0000950170-22-006236 | 10-Q | XBRL Viewer | HE Equipment Services INC

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	Apr. 20, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	HEES
Entity Registrant Name	H&E Equipment Services, Inc.
Entity Central Index Key	0001339605
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		36,161,554
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity File Number	000-51759
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-0553291
Entity Address, Address Line One	7500 Pecue Lane
Entity Address, City or Town	Baton Rouge
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70809
City Area Code	225
Local Phone Number	298-5200
Document Transition Report	false
Document Quarterly Report	true

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash	$ 351,797	$ 357,296
Receivables, net of allowance for doubtful accounts of $4,281 and $4,178, respectively	161,102	157,226
Inventories, net of reserves for obsolescence of $68 and $73, respectively	103,358	75,299
Prepaid expenses and other assets	26,481	21,081
Rental equipment, net of accumulated depreciation of $759,204 and $722,646, respectively	1,121,617	1,116,456
Property and equipment, net of accumulated depreciation and amortization of $166,206 and $161,913, respectively	116,162	112,281
Operating lease right-of-use assets, net of accumulated amortization of $40,867 and $36,884, respectively	154,428	151,222
Deferred financing costs, net of accumulated amortization of $15,993 and $15,818, respectively	1,283	1,458
Intangible assets, net of accumulated depreciation and amortization of $15,702 and $14,709, respectively	23,998	24,991
Goodwill	63,137	63,137
Total assets	2,123,363	2,080,447
Liabilities:
Accounts payable	112,857	95,604
Manufacturer flooring plans payable	19,518	20,924
Accrued expenses payable and other liabilities	74,595	63,908
Dividends payable	37	128
Senior unsecured notes, net of unaccreted discount of $7,858 and $8,151 and deferred financing costs of $1,815 and $1,882, respectively	1,240,327	1,239,967
Operating lease right-of-use liabilities	158,736	155,303
Deferred income taxes	206,131	201,231
Total liabilities	1,812,201	1,777,065
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued
Common stock, $0.01 par value, 175,000,000 shares authorized; 40,382,124 and 40,353,299 shares issued at March 31, 2022 and December 31, 2021, respectively, and 36,161,554 and 36,141,667 shares outstanding at March 31, 2022 and December 31, 2021, respectively	403	403
Additional paid-in capital	246,316	244,638
Treasury stock at cost, 4,220,570 and 4,211,632 shares of common stock held at March 31, 2022 and December 31, 2020, respectively	(68,637)	(68,294)
Retained earnings	133,080	126,635
Total stockholders’ equity	311,162	303,382
Total liabilities and stockholders’ equity	$ 2,123,363	$ 2,080,447

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivables	$ 4,281	$ 4,178
Reserves for obsolescence inventories	68	73
Accumulated depreciation, rental equipment	759,204	722,646
Accumulated depreciation and amortization, property and equipment	166,206	161,913
Accumulated amortization, operating lease right-of-use assets	40,867	36,884
Accumulated amortization, deferred financing costs	15,993	15,818
Accumulated amortization, intangible assets	15,702	14,709
Unaccreted discount, net	7,858	8,151
Deferred financing costs	$ 1,815	$ 1,882
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	40,382,124	40,353,299
Common stock, shares outstanding	36,161,554	36,141,667
Treasury stock, shares	4,220,570	4,211,632

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Revenues	$ 272,450	$ 240,432
Cost of revenues:
Cost of revenues	160,870	157,020
Gross profit	111,580	83,412
Selling, general and administrative expenses	78,278	68,145
Merger and other	0	100
Gain on sales of property and equipment, net	1,386	154
Income from operations	34,688	15,321
Other income (expense):
Interest expense	(13,447)	(13,443)
Other, net	880	661
Total other expense, net	(12,567)	(12,782)
Income before provision for income taxes	22,121	2,539
Provision for income taxes	5,825	684
Net income from continuing operations	16,296	1,855
Discontinued Operations:
Income from discontinued operations before provision for income taxes	0	3,152
Provision for income taxes	0	856
Net income from discontinued operations	0	2,296
Net income	$ 16,296	$ 4,151
Net income from continuing operations per common share
Basic	$ 0.45	$ 0.05
Diluted	0.45	0.05
Net income from discontinued operations per common share
Basic	0	0.06
Diluted	0	0.06
Net income (loss) per common share:
Basic	0.45	0.11
Diluted	$ 0.45	$ 0.11
Weighted average common shares outstanding:
Basic	36,363	36,185
Diluted	36,539	36,387
Dividends declared per common share outstanding	$ 0.275	$ 0.275
Equipment Rentals [Member]
Revenues:
Revenues	$ 199,225	$ 153,219
Cost of revenues:
Cost of revenues	109,693	95,012
Equipment Rentals [Member] \| Rentals Other [Member]
Cost of revenues:
Cost of revenues	20,913	16,494
Equipment Rentals [Member] \| Rental Depreciation [Member]
Cost of revenues:
Cost of revenues	60,021	53,453
Equipment Rentals [Member] \| Rental Expense [Member]
Cost of revenues:
Cost of revenues	28,759	25,065
Used Equipment Sales [Member]
Revenues:
Revenues	21,526	38,854
Cost of revenues:
Cost of revenues	12,548	26,360
New Equipment Sales [Member]
Revenues:
Revenues	26,036	23,173
Cost of revenues:
Cost of revenues	22,329	20,399
Parts Sales [Member]
Revenues:
Revenues	16,059	15,556
Cost of revenues:
Cost of revenues	11,704	11,153
Services Revenues [Member]
Revenues:
Revenues	8,134	8,011
Cost of revenues:
Cost of revenues	2,814	2,615
Other [Member]
Revenues:
Revenues	1,470	1,619
Cost of revenues:
Cost of revenues	$ 1,782	$ 1,481

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 16,296	$ 4,151
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	6,857	6,904
Depreciation of rental equipment	60,021	55,349
Amortization of finance lease right-of-use assets		41
Amortization of intangible assets	993	993
Amortization of deferred financing costs	242	242
Accretion of note discount, net of premium amortization	293	293
Non-cash operating lease expense	3,983	3,580
Provision for losses on accounts receivable	645	331
Provision for inventory obsolescence		26
Change in deferred income taxes	4,900	789
Stock-based compensation expense	1,678	1,601
Gain from sales of property and equipment, net	(1,386)	(154)
Gain from sales of rental equipment, net	(8,906)	(13,194)
Changes in operating assets and liabilities, net of acquisitions:
Receivables	(4,521)	22,692
Inventories	(59,671)	(99,013)
Prepaid expenses and other assets	(5,400)	(7,249)
Accounts payable	17,253	62,418
Manufacturer flooring plans payable	(1,406)	909
Accrued expenses payable and other liabilities	6,614	6,206
Net cash provided by operating activities	38,485	46,915
Cash flows from investing activities:
Purchases of property and equipment	(10,656)	(7,329)
Purchases of rental equipment	(44,389)	(56,313)
Proceeds from sales of property and equipment	1,621	156
Proceeds from sales of rental equipment	19,725	38,801
Net cash used in investing activities	(33,699)	(24,685)
Cash flows from financing activities:
Borrowings on senior secured credit facility	284,165	307,341
Payments on senior secured credit facility	(284,165)	(307,341)
Dividends paid	(9,942)	(9,933)
Purchases of treasury stock	(343)	(435)
Payments of deferred financing costs		(136)
Payments of finance lease obligations		(63)
Net cash used in financing activities	(10,285)	(10,567)
Net increase (decrease) in cash	(5,499)	11,663
Cash, beginning of period	357,296	310,882	$ 310,882
Cash, end of period	351,797	322,545	$ 357,296
Noncash asset purchases:
Assets transferred from used and new inventory to rental fleet	31,612	15,360
Purchases of property and equipment included in accrued expenses payable and other liabilities	(317)	158
Operating lease assets obtained in exchange for new operating lease liabilities	7,189	8,355
Cash paid during the period for:
Interest	797	807
Income taxes paid (net of refunds received)	$ (51)	$ (60)

Organization and Nature of Operations

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Operations

(1) Organization and Nature of Operations

Basis of Presentation

Our condensed consolidated financial statements include the financial position and results of operations of H&E Equipment Services, Inc. and its wholly-owned subsidiaries H&E Finance Corp., GNE Investments, Inc., Great Northern Equipment, Inc., H&E California Holding, Inc., H&E Equipment Services (California), LLC and H&E Equipment Services (Mid-Atlantic), Inc., collectively referred to herein as “we”, “us”, “our” or the “Company.”

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such regulations. In the opinion of management, all adjustments (consisting of all normal and recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022, and therefore, the results and trends in these interim condensed consolidated financial statements may not be the same for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2021, from which the consolidated balance sheet amounts as of December 31, 2021 were derived. All significant intercompany accounts and transactions have been eliminated in these condensed consolidated financial statements.

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 Condensed Consolidated Statements of Income for all periods presented. The Condensed Consolidated Statements of Cash Flows include 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.

The nature of our business is such that short-term obligations are typically met by cash flows generated from long-term assets. Consequently, and consistent with industry practice, the accompanying condensed consolidated balance sheets are presented on an unclassified basis.

Nature of Operations

Founded in 1961, H&E Equipment Services, Inc. is one of the largest rental equipment companies in the nation, serving customers across 25 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”), first identified in late 2019, 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. During 2020, the spread of COVID-19 resulted in economic contraction and increased business uncertainty. As the impact of COVID-19 became more widespread, our equipment rental utilization and sales volumes declined from February through mid-April 2020, where we began to see utilization and sales levels stabilize and improve for the remainder of 2020. We continued to see improvements with utilization levels beginning in March 2021 returning to approximate pre-COVID utilization levels. The timing and extent of any subsequent contraction 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.

Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

(2) Significant Accounting Policies

We describe our significant accounting policies in Note 2 of the notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2021. During the three months ended March 31, 2022, there were no significant changes to those accounting policies.

Use of Estimates

We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, which requires management to use its judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. These assumptions and estimates could have a material effect on our condensed consolidated financial statements. Actual results may differ materially from those estimates. We review our estimates on an ongoing basis based on information currently available, and changes in facts and circumstances may cause us to revise these estimates.

Revenue Recognition

We recognize revenue in accordance with two different 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 are 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.

In the table below, revenues as presented in our condensed consolidated statements of income for the three months ended March 31, 2022 and 2021 are summarized by type and by the applicable accounting standard.


	Three Months Ended March 31,
	2022						2021
	Topic 842		Topic 606		Total		Topic 842		Topic 606		Total
Revenues:
Rental revenues
Owned equipment rentals	$	170,729	$	109	$	170,838	$	129,464	$	52	$	129,516
Re-rent revenue		6,344		—		6,344		7,630		—		7,630
Ancillary and other rental revenues:
Delivery and pick-up		—		11,100		11,100		—		8,396		8,396
Other		10,943		—		10,943		7,677		—		7,677
Total ancillary rental revenues		10,943		11,100		22,043		7,677		8,396		16,073
Total equipment rental revenues		188,016		11,209		199,225		144,771		8,448		153,219
Used equipment sales		—		21,526		21,526		—		38,854		38,854
New equipment sales		—		26,036		26,036		—		23,173		23,173
Parts sales		—		16,059		16,059		—		15,556		15,556
Service revenues		—		8,134		8,134		—		8,011		8,011
Other		—		1,470		1,470		—		1,619		1,619
Total revenues	$	188,016	$	84,434	$	272,450	$	144,771	$	95,661	$	240,432

Revenues by reporting segment are presented in Note 11 of our Condensed Consolidated Financial Statements, using the revenue captions reflected in our consolidated statements of income. We believe that the disaggregation of our revenues from contracts to customers as reflected above, coupled with further discussion below and the reporting segments in Note 11, depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. For further information related to our accounting for revenues pursuant to Topic 606 and Topic 842, see Significant Accounting Policies in Note 2 to our Annual Report on Form 10-K for the year ended December 31, 2021.

Receivables and contract assets and liabilities

We manage credit risk associated with our accounts receivables at the customer level. Because the same customers typically generate the revenues that are accounted for under both Topic 606 and Topic 842, the discussions below on credit risk and our allowance for doubtful accounts address our total revenues from Topic 606 and Topic 842.

We believe concentration of credit risk with respect to our receivables is limited because our customer base is comprised of a large number of geographically diverse customers. No single customer accounted for more than 10% of our revenues on an overall or segment basis for any of the periods presented in this Quarterly Report on Form 10-Q. We manage credit risk through credit approvals, credit limits and other monitoring procedures.

Pursuant to Topic 842 and Topic 326 for rental and non-rental receivables, respectively, we maintain an allowance for doubtful accounts that reflects our estimate of our expected credit losses. Our allowance is estimated using a loss rate model based on delinquency. The estimated loss rate is based on our historical experience with specific customers, our understanding of our current economic circumstances, reasonable and supportable forecasts, and our own judgment as to the likelihood of ultimate payment based upon available data. Our largest exposure to doubtful accounts is in our rental operations, which as discussed above is accounted for under Topic 842 and represents 73% of our total revenues and an approximate corresponding percentage of our receivables, net and associated allowance for doubtful accounts as of March 31, 2022. 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 three months ended March 31, 2022 and 2021 were approximately 0.3% and 0.2%.

We do not have material contract assets, impairment losses associated therewith, or material contract liabilities associated with contracts with customers. Our contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. We did not recognize material revenues during the three months ended March 31, 2022 or 2021 that was included in the contract liability balance as of the beginning of such periods.

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.

Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2022

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 was 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 reported 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 was 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 the Company’s crane business, its results are reported separately as discontinued operations in our consolidated statements of income for all periods presented. As permitted, the Company elected not to adjust the consolidated statements of cash flows 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 income.


	Three Months Ended
	March 31,
	2021
Revenues:
Equipment rentals	$	3,005
Used equipment sales		2,912
New equipment sales		14,572
Parts sales		10,056
Services revenues		6,499
Other		969
Total revenues		38,013
Cost of revenues:
Rental depreciation		1,896
Rental expense		623
Rental other		229
		2,748
Used equipment sales		2,005
New equipment sales		13,043
Parts sales		7,594
Services revenues		2,082
Other		950
Total cost of revenues		28,422
Gross profit		9,591
Selling, general and administrative expenses		5,808
Merger and other		637
Income from discontinued operations		3,146
Other, net		6
Income before provision for income taxes		3,152
Provision for income taxes		856
Net income from discontinued operations	$	2,296

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


	Three Months Ended
	March 31,
	2021
Operating activities of discontinued operations:
Depreciation and amortization of property and equipment	$	548
Depreciation of rental equipment		1,896
Gain from sales of rental equipment, net		(800	)

Investing activities of discontinued operations:
Purchases of rental equipment		(1,056	)
Proceeds from sales of rental equipment		2,077

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 included the land, building, building improvements, office equipment, furniture and fixtures, and shop equipment for the two branches with a 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 for the quarter ended September 30, 2021. 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 did not qualify for discontinued operations as the divestiture does not meet the definition of a component.

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

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

(4) Fair Value of Financial Instruments

Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The FASB fair value measurement guidance established a fair value hierarchy that prioritizes the inputs used to measure fair value. The three broad levels of the fair value hierarchy are as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly

Level 3 – Unobservable inputs for which little or no market data exists, therefore requiring a company to develop its own assumptions

The carrying value of financial instruments reported in the accompanying condensed consolidated balance sheets for cash, accounts receivable, accounts payable and accrued expenses payable and other liabilities approximate fair value due to the immediate or short-term nature or maturity of these financial instruments. The carrying amounts and fair values of our other financial instruments subject to fair value disclosures as of March 31, 2022 and December 31, 2021 are presented in the table below (amounts in thousands).


	March 31, 2022
	Carrying Amount		Fair Value
Manufacturer flooring plans payable with interest computed at 3.75% (Level 3)	$	19,518	$	17,477
Senior Unsecured Notes due 2028 with interest computed at 3.875% (Level 2)		1,240,327		1,172,238


	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

At March 31, 2022 and December 31, 2021, the fair value of our senior unsecured notes due 2028 (the “Senior Unsecured Notes”) was based on quoted bond trading market prices for those notes. For our Level 3 unobservable inputs, we calculate a discount rate for our manufacturing floor plans payable based on the U.S. prime rate plus the applicable margin on our Credit Facility. The discount rate is disclosed in the above table.

During the three months ended March 31, 2022 and 2021, there were no transfers of financial assets or liabilities in or out of Level 3 of the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

(5) Stockholders’ Equity

The following table summarizes the activity in Stockholders’ Equity for the three months ended March 31, 2022 and 2021, respectively (amounts in thousands, except share and per share data):


	Common Stock				Additional								Total
	Shares Issued		Amount		Paid-in Capital		Treasury Stock			Retained Earnings			Stockholders’ Equity
Balances at December 31, 2021		40,353,299	$	403	$	244,638	$	(68,294	)	$	126,635		$	303,382
Stock-based compensation		—		—		1,678		—			—			1,678
Cash dividends declared on common stock ($0.275 per share)		—		—		—		—			(9,851	)		(9,851	)
Issuance of common stock, net of forfeitures		28,825		—		—		—			—			—
Repurchase of 8,938 shares of restricted common stock		—		—		—		(343	)		—			(343	)
Net income		—		—		—		—			16,296			16,296
Balances at March 31, 2022		40,382,124	$	403	$	246,316	$	(68,637	)	$	133,080		$	311,162

Balances at December 31, 2020		40,242,711	$	401	$	240,206	$	(66,188	)	$	63,814		$	238,233
Stock-based compensation		—		—		1,601		—			—			1,601
Cash dividends declared on common stock ($0.275 per share)		—		—		—		—			(9,854	)		(9,854	)
Issuance of common stock, net of forfeitures		45,427		—		—		—			—			—
Repurchase of 12,624 shares of restricted common stock		—		—		—		(435	)		—			(435	)
Net income		—		—		—		—			4,151			4,151
Balances at March 31, 2021		40,288,138	$	401	$	241,807	$	(66,623	)	$	58,111		$	233,696

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

(6) Stock-Based Compensation

We account for our stock-based compensation plans using the fair value recognition provisions of ASC 718, Stock Compensation. 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. There were 1,185,128 shares available for future stock-based payment awards under our 2016 Stock-Based Incentive Compensation Plan as of March 31, 2022.

Non-vested Stock

The following table summarizes our non-vested stock activity for the three months ended March 31, 2022:


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested stock at December 31, 2021		480,147		$	25.56
Granted		15,376		$	41.63
Vested		(35,372	)	$	35.40
Forfeited		(36,778	)	$	29.61
Non-vested stock at March 31, 2022		423,373		$	24.97

As of March 31, 2022, we had unrecognized compensation expense of approximately $6.3 million related to non-vested stock that we expect to be recognized over a weighted-average period of approximately 1.8 years. The compensation expense related to

non-vested stock, which is included in selling, general and administrative expenses in the accompanying condensed consolidated statements of income for the three months ended March 31, 2022 and 2021 is $1.7 million and $1.6 million, respectively.

Income per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Income per Share

(7) Income per Share

Income per common share for the three months ended March 31, 2022 and 2021 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 dilutive income per share. We include all common shares granted under our incentive compensation plan which remain unvested (“restricted common shares”) and contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (“participating securities”), in the number of shares outstanding in our basic and diluted EPS calculations using the two-class method. All of our restricted common shares are currently participating securities.

Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings allocated to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, distributed and undistributed earnings are allocated to both common shares and restricted common shares based on the total weighted average shares outstanding during the period. The number of restricted common shares outstanding was less than 1% of total outstanding shares for the three months ended March 31, 2022 and 2021 and, consequently, was immaterial to the basic and diluted EPS calculations. Therefore, use of the two-class method had no impact on our basic and diluted EPS calculations for the periods presented. The following table sets forth the computation of basic and diluted net income per common share for the three months ended March 31, 2022 and 2021 (amounts in thousands, except per share amounts):


	Three Months Ended
	March 31,
	2022		2021
Net income from continuing operations	$	16,296	$	1,855
Net income from discontinued operations		—		2,296
Net income	$	16,296	$	4,151

Weighted average number of common shares outstanding:
Basic		36,363		36,185
Effect of dilutive non-vested restricted stock		176		202
Diluted		36,539		36,387

Income per share:
Basic:
Continuing operations	$	0.45	$	0.05
Discontinued operations		—		0.06
Net income per share	$	0.45	$	0.11
Diluted:
Continuing operations	$	0.45	$	0.05
Discontinued operations		—		0.06
Net income per share	$	0.45	$	0.11

Common shares excluded from the denominator as anti-dilutive:
Non-vested restricted stock		—		—

Senior Secured Credit Facility

3 Months Ended

Mar. 31, 2022

Secured Debt [Member]

Senior Secured Credit Facility

(8) Senior Secured Credit Facility

We and our subsidiaries are parties to a $750.0 million Credit Facility with Wells Fargo Capital Finance, LLC as administrative agent, and the lenders named therein. For further information related to significant terms of the Credit Facility, see Note 10 to the Company’s Consolidated Financial Statements included as Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

As of March 31, 2022, we were in compliance with our financial covenants under the Amended and Restated Credit Agreement. At March 31, 2022, we had no amount of borrowings outstanding under the Credit Facility and could borrow up to approximately $740.3 million, net of a $9.7 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
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+ Details

Senior Unsecured Notes

3 Months Ended

Mar. 31, 2022

Senior Unsecured Notes [Member]

Debt Instrument [Line Items]

Senior Secured Credit Facility

(9) Senior Unsecured Notes

On December 14, 2020, we completed the offering of our $1.25 billion, 3.875% Senior Unsecured Notes due 2028. For further information related to significant terms of the Senior Unsecured Notes, see Note 9 to the Company’s Consolidated Financial Statements included as Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. As of March 31, 2022, we were in compliance with the covenants governing our notes.

The following table reconciles our Senior Unsecured Notes to our Condensed Consolidated Balance Sheets (amounts in thousands):


Balance at December 31, 2020	$	1,238,660
Accretion of discount through December 31, 2021		1,172
Additional deferred financing costs through December 31, 2021		(135	)
Amortization of deferred financing costs through December 31, 2021		270
Balance at December 31, 2021	$	1,239,967
Accretion of discount through March 31, 2022		293
Amortization of deferred financing costs through March 31, 2022		67
Balance at March 31, 2022	$	1,240,327

- Definition

+ References

+ Details

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

(10) Leases

We adopted Topic 842 on January 1, 2019. For a discussion of our adoption of Topic 842 and related disclosures, see Note 2 and Note 11 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2021.

At March 31, 2022, as disclosed in our condensed consolidated balance sheet, we had net operating lease right-of-use assets of $154.4 million and operating lease liabilities of $158.7 million. The weighted average remaining lease term for operating leases was approximately 8.5 years. The weighted average discount rate for operating leases was approximately 6.1%.

The future minimum lease payments of operating leases executed but not commenced as of March 31, 2022 are estimated to be $0.4 million, $1.3 million, $1.6 million, $1.6 million and $1.6 million for the years ended December 31, 2022, 2023, 2024, 2025 and 2026, respectively, and $10.0 million thereafter. It is expected that the majority of these leases will commence during 2022.

Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

(11) Segment Information

We have identified five reportable segments: equipment rentals, used equipment sales, new equipment sales, parts sales and services 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 reportable segments.

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


	Three Months Ended March 31,
	2022			2021
Segment Revenues:
Equipment rentals	$	199,225		$	153,219
Used equipment sales		21,526			38,854
New equipment sales		26,036			23,173
Parts sales		16,059			15,556
Services revenues		8,134			8,011
Total segmented revenues		270,980			238,813
Non-segmented revenues		1,470			1,619
Total revenues	$	272,450		$	240,432
Segment Gross Profit (Loss):
Equipment rentals	$	89,532		$	58,207
Used equipment sales		8,978			12,494
New equipment sales		3,707			2,774
Parts sales		4,355			4,403
Services revenues		5,320			5,396
Total segmented gross profit		111,892			83,274
Non-segmented gross profit (loss)		(312	)		138
Total gross profit	$	111,580		$	83,412


	Balances at
	March 31,		December 31,
	2022		2021
Segment identified assets:
Equipment sales	$	89,008	$	62,652
Equipment rentals		1,121,617		1,116,456
Parts and services		14,351		12,647
Total segment identified assets		1,224,976		1,191,755
Non-segment identified assets		898,387		888,692
Total assets	$	2,123,363	$	2,080,447

The Company operates primarily in the United States and our sales to international customers for the three months ended March 31, 2022 and 2021 were 1.0% and 0.2%, respectively, of total revenues for the periods presented. No one customer accounted for more than 10% of our revenues on an overall or segment 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.

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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

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.


	Three Months Ended March 31,
	2022						2021
	Topic 842		Topic 606		Total		Topic 842		Topic 606		Total
Revenues:
Rental revenues
Owned equipment rentals	$	170,729	$	109	$	170,838	$	129,464	$	52	$	129,516
Re-rent revenue		6,344		—		6,344		7,630		—		7,630
Ancillary and other rental revenues:
Delivery and pick-up		—		11,100		11,100		—		8,396		8,396
Other		10,943		—		10,943		7,677		—		7,677
Total ancillary rental revenues		10,943		11,100		22,043		7,677		8,396		16,073
Total equipment rental revenues		188,016		11,209		199,225		144,771		8,448		153,219
Used equipment sales		—		21,526		21,526		—		38,854		38,854
New equipment sales		—		26,036		26,036		—		23,173		23,173
Parts sales		—		16,059		16,059		—		15,556		15,556
Service revenues		—		8,134		8,134		—		8,011		8,011
Other		—		1,470		1,470		—		1,619		1,619
Total revenues	$	188,016	$	84,434	$	272,450	$	144,771	$	95,661	$	240,432

Receivables and contract assets and liabilities

Recent Accounting Pronouncements

Pronouncements Not Yet Adopted

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Revenues by Type and by Applicable Accounting Standard


	Three Months Ended March 31,
	2022						2021
	Topic 842		Topic 606		Total		Topic 842		Topic 606		Total
Revenues:
Rental revenues
Owned equipment rentals	$	170,729	$	109	$	170,838	$	129,464	$	52	$	129,516
Re-rent revenue		6,344		—		6,344		7,630		—		7,630
Ancillary and other rental revenues:
Delivery and pick-up		—		11,100		11,100		—		8,396		8,396
Other		10,943		—		10,943		7,677		—		7,677
Total ancillary rental revenues		10,943		11,100		22,043		7,677		8,396		16,073
Total equipment rental revenues		188,016		11,209		199,225		144,771		8,448		153,219
Used equipment sales		—		21,526		21,526		—		38,854		38,854
New equipment sales		—		26,036		26,036		—		23,173		23,173
Parts sales		—		16,059		16,059		—		15,556		15,556
Service revenues		—		8,134		8,134		—		8,011		8,011
Other		—		1,470		1,470		—		1,619		1,619
Total revenues	$	188,016	$	84,434	$	272,450	$	144,771	$	95,661	$	240,432

Acquisitions and Dispositions (Tables)

3 Months Ended

Mar. 31, 2022

Acquisitions and Dispositions [Abstract]

Schedule of Income from Discontinued Operations

The following tables (amounts in thousands) present the Crane Sale results as reported in income from discontinued operations within our consolidated statements of income.


	Three Months Ended
	March 31,
	2021
Revenues:
Equipment rentals	$	3,005
Used equipment sales		2,912
New equipment sales		14,572
Parts sales		10,056
Services revenues		6,499
Other		969
Total revenues		38,013
Cost of revenues:
Rental depreciation		1,896
Rental expense		623
Rental other		229
		2,748
Used equipment sales		2,005
New equipment sales		13,043
Parts sales		7,594
Services revenues		2,082
Other		950
Total cost of revenues		28,422
Gross profit		9,591
Selling, general and administrative expenses		5,808
Merger and other		637
Income from discontinued operations		3,146
Other, net		6
Income before provision for income taxes		3,152
Provision for income taxes		856
Net income from discontinued operations	$	2,296

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


	Three Months Ended
	March 31,
	2021
Operating activities of discontinued operations:
Depreciation and amortization of property and equipment	$	548
Depreciation of rental equipment		1,896
Gain from sales of rental equipment, net		(800	)

Investing activities of discontinued operations:
Purchases of rental equipment		(1,056	)
Proceeds from sales of rental equipment		2,077

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements

The carrying amounts and fair values of our other financial instruments subject to fair value disclosures as of March 31, 2022 and December 31, 2021 are presented in the table below (amounts in thousands).


	March 31, 2022
	Carrying Amount		Fair Value
Manufacturer flooring plans payable with interest computed at 3.75% (Level 3)	$	19,518	$	17,477
Senior Unsecured Notes due 2028 with interest computed at 3.875% (Level 2)		1,240,327		1,172,238


	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

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Summary of Activity in Stockholders' Equity

The following table summarizes the activity in Stockholders’ Equity for the three months ended March 31, 2022 and 2021, respectively (amounts in thousands, except share and per share data):


	Common Stock				Additional								Total
	Shares Issued		Amount		Paid-in Capital		Treasury Stock			Retained Earnings			Stockholders’ Equity
Balances at December 31, 2021		40,353,299	$	403	$	244,638	$	(68,294	)	$	126,635		$	303,382
Stock-based compensation		—		—		1,678		—			—			1,678
Cash dividends declared on common stock ($0.275 per share)		—		—		—		—			(9,851	)		(9,851	)
Issuance of common stock, net of forfeitures		28,825		—		—		—			—			—
Repurchase of 8,938 shares of restricted common stock		—		—		—		(343	)		—			(343	)
Net income		—		—		—		—			16,296			16,296
Balances at March 31, 2022		40,382,124	$	403	$	246,316	$	(68,637	)	$	133,080		$	311,162

Balances at December 31, 2020		40,242,711	$	401	$	240,206	$	(66,188	)	$	63,814		$	238,233
Stock-based compensation		—		—		1,601		—			—			1,601
Cash dividends declared on common stock ($0.275 per share)		—		—		—		—			(9,854	)		(9,854	)
Issuance of common stock, net of forfeitures		45,427		—		—		—			—			—
Repurchase of 12,624 shares of restricted common stock		—		—		—		(435	)		—			(435	)
Net income		—		—		—		—			4,151			4,151
Balances at March 31, 2021		40,288,138	$	401	$	241,807	$	(66,623	)	$	58,111		$	233,696

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Non-Vested Stock Activity

The following table summarizes our non-vested stock activity for the three months ended March 31, 2022:


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested stock at December 31, 2021		480,147		$	25.56
Granted		15,376		$	41.63
Vested		(35,372	)	$	35.40
Forfeited		(36,778	)	$	29.61
Non-vested stock at March 31, 2022		423,373		$	24.97

Income per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

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 per common share for the three months ended March 31, 2022 and 2021 (amounts in thousands, except per share amounts):


	Three Months Ended
	March 31,
	2022		2021
Net income from continuing operations	$	16,296	$	1,855
Net income from discontinued operations		—		2,296
Net income	$	16,296	$	4,151

Weighted average number of common shares outstanding:
Basic		36,363		36,185
Effect of dilutive non-vested restricted stock		176		202
Diluted		36,539		36,387

Income per share:
Basic:
Continuing operations	$	0.45	$	0.05
Discontinued operations		—		0.06
Net income per share	$	0.45	$	0.11
Diluted:
Continuing operations	$	0.45	$	0.05
Discontinued operations		—		0.06
Net income per share	$	0.45	$	0.11

Common shares excluded from the denominator as anti-dilutive:
Non-vested restricted stock		—		—

Senior Unsecured Notes (Tables)

3 Months Ended

Mar. 31, 2022

Senior Unsecured Notes [Member]

Debt Instrument [Line Items]

Reconciliation of Senior Unsecured Notes to Condensed Consolidated Balance Sheets

The following table reconciles our Senior Unsecured Notes to our Condensed Consolidated Balance Sheets (amounts in thousands):


Balance at December 31, 2020	$	1,238,660
Accretion of discount through December 31, 2021		1,172
Additional deferred financing costs through December 31, 2021		(135	)
Amortization of deferred financing costs through December 31, 2021		270
Balance at December 31, 2021	$	1,239,967
Accretion of discount through March 31, 2022		293
Amortization of deferred financing costs through March 31, 2022		67
Balance at March 31, 2022	$	1,240,327

Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Information about Reportable Segments

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


	Three Months Ended March 31,
	2022			2021
Segment Revenues:
Equipment rentals	$	199,225		$	153,219
Used equipment sales		21,526			38,854
New equipment sales		26,036			23,173
Parts sales		16,059			15,556
Services revenues		8,134			8,011
Total segmented revenues		270,980			238,813
Non-segmented revenues		1,470			1,619
Total revenues	$	272,450		$	240,432
Segment Gross Profit (Loss):
Equipment rentals	$	89,532		$	58,207
Used equipment sales		8,978			12,494
New equipment sales		3,707			2,774
Parts sales		4,355			4,403
Services revenues		5,320			5,396
Total segmented gross profit		111,892			83,274
Non-segmented gross profit (loss)		(312	)		138
Total gross profit	$	111,580		$	83,412


	Balances at
	March 31,		December 31,
	2022		2021
Segment identified assets:
Equipment sales	$	89,008	$	62,652
Equipment rentals		1,121,617		1,116,456
Parts and services		14,351		12,647
Total segment identified assets		1,224,976		1,191,755
Non-segment identified assets		898,387		888,692
Total assets	$	2,123,363	$	2,080,447

Significant Accounting Policies - Summary of Revenue by Type and by Applicable Accounting Standard (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Revenues	$ 272,450	$ 240,432
Topic 842 [Member]
Revenues:
Revenues	188,016	144,771
Topic 606 [Member]
Revenues:
Revenues	84,434	95,661
Rental Revenues [Member] \| Owned Equipment Rentals [Member]
Revenues:
Revenues	170,838	129,516
Rental Revenues [Member] \| Owned Equipment Rentals [Member] \| Topic 842 [Member]
Revenues:
Revenues	170,729	129,464
Rental Revenues [Member] \| Owned Equipment Rentals [Member] \| Topic 606 [Member]
Revenues:
Revenues	109	52
Rental Revenues [Member] \| Re Rent Revenues [Member]
Revenues:
Revenues	6,344	7,630
Rental Revenues [Member] \| Re Rent Revenues [Member] \| Topic 842 [Member]
Revenues:
Revenues	6,344	7,630
Ancillary And Other Rental Revenues [Member]
Revenues:
Revenues	22,043	16,073
Ancillary And Other Rental Revenues [Member] \| Topic 842 [Member]
Revenues:
Revenues	10,943	7,677
Ancillary And Other Rental Revenues [Member] \| Topic 606 [Member]
Revenues:
Revenues	11,100	8,396
Ancillary And Other Rental Revenues [Member] \| Delivery and Pick-up [Member]
Revenues:
Revenues	11,100	8,396
Ancillary And Other Rental Revenues [Member] \| Delivery and Pick-up [Member] \| Topic 606 [Member]
Revenues:
Revenues	11,100	8,396
Ancillary And Other Rental Revenues [Member] \| Other [Member]
Revenues:
Revenues	10,943	7,677
Ancillary And Other Rental Revenues [Member] \| Other [Member] \| Topic 842 [Member]
Revenues:
Revenues	10,943	7,677
Total Equipment Rental Revenues [Member]
Revenues:
Revenues	199,225	153,219
Total Equipment Rental Revenues [Member] \| Topic 842 [Member]
Revenues:
Revenues	188,016	144,771
Total Equipment Rental Revenues [Member] \| Topic 606 [Member]
Revenues:
Revenues	11,209	8,448
Used Equipment Sales [Member]
Revenues:
Revenues	21,526	38,854
Used Equipment Sales [Member] \| Topic 606 [Member]
Revenues:
Revenues	21,526	38,854
New Equipment Sales [Member]
Revenues:
Revenues	26,036	23,173
New Equipment Sales [Member] \| Topic 606 [Member]
Revenues:
Revenues	26,036	23,173
Parts Sales [Member]
Revenues:
Revenues	16,059	15,556
Parts Sales [Member] \| Topic 606 [Member]
Revenues:
Revenues	16,059	15,556
Parts and Services [Member]
Revenues:
Revenues	8,134	8,011
Parts and Services [Member] \| Topic 606 [Member]
Revenues:
Revenues	8,134	8,011
Other [Member]
Revenues:
Revenues	1,470	1,619
Other [Member] \| Topic 606 [Member]
Revenues:
Revenues	$ 1,470	$ 1,619

Significant Accounting Policies - Additional Information (Detail) - Customer	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Summary Of Significant Accounting Policy [Line Items]
Customer accounted for more than 10% of revenue	0	0
Bad debt expense as a percentage of total revenues	0.30%	0.20%
Topic 842 [Member] \| Customer Concentration Risk [Member] \| Revenues [Member]
Summary Of Significant Accounting Policy [Line Items]
Percentage of revenue/purchase	73.00%

Acquisitions and Dispositions - Additional Information (Detail) $ in Thousands			3 Months Ended
	Sep. 17, 2021 USD ($) County Branch	Jul. 19, 2021 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)
Business Acquisition [Line Items]
Gain from sales of property and equipment, net			$ 1,386		$ 154
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
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
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

Acquisitions and Dispositions - Schedule of Income from Discontinued Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cost of revenues:
Income before provision for income taxes	$ 0	$ 3,152
Provision for income taxes	0	856
Net income from discontinued operations	$ 0	2,296
Crane Business [Member]
Revenues:
Total revenues		38,013
Cost of revenues:
Total cost of revenues		28,422
Gross profit		9,591
Selling, general and administrative expenses		5,808
Merger and other		637
Income from discontinued operations		3,146
Other, net		6
Income before provision for income taxes		3,152
Provision for income taxes		856
Net income from discontinued operations		2,296
Crane Business [Member] \| Equipment Rentals [Member]
Revenues:
Total revenues		3,005
Cost of revenues:
Total cost of revenues		2,748
Crane Business [Member] \| Equipment Rentals [Member] \| Rentals Other [Member]
Cost of revenues:
Total cost of revenues		229
Crane Business [Member] \| Equipment Rentals [Member] \| Rental Depreciation [Member]
Cost of revenues:
Total cost of revenues		1,896
Crane Business [Member] \| Equipment Rentals [Member] \| Rental Expense [Member]
Cost of revenues:
Total cost of revenues		623
Crane Business [Member] \| Used Equipment Sales [Member]
Revenues:
Total revenues		2,912
Cost of revenues:
Total cost of revenues		2,005
Crane Business [Member] \| New Equipment Sales [Member]
Revenues:
Total revenues		14,572
Cost of revenues:
Total cost of revenues		13,043
Crane Business [Member] \| Parts Sales [Member]
Revenues:
Total revenues		10,056
Cost of revenues:
Total cost of revenues		7,594
Crane Business [Member] \| Services Revenues [Member]
Revenues:
Total revenues		6,499
Cost of revenues:
Total cost of revenues		2,082
Crane Business [Member] \| Other Revenues [Member]
Revenues:
Total revenues		969
Cost of revenues:
Total cost of revenues		$ 950

Acquisitions and Dispositions - Schedule of Cash Flows from Discontinued Operations (Detail) - Crane Business [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Operating Activities From Discontinued Operations [Abstract]
Depreciation and amortization of property and equipment	$ 548
Depreciation of rental equipment	1,896
Gain from sales of rental equipment, net	(800)
Investing activities of discontinued operations:
Purchases of rental equipment	(1,056)
Proceeds from sales of rental equipment	$ 2,077

Fair Value of Financial Instruments - Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Amount [Member] \| Level 3 [Member] \| Manufacturer Flooring Plans Payable with Interest Computed at 3.75% [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable fair value	$ 19,518
Carrying Amount [Member] \| Level 3 [Member] \| Manufacturer Flooring Plans Payable with Interest Computed at 3.5% [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable fair value		$ 20,924
Carrying Amount [Member] \| Level 2 [Member] \| Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)	1,240,327	1,239,967
Fair Value [Member] \| Level 3 [Member] \| Manufacturer Flooring Plans Payable with Interest Computed at 3.75% [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable fair value	17,477
Fair Value [Member] \| Level 3 [Member] \| Manufacturer Flooring Plans Payable with Interest Computed at 3.5% [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable fair value		19,533
Fair Value [Member] \| Level 2 [Member] \| Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)	$ 1,172,238	$ 1,242,850

Fair Value of Financial Instruments - Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements (Parenthetical) (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Level 3 [Member] \| Carrying Amount [Member] \| Manufacturer Flooring Plans Payable with Interest Computed at 3.75% [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable, interest rate	3.75%
Level 3 [Member] \| Carrying Amount [Member] \| Manufacturer Flooring Plans Payable with Interest Computed at 3.5% [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable, interest rate		3.50%
Level 3 [Member] \| Fair Value [Member] \| Manufacturer Flooring Plans Payable with Interest Computed at 3.75% [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable, interest rate	3.75%
Level 3 [Member] \| Fair Value [Member] \| Manufacturer Flooring Plans Payable with Interest Computed at 3.5% [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable, interest rate		3.50%
Level 2 [Member] \| Carrying Amount [Member] \| Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes, due year	2028	2028
Senior unsecured notes, interest rate	3.875%	3.875%
Level 2 [Member] \| Fair Value [Member] \| Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes, due year	2028	2028
Senior unsecured notes, interest rate	3.875%	3.875%

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfer of financial assets	$ 0	$ 0
Transfer of financial liabilities	$ 0	$ 0
Fair Value [Member] \| Level 1 [Member] \| Senior Unsecured Notes Due 2028 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Senior unsecured notes, due year	2028		2028

Stockholders' Equity - Summary of Activity in Stockholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	$ 303,382	$ 238,233
Beginning Balances, shares	40,353,299
Stock-based compensation	$ 1,678	1,601
Cash dividends declared on common stock ($0.275 per share)	(9,851)	(9,854)
Repurchase of shares of restricted common stock	(343)	(435)
Net income	16,296	4,151
Ending Balances	$ 311,162	233,696
Ending Balances, shares	40,382,124
Common Stock [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	$ 403	$ 401
Beginning Balances, shares	40,353,299	40,242,711
Issuance of common stock, net of forfeitures, shares	28,825	45,427
Ending Balances	$ 403	$ 401
Ending Balances, shares	40,382,124	40,288,138
Additional Paid-in Capital [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	$ 244,638	$ 240,206
Stock-based compensation	1,678	1,601
Ending Balances	246,316	241,807
Treasury Stock [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	(68,294)	(66,188)
Repurchase of shares of restricted common stock	(343)	(435)
Ending Balances	(68,637)	(66,623)
Retained Earnings [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	126,635	63,814
Cash dividends declared on common stock ($0.275 per share)	(9,851)	(9,854)
Net income	16,296	4,151
Ending Balances	$ 133,080	$ 58,111

Stockholders' Equity - Summary of Activity in Stockholders' Equity (Parenthetical) (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Capitalization, Equity [Line Items]
Cash dividends declared on common stock, per share	$ 0.275	$ 0.275
Repurchase of restricted common stock, shares	8,938	12,624
Retained Earnings [Member]
Schedule of Capitalization, Equity [Line Items]
Cash dividends declared on common stock, per share	$ 0.275	$ 0.275

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested stock	$ 6.3
Expected non-vested stock recognized over a weighted-average period	1 year 9 months 18 days
Selling, General and Administrative Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 1.7	$ 1.6
2016 Stock-Based Incentive Compensation Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-Based incentive compensation plan	1,185,128

Stock-Based Compensation - Schedule of Non-Vested Stock Activity (Detail)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Share-based Payment Arrangement [Abstract]
Non-vested stock, beginning balance, Number of Shares \| shares	480,147
Granted, Number of Shares \| shares	15,376
Vested, Number of Shares \| shares	(35,372)
Forfeited, Number of Shares \| shares	(36,778)
Non-vested stock, ending balance, Number of Shares \| shares	423,373
Non-vested stock, beginning balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 25.56
Granted, Weighted Average Grant Date Fair Value \| $ / shares	41.63
Vested, Weighted Average Grant Date Fair Value \| $ / shares	35.40
Forfeited, Weighted Average Grant Date Fair Value \| $ / shares	29.61
Non-vested stock, ending balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 24.97

Income per Share - Additional Information (Detail)	3 Months Ended
Income per Share - Additional Information (Detail)	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Restricted common shares, percentage	1.00%	1.00%

Income per Share - Summary of Computation of Basic and Diluted Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Line Items]
Net income from continuing operations	$ 16,296	$ 1,855
Net income from discontinued operations	0	2,296
Net income	$ 16,296	$ 4,151
Weighted average number of common shares outstanding:
Basic	36,363	36,185
Diluted	36,539	36,387
Basic
Continuing operations	$ 0.45	$ 0.05
Discontinued operations	0	0.06
Net income per share	0.45	0.11
Diluted:
Continuing operations	0.45	0.05
Discontinued operations	0	0.06
Net income per share	$ 0.45	$ 0.11
Non-vested restricted stock [Member]
Weighted average number of common shares outstanding:
Effect of dilutive non-vested restricted stock	176	202
Common shares excluded from the denominator as anti-dilutive:
Non-vested restricted stock	0	0

Senior Secured Credit Facility - Additional Information (Detail)	Mar. 31, 2022 USD ($)
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]
Line of credit	0
Available borrowings under our senior secured credit facility	740,300,000
Outstanding letters of credit	$ 9,700,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Senior Unsecured Notes - Additional Information (Detail) - 3.875% Senior Notes [Member] $ in Millions	Dec. 14, 2020 USD ($)
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,250
Senior unsecured notes, interest rate	3.875%
Senior unsecured notes, maturity year	2028

Senior Unsecured Notes - Reconciliation of Senior Unsecured Notes to Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Senior unsecured notes, beginning balance	$ 1,239,967
Amortization of deferred financing costs	242	$ 242
Senior unsecured notes, ending balance	1,240,327		$ 1,239,967
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes, beginning balance	1,239,967	$ 1,238,660	1,238,660
Senior unsecured notes, ending balance	1,240,327		1,239,967
Senior Unsecured Notes [Member] \| 3.875% Senior Notes [Member]
Debt Instrument [Line Items]
Accretion of discount	293		1,172
Additional deferred financing costs			(135)
Amortization of deferred financing costs	$ 67		$ 270

Leases - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Net operating lease right-of-use assets	$ 154,428	$ 151,222
Operating lease liabilities	$ 158,736	$ 155,303
Weighted average remaining lease term for operating leases	8 years 6 months
Weighted average discount rate for operating leases	6.10%
Future minimum operating lease payments 2022	$ 400
Future minimum operating lease payments 2023	1,300
Future minimum operating lease payments 2024	1,600
Future minimum operating lease payments 2025	1,600
Future minimum operating lease payments 2026	1,600
Future minimum operating lease payments thereafter	$ 10,000

Segment Information - Additional Information (Detail)	3 Months Ended
Segment Information - Additional Information (Detail)	Mar. 31, 2022 Segment Customer	Mar. 31, 2021 Customer
Segment Reporting [Abstract]
Number of reportable segment \| Segment	5
Sales to international customers	1.00%	0.20%
Customer accounted for more than 10% of revenue \| Customer	0	0

Segment Information - Schedule of Information about Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Revenues:
Revenues	$ 272,450	$ 240,432
Segment Gross Profit (Loss):
Total gross profit	111,580	83,412
Segment identified assets:
Total assets	2,123,363		$ 2,080,447
Equipment Rentals [Member]
Segment Revenues:
Revenues	199,225	153,219
Used Equipment Sales [Member]
Segment Revenues:
Revenues	21,526	38,854
New Equipment Sales [Member]
Segment Revenues:
Revenues	26,036	23,173
Parts Sales [Member]
Segment Revenues:
Revenues	16,059	15,556
Services Revenues [Member]
Segment Revenues:
Revenues	8,134	8,011
Operating Segments [Member]
Segment Revenues:
Revenues	270,980	238,813
Segment Gross Profit (Loss):
Total gross profit	111,892	83,274
Segment identified assets:
Total assets	1,224,976		1,191,755
Operating Segments [Member] \| Equipment Rentals [Member]
Segment Revenues:
Revenues	199,225	153,219
Segment Gross Profit (Loss):
Total gross profit	89,532	58,207
Segment identified assets:
Total assets	1,121,617		1,116,456
Operating Segments [Member] \| Used Equipment Sales [Member]
Segment Revenues:
Revenues	21,526	38,854
Segment Gross Profit (Loss):
Total gross profit	8,978	12,494
Segment identified assets:
Total assets	89,008		62,652
Operating Segments [Member] \| New Equipment Sales [Member]
Segment Revenues:
Revenues	26,036	23,173
Segment Gross Profit (Loss):
Total gross profit	3,707	2,774
Operating Segments [Member] \| Parts Sales [Member]
Segment Revenues:
Revenues	16,059	15,556
Segment Gross Profit (Loss):
Total gross profit	4,355	4,403
Operating Segments [Member] \| Services Revenues [Member]
Segment Revenues:
Revenues	8,134	8,011
Segment Gross Profit (Loss):
Total gross profit	5,320	5,396
Operating Segments [Member] \| Parts and Services [Member]
Segment identified assets:
Total assets	14,351		12,647
Non-Segmented [Member]
Segment Revenues:
Revenues	1,470	1,619
Segment Gross Profit (Loss):
Total gross profit	(312)	$ 138
Segment identified assets:
Total assets	$ 898,387		$ 888,692