for amounts included in the measurement of lease liabilities	$ 19,318	$ 17,005
Cash paid for amounts included in the measurement of lease liabilities	11,192	8,331	$ 12,429
Operating lease right-of-use assets obtained in exchange for lease obligations	$ 16,545	57,197
Weighted-average remaining lease term (in months) (Month)	68 months
Weighted-average discount rate	5.30%
Selling, General and Administrative Expenses [Member]
Operating lease cost	$ 9,986	9,479
Short-term lease cost	66	594
Cost of Revenue, Lease and Rental [Member]
Operating lease cost	4,654	4,154
Depreciation and Amortization [Member]
Finance lease cost – amortization of right-of-use assets	16,791	14,312
Interest Expense [Member]
Finance lease cost – interest on lease liabilities	$ 4,678	$ 3,372

Note 16 - Unaudited Quarterly Financial Data - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues	$ 1,268,197	$ 1,178,568	$ 1,002,512	$ 1,286,663	$ 1,317,704	$ 1,599,265	$ 1,544,561	$ 1,348,317	$ 4,735,940	$ 5,809,847	$ 5,506,190
Gross profit	236,183	212,452	192,331	234,501	234,438	264,768	269,506	256,916	875,467	1,025,628	978,269
Operating income	53,539	42,868	23,001	35,197	39,423	58,323	61,792	56,867	154,605	216,405	202,851
Income before income taxes	53,614	43,928	22,512	31,669	33,345	52,210	54,410	49,558	151,723	189,523	183,169
Net income	$ 41,025	$ 33,939	$ 16,816	$ 23,107	$ 23,754	$ 39,104	$ 41,621	$ 37,104	$ 114,887	$ 141,583	$ 139,062
Basic (in dollars per share)	$ 0.74	$ 0.62	$ 0.31	$ 0.42	$ 0.43	$ 0.71	$ 0.75	$ 0.67	$ 2.09	$ 2.57	$ 2.36
Diluted (in dollars per share)	$ 0.72	$ 0.60	$ 0.30	$ 0.41	$ 0.42	$ 0.70	$ 0.74	$ 0.65	$ 2.04	$ 2.51	$ 2.30

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Note 13 - Income Taxes - Income Tax Expense (Benefits) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Domestic									$ 146,055	$ 188,174	$ 183,169
Foreign									5,668	1,349	0
Income before taxes	$ 53,614	$ 43,928	$ 22,512	$ 31,669	$ 33,345	$ 52,210	$ 54,410	$ 49,558	151,723	189,523	183,169
Current provision
Federal, Current									67,988	20,303	31,819
State, Current									6,706	4,648	6,291
Total Current									74,694	24,951	38,110
Deferred provision
Federal, Deferred									(37,683)	20,925	6,082
State, Deferred									(1,254)	2,064	(85)
Foreign, Deferred									1,079	0	0
(Benefit) provision for deferred income tax expense									(37,858)	22,989	5,997
Provision (benefit) for income taxes									$ 36,836	$ 47,940	$ 44,107

Note 12 - Earnings Per Share

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

12.

EARNINGS PER SHARE:

Basic earnings per share (“EPS”) were computed by dividing income from continuing operations by the weighted average number of shares of common stock outstanding during the period. Diluted EPS differs from basic EPS due to the assumed conversions of potentially dilutive options, restricted shares awards and restricted stock unit awards that were outstanding during the period.

Each share of Class A Common Stock ranks equal to each share of Class B Common Stock with respect to receipt of any dividends or distributions declared on shares of common stock and the right to receive proceeds on liquidation or dissolution of the Company after payment of its indebtedness and liquidation preference payments to holders of any preferred shares. However, holders of Class A Common Stock have 1/20th of one vote per share on all matters requiring a shareholder vote, while holders of Class B Common Stock have one full vote per share.

The following is a reconciliation of the numerators and the denominators of the basic and diluted per share computations for income from continuing operations (in thousands, except per share amounts):

	2020		2019		2018
Numerator-
Numerator for basic and diluted earnings per share −
Net income available to common shareholders	$	114,887	$	141,583	$	139,062
Denominator-
Denominator for basic earnings per share – weighted average shares outstanding		54,866		54,988		58,835
Effect of dilutive securities−
Employee and director stock options and restricted share awards		1,376		1,368		1,605
Denominator for diluted earnings per share − adjusted weighted average shares outstanding and assumed conversions		56,242		56,356		60,440
Basic earnings per common share	$	2.09	$	2.57	$	2.36
Diluted earnings per common share and common share equivalents	$	2.04	$	2.51	$	2.30

Options to purchase shares of common stock that were outstanding for the years ended December 31, 2020, 2019 and 2018 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):

		2020				2019				2018
Anti-dilutive options – weighted average			1,349				1,663				769

Note 10 - Leases - Future Minimum Rental Receivable (Details) $ in Thousands	Dec. 31, 2020 USD ($)
2021	$ 130,063
2022	105,791
2023	82,312
2024	57,813
2025	32,112
Thereafter	17,927
Total	$ 426,018

Note 2 - Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Property, Plant and Equipment [Table Text Block]

	2020			2019			Estimated Life (Years)
Land	$	136,024		$	137,416				–
Buildings and improvements		495,808			474,106			10	–	39
Leasehold improvements		38,767			34,350			2	–	39
Machinery and shop equipment		87,090			82,594			5	–	20
Furniture, fixtures and computers		81,834			73,846			3	–	15
Transportation equipment		96,319			99,127			3	–	15
Lease and rental vehicles		905,465			968,121			1	–	8
Construction in progress		2,989			16,874
Accumulated depreciation and amortization		(640,577	)		(606,503	)

Total	$	1,203,719		$	1,279,931

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	2020			2019			2018
Expected stock volatility		33.11	%		31.29	%		31.68	%
Weighted-average stock volatility		33.11	%		31.29	%		31.68	%
Expected dividend yield		1.20	%		1.13	%		0.00	%
Risk-free interest rate		0.80	%		2.45	%		2.69	%
Expected life (years)		6.0			6.0			6.0
Weighted-average fair value of stock options granted	$	6.36		$	8.37		$	10.31

Note 2 - Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Significant Accounting Policies [Text Block]

2.	SIGNIFICANT ACCOUNTING POLICIES:

Principles of Consolidation

The consolidated financial statements presented herein include the accounts of Rush Enterprises, Inc. together with its consolidated subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation.

Estimates in Financial Statements

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents generally consist of cash and other money market instruments. The Company considers all highly liquid investments with an original maturity of ninety days or less to be cash equivalents.

Allowance for Credit Losses and Repossession Losses

The Company maintains an allowance for credit losses based on the probability of default, its historical rate of losses, aging and current economic conditions. Accounts receivable consists primarily of commercial vehicle sales receivables, manufacturers’ receivables, leasing and parts and service receivables and other trade receivables. 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 Company provides an allowance for repossession losses after considering historical loss experience and other factors that might affect the ability of customers to meet their obligations on finance contracts sold by the Company when the Company has a potential liability.

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined by specific identification of new and used commercial vehicle inventory and by the first-in, first-out method for tires, parts and accessories. As the market value of the Company’s inventory typically declines over time, reserves are established based on historical loss experience and market trends. These reserves are charged to cost of sales and reduce the carrying value of the Company’s inventory on hand. An allowance is provided when it is anticipated that cost will exceed net realizable value less a reasonable profit margin.

Property and Equipment

Property and equipment are stated at cost and depreciated over their estimated useful lives. Leasehold improvements are amortized over the useful life of the improvement, or the term of the lease, whichever is shorter. Provision for depreciation of property and equipment is calculated primarily on a straight-line basis. The Company capitalizes interest on borrowings during the active construction period of major capital projects. Capitalized interest, when incurred, is added to the cost of underlying assets and is amortized over the estimated useful life of such assets. The Company recorded capitalized interest of approximately $163,500 related to major capital projects during 2020. The cost, accumulated depreciation and amortization and estimated useful lives of certain of the Company’s property and equipment are summarized as follows (in thousands):

	2020			2019			Estimated Life (Years)
Land	$	136,024		$	137,416				–
Buildings and improvements		495,808			474,106			10	–	39
Leasehold improvements		38,767			34,350			2	–	39
Machinery and shop equipment		87,090			82,594			5	–	20
Furniture, fixtures and computers		81,834			73,846			3	–	15
Transportation equipment		96,319			99,127			3	–	15
Lease and rental vehicles		905,465			968,121			1	–	8
Construction in progress		2,989			16,874
Accumulated depreciation and amortization		(640,577	)		(606,503	)

Total	$	1,203,719		$	1,279,931

The Company recorded depreciation expense of $157.8 million and amortization expense of $19.5 million for the year ended December 31, 2020, depreciation expense of $158.7 million and amortization expense of $16.8 million for the year ended December 31, 2019, and depreciation expense of $149.1 million and amortization expense of $36.0 million for the year ended December 31, 2018.

As of December 31, 2020, the Company had $109.5 million in lease and rental vehicles under various finance leases included in property and equipment, net of accumulated amortization of $40.2 million. The Company recorded depreciation and amortization expense of $119.9 million related to lease and rental vehicles in lease and rental cost of products sold for the year ended December 31, 2020, $120.1 million for the year ended December 31, 2019 and $114.6 million for the year ended December 31, 2018.

Goodwill

Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations accounted for under the purchase method. The Company tests goodwill for impairment annually during the fourth quarter, or when indications of potential impairment exist. These indicators would include a significant change in operating performance, or a planned sale or disposition of a significant portion of the business, among other factors. The Company tests for goodwill impairment utilizing a fair value approach at the reporting unit level. The Company has deemed its reporting unit to be the Truck Segment, as all components of the Truck Segment are similar.

The impairment test for goodwill involves comparing the fair value of a reporting unit to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, a second step is required to measure the goodwill impairment loss. The second step includes hypothetically valuing all the tangible and intangible assets of the reporting unit as if the reporting unit had been acquired in a business combination and comparing the hypothetical implied fair value of the reporting unit’s goodwill to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the hypothetical implied fair value of the goodwill, the Company would recognize an impairment loss in an amount equal to the excess, not to exceed the carrying amount. The Company determines the fair values calculated in an impairment test using the discounted cash flow method, which requires assumptions and estimates regarding future revenue, expenses and cash flow projections. The analysis is based upon available information regarding expected future cash flows of its reporting unit discounted at rates consistent with the cost of capital specific to the reporting unit.

No impairment write down was required in the fourth quarter of 2020. However, the Company cannot predict the occurrence of certain events that might adversely affect the reported value of goodwill in the future.

The carrying amount of goodwill for the Company for the years ended December 31, 2020 and 2019 was $292.1 million.

Other Assets

ERP Platform

The total capitalized costs of the Company’s SAP enterprise resource planning software platform (“the ERP Platform”) of $7.0 million are recorded on the Consolidated Balance Sheet in Other Assets. Amortization expense relating to the ERP Platform, which is recognized in depreciation and amortization expense in the Consolidated Statements of Income and Comprehensive Income, was $1.9 million for the year ended December 31, 2020 and $1.9 million for the year ended December 31, 2019. The Company estimates that amortization expense relating to the ERP Platform will be approximately $1.2 million for each of the next five years.

In the first quarter of 2018, as part of an assessment that involved a technical feasibility study of the then current ERP Platform, the Company determined that a majority of the components of this ERP Platform would require replacement earlier than originally anticipated; in prior disclosures, the Company had referred to the ERP Platform separately as the SAP enterprise software and SAP dealership management system. In accordance with Accounting Standards Codification (“ASC”) Topic 350-40, in the first quarter of 2018, the Company adjusted the useful life of these components that were replaced so that the respective net book values of the components were fully amortized upon replacement in May 2018. The Company amortized the remaining net book value of the components that were replaced on a straight-line basis in February 2018 through May 2018. The Company recorded amortization expense of $19.9 million in 2018 related to the components of the ERP Platform that were replaced. The ERP Platform asset and related amortization are reflected in the Truck Segment.

Franchise Rights

The Company’s only significant identifiable intangible assets, other than goodwill, are rights under franchise agreements with manufacturers. The fair value of the franchise right is determined at the acquisition date by discounting the projected cash flows specific to each acquisition. The carrying value of the Company’s manufacturer franchise rights was $7.0 million at December 31, 2020 and 2019, and is included in Other Assets on the accompanying Consolidated Balance Sheet. The Company has determined that manufacturer franchise rights have an indefinite life, as there are no economic or other factors that limit their useful lives and they are expected to generate cash flows indefinitely due to the historically long lives of the manufacturers’ brand names. Furthermore, to the extent that any agreements evidencing manufacturer franchise rights have expiration dates, the Company expects that it will be able to renew those agreements in the ordinary course of business. Accordingly, the Company does not amortize manufacturer franchise rights.

Due to the fact that manufacturer franchise rights are specific to a geographic region, the Company has determined that evaluating and including all locations acquired in the geographic region is the appropriate level for purposes of testing franchise rights for impairment. Management reviews indefinite-lived manufacturer franchise rights for impairment annually during the fourth quarter, or more often if events or circumstances indicate that an impairment may have occurred. The Company is subject to financial statement risk to the extent that manufacturer franchise rights become impaired due to decreases in the fair market value of its individual franchises.

The significant estimates and assumptions used by management in assessing the recoverability of manufacturer franchise rights include estimated future cash flows, present value discount rate and other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates of future cash flows, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated future cash flows projected in the evaluations of manufacturer franchise rights can vary within a range of outcomes.

No impairment write-down was required in the period presented. The Company cannot predict the occurrence of certain events that might adversely affect the reported value of manufacturer franchise rights in the future.

Equity Method Investment and Call Option

On February 25, 2019, the Company acquired 50% of the equity interest in Rush Truck Centres of Canada Limited (“RTC Canada”), which acquired the operating assets of Tallman Group, the largest International Truck dealer in Canada. The Company was also granted a call option in the purchase agreement that provides the Company with the right to acquire the remaining 50% equity interest in RTC Canada until the close of business on February 25, 2024. The value of the Company’s call option was $3.6 million as of December 31, 2020, and is reported in Other Assets on the Consolidated Balance Sheet.

On April 25, 2019, the Company entered into a Guaranty Agreement (“Guaranty”) with Bank of Montreal (“BMO”), pursuant to which the Company agreed to guaranty up to CAD250 million (the “Guaranty Cap”) of certain credit facilities entered into by and between Tallman Truck Centre Limited (“TTCL”) and BMO. The Company owned a 50% equity interest in TTCL, which was the sole owner of RTC Canada. Later in 2019, RTC Canada and TTCL were amalgamated into RTC Canada. Interest, fees and expenses incurred by BMO to enforce its rights with respect to the guaranteed obligations and its rights against the Company under the Guaranty are not subject to the Guaranty Cap. In exchange for the Guaranty, RTC Canada is receiving a reduced rate of interest on its credit facilities with BMO. The Guaranty was valued at $5.2 million as of December 31, 2020 and $5.1 million as of December 31, 2019, and is included in the investment in RTC Canada. As of December 31, 2020, the Company’s investment in RTC Canada is $32.0 million. The Company’s equity income in RTC Canada is included in Other income on the Consolidated Statements of Income.

Income Taxes

Management’s judgment is required to determine the provisions for income taxes and to determine whether deferred tax assets will be realized in full or in part. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. When it is more likely than not that all or some portion of specific deferred income tax assets will not be realized, a valuation allowance must be established for the amount of deferred income tax assets that are determined not to be realizable. Accordingly, the facts and financial circumstances impacting deferred income tax assets are reviewed quarterly and management’s judgment is applied to determine the amount of valuation allowance required, if any, in any given period.

In determining its provision for income taxes, the Company uses an annual effective income tax rate based on annual income, permanent differences between book and tax income, and statutory income tax rates. The effective income tax rate also reflects its assessment of the ultimate outcome of tax audits. The Company adjusts its annual effective income tax rate as additional information on outcomes or events becomes available. Discrete events such as audit settlements or changes in tax laws are recognized in the period in which they occur.

The Company’s income tax returns are periodically audited by tax authorities. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions. In evaluating the exposures associated with its various tax filing positions, the Company adjusts its liability for unrecognized tax benefits and income tax provision in the period in which an uncertain tax position is effectively settled, the statute of limitations expires for the relevant taxing authority to examine the tax position or when more information becomes available.

The Company’s liability for unrecognized tax benefits contains uncertainties because management is required to make assumptions and to apply judgment to estimate the exposures associated with its various filing positions. The Company’s effective income tax rate is also affected by changes in tax law, the level of earnings and the results of tax audits. Although the Company believes that the judgments and estimates are reasonable, actual results could differ, and the Company may be exposed to losses or gains that could be material. An unfavorable tax settlement would generally require use of the Company’s cash and result in an increase in its effective income tax rate in the period of resolution. A favorable tax settlement would be recognized as a reduction in the Company’s effective income tax rate in the period of resolution. The Company’s income tax expense includes the impact of reserve provisions and changes to reserves that it considers appropriate, as well as related interest.

Revenue Recognition Policies

Effective January 1, 2018, the Company adopted ASU 2014-09, “Revenue from Contracts with Customers (“Topic 606”),” using the modified retrospective transition method. This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under Topic 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations. The Company then assesses whether each promised good or service is distinct and recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. For a complete discussion of accounting for revenue, see Note 18 – Revenue of the Notes to Consolidated Financial Statements.

Cost of Sales

For the Company’s new and used commercial vehicle operations, cost of sales consists primarily of the Company’s actual purchase price, plus make-ready expenses, less any applicable manufacturers’ incentives. For the Company’s parts operations, cost of sales consists primarily of the Company’s actual purchase price, less any applicable manufacturers’ incentives. For the Company’s service and collision center operations, technician labor cost is the primary component of cost of sales. For the Company’s rental and leasing operations, cost of sales consists primarily of depreciation and amortization, rent, maintenance costs, license costs and interest expense on the lease and rental fleet owned and leased by the Company. There are no costs of sales associated with the Company’s finance and insurance revenue or other revenue.

Leases

The Company leases commercial vehicles and real estate under finance and operating leases. The Company determines whether an arrangement is a lease at its inception. For leases with terms greater than twelve months, the Company records a lease asset and liability at the present value of lease payments over the term. Many of the Company’s leases include renewal options and termination options that are factored into its determination of lease payments when appropriate.

The Company leases commercial vehicles that the Company owns to customers. Lease and rental revenue is recognized over the period of the related lease or rental agreement. Variable rental revenue is recognized when it is earned.

Taxes Assessed by a Governmental Authority

The Company accounts for sales taxes assessed by a governmental authority that are directly imposed on a revenue-producing transaction on a net (excluded from revenues) basis.

Selling, General and Administrative Expenses

Selling, general and administrative expenses consist primarily of incentive based compensation for sales, finance and general management personnel, salaries for administrative personnel and expenses for rent, marketing, insurance, utilities, research and development and other general operating purposes.

Stock Based Compensation

The Company applies the provisions of ASC topic 718-10, “Compensation – Stock Compensation,” which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors, including grants of employee stock options, restricted stock units, restricted stock awards and employee stock purchases under the Employee Stock Purchase Plan, based on estimated fair values.

The Company uses the Black-Scholes option-pricing model to estimate the fair value of share-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods.

Compensation expense for all share-based payment awards is recognized using the straight-line single-option method. Stock-based compensation expense is recognized based on awards expected to vest. Accordingly, stock based compensation expense has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

The Company determines the fair value of share-based payment awards on the date of grant using an option-pricing model that is affected by the Company’s stock price, as well as assumptions regarding a number of highly complex and subjective variables. These variables include the Company’s expected stock price volatility over the term of the awards and actual and projected stock option exercise behaviors. Option-pricing models were developed for use in estimating the value of traded options that have no vesting or hedging restrictions and are fully transferable. Because the Company’s stock options have characteristics that are significantly different from traded options and because changes in the subjective assumptions can materially affect the estimated value, in management’s opinion, the existing valuation models may not provide an accurate measure of fair value and it may not be indicative of the fair value observed in a market transaction between a willing buyer and a willing seller.

The following table reflects the weighted-average fair value of stock options granted during each period using the Black-Scholes option valuation model with the following weighted-average assumptions used:

	2020			2019			2018
Expected stock volatility		33.11	%		31.29	%		31.68	%
Weighted-average stock volatility		33.11	%		31.29	%		31.68	%
Expected dividend yield		1.20	%		1.13	%		0.00	%
Risk-free interest rate		0.80	%		2.45	%		2.69	%
Expected life (years)		6.0			6.0			6.0
Weighted-average fair value of stock options granted	$	6.36		$	8.37		$	10.31

The Company computes its historical stock price volatility in accordance with ASC Topic 718-10. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. The expected life of stock options represents the weighted-average period the stock options are expected to remain outstanding.

Advertising Costs

Advertising costs are expensed as incurred. Advertising and marketing expense was $7.9 million for 2020, $11.5 million for 2019 and $10.4 million for 2018. Advertising and marketing expense is included in selling, general and administrative expense.

Accounting for Internal Use Software

The Company’s accounting policy with respect to accounting for computer software developed or obtained for internal use is consistent with ASC topic 350-40, which provides guidance on accounting for the costs of computer software developed or obtained for internal use and identifies characteristics of internal-use software. The Company has capitalized software costs, including capitalized interest, of approximately $7.0 million as of December 31, 2020, net of accumulated amortization of $12.1 million, and had $8.9 million as of December 31, 2019, net of accumulated amortization of $10.2 million.

Insurance

The Company is partially self-insured for a portion of the claims related to its property and casualty insurance programs. Accordingly, the Company is required to estimate expected losses to be incurred. The Company engages a third-party administrator to assess any open claims and the Company adjusts its accrual accordingly on an annual basis. The Company is also partially self-insured for a portion of the claims related to its worker’s compensation and medical insurance programs. The Company uses actuarial information provided from third-party administrators to calculate an accrual for claims incurred, but not reported, and for the remaining portion of claims that have been reported.

Fair Value Measurements

The Company has various financial instruments that it must measure at fair value on a recurring basis. See Note 9 – Financial Instruments and Fair Value of the Notes to Consolidated Financial Statements, for further information. The Company also applies the provisions of fair value measurement to various nonrecurring measurements for its financial and nonfinancial assets and liabilities.

Applicable accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company measures its assets and liabilities using inputs from the following three levels of the fair value hierarchy:

Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

Level 3 includes unobservable inputs that reflect the Company’s assumptions about what factors market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data.

Acquisitions

The Company uses the acquisition method of accounting for the recognition of assets acquired and liabilities assumed through acquisitions at their estimated fair values as of the date of acquisition. Any excess consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. While the Company uses its best estimates and assumptions to measure the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, the estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which is not to exceed one year from the date of acquisition, any changes in the estimated fair values of the net assets recorded for the acquisitions will result in an adjustment to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Consolidated Statements of Income.

Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326)," which modified the measurement of expected credit losses of certain financial instruments. Credit losses on trade and other receivables, held-to-maturity debt securities, and other instruments reflect the Company's current estimate of the expected credit losses and generally results in the earlier recognition of allowance for losses. The Company adopted the standard effective January 1, 2020. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848),” which provides temporary optional guidance to ease the potential financial reporting burden of the expected market transition away from LIBOR. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contract modifications, hedge accounting, and other transactions affected by reference rate reform if certain criteria are met through December 31, 2022. The Company is currently evaluating the effect this standard will have on its financial position, results of operations and related disclosures.

Note 4 - Accounts Receivable

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

4.	ACCOUNTSRECEIVABLE:

The Company’s accounts receivable, net, consisted of the following (in thousands):

	December 31,
	2020			2019

Trade accounts receivable from sale of vehicles	$	82,338		$	82,991
Trade receivables other than vehicles		58,689			68,376
Warranty claims		9,032			16,819
Other accounts receivable		24,027			16,942
Less allowance for credit losses		(1,605	)		(1,424	)

Total	$	172,481		$	183,704

Note 10 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2020 USD ($)
2021, finance leases	$ 31,579
2021, operating leases	13,055
2022, finance leases	25,714
2022, operating leases	11,333
2023, finance leases	21,553
2023, operating leases	9,890
2024, finance leases	22,797
2024, operating leases	9,835
2025, finance leases	15,837
2025, operating leases	6,242
2026 and beyond, finance leases	16,931
2024 and beyond, operating leases	28,572
Total lease payments, finance leases	134,411
Total lease payments, operating leases	78,927
Less: Imputed interest, finance leases	(17,298)
Less: Imputed interest, operating leases	(17,576)
Present value of lease liabilities, finance leases	117,113
Present value of lease liabilities, operating leases	$ 61,351

Note 2 - Significant Accounting Policies - Fair Value Assumption (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Expected stock volatility	33.11%	31.29%	31.68%
Weighted-average stock volatility	33.11%	31.29%	31.68%
Expected dividend yield	1.20%	1.13%	0.00%
Risk-free interest rate	0.80%	2.45%	2.69%
Expected life (Year)	6 years	6 years	6 years
Weighted-average fair value of stock options granted (in dollars per share)	$ 6.36	$ 8.37	$ 10.31

Note 4 - Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	December 31,
	2020			2019

Trade accounts receivable from sale of vehicles	$	82,338		$	82,991
Trade receivables other than vehicles		58,689			68,376
Warranty claims		9,032			16,819
Other accounts receivable		24,027			16,942
Less allowance for credit losses		(1,605	)		(1,424	)

Total	$	172,481		$	183,704

Note 10 - Leases (Details Textual) - USD ($) $ in Millions	12 Months Ended
Note 10 - Leases (Details Textual) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Sublease Income	$ 26.9	$ 24.0
Lessee, Leases, Residual Value Guarantee, Amount	$ 59.5
Lessee, Operating Lease, Option To Terminate Term (Year)	1 year
Sales-type Lease, Lease Receivable	$ 5.6
Minimum [Member]
Lessee, Leases, Term of Contract (Month)	1 month
Lessee, Operating Lease, Term of Contract (Year)	1 year
Lessor, Leases, Term of Contract (Year)	1 year
Maximum [Member]
Lessee, Leases, Term of Contract (Month)	10 years
Lessee, Operating Lease, Term of Contract (Year)	83 years
Lessor, Leases, Term of Contract (Year)	10 years

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

Use of Estimates, Policy [Policy Text Block]

Estimates in Financial Statements

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]

Allowance for Credit Losses and Repossession Losses

Inventory, Policy [Policy Text Block]

Inventories

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

	2020			2019			Estimated Life (Years)
Land	$	136,024		$	137,416				–
Buildings and improvements		495,808			474,106			10	–	39
Leasehold improvements		38,767			34,350			2	–	39
Machinery and shop equipment		87,090			82,594			5	–	20
Furniture, fixtures and computers		81,834			73,846			3	–	15
Transportation equipment		96,319			99,127			3	–	15
Lease and rental vehicles		905,465			968,121			1	–	8
Construction in progress		2,989			16,874
Accumulated depreciation and amortization		(640,577	)		(606,503	)

Total	$	1,203,719		$	1,279,931

Goodwill and Intangible Assets, Policy [Policy Text Block]

Goodwill

The carrying amount of goodwill for the Company for the years ended December 31, 2020 and 2019 was $292.1 million.

Intangible Assets, Finite-Lived, Policy [Policy Text Block]

Other Assets

ERP Platform

Franchise Rights

Equity Method Investment and Call Option

Income Tax, Policy [Policy Text Block]

Income Taxes

Revenue [Policy Text Block]

Revenue Recognition Policies

Cost of Goods and Service [Policy Text Block]

Cost of Sales

Lessee and Lessor Leases [Policy Text Block]

Leases

The Company leases commercial vehicles and real estate under finance and operating leases. The Company determines whether an arrangement is a lease at its inception. For leases with terms greater than twelve months, the Company records a lease asset and liability at the present value of lease payments over the term. Many of the Company’s leases include renewal options and termination options that are factored into its determination of lease payments when appropriate.

Sales Taxes, Policy [Policy Text Block]

Taxes Assessed by a Governmental Authority

The Company accounts for sales taxes assessed by a governmental authority that are directly imposed on a revenue-producing transaction on a net (excluded from revenues) basis.

Selling, General and Administrative Expenses, Policy [Policy Text Block]

Selling, General and Administrative Expenses

Share-based Payment Arrangement [Policy Text Block]

Stock Based Compensation

	2020			2019			2018
Expected stock volatility		33.11	%		31.29	%		31.68	%
Weighted-average stock volatility		33.11	%		31.29	%		31.68	%
Expected dividend yield		1.20	%		1.13	%		0.00	%
Risk-free interest rate		0.80	%		2.45	%		2.69	%
Expected life (years)		6.0			6.0			6.0
Weighted-average fair value of stock options granted	$	6.36		$	8.37		$	10.31

Advertising Cost [Policy Text Block]

Advertising Costs

Internal Use Software, Policy [Policy Text Block]

Accounting for Internal Use Software

Unpaid Policy Claims and Claims Adjustment Expense, Policy [Policy Text Block]

Insurance

Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurements

Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Business Combinations Policy [Policy Text Block]

Acquisitions

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Class A [Member] Common Stock [Member]	Common Class A [Member] Additional Paid-in Capital [Member]	Common Class A [Member] Treasury Stock [Member]	Common Class A [Member] Retained Earnings [Member]	Common Class A [Member] AOCI Attributable to Parent [Member]	Common Class A [Member]	Common Class B [Member] Common Stock [Member]	Common Class B [Member] Additional Paid-in Capital [Member]	Common Class B [Member] Treasury Stock [Member]	Common Class B [Member] Retained Earnings [Member]	Common Class B [Member] AOCI Attributable to Parent [Member]	Common Class B [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2017	47,017,000						12,703,000
Balance at Dec. 31, 2017													$ 454	$ 348,044	$ (120,682)	$ 812,557	$ 0	$ 1,040,373
Stock options exercised and stock awards (in shares)	207,000						0
Stock options exercised and stock awards													1	2,742	0	0	0	2,743
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan													0	18,059	0	0	0	18,059
Vesting of restricted share awards (in shares)	0						340,000
Vesting of restricted share awards													2	(1,749)	0	0	0	(1,747)
Issuance of common stock under employee stock purchase plan (in shares)	126,000						0
Issuance of common stock under employee stock purchase plan													1	2,929	0	0	0	2,930
Common stock repurchases (in shares)	(4,285,000)						(608,000)
Common stock repurchases													0	0	(125,160)	0	0	(125,160)
Cash dividends declared	$ 0	$ 0	$ 0	$ (7,324)	$ 0	$ (7,324)	$ 0	$ 0	$ 0	$ (2,008)	$ 0	$ (2,008)
Net income													0	0	0	139,062	0	139,062
Balance (in shares) at Dec. 31, 2018	43,065,000						12,435,000
Balance at Dec. 31, 2018													458	370,025	(245,842)	942,287	0	1,066,928
Stock options exercised and stock awards (in shares)	586,000						0
Stock options exercised and stock awards													4	7,585	0	0	0	7,589
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan													0	19,005	0	0	0	19,005
Vesting of restricted share awards													2	(2,834)	0	0	0	(2,832)
Issuance of common stock under employee stock purchase plan (in shares)	175,000						0
Issuance of common stock under employee stock purchase plan													1	3,486	0	0	0	3,487
Common stock repurchases (in shares)	(1,896,000)						(414,000)
Common stock repurchases													0	0	(58,287)	0	0	(58,287)
Cash dividends declared	$ 0	0	0	(14,037)	0	(14,037)	$ 0	0	0	(4,280)	0	(4,280)
Net income													0	0	0	141,583	0	141,583
Other comprehensive income (loss)													0	0	0	0	337	337
Balance (in shares) at Dec. 31, 2019	41,930,000						12,360,000
Balance at Dec. 31, 2019													465	397,267	(304,129)	1,065,553	337	$ 1,159,493
Stock options exercised and stock awards (in shares)	1,247,000						0											1,221,594
Stock options exercised and stock awards													10	19,582	0	0	0	$ 19,592
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan													0	19,356	0	0	0	19,356
Vesting of restricted share awards (in shares)	0						339,000
Vesting of restricted share awards													2	(2,459)	0	0	0	(2,457)
Issuance of common stock under employee stock purchase plan (in shares)	177,000						0
Issuance of common stock under employee stock purchase plan													2	3,900	0	0	0	3,902
Common stock repurchases (in shares)	(843,000)						(225,000)
Common stock repurchases													0	0	(24,807)	0	0	(24,807)
Cash dividends declared	$ 0	$ 0	$ 0	$ (17,062)	$ 0	$ (17,062)	$ 0	$ 0	$ 0	$ (5,399)	$ 0	$ (5,399)
Net income													0	0	0	114,887	0	114,887
Other comprehensive income (loss)													0	0	0	0	532	532
Cancellation of treasury stock (in shares)	(7,000)						(4,000)
Cancellation of treasury stock													72	0	326,057	(326,129)	0
Balance (in shares) at Dec. 31, 2020	42,504,000						12,470,000
Balance at Dec. 31, 2020													$ 551	$ 437,646	$ (2,879)	$ 831,850	$ 869	$ 1,268,037

Note 18 - Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Disaggregation of Revenue [Table Text Block]

	2020		2019		2018
Commercial vehicle sales revenue	$	2,863,309	$	3,757,584	$	3,558,637
Parts revenue		911,102		993,288		937,241
Commercial vehicle repair service revenue		689,343		769,222		732,811
Finance revenue		12,047		14,618		10,795
Insurance revenue		9,902		9,825		9,740
Other revenue		14,014		17,761		18,728
Total	$	4,499,717	$	5,562,298	$	5,267,952

Note 7 - Floor Plan Notes Payable and Lines of Credit (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Assets Pledged As Collateral [Table Text Block]

	December 31,
	2020		2019
Inventories, new and used vehicles at cost based on specific identification, net of allowance	$	613,236	$	1,042,794
Vehicle sale related accounts receivable		82,338		82,991

Total	$	695,574	$	1,125,785

Floor plan notes payable related to vehicles	$	511,786	$	996,336

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

Note 19 - Accumulated Other Comprehensive Income (Details Textual)	Dec. 31, 2020
Rush Truck Centres of Canada Limited [Member]
Foreign Currency Exchange Rate, Translation	1.27

Note 11 - Share Based Compensation and Employee Benefit Plans - Non-vested Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Non-vested balance (in shares)	2,712,147
Non-vested, weighted average grant date fair value (in dollars per share)	$ 8.07
Granted (in shares)	753,600
Weighted-average fair value of stock options granted (in dollars per share)	$ 6.36	$ 8.37	$ 10.31
Vested (in shares)	(675,490)
Vested, weighted average grant date fair value (in dollars per share)	$ 6.69
Forfeited (in shares)	(52,500)
Forfeited, weighted average grant date fair value (in dollars per share)	$ 7.91
Non-vested balance (in shares)	2,737,757	2,712,147
Non-vested, weighted average grant date fair value (in dollars per share)	$ 7.95	$ 8.07

Note 12 - Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	2020		2019		2018
Numerator-
Numerator for basic and diluted earnings per share −
Net income available to common shareholders	$	114,887	$	141,583	$	139,062
Denominator-
Denominator for basic earnings per share – weighted average shares outstanding		54,866		54,988		58,835
Effect of dilutive securities−
Employee and director stock options and restricted share awards		1,376		1,368		1,605
Denominator for diluted earnings per share − adjusted weighted average shares outstanding and assumed conversions		56,242		56,356		60,440
Basic earnings per common share	$	2.09	$	2.57	$	2.36
Diluted earnings per common share and common share equivalents	$	2.04	$	2.51	$	2.30

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

		2020				2019				2018
Anti-dilutive options – weighted average			1,349				1,663				769

Note 6 - Valuation Accounts - Allowance for Accounts Receivable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Balance	$ 1,424
Current period provision	3,203
Balance	1,605
Write offs against allowance, net of recoveries	(3,022)
Commercial Vehicle Receivables [Member]
Balance	11
Current period provision	161
Balance	172
Manufacturers' Receivables [Member]
Balance	410
Current period provision	1,169
Balance	136
Write offs against allowance, net of recoveries	(1,443)
Leasing, Parts and Service Receivables [Member]
Balance	989
Current period provision	1,852
Balance	1,278
Write offs against allowance, net of recoveries	(1,563)
Other Receivables [Member]
Balance	14
Current period provision	21
Balance	19
Write offs against allowance, net of recoveries	$ (16)

Note 10 - Leases - Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Minimum rental payments	$ 205,640	$ 215,288
Nonlease payments	30,583	32,261
Total	$ 236,223	$ 247,549

Note 3 - Supplier Concentration

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

3.	SUPPLIER CONCENTRATION:

Major Suppliers and Dealership Agreements

The Company has entered into dealership agreements with various manufacturers of commercial vehicles and buses (“Manufacturers”). These agreements are nonexclusive agreements that allow the Company to stock, sell at retail and service commercial vehicles and sell parts from the Manufacturers in the Company’s defined market. The agreements allow the Company to use the Manufacturers’ names, trade symbols and intellectual property and expire as follows:

Manufacturer		Expiration Dates
Peterbilt		November 2021 through September 2022
International		March 2021 through May 2025
Isuzu		Indefinite
Hino		Indefinite
Ford		Indefinite
Blue Bird		August 2024
IC Bus		March 2021 through May 2025

These agreements, as well as agreements with various other Manufacturers, impose a number of restrictions and obligations on the Company, including restrictions on a change in control of the Company and the maintenance of certain required levels of working capital. Violation of these restrictions could result in the loss of the Company’s right to purchase the Manufacturers’ products and use the Manufacturers’ trademarks.

The Company purchases its new Peterbilt vehicles from Peterbilt and most of the parts sold at its Peterbilt dealerships from PACCAR, Inc, the parent company of Peterbilt, at prevailing prices charged to all franchised dealers. Sales of new Peterbilt trucks accounted for approximately 59.0% of the Company’s new vehicle sales revenue for the year ended December 31, 2020, 61.6% of the Company’s new vehicle sales revenue for the year ended December 31, 2019, and 62.5% of the Company’s new vehicle sales revenue for the year ended December 31, 2018.

Primary Lenders

The Company purchases its new and used commercial vehicle inventories with the assistance of floor plan financing programs as described in Note 7 to these Notes to Consolidated Financial Statements. The Company’s floor plan financing agreements provide that the occurrence of certain events will be considered events of default. In the event that the Company’s floor plan financing becomes insufficient, or its relationship with any of its current primary lenders terminates, the Company would need to obtain similar financing from other sources. Management believes it can obtain additional floor plan financing or alternative financing if necessary.

The Company also acquires lease and rental vehicles with the assistance of financing agreements with PACCAR Leasing Company and Bank of America. The financing agreements are secured by a lien on the acquired vehicle. The terms of the financing agreements are similar to the corresponding lease agreements with the Company’s customers.

Concentrations of Credit Risks

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with what it considers to be quality financial institutions based on periodic assessments of such institutions. The Company’s cash and cash equivalents may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation insurance limit.

The Company controls credit risk through credit approvals and by selling a majority of its trade receivables, other than vehicle accounts receivable, without recourse. Concentrations of credit risk with respect to trade receivables are reduced because a large number of geographically diverse customers make up the Company’s customer base; however, substantially all of the Company’s business is concentrated in the United States commercial vehicle markets and related aftermarkets.

The Company generally sells finance contracts it enters into with customers to finance the purchase of commercial vehicles to third parties. These finance contracts are sold by the Company both with and without recourse. A majority of the Company’s finance contracts are sold without recourse. The Company provides an allowance for doubtful receivables and a reserve for repossession losses related to finance contracts sold with recourse. Historically, the Company’s allowances and reserves have covered losses inherent in these receivables.

Note 13 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Year Ended December 31,
	2020			2019		2018
Income before income taxes:
Domestic	$	146,055		$	188,174	$	183,169
Foreign		5,668			1,349		-
Total		151,723			189,523		183,169

Current provision
Federal	$	67,988		$	20,303	$	31,819
State		6,706			4,648		6,291
Total		74,694			24,951		38,110
Deferred provision
Federal		(37,683	)		20,925		6,082
State		(1,254	)		2,064		(85	)
Foreign		1,079			-		-
Total		(37,858	)		22,989		5,997
Provision (benefit) for income taxes	$	36,836		$	47,940	$	44,107

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year Ended December 31,
	2020			2019		2018
Income taxes at the federal statutory rate	$	31,862		$	39,530	$	38,469
State income taxes, net of federal benefit		4,487			5,303		4,913
Tax effect of permanent differences		283			1,562		596
Foreign tax rate differential		(111	)		-		-
Other, net		315			1,545		129
Provision (benefit) for income taxes	$	36,836		$	47,940	$	44,107

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2020			2019
Deferred income tax (assets) liabilities:
Inventory	$	(4,329	)	$	(5,086	)
Accounts receivable		(168	)		(140	)
Finance lease obligations		(27,522	)		(21,618	)
Finance and operating leases		(13,607	)		(12,726	)
Stock options		(7,463	)		(8,749	)
Accrued liabilities		(7,680	)		(2,989	)
State net operating loss carry forward		(1,101	)		(2,381	)
State tax credit		(193	)		(196	)
Other		(3,302	)		(3,817	)
Difference between book and tax basis- Operating lease assets		13,444			12,628
Difference between book and tax basis- Depreciation and amortization		178,360			209,250
		126,439			164,176
Valuation allowance		-			121
Net deferred income tax liability	$	126,439		$	164,297

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	2020			2019			2018
Unrecognized tax benefits at beginning of period	$	3,007		$	2,389		$	2,555
Gross increases – tax positions in current year		651			1,188			504
Reductions due to lapse of statute of limitations		(353	)		(570	)		(670	)
Unrecognized tax benefits at end of period	$	3,306		$	3,007		$	2,389

Note 12 - Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Anti-dilutive options – weighted average (in shares)	1,349	1,663	769

Note 11 - Share Based Compensation and Employee Benefit Plans - Stock Option (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Balance (in shares) \| shares	4,601,438
Balance, weighted average exercise price (in dollars per share) \| $ / shares	$ 20.41
Granted (in shares) \| shares	753,600
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 22.28
Exercised (in shares) \| shares	(1,221,594)
Exercised, weighted average exercise price (in dollars per share) \| $ / shares	$ 16.04
Forfeited (in shares) \| shares	(52,500)
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	$ 24.63
Balance (in shares) \| shares	4,080,944
Balance, weighted average exercise price (in dollars per share) \| $ / shares	$ 22.01
Balance, weighted average remaining contractual life (Year)	6 years 4 months 24 days
Aggregate intrinsic value \| $	$ 79,205,864
Expected to vest (in shares) \| shares	2,705,026
Expected to vest, weighted average exercise price (in dollars per share) \| $ / shares	$ 24.31
Expected to vest, weighted average remaining contractual life (Year)	7 years 8 months 12 days
Expected to vest, aggregate intrinsic value \| $	$ 46,284,768
Vested and exercisable (in shares) \| shares	1,343,187
Vested and exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 17.31
Vested and exercisable, weighted average remaining contractual life (Year)	3 years 9 months 18 days
Vested and exercisable, aggregate intrinsic value \| $	$ 32,378,174

Note 5 - Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	December 31,
	2020			2019

New commercial vehicles	$	563,097		$	967,785
Used commercial vehicles		56,214			84,610
Parts and accessories		238,195			273,185
Other		16,175			17,763
Less allowance		(15,390	)		(17,263	)

Total	$	858,291		$	1,326,080

Note 5 - Inventories

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

5.	INVENTORIES:

The Company’s inventories, net, consisted of the following (in thousands):

	December 31,
	2020			2019

New commercial vehicles	$	563,097		$	967,785
Used commercial vehicles		56,214			84,610
Parts and accessories		238,195			273,185
Other		16,175			17,763
Less allowance		(15,390	)		(17,263	)

Total	$	858,291		$	1,326,080

Note 2 - Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 25, 2019
Depreciation, Total		$ 157,800,000	$ 158,700,000	$ 149,100,000
Amortization, Total		19,500,000	16,800,000	36,000,000.0
Goodwill, Impairment Loss	$ 0
Goodwill, Ending Balance	292,142,000	292,142,000	292,142,000	291,391,000
Capitalized Computer Software, Net, Ending Balance	7,000,000.0	7,000,000.0	8,900,000
Capitalized Computer Software, Amortization		1,900,000
Indefinite-Lived Franchise Rights	7,000,000.0	7,000,000.0	7,000,000.0
Advertising Expense		7,900,000	11,500,000	10,400,000
Capitalized Computer Software, Accumulated Amortization	12,100,000	12,100,000	10,200,000
Other Noncurrent Liabilities [Member] \| Financial Guarantee [Member]
Guarantor Obligations, Current Carrying Value	5,200,000	5,200,000	$ 5,100,000
Equity Method Investments	32,000,000.0	32,000,000.0
Rush Truck Centres of Canada Limited [Member]
Equity Method Investment, Ownership Percentage			50.00%		50.00%
Rush Truck Centres of Canada Limited [Member] \| Call Option [Member]
Equity Method Investment, Remaining Ownership Percentage Not Yet Acquired					50.00%
Rush Truck Centres of Canada Limited [Member] \| Call Option [Member] \| Other Assets [Member]
Call Option, Fair Value Disclosure	3,600,000	3,600,000
Computer Software, Intangible Asset [Member]
Capitalized Computer Software, Amortization			$ 1,900,000
Finite-Lived Intangible Asset, Expected Amortization, Year One	1,200,000	1,200,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two	1,200,000	1,200,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	1,200,000	1,200,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	1,200,000	1,200,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	1,200,000	1,200,000
Components of ERP Platform Rquired Replacement [Member]
Capitalized Computer Software, Amortization				19,900,000
Franchise Rights [Member]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		0
Construction in Progress [Member]
Interest Costs Capitalized		163,500
Vehicles [Member]
Depreciation, Total		119,900,000	$ 120,100,000	$ 114,600,000
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total	109,500,000	109,500,000
Finance Lease, Right-of-Use Asset, Accumulated Amortization	$ 40,200,000	$ 40,200,000

Note 15 - Acquisitions, Dispositions and Equity Method Investment (Details Textual) - USD ($) $ in Thousands				12 Months Ended
	Oct. 31, 2019	May 06, 2019	Feb. 11, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 25, 2019
Payments to Acquire Businesses, Gross				$ (0)	$ 10,168	$ (0)
Rush Truck Centres of Canada Limited [Member]
Equity Method Investment, Ownership Percentage					50.00%		50.00%
Rush Truck Centres of Canada Limited [Member] \| Other Noncurrent Assets [Member]
Equity Method Investments				$ 32,000
Stover Sales, Inc [Member]
Payments to Acquire Businesses, Gross		$ 2,300
Acquisition of Country Ford Trucks [Member]
Payments to Acquire Businesses, Gross			$ 7,900
Central California Truck and Trailer Sales, LLC [Member]
Proceeds from Divestiture of Businesses	$ 12,700

Note 13 - Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income taxes at the federal statutory rate	$ 31,862	$ 39,530	$ 38,469
State income taxes, net of federal benefit	4,487	5,303	4,913
Tax effect of permanent differences	283	1,562	596
Foreign tax rate differential	(111)	0	0
Other, net	315	1,545	129
Provision (benefit) for income taxes	$ 36,836	$ 47,940	$ 44,107

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details