H&E Equipment Services (HEES) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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		35,919,949
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
Document Quarterly Report	true
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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash	$ 12,440	$ 14,247
Receivables, net of allowance for doubtful accounts of $4,774 and $5,236, respectively	169,415	192,204
Inventories, net of reserves for obsolescence of $338 and $331, respectively	106,157	85,478
Prepaid expenses and other assets	17,361	10,262
Rental equipment, net of accumulated depreciation of $696,538 and $676,376, respectively	1,171,663	1,217,673
Property and equipment, net of accumulated depreciation and amortization of $157,202 and $156,782, respectively	130,614	130,564
Operating lease right-of-use assets, net of accumulated amortization of $14,135 and $11,197, respectively	169,539	156,570
Finance lease right-of-use assets, net of accumulated amortization of $2,092 and $2,051, respectively	325	365
Deferred financing costs, net of accumulated amortization of $14,594 and $14,419, respectively	2,682	2,857
Intangible assets, net of accumulated amortization of $7,762 and $6,952, respectively	31,938	32,948
Goodwill	68,851	131,442
Total assets	1,880,985	1,974,610
Liabilities:
Amounts due on senior secured credit facility	184,921	216,879
Accounts payable	67,790	58,853
Manufacturer flooring plans payable	17,761	25,201
Accrued expenses payable and other liabilities	57,394	78,382
Dividends payable	95	171
Senior unsecured notes, net of unaccreted discount of $2,572 and $2,691 and deferred financing costs of $1,666 and $1,743, respectively	945,762	945,566
Operating lease right-of-use liabilities	172,376	159,265
Finance lease right-of-use liabilities	490	550
Deferred income taxes	170,328	180,126
Deferred compensation payable	2,123	2,098
Total liabilities	1,619,040	1,667,091
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; 40,020,289 and 39,921,838 shares issued at March 31, 2020 and December 31, 2019, respectively, and 35,920,148 and 35,848,089 shares outstanding at March 31, 2020 and December 31, 2019, respectively	399	398
Additional paid-in capital	237,496	235,844
Treasury stock at cost, 4,100,141 and 4,073,749 shares of common stock held at March 31, 2020 and December 31, 2019, respectively	(65,253)	(64,783)
Retained earnings	89,303	136,060
Total stockholders’ equity	261,945	307,519
Total liabilities and stockholders’ equity	$ 1,880,985	$ 1,974,610

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivables	$ 4,774	$ 5,236
Reserves for obsolescence inventories	338	331
Accumulated depreciation, rental equipment	696,538	676,376
Accumulated depreciation and amortization, property and equipment	157,202	156,782
Accumulated amortization, operating lease right-of-use assets	14,135	11,197
Accumulated amortization, financing lease right-of-use assets	2,092	2,051
Accumulated amortization, deferred financing costs	14,594	14,419
Accumulated amortization, intangible assets	7,762	6,952
Unaccreted discount, net	2,572	2,691
Deferred financing costs	$ 1,666	$ 1,743
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	40,020,289	39,921,838
Common stock, shares outstanding	35,920,148	35,848,089
Treasury stock, shares	4,100,141	4,073,749

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Revenues	$ 285,922,000	$ 313,638,000
Cost of revenues:
Cost of revenues	180,439,000	199,938,000
Gross profit	105,483,000	113,700,000
Selling, general and administrative expenses	79,624,000	78,647,000
Impairment of goodwill	61,994,000
Merger costs	40,000	119,000
Gain on sales of property and equipment, net	4,264,000	741,000
Income (loss) from operations	(31,911,000)	35,675,000
Other income (expense):
Interest expense	(16,030,000)	(16,855,000)
Other, net	630,000	532,000
Total other expense, net	(15,400,000)	(16,323,000)
Income (loss) before provision (benefit) for income taxes	(47,311,000)	19,352,000
Provision (benefit) for income taxes	(10,343,000)	5,109,000
Net income (loss)	$ (36,968,000)	$ 14,243,000
Net income (loss) per common share:
Basic	$ (1.03)	$ 0.40
Diluted	$ (1.03)	$ 0.40
Weighted average common shares outstanding:
Basic	35,965	35,787
Diluted	35,965	35,973
Dividends declared per common share outstanding	$ 0.275	$ 0.275
Equipment Rentals [Member]
Revenues:
Revenues	$ 174,519,000	$ 176,129,000
Cost of revenues:
Cost of revenues	102,360,000	98,191,000
Gross profit	72,159,000	77,938,000
Equipment Rentals [Member] | Rentals Other [Member]
Cost of revenues:
Cost of revenues	16,805,000	16,275,000
Equipment Rentals [Member] | Rental Depreciation [Member]
Cost of revenues:
Cost of revenues	59,986,000	57,148,000
Equipment Rentals [Member] | Rental Expense [Member]
Cost of revenues:
Cost of revenues	25,569,000	24,768,000
New Equipment Sales [Member]
Revenues:
Revenues	30,873,000	59,103,000
Cost of revenues:
Cost of revenues	27,426,000	52,099,000
Gross profit	3,447,000	7,004,000
Used Equipment Sales [Member]
Revenues:
Revenues	31,218,000	29,634,000
Cost of revenues:
Cost of revenues	20,438,000	19,012,000
Gross profit	10,780,000	10,622,000
Parts Sales [Member]
Revenues:
Revenues	29,769,000	30,428,000
Cost of revenues:
Cost of revenues	21,903,000	22,289,000
Gross profit	7,866,000	8,139,000
Services Revenues [Member]
Revenues:
Revenues	16,822,000	15,568,000
Cost of revenues:
Cost of revenues	5,540,000	5,004,000
Gross profit	11,282,000	10,564,000
Other [Member]
Revenues:
Revenues	2,721,000	2,776,000
Cost of revenues:
Cost of revenues	2,772,000	3,343,000
Equipment Rentals [Member]
Revenues:
Revenues	174,519,000	176,129,000
New Equipment Sales [Member]
Revenues:
Revenues	30,873,000	59,103,000
Used Equipment Sales [Member]
Revenues:
Revenues	31,218,000	29,634,000
Parts Sales [Member]
Revenues:
Revenues	29,769,000	30,428,000
Services Revenues [Member]
Revenues:
Revenues	16,822,000	15,568,000
Other [Member]
Revenues:
Revenues	$ 2,721,000	$ 2,776,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (36,968)	$ 14,243
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of property and equipment	7,398	6,479
Depreciation of rental equipment	59,986	57,148
Amortization of finance lease right-of-use assets	40	41
Amortization of intangible assets	1,010	952
Amortization of deferred financing costs	251	254
Accretion of note discount, net of premium amortization	120	120
Non-cash operating lease expense	2,821	2,583
Provision for losses on accounts receivable	1,673	1,301
Provision for inventory obsolescence	12	42
Change in deferred income taxes	(9,798)	4,977
Stock-based compensation expense	1,652	1,188
Impairment of goodwill	61,994
Gain from sales of property and equipment, net	(4,264)	(741)
Gain from sales of rental equipment, net	(10,567)	(10,621)
Changes in operating assets and liabilities, net of acquisitions:
Receivables	21,116	17,605
Inventories	(33,371)	(58,062)
Prepaid expenses and other assets	(7,118)	(2,117)
Accounts payable	9,533	13,539
Manufacturer flooring plans payable	(7,440)	2,684
Accrued expenses payable and other liabilities	(23,643)	(12,574)
Deferred compensation payable	25	27
Net cash provided by operating activities	34,462	39,068
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired		(106,746)
Purchases of property and equipment	(10,069)	(7,221)
Purchases of rental equipment	(19,785)	(48,644)
Proceeds from sales of property and equipment	6,880	931
Proceeds from sales of rental equipment	29,056	28,292
Net cash provided by (used in) investing activities	6,082	(133,388)
Cash flows from financing activities:
Borrowings on senior secured credit facility	299,524	447,503
Payments on senior secured credit facility	(331,482)	(352,617)
Dividends paid	(9,863)	(9,832)
Purchases of treasury stock	(470)	(387)
Payments of deferred financing costs		(525)
Payments of finance lease obligations	(60)	(57)
Net cash provided by (used in) financing activities	(42,351)	84,085
Net decrease in cash	(1,807)	(10,235)
Cash, beginning of period	14,247	16,677
Cash, end of period	12,440	6,442
Noncash asset purchases:
Assets transferred from new and used inventory to rental fleet	12,680	21,112
Purchases of property and equipment included in accrued expenses payable and other liabilities	5	345
Operating lease right-of-use assets and lease liabilities recorded upon adoption of ASC 842		162,814
Finance lease right-of-use assets and lease liabilities recorded upon adoption of ASC 842		782
Operating lease assets obtained in exchange for new operating lease liabilities	15,906	8,348
Cash paid during the period for:
Interest	29,305	29,481
Income taxes paid (net of refunds received)	$ (99)	$ (519)

Organization and Nature of Oper

Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2020
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 months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, 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, 2019, from which the consolidated balance sheet amounts as of December 31, 2019 were derived. All significant intercompany accounts and transactions have been eliminated in these condensed consolidated financial statements. Business combinations accounted for as purchases are included in the condensed consolidated financial statements from their respective dates of acquisition. The nature of our business is such that short-term obligations are typically met by cash flows generated from long-term assets. Consequently, and consistent with industry practice, the accompanying condensed consolidated balance sheets are presented on an unclassified basis. Nature of Operations As one of the largest integrated equipment services companies in the United States focused on heavy construction and industrial equipment, we rent, sell and provide parts and services support for four core categories of specialized equipment: (1) hi-lift or aerial work platform equipment; (2) cranes; (3) earthmoving equipment; and (4) material handling equipment. By providing equipment rental, sales, on-site parts, repair and maintenance functions under one roof, we are a one-stop provider for our customers’ varied equipment needs. This full service approach provides us with multiple points of customer contact, enables us to maintain a high quality rental fleet, as well as an effective distribution channel for fleet disposal and provides cross‑selling opportunities among our new and used equipment sales, rental, parts sales and services operations. COVID-19 The novel coronavirus (“COVID-19”) was first identified in late 2019. COVID-19 spread rapidly throughout the world and, in March 2020, the World Health Organization characterized COVID-19 as a pandemic. COVID-19 is a pandemic of respiratory disease spreading from person-to-person that poses a serious public health risk. It has significantly disrupted supply chains and businesses around the world. The extent and duration of the COVID-19 impact on our operations and financial position is highly uncertain. We care about our employees, customers and the communities we serve nationwide, so we took quick and strict action based on CDC and WHO recommendations to combat illness in our workforce and to lessen business interruption for our Company and customers. We have been designated an essential business and our branches remain open to serve our customers. We are very focused on safely providing the equipment, parts, and service that customers need to continue their work. We began to experience a decline in revenues in March 2020, when rental and sales volumes declined in response to shelter-in-place orders and other end-user market restrictions. We have taken, and will continue to take, the necessary actions to right-size our business in this environment, which is evolving on a daily basis. These actions include headcount reductions, modified work schedules reducing hours where needed, furloughs in selected branch locations, as well as appropriate adjustments to our capital spending plans.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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, 2019. During the three month period ended March 31, 2020, 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 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. As described below and in note 12 to these consolidated financial statements, we adopted Topic 842, Leases, on January 1, 2019. 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 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. In the table below, revenue as presented in our condensed consolidated statement of operations for the three month periods ended March 31, 2020 and 2019 is summarized by type and by the applicable accounting standard. Three Month Period Ended March 31, 2020 2019 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Rental revenues Owned equipment rentals $ 153,670 $ 258 $ 153,928 $ 153,350 $ 274 $ 153,624 Re-rent revenue 4,690 — 4,690 6,036 — 6,036 Ancillary and other rental revenues: Delivery and pick-up — 9,126 9,126 — 8,982 8,982 Other 6,775 — 6,775 7,487 — 7,487 Total ancillary rental revenues 6,775 9,126 15,901 7,487 8,982 16,469 Total equipment rental revenues 165,135 9,384 174,519 166,873 9,256 176,129 New equipment sales — 30,873 30,873 — 59,103 59,103 Used equipment sales — 31,218 31,218 — 29,634 29,634 Parts sales — 29,769 29,769 — 30,428 30,428 Service revenues — 16,822 16,822 — 15,568 15,568 Other — 2,721 2,721 — 2,776 2,776 Total revenues $ 165,135 $ 120,787 $ 285,922 $ 166,873 $ 146,765 $ 313,638 Revenues by reporting segment are presented in note 1 2 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 1 2 , depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. F or further information related to our accounting for revenues pursuant to Topic 606 and Topic 842, see Significant Accounting Policies in note 2 to our Annual Report on Form 10-K for the year ended December 31, 2019 . 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 month periods ended March 31, 2020 or 2019 that was included in the contract liability balance as of the beginning of such periods. Goodwill Goodwill is recorded as the excess of the consideration transferred plus the fair value of any non-controlling interest in the acquiree at the acquisition date over the fair values of the identifiable net assets acquired. We evaluate goodwill for impairment at least annually, or more frequently if triggering events occur or other impairment indicators arise which might impair recoverability. Impairment of goodwill is evaluated at the reporting unit level. A reporting unit is defined as an operating segment (i.e. before aggregation or combination), or one level below an operating segment (i.e., a component). A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results of that component. We have identified two components within our Rental operating segment (Equipment Rental Component 1 and Equipment Rental Component 2) and have determined that each of our other operating segments (New Equipment Sales, Used Equipment Sales, Parts Sales and Service Revenues) represent a reporting unit, resulting in six total reporting units. As further described in our Annual Report on Form 10-K for the year ended December 31, 2019, we recorded in the fourth quarter of 2019 impairment charges of $10.7 million and $1.5 million related to our new equipment sales goodwill reporting unit and our service revenues goodwill reporting unit, respectively. As a result, and as indicated in the goodwill reporting unit carrying values rollforward below, these two reporting units had no carrying value at December 31, 2019. The goodwill impairment test consists of one step, comparing the fair value of a reporting unit with its carrying amount. An entity should recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, limited to the total amount of goodwill allocated to the reporting unit. 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. These triggering events included a deterioration in macroeconomic conditions, declines in business volume in our industry, a decline in our actual revenue and earnings compared with our planned revenue and earnings, and a sustained decrease in our stock price. We estimated the fair value of our reporting units by equally weighting results from the income approach and the market approach and we compared those fair values to the carrying values of our four reporting units with carrying values, and determined that our Equipment Rental Component 2 reporting unit had a fair value less than its carrying value, resulting in a $62.0 million impairment charge. The impairment was largely due to Equipment Rental Component 2’s forecasted declines in 2020 rental revenues, which was driven by the decrease in equipment rental demand that began in March 2020 as COVID-19’s impact became more widespread across our geographic footprint, combined with our revenue growth rate and cash flow assumptions for the remaining forecast period under the income approach, and the decline in the fair value of Equipment Rental Component 2 based on the market approach from declining business enterprise values of comparable companies in our industry, resulting in a decrease in revenue and EBITDA multiples of those companies. We determined that our Equipment Rental Component 1, Used Equipment Sales and Parts Sales reporting units were not impaired as their respective fair values exceeded their respective carrying values by approximately 34%, 90%, and 40%, respectively. Significant assumptions inherent in the valuation methodologies for goodwill are employed and include, prospective financial information, growth rates, terminal value, discount rates, and comparable multiples from publicly traded companies in our industry. The inputs and variables used in determining the fair value of a reporting unit require management to make certain assumptions regarding the impact of operating and macroeconomic changes, as well as estimates of future cash flows. Our estimates regarding future cash flows are based on historical experience and projections of future operating performance, including revenues, margins and operating expenses. We also make certain forecasts about future economic conditions, such as the timing and duration of economic expansion or contraction cycles in our business, interest rates, and other market data. Many of the factors used in assessing fair value are outside the control of management, and these assumptions and estimates may change in future periods. An adverse change in any of the assumptions used in our impairment testing (e.g. projected revenue and profit, discount rates, industry price multiples, etc.), including the uncertainty related to the depth and duration of COVID-19’s impact on our forecasted cash flows, could affect our fair value measurements and result in future impairments. If we are unable to achieve the financial forecasts used in our impairment analysis, we may also be required to record an impairment charge to our goodwill. The impairment charges are non-cash items and will not affect our cash flows, liquidity or borrowing capacity under the senior credit facility, and the charge is excluded from our financial results in evaluating our financial covenant under the senior secured credit facility. The changes in the carrying amount of goodwill for our reporting units for the periods ended March 31, 2020 and December 31, 2019 were as follows (amounts in thousands): Eq. Rental Comp. 1 Eq. Rental Comp. 2 New Eq. Sales Used Eq. Sales Parts Sales Service Revenues Total Balance at December 31, 2018 $ 34,297 $ 42,536 $ 10,434 $ 8,461 $ 8,910 $ 1,205 $ 105,843 Increases (1) 14,918 19,775 254 500 2,045 291 37,783 Decreases (2) — — (10,688 ) — — (1,496 ) (12,184 ) Balance at December 31, 2019 49,215 62,311 — 8,961 10,955 — 131,442 Decreases (3) (239 ) (317 ) — (8 ) (33 ) — (597 ) Decreases (4) — (61,994 ) — — — — (61,994 ) Balance at March 31, 2020 $ 48,976 $ — $ — $ 8,953 $ 10,922 $ — $ 68,851 (1) Increases are related to goodwill recognized in the WRI 2019 acquisition. See footnote 3 for further information. (2) Decreases are related to the goodwill impairment calculated as of October 1, 2019. (3) Decreases are related to an adjustment from the final closing settlement of the WRI acquisition during the first quarter of 2020. (4) Decrease is related to the goodwill impairment calculated as of March 31, 2020. Recent Accounting Pronouncements Pronouncements Not Yet Adopted 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”). ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification (“ASC”) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2020, and generally requires prospective adoption. While we continue to evaluate the new guidance of ASU 2019-12, we currently do not expect the guidance to have a material impact on our consolidated financial statements. 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, 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. The Company is currently evaluating the impact of the new guidance. In March 2020, the Securities and Exchange Commission (“SEC”) adopted final rules that amend the financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities in Rule 3-10 of Regulation S-X. The SEC also amended the disclosure requirements for affiliates whose securities are pledged as collateral for registered securities in Rule 3-16 of Regulation S-X. The disclosure requirements, as amended, are now relocated to newly created Rules 13-01 and 13-02 in Regulation S-X, while the amended eligibility requirements remain in Rule 3-10. The SEC amended its financial disclosure requirements for companies that conduct registered debt offerings involving subsidiaries as either issuers or guarantors and affiliates whose securities are pledged as collateral. The SEC also narrowed the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamlined the alternative disclosures required in lieu of those statements. Further, the SEC replaced the requirement for separate financial statements of affiliates whose securities are pledged as collateral for registered securities with requirements similar to those adopted for subsidiary issuers and guarantors. The rule is effective January 4, 2021, but earlier compliance is permitted. The Company is currently evaluating the impact of the final rules. Pronouncements Adopted in 2020 Credit Losses On January 1, 2020, we adopted Accounting Standards Codification Topic 326, Credit Losses Fair Value On January 1, 2020, we adopted ASU No. 2018-13, Fair Value Measurement - Disclosure Framework. ASU 2018-13 modifies the disclosure requirements for fair value measurements. Entities are no longer required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies are required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The adoption of ASU 2018-13 did not have a material impact on our consolidated financial statements and footnotes.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Acquisitions	(3) Acquisitions 2019 Acquisition Cobra Equipment Rentals LLC (dba “We-Rent-It”) Effective February 1, 2019, we completed the acquisition of We-Rent-It (“WRI”), an equipment rental company with six branches located in central Texas. The acquisition expands our presence in the surrounding markets. The aggregate consideration paid to the owners of WRI was approximately $107.9 million. The acquisition and related fees and expenses were funded from borrowings under our Credit Facility (defined below). The following table summarizes the final estimated fair value of the assets acquired and liabilities assumed as of the acquisition date. The final closing statement was settled during the first quarter of 2020 resulting in a $0.6 million decrease in the total consideration paid. $’s in thousands Cash $ 1,745 Accounts receivable 5,119 Inventory 731 Prepaid expenses and other assets 544 Rental equipment 51,747 Property and equipment 3,207 Other assets 21 Intangible assets (1) 8,700 Total identifiable assets acquired 71,814 Accounts payable (115 ) Accrued expenses payable and other liabilities (991 ) Total liabilities assumed (1,106 ) Net identifiable assets acquired 70,708 Goodwill (2) 37,186 Net assets acquired $ 107,894 (1) The following table reflects the estimated fair values and useful lives of the acquired intangible assets identified based on our purchase accounting assessments: Fair Value (amounts in thousands) Life (years) Customer relationships $ 8,500 10 Tradenames 200 1 $ 8,700 (2) We have allocated the $37.2 million goodwill among our six goodwill reporting units as follows (amounts in thousands): Rental Component 1 $ 14,679 Rental Component 2 19,458 New Equipment 254 Used Equipment 492 Parts 2,012 Service 291 $ 37,186 The level of goodwill that resulted from the WRI acquisition is primarily reflective of WRI’s going-concern value, the value of WRI’s assembled workforce, new customer relationships expected to arise from the acquisition and expected synergies from combining operations. We currently expect the goodwill recognized to be 100% deductible for income tax purposes. Total WRI acquisition costs were $0.4 million. Since our acquisition of WRI on February 1, 2019, significant amounts of equipment rental fleet have been moved between H&E locations and the acquired WRI locations, as well as branch consolidations among the WRI branches acquired and H&E branches have occurred, and therefore, it is impractical to reasonably estimate the amount of WRI revenues and earnings since the acquisition date. Pro forma financial information We completed the We-Rent-It acquisition on February 1, 2019. Therefore, our condensed consolidated statements of operations for the three month periods ended March 31, 2020 and 2019 and included herein, includes We-Rent-It for the period of February 1, 2019 through March 31, 2020. The pro forma information below gives effect to the WRI acquisition as if it had been completed on January 1, 2018 (the WRI pro forma acquisition date). The pro forma information below is not necessarily indicative of our results of operations had the acquisitions been completed on the above date, nor is it necessarily indicative of our future results. The pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisitions, nor does it reflect additional revenue opportunities following the acquisition. The pro forma adjustments reflected in the table below are subject to change as additional analysis is performed. Pursuant to ASC 805, Business Combinations, pro forma disclosures should be repeated whenever the year or interim period of the acquisition is presented. Since the WRI acquisition was completed in the first quarter of 2019, the pro forma information below gives effect to the WRI acquisition as if the acquisition occurred on January 1, 2018 (the WRI pro forma acquisition date) for the three month period ended March 31, 2018. The tables below present unaudited pro forma consolidated statements of operations information for the three month period ended March 31, 2018 as if WRI w as included in our consolidated results for the entire period presented. (amounts in thousands, except per share data) Three Month Period Ended March 31, 2018 H&E(1) We-Rent-It Total Total revenues $ 260,482 $ 7,587 $ 268,069 Pretax income 13,068 784 13,852 Pro forma adjustments to pretax income: Impact of fair value mark-ups/useful life changes on depreciation (2) — (250 ) (250 ) Intangible asset amortization (3) — (122 ) (122 ) Interest expense (4) — (1,356 ) (1,356 ) Elimination of historic interest expense (5) — 80 80 Pro forma pretax income (loss) 13,068 (864 ) 12,204 Income tax expense (benefit) 3,590 (235 ) 3,355 Net income (loss) $ 9,478 $ (629 ) $ 8,849 Net income (loss) per share – basic (6) $ 0.27 $ (0.02 ) $ 0.25 Net income (loss) per share – diluted (6) $ 0.26 $ (0.02 ) $ 0.25 (1) Amounts presented above for “H&E” were derived from the Company’s consolidated statements of income in its Quarterly Report on Form 10-Q for the three month period ended March 31, 2018. (2) Depreciation of rental equipment and non-rental equipment were adjusted for the fair value markups, and the changes in useful lives and salvage values of the equipment acquired in the acquisition. (3) Represents the amortization of the intangible asset acquired in the acquisition. (4) Interest expense was adjusted to reflect the additional debt resulting from the acquisition. (5) Represents the elimination of historic debt of WRI that is not part of the combined entity. (6) Because of the method used in calculating per share data, the summation of entities may not necessarily total to the per share data computed for the total company due to rounding.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2020
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, accounts receivable, accounts payable and accrued expenses payable and other liabilities approximate fair value due to the immediate or short-term nature or maturity of these financial instruments. The carrying amounts and fair values of our other financial instruments subject to fair value disclosures as of March 31, 20 20 and December 31, 201 9 are presented in the table below (amounts in thousands). March 31, 2020 Carrying Amount Fair Value Manufacturer flooring plans payable with interest computed at 3.75% (Level 3) $ 17,761 $ 15,904 Senior unsecured notes with interest computed at 5.625% (Level 2) 945,762 881,225 December 31, 2019 Carrying Amount Fair Value Manufacturer flooring plans payable with interest computed at 5.25% (Level 3) $ 25,201 $ 21,615 Senior unsecured notes due 2025 with interest computed at 5.625% (Level 2) 945,566 995,125 At March 31, 2020 and December 31, 2019, the fair value of our senior unsecured notes due 2025 was based on quoted bond trading market prices for those notes. The carrying amounts and fair values of our other financial instruments subject to fair value disclosures have been calculated based upon market quotes and present value calculations based on market rates. During the three month periods ended March 31, 2020 and 2019, there were no transfers of financial assets or liabilities in or out of Level 3 of the fair value hierarchy. 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 as of March 31, 2020 and December 31, 2019 is disclosed in the above table. Fair Value Measurements on a Nonrecurring Basis Our non-financial assets, such as goodwill, intangible assets and property and equipment, are adjusted to fair value only when an impairment charge is recognized or the underlying investment is sold. Such fair value measurements are based predominately on Level 3 inputs. The results of our Q1 2020 goodwill impairment quantitative test indicated that the respective fair values of the Equipment Rental Component 2 reporting unit is less than the carrying value of the reporting unit, resulting in a goodwill impairment of $62.0 million. See footnote 2 for additional information.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	(5) Stockholders’ Equity The following table summarizes the activity in Stockholders’ Equity for the three month periods ended March 31, 2020 and 2019, 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, 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 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 Balances at December 31, 2018 39,748,562 $ 396 $ 231,174 $ (63,099 ) $ 88,332 $ 256,803 Stock-based compensation — — 1,188 — — 1,188 Cash dividends declared on common stock ($0.275 per share) — — — — (9,793 ) (9,793 ) Issuance of common stock, net of forfeitures 59,510 1 — — 1 Repurchase of 14,272 shares of restricted common stock — — — (387 ) — (387 ) Cumulative effect adjustment pursuant to the adoption of ASC 842 — — — — (56 ) (56 ) Net income — — — — 14,243 14,243 Balances at March 31, 2019 39,808,072 $ 397 $ 232,362 $ (63,486 ) $ 92,726 $ 261,999

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2020: Number of Shares Weighted Average Grant Date Fair Non-vested stock at December 31, 2019 377,740 $ 29.26 Granted 23,608 $ 27.11 Vested (73,564 ) $ 24.03 Forfeited (1,876 ) $ 30.57 Non-vested stock at March 31, 2020 325,908 $ 30.28 As of March 31, 2020, we had unrecognized compensation expense of approximately $5.1 million related to non-vested stock that we expect to be recognized over a weighted-average period of approximately 1.8 years. The 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 months ended March 31, 2020 and 2019 is $1.7 million and $1.2 million, respectively.

Income (Loss) per Share

Income (Loss) per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Income (Loss) per Share	(7) Income (Loss) per Share Income (loss) per common share for the three months ended March 31, 2020 and 2019 are based on the weighted average number of common shares outstanding during the period. 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 each of the three months ended March 31, 2020 and 2019, 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 months ended March 31, 2020 and 2019 (amounts in thousands, except per share amounts): Three Months Ended March 31, 2020 2019 Basic net income (loss) per share: Net income (loss) $ (36,968 ) $ 14,243 Weighted average number of common shares outstanding 35,965 35,787 Net income (loss) per share of common stock – basic $ (1.03 ) $ 0.40 Diluted net income (loss) per share: Net income (loss) $ (36,968 ) $ 14,243 Weighted average number of common shares outstanding 35,965 35,787 Effect of dilutive securities: Effect of dilutive non-vested restricted stock — 186 Weighted average number of common shares outstanding – diluted 35,965 35,973 Net income (loss) per share of common stock – diluted $ (1.03 ) $ 0.40 Common shares excluded from the denominator as anti-dilutive: Non-vested restricted stock 146 37

Senior Secured Credit Facility

Senior Secured Credit Facility	3 Months Ended
	Mar. 31, 2020
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 the notes to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. As of March 31, 2020, we were in compliance with our financial covenants under the Amended and Restated Credit Agreement. At March 31, 2020, we had $184.9 million of borrowings outstanding under the Credit Facility and could borrow up to approximately $557.3 million and remain in compliance with the debt covenants under the Credit Facility. At May 1, 2020, we had $597.2 million of available borrowings under our Credit Facility, net of a $7.7 million outstanding letter of credit.

Senior Unsecured Notes

Senior Unsecured Notes	3 Months Ended
	Mar. 31, 2020
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Credit Facility	(9) Senior Unsecured Note s For further information related to significant terms of the Senior Unsecured Notes, see the notes to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. As of March 31, 2020, 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, 2018 $ 944,780 Accretion of discount through December 31, 2019 1,539 Amortization of note premium through December 31, 2019 (1,062 ) Amortization of deferred financing costs through December 31, 2019 309 Balance at December 31, 2019 $ 945,566 Accretion of discount through March 31, 2020 385 Amortization of note premium through March 31, 2020 (265 ) Amortization of deferred financing costs through March 31, 2020 76 Balance at March 31, 2020 $ 945,762

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	(10) Leases We adopted Topic 842 on January 1, 2019. For a discussion of our adoption 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, 2019. At March 31, 2020, as disclosed in our condensed consolidated balance sheet, we had net operating lease right-of-use assets of $169.5 million and net finance lease right-of-use assets of $0.3 million. Our operating lease liabilities at March 31, 2020 were $172.4 million and finance lease liabilities were $0.5 million. The weighted average remaining lease term for operating leases was approximately 10.2 years and the weighted average remaining lease term for finance leases was approximately 2.0 years. The weighted average discount rate for operating and finance leases was approximately 6.6% and 5.9%, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	(11) Income Taxes On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was signed into law and includes certain income tax provisions relevant to businesses. The Company is required to recognize the effect on the consolidated financial statements in the period the law was enacted, which is the period ended March 31, 2020. For the period ended March 31, 2020, the CARES Act did not have a material impact on the Company’s consolidated financial statements. We are evaluating the impact, if any, that the CARES Act may have on the Company's future operations, financial position, and liquidity in fiscal year 2020.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information	(12) 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 March 31, 2020 2019 Segment Revenues: Equipment rentals $ 174,519 $ 176,129 New equipment sales 30,873 59,103 Used equipment sales 31,218 29,634 Parts sales 29,769 30,428 Services revenues 16,822 15,568 Total segmented revenues 283,201 310,862 Non-segmented revenues 2,721 2,776 Total revenues $ 285,922 $ 313,638 Segment Gross Profit: Equipment rentals $ 72,159 $ 77,938 New equipment sales 3,447 7,004 Used equipment sales 10,780 10,622 Parts sales 7,866 8,139 Services revenues 11,282 10,564 Total segmented gross profit 105,534 114,267 Non-segmented gross loss (51 ) (567 ) Total gross profit $ 105,483 $ 113,700 Balances at March 31, December 31, 2020 2019 Segment identified assets: Equipment sales $ 88,082 $ 67,542 Equipment rentals 1,171,663 1,217,673 Parts and services 18,075 17,936 Total segment identified assets 1,277,820 1,303,151 Non-segment identified assets 603,165 671,459 Total assets $ 1,880,985 $ 1,974,610 The Company operates primarily in the United States and our sales to international customers for the three month periods ended March 31, 2020 and 2019 were 0.4% and 0.3%, respectively, of total revenues. No one customer accounted for more than 10% of our revenues on an overall or segment basis for any of the periods presented.

Condensed Consolidating Financi

Condensed Consolidating Financial Information of Guarantor Subsidiaries	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Condensed Consolidating Financial Information of Guarantor Subsidiaries	(13) Condensed Consolidating Financial Information of Guarantor Subsidiaries All of the indebtedness of H&E Equipment Services, Inc. is guaranteed by GNE Investments, Inc. and its wholly‑owned subsidiary Great Northern Equipment, Inc., H&E Equipment Services (California), LLC, H&E California Holding, Inc., H&E Equipment Services (Mid-Atlantic), Inc. and H&E Finance Corp. The guarantor subsidiaries are all wholly‑owned and the guarantees, made on a joint and several basis, are full and unconditional (subject to subordination provisions and subject to a standard limitation which provides that the maximum amount guaranteed by each guarantor will not exceed the maximum amount that can be guaranteed without making the guarantee void under fraudulent conveyance laws). There are no restrictions on H&E Equipment Services, Inc.’s ability to obtain funds from the guarantor subsidiaries by dividend or loan. The consolidating financial statements of H&E Equipment Services, Inc. and its subsidiaries are included below. The financial statements for H&E Finance Corp. are not included within the consolidating financial statements because H&E Finance Corp. has no assets or operations. CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2020 H&E Services Guarantor Subsidiaries Elimination Consolidated (Amounts in thousands) Assets: Cash $ 12,440 $ — $ — $ 12,440 Receivables, net 145,513 23,902 — 169,415 Inventories, net 100,422 5,735 — 106,157 Prepaid expenses and other assets 17,185 176 — 17,361 Rental equipment, net 1,026,632 145,031 — 1,171,663 Property and equipment, net 111,296 19,318 — 130,614 Operating lease right-of-use assets, net 148,335 21,204 — 169,539 Finance lease right-of-use assets, net — 325 — 325 Deferred financing costs, net 2,682 — — 2,682 Investment in guarantor subsidiaries 204,620 — (204,620 ) — Intangible assets, net 31,938 — — 31,938 Goodwill 57,185 11,666 — 68,851 Total assets $ 1,858,248 $ 227,357 $ (204,620 ) $ 1,880,985 Liabilities and Stockholders’ Equity: Amounts due on senior secured credit facility $ 184,921 $ — $ — $ 184,921 Accounts payable 62,390 5,400 — 67,790 Manufacturer flooring plans payable 17,761 — — 17,761 Accrued expenses payable and other liabilities 62,269 (4,875 ) — 57,394 Dividends payable 157 (62 ) — 95 Senior unsecured notes, net 945,762 — — 945,762 Operating lease right-of-use liabilities 150,592 21,784 — 172,376 Finance lease right-of-use liabilities — 490 — 490 Deferred income taxes 170,328 — — 170,328 Deferred compensation payable 2,123 — — 2,123 Total liabilities 1,596,303 22,737 — 1,619,040 Stockholders’ equity 261,945 204,620 (204,620 ) 261,945 Total liabilities and stockholders’ equity $ 1,858,248 $ 227,357 $ (204,620 ) $ 1,880,985 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2019 H&E Services Guarantor Subsidiaries Elimination Consolidated (Amounts in thousands) Assets: Cash $ 14,247 $ — $ — $ 14,247 Receivables, net 164,260 27,944 — 192,204 Inventories, net 81,945 3,533 — 85,478 Prepaid expenses and other assets 10,129 133 — 10,262 Rental equipment, net 1,062,154 155,519 — 1,217,673 Property and equipment, net 111,429 19,135 — 130,564 Operating lease right-of-use assets, net 137,625 18,945 — 156,570 Finance lease right-of-use assets, net — 365 — 365 Deferred financing costs, net 2,857 — — 2,857 Investment in guarantor subsidiaries 235,749 — (235,749 ) — Intangible assets, net 32,948 — — 32,948 Goodwill 101,916 29,526 — 131,442 Total assets $ 1,955,259 $ 255,100 $ (235,749 ) $ 1,974,610 Liabilities and Stockholders’ Equity: Amounts due under senior secured credit facility $ 216,879 $ — $ — $ 216,879 Accounts payable 56,225 2,628 — 58,853 Manufacturer flooring plans payable 25,201 — — 25,201 Accrued expenses payable and other liabilities 81,646 (3,264 ) — 78,382 Dividends payable 231 (60 ) — 171 Senior unsecured notes, net 945,566 — — 945,566 Operating lease right-of-use liabilities 139,768 19,497 — 159,265 Finance lease right-of-use liabilities — 550 — 550 Deferred income taxes 180,126 — — 180,126 Deferred compensation payable 2,098 — — 2,098 Total liabilities 1,647,740 19,351 — 1,667,091 Stockholders’ equity 307,519 235,749 (235,749 ) 307,519 Total liabilities and stockholders’ equity $ 1,955,259 $ 255,100 $ (235,749 ) $ 1,974,610 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2020 H&E Services Guarantor Subsidiaries Elimination Consolidated (Amounts in thousands) Revenues: Equipment rentals $ 151,846 $ 22,673 $ — $ 174,519 New equipment sales 29,005 1,868 — 30,873 Used equipment sales 26,930 4,288 — 31,218 Parts sales 25,881 3,888 — 29,769 Services revenues 14,182 2,640 — 16,822 Other 2,246 475 — 2,721 Total revenues 250,090 35,832 — 285,922 Cost of revenues: Rental depreciation 51,964 8,022 — 59,986 Rental expense 22,302 3,267 — 25,569 Rental other 14,093 2,712 — 16,805 88,359 14,001 — 102,360 New equipment sales 25,794 1,632 — 27,426 Used equipment sales 17,821 2,617 — 20,438 Parts sales 19,130 2,773 — 21,903 Services revenues 4,688 852 — 5,540 Other 2,373 399 — 2,772 Total cost of revenues 158,165 22,274 — 180,439 Gross profit (loss): Equipment rentals 63,487 8,672 — 72,159 New equipment sales 3,211 236 — 3,447 Used equipment sales 9,109 1,671 — 10,780 Parts sales 6,751 1,115 — 7,866 Services revenues 9,494 1,788 — 11,282 Other (127 ) 76 — (51 ) Gross profit 91,925 13,558 — 105,483 Selling, general and administrative expenses 69,530 10,094 — 79,624 Impairment of goodwill 61,994 — — 61,994 Merger costs 40 — — 40 Equity in earnings of guarantor subsidiaries 907 — (907 ) — Gain on sales of property and equipment, net 3,773 491 — 4,264 Income (loss) from operations (34,959 ) 3,955 (907 ) (31,911 ) Other income (expense): Interest expense (12,934 ) (3,096 ) — (16,030 ) Other, net 582 48 — 630 Total other expense, net (12,352 ) (3,048 ) — (15,400 ) Income (loss) before income tax benefit (47,311 ) 907 (907 ) (47,311 ) Income tax benefit (10,343 ) — — (10,343 ) Net income (loss) $ (36,968 ) $ 907 $ (907 ) $ (36,968 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2019 H&E Services Guarantor Subsidiaries Elimination Consolidated (Amounts in thousands) Revenues: Equipment rentals $ 153,533 $ 22,596 $ — $ 176,129 New equipment sales 52,575 6,528 — 59,103 Used equipment sales 25,212 4,422 — 29,634 Parts sales 26,554 3,874 — 30,428 Services revenues 13,166 2,402 — 15,568 Other 1,393 1,383 — 2,776 Total revenues 272,433 41,205 — 313,638 Cost of revenues: Rental depreciation 49,263 7,885 — 57,148 Rental expense 21,152 3,616 — 24,768 Rental other 14,063 2,212 — 16,275 84,478 13,713 — 98,191 New equipment sales 46,460 5,639 — 52,099 Used equipment sales 16,211 2,801 — 19,012 Parts sales 19,591 2,698 — 22,289 Services revenues 4,282 722 — 5,004 Other 2,710 633 — 3,343 Total cost of revenues 173,732 26,206 — 199,938 Gross profit (loss): Equipment rentals 69,055 8,883 — 77,938 New equipment sales 6,115 889 — 7,004 Used equipment sales 9,001 1,621 — 10,622 Parts sales 6,963 1,176 — 8,139 Services revenues 8,884 1,680 — 10,564 Other (1,317 ) 750 — (567 ) Gross profit 98,701 14,999 — 113,700 Selling, general and administrative expenses 68,556 10,091 — 78,647 Merger costs 119 — — 119 Equity in earnings of guarantor subsidiaries 1,724 — (1,724 ) — Gain on sales of property and equipment, net 707 34 — 741 Income from operations 32,457 4,942 (1,724 ) 35,675 Other income (expense): Interest expense (13,562 ) (3,293 ) — (16,855 ) Other, net 457 75 — 532 Total other expense, net (13,105 ) (3,218 ) — (16,323 ) Income before income taxes 19,352 1,724 (1,724 ) 19,352 Income tax expense 5,109 — — 5,109 Net income $ 14,243 $ 1,724 $ (1,724 ) $ 14,243 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2020 H&E Services Guarantor Subsidiaries Elimination Consolidated (Amounts in thousands) Cash flows from operating activities: Net income (loss) $ (36,968 ) $ 907 $ (907 ) $ (36,968 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization on property and equipment 6,500 898 — 7,398 Depreciation of rental equipment 51,964 8,022 — 59,986 Amortization of finance lease right-of-use assets — 40 — 40 Amortization of intangible assets 1,010 — — 1,010 Amortization of deferred financing costs 251 — — 251 Accretion of note discount, net of premium amortization 120 — — 120 Non-cash operating lease expense 2,341 480 — 2,821 Provision for losses on accounts receivable 1,561 112 — 1,673 Provision for inventory obsolescence 12 — — 12 Change in deferred income taxes (9,798 ) — — (9,798 ) Stock-based compensation expense 1,652 — — 1,652 Impairment of goodwill 61,994 — — 61,994 Gain from sales of property and equipment, net (3,773 ) (491 ) — (4,264 ) Gain from sales of rental equipment, net (8,931 ) (1,636 ) — (10,567 ) Equity in earnings of guarantor subsidiaries (907 ) — 907 — Changes in operating assets and liabilities: Receivables 17,186 3,930 — 21,116 Inventories (30,213 ) (3,158 ) — (33,371 ) Prepaid expenses and other assets (7,075 ) (43 ) — (7,118 ) Accounts payable 6,761 2,772 — 9,533 Manufacturer flooring plans payable (7,440 ) — — (7,440 ) Accrued expenses payable and other liabilities (21,580 ) (2,063 ) — (23,643 ) Deferred compensation payable 25 — — 25 Net cash provided by operating activities 24,692 9,770 — 34,462 Cash flows from investing activities: Purchases of property and equipment (8,951 ) (1,118 ) — (10,069 ) Purchases of rental equipment (20,705 ) 920 — (19,785 ) Proceeds from sales of property and equipment 6,352 528 — 6,880 Proceeds from sales of rental equipment 24,918 4,138 — 29,056 Investment in subsidiaries 14,176 — (14,176 ) — Net cash provided by investing activities. 15,790 4,468 (14,176 ) 6,082 Cash flows from financing activities: Borrowings on senior secured credit facility 299,524 — — 299,524 Payments on senior secured credit facility (331,482 ) — — (331,482 ) Dividends paid (9,861 ) (2 ) — (9,863 ) Purchases of treasury stock (470 ) — — (470 ) Payment of deferred financing costs — — — — Payments on finance lease obligations — (60 ) — (60 ) Capital contributions — (14,176 ) 14,176 — Net cash used in financing activities (42,289 ) (14,238 ) 14,176 (42,351 ) Net decrease in cash (1,807 ) — — (1,807 ) Cash, beginning of period 14,247 — — 14,247 Cash, end of period $ 12,440 $ — $ — $ 12,440 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2019 H&E Services Guarantor Subsidiaries Elimination Consolidated (Amounts in thousands) Cash flows from operating activities: Net income $ 14,243 $ 1,724 $ (1,724 ) $ 14,243 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization on property and equipment 5,692 787 — 6,479 Depreciation of rental equipment 49,263 7,885 — 57,148 Amortization of finance lease right-of-use assets — 41 — 41 Amortization of intangible assets 952 — — 952 Amortization of deferred financing costs 254 — — 254 Accretion of note discount, net of premium amortization 120 — — 120 Non-cash operating lease expense 1,999 584 — 2,583 Provision for losses on accounts receivable 1,112 189 — 1,301 Provision for inventory obsolescence 42 — — 42 Change in deferred income taxes 4,977 — — 4,977 Stock-based compensation expense 1,188 — — 1,188 Gain from sales of property and equipment, net (707 ) (34 ) — (741 ) Gain from sales of rental equipment, net (9,004 ) (1,617 ) — (10,621 ) Equity in earnings of guarantor subsidiaries (1,724 ) — 1,724 — Changes in operating assets and liabilities: Receivables 8,863 8,742 — 17,605 Inventories (51,703 ) (6,359 ) — (58,062 ) Prepaid expenses and other assets (2,109 ) (8 ) — (2,117 ) Accounts payable 10,003 3,536 — 13,539 Manufacturer flooring plans payable 3,172 (488 ) — 2,684 Accrued expenses payable and other liabilities (12,553 ) (21 ) — (12,574 ) Deferred compensation payable 27 — — 27 Net cash provided by operating activities 24,107 14,961 — 39,068 Cash flows from investing activities: Acquisition of business, net of cash acquired (106,746 ) — (106,746 ) Purchases of property and equipment (5,446 ) (1,775 ) — (7,221 ) Purchases of rental equipment (43,311 ) (5,333 ) — (48,644 ) Proceeds from sales of property and equipment 859 72 — 931 Proceeds from sales of rental equipment 24,012 4,280 — 28,292 Investment in subsidiaries 12,203 — (12,203 ) — Net cash used in investing activities. (118,429 ) (2,756 ) (12,203 ) (133,388 ) Cash flows from financing activities: Borrowings on senior secured credit facility 447,503 — — 447,503 Payments on senior secured credit facility (352,617 ) — — (352,617 ) Dividends paid (9,831 ) (1 ) — (9,832 ) Purchases of treasury stock (387 ) — — (387 ) Payment of deferred financing costs (525 ) — — (525 ) Payments on finance lease obligations (56 ) (1 ) — (57 ) Capital contributions — (12,203 ) 12,203 — Net cash provided by (used in) financing activities 84,087 (12,205 ) 12,203 84,085 Net decrease in cash (10,235 ) — — (10,235 ) Cash, beginning of period 16,677 — — 16,677 Cash, end of period $ 6,442 $ — $ — $ 6,442

Organization and Nature of Op_2

Organization and Nature of Operations (Policies)	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [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 months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, 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, 2019, from which the consolidated balance sheet amounts as of December 31, 2019 were derived. All significant intercompany accounts and transactions have been eliminated in these condensed consolidated financial statements. Business combinations accounted for as purchases are included in the condensed consolidated financial statements from their respective dates of acquisition. The nature of our business is such that short-term obligations are typically met by cash flows generated from long-term assets. Consequently, and consistent with industry practice, the accompanying condensed consolidated balance sheets are presented on an unclassified basis.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
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 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. As described below and in note 12 to these consolidated financial statements, we adopted Topic 842, Leases, on January 1, 2019. 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 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. In the table below, revenue as presented in our condensed consolidated statement of operations for the three month periods ended March 31, 2020 and 2019 is summarized by type and by the applicable accounting standard. Three Month Period Ended March 31, 2020 2019 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Rental revenues Owned equipment rentals $ 153,670 $ 258 $ 153,928 $ 153,350 $ 274 $ 153,624 Re-rent revenue 4,690 — 4,690 6,036 — 6,036 Ancillary and other rental revenues: Delivery and pick-up — 9,126 9,126 — 8,982 8,982 Other 6,775 — 6,775 7,487 — 7,487 Total ancillary rental revenues 6,775 9,126 15,901 7,487 8,982 16,469 Total equipment rental revenues 165,135 9,384 174,519 166,873 9,256 176,129 New equipment sales — 30,873 30,873 — 59,103 59,103 Used equipment sales — 31,218 31,218 — 29,634 29,634 Parts sales — 29,769 29,769 — 30,428 30,428 Service revenues — 16,822 16,822 — 15,568 15,568 Other — 2,721 2,721 — 2,776 2,776 Total revenues $ 165,135 $ 120,787 $ 285,922 $ 166,873 $ 146,765 $ 313,638 Revenues by reporting segment are presented in note 1 2 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 1 2 , depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. F or further information related to our accounting for revenues pursuant to Topic 606 and Topic 842, see Significant Accounting Policies in note 2 to our Annual Report on Form 10-K for the year ended December 31, 2019 . 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 month periods ended March 31, 2020 or 2019 that was included in the contract liability balance as of the beginning of such periods.
Goodwill	Goodwill Goodwill is recorded as the excess of the consideration transferred plus the fair value of any non-controlling interest in the acquiree at the acquisition date over the fair values of the identifiable net assets acquired. We evaluate goodwill for impairment at least annually, or more frequently if triggering events occur or other impairment indicators arise which might impair recoverability. Impairment of goodwill is evaluated at the reporting unit level. A reporting unit is defined as an operating segment (i.e. before aggregation or combination), or one level below an operating segment (i.e., a component). A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results of that component. We have identified two components within our Rental operating segment (Equipment Rental Component 1 and Equipment Rental Component 2) and have determined that each of our other operating segments (New Equipment Sales, Used Equipment Sales, Parts Sales and Service Revenues) represent a reporting unit, resulting in six total reporting units. As further described in our Annual Report on Form 10-K for the year ended December 31, 2019, we recorded in the fourth quarter of 2019 impairment charges of $10.7 million and $1.5 million related to our new equipment sales goodwill reporting unit and our service revenues goodwill reporting unit, respectively. As a result, and as indicated in the goodwill reporting unit carrying values rollforward below, these two reporting units had no carrying value at December 31, 2019. The goodwill impairment test consists of one step, comparing the fair value of a reporting unit with its carrying amount. An entity should recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, limited to the total amount of goodwill allocated to the reporting unit. 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. These triggering events included a deterioration in macroeconomic conditions, declines in business volume in our industry, a decline in our actual revenue and earnings compared with our planned revenue and earnings, and a sustained decrease in our stock price. We estimated the fair value of our reporting units by equally weighting results from the income approach and the market approach and we compared those fair values to the carrying values of our four reporting units with carrying values, and determined that our Equipment Rental Component 2 reporting unit had a fair value less than its carrying value, resulting in a $62.0 million impairment charge. The impairment was largely due to Equipment Rental Component 2’s forecasted declines in 2020 rental revenues, which was driven by the decrease in equipment rental demand that began in March 2020 as COVID-19’s impact became more widespread across our geographic footprint, combined with our revenue growth rate and cash flow assumptions for the remaining forecast period under the income approach, and the decline in the fair value of Equipment Rental Component 2 based on the market approach from declining business enterprise values of comparable companies in our industry, resulting in a decrease in revenue and EBITDA multiples of those companies. We determined that our Equipment Rental Component 1, Used Equipment Sales and Parts Sales reporting units were not impaired as their respective fair values exceeded their respective carrying values by approximately 34%, 90%, and 40%, respectively. Significant assumptions inherent in the valuation methodologies for goodwill are employed and include, prospective financial information, growth rates, terminal value, discount rates, and comparable multiples from publicly traded companies in our industry. The inputs and variables used in determining the fair value of a reporting unit require management to make certain assumptions regarding the impact of operating and macroeconomic changes, as well as estimates of future cash flows. Our estimates regarding future cash flows are based on historical experience and projections of future operating performance, including revenues, margins and operating expenses. We also make certain forecasts about future economic conditions, such as the timing and duration of economic expansion or contraction cycles in our business, interest rates, and other market data. Many of the factors used in assessing fair value are outside the control of management, and these assumptions and estimates may change in future periods. An adverse change in any of the assumptions used in our impairment testing (e.g. projected revenue and profit, discount rates, industry price multiples, etc.), including the uncertainty related to the depth and duration of COVID-19’s impact on our forecasted cash flows, could affect our fair value measurements and result in future impairments. If we are unable to achieve the financial forecasts used in our impairment analysis, we may also be required to record an impairment charge to our goodwill. The impairment charges are non-cash items and will not affect our cash flows, liquidity or borrowing capacity under the senior credit facility, and the charge is excluded from our financial results in evaluating our financial covenant under the senior secured credit facility. The changes in the carrying amount of goodwill for our reporting units for the periods ended March 31, 2020 and December 31, 2019 were as follows (amounts in thousands): Eq. Rental Comp. 1 Eq. Rental Comp. 2 New Eq. Sales Used Eq. Sales Parts Sales Service Revenues Total Balance at December 31, 2018 $ 34,297 $ 42,536 $ 10,434 $ 8,461 $ 8,910 $ 1,205 $ 105,843 Increases (1) 14,918 19,775 254 500 2,045 291 37,783 Decreases (2) — — (10,688 ) — — (1,496 ) (12,184 ) Balance at December 31, 2019 49,215 62,311 — 8,961 10,955 — 131,442 Decreases (3) (239 ) (317 ) — (8 ) (33 ) — (597 ) Decreases (4) — (61,994 ) — — — — (61,994 ) Balance at March 31, 2020 $ 48,976 $ — $ — $ 8,953 $ 10,922 $ — $ 68,851 (1) Increases are related to goodwill recognized in the WRI 2019 acquisition. See footnote 3 for further information. (2) Decreases are related to the goodwill impairment calculated as of October 1, 2019. (3) Decreases are related to an adjustment from the final closing settlement of the WRI acquisition during the first quarter of 2020. (4) Decrease is related to the goodwill impairment calculated as of March 31, 2020.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pronouncements Not Yet Adopted 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”). ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification (“ASC”) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2020, and generally requires prospective adoption. While we continue to evaluate the new guidance of ASU 2019-12, we currently do not expect the guidance to have a material impact on our consolidated financial statements. 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, 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. The Company is currently evaluating the impact of the new guidance. In March 2020, the Securities and Exchange Commission (“SEC”) adopted final rules that amend the financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities in Rule 3-10 of Regulation S-X. The SEC also amended the disclosure requirements for affiliates whose securities are pledged as collateral for registered securities in Rule 3-16 of Regulation S-X. The disclosure requirements, as amended, are now relocated to newly created Rules 13-01 and 13-02 in Regulation S-X, while the amended eligibility requirements remain in Rule 3-10. The SEC amended its financial disclosure requirements for companies that conduct registered debt offerings involving subsidiaries as either issuers or guarantors and affiliates whose securities are pledged as collateral. The SEC also narrowed the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamlined the alternative disclosures required in lieu of those statements. Further, the SEC replaced the requirement for separate financial statements of affiliates whose securities are pledged as collateral for registered securities with requirements similar to those adopted for subsidiary issuers and guarantors. The rule is effective January 4, 2021, but earlier compliance is permitted. The Company is currently evaluating the impact of the final rules. Pronouncements Adopted in 2020 Credit Losses On January 1, 2020, we adopted Accounting Standards Codification Topic 326, Credit Losses Fair Value On January 1, 2020, we adopted ASU No. 2018-13, Fair Value Measurement - Disclosure Framework. ASU 2018-13 modifies the disclosure requirements for fair value measurements. Entities are no longer required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies are required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The adoption of ASU 2018-13 did not have a material impact on our consolidated financial statements and footnotes.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Revenue by Type and by Applicable Accounting Standard	In the table below, revenue as presented in our condensed consolidated statement of operations for the three month periods ended March 31, 2020 and 2019 is summarized by type and by the applicable accounting standard. Three Month Period Ended March 31, 2020 2019 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Rental revenues Owned equipment rentals $ 153,670 $ 258 $ 153,928 $ 153,350 $ 274 $ 153,624 Re-rent revenue 4,690 — 4,690 6,036 — 6,036 Ancillary and other rental revenues: Delivery and pick-up — 9,126 9,126 — 8,982 8,982 Other 6,775 — 6,775 7,487 — 7,487 Total ancillary rental revenues 6,775 9,126 15,901 7,487 8,982 16,469 Total equipment rental revenues 165,135 9,384 174,519 166,873 9,256 176,129 New equipment sales — 30,873 30,873 — 59,103 59,103 Used equipment sales — 31,218 31,218 — 29,634 29,634 Parts sales — 29,769 29,769 — 30,428 30,428 Service revenues — 16,822 16,822 — 15,568 15,568 Other — 2,721 2,721 — 2,776 2,776 Total revenues $ 165,135 $ 120,787 $ 285,922 $ 166,873 $ 146,765 $ 313,638
Schedule of Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill for our reporting units for the periods ended March 31, 2020 and December 31, 2019 were as follows (amounts in thousands): Eq. Rental Comp. 1 Eq. Rental Comp. 2 New Eq. Sales Used Eq. Sales Parts Sales Service Revenues Total Balance at December 31, 2018 $ 34,297 $ 42,536 $ 10,434 $ 8,461 $ 8,910 $ 1,205 $ 105,843 Increases (1) 14,918 19,775 254 500 2,045 291 37,783 Decreases (2) — — (10,688 ) — — (1,496 ) (12,184 ) Balance at December 31, 2019 49,215 62,311 — 8,961 10,955 — 131,442 Decreases (3) (239 ) (317 ) — (8 ) (33 ) — (597 ) Decreases (4) — (61,994 ) — — — — (61,994 ) Balance at March 31, 2020 $ 48,976 $ — $ — $ 8,953 $ 10,922 $ — $ 68,851 (1) Increases are related to goodwill recognized in the WRI 2019 acquisition. See footnote 3 for further information. (2) Decreases are related to the goodwill impairment calculated as of October 1, 2019. (3) Decreases are related to an adjustment from the final closing settlement of the WRI acquisition during the first quarter of 2020. (4) Decrease is related to the goodwill impairment calculated as of March 31, 2020.

Acquisitions (Tables)

Acquisitions (Tables) - We-Rent-It [Member]	3 Months Ended
	Mar. 31, 2020
Business Acquisition [Line Items]
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the final estimated fair value of the assets acquired and liabilities assumed as of the acquisition date. The final closing statement was settled during the first quarter of 2020 resulting in a $0.6 million decrease in the total consideration paid. $’s in thousands Cash $ 1,745 Accounts receivable 5,119 Inventory 731 Prepaid expenses and other assets 544 Rental equipment 51,747 Property and equipment 3,207 Other assets 21 Intangible assets (1) 8,700 Total identifiable assets acquired 71,814 Accounts payable (115 ) Accrued expenses payable and other liabilities (991 ) Total liabilities assumed (1,106 ) Net identifiable assets acquired 70,708 Goodwill (2) 37,186 Net assets acquired $ 107,894 (1) The following table reflects the estimated fair values and useful lives of the acquired intangible assets identified based on our purchase accounting assessments: Fair Value (amounts in thousands) Life (years) Customer relationships $ 8,500 10 Tradenames 200 1 $ 8,700 (2) We have allocated the $37.2 million goodwill among our six goodwill reporting units as follows (amounts in thousands): Rental Component 1 $ 14,679 Rental Component 2 19,458 New Equipment 254 Used Equipment 492 Parts 2,012 Service 291 $ 37,186
Unaudited Pro Forma Consolidated Statements of Operations Information	Pursuant to ASC 805, Business Combinations, pro forma disclosures should be repeated whenever the year or interim period of the acquisition is presented. Since the WRI acquisition was completed in the first quarter of 2019, the pro forma information below gives effect to the WRI acquisition as if the acquisition occurred on January 1, 2018 (the WRI pro forma acquisition date) for the three month period ended March 31, 2018. The tables below present unaudited pro forma consolidated statements of operations information for the three month period ended March 31, 2018 as if WRI w as included in our consolidated results for the entire period presented. (amounts in thousands, except per share data) Three Month Period Ended March 31, 2018 H&E(1) We-Rent-It Total Total revenues $ 260,482 $ 7,587 $ 268,069 Pretax income 13,068 784 13,852 Pro forma adjustments to pretax income: Impact of fair value mark-ups/useful life changes on depreciation (2) — (250 ) (250 ) Intangible asset amortization (3) — (122 ) (122 ) Interest expense (4) — (1,356 ) (1,356 ) Elimination of historic interest expense (5) — 80 80 Pro forma pretax income (loss) 13,068 (864 ) 12,204 Income tax expense (benefit) 3,590 (235 ) 3,355 Net income (loss) $ 9,478 $ (629 ) $ 8,849 Net income (loss) per share – basic (6) $ 0.27 $ (0.02 ) $ 0.25 Net income (loss) per share – diluted (6) $ 0.26 $ (0.02 ) $ 0.25 (1) Amounts presented above for “H&E” were derived from the Company’s consolidated statements of income in its Quarterly Report on Form 10-Q for the three month period ended March 31, 2018. (2) Depreciation of rental equipment and non-rental equipment were adjusted for the fair value markups, and the changes in useful lives and salvage values of the equipment acquired in the acquisition. (3) Represents the amortization of the intangible asset acquired in the acquisition. (4) Interest expense was adjusted to reflect the additional debt resulting from the acquisition. (5) Represents the elimination of historic debt of WRI that is not part of the combined entity. (6) Because of the method used in calculating per share data, the summation of entities may not necessarily total to the per share data computed for the total company due to rounding.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 20 20 and December 31, 201 9 are presented in the table below (amounts in thousands). March 31, 2020 Carrying Amount Fair Value Manufacturer flooring plans payable with interest computed at 3.75% (Level 3) $ 17,761 $ 15,904 Senior unsecured notes with interest computed at 5.625% (Level 2) 945,762 881,225 December 31, 2019 Carrying Amount Fair Value Manufacturer flooring plans payable with interest computed at 5.25% (Level 3) $ 25,201 $ 21,615 Senior unsecured notes due 2025 with interest computed at 5.625% (Level 2) 945,566 995,125

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Summary of Activity in Stockholders' Equity	The following table summarizes the activity in Stockholders’ Equity for the three month periods ended March 31, 2020 and 2019, 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, 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 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 Balances at December 31, 2018 39,748,562 $ 396 $ 231,174 $ (63,099 ) $ 88,332 $ 256,803 Stock-based compensation — — 1,188 — — 1,188 Cash dividends declared on common stock ($0.275 per share) — — — — (9,793 ) (9,793 ) Issuance of common stock, net of forfeitures 59,510 1 — — 1 Repurchase of 14,272 shares of restricted common stock — — — (387 ) — (387 ) Cumulative effect adjustment pursuant to the adoption of ASC 842 — — — — (56 ) (56 ) Net income — — — — 14,243 14,243 Balances at March 31, 2019 39,808,072 $ 397 $ 232,362 $ (63,486 ) $ 92,726 $ 261,999

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2020: Number of Shares Weighted Average Grant Date Fair Non-vested stock at December 31, 2019 377,740 $ 29.26 Granted 23,608 $ 27.11 Vested (73,564 ) $ 24.03 Forfeited (1,876 ) $ 30.57 Non-vested stock at March 31, 2020 325,908 $ 30.28

Income (Loss) per Share (Tables

Income (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2020
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 months ended March 31, 2020 and 2019 (amounts in thousands, except per share amounts): Three Months Ended March 31, 2020 2019 Basic net income (loss) per share: Net income (loss) $ (36,968 ) $ 14,243 Weighted average number of common shares outstanding 35,965 35,787 Net income (loss) per share of common stock – basic $ (1.03 ) $ 0.40 Diluted net income (loss) per share: Net income (loss) $ (36,968 ) $ 14,243 Weighted average number of common shares outstanding 35,965 35,787 Effect of dilutive securities: Effect of dilutive non-vested restricted stock — 186 Weighted average number of common shares outstanding – diluted 35,965 35,973 Net income (loss) per share of common stock – diluted $ (1.03 ) $ 0.40 Common shares excluded from the denominator as anti-dilutive: Non-vested restricted stock 146 37

Senior Unsecured Notes (Tables)

Senior Unsecured Notes (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2018 $ 944,780 Accretion of discount through December 31, 2019 1,539 Amortization of note premium through December 31, 2019 (1,062 ) Amortization of deferred financing costs through December 31, 2019 309 Balance at December 31, 2019 $ 945,566 Accretion of discount through March 31, 2020 385 Amortization of note premium through March 31, 2020 (265 ) Amortization of deferred financing costs through March 31, 2020 76 Balance at March 31, 2020 $ 945,762

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Information about Reportable Segments	The following table presents information about our reportable segments (amounts in thousands): Three Months Ended March 31, 2020 2019 Segment Revenues: Equipment rentals $ 174,519 $ 176,129 New equipment sales 30,873 59,103 Used equipment sales 31,218 29,634 Parts sales 29,769 30,428 Services revenues 16,822 15,568 Total segmented revenues 283,201 310,862 Non-segmented revenues 2,721 2,776 Total revenues $ 285,922 $ 313,638 Segment Gross Profit: Equipment rentals $ 72,159 $ 77,938 New equipment sales 3,447 7,004 Used equipment sales 10,780 10,622 Parts sales 7,866 8,139 Services revenues 11,282 10,564 Total segmented gross profit 105,534 114,267 Non-segmented gross loss (51 ) (567 ) Total gross profit $ 105,483 $ 113,700 Balances at March 31, December 31, 2020 2019 Segment identified assets: Equipment sales $ 88,082 $ 67,542 Equipment rentals 1,171,663 1,217,673 Parts and services 18,075 17,936 Total segment identified assets 1,277,820 1,303,151 Non-segment identified assets 603,165 671,459 Total assets $ 1,880,985 $ 1,974,610

Consolidating Financial Informa

Consolidating Financial Information of Guarantor Subsidiaries (Tables)	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2020 H&E Services Guarantor Subsidiaries Elimination Consolidated (Amounts in thousands) Assets: Cash $ 12,440 $ — $ — $ 12,440 Receivables, net 145,513 23,902 — 169,415 Inventories, net 100,422 5,735 — 106,157 Prepaid expenses and other assets 17,185 176 — 17,361 Rental equipment, net 1,026,632 145,031 — 1,171,663 Property and equipment, net 111,296 19,318 — 130,614 Operating lease right-of-use assets, net 148,335 21,204 — 169,539 Finance lease right-of-use assets, net — 325 — 325 Deferred financing costs, net 2,682 — — 2,682 Investment in guarantor subsidiaries 204,620 — (204,620 ) — Intangible assets, net 31,938 — — 31,938 Goodwill 57,185 11,666 — 68,851 Total assets $ 1,858,248 $ 227,357 $ (204,620 ) $ 1,880,985 Liabilities and Stockholders’ Equity: Amounts due on senior secured credit facility $ 184,921 $ — $ — $ 184,921 Accounts payable 62,390 5,400 — 67,790 Manufacturer flooring plans payable 17,761 — — 17,761 Accrued expenses payable and other liabilities 62,269 (4,875 ) — 57,394 Dividends payable 157 (62 ) — 95 Senior unsecured notes, net 945,762 — — 945,762 Operating lease right-of-use liabilities 150,592 21,784 — 172,376 Finance lease right-of-use liabilities — 490 — 490 Deferred income taxes 170,328 — — 170,328 Deferred compensation payable 2,123 — — 2,123 Total liabilities 1,596,303 22,737 — 1,619,040 Stockholders’ equity 261,945 204,620 (204,620 ) 261,945 Total liabilities and stockholders’ equity $ 1,858,248 $ 227,357 $ (204,620 ) $ 1,880,985 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2019 H&E Services Guarantor Subsidiaries Elimination Consolidated (Amounts in thousands) Assets: Cash $ 14,247 $ — $ — $ 14,247 Receivables, net 164,260 27,944 — 192,204 Inventories, net 81,945 3,533 — 85,478 Prepaid expenses and other assets 10,129 133 — 10,262 Rental equipment, net 1,062,154 155,519 — 1,217,673 Property and equipment, net 111,429 19,135 — 130,564 Operating lease right-of-use assets, net 137,625 18,945 — 156,570 Finance lease right-of-use assets, net — 365 — 365 Deferred financing costs, net 2,857 — — 2,857 Investment in guarantor subsidiaries 235,749 — (235,749 ) — Intangible assets, net 32,948 — — 32,948 Goodwill 101,916 29,526 — 131,442 Total assets $ 1,955,259 $ 255,100 $ (235,749 ) $ 1,974,610 Liabilities and Stockholders’ Equity: Amounts due under senior secured credit facility $ 216,879 $ — $ — $ 216,879 Accounts payable 56,225 2,628 — 58,853 Manufacturer flooring plans payable 25,201 — — 25,201 Accrued expenses payable and other liabilities 81,646 (3,264 ) — 78,382 Dividends payable 231 (60 ) — 171 Senior unsecured notes, net 945,566 — — 945,566 Operating lease right-of-use liabilities 139,768 19,497 — 159,265 Finance lease right-of-use liabilities — 550 — 550 Deferred income taxes 180,126 — — 180,126 Deferred compensation payable 2,098 — — 2,098 Total liabilities 1,647,740 19,351 — 1,667,091 Stockholders’ equity 307,519 235,749 (235,749 ) 307,519 Total liabilities and stockholders’ equity $ 1,955,259 $ 255,100 $ (235,749 ) $ 1,974,610
Condensed Consolidating Statement of Operations	CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2020 H&E Services Guarantor Subsidiaries Elimination Consolidated (Amounts in thousands) Revenues: Equipment rentals $ 151,846 $ 22,673 $ — $ 174,519 New equipment sales 29,005 1,868 — 30,873 Used equipment sales 26,930 4,288 — 31,218 Parts sales 25,881 3,888 — 29,769 Services revenues 14,182 2,640 — 16,822 Other 2,246 475 — 2,721 Total revenues 250,090 35,832 — 285,922 Cost of revenues: Rental depreciation 51,964 8,022 — 59,986 Rental expense 22,302 3,267 — 25,569 Rental other 14,093 2,712 — 16,805 88,359 14,001 — 102,360 New equipment sales 25,794 1,632 — 27,426 Used equipment sales 17,821 2,617 — 20,438 Parts sales 19,130 2,773 — 21,903 Services revenues 4,688 852 — 5,540 Other 2,373 399 — 2,772 Total cost of revenues 158,165 22,274 — 180,439 Gross profit (loss): Equipment rentals 63,487 8,672 — 72,159 New equipment sales 3,211 236 — 3,447 Used equipment sales 9,109 1,671 — 10,780 Parts sales 6,751 1,115 — 7,866 Services revenues 9,494 1,788 — 11,282 Other (127 ) 76 — (51 ) Gross profit 91,925 13,558 — 105,483 Selling, general and administrative expenses 69,530 10,094 — 79,624 Impairment of goodwill 61,994 — — 61,994 Merger costs 40 — — 40 Equity in earnings of guarantor subsidiaries 907 — (907 ) — Gain on sales of property and equipment, net 3,773 491 — 4,264 Income (loss) from operations (34,959 ) 3,955 (907 ) (31,911 ) Other income (expense): Interest expense (12,934 ) (3,096 ) — (16,030 ) Other, net 582 48 — 630 Total other expense, net (12,352 ) (3,048 ) — (15,400 ) Income (loss) before income tax benefit (47,311 ) 907 (907 ) (47,311 ) Income tax benefit (10,343 ) — — (10,343 ) Net income (loss) $ (36,968 ) $ 907 $ (907 ) $ (36,968 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2019 H&E Services Guarantor Subsidiaries Elimination Consolidated (Amounts in thousands) Revenues: Equipment rentals $ 153,533 $ 22,596 $ — $ 176,129 New equipment sales 52,575 6,528 — 59,103 Used equipment sales 25,212 4,422 — 29,634 Parts sales 26,554 3,874 — 30,428 Services revenues 13,166 2,402 — 15,568 Other 1,393 1,383 — 2,776 Total revenues 272,433 41,205 — 313,638 Cost of revenues: Rental depreciation 49,263 7,885 — 57,148 Rental expense 21,152 3,616 — 24,768 Rental other 14,063 2,212 — 16,275 84,478 13,713 — 98,191 New equipment sales 46,460 5,639 — 52,099 Used equipment sales 16,211 2,801 — 19,012 Parts sales 19,591 2,698 — 22,289 Services revenues 4,282 722 — 5,004 Other 2,710 633 — 3,343 Total cost of revenues 173,732 26,206 — 199,938 Gross profit (loss): Equipment rentals 69,055 8,883 — 77,938 New equipment sales 6,115 889 — 7,004 Used equipment sales 9,001 1,621 — 10,622 Parts sales 6,963 1,176 — 8,139 Services revenues 8,884 1,680 — 10,564 Other (1,317 ) 750 — (567 ) Gross profit 98,701 14,999 — 113,700 Selling, general and administrative expenses 68,556 10,091 — 78,647 Merger costs 119 — — 119 Equity in earnings of guarantor subsidiaries 1,724 — (1,724 ) — Gain on sales of property and equipment, net 707 34 — 741 Income from operations 32,457 4,942 (1,724 ) 35,675 Other income (expense): Interest expense (13,562 ) (3,293 ) — (16,855 ) Other, net 457 75 — 532 Total other expense, net (13,105 ) (3,218 ) — (16,323 ) Income before income taxes 19,352 1,724 (1,724 ) 19,352 Income tax expense 5,109 — — 5,109 Net income $ 14,243 $ 1,724 $ (1,724 ) $ 14,243
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2020 H&E Services Guarantor Subsidiaries Elimination Consolidated (Amounts in thousands) Cash flows from operating activities: Net income (loss) $ (36,968 ) $ 907 $ (907 ) $ (36,968 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization on property and equipment 6,500 898 — 7,398 Depreciation of rental equipment 51,964 8,022 — 59,986 Amortization of finance lease right-of-use assets — 40 — 40 Amortization of intangible assets 1,010 — — 1,010 Amortization of deferred financing costs 251 — — 251 Accretion of note discount, net of premium amortization 120 — — 120 Non-cash operating lease expense 2,341 480 — 2,821 Provision for losses on accounts receivable 1,561 112 — 1,673 Provision for inventory obsolescence 12 — — 12 Change in deferred income taxes (9,798 ) — — (9,798 ) Stock-based compensation expense 1,652 — — 1,652 Impairment of goodwill 61,994 — — 61,994 Gain from sales of property and equipment, net (3,773 ) (491 ) — (4,264 ) Gain from sales of rental equipment, net (8,931 ) (1,636 ) — (10,567 ) Equity in earnings of guarantor subsidiaries (907 ) — 907 — Changes in operating assets and liabilities: Receivables 17,186 3,930 — 21,116 Inventories (30,213 ) (3,158 ) — (33,371 ) Prepaid expenses and other assets (7,075 ) (43 ) — (7,118 ) Accounts payable 6,761 2,772 — 9,533 Manufacturer flooring plans payable (7,440 ) — — (7,440 ) Accrued expenses payable and other liabilities (21,580 ) (2,063 ) — (23,643 ) Deferred compensation payable 25 — — 25 Net cash provided by operating activities 24,692 9,770 — 34,462 Cash flows from investing activities: Purchases of property and equipment (8,951 ) (1,118 ) — (10,069 ) Purchases of rental equipment (20,705 ) 920 — (19,785 ) Proceeds from sales of property and equipment 6,352 528 — 6,880 Proceeds from sales of rental equipment 24,918 4,138 — 29,056 Investment in subsidiaries 14,176 — (14,176 ) — Net cash provided by investing activities. 15,790 4,468 (14,176 ) 6,082 Cash flows from financing activities: Borrowings on senior secured credit facility 299,524 — — 299,524 Payments on senior secured credit facility (331,482 ) — — (331,482 ) Dividends paid (9,861 ) (2 ) — (9,863 ) Purchases of treasury stock (470 ) — — (470 ) Payment of deferred financing costs — — — — Payments on finance lease obligations — (60 ) — (60 ) Capital contributions — (14,176 ) 14,176 — Net cash used in financing activities (42,289 ) (14,238 ) 14,176 (42,351 ) Net decrease in cash (1,807 ) — — (1,807 ) Cash, beginning of period 14,247 — — 14,247 Cash, end of period $ 12,440 $ — $ — $ 12,440 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2019 H&E Services Guarantor Subsidiaries Elimination Consolidated (Amounts in thousands) Cash flows from operating activities: Net income $ 14,243 $ 1,724 $ (1,724 ) $ 14,243 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization on property and equipment 5,692 787 — 6,479 Depreciation of rental equipment 49,263 7,885 — 57,148 Amortization of finance lease right-of-use assets — 41 — 41 Amortization of intangible assets 952 — — 952 Amortization of deferred financing costs 254 — — 254 Accretion of note discount, net of premium amortization 120 — — 120 Non-cash operating lease expense 1,999 584 — 2,583 Provision for losses on accounts receivable 1,112 189 — 1,301 Provision for inventory obsolescence 42 — — 42 Change in deferred income taxes 4,977 — — 4,977 Stock-based compensation expense 1,188 — — 1,188 Gain from sales of property and equipment, net (707 ) (34 ) — (741 ) Gain from sales of rental equipment, net (9,004 ) (1,617 ) — (10,621 ) Equity in earnings of guarantor subsidiaries (1,724 ) — 1,724 — Changes in operating assets and liabilities: Receivables 8,863 8,742 — 17,605 Inventories (51,703 ) (6,359 ) — (58,062 ) Prepaid expenses and other assets (2,109 ) (8 ) — (2,117 ) Accounts payable 10,003 3,536 — 13,539 Manufacturer flooring plans payable 3,172 (488 ) — 2,684 Accrued expenses payable and other liabilities (12,553 ) (21 ) — (12,574 ) Deferred compensation payable 27 — — 27 Net cash provided by operating activities 24,107 14,961 — 39,068 Cash flows from investing activities: Acquisition of business, net of cash acquired (106,746 ) — (106,746 ) Purchases of property and equipment (5,446 ) (1,775 ) — (7,221 ) Purchases of rental equipment (43,311 ) (5,333 ) — (48,644 ) Proceeds from sales of property and equipment 859 72 — 931 Proceeds from sales of rental equipment 24,012 4,280 — 28,292 Investment in subsidiaries 12,203 — (12,203 ) — Net cash used in investing activities. (118,429 ) (2,756 ) (12,203 ) (133,388 ) Cash flows from financing activities: Borrowings on senior secured credit facility 447,503 — — 447,503 Payments on senior secured credit facility (352,617 ) — — (352,617 ) Dividends paid (9,831 ) (1 ) — (9,832 ) Purchases of treasury stock (387 ) — — (387 ) Payment of deferred financing costs (525 ) — — (525 ) Payments on finance lease obligations (56 ) (1 ) — (57 ) Capital contributions — (12,203 ) 12,203 — Net cash provided by (used in) financing activities 84,087 (12,205 ) 12,203 84,085 Net decrease in cash (10,235 ) — — (10,235 ) Cash, beginning of period 16,677 — — 16,677 Cash, end of period $ 6,442 $ — $ — $ 6,442

Significant Accounting Polici_4

Significant Accounting Policies - Summary of Revenue by Type and by Applicable Accounting Standard (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Revenues	$ 285,922	$ 313,638	$ 260,482
Topic 842
Revenues:
Revenues	165,135	166,873
Topic 606
Revenues:
Revenues	120,787	146,765
Rental Revenues [Member] | Owned Equipment Rentals [Member]
Revenues:
Revenues	153,928	153,624
Rental Revenues [Member] | Owned Equipment Rentals [Member] | Topic 842
Revenues:
Revenues	153,670	153,350
Rental Revenues [Member] | Owned Equipment Rentals [Member] | Topic 606
Revenues:
Revenues	258	274
Rental Revenues [Member] | Re Rent Revenues [Member]
Revenues:
Revenues	4,690	6,036
Rental Revenues [Member] | Re Rent Revenues [Member] | Topic 842
Revenues:
Revenues	4,690	6,036
Ancillary And Other Rental Revenues [Member]
Revenues:
Revenues	15,901	16,469
Ancillary And Other Rental Revenues [Member] | Topic 842
Revenues:
Revenues	6,775	7,487
Ancillary And Other Rental Revenues [Member] | Topic 606
Revenues:
Revenues	9,126	8,982
Ancillary And Other Rental Revenues [Member] | Delivery and Pick-up [Member]
Revenues:
Revenues	9,126	8,982
Ancillary And Other Rental Revenues [Member] | Delivery and Pick-up [Member] | Topic 606
Revenues:
Revenues	9,126	8,982
Ancillary And Other Rental Revenues [Member] | Other [Member]
Revenues:
Revenues	6,775	7,487
Ancillary And Other Rental Revenues [Member] | Other [Member] | Topic 842
Revenues:
Revenues	6,775	7,487
Total Equipment Rental Revenues [Member]
Revenues:
Revenues	174,519	176,129
Total Equipment Rental Revenues [Member] | Topic 842
Revenues:
Revenues	165,135	166,873
Total Equipment Rental Revenues [Member] | Topic 606
Revenues:
Revenues	9,384	9,256
New Equipment Sales [Member]
Revenues:
Revenues	30,873	59,103
New Equipment Sales [Member] | Topic 606
Revenues:
Revenues	30,873	59,103
Used Equipment Sales [Member]
Revenues:
Revenues	31,218	29,634
Used Equipment Sales [Member] | Topic 606
Revenues:
Revenues	31,218	29,634
Parts Sales [Member]
Revenues:
Revenues	29,769	30,428
Parts Sales [Member] | Topic 606
Revenues:
Revenues	29,769	30,428
Parts and Services [Member]
Revenues:
Revenues	16,822	15,568
Parts and Services [Member] | Topic 606
Revenues:
Revenues	16,822	15,568
Other [Member]
Revenues:
Revenues	2,721	2,776
Other [Member] | Topic 606
Revenues:
Revenues	$ 2,721	$ 2,776

Significant Accounting Polici_5

Significant Accounting Policies - Additional Information (Detail)	3 Months Ended			12 Months Ended
	Mar. 31, 2020USD ($)CustomerSegment	Dec. 31, 2019USD ($)	Mar. 31, 2019Customer	Dec. 31, 2019USD ($)Customer	Dec. 31, 2018USD ($)
Summary Of Significant Accounting Policy [Line Items]
Customer accounted for more than 10% of revenue | Customer	0		0	0
Number of operating segments | Segment	6
Goodwill impairment	$ 61,994,000
Goodwill	68,851,000	$ 131,442,000		$ 131,442,000	$ 105,843,000
New Equipment Sales [Member]
Summary Of Significant Accounting Policy [Line Items]
Goodwill impairment		10,700
Goodwill		0		0	10,434,000
Service Revenues [Member]
Summary Of Significant Accounting Policy [Line Items]
Goodwill impairment		1,500
Goodwill		0		0
Equipment Rental Component 2 [Member]
Summary Of Significant Accounting Policy [Line Items]
Goodwill impairment	62,000,000
Goodwill		62,311,000		62,311,000	42,536,000
Equipment Rental Component 1 [Member]
Summary Of Significant Accounting Policy [Line Items]
Goodwill	$ 48,976,000	49,215,000		49,215,000	34,297,000
Reporting units, percentage of fair value that exceeded respective carrying value	34.00%
Used Equipment Sales [Member]
Summary Of Significant Accounting Policy [Line Items]
Goodwill	$ 8,953,000	8,961,000		8,961,000	8,461,000
Reporting units, percentage of fair value that exceeded respective carrying value	90.00%
Parts Sales [Member]
Summary Of Significant Accounting Policy [Line Items]
Goodwill	$ 10,922,000	$ 10,955,000		$ 10,955,000	$ 8,910,000
Reporting units, percentage of fair value that exceeded respective carrying value	40.00%

Significant Accounting Polici_6

Significant Accounting Policies - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Beginning balance	$ 131,442,000	$ 105,843,000
Increases (Decreases)	(61,994,000)	(12,184,000)
Ending balance	68,851,000	131,442,000
CEC and Rental Inc [Member]
Goodwill [Line Items]
Increases (Decreases)	(597,000)	37,783,000
Equipment Rental Component 1 [Member]
Goodwill [Line Items]
Beginning balance	49,215,000	34,297,000
Ending balance	48,976,000	49,215,000
Equipment Rental Component 1 [Member] | CEC and Rental Inc [Member]
Goodwill [Line Items]
Increases (Decreases)	(239,000)	14,918,000
Equipment Rental Component 2 [Member]
Goodwill [Line Items]
Beginning balance	62,311,000	42,536,000
Increases (Decreases)	(61,994,000)
Ending balance		62,311,000
Equipment Rental Component 2 [Member] | CEC and Rental Inc [Member]
Goodwill [Line Items]
Increases (Decreases)	(317,000)	19,775,000
New Equipment Sales [Member]
Goodwill [Line Items]
Beginning balance	0	10,434,000
Increases (Decreases)		(10,688,000)
Ending balance		0
New Equipment Sales [Member] | CEC and Rental Inc [Member]
Goodwill [Line Items]
Increases (Decreases)		254,000
Used Equipment Sales [Member]
Goodwill [Line Items]
Beginning balance	8,961,000	8,461,000
Ending balance	8,953,000	8,961,000
Used Equipment Sales [Member] | CEC and Rental Inc [Member]
Goodwill [Line Items]
Increases (Decreases)	(8,000)	500,000
Parts Sales [Member]
Goodwill [Line Items]
Beginning balance	10,955,000	8,910,000
Ending balance	10,922,000	10,955,000
Parts Sales [Member] | CEC and Rental Inc [Member]
Goodwill [Line Items]
Increases (Decreases)	$ (33,000)	2,045,000
Parts and Services [Member]
Goodwill [Line Items]
Beginning balance		1,205,000
Increases (Decreases)		(1,496,000)
Parts and Services [Member] | CEC and Rental Inc [Member]
Goodwill [Line Items]
Increases (Decreases)		$ 291,000

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Thousands	Feb. 01, 2019USD ($)Branch	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Business Acquisition [Line Items]
Acquisition costs		$ 40	$ 119
We-Rent-It [Member]
Business Acquisition [Line Items]
Business acquisition, completion date	Feb. 1, 2019
Number of branches located | Branch	6
Aggregate consideration paid to the owners	$ 107,900
Business combination decrease in consideration paid		$ 600
Percentage of goodwill deductible for income tax purposes	100.00%
Acquisition costs	$ 400

Acquisitions - Summary of Estim

Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Feb. 01, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 68,851	$ 131,442		$ 105,843
We-Rent-It [Member]
Business Acquisition [Line Items]
Cash			$ 1,745
Accounts receivable			5,119
Inventory			731
Prepaid expenses and other assets			544
Rental equipment			51,747
Property and equipment			3,207
Other assets			21
Intangible assets			8,700
Total identifiable assets acquired			71,814
Accounts payable			(115)
Accrued expenses payable and other liabilities			(991)
Total liabilities assumed			(1,106)
Net identifiable assets acquired			70,708
Goodwill			37,186
Net assets acquired			$ 107,894

Acquisitions - Summary of Est_2

Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) $ in Thousands	Feb. 01, 2019USD ($)ReportingUnit	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Business Acquisition [Line Items]
Goodwill		$ 68,851	$ 131,442	$ 105,843
We-Rent-It [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)	$ 8,700
Goodwill	$ 37,186
Number of goodwill reporting units | ReportingUnit	6
We-Rent-It [Member] | Rental Component 1 [Member]
Business Acquisition [Line Items]
Goodwill	$ 14,679
We-Rent-It [Member] | Rental Component 2 [Member]
Business Acquisition [Line Items]
Goodwill	19,458
We-Rent-It [Member] | New Equipment [Member]
Business Acquisition [Line Items]
Goodwill	254
We-Rent-It [Member] | Used Equipment [Member]
Business Acquisition [Line Items]
Goodwill	492
We-Rent-It [Member] | Parts [Member]
Business Acquisition [Line Items]
Goodwill	2,012
We-Rent-It [Member] | Service [Member]
Business Acquisition [Line Items]
Goodwill	291
Customer Relationships [Member] | We-Rent-It [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)	$ 8,500
Life (years)	10 years
Tradenames [Member] | We-Rent-It [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)	$ 200
Life (years)	1 year

Acquisitions - Unaudited Pro Fo

Acquisitions - Unaudited Pro Forma Consolidated Statements of Operations Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Business Acquisition [Line Items]
Total revenues	$ 285,922	$ 313,638	$ 260,482
Pretax income	$ (47,311)	$ 19,352	13,068
Pro forma pretax income (loss)			13,068
Income tax expense (benefit)			3,590
Net income (loss)			$ 9,478
Net income (loss) per share – basic			$ 0.27
Net income (loss) per share – diluted			$ 0.26
Pro forma adjustments to pretax income:
Total revenues			$ 268,069
Pretax income			13,852
Pro forma adjustments to pretax income:
Impact of fair value mark-ups/useful life changes on depreciation			(250)
Intangible asset amortization			(122)
Interest expense			(1,356)
Elimination of historic interest expense			80
Pro forma pretax income (loss)			12,204
Income tax expense (benefit)			3,355
Net income (loss)			$ 8,849
Net income (loss) per share – basic			$ 0.25
Net income (loss) per share – diluted			$ 0.25
We-Rent-It [Member]
Business Acquisition [Line Items]
Total revenues			$ 7,587
Pretax income			784
Pro forma adjustments to pretax income:
Impact of fair value mark-ups/useful life changes on depreciation			(250)
Intangible asset amortization			(122)
Interest expense			(1,356)
Elimination of historic interest expense			80
Pro forma pretax income (loss)			(864)
Income tax expense (benefit)			(235)
Net income (loss)			$ (629)
Net income (loss) per share – basic			$ (0.02)
Net income (loss) per share – diluted			$ (0.02)

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	Mar. 31, 2020	Dec. 31, 2019
Carrying Amount [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable with interest computed at 3.75 / 5.50% (Level 3)	$ 17,761	$ 25,201
Carrying Amount [Member] | Level 2 [Member] | Senior Unsecured Notes Due 2025 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes due 2025 with interest computed at 5.625% (Level 2)	945,762	945,566
Fair Value [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable with interest computed at 3.75 / 5.50% (Level 3)	15,904	21,615
Fair Value [Member] | Level 2 [Member] | Senior Unsecured Notes Due 2025 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes due 2025 with interest computed at 5.625% (Level 2)	$ 881,225	$ 995,125

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements (Parenthetical) (Detail)	3 Months Ended
	Dec. 31, 2019	Mar. 31, 2020
Level 3 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable, interest rate	5.25%	3.75%
Level 3 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable, interest rate	5.25%	3.75%
Level 2 [Member] | Carrying Amount [Member] | Senior Unsecured Notes Due 2025 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes, interest rate	5.625%	5.625%
Senior unsecured notes, due year	2025
Level 2 [Member] | Fair Value [Member] | Senior Unsecured Notes Due 2025 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes, interest rate	5.625%	5.625%
Senior unsecured notes, due year	2025

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfer of financial assets	$ 0	$ 0
Transfer of financial liabilities	0	$ 0
Goodwill impairment	61,994,000
Equipment Rental Component 2 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Goodwill impairment	$ 62,000,000
Fair Value [Member] | Level 1 [Member] | Senior Unsecured Notes Due 2022 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Senior unsecured notes, due year	2025	2025

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Activity in Stockholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	$ 307,519	$ 256,803
Beginning Balances, shares	39,921,838
Stock-based compensation	$ 1,652	1,188
Cash dividends declared on common stock ($0.275 per share)	(9,789)	(9,793)
Issuance of common stock, net of forfeitures	1	1
Repurchase of shares of restricted common stock	(470)	(387)
Cumulative effect adjustment pursuant to the adoption of ASC 842		(56)
Net income (loss)	(36,968)	14,243
Ending Balances	$ 261,945	261,999
Ending Balances, shares	40,020,289
Common Stock [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	$ 398	$ 396
Beginning Balances, shares	39,921,838	39,748,562
Issuance of common stock, net of forfeitures	$ 1	$ 1
Issuance of common stock, net of forfeitures, shares	98,451	59,510
Ending Balances	$ 399	$ 397
Ending Balances, shares	40,020,289	39,808,072
Additional Paid-in Capital [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	$ 235,844	$ 231,174
Stock-based compensation	1,652	1,188
Ending Balances	237,496	232,362
Treasury Stock [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	(64,783)	(63,099)
Repurchase of shares of restricted common stock	(470)	(387)
Ending Balances	(65,253)	(63,486)
Retained Earnings [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	136,060	88,332
Cash dividends declared on common stock ($0.275 per share)	(9,789)	(9,793)
Cumulative effect adjustment pursuant to the adoption of ASC 842		(56)
Net income (loss)	(36,968)	14,243
Ending Balances	$ 89,303	$ 92,726

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Activity in Stockholders' Equity (Parenthetical) (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Capitalization, Equity [Line Items]
Cash dividends declared on common stock, per share	$ 0.275	$ 0.275
Repurchase of restricted common stock, shares	26,392	14,272
Retained Earnings [Member]
Schedule of Capitalization, Equity [Line Items]
Cash dividends declared on common stock, per share	$ 0.275	$ 0.275

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested stock	$ 5.1
Expected non-vested stock recognized over a weighted-average period	1 year 9 months 18 days
Compensation expense	$ 1.7	$ 1.2
2016 Stock-Based Incentive Compensation Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-Based incentive compensation plan	1,546,963

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Non-Vested Stock Activity (Detail)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Non-vested stock, beginning balance, Number of Shares | shares	377,740
Granted, Number of Shares | shares	23,608
Vested, Number of Shares | shares	(73,564)
Forfeited, Number of Shares | shares	(1,876)
Non-vested stock, ending balance, Number of Shares | shares	325,908
Non-vested stock, beginning balance, Weighted Average Grant Date Fair Value | $ / shares	$ 29.26
Granted, Weighted Average Grant Date Fair Value | $ / shares	27.11
Vested, Weighted Average Grant Date Fair Value | $ / shares	24.03
Forfeited, Weighted Average Grant Date Fair Value | $ / shares	30.57
Non-vested stock, ending balance, Weighted Average Grant Date Fair Value | $ / shares	$ 30.28

Income (Loss) per Share - Addit

Income (Loss) per Share - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Restricted common shares, percentage	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
	Mar. 31, 2020	Mar. 31, 2019
Basic net income (loss) per share:
Net income (loss)	$ (36,968)	$ 14,243
Weighted average number of common shares outstanding	35,965	35,787
Net income (loss) per share of common stock – basic	$ (1.03)	$ 0.40
Effect of dilutive securities:
Weighted average number of common shares outstanding – diluted	35,965	35,973
Net income (loss) per share of common stock – diluted	$ (1.03)	$ 0.40
Non-vested restricted stock [Member]
Effect of dilutive securities:
Effect of dilutive stock options and non-vested restricted stock		186
Common shares excluded from the denominator as anti-dilutive:
Common shares excluded from the denominator as anti-dilutive	146	37

Senior Secured Credit Facility

Senior Secured Credit Facility - Additional Information (Detail) - USD ($)	May 01, 2020	Mar. 31, 2020
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]
Outstanding letters of credit		184,900,000
Available borrowings under our senior secured credit facility		$ 557,300,000
Revolving Credit Facility [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Outstanding letters of credit	$ 7,700,000
Available borrowings under our senior secured credit facility	$ 597,200,000

Senior Unsecured Notes - Reconc

Senior Unsecured Notes - Reconciliation of Senior Unsecured Notes to Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Senior unsecured notes, beginning balance	$ 945,566
Amortization of deferred financing costs	251	$ 254
Senior unsecured notes, ending balance	945,762		$ 945,566
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes, beginning balance	945,566	$ 944,780	944,780
Accretion of discount	385		1,539
Amortization of note premium	(265)		(1,062)
Amortization of deferred financing costs	76		309
Senior unsecured notes, ending balance	$ 945,762		$ 945,566

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Net operating lease right-of-use assets	$ 169,539	$ 156,570
Net finance lease right-of-use assets	325	365
Operating lease liabilities	172,376	159,265
Finance lease liabilities	$ 490	$ 550
Weighted average remaining lease term for operating leases	10 years 2 months 12 days
Weighted average remaining lease term for finance leases	2 years
Weighted average discount rate for operating leases	6.60%
Weighted average discount rate for finance leases	5.90%

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2020CustomerSegment	Mar. 31, 2019Customer	Dec. 31, 2019Customer
Segment Reporting [Abstract]
Number of reportable segment | Segment	5
Sales to international customers	0.40%	0.30%
Customer accounted for more than 10% of revenue | Customer	0	0	0

Segment Information - Schedule

Segment Information - Schedule of Information about Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2019
Segment Revenues:
Revenues	$ 285,922	$ 313,638	$ 260,482
Segment Gross Profit:
Total gross profit	105,483	113,700
Segment identified assets:
Total assets	1,880,985			$ 1,974,610
Equipment Rentals [Member]
Segment Revenues:
Revenues	174,519	176,129
Segment Gross Profit:
Total gross profit	72,159	77,938
New Equipment Sales [Member]
Segment Revenues:
Revenues	30,873	59,103
Segment Gross Profit:
Total gross profit	3,447	7,004
Used Equipment Sales [Member]
Segment Revenues:
Revenues	31,218	29,634
Segment Gross Profit:
Total gross profit	10,780	10,622
Parts Sales [Member]
Segment Revenues:
Revenues	29,769	30,428
Segment Gross Profit:
Total gross profit	7,866	8,139
Services Revenues [Member]
Segment Revenues:
Revenues	16,822	15,568
Segment Gross Profit:
Total gross profit	11,282	10,564
Operating Segments [Member]
Segment Revenues:
Revenues	283,201	310,862
Segment Gross Profit:
Total gross profit	105,534	114,267
Segment identified assets:
Total assets	1,277,820			1,303,151
Operating Segments [Member] | Equipment Rentals [Member]
Segment Revenues:
Revenues	174,519	176,129
Segment Gross Profit:
Total gross profit	72,159	77,938
Segment identified assets:
Total assets	1,171,663			1,217,673
Operating Segments [Member] | New Equipment Sales [Member]
Segment Revenues:
Revenues	30,873	59,103
Segment Gross Profit:
Total gross profit	3,447	7,004
Operating Segments [Member] | Used Equipment Sales [Member]
Segment Revenues:
Revenues	31,218	29,634
Segment Gross Profit:
Total gross profit	10,780	10,622
Segment identified assets:
Total assets	88,082			67,542
Operating Segments [Member] | Parts Sales [Member]
Segment Revenues:
Revenues	29,769	30,428
Segment Gross Profit:
Total gross profit	7,866	8,139
Operating Segments [Member] | Services Revenues [Member]
Segment Revenues:
Revenues	16,822	15,568
Segment Gross Profit:
Total gross profit	11,282	10,564
Operating Segments [Member] | Parts and Services [Member]
Segment identified assets:
Total assets	18,075			17,936
Non-Segmented [Member]
Segment Revenues:
Revenues	2,721	2,776
Segment Gross Profit:
Total gross profit	(51)	$ (567)
Segment identified assets:
Total assets	$ 603,165			$ 671,459

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information of Guarantor Subsidiaries - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Assets:
Cash	$ 12,440	$ 14,247
Receivables, net	169,415	192,204
Inventories, net	106,157	85,478
Prepaid expenses and other assets	17,361	10,262
Rental equipment, net	1,171,663	1,217,673
Property and equipment, net	130,614	130,564
Operating lease right-of-use assets, net	169,539	156,570
Finance lease right-of-use assets, net	325	365
Deferred financing costs, net	2,682	2,857
Intangible assets, net	31,938	32,948
Goodwill	68,851	131,442		$ 105,843
Total assets	1,880,985	1,974,610
Liabilities and Stockholders’ Equity:
Amounts due on senior secured credit facility	184,921	216,879
Accounts payable	67,790	58,853
Manufacturer flooring plans payable	17,761	25,201
Accrued expenses payable and other liabilities	57,394	78,382
Dividends payable	95	171
Senior unsecured notes, net	945,762	945,566
Operating lease right-of-use liabilities	172,376	159,265
Finance lease right-of-use liabilities	490	550
Deferred income taxes	170,328	180,126
Deferred compensation payable	2,123	2,098
Total liabilities	1,619,040	1,667,091
Stockholders’ equity	261,945	307,519	$ 261,999	$ 256,803
Total liabilities and stockholders’ equity	1,880,985	1,974,610
Reportable Legal Entities [Member] | H & E Equipment Services [Member]
Assets:
Cash	12,440	14,247
Receivables, net	145,513	164,260
Inventories, net	100,422	81,945
Prepaid expenses and other assets	17,185	10,129
Rental equipment, net	1,026,632	1,062,154
Property and equipment, net	111,296	111,429
Operating lease right-of-use assets, net	148,335	137,625
Deferred financing costs, net	2,682	2,857
Investment in guarantor subsidiaries	204,620	235,749
Intangible assets, net	31,938	32,948
Goodwill	57,185	101,916
Total assets	1,858,248	1,955,259
Liabilities and Stockholders’ Equity:
Amounts due on senior secured credit facility	184,921	216,879
Accounts payable	62,390	56,225
Manufacturer flooring plans payable	17,761	25,201
Accrued expenses payable and other liabilities	62,269	81,646
Dividends payable	157	231
Senior unsecured notes, net	945,762	945,566
Operating lease right-of-use liabilities	150,592	139,768
Deferred income taxes	170,328	180,126
Deferred compensation payable	2,123	2,098
Total liabilities	1,596,303	1,647,740
Stockholders’ equity	261,945	307,519
Total liabilities and stockholders’ equity	1,858,248	1,955,259
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Assets:
Receivables, net	23,902	27,944
Inventories, net	5,735	3,533
Prepaid expenses and other assets	176	133
Rental equipment, net	145,031	155,519
Property and equipment, net	19,318	19,135
Operating lease right-of-use assets, net	21,204	18,945
Finance lease right-of-use assets, net	325	365
Goodwill	11,666	29,526
Total assets	227,357	255,100
Liabilities and Stockholders’ Equity:
Accounts payable	5,400	2,628
Accrued expenses payable and other liabilities	(4,875)	(3,264)
Dividends payable	(62)	(60)
Operating lease right-of-use liabilities	21,784	19,497
Finance lease right-of-use liabilities	490	550
Total liabilities	22,737	19,351
Stockholders’ equity	204,620	235,749
Total liabilities and stockholders’ equity	227,357	255,100
Elimination [Member]
Assets:
Investment in guarantor subsidiaries	(204,620)	(235,749)
Total assets	(204,620)	(235,749)
Liabilities and Stockholders’ Equity:
Stockholders’ equity	(204,620)	(235,749)
Total liabilities and stockholders’ equity	$ (204,620)	$ (235,749)

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information of Guarantor Subsidiaries - Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Revenues	$ 285,922	$ 313,638	$ 260,482
Cost of revenues:
Cost of revenues	180,439	199,938
Gross profit (loss):
Gross profit	105,483	113,700
Selling, general and administrative expenses	79,624	78,647
Impairment of goodwill	61,994
Merger costs	40	119
Gain on sales of property and equipment, net	4,264	741
Income (loss) from operations	(31,911)	35,675
Other income (expense):
Interest expense	(16,030)	(16,855)
Other, net	630	532
Total other expense, net	(15,400)	(16,323)
Income (loss) before provision (benefit) for income taxes	(47,311)	19,352	$ 13,068
Income tax expense (benefit)	(10,343)	5,109
Net income (loss)	(36,968)	14,243
Reportable Legal Entities [Member] | H & E Equipment Services [Member]
Revenues:
Revenues	250,090	272,433
Cost of revenues:
Cost of revenues	158,165	173,732
Gross profit (loss):
Gross profit	91,925	98,701
Selling, general and administrative expenses	69,530	68,556
Impairment of goodwill	61,994
Merger costs	40	119
Equity in earnings of guarantor subsidiaries	907	1,724
Gain on sales of property and equipment, net	3,773	707
Income (loss) from operations	(34,959)	32,457
Other income (expense):
Interest expense	(12,934)	(13,562)
Other, net	582	457
Total other expense, net	(12,352)	(13,105)
Income (loss) before provision (benefit) for income taxes	(47,311)	19,352
Income tax expense (benefit)	(10,343)	5,109
Net income (loss)	(36,968)	14,243
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Revenues:
Revenues	35,832	41,205
Cost of revenues:
Cost of revenues	22,274	26,206
Gross profit (loss):
Gross profit	13,558	14,999
Selling, general and administrative expenses	10,094	10,091
Gain on sales of property and equipment, net	491	34
Income (loss) from operations	3,955	4,942
Other income (expense):
Interest expense	(3,096)	(3,293)
Other, net	48	75
Total other expense, net	(3,048)	(3,218)
Income (loss) before provision (benefit) for income taxes	907	1,724
Net income (loss)	907	1,724
Elimination [Member]
Gross profit (loss):
Equity in earnings of guarantor subsidiaries	(907)	(1,724)
Income (loss) from operations	(907)	(1,724)
Other income (expense):
Income (loss) before provision (benefit) for income taxes	(907)	(1,724)
Net income (loss)	(907)	(1,724)
Equipment Rentals [Member]
Revenues:
Revenues	174,519	176,129
Cost of revenues:
Cost of revenues	102,360	98,191
Gross profit (loss):
Gross profit	72,159	77,938
Equipment Rentals [Member] | Rentals Other [Member]
Cost of revenues:
Cost of revenues	16,805	16,275
Equipment Rentals [Member] | Rental Depreciation [Member]
Cost of revenues:
Cost of revenues	59,986	57,148
Equipment Rentals [Member] | Rental Expense [Member]
Cost of revenues:
Cost of revenues	25,569	24,768
Equipment Rentals [Member] | Reportable Legal Entities [Member] | H & E Equipment Services [Member]
Revenues:
Revenues	151,846	153,533
Cost of revenues:
Cost of revenues	88,359	84,478
Gross profit (loss):
Gross profit	63,487	69,055
Equipment Rentals [Member] | Reportable Legal Entities [Member] | H & E Equipment Services [Member] | Rentals Other [Member]
Cost of revenues:
Cost of revenues	14,093	14,063
Equipment Rentals [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Revenues:
Revenues	22,673	22,596
Cost of revenues:
Cost of revenues	14,001	13,713
Gross profit (loss):
Gross profit	8,672	8,883
Equipment Rentals [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | Rentals Other [Member]
Cost of revenues:
Cost of revenues	2,712	2,212
Equipment Rentals [Member] | Reportable Legal Entities [Member] | Rental Depreciation [Member] | H & E Equipment Services [Member]
Cost of revenues:
Cost of revenues	51,964	49,263
Equipment Rentals [Member] | Reportable Legal Entities [Member] | Rental Depreciation [Member] | Guarantor Subsidiaries [Member]
Cost of revenues:
Cost of revenues	8,022	7,885
Equipment Rentals [Member] | Reportable Legal Entities [Member] | Rental Expense [Member] | H & E Equipment Services [Member]
Cost of revenues:
Cost of revenues	22,302	21,152
Equipment Rentals [Member] | Reportable Legal Entities [Member] | Rental Expense [Member] | Guarantor Subsidiaries [Member]
Cost of revenues:
Cost of revenues	3,267	3,616
New Equipment Sales [Member]
Revenues:
Revenues	30,873	59,103
Cost of revenues:
Cost of revenues	27,426	52,099
Gross profit (loss):
Gross profit	3,447	7,004
New Equipment Sales [Member] | Reportable Legal Entities [Member] | H & E Equipment Services [Member]
Revenues:
Revenues	29,005	52,575
Cost of revenues:
Cost of revenues	25,794	46,460
Gross profit (loss):
Gross profit	3,211	6,115
New Equipment Sales [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Revenues:
Revenues	1,868	6,528
Cost of revenues:
Cost of revenues	1,632	5,639
Gross profit (loss):
Gross profit	236	889
Used Equipment Sales [Member]
Revenues:
Revenues	31,218	29,634
Cost of revenues:
Cost of revenues	20,438	19,012
Gross profit (loss):
Gross profit	10,780	10,622
Used Equipment Sales [Member] | Reportable Legal Entities [Member] | H & E Equipment Services [Member]
Revenues:
Revenues	26,930	25,212
Cost of revenues:
Cost of revenues	17,821	16,211
Gross profit (loss):
Gross profit	9,109	9,001
Used Equipment Sales [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Revenues:
Revenues	4,288	4,422
Cost of revenues:
Cost of revenues	2,617	2,801
Gross profit (loss):
Gross profit	1,671	1,621
Parts Sales [Member]
Revenues:
Revenues	29,769	30,428
Cost of revenues:
Cost of revenues	21,903	22,289
Gross profit (loss):
Gross profit	7,866	8,139
Parts Sales [Member] | Reportable Legal Entities [Member] | H & E Equipment Services [Member]
Revenues:
Revenues	25,881	26,554
Cost of revenues:
Cost of revenues	19,130	19,591
Gross profit (loss):
Gross profit	6,751	6,963
Parts Sales [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Revenues:
Revenues	3,888	3,874
Cost of revenues:
Cost of revenues	2,773	2,698
Gross profit (loss):
Gross profit	1,115	1,176
Services Revenues [Member]
Revenues:
Revenues	16,822	15,568
Cost of revenues:
Cost of revenues	5,540	5,004
Gross profit (loss):
Gross profit	11,282	10,564
Services Revenues [Member] | Reportable Legal Entities [Member] | H & E Equipment Services [Member]
Revenues:
Revenues	14,182	13,166
Cost of revenues:
Cost of revenues	4,688	4,282
Gross profit (loss):
Gross profit	9,494	8,884
Services Revenues [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Revenues:
Revenues	2,640	2,402
Cost of revenues:
Cost of revenues	852	722
Gross profit (loss):
Gross profit	1,788	1,680
Other [Member]
Revenues:
Revenues	2,721	2,776
Cost of revenues:
Cost of revenues	2,772	3,343
Other [Member] | Reportable Legal Entities [Member] | H & E Equipment Services [Member]
Revenues:
Revenues	2,246	1,393
Other [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Revenues:
Revenues	475	1,383
Other [Member]
Cost of revenues:
Cost of revenues	2,772	3,343
Other [Member] | Reportable Legal Entities [Member] | H & E Equipment Services [Member]
Cost of revenues:
Cost of revenues	2,373	2,710
Other [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Cost of revenues:
Cost of revenues	399	633
Other Gross Profit
Gross profit (loss):
Gross profit	(51)	(567)
Other Gross Profit | Reportable Legal Entities [Member] | H & E Equipment Services [Member]
Gross profit (loss):
Gross profit	(127)	(1,317)
Other Gross Profit | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Gross profit (loss):
Gross profit	$ 76	$ 750

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information of Guarantor Subsidiaries - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (36,968)	$ 14,243
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of property and equipment	7,398	6,479
Depreciation of rental equipment	59,986	57,148
Amortization of finance lease right-of-use assets	40	41
Amortization of intangible assets	1,010	952
Amortization of deferred financing costs	251	254
Accretion of note discount, net of premium amortization	120	120
Non-cash operating lease expense	2,821	2,583
Provision for losses on accounts receivable	1,673	1,301
Provision for inventory obsolescence	12	42
Change in deferred income taxes	(9,798)	4,977
Stock-based compensation expense	1,652	1,188
Impairment of goodwill	61,994
Gain from sales of property and equipment, net	(4,264)	(741)
Gain from sales of rental equipment, net	(10,567)	(10,621)
Changes in operating assets and liabilities:
Receivables	21,116	17,605
Inventories	(33,371)	(58,062)
Prepaid expenses and other assets	(7,118)	(2,117)
Accounts payable	9,533	13,539
Manufacturer flooring plans payable	(7,440)	2,684
Accrued expenses payable and other liabilities	(23,643)	(12,574)
Deferred compensation payable	25	27
Depreciation and amortization on property and equipment	7,398	6,479
Depreciation of rental equipment	59,986	57,148
Net cash provided by operating activities	34,462	39,068
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired		(106,746)
Purchases of property and equipment	(10,069)	(7,221)
Purchases of rental equipment	(19,785)	(48,644)
Proceeds from sales of property and equipment	6,880	931
Proceeds from sales of rental equipment	29,056	28,292
Net cash provided by (used in) investing activities	6,082	(133,388)
Acquisition of business, net of cash acquired		(106,746)
Cash flows from financing activities:
Borrowings on senior secured credit facility	299,524	447,503
Payments on senior secured credit facility	(331,482)	(352,617)
Dividends paid	(9,863)	(9,832)
Purchases of treasury stock	(470)	(387)
Payment of deferred financing costs		(525)
Payments of finance lease obligations	(60)	(57)
Net cash provided by (used in) financing activities	(42,351)	84,085
Net decrease in cash	(1,807)	(10,235)
Cash, beginning of period	14,247	16,677	$ 16,677
Cash, end of period	12,440	6,442	14,247
Reportable Legal Entities [Member] | H & E Equipment Services [Member]
Cash flows from operating activities:
Net income (loss)	(36,968)	14,243
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of property and equipment	6,500	5,692
Depreciation of rental equipment	51,964	49,263
Amortization of intangible assets	1,010	952
Amortization of deferred financing costs	251	254
Accretion of note discount, net of premium amortization	120	120
Non-cash operating lease expense	2,341	1,999
Provision for losses on accounts receivable	1,561	1,112
Provision for inventory obsolescence	12	42
Change in deferred income taxes	(9,798)	4,977
Stock-based compensation expense	1,652	1,188
Impairment of goodwill	61,994
Gain from sales of property and equipment, net	(3,773)	(707)
Gain from sales of rental equipment, net	(8,931)	(9,004)
Equity in earnings of guarantor subsidiaries	(907)	(1,724)
Changes in operating assets and liabilities:
Receivables	17,186	8,863
Inventories	(30,213)	(51,703)
Prepaid expenses and other assets	(7,075)	(2,109)
Accounts payable	6,761	10,003
Manufacturer flooring plans payable	(7,440)	3,172
Accrued expenses payable and other liabilities	(21,580)	(12,553)
Deferred compensation payable	25	27
Depreciation and amortization on property and equipment	6,500	5,692
Depreciation of rental equipment	51,964	49,263
Net cash provided by operating activities	24,692	24,107
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired		(106,746)
Purchases of property and equipment	(8,951)	(5,446)
Purchases of rental equipment	(20,705)	(43,311)
Proceeds from sales of property and equipment	6,352	859
Proceeds from sales of rental equipment	24,918	24,012
Investment in subsidiaries	14,176	12,203
Net cash provided by (used in) investing activities	15,790	(118,429)
Acquisition of business, net of cash acquired		(106,746)
Cash flows from financing activities:
Borrowings on senior secured credit facility	299,524	447,503
Payments on senior secured credit facility	(331,482)	(352,617)
Dividends paid	(9,861)	(9,831)
Purchases of treasury stock	(470)	(387)
Payment of deferred financing costs		(525)
Payments of finance lease obligations		(56)
Net cash provided by (used in) financing activities	(42,289)	84,087
Net decrease in cash	(1,807)	(10,235)
Cash, beginning of period	14,247	16,677	16,677
Cash, end of period	12,440	6,442	$ 14,247
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net income (loss)	907	1,724
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of property and equipment	898	787
Depreciation of rental equipment	8,022	7,885
Amortization of finance lease right-of-use assets	40	41
Non-cash operating lease expense	480	584
Provision for losses on accounts receivable	112	189
Gain from sales of property and equipment, net	(491)	(34)
Gain from sales of rental equipment, net	(1,636)	(1,617)
Changes in operating assets and liabilities:
Receivables	3,930	8,742
Inventories	(3,158)	(6,359)
Prepaid expenses and other assets	(43)	(8)
Accounts payable	2,772	3,536
Manufacturer flooring plans payable		(488)
Accrued expenses payable and other liabilities	(2,063)	(21)
Depreciation and amortization on property and equipment	898	787
Depreciation of rental equipment	8,022	7,885
Net cash provided by operating activities	9,770	14,961
Cash flows from investing activities:
Purchases of property and equipment	(1,118)	(1,775)
Purchases of rental equipment	920	(5,333)
Proceeds from sales of property and equipment	528	72
Proceeds from sales of rental equipment	4,138	4,280
Net cash provided by (used in) investing activities	4,468	(2,756)
Cash flows from financing activities:
Dividends paid	(2)	(1)
Payments of finance lease obligations	(60)	(1)
Capital contributions	(14,176)	(12,203)
Net cash provided by (used in) financing activities	(14,238)	(12,205)
Elimination [Member]
Cash flows from operating activities:
Net income (loss)	(907)	(1,724)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of guarantor subsidiaries	907	1,724
Cash flows from investing activities:
Investment in subsidiaries	(14,176)	(12,203)
Net cash provided by (used in) investing activities	(14,176)	(12,203)
Cash flows from financing activities:
Capital contributions	14,176	12,203
Net cash provided by (used in) financing activities	$ 14,176	$ 12,203