Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 26, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | HEES | |
Entity Registrant Name | H&E Equipment Services, Inc. | |
Entity Central Index Key | 0001339605 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 36,143,039 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 000-51759 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 81-0553291 | |
Entity Address, Address Line One | 7500 Pecue Lane | |
Entity Address, City or Town | Baton Rouge | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 70809 | |
City Area Code | 225 | |
Local Phone Number | 298-5200 | |
Document Transition Report | false | |
Document Quarterly Report | true |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash | $ 235,024 | $ 310,882 |
Receivables, net of allowance for doubtful accounts of $4,637 and $4,489, respectively | 157,576 | 150,502 |
Inventories, net of reserves for obsolescence of $281 and $230, respectively | 65,620 | 41,890 |
Prepaid expenses and other assets | 15,652 | 10,293 |
Rental equipment, net of accumulated depreciation of $696,445 and $667,445, respectively | 1,112,056 | 989,423 |
Property and equipment, net of accumulated depreciation and amortization of $158,998 and $145,422, respectively | 109,575 | 108,919 |
Operating lease right-of-use assets, net of accumulated amortization of $35,065 and $23,268, respectively | 153,677 | 152,662 |
Finance lease right-of-use assets, net of accumulated amortization of $2,335 and $2,213, respectively | 81 | 203 |
Deferred financing costs, net of accumulated amortization of $15,644 and $15,119, respectively | 1,633 | 2,157 |
Intangible assets, net of accumulated amortization of $13,717 and $10,939, respectively | 25,983 | 28,961 |
Goodwill | 63,137 | 63,137 |
Assets held for sale | 110,900 | 121,455 |
Total assets | 2,050,914 | 1,980,484 |
Liabilities: | ||
Accounts payable | 85,527 | 75,262 |
Manufacturer flooring plans payable | 17,543 | 9,615 |
Accrued expenses payable and other liabilities | 88,609 | 67,120 |
Dividends payable | 108 | 155 |
Senior unsecured notes, net of unaccreted discount of $8,444 and $9,323 and deferred financing costs of $1,950 and $2,017, respectively | 1,239,606 | 1,238,660 |
Operating lease right-of-use liabilities | 157,537 | 156,282 |
Finance lease right-of-use liabilities | 111 | 305 |
Deferred income taxes | 185,455 | 171,010 |
Liabilities held for sale | 16,995 | 23,842 |
Total liabilities | 1,791,491 | 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; 40,354,671 and 40,242,711 shares issued at September 30, 2021 and December 31, 2020, respectively, and 36,143,039 and 36,092,555 shares outstanding at September 30, 2021 and December 31, 2020, respectively | 403 | 401 |
Additional paid-in capital | 243,806 | 240,206 |
Treasury stock at cost, 4,211,632 and 4,150,156 shares of common stock held at September 30, 2021 and December 31, 2020, respectively | (68,293) | (66,188) |
Retained earnings | 83,507 | 63,814 |
Total stockholders’ equity | 259,423 | 238,233 |
Total liabilities and stockholders’ equity | $ 2,050,914 | $ 1,980,484 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivables | $ 4,637 | $ 4,489 |
Reserves for obsolescence inventories | 281 | 230 |
Accumulated depreciation, rental equipment | 696,445 | 667,445 |
Accumulated depreciation and amortization, property and equipment | 158,998 | 145,422 |
Accumulated amortization, operating lease right-of-use assets | 35,065 | 23,268 |
Accumulated amortization, financing lease right-of-use assets | 2,335 | 2,213 |
Accumulated amortization, deferred financing costs | 15,644 | 15,119 |
Accumulated amortization, intangible assets | 13,717 | 10,939 |
Unaccreted discount, net | 8,444 | 9,323 |
Deferred financing costs | $ 1,950 | $ 2,017 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 40,354,671 | 40,242,711 |
Common stock, shares outstanding | 36,143,039 | 36,092,555 |
Treasury stock, shares | 4,211,632 | 4,150,156 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Revenues | $ 275,436 | $ 251,913 | $ 781,545 | $ 739,255 |
Cost of revenues: | ||||
Cost of revenues | 161,528 | 163,904 | 484,405 | 476,309 |
Gross profit | 113,908 | 88,009 | 297,140 | 262,946 |
Selling, general and administrative expenses | 74,403 | 64,540 | 213,259 | 200,442 |
Impairment of goodwill | 55,664 | |||
Merger and other | 9 | 150 | 115 | 308 |
Gain on sales of property and equipment, net | 6,166 | 2,047 | 6,951 | 6,818 |
Income from operations | 45,662 | 25,366 | 90,717 | 13,350 |
Other income (expense): | ||||
Interest expense | (13,430) | (14,887) | (40,298) | (46,489) |
Other, net | 615 | 989 | 2,026 | 2,256 |
Total other expense, net | (12,815) | (13,898) | (38,272) | (44,233) |
Income (loss) from continuing operations before provision (benefit) for income taxes | 32,847 | 11,468 | 52,445 | (30,883) |
Provision (benefit) for income taxes | 8,119 | 3,485 | 13,611 | (5,820) |
Net income (loss) from continuing operations | 24,728 | 7,983 | 38,834 | (25,063) |
Discontinued Operations: | ||||
Income from discontinued operations before provision for income taxes | 6,411 | 5,614 | 14,246 | 12,709 |
Provision for income taxes | 1,602 | 3,494 | 3,626 | 5,696 |
Net income from discontinued operations | 4,809 | 2,120 | 10,620 | 7,013 |
Net income (loss) | $ 29,537 | $ 10,103 | $ 49,454 | $ (18,050) |
Net income (loss) from continuing operations per common share: | ||||
Basic | $ 0.68 | $ 0.22 | $ 1.07 | $ (0.70) |
Diluted | 0.68 | 0.22 | 1.07 | (0.70) |
Net income from discontinued operations per common share: | ||||
Basic | 0.13 | 0.06 | 0.29 | 0.19 |
Diluted | 0.13 | 0.06 | 0.29 | 0.19 |
Net income (loss) per common share: | ||||
Basic | 0.81 | 0.28 | 1.36 | (0.50) |
Diluted | $ 0.81 | $ 0.28 | $ 1.36 | $ (0.50) |
Weighted average common shares outstanding: | ||||
Basic | 36,296 | 36,110 | 36,232 | 36,035 |
Diluted | 36,436 | 36,249 | 36,420 | 36,035 |
Dividends declared per common share outstanding | $ 0.275 | $ 0.275 | $ 0.825 | $ 0.825 |
Equipment Rentals [Member] | ||||
Cost of revenues: | ||||
Cost of revenues | $ 107,175 | $ 97,515 | $ 304,599 | $ 290,353 |
Equipment Rentals [Member] | Rentals Other [Member] | ||||
Cost of revenues: | ||||
Cost of revenues | 20,510 | 16,537 | 55,394 | 46,883 |
Equipment Rentals [Member] | Rental Depreciation [Member] | ||||
Cost of revenues: | ||||
Cost of revenues | 58,339 | 55,972 | 168,305 | 170,900 |
Equipment Rentals [Member] | Rental Expense [Member] | ||||
Cost of revenues: | ||||
Cost of revenues | 28,326 | 25,006 | 80,900 | 72,570 |
New Equipment Sales [Member] | ||||
Cost of revenues: | ||||
Cost of revenues | 16,946 | 24,769 | 61,576 | 71,198 |
Parts Sales [Member] | ||||
Cost of revenues: | ||||
Cost of revenues | 13,209 | 12,054 | 36,715 | 36,508 |
Used Equipment Sales [Member] | ||||
Cost of revenues: | ||||
Cost of revenues | 19,383 | 25,204 | 68,426 | 64,119 |
Services Revenues [Member] | ||||
Cost of revenues: | ||||
Cost of revenues | 3,000 | 2,756 | 8,193 | 8,695 |
Other [Member] | ||||
Cost of revenues: | ||||
Cost of revenues | 1,815 | 1,606 | 4,896 | 5,436 |
Equipment Rentals [Member] | ||||
Revenues: | ||||
Revenues | 197,184 | 161,461 | 526,014 | 481,563 |
New Equipment Sales [Member] | ||||
Revenues: | ||||
Revenues | 19,355 | 27,827 | 70,161 | 79,957 |
Used Equipment Sales [Member] | ||||
Revenues: | ||||
Revenues | 31,071 | 36,216 | 105,746 | 94,890 |
Parts Sales [Member] | ||||
Revenues: | ||||
Revenues | 17,503 | 16,291 | 49,939 | 50,197 |
Services Revenues [Member] | ||||
Revenues: | ||||
Revenues | 8,624 | 8,489 | 24,694 | 27,245 |
Other [Member] | ||||
Revenues: | ||||
Revenues | $ 1,699 | $ 1,629 | $ 4,991 | $ 5,403 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 49,454 | $ (18,050) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization of property and equipment | 20,661 | 22,288 |
Depreciation of rental equipment | 172,025 | 177,225 |
Amortization of finance lease right-of-use assets | 122 | 121 |
Amortization of intangible assets | 2,978 | 2,996 |
Amortization of deferred financing costs | 729 | 755 |
Accretion of note discount, net of premium amortization | 879 | 358 |
Non-cash operating lease expense | 11,145 | 10,619 |
Impairment of goodwill | 61,994 | |
Provision for losses on accounts receivable | 1,200 | 3,340 |
Provision for inventory obsolescence | 54 | 95 |
Change in deferred income taxes | 14,445 | (1,374) |
Stock-based compensation expense | 3,600 | 3,295 |
Gain from sales of property and equipment, net | (7,000) | (9,260) |
Gain from sales of rental equipment, net | (39,274) | (33,102) |
Changes in operating assets and liabilities: | ||
Receivables | 3,210 | 21,269 |
Inventories | (46,684) | (7,712) |
Prepaid expenses and other assets | (5,494) | (1,355) |
Accounts payable | 1,132 | 11,549 |
Manufacturer flooring plans payable | 7,928 | (13,555) |
Accrued expenses payable and other liabilities | 10,954 | (14,478) |
Deferred compensation payable | 75 | |
Net cash provided by operating activities | 202,064 | 217,093 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (24,723) | (17,283) |
Purchases of rental equipment | (338,463) | (81,426) |
Proceeds from sales of property and equipment | 11,014 | 12,688 |
Proceeds from sales of rental equipment | 106,494 | 96,797 |
Net cash provided by (used in) investing activities | (245,678) | 10,776 |
Cash flows from financing activities: | ||
Borrowings on senior secured credit facility | 962,358 | 729,810 |
Payments on senior secured credit facility | (962,358) | (928,703) |
Dividends paid | (29,809) | (29,668) |
Purchases of treasury stock | (2,105) | (1,376) |
Payments of deferred financing costs | (136) | |
Payments of finance lease obligations | (194) | (182) |
Net cash used in financing activities | (32,244) | (230,119) |
Net decrease in cash | (75,858) | (2,250) |
Cash, beginning of period | 310,882 | 14,247 |
Cash, end of period | 235,024 | 11,997 |
Noncash asset purchases: | ||
Assets transferred from new and used inventory to rental fleet | 18,497 | 20,224 |
Purchases of property and equipment included in accrued expenses payable and other liabilities | (9) | (42) |
Operating lease assets obtained in exchange for new operating lease liabilities | 14,201 | 18,208 |
Cash paid during the period for: | ||
Interest | 26,728 | 59,304 |
Income taxes paid (refunds received), net | $ 2,224 | $ (354) |
Organization and Nature of Oper
Organization and Nature of Operations | 9 Months Ended |
Sep. 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 nine month periods ended September 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. During the third quarter of 2021, the Company agreed to sell its crane business, (the “Crane Sale”). The results of operations of the Crane Sale are reported in discontinued operations in the Condensed Consolidated Statements of Operations for all periods presented and the related assets and liabilities associated with discontinued operations are classified as held for sale in the Condensed Consolidated Balance Sheet as of September 30, 2021. The Condensed Consolidated Statements of Cash Flows includes cash flows related to the discontinued operations and accordingly, cash flow amounts for discontinued operations are disclosed in Note 3 “Divestitures”. All results and information in the consolidated financial statements are presented as continuing operations and exclude the Crane Sale unless otherwise noted specifically as discontinued operations. For additional information, refer to Note 3. 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 Founded in 1961, H&E Equipment Services, Inc. is one of the largest rental equipment companies in the nation, serving customers across 24 states. The Company’s fleet is among the industry’s youngest and most versatile with a superior equipment mix comprised of aerial work platforms, earthmoving, material handling, and other general and specialty lines. H&E serves a diverse set of end markets in many high-growth geographies including branches throughout the Pacific Northwest, West Coast, Intermountain, Southwest, Gulf Coast States, Southeast, and Mid-Atlantic regions. 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, a global supply chain disruption, 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-le vel of service to our customers . |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 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 nine month periods ended September 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. In the table below, revenues as presented in our condensed consolidated statements of operations for the three and nine month periods ended September 30, 2021 and 2020 are summarized by type and by the applicable accounting standard. Three Months Ended September 30, 2021 2020 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Rental revenues Owned equipment rentals $ 166,847 $ 75 $ 166,922 $ 138,765 $ 75 $ 138,840 Re-rent revenue 9,733 — 9,733 6,469 — 6,469 Ancillary and other rental revenues: Delivery and pick-up — 11,005 11,005 — 9,161 9,161 Other 9,524 — 9,524 6,991 — 6,991 Total ancillary rental revenues 9,524 11,005 20,529 6,991 9,161 16,152 Total equipment rental revenues 186,104 11,080 197,184 152,225 9,236 161,461 Used equipment sales — 31,071 31,071 — 36,216 36,216 New equipment sales — 19,355 19,355 — 27,827 27,827 Parts sales — 17,503 17,503 — 16,291 16,291 Service revenues — 8,624 8,624 — 8,489 8,489 Other — 1,699 1,699 — 1,629 1,629 Total revenues $ 186,104 $ 89,332 $ 275,436 $ 152,225 $ 99,688 $ 251,913 Nine Months Ended September 30, 2021 2020 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Rental revenues Owned equipment rentals $ 444,203 $ 239 $ 444,442 $ 418,798 $ 316 $ 419,114 Re-rent revenue 26,570 — 26,570 16,071 — 16,071 Ancillary and other rental revenues: Delivery and pick-up — 29,487 29,487 — 26,890 26,890 Other 25,515 — 25,515 19,488 — 19,488 Total ancillary rental revenues 25,515 29,487 55,002 19,488 26,890 46,378 Total equipment rental revenues 496,288 29,726 526,014 454,357 27,206 481,563 Used equipment sales — 105,746 105,746 — 94,890 94,890 New equipment sales — 70,161 70,161 — 79,957 79,957 Parts sales — 49,939 49,939 — 50,197 50,197 Service revenues — 24,694 24,694 — 27,245 27,245 Other — 4,991 4,991 — 5,403 5,403 Total revenues $ 496,288 $ 285,257 $ 781,545 $ 454,357 $ 284,898 $ 739,255 Revenues by reporting segment are presented in note 11 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 11, 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 of the notes to consolidated financial statements in 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 nine month periods ended September 30, 2021 or 2020 that was included in the contract liability balance as of the beginning of such periods. Held for Sale The Company considers assets to be held for sale when management, with appropriate authority, approves and commits to a formal plan to sell the assets at a price reasonable in relation to their estimated fair value, the assets are available for immediate sale in their present condition, the sale of the assets is probable and expected to be completed in one year and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, the Company records the assets at the lower of their carrying value or their estimated fair value, reduced for the cost to dispose the assets, and ceases to record depreciation and amortization expenses on the assets. Discontinued Operations In determining whether a group of assets which has been disposed of (or is to be disposed of) should be presented as discontinued operations, the Company analyzes whether the group of assets being disposed of represents a component of the entity. A component typically has historic operations and cash flows that are clearly distinguishable for both operations and financial reporting purposes. In addition, the Company considers whether the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. This strategic shift could include a disposal of a major geographical area, a major line of business, a major equity method investment, or other major parts of an entity. The Company reports financial results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. The assets and liabilities of a discontinued operation held for sale, other than goodwill, are measured at the lower of its carrying amount or fair value less cost to sell. When a portion of a reporting unit that constitutes a business is to be disposed of, the goodwill associated with that business is included in the carrying amount of the business based on the relative fair values of the business to be disposed of and the portion of the reporting unit that will be retained. See Note 3 for additional information. 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 an 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. There were no changes in the carrying amount of goodwill for our reporting units for the period ended September 30, 2021. The change to the carrying amount of goodwill for the period ended December 31, 2020 is as follows (amounts in thousands): Eq. Rental Comp. 1 Eq. Rental Comp. 2 Used Eq. Sales New Eq. Sales Parts Sales Service Revenues Total Balance at December 31, 2019 $ 49,215 $ 55,981 $ 8,455 $ — $ 5,747 $ — $ 119,398 Decreases (1) (239 ) (317 ) (8 ) — (33 ) — (597 ) Decreases (2) — (55,664 ) — — — — (55,664 ) Balance at December 31, 2020 $ 48,976 $ — $ 8,447 $ — $ 5,714 $ — $ 63,137 (1) Decreases are related to an adjustment during the first quarter of 2020 from the final closing settlement of the Cobra Equipment Rentals, LLC 2019 acquisition. (2) Decrease is related to the goodwill impairment calculated as of March 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”). We amended our credit facility on September 14, 2021 to include benchmark language for a transition away from LIBOR. 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 . |
Divestitures
Divestitures | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Divestitures | (3) Divestitures Crane Sale On July 19, 2021, the Company 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. This sale represents the Company’s strategic shift to a pure-play rental business. In accordance with ASC 360, Property, Plant, and Equipment, the Company ceased recording depreciation and amortization for Crane Sale related rental fleet, property, plant and equipment, and right of use lease assets upon qualifying as held for sale. In accordance with ASC 205-20, the Company determined that discontinued operations presentation were met during the third quarter of fiscal year 2021. As part of the divestiture, we entered into a transition services agreement with the buyer to assist them in the transition of certain functions, including, but not limited to, information technology, accounting and human resources for a period of sixty days up to six months. Aside from these customary transition services, there will be no continuing involvement with the crane business after its disposal. The Company reports financial results of the crane business within all of our segments: equipment rentals, used equipment sales, new equipment sales, parts sales and service revenues. Additionally, the crane business is included within five of our six goodwill reporting units: equipment rental component 2, used equipment sales, new equipment sales, parts sales and service revenues. The Company executed the transaction closing on October 1, 2021, subject to customary closing conditions, including regulatory approval under the Hart-Scott-Rodino Act. The Company will record a gain on the Crane Sale during the fourth quarter of 2021. As a result of the agreement to sell its crane business, its results are reported separately as discontinued operations in our condensed consolidated statements of operations for all periods presented and its assets and liabilities have been presented in our condensed consolidated balance sheets as assets and liabilities held for sale. As permitted, the Company elected not to adjust the condensed consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020 to exclude cash flows attributable to discontinued operations. Accordingly, we disclosed the depreciation, capital expenditures and significant operating and investing non-cash items related to the Crane Sale below. The following tables (amounts in thousands) present the Crane Sale results as reported in income from discontinued operations within our condensed consolidated statements of operations and the carrying value of assets and liabilities as presented within assets and liabilities held for sale on our condensed consolidated balance sheets. The amounts presented below are preliminary and are subject to change. Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenues: Equipment rentals $ 3,890 $ 4,388 $ 10,321 $ 14,599 Used equipment sales 3,096 3,784 11,545 10,341 New equipment sales 15,428 9,421 52,286 32,111 Parts sales 12,668 11,562 33,268 33,645 Services revenues 7,438 7,148 20,855 20,871 Other 1,411 1,044 3,755 2,696 Total revenues 43,931 37,347 132,030 114,263 Cost of revenues: Rental depreciation — 2,111 3,720 6,325 Rental expense 752 622 1,947 1,891 Rental other 430 279 1,000 964 1,182 3,012 6,667 9,180 Used equipment sales 2,383 2,668 8,713 7,473 New equipment sales 13,737 8,355 46,725 28,611 Parts sales 9,691 8,871 25,288 25,672 Services revenues 2,474 2,442 6,767 7,216 Other 898 941 3,168 2,437 Total cost of revenues 30,365 26,289 97,328 80,589 Gross profit 13,566 11,058 34,702 33,674 Selling, general and administrative expenses 6,769 5,500 18,872 17,083 Impairment of goodwill — — — 6,330 Merger and other 384 — 1,695 — Gain on sales of property and equipment, net — 55 49 2,442 Income from discontinued operations 6,413 5,613 14,184 12,703 Other, net (2 ) 1 62 6 Income before provision for income taxes 6,411 5,614 14,246 12,709 Provision for income taxes 1,602 3,494 3,626 5,696 Net income from discontinued operations $ 4,809 $ 2,120 $ 10,620 $ 7,013 Balances at September 30, December 31, 2021 2020 (Unaudited) Assets: Receivables, net of allowance for doubtful accounts of $252 and $252, respectively $ 16,872 $ 28,356 Inventories, net of reserves for obsolescence of $116 and $120, respectively 35,001 30,598 Prepaid expenses and other assets 86 86 Rental equipment, net of accumulated depreciation of $29,076 and $34,143, respectively 34,405 39,322 Property and equipment, net of accumulated depreciation and amortization of $14,288 and $13,381, respectively 7,223 7,821 Operating lease right-of-use assets, net of accumulated amortization of $706 and $652, respectively 11,599 9,558 Goodwill (1) 5,714 5,714 Total assets held for sale $ 110,900 $ 121,455 Liabilities: Accounts payable $ 4,899 $ 14,033 Accrued expenses payable and other liabilities 200 170 Operating lease right-of-use liabilities 11,896 9,639 Total liabilities held for sale $ 16,995 $ 23,842 (1) We have allocated $5.7 million of goodwill in the following two reporting units to the crane product line based on the relative fair value of the crane product line and the portion of the reporting units that will be retained. The allocation is as follows (amounts in thousands): Used Equipment $ 506 Parts 5,208 $ 5,714 Cash flows from discontinued operations was as follows (amounts in thousands): Nine Months Ended September 30, 2021 2020 Operating activities of discontinued operations: Depreciation and amortization of property and equipment $ 1,083 $ 1,715 Depreciation of rental equipment 3,720 6,325 Gain from sales of property and equipment, net (49 ) (2,442 ) Gain from sales of rental equipment, net (2,203 ) (2,634 ) Investing activities of discontinued operations: Purchases of rental equipment (2,431 ) (7,624 ) Proceeds from sales of property and equipment 43 4,781 Proceeds from sales of rental equipment 5,929 6,965 Arkansas Sale On September 17, 2021, the Company sold our Little Rock, Arkansas and Springdale, Arkansas owned-branches to Bramco, Inc. (“Bramco”) for $9.0 million (the “Arkansas Sale”). The Arkansas Sale includes the land, building, building improvements, office equipment, furniture and fixtures, and shop equipment for the two branches with a current net book value of approximately $3.7 million. As a condition of closing, we relinquished our territory distribution rights with equipment manufacturers Komatsu, Wirtgen Group and Takeuchi. Our current distribution territory for these two branches includes the entire state of Arkansas, with the exception of five counties in southeast Arkansas (Miller, Lafayette, Columbia, Union and Little River). These five excluded counties are currently served by our Shreveport, Louisiana branch and we have no intention in the foreseeable future of relinquishing the Louisiana distribution territory. The Arkansas Sale does not qualify for discontinued operations as the divestiture does not meet the definition of a component. The Company has purchased a site in Little Rock, Arkansas to operate a rental-focused branch location in the area. The branch opening coincided with the sale to Bramco. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | (4) 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, receivables, 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 September 30, 2021 and December 31, 2020 are presented in the table below (amounts in thousands). September 30, 2021 Carrying Amount Fair Value Manufacturer flooring plans payable with interest computed at 3.5% (Level 3) $ 17,543 $ 15,823 Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2) 1,239,606 1,247,975 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 September 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 nine month periods ended September 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' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | (5) Stockholders’ Equity The following table summarizes the quarterly activity in Stockholders’ Equity for the periods ended September 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 Stock-based compensation — — 1,057 — — 1,057 Cash dividends declared on common stock ($0.275 per share) — — — — (9,964 ) (9,964 ) Issuance of common stock, net of restricted stock forfeitures 75,828 1 — — — 1 Repurchase of 48,852 shares of restricted common stock — — — (1,670 ) — (1,670 ) Net income — — — — 29,537 29,537 Balances at September 30, 2021 40,354,671 $ 403 $ 243,806 $ (68,293 ) $ 83,507 $ 259,423 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 — — 639 — — 639 Cash dividends declared on common stock ($0.275 per share) — — — — (9,947 ) (9,947 ) Issuance of common stock, net of restricted stock forfeitures 232,149 2 — — — 2 Repurchase of 48,751 shares of restricted common stock — — — (906 ) — (906 ) Net income — — — — 10,103 10,103 Balances at September 30, 2020 40,245,706 $ 401 $ 239,139 $ (66,159 ) $ 88,378 $ 261,759 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | (6) 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 nine month period ended September 30, 2021: Number of Shares Weighted Average Grant Date Fair Non-vested stock at December 31, 2020 524,876 $ 23.00 Granted 202,687 $ 33.28 Vested (186,042 ) $ 26.83 Forfeited (60,002 ) $ 25.30 Non-vested stock at September 30, 2021 481,519 $ 25.56 As of September 30, 2021, we had unrecognized compensation expense of approximately $7.1 million related to non-vested stock that we expect to be recognized over a weighted-average period of approximately 2.1 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 nine month periods ended September 30, 2021 and 2020 (amounts in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Compensation expense $ 1,057 $ 639 $ 3,600 $ 3,295 |
Income (Loss) per Share
Income (Loss) per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Income (Loss) per Share | (7) Income (Loss) per Share Income (loss) per common share for the three and nine month periods ended September 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 0.7% of total outstanding shares for both the three and nine month periods ended September 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 nine month period s ended September 30, 2021 and 2020 (amounts in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net income (loss) from continuing operations $ 24,728 $ 7,983 $ 38,834 $ (25,063 ) Net income from discontinued operations 4,809 2,120 10,620 7,013 Net income (loss) $ 29,537 $ 10,103 $ 49,454 $ (18,050 ) Weighted average number of common shares outstanding: Basic 36,296 36,110 36,232 36,035 Effect of dilutive non-vested restricted stock 140 139 188 — Diluted 36,436 36,249 36,420 36,035 Income (loss) per share: Basic: Continuing operations $ 0.68 $ 0.22 $ 1.07 $ (0.70 ) Discontinued operations 0.13 0.06 0.29 0.19 Net income (loss) per share $ 0.81 $ 0.28 $ 1.36 $ (0.50 ) Diluted: Continuing operations $ 0.68 $ 0.22 $ 1.07 $ (0.70 ) Discontinued operations 0.13 0.06 0.29 0.19 Net income (loss) per share $ 0.81 $ 0.28 $ 1.36 $ (0.50 ) Common shares excluded from the denominator as anti-dilutive: Non-vested restricted stock 91 190 30 189 |
Senior Secured Credit Facility
Senior Secured Credit Facility | 9 Months Ended |
Sep. 30, 2021 | |
Secured Debt [Member] | |
Senior Secured Credit Facility | (8) 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. On September 14, 2021, the Company further amended and extended the Amended and Restated Credit Agreement with the Second Amendment to the Fifth Amended and Restated Credit Agreement (the “Second Amendment”) by and among the Company, Great Northern Equipment, Inc., H&E Equipment Services (California), LLC, H&E Equipment Services (Mid-Atlantic), LLC, the other credit parties named therein, the lenders named therein, Wells Fargo Bank National Association, as administrative agent, and the joint lead arrangers, joint book runners, co-syndication agents and documentation agent named therein. The Second Amendment (i) amended the permitted dispositions of the credit facility, specifically the Crane Sale, and (ii) included benchmark language for a transition away from LIBOR. As of September 30, 2021, we were in compliance with our financial covenants under the Amended and Restated Credit Agreement. At September 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 Notes | 9 Months Ended |
Sep. 30, 2021 | |
Senior Unsecured Notes [Member] | |
Debt Instrument [Line Items] | |
Senior Secured Credit Facility | (9) 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 September 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 September 30, 2021 879 Additional deferred financing costs on New Notes through September 30, 2021 (136 ) Amortization of deferred financing costs on New Notes through September 30, 2021 203 Balance at September 30, 2021 $ 1,239,606 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | (10) 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 September 30, 2021, as disclosed in our condensed consolidated balance sheet, we had net operating lease right-of-use assets of $153.7 million and net finance lease right-of-use assets of $0.1 million. Our operating lease liabilities at September 30, 2021 were $157.5 million and finance lease liabilities were $0.1 million. The weighted average remaining lease term for operating leases was approximately 8.9 years and the weighted average remaining lease term for finance leases was approximately 0.5 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 September 30, 2021 are estimated to be $0.1 million, $0.6 million, $0.6 million, $0.6 million and $0.6 million for the years ended December 31, 2021, 2022, 2023, 2024 and 2025, respectively, and $4.0 million thereafter. It is expected that these leases will commence during the fourth quarter of 2021 and the first quarter of 2022. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | (11) 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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Segment Revenues: Equipment rentals $ 197,184 $ 161,461 $ 526,014 $ 481,563 Used equipment sales 31,071 36,216 105,746 94,890 New equipment sales 19,355 27,827 70,161 79,957 Parts sales 17,503 16,291 49,939 50,197 Services revenues 8,624 8,489 24,694 27,245 Total segmented revenues 273,737 250,284 776,554 733,852 Non-segmented revenues 1,699 1,629 4,991 5,403 Total revenues $ 275,436 $ 251,913 $ 781,545 $ 739,255 Segment Gross Profit: Equipment rentals $ 90,009 $ 63,946 $ 221,415 $ 191,210 Used equipment sales 11,688 11,012 37,320 30,771 New equipment sales 2,409 3,058 8,585 8,759 Parts sales 4,294 4,237 13,224 13,689 Services revenues 5,624 5,733 16,501 18,550 Total segmented gross profit 114,024 87,986 297,045 262,979 Non-segmented gross profit (loss) (116 ) 23 95 (33 ) Total gross profit $ 113,908 $ 88,009 $ 297,140 $ 262,946 Balances at September 30, December 31, 2021 2020 Segment identified assets: Equipment sales $ 52,247 $ 32,047 Equipment rentals 1,112,056 989,423 Parts and services 13,373 9,843 Total segment identified assets 1,177,676 1,031,313 Non-segment identified assets 762,338 827,716 Assets held for sale 110,900 121,455 Total assets $ 2,050,914 $ 1,980,484 The Company operates primarily in the United States and our sales to international customers for the three month periods ended September 30, 2021 and 2020 were 0.2% and 0.2% of total revenues, respectively, and for the nine month periods ended September 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 Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | (12) Subsequent Events As disclosed in Note 3, on October 1, 2021, the Company closed the sale of its crane business to a wholly-owned subsidiary of The Manitowoc Company, Inc. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 nine month periods ended September 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. During the third quarter of 2021, the Company agreed to sell its crane business, (the “Crane Sale”). The results of operations of the Crane Sale are reported in discontinued operations in the Condensed Consolidated Statements of Operations for all periods presented and the related assets and liabilities associated with discontinued operations are classified as held for sale in the Condensed Consolidated Balance Sheet as of September 30, 2021. The Condensed Consolidated Statements of Cash Flows includes cash flows related to the discontinued operations and accordingly, cash flow amounts for discontinued operations are disclosed in Note 3 “Divestitures”. All results and information in the consolidated financial statements are presented as continuing operations and exclude the Crane Sale unless otherwise noted specifically as discontinued operations. For additional information, refer to Note 3. 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 Estimates | 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 | 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. In the table below, revenues as presented in our condensed consolidated statements of operations for the three and nine month periods ended September 30, 2021 and 2020 are summarized by type and by the applicable accounting standard. Three Months Ended September 30, 2021 2020 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Rental revenues Owned equipment rentals $ 166,847 $ 75 $ 166,922 $ 138,765 $ 75 $ 138,840 Re-rent revenue 9,733 — 9,733 6,469 — 6,469 Ancillary and other rental revenues: Delivery and pick-up — 11,005 11,005 — 9,161 9,161 Other 9,524 — 9,524 6,991 — 6,991 Total ancillary rental revenues 9,524 11,005 20,529 6,991 9,161 16,152 Total equipment rental revenues 186,104 11,080 197,184 152,225 9,236 161,461 Used equipment sales — 31,071 31,071 — 36,216 36,216 New equipment sales — 19,355 19,355 — 27,827 27,827 Parts sales — 17,503 17,503 — 16,291 16,291 Service revenues — 8,624 8,624 — 8,489 8,489 Other — 1,699 1,699 — 1,629 1,629 Total revenues $ 186,104 $ 89,332 $ 275,436 $ 152,225 $ 99,688 $ 251,913 Nine Months Ended September 30, 2021 2020 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Rental revenues Owned equipment rentals $ 444,203 $ 239 $ 444,442 $ 418,798 $ 316 $ 419,114 Re-rent revenue 26,570 — 26,570 16,071 — 16,071 Ancillary and other rental revenues: Delivery and pick-up — 29,487 29,487 — 26,890 26,890 Other 25,515 — 25,515 19,488 — 19,488 Total ancillary rental revenues 25,515 29,487 55,002 19,488 26,890 46,378 Total equipment rental revenues 496,288 29,726 526,014 454,357 27,206 481,563 Used equipment sales — 105,746 105,746 — 94,890 94,890 New equipment sales — 70,161 70,161 — 79,957 79,957 Parts sales — 49,939 49,939 — 50,197 50,197 Service revenues — 24,694 24,694 — 27,245 27,245 Other — 4,991 4,991 — 5,403 5,403 Total revenues $ 496,288 $ 285,257 $ 781,545 $ 454,357 $ 284,898 $ 739,255 Revenues by reporting segment are presented in note 11 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 11, 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 of the notes to consolidated financial statements in 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 nine month periods ended September 30, 2021 or 2020 that was included in the contract liability balance as of the beginning of such periods. |
Held for Sale | Held for Sale The Company considers assets to be held for sale when management, with appropriate authority, approves and commits to a formal plan to sell the assets at a price reasonable in relation to their estimated fair value, the assets are available for immediate sale in their present condition, the sale of the assets is probable and expected to be completed in one year and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, the Company records the assets at the lower of their carrying value or their estimated fair value, reduced for the cost to dispose the assets, and ceases to record depreciation and amortization expenses on the assets. |
Discontinued Operations | Discontinued Operations In determining whether a group of assets which has been disposed of (or is to be disposed of) should be presented as discontinued operations, the Company analyzes whether the group of assets being disposed of represents a component of the entity. A component typically has historic operations and cash flows that are clearly distinguishable for both operations and financial reporting purposes. In addition, the Company considers whether the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. This strategic shift could include a disposal of a major geographical area, a major line of business, a major equity method investment, or other major parts of an entity. The Company reports financial results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. The assets and liabilities of a discontinued operation held for sale, other than goodwill, are measured at the lower of its carrying amount or fair value less cost to sell. When a portion of a reporting unit that constitutes a business is to be disposed of, the goodwill associated with that business is included in the carrying amount of the business based on the relative fair values of the business to be disposed of and the portion of the reporting unit that will be retained. See Note 3 for additional information. |
Goodwill | 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 an 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. There were no changes in the carrying amount of goodwill for our reporting units for the period ended September 30, 2021. The change to the carrying amount of goodwill for the period ended December 31, 2020 is as follows (amounts in thousands): Eq. Rental Comp. 1 Eq. Rental Comp. 2 Used Eq. Sales New Eq. Sales Parts Sales Service Revenues Total Balance at December 31, 2019 $ 49,215 $ 55,981 $ 8,455 $ — $ 5,747 $ — $ 119,398 Decreases (1) (239 ) (317 ) (8 ) — (33 ) — (597 ) Decreases (2) — (55,664 ) — — — — (55,664 ) Balance at December 31, 2020 $ 48,976 $ — $ 8,447 $ — $ 5,714 $ — $ 63,137 (1) Decreases are related to an adjustment during the first quarter of 2020 from the final closing settlement of the Cobra Equipment Rentals, LLC 2019 acquisition. (2) Decrease is related to the goodwill impairment calculated as of March 31, 2020. |
Recent Accounting Pronouncements | 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”). We amended our credit facility on September 14, 2021 to include benchmark language for a transition away from LIBOR. 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) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Revenues by Type and by Applicable Accounting Standard | In the table below, revenues as presented in our condensed consolidated statements of operations for the three and nine month periods ended September 30, 2021 and 2020 are summarized by type and by the applicable accounting standard. Three Months Ended September 30, 2021 2020 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Rental revenues Owned equipment rentals $ 166,847 $ 75 $ 166,922 $ 138,765 $ 75 $ 138,840 Re-rent revenue 9,733 — 9,733 6,469 — 6,469 Ancillary and other rental revenues: Delivery and pick-up — 11,005 11,005 — 9,161 9,161 Other 9,524 — 9,524 6,991 — 6,991 Total ancillary rental revenues 9,524 11,005 20,529 6,991 9,161 16,152 Total equipment rental revenues 186,104 11,080 197,184 152,225 9,236 161,461 Used equipment sales — 31,071 31,071 — 36,216 36,216 New equipment sales — 19,355 19,355 — 27,827 27,827 Parts sales — 17,503 17,503 — 16,291 16,291 Service revenues — 8,624 8,624 — 8,489 8,489 Other — 1,699 1,699 — 1,629 1,629 Total revenues $ 186,104 $ 89,332 $ 275,436 $ 152,225 $ 99,688 $ 251,913 Nine Months Ended September 30, 2021 2020 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Rental revenues Owned equipment rentals $ 444,203 $ 239 $ 444,442 $ 418,798 $ 316 $ 419,114 Re-rent revenue 26,570 — 26,570 16,071 — 16,071 Ancillary and other rental revenues: Delivery and pick-up — 29,487 29,487 — 26,890 26,890 Other 25,515 — 25,515 19,488 — 19,488 Total ancillary rental revenues 25,515 29,487 55,002 19,488 26,890 46,378 Total equipment rental revenues 496,288 29,726 526,014 454,357 27,206 481,563 Used equipment sales — 105,746 105,746 — 94,890 94,890 New equipment sales — 70,161 70,161 — 79,957 79,957 Parts sales — 49,939 49,939 — 50,197 50,197 Service revenues — 24,694 24,694 — 27,245 27,245 Other — 4,991 4,991 — 5,403 5,403 Total revenues $ 496,288 $ 285,257 $ 781,545 $ 454,357 $ 284,898 $ 739,255 |
Schedule of Changes in Carrying Amount of Goodwill | There were no changes in the carrying amount of goodwill for our reporting units for the period ended September 30, 2021. The change to the carrying amount of goodwill for the period ended December 31, 2020 is as follows (amounts in thousands): Eq. Rental Comp. 1 Eq. Rental Comp. 2 Used Eq. Sales New Eq. Sales Parts Sales Service Revenues Total Balance at December 31, 2019 $ 49,215 $ 55,981 $ 8,455 $ — $ 5,747 $ — $ 119,398 Decreases (1) (239 ) (317 ) (8 ) — (33 ) — (597 ) Decreases (2) — (55,664 ) — — — — (55,664 ) Balance at December 31, 2020 $ 48,976 $ — $ 8,447 $ — $ 5,714 $ — $ 63,137 (1) Decreases are related to an adjustment during the first quarter of 2020 from the final closing settlement of the Cobra Equipment Rentals, LLC 2019 acquisition. (2) Decrease is related to the goodwill impairment calculated as of March 31, 2020. |
Divestitures (Tables)
Divestitures (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Income from Discontinued Operations and Carrying Value of Assets and Liabilities | The following tables (amounts in thousands) present the Crane Sale results as reported in income from discontinued operations within our condensed consolidated statements of operations and the carrying value of assets and liabilities as presented within assets and liabilities held for sale on our condensed consolidated balance sheets. The amounts presented below are preliminary and are subject to change. Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenues: Equipment rentals $ 3,890 $ 4,388 $ 10,321 $ 14,599 Used equipment sales 3,096 3,784 11,545 10,341 New equipment sales 15,428 9,421 52,286 32,111 Parts sales 12,668 11,562 33,268 33,645 Services revenues 7,438 7,148 20,855 20,871 Other 1,411 1,044 3,755 2,696 Total revenues 43,931 37,347 132,030 114,263 Cost of revenues: Rental depreciation — 2,111 3,720 6,325 Rental expense 752 622 1,947 1,891 Rental other 430 279 1,000 964 1,182 3,012 6,667 9,180 Used equipment sales 2,383 2,668 8,713 7,473 New equipment sales 13,737 8,355 46,725 28,611 Parts sales 9,691 8,871 25,288 25,672 Services revenues 2,474 2,442 6,767 7,216 Other 898 941 3,168 2,437 Total cost of revenues 30,365 26,289 97,328 80,589 Gross profit 13,566 11,058 34,702 33,674 Selling, general and administrative expenses 6,769 5,500 18,872 17,083 Impairment of goodwill — — — 6,330 Merger and other 384 — 1,695 — Gain on sales of property and equipment, net — 55 49 2,442 Income from discontinued operations 6,413 5,613 14,184 12,703 Other, net (2 ) 1 62 6 Income before provision for income taxes 6,411 5,614 14,246 12,709 Provision for income taxes 1,602 3,494 3,626 5,696 Net income from discontinued operations $ 4,809 $ 2,120 $ 10,620 $ 7,013 Balances at September 30, December 31, 2021 2020 (Unaudited) Assets: Receivables, net of allowance for doubtful accounts of $252 and $252, respectively $ 16,872 $ 28,356 Inventories, net of reserves for obsolescence of $116 and $120, respectively 35,001 30,598 Prepaid expenses and other assets 86 86 Rental equipment, net of accumulated depreciation of $29,076 and $34,143, respectively 34,405 39,322 Property and equipment, net of accumulated depreciation and amortization of $14,288 and $13,381, respectively 7,223 7,821 Operating lease right-of-use assets, net of accumulated amortization of $706 and $652, respectively 11,599 9,558 Goodwill (1) 5,714 5,714 Total assets held for sale $ 110,900 $ 121,455 Liabilities: Accounts payable $ 4,899 $ 14,033 Accrued expenses payable and other liabilities 200 170 Operating lease right-of-use liabilities 11,896 9,639 Total liabilities held for sale $ 16,995 $ 23,842 (1) We have allocated $5.7 million of goodwill in the following two reporting units to the crane product line based on the relative fair value of the crane product line and the portion of the reporting units that will be retained. The allocation is as follows (amounts in thousands): Used Equipment $ 506 Parts 5,208 $ 5,714 Cash flows from discontinued operations was as follows (amounts in thousands): Nine Months Ended September 30, 2021 2020 Operating activities of discontinued operations: Depreciation and amortization of property and equipment $ 1,083 $ 1,715 Depreciation of rental equipment 3,720 6,325 Gain from sales of property and equipment, net (49 ) (2,442 ) Gain from sales of rental equipment, net (2,203 ) (2,634 ) Investing activities of discontinued operations: Purchases of rental equipment (2,431 ) (7,624 ) Proceeds from sales of property and equipment 43 4,781 Proceeds from sales of rental equipment 5,929 6,965 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements | The carrying amounts and fair values of our other financial instruments subject to fair value disclosures as of September 30, 2021 and December 31, 2020 are presented in the table below (amounts in thousands). September 30, 2021 Carrying Amount Fair Value Manufacturer flooring plans payable with interest computed at 3.5% (Level 3) $ 17,543 $ 15,823 Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2) 1,239,606 1,247,975 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) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Summary of Activity in Stockholders' Equity | The following table summarizes the quarterly activity in Stockholders’ Equity for the periods ended September 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 Stock-based compensation — — 1,057 — — 1,057 Cash dividends declared on common stock ($0.275 per share) — — — — (9,964 ) (9,964 ) Issuance of common stock, net of restricted stock forfeitures 75,828 1 — — — 1 Repurchase of 48,852 shares of restricted common stock — — — (1,670 ) — (1,670 ) Net income — — — — 29,537 29,537 Balances at September 30, 2021 40,354,671 $ 403 $ 243,806 $ (68,293 ) $ 83,507 $ 259,423 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 — — 639 — — 639 Cash dividends declared on common stock ($0.275 per share) — — — — (9,947 ) (9,947 ) Issuance of common stock, net of restricted stock forfeitures 232,149 2 — — — 2 Repurchase of 48,751 shares of restricted common stock — — — (906 ) — (906 ) Net income — — — — 10,103 10,103 Balances at September 30, 2020 40,245,706 $ 401 $ 239,139 $ (66,159 ) $ 88,378 $ 261,759 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Non-Vested Stock Activity | The following table summarizes our non-vested stock activity for the nine month period ended September 30, 2021: Number of Shares Weighted Average Grant Date Fair Non-vested stock at December 31, 2020 524,876 $ 23.00 Granted 202,687 $ 33.28 Vested (186,042 ) $ 26.83 Forfeited (60,002 ) $ 25.30 Non-vested stock at September 30, 2021 481,519 $ 25.56 |
Schedule of Compensation Expense Related to Non-Vested Stock | 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 nine month periods ended September 30, 2021 and 2020 (amounts in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Compensation expense $ 1,057 $ 639 $ 3,600 $ 3,295 |
Income (Loss) per Share (Tables
Income (Loss) per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Income (Loss) Per Common Share | The following table sets forth the computation of basic and diluted net income (loss) per common share for the three and nine month period s ended September 30, 2021 and 2020 (amounts in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net income (loss) from continuing operations $ 24,728 $ 7,983 $ 38,834 $ (25,063 ) Net income from discontinued operations 4,809 2,120 10,620 7,013 Net income (loss) $ 29,537 $ 10,103 $ 49,454 $ (18,050 ) Weighted average number of common shares outstanding: Basic 36,296 36,110 36,232 36,035 Effect of dilutive non-vested restricted stock 140 139 188 — Diluted 36,436 36,249 36,420 36,035 Income (loss) per share: Basic: Continuing operations $ 0.68 $ 0.22 $ 1.07 $ (0.70 ) Discontinued operations 0.13 0.06 0.29 0.19 Net income (loss) per share $ 0.81 $ 0.28 $ 1.36 $ (0.50 ) Diluted: Continuing operations $ 0.68 $ 0.22 $ 1.07 $ (0.70 ) Discontinued operations 0.13 0.06 0.29 0.19 Net income (loss) per share $ 0.81 $ 0.28 $ 1.36 $ (0.50 ) Common shares excluded from the denominator as anti-dilutive: Non-vested restricted stock 91 190 30 189 |
Senior Unsecured Notes (Tables)
Senior Unsecured Notes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Senior Unsecured Notes [Member] | |
Debt Instrument [Line Items] | |
Reconciliation of Senior Unsecured Notes to Condensed Consolidated Balance Sheets | 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 September 30, 2021 879 Additional deferred financing costs on New Notes through September 30, 2021 (136 ) Amortization of deferred financing costs on New Notes through September 30, 2021 203 Balance at September 30, 2021 $ 1,239,606 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Information about Reportable Segments | The following table presents information about our reportable segments (amounts in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Segment Revenues: Equipment rentals $ 197,184 $ 161,461 $ 526,014 $ 481,563 Used equipment sales 31,071 36,216 105,746 94,890 New equipment sales 19,355 27,827 70,161 79,957 Parts sales 17,503 16,291 49,939 50,197 Services revenues 8,624 8,489 24,694 27,245 Total segmented revenues 273,737 250,284 776,554 733,852 Non-segmented revenues 1,699 1,629 4,991 5,403 Total revenues $ 275,436 $ 251,913 $ 781,545 $ 739,255 Segment Gross Profit: Equipment rentals $ 90,009 $ 63,946 $ 221,415 $ 191,210 Used equipment sales 11,688 11,012 37,320 30,771 New equipment sales 2,409 3,058 8,585 8,759 Parts sales 4,294 4,237 13,224 13,689 Services revenues 5,624 5,733 16,501 18,550 Total segmented gross profit 114,024 87,986 297,045 262,979 Non-segmented gross profit (loss) (116 ) 23 95 (33 ) Total gross profit $ 113,908 $ 88,009 $ 297,140 $ 262,946 Balances at September 30, December 31, 2021 2020 Segment identified assets: Equipment sales $ 52,247 $ 32,047 Equipment rentals 1,112,056 989,423 Parts and services 13,373 9,843 Total segment identified assets 1,177,676 1,031,313 Non-segment identified assets 762,338 827,716 Assets held for sale 110,900 121,455 Total assets $ 2,050,914 $ 1,980,484 |
Organization and Nature of Op_2
Organization and Nature of Operations - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021State | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of states company serving rental equipment to the customers | 24 |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Revenues by Type and by Applicable Accounting Standard (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Revenues | $ 275,436 | $ 251,913 | $ 781,545 | $ 739,255 |
Topic 842 [Member] | ||||
Revenues: | ||||
Revenues | 186,104 | 152,225 | 496,288 | 454,357 |
Topic 606 [Member] | ||||
Revenues: | ||||
Revenues | 89,332 | 99,688 | 285,257 | 284,898 |
Rental Revenues [Member] | Owned Equipment Rentals [Member] | ||||
Revenues: | ||||
Revenues | 166,922 | 138,840 | 444,442 | 419,114 |
Rental Revenues [Member] | Owned Equipment Rentals [Member] | Topic 842 [Member] | ||||
Revenues: | ||||
Revenues | 166,847 | 138,765 | 444,203 | 418,798 |
Rental Revenues [Member] | Owned Equipment Rentals [Member] | Topic 606 [Member] | ||||
Revenues: | ||||
Revenues | 75 | 75 | 239 | 316 |
Rental Revenues [Member] | Re Rent Revenues [Member] | ||||
Revenues: | ||||
Revenues | 9,733 | 6,469 | 26,570 | 16,071 |
Rental Revenues [Member] | Re Rent Revenues [Member] | Topic 842 [Member] | ||||
Revenues: | ||||
Revenues | 9,733 | 6,469 | 26,570 | 16,071 |
Ancillary And Other Rental Revenues [Member] | ||||
Revenues: | ||||
Revenues | 20,529 | 16,152 | 55,002 | 46,378 |
Ancillary And Other Rental Revenues [Member] | Topic 842 [Member] | ||||
Revenues: | ||||
Revenues | 9,524 | 6,991 | 25,515 | 19,488 |
Ancillary And Other Rental Revenues [Member] | Topic 606 [Member] | ||||
Revenues: | ||||
Revenues | 11,005 | 9,161 | 29,487 | 26,890 |
Ancillary And Other Rental Revenues [Member] | Delivery and Pick-up [Member] | ||||
Revenues: | ||||
Revenues | 11,005 | 9,161 | 29,487 | 26,890 |
Ancillary And Other Rental Revenues [Member] | Delivery and Pick-up [Member] | Topic 606 [Member] | ||||
Revenues: | ||||
Revenues | 11,005 | 9,161 | 29,487 | 26,890 |
Ancillary And Other Rental Revenues [Member] | Other [Member] | ||||
Revenues: | ||||
Revenues | 9,524 | 6,991 | 25,515 | 19,488 |
Ancillary And Other Rental Revenues [Member] | Other [Member] | Topic 842 [Member] | ||||
Revenues: | ||||
Revenues | 9,524 | 6,991 | 25,515 | 19,488 |
Total Equipment Rental Revenues [Member] | ||||
Revenues: | ||||
Revenues | 197,184 | 161,461 | 526,014 | 481,563 |
Total Equipment Rental Revenues [Member] | Topic 842 [Member] | ||||
Revenues: | ||||
Revenues | 186,104 | 152,225 | 496,288 | 454,357 |
Total Equipment Rental Revenues [Member] | Topic 606 [Member] | ||||
Revenues: | ||||
Revenues | 11,080 | 9,236 | 29,726 | 27,206 |
Used Equipment Sales [Member] | ||||
Revenues: | ||||
Revenues | 31,071 | 36,216 | 105,746 | 94,890 |
Used Equipment Sales [Member] | Topic 606 [Member] | ||||
Revenues: | ||||
Revenues | 31,071 | 36,216 | 105,746 | 94,890 |
New Equipment Sales [Member] | ||||
Revenues: | ||||
Revenues | 19,355 | 27,827 | 70,161 | 79,957 |
New Equipment Sales [Member] | Topic 606 [Member] | ||||
Revenues: | ||||
Revenues | 19,355 | 27,827 | 70,161 | 79,957 |
Parts Sales [Member] | ||||
Revenues: | ||||
Revenues | 17,503 | 16,291 | 49,939 | 50,197 |
Parts Sales [Member] | Topic 606 [Member] | ||||
Revenues: | ||||
Revenues | 17,503 | 16,291 | 49,939 | 50,197 |
Parts and Services [Member] | ||||
Revenues: | ||||
Revenues | 8,624 | 8,489 | 24,694 | 27,245 |
Parts and Services [Member] | Topic 606 [Member] | ||||
Revenues: | ||||
Revenues | 8,624 | 8,489 | 24,694 | 27,245 |
Other [Member] | ||||
Revenues: | ||||
Revenues | 1,699 | 1,629 | 4,991 | 5,403 |
Other [Member] | Topic 606 [Member] | ||||
Revenues: | ||||
Revenues | $ 1,699 | $ 1,629 | $ 4,991 | $ 5,403 |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021Customer | Sep. 30, 2020Customer | Sep. 30, 2021USD ($)Customer | Sep. 30, 2020Customer | Dec. 31, 2020USD ($) | |
Summary Of Significant Accounting Policy [Line Items] | |||||
Customer accounted for more than 10% of revenue | Customer | 0 | 0 | 0 | 0 | |
Change in carrying amount of goodwill | $ | $ 0 | $ (55,664) | |||
ASU 2019-12 [Member] | |||||
Summary Of Significant Accounting Policy [Line Items] | |||||
Change in accounting principle, accounting standards update, adopted | true | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 | Jan. 1, 2021 | |||
Change in accounting principle, accounting standards update, immaterial effect | true | true |
Significant Accounting Polici_6
Significant Accounting Policies - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Beginning balance | $ 63,137 | $ 119,398 |
Increases (Decreases) | 0 | (55,664) |
Ending balance | 63,137 | 63,137 |
CEC and Rental Inc [Member] | ||
Goodwill [Line Items] | ||
Increases (Decreases) | (597) | |
Equipment Rental Component 1 [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 48,976 | 49,215 |
Ending balance | 48,976 | |
Equipment Rental Component 1 [Member] | CEC and Rental Inc [Member] | ||
Goodwill [Line Items] | ||
Increases (Decreases) | (239) | |
Equipment Rental Component 2 [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 55,981 | |
Increases (Decreases) | (55,664) | |
Equipment Rental Component 2 [Member] | CEC and Rental Inc [Member] | ||
Goodwill [Line Items] | ||
Increases (Decreases) | (317) | |
Used Equipment Sales [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 8,447 | 8,455 |
Ending balance | 8,447 | |
Used Equipment Sales [Member] | CEC and Rental Inc [Member] | ||
Goodwill [Line Items] | ||
Increases (Decreases) | (8) | |
Parts Sales [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | $ 5,714 | 5,747 |
Ending balance | 5,714 | |
Parts Sales [Member] | CEC and Rental Inc [Member] | ||
Goodwill [Line Items] | ||
Increases (Decreases) | $ (33) |
Divestitures - Additional Infor
Divestitures - Additional Information (Detail) $ in Thousands | Sep. 17, 2021USD ($)BranchCounty | Jul. 19, 2021USD ($)ReportingUnit | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of goodwill reporting units | ReportingUnit | 6 | |||
Crane Business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of business | $ 130,000 | |||
Number of goodwill reporting units | ReportingUnit | 5 | |||
Sale of business, transaction closing date | Oct. 1, 2021 | |||
Net book value | $ 7,223 | $ 7,821 | ||
Crane Business [Member] | Minimum [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Period of transition of certain functions | 60 days | |||
Crane Business [Member] | Maximum [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Period of transition of certain functions | 6 months | |||
Arkansas Sale [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of business | $ 9,000 | |||
Net book value | $ 3,700 | |||
Number of branches sold | Branch | 2 | |||
Arkansas Sale [Member] | Southeast Arkansas [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of counties excluded in distribution territory | County | 5 |
Divestitures - Schedule of Inco
Divestitures - Schedule of Income from Discontinued Operations and Carrying Value of Assets and Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Cost of revenues: | |||||
Income before provision for income taxes | $ 6,411 | $ 5,614 | $ 14,246 | $ 12,709 | |
Provision for income taxes | 1,602 | 3,494 | 3,626 | 5,696 | |
Net income from discontinued operations | 4,809 | 2,120 | 10,620 | 7,013 | |
Assets: | |||||
Total assets held for sale | 110,900 | 110,900 | $ 121,455 | ||
Liabilities: | |||||
Total liabilities held for sale | 16,995 | 16,995 | 23,842 | ||
Crane Business [Member] | |||||
Revenues: | |||||
Total revenues | 43,931 | 37,347 | 132,030 | 114,263 | |
Cost of revenues: | |||||
Total cost of revenues | 30,365 | 26,289 | 97,328 | 80,589 | |
Gross profit | 13,566 | 11,058 | 34,702 | 33,674 | |
Selling, general and administrative expenses | 6,769 | 5,500 | 18,872 | 17,083 | |
Impairment of goodwill | 6,330 | ||||
Merger and other | 384 | 1,695 | |||
Gain on sales of property and equipment, net | 55 | 49 | 2,442 | ||
Income from discontinued operations | 6,413 | 5,613 | 14,184 | 12,703 | |
Other, net | (2) | 1 | 62 | 6 | |
Income before provision for income taxes | 6,411 | 5,614 | 14,246 | 12,709 | |
Provision for income taxes | 1,602 | 3,494 | 3,626 | 5,696 | |
Net income from discontinued operations | 4,809 | 2,120 | 10,620 | 7,013 | |
Assets: | |||||
Receivables, net of allowance for doubtful accounts of $252 and $252, respectively | 16,872 | 16,872 | 28,356 | ||
Inventories, net of reserves for obsolescence of $116 and $120, respectively | 35,001 | 35,001 | 30,598 | ||
Prepaid expenses and other assets | 86 | 86 | 86 | ||
Rental equipment, net of accumulated depreciation of $29,076 and $34,143, respectively | 34,405 | 34,405 | 39,322 | ||
Property and equipment, net of accumulated depreciation and amortization of $14,288 and $13,381, respectively | 7,223 | 7,223 | 7,821 | ||
Operating lease right-of-use assets, net of accumulated amortization of $706 and $652, respectively | 11,599 | 11,599 | 9,558 | ||
Goodwill | 5,714 | 5,714 | 5,714 | ||
Total assets held for sale | 110,900 | 110,900 | 121,455 | ||
Liabilities: | |||||
Accounts payable | 4,899 | 4,899 | 14,033 | ||
Accrued expenses payable and other liabilities | 200 | 200 | 170 | ||
Operating lease right-of-use liabilities | 11,896 | 11,896 | 9,639 | ||
Total liabilities held for sale | 16,995 | 16,995 | $ 23,842 | ||
Crane Business [Member] | Equipment Rentals [Member] | |||||
Cost of revenues: | |||||
Total cost of revenues | 1,182 | 3,012 | 6,667 | 9,180 | |
Crane Business [Member] | Equipment Rentals [Member] | Rentals Other [Member] | |||||
Cost of revenues: | |||||
Total cost of revenues | 430 | 279 | 1,000 | 964 | |
Crane Business [Member] | Equipment Rentals [Member] | Rental Depreciation [Member] | |||||
Cost of revenues: | |||||
Total cost of revenues | 2,111 | 3,720 | 6,325 | ||
Crane Business [Member] | Equipment Rentals [Member] | Rental Expense [Member] | |||||
Cost of revenues: | |||||
Total cost of revenues | 752 | 622 | 1,947 | 1,891 | |
Crane Business [Member] | Used Equipment Sales [Member] | |||||
Cost of revenues: | |||||
Total cost of revenues | 2,383 | 2,668 | 8,713 | 7,473 | |
Crane Business [Member] | New Equipment Sales [Member] | |||||
Cost of revenues: | |||||
Total cost of revenues | 13,737 | 8,355 | 46,725 | 28,611 | |
Crane Business [Member] | Parts Sales [Member] | |||||
Cost of revenues: | |||||
Total cost of revenues | 9,691 | 8,871 | 25,288 | 25,672 | |
Crane Business [Member] | Services Revenues [Member] | |||||
Cost of revenues: | |||||
Total cost of revenues | 2,474 | 2,442 | 6,767 | 7,216 | |
Crane Business [Member] | Other [Member] | |||||
Cost of revenues: | |||||
Total cost of revenues | 898 | 941 | 3,168 | 2,437 | |
Crane Business [Member] | Equipment Rentals [Member] | |||||
Revenues: | |||||
Total revenues | 3,890 | 4,388 | 10,321 | 14,599 | |
Crane Business [Member] | Used Equipment Sales [Member] | |||||
Revenues: | |||||
Total revenues | 3,096 | 3,784 | 11,545 | 10,341 | |
Crane Business [Member] | New Equipment Sales [Member] | |||||
Revenues: | |||||
Total revenues | 15,428 | 9,421 | 52,286 | 32,111 | |
Crane Business [Member] | Parts Sales [Member] | |||||
Revenues: | |||||
Total revenues | 12,668 | 11,562 | 33,268 | 33,645 | |
Crane Business [Member] | Services Revenues [Member] | |||||
Revenues: | |||||
Total revenues | 7,438 | 7,148 | 20,855 | 20,871 | |
Crane Business [Member] | Other [Member] | |||||
Revenues: | |||||
Total revenues | $ 1,411 | $ 1,044 | $ 3,755 | $ 2,696 |
Divestitures - Schedule of In_2
Divestitures - Schedule of Income from Discontinued Operations and Carrying Value of Assets and Liabilities (Parenthetical) (Detail) - Crane Business [Member] $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)ReportingUnit | Dec. 31, 2020USD ($)ReportingUnit | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Allowance for doubtful accounts receivables | $ 252 | $ 252 |
Reserves for obsolescence inventories | 116 | 120 |
Accumulated depreciation, rental equipment | 29,076 | 34,143 |
Accumulated depreciation and amortization, property and equipment | 14,288 | 13,381 |
Accumulated amortization, operating lease right-of-use assets | 706 | 652 |
Goodwill | $ 5,714 | $ 5,714 |
Number of reporting units | ReportingUnit | 2 | 2 |
Used Equipment Sales [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Goodwill | $ 506 | |
Parts Sales [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Goodwill | $ 5,208 |
Divestitures - Schedule of Cash
Divestitures - Schedule of Cash Flows from Discontinued Operations (Detail) - Crane Business [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities of discontinued operations: | ||
Depreciation and amortization of property and equipment | $ 1,083 | $ 1,715 |
Depreciation of rental equipment | 3,720 | 6,325 |
Gain from sales of property and equipment, net | (49) | (2,442) |
Gain from sales of rental equipment, net | (2,203) | (2,634) |
Investing activities of discontinued operations: | ||
Purchases of rental equipment | (2,431) | (7,624) |
Proceeds from sales of property and equipment | 43 | 4,781 |
Proceeds from sales of rental equipment | $ 5,929 | $ 6,965 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 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) | $ 17,543 | $ 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) | 15,823 | 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) | 1,239,606 | 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) | $ 1,247,975 | $ 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) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Level 3 [Member] | Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Manufacturer flooring plans payable, interest rate | 3.50% | 3.50% |
Level 3 [Member] | Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Manufacturer flooring plans payable, interest rate | 3.50% | 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 rate | 3.875% | 3.875% |
Senior unsecured notes, due year | 2028 | 2028 |
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 rate | 3.875% | 3.875% |
Senior unsecured notes, due year | 2028 | 2028 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 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 year | 2028 | 2028 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Activity in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule of Capitalization, Equity [Line Items] | ||||||||
Beginning Balances | $ 240,462 | $ 233,696 | $ 238,233 | $ 261,868 | $ 261,945 | $ 307,519 | $ 238,233 | $ 307,519 |
Beginning Balances, shares | 40,242,711 | 40,242,711 | ||||||
Stock-based compensation | 1,057 | 942 | $ 1,601 | 639 | 1,004 | 1,652 | ||
Cash dividends declared on common stock ($0.275 per share) | (9,964) | (9,943) | (9,854) | (9,947) | (9,896) | (9,789) | ||
Issuance of common stock, net of restricted stock forfeitures | 1 | 2 | 1 | |||||
Repurchase of shares of restricted common stock | (1,670) | (435) | (906) | (470) | ||||
Restricted stock forfeitures | 1 | |||||||
Net income (loss) | 29,537 | 15,766 | 4,151 | 10,103 | 8,815 | $ (36,968) | $ 49,454 | (18,050) |
Accounting standards update extensible list | Topic 842 [Member] | |||||||
Ending Balances | $ 259,423 | 240,462 | 233,696 | 261,759 | 261,868 | $ 261,945 | $ 259,423 | 261,759 |
Ending Balances, shares | 40,354,671 | 40,354,671 | ||||||
Common Stock [Member] | ||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||
Beginning Balances | $ 402 | $ 401 | $ 401 | $ 399 | $ 399 | $ 398 | $ 401 | $ 398 |
Beginning Balances, shares | 40,278,843 | 40,288,138 | 40,242,711 | 40,013,557 | 40,020,289 | 39,921,838 | 40,242,711 | 39,921,838 |
Issuance of common stock, net of restricted stock forfeitures | $ 1 | $ 2 | $ 1 | |||||
Issuance of common stock, net of restricted stock forfeitures, shares | 75,828 | 45,427 | 232,149 | 98,451 | ||||
Restricted stock forfeitures | $ 1 | |||||||
Restricted stock forfeitures, shares | (9,295) | (6,732) | ||||||
Ending Balances | $ 403 | $ 402 | $ 401 | $ 401 | $ 399 | $ 399 | $ 403 | $ 401 |
Ending Balances, shares | 40,354,671 | 40,278,843 | 40,288,138 | 40,245,706 | 40,013,557 | 40,020,289 | 40,354,671 | 40,245,706 |
Additional Paid-in Capital [Member] | ||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||
Beginning Balances | $ 242,749 | $ 241,807 | $ 240,206 | $ 238,500 | $ 237,496 | $ 235,844 | $ 240,206 | $ 235,844 |
Stock-based compensation | 1,057 | 942 | 1,601 | 639 | 1,004 | 1,652 | ||
Ending Balances | 243,806 | 242,749 | 241,807 | 239,139 | 238,500 | 237,496 | 243,806 | 239,139 |
Treasury Stock [Member] | ||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||
Beginning Balances | (66,623) | (66,623) | (66,188) | (65,253) | (65,253) | (64,783) | (66,188) | (64,783) |
Repurchase of shares of restricted common stock | (1,670) | (435) | (906) | (470) | ||||
Ending Balances | (68,293) | (66,623) | (66,623) | (66,159) | (65,253) | (65,253) | (68,293) | (66,159) |
Retained Earnings [Member] | ||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||
Beginning Balances | 63,934 | 58,111 | 63,814 | 88,222 | 89,303 | 136,060 | 63,814 | 136,060 |
Cash dividends declared on common stock ($0.275 per share) | (9,964) | (9,943) | (9,854) | (9,947) | (9,896) | (9,789) | ||
Net income (loss) | 29,537 | 15,766 | 4,151 | 10,103 | 8,815 | (36,968) | ||
Ending Balances | $ 83,507 | $ 63,934 | $ 58,111 | $ 88,378 | $ 88,222 | $ 89,303 | $ 83,507 | $ 88,378 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Activity in Stockholders' Equity (Parenthetical) (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule of Capitalization, Equity [Line Items] | ||||||||
Cash dividends declared on common stock, per share | $ 0.275 | $ 0.275 | $ 0.825 | $ 0.825 | ||||
Repurchase of restricted common stock, shares | 48,852 | 12,624 | 48,751 | 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 | $ 0.275 | $ 0.275 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($)shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized compensation expense related to non-vested stock | $ | $ 7.1 |
Expected non-vested stock recognized over a weighted-average period | 2 years 1 month 6 days |
2016 Stock-Based Incentive Compensation Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock-Based incentive compensation plan | shares | 1,212,581 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Non-Vested Stock Activity (Detail) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Non-vested stock, beginning balance, Number of Shares | shares | 524,876 |
Granted, Number of Shares | shares | 202,687 |
Vested, Number of Shares | shares | (186,042) |
Forfeited, Number of Shares | shares | (60,002) |
Non-vested stock, ending balance, Number of Shares | shares | 481,519 |
Non-vested stock, beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 23 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 33.28 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 26.83 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 25.30 |
Non-vested stock, ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 25.56 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Compensation Expense Related to Non-Vested Stock (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Compensation expense | $ 1,057 | $ 639 | $ 3,600 | $ 3,295 |
Income (Loss) per Share - Addit
Income (Loss) per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Restricted common shares, percentage | 0.70% | 0.70% | 0.70% | 0.70% |
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 Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Line Items] | ||||||||
Net income (loss) from continuing operations | $ 24,728 | $ 7,983 | $ 38,834 | $ (25,063) | ||||
Net income from discontinued operations | 4,809 | 2,120 | 10,620 | 7,013 | ||||
Net income (loss) | $ 29,537 | $ 15,766 | $ 4,151 | $ 10,103 | $ 8,815 | $ (36,968) | $ 49,454 | $ (18,050) |
Weighted average number of common shares outstanding: | ||||||||
Basic | 36,296 | 36,110 | 36,232 | 36,035 | ||||
Diluted | 36,436 | 36,249 | 36,420 | 36,035 | ||||
Basic: | ||||||||
Continuing operations | $ 0.68 | $ 0.22 | $ 1.07 | $ (0.70) | ||||
Discontinued operations | 0.13 | 0.06 | 0.29 | 0.19 | ||||
Net income (loss) per share | 0.81 | 0.28 | 1.36 | (0.50) | ||||
Diluted: | ||||||||
Continuing operations | 0.68 | 0.22 | 1.07 | (0.70) | ||||
Discontinued operations | 0.13 | 0.06 | 0.29 | 0.19 | ||||
Net income (loss) per share | $ 0.81 | $ 0.28 | $ 1.36 | $ (0.50) | ||||
Non-vested restricted stock [Member] | ||||||||
Weighted average number of common shares outstanding: | ||||||||
Effect of dilutive non-vested restricted stock | 140 | 139 | 188 | |||||
Common shares excluded from the denominator as anti-dilutive: | ||||||||
Non-vested restricted stock | 91 | 190 | 30 | 189 |
Senior Secured Credit Facility
Senior Secured Credit Facility - Additional Information (Detail) | Sep. 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 credit | 0 |
Available borrowings under our senior secured credit facility | 741,300,000 |
Outstanding letters of credit | $ 8,700,000 |
Senior Unsecured Notes - Additi
Senior Unsecured Notes - Additional Information (Detail) $ in Millions | Dec. 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 Thousands | 1 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 14, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||
Senior unsecured notes, beginning balance | $ 1,238,660 | ||||
Amortization of deferred financing costs | 729 | $ 755 | |||
Senior unsecured notes, ending balance | $ 1,238,660 | 1,239,606 | $ 1,238,660 | ||
Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior unsecured notes, beginning balance | 1,238,660 | $ 945,566 | $ 945,566 | 945,566 | |
Senior unsecured notes, ending balance | 1,238,660 | 1,239,606 | 1,238,660 | ||
Senior Unsecured Notes [Member] | 5.625% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Accretion of discount | 1,466 | ||||
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 Notes | 7,225 | ||||
Writeoff of unamortized premium on Old Notes | (4,988) | ||||
Writeoff of deferred financing costs on Old Notes | 1,449 | ||||
Senior Unsecured Notes [Member] | 3.875% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Accretion of discount | 53 | 879 | |||
Additional deferred financing costs | (136) | ||||
Amortization of deferred financing costs | $ 11 | $ 203 | |||
Aggregate principal amount issued on New Notes | 1,250,000 | ||||
Notes discount and deferred transaction costs on New Notes | $ (11,404) |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Net operating lease right-of-use assets | $ 153,677 | $ 152,662 |
Net finance lease right-of-use assets | 81 | 203 |
Operating lease liabilities | 157,537 | 156,282 |
Finance lease liabilities | $ 111 | $ 305 |
Weighted average remaining lease term for operating leases | 8 years 10 months 24 days | |
Weighted average remaining lease term for finance leases | 6 months | |
Weighted average discount rate for operating leases | 6.30% | |
Weighted average discount rate for finance leases | 5.90% | |
Future minimum operating lease payments 2021 | $ 100 | |
Future minimum operating lease payments 2022 | 600 | |
Future minimum operating lease payments 2023 | 600 | |
Future minimum operating lease payments 2024 | 600 | |
Future minimum operating lease payments 2025 | 600 | |
Future minimum operating lease payments thereafter | $ 4,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021Customer | Sep. 30, 2020Customer | Sep. 30, 2021CustomerSegment | Sep. 30, 2020Customer | |
Segment Reporting [Abstract] | ||||
Number of reportable segment | Segment | 5 | |||
Sales to international customers | 0.20% | 0.20% | 0.20% | 0.30% |
Customer accounted for more than 10% of revenue | Customer | 0 | 0 | 0 | 0 |
Segment Information - Schedule
Segment Information - Schedule of Information about Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Revenues: | |||||
Revenues | $ 275,436 | $ 251,913 | $ 781,545 | $ 739,255 | |
Segment Gross Profit: | |||||
Total gross profit | 113,908 | 88,009 | 297,140 | 262,946 | |
Segment identified assets: | |||||
Assets held for sale | 110,900 | 110,900 | $ 121,455 | ||
Total assets | 2,050,914 | 2,050,914 | 1,980,484 | ||
Operating Segments [Member] | |||||
Segment Revenues: | |||||
Revenues | 273,737 | 250,284 | 776,554 | 733,852 | |
Segment Gross Profit: | |||||
Total gross profit | 114,024 | 87,986 | 297,045 | 262,979 | |
Segment identified assets: | |||||
Total assets | 1,177,676 | 1,177,676 | 1,031,313 | ||
Operating Segments [Member] | Equipment Rentals [Member] | |||||
Segment Revenues: | |||||
Revenues | 197,184 | 161,461 | 526,014 | 481,563 | |
Segment Gross Profit: | |||||
Total gross profit | 90,009 | 63,946 | 221,415 | 191,210 | |
Segment identified assets: | |||||
Total assets | 1,112,056 | 1,112,056 | 989,423 | ||
Operating Segments [Member] | New Equipment Sales [Member] | |||||
Segment Revenues: | |||||
Revenues | 19,355 | 27,827 | 70,161 | 79,957 | |
Segment Gross Profit: | |||||
Total gross profit | 2,409 | 3,058 | 8,585 | 8,759 | |
Operating Segments [Member] | Used Equipment Sales [Member] | |||||
Segment Revenues: | |||||
Revenues | 31,071 | 36,216 | 105,746 | 94,890 | |
Segment Gross Profit: | |||||
Total gross profit | 11,688 | 11,012 | 37,320 | 30,771 | |
Segment identified assets: | |||||
Total assets | 52,247 | 52,247 | 32,047 | ||
Operating Segments [Member] | Parts Sales [Member] | |||||
Segment Revenues: | |||||
Revenues | 17,503 | 16,291 | 49,939 | 50,197 | |
Segment Gross Profit: | |||||
Total gross profit | 4,294 | 4,237 | 13,224 | 13,689 | |
Operating Segments [Member] | Services Revenues [Member] | |||||
Segment Revenues: | |||||
Revenues | 8,624 | 8,489 | 24,694 | 27,245 | |
Segment Gross Profit: | |||||
Total gross profit | 5,624 | 5,733 | 16,501 | 18,550 | |
Operating Segments [Member] | Parts and Services [Member] | |||||
Segment identified assets: | |||||
Total assets | 13,373 | 13,373 | 9,843 | ||
Non-Segmented [Member] | |||||
Segment Revenues: | |||||
Revenues | 1,699 | 1,629 | 4,991 | 5,403 | |
Segment Gross Profit: | |||||
Total gross profit | (116) | $ 23 | 95 | $ (33) | |
Segment identified assets: | |||||
Total assets | $ 762,338 | $ 762,338 | $ 827,716 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Crane Business [Member] | Oct. 01, 2021 | Jul. 19, 2021 |
Subsequent Event [Line Items] | ||
Sale of business, transaction closing date | Oct. 1, 2021 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Sale of business, transaction closing date | Oct. 1, 2021 |