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HEES H&E Equipment Services

Document and Entity Information

Document and Entity Information - shares6 Months Ended
Jun. 30, 2021Jul. 27, 2021
Cover [Abstract]
Document Type10-Q
Amendment Flagfalse
Document Period End DateJun. 30,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ2
Trading SymbolHEES
Entity Registrant NameH&E Equipment Services, Inc.
Entity Central Index Key0001339605
Current Fiscal Year End Date--12-31
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Common Stock, Shares Outstanding36,092,603
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Shell Companyfalse
Title of 12(b) SecurityCommon Stock, par value $0.01 per share
Security Exchange NameNASDAQ
Entity File Number000-51759
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number81-0553291
Entity Address, Address Line One7500 Pecue Lane
Entity Address, City or TownBaton Rouge
Entity Address, State or ProvinceLA
Entity Address, Postal Zip Code70809
City Area Code225
Local Phone Number298-5200
Document Transition Reportfalse
Document Quarterly Reporttrue

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
ASSETS
Cash $ 202,487 $ 310,882
Receivables, net of allowance for doubtful accounts of $4,721 and $4,741, respectively170,516 178,858
Inventories, net of reserves for obsolescence of $270 and $350, respectively128,422 72,488
Prepaid expenses and other assets17,381 10,379
Rental equipment, net of accumulated depreciation of $708,199 and $701,588, respectively1,112,959 1,028,745
Property and equipment, net of accumulated depreciation and amortization of $170,781 and $158,803, respectively118,709 116,740
Operating lease right-of-use assets, net of accumulated amortization of $31,346 and $23,920, respectively167,661 162,220
Finance lease right-of-use assets, net of accumulated amortization of $2,295 and $2,213, respectively122 203
Deferred financing costs, net of accumulated amortization of $15,469 and $15,119, respectively1,807 2,157
Intangible assets, net of accumulated amortization of $12,724 and $10,939, respectively26,976 28,961
Goodwill68,851 68,851
Total assets2,015,891 1,980,484
Liabilities:
Accounts payable113,099 89,295
Manufacturer flooring plans payable7,326 9,615
Accrued expenses payable and other liabilities66,916 67,290
Dividends payable88 155
Senior unsecured notes, net of unaccreted discount of $8,737 and $9,323 and deferred financing costs of $2,018 and $2,017, respectively1,239,245 1,238,660
Operating lease right-of-use liabilities171,699 165,921
Finance lease right-of-use liabilities177 305
Deferred income taxes176,879 171,010
Total liabilities1,775,429 1,742,251
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued
Common stock, $0.01 par value, 175,000,000 shares authorized; 40,278,843 and 40,242,711 shares issued at June 30, 2021 and December 31, 2020, respectively, and 36,116,063 and 36,092,555 shares outstanding at June 30, 2021 and December 31, 2020, respectively402 401
Additional paid-in capital242,749 240,206
Treasury stock at cost, 4,162,780 and 4,150,156 shares of common stock held at June 30, 2021 and December 31, 2020, respectively(66,623)(66,188)
Retained earnings63,934 63,814
Total stockholders’ equity240,462 238,233
Total liabilities and stockholders’ equity $ 2,015,891 $ 1,980,484

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivables $ 4,721 $ 4,741
Reserves for obsolescence inventories270 350
Accumulated depreciation, rental equipment708,199 701,588
Accumulated depreciation and amortization, property and equipment170,781 158,803
Accumulated amortization, operating lease right-of-use assets31,346 23,920
Accumulated amortization, financing lease right-of-use assets2,295 2,213
Accumulated amortization, deferred financing costs15,469 15,119
Accumulated amortization, intangible assets12,724 10,939
Unaccreted discount, net8,737 9,323
Deferred financing costs $ 2,018 $ 2,017
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized25,000,000 25,000,000
Preferred stock, shares issued0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized175,000,000 175,000,000
Common stock, shares issued40,278,843 40,242,711
Common stock, shares outstanding36,116,063 36,092,555
Treasury stock, shares4,162,780 4,150,156

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Revenues:
Revenues $ 315,763 $ 278,336 $ 594,208 $ 564,258
Cost of revenues:
Cost of revenues204,398 186,266 389,840 366,705
Gross profit111,365 92,070 204,368 197,553
Selling, general and administrative expenses77,006 67,861 150,959 147,485
Impairment of goodwill61,994
Merger and other680 118 1,417 158
Gain on sales of property and equipment, net680 2,894 834 7,158
Income (loss) from operations34,359 26,985 52,826 (4,926)
Other income (expense):
Interest expense(13,425)(15,572)(26,868)(31,602)
Other, net808 642 1,475 1,272
Total other expense, net(12,617)(14,930)(25,393)(30,330)
Income (loss) before provision (benefit) for income taxes21,742 12,055 27,433 (35,256)
Provision (benefit) for income taxes5,976 3,240 7,516 (7,103)
Net income (loss) $ 15,766 $ 8,815 $ 19,917 $ (28,153)
Net income (loss) per common share:
Basic $ 0.44 $ 0.24 $ 0.55 $ (0.78)
Diluted $ 0.43 $ 0.24 $ 0.55 $ (0.78)
Weighted average common shares outstanding:
Basic36,216 36,031 36,200 35,998
Diluted36,437 36,107 36,412 35,998
Dividends declared per common share outstanding $ 0.275 $ 0.275 $ 0.55 $ 0.55
Equipment Rentals [Member]
Cost of revenues:
Cost of revenues $ 105,149 $ 96,646 $ 202,909 $ 199,006
Equipment Rentals [Member] | Rentals Other [Member]
Cost of revenues:
Cost of revenues18,731 14,226 35,454 31,031
Equipment Rentals [Member] | Rental Depreciation [Member]
Cost of revenues:
Cost of revenues58,337 59,156 113,686 119,142
Equipment Rentals [Member] | Rental Expense [Member]
Cost of revenues:
Cost of revenues28,081 23,264 53,769 48,833
New Equipment Sales [Member]
Cost of revenues:
Cost of revenues44,176 39,259 77,618 66,685
Used Equipment Sales [Member]
Cost of revenues:
Cost of revenues27,008 23,282 55,373 43,720
Parts Sales [Member]
Cost of revenues:
Cost of revenues20,356 19,352 39,103 41,255
Services Revenues [Member]
Cost of revenues:
Cost of revenues4,789 5,173 9,486 10,713
Other [Member]
Cost of revenues:
Cost of revenues2,920 2,554 5,351 5,326
Equipment Rentals [Member]
Revenues:
Revenues179,037 155,794 335,261 330,313
New Equipment Sales [Member]
Revenues:
Revenues49,919 43,947 87,664 74,820
Used Equipment Sales [Member]
Revenues:
Revenues41,358 34,013 83,124 65,231
Parts Sales [Member]
Revenues:
Revenues27,424 26,220 53,036 55,989
Services Revenues [Member]
Revenues:
Revenues14,977 15,657 29,487 32,479
Other [Member]
Revenues:
Revenues $ 3,048 $ 2,705 $ 5,636 $ 5,426

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands6 Months Ended
Jun. 30, 2021Jun. 30, 2020
Cash flows from operating activities:
Net income (loss) $ 19,917 $ (28,153)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of property and equipment14,001 14,769
Depreciation of rental equipment113,686 119,142
Amortization of finance lease right-of-use assets81 81
Amortization of intangible assets1,985 2,002
Amortization of deferred financing costs486 504
Accretion of note discount, net of premium amortization586 238
Non-cash operating lease expense7,426 5,760
Impairment of goodwill61,994
Provision for losses on accounts receivable787 2,950
Provision for inventory obsolescence38 12
Change in deferred income taxes5,869 (7,211)
Stock-based compensation expense2,543 2,656
Gain from sales of property and equipment, net(834)(7,158)
Gain from sales of rental equipment, net(27,070)(21,224)
Changes in operating assets and liabilities, net of acquisitions:
Receivables7,555 42,764
Inventories(73,651)(12,397)
Prepaid expenses and other assets(7,137)(8,540)
Accounts payable23,804 14,077
Manufacturer flooring plans payable(2,289)(8,524)
Accrued expenses payable and other liabilities(7,324)(13,326)
Deferred compensation payable50
Net cash provided by operating activities80,459 160,466
Cash flows from investing activities:
Purchases of property and equipment(16,227)(13,511)
Purchases of rental equipment(228,453)(55,448)
Proceeds from sales of property and equipment1,088 10,390
Proceeds from sales of rental equipment75,302 59,756
Net cash provided by (used in) investing activities(168,290)1,187
Cash flows from financing activities:
Borrowings on senior secured credit facility620,584 496,011
Payments on senior secured credit facility(620,584)(645,329)
Dividends paid(19,865)(19,741)
Purchases of treasury stock(435)(470)
Payments of deferred financing costs(136)
Payments of finance lease obligations(128)(120)
Net cash used in financing activities(20,564)(169,649)
Net decrease in cash(108,395)(7,996)
Cash, beginning of period310,882 14,247
Cash, end of period202,487 6,251
Noncash asset purchases:
Assets transferred from new and used inventory to rental fleet17,679 18,410
Purchases of property and equipment included in accrued expenses payable and other liabilities3 218
Operating lease assets obtained in exchange for new operating lease liabilities12,868 15,077
Cash paid during the period for:
Interest25,946 31,402
Income taxes paid (refunds received), net $ 1,545 $ (1,540)

Organization and Nature of Oper

Organization and Nature of Operations6 Months Ended
Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Nature of Operations(1) Organization and Nature of Operations Basis of Presentation Our condensed consolidated financial statements include the financial position and results of operations of H&E Equipment Services, Inc. and its wholly-owned subsidiaries H&E Finance Corp., GNE Investments, Inc., Great Northern Equipment, Inc., H&E California Holding, Inc., H&E Equipment Services (California), LLC and H&E Equipment Services (Mid-Atlantic), Inc., collectively referred to herein as “we” or “us” or “our” or the “Company.” The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such regulations. In the opinion of management, all adjustments (consisting of all normal and recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, and therefore, the results and trends in these interim condensed consolidated financial statements may not be the same for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2020, from which the consolidated balance sheet amounts as of December 31, 2020 were derived. All significant intercompany accounts and transactions have been eliminated in these condensed consolidated financial statements. Business combinations accounted for as purchases are included in the condensed consolidated financial statements from their respective dates of acquisition. The nature of our business is such that short-term obligations are typically met by cash flows generated from long-term assets. Consequently, and consistent with industry practice, the accompanying condensed consolidated balance sheets are presented on an unclassified basis. Nature of Operations As one of the largest integrated equipment services companies in the United States focused on heavy construction and industrial equipment, we rent, sell and provide parts and services support for four core categories of specialized equipment: (1) hi-lift or aerial work platform equipment; (2) cranes; (3) earthmoving equipment; and (4) material handling equipment. We offer a full-service approach by providing equipment rental, sales, on-site parts, repair and maintenance functions under one roof for our customers’ varied equipment needs. This full service approach provides us with multiple points of customer contact, enables us to maintain our rental fleet, as well as a distribution channel for fleet disposal, and provides cross selling opportunities among our new and used equipment sales, rental, parts sales and services operations. COVID-19 The novel coronavirus (“COVID-19”) was first identified in late 2019. COVID-19 spread rapidly throughout the world and, in March 2020, the World Health Organization characterized COVID-19 as a pandemic and recommended containment and mitigation measures worldwide. COVID-19 is a pandemic of respiratory disease spreading from person-to-person that poses a serious public health risk. The subsequent spread of COVID-19 during 2020 and the resulting economic contraction resulted in increased business uncertainty in our industry. As the impact of COVID-19 became more widespread, our equipment rental utilization and sales volumes began to decline from February 2020 levels through mid-April 2020, where we began to see utilization and sales levels stabilize and improve for the remainder of 2020. We continue to see overall improvements with utilization levels beginning in March 2021 returning to approximate pre-COVID utilization levels. The timing and extent of any subsequent contraction in our equipment rental utilization and sales volumes due to COVID-19 will depend on a number of factors, including a widespread resurgence in COVID-19 infections, the rate of vaccinations, the impact to capital and financial markets and the related impact on our customers. We remain focused on the safety and well-being of our employees, customers and communities as we maintain a high-level of service to our customers.

Significant Accounting Policies

Significant Accounting Policies6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
Significant Accounting Policies(2) Significant Accounting Policies We describe our significant accounting policies in note 2 of the notes to consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020. During the three and six month periods ended June 30, 2021, there were no significant changes to those accounting policies. Use of Estimates We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, which requires management to use its judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. These assumptions and estimates could have a material effect on our condensed consolidated financial statements. Actual results may differ materially from those estimates. We review our estimates on an ongoing basis based on information currently available, and changes in facts and circumstances may cause us to revise these estimates. Revenue Recognition We recognize revenue in accordance with two different accounting standards: 1) Topic 606 and 2) Topic 842. Under Topic 606, Revenue from Contracts with Customers, revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Under Topic 606, revenue from contracts with customers is measured based on the consideration specified in the contract with the customer, and excludes any sales incentives and amounts collected on behalf of third parties. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. Our contracts with customers generally do not include multiple performance obligations. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for such products or services. Under Topic 842, Leases, we account for equipment rental contracts as operating leases. We recognize revenue from equipment rentals in the period earned, regardless of the timing of billing to customers. A rental contract includes rates for daily, weekly or monthly use, and rental revenues are earned on a daily basis as rental contracts remain outstanding. Because the rental contracts can extend across multiple reporting periods, we record unbilled rental revenues and deferred rental revenues at the end of reporting periods so rental revenues earned is appropriately stated for the periods presented. For additional information related to our revenue recognition policies pursuant to Topic 606 and Topic 842, please see Significant Accounting Policies in note 2 to our Form 10-K for the year ended December 31, 2020. In the table below, revenues as presented in our condensed consolidated statements of operations for the three and six month periods ended June 30, 2021 and 2020 are summarized by type and by the applicable accounting standard.
Three Months Ended June 30,
2021
2020
Topic 842
Topic 606
Total
Topic 842
Topic 606
Total
Revenues:
Rental revenues
Owned equipment rentals
$
150,659
$
343
$
151,002
$
135,503
$
204
$
135,707
Re-rent revenue
9,297

9,297
5,069

5,069
Ancillary and other rental revenues:
Delivery and pick-up

10,087
10,087

8,603
8,603
Other
8,651

8,651
6,415

6,415
Total ancillary rental revenues
8,651
10,087
18,738
6,415
8,603
15,018
Total equipment rental revenues
168,607
10,430
179,037
146,987
8,807
155,794
New equipment sales

49,919
49,919

43,947
43,947
Used equipment sales

41,358
41,358

34,013
34,013
Parts sales

27,424
27,424

26,220
26,220
Service revenues

14,977
14,977

15,657
15,657
Other

3,048
3,048

2,705
2,705
Total revenues
$
168,607
$
147,156
$
315,763
$
146,987
$
131,349
$
278,336
Six Months Ended June 30,
2021
2020
Topic 842
Topic 606
Total
Topic 842
Topic 606
Total
Revenues:
Rental revenues
Owned equipment rentals
$
282,719
$
530
$
283,249
$
289,173
$
462
$
289,635
Re-rent revenue
16,991

16,991
9,760

9,760
Ancillary and other rental revenues:
Delivery and pick-up

18,483
18,483

17,729
17,729
Other
16,538

16,538
13,189

13,189
Total ancillary rental revenues
16,538
18,483
35,021
13,189
17,729
30,918
Total equipment rental revenues
316,248
19,013
335,261
312,122
18,191
330,313
New equipment sales

87,664
87,664

74,820
74,820
Used equipment sales

83,124
83,124

65,231
65,231
Parts sales

53,036
53,036

55,989
55,989
Service revenues

29,487
29,487

32,479
32,479
Other

5,636
5,636

5,426
5,426
Total revenues
$
316,248
$
277,960
$
594,208
$
312,122
$
252,136
$
564,258
Revenues by reporting segment are presented in note 10 of our condensed consolidated financial statements, using the revenue captions reflected in our consolidated statements of operations. We believe that the disaggregation of our revenues from contracts to customers as reflected above, coupled with further discussion below and the reporting segments in note 10, depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. For further information related to our accounting for revenues pursuant to Topic 606 and Topic 842, see Significant Accounting Policies in note 2 to our Annual Report on Form 10-K for the year ended December 31, 2020. Receivables and contract assets and liabilities We manage credit risk associated with our accounts receivables at the customer level. Because the same customers typically generate the revenues that are accounted for under both Topic 606 and Topic 842, the discussions below on credit risk and our allowance for doubtful accounts address our total revenues from Topic 606 and Topic 842. We believe concentration of credit risk with respect to our receivables is limited because our customer base is comprised of a large number of geographically diverse customers. No single customer accounted for more than 10% of our revenues on an overall or segment basis for any of the periods presented in this Quarterly Report on Form 10-Q. We manage credit risk through credit approvals, credit limits and other monitoring procedures. Pursuant to Topic 842 and Topic 326 for rental and non-rental receivables, respectively, we maintain an allowance for doubtful accounts that reflects our estimate of our expected credit losses. Our allowance is estimated using a loss rate model based on delinquency. The estimated loss rate is based on our historical experience with specific customers, our understanding of our current economic circumstances, reasonable and supportable forecasts, and our own judgment as to the likelihood of ultimate payment based upon available data. Our largest exposure to doubtful accounts is in our rental operations. We perform credit evaluations of customers and establish credit limits based on reviews of our customers’ current credit information and payment histories. We believe our credit risk is somewhat mitigated by our geographically diverse customer base and our credit evaluation procedures. The actual rate of future credit losses, however, may not be similar to past experience. Our estimate of doubtful accounts could change based on changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, we may be required to increase or decrease our allowance for doubtful accounts. We do not have material contract assets, impairment losses associated therewith, or material contract liabilities associated with contracts with customers. Our contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. We did not recognize material revenues during the three and six month periods ended June 30, 2021 or 2020 that was included in the contract liability balance as of the beginning of such periods. Goodwill Based on our evaluation of the impact to our business in the first quarter of 2020 from the COVID-19 pandemic, we identified triggering events requiring an interim impairment test as of March 31, 2020, resulting in a $62.0 million impairment charge to our Equipment Rental Component 2 reporting unit. For additional information related to our goodwill impairment charge in the first quarter of 2020, please see footnote 2 to the Company’s consolidated financial statements included as Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Recent Accounting Pronouncements Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional guidance for a limited time to ease the potential burden in accounting for or recognizing the effects of reference rate reform, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”) on financial reporting. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are elective and are effective upon issuance for all entities through December 31, 2022. The amendments of this ASU should be applied on a prospective basis. We intend to continue to monitor the developments with respect to the planned phase-out out of LIBOR and work with our lenders to seek to ensure any transition away from LIBOR will have minimal impact on our financial condition. However, we can provide no assurances regarding the impact of the discontinuation of LIBOR as there can be no assurances as to whether such replacement or alternative base rate will be more or less favorable than LIBOR. Our exposure related to the expected cessation of LIBOR is limited to the interest expense we incur on balances outstanding under our Senior Secured Credit Facility (the “Credit Facility”). The potential impact from the cessation of LIBOR as a reference rate, as well as the applicability of ASU 2020-04, is not currently estimable. Pronouncements Adopted in 2021 In December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The guidance removes the following exceptions: 1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, 2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, 3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary and 4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. Additionally, the guidance simplifies the accounting for income taxes by: 1) requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, 2) requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction, 3) specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements (although the entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority), 4) requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date and 5) making minor improvements for income tax accounting related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. The Company adopted ASU 2019-12 on January 1, 2021 and the adoption did not have a material impact on our condensed consolidated financial statements presented herein .

Fair Value of Financial Instrum

Fair Value of Financial Instruments6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments(3) Fair Value of Financial Instruments Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The FASB fair value measurement guidance established a fair value hierarchy that prioritizes the inputs used to measure fair value. The three broad levels of the fair value hierarchy are as follows: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly Level 3 – Unobservable inputs for which little or no market data exists, therefore requiring a company to develop its own assumptions The carrying value of financial instruments reported in the accompanying condensed consolidated balance sheets for cash, accounts receivable, accounts payable and accrued expenses payable and other liabilities approximate fair value due to the immediate or short-term nature or maturity of these financial instruments. The carrying amounts and fair values of our other financial instruments subject to fair value disclosures as of June 30, 2021 and December 31, 2020 are presented in the table below (amounts in thousands).
June 30, 2021
Carrying Amount
Fair Value
Manufacturer flooring plans payable with interest computed at 3.5% (Level 3)
$
7,326
$
6,608
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)
1,239,245
1,231,338
December 31, 2020
Carrying Amount
Fair Value
Manufacturer flooring plans payable with interest computed at 3.5% (Level 3)
$
9,615
$
8,976
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)
1,238,660
1,259,413
At June 30, 2021 and December 31, 2020, the fair value of our senior unsecured notes due 2028 was based on quoted bond trading market prices for those notes. For our Level 3 unobservable inputs, we calculate a discount rate for our manufacturing floor plans payable based on the U.S. prime rate plus the applicable margin on our Senior Secured Credit Facility. The discount rate is disclosed in the above table. During the three and six month periods ended June 30, 2021 and 2020, there were no transfers of financial assets or liabilities in or out of Level 3 of the fair value hierarchy.

Stockholders' Equity

Stockholders' Equity6 Months Ended
Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity(4) Stockholders’ Equity The following table summarizes the quarterly activity in Stockholders’ Equity for the periods ended June 30, 2021 and 2020, respectively (amounts in thousands, except share data):
Common Stock
Additional
Total
Shares Issued
Amount
Paid-in Capital
Treasury Stock
Retained Earnings
Stockholders’ Equity
Balances at December 31, 2020
40,242,711
$
401
$
240,206
$
(66,188
)
$
63,814
$
238,233
Stock-based compensation


1,601


1,601
Cash dividends declared on common stock ($0.275 per share)




(9,854
)
(9,854
)
Issuance of common stock, net of restricted stock forfeitures
45,427





Repurchase of 12,624 shares of restricted common stock



(435
)

(435
)
Net income




4,151
4,151
Balances at March 31, 2021
40,288,138
401
241,807
(66,623
)
58,111
233,696
Stock-based compensation


942


942
Cash dividends declared on common stock ($0.275 per share)




(9,943
)
(9,943
)
Restricted stock forfeitures
(9,295
)
1



1
Net income




15,766
15,766
Balances at June 30, 2021
40,278,843
$
402
$
242,749
$
(66,623
)
$
63,934
$
240,462
Balances at December 31, 2019
39,921,838
$
398
$
235,844
$
(64,783
)
$
136,060
$
307,519
Stock-based compensation


1,652


1,652
Cash dividends declared on common stock ($0.275 per share)




(9,789
)
(9,789
)
Issuance of common stock, net of restricted stock forfeitures
98,451
1



1
Repurchase of 26,392 shares of restricted common stock



(470
)

(470
)
Net loss




(36,968
)
(36,968
)
Balances at March 31, 2020
40,020,289
399
237,496
(65,253
)
89,303
261,945
Stock-based compensation


1,004


1,004
Cash dividends declared on common stock ($0.275 per share)




(9,896
)
(9,896
)
Restricted stock forfeitures
(6,732
)





Net income




8,815
8,815
Balances at June 30, 2020
40,013,557
$
399
$
238,500
$
(65,253
)
$
88,222
$
261,868

Stock-Based Compensation

Stock-Based Compensation6 Months Ended
Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation(5) Stock-Based Compensation We account for our stock-based compensation plans using the fair value recognition provisions of ASC 718, Stock Compensation Non-vested Stock The following table summarizes our non-vested stock activity for the six month period ended June 30, 2021:
Number of Shares
Weighted Average Grant Date Fair
Non-vested stock at December 31, 2020
524,876
$
23.00
Granted
23,296
$
27.48
Vested
(55,092
)
$
32.85
Forfeited
(22,960
)
$
25.14
Non-vested stock at June 30, 2021
470,120
$
21.97
As of June 30, 2021, we had unrecognized compensation expense of approximately $4.0 million related to non-vested stock that we expect to be recognized over a weighted-average period of approximately 1.7 years. The following table summarizes compensation expense related to non-vested stock, which is included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations for the three and six month periods ended June 30, 2021 and 2020 (amounts in thousands):
Three Months Ended
Six Months Ended
June 30,
June 30,
2021
2020
2021
2020
Compensation expense
$
943
$
1,004
$
2,543
$
2,656

Income (Loss) per Share

Income (Loss) per Share6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]
Income (Loss) per Share(6) Income (Loss) per Share Income (loss) per common share for the three and six month periods ended June 30, 2021 and 2020 are based on the weighted average number of common shares outstanding during the periods. The effects of potentially dilutive securities that are anti-dilutive are not included in the computation of dilutive income (loss) per share. We include all common shares granted under our incentive compensation plan which remain unvested (“restricted common shares”) and contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (“participating securities”), in the number of shares outstanding in our basic and diluted EPS calculations using the two-class method. All of our restricted common shares are currently participating securities. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings allocated to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, distributed and undistributed earnings are allocated to both common shares and restricted common shares based on the total weighted average shares outstanding during the period. The number of restricted common shares outstanding was approximately 0.9% of total outstanding shares for both the three and six month periods ended June 30, 2021 and 2020, and, consequently, was immaterial to the basic and diluted EPS calculations. Therefore, use of the two-class method had no impact on our basic and diluted EPS calculations for the periods presented. The following table sets forth the computation of basic and diluted net income (loss) per common share for the three and six month periods ended June 30, 2021 and 2020 (amounts in thousands, except per share amounts):
Three Months Ended
Six Months Ended
June 30,
June 30,
2021
2020
2021
2020
Basic net income (loss) per share:
Net income (loss)
$
15,766
$
8,815
$
19,917
$
(28,153
)
Weighted average number of common shares outstanding
36,216
36,031
36,200
35,998
Net income (loss) per share of common stock – basic
$
0.44
$
0.24
$
0.55
$
(0.78
)
Diluted net income (loss) per share:
Net income (loss)
$
15,766
$
8,815
$
19,917
$
(28,153
)
Weighted average number of common shares outstanding
36,216
36,031
36,200
35,998
Effect of dilutive securities:
Effect of dilutive non-vested restricted stock
221
76
212

Weighted average number of common shares outstanding – diluted
36,437
36,107
36,412
35,998
Net income (loss) per share of common stock – diluted
$
0.43
$
0.24
$
0.55
$
(0.78
)
Common shares excluded from the denominator as anti-dilutive:
Non-vested restricted stock



Senior Secured Credit Facility

Senior Secured Credit Facility6 Months Ended
Jun. 30, 2021
Secured Debt [Member]
Senior Secured Credit Facility(7) Senior Secured Credit Facility We and our subsidiaries are parties to a $750.0 million Credit Facility with Wells Fargo Capital Finance, LLC as administrative agent, and the lenders named therein (the “Credit Facility”). For further information related to significant terms of the Credit Facility, see footnote 10 to the Company’s consolidated financial statements included as Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. As of June 30, 2021, we were in compliance with our financial covenants under the Amended and Restated Credit Agreement. At June 30, 2021, we had no borrowings outstanding under the Credit Facility and could borrow up to approximately $741.3 million, net of an $8.7 million outstanding letter of credit, and remain in compliance with the debt covenants under the Credit Facility.

Senior Unsecured Notes

Senior Unsecured Notes6 Months Ended
Jun. 30, 2021
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Credit Facility(8) Senior Unsecured Notes On December 14, 2020, we completed an offering of $1,250 million aggregate principal amount of 3.875% senior notes due 2028 (the “New Notes”) and the settlement of a cash tender offer with respect to our previously outstanding 5.625% senior notes due 2025 (the “Old Notes”). For further information related to significant terms of the Senior Unsecured Notes, see footnote 9 to the Company’s consolidated financial statements included as Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. As of June 30, 2021, we were in compliance with the covenants governing our notes. The following table reconciles our Senior Unsecured Notes to our Condensed Consolidated Balance Sheets (amounts in thousands):
Balance at December 31, 2019
$
945,566
Accretion of discount on Old Notes through December 14, 2020
1,466
Amortization of note premium on Old Notes through December 14, 2020
(1,011
)
Amortization of deferred financing costs on Old Notes through December 14, 2020
293
Aggregate principal amount paid on Old Notes
(950,000
)
Writeoff of unaccreted discount on Old Notes
7,225
Writeoff of unamortized premium on Old Notes
(4,988
)
Writeoff of deferred financing costs on Old Notes
1,449
Aggregate principal amount issued on New Notes
1,250,000
Notes discount and deferred transaction costs on New Notes
(11,404
)
Accretion of discount on New Notes from December 14, 2020 through December 31, 2020
53
Amortization of deferred financing costs on New Notes from December 14, 2020 through December 31, 2020
11
Balance at December 31, 2020
$
1,238,660
Accretion of discount on New Notes through June 30, 2021
586
Additional deferred financing costs on New Notes through June 30, 2021
(136
)
Amortization of deferred financing costs on New Notes through June 30, 2021
135
Balance at June 30, 2021
$
1,239,245

Leases

Leases6 Months Ended
Jun. 30, 2021
Leases [Abstract]
Leases(9) Leases We adopted Topic 842 on January 1, 2019. For a discussion of Topic 842 and related disclosures, see note 2 and note 11 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020. At June 30, 2021, as disclosed in our condensed consolidated balance sheet, we had net operating lease right-of-use assets of $167.7 million and net finance lease right-of-use assets of $0.1 million. Our operating lease liabilities at June 30, 2021 were $171.7 million and finance lease liabilities were $0.2 million. The weighted average remaining lease term for operating leases was approximately 9.1 years and the weighted average remaining lease term for finance leases was approximately 0.8 years. The weighted average discount rate for operating and finance leases was approximately 6.3% and 5.9%, respectively. The future minimum lease payments of operating leases executed but not commenced as of June 30, 2021 are estimated to be $0.1 million, $0.5 million, $0.5 million, $0.5 million and $0.5 million for the years ended December 31, 2021, 2022, 2023, 2024 and 2025, respectively, and $3.2 million thereafter. It is expected that these leases will commence during 2021.

Segment Information

Segment Information6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]
Segment Information(10) Segment Information We have identified five reportable segments: equipment rentals, new equipment sales, used equipment sales, parts sales and services revenues. These segments are based upon how management of the Company allocates resources and assesses performance. Non-segmented revenues and non-segmented costs relate to equipment support activities including transportation, hauling, parts freight and damage-waiver charges and are not allocated to the other reportable segments. There were no sales between segments for any of the periods presented. Selling, general and administrative expenses as well as all other income and expense items below gross profit are not generally allocated to reportable segments. We do not compile discrete financial information by segments other than the information presented below. The following table presents information about our reportable segments (amounts in thousands):
Three Months Ended
Six Months Ended
June 30,
June 30,
2021
2020
2021
2020
Segment Revenues:
Equipment rentals
$
179,037
$
155,794
$
335,261
$
330,313
New equipment sales
49,919
43,947
87,664
74,820
Used equipment sales
41,358
34,013
83,124
65,231
Parts sales
27,424
26,220
53,036
55,989
Services revenues
14,977
15,657
29,487
32,479
Total segmented revenues
312,715
275,631
588,572
558,832
Non-segmented revenues
3,048
2,705
5,636
5,426
Total revenues
$
315,763
$
278,336
$
594,208
$
564,258
Segment Gross Profit:
Equipment rentals
$
73,888
$
59,148
$
132,352
$
131,307
New equipment sales
5,743
4,688
10,046
8,135
Used equipment sales
14,350
10,731
27,751
21,511
Parts sales
7,068
6,868
13,933
14,734
Services revenues
10,188
10,484
20,001
21,766
Total segmented gross profit
111,237
91,919
204,083
197,453
Non-segmented gross profit
128
151
285
100
Total gross profit
$
111,365
$
92,070
$
204,368
$
197,553
Balances at
June 30,
December 31,
2021
2020
Segment identified assets:
Equipment sales
$
111,222
$
58,414
Equipment rentals
1,112,959
1,028,745
Parts and services
17,200
14,074
Total segment identified assets
1,241,381
1,101,233
Non-segment identified assets
774,510
879,251
Total assets
$
2,015,891
$
1,980,484
The Company operates primarily in the United States and our sales to international customers for the three month periods ended June 30, 2021 and 2020 were 0.1% and 0.2% of total revenues, respectively, and for the six month periods ended June 30, 2021 and 2020 were 0.2% and 0.3% of total revenues, respectively. No one customer accounted for more than 10% of our revenues on an overall or segment basis for any of the periods presented.

Subsequent Events

Subsequent Events6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events(11) Subsequent Events On July 20, 2021, the Company announced that it entered into a definitive agreement to sell its crane business to a wholly-owned subsidiary of The Manitowoc Company, Inc. for $130 million in cash, subject to adjustment based on actual amounts of net working capital and crane rental fleet net book value delivered at transaction closing. The Company expects the transaction to close during the fourth quarter of 2021, subject to customary closing conditions, including regulatory approval under the Hart-Scott-Rodino Act. The Company reports financial results of the crane business within its rental revenues, new equipment sales, used equipment sales, parts and services segments. Total revenues attributable to the crane business were approximately $86.3 million during the first six months of fiscal 2021 and approximately $158.5 million in fiscal 2020. Net assets of the crane business were approximately $100.0 million as of June 30, 2021. The amounts presented above are preliminary and are subject to change. In connection with the pending sale, we expect to classify the results of operations of the crane business as discontinued operations beginning in the third quarter of 2021. The assets and liabilities associated with the discontinued operations will be reflected as held for sale beginning in the third quarter of 2021. When the transaction is completed, the Company expects to record a gain on the disposal transaction.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
Basis of PresentationBasis of Presentation Our condensed consolidated financial statements include the financial position and results of operations of H&E Equipment Services, Inc. and its wholly-owned subsidiaries H&E Finance Corp., GNE Investments, Inc., Great Northern Equipment, Inc., H&E California Holding, Inc., H&E Equipment Services (California), LLC and H&E Equipment Services (Mid-Atlantic), Inc., collectively referred to herein as “we” or “us” or “our” or the “Company.” The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such regulations. In the opinion of management, all adjustments (consisting of all normal and recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, and therefore, the results and trends in these interim condensed consolidated financial statements may not be the same for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2020, from which the consolidated balance sheet amounts as of December 31, 2020 were derived. All significant intercompany accounts and transactions have been eliminated in these condensed consolidated financial statements. Business combinations accounted for as purchases are included in the condensed consolidated financial statements from their respective dates of acquisition. The nature of our business is such that short-term obligations are typically met by cash flows generated from long-term assets. Consequently, and consistent with industry practice, the accompanying condensed consolidated balance sheets are presented on an unclassified basis.
Use of EstimatesUse of Estimates We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, which requires management to use its judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. These assumptions and estimates could have a material effect on our condensed consolidated financial statements. Actual results may differ materially from those estimates. We review our estimates on an ongoing basis based on information currently available, and changes in facts and circumstances may cause us to revise these estimates.
Revenue RecognitionRevenue Recognition We recognize revenue in accordance with two different accounting standards: 1) Topic 606 and 2) Topic 842. Under Topic 606, Revenue from Contracts with Customers, revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Under Topic 606, revenue from contracts with customers is measured based on the consideration specified in the contract with the customer, and excludes any sales incentives and amounts collected on behalf of third parties. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. Our contracts with customers generally do not include multiple performance obligations. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for such products or services. Under Topic 842, Leases, we account for equipment rental contracts as operating leases. We recognize revenue from equipment rentals in the period earned, regardless of the timing of billing to customers. A rental contract includes rates for daily, weekly or monthly use, and rental revenues are earned on a daily basis as rental contracts remain outstanding. Because the rental contracts can extend across multiple reporting periods, we record unbilled rental revenues and deferred rental revenues at the end of reporting periods so rental revenues earned is appropriately stated for the periods presented. For additional information related to our revenue recognition policies pursuant to Topic 606 and Topic 842, please see Significant Accounting Policies in note 2 to our Form 10-K for the year ended December 31, 2020. In the table below, revenues as presented in our condensed consolidated statements of operations for the three and six month periods ended June 30, 2021 and 2020 are summarized by type and by the applicable accounting standard.
Three Months Ended June 30,
2021
2020
Topic 842
Topic 606
Total
Topic 842
Topic 606
Total
Revenues:
Rental revenues
Owned equipment rentals
$
150,659
$
343
$
151,002
$
135,503
$
204
$
135,707
Re-rent revenue
9,297

9,297
5,069

5,069
Ancillary and other rental revenues:
Delivery and pick-up

10,087
10,087

8,603
8,603
Other
8,651

8,651
6,415

6,415
Total ancillary rental revenues
8,651
10,087
18,738
6,415
8,603
15,018
Total equipment rental revenues
168,607
10,430
179,037
146,987
8,807
155,794
New equipment sales

49,919
49,919

43,947
43,947
Used equipment sales

41,358
41,358

34,013
34,013
Parts sales

27,424
27,424

26,220
26,220
Service revenues

14,977
14,977

15,657
15,657
Other

3,048
3,048

2,705
2,705
Total revenues
$
168,607
$
147,156
$
315,763
$
146,987
$
131,349
$
278,336
Six Months Ended June 30,
2021
2020
Topic 842
Topic 606
Total
Topic 842
Topic 606
Total
Revenues:
Rental revenues
Owned equipment rentals
$
282,719
$
530
$
283,249
$
289,173
$
462
$
289,635
Re-rent revenue
16,991

16,991
9,760

9,760
Ancillary and other rental revenues:
Delivery and pick-up

18,483
18,483

17,729
17,729
Other
16,538

16,538
13,189

13,189
Total ancillary rental revenues
16,538
18,483
35,021
13,189
17,729
30,918
Total equipment rental revenues
316,248
19,013
335,261
312,122
18,191
330,313
New equipment sales

87,664
87,664

74,820
74,820
Used equipment sales

83,124
83,124

65,231
65,231
Parts sales

53,036
53,036

55,989
55,989
Service revenues

29,487
29,487

32,479
32,479
Other

5,636
5,636

5,426
5,426
Total revenues
$
316,248
$
277,960
$
594,208
$
312,122
$
252,136
$
564,258
Revenues by reporting segment are presented in note 10 of our condensed consolidated financial statements, using the revenue captions reflected in our consolidated statements of operations. We believe that the disaggregation of our revenues from contracts to customers as reflected above, coupled with further discussion below and the reporting segments in note 10, depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. For further information related to our accounting for revenues pursuant to Topic 606 and Topic 842, see Significant Accounting Policies in note 2 to our Annual Report on Form 10-K for the year ended December 31, 2020. Receivables and contract assets and liabilities We manage credit risk associated with our accounts receivables at the customer level. Because the same customers typically generate the revenues that are accounted for under both Topic 606 and Topic 842, the discussions below on credit risk and our allowance for doubtful accounts address our total revenues from Topic 606 and Topic 842. We believe concentration of credit risk with respect to our receivables is limited because our customer base is comprised of a large number of geographically diverse customers. No single customer accounted for more than 10% of our revenues on an overall or segment basis for any of the periods presented in this Quarterly Report on Form 10-Q. We manage credit risk through credit approvals, credit limits and other monitoring procedures. Pursuant to Topic 842 and Topic 326 for rental and non-rental receivables, respectively, we maintain an allowance for doubtful accounts that reflects our estimate of our expected credit losses. Our allowance is estimated using a loss rate model based on delinquency. The estimated loss rate is based on our historical experience with specific customers, our understanding of our current economic circumstances, reasonable and supportable forecasts, and our own judgment as to the likelihood of ultimate payment based upon available data. Our largest exposure to doubtful accounts is in our rental operations. We perform credit evaluations of customers and establish credit limits based on reviews of our customers’ current credit information and payment histories. We believe our credit risk is somewhat mitigated by our geographically diverse customer base and our credit evaluation procedures. The actual rate of future credit losses, however, may not be similar to past experience. Our estimate of doubtful accounts could change based on changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, we may be required to increase or decrease our allowance for doubtful accounts. We do not have material contract assets, impairment losses associated therewith, or material contract liabilities associated with contracts with customers. Our contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. We did not recognize material revenues during the three and six month periods ended June 30, 2021 or 2020 that was included in the contract liability balance as of the beginning of such periods.
GoodwillGoodwill Based on our evaluation of the impact to our business in the first quarter of 2020 from the COVID-19 pandemic, we identified triggering events requiring an interim impairment test as of March 31, 2020, resulting in a $62.0 million impairment charge to our Equipment Rental Component 2 reporting unit. For additional information related to our goodwill impairment charge in the first quarter of 2020, please see footnote 2 to the Company’s consolidated financial statements included as Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Recent Accounting PronouncementsRecent Accounting Pronouncements Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional guidance for a limited time to ease the potential burden in accounting for or recognizing the effects of reference rate reform, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”) on financial reporting. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are elective and are effective upon issuance for all entities through December 31, 2022. The amendments of this ASU should be applied on a prospective basis. We intend to continue to monitor the developments with respect to the planned phase-out out of LIBOR and work with our lenders to seek to ensure any transition away from LIBOR will have minimal impact on our financial condition. However, we can provide no assurances regarding the impact of the discontinuation of LIBOR as there can be no assurances as to whether such replacement or alternative base rate will be more or less favorable than LIBOR. Our exposure related to the expected cessation of LIBOR is limited to the interest expense we incur on balances outstanding under our Senior Secured Credit Facility (the “Credit Facility”). The potential impact from the cessation of LIBOR as a reference rate, as well as the applicability of ASU 2020-04, is not currently estimable. Pronouncements Adopted in 2021 In December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The guidance removes the following exceptions: 1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, 2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, 3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary and 4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. Additionally, the guidance simplifies the accounting for income taxes by: 1) requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, 2) requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction, 3) specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements (although the entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority), 4) requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date and 5) making minor improvements for income tax accounting related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. The Company adopted ASU 2019-12 on January 1, 2021 and the adoption did not have a material impact on our condensed consolidated financial statements presented herein .

Significant Accounting Polici_3

Significant Accounting Policies (Tables)6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Revenues by Type and by Applicable Accounting StandardFor additional information related to our revenue recognition policies pursuant to Topic 606 and Topic 842, please see Significant Accounting Policies in note 2 to our Form 10-K for the year ended December 31, 2020. In the table below, revenues as presented in our condensed consolidated statements of operations for the three and six month periods ended June 30, 2021 and 2020 are summarized by type and by the applicable accounting standard.
Three Months Ended June 30,
2021
2020
Topic 842
Topic 606
Total
Topic 842
Topic 606
Total
Revenues:
Rental revenues
Owned equipment rentals
$
150,659
$
343
$
151,002
$
135,503
$
204
$
135,707
Re-rent revenue
9,297

9,297
5,069

5,069
Ancillary and other rental revenues:
Delivery and pick-up

10,087
10,087

8,603
8,603
Other
8,651

8,651
6,415

6,415
Total ancillary rental revenues
8,651
10,087
18,738
6,415
8,603
15,018
Total equipment rental revenues
168,607
10,430
179,037
146,987
8,807
155,794
New equipment sales

49,919
49,919

43,947
43,947
Used equipment sales

41,358
41,358

34,013
34,013
Parts sales

27,424
27,424

26,220
26,220
Service revenues

14,977
14,977

15,657
15,657
Other

3,048
3,048

2,705
2,705
Total revenues
$
168,607
$
147,156
$
315,763
$
146,987
$
131,349
$
278,336
Six Months Ended June 30,
2021
2020
Topic 842
Topic 606
Total
Topic 842
Topic 606
Total
Revenues:
Rental revenues
Owned equipment rentals
$
282,719
$
530
$
283,249
$
289,173
$
462
$
289,635
Re-rent revenue
16,991

16,991
9,760

9,760
Ancillary and other rental revenues:
Delivery and pick-up

18,483
18,483

17,729
17,729
Other
16,538

16,538
13,189

13,189
Total ancillary rental revenues
16,538
18,483
35,021
13,189
17,729
30,918
Total equipment rental revenues
316,248
19,013
335,261
312,122
18,191
330,313
New equipment sales

87,664
87,664

74,820
74,820
Used equipment sales

83,124
83,124

65,231
65,231
Parts sales

53,036
53,036

55,989
55,989
Service revenues

29,487
29,487

32,479
32,479
Other

5,636
5,636

5,426
5,426
Total revenues
$
316,248
$
277,960
$
594,208
$
312,122
$
252,136
$
564,258

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]
Estimated Incremental Borrowing Rates for Similar Types of Borrowing ArrangementsThe carrying amounts and fair values of our other financial instruments subject to fair value disclosures as of June 30, 2021 and December 31, 2020 are presented in the table below (amounts in thousands).
June 30, 2021
Carrying Amount
Fair Value
Manufacturer flooring plans payable with interest computed at 3.5% (Level 3)
$
7,326
$
6,608
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)
1,239,245
1,231,338
December 31, 2020
Carrying Amount
Fair Value
Manufacturer flooring plans payable with interest computed at 3.5% (Level 3)
$
9,615
$
8,976
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)
1,238,660
1,259,413

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)6 Months Ended
Jun. 30, 2021
Equity [Abstract]
Summary of Activity in Stockholders' EquityThe following table summarizes the quarterly activity in Stockholders’ Equity for the periods ended June 30, 2021 and 2020, respectively (amounts in thousands, except share data):
Common Stock
Additional
Total
Shares Issued
Amount
Paid-in Capital
Treasury Stock
Retained Earnings
Stockholders’ Equity
Balances at December 31, 2020
40,242,711
$
401
$
240,206
$
(66,188
)
$
63,814
$
238,233
Stock-based compensation


1,601


1,601
Cash dividends declared on common stock ($0.275 per share)




(9,854
)
(9,854
)
Issuance of common stock, net of restricted stock forfeitures
45,427





Repurchase of 12,624 shares of restricted common stock



(435
)

(435
)
Net income




4,151
4,151
Balances at March 31, 2021
40,288,138
401
241,807
(66,623
)
58,111
233,696
Stock-based compensation


942


942
Cash dividends declared on common stock ($0.275 per share)




(9,943
)
(9,943
)
Restricted stock forfeitures
(9,295
)
1



1
Net income




15,766
15,766
Balances at June 30, 2021
40,278,843
$
402
$
242,749
$
(66,623
)
$
63,934
$
240,462
Balances at December 31, 2019
39,921,838
$
398
$
235,844
$
(64,783
)
$
136,060
$
307,519
Stock-based compensation


1,652


1,652
Cash dividends declared on common stock ($0.275 per share)




(9,789
)
(9,789
)
Issuance of common stock, net of restricted stock forfeitures
98,451
1



1
Repurchase of 26,392 shares of restricted common stock



(470
)

(470
)
Net loss




(36,968
)
(36,968
)
Balances at March 31, 2020
40,020,289
399
237,496
(65,253
)
89,303
261,945
Stock-based compensation


1,004


1,004
Cash dividends declared on common stock ($0.275 per share)




(9,896
)
(9,896
)
Restricted stock forfeitures
(6,732
)





Net income




8,815
8,815
Balances at June 30, 2020
40,013,557
$
399
$
238,500
$
(65,253
)
$
88,222
$
261,868

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)6 Months Ended
Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Non-Vested Stock ActivityThe following table summarizes our non-vested stock activity for the six month period ended June 30, 2021:
Number of Shares
Weighted Average Grant Date Fair
Non-vested stock at December 31, 2020
524,876
$
23.00
Granted
23,296
$
27.48
Vested
(55,092
)
$
32.85
Forfeited
(22,960
)
$
25.14
Non-vested stock at June 30, 2021
470,120
$
21.97
Schedule of Compensation Expense Related to Non-Vested StockThe following table summarizes compensation expense related to non-vested stock, which is included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations for the three and six month periods ended June 30, 2021 and 2020 (amounts in thousands):
Three Months Ended
Six Months Ended
June 30,
June 30,
2021
2020
2021
2020
Compensation expense
$
943
$
1,004
$
2,543
$
2,656

Income (Loss) per Share (Tables

Income (Loss) per Share (Tables)6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Net Income (Loss) Per Common ShareThe following table sets forth the computation of basic and diluted net income (loss) per common share for the three and six month periods ended June 30, 2021 and 2020 (amounts in thousands, except per share amounts):
Three Months Ended
Six Months Ended
June 30,
June 30,
2021
2020
2021
2020
Basic net income (loss) per share:
Net income (loss)
$
15,766
$
8,815
$
19,917
$
(28,153
)
Weighted average number of common shares outstanding
36,216
36,031
36,200
35,998
Net income (loss) per share of common stock – basic
$
0.44
$
0.24
$
0.55
$
(0.78
)
Diluted net income (loss) per share:
Net income (loss)
$
15,766
$
8,815
$
19,917
$
(28,153
)
Weighted average number of common shares outstanding
36,216
36,031
36,200
35,998
Effect of dilutive securities:
Effect of dilutive non-vested restricted stock
221
76
212

Weighted average number of common shares outstanding – diluted
36,437
36,107
36,412
35,998
Net income (loss) per share of common stock – diluted
$
0.43
$
0.24
$
0.55
$
(0.78
)
Common shares excluded from the denominator as anti-dilutive:
Non-vested restricted stock



Senior Unsecured Notes (Tables)

Senior Unsecured Notes (Tables)6 Months Ended
Jun. 30, 2021
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Reconciliation of Senior Unsecured Notes to Condensed Consolidated Balance SheetsThe following table reconciles our Senior Unsecured Notes to our Condensed Consolidated Balance Sheets (amounts in thousands):
Balance at December 31, 2019
$
945,566
Accretion of discount on Old Notes through December 14, 2020
1,466
Amortization of note premium on Old Notes through December 14, 2020
(1,011
)
Amortization of deferred financing costs on Old Notes through December 14, 2020
293
Aggregate principal amount paid on Old Notes
(950,000
)
Writeoff of unaccreted discount on Old Notes
7,225
Writeoff of unamortized premium on Old Notes
(4,988
)
Writeoff of deferred financing costs on Old Notes
1,449
Aggregate principal amount issued on New Notes
1,250,000
Notes discount and deferred transaction costs on New Notes
(11,404
)
Accretion of discount on New Notes from December 14, 2020 through December 31, 2020
53
Amortization of deferred financing costs on New Notes from December 14, 2020 through December 31, 2020
11
Balance at December 31, 2020
$
1,238,660
Accretion of discount on New Notes through June 30, 2021
586
Additional deferred financing costs on New Notes through June 30, 2021
(136
)
Amortization of deferred financing costs on New Notes through June 30, 2021
135
Balance at June 30, 2021
$
1,239,245

Segment Information (Tables)

Segment Information (Tables)6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Information about Reportable SegmentsThe following table presents information about our reportable segments (amounts in thousands):
Three Months Ended
Six Months Ended
June 30,
June 30,
2021
2020
2021
2020
Segment Revenues:
Equipment rentals
$
179,037
$
155,794
$
335,261
$
330,313
New equipment sales
49,919
43,947
87,664
74,820
Used equipment sales
41,358
34,013
83,124
65,231
Parts sales
27,424
26,220
53,036
55,989
Services revenues
14,977
15,657
29,487
32,479
Total segmented revenues
312,715
275,631
588,572
558,832
Non-segmented revenues
3,048
2,705
5,636
5,426
Total revenues
$
315,763
$
278,336
$
594,208
$
564,258
Segment Gross Profit:
Equipment rentals
$
73,888
$
59,148
$
132,352
$
131,307
New equipment sales
5,743
4,688
10,046
8,135
Used equipment sales
14,350
10,731
27,751
21,511
Parts sales
7,068
6,868
13,933
14,734
Services revenues
10,188
10,484
20,001
21,766
Total segmented gross profit
111,237
91,919
204,083
197,453
Non-segmented gross profit
128
151
285
100
Total gross profit
$
111,365
$
92,070
$
204,368
$
197,553
Balances at
June 30,
December 31,
2021
2020
Segment identified assets:
Equipment sales
$
111,222
$
58,414
Equipment rentals
1,112,959
1,028,745
Parts and services
17,200
14,074
Total segment identified assets
1,241,381
1,101,233
Non-segment identified assets
774,510
879,251
Total assets
$
2,015,891
$
1,980,484

Significant Accounting Polici_4

Significant Accounting Policies - Summary of Revenues by Type and by Applicable Accounting Standard (Detail) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Revenues:
Revenues $ 315,763 $ 278,336 $ 594,208 $ 564,258
Topic 842 [Member]
Revenues:
Revenues168,607 146,987 316,248 312,122
Topic 606 [Member]
Revenues:
Revenues147,156 131,349 277,960 252,136
Rental Revenues [Member] | Owned Equipment Rentals [Member]
Revenues:
Revenues151,002 135,707 283,249 289,635
Rental Revenues [Member] | Owned Equipment Rentals [Member] | Topic 842 [Member]
Revenues:
Revenues150,659 135,503 282,719 289,173
Rental Revenues [Member] | Owned Equipment Rentals [Member] | Topic 606 [Member]
Revenues:
Revenues343 204 530 462
Rental Revenues [Member] | Re Rent Revenues [Member]
Revenues:
Revenues9,297 5,069 16,991 9,760
Rental Revenues [Member] | Re Rent Revenues [Member] | Topic 842 [Member]
Revenues:
Revenues9,297 5,069 16,991 9,760
Ancillary And Other Rental Revenues [Member]
Revenues:
Revenues18,738 15,018 35,021 30,918
Ancillary And Other Rental Revenues [Member] | Topic 842 [Member]
Revenues:
Revenues8,651 6,415 16,538 13,189
Ancillary And Other Rental Revenues [Member] | Topic 606 [Member]
Revenues:
Revenues10,087 8,603 18,483 17,729
Ancillary And Other Rental Revenues [Member] | Delivery and Pick-up [Member]
Revenues:
Revenues10,087 8,603 18,483 17,729
Ancillary And Other Rental Revenues [Member] | Delivery and Pick-up [Member] | Topic 606 [Member]
Revenues:
Revenues10,087 8,603 18,483 17,729
Ancillary And Other Rental Revenues [Member] | Other [Member]
Revenues:
Revenues8,651 6,415 16,538 13,189
Ancillary And Other Rental Revenues [Member] | Other [Member] | Topic 842 [Member]
Revenues:
Revenues8,651 6,415 16,538 13,189
Total Equipment Rental Revenues [Member]
Revenues:
Revenues179,037 155,794 335,261 330,313
Total Equipment Rental Revenues [Member] | Topic 842 [Member]
Revenues:
Revenues168,607 146,987 316,248 312,122
Total Equipment Rental Revenues [Member] | Topic 606 [Member]
Revenues:
Revenues10,430 8,807 19,013 18,191
New Equipment Sales [Member]
Revenues:
Revenues49,919 43,947 87,664 74,820
New Equipment Sales [Member] | Topic 606 [Member]
Revenues:
Revenues49,919 43,947 87,664 74,820
Used Equipment Sales [Member]
Revenues:
Revenues41,358 34,013 83,124 65,231
Used Equipment Sales [Member] | Topic 606 [Member]
Revenues:
Revenues41,358 34,013 83,124 65,231
Parts Sales [Member]
Revenues:
Revenues27,424 26,220 53,036 55,989
Parts Sales [Member] | Topic 606 [Member]
Revenues:
Revenues27,424 26,220 53,036 55,989
Parts and Services [Member]
Revenues:
Revenues14,977 15,657 29,487 32,479
Parts and Services [Member] | Topic 606 [Member]
Revenues:
Revenues14,977 15,657 29,487 32,479
Other [Member]
Revenues:
Revenues3,048 2,705 5,636 5,426
Other [Member] | Topic 606 [Member]
Revenues:
Revenues $ 3,048 $ 2,705 $ 5,636 $ 5,426

Significant Accounting Polici_5

Significant Accounting Policies - Additional Information (Detail) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021CustomerMar. 31, 2021USD ($)Jun. 30, 2020CustomerMar. 31, 2020Jun. 30, 2021CustomerJun. 30, 2020USD ($)Customer
Summary Of Significant Accounting Policy [Line Items]
Customer accounted for more than 10% of revenue | Customer0 0 0 0
Impairment of goodwill $ 61,994
Accounting standards update extensible listTopic 842 [Member]us-gaap:AccountingStandardsUpdate201912Member
Change in accounting principle, accounting standards update, adoptedtruetrue
Change in accounting principle, accounting standards update, adoption dateJan. 1,
2021
Jan. 1,
2021
Change in accounting principle, accounting standards update, immaterial effecttruetrue
Equipment Rental Component 2 [Member]
Summary Of Significant Accounting Policy [Line Items]
Impairment of goodwill $ 62,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements (Detail) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Level 3 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable with interest computed at 3.5% (Level 3) $ 7,326 $ 9,615
Level 3 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable with interest computed at 3.5% (Level 3)6,608 8,976
Level 2 [Member] | Carrying Amount [Member] | Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)1,239,245 1,238,660
Level 2 [Member] | Fair Value [Member] | Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2) $ 1,231,338 $ 1,259,413

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements (Parenthetical) (Detail)6 Months Ended12 Months Ended
Jun. 30, 2021Dec. 31, 2020
Level 3 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable, interest rate3.50%3.50%
Level 3 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable, interest rate3.50%3.50%
Level 2 [Member] | Carrying Amount [Member] | Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes, interest rate3.875%3.875%
Senior unsecured notes, due year20282028
Level 2 [Member] | Fair Value [Member] | Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes, interest rate3.875%3.875%
Senior unsecured notes, due year20282028

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)3 Months Ended6 Months Ended12 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfer of financial assets $ 0 $ 0 $ 0 $ 0
Transfer of financial liabilities $ 0 $ 0 $ 0 $ 0
Fair Value [Member] | Level 1 [Member] | Senior Unsecured Notes Due 2028 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Senior unsecured notes, due year20282028

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Activity in Stockholders' Equity (Detail) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Mar. 31, 2021Jun. 30, 2020Mar. 31, 2020Jun. 30, 2021Jun. 30, 2020
Schedule of Capitalization, Equity [Line Items]
Beginning Balances $ 233,696 $ 238,233 $ 261,945 $ 307,519 $ 238,233 $ 307,519
Beginning Balances, shares40,242,711 40,242,711
Stock-based compensation942 $ 1,601 1,004 1,652
Cash dividends declared on common stock ($0.275 per share)(9,943)(9,854)(9,896)(9,789)
Issuance of common stock, net of restricted stock forfeitures1
Repurchase of shares of restricted common stock(435)(470)
Net income (loss)15,766 4,151 8,815 $ (36,968) $ 19,917 (28,153)
Restricted stock forfeitures1
Accounting standards update extensible listTopic 842 [Member]us-gaap:AccountingStandardsUpdate201912Member
Ending Balances $ 240,462 233,696 261,868 $ 261,945 $ 240,462 261,868
Ending Balances, shares40,278,843 40,278,843
Common Stock [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances $ 401 $ 401 $ 399 $ 398 $ 401 $ 398
Beginning Balances, shares40,288,138 40,242,711 40,020,289 39,921,838 40,242,711 39,921,838
Issuance of common stock, net of restricted stock forfeitures $ 1
Issuance of common stock, net of restricted stock forfeitures, shares45,427 98,451
Restricted stock forfeitures $ 1
Restricted stock forfeitures, shares(9,295)(6,732)
Ending Balances $ 402 $ 401 $ 399 $ 399 $ 402 $ 399
Ending Balances, shares40,278,843 40,288,138 40,013,557 40,020,289 40,278,843 40,013,557
Additional Paid-in Capital [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances $ 241,807 $ 240,206 $ 237,496 $ 235,844 $ 240,206 $ 235,844
Stock-based compensation942 1,601 1,004 1,652
Ending Balances242,749 241,807 238,500 237,496 242,749 238,500
Treasury Stock [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances(66,623)(66,188)(65,253)(64,783)(66,188)(64,783)
Repurchase of shares of restricted common stock(435)(470)
Ending Balances(66,623)(66,623)(65,253)(65,253)(66,623)(65,253)
Retained Earnings [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances58,111 63,814 89,303 136,060 63,814 136,060
Cash dividends declared on common stock ($0.275 per share)(9,943)(9,854)(9,896)(9,789)
Net income (loss)15,766 4,151 8,815 (36,968)
Ending Balances $ 63,934 $ 58,111 $ 88,222 $ 89,303 $ 63,934 $ 88,222

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Activity in Stockholders' Equity (Parenthetical) (Detail) - $ / shares3 Months Ended6 Months Ended
Jun. 30, 2021Mar. 31, 2021Jun. 30, 2020Mar. 31, 2020Jun. 30, 2021Jun. 30, 2020
Schedule of Capitalization, Equity [Line Items]
Cash dividends declared on common stock, per share $ 0.275 $ 0.275 $ 0.55 $ 0.55
Repurchase of restricted common stock, shares12,624 26,392
Retained Earnings [Member]
Schedule of Capitalization, Equity [Line Items]
Cash dividends declared on common stock, per share $ 0.275 $ 0.275 $ 0.275 $ 0.275

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ in Millions6 Months Ended
Jun. 30, 2021USD ($)shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested stock | $ $ 4
Expected non-vested stock recognized over a weighted-average period1 year 8 months 12 days
2016 Stock-Based Incentive Compensation Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-Based incentive compensation plan | shares1,288,409

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Non-Vested Stock Activity (Detail)6 Months Ended
Jun. 30, 2021$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Non-vested stock, beginning balance, Number of Shares | shares524,876
Granted, Number of Shares | shares23,296
Vested, Number of Shares | shares(55,092)
Forfeited, Number of Shares | shares(22,960)
Non-vested stock, ending balance, Number of Shares | shares470,120
Non-vested stock, beginning balance, Weighted Average Grant Date Fair Value | $ / shares $ 23
Granted, Weighted Average Grant Date Fair Value | $ / shares27.48
Vested, Weighted Average Grant Date Fair Value | $ / shares32.85
Forfeited, Weighted Average Grant Date Fair Value | $ / shares25.14
Non-vested stock, ending balance, Weighted Average Grant Date Fair Value | $ / shares $ 21.97

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Compensation Expense Related to Non-Vested Stock (Detail) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Compensation expense $ 943 $ 1,004 $ 2,543 $ 2,656

Income (Loss) per Share - Addit

Income (Loss) per Share - Additional Information (Detail)3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Earnings Per Share [Abstract]
Restricted common shares, percentage0.90%0.90%0.90%0.90%

Income (Loss) per Share - Summa

Income (Loss) per Share - Summary of Computation of Basic and Diluted Net Income (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Mar. 31, 2021Jun. 30, 2020Mar. 31, 2020Jun. 30, 2021Jun. 30, 2020
Basic net income (loss) per share:
Net income (loss) $ 15,766 $ 4,151 $ 8,815 $ (36,968) $ 19,917 $ (28,153)
Weighted average number of common shares outstanding36,216 36,031 36,200 35,998
Net income (loss) per share of common stock – basic $ 0.44 $ 0.24 $ 0.55 $ (0.78)
Diluted net income (loss) per share:
Net income (loss) $ 15,766 $ 4,151 $ 8,815 $ (36,968) $ 19,917 $ (28,153)
Weighted average number of common shares outstanding36,216 36,031 36,200 35,998
Effect of dilutive securities:
Weighted average number of common shares outstanding – diluted36,437 36,107 36,412 35,998
Net income (loss) per share of common stock – diluted $ 0.43 $ 0.24 $ 0.55 $ (0.78)
Non-vested restricted stock [Member]
Effect of dilutive securities:
Effect of dilutive non-vested restricted stock221 76 212

Senior Secured Credit Facility

Senior Secured Credit Facility - Additional Information (Detail)Jun. 30, 2021USD ($)
Wells Fargo Capital Finance, LLC [Member] | Credit Facility [Member]
Debt Instrument [Line Items]
Existing credit facility with its lenders $ 750,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit0
Available borrowings under our senior secured credit facility741,300,000
Outstanding letters of credit $ 8,700,000

Senior Unsecured Notes - Additi

Senior Unsecured Notes - Additional Information (Detail) $ in MillionsDec. 14, 2020USD ($)
3.875% Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount $ 1,250

Senior Unsecured Notes - Reconc

Senior Unsecured Notes - Reconciliation of Senior Unsecured Notes to Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands1 Months Ended6 Months Ended11 Months Ended12 Months Ended
Dec. 31, 2020Jun. 30, 2021Jun. 30, 2020Dec. 14, 2020Dec. 31, 2020
Debt Instrument [Line Items]
Senior unsecured notes, beginning balance $ 1,238,660
Amortization of deferred financing costs486 $ 504
Senior unsecured notes, ending balance $ 1,238,660 1,239,245 $ 1,238,660
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes, beginning balance1,238,660 $ 945,566 $ 945,566 945,566
Senior unsecured notes, ending balance1,238,660 1,239,245 1,238,660
Senior Unsecured Notes [Member] | 5.625% Senior Notes [Member]
Debt Instrument [Line Items]
Accretion of discount1,466
Amortization of note premium(1,011)
Amortization of deferred financing costs $ 293
Aggregate principal amount paid on Old Notes(950,000)
Writeoff of unaccreted discount on Old Notes7,225
Writeoff of unamortized premium on Old Notes(4,988)
Writeoff of deferred financing costs on Old Notes1,449
Senior Unsecured Notes [Member] | 3.875% Senior Notes [Member]
Debt Instrument [Line Items]
Accretion of discount53 586
Additional deferred financing costs(136)
Amortization of deferred financing costs $ 11 $ 135
Aggregate principal amount issued on New Notes1,250,000
Notes discount and deferred transaction costs on New Notes $ (11,404)

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Leases [Abstract]
Net operating lease right-of-use assets $ 167,661 $ 162,220
Net finance lease right-of-use assets122 203
Operating lease liabilities171,699 165,921
Finance lease liabilities $ 177 $ 305
Weighted average remaining lease term for operating leases9 years 1 month 6 days
Weighted average remaining lease term for finance leases9 months 18 days
Weighted average discount rate for operating leases6.30%
Weighted average discount rate for finance leases5.90%
Future minimum operating lease payments 2021 $ 100
Future minimum operating lease payments 2022500
Future minimum operating lease payments 2023500
Future minimum operating lease payments 2024500
Future minimum operating lease payments 2025500
Future minimum operating lease payments thereafter $ 3,200

Segment Information - Additiona

Segment Information - Additional Information (Detail)3 Months Ended6 Months Ended
Jun. 30, 2021CustomerJun. 30, 2020CustomerJun. 30, 2021CustomerSegmentJun. 30, 2020Customer
Segment Reporting [Abstract]
Number of reportable segment | Segment5
Sales to international customers0.10%0.20%0.20%0.30%
Customer accounted for more than 10% of revenue | Customer0 0 0 0

Segment Information - Schedule

Segment Information - Schedule of Information about Reportable Segments (Detail) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Segment Revenues:
Revenues $ 315,763 $ 278,336 $ 594,208 $ 564,258
Segment Gross Profit:
Total gross profit111,365 92,070 204,368 197,553
Segment identified assets:
Total assets2,015,891 2,015,891 $ 1,980,484
Operating Segments [Member]
Segment Revenues:
Revenues312,715 275,631 588,572 558,832
Segment Gross Profit:
Total gross profit111,237 91,919 204,083 197,453
Segment identified assets:
Total assets1,241,381 1,241,381 1,101,233
Operating Segments [Member] | Equipment Rentals [Member]
Segment Revenues:
Revenues179,037 155,794 335,261 330,313
Segment Gross Profit:
Total gross profit73,888 59,148 132,352 131,307
Segment identified assets:
Total assets1,112,959 1,112,959 1,028,745
Operating Segments [Member] | New Equipment Sales [Member]
Segment Revenues:
Revenues49,919 43,947 87,664 74,820
Segment Gross Profit:
Total gross profit5,743 4,688 10,046 8,135
Operating Segments [Member] | Used Equipment Sales [Member]
Segment Revenues:
Revenues41,358 34,013 83,124 65,231
Segment Gross Profit:
Total gross profit14,350 10,731 27,751 21,511
Segment identified assets:
Total assets111,222 111,222 58,414
Operating Segments [Member] | Parts Sales [Member]
Segment Revenues:
Revenues27,424 26,220 53,036 55,989
Segment Gross Profit:
Total gross profit7,068 6,868 13,933 14,734
Operating Segments [Member] | Services Revenues [Member]
Segment Revenues:
Revenues14,977 15,657 29,487 32,479
Segment Gross Profit:
Total gross profit10,188 10,484 20,001 21,766
Operating Segments [Member] | Parts and Services [Member]
Segment identified assets:
Total assets17,200 17,200 14,074
Non-Segmented [Member]
Segment Revenues:
Revenues3,048 2,705 5,636 5,426
Segment Gross Profit:
Total gross profit128 $ 151 285 $ 100
Segment identified assets:
Total assets $ 774,510 $ 774,510 $ 879,251

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Crane Business [Member] - USD ($) $ in MillionsJul. 20, 2021Jun. 30, 2021Dec. 31, 2020
Subsequent Event [Line Items]
Revenue $ 86.3 $ 158.5
Net assets $ 100
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from sale of business $ 130