0001437749-23-022761 | 10-Q | XBRL Viewer

Income Tax Disclosure [Text Block]

7 – Income Taxes

The Company had unrecognized income tax benefits totaling $5.3 million as a component of accrued liabilities as of June 30, 2023 and December 31, 2022, the total of which, if recognized, would impact the Company’s effective tax rate. An unfavorable settlement would require a charge to income tax expense and a favorable resolution would be recognized as a reduction to income tax expense. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. The Company had approximately $302,000 accrued for the payment of interest as of June 30, 2023 and December 31, 2022. No amounts were accrued for penalties.

The Company does not anticipate a significant change in the amount of unrecognized tax benefits in the next 12 months. As of June 30, 2023, the tax years ended December 31, 2019 through 2022 remained subject to audit by federal tax authorities, and the tax years ended December 31, 2018 through 2022, 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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 189,314	$ 203,126
Adjustments to reconcile net income to net cash provided by operating activities-
Depreciation and amortization	108,557	95,122
Gain on sale of property and equipment, net	(377)	(224)
Gain on joint venture transaction		(12,500)
Gain on business acquisition		(6,958)
Stock-based compensation expense related to employee equity awards and employee stock purchases	19,032	17,996
Deferred income tax expense	2,854	4,116
Change in accounts and notes receivable, net	(15,911)	(85,110)
Change in inventories, net	(174,353)	(193,046)
Change in prepaid expenses and other, net	(5,057)	(1,922)
Change in trade accounts payable	12,813	33,307
Change in customer deposits	(14,868)	(8,773)
Change in accrued expenses	(7,354)	18,572
Other, net	(634)	(5,527)
Net cash provided by operating activities	114,016	58,179
Cash flows from investing activities:
Acquisition of property and equipment	(186,000)	(107,226)
Proceeds from the sale of property and equipment	1,142	2,772
Business disposition		27,500
Business acquisition, net of cash acquired		(15,051)
Other	(4,088)	(2,189)
Net cash used in investing activities	(188,946)	(94,194)
Cash flows from financing activities:
Draws on floor plan notes payable – non-trade, net	191,002	190,483
Proceeds from long-term debt	653,445	571,302
Principal payments on long-term debt	(684,803)	(574,165)
Principal payments on finance lease obligations	(9,341)	(8,110)
Proceeds from issuance of shares relating to equity awards	9,724	8,068
Taxes paid related to net share settlement of equity awards	(7,017)	(8,637)
Payments of cash dividends	(23,449)	(21,589)
Common stock repurchased	(63,857)	(52,789)
Net cash provided by financing activities	65,704	104,563
Net (decrease) increase in cash and cash equivalents	(9,226)	68,548
Effect of exchange rate on cash	79	0
Cash and cash equivalents, beginning of period	201,044	148,146
Cash and cash equivalents, end of period	191,897	216,694
Supplemental disclosure of cash flow information:
Interest	25,033	5,964
Assets acquired under finance leases	$ 29,401	$ 5,749

Note 12 - Acquisition - Fair Values of Assets and Liabilities Acquired (Details) - RTC Canada [Member] $ in Thousands	May 02, 2022 USD ($)
Cash	$ 4,310
Accounts receivable	19,072
Inventory	56,255
Property and equipment, including real estate	80,196
Floor plan notes payable	(30,501)
Trade payables	(19,978)
Customer deposits	(1,980)
Accrued liabilities	(7,875)
Notes payable	(69,545)
Goodwill	44,174
Franchise rights	3,906
Other	3,422
Equity investment in RTC Canada	(37,309)
Noncontrolling interest	(17,828)
Gain on equity method investment	(6,958)
Total	$ 19,361

Note 4 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 14.9		$ 14.9
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			2 years 6 months
Share-Based Payment Arrangement, Option [Member] \| Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expense	6.0	$ 4.2	$ 19.0	$ 18.0
Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 18.8		$ 18.8
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			1 year 6 months

Note 9 - Leases (Details Textual) - USD ($) $ in Millions	6 Months Ended
Note 9 - Leases (Details Textual) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Sales-type Lease, Lease Receivable	$ 6.1	$ 6.0
Minimum [Member]
Lessor, Leases, Term of Contract	1 year
Maximum [Member]
Lessor, Leases, Term of Contract	10 years

Note 9 - Leases

6 Months Ended

Jun. 30, 2023

Leases of Lessee and Lessor Disclosure [Text Block]

9 – Leases

Lease of Vehicles as Lessor

The Company primarily leases commercial vehicles that the Company owns to customers primarily over periods of one 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 June 30, 2023 was $6.1 million, compared to $6.0 million as of December 31, 2022, and is reflected in Other Assets on the Consolidated Balance Sheet.

Lease and rental income during the three and six months ended June 30, 2023 and June 30, 2022 consisted of the following (in thousands):

	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Minimum rental payments	$	76,431	$	70,652	$	151,591	$	132,650
Nonlease payments		12,118		9,886		23,624		19,223
Total	$	88,549	$	80,538	$	175,215	$	151,873

Note 3 - Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$	98,275	$	110,227	$	188,730	$	202,680
Denominator:
Denominator for basic earnings per share – weighted average shares outstanding		54,460		55,640		54,617		55,788
Effect of dilutive securities – Employee stock options and restricted stock awards		1,644		1,670		1,717		1,822
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions		56,104		57,310		56,334		57,610
Basic earnings per common share	$	1.80	$	1.98	$	3.46	$	3.63
Diluted earnings per common share and common share equivalents	$	1.75	$	1.92	$	3.35	$	3.52

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

Three Months Ended

June 30,

Six Months Ended

June 30,

2023

2022

2023

2022

Weighted average anti-dilutive stock options

1,133

1,020

993

761

Note 4 - Stock Options and Restricted Stock Awards

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Text Block]

4 – Stock Options and Restricted Stock Awards

Valuation and Expense Information

The Company accounts for stock-based compensation in accordance with Accounting Standards Codification (“ASC”) 718-10, Compensation – Stock Compensation, 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 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 $6.0 million for the three months ended June 30, 2023, and $4.2 million for the three months ended June 30, 2022. Stock-based compensation expense, included in selling, general and administrative expense, was $19.0 million for the six months ended June 30, 2023, and was $18.0 million for the six months ended June 30, 2022.

As of June 30, 2023, the Company had $14.9 million of unrecognized compensation cost related to non-vested employee stock options to be recognized over a weighted-average period of 2.5 years and $18.8 million of unrecognized compensation cost related to non-vested restricted stock awards to be recognized over a weighted-average period of 1.5 years.

Note 3 - Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Text Block]

3 – Earnings Per Share

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$	98,275	$	110,227	$	188,730	$	202,680
Denominator:
Denominator for basic earnings per share – weighted average shares outstanding		54,460		55,640		54,617		55,788
Effect of dilutive securities – Employee stock options and restricted stock awards		1,644		1,670		1,717		1,822
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions		56,104		57,310		56,334		57,610
Basic earnings per common share	$	1.80	$	1.98	$	3.46	$	3.63
Diluted earnings per common share and common share equivalents	$	1.75	$	1.92	$	3.35	$	3.52

Options to purchase shares of common stock that were outstanding for the three months and six months ended June 30, 2023, and 2022, that were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive, are as follows (in thousands):

Three Months Ended

June 30,

Six Months Ended

June 30,

2023

2022

2023

2022

Weighted average anti-dilutive stock options

1,133

1,020

993

761

Note 1 - Principles of Consolidation and Basis of Presentation (Details Textual) - shares	Jun. 30, 2023	May 16, 2023	May 15, 2023	Dec. 31, 2022
Common Class A [Member]
Common Stock, Shares Authorized	105,000,000	105,000,000	60,000,000	105,000,000
Common Class B [Member]
Common Stock, Shares Authorized	35,000,000	35,000,000	20,000,000	35,000,000

Note 1 - Principles of Consolidation and Basis of Presentation

6 Months Ended

Jun. 30, 2023

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

1 – Principles of Consolidation and Basis of Presentation

The interim consolidated financial statements included herein have been prepared by Rush Enterprises, Inc. and its subsidiaries (collectively referred to as the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All adjustments have been made to the accompanying interim consolidated financial statements, which, in the opinion of the Company’s management, are necessary for a fair presentation of its operating results. All adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is recommended that these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim periods or the full fiscal year.

Authorized Shares

On May 16, 2023, the Company’s shareholders approved the Certificate of Amendment to the Restated Articles of Incorporation of the Company to increase the number of authorized shares of Class A Common Stock from 60,000,000 to 105,000,000 and Class B Common Stock from 20,000,000 to 35,000,000.

Foreign Currency Transactions

The functional currency of the Company’s foreign subsidiary, Rush Truck Centres of Canada Limited (“RTC Canada”), is the local currency, the Canadian dollar. Results of operations for RTC Canada are translated to USD using the average exchange rate on a monthly basis during each quarter. The assets and liabilities of RTC Canada are translated into USD using the exchange rate in effect on the balance sheet date. The related translation adjustments are recorded as a separate component of the Company’s Consolidated Statements of Shareholders’ Equity in accumulated other comprehensive income (loss).

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member] Common Class A [Member]	Retained Earnings [Member] Common Class B [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Parent [Member] Common Class A [Member]	Parent [Member] Common Class B [Member]	Parent [Member]	Noncontrolling Interest [Member]	Common Class A [Member]	Common Class B [Member]	Total
Balance (in shares) at Dec. 31, 2021	43,108,000	12,399,000
Balance at Dec. 31, 2021	$ 1,466,749		$ 563	$ 470,750	$ (36,933)			$ 1,031,582	$ 787			$ 1,466,749
Stock options exercised and stock awards (in shares)	112,000
Stock options exercised and stock awards	$ 2,385		1	2,384								2,385
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan				13,793								13,793
Vesting of restricted share awards (in shares)		302,000
Vesting of restricted share awards	$ (7,212)		3	(7,215)								(7,212)
Issuance of common stock under employee stock purchase plan (in shares)	66,000
Issuance of common stock under employee stock purchase plan	$ 2,435		1	2,434								2,435
Common stock repurchases (in shares)	(192,000)	(104,000)
Common stock repurchases	$ (15,315)				(15,315)							(15,315)
Cash dividends declared						$ (8,189)	$ (2,505)			$ (8,189)	$ (2,505)
Foreign currency translation adjustment									445			445
Net income								92,453				92,453
Foreign currency translation									445			445
Balance (in shares) at Mar. 31, 2022	43,094,000	12,597,000
Balance at Mar. 31, 2022	$ 1,545,039		568	482,146	(52,248)			1,113,341	1,232			1,545,039
Balance (in shares) at Dec. 31, 2021	43,108,000	12,399,000
Balance at Dec. 31, 2021	$ 1,466,749		563	470,750	(36,933)			1,031,582	787			1,466,749
Foreign currency translation adjustment																$ (122)
Net income																203,126
Foreign currency translation																(122)
Balance (in shares) at Jun. 30, 2022	42,808,000	12,266,000
Balance at Jun. 30, 2022			570	488,170	(90,686)			1,212,919	64			1,611,037	$ 18,274			1,629,311
Balance (in shares) at Mar. 31, 2022	43,094,000	12,597,000
Balance at Mar. 31, 2022	$ 1,545,039		568	482,146	(52,248)			1,113,341	1,232			1,545,039
Stock options exercised and stock awards (in shares)	162,000
Stock options exercised and stock awards			2	3,244								3,246				3,246
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan				4,203								4,203				4,203
Vesting of restricted share awards				(1,423)								(1,423)				(1,423)
Common stock repurchases (in shares)	(448,000)	(331,000)
Common stock repurchases					(38,438)							(38,438)				(38,438)
Cash dividends declared						(8,128)	(2,521)			(8,128)	(2,521)			$ (8,128)	$ (2,521)
Foreign currency translation adjustment									(567)			(567)				(567)
Net income								110,227				110,227	446			110,673
Foreign currency translation									(567)			(567)				(567)
Balance (in shares) at Jun. 30, 2022	42,808,000	12,266,000
Balance at Jun. 30, 2022			570	488,170	(90,686)			1,212,919	64			1,611,037	18,274			1,629,311
Reclassification of foreign currency translation related to equity method									(601)			(601)				(601)
Noncontrolling interest equity													17,828			17,828
Balance (in shares) at Dec. 31, 2022	42,345,000	12,083,000
Balance at Dec. 31, 2022			572	500,642	(130,930)			1,378,337	(4,130)			1,744,491				1,763,022
Stock options exercised and stock awards (in shares)	152
Stock options exercised and stock awards			2	3,412								3,414				3,414
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan				13,080								13,080				13,080
Vesting of restricted share awards (in shares)		281,000
Vesting of restricted share awards			3	(6,964)								(6,961)				(6,961)
Issuance of common stock under employee stock purchase plan (in shares)	68,000
Issuance of common stock under employee stock purchase plan				2,828								2,828				2,828
Common stock repurchases (in shares)	(415,000)	(56,000)
Common stock repurchases					(25,280)							(25,280)				(25,280)
Cash dividends declared						(8,897)	(2,692)			(8,897)	(2,692)			(8,897)	(2,692)
Foreign currency translation adjustment									232			232				232
Net income								90,455				90,455	335			90,790
Foreign currency translation									232			232				232
Balance (in shares) at Mar. 31, 2023	42,150,000	12,308,000
Balance at Mar. 31, 2023			577	512,998	(156,210)			1,457,203	(3,898)			1,810,670	18,866			1,829,536
Balance (in shares) at Dec. 31, 2022	42,345,000	12,083,000
Balance at Dec. 31, 2022			572	500,642	(130,930)			1,378,337	(4,130)			1,744,491				1,763,022
Foreign currency translation adjustment																1,921
Net income																189,314
Foreign currency translation																1,921
Balance (in shares) at Jun. 30, 2023	41,715,000	12,179,000
Balance at Jun. 30, 2023			578	522,375	(196,515)			1,543,941	(2,209)			1,868,170	19,115			1,887,285
Balance (in shares) at Mar. 31, 2023	42,150,000	12,308,000
Balance at Mar. 31, 2023			577	512,998	(156,210)			1,457,203	(3,898)			1,810,670	18,866			1,829,536
Stock options exercised and stock awards (in shares)	158,000
Stock options exercised and stock awards			1	3,479								3,480				3,480
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan				5,952								5,952				5,952
Vesting of restricted share awards				(54)								(54)				(54)
Common stock repurchases (in shares)	(593,000)	(129,000)
Common stock repurchases					(40,305)							(40,305)				(40,305)
Cash dividends declared						$ (8,812)	$ (2,725)			$ (8,812)	$ (2,725)			$ (8,812)	$ (2,725)
Foreign currency translation adjustment									1,689			1,689				1,689
Net income								98,275				98,275	249			98,524
Foreign currency translation									1,689			1,689				1,689
Balance (in shares) at Jun. 30, 2023	41,715,000	12,179,000
Balance at Jun. 30, 2023			$ 578	$ 522,375	$ (196,515)			$ 1,543,941	$ (2,209)			$ 1,868,170	$ 19,115			$ 1,887,285

Note 11 - Accounts Receivable and Allowance for Credit Losses

6 Months Ended

Jun. 30, 2023

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

11 – Accounts Receivable and Allowance for Credit Losses

The Company establishes an allowance for credit losses to present the net amount of accounts receivable expected to be collected. Under Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, 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 writes off account balances when it has exhausted reasonable collection efforts and determined that the likelihood of collection is remote. These write-offs are charged against the allowance for credit losses.

The following table summarizes the changes in the allowance for credit losses (in thousands):

	Balance December 31, 2022		Provision for the Six Months Ended June 30, 2023			Write offs Against Allowance, net of Recoveries			Balance June 30, 2023

Commercial vehicle receivables	$	160	$	(45	)	$	−		$	115
Manufacturers’ receivables		573		997			(766	)		804
Leasing, parts and service receivables		1,589		3,835			(1,488	)		3,936
Other receivables		−		−			24			24
Total	$	2,322	$	4,787		$	(2,230	)	$	4,879

Note 11 - Accounts Receivable and Allowance for Credit Losses - Allowance for Accounts Receivable (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Balance	$ 2,322
Current period provision	4,787
Write offs against allowance, net of recoveries	(2,230)
Balance	4,879
Commercial Vehicle Receivables [Member]
Balance	160
Current period provision	(45)
Write offs against allowance, net of recoveries	0
Balance	115
Manufacturers' Receivables [Member]
Balance	573
Current period provision	997
Write offs against allowance, net of recoveries	(766)
Balance	804
Leasing, Parts and Service Receivables [Member]
Balance	1,589
Current period provision	3,835
Write offs against allowance, net of recoveries	(1,488)
Balance	3,936
Other Receivables [Member]
Balance	0
Current period provision	0
Write offs against allowance, net of recoveries	24
Balance	$ 24

Note 6 - Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

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

	Truck Segment		All Other			Total
As of and for the three months ended June 30, 2023
Revenues from external customers	$	1,999,028	$	4,024		$	2,003,052
Segment operating income		142,869		(10	)		142,859
Segment income before taxes		130,535		(10	)		130,525
Segment assets		4,070,544		55,777			4,126,321

For the six months ended June 30, 2023
Revenues from external customers	$	3,906,969	$	7,850		$	3,914,819
Segment operating income		270,432		203			270,635
Segment income before taxes		249,462		203			249,665

As of and for the three months ended June 30, 2022
Revenues from external customers	$	1,786,927	$	4,314		$	1,791,241
Segment operating income		134,506		517			135,023
Segment income before taxes		139,765		423			140,188
Segment assets		3,615,745		53,624			3,669,369

For the six months ended June 30, 2022
Revenues from external customers	$	3,345,979	$	8,464		$	3,354,443
Segment operating income		241,826		696			242,522
Segment income before taxes		260,023		509			260,532

Note 5 - Financial Instruments and Fair Value

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Text Block]

5 – Financial Instruments and Fair Value

The Company measures certain financial assets and liabilities at fair value on a recurring basis. Financial instruments consist primarily of cash, accounts receivable, accounts payable and floor plan notes payable. The carrying values of the Company’s financial instruments approximate fair value due either to their short-term nature or existence of variable interest rates, which approximate market rates. Certain methods and assumptions were used by the Company in estimating the fair value of financial instruments as of June 30, 2023, and December 31, 2022. The carrying value of current assets and current liabilities approximates the fair value due to the short maturity of these items.

The fair value of the Company’s long-term debt is based on secondary market indicators. Because the Company’s debt is not quoted, estimates are based on each obligation’s characteristics, including remaining maturities, variable interest rate, credit rating, collateral and liquidity. Accordingly, the Company concluded that the valuation measurement inputs of its long-term debt represent, at its lowest level, current market interest rates available to the Company for similar debt and the Company’s current credit standing. Thus, the carrying amount of such debt approximates fair value.

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

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Revenue	$ 1,914,503	$ 1,710,703	$ 3,739,604	$ 3,202,570
Lease and rental sales	88,549	80,538	175,215	151,873
Total revenue	2,003,052	1,791,241	3,914,819	3,354,443
Lease and rental sales	61,514	55,335	121,992	103,896
Total cost of products sold	1,589,204	1,417,025	3,102,202	2,634,787
Gross profit	413,848	374,216	812,617	719,656
Selling, general and administrative expense	256,691	225,327	513,499	449,774
Depreciation and amortization expense	14,545	13,910	28,859	27,584
Gain on sale of assets	247	44	376	224
Operating income	142,859	135,023	270,635	242,522
Other (expense) income	(96)	8,333	2,251	22,397
Interest expense, net	12,238	3,168	23,221	4,387
Income before taxes	130,525	140,188	249,665	260,532
Income tax provision	32,001	29,515	60,351	57,406
Net income	98,524	110,673	189,314	203,126
Less: Net income attributable to noncontrolling interest	249	446	584	446
Net income attributable to Rush Enterprises, Inc.	$ 98,275	$ 110,227	$ 188,730	$ 202,680
Net income attributable to Rush Enterprises, Inc. per share of common stock:
Basic (in dollars per share)	$ 1.80	$ 1.98	$ 3.46	$ 3.63
Diluted (in dollars per share)	$ 1.75	$ 1.92	$ 3.35	$ 3.52
Weighted average shares outstanding:
Basic (in shares)	54,460	55,640	54,617	55,788
Diluted (in shares)	56,104	57,310	56,334	57,610
Dividends declared per common share (in dollars per share)	$ 0.21	$ 0.19	$ 0.42	$ 0.38
New and Used Commercial Vehicle [Member]
Revenues
Revenue	$ 1,250,794	$ 1,098,255	$ 2,412,519	$ 2,033,974
Costs of products sold	1,124,339	994,406	2,174,704	1,829,399
Parts and Service [Member]
Revenues
Revenue	651,130	598,298	1,299,356	1,141,561
Costs of products sold	403,351	367,284	805,506	701,492
Finance and Insurance [Member]
Revenues
Revenue	6,189	7,755	12,760	15,280
Product and Service, Other [Member]
Revenues
Revenue	$ 6,390	$ 6,395	$ 14,969	$ 11,755

Note 12 - Acquisitions (Details Textual) - USD ($) $ in Thousands		6 Months Ended
	May 02, 2022	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	May 01, 2022
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain		$ 6,958
Goodwill, Gross			$ 417,465	$ 416,363
RTC Canada [Member]
Equity Method Investment, Ownership Percentage	30.00%				50.00%
RTC Canada [Member]
Business Acquisition, Percentage of Voting Interests Acquired	30.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage	80.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage	50.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value	$ 44,700
Deferred Tax Liabilities, Reclassification of Foreign Currency Translation Adjustment	2,200
Deferred Tax Liabilities, Re-measurement of Equity Method Investment	600
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value	17,828
Goodwill, Gross	$ 44,200
RTC Canada [Member] \| Measurement Input, Discount Rate [Member]
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Measurement Inputs	0.11
RTC Canada [Member] \| RTC Canada [Member]
Subsidiary, Ownership Percentage, Noncontrolling Owner	20.00%
RTC Canada [Member] \| Other Income (Expense) [Member]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	$ 7,000

Note 8 - Revenue (Tables)

6 Months Ended

Jun. 30, 2023

Disaggregation of Revenue [Table Text Block]

	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Commercial vehicle sales revenue	$	1,250,794	$	1,098,255	$	2,412,519	$	2,033,974
Parts revenue		379,444		361,562		764,898		692,304
Commercial vehicle repair service revenue		271,685		236,736		534,458		449,257
Finance revenue		2,978		4,578		6,500		9,067
Insurance revenue		3,212		3,177		6,260		6,213
Other revenue		6,390		6,395		14,969		11,755
Total	$	1,914,503	$	1,710,703	$	3,739,604	$	3,202,570

Note 9 - Leases - Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Minimum rental payments	$ 76,431	$ 70,652	$ 151,591	$ 132,650
Nonlease payments	12,118	9,886	23,624	19,223
Total	$ 88,549	$ 80,538	$ 175,215	$ 151,873

Note 10 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Balance		$ 1,744,491		$ 1,744,491
Foreign currency translation adjustment	$ 1,689		$ (1,168)	1,921	$ (723)
Balance	1,868,170			1,868,170
AOCI Attributable to Parent [Member]
Balance	(3,898)	(4,130)		(4,130)
Foreign currency translation adjustment	1,689	232
Balance	$ (2,209)	$ (3,898)		$ (2,209)

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Note 3 - Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$ 98,275	$ 110,227	$ 188,730	$ 202,680
Denominator for basic earnings per share – weighted average shares outstanding (in shares)	54,460	55,640	54,617	55,788
Effect of dilutive securities– Employee stock options and restricted share awards (in shares)	1,644	1,670	1,717	1,822
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares)	56,104	57,310	56,334	57,610
Basic earnings per common share (in dollars per share)	$ 1.80	$ 1.98	$ 3.46	$ 3.63
Diluted earnings per common share and common share equivalents (in dollars per share)	$ 1.75	$ 1.92	$ 3.35	$ 3.52

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

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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Note 11 - Accounts Receivable and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2023

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

	Balance December 31, 2022		Provision for the Six Months Ended June 30, 2023			Write offs Against Allowance, net of Recoveries			Balance June 30, 2023

Commercial vehicle receivables	$	160	$	(45	)	$	−		$	115
Manufacturers’ receivables		573		997			(766	)		804
Leasing, parts and service receivables		1,589		3,835			(1,488	)		3,936
Other receivables		−		−			24			24
Total	$	2,322	$	4,787		$	(2,230	)	$	4,879

Note 6 - Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues from external customers	$ 2,003,052	$ 1,791,241	$ 3,914,819	$ 3,354,443
Segment operating income	142,859	135,023	270,635	242,522
Segment income before taxes	130,525	140,188	249,665	260,532
Segment assets	4,126,321	3,669,369	4,126,321	3,669,369	$ 3,821,066
Truck Segment [Member]
Revenues from external customers	1,999,028	1,786,927	3,906,969	3,345,979
Segment operating income	142,869	134,506	270,432	241,826
Segment income before taxes	130,535	139,765	249,462
Segment assets	4,070,544	3,615,745	4,070,544	3,615,745
Other Segments [Member]
Revenues from external customers	4,024	4,314	7,850	8,464
Segment operating income		517	203	696
Segment income before taxes	(10)	423	203
Segment assets	$ 55,777	$ 53,624	$ 55,777	$ 53,624

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).

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 191,897	$ 201,044
Accounts receivable, net	236,870	220,651
Inventories, net	1,637,321	1,429,429
Prepaid expenses and other	21,707	16,619
Total current assets	2,087,795	1,867,743
Property and equipment, net	1,441,046	1,368,594
Operating lease right-of-use assets, net	104,840	102,685
Goodwill, net	417,465	416,363
Other assets, net	75,175	65,681
Total assets	4,126,321	3,821,066
Current liabilities:
Floor plan notes payable	1,125,373	933,203
Current maturities of finance lease obligations	34,605	29,209
Current maturities of operating lease obligations	14,966	15,003
Trade accounts payable	186,809	171,717
Customer deposits	101,570	116,240
Accrued expenses	157,522	163,302
Total current liabilities	1,620,845	1,428,674
Long-term debt, net of current maturities	245,277	275,433
Finance lease obligations, net of current maturities	102,227	93,483
Operating lease obligations, net of current maturities	91,431	89,029
Other long-term liabilities	24,301	19,455
Deferred income taxes, net	$ 154,955	$ 151,970
Shareholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2023 and 2022	$ 0	$ 0
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 42,149,927 Class A shares and 12,307,852 Class B shares outstanding in 2023; and 42,345,361 Class A shares and 12,083,085 Class B shares outstanding in 2022	578	572
Additional paid-in capital	522,375	500,642
Treasury stock, at cost: 2,041,809 Class A shares and 1,168,432 Class B shares in 2023; and 1,626,777 Class A shares and 1,112,446 Class B shares in 2022	(196,515)	(130,930)
Retained earnings	1,543,941	1,378,337
Accumulated other comprehensive loss	(2,209)	(4,130)
Total Rush Enterprises, Inc. shareholders’ equity	1,868,170	1,744,491
Noncontrolling interest	19,115	18,531
Total shareholders’ equity	1,887,285	1,763,022
Total liabilities and shareholders’ equity	$ 4,126,321	$ 3,821,066
Common Class A [Member]
Shareholders’ equity:
Treasury Stock, Common, Shares (in shares)	2,635,163	979,978

Note 6 - Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting Disclosure [Text Block]

6 – Segment Information

The Company currently has one reportable business segment - the Truck Segment. The Truck Segment includes the Company’s operation of a network of commercial vehicle dealerships throughout the United States and Ontario, Canada 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 June 30, 2023 and 2022 (in thousands):

	Truck Segment		All Other			Total
As of and for the three months ended June 30, 2023
Revenues from external customers	$	1,999,028	$	4,024		$	2,003,052
Segment operating income		142,869		(10	)		142,859
Segment income before taxes		130,535		(10	)		130,525
Segment assets		4,070,544		55,777			4,126,321

For the six months ended June 30, 2023
Revenues from external customers	$	3,906,969	$	7,850		$	3,914,819
Segment operating income		270,432		203			270,635
Segment income before taxes		249,462		203			249,665

As of and for the three months ended June 30, 2022
Revenues from external customers	$	1,786,927	$	4,314		$	1,791,241
Segment operating income		134,506		517			135,023
Segment income before taxes		139,765		423			140,188
Segment assets		3,615,745		53,624			3,669,369

For the six months ended June 30, 2022
Revenues from external customers	$	3,345,979	$	8,464		$	3,354,443
Segment operating income		241,826		696			242,522
Segment income before taxes		260,023		509			260,532

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 13 - Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Text Block]

13 – Subsequent Event

On July 25, 2023, the Company’s Board of Directors declared a three-for-two stock split with respect to both the Company’s Class A and Class B common stock. The stock split will be effected in the form of a stock dividend payable on August 28, 2023, to shareholders of record as of August 7, 2023. Holders of the Company’s common stock will receive an additional one-half share for each share of common stock held as of the record date. The Company’s Class A and Class B common stock will begin trading on a split adjusted basis on August 29, 2023.

Note 12 - Acquisitions (Tables)

6 Months Ended

Jun. 30, 2023

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

Cash	$	4,310
Accounts receivable		19,072
Inventory		56,255
Property and equipment, including real estate		80,196
Floor plan notes payable		(30,501	)
Trade payables		(19,978	)
Customer deposits		(1,980	)
Accrued liabilities		(7,875	)
Notes payable		(69,545	)
Goodwill		44,174
Franchise rights		3,906
Other		3,422
Equity investment in RTC Canada		(37,309	)
Noncontrolling interest		(17,828	)
Gain on equity method investment		(6,958	)

Total	$	19,361

Note 13 - Subsequent Events (Details Textual) - Subsequent Event [Member]	Jul. 25, 2023
Common Class A [Member] \| Stock Split To [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	3
Common Class A [Member] \| Stock Split From [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	2
Common Class B [Member] \| Stock Split To [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	3
Common Class B [Member] \| Stock Split From [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	2

Note 8 - Revenue

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Text Block]

8 – Revenue

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

The following table summarizes the Company’s disaggregated revenue by revenue source, excluding lease and rental revenue, for the three months and six months ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Commercial vehicle sales revenue	$	1,250,794	$	1,098,255	$	2,412,519	$	2,033,974
Parts revenue		379,444		361,562		764,898		692,304
Commercial vehicle repair service revenue		271,685		236,736		534,458		449,257
Finance revenue		2,978		4,578		6,500		9,067
Insurance revenue		3,212		3,177		6,260		6,213
Other revenue		6,390		6,395		14,969		11,755
Total	$	1,914,503	$	1,710,703	$	3,739,604	$	3,202,570

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 June 30, 2023. Revenues related to commercial vehicle sales, parts sales, commercial vehicle repair service, finance and the majority of other revenues are related to the Truck Segment.

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 8 - Revenue - Disaggregated Revenue by Revenue Source (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revnue	$ 1,914,503	$ 1,710,703	$ 3,739,604	$ 3,202,570
Commercial Vehicle [Member]
Revnue	1,250,794	1,098,255	2,412,519	2,033,974
Parts [Member]
Revnue	379,444	361,562	764,898	692,304
Commercial Vehicle Repair Service [Member]
Revnue	271,685	236,736	534,458	449,257
Financial Service [Member]
Revnue	2,978	4,578	6,500	9,067
Insurance [Member]
Revnue	3,212	3,177	6,260	6,213
Product and Service, Other [Member]
Revnue	$ 6,390	$ 6,395	$ 14,969	$ 11,755

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 2 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Text Block]

2 – Commitments and Contingencies

From time to time, the Company is involved in litigation arising out of its operations in the ordinary course of business. The Company maintains liability insurance, including product liability coverage, in amounts deemed adequate by management. However, an uninsured or partially insured claim, or claim for which indemnification is not available, could have a material adverse effect on the Company’s financial condition or results of operations. As of June 30, 2023, the Company believes that there are no pending claims or litigation, individually or in the aggregate, that are reasonably likely to have a material adverse effect on its financial position or results of operations. However, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations for the fiscal period in which such resolution occurred.

Item 5 - Other Information

6 Months Ended

Jun. 30, 2023

Issuer Rule 10b5-1, Material Terms [Text Block]

ITEM 5. Other Information.

During the three months ended June 30, 2023, none of the Company's directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

Note 7 - Income Taxes (Details Textual) - USD ($)	6 Months Ended
Note 7 - Income Taxes (Details Textual) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 5,300,000	$ 5,300,000
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	$ 302,000	$ 302,000
Domestic Tax Authority [Member]
Open Tax Year	2019 2020 2021 2022
State and Local Jurisdiction [Member]
Open Tax Year	2018 2019 2020 2021 2022

Note 12 - Acquisitions

6 Months Ended

Jun. 30, 2023

Business Combination Disclosure [Text Block]

12 – Acquisitions

On May 2, 2022, the Company completed the acquisition of an additional 30% equity interest in RTC Canada, resulting in an 80% controlling interest in RTC Canada. The acquisition was accounted for as an acquisition achieved in stages under ASC 805, Business Combinations. The acquisition-date fair value of the previous 50% equity interest was $44.7 million, resulting in a gain of $7.0 million included in the line item Other income (expense) on the Consolidated Statements of Income for the three months ended June 30, 2022 and for the six months ended June 30, 2022. The Company also recognized a reversal of deferred tax liabilities of $2.2 million and $0.6 million related to reclassification of the foreign currency translation adjustment related to the remeasurement of the Company’s previous equity method investment in RTC Canada Income for the three months ended June 30, 2022 and for the six months ended June 30, 2022.

As of May 2, 2022, the Company established a noncontrolling interest related to the minority holders. The fair value of the 20% noncontrolling interest in RTC Canada is estimated to be $17.8 million. The fair value of the noncontrolling interest was estimated using a combination of the income approach and a market approach. Since RTC Canada is a private company, the fair value measurement is based on significant inputs that are not observable in the market and thus represents a Level 3 measurement as defined in ASC 820, Fair Value Measurement. The fair value estimates are based on: (i) a discount rate of 11%; (ii) a terminal value based on a long-term sustainable growth rate of 3%; (iii) financial multiples of companies in the same industry as RTC Canada; and (iv) adjustments because of the lack of control or lack of marketability that market participants would consider when estimating the fair value of the noncontrolling interest in RTC Canada.

The purchase price was allocated based on the fair values of the assets and liabilities at the date of acquisition as follows (in thousands):

Cash	$	4,310
Accounts receivable		19,072
Inventory		56,255
Property and equipment, including real estate		80,196
Floor plan notes payable		(30,501	)
Trade payables		(19,978	)
Customer deposits		(1,980	)
Accrued liabilities		(7,875	)
Notes payable		(69,545	)
Goodwill		44,174
Franchise rights		3,906
Other		3,422
Equity investment in RTC Canada		(37,309	)
Noncontrolling interest		(17,828	)
Gain on equity method investment		(6,958	)

Total	$	19,361

The goodwill of $44.2 million for the RTC Canada acquisition is primarily attributable to the synergies expected to arise after obtaining a controlling interest in the entity.

Prior to May 2, 2022, the Company accounted for its 50% equity interest in RTC Canada as an equity-method investment. Subsequent to the Company’s acquisition of the additional 30% equity interest on May 2, 2022, operations of RTC Canada are included in the accompanying consolidated financial statements.

Note 10 - Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2023

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

Balance as of December 31, 2022	$	(4,130	)
Foreign currency translation adjustment		232
Balance as of March 31, 2023	$	(3,898	)
Foreign currency translation adjustment		1,689
Balance as of June 30, 2023	$	(2,209	)

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income	$ 98,524	$ 110,673	$ 189,314	$ 203,126
Other comprehensive income (loss), net of tax:
Foreign currency translation	1,689	(567)	1,921	(122)
Reclassification of currency translation related to equity method accounting		601		601
Other comprehensive income (loss) attributable to Rush Enterprises, Inc.	1,689	(1,168)	1,921	(723)
Comprehensive income	100,213	109,505	191,235	202,403
Less: Comprehensive income attributable to noncontrolling interest	249	446	584	446
Comprehensive income attributable to Rush Enterprises, Inc.	$ 99,964	$ 109,059	$ 190,651	$ 201,957

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Note 9 - Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases, Lease Income [Table Text Block]

	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Minimum rental payments	$	76,431	$	70,652	$	151,591	$	132,650
Nonlease payments		12,118		9,886		23,624		19,223
Total	$	88,549	$	80,538	$	175,215	$	151,873

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2023	Jul. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	0-20797
Entity Registrant Name	RUSH ENTERPRISES, INC.
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	74-1733016
Entity Address, Address Line One	555 I.H. 35 South, Suite 500
Entity Address, City or Town	New Braunfels
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78130
City Area Code	830
Local Phone Number	302-5200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001012019
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		41,704,225
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	RUSHA
Security Exchange Name	NASDAQ
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		12,132,380
Title of 12(b) Security	Class B Common Stock, $0.01 par value
Trading Symbol	RUSHB
Security Exchange Name	NASDAQ

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Class A [Member]
Common stock, authorized (in shares)	105,000,000	105,000,000
Common stock, outstanding (in shares)	41,715,105	42,808,333
Treasury Stock, Common, Shares (in shares)	2,635,163	979,978
Common Class B [Member]
Common stock, authorized (in shares)	35,000,000	35,000,000
Common stock, outstanding (in shares)	12,179,225	12,266,309
Treasury Stock, Common, Shares (in shares)	1,297,059	927,330

Note 6 - Segment Information (Details Textual)	6 Months Ended
Note 6 - Segment Information (Details Textual)	Jun. 30, 2023
Truck Segment [Member]
Number of Reportable Segments	1
Other Segments [Member]
Number of Operating Segments	3

Note 10 - Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2023