H&E Equipment Services (HEES) 10-Q 27 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 20, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
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		36,125,059
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity File Number	000-51759
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-0553291
Entity Address, Address Line One	7500 Pecue Lane
Entity Address, City or Town	Baton Rouge
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70809
City Area Code	225
Local Phone Number	298-5200
Document Transition Report	false
Document Quarterly Report	true

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash	$ 322,545	$ 310,882
Receivables, net of allowance for doubtful accounts of $4,926 and $4,741, respectively	155,835	178,858
Inventories, net of reserves for obsolescence of $272 and $350, respectively	156,115	72,488
Prepaid expenses and other assets	17,562	10,379
Rental equipment, net of accumulated depreciation of $703,178 and $701,588, respectively	1,019,462	1,028,745
Property and equipment, net of accumulated depreciation and amortization of $165,405 and $158,803, respectively	117,005	116,740
Operating lease right-of-use assets, net of accumulated amortization of $27,500 and $23,920, respectively	166,995	162,220
Finance lease right-of-use assets, net of accumulated amortization of $2,254 and $2,213, respectively	162	203
Deferred financing costs, net of accumulated amortization of $15,294 and $15,119, respectively	1,983	2,157
Intangible assets, net of accumulated amortization of $11,732 and $10,939, respectively	27,968	28,961
Goodwill	68,851	68,851
Total assets	2,054,483	1,980,484
Liabilities:
Accounts payable	151,713	89,295
Manufacturer flooring plans payable	10,524	9,615
Accrued expenses payable and other liabilities	76,720	67,290
Dividends payable	77	155
Senior unsecured notes, net of unaccreted discount of $9,030 and $9,323 and deferred financing costs of $2,085 and $2,017, respectively	1,238,885	1,238,660
Operating lease right-of-use liabilities	170,827	165,921
Finance lease right-of-use liabilities	242	305
Deferred income taxes	171,799	171,010
Total liabilities	1,820,787	1,742,251
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued
Common stock, $0.01 par value, 175,000,000 shares authorized; 40,288,138 and 40,242,711 shares issued at March 31, 2021 and December 31, 2020, respectively, and 36,125,358 and 36,092,555 shares outstanding at March 31, 2021 and December 31, 2020, respectively	401	401
Additional paid-in capital	241,807	240,206
Treasury stock at cost, 4,162,780 and 4,150,156 shares of common stock held at March 31, 2021 and December 31, 2020, respectively	(66,623)	(66,188)
Retained earnings	58,111	63,814
Total stockholders’ equity	233,696	238,233
Total liabilities and stockholders’ equity	$ 2,054,483	$ 1,980,484

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivables	$ 4,926	$ 4,741
Reserves for obsolescence inventories	272	350
Accumulated depreciation, rental equipment	703,178	701,588
Accumulated depreciation and amortization, property and equipment	165,405	158,803
Accumulated amortization, operating lease right-of-use assets	27,500	23,920
Accumulated amortization, financing lease right-of-use assets	2,254	2,213
Accumulated amortization, deferred financing costs	15,294	15,119
Accumulated amortization, intangible assets	11,732	10,939
Unaccreted discount, net	9,030	9,323
Deferred financing costs	$ 2,085	$ 2,017
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	175,000,000	175,000,000
Common stock, shares issued	40,288,138	40,242,711
Common stock, shares outstanding	36,125,358	36,092,555
Treasury stock, shares	4,162,780	4,150,156

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Revenues	$ 278,445	$ 285,922
Cost of revenues:
Cost of revenues	185,442	180,439
Gross profit	93,003	105,483
Selling, general and administrative expenses	73,953	79,624
Impairment of goodwill		61,994
Merger and other	737	40
Gain on sales of property and equipment, net	154	4,264
Income (loss) from operations	18,467	(31,911)
Other income (expense):
Interest expense	(13,443)	(16,030)
Other, net	667	630
Total other expense, net	(12,776)	(15,400)
Income (loss) before provision (benefit) for income taxes	5,691	(47,311)
Provision (benefit) for income taxes	1,540	(10,343)
Net income (loss)	$ 4,151	$ (36,968)
Net income (loss) per common share:
Basic	$ 0.11	$ (1.03)
Diluted	$ 0.11	$ (1.03)
Weighted average common shares outstanding:
Basic	36,185	35,965
Diluted	36,387	35,965
Dividends declared per common share outstanding	$ 0.275	$ 0.275
Equipment Rentals [Member]
Cost of revenues:
Cost of revenues	$ 97,760	$ 102,360
Equipment Rentals [Member] | Rentals Other [Member]
Cost of revenues:
Cost of revenues	16,723	16,805
Equipment Rentals [Member] | Rental Depreciation [Member]
Cost of revenues:
Cost of revenues	55,349	59,986
Equipment Rentals [Member] | Rental Expense [Member]
Cost of revenues:
Cost of revenues	25,688	25,569
New Equipment Sales [Member]
Cost of revenues:
Cost of revenues	33,442	27,426
Used Equipment Sales [Member]
Cost of revenues:
Cost of revenues	28,365	20,438
Parts Sales [Member]
Cost of revenues:
Cost of revenues	18,747	21,903
Services Revenues [Member]
Cost of revenues:
Cost of revenues	4,697	5,540
Other [Member]
Cost of revenues:
Cost of revenues	2,431	2,772
Equipment Rentals [Member]
Revenues:
Revenues	156,224	174,519
New Equipment Sales [Member]
Revenues:
Revenues	37,745	30,873
Used Equipment Sales [Member]
Revenues:
Revenues	41,766	31,218
Parts Sales [Member]
Revenues:
Revenues	25,612	29,769
Services Revenues [Member]
Revenues:
Revenues	14,510	16,822
Other [Member]
Revenues:
Revenues	$ 2,588	$ 2,721

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 4,151	$ (36,968)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of property and equipment	6,904	7,398
Depreciation of rental equipment	55,349	59,986
Amortization of finance lease right-of-use assets	41	40
Amortization of intangible assets	993	1,010
Amortization of deferred financing costs	242	251
Accretion of note discount, net of premium amortization	293	120
Non-cash operating lease expense	3,580	2,821
Provision for losses on accounts receivable	331	1,673
Provision for inventory obsolescence	26	12
Change in deferred income taxes	789	(9,798)
Stock-based compensation expense	1,601	1,652
Impairment of goodwill		61,994
Gain from sales of property and equipment, net	(154)	(4,264)
Gain from sales of rental equipment, net	(13,194)	(10,567)
Changes in operating assets and liabilities, net of acquisitions:
Receivables	22,692	21,116
Inventories	(99,013)	(33,371)
Prepaid expenses and other assets	(7,249)	(7,118)
Accounts payable	62,418	9,533
Manufacturer flooring plans payable	909	(7,440)
Accrued expenses payable and other liabilities	6,206	(23,643)
Deferred compensation payable		25
Net cash provided by operating activities	46,915	34,462
Cash flows from investing activities:
Purchases of property and equipment	(7,329)	(10,069)
Purchases of rental equipment	(56,313)	(19,785)
Proceeds from sales of property and equipment	156	6,880
Proceeds from sales of rental equipment	38,801	29,056
Net cash provided by (used in) investing activities	(24,685)	6,082
Cash flows from financing activities:
Borrowings on senior secured credit facility	307,341	299,524
Payments on senior secured credit facility	(307,341)	(331,482)
Dividends paid	(9,933)	(9,863)
Purchases of treasury stock	(435)	(470)
Payments of deferred financing costs	(136)
Payments of finance lease obligations	(63)	(60)
Net cash used in financing activities	(10,567)	(42,351)
Net increase (decrease) in cash	11,663	(1,807)
Cash, beginning of period	310,882	14,247
Cash, end of period	322,545	12,440
Noncash asset purchases:
Assets transferred from new and used inventory to rental fleet	15,360	12,680
Purchases of property and equipment included in accrued expenses payable and other liabilities	158	5
Operating lease assets obtained in exchange for new operating lease liabilities	8,355	15,906
Cash paid during the period for:
Interest	807	29,305
Income taxes paid (net of refunds received)	$ (60)	$ (99)

Organization and Nature of Oper

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

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	(2) Significant Accounting Policies We describe our significant accounting policies in note 2 of the notes to consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020. During the three month period ended March 31, 2021, there were no significant changes to those accounting policies. Use of Estimates We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, which requires management to use its judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. These assumptions and estimates could have a material effect on our condensed consolidated financial statements. Actual results may differ materially from those estimates. We review our estimates on an ongoing basis based on information currently available, and changes in facts and circumstances may cause us to revise these estimates. Revenue Recognition We recognize revenue in accordance with two different accounting standards: 1) Topic 606 and 2) Topic 842. Under Topic 606, Revenue from Contracts with Customers Under Topic 606, revenue from contracts with customers is measured based on the consideration specified in the contract with the customer, and excludes any sales incentives and amounts collected on behalf of third parties. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. Our contracts with customers generally do not include multiple performance obligations. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for such products or services. Under Topic 842, Leases For additional information related to our revenue recognition policies pursuant to Topic 606 and Topic 842, please see Significant Accounting Policies in note 2 to our Form 10-K for the year ended December 31, 2020. In the table below, revenues as presented in our condensed consolidated statements of operations for the three month period ended March 31, 2021 and 2020 are summarized by type and by the applicable accounting standard. Three Month Period Ended March 31, 2021 2020 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Rental revenues Owned equipment rentals $ 132,060 $ 187 $ 132,247 $ 153,670 $ 258 $ 153,928 Re-rent revenue 7,694 — 7,694 4,690 — 4,690 Ancillary and other rental revenues: Delivery and pick-up — 8,396 8,396 — 9,126 9,126 Other 7,887 — 7,887 6,775 — 6,775 Total ancillary rental revenues 7,887 8,396 16,283 6,775 9,126 15,901 Total equipment rental revenues 147,641 8,583 156,224 165,135 9,384 174,519 New equipment sales — 37,745 37,745 — 30,873 30,873 Used equipment sales — 41,766 41,766 — 31,218 31,218 Parts sales — 25,612 25,612 — 29,769 29,769 Service revenues — 14,510 14,510 — 16,822 16,822 Other — 2,588 2,588 — 2,721 2,721 Total revenues $ 147,641 $ 130,804 $ 278,445 $ 165,135 $ 120,787 $ 285,922 Revenues by reporting segment are presented in note 10 of our condensed consolidated financial statements, using the revenue captions reflected in our consolidated statements of operations. We believe that the disaggregation of our revenues from contracts to customers as reflected above, coupled with further discussion below and the reporting segments in note 10, depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. For further information related to our accounting for revenues pursuant to Topic 606 and Topic 842, see Significant Accounting Policies in note 2 to our Annual Report on Form 10-K for the year ended December 31, 2020. Receivables and contract assets and liabilities We manage credit risk associated with our accounts receivables at the customer level. Because the same customers typically generate the revenues that are accounted for under both Topic 606 and Topic 842, the discussions below on credit risk and our allowance for doubtful accounts address our total revenues from Topic 606 and Topic 842. We believe concentration of credit risk with respect to our receivables is limited because our customer base is comprised of a large number of geographically diverse customers. No single customer accounted for more than 10% of our revenues on an overall or segment basis for any of the periods presented in this Quarterly Report on Form 10-Q. We manage credit risk through credit approvals, credit limits and other monitoring procedures. Pursuant to Topic 842 and Topic 326 for rental and non-rental receivables, respectively, we maintain an allowance for doubtful accounts that reflects our estimate of our expected credit losses. Our allowance is estimated using a loss rate model based on delinquency. The estimated loss rate is based on our historical experience with specific customers, our understanding of our current economic circumstances, reasonable and supportable forecasts, and our own judgment as to the likelihood of ultimate payment based upon available data. Our largest exposure to doubtful accounts is in our rental operations. We perform credit evaluations of customers and establish credit limits based on reviews of our customers’ current credit information and payment histories. We believe our credit risk is somewhat mitigated by our geographically diverse customer base and our credit evaluation procedures. The actual rate of future credit losses, however, may not be similar to past experience. Our estimate of doubtful accounts could change based on changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, we may be required to increase or decrease our allowance for doubtful accounts. We do not have material contract assets, impairment losses associated therewith, or material contract liabilities associated with contracts with customers. Our contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. We did not recognize material revenues during the three month periods ended March 31, 2021 or 2020 that was included in the contract liability balance as of the beginning of such periods. Goodwill Based on our evaluation of the impact to our business in the first quarter of 2020 from the COVID-19 pandemic, we identified triggering events requiring an interim impairment test as of March 31, 2020, resulting in a $62.0 million impairment charge to our Equipment Rental Component 2 reporting unit. For additional information related to our goodwill impairment charge in the first quarter of 2020, please see footnote 2 to the Company’s consolidated financial statements included as Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Recent Accounting Pronouncements Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional guidance for a limited time to ease the potential burden in accounting for or recognizing the effects of reference rate reform, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”) on financial reporting. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are elective and are effective upon issuance for all entities through December 31, 2022. The amendments of this ASU should be applied on a prospective basis. We intend to continue to monitor the developments with respect to the planned phase-out out of LIBOR after 2021 and work with our lenders to seek to ensure any transition away from LIBOR will have minimal impact on our financial condition. However, we can provide no assurances regarding the impact of the discontinuation of LIBOR as there can be no assurances as to whether such replacement or alternative base rate will be more or less favorable than LIBOR. Our exposure related to the expected cessation of LIBOR is limited to the interest expense we incur on balances outstanding under our Senior Secured Credit Facility (the “Credit Facility”). The potential impact from the cessation of LIBOR as a reference rate, as well as the applicability of ASU 2020-04, is not currently estimable. Pronouncements Adopted in 2021 In December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The guidance removes the following exceptions: 1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, 2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, 3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary and 4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. Additionally, the guidance simplifies the accounting for income taxes by: 1) requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, 2) requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction, 3) specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements (although the entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority), 4) requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date and 5) making minor improvements for income tax accounting related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. The Company adopted ASU 2019-12 on January 1, 2021 and the adoption did not have a material impact on our condensed consolidated financial statements presented herein.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	(3) Fair Value of Financial Instruments Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The FASB fair value measurement guidance established a fair value hierarchy that prioritizes the inputs used to measure fair value. The three broad levels of the fair value hierarchy are as follows: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly Level 3 – Unobservable inputs for which little or no market data exists, therefore requiring a company to develop its own assumptions The carrying value of financial instruments reported in the accompanying condensed consolidated balance sheets for cash, accounts receivable, accounts payable and accrued expenses payable and other liabilities approximate fair value due to the immediate or short-term nature or maturity of these financial instruments. The carrying amounts and fair values of our other financial instruments subject to fair value disclosures as of March 31, 2021 and December 31, 2020 are presented in the table below (amounts in thousands). March 31, 2021 Carrying Amount Fair Value Manufacturer flooring plans payable with interest computed at 3.5% (Level 3) $ 10,524 $ 9,492 Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2) 1,238,885 1,216,188 December 31, 2020 Carrying Amount Fair Value Manufacturer flooring plans payable with interest computed at 3.5% (Level 3) $ 9,615 $ 8,976 Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2) 1,238,660 1,259,413 At March 31, 2021 and December 31, 2020, the fair value of our senior unsecured notes due 2028 was based on quoted bond trading market prices for those notes. For our Level 3 unobservable inputs, we calculate a discount rate for our manufacturing floor plans payable based on the U.S. prime rate plus the applicable margin on our Senior Secured Credit Facility. The discount rate is disclosed in the above table. During the three month periods ended March 31, 2021 and 2020, there were no transfers of financial assets or liabilities in or out of Level 3 of the fair value hierarchy. 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 to these unaudited condensed consolidated financial statements for additional information.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity	(4) Stockholders’ Equity The following table summarizes the activity in Stockholders’ Equity for the three month periods ended March 31, 2021 and 2020, respectively (amounts in thousands, except share data): Common Stock Additional Total Shares Issued Amount Paid-in Capital Treasury Stock Retained Earnings Stockholders’ Equity Balances at December 31, 2020 40,242,711 $ 401 $ 240,206 $ (66,188 ) $ 63,814 $ 238,233 Stock-based compensation — — 1,601 — — 1,601 Cash dividends declared on common stock ($0.275 per share) — — — — (9,854 ) (9,854 ) Issuance of common stock, net of forfeitures 45,427 — — — — — Repurchase of 12,624 shares of restricted common stock — — — (435 ) — (435 ) Net income — — — — 4,151 4,151 Balances at March 31, 2021 40,288,138 $ 401 $ 241,807 $ (66,623 ) $ 58,111 $ 233,696 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

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	(5) Stock-Based Compensation We account for our stock-based compensation plans using the fair value recognition provisions of ASC 718, Stock Compensation Non-vested Stock The following table summarizes our non-vested stock activity for the three months ended March 31, 2021: Number of Shares Weighted Average Grant Date Fair Non-vested stock at December 31, 2020 524,876 $ 23.00 Granted 23,296 $ 27.48 Vested (55,092 ) $ 32.85 Forfeited (13,665 ) $ 26.41 Non-vested stock at March 31, 2021 479,415 $ 21.99 As of March 31, 2021, we had unrecognized compensation expense of approximately $4.9 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 , 20 2 1 and 20 20 is $ million and $ million , respectively .

Income (Loss) per Share

Income (Loss) per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Income (Loss) per Share	(6) Income (Loss) per Share Income (loss) per common share for the three months ended March 31, 2021 and 2020 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 0.9% and 0.7% of total outstanding shares for the three months ended March 31, 2021 and 2020, respectively, 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, 2021 and 2020 (amounts in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Basic net income (loss) per share: Net income (loss) $ 4,151 $ (36,968 ) Weighted average number of common shares outstanding 36,185 35,965 Net income (loss) per share of common stock – basic $ 0.11 $ (1.03 ) Diluted net income (loss) per share: Net income (loss) $ 4,151 $ (36,968 ) Weighted average number of common shares outstanding 36,185 35,965 Effect of dilutive securities: Effect of dilutive non-vested restricted stock 202 — Weighted average number of common shares outstanding – diluted 36,387 35,965 Net income (loss) per share of common stock – diluted $ 0.11 $ (1.03 ) Common shares excluded from the denominator as anti-dilutive: Non-vested restricted stock — 146

Senior Secured Credit Facility

Senior Secured Credit Facility	3 Months Ended
	Mar. 31, 2021
Secured Debt [Member]
Senior Secured Credit Facility	(7) Senior Secured Credit Facility We and our subsidiaries are parties to a $750.0 million Credit Facility with Wells Fargo Capital Finance, LLC as administrative agent, and the lenders named therein (the “Credit Facility”). For further information related to significant terms of the Credit Facility, see footnote 10 to the Company’s consolidated financial statements included as Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. As of March 31, 2021, we were in compliance with our financial covenants under the Amended and Restated Credit Agreement. At March 31, 2021, we had no amount of borrowings outstanding under the Credit Facility and could borrow up to approximately $741.3 million, net of an $8.7 million outstanding letter of credit, and remain in compliance with the debt covenants under the Credit Facility.

Senior Unsecured Notes

Senior Unsecured Notes	3 Months Ended
	Mar. 31, 2021
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Credit Facility	(8) Senior Unsecured Note s On December 14, 2020, we completed an offering of $1,250 million aggregate principal amount of 3.875% senior notes due 2028 (the “New Notes”) and the settlement of a cash tender offer with respect to our previously outstanding 5.625% senior notes due 2025 (the “Old Notes”). For further information related to significant terms of the Senior Unsecured Notes, see footnote 9 to the Company’s consolidated financial statements included as Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. As of March 31, 2021, we were in compliance with the covenants governing our notes. The following table reconciles our Senior Unsecured Notes to our Condensed Consolidated Balance Sheets (amounts in thousands): Balance at December 31, 2019 $ 945,566 Accretion of discount on Old Notes through December 14, 2020 1,466 Amortization of note premium on Old Notes through December 14, 2020 (1,011 ) Amortization of deferred financing costs on Old Notes through December 14, 2020 293 Aggregate principal amount paid on Old Notes (950,000 ) Writeoff of unaccreted discount on Old Notes 7,225 Writeoff of unamortized premium on Old Notes (4,988 ) Writeoff of deferred financing costs on Old Notes 1,449 Aggregate principal amount issued on New Notes 1,250,000 Notes discount and deferred transaction costs on New Notes (11,404 ) Accretion of discount on New Notes from December 14, 2020 through December 31, 2020 53 Amortization of deferred financing costs on New Notes from December 14, 2020 through December 31, 2020 11 Balance at December 31, 2020 $ 1,238,660 Accretion of discount on New Notes through March 31, 2021 293 Additional deferred financing costs on New Notes through March 31, 2021 (136 ) Amortization of deferred financing costs on New Notes through March 31, 2021 68 Balance at March 31, 2021 $ 1,238,885

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	(9) 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, 2020. At March 31, 2021, as disclosed in our condensed consolidated balance sheet, we had net operating lease right-of-use assets of $167.0 million and net finance lease right-of-use assets of $0.2 million. Our operating lease liabilities at March 31, 2021 were $170.8 million and finance lease liabilities were $0.2 million. The weighted average remaining lease term for operating leases was approximately 9.3 years and the weighted average remaining lease term for finance leases was approximately 1.0 years. The weighted average discount rate for operating and finance leases was approximately 6.4% and 5.9%, respectively. The future minimum lease payments of operating leases executed but not commenced as of March 31, 2021 are estimated to be $0.3 million, $0.6 million, $0.6 million, $0.6 million and $0.6 million for the years ended December 31, 2021, 2022, 2023, 2024 and 2025, respectively, and $4.1 million thereafter. It is expected that these leases will commence during 2021.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	(10) Segment Information We have identified five reportable segments: equipment rentals, new equipment sales, used equipment sales, parts sales and services revenues. These segments are based upon how management of the Company allocates resources and assesses performance. Non-segmented revenues and non-segmented costs relate to equipment support activities including transportation, hauling, parts freight and damage-waiver charges and are not allocated to the other reportable segments. There were no sales between segments for any of the periods presented. Selling, general and administrative expenses as well as all other income and expense items below gross profit are not generally allocated to reportable segments. We do not compile discrete financial information by segments other than the information presented below. The following table presents information about our reportable segments (amounts in thousands): Three Months Ended March 31, 2021 2020 Segment Revenues: Equipment rentals $ 156,224 $ 174,519 New equipment sales 37,745 30,873 Used equipment sales 41,766 31,218 Parts sales 25,612 29,769 Services revenues 14,510 16,822 Total segmented revenues 275,857 283,201 Non-segmented revenues 2,588 2,721 Total revenues $ 278,445 $ 285,922 Segment Gross Profit: Equipment rentals $ 58,464 $ 72,159 New equipment sales 4,303 3,447 Used equipment sales 13,401 10,780 Parts sales 6,865 7,866 Services revenues 9,813 11,282 Total segmented gross profit 92,846 105,534 Non-segmented gross profit (loss) 157 (51 ) Total gross profit $ 93,003 $ 105,483 Balances at March 31, December 31, 2021 2020 Segment identified assets: Equipment sales $ 139,896 $ 58,414 Equipment rentals 1,019,462 1,028,745 Parts and services 16,219 14,074 Total segment identified assets 1,175,577 1,101,233 Non-segment identified assets 878,906 879,251 Total assets $ 2,054,483 $ 1,980,484 The Company operates primarily in the United States and our sales to international customers for the three month periods ended March 31, 2021 and 2020 were 0.2% and 0.4%, 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.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our condensed consolidated financial statements include the financial position and results of operations of H&E Equipment Services, Inc. and its wholly-owned subsidiaries H&E Finance Corp., GNE Investments, Inc., Great Northern Equipment, Inc., H&E California Holding, Inc., H&E Equipment Services (California), LLC and H&E Equipment Services (Mid-Atlantic), Inc., collectively referred to herein as “we” or “us” or “our” or the “Company.” The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such regulations. In the opinion of management, all adjustments (consisting of all normal and recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, and therefore, the results and trends in these interim condensed consolidated financial statements may not be the same for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2020, from which the consolidated balance sheet amounts as of December 31, 2020 were derived. All significant intercompany accounts and transactions have been eliminated in these condensed consolidated financial statements. The nature of our business is such that short-term obligations are typically met by cash flows generated from long-term assets. Consequently, and consistent with industry practice, the accompanying condensed consolidated balance sheets are presented on an unclassified basis.
Use of Estimates	Use of Estimates We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, which requires management to use its judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. These assumptions and estimates could have a material effect on our condensed consolidated financial statements. Actual results may differ materially from those estimates. We review our estimates on an ongoing basis based on information currently available, and changes in facts and circumstances may cause us to revise these estimates.
Revenue Recognition	Revenue Recognition We recognize revenue in accordance with two different accounting standards: 1) Topic 606 and 2) Topic 842. Under Topic 606, Revenue from Contracts with Customers Under Topic 606, revenue from contracts with customers is measured based on the consideration specified in the contract with the customer, and excludes any sales incentives and amounts collected on behalf of third parties. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. Our contracts with customers generally do not include multiple performance obligations. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for such products or services. Under Topic 842, Leases For additional information related to our revenue recognition policies pursuant to Topic 606 and Topic 842, please see Significant Accounting Policies in note 2 to our Form 10-K for the year ended December 31, 2020. In the table below, revenues as presented in our condensed consolidated statements of operations for the three month period ended March 31, 2021 and 2020 are summarized by type and by the applicable accounting standard. Three Month Period Ended March 31, 2021 2020 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Rental revenues Owned equipment rentals $ 132,060 $ 187 $ 132,247 $ 153,670 $ 258 $ 153,928 Re-rent revenue 7,694 — 7,694 4,690 — 4,690 Ancillary and other rental revenues: Delivery and pick-up — 8,396 8,396 — 9,126 9,126 Other 7,887 — 7,887 6,775 — 6,775 Total ancillary rental revenues 7,887 8,396 16,283 6,775 9,126 15,901 Total equipment rental revenues 147,641 8,583 156,224 165,135 9,384 174,519 New equipment sales — 37,745 37,745 — 30,873 30,873 Used equipment sales — 41,766 41,766 — 31,218 31,218 Parts sales — 25,612 25,612 — 29,769 29,769 Service revenues — 14,510 14,510 — 16,822 16,822 Other — 2,588 2,588 — 2,721 2,721 Total revenues $ 147,641 $ 130,804 $ 278,445 $ 165,135 $ 120,787 $ 285,922 Revenues by reporting segment are presented in note 10 of our condensed consolidated financial statements, using the revenue captions reflected in our consolidated statements of operations. We believe that the disaggregation of our revenues from contracts to customers as reflected above, coupled with further discussion below and the reporting segments in note 10, depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. For further information related to our accounting for revenues pursuant to Topic 606 and Topic 842, see Significant Accounting Policies in note 2 to our Annual Report on Form 10-K for the year ended December 31, 2020. Receivables and contract assets and liabilities We manage credit risk associated with our accounts receivables at the customer level. Because the same customers typically generate the revenues that are accounted for under both Topic 606 and Topic 842, the discussions below on credit risk and our allowance for doubtful accounts address our total revenues from Topic 606 and Topic 842. We believe concentration of credit risk with respect to our receivables is limited because our customer base is comprised of a large number of geographically diverse customers. No single customer accounted for more than 10% of our revenues on an overall or segment basis for any of the periods presented in this Quarterly Report on Form 10-Q. We manage credit risk through credit approvals, credit limits and other monitoring procedures. Pursuant to Topic 842 and Topic 326 for rental and non-rental receivables, respectively, we maintain an allowance for doubtful accounts that reflects our estimate of our expected credit losses. Our allowance is estimated using a loss rate model based on delinquency. The estimated loss rate is based on our historical experience with specific customers, our understanding of our current economic circumstances, reasonable and supportable forecasts, and our own judgment as to the likelihood of ultimate payment based upon available data. Our largest exposure to doubtful accounts is in our rental operations. We perform credit evaluations of customers and establish credit limits based on reviews of our customers’ current credit information and payment histories. We believe our credit risk is somewhat mitigated by our geographically diverse customer base and our credit evaluation procedures. The actual rate of future credit losses, however, may not be similar to past experience. Our estimate of doubtful accounts could change based on changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, we may be required to increase or decrease our allowance for doubtful accounts. We do not have material contract assets, impairment losses associated therewith, or material contract liabilities associated with contracts with customers. Our contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. We did not recognize material revenues during the three month periods ended March 31, 2021 or 2020 that was included in the contract liability balance as of the beginning of such periods.
Goodwill	Goodwill Based on our evaluation of the impact to our business in the first quarter of 2020 from the COVID-19 pandemic, we identified triggering events requiring an interim impairment test as of March 31, 2020, resulting in a $62.0 million impairment charge to our Equipment Rental Component 2 reporting unit. For additional information related to our goodwill impairment charge in the first quarter of 2020, please see footnote 2 to the Company’s consolidated financial statements included as Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional guidance for a limited time to ease the potential burden in accounting for or recognizing the effects of reference rate reform, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”) on financial reporting. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are elective and are effective upon issuance for all entities through December 31, 2022. The amendments of this ASU should be applied on a prospective basis. We intend to continue to monitor the developments with respect to the planned phase-out out of LIBOR after 2021 and work with our lenders to seek to ensure any transition away from LIBOR will have minimal impact on our financial condition. However, we can provide no assurances regarding the impact of the discontinuation of LIBOR as there can be no assurances as to whether such replacement or alternative base rate will be more or less favorable than LIBOR. Our exposure related to the expected cessation of LIBOR is limited to the interest expense we incur on balances outstanding under our Senior Secured Credit Facility (the “Credit Facility”). The potential impact from the cessation of LIBOR as a reference rate, as well as the applicability of ASU 2020-04, is not currently estimable. Pronouncements Adopted in 2021 In December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The guidance removes the following exceptions: 1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, 2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, 3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary and 4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. Additionally, the guidance simplifies the accounting for income taxes by: 1) requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, 2) requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction, 3) specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements (although the entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority), 4) requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date and 5) making minor improvements for income tax accounting related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. The Company adopted ASU 2019-12 on January 1, 2021 and the adoption did not have a material impact on our condensed consolidated financial statements presented herein.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Revenues by Type and by Applicable Accounting Standard	Three Month Period Ended March 31, 2021 2020 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Rental revenues Owned equipment rentals $ 132,060 $ 187 $ 132,247 $ 153,670 $ 258 $ 153,928 Re-rent revenue 7,694 — 7,694 4,690 — 4,690 Ancillary and other rental revenues: Delivery and pick-up — 8,396 8,396 — 9,126 9,126 Other 7,887 — 7,887 6,775 — 6,775 Total ancillary rental revenues 7,887 8,396 16,283 6,775 9,126 15,901 Total equipment rental revenues 147,641 8,583 156,224 165,135 9,384 174,519 New equipment sales — 37,745 37,745 — 30,873 30,873 Used equipment sales — 41,766 41,766 — 31,218 31,218 Parts sales — 25,612 25,612 — 29,769 29,769 Service revenues — 14,510 14,510 — 16,822 16,822 Other — 2,588 2,588 — 2,721 2,721 Total revenues $ 147,641 $ 130,804 $ 278,445 $ 165,135 $ 120,787 $ 285,922

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements	The carrying amounts and fair values of our other financial instruments subject to fair value disclosures as of March 31, 2021 and December 31, 2020 are presented in the table below (amounts in thousands). March 31, 2021 Carrying Amount Fair Value Manufacturer flooring plans payable with interest computed at 3.5% (Level 3) $ 10,524 $ 9,492 Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2) 1,238,885 1,216,188 December 31, 2020 Carrying Amount Fair Value Manufacturer flooring plans payable with interest computed at 3.5% (Level 3) $ 9,615 $ 8,976 Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2) 1,238,660 1,259,413

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020, respectively (amounts in thousands, except share data): Common Stock Additional Total Shares Issued Amount Paid-in Capital Treasury Stock Retained Earnings Stockholders’ Equity Balances at December 31, 2020 40,242,711 $ 401 $ 240,206 $ (66,188 ) $ 63,814 $ 238,233 Stock-based compensation — — 1,601 — — 1,601 Cash dividends declared on common stock ($0.275 per share) — — — — (9,854 ) (9,854 ) Issuance of common stock, net of forfeitures 45,427 — — — — — Repurchase of 12,624 shares of restricted common stock — — — (435 ) — (435 ) Net income — — — — 4,151 4,151 Balances at March 31, 2021 40,288,138 $ 401 $ 241,807 $ (66,623 ) $ 58,111 $ 233,696 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

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Non-Vested Stock Activity	The following table summarizes our non-vested stock activity for the three months ended March 31, 2021: Number of Shares Weighted Average Grant Date Fair Non-vested stock at December 31, 2020 524,876 $ 23.00 Granted 23,296 $ 27.48 Vested (55,092 ) $ 32.85 Forfeited (13,665 ) $ 26.41 Non-vested stock at March 31, 2021 479,415 $ 21.99

Income (Loss) per Share (Tables

Income (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Net Income (Loss) Per Common Share	The following table sets forth the computation of basic and diluted net income (loss) per common share for the three months ended March 31, 2021 and 2020 (amounts in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Basic net income (loss) per share: Net income (loss) $ 4,151 $ (36,968 ) Weighted average number of common shares outstanding 36,185 35,965 Net income (loss) per share of common stock – basic $ 0.11 $ (1.03 ) Diluted net income (loss) per share: Net income (loss) $ 4,151 $ (36,968 ) Weighted average number of common shares outstanding 36,185 35,965 Effect of dilutive securities: Effect of dilutive non-vested restricted stock 202 — Weighted average number of common shares outstanding – diluted 36,387 35,965 Net income (loss) per share of common stock – diluted $ 0.11 $ (1.03 ) Common shares excluded from the denominator as anti-dilutive: Non-vested restricted stock — 146

Senior Unsecured Notes (Tables)

Senior Unsecured Notes (Tables)	3 Months Ended
	Mar. 31, 2021
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Reconciliation of Senior Unsecured Notes to Condensed Consolidated Balance Sheets	The following table reconciles our Senior Unsecured Notes to our Condensed Consolidated Balance Sheets (amounts in thousands): Balance at December 31, 2019 $ 945,566 Accretion of discount on Old Notes through December 14, 2020 1,466 Amortization of note premium on Old Notes through December 14, 2020 (1,011 ) Amortization of deferred financing costs on Old Notes through December 14, 2020 293 Aggregate principal amount paid on Old Notes (950,000 ) Writeoff of unaccreted discount on Old Notes 7,225 Writeoff of unamortized premium on Old Notes (4,988 ) Writeoff of deferred financing costs on Old Notes 1,449 Aggregate principal amount issued on New Notes 1,250,000 Notes discount and deferred transaction costs on New Notes (11,404 ) Accretion of discount on New Notes from December 14, 2020 through December 31, 2020 53 Amortization of deferred financing costs on New Notes from December 14, 2020 through December 31, 2020 11 Balance at December 31, 2020 $ 1,238,660 Accretion of discount on New Notes through March 31, 2021 293 Additional deferred financing costs on New Notes through March 31, 2021 (136 ) Amortization of deferred financing costs on New Notes through March 31, 2021 68 Balance at March 31, 2021 $ 1,238,885

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Information about Reportable Segments	The following table presents information about our reportable segments (amounts in thousands): Three Months Ended March 31, 2021 2020 Segment Revenues: Equipment rentals $ 156,224 $ 174,519 New equipment sales 37,745 30,873 Used equipment sales 41,766 31,218 Parts sales 25,612 29,769 Services revenues 14,510 16,822 Total segmented revenues 275,857 283,201 Non-segmented revenues 2,588 2,721 Total revenues $ 278,445 $ 285,922 Segment Gross Profit: Equipment rentals $ 58,464 $ 72,159 New equipment sales 4,303 3,447 Used equipment sales 13,401 10,780 Parts sales 6,865 7,866 Services revenues 9,813 11,282 Total segmented gross profit 92,846 105,534 Non-segmented gross profit (loss) 157 (51 ) Total gross profit $ 93,003 $ 105,483 Balances at March 31, December 31, 2021 2020 Segment identified assets: Equipment sales $ 139,896 $ 58,414 Equipment rentals 1,019,462 1,028,745 Parts and services 16,219 14,074 Total segment identified assets 1,175,577 1,101,233 Non-segment identified assets 878,906 879,251 Total assets $ 2,054,483 $ 1,980,484

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, 2021	Mar. 31, 2020
Revenues:
Revenues	$ 278,445	$ 285,922
Topic 842 [Member]
Revenues:
Revenues	147,641	165,135
Topic 606 [Member]
Revenues:
Revenues	130,804	120,787
Rental Revenues [Member] | Owned Equipment Rentals [Member]
Revenues:
Revenues	132,247	153,928
Rental Revenues [Member] | Owned Equipment Rentals [Member] | Topic 842 [Member]
Revenues:
Revenues	132,060	153,670
Rental Revenues [Member] | Owned Equipment Rentals [Member] | Topic 606 [Member]
Revenues:
Revenues	187	258
Rental Revenues [Member] | Re Rent Revenues [Member]
Revenues:
Revenues	7,694	4,690
Rental Revenues [Member] | Re Rent Revenues [Member] | Topic 842 [Member]
Revenues:
Revenues	7,694	4,690
Ancillary And Other Rental Revenues [Member]
Revenues:
Revenues	16,283	15,901
Ancillary And Other Rental Revenues [Member] | Topic 842 [Member]
Revenues:
Revenues	7,887	6,775
Ancillary And Other Rental Revenues [Member] | Topic 606 [Member]
Revenues:
Revenues	8,396	9,126
Ancillary And Other Rental Revenues [Member] | Delivery and Pick-up [Member]
Revenues:
Revenues	8,396	9,126
Ancillary And Other Rental Revenues [Member] | Delivery and Pick-up [Member] | Topic 606 [Member]
Revenues:
Revenues	8,396	9,126
Ancillary And Other Rental Revenues [Member] | Other [Member]
Revenues:
Revenues	7,887	6,775
Ancillary And Other Rental Revenues [Member] | Other [Member] | Topic 842 [Member]
Revenues:
Revenues	7,887	6,775
Total Equipment Rental Revenues [Member]
Revenues:
Revenues	156,224	174,519
Total Equipment Rental Revenues [Member] | Topic 842 [Member]
Revenues:
Revenues	147,641	165,135
Total Equipment Rental Revenues [Member] | Topic 606 [Member]
Revenues:
Revenues	8,583	9,384
New Equipment Sales [Member]
Revenues:
Revenues	37,745	30,873
New Equipment Sales [Member] | Topic 606 [Member]
Revenues:
Revenues	37,745	30,873
Used Equipment Sales [Member]
Revenues:
Revenues	41,766	31,218
Used Equipment Sales [Member] | Topic 606 [Member]
Revenues:
Revenues	41,766	31,218
Parts Sales [Member]
Revenues:
Revenues	25,612	29,769
Parts Sales [Member] | Topic 606 [Member]
Revenues:
Revenues	25,612	29,769
Parts and Services [Member]
Revenues:
Revenues	14,510	16,822
Parts and Services [Member] | Topic 606 [Member]
Revenues:
Revenues	14,510	16,822
Other [Member]
Revenues:
Revenues	2,588	2,721
Other [Member] | Topic 606 [Member]
Revenues:
Revenues	$ 2,588	$ 2,721

Significant Accounting Polici_5

Significant Accounting Policies - Additional Information (Detail) $ in Thousands	Jan. 01, 2021	Mar. 31, 2021Customer	Mar. 31, 2020USD ($)Customer	Dec. 31, 2020Customer
Summary Of Significant Accounting Policy [Line Items]
Customer accounted for more than 10% of revenue | Customer		0	0	0
Impairment of goodwill			$ 61,994
Accounting standards update extensible list	us-gaap:AccountingStandardsUpdate201912Member
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2021
Change in accounting principle, accounting standards update, immaterial effect	true
Equipment Rental Component 2 [Member]
Summary Of Significant Accounting Policy [Line Items]
Impairment of goodwill			$ 62,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying Amount [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable with interest computed at 3.5% (Level 3)	$ 10,524	$ 9,615
Carrying Amount [Member] | Level 2 [Member] | Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)	1,238,885	1,238,660
Fair Value [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable with interest computed at 3.5% (Level 3)	9,492	8,976
Fair Value [Member] | Level 2 [Member] | Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)	$ 1,216,188	$ 1,259,413

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements (Parenthetical) (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Level 3 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable, interest rate	3.50%	3.50%
Level 3 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable, interest rate	3.50%	3.50%
Level 2 [Member] | Carrying Amount [Member] | Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes, due year	2028	2028
Senior unsecured notes, interest rate	3.875%	3.875%
Level 2 [Member] | Fair Value [Member] | Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes, due year	2028	2028
Senior unsecured notes, interest rate	3.875%	3.875%

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfer of financial assets	$ 0	$ 0
Transfer of financial liabilities	$ 0	0
Impairment of goodwill		61,994,000
Equipment Rental Component 2 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Impairment of goodwill		$ 62,000,000
Fair Value [Member] | Level 1 [Member] | Senior Unsecured Notes Due 2028 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Senior unsecured notes, due year	2028		2028

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Activity in Stockholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	$ 238,233	$ 307,519
Beginning Balances, shares	40,242,711
Stock-based compensation	$ 1,601	1,652
Cash dividends declared on common stock ($0.275 per share)	(9,854)	(9,789)
Issuance of common stock, net of forfeitures		1
Repurchase of shares of restricted common stock	(435)	(470)
Net income (loss)	4,151	(36,968)
Ending Balances	$ 233,696	261,945
Ending Balances, shares	40,288,138
Common Stock [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	$ 401	$ 398
Beginning Balances, shares	40,242,711	39,921,838
Issuance of common stock, net of forfeitures		$ 1
Issuance of common stock, net of forfeitures, shares	45,427	98,451
Ending Balances	$ 401	$ 399
Ending Balances, shares	40,288,138	40,020,289
Additional Paid-in Capital [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	$ 240,206	$ 235,844
Stock-based compensation	1,601	1,652
Ending Balances	241,807	237,496
Treasury Stock [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	(66,188)	(64,783)
Repurchase of shares of restricted common stock	(435)	(470)
Ending Balances	(66,623)	(65,253)
Retained Earnings [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	63,814	136,060
Cash dividends declared on common stock ($0.275 per share)	(9,854)	(9,789)
Net income (loss)	4,151	(36,968)
Ending Balances	$ 58,111	$ 89,303

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Activity in Stockholders' Equity (Parenthetical) (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Capitalization, Equity [Line Items]
Cash dividends declared on common stock, per share	$ 0.275	$ 0.275
Repurchase of restricted common stock, shares	12,624	26,392
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, 2021	Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested stock	$ 4.9
Expected non-vested stock recognized over a weighted-average period	1 year 9 months 18 days
Selling, General and Administrative Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 1.6	$ 1.7
2016 Stock-Based Incentive Compensation Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-Based incentive compensation plan	1,279,114

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Non-Vested Stock Activity (Detail)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Non-vested stock, beginning balance, Number of Shares | shares	524,876
Granted, Number of Shares | shares	23,296
Vested, Number of Shares | shares	(55,092)
Forfeited, Number of Shares | shares	(13,665)
Non-vested stock, ending balance, Number of Shares | shares	479,415
Non-vested stock, beginning balance, Weighted Average Grant Date Fair Value | $ / shares	$ 23
Granted, Weighted Average Grant Date Fair Value | $ / shares	27.48
Vested, Weighted Average Grant Date Fair Value | $ / shares	32.85
Forfeited, Weighted Average Grant Date Fair Value | $ / shares	26.41
Non-vested stock, ending balance, Weighted Average Grant Date Fair Value | $ / shares	$ 21.99

Income (Loss) per Share - Addit

Income (Loss) per Share - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Restricted common shares, percentage	0.90%	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, 2021	Mar. 31, 2020
Basic net income (loss) per share:
Net income (loss)	$ 4,151	$ (36,968)
Weighted average number of common shares outstanding	36,185	35,965
Net income (loss) per share of common stock – basic	$ 0.11	$ (1.03)
Diluted net income (loss) per share:
Net income (loss)	$ 4,151	$ (36,968)
Weighted average number of common shares outstanding	36,185	35,965
Effect of dilutive securities:
Weighted average number of common shares outstanding – diluted	36,387	35,965
Net income (loss) per share of common stock – diluted	$ 0.11	$ (1.03)
Non-vested restricted stock [Member]
Effect of dilutive securities:
Effect of dilutive non-vested restricted stock	202
Common shares excluded from the denominator as anti-dilutive:
Common shares excluded from the denominator as anti-dilutive		146

Senior Secured Credit Facility

Senior Secured Credit Facility - Additional Information (Detail)	Mar. 31, 2021USD ($)
Wells Fargo Capital Finance, LLC [Member] | Credit Facility [Member]
Debt Instrument [Line Items]
Existing credit facility with its lenders	$ 750,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit	0
Available borrowings under our senior secured credit facility	741,300,000
Outstanding letters of credit	$ 8,700,000

Senior Unsecured Notes - Additi

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

Senior Unsecured Notes - Reconc

Senior Unsecured Notes - Reconciliation of Senior Unsecured Notes to Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		11 Months Ended	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 14, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Senior unsecured notes, beginning balance		$ 1,238,660
Amortization of deferred financing costs		242	$ 251
Senior unsecured notes, ending balance	$ 1,238,660	1,238,885			$ 1,238,660
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes, beginning balance		1,238,660	$ 945,566	$ 945,566	945,566
Senior unsecured notes, ending balance	1,238,660	1,238,885			1,238,660
Senior Unsecured Notes [Member] | 5.625% Senior Notes [Member]
Debt Instrument [Line Items]
Accretion of discount				1,466
Amortization of note premium				(1,011)
Amortization of deferred financing costs				$ 293
Aggregate principal amount paid on Old Notes					(950,000)
Writeoff of unaccreted discount on Old Notes					7,225
Writeoff of unamortized premium on Old Notes					(4,988)
Writeoff of deferred financing costs on Old Notes					1,449
Senior Unsecured Notes [Member] | 3.875% Senior Notes [Member]
Debt Instrument [Line Items]
Accretion of discount	53	293
Additional deferred financing costs		(136)
Amortization of deferred financing costs	$ 11	$ 68
Aggregate principal amount issued on New Notes					1,250,000
Notes discount and deferred transaction costs on New Notes					$ (11,404)

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Net operating lease right-of-use assets	$ 166,995	$ 162,220
Net finance lease right-of-use assets	162	203
Operating lease liabilities	170,827	165,921
Finance lease liabilities	$ 242	$ 305
Weighted average remaining lease term for operating leases	9 years 3 months 18 days
Weighted average remaining lease term for finance leases	1 year
Weighted average discount rate for operating leases	6.40%
Weighted average discount rate for finance leases	5.90%
Future minimum operating lease payments 2021	$ 300
Future minimum operating lease payments 2022	600
Future minimum operating lease payments 2023	600
Future minimum operating lease payments 2024	600
Future minimum operating lease payments 2025	600
Future minimum operating lease payments thereafter	$ 4,100

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2021CustomerSegment	Mar. 31, 2020Customer	Dec. 31, 2020Customer
Segment Reporting [Abstract]
Number of reportable segment | Segment	5
Sales to international customers	0.20%	0.40%
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, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Revenues:
Revenues	$ 278,445	$ 285,922
Segment Gross Profit:
Total gross profit	93,003	105,483
Segment identified assets:
Total assets	2,054,483		$ 1,980,484
Operating Segments [Member]
Segment Revenues:
Revenues	275,857	283,201
Segment Gross Profit:
Total gross profit	92,846	105,534
Segment identified assets:
Total assets	1,175,577		1,101,233
Operating Segments [Member] | Equipment Rentals [Member]
Segment Revenues:
Revenues	156,224	174,519
Segment Gross Profit:
Total gross profit	58,464	72,159
Segment identified assets:
Total assets	1,019,462		1,028,745
Operating Segments [Member] | New Equipment Sales [Member]
Segment Revenues:
Revenues	37,745	30,873
Segment Gross Profit:
Total gross profit	4,303	3,447
Operating Segments [Member] | Used Equipment Sales [Member]
Segment Revenues:
Revenues	41,766	31,218
Segment Gross Profit:
Total gross profit	13,401	10,780
Segment identified assets:
Total assets	139,896		58,414
Operating Segments [Member] | Parts Sales [Member]
Segment Revenues:
Revenues	25,612	29,769
Segment Gross Profit:
Total gross profit	6,865	7,866
Operating Segments [Member] | Services Revenues [Member]
Segment Revenues:
Revenues	14,510	16,822
Segment Gross Profit:
Total gross profit	9,813	11,282
Operating Segments [Member] | Parts and Services [Member]
Segment identified assets:
Total assets	16,219		14,074
Non-Segmented [Member]
Segment Revenues:
Revenues	2,588	2,721
Segment Gross Profit:
Total gross profit	157	$ (51)
Segment identified assets:
Total assets	$ 878,906		$ 879,251