0000950170-22-001961 | 10-K | XBRL Viewer | HE Equipment Services INC

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 102,540	$ (32,667)	$ 87,211
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of property and equipment	27,347	29,359	28,425
Depreciation of rental equipment	231,492	233,809	243,780
Amortization of intangible assets	3,970	3,987	4,132
Amortization of deferred financing costs	971	1,004	1,010
Accretion of note discount, net of premium amortization	1,172	508	477
Non-cash operating lease expense	12,964	12,723	11,680
Amortization of finance lease right-of-use assets	122	162	163
Provision for losses on accounts receivable	1,892	4,018	5,793
Provision for inventory obsolescence	54	127	152
Deferred income taxes	30,221	(9,116)	27,013
Stock-based compensation expense	4,432	4,362	4,670
Gain on sale of discontinued operations	(42,072)
Impairment of goodwill		61,994	12,184
Loss on early extinguishment of debt		44,630
Gain from sales of property and equipment, net	(7,797)	(10,966)	(4,617)
Gain from sales of rental equipment, net	(50,756)	(47,728)	(46,613)
Changes in operating assets and liabilities, net of acquisitions:
Receivables	2,868	9,328	9,222
Inventories	(56,535)	(9,521)	(19,637)
Prepaid expenses and other assets	(10,923)	(117)	267
Accounts payable	11,208	31,042	(43,358)
Manufacturer flooring plans payable	11,309	(15,586)	1,535
Accrued expenses payable and other liabilities	(14,907)	(23,238)	(4,380)
Deferred compensation payable		(2,098)	109
Net cash provided by operating activities	259,572	286,016	319,218
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired			(106,746)
Proceeds from the sale of discontinued operations	135,945
Purchases of property and equipment	(34,622)	(18,664)	(43,111)
Purchases of rental equipment	(418,082)	(116,363)	(309,654)
Proceeds from sales of property and equipment	11,884	14,524	6,050
Proceeds from sales of rental equipment	133,900	141,594	127,558
Net cash provided by (used in) investing activities	(170,975)	21,091	(325,903)
Cash flows from financing activities:
Purchases of treasury stock	(2,106)	(1,405)	(1,684)
Borrowings on senior secured credit facility	1,417,770	1,694,055	1,457,744
Payments on senior secured credit facility	(1,417,770)	(1,910,934)	(1,411,626)
Principal payments on senior unsecured notes due 2025		(950,000)
Costs paid to tender and redeem senior unsecured notes due 2025		(40,944)
Proceeds from issuance of senior unsecured notes due 2028		1,250,000
Payments of deferred financing costs	(135)	(11,404)	(559)
Dividends paid	(39,748)	(39,595)	(39,388)
Payments of finance lease obligations	(194)	(245)	(232)
Net cash provided by (used in) financing activities	(42,183)	(10,472)	4,255
Net increase (decrease) in cash	46,414	296,635	(2,430)
Cash, beginning of year	310,882	14,247	16,677
Cash, end of year	357,296	310,882	14,247
Supplemental schedule of non-cash investing and financing activities:
Accrued acquisition purchase price consideration			3,432
Non-cash asset purchases:
Assets transferred from used and new inventory to rental fleet	18,669	22,384	39,478
Purchases of property and equipment included in accrued expenses payable and other liabilities	425	(429)	468
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	13,565	18,372	7,094
Cash paid during the year for:
Interest	51,748	76,547	66,608
Income taxes paid (refunds received), net	$ 4,810	$ (223)	$ 996

Senior Unsecured Notes - Additional Information (Detail) - USD ($)			12 Months Ended
	Dec. 30, 2020	Dec. 14, 2020	Dec. 31, 2020	Dec. 31, 2021
Debt Instrument [Line Items]
Estimated offering expenses			$ 2,157,000	$ 1,458,000
One-time loss recorded on early extinguishment of debt			$ (44,630,000)
3.875% Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount		$ 1,250,000,000
Senior unsecured notes, interest rate		3.875%
Senior unsecured notes, maturity year		2028
Principal payments due until maturity		$ 0
Maturity date of notes		Dec. 15, 2028
Debt instrument, Payment terms		The New Notes were issued at par and require semiannual interest payments on June 15th and December 15th of each year, commencing on June 15, 2021. No principal payments are due until maturity (December 15, 2028).
Debt instrument, redemption description		The Company may redeem some or all of the New Notes at any time prior to December 15, 2023 by paying a “make-whole” premium, plus accrued and unpaid interest, if any, to the date of redemption. At any time prior to December 15, 2023, the Company may use the net proceeds of certain equity offerings to redeem up to 40% of the principal amount of the New Notes at a redemption price equal to 103.875% of their principal amount, plus accrued and unpaid interest, if any, to the redemption date; provided that at least 60% of the aggregate principal amount of such New Notes originally issued remains outstanding immediately following such redemption and such redemption occurs within 90 days of such equity offering. Subsequent to December 15, 2023, the New Notes may be redeemed pursuant to a declining schedule of redemption prices set forth in the Indenture.
Redemption price percentage as equal to principal amount of old notes to be redeemed		101.00%
Estimated offering expenses		$ 11,400,000
Net proceeds from sale of notes		1,238,600,000
Transaction costs incurred		$ 11,400,000
3.875% Senior Notes [Member] \| Before December 15, 2023 [Member]
Debt Instrument [Line Items]
Redemption price percentage as equal to principal amount of old notes to be redeemed		103.875%
3.875% Senior Notes [Member] \| Maximum [Member] \| Before December 15, 2023 [Member]
Debt Instrument [Line Items]
Percentage of principal amount of new notes may be redeemed		40.00%
3.875% Senior Notes [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Percentage of principal amount of new notes remains outstanding		60.00%
5.625% Senior Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes, interest rate		5.625%
Senior unsecured notes, maturity year		2025
Redemption price percentage as equal to principal amount of old notes to be redeemed	104.2188%
Repurchase of notes		$ 553,600,000
Early tender deadline amount received on debt instrument		1,043.75
Principal amount of old notes		1,000
Remaining principal amount outstanding of old notes redeemed	$ 396,400,000
One-time loss recorded on early extinguishment of debt		44,600,000
One-time loss recorded on early extinguishment of debt, after tax		31,300,000
Payment of tender premiums		24,200,000
Payment of premiums to redeem remaining outstanding old notes		16,700,000
Write-off of unamortized note discount		7,200,000
Write-off of unamortized note premium		5,000,000.0
Write-off of other financing costs		$ 1,500,000

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Line Items]
Outstanding letters of credit	$ 8.7	$ 8.7
Letter of Credit [Member]
Commitments And Contingencies Disclosure [Line Items]
Expiration date of letter of credit	2022-05
Line of credit renewed terms	1 year
Amended Letters of Credit [Member]
Commitments And Contingencies Disclosure [Line Items]
Outstanding letters of credit	$ 9.7
Expiration date of letter of credit	2022-01

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash dividends declared on common stock, per share	$ 1.10	$ 1.10	$ 1.10
Repurchase of restricted common stock, shares	61,476	76,407	58,756
Retained Earnings [Member]
Cash dividends declared on common stock, per share	$ 1.10	$ 1.10	$ 1.10

Deferred Compensation Plans - Additional Information (Detail) - CompensationPlan	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Postemployment Benefits [Abstract]
Number of deferred compensation plan	0	0

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

SCHEDULE II: VALUATION AND QUALIFYING ACCOUNTS

FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019

(Amounts in thousands)


Description	Balance at Beginning of Year		Additions Charged to Costs and Expenses		Deductions			Balance at End of Year
Year Ended December 31, 2021
Allowance for doubtful accounts receivable (a)	$	4,741	$	1,892	$	(2,455	)	$	4,178
Allowance for inventory obsolescence (b)		350		54		(331	)		73
	$	5,091	$	1,946	$	(2,786	)	$	4,251
Year Ended December 31, 2020
Allowance for doubtful accounts receivable (a)	$	5,236	$	4,018	$	(4,513	)	$	4,741
Allowance for inventory obsolescence (b)		331		127		(108	)		350
	$	5,567	$	4,145	$	(4,621	)	$	5,091
Year Ended December 31, 2019
Allowance for doubtful accounts receivable	$	4,094	$	5,793	$	(4,651	)	$	5,236
Allowance for inventory obsolescence		368		152		(189	)		331
	$	4,462	$	5,945	$	(4,840	)	$	5,567

Allowance for doubtful accounts receivables includes $252 related to discontinued operations for the balance at the beginning of the year ended December 31, 2021 and the balance at the end of the year ended December 31, 2020.

Allowance for inventory obsolescence includes $120 related to discontinued operations for the balance at the beginning of the year ended December 31, 2021 and the balance at the end of the year ended December 31, 2020.

Significant Accounting Policies - Schedule of Non-Vested Stock Activity (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Non-vested stock, beginning balance, Number of Shares	524,876	377,740
Granted, Number of Shares	202,687	364,981
Vested, Number of Shares	(186,042)	(203,638)
Forfeited, Number of Shares	(61,374)	(14,207)
Non-vested stock, ending balance, Number of Shares	480,147	524,876
Non-vested stock, beginning balance, Weighted Average Grant Date Fair Value	$ 23.00	$ 29.26
Granted, Weighted Average Grant Date Fair Value	33.28	18.21
Vested, Weighted Average Grant Date Fair Value	26.83	25.65
Forfeited, Weighted Average Grant Date Fair Value	25.31	28.11
Non-vested stock, ending balance, Weighted Average Grant Date Fair Value	$ 25.56	$ 23.00

Senior Secured Credit Facility - Additional Information (Detail) - USD ($)			12 Months Ended
	Feb. 01, 2019	Dec. 22, 2017	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding letters of credit			$ 8,700,000	$ 8,700,000
Wells Fargo Capital Finance, LLC [Member] \| Credit Facility [Member]
Debt Instrument [Line Items]
Existing credit facility with its lenders			$ 750,000,000.0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Existing credit facility with its lenders		$ 750,000,000
Debt instrument maturity date description	extended the maturity date of the credit facility from December 22, 2022 to January 31, 2024		extended the maturity date of the credit facility to December 22, 2022
Debt instrument maturity date	Jan. 31, 2024	Dec. 22, 2022
Uncommitted incremental revolving capacity		$ 250,000,000
Outstanding letters of credit			$ 8,700,000
Available borrowings under our senior secured credit facility			741,300,000
Line of credit			$ 0
Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Unused commitment fee margin percentage			0.375%
Revolving Credit Facility [Member] \| Maximum [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Margin rate lowered in applicable to Letter of Credit			2.00%
Revolving Credit Facility [Member] \| Maximum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Applicable margin Percentage	0.75%		1.00%
Revolving Credit Facility [Member] \| Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable margin Percentage	1.75%		2.00%
Revolving Credit Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Unused commitment fee margin percentage			0.25%
Revolving Credit Facility [Member] \| Minimum [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Margin rate lowered in applicable to Letter of Credit			1.50%
Revolving Credit Facility [Member] \| Minimum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Applicable margin Percentage	0.25%		0.50%
Revolving Credit Facility [Member] \| Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable margin Percentage	1.25%		1.50%
Letter of Credit Sub-Facility, and Guaranty [Member]
Debt Instrument [Line Items]
Existing credit facility with its lenders	$ 30,000,000.0

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Commissions paid	$ 0.9	$ 1.0	$ 0.9
John M. Engquist [Member]
Related Party Transaction [Line Items]
Percentage of ownership interest in equity	48.00%	48.00%	48.00%
John M. Engquist [Member] \| B-C Equipment Sales Inc [Member]
Related Party Transaction [Line Items]
Percentage of ownership interest in equity	50.00%
Products and services purchased	$ 0.1	$ 0.1	$ 0.3
Sales to related party	$ 0.2	$ 0.2	$ 0.1

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Revenues by Type and by Applicable Accounting Standard

The tables below summarize our revenues as presented in our consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019 by revenue type and by the applicable accounting standard (amounts in thousands).


	Year Ended December 31, 2021
	Topic 842		Topic 606		Total
Revenues:
Rental Revenues:
Owned equipment rentals	$	617,831	$	354	$	618,185
Re-rent revenue		34,819		—		34,819
Ancillary and other rental revenues:
Delivery and pick-up		—		40,523		40,523
Other		36,173		—		36,173
Total ancillary rental revenues		36,173		40,523		76,696
Total equipment rental revenues		688,823		40,877		729,700
Used equipment sales		—		135,245		135,245
New equipment sales		—		92,677		92,677
Parts sales		—		65,623		65,623
Services revenues		—		33,034		33,034
Other		—		6,518		6,518
Total revenues	$	688,823	$	373,974	$	1,062,797


	Year Ended December 31, 2020
	Topic 842		Topic 606		Total
Revenues:
Rental Revenues:
Owned equipment rentals	$	557,166	$	471	$	557,637
Re-rent revenue		23,507		—		23,507
Ancillary and other rental revenues:
Delivery and pick-up		—		35,793		35,793
Other		27,508		—		27,508
Total ancillary rental revenues		27,508		35,793		63,301
Total equipment rental revenues		608,181		36,264		644,445
Used equipment sales		—		139,769		139,769
New equipment sales		—		113,708		113,708
Parts sales		—		65,881		65,881
Services revenues		—		35,989		35,989
Other		—		7,183		7,183
Total revenues	$	608,181	$	398,794	$	1,006,975


	Year Ended December 31, 2019
	Topic 842		Topic 606		Total
Revenues:
Rental Revenues:
Owned equipment rentals	$	647,123	$	621	$	647,744
Re-rent revenue		24,007		—		24,007
Ancillary and other rental revenues:
Delivery and pick-up		—		40,049		40,049
Other		30,155		—		30,155
Total ancillary rental revenues		30,155		40,049		70,204
Total equipment rental revenues		701,285		40,670		741,955
Used equipment sales		—		122,591		122,591
New equipment sales		—		131,798		131,798
Parts sales		—		77,569		77,569
Services revenues		—		41,521		41,521
Other		—		8,327		8,327
Total revenues	$	701,285	$	422,476	$	1,123,761

Estimated Useful Lives of Property Plant and Equipment

Generally, we assign the following estimated useful lives to these categories:


Category		Estimated Useful Life
Transportation equipment		5 years
Buildings		39 years
Office equipment		5 years
Computer equipment		3 years
Machinery and equipment		7 years

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for our reporting units for the year ended December 31, 2020 is as follows (amounts in thousands). There were no changes to the carrying amount of goodwill for the year ended December 31, 2021.


	Eq. Rental Comp. 1			Eq. Rental Comp. 2 (1)			Used Eq. Sales			New Eq. Sales		Parts Sales			Service Revenues		Total
Balance at December 31, 2019	$	49,215		$	55,981		$	8,455		$	—	$	5,747		$	—	$	119,398
Decreases (2)		(239	)		(317	)		(8	)		—		(33	)		—		(597	)
Decreases (3)		—			(55,664	)		—			—		—			—		(55,664	)
Balance at December 31, 2020	$	48,976		$	—		$	8,447		$	—	$	5,714		$	—	$	63,137

(1)

As of October 1, 2021, Equipment Rental Component 2 is no longer a reporting unit, as described above.

(2)

Decreases are related to an adjustment during the first quarter of 2020 from the final closing settlement of the Cobra Equipment Rentals, LLC 2019 acquisition. See Note 3 for further information.

(3)

Decrease is related to the goodwill impairment calculated as of March 31, 2020, as described above.

Schedule of Gross Carrying Values, Accumulated Amortization and Net Carrying Amounts of Major Classes of Intangible Assets

The gross carrying values, accumulated amortization and net carrying amounts of our major classes of intangible assets as of December 31, 2021 and 2020 are as follows (dollar amounts in thousands):


	December 31, 2021						December 31, 2020
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Customer relationships	$	39,500	$	14,629	$	24,871	$	39,500	$	10,679	$	28,821
Tradenames		—		—		—		200		200		—
Leasehold interests		200		80		120		200		60		140
Total	$	39,700	$	14,709	$	24,991	$	39,900	$	10,939	$	28,961

Schedule of Expected Amortization Expense of Intangible Assets with Remaining Carrying Value

The following table

presents the expected amortization expense for each of the next five years ending December 31 and thereafter for those intangible assets with remaining carrying value as of December 31, 2021 (dollar amounts in thousands):


	Amortization Expense
2022	$	3,970
2023		3,970
2024		3,970
2025		3,970
2026		3,970
Thereafter		5,141
	$	24,991

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 December 31, 2021 and 2020 are presented in the table below (amounts in thousands).


	December 31, 2021
	Carrying Amount		Fair Value
Manufacturer flooring plans payable with interest computed at 3.5% (Level 3)	$	20,924	$	19,533
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)		1,239,967		1,242,850


	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

Summary of Computation of Basic and Diluted Net Income Per Common Share

The following table sets forth the computation of basic and diluted net income (loss) per common share for the years ended December 31, (amounts in thousands, except per share amounts):


	2021		2020			2019
Net income (loss) from continuing operations	$	60,564	$	(46,396	)	$	69,190
Net income from discontinued operations	$	41,976	$	13,729		$	18,021
Net income (loss)	$	102,540	$	(32,667	)	$	87,211

Weighted average number of common shares outstanding:
Basic		36,261		36,067			35,859
Effect of dilutive non-vested restricted stock		190		—			174
Diluted		36,451		36,067			36,033

Income (loss) per share:
Basic:
Continuing operations	$	1.67	$	(1.29	)	$	1.93
Discontinued operations		1.16		0.38			0.50
Net income (loss) per share	$	2.83	$	(0.91	)	$	2.43
Diluted:
Continuing operations	$	1.66	$	(1.29	)	$	1.92
Discontinued operations		1.15		0.38			0.50
Net income (loss) per share	$	2.81	$	(0.91	)	$	2.42

Common shares excluded from the denominator as anti-dilutive:
Non-vested restricted stock		23		147			32

Schedule of Non-Vested Stock Activity

The following table summarizes our non-vested stock activity for the years ended December 31, 2021 and 2020:


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested stock at January 1, 2020		377,740		$	29.26
Granted		364,981		$	18.21
Vested		(203,638	)	$	25.65
Forfeited		(14,207	)	$	28.11
Non-vested stock at December 31, 2020		524,876		$	23.00
Granted		202,687		$	33.28
Vested		(186,042	)	$	26.83
Forfeited		(61,374	)	$	25.31
Non-vested stock at December 31, 2021		480,147		$	25.56

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Information about Reportable Segments

The following table presents information about our reportable segments (amounts in thousands):


	Years Ended December 31,
	2021			2020		2019
Segment Revenues:
Equipment rentals	$	729,700		$	644,445	$	741,955
Used equipment sales		135,245			139,769		122,591
New equipment sales		92,677			113,708		131,798
Parts sales		65,623			65,881		77,569
Services revenues		33,034			35,989		41,521
Total segmented revenues		1,056,279			999,792		1,115,434
Non-Segmented revenues		6,518			7,183		8,327
Total revenues	$	1,062,797		$	1,006,975	$	1,123,761
Segment Gross Profit:
Equipment rentals	$	315,629		$	257,508	$	336,481
Used equipment sales		48,922			44,970		41,823
New equipment sales		11,855			12,207		15,512
Parts sales		17,277			17,750		22,331
Services revenues		21,797			24,464		28,408
Total gross profit from segmented revenues		415,480			356,899		444,555
Non-segmented gross profit (loss)		(117	)		164		(1,737	)
Total gross profit	$	415,363		$	357,063	$	442,818


	December 31,
	2021		2020
Segment identified assets:
Equipment sales	$	62,652	$	31,999
Equipment rentals		1,116,456		989,423
Parts and service		12,647		9,891
Total segment identified assets		1,191,755		1,031,313
Non-Segmented identified assets		888,692		827,716
Assets held for sale		—		121,455
Total assets	$	2,080,447	$	1,980,484

Accrued Expenses Payable and Other Liabilities - Accrued Expenses Payable and Other Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts Payable and Accrued Liabilities [Abstract]
Payroll and related liabilities	$ 33,477	$ 32,096
Sales, use and property taxes	11,757	10,866
Accrued interest	2,279	2,420
Accrued insurance	6,995	6,203
Deferred revenue	5,167	4,422
Other	4,233	11,113
Total accrued expenses payable and other liabilities	$ 63,908	$ 67,120

Income Taxes - Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Accounts receivable	$ 883	$ 1,023
Inventories	18	87
Net operating losses	68,942	70,459
AMT and tax credits	8,393	7,119
Sec 263A costs	534	538
Accrued liabilities	3,800	4,231
Deferred compensation	1,522	396
Stock-based compensation	208	201
Goodwill and intangible assets	9,669	10,682
Other assets	74	214
Deferred tax assets, Total	94,043	94,950
Valuation allowance	(7,598)	(6,396)
Deferred tax assets, net of valuation allowance, Total	86,445	88,554
Deferred tax liabilities:
Property and equipment	(284,997)	(257,077)
Investments	(1,094)	(1,083)
Goodwill and intangible assets	(1,585)	(1,404)
Deferred tax liabilities, Total	(287,676)	(259,564)
Net deferred tax liabilities	$ (201,231)	$ (171,010)

Summarized Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Summarized Quarterly Financial Data (Unaudited)

(17)

Summarized Quarterly Financial Data (Unaudited)

The following is a summary of our unaudited quarterly financial results of operations for the years ended December 31, 2021 and 2020 (amounts in thousands, except per share amounts):


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2021:
Total revenues from continuing operations	$	240,432	$	265,677	$	275,436	$	281,252
Income from continuing operations		15,321		29,734		45,662		41,603
Income from continuing operations before provision (benefit) for income taxes		2,539		17,059		32,847		29,279
Net income from continuing operations		1,855		12,251		24,728		21,730
Basic net income from continuing operations per common share(1)	$	0.05	$	0.34	$	0.68	$	0.60
Diluted net income from continuing operations per common share(1)	$	0.05	$	0.34	$	0.68	$	0.59


	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
2020:
Total revenues from continuing operations	$	249,303		$	238,039	$	251,913	$	267,720
Income (loss) from continuing operations(2)		(32,917	)		20,901		25,366		30,062
Income (loss) from continuing operations before provision for income taxes(2)(3)		(48,316	)		5,965		11,468		(28,941	)
Net income (loss) from continuing operations(2)(3)		(37,427	)		4,381		7,983		(21,333	)
Basic net income (loss) from continuing operations per common share(1)	$	(1.04	)	$	0.12	$	0.22	$	(0.59	)
Diluted net income (loss) from continuing operations per common share(1)	$	(1.04	)	$	0.12	$	0.22	$	(0.59	)

(1)

Because of the method used in calculating per share data, the summation of quarterly per share data may not necessarily total to the per share data computed for the entire year due to rounding.

(2)

During the quarter ended March 31, 2020, we recorded non-cash goodwill impairment charge totaling approximately $55.7 million. See Note 2 for additional information.

(3)

During the quarter ended December 31, 2020, we recorded a $44.6 million loss on the early extinguishment of our Old Notes. See Note 9 for additional information.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax Provision (Benefit)

Our income tax provision (benefit) for the years ended December 31, 2021, 2020 and 2019, consists of the following (amounts in thousands):


	Current			Deferred			Total
Year Ended December 31, 2021
U.S. Federal	$	—		$	16,513		$	16,513
State		2,574			2,073			4,647
	$	2,574		$	18,586		$	21,160
Year Ended December 31, 2020
U.S. Federal	$	(761	)	$	(9,362	)	$	(10,123	)
State		471			(3,776	)		(3,305	)
	$	(290	)	$	(13,138	)	$	(13,428	)
Year ended December 31, 2019:
U.S. Federal	$	(761	)	$	20,306		$	19,545
State		1,447			1,743			3,190
	$	686		$	22,049		$	22,735

Deferred Income Tax Assets and Liabilities

Significant components of our deferred income tax assets and liabilities as of December 31 are as follows (amounts in thousands):


	2021			2020
Deferred tax assets:
Accounts receivable	$	883		$	1,023
Inventories		18			87
Net operating losses		68,942			70,459
AMT and tax credits		8,393			7,119
Sec 263A costs		534			538
Accrued liabilities		3,800			4,231
Deferred compensation		1,522			396
Stock-based compensation		208			201
Goodwill and intangible assets		9,669			10,682
Other assets		74			214
		94,043			94,950
Valuation allowance		(7,598	)		(6,396	)
		86,445			88,554
Deferred tax liabilities:
Property and equipment		(284,997	)		(257,077	)
Investments		(1,094	)		(1,083	)
Goodwill and intangible assets		(1,585	)		(1,404	)
		(287,676	)		(259,564	)
Net deferred tax liabilities	$	(201,231	)	$	(171,010	)

Actual Income Tax Expense (Benefit)

The reconciliation between income taxes computed using the statutory federal income tax rate of 21% to the actual income tax expense (benefit) is below for the years ended December 31 (amounts in thousands):


	2021		2020			2019
Computed tax at statutory rates	$	17,162	$	(12,563	)	$	19,304
Permanent items – other		406		1,241			1,036
Permanent items – excess of tax deductible goodwill		—		(1,473	)		—
Permanent items – impairment of goodwill		—		2,008			—
State income tax, net of federal tax effect		2,390		(9,037	)		6,085
Change in valuation allowance		1,202		6,396			(609	)
Other – change in deferred state rate		—		—			(3,081	)
	$	21,160	$	(13,428	)	$	22,735

Accrued Expenses Payable and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Summary of Accrued Expenses Payable and Other Liabilities

Accrued expenses payable and other liabilities consisted of the following at December 31, (amounts in thousands):


	2021		2020
Payroll and related liabilities	$	33,477	$	32,096
Sales, use and property taxes		11,757		10,866
Accrued interest		2,279		2,420
Accrued insurance		6,995		6,203
Deferred revenue		5,167		4,422
Other		4,233		11,113
Total accrued expenses payable and other liabilities	$	63,908	$	67,120

Employee Retirement Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Amount of contributions in profit - sharing plan net of employee forfeitures	$ 4.4	$ 3.7	$ 5.5
Multiemployer pension plan expiration date	Oct. 31, 2022
Multiemployer pension plan contribution cost	$ 0.4	$ 0.4	$ 0.4
Multiemployer pension plan, certified zone status	Yellow
Multiemployer pension plan, certified zone status date	Dec. 31, 2020
Red Zone [Member]
Defined Benefit Plan Disclosure [Line Items]
Multiemployer pension plan, funded percentage	65.00%
Yellow Zone [Member]
Defined Benefit Plan Disclosure [Line Items]
Multiemployer pension plan, funded percentage	80.00%
Green Zone [Member]
Defined Benefit Plan Disclosure [Line Items]
Multiemployer pension plan, funded percentage	80.00%
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Multiemployer pension plan contribution percentage		5.00%

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2021

Acquisitions and Dispositions [Abstract]

Acquisitions and Dispositions

(3)

Acquisitions and Dispositions

2021 Dispositions

Crane Sale

On July 19, 2021, the Company entered into a definitive agreement to sell its crane business to a wholly-owned subsidiary of The Manitowoc Company, Inc. for $130.0 million in cash, subject to adjustment based on actual amounts of net working capital and crane rental fleet net book value delivered at transaction closing. The Company executed the transaction closing on October 1, 2021, which was subject to customary closing conditions, including regulatory approval under the Hart-Scott-Rodino Act. The closing resulted in proceeds of $135.9 million, subject to finalization of adjustments. This represents the Company’s strategic shift to a pure-play rental business. In accordance with ASC 360, Property, Plant, and Equipment, the Company ceased recording depreciation and amortization for Crane Sale related rental fleet, property, plant and equipment, and right of use lease assets upon qualifying as held for sale. In accordance with ASC 205-20, the Company determined that discontinued operations presentation were met during the third quarter of fiscal year 2021. As part of the divestiture, we entered into a transition services agreement with the buyer to assist them in the transition of certain functions, including, but not limited to, information technology, accounting and human resources for a period of sixty days up to six months. Aside from these customary transition services, there will be no continuing involvement with the crane business after its disposal.

The Company reports financial results of the crane business within all of our segments: equipment rentals, used equipment sales, new equipment sales, parts sales and service revenues. Additionally, the crane business is included within the equipment rental component 2, used equipment sales, new equipment sales, parts sales and service revenues goodwill reporting units.

As a result of the agreement to sell its crane business, its results are reported separately as discontinued operations in our consolidated statements of operations for all periods presented and its assets and liabilities have been presented in our consolidated balance sheets as assets and liabilities held for sale as of December 31, 2020. As permitted, the Company elected not to adjust the consolidated statements of cash flows for the years ended December 31, 2021 and 2020 to exclude cash flows attributable to discontinued operations. Accordingly, we disclosed the depreciation, capital expenditures and significant operating and investing non-cash items related to the Crane Sale below.

The following tables (amounts in thousands) present the Crane Sale results as reported in income from discontinued operations within our consolidated statements of operations and the carrying value of assets and liabilities as presented within assets and liabilities held for sale on our consolidated balance sheets.


	Year Ended December 31,
	2021		2020		2019
Revenues:
Equipment rentals	$	10,321	$	18,548	$	24,399
Used equipment sales		11,545		13,383		16,758
New equipment sales		52,286		53,422		107,293
Parts sales		33,268		44,713		46,286
Services revenues		20,855		28,264		26,420
Other		3,755		3,815		3,448
Total revenues		132,030		162,145		224,604
Cost of revenues:
Rental depreciation		3,720		8,385		9,206
Rental expense		1,947		2,454		3,271
Rental other		1,000		1,285		1,521
		6,667		12,124		13,998
Used equipment sales		8,713		9,791		11,253
New equipment sales		46,725		47,565		95,086
Parts sales		25,288		34,024		35,725
Services revenues		6,767		9,651		8,833
Other		3,168		3,434		3,357
Total cost of revenues		97,328		116,589		168,252
Gross profit		34,702		45,556		56,352
Selling, general and administrative expenses		18,872		23,370		24,053
Impairment of goodwill		—		6,330		8,469
Merger and other		2,065		—		—
Gain on sales of property and equipment, net		49		2,556		84
Gain on sale of discontinued operations		42,072		—		—
Income from discontinued operations		55,886		18,412		23,914
Other, net		62		26		22
Income before provision for income taxes		55,948		18,438		23,936
Provision for income taxes		13,972		4,709		5,915
Net income from discontinued operations	$	41,976	$	13,729	$	18,021


	December 31,
	2020
Assets:
Receivables, net of allowance for doubtful accounts of $252	$	28,356
Inventories, net of reserves for obsolescence of $120		30,598
Prepaid expenses and other assets		86
Rental equipment, net of accumulated depreciation of $34,143		39,322
Property and equipment, net of accumulated depreciation and amortization of $13,381		7,821
Operating lease right-of-use assets, net of accumulated amortization of $652		9,558
Goodwill (1)		5,714
Total assets held for sale	$	121,455

Liabilities:
Accounts payable	$	14,033
Accrued expenses payable and other liabilities		170
Operating lease liabilities		9,639
Total liabilities held for sale	$	23,842

(1)

We have allocated $5.7 million of goodwill in the following two reporting units to the crane product line based on the relative fair value of the crane product line and the portion of the reporting units that will be retained. The allocation is as follows (amounts in thousands):


Used Equipment	$	506
Parts		5,208
	$	5,714

Cash flows from discontinued operations was as follows (amounts in thousands):


	Year Ended December 31,
	2021			2020			2019
Operating activities of discontinued operations:
Depreciation and amortization of property and equipment	$	1,083		$	2,264		$	1,892
Depreciation of rental equipment		3,720			8,385			9,206
Gain on sale of discontinued operations		(42,072	)		—			—
Impairment of goodwill		—			6,330			8,469
Gain from sales of property and equipment, net		(49	)		(2,556	)		(84	)
Gain from sales of rental equipment, net		(2,203	)		(3,218	)		(5,047	)

Investing activities of discontinued operations:
Purchases of rental equipment		(2,431	)		(8,655	)		(12,329	)
Proceeds from sales of property and equipment		43			4,895			111
Proceeds from sales of rental equipment		5,929			8,679			12,545

Arkansas Sale

On September 17, 2021, the Company sold our Little Rock, Arkansas and Springdale, Arkansas owned-branches to Bramco, Inc. (“Bramco”) for $9.0 million (the “Arkansas Sale”). The Arkansas Sale includes the land, building, building improvements, office equipment, furniture and fixtures, and shop equipment for the two branches with a current net book value of approximately $3.7 million. We recorded a gain of $5.3 million within sales from property and equipment, net on the consolidated statement of operations. As a condition of closing, we relinquished our territory distribution rights with equipment manufacturers Komatsu, Wirtgen Group and Takeuchi. Our current distribution territory for these two branches includes the entire state of Arkansas, with the exception of five counties in southeast Arkansas (Miller, Lafayette, Columbia, Union and Little River). These five excluded counties are currently served by our Shreveport, Louisiana branch and we have no intention in the foreseeable future of relinquishing the Louisiana distribution territory. The Arkansas Sale does not qualify for discontinued operations as the divestiture does not meet the definition of a component.

The Company has purchased a site in Little Rock, Arkansas to operate a rental-focused branch location in the area. The branch opening coincided with the sale to Bramco.

2019 Acquisitions

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 market.

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. The following table summarizes the 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 and is reflected in the amounts presented in the table below.


	$’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
Used Equipment		492
New Equipment		254
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 approximately $36.7 million of the $37.2 million of goodwill recognized to be 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

Pursuant to Topic 805, Business Combinations, pro forma disclosures should be repeated whenever the year or interim period of the acquisition is presented. The pro forma information below gives effect to the Rental Inc. and WRI acquisitions as if they had been completed on January 1, 2018 (the “pro forma acquisition date”). The pro forma information 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 acquisitions.

We completed the Rental Inc. acquisition effective April 1, 2018. Therefore, our reported consolidated statements of income for the year ended December 31, 2018 do not include Rental Inc. for the period from January 1, 2018 through March 31, 2018. We completed the WRI acquisition on February 1, 2019. Therefore, our reported consolidated statements for the year ended December 31, 2019 do not include WRI for the month of January 2019. The unaudited tables below present unaudited pro forma consolidated statements of income information for the year December 31, 2018 as if Rental Inc. and WRI were included in our consolidated results for the entire period presented.


	Year Ended December 31, 2018
	(amounts in thousands, except per share data) (unaudited)
	H&E(1)		Rental Inc.(7)			We-Rent-It			Total
Total revenues	$	1,238,961	$	7,408		$	36,002		$	1,282,371
Pretax income		104,663		1,020			6,892			112,575
Pro forma adjustments to pretax income:
Impact of fair value mark-ups/useful life changes on depreciation (2)		—		(749	)		(4,452	)		(5,201	)
Intangible asset amortization (3)		—		(300	)		(1,050	)		(1,350	)
Interest expense (4)		—		(480	)		(5,664	)		(6,144	)
Elimination of historic interest expense (5)		—		82			517			599
Pro forma pretax income (loss)		104,663		(427	)		(3,757	)		100,479
Income tax expense (benefit)		28,040		(114	)		(973	)		26,953
Net income (loss)	$	76,623	$	(313	)	$	(2,784	)	$	73,526
Net income (loss) per share – basic (6)	$	2.15	$	(0.01	)	$	(0.08	)	$	2.05
Net income (loss) per share – diluted (6)	$	2.13	$	(0.01	)	$	(0.08	)	$	2.04

(1)

Amounts presented above for “H&E” are derived from the Company’s consolidated statement of income from a previously issued Annual Report on Form 10-K for the year ended December 31, 2018 and actual results for Rental Inc. for the period April 1, 2018 through December 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 acquisitions.

(3)

Represents the amortization of the intangible assets acquired in the acquisitions.

(4)

Interest expense was adjusted to reflect the additional debt resulting from the acquisition.

(5)

Represents the elimination of historic debt of Rental Inc. and 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.

(7)

Represents Rental Inc. pro forma operating results for the three month period ended March 31, 2018. We completed the Rental Inc. acquisition effective April 1, 2018.

Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 5,091	$ 5,567	$ 4,462
Additions Charged to Costs and Expenses	1,946	4,145	5,945
Deductions	(2,786)	(4,621)	(4,840)
Balance at End of Year	4,251	5,091	5,567
Allowance for doubtful accounts receivable [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	4,741	5,236	4,094
Additions Charged to Costs and Expenses	1,892	4,018	5,793
Deductions	(2,455)	(4,513)	(4,651)
Balance at End of Year	4,178	4,741	5,236
Allowance for inventory obsolescence [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	350	331	368
Additions Charged to Costs and Expenses	54	127	152
Deductions	(331)	(108)	(189)
Balance at End of Year	$ 73	$ 350	$ 331

Significant Accounting Policies - Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements (Detail) - USD ($) $ in Thousands	Dec. 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 with interest computed at 3.5% (Level 3)	$ 20,924	$ 9,615
Level 3 [Member] \| Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable with interest computed at 3.5% (Level 3)	19,533	8,976
Level 2 [Member] \| Carrying Amount [Member] \| Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)	1,239,967	1,238,660
Level 2 [Member] \| Fair Value [Member] \| Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)	$ 1,242,850	$ 1,259,413

Segment Information - Schedule of Information about Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Revenues:
Revenues	$ 281,252	$ 275,436	$ 265,677	$ 240,432	$ 267,720	$ 251,913	$ 238,039	$ 249,303	$ 1,062,797	$ 1,006,975	$ 1,123,761	$ 1,238,961
Segment Gross Profit:
Total gross profit									415,363	357,063	442,818
Segment identified assets:
Assets held for sale					121,455					121,455
Total assets	2,080,447				1,980,484				2,080,447	1,980,484
Equipment Rentals [Member]
Segment Revenues:
Revenues									729,700	644,445	741,955
New Equipment Sales [Member]
Segment Revenues:
Revenues									92,677	113,708	131,798
Used Equipment Sales [Member]
Segment Revenues:
Revenues									135,245	139,769	122,591
Parts Sales [Member]
Segment Revenues:
Revenues									65,623	65,881	77,569
Services Revenues [Member]
Segment Revenues:
Revenues									33,034	35,989	41,521
Operating Segments [Member]
Segment Revenues:
Revenues									1,056,279	999,792	1,115,434
Segment Gross Profit:
Total gross profit									415,480	356,899	444,555
Segment identified assets:
Total assets	1,191,755				1,031,313				1,191,755	1,031,313
Operating Segments [Member] \| Equipment Rentals [Member]
Segment Revenues:
Revenues									729,700	644,445	741,955
Segment Gross Profit:
Total gross profit									315,629	257,508	336,481
Segment identified assets:
Total assets	1,116,456				989,423				1,116,456	989,423
Operating Segments [Member] \| New Equipment Sales [Member]
Segment Revenues:
Revenues									92,677	113,708	131,798
Segment Gross Profit:
Total gross profit									11,855	12,207	15,512
Operating Segments [Member] \| Used Equipment Sales [Member]
Segment Revenues:
Revenues									135,245	139,769	122,591
Segment Gross Profit:
Total gross profit									48,922	44,970	41,823
Segment identified assets:
Total assets	62,652				31,999				62,652	31,999
Operating Segments [Member] \| Parts Sales [Member]
Segment Revenues:
Revenues									65,623	65,881	77,569
Segment Gross Profit:
Total gross profit									17,277	17,750	22,331
Operating Segments [Member] \| Services Revenues [Member]
Segment Revenues:
Revenues									33,034	35,989	41,521
Segment Gross Profit:
Total gross profit									21,797	24,464	28,408
Operating Segments [Member] \| Parts and Services [Member]
Segment identified assets:
Total assets	12,647				9,891				12,647	9,891
Non-Segmented [Member]
Segment Revenues:
Revenues									6,518	7,183	8,327
Segment Gross Profit:
Total gross profit									(117)	(164)	$ 1,737
Segment identified assets:
Total assets	$ 888,692				$ 827,716				$ 888,692	$ 827,716

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]
Beginning balances at Dec. 31, 2018	$ 256,803	$ (56)	$ 396	$ 231,174	$ (63,099)	$ 88,332	$ (56)
Beginning balances, shares at Dec. 31, 2018			39,748,562
Accounting standards update	Topic 842 [Member]
Stock-based compensation	$ 4,670			4,670
Cash dividends declared on common stock ($1.10 per share)	(39,427)					(39,427)
Issuances of non-vested restricted common stock, net of restricted stock forfeitures	2		$ 2
Issuances of non-vested restricted common stock, net of restricted stock forfeitures, shares			173,276
Repurchases of 58,756, 76,407 and 61,476 shares of restricted common stock in 31 December 2018, 2019 and 2020 respectively	(1,684)
Net income (loss)	87,211					87,211
Ending Balance at Dec. 31, 2019	307,519		$ 398	235,844	(64,783)	136,060
Balance, Shares at Dec. 31, 2019			39,921,838
Stock-based compensation	4,362			4,362
Cash dividends declared on common stock ($1.10 per share)	(39,579)					(39,579)
Issuances of non-vested restricted common stock, net of restricted stock forfeitures	3		$ 3
Issuances of non-vested restricted common stock, net of restricted stock forfeitures, shares			320,873
Repurchases of 58,756, 76,407 and 61,476 shares of restricted common stock in 31 December 2018, 2019 and 2020 respectively	(1,405)				(1,405)
Net income (loss)	(32,667)					(32,667)
Ending Balance at Dec. 31, 2020	$ 238,233		$ 401	240,206	(66,188)	63,814
Balance, Shares at Dec. 31, 2020	40,242,711		40,242,711
Stock-based compensation	$ 4,432			4,432
Cash dividends declared on common stock ($1.10 per share)	(39,719)					(39,719)
Issuances of non-vested restricted common stock, net of restricted stock forfeitures	2		$ 2
Issuances of non-vested restricted common stock, net of restricted stock forfeitures, shares			110,588
Repurchases of 58,756, 76,407 and 61,476 shares of restricted common stock in 31 December 2018, 2019 and 2020 respectively	(2,106)				(2,106)
Net income (loss)	102,540					102,540
Ending Balance at Dec. 31, 2021	$ 303,382		$ 403	$ 244,638	$ (68,294)	$ 126,635
Balance, Shares at Dec. 31, 2021	40,353,299		40,353,299

- Definition

Indicates amendment to accounting standards.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Manufacturer Flooring Plans Payable (Tables)

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

Maturities of Manufacturer Flooring Plans Payable

Maturities (based on original financing terms) of the manufacturer flooring plans payable as of December 31, 2021 for the following years ending December 31 until paid are as follows (amounts in thousands):


2022	$	8,058
2023		12,619
2024		247
Total	$	20,924

Acquisitions and Dispositions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 01, 2019
Business Acquisition [Line Items]
Goodwill	$ 63,137	$ 63,137	$ 119,398
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

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	(19) Subsequent Events Effective January 5, 2022, the Company's letter of credit under the Credit Facility was increased to $9.7 million.

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

(16)

Related Party Transactions

Mr. John M. Engquist, who has served as the Company’s Executive Chairman of the Board for the years ended December 31, 2021, 2020 and 2019, has a 48.0% ownership interest in Perkins-McKenzie Insurance Agency, Inc. (“Perkins-McKenzie”), an insurance brokerage firm. Perkins-McKenzie brokers a substantial portion of our commercial liability insurance. As the broker, Perkins-McKenzie receives from our insurance provider as a commission a portion of the premiums we pay to the insurance provider. Commissions paid to Perkins-McKenzie on our behalf as insurance broker totaled approximately $0.9 million, $1.0 million and $0.9 million for the years ended December 31, 2021, 2020 and 2019, respectively.

We purchase products and services from, and sell products and services to, B-C Equipment Sales, Inc., in which Mr. Engquist has a 50% ownership interest. In each of the years ended December 31, 2021, 2020 and 2019, for both continuing and discontinued operations, our purchases totaled $0.1 million, $0.1 million and $0.3 million, respectively, and our sales to B-C Equipment Sales, Inc. totaled approximately $0.2 million, $0.2 million and $0.1 million, respectively.

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Dec. 31, 2021 Segment Customer	Dec. 31, 2020 Customer	Dec. 31, 2019 Customer
Segment Reporting [Abstract]
Number of reportable segment \| Segment	5
Sales to international customers	0.20%	0.20%	0.20%
Customer accounted for more than 10% of revenue \| Customer	0	0	0

Significant Accounting Policies - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Beginning balance	$ 63,137	$ 119,398
Increases (Decreases)	0	(55,664)
Ending balance	63,137	63,137
CEC and Rental Inc [Member]
Goodwill [Line Items]
Increases (Decreases)		(597)
Equipment Rental Component 1 [Member]
Goodwill [Line Items]
Beginning balance	48,976	49,215
Ending balance		48,976
Equipment Rental Component 1 [Member] \| CEC and Rental Inc [Member]
Goodwill [Line Items]
Increases (Decreases)		(239)
Equipment Rental Component 2 [Member]
Goodwill [Line Items]
Beginning balance		55,981
Increases (Decreases)		(55,664)
Equipment Rental Component 2 [Member] \| CEC and Rental Inc [Member]
Goodwill [Line Items]
Increases (Decreases)		(317)
Used Equipment Sales [Member]
Goodwill [Line Items]
Beginning balance	8,447	8,455
Ending balance		8,447
Used Equipment Sales [Member] \| CEC and Rental Inc [Member]
Goodwill [Line Items]
Increases (Decreases)		(8)
Parts Sales [Member]
Goodwill [Line Items]
Beginning balance	$ 5,714	5,747
Ending balance		5,714
Parts Sales [Member] \| CEC and Rental Inc [Member]
Goodwill [Line Items]
Increases (Decreases)		$ (33)

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of Lease Costs, Under Topic 842, for Operating and Finance Leases

The table below presents certain information related to lease costs, under Topic 842, for our operating and finance leases for the years ended December 31, 2021 and 2020 (in thousands).


		Year Ended December 31,
	Classification	2021			2020
Operating lease cost	SG&A expenses	$	24,347		$	22,806
Finance lease costs
Amortization of leased assets	SG&A expenses		122			162
Interest on lease liabilities	Interest expense		9			25
Variable lease cost	SG&A expenses		1,046			—
Sublease income	Other income		(1,379	)		(850	)
Total lease cost		$	24,145		$	22,143

Schedule of Supplemental Cash Flow Information Related to Leases

The table below presents supplemental cash flow information related to leases for the years ended December 31, 2021 and 2020 (in thousands).


	Year Ended December 31,
	2021		2020
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows for operating leases	$	23,527	$	21,723
Operating cash flows for finance leases		9		25
Finance cash flows for finance leases		194		245

Summary of Undiscounted Cash Flows and Operating Lease Liabilities Recorded on Consolidated Balance Sheet

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on our consolidated balance sheet as of December 31, 2021 (in thousands).


	Operating Leases
2022	$	24,158
2023		24,272
2024		24,326
2025		23,405
2026		22,534
Thereafter		82,427
Total minimum lease payments		201,122
Less: amount of lease payments representing interest		(45,819	)
Present value of future minimum lease payments	$	155,303

Valuation and Qualifying Accounts (Parenthetical) (Details) $ in Thousands	Dec. 31, 2020 USD ($)
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Allowance for doubtful accounts receivables	$ 252
Allowance for inventory obsolescence	$ 120

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

(12)

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. For the years ended December 31, 2021 and 2020, the CARES Act did not have a material impact on our provision for income taxes. However, certain provisions of the CARES Act did have a favorable cash impact. Specifically, with respect to the suspension of the 80% of taxable income limitation on net operating loss carryforwards that allows corporate entities to fully utilize net operating loss carryforwards to offset taxable income in 2018, 2019 and 2020, we were able to fully offset 2020 taxable income with net operating loss carryforwards, realizing an estimated total reduction of approximately $2.6 million of cash taxes paid for the 2020 tax year. Also, taxpayers with alternative minimum tax credits may claim a refund for the entire amount of such credit instead of recovering the credit through refunds over a period of multiple years, as required by the 2017 Tax Cut and Jobs Act, which resulted in a $1.5 million federal tax refund for the Company, which we received in June 2020. Finally, the non-income tax-based provision allowing an employer to pay its share of Social Security payroll taxes that would otherwise be due from the date of enactment through December 31, 2021 over the following two years resulted in the deferral of $6.8 million of those payroll taxes. We remitted $4.6 million in 2021 and will pay the remaining amount in 2022.

Our income tax provision (benefit) for the years ended December 31, 2021, 2020 and 2019, consists of the following (amounts in thousands):


	Current			Deferred			Total
Year Ended December 31, 2021
U.S. Federal	$	—		$	16,513		$	16,513
State		2,574			2,073			4,647
	$	2,574		$	18,586		$	21,160
Year Ended December 31, 2020
U.S. Federal	$	(761	)	$	(9,362	)	$	(10,123	)
State		471			(3,776	)		(3,305	)
	$	(290	)	$	(13,138	)	$	(13,428	)
Year ended December 31, 2019:
U.S. Federal	$	(761	)	$	20,306		$	19,545
State		1,447			1,743			3,190
	$	686		$	22,049		$	22,735

Significant components of our deferred income tax assets and liabilities as of December 31 are as follows (amounts in thousands):


	2021			2020
Deferred tax assets:
Accounts receivable	$	883		$	1,023
Inventories		18			87
Net operating losses		68,942			70,459
AMT and tax credits		8,393			7,119
Sec 263A costs		534			538
Accrued liabilities		3,800			4,231
Deferred compensation		1,522			396
Stock-based compensation		208			201
Goodwill and intangible assets		9,669			10,682
Other assets		74			214
		94,043			94,950
Valuation allowance		(7,598	)		(6,396	)
		86,445			88,554
Deferred tax liabilities:
Property and equipment		(284,997	)		(257,077	)
Investments		(1,094	)		(1,083	)
Goodwill and intangible assets		(1,585	)		(1,404	)
		(287,676	)		(259,564	)
Net deferred tax liabilities	$	(201,231	)	$	(171,010	)


	2021		2020			2019
Computed tax at statutory rates	$	17,162	$	(12,563	)	$	19,304
Permanent items – other		406		1,241			1,036
Permanent items – excess of tax deductible goodwill		—		(1,473	)		—
Permanent items – impairment of goodwill		—		2,008			—
State income tax, net of federal tax effect		2,390		(9,037	)		6,085
Change in valuation allowance		1,202		6,396			(609	)
Other – change in deferred state rate		—		—			(3,081	)
	$	21,160	$	(13,428	)	$	22,735

At December 31, 2021, we had available federal net operating loss carry forwards of approximately $303.2 million, which do not expire. We also had $0.1 million in general business credit carry forwards at December 31, 2021 that expire in varying amounts from 2036 to 2040, and state income tax credits of $8.3 million that expire in varying amounts beginning in 2022.

Management has concluded that it is more likely than not that the federal deferred tax assets are fully realizable through future reversals of existing taxable temporary differences and future taxable income. Therefore, a valuation allowance is not required to reduce those deferred tax assets as of December 31, 2021. However, as of December 31, 2021, we have a valuation allowance of $7.6 million for certain state tax credits that are expected to expire prior to utilization.

There is no unrecognized tax benefit for the years ended December 31, 2021 and 2020.

Our U.S. federal tax returns for 2018 and subsequent years remain subject to examination by tax authorities. We are also subject to examination in various state jurisdictions for 2017 and subsequent years.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory [Line Items]
Total inventories, net	$ 75,299	$ 41,890
Used Equipment Sales [Member]
Inventory [Line Items]
Total inventories, net	179	473
New Equipment Sales [Member]
Inventory [Line Items]
Total inventories, net	62,473	31,574
Parts, Supplies and Other [Member]
Inventory [Line Items]
Total inventories, net	$ 12,647	$ 9,843

Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Significant Accounting Policies

(2)

Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

Our 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.”

On October 1, 2021, the Company sold its crane business (the “Crane Sale”). The results of operations of the Crane Sale are reported in discontinued operations in the Consolidated Statements of Operations for all periods presented and the related assets and liabilities associated with discontinued operations are classified as held for sale in the Consolidated Balance Sheet at December 31, 2020. The Consolidated Statements of Cash Flows includes cash flows related to the discontinued operations and accordingly, cash flow amounts for discontinued operations are disclosed in Note 3 “Acquisitions and Dispositions”. All results and information in the consolidated financial statements are presented as continuing operations and exclude the Crane Sale unless otherwise noted specifically as discontinued operations. For additional information, refer to Note 3.

All significant intercompany accounts and transactions have been eliminated in these consolidated financial statements. Business combinations are included in the 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 consolidated balance sheets are presented on an unclassified basis.

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 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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) standards: 1) Topic 606 and 2) Topic 842.

Under Topic 606, Revenue from Contracts with Customers, revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Revenue is measured based on the consideration specified in the contract with the customer, and excludes any sales incentives and amounts collected on behalf of third parties. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. Our contracts with customers generally do not include multiple performance obligations. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for such products or services.

Under Topic 842, Leases, we account for equipment rental contracts as operating leases. We recognize revenue from equipment rentals in the period earned, regardless of the timing of billing to customers. A rental contract includes rates for daily, weekly or monthly use, and rental revenues are earned on a daily basis as rental contracts remain outstanding. Because the rental contracts can extend across multiple reporting periods, we record unbilled rental revenues and deferred rental revenues at the end of reporting periods so rental revenues earned is appropriately stated for the periods presented.


	Year Ended December 31, 2021
	Topic 842		Topic 606		Total
Revenues:
Rental Revenues:
Owned equipment rentals	$	617,831	$	354	$	618,185
Re-rent revenue		34,819		—		34,819
Ancillary and other rental revenues:
Delivery and pick-up		—		40,523		40,523
Other		36,173		—		36,173
Total ancillary rental revenues		36,173		40,523		76,696
Total equipment rental revenues		688,823		40,877		729,700
Used equipment sales		—		135,245		135,245
New equipment sales		—		92,677		92,677
Parts sales		—		65,623		65,623
Services revenues		—		33,034		33,034
Other		—		6,518		6,518
Total revenues	$	688,823	$	373,974	$	1,062,797


	Year Ended December 31, 2020
	Topic 842		Topic 606		Total
Revenues:
Rental Revenues:
Owned equipment rentals	$	557,166	$	471	$	557,637
Re-rent revenue		23,507		—		23,507
Ancillary and other rental revenues:
Delivery and pick-up		—		35,793		35,793
Other		27,508		—		27,508
Total ancillary rental revenues		27,508		35,793		63,301
Total equipment rental revenues		608,181		36,264		644,445
Used equipment sales		—		139,769		139,769
New equipment sales		—		113,708		113,708
Parts sales		—		65,881		65,881
Services revenues		—		35,989		35,989
Other		—		7,183		7,183
Total revenues	$	608,181	$	398,794	$	1,006,975


	Year Ended December 31, 2019
	Topic 842		Topic 606		Total
Revenues:
Rental Revenues:
Owned equipment rentals	$	647,123	$	621	$	647,744
Re-rent revenue		24,007		—		24,007
Ancillary and other rental revenues:
Delivery and pick-up		—		40,049		40,049
Other		30,155		—		30,155
Total ancillary rental revenues		30,155		40,049		70,204
Total equipment rental revenues		701,285		40,670		741,955
Used equipment sales		—		122,591		122,591
New equipment sales		—		131,798		131,798
Parts sales		—		77,569		77,569
Services revenues		—		41,521		41,521
Other		—		8,327		8,327
Total revenues	$	701,285	$	422,476	$	1,123,761

Revenues by reporting segment are presented in Note 18, 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 segment in Note 18, depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors.

Nature of goods and services

Lease revenues

Topic 842

Owned equipment rentals: Owned equipment rentals represent revenues from renting equipment. We account for these rental contracts as operating leases. We recognize revenue from equipment rentals in the period earned, regardless of the timing of billing to customers. A rental contract includes rates for daily, weekly or monthly use, and rental revenues are earned on a daily basis as rental contracts remain outstanding. Our equipment is generally rented for short periods of time (less than a year). Because the rental contracts can extend across multiple reporting periods, we record unbilled rental revenues and deferred rental revenues at the end of reporting periods so rental revenues earned is appropriately stated for the periods presented. The lease terms are included in our contracts, and the determination of whether our contracts contain leases generally does not require significant assumptions or judgments. In some cases, a rental contract may contain a rental purchase option, whereby the customer has an option to purchase the rented equipment at the end of the term for a specified price. Revenues related to the rental contract will be accounted for as an operating lease as the option to purchase is not reasonably certain to be exercised. Lessees do not provide residual value guarantees on rented equipment.

Re-rent revenue: Re-rent revenue reflects revenues from equipment that we rent from vendors and then rent to our customers. We account for such rentals as subleases. The accounting for re-rent revenue is the same as the accounting for owned equipment rentals described above.

Other equipment rental revenue: Other equipment rental revenue is primarily comprised of (i) revenue from customers who purchase insurance to protect against potential damages or loss to the equipment they rent, (ii) environmental charges associated with the rental of equipment, and (iii) fuel recovery fees charged to customers. Fuel consumption charges are recognized upon return of the rental equipment when fuel consumption by the customer, if any, can be measured. Income from environmental fees and damage waiver insurance policies are recognized when earned over the period the equipment is rented.

Revenues from contracts with customers (Topic 606)

Substantially all of our revenues under Topic 606 are recognized at a point-in-time rather than over time.

Owned equipment rentals: An insignificant portion of our total equipment rental revenues are recognized pursuant to Topic 606 rather than pursuant to Topic 842. These revenues represent services performed by us in connection with the rental of equipment and are comprised of customer training fees on rented equipment and setup and configuration services on rental equipment. Revenues for these services are recognized upon completion of such services. See discussion above regarding rental revenues recognized pursuant to Topic 842.

Delivery and pick-up: Delivery and pick-up revenue associated with renting equipment is recognized when the service is performed.

Used equipment sales: Revenues from the sales of used equipment are recognized at the time of delivery to, or pick-up by, the customer, which is when the customer obtains control of the promised good.

New equipment sales: Revenues from the sales of new equipment are recognized at the time of delivery to, or pick-up by, the customer, which is when the customer obtains control of the promised good.

Parts sales: Revenues from the sales of equipment parts are recognized at the time of pick-up by the customer for parts counter sales transactions. For parts that are shipped to a customer, we made an accounting policy election permitted by Topic 606 to treat such shipping activities as fulfillment costs, which results in the fees for shipping activities being included in the parts sales transaction price.

Services revenues: We derive our services primarily from maintenance and repair services to customers for equipment that we rent or sell and from customers owned equipment. We recognize services revenues at the time such services are completed, which is when the customer obtains control of the promised service.

Other revenues: Other non-segmented revenues relate to equipment support activities that we provide to customers in connection with used and new equipment sales and parts and services revenues and are not generally allocated to reportable segments.

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 allowances 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. Our largest customer accounted for less than two percent of total revenues for the years ended December 31, 2021, 2020 and 2019. No single customer accounted for more than 10% of our revenues on an overall or segment basis for any of the three years ended December 31, 2021. 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, which as discussed above is accounted for under Topic 842 and represents 69% of our total revenues and an approximate corresponding percentage of our receivables, net and associated allowance for doubtful accounts as of December 31, 2021. 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. Bad debt expense as a percentage of total revenues for the years ended December 31, 2021, 2020 and 2019 were approximately 0.2%, 0.4% and 0.5%, respectively.

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 years ended December 31, 2021, 2020 or 2019 that was included in the contract liability balance as of the beginning of such periods.

Performance obligations

Most of our Topic 606 revenue is recognized at a point-in-time, rather than over time. Accordingly, in any particular period, we do not generally recognize a significant amount of revenue from performance obligations satisfied (or partially satisfied) in previous periods, and the amount of such revenue recognized during the years ended December 31, 2021, 2020 and 2019 was not material.

Payment terms

Our Topic 606 revenues do not include material amounts of variable consideration. Our payment terms are typically net 30 days, but can vary by the type and location of our customer and the products or services offered. The time between invoicing and when payment is due is not significant. Our contracts do not generally include a significant financing component. Our contracts with customers do not generally result in significant obligations associated with returns, refunds or warranties. See above for a discussion of how we manage credit risk.

Sales tax amounts collected from customers are recorded on a net basis.

Contract costs

We do not recognize any assets associated with the incremental costs of obtaining a contract with a customer (for example, a sales commission) that we expect to recover. Most of our revenue is recognized at a point-in-time or over a period of one year or less, and we use the practical expedient that allows us to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that we otherwise would have recognized is one year or less.

Contract estimates and judgments

Our revenues accounted for under Topic 606 generally do not require significant estimates or judgments as the transaction price is generally fixed and stated on our contracts. Our contracts generally do not include multiple performance obligations, and accordingly do not generally require estimates of the standalone selling price for each performance obligation. Also, our revenues do not include material amounts of variable consideration. Substantially all of our revenues are recognized at a point-in-time and the timing of the satisfaction of the applicable performance obligations is readily determinable. As noted above, our Topic 606 revenues are generally recognized at the time of delivery to, or pick-up by, the customer.

Discontinued Operations

In determining whether a group of assets which has been disposed of (or is to be disposed of) should be presented as discontinued operations, the Company analyzes whether the group of assets being disposed of represents a component of the entity. A component typically has historic operations and cash flows that are clearly distinguishable for both operations and financial reporting purposes. In addition, the Company considers whether the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. This strategic shift could include a disposal of a major geographical area, a major line of business, a major equity method investment, or other major parts of an entity.

The Company reports financial results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. The assets and liabilities of a discontinued operation held for sale, other than goodwill, are measured at the lower of its carrying amount or fair value less cost to sell. When a portion of a reporting unit that constitutes a business is to be disposed of, the goodwill associated with that business is included in the carrying amount of the business based on the relative fair values of the business to be disposed of and the portion of the reporting unit that will be retained. See Note 3 for additional information.

Held for Sale

The Company considers assets to be held for sale when management, with appropriate authority, approves and commits to a formal plan to sell the assets at a price reasonable in relation to their estimated fair value, the assets are available for immediate sale in their present condition, the sale of the assets is probable and expected to be completed in one year and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, the Company records the assets at the lower of their carrying value or their estimated fair value, reduced for the cost to dispose the assets, and ceases to record depreciation and amortization expenses on the assets.

Inventories

We measure inventory at the lower of cost or net realizable value; where net realizable value is considered to be estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. For used and new equipment inventories, cost is determined by specific-identification. For inventories of parts and supplies, cost is determined by using average cost.

Long-lived Assets and Goodwill

Rental Equipment

The rental equipment we purchase is stated at cost and is depreciated over the estimated useful life of the equipment using the straight-line method and is included in rental depreciation within our consolidated statements of operations. Estimated useful lives

vary based upon type of equipment. Generally, we depreciate cranes and aerial work platforms over a ten year estimated useful life, earthmoving equipment over a five year estimated useful life with a 25% salvage value, and material handling equipment over a seven year estimated useful life. Attachments and other smaller type equipment are depreciated generally over a three year estimated useful life. We periodically evaluate the appropriateness of remaining depreciable lives and any salvage value assigned to rental equipment. Depreciation expense on rental equipment is reflected in rental depreciation in cost of revenues on the consolidated statements of operations.

Ordinary repair and maintenance costs and property taxes are reflected in rental expenses in cost of revenues on the consolidated statements of operations. However, expenditures for additions or improvements that significantly extend the useful life of the asset are capitalized in the period incurred. When rental equipment is sold or disposed of, the related cost and accumulated depreciation are removed from the respective accounts and any gains or losses are included in gross profit in the statements of operations. We receive individual offers for fleet on a continual basis, at which time we perform an analysis on whether or not to accept the offer. The rental equipment is not transferred to inventory under the held for sale model as the equipment is used to generate revenues until the equipment is sold.

Property and Equipment

Property and equipment are recorded at cost and are depreciated over the assets’ estimated useful lives using the straight-line method. Ordinary repair and maintenance costs are included in selling, general and administrative (“SG&A”) expenses on our consolidated statements of operations. However, expenditures for additions or improvements that significantly extend the useful life of the asset are capitalized in the period incurred. At the time assets are sold or disposed of, the cost and accumulated depreciation are removed from their respective accounts and the related gains or losses are reflected in the statements of operations in gains from sales of property and equipment, net.

We capitalize interest on qualified construction projects. We additionally capitalize certain costs associated with internally developed software and cloud computing arrangements.

We periodically evaluate the appropriateness of remaining depreciable lives assigned to property and equipment. Leasehold improvements are amortized using the straight-line method over their estimated useful lives or the remaining term of the lease, whichever is shorter. Depreciation expense on property and equipment is included in SG&A expenses on our consolidated statements of operations. Generally, we assign the following estimated useful lives to these categories:


Category		Estimated Useful Life
Transportation equipment		5 years
Buildings		39 years
Office equipment		5 years
Computer equipment		3 years
Machinery and equipment		7 years

When events or changes in circumstances indicate that the carrying amount of our rental fleet and property and equipment might not be recoverable, the expected future undiscounted cash flows from the assets are estimated and compared with the carrying amount of the assets. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the assets, an impairment loss is recorded. The impairment loss is measured by comparing the fair value of the assets with their carrying amounts. Fair value is determined based on discounted cash flows or appraised values, as appropriate. In support of our review for indicators of impairment, we perform a review of our long-lived assets at the branch level relative to branch performance and conclude whether indicators of impairment exist. We did not record any impairment losses related to our rental equipment or property and equipment during the years ended December 31, 2021, 2020 or 2019.

Goodwill

We have made acquisitions in the past that included the recognition of 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, as of October 1, 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. Historically, 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 (Used Equipment Sales, New Equipment Sales, Parts Sales and Service Revenues) represent a reporting unit, resulting in six total reporting units. As of October 1,

2021 and driven by the strategic shift in our business that led to discontinued operations presentation, we determined that the historical Equipment Rental Component 2 reporting unit differentiation within the rental operating segment was no longer applicable to our current business. As such, we no longer identify two components within the rental equipment operating segment and the Company now has five reporting units which align with our operating segments. Further, the Equipment Rental Component 2 reporting unit was fully impaired during 2020.

Topic 350 consists of a one-step assessment to determine whether goodwill is impaired (“Step 1”). Step 1 requires an entity to compare each reporting unit’s carrying value, including goodwill, with its fair value. 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. An entity also has an option to perform a qualitative assessment (“Step 0”) to determine if the quantitative impairment test is necessary. Considerable judgment is required by management in performing Step 0 to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value.

During 2019, we performed, as of October 1, a Step 1 quantitative assessment of goodwill impairment. For all reporting units, we compared the carrying values of each reporting unit, inclusive of goodwill and definite-lived intangible assets, to its fair value. We estimated the fair value of these reporting units by weighting results from the income approach and the market approach. Based on this quantitative test, we determined that our Equipment Rental Component 1, Equipment Rental Component 2, Used Equipment Sales and Parts Sales reporting units were not impaired as their respective fair values exceeded their respective carrying values by at least 24% or more. However, the results of the quantitative test indicated that the respective fair values of the New Equipment Sales and Service Revenues reporting units were less than the carrying value of each reporting unit, resulting in a goodwill impairment totaling $3.7 million, or $3.4 million and $0.3 million for the New Equipment Sales and Service Revenues reporting units, respectively. The New Equipment Sales reporting unit impairment was largely due to a sharp decline in our 2019 fourth quarter new equipment sales revenues as over 75% of our full-year new equipment sales decline occurred in the fourth quarter. This decline, combined with our new equipment sales revenues growth rate and operating results assumptions for the forecast period under the income approach, resulted in a fair value determination, that when combined with the weighted fair value of the reporting unit determined under the market approach, was less than the reporting unit’s carrying value as of October 1, 2019, resulting in an impairment charge. The impairment of the Service Revenues reporting unit was largely due to our service revenues growth rate and operating results assumptions for the forecast period under the income approach, which resulted in a fair value determination, that when combined with the weighted fair value of the reporting unit determined under the market approach, was less than the reporting unit’s carrying value as of October 1, 2019, resulting in an impairment charge.

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. For the interim impairment test as of March 31, 2020, we estimated the fair value of our reporting units by equally weighting results from the income approach and the market approach. 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 $55.7 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 of the March 31, 2020 interim impairment testing date as their respective fair values exceeded their respective carrying values by approximately 34%, 90% and 40%, respectively.

In addition, during 2020, we performed, as of October 1, a Step 1 quantitative assessment of goodwill impairment. For all reporting units, we compared the carrying values of each reporting unit, inclusive of goodwill and definite-lived intangible assets, to its fair value. We estimated the fair value of these reporting units by weighting results from the income approach and the market approach. Based on this quantitative test, we determined that our Equipment Rental Component 1, Used Equipment Sales and Parts Sales reporting units were not impaired as of the October 1, 2020 annual impairment testing date as their respective fair values exceeded their respective carrying values by approximately 44%, 90% and 33%, respectively.

We performed a Step 1 quantitative assessment of goodwill impairment as of our annual testing date, October 1, 2021. For all reporting units, we compared the carrying values of each reporting unit, inclusive of goodwill, if applicable, and definite-lived intangible assets, to its fair value. We estimated the fair value of these reporting units by weighting results from the income approach and the market approach. Based on this quantitative test, we determined that our Equipment Rentals, Used Equipment Sales and Parts Sales reporting units were not impaired as of October 1, 2021 as their respective fair values exceeded their respective carrying values by approximately 50%, 98% and 9%, 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 described above are non-cash items and do not affect our cash flows, liquidity or borrowing capacity under the Credit Facility, and the impairment charges are excluded from our financial results in evaluating our financial covenant under the Credit Facility.


	Eq. Rental Comp. 1			Eq. Rental Comp. 2 (1)			Used Eq. Sales			New Eq. Sales		Parts Sales			Service Revenues		Total
Balance at December 31, 2019	$	49,215		$	55,981		$	8,455		$	—	$	5,747		$	—	$	119,398
Decreases (2)		(239	)		(317	)		(8	)		—		(33	)		—		(597	)
Decreases (3)		—			(55,664	)		—			—		—			—		(55,664	)
Balance at December 31, 2020	$	48,976		$	—		$	8,447		$	—	$	5,714		$	—	$	63,137

(1)

As of October 1, 2021, Equipment Rental Component 2 is no longer a reporting unit, as described above.

(2)

Decreases are related to an adjustment during the first quarter of 2020 from the final closing settlement of the Cobra Equipment Rentals, LLC 2019 acquisition. See Note 3 for further information.

(3)

Decrease is related to the goodwill impairment calculated as of March 31, 2020, as described above.

Intangible assets

Our intangible assets include customer relationships, tradenames and leasehold interests that we acquired in recent acquisitions (see Note 3 for further acquisition information). The customer relationships, tradenames and leasehold interests are amortized on a straight-line basis over estimated useful lives of ten, one and ten years, respectively, from the date of acquisition, which approximates the period of economic benefit.

The gross carrying values, accumulated amortization and net carrying amounts of our major classes of intangible assets as of December 31, 2021 and 2020 are as follows (dollar amounts in thousands):


	December 31, 2021						December 31, 2020
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Customer relationships	$	39,500	$	14,629	$	24,871	$	39,500	$	10,679	$	28,821
Tradenames		—		—		—		200		200		—
Leasehold interests		200		80		120		200		60		140
Total	$	39,700	$	14,709	$	24,991	$	39,900	$	10,939	$	28,961

Intangible assets are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when the carrying amount of the asset exceeds the estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition. The impairment loss to be recorded would be the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis or other valuation technique.

Total amortization expense for the years ended December 31, 2021, 2020 and 2019 totaled $4.0 million, $4.0 million and $4.1 million, respectively, and is included within SG&A expenses on the consolidated statements of operations. The following table


	Amortization Expense
2022	$	3,970
2023		3,970
2024		3,970
2025		3,970
2026		3,970
Thereafter		5,141
	$	24,991

Leases

The Company as Lessee

We determine whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and we have the right to control the asset for a period of time in exchange for consideration. Lease arrangements can take several forms. Some arrangements are clearly within the scope of lease accounting, such as a real estate contract that provides an explicit contractual right to use a building for a specified period of time in exchange for consideration. However, the right to use an asset can also be conveyed through arrangements that are not leases in form, such as leases embedded within service and supply contracts. We analyze all arrangements with potential embedded leases to determine if an identified asset is present, if substantive substitution rights are present, and if the arrangement provides the customer control of the asset.

Our lease portfolio is substantially comprised of operating leases related to leases of real estate and improvements at our branch locations. From time to time, we may also lease various types of small equipment and vehicles.

Operating lease right-of-use (“ROU”) assets represent our right to use an individual asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide the lessor’s implicit rate, we use our incremental borrowing rate (“IBR”) at the commencement date in determining the present value of lease payments by utilizing a fully collateralized rate for a fully amortizing loan with the same term as the lease.

Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. For leases with terms greater than 12 months, we record the related asset and obligation at the present value of lease payments over the term. Many of our leases include rental escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when such renewal options and/or termination options are reasonably certain of exercise. We do not separate lease and non-lease components of contracts. Variable lease payments, which represent lease payments that vary due to changes in facts or circumstances occurring after the commencement date other than the passage of time, are expensed in the period in which the obligation for these payments was incurred.

A ROU asset is subject to the same impairment guidance as assets categorized as plant, property, and equipment. As such, any impairment loss on ROU assets is presented in the same manner as an impairment loss recognized on other long-lived assets.

A lease modification is a change to the terms and conditions of a contract that change the scope or consideration of a lease. For example, a change to the terms and conditions to the contract that adds or terminates the right to use one or more underlying assets, or extends or shortens the contractual lease term, is a modification. Depending on facts and circumstances, a lease modification may be accounted as either: (1) the original lease plus the lease of a separate asset(s) or (2) a modified lease. A lease will be remeasured if there are changes to the lease contract that do not give rise to a separate lease.

See Note 11 related to the required lease disclosures.

The Company as Lessor

Our equipment rental business involves rental contracts with customers whereby we are the lessor in the transaction and therefore, such transactions are subject to Topic 842. We account for such rental contracts as operating leases. We recognize revenue from equipment rentals in the period earned, regardless of the timing of billing to customers. A rental contract includes rates for daily, weekly or monthly use, and rental revenues are earned on a daily basis as rental contracts remain outstanding. Because the rental

contracts can extend across multiple reporting periods, we record unbilled rental revenues and deferred rental revenues at the end of reporting periods so rental revenues earned is appropriately stated for the periods presented.

Deferred Financing Costs and Initial Purchasers’ Discounts

Deferred financing costs include legal, accounting and other direct costs incurred in connection with the issuance and amendments thereto, of the Company’s debt. These costs are amortized over the terms of the related debt using the straight-line method which approximates amortization using the effective interest method.

Initial purchasers’ discount and bond premium is the differential between the price paid to an issuer for the new issue and the prices (below and above, respectively) at which the securities are initially offered to the investing public. The amortization expense of deferred financing costs and bond premium and accretion of initial purchasers’ discounts are included in interest expense as an overall cost of the related financings. Such costs are presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount.

Reserves for Claims

We are exposed to various claims relating to our business, including those for which we provide self-insurance. Claims for which we self-insure include: (1) workers compensation claims; (2) general liability claims by third parties for injury or property damage caused by our equipment or personnel; (3) automobile liability claims; and (4) employee health insurance claims. Losses that exceed our deductibles and self-insured retentions are insured through various commercial lines of insurance policies. These types of claims may take a substantial amount of time to resolve and, accordingly, the ultimate liability associated with a particular claim, including claims incurred but not reported as of a period-end reporting date, may not be known for an extended period of time. Our methodology for developing self-insurance reserves is based on management estimates. Our estimation process considers, among other matters, the cost of known claims over time, cost inflation and incurred but not reported claims. These estimates may change based on, among other things, changes in our claim history or receipt of additional information relevant to assessing the claims. Further, these estimates may prove to be inaccurate due to factors such as adverse judicial determinations or other claim settlements at higher than estimated amounts. Accordingly, we may be required to increase or decrease our reserve levels. At December 31, 2021, our claims reserves related to workers compensation, general liability and automobile liability, which are included in “Accrued expenses payable and other liabilities” in our consolidated balance sheets, totaled $7.8 million and our health insurance reserves totaled $2.0 million. At December 31, 2020, our claims reserves related to workers compensation, general liability and automobile liability totaled $7.3 million and our health insurance reserves totaled $1.5 million.

Advertising

Advertising costs are expensed as incurred and totaled $1.1 million, $0.2 million and $0.6 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Income Taxes

The Company files a consolidated federal income tax return with its wholly-owned subsidiaries. The Company is a C-Corporation under the provisions of the Internal Revenue Code. We utilize the asset and liability approach to measure deferred tax assets and liabilities based on temporary differences existing at each balance sheet date using currently enacted tax rates. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rate is recognized as income or expense in the period that includes the enactment date of that rate.

The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax provisions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company recognizes both interest and penalties related to uncertain tax positions in net other income (expense).

Our deferred tax calculation requires management to make certain estimates about future operations. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

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 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 December 31, 2021 and 2020 are presented in the table below (amounts in thousands).


	December 31, 2021
	Carrying Amount		Fair Value
Manufacturer flooring plans payable with interest computed at 3.5% (Level 3)	$	20,924	$	19,533
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)		1,239,967		1,242,850


	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 December 31, 2021 and 2020, the fair value of our senior unsecured notes due 2028, respectively, were 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 Credit Facility. The discount rate is disclosed in the above table.

During the years ended December 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 2019 goodwill impairment quantitative test indicated that the respective fair values of the New Equipment Sales and Service Revenues reporting units were less than the carrying value of each reporting unit, resulting in a goodwill impairment for the New Equipment Sales and Service Revenues reporting units. The results of our first quarter 2020 goodwill impairment quantitative test indicated that the respective fair values of the Equipment Rental Component 2 reporting unit was less than the carrying value of the reporting unit, resulting in a goodwill impairment for the Equipment Rental Component 2 reporting unit.

Concentrations of Credit and Supplier Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash deposits and trade accounts receivable. Credit risk can be negatively impacted by adverse changes in the economy or by disruptions in the credit markets.

The Company maintains its cash deposits with established commercial banks. At times, balances may exceed federally insured limits. We have not experienced any losses in such accounts and do not believe that we are exposed to any significant credit risk associated with our cash deposits.

We believe that credit risk with respect to trade accounts receivable is somewhat mitigated by our large number of geographically diverse customers and our credit evaluation procedures. Although generally no collateral is required, when feasible, mechanics’ liens are filed and personal guarantees are signed to protect the Company’s interests. We maintain reserves for potential losses.

We record trade accounts receivables at sales value and establish specific reserves for certain customer accounts identified as known collection problems due to insolvency, disputes or other collection issues. The amounts of the specific reserves estimated by management are determined by a loss rate model based on delinquency, as further described above in receivables and contract assets and liabilities.

We purchase a significant amount of equipment from the same manufacturers with whom we have distribution agreements. During the year ended December 31, 2021, we purchased approximately 46.3% of our rental fleet and new equipment from five

manufacturers (Komatsu, John Deere, Genie Industries (Terex), JCB, and Skyjack) providing our rental and sales equipment. We believe that while there are alternative sources of supply for the equipment we purchase in each of the principal product categories, termination of one or more of our relationships with any of our major suppliers of equipment could have a material adverse effect on our business, financial condition or results of operation if we were unable to obtain adequate or timely rental and sales equipment.

Income (loss) per Share

Income (loss) per common share for the years ended December 31, 2021, 2020 and 2019 is 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 diluted 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 during the years ended December 31, 2021, 2020 and 2019 were less than 1% of total outstanding shares for each of the years ended December 31, 2021, 2020 and 2019 and consequently, were 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 as presented for the years ended December 31, 2021, 2020 and 2019.

The following table sets forth the computation of basic and diluted net income (loss) per common share for the years ended December 31, (amounts in thousands, except per share amounts):


	2021		2020			2019
Net income (loss) from continuing operations	$	60,564	$	(46,396	)	$	69,190
Net income from discontinued operations	$	41,976	$	13,729		$	18,021
Net income (loss)	$	102,540	$	(32,667	)	$	87,211

Weighted average number of common shares outstanding:
Basic		36,261		36,067			35,859
Effect of dilutive non-vested restricted stock		190		—			174
Diluted		36,451		36,067			36,033

Income (loss) per share:
Basic:
Continuing operations	$	1.67	$	(1.29	)	$	1.93
Discontinued operations		1.16		0.38			0.50
Net income (loss) per share	$	2.83	$	(0.91	)	$	2.43
Diluted:
Continuing operations	$	1.66	$	(1.29	)	$	1.92
Discontinued operations		1.15		0.38			0.50
Net income (loss) per share	$	2.81	$	(0.91	)	$	2.42

Common shares excluded from the denominator as anti-dilutive:
Non-vested restricted stock		23		147			32

Stock-Based Compensation

Stock-based compensation is measured at the grant date, based on the calculated fair value of the award, net of an estimated forfeiture rate, and is recognized as an expense over the requisite employee service period (generally the vesting period of the grant). The estimated forfeiture rate is based on historical experience and revised, if necessary, in subsequent periods for actual forfeitures.

Our 2016 Stock-Based Incentive Compensation Plan (the “2016 Plan”) is administered by the Compensation Committee of our Board of Directors, which selects persons eligible to receive awards and determines the number of shares and/or options subject to each award, the terms, conditions, performance measures, if any, and other provisions of the award. Under the 2016 Plan, we may offer deferred shares or restricted shares of our common stock and grant options, including both incentive stock options and

nonqualified stock options, to purchase shares of our common stock. Shares available for future stock-based payment awards under our 2016 Plan were 1,213,953 shares of common stock as of December 31, 2021.

Non-vested Stock

From time to time, we issue shares of non-vested stock typically with vesting terms of three years. The following table summarizes our non-vested stock activity for the years ended December 31, 2021 and 2020:


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested stock at January 1, 2020		377,740		$	29.26
Granted		364,981		$	18.21
Vested		(203,638	)	$	25.65
Forfeited		(14,207	)	$	28.11
Non-vested stock at December 31, 2020		524,876		$	23.00
Granted		202,687		$	33.28
Vested		(186,042	)	$	26.83
Forfeited		(61,374	)	$	25.31
Non-vested stock at December 31, 2021		480,147		$	25.56

As of December 31, 2021, we had unrecognized compensation expense of approximately $7.3 million related to non-vested stock award payments that we expect to be recognized over a weighted average period of 2.0 years. Stock compensation expense, which is included in SG&A expenses in the accompanying consolidated statements of operations, for the years ended December 31, 2021, 2020 and 2019 was $4.4 million, $4.4 million and $4.7 million, respectively.

Purchases of Company Common Stock

Purchases of our common stock are accounted for as treasury stock in the accompanying consolidated balance sheets using the cost method. Repurchased stock is included in authorized shares, but is not included in shares outstanding.

Segment Reporting

We have five reportable segments. We derive our revenues from five principal business activities: (1) equipment rentals; (2) used equipment sales; (3) new equipment sales; (4) parts sales; and (5) repair and maintenance services. These segments are based upon how we allocate resources and assess performance. See Note 18 to the consolidated financial statements regarding our segment information.

Recent Accounting Pronouncements

Pronouncements Not Yet Adopted

In March 2020, the FASB issued Accounting Standards Update (“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. We intend to continue to monitor the developments with respect to the planned phase-out out of LIBOR and work with our lenders to seek to ensure any transition away from LIBOR will have minimal impact on our financial condition. However, we can provide no assurances regarding the impact of the discontinuation of LIBOR as there can be no assurances as to whether such replacement or alternative base rate will be more or less favorable than LIBOR. Our exposure related to the expected cessation of LIBOR is limited to the interest expense and certain fees we incur on balances outstanding under our Senior Secured Credit Facility (the “Credit Facility”). As certain U.S. dollar LIBOR settings will continue to be published until June 30, 2023, we amended our credit facility on September 14, 2021 to include benchmark language for an upcoming transition away from LIBOR. The potential impact from the cessation of LIBOR as a reference rate, as well as the applicability of ASU 2020-04, is not currently estimable.

Recently Adopted Accounting Pronouncements

Income Taxes

On January 1, 2021, we adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. 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 adoption did not have a material impact on our consolidated financial statements presented herein.

Credit Losses

On January 1, 2020, we adopted Accounting Standards Codification Topic 326, Credit Losses (Topic 326). This standard establishes an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, we recognize an allowance for our estimate of expected credit losses over the entire contractual term of our receivables from the date of initial recognition of the financial instrument. Measurement of expected credit losses are based on relevant forecasts that affect collectability. Topic 326 applies to trade receivables from certain revenue transactions including receivables from equipment sales, parts and service sales. Under Topic 606 (Revenue from Contracts with Customers), revenue is recognized when, among other criteria, it is probable that the entity will collect the consideration to which it is entitled for goods or services transferred to a customer. At the point that these trade receivables are recorded, they become subject to the CECL model and estimates of expected credit losses over their contractual life are recorded at inception based on historical information, current conditions, and reasonable and supportable forecasts. The adoption of Topic 326 did not have a material impact on our consolidated financial statements and related disclosures or our existing internal controls because our non-rental accounts receivable are of short duration and there is not a material difference between incurred losses and expected 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.

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

(18)

Segment Information

We have identified five reportable segments: equipment rentals, used equipment sales, new equipment sales, parts sales and service revenues. These segments are based upon revenue streams and 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 our reportable segments.

We do not compile discrete financial information by our segments other than the information presented below. The following table presents information about our reportable segments (amounts in thousands):


	Years Ended December 31,
	2021			2020		2019
Segment Revenues:
Equipment rentals	$	729,700		$	644,445	$	741,955
Used equipment sales		135,245			139,769		122,591
New equipment sales		92,677			113,708		131,798
Parts sales		65,623			65,881		77,569
Services revenues		33,034			35,989		41,521
Total segmented revenues		1,056,279			999,792		1,115,434
Non-Segmented revenues		6,518			7,183		8,327
Total revenues	$	1,062,797		$	1,006,975	$	1,123,761
Segment Gross Profit:
Equipment rentals	$	315,629		$	257,508	$	336,481
Used equipment sales		48,922			44,970		41,823
New equipment sales		11,855			12,207		15,512
Parts sales		17,277			17,750		22,331
Services revenues		21,797			24,464		28,408
Total gross profit from segmented revenues		415,480			356,899		444,555
Non-segmented gross profit (loss)		(117	)		164		(1,737	)
Total gross profit	$	415,363		$	357,063	$	442,818


	December 31,
	2021		2020
Segment identified assets:
Equipment sales	$	62,652	$	31,999
Equipment rentals		1,116,456		989,423
Parts and service		12,647		9,891
Total segment identified assets		1,191,755		1,031,313
Non-Segmented identified assets		888,692		827,716
Assets held for sale		—		121,455
Total assets	$	2,080,447	$	1,980,484

The Company operates primarily in the United States and our sales to international customers for the three years ended December 31, 2021 were 0.2% of total revenues for the periods presented. No one customer accounted for more than 10% of our revenues on an overall or segmented basis for any of the periods presented.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Acquisitions and Dispositions - Schedule of Income from Discontinued Operations and Carrying Value of Assets and Liabilities (Parenthetical) (Detail) $ in Thousands		9 Months Ended	12 Months Ended
	Oct. 01, 2021 ReportingUnit	Sep. 30, 2021 ReportingUnit	Dec. 31, 2021 ReportingUnit	Dec. 31, 2020 USD ($) ReportingUnit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Allowance for doubtful accounts receivables				$ 252
Reserves for obsolescence inventories				$ 120
Number of reporting units \| ReportingUnit	2	6	5	2
Crane Business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Allowance for doubtful accounts receivables				$ 252
Reserves for obsolescence inventories				120
Accumulated depreciation, rental equipment				34,143
Accumulated depreciation and amortization, property and equipment				13,381
Accumulated amortization, operating lease right-of-use assets				652
Goodwill				$ 5,714
Number of reporting units \| ReportingUnit				2
Crane Business [Member] \| Used Equipment Sales [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill				$ 506
Crane Business [Member] \| Parts Sales [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill				$ 5,208

Receivables (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Summary of Receivables

Receivables consisted of the following at December 31, (amounts in thousands):


	2021			2020
Trade receivables	$	151,835		$	146,677
Unbilled rental revenue		9,006			7,583
Income tax receivables		541			704
Other		22			27
		161,404			154,991
Less allowance for doubtful accounts		(4,178	)		(4,489	)
Total receivables, net	$	157,226		$	150,502

Significant Accounting Policies - 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								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Line Items]
Net income (loss) from continuing operations	$ 21,730	$ 24,728	$ 12,251	$ 1,855	$ (21,333)	$ 7,983	$ 4,381	$ (37,427)	$ 60,564	$ (46,396)	$ 69,190
Net income from discontinued operations									41,976	13,729	18,021
Net income (loss)									$ 102,540	$ (32,667)	$ 87,211
Weighted average number of common shares outstanding:
Basic									36,261	36,067	35,859
Diluted									36,451	36,067	36,033
Basic:
Continuing operations	$ 0.60	$ 0.68	$ 0.34	$ 0.05	$ (0.59)	$ 0.22	$ 0.12	$ (1.04)	$ 1.67	$ (1.29)	$ 1.93
Discontinued operations									1.16	0.38	0.50
Net income (loss) per share									2.83	(0.91)	2.43
Diluted:
Continuing operations	$ 0.59	$ 0.68	$ 0.34	$ 0.05	$ (0.59)	$ 0.22	$ 0.12	$ (1.04)	1.66	(1.29)	1.92
Discontinued operations									1.15	0.38	0.50
Net income (loss) per share									$ 2.81	$ (0.91)	$ 2.42
Non-vested restricted stock [Member]
Weighted average number of common shares outstanding:
Effect of dilutive non-vested restricted stock									190		174
Common shares excluded from the denominator as anti-dilutive:
Non-vested restricted stock									23	147	32

Manufacturer Flooring Plans Payable

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

Manufacturer Flooring Plans Payable

(7)

Manufacturer Flooring Plans Payable

Manufacturer flooring plans payable are financing arrangements for inventory and rental equipment. The interest cost incurred on the manufacturer flooring plans ranged from 0% to the prime rate (3.25% at December 31, 2021) plus an applicable margin at December 31, 2021. Certain manufacturer flooring plans provide for a one to twelve-month reduced interest rate term or a deferred payment period. We recognize interest expense based on the effective interest method. We make payments in accordance with the original terms of the financing agreements. However, we routinely sell equipment that is financed under manufacturer flooring plans prior to the original maturity date of the financing agreement. The related manufacturer flooring plan payable is then paid at the time the equipment being financed is sold. The manufacturer flooring plans payable are secured by the equipment being financed.


2022	$	8,058
2023		12,619
2024		247
Total	$	20,924

Senior Secured Credit Facility

12 Months Ended

Dec. 31, 2021

Secured Debt [Member]

Senior Secured Credit Facility

(10)

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").

On December 22, 2017, we amended, extended and restated the Credit Facility by entering into the Fifth Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) by and among the Company, Great Northern Equipment, Inc., H&E Equipment Services (California), LLC, H&E Equipment Services (Mid-Atlantic), LLC, the other credit parties named therein, the lenders named therein, Wells Fargo Capital Finance, LLC, as administrative agent, the other credit parties named therein, the lenders named therein, and the joint lead arrangers, joint book runners, co-syndication agents and documentation agent named therein.

The Amended and Restated Credit Agreement, among other things, (i) extended the maturity date of the credit facility to December 22, 2022, (ii) increased the commitments under the senior secured asset based revolver provided for therein to $750 million, (iii) increased the uncommitted incremental revolving capacity to $250 million, (iv) provided that the unused line fee margin will be either 0.375% or 0.25%, depending on the Average Revolver Usage (as defined in the Amended and Restated Credit Agreement) of the borrowers, (v) lowered the interest rate (a) in the case of base rate revolving loans, to the base rate plus an applicable margin of 0.50% to 1.00% depending on the Average Availability (as defined in the Amended and Restated Credit Agreement) and (b) in the case of LIBOR revolving loans, to LIBOR (as defined in the Amended and Restated Credit Agreement) plus an applicable margin of 1.50% to 2.00%, depending on the Average Availability, (vi) lowered the margin applicable to the letter of credit fee to between 1.50% and 2.00%, depending on the Average Availability, and (vii) permitted, subject to certain conditions, an unlimited amount of Permitted Acquisitions, Restricted Payments and prepayments of Indebtedness (in each case, as defined in the Amended and Restated Credit Agreement).

On February 1, 2019, we further amended and extended the Amended and Restated Credit Agreement with the First Amendment to the Fifth Amended and Restated Credit Agreement (the “First Amendment”) by and among the Company, Great Northern Equipment, Inc., H&E Equipment Services (California), LLC, H&E Equipment Services (Mid-Atlantic), LLC, the other credit parties named therein, the lenders named therein, Wells Fargo Capital Finance, LLC, as administrative agent, the other credit parties named therein, the lenders named therein, and the joint lead arrangers, joint book runners, co-syndication agents and documentation agent named therein.

The First Amendment, among other things, (i) extended the maturity date of the credit facility from December 22, 2022 to January 31, 2024, and (ii) lowered the interest rate in the case of LIBOR revolving loans, to LIBOR plus an applicable margin of 1.25% to 1.75%, depending on the Average Availability and (iii) lowered the interest rate in the case of Base Rate loans, to the Base Rate (as defined in the Amended and Restated Credit Agreement) plus an applicable margin of 0.25% to 0.75%, depending on the Average Availability.

As amended, the Amended and Restated Credit Agreement continues to provide for, among other things, a $30.0 million letter of credit sub-facility, and a guaranty by certain of the Company’s subsidiaries of the obligations under the Credit Facility. In addition, the Credit Facility remains secured by substantially all of the assets of the Company and certain of its subsidiaries.

On September 14, 2021, the Company further amended and extended the Amended and Restated Credit Agreement with the Second Amendment to the Fifth Amended and Restated Credit Agreement (the “Second Amendment”) by and among the Company, Great Northern Equipment, Inc., H&E Equipment Services (California), LLC, H&E Equipment Services (Mid-Atlantic), LLC, the other credit parties named therein, the lenders named therein, Wells Fargo Bank National Association, as administrative agent, and the joint lead arrangers, joint book runners, co-syndication agents and documentation agent named therein.

The Second Amendment (i) amended the permitted dispositions of the credit facility, specifically the Crane Sale, and (ii) included benchmark language for a transition away from LIBOR.

As of December 31, 2021, we were in compliance with our financial covenants under the Amended and Restated Credit Agreement. At December 31, 2021, we had no borrowings outstanding under the Credit Facility and could borrow up to approximately $741.3 million, net of an $8.7 million outstanding letter of credit, and remain in compliance with the debt covenants under the Credit Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1E
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Principles of Consolidation and Basis of Presentation

Use of Estimates

Revenue Recognition

We recognize revenue in accordance with two different Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) standards: 1) Topic 606 and 2) Topic 842.


	Year Ended December 31, 2021
	Topic 842		Topic 606		Total
Revenues:
Rental Revenues:
Owned equipment rentals	$	617,831	$	354	$	618,185
Re-rent revenue		34,819		—		34,819
Ancillary and other rental revenues:
Delivery and pick-up		—		40,523		40,523
Other		36,173		—		36,173
Total ancillary rental revenues		36,173		40,523		76,696
Total equipment rental revenues		688,823		40,877		729,700
Used equipment sales		—		135,245		135,245
New equipment sales		—		92,677		92,677
Parts sales		—		65,623		65,623
Services revenues		—		33,034		33,034
Other		—		6,518		6,518
Total revenues	$	688,823	$	373,974	$	1,062,797


	Year Ended December 31, 2020
	Topic 842		Topic 606		Total
Revenues:
Rental Revenues:
Owned equipment rentals	$	557,166	$	471	$	557,637
Re-rent revenue		23,507		—		23,507
Ancillary and other rental revenues:
Delivery and pick-up		—		35,793		35,793
Other		27,508		—		27,508
Total ancillary rental revenues		27,508		35,793		63,301
Total equipment rental revenues		608,181		36,264		644,445
Used equipment sales		—		139,769		139,769
New equipment sales		—		113,708		113,708
Parts sales		—		65,881		65,881
Services revenues		—		35,989		35,989
Other		—		7,183		7,183
Total revenues	$	608,181	$	398,794	$	1,006,975


	Year Ended December 31, 2019
	Topic 842		Topic 606		Total
Revenues:
Rental Revenues:
Owned equipment rentals	$	647,123	$	621	$	647,744
Re-rent revenue		24,007		—		24,007
Ancillary and other rental revenues:
Delivery and pick-up		—		40,049		40,049
Other		30,155		—		30,155
Total ancillary rental revenues		30,155		40,049		70,204
Total equipment rental revenues		701,285		40,670		741,955
Used equipment sales		—		122,591		122,591
New equipment sales		—		131,798		131,798
Parts sales		—		77,569		77,569
Services revenues		—		41,521		41,521
Other		—		8,327		8,327
Total revenues	$	701,285	$	422,476	$	1,123,761

Nature of goods and services

Lease revenues

Topic 842

Revenues from contracts with customers (Topic 606)

Substantially all of our revenues under Topic 606 are recognized at a point-in-time rather than over time.

Delivery and pick-up: Delivery and pick-up revenue associated with renting equipment is recognized when the service is performed.

New equipment sales: Revenues from the sales of new equipment are recognized at the time of delivery to, or pick-up by, the customer, which is when the customer obtains control of the promised good.

Receivables and contract assets and liabilities

Performance obligations

Payment terms

Sales tax amounts collected from customers are recorded on a net basis.

Contract costs

Contract estimates and judgments

Discontinued Operations

Held for Sale

Inventories

Long-lived Assets and Goodwill

Rental Equipment

Property and Equipment

We capitalize interest on qualified construction projects. We additionally capitalize certain costs associated with internally developed software and cloud computing arrangements.


Category		Estimated Useful Life
Transportation equipment		5 years
Buildings		39 years
Office equipment		5 years
Computer equipment		3 years
Machinery and equipment		7 years

Goodwill


	Eq. Rental Comp. 1			Eq. Rental Comp. 2 (1)			Used Eq. Sales			New Eq. Sales		Parts Sales			Service Revenues		Total
Balance at December 31, 2019	$	49,215		$	55,981		$	8,455		$	—	$	5,747		$	—	$	119,398
Decreases (2)		(239	)		(317	)		(8	)		—		(33	)		—		(597	)
Decreases (3)		—			(55,664	)		—			—		—			—		(55,664	)
Balance at December 31, 2020	$	48,976		$	—		$	8,447		$	—	$	5,714		$	—	$	63,137

(1)

As of October 1, 2021, Equipment Rental Component 2 is no longer a reporting unit, as described above.

(2)

Decreases are related to an adjustment during the first quarter of 2020 from the final closing settlement of the Cobra Equipment Rentals, LLC 2019 acquisition. See Note 3 for further information.

(3)

Decrease is related to the goodwill impairment calculated as of March 31, 2020, as described above.

Intangible assets

The gross carrying values, accumulated amortization and net carrying amounts of our major classes of intangible assets as of December 31, 2021 and 2020 are as follows (dollar amounts in thousands):


	December 31, 2021						December 31, 2020
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Customer relationships	$	39,500	$	14,629	$	24,871	$	39,500	$	10,679	$	28,821
Tradenames		—		—		—		200		200		—
Leasehold interests		200		80		120		200		60		140
Total	$	39,700	$	14,709	$	24,991	$	39,900	$	10,939	$	28,961


	Amortization Expense
2022	$	3,970
2023		3,970
2024		3,970
2025		3,970
2026		3,970
Thereafter		5,141
	$	24,991

Leases

The Company as Lessee

See Note 11 related to the required lease disclosures.

The Company as Lessor

Deferred Financing Costs and Initial Purchasers' Discounts

Deferred Financing Costs and Initial Purchasers’ Discounts

Reserves for Claims

Advertising

Advertising costs are expensed as incurred and totaled $1.1 million, $0.2 million and $0.6 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Income Taxes

Fair Value of Financial Instruments

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


	December 31, 2021
	Carrying Amount		Fair Value
Manufacturer flooring plans payable with interest computed at 3.5% (Level 3)	$	20,924	$	19,533
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)		1,239,967		1,242,850


	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

During the years ended December 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

Concentrations of Credit and Supplier Risk

Income (Loss) per Share

Income (loss) per Share

The following table sets forth the computation of basic and diluted net income (loss) per common share for the years ended December 31, (amounts in thousands, except per share amounts):


	2021		2020			2019
Net income (loss) from continuing operations	$	60,564	$	(46,396	)	$	69,190
Net income from discontinued operations	$	41,976	$	13,729		$	18,021
Net income (loss)	$	102,540	$	(32,667	)	$	87,211

Weighted average number of common shares outstanding:
Basic		36,261		36,067			35,859
Effect of dilutive non-vested restricted stock		190		—			174
Diluted		36,451		36,067			36,033

Income (loss) per share:
Basic:
Continuing operations	$	1.67	$	(1.29	)	$	1.93
Discontinued operations		1.16		0.38			0.50
Net income (loss) per share	$	2.83	$	(0.91	)	$	2.43
Diluted:
Continuing operations	$	1.66	$	(1.29	)	$	1.92
Discontinued operations		1.15		0.38			0.50
Net income (loss) per share	$	2.81	$	(0.91	)	$	2.42

Common shares excluded from the denominator as anti-dilutive:
Non-vested restricted stock		23		147			32

Stock-Based Compensation

Non-vested Stock


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested stock at January 1, 2020		377,740		$	29.26
Granted		364,981		$	18.21
Vested		(203,638	)	$	25.65
Forfeited		(14,207	)	$	28.11
Non-vested stock at December 31, 2020		524,876		$	23.00
Granted		202,687		$	33.28
Vested		(186,042	)	$	26.83
Forfeited		(61,374	)	$	25.31
Non-vested stock at December 31, 2021		480,147		$	25.56

Purchases of Company Common Stock

Segment Reporting

Recent Accounting Pronouncements

Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

Income Taxes

Credit Losses

Fair Value

Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

(5)

Inventories

Inventories consisted of the following at December 31, (amounts in thousands):


	2021		2020
Used equipment	$	179	$	473
New equipment		62,473		31,574
Parts, supplies and other		12,647		9,843
Total inventories, net	$	75,299	$	41,890

The above amounts are presented net of reserves for inventory obsolescence at December 31, 2021 and 2020 totaling approximately $0.1 million and $0.2 million, respectively.

Property and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

(6)

Property and Equipment

Net property and equipment consisted of the following at December 31, (amounts in thousands):


	2021			2020
Land	$	6,533		$	6,991
Transportation equipment		129,307			113,461
Building and leasehold improvements		63,632			64,012
Office and computer equipment		50,028			52,009
Machinery and equipment		15,662			14,576
Construction in progress		9,032			3,292
		274,194			254,341
Less accumulated depreciation and amortization		(161,913	)		(145,422	)
Total net property and equipment	$	112,281		$	108,919

Total depreciation and amortization on property and equipment was $26.3 million, $27.3 million and $26.5 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Expect to realize reduction on cash taxes paid	$ 303,200,000
Deferral of payroll taxes	$ 1,522,000	$ 396,000
Statutory federal income tax rate	21.00%	21.00%	21.00%
General business credit carry forwards	$ 100,000
Expire in varying amounts for business credit carry forwards	2036 to 2040
State income tax credits expiration date	2022
State income tax credits carry forward	$ 8,300,000
Valuation allowance	7,598,000	$ 6,396,000
Unrecognized tax benefits	0	$ 0
Deferral of payroll taxes, remitted	$ 4,600,000
CARES Act [Member]
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Suspension of taxable income limitations to fully utilize net operating loss carryforwards to offset taxable income percentage	80.00%
Expect to realize reduction on cash taxes paid	$ 2,600,000
Federal tax refund	1,500,000
Deferral of payroll taxes	$ 6,800,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash	$ 357,296	$ 310,882
Receivables, net of allowance for doubtful accounts of $4,178 and $4,489, respectively	157,226	150,502
Inventories, net of reserves for obsolescence of $73 and $230, respectively	75,299	41,890
Prepaid expenses and other assets	21,081	10,293
Rental equipment, net of accumulated depreciation of $722,646 and $667,445, respectively	1,116,456	989,423
Property and equipment, net of accumulated depreciation and amortization of $161,913 and $145,422, respectively	112,281	108,919
Operating lease right-of-use assets, net of accumulated amortization of $36,884 and $23,268, respectively	151,222	152,662
Finance lease right-of-use assets, net of accumulated amortization of $2,213 as of December 31, 2020		203
Deferred financing costs, net of accumulated amortization of $15,818 and $15,119, respectively	1,458	2,157
Intangible assets, net of accumulated amortization of $14,709 and $10,939, respectively	24,991	28,961
Goodwill	63,137	63,137
Assets held for sale		121,455
Total assets	2,080,447	1,980,484
Liabilities:
Accounts payable	95,604	75,262
Manufacturer flooring plans payable	20,924	9,615
Accrued expenses payable and other liabilities	63,908	67,120
Dividends payable	128	155
Senior unsecured notes, net of unaccreted discount of $8,151 and $9,323 and deferred financing costs of $1,882 and $2,017, respectively	1,239,967	1,238,660
Operating lease liabilities	155,303	156,282
Finance lease liabilities		305
Deferred income taxes	201,231	171,010
Liabilities held for sale		23,842
Total liabilities	1,777,065	1,742,251
Commitments and Contingencies (Note 13)
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; and 40,242,711 shares issued at December 31, 2021 and December 31, 2020, respectively, and and 36,092,555 shares outstanding at December 31, 2021 and December 31, 2020, respectively	403	401
Additional paid-in capital	244,638	240,206
Treasury stock at cost, and 4,150,156 shares of common stock held at December 31, 2021 and December 31, 2020, respectively	(68,294)	(66,188)
Retained earnings	126,635	63,814
Total stockholders’ equity	303,382	238,233
Total liabilities and stockholders’ equity	$ 2,080,447	$ 1,980,484

Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. Federal, Current		$ (761)	$ (761)
U.S. Federal, Deferred	$ 16,513	(9,362)	20,306
U.S. Federal, Total	16,513	(10,123)	19,545
State, Current	2,574	471	1,447
State, Deferred	2,073	(3,776)	1,743
State, Total	4,647	(3,305)	3,190
Current, Total	2,574	(290)	686
Deferred, Total	18,586	(13,138)	22,049
Total	$ 21,160	$ (13,428)	$ 22,735

Acquisitions and Dispositions - Schedule of Income from Discontinued Operations and Carrying Value of Assets and Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cost of revenues:
Income before provision for income taxes	$ 55,948	$ 18,438	$ 23,936
Provision for income taxes	13,972	4,709	5,915
Net income from discontinued operations	41,976	13,729	18,021
Assets:
Total assets held for sale		121,455
Liabilities:
Total liabilities held for sale		23,842
Crane Business [Member]
Revenues:
Total revenues	132,030	162,145	224,604
Cost of revenues:
Total cost of revenues	97,328	116,589	168,252
Gross profit	34,702	45,556	56,352
Selling, general and administrative expenses	18,872	23,370	24,053
Impairment of goodwill		6,330	8,469
Merger and other	2,065
Gain on sales of property and equipment, net	49	2,556	84
Gain on sale of discontinued operations	42,072
Income from discontinued operations	55,886	18,412	23,914
Other, net	62	26	22
Income before provision for income taxes	55,948	18,438	23,936
Provision for income taxes	13,972	4,709	5,915
Net income from discontinued operations	41,976	13,729	18,021
Assets:
Receivables, net of allowance for doubtful accounts of $252		28,356
Inventories, net of reserves for obsolescence of $120		30,598
Prepaid expenses and other assets		86
Rental equipment, net of accumulated depreciation of $34,143		39,322
Property and equipment, net of accumulated depreciation and amortization of $13,381		7,821
Operating lease right-of-use assets, net of accumulated amortization of $652		9,558
Goodwill		5,714
Total assets held for sale		121,455
Liabilities:
Accounts payable		14,033
Accrued expenses payable and other liabilities		170
Operating lease liabilities		9,639
Total liabilities held for sale		23,842
Crane Business [Member] \| Equipment Rentals [Member]
Revenues:
Total revenues	10,321	18,548	24,399
Cost of revenues:
Total cost of revenues	6,667	12,124	13,998
Crane Business [Member] \| Equipment Rentals [Member] \| Rentals Other [Member]
Cost of revenues:
Total cost of revenues	1,000	1,285	1,521
Crane Business [Member] \| Equipment Rentals [Member] \| Rental Depreciation [Member]
Cost of revenues:
Total cost of revenues	3,720	8,385	9,206
Crane Business [Member] \| Equipment Rentals [Member] \| Rental Expense [Member]
Cost of revenues:
Total cost of revenues	1,947	2,454	3,271
Crane Business [Member] \| Used Equipment Sales [Member]
Revenues:
Total revenues	11,545	13,383	16,758
Cost of revenues:
Total cost of revenues	8,713	9,791	11,253
Crane Business [Member] \| New Equipment Sales [Member]
Revenues:
Total revenues	52,286	53,422	107,293
Cost of revenues:
Total cost of revenues	46,725	47,565	95,086
Crane Business [Member] \| Parts Sales [Member]
Revenues:
Total revenues	33,268	44,713	46,286
Cost of revenues:
Total cost of revenues	25,288	34,024	35,725
Crane Business [Member] \| Services Revenues [Member]
Revenues:
Total revenues	20,855	28,264	26,420
Cost of revenues:
Total cost of revenues	6,767	9,651	8,833
Crane Business [Member] \| Other Revenues [Member]
Revenues:
Total revenues	3,755	3,815	3,448
Cost of revenues:
Total cost of revenues	$ 3,168	$ 3,434	$ 3,357

Acquisitions and Dispositions - Schedule of Cash Flows from Discontinued Operations (Detail) - Crane Business [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities of discontinued operations:
Depreciation and amortization of property and equipment	$ 1,083	$ 2,264	$ 1,892
Depreciation of rental equipment	3,720	8,385	9,206
Gain on sale of discontinued operations	(42,072)
Impairment of goodwill		6,330	8,469
Gain from sales of property and equipment, net	(49)	(2,556)	(84)
Gain from sales of rental equipment, net	(2,203)	(3,218)	(5,047)
Investing activities of discontinued operations:
Purchases of rental equipment	(2,431)	(8,655)	(12,329)
Proceeds from sales of property and equipment	43	4,895	111
Proceeds from sales of rental equipment	$ 5,929	$ 8,679	$ 12,545

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Net of reserves for inventory obsolescence	$ 73	$ 230

Manufacturer Flooring Plans Payable - Maturities of Manufacturer Flooring Plans Payable (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Long Term Debt [Line Items]
Total	$ 20,924	$ 9,615
Manufacturer Flooring Plans Payable [Member]
Schedule Of Long Term Debt [Line Items]
2022	8,058
2023	12,619
2024	247
Total	$ 20,924

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivables	$ 4,178	$ 4,489
Reserves for obsolescence inventories	73	230
Accumulated depreciation, rental equipment	722,646	667,445
Accumulated depreciation and amortization, property and equipment	161,913	145,422
Accumulated amortization, operating lease right-of-use assets	36,884	23,268
Accumulated amortization, financing lease right-of-use assets		2,213
Accumulated amortization, deferred financing costs	15,818	15,119
Accumulated amortization, intangible assets	14,709	10,939
Unaccreted discount, net	8,151	9,323
Deferred financing costs	$ 1,882	$ 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	40,353,299	40,242,711
Common stock, shares outstanding	36,141,667	36,092,555
Treasury stock, shares	4,211,632	4,150,156

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows for operating leases	$ 23,527	$ 21,723
Operating cash flows for finance leases	9	25
Finance cash flows for finance leases	$ 194	$ 245	$ 232

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Revenues	$ 1,062,797	$ 1,006,975	$ 1,123,761
Cost of revenues:
Cost of revenues	647,434	649,912	680,943
Gross profit	415,363	357,063	442,818
Selling, general and administrative expenses	290,129	265,894	286,973
Impairment of goodwill		55,664	3,715
Merger and other	662	503	416
Gain from sales of property and equipment, net	7,748	8,410	4,533
Income from operations	132,320	43,412	156,247
Other income (expense):
Interest expense	(53,758)	(61,790)	(68,277)
Loss on early extinguishment of debt		(44,630)
Other, net	3,162	3,184	3,955
Total other expense, net	(50,596)	(103,236)	(64,322)
Income (loss) before provision (benefit) for income taxes	81,724	(59,824)	91,925
Provision (benefit) for income taxes	21,160	(13,428)	22,735
Net income (loss) from continuing operations	60,564	(46,396)	69,190
Discontinued Operations:
Income from discontinued operations before provision for income taxes	55,948	18,438	23,936
Provision for income taxes	13,972	4,709	5,915
Net income from discontinued operations	41,976	13,729	18,021
Net income (loss)	$ 102,540	$ (32,667)	$ 87,211
Net income (loss) from continuing operations per common share:
Basic	$ 1.67	$ (1.29)	$ 1.93
Diluted	1.66	(1.29)	1.92
Net income from discontinued operations per common share:
Basic	1.16	0.38	0.50
Diluted	1.15	0.38	0.50
Net income (loss) per common share:
Basic	2.83	(0.91)	2.43
Diluted	$ 2.81	$ (0.91)	$ 2.42
Weighted average common shares outstanding:
Basic	36,261	36,067	35,859
Diluted	36,451	36,067	36,033
Dividends declared per common share outstanding	$ 1.10	$ 1.10	$ 1.10
Equipment Rentals [Member]
Revenues:
Revenues	$ 729,700	$ 644,445	$ 741,955
Cost of revenues:
Cost of revenues	414,071	386,937	405,474
Equipment Rentals [Member] \| Rentals Other [Member]
Cost of revenues:
Cost of revenues	76,934	63,909	69,092
Equipment Rentals [Member] \| Rental Depreciation [Member]
Cost of revenues:
Cost of revenues	227,772	225,424	234,574
Equipment Rentals [Member] \| Rental Expense [Member]
Cost of revenues:
Cost of revenues	109,365	97,604	101,808
Used Equipment Sales [Member]
Revenues:
Revenues	135,245	139,769	122,591
Cost of revenues:
Cost of revenues	86,323	94,799	80,768
New Equipment Sales [Member]
Revenues:
Revenues	92,677	113,708	131,798
Cost of revenues:
Cost of revenues	80,822	101,501	116,286
Parts Sales [Member]
Revenues:
Revenues	65,623	65,881	77,569
Cost of revenues:
Cost of revenues	48,346	48,131	55,238
Services Revenues [Member]
Revenues:
Revenues	33,034	35,989	41,521
Cost of revenues:
Cost of revenues	11,237	11,525	13,113
Other [Member]
Revenues:
Revenues	6,518	7,183	8,327
Cost of revenues:
Cost of revenues	$ 6,635	$ 7,019	$ 10,064

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

(11)

Leases

We adopted Topic 842 on January 1, 2019. Because we adopted Topic 842 using the transition method that allowed us to initially apply Topic 842 as of January 1, 2019 and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption.

When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we estimate our IBR to discount the lease payments based on information available at lease commencement. Our IBR represents a fully collateralized rate for a fully amortizing loan with the same term as the lease.

At December 31, 2021, as disclosed in our consolidated balance sheet, we had net operating lease right-of-use assets of $151.2 million and operating lease liabilities of $155.3 million. The weighted average remaining lease term for operating leases was approximately 8.7 years. The weighted average discount rate for operating leases was approximately 6.2%.

At December 31, 2020, as disclosed in our consolidated balance sheet, we had net operating lease right-of-use assets of $152.7 million and net finance lease right-of-use assets of $0.2 million. Our operating lease liabilities at December 31, 2020 were $156.3 million and finance lease liabilities were $0.3 million. The weighted average remaining lease term for operating leases was approximately 9.5 years and the weighted average remaining lease term for finance leases was approximately 1.3 years. The weighted average discount rate for operating and finance leases was approximately 6.5% and 5.9%, respectively.

The table below presents certain information related to lease costs, under Topic 842, for our operating and finance leases for the years ended December 31, 2021 and 2020 (in thousands).


		Year Ended December 31,
	Classification	2021			2020
Operating lease cost	SG&A expenses	$	24,347		$	22,806
Finance lease costs
Amortization of leased assets	SG&A expenses		122			162
Interest on lease liabilities	Interest expense		9			25
Variable lease cost	SG&A expenses		1,046			—
Sublease income	Other income		(1,379	)		(850	)
Total lease cost		$	24,145		$	22,143

The table below presents supplemental cash flow information related to leases for the years ended December 31, 2021 and 2020 (in thousands).


	Year Ended December 31,
	2021		2020
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows for operating leases	$	23,527	$	21,723
Operating cash flows for finance leases		9		25
Finance cash flows for finance leases		194		245


	Operating Leases
2022	$	24,158
2023		24,272
2024		24,326
2025		23,405
2026		22,534
Thereafter		82,427
Total minimum lease payments		201,122
Less: amount of lease payments representing interest		(45,819	)
Present value of future minimum lease payments	$	155,303

The future minimum lease payments of operating leases executed but not commenced as of December 31, 2021 are estimated to be $1.0 million, $1.1 million, $1.1 million, $1.1 million and $1.2 million for the years ended December 31, 2022, 2023, 2024, 2025 and 2026, respectively, and $6.2 million thereafter. It is expected that these leases will commence during the first half of 2022.

Significant Accounting Policies - Additional Information (Detail)		3 Months Ended		9 Months Ended	12 Months Ended
	Oct. 01, 2021 ReportingUnit	Mar. 31, 2020 USD ($)	Dec. 31, 2019	Sep. 30, 2021 ReportingUnit	Dec. 31, 2021 USD ($) Segment ReportingUnit Customer Manufacturer Business shares	Dec. 31, 2020 USD ($) ReportingUnit Customer	Dec. 31, 2019 USD ($) Customer	Oct. 01, 2020
Fair Value [Member] \| Level 1 [Member] \| Senior Unsecured Notes Due 2022 [Member]
Summary Of Significant Accounting Policy [Line Items]
Senior unsecured notes, due year					2028	2028
Customer accounted for more than 10% of revenue \| Customer					0	0	0
Bad debt expense as a percentage of total revenues					0.20%	0.40%	0.50%
Payment terms					30 days
Salvage value					25.00%
Impairment loss related to property and equipment					$ 0	$ 0	$ 0
Number of reporting units \| ReportingUnit	2			6	5	2
Changes to the carrying amount of goodwill					$ 0	$ (55,664,000)
Impairment of goodwill		$ 55,700,000				61,994,000	12,184,000
Amortization of intangible assets					$ 3,970,000	3,987,000	4,132,000
Lessee operating lease option to extend					Lease terms include options to extend the lease when it is reasonably certain those options will be exercised.
Lessee operating lease, existence of option to extend					true
Workers' compensation, general liability and automobile liability					$ 7,800,000	7,300,000
Health insurance reserves					2,000,000.0	1,500,000
Advertising costs					$ 1,100,000	200,000	600,000
Recognized income tax provisions					50.00%
Transfer of financial assets					$ 0	0
Transfer of financial liabilities					$ 0	0
No. of manufacturers \| Manufacturer					5
Issue of shares of non-vested period					3 years
Unrecognized compensation expense related to non-vested stock					$ 7,300,000
Expected non-vested stock recognized over a weighted-average period					2 years
Number of reportable segment \| Segment					5
Number of principal activities \| Business					5
ASU 2019-12 [Member]
Summary Of Significant Accounting Policy [Line Items]
Change in accounting principle, accounting standards update, adopted					true
Change in accounting principle, accounting standards update, adoption date					Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect					true
Topic 326 [Member]
Summary Of Significant Accounting Policy [Line Items]
Change in accounting principle, accounting standards update, adopted					true
Change in accounting principle, accounting standards update, adoption date					Jan. 01, 2020
Change in accounting principle, accounting standards update, immaterial effect					true
Accounting Standards Update 2018-13 [Member]
Summary Of Significant Accounting Policy [Line Items]
Change in accounting principle, accounting standards update, adopted					true
Change in accounting principle, accounting standards update, adoption date					Jan. 01, 2020
Change in accounting principle, accounting standards update, immaterial effect					true
2016 Stock-Based Incentive Compensation Plan [Member]
Summary Of Significant Accounting Policy [Line Items]
Stock-Based incentive compensation plan \| shares					1,213,953
SG&A Expenses [Member]
Summary Of Significant Accounting Policy [Line Items]
Amortization of intangible assets					$ 4,000,000.0	4,000,000.0	4,100,000
Share compensation expense					$ 4,400,000	$ 4,400,000	4,700,000
Customer Relationships [Member]
Summary Of Significant Accounting Policy [Line Items]
Estimated useful lives of acquired intangible assets					10 years
Tradenames [Member]
Summary Of Significant Accounting Policy [Line Items]
Estimated useful lives of acquired intangible assets					1 year
Leasehold Interests [Member]
Summary Of Significant Accounting Policy [Line Items]
Estimated useful lives of acquired intangible assets					10 years
New Equipment Sales and Service Revenues [Member]
Summary Of Significant Accounting Policy [Line Items]
Impairment of goodwill							3,700,000
New Equipment Sales [Member]
Summary Of Significant Accounting Policy [Line Items]
Impairment of goodwill							3,400,000
Sales revenues			75.00%
Service Revenues [Member]
Summary Of Significant Accounting Policy [Line Items]
Impairment of goodwill							$ 300,000
Equipment Rental Component 2 [Member]
Summary Of Significant Accounting Policy [Line Items]
Impairment of goodwill		$ 55,700,000
Equipment Rental Component 1 [Member]
Summary Of Significant Accounting Policy [Line Items]
Reporting units, percentage of fair value that exceeded respective carrying value		34.00%						44.00%
Equipment Rentals [Member]
Summary Of Significant Accounting Policy [Line Items]
Reporting units, percentage of fair value that exceeded respective carrying value	50.00%
Used Equipment Sales [Member]
Summary Of Significant Accounting Policy [Line Items]
Reporting units, percentage of fair value that exceeded respective carrying value	98.00%	90.00%						90.00%
Parts Sales [Member]
Summary Of Significant Accounting Policy [Line Items]
Reporting units, percentage of fair value that exceeded respective carrying value	9.00%	40.00%						33.00%
Cranes and Aerial Work Platform [Member]
Summary Of Significant Accounting Policy [Line Items]
Estimated useful life					10 years
Earthmoving Equipment [Member]
Summary Of Significant Accounting Policy [Line Items]
Estimated useful life					5 years
Material Handling Equipment [Member]
Summary Of Significant Accounting Policy [Line Items]
Estimated useful life					7 years
Attachments and Other Equipment [Member]
Summary Of Significant Accounting Policy [Line Items]
Estimated useful life					3 years
Customer Concentration Risk [Member] \| Revenues [Member] \| Topic 842 [Member]
Summary Of Significant Accounting Policy [Line Items]
Percentage of revenue/purchase					69.00%
Supplier Concentration Risk [Member] \| Property, Plant and Equipment [Member] \| Five Manufacturers [Member]
Summary Of Significant Accounting Policy [Line Items]
Percentage of revenue/purchase					46.30%
Maximum [Member]
Summary Of Significant Accounting Policy [Line Items]
Restricted common shares, percentage					1.00%	1.00%	1.00%
Maximum [Member] \| Customer Concentration Risk [Member] \| Revenues [Member]
Summary Of Significant Accounting Policy [Line Items]
Percentage of revenue/purchase					2.00%	2.00%	2.00%
Minimum [Member]
Summary Of Significant Accounting Policy [Line Items]
Reporting units, percentage of fair value that exceeded respective carrying value			24.00%				24.00%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(13)

Commitments and Contingencies

Legal Matters

From time to time, we are involved in various claims and legal actions arising in the ordinary course of our business. In the opinion of management, after consultation with legal counsel, the ultimate disposition of these various matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity. As further discussed in Note 2 to the consolidated financial statements, we are exposed to various claims relating to our business, including those for which we retain portions of the losses through the application of deductibles and self-insured retentions, or self-insurance. Losses that exceed our deductibles and self-insured retentions are insured through various commercial lines of insurance policies.

Letters of Credit

The Company had outstanding letters of credit issued under its Credit Facility totaling $8.7 million as of both December 31, 2021 and 2020. The letters of credit expire in May 2022 and are expected to be renewed for similar one-year terms. Prior to its expiration, in January 2022 the Company amended its letters of credit and increased the amount outstanding to $9.7 million under similar terms.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Summary of Net Property and Equipment

Net property and equipment consisted of the following at December 31, (amounts in thousands):


	2021			2020
Land	$	6,533		$	6,991
Transportation equipment		129,307			113,461
Building and leasehold improvements		63,632			64,012
Office and computer equipment		50,028			52,009
Machinery and equipment		15,662			14,576
Construction in progress		9,032			3,292
		274,194			254,341
Less accumulated depreciation and amortization		(161,913	)		(145,422	)
Total net property and equipment	$	112,281		$	108,919

Summarized Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Summary of Unaudited Quarterly Financial Results of Operations

The following is a summary of our unaudited quarterly financial results of operations for the years ended December 31, 2021 and 2020 (amounts in thousands, except per share amounts):


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2021:
Total revenues from continuing operations	$	240,432	$	265,677	$	275,436	$	281,252
Income from continuing operations		15,321		29,734		45,662		41,603
Income from continuing operations before provision (benefit) for income taxes		2,539		17,059		32,847		29,279
Net income from continuing operations		1,855		12,251		24,728		21,730
Basic net income from continuing operations per common share(1)	$	0.05	$	0.34	$	0.68	$	0.60
Diluted net income from continuing operations per common share(1)	$	0.05	$	0.34	$	0.68	$	0.59


	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
2020:
Total revenues from continuing operations	$	249,303		$	238,039	$	251,913	$	267,720
Income (loss) from continuing operations(2)		(32,917	)		20,901		25,366		30,062
Income (loss) from continuing operations before provision for income taxes(2)(3)		(48,316	)		5,965		11,468		(28,941	)
Net income (loss) from continuing operations(2)(3)		(37,427	)		4,381		7,983		(21,333	)
Basic net income (loss) from continuing operations per common share(1)	$	(1.04	)	$	0.12	$	0.22	$	(0.59	)
Diluted net income (loss) from continuing operations per common share(1)	$	(1.04	)	$	0.12	$	0.22	$	(0.59	)

(1)

Because of the method used in calculating per share data, the summation of quarterly per share data may not necessarily total to the per share data computed for the entire year due to rounding.

(2)

During the quarter ended March 31, 2020, we recorded non-cash goodwill impairment charge totaling approximately $55.7 million. See Note 2 for additional information.

(3)

During the quarter ended December 31, 2020, we recorded a $44.6 million loss on the early extinguishment of our Old Notes. See Note 9 for additional information.

Leases - Summary of Lease Costs, Under Topic 842, for Operating and Finance Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finance lease costs
Amortization of finance lease right-of-use assets	$ 122	$ 162	$ 163
Total lease cost	24,145	22,143
SG&A Expenses [Member]
Lessee Lease Description [Line Items]
Operating lease cost	24,347	22,806
Finance lease costs
Amortization of finance lease right-of-use assets	122	162
Variable lease cost	1,046
Interest Expense [Member]
Finance lease costs
Interest on lease liabilities	9	25
Other Income [Member]
Finance lease costs
Sublease income	$ (1,379)	$ (850)

Income Taxes - Actual Income Tax Expense (benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Computed tax at statutory rates	$ 17,162	$ (12,563)	$ 19,304
Permanent items – other	406	1,241	1,036
Permanent items – excess of tax deductible goodwill		(1,473)
Permanent items – impairment of goodwill		2,008
State income tax, net of federal tax effect	2,390	(9,037)	6,085
Change in valuation allowance	1,202	6,396	(609)
Other – change in deferred state rate			(3,081)
Total	$ 21,160	$ (13,428)	$ 22,735

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Significant Accounting Policies - Estimated Useful Lives of Property Plant and Equipment (Detail)	12 Months Ended
	Dec. 31, 2021
Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Buildings [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years

Leases - Summary of Undiscounted Cash Flows and Operating Lease Liabilities Recorded on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2022	$ 24,158
2023	24,272
2024	24,326
2025	23,405
2026	22,534
Thereafter	82,427
Total minimum lease payments	201,122
Less: amount of lease payments representing interest	(45,819)
Present value of future minimum lease payments	$ 155,303	$ 156,282

Significant Accounting Policies - Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements (Parenthetical) (Detail)	12 Months Ended
	Dec. 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%

Employee Retirement Benefit Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Employee Retirement Benefit Plans

(14)

Employee Retirement Benefit Plans

We offer substantially all of our non-union employees’ participation in a qualified 401(k)/profit-sharing plan in which we match employee contributions up to predetermined limits for qualified employees as defined by the plan. For both continuing and discontinued operations for the years ended December 31, 2021, 2020 and 2019, we contributed to the plan, net of employee forfeitures, $4.4 million, $3.7 million and $5.5 million, respectively.

We contribute to the Pension Trust Fund Operating Engineers Annuity Plan (EIN: 94-6090764, Plan No. 002), a multi-employer pension plan (“the Plan”), under the terms of a Collective Bargaining Agreement (“CBA”) that expires on October 31, 2022, and covers our union-represented employees and requires contribution amounts as set forth within the CBA. The Company contributed approximately $0.4 million in each of the years ended December 31, 2021, 2020 and 2019. These contributions represent less than five percent of the Plan’s total contributions in 2020. As of the date that our 2021 consolidated financial statements were issued, the Plan’s Form 5500 was not available for the Plan year ended December 31, 2021.

The risks of participating in a multi-employer pension plan is different from the risks associated with single-employer plans in the following respects.

Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers.

If a participating employer stops contributing to the Plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

If we choose to stop participating in the Plan, we may be required to pay the Plan an amount based on the unfunded status of the plan, referred to as withdrawal liability.

The Plan has a yellow zone status as of December 31, 2020, the most recent date for which a status determination has been made. The Pension Protection Act of 2006 ranks the funded status of multi-employer pension plans depending upon a plan’s current and projected funding. A plan is in the Red Zone (Critical) if it has a current funded percentage less than 65 percent. A plan is in the Yellow Zone (Endangered) if it has a current funded percentage of less than 80 percent or projects a credit balance deficit within seven years. A plan is in the Green Zone (Healthy) if it has a current funded percentage greater than 80 percent and does not have a projected credit balance deficit within seven years. The zone status is based on the Plan’s year-end and is based on information that we received from the Plan and is certified by the Plan’s actuary. A funding improvement plan has been implemented by the Plan’s trustees. The Company currently has no intention of withdrawing from the Plan.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Acquisitions and Dispositions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) $ in Thousands		12 Months Ended
	Feb. 01, 2019 USD ($) ReportingUnit	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 63,137	$ 63,137	$ 119,398
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] \| Parts [Member]
Business Acquisition [Line Items]
Goodwill	2,012
We-Rent-It [Member] \| Service [Member]
Business Acquisition [Line Items]
Goodwill	291
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
Customer Relationships [Member]
Business Acquisition [Line Items]
Life (years)		10 years
Customer Relationships [Member] \| We-Rent-It [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)	$ 8,500
Life (years)	10 years
Tradenames [Member]
Business Acquisition [Line Items]
Life (years)		1 year
Tradenames [Member] \| We-Rent-It [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)	$ 200
Life (years)	1 year
Leasehold Interests [Member]
Business Acquisition [Line Items]
Life (years)		10 years

Deferred Compensation Plans	12 Months Ended
Deferred Compensation Plans	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Deferred Compensation Plans	(15) Deferred Compensation Plans In 2001, we assumed, in a business combination, nonqualified employee deferred compensation plans under which certain employees had previously elected to defer a portion of their annual compensation. Upon assumption of the plans, the plans were amended to not allow further participant compensation deferrals. Compensation previously deferred under the plans is payable upon the termination, disability or death of the participants. At December 31, 2021 and 2020, we have no remaining obligation under the deferred compensation plan.

Significant Accounting Policies - Schedule of Gross Carrying Values, Accumulated Amortization and Net Carrying Amounts of Major Classes of Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross	$ 39,700	$ 39,900
Accumulated amortization, intangible assets	14,709	10,939
Net	24,991	28,961
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross	39,500	39,500
Accumulated amortization, intangible assets	14,629	10,679
Net	24,871	28,821
Tradenames [Member]
Finite Lived Intangible Assets [Line Items]
Gross		200
Accumulated amortization, intangible assets		200
Leasehold Interests [Member]
Finite Lived Intangible Assets [Line Items]
Gross	200	200
Accumulated amortization, intangible assets	80	60
Net	$ 120	$ 140

Accrued Expenses Payable and Other Liabilities

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses Payable and Other Liabilities

(8)

Accrued Expenses Payable and Other Liabilities

Accrued expenses payable and other liabilities consisted of the following at December 31, (amounts in thousands):


	2021		2020
Payroll and related liabilities	$	33,477	$	32,096
Sales, use and property taxes		11,757		10,866
Accrued interest		2,279		2,420
Accrued insurance		6,995		6,203
Deferred revenue		5,167		4,422
Other		4,233		11,113
Total accrued expenses payable and other liabilities	$	63,908	$	67,120

Significant Accounting Policies - Summary of Revenue by Type and by Applicable Accounting Standard (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Revenues	$ 281,252	$ 275,436	$ 265,677	$ 240,432	$ 267,720	$ 251,913	$ 238,039	$ 249,303	$ 1,062,797	$ 1,006,975	$ 1,123,761	$ 1,238,961
Topic 842 [Member]
Revenues:
Revenues									688,823	608,181	701,285
Topic 606 [Member]
Revenues:
Revenues									373,974	398,794	422,476
Rental Revenues [Member] \| Owned Equipment Rentals [Member]
Revenues:
Revenues									618,185	557,637	647,744
Rental Revenues [Member] \| Owned Equipment Rentals [Member] \| Topic 842 [Member]
Revenues:
Revenues									617,831	557,166	647,123
Rental Revenues [Member] \| Owned Equipment Rentals [Member] \| Topic 606 [Member]
Revenues:
Revenues									354	471	621
Rental Revenues [Member] \| Re Rent Revenues [Member]
Revenues:
Revenues									34,819	23,507	24,007
Rental Revenues [Member] \| Re Rent Revenues [Member] \| Topic 842 [Member]
Revenues:
Revenues									34,819	23,507	24,007
Ancillary And Other Rental Revenues [Member]
Revenues:
Revenues									76,696	63,301	70,204
Ancillary And Other Rental Revenues [Member] \| Topic 842 [Member]
Revenues:
Revenues									36,173	27,508	30,155
Ancillary And Other Rental Revenues [Member] \| Topic 606 [Member]
Revenues:
Revenues									40,523	35,793	40,049
Ancillary And Other Rental Revenues [Member] \| Delivery and Pick-up [Member]
Revenues:
Revenues									40,523	35,793	40,049
Ancillary And Other Rental Revenues [Member] \| Delivery and Pick-up [Member] \| Topic 606 [Member]
Revenues:
Revenues									40,523	35,793	40,049
Ancillary And Other Rental Revenues [Member] \| Other [Member]
Revenues:
Revenues									36,173	27,508	30,155
Ancillary And Other Rental Revenues [Member] \| Other [Member] \| Topic 842 [Member]
Revenues:
Revenues									36,173	27,508	30,155
Total Equipment Rental Revenues [Member]
Revenues:
Revenues									729,700	644,445	741,955
Total Equipment Rental Revenues [Member] \| Topic 842 [Member]
Revenues:
Revenues									688,823	608,181	701,285
Total Equipment Rental Revenues [Member] \| Topic 606 [Member]
Revenues:
Revenues									40,877	36,264	40,670
Used Equipment Sales [Member]
Revenues:
Revenues									135,245	139,769	122,591
Used Equipment Sales [Member] \| Topic 606 [Member]
Revenues:
Revenues									135,245	139,769	122,591
New Equipment Sales [Member]
Revenues:
Revenues									92,677	113,708	131,798
New Equipment Sales [Member] \| Topic 606 [Member]
Revenues:
Revenues									92,677	113,708	131,798
Parts Sales [Member]
Revenues:
Revenues									65,623	65,881	77,569
Parts Sales [Member] \| Topic 606 [Member]
Revenues:
Revenues									65,623	65,881	77,569
Parts and Services [Member]
Revenues:
Revenues									33,034	35,989	41,521
Parts and Services [Member] \| Topic 606 [Member]
Revenues:
Revenues									33,034	35,989	41,521
Other [Member]
Revenues:
Revenues									6,518	7,183	8,327
Other [Member] \| Topic 606 [Member]
Revenues:
Revenues									$ 6,518	$ 7,183	$ 8,327

Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2021

Business Acquisition [Line Items]

Schedule of Income from Discontinued Operations and Carrying Value of Assets and Liabilities


	Year Ended December 31,
	2021		2020		2019
Revenues:
Equipment rentals	$	10,321	$	18,548	$	24,399
Used equipment sales		11,545		13,383		16,758
New equipment sales		52,286		53,422		107,293
Parts sales		33,268		44,713		46,286
Services revenues		20,855		28,264		26,420
Other		3,755		3,815		3,448
Total revenues		132,030		162,145		224,604
Cost of revenues:
Rental depreciation		3,720		8,385		9,206
Rental expense		1,947		2,454		3,271
Rental other		1,000		1,285		1,521
		6,667		12,124		13,998
Used equipment sales		8,713		9,791		11,253
New equipment sales		46,725		47,565		95,086
Parts sales		25,288		34,024		35,725
Services revenues		6,767		9,651		8,833
Other		3,168		3,434		3,357
Total cost of revenues		97,328		116,589		168,252
Gross profit		34,702		45,556		56,352
Selling, general and administrative expenses		18,872		23,370		24,053
Impairment of goodwill		—		6,330		8,469
Merger and other		2,065		—		—
Gain on sales of property and equipment, net		49		2,556		84
Gain on sale of discontinued operations		42,072		—		—
Income from discontinued operations		55,886		18,412		23,914
Other, net		62		26		22
Income before provision for income taxes		55,948		18,438		23,936
Provision for income taxes		13,972		4,709		5,915
Net income from discontinued operations	$	41,976	$	13,729	$	18,021


	December 31,
	2020
Assets:
Receivables, net of allowance for doubtful accounts of $252	$	28,356
Inventories, net of reserves for obsolescence of $120		30,598
Prepaid expenses and other assets		86
Rental equipment, net of accumulated depreciation of $34,143		39,322
Property and equipment, net of accumulated depreciation and amortization of $13,381		7,821
Operating lease right-of-use assets, net of accumulated amortization of $652		9,558
Goodwill (1)		5,714
Total assets held for sale	$	121,455

Liabilities:
Accounts payable	$	14,033
Accrued expenses payable and other liabilities		170
Operating lease liabilities		9,639
Total liabilities held for sale	$	23,842

(1)


Used Equipment	$	506
Parts		5,208
	$	5,714

Cash flows from discontinued operations was as follows (amounts in thousands):


	Year Ended December 31,
	2021			2020			2019
Operating activities of discontinued operations:
Depreciation and amortization of property and equipment	$	1,083		$	2,264		$	1,892
Depreciation of rental equipment		3,720			8,385			9,206
Gain on sale of discontinued operations		(42,072	)		—			—
Impairment of goodwill		—			6,330			8,469
Gain from sales of property and equipment, net		(49	)		(2,556	)		(84	)
Gain from sales of rental equipment, net		(2,203	)		(3,218	)		(5,047	)

Investing activities of discontinued operations:
Purchases of rental equipment		(2,431	)		(8,655	)		(12,329	)
Proceeds from sales of property and equipment		43			4,895			111
Proceeds from sales of rental equipment		5,929			8,679			12,545

Unaudited Pro Forma Consolidated Statements of Income Information

The unaudited tables below present unaudited pro forma consolidated statements of income information for the year December 31, 2018 as if Rental Inc. and WRI were included in our consolidated results for the entire period presented.


	Year Ended December 31, 2018
	(amounts in thousands, except per share data) (unaudited)
	H&E(1)		Rental Inc.(7)			We-Rent-It			Total
Total revenues	$	1,238,961	$	7,408		$	36,002		$	1,282,371
Pretax income		104,663		1,020			6,892			112,575
Pro forma adjustments to pretax income:
Impact of fair value mark-ups/useful life changes on depreciation (2)		—		(749	)		(4,452	)		(5,201	)
Intangible asset amortization (3)		—		(300	)		(1,050	)		(1,350	)
Interest expense (4)		—		(480	)		(5,664	)		(6,144	)
Elimination of historic interest expense (5)		—		82			517			599
Pro forma pretax income (loss)		104,663		(427	)		(3,757	)		100,479
Income tax expense (benefit)		28,040		(114	)		(973	)		26,953
Net income (loss)	$	76,623	$	(313	)	$	(2,784	)	$	73,526
Net income (loss) per share – basic (6)	$	2.15	$	(0.01	)	$	(0.08	)	$	2.05
Net income (loss) per share – diluted (6)	$	2.13	$	(0.01	)	$	(0.08	)	$	2.04

(1)

(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 acquisitions.

(3)

Represents the amortization of the intangible assets acquired in the acquisitions.

(4)

Interest expense was adjusted to reflect the additional debt resulting from the acquisition.

(5)

Represents the elimination of historic debt of Rental Inc. and 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.

(7)

Represents Rental Inc. pro forma operating results for the three month period ended March 31, 2018. We completed the Rental Inc. acquisition effective April 1, 2018.

We-Rent-It [Member]

Business Acquisition [Line Items]

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the 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 and is reflected in the amounts presented in the table below.


	$’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
Used Equipment		492
New Equipment		254
Parts		2,012
Service		291
	$	37,186

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Property and Equipment - Summary of Net Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 274,194	$ 254,341
Less accumulated depreciation and amortization	(161,913)	(145,422)
Total net property and equipment	112,281	108,919
Land [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	6,533	6,991
Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	129,307	113,461
Building and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	63,632	64,012
Office and Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	50,028	52,009
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	15,662	14,576
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 9,032	$ 3,292

Senior Unsecured Notes (Tables)

12 Months Ended

Dec. 31, 2021

Senior Unsecured Notes [Member]

Debt Instrument [Line Items]

Reconciliation of Senior Unsecured Notes to Consolidated Balance Sheets

The following table reconciles our Senior Unsecured Notes to our 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	)
Write-off of unaccreted discount on Old Notes		7,225
Write-off of unamortized premium on Old Notes		(4,988	)
Write-off 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 December 31, 2021		1,172
Additional deferred financing costs on New Notes through December 31, 2021		(135	)
Amortization of deferred financing costs on New Notes through December 31, 2021		270
Balance at December 31, 2021	$	1,239,967

Manufacturer Flooring Plans Payable - Additional Information (Detail) - Manufacturer Flooring Plans Payable [Member]	Dec. 31, 2021
Schedule Of Long Term Debt [Line Items]
Debt instrument interest rate, minimum	0.00%
Debt instrument interest rate, maximum	3.25%

Receivables

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Receivables

(4)

Receivables

Receivables consisted of the following at December 31, (amounts in thousands):


	2021			2020
Trade receivables	$	151,835		$	146,677
Unbilled rental revenue		9,006			7,583
Income tax receivables		541			704
Other		22			27
		161,404			154,991
Less allowance for doubtful accounts		(4,178	)		(4,489	)
Total receivables, net	$	157,226		$	150,502

Leases - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Net operating lease right-of-use assets	$ 151,222	$ 152,662
Net finance lease right-of-use assets		203
Operating Lease, Liability	$ 155,303	156,282
Finance Lease, Liability		$ 305
Weighted average remaining lease term for operating leases	8 years 8 months 12 days	9 years 6 months
Weighted average remaining lease term for finance leases		1 year 3 months 18 days
Weighted average discount rate for operating leases	6.20%	6.50%
Weighted average discount rate for finance leases		5.90%
Future minimum operating lease payments 2022	$ 1,000
Future minimum operating lease payments 2023	1,100
Future minimum operating lease payments 2024	1,100
Future minimum operating lease payments 2025	1,100
Future minimum operating lease payments 2026	1,200
Future minimum operating lease payments thereafter	$ 6,200

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consisted of the following at December 31, (amounts in thousands):


	2021		2020
Used equipment	$	179	$	473
New equipment		62,473		31,574
Parts, supplies and other		12,647		9,843
Total inventories, net	$	75,299	$	41,890

Significant Accounting Policies - Schedule of Expected Amortization Expense of Intangible Assets with Remaining Carrying Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
2022	$ 3,970
2023	3,970
2024	3,970
2025	3,970
2026	3,970
Thereafter	5,141
Net	$ 24,991	$ 28,961

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions	Jan. 05, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Outstanding letters of credit		$ 8.7	$ 8.7
Subsequent Event [Member]
Subsequent Event [Line Items]
Outstanding letters of credit	$ 9.7

Acquisitions and Dispositions - Additional Information (Detail) $ in Thousands				3 Months Ended	12 Months Ended
	Sep. 17, 2021 USD ($) County Branch	Jul. 19, 2021 USD ($)	Feb. 01, 2019 USD ($) Branch	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Goodwill					$ 63,137	$ 63,137	$ 119,398
Acquisition costs					662	503	416
Gain from sales of property and equipment, net					$ 7,797	10,966	$ 4,617
Arkansas Sale [Member]
Business Acquisition [Line Items]
Proceeds from sale of business	$ 9,000
Gain from sales of property and equipment, net	5,300
Net book value	$ 3,700
Number of branches sold \| Branch	2
Arkansas Sale [Member] \| Southeast Arkansas [Member]
Business Acquisition [Line Items]
Number of counties excluded in distribution territory \| County	5
Crane Business [Member]
Business Acquisition [Line Items]
Proceeds from sale of business		$ 130,000
Proceeds from sale of business subject to finalization of adjustments		$ 135,900
Sale of business, transaction closing date		Oct. 01, 2021
Net book value						$ 7,821
Minimum [Member] \| Crane Business [Member]
Business Acquisition [Line Items]
Period of transition of certain functions		60 days
Maximum [Member] \| Crane Business [Member]
Business Acquisition [Line Items]
Period of transition of certain functions		6 months
We-Rent-It [Member]
Business Acquisition [Line Items]
Business acquisition, completion date			Feb. 01, 2019
Number of branches located \| Branch			6
Aggregate consideration paid to the owners			$ 107,900
Business combination decrease in consideration paid				$ 600
Goodwill			37,186
Goodwill recognized to be deductible for income tax purpose			36,700
Acquisition costs			$ 400

Acquisitions and Dispositions - Unaudited Pro Forma Consolidated Statements of Income Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Total revenues	$ 281,252	$ 275,436	$ 265,677	$ 240,432	$ 267,720	$ 251,913	$ 238,039	$ 249,303	$ 1,062,797	$ 1,006,975	$ 1,123,761	$ 1,238,961
Pretax income	$ 29,279	$ 32,847	$ 17,059	$ 2,539	$ (28,941)	$ 11,468	$ 5,965	$ (48,316)	$ 81,724	$ (59,824)	$ 91,925	104,663
Pro forma pretax income (loss)												104,663
Income tax expense (benefit)												28,040
Net income (loss)												$ 76,623
Net income (loss) per share ? basic												$ 2.15
Net income (loss) per share - diluted												$ 2.13
Pro forma adjustments to pretax income:
Total revenues												$ 1,282,371
Pretax income												112,575
Pro forma adjustments to pretax income:
Impact of fair value mark-ups/useful life changes on depreciation												(5,201)
Intangible asset amortization												(1,350)
Interest expense												(6,144)
Elimination of historic interest expense												599
Pro forma pretax income (loss)												100,479
Income tax expense (benefit)												26,953
Net income (loss)												$ 73,526
Net income (loss) per share - basic												$ 2.05
Net income (loss) per share - diluted												$ 2.04
Rental Inc [Member]
Business Acquisition [Line Items]
Total revenues												$ 7,408
Pretax income												1,020
Pro forma adjustments to pretax income:
Impact of fair value mark-ups/useful life changes on depreciation												(749)
Intangible asset amortization												(300)
Interest expense												(480)
Elimination of historic interest expense												82
Pro forma pretax income (loss)												(427)
Income tax expense (benefit)												(114)
Net income (loss)												$ (313)
Net income (loss) per share - basic												$ (0.01)
Net income (loss) per share - diluted												$ (0.01)
We-Rent-It [Member]
Business Acquisition [Line Items]
Total revenues												$ 36,002
Pretax income												6,892
Pro forma adjustments to pretax income:
Impact of fair value mark-ups/useful life changes on depreciation												(4,452)
Intangible asset amortization												(1,050)
Interest expense												(5,664)
Elimination of historic interest expense												517
Pro forma pretax income (loss)												(3,757)
Income tax expense (benefit)												(973)
Net income (loss)												$ (2,784)
Net income (loss) per share - basic												$ (0.08)
Net income (loss) per share - diluted												$ (0.08)

Summarized Quarterly Financial Data (Unaudited) - Summary of Unaudited Quarterly Financial Results of Operations (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Effect Of Fourth Quarter Events [Line Items]
Non-cash goodwill impairment charge		$ 55,700	$ 61,994	$ 12,184
Loss on early extinguishment of debt			$ 44,630
5.6250% Senior Notes [Member]
Effect Of Fourth Quarter Events [Line Items]
Loss on early extinguishment of debt	$ 44,600

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation and amortization of property and equipment	$ 26.3	$ 27.3	$ 26.5

Receivables - Summary of Receivables (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Trade receivables	$ 151,835	$ 146,677
Unbilled rental revenue	9,006	7,583
Income tax receivables	541	704
Other	22	27
Total receivables	161,404	154,991
Less allowance for doubtful accounts	(4,178)	(4,489)
Total receivables, net	$ 157,226	$ 150,502

Organization and Nature of Operations

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Operations

(1)

Organization and Nature of Operations

Founded in 1961, H&E Equipment Services, Inc. (or “the Company”, “we”, “us”, or “our”) is one of the largest rental equipment companies in the nation, serving customers across 24 states. The Company’s fleet is versatile with an equipment mix comprised of aerial work platforms, earthmoving, material handling, and other general and specialty lines. H&E serves a diverse set of end markets in many high-growth geographies including branches throughout the Pacific Northwest, West Coast, Intermountain, Southwest, Gulf Coast States, Southeast, and Mid-Atlantic regions.

COVID-19

The novel coronavirus (“COVID-19”) was first identified in late 2019. COVID-19 spread rapidly throughout the world and, in March 2020, the World Health Organization characterized COVID-19 as a pandemic and recommended containment and mitigation measures worldwide. COVID-19 is a pandemic of respiratory disease spreading from person-to-person that poses a serious public health risk. The subsequent spread of COVID-19 during 2020 and the resulting economic contraction resulted in increased business uncertainty in our industry. As the impact of COVID-19 became more widespread, our equipment rental utilization and sales volumes began to decline from February 2020 levels through mid-April 2020, where we began to see utilization and sales levels stabilize and improve for the remainder of 2020. We continue to see overall improvements with utilization levels beginning in March 2021 returning to approximate pre-COVID utilization levels. The timing and extent of any subsequent contraction in our equipment rental utilization and sales volumes due to COVID-19 will depend on a number of factors, including a widespread resurgence in COVID-19 infections, the rate of vaccinations, vaccine efficacy, a global supply chain disruption, the impact to capital and financial markets and the related impact on our customers. We remain focused on the safety and well-being of our employees, customers and communities as we maintain a high-level of service to our customers.

Senior Unsecured Notes - Reconciliation of Senior Unsecured Notes to Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands		1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 14, 2020	Dec. 31, 2020	Dec. 14, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Senior unsecured notes, beginning balance				$ 1,238,660
Amortization of deferred financing costs				971	$ 1,004	$ 1,010
Senior unsecured notes, ending balance		$ 1,238,660		1,239,967	1,238,660
5.625% Senior Notes [Member]
Debt Instrument [Line Items]
Write-off of unamortized premium on Old Notes	$ 5,000
Write-off of deferred financing costs on Old Notes	$ 1,500
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes, beginning balance			$ 945,566	1,238,660	945,566
Senior unsecured notes, ending balance		1,238,660		1,239,967	1,238,660	$ 945,566
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)
Write-off of unaccreted discount on Old Notes					7,225
Write-off of unamortized premium on Old Notes					(4,988)
Write-off 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		1,172
Additional deferred financing costs				(135)
Amortization of deferred financing costs		$ 11		$ 270
Aggregate principal amount issued on New Notes					1,250,000
Notes discount and deferred transaction costs on New Notes					$ (11,404)

Summarized Quarterly Financial Data (Unaudited) - Summary of Unaudited Quarterly Financial Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 281,252	$ 275,436	$ 265,677	$ 240,432	$ 267,720	$ 251,913	$ 238,039	$ 249,303	$ 1,062,797	$ 1,006,975	$ 1,123,761	$ 1,238,961
Income (loss) from continuing operations	41,603	45,662	29,734	15,321	30,062	25,366	20,901	(32,917)	132,320	43,412	156,247
Income (loss) from continuing operations before provision for income taxes	29,279	32,847	17,059	2,539	(28,941)	11,468	5,965	(48,316)	81,724	(59,824)	91,925	$ 104,663
Net income (loss) from continuing operations	$ 21,730	$ 24,728	$ 12,251	$ 1,855	$ (21,333)	$ 7,983	$ 4,381	$ (37,427)	$ 60,564	$ (46,396)	$ 69,190
Basic net income (loss) from continuing operations per common share	$ 0.60	$ 0.68	$ 0.34	$ 0.05	$ (0.59)	$ 0.22	$ 0.12	$ (1.04)	$ 1.67	$ (1.29)	$ 1.93
Diluted net income (loss) from continuing operations per common share	$ 0.59	$ 0.68	$ 0.34	$ 0.05	$ (0.59)	$ 0.22	$ 0.12	$ (1.04)	$ 1.66	$ (1.29)	$ 1.92

- Definition

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

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Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

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+ Details

Senior Unsecured Notes

12 Months Ended

Dec. 31, 2021

Senior Unsecured Notes [Member]

Debt Instrument [Line Items]

Senior Secured Credit Facility

(9)

Senior Unsecured Notes

On December 14, 2020, we completed an offering of $1,250 million aggregate principal amount of 3.875% senior notes due 2028 (the “New Notes”) and the settlement of a cash tender offer (the “Tender Offer”) with respect to our previously outstanding 5.625% senior notes due 2025 (the “Old Notes”). The New Notes were sold in a private placement pursuant to a purchase agreement, dated November 30, 2020, by and among the Company, certain subsidiary guarantors and BofA Securities, Inc. There are no registration rights associated with the New Notes or the subsidiary guarantees.

The New Notes were issued at par and require semiannual interest payments on June 15th and December 15th of each year, commencing on June 15, 2021. No principal payments are due until maturity (December 15, 2028).

The New Notes were issued under an indenture, dated as of December 14, 2020, by and among the Company, the subsidiary guarantors named therein, and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Indenture”). The Company may redeem some or all of the New Notes at any time prior to December 15, 2023 by paying a “make-whole” premium, plus accrued and unpaid interest, if any, to the date of redemption. At any time prior to December 15, 2023, the Company may use the net proceeds of certain equity offerings to redeem up to 40% of the principal amount of the New Notes at a redemption price equal to 103.875% of their principal amount, plus accrued and unpaid interest, if any, to the redemption date; provided that at least 60% of the aggregate principal amount of such New Notes originally issued remains outstanding immediately following such redemption and such redemption occurs within 90 days of such equity offering. Subsequent to December 15, 2023, the New Notes may be redeemed pursuant to a declining schedule of redemption prices set forth in the Indenture.

Net proceeds, after deducting $11.4 million of estimated offering expenses, from the sale of the New Notes totaled approximately $1,238.6 million. We used a portion of the net proceeds from the sale of the New Notes to repurchase $553.6 million of aggregate principal amount of the Old Notes in early settlement of the Tender Offer, which the Company launched on November 30, 2020. Holders who tendered their Old Notes prior to the early tender deadline of December 14, 2020, received $1,043.75 per $1,000 principal amount of Old Notes tendered, plus accrued and unpaid interest up to, but not including, the payment date of December 16, 2020. Effective as of December 16, 2020, we (i) provided notice of the redemption of all remaining Old Notes that were not validly tendered in the Tender Offer at the expiration time and (ii) satisfied and discharged the indenture governing the Old Notes in accordance with its terms. On December 30, 2020, we redeemed the remaining $396.4 million principal amount outstanding of the Old Notes at a redemption price equal to 104.2188% of the principal amount thereof, plus accrued and unpaid interest up to, but not including, the date of redemption.

In connection with the above transactions, we recorded a one-time loss on the early extinguishment of debt of approximately $44.6 million, or approximately $31.3 million after-tax, reflecting payment of $24.2 million of tender premiums and $16.7 million of premiums in accordance with the indenture governing the Old Notes to redeem the Old Notes that remained outstanding following completion of the Tender Offer, combined with the write-off of approximately $7.2 million of unaccreted note discount, $5.0 million of unamortized note premium and $1.5 million of other financing costs related to the Old Notes. Additional transaction costs incurred in connection with the offering of the New Notes totaled approximately $11.4 million and are presented as a direct deduction from the face amount of the related liability in our consolidated balance sheets.

The New Notes are senior unsecured obligations of the Company and rank equally in right of payment to all of the Company’s existing and future senior indebtedness and rank senior to any of the Company’s subordinated indebtedness. The New Notes are unconditionally guaranteed on a senior unsecured basis by all of the Company’s current and future significant domestic subsidiaries (the “Guarantors”). In addition, the New Notes are effectively subordinated to all of the Company’s and the guarantors’ existing and future secured indebtedness, including the Company’s existing senior secured credit facility, to the extent of the value of the assets securing such indebtedness, and are structurally subordinated to all of the liabilities and preferred stock of any of the Company’s subsidiaries that do not guarantee the New Notes.

If we experience a change of control, we will be required to offer to purchase the New Notes at a repurchase price equal to 101% of the principal amount, plus accrued and unpaid interest to the date of repurchase.

The indenture governing the New Notes contains certain covenants that, among other things, limit our ability and the ability of our restricted subsidiaries to: (i) incur additional debt; (ii) pay dividends or make distributions; (iii) make investments; (iv) repurchase stock; (v) create liens; (vi) enter into transactions with affiliates; (vii) merge or consolidate; and (viii) transfer and sell assets. Each of the covenants is subject to exceptions and qualifications. As of December 31, 2021, we were in compliance with these covenants.

The following table reconciles our Senior Unsecured Notes to our 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	)
Write-off of unaccreted discount on Old Notes		7,225
Write-off of unamortized premium on Old Notes		(4,988	)
Write-off 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 December 31, 2021		1,172
Additional deferred financing costs on New Notes through December 31, 2021		(135	)
Amortization of deferred financing costs on New Notes through December 31, 2021		270
Balance at December 31, 2021	$	1,239,967

- Definition

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