0001437749-22-011665 | 10-Q | XBRL Viewer

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

1 – Principles of Consolidation and Basis of Presentation

The interim consolidated financial statements included herein have been prepared by Rush Enterprises, Inc. and its subsidiaries (collectively referred to as the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All adjustments have been made to the accompanying interim consolidated financial statements, which, in the opinion of the Company’s management, are necessary for a fair presentation of its operating results. All adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is recommended that these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim periods or the full fiscal year.

COVID-19 Risks and Uncertainties

While the COVID-19 pandemic may not be over, business conditions have improved significantly since the onset of the pandemic in the second quarter of 2020. However, our industry continues to be impacted by supply chain issues generally attributable to the COVID-19 pandemic that are negatively affecting new commercial vehicle production and the availability of aftermarket parts. 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 of the COVID-19 pandemic and its effect on global economic trends and the various supply chains serving the commercial vehicle industry.

Note 2 - Other Assets

3 Months Ended

Mar. 31, 2022

Other Assets Disclosure [Text Block]

2 – Other Assets

Equity Method Investments 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 March 31, 2022, 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 $5.3 million as of March 31, 2022 and $5.2 million as of December 31, 2021, and is included in the investment in RTC Canada. As of March 31, 2022, the Company’s investment in RTC Canada is $38.7 million. The Company’s equity income in RTC Canada is included in Other income on the Consolidated Statements of Income.

On January 3, 2022, a subsidiary of Cummins, Inc. acquired a 50% equity interest in Natural Gas Fuel Systems, LLC, which previously conducted business as Momentum Fuel Technologies, from the Company for $27.5 million. The $12.5 million gain realized on the transaction is included in Other income on the Consolidated Statements of Income and Comprehensive Income. The Company is accounting for the business as a joint venture and recognizes the investment using the equity method. As of March 31, 2022, the Company’s investment in Natural Gas Fuels Systems, LLC is $14.9 million. The Company’s equity income in Natural Gas Fuels Systems, LLC is included in Other income on the Consolidated Statements of Income.

Note 3 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Text Block]

3 – Commitments and Contingencies

From time to time, the Company is involved in litigation arising out of its operations in the ordinary course of business. The Company maintains liability insurance, including product liability coverage, in amounts deemed adequate by management. However, an uninsured or partially insured claim, or claim for which indemnification is not available, could have a material adverse effect on the Company’s financial condition or results of operations. As of March 31, 2022, the Company believes that there are no pending claims or litigation, individually or in the aggregate, that are reasonably likely to have a material adverse effect on its financial position or results of operations. However, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations for the fiscal period in which such resolution occurred.

Note 4 - Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Text Block]

4 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):

	Three Months Ended March 31,
	2022		2021
Numerator:
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$	92,453	$	45,333
Denominator:
Denominator for basic earnings per share – weighted average shares outstanding		55,938		55,567
Effect of dilutive securities– Employee stock options and restricted share awards		1,974		2,167
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions		57,912		57,734
Basic earnings per common share	$	1.65	$	0.82
Diluted earnings per common share and common share equivalents	$	1.60	$	0.79

Options to purchase shares of common stock that were outstanding for the three months ended March 31, 2022 and 2021 that were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive are as follows (in thousands):

March 31,

2022

March 31,

2021

Anti-dilutive options – weighted average

502

131

Note 5 - Stock Options and Restricted Stock Awards

3 Months Ended

Mar. 31, 2022

Share-Based Payment Arrangement [Text Block]

5 – Stock Options and Restricted Stock Awards

Valuation and Expense Information

The Company accounts for stock-based compensation in accordance with ASC 718-10, Compensation – Stock Compensation, which requires the measurement and recognition of compensation expense for all share-based payment awards made to the Company’s employees and directors, including employee stock options, restricted stock unit awards, restricted stock awards and employee stock purchases related to the Employee Stock Purchase Plan, based on estimated fair values.

Stock-based compensation expense, calculated using the Black-Scholes option-pricing model for employee stock options and included in selling, general and administrative expense, was $13.8 million for the three months ended March 31, 2022, and $11.5 million for the three months ended March 31, 2021.

As of March 31, 2022, the Company had $14.3 million of unrecognized compensation cost related to non-vested employee stock options to be recognized over a weighted-average period of 2.6 years and $17.0 million of unrecognized compensation cost related to non-vested restricted stock awards to be recognized over a weighted-average period of 1.7 years.

Note 6 - Financial Instruments and Fair Value

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Text Block]

6 – Financial Instruments and Fair Value

The Company measures certain financial assets and liabilities at fair value on a recurring basis. Financial instruments consist primarily of cash, accounts receivable, accounts payable and floor plan notes payable. The carrying values of the Company’s financial instruments approximate fair value due either to their short-term nature or existence of variable interest rates, which approximate market rates. Certain methods and assumptions were used by the Company in estimating the fair value of financial instruments as of March 31, 2022, and December 31, 2021. 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 carrying amount of such debt approximates fair value.

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 7 - Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting Disclosure [Text Block]

7 – Segment Information

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 income before income taxes, not including extraordinary items.

The following table contains summarized information about reportable segment revenues, segment income or loss from continuing operations and segment assets for the periods ended March 31, 2022 and 2021 (in thousands):

	Truck Segment		All Other		Totals

As of and for the three months ended March 31, 2022
Revenues from external customers	$	1,559,051	$	4,151	$	1,563,202
Segment operating income		107,320		179		107,499
Segment income before taxes		120,259		85		120,344
Segment assets		3,266,895		54,653		3,321,548

As of and for the three months ended March 31, 2021
Revenues from external customers	$	1,228,111	$	3,695	$	1,231,806
Segment operating income		55,950		275		56,225
Segment income before taxes		56,432		205		56,637
Segment assets		2,958,832		49,591		3,008,423

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.

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Note 8 - Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Text Block]

8 – Income Taxes

The Company had unrecognized income tax benefits totaling $4.3 million as a component of accrued liabilities as of March 31, 2022 and December 31, 2021, the total of which, if recognized, would impact the Company’s effective tax rate. An unfavorable settlement may require a charge to income tax expense and a favorable resolution would be recognized as a reduction to income tax expense. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. The Company had approximately $279,000 accrued for the payment of interest as of March 31, 2022 and December 31, 2021. No amounts were accrued for penalties.

The Company does not anticipate a significant change in the amount of unrecognized tax benefits in the next 12 months. As of March 31, 2022, the tax years ended December 31, 2018 through 2021 remained subject to audit by federal tax authorities, and the tax years ended December 31, 2017 through 2021, remained subject to audit by state tax authorities.

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.

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Note 9 - Revenue

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Text Block]

9 – Revenue

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

The following table summarizes the Company’s disaggregated revenue by revenue source, excluding lease and rental revenue, for the three months ended March 31, 2022 and 2021 (in thousands):

	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Commercial vehicle sales revenue	$	935,719	$	747,719
Parts revenue		330,743		240,436
Commercial vehicle repair service revenue		212,520		175,301
Finance revenue		4,489		3,904
Insurance revenue		3,036		2,561
Other revenue		5,360		3,658
Total	$	1,491,867	$	1,173,579

All of the Company's performance obligations and associated revenues are generally transferred to customers at a point in time. The Company did not have any material contract assets or contract liabilities on the balance sheet as of March 31, 2022. 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.

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.

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Note 10 - Leases

3 Months Ended

Mar. 31, 2022

Leases of Lessee and Lessor Disclosure [Text Block]

10 – Leases

Lease of Vehicles as Lessor

The Company primarily leases commercial vehicles that the Company owns to customers primarily over periods of one to ten years. The Company does not 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 at the end of the lease term.

The Company’s policy is to depreciate its lease and rental fleet using a straight-line method over each customer’s contractual lease term. The lease unit is depreciated to a residual value that approximates fair value at the expiration of the lease term. This policy results in the Company realizing reasonable gross margins while the unit is in service and a corresponding gain or loss on sale when the unit is sold at the end of the lease term.

Sales-type leases are recognized by the Company as lease receivables. The lessee obtains control of the underlying asset and the Company recognizes sales revenue upon lease commencement. The receivable for sales-type leases as of March 31, 2022 was $5.6 million, compared to $5.4 million as of December 31, 2021, and is reflected in Other Assets on the Consolidated Balance Sheet.

Lease and rental income during the three months ended March 31, 2022 and March 31, 2021 consisted of the following (in thousands):

	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Minimum rental payments	$	61,998	$	50,705
Nonlease payments		9,337		7,522
Total	$	71,335	$	58,227

Note 11 - Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2022

Comprehensive Income (Loss) Note [Text Block]

11 – Accumulated Other Comprehensive Income

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

Balance as of December 31, 2021	$	787
Foreign currency translation adjustment		445
Balance as of March 31, 2022	$	1,232

The equity method investment in RTC Canada was valued using the exchange rate of one US Dollar to 1.2505 Canadian dollars as of March 31, 2022. The adjustment is reflected in Other Assets on the Consolidated Balance Sheet.

Note 12 - Accounts Receivable and Allowance for Credit Losses

3 Months Ended

Mar. 31, 2022

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

12 – Accounts Receivable and Allowance for Credit Losses

The Company establishes an allowance for credit losses to present the net amount of accounts receivable expected to be collected. Under Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, 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, leasing and parts and service receivables and other trade receivables. The Company maintains an allowance for credit losses based on the probability of default, its historical rate of losses, aging and current economic conditions. The Company 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, 2021		Provision for the Three Months Ended March 31, 2022		Write offs Against Allowance, net of Recoveries			Balance March 31, 2022

Commercial vehicle receivables	$	76	$	80	$	−		$	156
Manufacturers’ receivables		419		292		(107	)		604
Leasing, parts and service receivables		1,069		470		(409	)		1,130
Other receivables		26		−		(4	)		22
Total	$	1,590	$	842	$	(520	)	$	1,912

Note 13 - Acquisition

3 Months Ended

Mar. 31, 2022

Business Combination Disclosure [Text Block]

13 – Acquisition

On December 13, 2021, the Company completed the acquisition of certain of the assets of the Summit Truck Group, LLC and certain of its subsidiaries and affiliates (collectively, “Summit”) which included full-service commercial vehicle dealerships and Idealease franchises in Arkansas, Kansas, Missouri, Tennessee and Texas. The acquisition included Summit’s dealerships representing International, IC Bus, Idealease, Isuzu and other commercial vehicle manufacturers for a purchase price of approximately $205.3 million, excluding the real property associated with the transaction. The Company financed approximately $102.0 million of the purchase price under its floor plan and lease and rental truck financing arrangements and the remainder of the purchase price was paid in cash. In addition, the Company purchased certain real property owned by Summit for a purchase price of approximately $57.0 million, which was paid in cash.

The purchase price allocation has not yet been finalized for the Summit acquisition. The Company is currently working with Summit to obtain additional information related to property and equipment, inventory and valuation of intangible assets. Management has recorded the purchase price allocations based upon currently available information about Summit.

The operations of Summit are included in the accompanying consolidated financial statements from the date of the acquisition. The preliminary purchase price was allocated based on the fair values of the assets and liabilities at the date of acquisition as follows (in thousands):

Goodwill	$	73,710
Franchise rights		1,581
Inventory		76,078
Property and equipment, including real estate		113,161
Customer deposits		(3,359	)
Other		1,156

Total	$	262,327

The goodwill acquired in the Summit acquisition will be amortized over 15 years for tax purposes.

Note 14 - Subsequent Event

3 Months Ended

Mar. 31, 2022

Subsequent Events [Text Block]

14 – Subsequent Event

On May 2, 2022, the Company acquired an additional 30% of RTC Canada for approximately $20.0 million, bringing the Company’s total ownership of RTC Canada to 80%. Prior to acquiring the additional 30%, the Company accounted for the equity interest in RTC Canada using the equity method of accounting. Going forward, the operating results of RTC Canada will be consolidated in the Consolidated Statements of Operations and Comprehensive Income and the Consolidated Balance Sheets from the date of the acquisition. In addition, the operating results of RTC Canada will also be discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s quarterly and annual reports.

Note 4 - Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

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

	Three Months Ended March 31,
	2022		2021
Numerator:
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$	92,453	$	45,333
Denominator:
Denominator for basic earnings per share – weighted average shares outstanding		55,938		55,567
Effect of dilutive securities– Employee stock options and restricted share awards		1,974		2,167
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions		57,912		57,734
Basic earnings per common share	$	1.65	$	0.82
Diluted earnings per common share and common share equivalents	$	1.60	$	0.79

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

March 31,

2022

March 31,

2021

Anti-dilutive options – weighted average

502

131

Note 7 - Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

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

	Truck Segment		All Other		Totals

As of and for the three months ended March 31, 2022
Revenues from external customers	$	1,559,051	$	4,151	$	1,563,202
Segment operating income		107,320		179		107,499
Segment income before taxes		120,259		85		120,344
Segment assets		3,266,895		54,653		3,321,548

As of and for the three months ended March 31, 2021
Revenues from external customers	$	1,228,111	$	3,695	$	1,231,806
Segment operating income		55,950		275		56,225
Segment income before taxes		56,432		205		56,637
Segment assets		2,958,832		49,591		3,008,423

Note 9 - Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Disaggregation of Revenue [Table Text Block]

	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Commercial vehicle sales revenue	$	935,719	$	747,719
Parts revenue		330,743		240,436
Commercial vehicle repair service revenue		212,520		175,301
Finance revenue		4,489		3,904
Insurance revenue		3,036		2,561
Other revenue		5,360		3,658
Total	$	1,491,867	$	1,173,579

Note 10 - Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases, Lease Income [Table Text Block]

	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Minimum rental payments	$	61,998	$	50,705
Nonlease payments		9,337		7,522
Total	$	71,335	$	58,227

Note 11 - Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2022

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

Balance as of December 31, 2021	$	787
Foreign currency translation adjustment		445
Balance as of March 31, 2022	$	1,232

Note 12 - Accounts Receivable and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2022

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

	Balance December 31, 2021		Provision for the Three Months Ended March 31, 2022		Write offs Against Allowance, net of Recoveries			Balance March 31, 2022

Commercial vehicle receivables	$	76	$	80	$	−		$	156
Manufacturers’ receivables		419		292		(107	)		604
Leasing, parts and service receivables		1,069		470		(409	)		1,130
Other receivables		26		−		(4	)		22
Total	$	1,590	$	842	$	(520	)	$	1,912

Note 13 - Acquisition (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Goodwill	$	73,710
Franchise rights		1,581
Inventory		76,078
Property and equipment, including real estate		113,161
Customer deposits		(3,359	)
Other		1,156

Total	$	262,327

Note 2 - Other Assets (Details Textual) $ in Millions, $ in Millions	Jan. 03, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 25, 2019 CAD ($)	Feb. 25, 2019
Financial Guarantee [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted				$ 250
Other Noncurrent Liabilities [Member] \| Financial Guarantee [Member]
Guarantor Obligations, Current Carrying Value		$ 5.3	$ 5.2
Rush Truck Centres of Canada Limited [Member]
Equity Method Investment, Ownership Percentage					50.00%
Rush Truck Centres of Canada Limited [Member] \| Other Noncurrent Liabilities [Member]
Equity Method Investments		38.7
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		3.6
Momentum Fuel Technologies [Member]
Equity Method Investment, Ownership Percentage	50.00%
Equity Method Investments		$ 14.9
Payments to Acquire Equity Method Investments	$ 27.5
Momentum Fuel Technologies [Member] \| Other Income [Member]
Acquisition of Equity Method Investments, Realized Gain (Loss)	$ 12.5

Note 4 - Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$ 92,453	$ 45,333
Basic (in shares)	55,938	55,567
Effect of dilutive securities– Employee stock options and restricted share awards (in shares)	1,974	2,167
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares)	57,912	57,734
Basic earnings per common share (in dollars per share)	$ 1.65	$ 0.82
Diluted earnings per common share and common share equivalents (in dollars per share)	$ 1.60	$ 0.79

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

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Note 4 - Earnings Per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Anti-dilutive options – weighted average (in shares)	502	131

Note 5 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 14.3
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 7 months 6 days
Share-Based Payment Arrangement, Option [Member] \| Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expense	$ 13.8	$ 11.5
Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 17.0
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 8 months 12 days

Note 7 - Segment Information (Details Textual)	3 Months Ended
Note 7 - Segment Information (Details Textual)	Mar. 31, 2022
Truck Segment [Member]
Number of Reportable Segments	1
Other Segments [Member]
Number of Operating Segments	3

Note 7 - Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenues from external customers	$ 1,563,202	$ 1,231,806
Segment operating income	107,499	56,225
Segment income before taxes	120,344	56,637
Segment assets	3,321,548	3,008,423	$ 3,119,977
Truck Segment [Member]
Revenues from external customers	1,559,051	1,228,111
Segment operating income	107,320	55,950
Segment income before taxes	120,259	56,432
Segment assets	3,266,895	2,958,832
Other Segments [Member]
Revenues from external customers	4,151	3,695
Segment operating income	179	275
Segment income before taxes	85	205
Segment assets	$ 54,653	$ 49,591

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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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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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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Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
Note 8 - Income Taxes (Details Textual) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 4,300,000	$ 4,300,000
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	279,000	279,000
Unrecognized Tax Benefits, Income Tax Penalties Accrued	$ 0	$ 0
Domestic Tax Authority [Member]
Open Tax Year	2018 2019 2020 2021
State and Local Jurisdiction [Member]
Open Tax Year	2017 2018 2019 2020 2021

Note 9 - Revenue - Disaggregated Revenue by Revenue Source (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue	$ 1,491,867	$ 1,173,579
Commercial Vehicle [Member]
Revenue	935,719	747,719
Parts [Member]
Revenue	330,743	240,436
Commercial Vehicle Repair Service [Member]
Revenue	212,520	175,301
Financial Service [Member]
Revenue	4,489	3,904
Insurance [Member]
Revenue	3,036	2,561
Product and Service, Other [Member]
Revenue	$ 5,360	$ 3,658

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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Note 10 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended
Note 10 - Leases (Details Textual) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Sales-type Lease, Lease Receivable	$ 5.6	$ 5.4
Minimum [Member]
Lessee, Leases, Term of Contract (Year)	1 year
Maximum [Member]
Lessee, Leases, Term of Contract (Year)	10 years

Note 10 - Leases - Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Minimum rental payments	$ 61,998	$ 50,705
Nonlease payments	9,337	7,522
Total	$ 71,335	$ 58,227

Note 11 - Accumulated Other Comprehensive Income (Details Textual)	Mar. 31, 2022
Rush Truck Centres of Canada Limited [Member]
Foreign Currency Exchange Rate, Translation	1.2505

Note 11 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Balance	$ 1,466,749
Balance	1,545,039
AOCI Attributable to Parent [Member]
Balance	787
Foreign currency translation adjustment	445
Balance	$ 1,232

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.

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Note 12 - Accounts Receivable and Allowance for Credit Losses - Allowance for Accounts Receivable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Balance	$ 1,590
Current period provision	842
Balance	1,912
Write offs against allowance, net of recoveries	(520)
Commercial Vehicle Receivables [Member]
Balance	76
Current period provision	80
Balance	156
Manufacturers' Receivables [Member]
Balance	419
Current period provision	292
Balance	604
Write offs against allowance, net of recoveries	(107)
Leasing, Parts and Service Receivables [Member]
Balance	1,069
Current period provision	470
Balance	1,130
Write offs against allowance, net of recoveries	(409)
Other Receivables [Member]
Balance	26
Balance	22
Write offs against allowance, net of recoveries	$ (4)

Note 13 - Acquisition (Details Textual) - Asset Purchase Agreement With Summit [Member] $ in Millions	Dec. 13, 2021 USD ($)
Business Combination, Consideration Transferred, Total	$ 205.3
Business Combination, Consideration Transferred, Liabilities Incurred	102.0
Payments to Acquire Real Estate, Total	$ 57.0

Note 13 - Acquisition - Fair Values of Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 13, 2021
Goodwill	$ 370,331	$ 370,331
Asset Purchase Agreement With Summit [Member]
Goodwill			$ 73,710
Franchise rights			1,581
Inventory			76,078
Property and equipment, including real estate			113,161
Customer deposits			(3,359)
Other			1,156
Total			$ 262,327