0000950170-23-003761 | 10-K | XBRL Viewer | HE Equipment Services INC

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Senior Unsecured Notes

12 Months Ended

Dec. 31, 2022

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. There are no restrictions on H&E Equipment Services, Inc.’s ability to obtain funds from the guarantor subsidiaries by dividend or loan.

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, 2022, 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, 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 December 31, 2022		1,172
Amortization of deferred financing costs through December 31, 2022		270
Balance at December 31, 2022	$	1,241,409

- 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.

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+ Details

Subsequent Events	12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	(18) Subsequent Events On February 2, 2023, we amended, extended and restated the Credit Facility by entering into the Sixth 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, H&E Equipment Services (Midwest), LLC, the other credit parties named therein, the lenders named therein, Wells Fargo Bank, National Association, 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 Sixth Amended and Restated Credit Agreement, among other things, (i) extended the maturity date of the credit facility to February 2, 2028 and (ii) amended the interest rate to SOFR plus a credit spread adjustment plus an applicable margin of 1.25% to 1.75%, depending on the Average Availability.

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

(18)

Subsequent Events

On February 2, 2023, we amended, extended and restated the Credit Facility by entering into the Sixth 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, H&E Equipment Services (Midwest), LLC, the other credit parties named therein, the lenders named therein, Wells Fargo Bank, National Association, 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 Sixth Amended and Restated Credit Agreement, among other things, (i) extended the maturity date of the credit facility to February 2, 2028 and (ii) amended the interest rate to SOFR plus a credit spread adjustment plus an applicable margin of 1.25% to 1.75%, depending on the Average Availability.

Accrued Expenses Payable and Other Liabilities

12 Months Ended

Dec. 31, 2022

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):


	2022		2021
Payroll and related liabilities	$	40,367	$	33,477
Sales, use and property taxes		10,984		11,757
Accrued interest		2,290		2,279
Accrued insurance		7,641		6,995
Deferred revenue		6,661		5,167
Other		9,199		4,233
Total accrued expenses payable and other liabilities	$	77,142	$	63,908

Receivables

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Receivables

(4)

Receivables

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


	2022			2021
Trade receivables	$	216,280		$	151,835
Unbilled rental revenue		12,872			9,006
Income tax receivables		2,577			541
Other		202			22
		231,931			161,404
Less allowance for doubtful accounts		(6,637	)		(4,178	)
Total receivables, net	$	225,294		$	157,226

Senior Unsecured Notes - Additional Information (Detail) - USD ($)			12 Months Ended
	Dec. 30, 2020	Dec. 14, 2020	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Estimated offering expenses				$ 758,000	$ 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

Property and Equipment

12 Months Ended

Dec. 31, 2022

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):


	2022			2021
Land	$	6,852		$	6,533
Transportation equipment		147,171			129,307
Building and leasehold improvements		67,181			63,632
Office and computer equipment		54,099			50,028
Machinery and equipment		17,241			15,662
Construction in progress		19,110			9,032
		311,654			274,194
Less accumulated depreciation and amortization		(177,017	)		(161,913	)
Total net property and equipment	$	134,637		$	112,281

Total depreciation and amortization on property and equipment was $28.8 million, $26.3 million and $27.3 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory [Line Items]
Total inventories, net	$ 107,842	$ 75,299
Used Equipment Sales [Member]
Inventory [Line Items]
Total inventories, net	12	179
New Equipment Sales [Member]
Inventory [Line Items]
Total inventories, net	94,906	62,473
Parts, Supplies and Other [Member]
Inventory [Line Items]
Total inventories, net	$ 12,924	$ 12,647

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

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, 2022, 2021 AND 2020

(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, 2022
Allowance for doubtful accounts receivable	$	4,178	$	3,264	$	(805	)	$	6,637
Allowance for inventory obsolescence		73		32		(51	)		54
	$	4,251	$	3,296	$	(856	)	$	6,691
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

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 - Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
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)	$ 422	$ 20,924
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)	392	19,533
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)	1,241,409	1,239,967
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)	$ 1,070,088	$ 1,242,850

Employee Retirement Benefit Plans

12 Months Ended

Dec. 31, 2022

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 the year ended December 31, 2022 and for both continuing and discontinued operations for the years ended December 31, 2021 and 2020, we contributed to the plan, net of employee forfeitures, $4.6 million, $4.4 million and $3.7 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, 2025, 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, 2022, 2021 and 2020 and the Company has paid no surcharges in any period presented. These contributions represent less than five percent of the Plan’s total contributions in 2021. As of the date that our 2022 consolidated financial statements were issued, the Plan’s Form 5500 was not available for the Plan year ended December 31, 2022.

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, 2021, 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.

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+ Details

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash dividends declared on common stock, per share	$ 1.10	$ 1.10	$ 1.10
Repurchase of restricted common stock, shares	46,923	61,476	76,407
Retained Earnings [Member]
Cash dividends declared on common stock, per share	$ 1.10	$ 1.10	$ 1.10

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Commitments And Contingencies Disclosure [Line Items]
Outstanding letters of credit	$ 10.6	$ 8.7
Letter of Credit [Member]
Commitments And Contingencies Disclosure [Line Items]
Expiration date of letter of credit	2023-05
Line of credit renewed terms	1 year

Income Taxes - Summary of Reconciliation of Total Amounts of Gross Unrecognized Tax Benefits (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
Increases in tax positions taken in current years	$ 1,425
Gross unrecognized tax benefits at December 31	$ 1,425

Summarized Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Summarized Quarterly Financial Data (Unaudited)

(16)

Summarized Quarterly Financial Data (Unaudited)

The following is a summary of our unaudited quarterly financial results of operations for the years ended December 31, 2022 and 2021 (amounts in thousands, except per share amounts):


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2022:
Total revenues from continuing operations	$	272,450	$	294,671	$	324,280	$	353,117
Income from continuing operations		34,688		50,666		63,994		78,806
Income from continuing operations before provision for income taxes		22,121		38,059		51,329		69,221
Net income from continuing operations		16,296		27,870		38,376		51,152
Basic net income from continuing operations per common share(1)	$	0.45	$	0.77	$	1.05	$	1.42
Diluted net income from continuing operations per common share(1)	$	0.45	$	0.76	$	1.05	$	1.41


	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 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

(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.

Significant Accounting Policies - Schedule of Expected Amortization Expense of Intangible Assets with Remaining Carrying Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
2023	$ 6,305
2024	5,030
2025	5,030
2026	5,030
2027	5,030
Thereafter	6,206
Net	$ 32,631	$ 24,991

Leases - Summary of Lease Costs, Under Topic 842, for Operating and Finance Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finance lease costs
Amortization of leased assets	$ 105	$ 122	$ 162
Total lease cost	27,072	24,145
SG&A Expenses [Member]
Lessee Lease Description [Line Items]
Operating lease cost	27,153	24,347
Finance lease costs
Amortization of leased assets	107	122
Variable lease cost	1,834	1,046
Interest Expense [Member]
Finance lease costs
Interest on lease liabilities	52	9
Other Income [Member]
Finance lease costs
Sublease income	$ (2,074)	$ (1,379)

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Non-Vested Stock Activity

The following table summarizes our non-vested stock activity for the years ended December 31, 2022 and 2021:


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested stock at January 1, 2021		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
Granted		281,490		$	36.07
Vested		(160,868	)	$	27.46
Forfeited		(40,313	)	$	29.43
Non-vested stock at December 31, 2022		560,456		$	30.02

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Tax Provision (Benefit)

Our income tax provision (benefit) for the years ended December 31, 2022, 2021 and 2020, consists of the following (amounts in thousands):


	Current			Deferred			Total
Year Ended December 31, 2022
U.S. Federal	$	—		$	37,680		$	37,680
State		4,306			5,050			9,356
	$	4,306		$	42,730		$	47,036
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	)

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):


	2022			2021
Deferred tax assets:
Accounts receivable	$	1,497		$	883
Inventories		13			18
Net operating losses		74,931			68,942
Tax Credits		7,040			8,393
Sec 263A costs		764			534
Accrued liabilities		3,431			3,800
Deferred compensation		2,794			1,522
Interest Expense		12,238			—
Stock-based compensation		242			208
Goodwill and intangible assets		7,842			9,669
Other assets		86			74
		110,878			94,043
Valuation allowance		(5,930	)		(7,598	)
		104,948			86,445
Deferred tax liabilities:
Property and equipment		(370,404	)		(284,997	)
Investments		(1,109	)		(1,094	)
Goodwill and intangible assets		(4,597	)		(1,585	)
		(376,110	)		(287,676	)
Net deferred tax liabilities	$	(271,162	)	$	(201,231	)

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):


	2022			2021		2020
Computed tax at statutory rates	$	37,953		$	17,162	$	(12,563	)
Permanent items – other		1,683			406		1,241
Permanent items – excess of tax deductible goodwill		—			—		(1,473	)
Permanent items – impairment of goodwill		—			—		2,008
State income tax, net of federal tax effect		9,068			2,390		(9,037	)
Change in valuation allowance		(1,668	)		1,202		6,396
	$	47,036		$	21,160	$	(13,428	)

Summary of Reconciliation of Total Amounts of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows (in thousands):


	2022		2021
Gross unrecognized tax benefits at January 1	$	—	$	—
Increases in tax positions taken in prior years		—		—
Decreases in tax positions taken in prior years		—		—
Increases in tax positions taken in current years		1,425		—
Decreases in tax positions taken in current years		—		—
Settlements with taxing authorities		—		—
Lapse in statute of limitations		—		—
Gross unrecognized tax benefits at December 31	$	1,425	$	—

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022			2021			2020
Segment Revenues:
Equipment rentals	$	956,042		$	729,700		$	644,445
Used equipment sales		90,885			135,245			139,769
New equipment sales		92,526			92,677			113,708
Parts sales		64,646			65,623			65,881
Services revenues		34,226			33,034			35,989
Total segmented revenues		1,238,325			1,056,279			999,792
Non-Segmented revenues		6,193			6,518			7,183
Total revenues	$	1,244,518		$	1,062,797		$	1,006,975
Segment Gross Profit:
Equipment rentals	$	460,243		$	315,629		$	257,508
Used equipment sales		44,316			48,922			44,970
New equipment sales		13,096			11,855			12,207
Parts sales		18,035			17,277			17,750
Services revenues		21,998			21,797			24,464
Total gross profit from segmented revenues		557,688			415,480			356,899
Non-segmented gross profit (loss)		(2,525	)		(117	)		164
Total gross profit	$	555,163		$	415,363		$	357,063


	December 31,
	2022		2021
Segment identified assets:
Equipment rentals	$	1,418,951	$	1,116,456
Equipment sales		94,918		62,652
Parts and service		12,924		12,647
Total segment identified assets		1,526,793		1,191,755
Non-Segmented identified assets		764,906		888,692
Total assets	$	2,291,699	$	2,080,447

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

(11)

Leases

We use the rate implicit in the lease to discount lease payments to present value, when available, 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, 2022, the weighted average remaining lease term for operating leases was approximately 8.0 years and for finance leases was approximately 9.5 years. The weighted average discount rate for operating and finance leases was approximately 6.3% and 5.0%, respectively, at December 31, 2022. At December 31, 2021, 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, 2021.

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, 2022 and 2021 (in thousands).


		Year Ended December 31,
	Classification	2022			2021
Operating lease cost	SG&A expenses	$	27,153		$	24,347
Finance lease costs
Amortization of leased assets	SG&A expenses		107			122
Interest on lease liabilities	Interest expense		52			9
Variable lease cost	SG&A expenses		1,834			1,046
Sublease income	Other income		(2,074	)		(1,379	)
Total lease cost		$	27,072		$	24,145

The table below presents supplemental cash flow information related to leases for the years ended December 31, 2022 and 2021 (in thousands).


	Year Ended December 31,
	2022		2021
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows for operating leases	$	26,407	$	23,527
Operating cash flows for finance leases		52		9
Finance cash flows for finance leases		1,141		194

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating and finance lease liabilities recorded on our consolidated balance sheet as of December 31, 2022 (in thousands).


	Operating Leases			Finance Leases
2023	$	21,999		$	184
2024		29,258			190
2025		28,554			197
2026		27,560			204
2027		26,367			211
Thereafter		83,953			1,030
Total minimum lease payments		217,691			2,016
Less: amount of lease payments representing interest		(48,622	)		(422	)
Present value of future minimum lease payments	$	169,069		$	1,594

The future minimum lease payments of operating leases executed but not commenced as of December 31, 2022 are estimated to be $0.9 million, $2.1 million, $2.1 million, $2.2 million and $2.2 million for the years ending December 31, 2023, 2024, 2025, 2026 and 2027, respectively, and $15.7 million thereafter. It is expected that the majority of these leases will commence during 2023.

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Acquisitions and Dispositions

(3)

Acquisitions and Dispositions

2022 Acquisition

One Source Equipment Rentals, Inc.

Effective October 1, 2022, we acquired 100% of the equity of One Source Equipment Rentals, Inc. (“OSR”), an equipment rental company with ten branches located in the Midwest. The acquisition expands our presence in the surrounding market, including initial locations in Illinois, Indiana, and Kentucky.

The aggregate cash consideration paid was approximately $136.9 million. The acquisition and related fees and expenses were funded from available cash. The following table summarizes the fair value of the assets acquired and liabilities assumed as of the acquisition date. The opening balance sheet amounts presented below are preliminary and subject to change as we obtain additional information during the acquisition measurement period and finalize customary closing adjustments with the seller.


	$’s in thousands
Cash	$	337
Accounts receivable (1)		11,163
Inventory		521
Prepaid expenses and other assets		374
Rental equipment		102,436
Property and equipment		4,216
Operating lease right-of-use assets		2,388
Intangible assets (2)		12,300
Total identifiable assets acquired		133,735
Accounts payable		(4,723	)
Tax payable		(1,674	)
Operating lease liabilities		(2,388	)
Deferred income taxes		(27,653	)
Total liabilities assumed		(36,438	)
Net identifiable assets acquired		97,297
Goodwill (3)		39,553
Net assets acquired	$	136,850

(1)

Includes an indemnification receivable of $0.7 million related to an unrecognized tax benefit.

(2)

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	$	10,600		10
Noncompetition agreements		1,700		1
	$	12,300

(3)

The acquired goodwill has been allocated to the equipment rentals reporting unit.

Included in the total goodwill amount of $39.6 million is approximately $0.8 million of accrued purchase price consideration to be paid to the sellers pursuant to the terms of the purchase agreement among the parties named thereto. The level of goodwill that resulted from the OSR acquisition is primarily reflective of OSR’s going-concern value, the value of assembled workforce, new customer relationships expected to arise from the acquisition and expected synergies from combining operations.

Total acquisition costs were $0.8 million and included within SG&A expenses on the Consolidated Statement of Operations. Since our acquisition of OSR on October 1, 2022, significant amounts of equipment rental fleet have been moved between H&E locations and the acquired locations, and it is impractical to reasonably estimate the amount of OSR revenues and earnings since the acquisition date.

The assets and liabilities were recorded as of October 1, 2022 and the results of operations are included in the Company's consolidated results of operations as of that date.

Pro forma financial information (unaudited)

We completed the OSR acquisition effective October 1, 2022. Therefore, our reported Consolidated Statements of Operations for the year ended December 31, 2022 do not include OSR for the period from January 1, 2022 through September 30, 2022.

The pro forma information for the years ended December 31, 2022 and 2021 in the table below (amounts in thousands) is for informational purposes only and gives effect to the OSR acquisition as if it had been completed on January 1, 2021 (the “pro forma acquisition date”). The pro forma information is not necessarily indicative of our results of operations had the acquisition been completed on the pro forma acquisition 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 acquisition, nor does it reflect additional revenue opportunities following the acquisition. The unaudited pro forma financial information includes adjustments primarily related to the incremental depreciation and amortization expense of the rental equipment and intangible assets acquired, the elimination of interest expense related to historical debt as well as other expenses that are not part of the combined entity and transaction expenses.


	Year Ended December 31,
	2022		2021
Total revenues	$	1,289,605	$	1,117,088
Net income	$	140,864	$	41,474

2022 Disposition

Komatsu Earthmoving Distributorship

On December 15, 2022, the Company sold our Komatsu earthmoving distribution business to Houston, Texas based Waukesha-Pearce Industries, LLC (“WPI”) for $29.2 million, subject to customary closing adjustments. The WPI sale included the rights to the distribution of Komatsu earthmoving equipment in the state of Louisiana and counties located in southwestern Arkansas, a branch location and its associated property, plant and equipment in Kenner, LA, Komatsu new equipment inventory, assets at a leased facility in Bossier City, LA and certain other equipment, parts and supplies with a net book value of approximately $14.7 million. We recorded a gain of $12.9 million within gain from sales of property and equipment, net on the Consolidated Statement of Operations and a gain of $2.5 million within other income. The WPI sale did not qualify for discontinued operations as the divestiture does not meet the definition of a component.

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, which was 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, subject to customary closing conditions, including regulatory approval under the Hart-Scott-Rodino Act, resulting in proceeds of $135.9 million, which was subject to finalization of adjustments. Closing adjustments of $1.9 million were recorded as a loss from discontinued operations on the Consolidated Statement of Income during the second quarter of 2022.

This disposition 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 Operations 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 Operations.


	Year Ended December 31,
	2022			2021		2020
Revenues:
Equipment rentals	$	—		$	10,321	$	18,548
Used equipment sales		—			11,545		13,383
New equipment sales		—			52,286		53,422
Parts sales		—			33,268		44,713
Services revenues		—			20,855		28,264
Other		—			3,755		3,815
Total revenues		—			132,030		162,145
Cost of revenues:
Rental depreciation		—			3,720		8,385
Rental expense		—			1,947		2,454
Rental other		—			1,000		1,285
		—			6,667		12,124
Used equipment sales		—			8,713		9,791
New equipment sales		—			46,725		47,565
Parts sales		—			25,288		34,024
Services revenues		—			6,767		9,651
Other		—			3,168		3,434
Total cost of revenues		—			97,328		116,589
Gross profit		—			34,702		45,556
Selling, general and administrative expenses		132			20,937		23,370
Impairment of goodwill		—			—		6,330
Gain on sales of property and equipment, net		—			49		2,556
(Loss) gain on sale of discontinued operations		(1,917	)		42,072		—
Income (loss) from discontinued operations		(2,049	)		55,886		18,412
Other, net		—			62		26
Income (loss) before provision (benefit) for income taxes		(2,049	)		55,948		18,438
Provision (benefit) for income taxes		(525	)		13,972		4,709
Net income (loss) from discontinued operations	$	(1,524	)	$	41,976	$	13,729

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


	Year Ended December 31,
	2022		2021			2020
Operating activities of discontinued operations:
Depreciation and amortization of property and equipment	$	—	$	1,083		$	2,264
Depreciation of rental equipment		—		3,720			8,385
Loss (gain) on sale of discontinued operations		1,917		(42,072	)		—
Impairment of goodwill		—		—			6,330
Gain from sales of property and equipment, net		—		(49	)		(2,556	)
Gain from sales of rental equipment, net		—		(2,203	)		(3,218	)

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

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. 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 Arkansas (Miller, Lafayette, Columbia, Union and Little River) as these counties are currently served by our Shreveport,

Louisiana branch. 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.

Senior Secured Credit Facility	12 Months Ended
Senior Secured Credit Facility	Dec. 31, 2022
Secured Debt [Member]
Debt Instrument [Line Items]
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, 2022, we were in compliance with our financial covenants under the Amended and Restated Credit Agreement. At December 31, 2022, we had no borrowings outstanding under the Credit Facility and could borrow up to approximately $739.4 million, net of a $10.6 million outstanding letter of credit, and remain in compliance with the debt covenants under the Credit Facility.

- Definition

+ References

+ Details

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization of property and equipment	$ 28.8	$ 26.3	$ 27.3

Accrued Expenses Payable and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

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):


	2022		2021
Payroll and related liabilities	$	40,367	$	33,477
Sales, use and property taxes		10,984		11,757
Accrued interest		2,290		2,279
Accrued insurance		7,641		6,995
Deferred revenue		6,661		5,167
Other		9,199		4,233
Total accrued expenses payable and other liabilities	$	77,142	$	63,908

Segment Information - Schedule of Information about Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Revenues:
Revenues	$ 353,117	$ 324,280	$ 294,671	$ 272,450	$ 281,252	$ 275,436	$ 265,677	$ 240,432	$ 1,244,518	$ 1,062,797	$ 1,006,975
Segment Gross Profit:
Total gross profit									555,163	415,363	357,063
Segment identified assets:
Total assets	2,291,699				2,080,447				2,291,699	2,080,447
Equipment Rentals [Member]
Segment Revenues:
Revenues									956,042	729,700	644,445
New Equipment Sales [Member]
Segment Revenues:
Revenues									92,526	92,677	113,708
Used Equipment Sales [Member]
Segment Revenues:
Revenues									90,885	135,245	139,769
Parts Sales [Member]
Segment Revenues:
Revenues									64,646	65,623	65,881
Services Revenues [Member]
Segment Revenues:
Revenues									34,226	33,034	35,989
Operating Segments [Member]
Segment Revenues:
Revenues									1,238,325	1,056,279	999,792
Segment Gross Profit:
Total gross profit									557,688	415,480	356,899
Segment identified assets:
Total assets	1,526,793				1,191,755				1,526,793	1,191,755
Operating Segments [Member] \| Equipment Rentals [Member]
Segment Revenues:
Revenues									956,042	729,700	644,445
Segment Gross Profit:
Total gross profit									460,243	315,629	257,508
Segment identified assets:
Total assets	1,418,951				1,116,456				1,418,951	1,116,456
Operating Segments [Member] \| New Equipment Sales [Member]
Segment Revenues:
Revenues									92,526	92,677	113,708
Segment Gross Profit:
Total gross profit									13,096	11,855	12,207
Operating Segments [Member] \| Used Equipment Sales [Member]
Segment Revenues:
Revenues									90,885	135,245	139,769
Segment Gross Profit:
Total gross profit									44,316	48,922	44,970
Segment identified assets:
Total assets	94,918				62,652				94,918	62,652
Operating Segments [Member] \| Parts Sales [Member]
Segment Revenues:
Revenues									64,646	65,623	65,881
Segment Gross Profit:
Total gross profit									18,035	17,277	17,750
Operating Segments [Member] \| Services Revenues [Member]
Segment Revenues:
Revenues									34,226	33,034	35,989
Segment Gross Profit:
Total gross profit									21,998	21,797	24,464
Operating Segments [Member] \| Parts and Services [Member]
Segment identified assets:
Total assets	12,924				12,647				12,924	12,647
Non-Segmented [Member]
Segment Revenues:
Revenues									6,193	6,518	7,183
Segment Gross Profit:
Total gross profit									(2,525)	(117)	$ 164
Segment identified assets:
Total assets	$ 764,906				$ 888,692				$ 764,906	$ 888,692

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

Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 4,251	$ 5,091	$ 5,567
Additions Charged to Costs and Expenses	3,296	1,946	4,145
Deductions	(856)	(2,786)	(4,621)
Balance at End of Year	6,691	4,251	5,091
Allowance for doubtful accounts receivable [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	4,178	4,741	5,236
Additions Charged to Costs and Expenses	3,264	1,892	4,018
Deductions	(805)	(2,455)	(4,513)
Balance at End of Year	6,637	4,178	4,741
Allowance for inventory obsolescence [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	73	350	331
Additions Charged to Costs and Expenses	32	54	127
Deductions	(51)	(331)	(108)
Balance at End of Year	$ 54	$ 73	$ 350

Leases (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 (in thousands).


		Year Ended December 31,
	Classification	2022			2021
Operating lease cost	SG&A expenses	$	27,153		$	24,347
Finance lease costs
Amortization of leased assets	SG&A expenses		107			122
Interest on lease liabilities	Interest expense		52			9
Variable lease cost	SG&A expenses		1,834			1,046
Sublease income	Other income		(2,074	)		(1,379	)
Total lease cost		$	27,072		$	24,145

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, 2022 and 2021 (in thousands).


	Year Ended December 31,
	2022		2021
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows for operating leases	$	26,407	$	23,527
Operating cash flows for finance leases		52		9
Finance cash flows for finance leases		1,141		194

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


	Operating Leases			Finance Leases
2023	$	21,999		$	184
2024		29,258			190
2025		28,554			197
2026		27,560			204
2027		26,367			211
Thereafter		83,953			1,030
Total minimum lease payments		217,691			2,016
Less: amount of lease payments representing interest		(48,622	)		(422	)
Present value of future minimum lease payments	$	169,069		$	1,594

Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. Federal, Current			$ (761)
U.S. Federal, Deferred	$ 37,680	$ 16,513	(9,362)
U.S. Federal, Total	37,680	16,513	(10,123)
State, Current	4,306	2,574	471
State, Deferred	5,050	2,073	(3,776)
State, Total	9,356	4,647	(3,305)
Current, Total	4,306	2,574	(290)
Deferred, Total	42,730	18,586	(13,138)
Total	$ 47,036	$ 21,160	$ (13,428)

Income Taxes - Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Accounts receivable	$ 1,497	$ 883
Inventories	13	18
Net operating losses	74,931	68,942
Tax Credits	7,040	8,393
Sec 263A costs	764	534
Accrued liabilities	3,431	3,800
Deferred compensation	2,794	1,522
Interest Expense	12,238
Stock-based compensation	242	208
Goodwill and intangible assets	7,842	9,669
Other assets	86	74
Deferred tax assets, Total	110,878	94,043
Valuation allowance	(5,930)	(7,598)
Deferred tax assets, net of valuation allowance, Total	104,948	86,445
Deferred tax liabilities:
Property and equipment	(370,404)	(284,997)
Investments	(1,109)	(1,094)
Goodwill and intangible assets	(4,597)	(1,585)
Deferred tax liabilities, Total	(376,110)	(287,676)
Net deferred tax liabilities	$ (271,162)	$ (201,231)

Receivables (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Summary of Receivables

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


	2022			2021
Trade receivables	$	216,280		$	151,835
Unbilled rental revenue		12,872			9,006
Income tax receivables		2,577			541
Other		202			22
		231,931			161,404
Less allowance for doubtful accounts		(6,637	)		(4,178	)
Total receivables, net	$	225,294		$	157,226

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Perkins-McKenzie Insurance Agency Inc. [Member]
Related Party Transaction [Line Items]
Commissions paid	$ 1,100	$ 900	$ 1,000
John M. Engquist [Member] \| Perkins-McKenzie Insurance Agency Inc. [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		$ 100	$ 100
Sales to related party	$ 100	$ 200	$ 200
John M. Engquist [Member] \| B-C Equipment Sales Inc [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Products and services purchased	$ 10

Acquisitions and Dispositions - Schedule of Income from Discontinued Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cost of revenues:
Income (loss) before provision (benefit) for income taxes	$ (2,049)	$ 55,948	$ 18,438
Provision (benefit) for income taxes	(525)	13,972	4,709
Net income (loss) from discontinued operations	(1,524)	41,976	13,729
Crane Business [Member]
Revenues:
Total revenues	0	132,030	162,145
Cost of revenues:
Total cost of revenues	0	97,328	116,589
Gross profit	0	34,702	45,556
Selling, general and administrative expenses	132	20,937	23,370
Impairment of goodwill	0	0	6,330
Gain on sales of property and equipment, net	0	49	2,556
(Loss) gain on sale of discontinued operations	(1,917)	42,072	0
Income (loss) from discontinued operations	(2,049)	55,886	18,412
Other, net	0	62	26
Income (loss) before provision (benefit) for income taxes	(2,049)	55,948	18,438
Provision (benefit) for income taxes	(525)	13,972	4,709
Net income (loss) from discontinued operations	(1,524)	41,976	13,729
Crane Business [Member] \| Equipment Rentals [Member]
Revenues:
Total revenues	0	10,321	18,548
Cost of revenues:
Total cost of revenues	0	6,667	12,124
Crane Business [Member] \| Equipment Rentals [Member] \| Rental Depreciation [Member]
Cost of revenues:
Total cost of revenues	0	3,720	8,385
Crane Business [Member] \| Equipment Rentals [Member] \| Rental Expense [Member]
Cost of revenues:
Total cost of revenues	0	1,947	2,454
Crane Business [Member] \| Equipment Rentals [Member] \| Rentals Other [Member]
Cost of revenues:
Total cost of revenues	0	1,000	1,285
Crane Business [Member] \| Used Equipment Sales [Member]
Revenues:
Total revenues	0	11,545	13,383
Cost of revenues:
Total cost of revenues	0	8,713	9,791
Crane Business [Member] \| New Equipment Sales [Member]
Revenues:
Total revenues	0	52,286	53,422
Cost of revenues:
Total cost of revenues	0	46,725	47,565
Crane Business [Member] \| Parts Sales [Member]
Revenues:
Total revenues	0	33,268	44,713
Cost of revenues:
Total cost of revenues	0	25,288	34,024
Crane Business [Member] \| Services Revenues [Member]
Revenues:
Total revenues	0	20,855	28,264
Cost of revenues:
Total cost of revenues	0	6,767	9,651
Crane Business [Member] \| Other Revenues [Member]
Revenues:
Total revenues	0	3,755	3,815
Cost of revenues:
Total cost of revenues	$ 0	$ 3,168	$ 3,434

Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

(5)

Inventories

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


	2022		2021
Used equipment	$	12	$	179
New equipment		94,906		62,473
Parts, supplies and other		12,924		12,647
Total inventories, net	$	107,842	$	75,299

The above amounts are presented net of reserves for inventory obsolescence at December 31, 2022 and 2021 totaling approximately $0.1 million and $0.1 million, respectively.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 132,170	$ 102,540	$ (32,667)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of property and equipment	28,810	27,347	29,359
Depreciation of rental equipment	267,395	231,492	233,809
Amortization of intangible assets	4,660	3,970	3,987
Amortization of deferred financing costs	970	971	1,004
Accretion of note discount, net of premium amortization	1,172	1,172	508
Non-cash operating lease expense	14,535	12,964	12,723
Amortization of finance lease right-of-use assets	105	122	162
Provision for losses on accounts receivable	3,264	1,892	4,018
Provision for inventory obsolescence	32	54	127
Deferred income taxes	42,278	30,221	(9,116)
Stock-based compensation expense	7,263	4,432	4,362
Loss (gain) on sale of discontinued operations	1,917	(42,072)
Impairment of goodwill			61,994
Loss on early extinguishment of debt			44,630
Gain from sales of property and equipment, net	(16,836)	(7,797)	(10,966)
Gain from sales of rental equipment, net	(43,397)	(50,756)	(47,728)
Changes in operating assets and liabilities, net of acquisitions:
Receivables	(59,768)	2,868	9,328
Inventories	(75,375)	(56,535)	(9,521)
Prepaid expenses and other assets	(1)	(10,923)	(117)
Accounts payable	29,999	11,208	31,042
Manufacturer flooring plans payable	(20,502)	11,309	(15,586)
Accrued expenses payable and other liabilities	(5,453)	(14,907)	(23,238)
Deferred compensation payable			(2,098)
Net cash provided by operating activities	313,238	259,572	286,016
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(135,710)
Closing adjustment on sale of discontinued operations	(2,256)
Proceeds from the sale of discontinued operations		135,945
Purchases of property and equipment	(51,452)	(34,622)	(18,664)
Purchases of rental equipment	(464,434)	(418,082)	(116,363)
Proceeds from sales of property and equipment	23,626	11,884	14,524
Proceeds from sales of rental equipment	83,689	133,900	141,594
Net cash provided by (used in) investing activities	(546,537)	(170,975)	21,091
Cash flows from financing activities:
Purchases of treasury stock	(1,670)	(2,106)	(1,405)
Borrowings on senior secured credit facility	1,278,182	1,417,770	1,694,055
Payments on senior secured credit facility	(1,278,182)	(1,417,770)	(1,910,934)
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)
Dividends paid	(39,856)	(39,748)	(39,595)
Payments of finance lease obligations	(1,141)	(194)	(245)
Net cash used in financing activities	(42,667)	(42,183)	(10,472)
Net decrease in cash and cash equivalents	(275,966)	46,414	296,635
Cash and cash equivalents, beginning of year	357,296	310,882	14,247
Cash and cash equivalents, end of year	81,330	357,296	310,882
Supplemental schedule of non-cash investing and financing activities:
Accrued acquisition purchase price consideration	803
Non-cash asset purchases:
Assets transferred from inventory to rental fleet	43,321	18,669	22,384
Purchases of property and equipment included in accrued expenses payable and other liabilities	(1,213)	425	(429)
Operating lease assets obtained in exchange for new operating lease liabilities	27,880	13,565	18,372
Cash paid during the year for:
Interest	51,828	51,748	76,547
Income taxes paid, net of refunds received	$ 5,894	$ 4,810	$ (223)

Summarized Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 (amounts in thousands, except per share amounts):


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2022:
Total revenues from continuing operations	$	272,450	$	294,671	$	324,280	$	353,117
Income from continuing operations		34,688		50,666		63,994		78,806
Income from continuing operations before provision for income taxes		22,121		38,059		51,329		69,221
Net income from continuing operations		16,296		27,870		38,376		51,152
Basic net income from continuing operations per common share(1)	$	0.45	$	0.77	$	1.05	$	1.42
Diluted net income from continuing operations per common share(1)	$	0.45	$	0.76	$	1.05	$	1.41


	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 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

(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.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivables	$ 6,637	$ 4,178
Reserves for obsolescence inventories	54	73
Accumulated depreciation, rental equipment	884,740	722,646
Accumulated depreciation and amortization, property and equipment	177,017	161,913
Accumulated amortization, operating lease right-of-use assets	51,419	36,884
Accumulated amortization, financing lease right-of-use assets	105
Accumulated amortization, deferred financing costs	16,518	15,818
Accumulated amortization, intangible assets	19,369	14,709
Unaccreted discount, net	6,979	8,151
Deferred financing costs	$ 1,612	$ 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	40,567,876	40,353,299
Common stock, shares outstanding	36,309,321	36,141,667
Treasury stock, shares	4,258,555	4,211,632

Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions

(15)

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, 2022, 2021 and 2020, 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 $1.1 million, $0.9 million and $1.0 million for the years ended December 31, 2022, 2021 and 2020, 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, 2022, 2021 and 2020, for both continuing and discontinued operations, our purchases totaled less than $10 thousand, $0.1 million and $0.1 million, respectively, and our sales to B-C Equipment Sales, Inc. totaled approximately $0.1 million, $0.2 million and $0.2 million, respectively.

Significant Accounting Policies - Estimated Useful Lives of Property Plant and Equipment (Detail)	12 Months Ended
	Dec. 31, 2022
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

Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

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, H&E Equipment Services (Midwest), Inc. and H&E Equipment Services (Mid-Atlantic), Inc., collectively referred to herein as “we”, “us”, “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.

Reclassifications

Certain reclassifications have been made to prior period amounts in the Consolidated Statements of Operations to conform to the current period presentation. These reclassifications did not have a material impact on previously reported amounts.

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.

The tables below summarize our revenues as presented in our Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020 by revenue type and by the applicable accounting standard (amounts in thousands).


	Year Ended December 31, 2022
	Topic 842		Topic 606		Total
Revenues:
Rental Revenues:
Owned equipment rentals	$	814,423	$	406	$	814,829
Re-rent revenue		32,726		—		32,726
Ancillary and other rental revenues:
Delivery and pick-up		—		56,303		56,303
Other		52,184		—		52,184
Total ancillary rental revenues		52,184		56,303		108,487
Total equipment rental revenues		899,333		56,709		956,042
Used equipment sales		—		90,885		90,885
New equipment sales		—		92,526		92,526
Parts sales		—		64,646		64,646
Services revenues		—		34,226		34,226
Other		—		6,193		6,193
Total revenues	$	899,333	$	345,185	$	1,244,518


	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

Revenues by reporting segment are presented in Note 17, 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 17, 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, 2022, 2021 and 2020. 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, 2022. 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 our rental operations, which as discussed above is accounted for under Topic 842 and as of December 31, 2022 represents 77% of our total revenues and an approximate corresponding percentage of our receivables, net and associated allowance for doubtful accounts. 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, 2022, 2021 and 2020 was approximately 0.3%, 0.2% and 0.4%, 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, 2022, 2021 or 2020 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, 2022, 2021 and 2020 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.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and highly liquid investments with an original maturity of three months or less.

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.

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 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, 2022, 2021 or 2020.

Acquisition Accounting

We have made a number of acquisitions in the past and we may continue to make additional acquisitions in the future. The assets acquired and liabilities assumed are recorded based on their respective fair values at the date of acquisition. Long-lived assets (principally rental equipment), goodwill and other intangible assets generally represent the largest component of our acquisitions. Historically, virtually all of the rental equipment that we have acquired through business combinations have been classified as “To be Used,” rather than as “To be Sold.” Rental equipment that we acquire and classify as “To be Used” is recorded at fair value and is valued utilizing either a cost or market approach, or a combination of these methods, depending on the asset being valued and the availability of cost or market data. Goodwill is calculated as the excess of the fair value of consideration transferred over the net of the

fair value of the assets acquired and the liabilities assumed. Such fair market value assessments require judgments and estimates that can be affected by various factors over time, which may cause final amounts to differ materially from original estimates. The identification of assets acquired, inputs utilized for determining the fair value of assets acquired and liabilities assumed and applicable fair value methodologies all include significant judgement.

In addition to long-lived fixed assets, we also acquire other assets and assume liabilities. These other assets and liabilities typically include, but are not limited to, parts inventory, accounts receivable, accounts payable and other working capital items. Because of their short-term nature, the fair values of these assets and liabilities generally approximate the carrying values reflected on the acquired entities balance sheets. However, when appropriate, we adjust these carrying values for factors such as collectability and existence. The intangible assets that we have acquired consist primarily of the goodwill recognized. Depending upon the applicable purchase agreement and the particular facts and circumstances of the business acquired, we may identify other intangible assets, such as trade names or trademarks, noncompetition agreements and customer-related intangibles (specifically, customer relationships). A trademark has a fair value equal to the present value of the royalty income attributable to it. The royalty income attributable to a trademark represents the hypothetical cost savings that are derived from owning the trademark instead of paying royalties to license the trademark from another owner. The fair value of noncompetition agreements is estimated based on an income approach since their values are representative of the current and future revenue and profit erosion protection they provide. Customer relationships are generally valued based on an excess earnings or income approach with consideration to projected cash flows.

Goodwill

We evaluate goodwill for impairment at least annually, as of October 1, or more frequently if triggering events occur or other impairment indicators arise that would more likely than not reduce the fair value of a reporting unit below its carrying amount. 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.

We performed a Step 0 qualitative assessment of goodwill impairment as of our annual testing date, October 1, 2022. We determined that it was more likely than not that the fair value of each of our reporting units containing goodwill was not less than its carrying value and, therefore, did not perform the prescribed quantitative Step 1 goodwill impairment test. We considered various factors in performing the qualitative test, including macroeconomic conditions, industry and market considerations, the overall financial performance of our reporting units, the Company’s stock price and the excess amount between our reporting unit’s fair value and carrying value as indicated on our most recent quantitative assessment.

We performed a Step 1 quantitative assessment of goodwill impairment as of our annual testing date, October 1, 2021, for all reporting units containing goodwill. For these 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.

During 2020, for all reporting units containing goodwill, we performed, as of October 1, a Step 1 quantitative assessment of goodwill impairment. For these 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.

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 containing goodwill 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.

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.) 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.

The carrying amount of goodwill for our reporting units for the years ended December 31, 2022 and 2021 is as follows (amounts in thousands). There were no changes to the carrying amount of goodwill for the year ended December 31, 2021.


	Equipment Rentals		Used Eq. Sales		New Eq. Sales		Parts Sales		Service Revenues		Total
Balance at December 31, 2021 (1)	$	48,976	$	8,447	$	—	$	5,714	$	—	$	63,137
Increase (2)		39,553		—		—		—		—		39,553
Balance at December 31, 2022	$	88,529	$	8,447	$	—	$	5,714	$	—	$	102,690

(1)

The total carrying amount of goodwill as of December 31, 2022 and 2021 in the table above is reflected net of $92.7 million of accumulated impairment charges.

(2)

Increase due to the OSR Acquisition.

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, noncompetition agreements 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, 2022 and 2021 are as follows (dollar amounts in thousands):


	December 31, 2022						December 31, 2021
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Customer relationships	$	50,100	$	18,844	$	31,256	$	39,500	$	14,629	$	24,871
Noncompetition agreements		1,700		425		1,275		—		—		—
Leasehold interests		200		100		100		200		80		120
Total	$	52,000	$	19,369	$	32,631	$	39,700	$	14,709	$	24,991

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, 2022, 2021 and 2020 totaled $4.7 million, $4.0 million and $4.0 million, respectively, and is included within SG&A expenses on the Consolidated Statements of Operations. 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, 2022 (dollar amounts in thousands):


	Amortization Expense
2023	$	6,305
2024		5,030
2025		5,030
2026		5,030
2027		5,030
Thereafter		6,206
	$	32,631

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 (7.50% at December 31, 2022) plus an applicable margin at December 31, 2022. 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 may 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.

Manufacturer flooring plans payable as of December 31, 2022 have maturities (based on original financing terms) during the year ended December 31, 2023.

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, 2022, 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 $9.1 million and our health insurance reserves totaled $1.9 million. At

December 31, 2021, our claims reserves related to workers compensation, general liability and automobile liability totaled $7.8 million and our health insurance reserves totaled $2.0 million.

Advertising

Advertising costs are expensed as incurred and totaled $1.0 million, $1.1 million and $0.2 million for the years ended December 31, 2022, 2021 and 2020, 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 and cash equivalents, 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, 2022 and 2021 are presented in the table below (amounts in thousands).


	December 31, 2022
	Carrying Amount		Fair Value
Manufacturer flooring plans payable with interest computed at 7.75% (Level 3)	$	422	$	392
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)		1,241,409		1,070,088


	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 December 31, 2022 and 2021, the fair value of our senior unsecured notes due 2028 (the “Senior Unsecured Notes”), 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 manufacturer flooring 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. The assets collateralized against the manufacturer flooring plans payable approximate its carrying value.

During the years ended December 31, 2022 and 2021, 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 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 leading, nationally-known original equipment manufacturers. During the year ended December 31, 2022, we purchased approximately 50.0% of our equipment from five manufacturers (JCB, Skyjack, Sany, Komatsu, and Yanmar) 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, 2022, 2021 and 2020 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, 2022, 2021 and 2020 were less than 1% of total outstanding shares for each of the years ended December 31, 2022, 2021 and 2020 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, 2022, 2021 and 2020.

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):


	2022			2021		2020
Net income (loss) from continuing operations	$	133,694		$	60,564	$	(46,396	)
Net income (loss) from discontinued operations	$	(1,524	)	$	41,976	$	13,729
Net income (loss)	$	132,170		$	102,540	$	(32,667	)

Weighted average number of common shares outstanding:
Basic		35,943			36,261		36,067
Effect of dilutive non-vested restricted stock		146			190		—
Diluted		36,089			36,451		36,067

Income (loss) per share: (1)
Basic:
Continuing operations	$	3.72		$	1.67	$	(1.29	)
Discontinued operations		(0.04	)		1.16		0.38
Net income (loss) per share	$	3.68		$	2.83	$	(0.91	)
Diluted:
Continuing operations	$	3.70		$	1.66	$	(1.29	)
Discontinued operations		(0.04	)		1.15		0.38
Net income (loss) per share	$	3.66		$	2.81	$	(0.91	)

Common shares excluded from the denominator as anti-dilutive:
Non-vested restricted stock		81			23		147

(1)

Because of the method used in calculating per share data, the summations may not necessarily total to the per share data computed for the total company due to rounding.

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 17 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. On December 21, 2022, the FASB issued ASU 2022-06 to defer the sunset date of ASC 848 until December 31, 2024. The ASU became effective upon issuance. 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. Subsequent to year end, we amended and restated our Credit Facility to transition to SOFR as of February 2, 2023. We do not believe the impact from the cessation of LIBOR as a reference rate, as well as the applicability of ASU 2020-04 and ASU 2022-06, will have a material impact on our consolidated financial statements.

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.

Acquisitions and Dispositions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Thousands

Dec. 31, 2022

Oct. 01, 2022

Dec. 31, 2021

^[1]

Business Acquisition [Line Items]

Goodwill

$ 102,690

$ 63,137

One Source Equipment Rentals, Inc [Member]

Business Acquisition [Line Items]

Cash

$ 337

Accounts receivable

^[2]

11,163

Inventory

521

Prepaid expenses and other assets

374

Rental equipment

102,436

Property and equipment

4,216

Operating lease right-of-use assets

2,388

Intangible assets

^[3]

12,300

Total identifiable assets acquired

133,735

Accounts payable

(4,723)

Tax payable

1,674

Operating lease liabilities

(2,388)

Deferred income taxes

27,653

Total liabilities assumed

(36,438)

Net identifiable assets acquired

97,297

Goodwill

^[4]

39,553

Net assets acquired

$ 136,850

[1]

The total carrying amount of goodwill as of December 31, 2022 and 2021 in the table above is reflected net of $92.7 million of accumulated impairment charges.

[2]

Includes an indemnification receivable of $0.7 million related to an unrecognized tax benefit.

[3]

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	$	10,600		10
Noncompetition agreements		1,700		1
	$	12,300

[4]

The acquired goodwill has been allocated to the equipment rentals reporting unit.

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Feb. 15, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	HEES
Entity Registrant Name	H&E EQUIPMENT SERVICES, INC.
Entity Central Index Key	0001339605
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,322,896
Entity Public Float			$ 1,047,547,610
Entity File Number	000-51759
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 Annual Report	true
Document Transition Report	false
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.01 per share
Entity Incorporation, State or Country Code	DE
ICFR Auditor Attestation Flag	true
Documents Incorporated by Reference	Portions of the document listed below have been incorporated by reference into the indicated parts of this Form 10-K, as specified in the responses to the item numbers involved. Part III The registrant’s definitive proxy statement, for use in connection with the Annual Meeting of Stockholders, to be filed within 120 days after the registrant’s fiscal year ended December 31, 2022.
Auditor Firm ID	243
Auditor Name	BDO USA, LLP
Auditor Location	Dallas, Texas, USA

Receivables - Summary of Receivables (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Trade receivables	$ 216,280	$ 151,835
Unbilled rental revenue	12,872	9,006
Income tax receivables	2,577	541
Other	202	22
Total receivables	231,931	161,404
Less allowance for doubtful accounts	(6,637)	(4,178)
Total receivables, net	$ 225,294	$ 157,226

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]
Beginning balances at Dec. 31, 2019	$ 307,519	$ 398	$ 235,844	$ (64,783)	$ 136,060
Beginning balances, 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 76,407, 61,476 and 46,923 shares of restricted common stock in 31 December 2020, 2021 and 2022 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
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 76,407, 61,476 and 46,923 shares of restricted common stock in 31 December 2020, 2021 and 2022 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
Stock-based compensation	$ 7,263		7,263
Cash dividends declared on common stock ($1.10 per share)	(40,105)				(40,105)
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		214,577
Repurchases of 76,407, 61,476 and 46,923 shares of restricted common stock in 31 December 2020, 2021 and 2022 respectively	(1,670)			(1,670)
Net income (loss)	132,170				132,170
Ending Balance at Dec. 31, 2022	$ 401,042	$ 405	$ 251,901	$ (69,964)	$ 218,700
Balance, Shares at Dec. 31, 2022	40,567,876	40,567,876

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- 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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

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, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross	$ 52,000	$ 39,700
Accumulated amortization, intangible assets	19,369	14,709
Net	32,631	24,991
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross	50,100	39,500
Accumulated amortization, intangible assets	18,844	14,629
Net	31,256	24,871
Noncompetition Agreements [Member]
Finite Lived Intangible Assets [Line Items]
Gross	1,700
Accumulated amortization, intangible assets	425
Net	1,275
Leasehold Interests [Member]
Finite Lived Intangible Assets [Line Items]
Gross	200	200
Accumulated amortization, intangible assets	100	80
Net	$ 100	$ 120

Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

(17)

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. Our non-segmented revenues and costs relate primarily to ancillary charges associated with equipment maintenance and repair services, and are not generally 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,
	2022			2021			2020
Segment Revenues:
Equipment rentals	$	956,042		$	729,700		$	644,445
Used equipment sales		90,885			135,245			139,769
New equipment sales		92,526			92,677			113,708
Parts sales		64,646			65,623			65,881
Services revenues		34,226			33,034			35,989
Total segmented revenues		1,238,325			1,056,279			999,792
Non-Segmented revenues		6,193			6,518			7,183
Total revenues	$	1,244,518		$	1,062,797		$	1,006,975
Segment Gross Profit:
Equipment rentals	$	460,243		$	315,629		$	257,508
Used equipment sales		44,316			48,922			44,970
New equipment sales		13,096			11,855			12,207
Parts sales		18,035			17,277			17,750
Services revenues		21,998			21,797			24,464
Total gross profit from segmented revenues		557,688			415,480			356,899
Non-segmented gross profit (loss)		(2,525	)		(117	)		164
Total gross profit	$	555,163		$	415,363		$	357,063


	December 31,
	2022		2021
Segment identified assets:
Equipment rentals	$	1,418,951	$	1,116,456
Equipment sales		94,918		62,652
Parts and service		12,924		12,647
Total segment identified assets		1,526,793		1,191,755
Non-Segmented identified assets		764,906		888,692
Total assets	$	2,291,699	$	2,080,447

The Company operates primarily in the United States and our sales to international customers for the three years ended December 31, 2022 were 0.3% 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

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

Acquisitions and Dispositions - Schedule of Cash Flows from Discontinued Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities of discontinued operations:
Loss (gain) on sale of discontinued operations	$ (1,917)	$ 42,072
Crane Business [Member]
Operating activities of discontinued operations:
Depreciation and amortization of property and equipment	0	1,083	$ 2,264
Depreciation of rental equipment	0	3,720	8,385
Loss (gain) on sale of discontinued operations	1,917	(42,072)	0
Impairment of goodwill	0	0	6,330
Gain from sales of property and equipment, net	0	(49)	(2,556)
Gain from sales of rental equipment, net	0	(2,203)	(3,218)
Investing activities of discontinued operations:
Purchases of rental equipment	0	(2,431)	(8,655)
Proceeds from sales of property and equipment	0	43	4,895
Proceeds from sales of rental equipment	$ 0	$ 5,929	$ 8,679

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows for operating leases	$ 26,407	$ 23,527
Operating cash flows for finance leases	52	9
Finance cash flows for finance leases	$ 1,141	$ 194	$ 245

Property and Equipment - Summary of Net Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 311,654	$ 274,194
Less accumulated depreciation and amortization	(177,017)	(161,913)
Total net property and equipment	134,637	112,281
Land [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	6,852	6,533
Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	147,171	129,307
Building and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	67,181	63,632
Office and Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	54,099	50,028
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	17,241	15,662
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 19,110	$ 9,032

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Dec. 31, 2022 Segment Customer	Dec. 31, 2021 Customer	Dec. 31, 2020 Customer
Segment Reporting [Abstract]
Number of reportable segment \| Segment	5
Sales to international customers	0.30%	0.30%	0.30%
Customer accounted for more than 10% of revenue \| Customer	0	0	0

Stock-Based Compensation - Schedule of Non-Vested Stock Activity (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Non-vested stock, beginning balance, Number of Shares	480,147	524,876
Granted, Number of Shares	281,490	202,687
Vested, Number of Shares	(160,868)	(186,042)
Forfeited, Number of Shares	(40,313)	(61,374)
Non-vested stock, ending balance, Number of Shares	560,456	480,147
Non-vested stock, beginning balance, Weighted Average Grant Date Fair Value	$ 25.56	$ 23.00
Granted, Weighted Average Grant Date Fair Value	36.07	33.28
Vested, Weighted Average Grant Date Fair Value	27.46	26.83
Forfeited, Weighted Average Grant Date Fair Value	29.43	25.31
Non-vested stock, ending balance, Weighted Average Grant Date Fair Value	$ 30.02	$ 25.56

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Net of reserves for inventory obsolescence	$ 54	$ 73

Significant Accounting Policies - Schedule of Carrying Amount of Goodwill (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Goodwill, net of accumulated impairment charges	$ 92.7	$ 92.7

Senior Unsecured Notes (Tables)

12 Months Ended

Dec. 31, 2022

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, 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 December 31, 2022		1,172
Amortization of deferred financing costs through December 31, 2022		270
Balance at December 31, 2022	$	1,241,409

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

(7)

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 999,376 shares of common stock as of December 31, 2022.

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, 2022 and 2021:


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested stock at January 1, 2021		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
Granted		281,490		$	36.07
Vested		(160,868	)	$	27.46
Forfeited		(40,313	)	$	29.43
Non-vested stock at December 31, 2022		560,456		$	30.02

As of December 31, 2022, we had unrecognized compensation expense of approximately $11.0 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, 2022, 2021 and 2020 was $7.3 million, $4.4 million and $4.4 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.

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested stock	$ 11.0
Expected non-vested stock recognized over a weighted-average period	2 years
SG&A Expenses [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share compensation expense	$ 7.3	$ 4.4	$ 4.4
2016 Stock-Based Incentive Compensation Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-Based incentive compensation plan	999,376

Subsequent Events - Additional Information (Detail) - Revolving Credit Facility [Member]				12 Months Ended
	Feb. 02, 2023	Feb. 01, 2019	Dec. 22, 2017	Dec. 31, 2022
Subsequent Event [Line Items]
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
Subsequent Event [Member]
Subsequent Event [Line Items]
Debt instrument maturity date description	extended the maturity date of the credit facility to February 2, 2028
Debt instrument maturity date	Feb. 02, 2028
SOFR [Member] \| Subsequent Event [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Applicable margin Percentage	1.75%
SOFR [Member] \| Subsequent Event [Member] \| Minimum [Member]
Subsequent Event [Line Items]
Applicable margin Percentage	1.25%

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Expect to realize reduction on cash taxes paid	$ 330,100
Deferral of payroll taxes	$ 2,794	$ 1,522
Statutory federal income tax rate	21.00%	21.00%	21.00%
General business credit carry forwards	$ 400
Expire in varying amounts for business credit carry forwards	2036 to 2040
State income tax credits expiration date	2023
State income tax credits carry forward	$ 8,300
Valuation allowance	5,930	$ 7,598
Deferral of payroll taxes, remitted	2,200	$ 4,600
One Source Equipment Rentals, Inc [Member]
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Uncertain tax positions of interest and penalties	$ 100
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
Federal tax refund	1,500
Deferral of payroll taxes	$ 6,800

Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2022

Business Acquisition [Line Items]

Schedule of Income from Discontinued Operations and Cash Flows 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 Operations.


	Year Ended December 31,
	2022			2021		2020
Revenues:
Equipment rentals	$	—		$	10,321	$	18,548
Used equipment sales		—			11,545		13,383
New equipment sales		—			52,286		53,422
Parts sales		—			33,268		44,713
Services revenues		—			20,855		28,264
Other		—			3,755		3,815
Total revenues		—			132,030		162,145
Cost of revenues:
Rental depreciation		—			3,720		8,385
Rental expense		—			1,947		2,454
Rental other		—			1,000		1,285
		—			6,667		12,124
Used equipment sales		—			8,713		9,791
New equipment sales		—			46,725		47,565
Parts sales		—			25,288		34,024
Services revenues		—			6,767		9,651
Other		—			3,168		3,434
Total cost of revenues		—			97,328		116,589
Gross profit		—			34,702		45,556
Selling, general and administrative expenses		132			20,937		23,370
Impairment of goodwill		—			—		6,330
Gain on sales of property and equipment, net		—			49		2,556
(Loss) gain on sale of discontinued operations		(1,917	)		42,072		—
Income (loss) from discontinued operations		(2,049	)		55,886		18,412
Other, net		—			62		26
Income (loss) before provision (benefit) for income taxes		(2,049	)		55,948		18,438
Provision (benefit) for income taxes		(525	)		13,972		4,709
Net income (loss) from discontinued operations	$	(1,524	)	$	41,976	$	13,729

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


	Year Ended December 31,
	2022		2021			2020
Operating activities of discontinued operations:
Depreciation and amortization of property and equipment	$	—	$	1,083		$	2,264
Depreciation of rental equipment		—		3,720			8,385
Loss (gain) on sale of discontinued operations		1,917		(42,072	)		—
Impairment of goodwill		—		—			6,330
Gain from sales of property and equipment, net		—		(49	)		(2,556	)
Gain from sales of rental equipment, net		—		(2,203	)		(3,218	)

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

One Source Equipment Rentals, Inc [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 opening balance sheet amounts presented below are preliminary and subject to change as we obtain additional information during the acquisition measurement period and finalize customary closing adjustments with the seller.


	$’s in thousands
Cash	$	337
Accounts receivable (1)		11,163
Inventory		521
Prepaid expenses and other assets		374
Rental equipment		102,436
Property and equipment		4,216
Operating lease right-of-use assets		2,388
Intangible assets (2)		12,300
Total identifiable assets acquired		133,735
Accounts payable		(4,723	)
Tax payable		(1,674	)
Operating lease liabilities		(2,388	)
Deferred income taxes		(27,653	)
Total liabilities assumed		(36,438	)
Net identifiable assets acquired		97,297
Goodwill (3)		39,553
Net assets acquired	$	136,850

(1)

Includes an indemnification receivable of $0.7 million related to an unrecognized tax benefit.

(2)

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	$	10,600		10
Noncompetition agreements		1,700		1
	$	12,300

(3)

The acquired goodwill has been allocated to the equipment rentals reporting unit.

Unaudited Pro Forma Financial Information


	Year Ended December 31,
	2022		2021
Total revenues	$	1,289,605	$	1,117,088
Net income	$	140,864	$	41,474

- 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
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+ Details

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, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Revenues	$ 353,117	$ 324,280	$ 294,671	$ 272,450	$ 281,252	$ 275,436	$ 265,677	$ 240,432	$ 1,244,518	$ 1,062,797	$ 1,006,975
Topic 842 [Member]
Revenues:
Revenues									899,333	688,823	608,181
Topic 606 [Member]
Revenues:
Revenues									345,185	373,974	398,794
Rental Revenues [Member] \| Owned Equipment Rentals [Member]
Revenues:
Revenues									814,829	618,185	557,637
Rental Revenues [Member] \| Owned Equipment Rentals [Member] \| Topic 842 [Member]
Revenues:
Revenues									814,423	617,831	557,166
Rental Revenues [Member] \| Owned Equipment Rentals [Member] \| Topic 606 [Member]
Revenues:
Revenues									406	354	471
Rental Revenues [Member] \| Re Rent Revenues [Member]
Revenues:
Revenues									32,726	34,819	23,507
Rental Revenues [Member] \| Re Rent Revenues [Member] \| Topic 842 [Member]
Revenues:
Revenues									32,726	34,819	23,507
Ancillary And Other Rental Revenues [Member]
Revenues:
Revenues									108,487	76,696	63,301
Ancillary And Other Rental Revenues [Member] \| Topic 842 [Member]
Revenues:
Revenues									52,184	36,173	27,508
Ancillary And Other Rental Revenues [Member] \| Topic 606 [Member]
Revenues:
Revenues									56,303	40,523	35,793
Ancillary And Other Rental Revenues [Member] \| Delivery and Pick-up [Member]
Revenues:
Revenues									56,303	40,523	35,793
Ancillary And Other Rental Revenues [Member] \| Delivery and Pick-up [Member] \| Topic 606 [Member]
Revenues:
Revenues									56,303	40,523	35,793
Ancillary And Other Rental Revenues [Member] \| Other [Member]
Revenues:
Revenues									52,184	36,173	27,508
Ancillary And Other Rental Revenues [Member] \| Other [Member] \| Topic 842 [Member]
Revenues:
Revenues									52,184	36,173	27,508
Total Equipment Rental Revenues [Member]
Revenues:
Revenues									956,042	729,700	644,445
Total Equipment Rental Revenues [Member] \| Topic 842 [Member]
Revenues:
Revenues									899,333	688,823	608,181
Total Equipment Rental Revenues [Member] \| Topic 606 [Member]
Revenues:
Revenues									56,709	40,877	36,264
Used Equipment Sales [Member]
Revenues:
Revenues									90,885	135,245	139,769
Used Equipment Sales [Member] \| Topic 606 [Member]
Revenues:
Revenues									90,885	135,245	139,769
New Equipment Sales [Member]
Revenues:
Revenues									92,526	92,677	113,708
New Equipment Sales [Member] \| Topic 606 [Member]
Revenues:
Revenues									92,526	92,677	113,708
Parts Sales [Member]
Revenues:
Revenues									64,646	65,623	65,881
Parts Sales [Member] \| Topic 606 [Member]
Revenues:
Revenues									64,646	65,623	65,881
Parts and Services [Member]
Revenues:
Revenues									34,226	33,034	35,989
Parts and Services [Member] \| Topic 606 [Member]
Revenues:
Revenues									34,226	33,034	35,989
Other [Member]
Revenues:
Revenues									6,193	6,518	7,183
Other [Member] \| Topic 606 [Member]
Revenues:
Revenues									$ 6,193	$ 6,518	$ 7,183

Acquisitions and Dispositions - Unaudited Pro Forma Financial Information (Details) - OSR [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Total revenues	$ 1,289,605	$ 1,117,088
Net income	$ 140,864	$ 41,474

Organization and Nature of Operations	12 Months Ended
Organization and Nature of Operations	Dec. 31, 2022
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 29 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, Southeast, Midwest and Mid-Atlantic regions.

Leases - Summary of Undiscounted Cash Flows and Operating and Finance Lease Liabilities Recorded on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
2023	$ 21,999
2024	29,258
2025	28,554
2026	27,560
2027	26,367
Thereafter	83,953
Total minimum lease payments	217,691
Less: amount of lease payments representing interest	(48,622)
Present value of future minimum lease payments	169,069	$ 155,303
Finance Leases
2023	184
2024	190
2025	197
2026	204
2027	211
Thereafter	1,030
Total minimum lease payments	2,016
Less: amount of lease payments representing interest	(422)
Present value of future minimum lease payments	$ 1,594

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Revenues by Type and by Applicable Accounting Standard


	Year Ended December 31, 2022
	Topic 842		Topic 606		Total
Revenues:
Rental Revenues:
Owned equipment rentals	$	814,423	$	406	$	814,829
Re-rent revenue		32,726		—		32,726
Ancillary and other rental revenues:
Delivery and pick-up		—		56,303		56,303
Other		52,184		—		52,184
Total ancillary rental revenues		52,184		56,303		108,487
Total equipment rental revenues		899,333		56,709		956,042
Used equipment sales		—		90,885		90,885
New equipment sales		—		92,526		92,526
Parts sales		—		64,646		64,646
Services revenues		—		34,226		34,226
Other		—		6,193		6,193
Total revenues	$	899,333	$	345,185	$	1,244,518


	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

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 Carrying Amount of Goodwill


	Equipment Rentals		Used Eq. Sales		New Eq. Sales		Parts Sales		Service Revenues		Total
Balance at December 31, 2021 (1)	$	48,976	$	8,447	$	—	$	5,714	$	—	$	63,137
Increase (2)		39,553		—		—		—		—		39,553
Balance at December 31, 2022	$	88,529	$	8,447	$	—	$	5,714	$	—	$	102,690

(1)

The total carrying amount of goodwill as of December 31, 2022 and 2021 in the table above is reflected net of $92.7 million of accumulated impairment charges.

(2)

Increase due to the OSR Acquisition.

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, 2022 and 2021 are as follows (dollar amounts in thousands):


	December 31, 2022						December 31, 2021
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Customer relationships	$	50,100	$	18,844	$	31,256	$	39,500	$	14,629	$	24,871
Noncompetition agreements		1,700		425		1,275		—		—		—
Leasehold interests		200		100		100		200		80		120
Total	$	52,000	$	19,369	$	32,631	$	39,700	$	14,709	$	24,991

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, 2022 (dollar amounts in thousands):


	Amortization Expense
2023	$	6,305
2024		5,030
2025		5,030
2026		5,030
2027		5,030
Thereafter		6,206
	$	32,631

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, 2022 and 2021 are presented in the table below (amounts in thousands).


	December 31, 2022
	Carrying Amount		Fair Value
Manufacturer flooring plans payable with interest computed at 7.75% (Level 3)	$	422	$	392
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)		1,241,409		1,070,088


	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

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):


	2022			2021		2020
Net income (loss) from continuing operations	$	133,694		$	60,564	$	(46,396	)
Net income (loss) from discontinued operations	$	(1,524	)	$	41,976	$	13,729
Net income (loss)	$	132,170		$	102,540	$	(32,667	)

Weighted average number of common shares outstanding:
Basic		35,943			36,261		36,067
Effect of dilutive non-vested restricted stock		146			190		—
Diluted		36,089			36,451		36,067

Income (loss) per share: (1)
Basic:
Continuing operations	$	3.72		$	1.67	$	(1.29	)
Discontinued operations		(0.04	)		1.16		0.38
Net income (loss) per share	$	3.68		$	2.83	$	(0.91	)
Diluted:
Continuing operations	$	3.70		$	1.66	$	(1.29	)
Discontinued operations		(0.04	)		1.15		0.38
Net income (loss) per share	$	3.66		$	2.81	$	(0.91	)

Common shares excluded from the denominator as anti-dilutive:
Non-vested restricted stock		81			23		147

(1)

Because of the method used in calculating per share data, the summations may not necessarily total to the per share data computed for the total company due to rounding.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Employee Retirement Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Amount of contributions in profit - sharing plan net of employee forfeitures	$ 4.6	$ 4.4	$ 3.7
Multiemployer pension plan expiration date	Oct. 31, 2025
Multiemployer pension plan contribution cost	$ 0.4	$ 0.4	$ 0.4
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List]	No	No	No
Multiemployer pension plan, certified zone status	Yellow
Multiemployer pension plan, certified zone status date	Dec. 31, 2021
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%

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, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Earnings Per Share [Line Items]

Net income (loss) from continuing operations

$ 51,152

$ 38,376

$ 27,870

$ 16,296

$ 21,730

$ 24,728

$ 12,251

$ 1,855

$ 133,694

$ 60,564

$ (46,396)

Net income from discontinued operations

(1,524)

41,976

13,729

Net income (loss)

$ 132,170

$ 102,540

$ (32,667)

Weighted average number of common shares outstanding:

Basic

35,943

36,261

36,067

Diluted

36,089

36,451

36,067

Basic:

Continuing operations

$ 1.42

^[1]

$ 1.05

^[1]

$ 0.77

^[1]

$ 0.45

^[1]

$ 0.60

^[1]

$ 0.68

^[1]

$ 0.34

^[1]

$ 0.05

^[1]

$ 3.72

^[2]

$ 1.67

^[2]

$ (1.29)

^[2]

Discontinued operations

^[2]

(0.04)

1.16

0.38

Net income (loss) per share

^[2]

3.68

2.83

(0.91)

Diluted:

Continuing operations

$ 1.41

^[1]

$ 1.05

^[1]

$ 0.76

^[1]

$ 0.45

^[1]

$ 0.59

^[1]

$ 0.68

^[1]

$ 0.34

^[1]

$ 0.05

^[1]

3.70

^[2]

1.66

^[2]

(1.29)

^[2]

Discontinued operations

^[2]

(0.04)

1.15

0.38

Net income (loss) per share

^[2]

$ 3.66

$ 2.81

$ (0.91)

Non-vested restricted stock [Member]

Weighted average number of common shares outstanding:

Effect of dilutive non-vested restricted stock

146

190

Common shares excluded from the denominator as anti-dilutive:

Non-vested restricted stock

^[2]

147

[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]	Because of the method used in calculating per share data, the summations may not necessarily total to the per share data computed for the total company due to rounding.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

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):


	2022			2021
Land	$	6,852		$	6,533
Transportation equipment		147,171			129,307
Building and leasehold improvements		67,181			63,632
Office and computer equipment		54,099			50,028
Machinery and equipment		17,241			15,662
Construction in progress		19,110			9,032
		311,654			274,194
Less accumulated depreciation and amortization		(177,017	)		(161,913	)
Total net property and equipment	$	134,637		$	112,281

Leases - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term for operating leases	8 years	8 years 8 months 12 days
Weighted average remaining lease term for finance leases	9 years 6 months
Weighted average discount rate for operating leases	6.30%	6.20%
Weighted average discount rate for finance leases	5.00%
Future minimum operating lease payments 2023	$ 0.9
Future minimum operating lease payments 2024	2.1
Future minimum operating lease payments 2025	2.1
Future minimum operating lease payments 2026	2.2
Future minimum operating lease payments 2027	2.2
Future minimum operating lease payments thereafter	$ 15.7

Income Taxes

12 Months Ended

Dec. 31, 2022

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; 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, we 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, which resulted in a $1.5 million federal tax refund 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 $2.2 million in 2022.

Our income tax provision (benefit) for the years ended December 31, 2022, 2021 and 2020, consists of the following (amounts in thousands):


	Current			Deferred			Total
Year Ended December 31, 2022
U.S. Federal	$	—		$	37,680		$	37,680
State		4,306			5,050			9,356
	$	4,306		$	42,730		$	47,036
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	)

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


	2022			2021
Deferred tax assets:
Accounts receivable	$	1,497		$	883
Inventories		13			18
Net operating losses		74,931			68,942
Tax Credits		7,040			8,393
Sec 263A costs		764			534
Accrued liabilities		3,431			3,800
Deferred compensation		2,794			1,522
Interest Expense		12,238			—
Stock-based compensation		242			208
Goodwill and intangible assets		7,842			9,669
Other assets		86			74
		110,878			94,043
Valuation allowance		(5,930	)		(7,598	)
		104,948			86,445
Deferred tax liabilities:
Property and equipment		(370,404	)		(284,997	)
Investments		(1,109	)		(1,094	)
Goodwill and intangible assets		(4,597	)		(1,585	)
		(376,110	)		(287,676	)
Net deferred tax liabilities	$	(271,162	)	$	(201,231	)


	2022			2021		2020
Computed tax at statutory rates	$	37,953		$	17,162	$	(12,563	)
Permanent items – other		1,683			406		1,241
Permanent items – excess of tax deductible goodwill		—			—		(1,473	)
Permanent items – impairment of goodwill		—			—		2,008
State income tax, net of federal tax effect		9,068			2,390		(9,037	)
Change in valuation allowance		(1,668	)		1,202		6,396
	$	47,036		$	21,160	$	(13,428	)

At December 31, 2022, we had available federal net operating loss carry forwards of approximately $330.1 million, which do not expire. We also had $0.4 million in general business credit carry forwards at December 31, 2022 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 2023.

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, 2022. However, as of December 31, 2022, we have a valuation allowance of $5.9 million for certain state tax credits that are expected to expire prior to utilization.

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows (in thousands):


	2022		2021
Gross unrecognized tax benefits at January 1	$	—	$	—
Increases in tax positions taken in prior years		—		—
Decreases in tax positions taken in prior years		—		—
Increases in tax positions taken in current years		1,425		—
Decreases in tax positions taken in current years		—		—
Settlements with taxing authorities		—		—
Lapse in statute of limitations		—		—
Gross unrecognized tax benefits at December 31	$	1,425	$	—

The gross amount of unrecognized tax benefits as of December 31, 2022, if recognized, would affect the effective income tax rate. The uncertain tax positions recorded in the current year, including $0.1 million of interest and penalties were acquired from OSR. To the extent we incur interest income, interest expense, or penalties related to unrecognized income tax benefits, it will be recorded within net other income (expense) on the Consolidated Statements of Operations. We do not expect our unrecognized tax benefits to change materially in the next twelve months.

Our U.S. federal tax returns for 2019 and subsequent years remain subject to examination by tax authorities. We are also subject to examination in various state jurisdictions for 2018 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Assets

Cash and cash equivalents

$ 81,330

$ 357,296

Receivables, net of allowance for doubtful accounts of $6,637 and $4,178, respectively

225,294

157,226

Inventories, net of reserves for obsolescence of $54 and $73, respectively

107,842

75,299

Prepaid expenses and other assets

21,455

21,081

Rental equipment, net of accumulated depreciation of $884,740 and $722,646, respectively

1,418,951

1,116,456

Property and equipment, net of accumulated depreciation and amortization of $177,017 and $161,913, respectively

134,637

112,281

Operating lease right-of-use assets, net of accumulated amortization of $51,419 and $36,884, respectively

164,566

151,222

Finance lease right-of-use assets, net of accumulated amortization of $105

1,545

Deferred financing costs, net of accumulated amortization of $16,518 and $15,818, respectively

758

1,458

Intangible assets, net of accumulated amortization of $19,369 and $14,709, respectively

32,631

24,991

Goodwill

102,690

63,137

^[1]

Total assets

2,291,699

2,080,447

Liabilities:

Accounts payable

129,482

95,604

Manufacturer flooring plans payable

422

20,924

Accrued expenses payable and other liabilities

77,142

63,908

Dividends payable

377

128

Senior unsecured notes, net of unaccreted discount of $6,979 and $8,151 and deferred financing costs of $1,612 and $1,882, respectively

1,241,409

1,239,967

Operating lease liabilities

169,069

155,303

Finance lease liabilities

1,594

Deferred income taxes

271,162

201,231

Total liabilities

1,890,657

1,777,065

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; 40,567,876 and 40,353,299 shares issued at December 31, 2022 and December 31, 2021, respectively, and 36,309,321 and 36,141,667 shares outstanding at December 31, 2022 and December 31, 2021, respectively

405

403

Additional paid-in capital

251,901

244,638

Treasury stock at cost, 4,258,555 and 4,211,632 shares of common stock held at December 31, 2022 and December 31, 2021, respectively

(69,964)

(68,294)

Retained earnings

218,700

126,635

Total stockholders’ equity

401,042

303,382

Total liabilities and stockholders’ equity

$ 2,291,699

$ 2,080,447

[1]	The total carrying amount of goodwill as of December 31, 2022 and 2021 in the table above is reflected net of $92.7 million of accumulated impairment charges.

Senior Unsecured Notes - Reconciliation of Senior Unsecured Notes to Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Senior unsecured notes, beginning balance	$ 1,239,967
Amortization of deferred financing costs	970	$ 971	$ 1,004
Senior unsecured notes, ending balance	1,241,409	1,239,967
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes, beginning balance	1,239,967	1,238,660
Senior unsecured notes, ending balance	1,241,409	1,239,967	$ 1,238,660
Senior Unsecured Notes [Member] \| 3.875% Senior Notes [Member]
Debt Instrument [Line Items]
Accretion of discount	1,172	1,172
Additional deferred financing costs		(135)
Amortization of deferred financing costs	$ 270	$ 270

Income Taxes - Actual Income Tax Expense (benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Computed tax at statutory rates	$ 37,953	$ 17,162	$ (12,563)
Permanent items – other	1,683	406	1,241
Permanent items – excess of tax deductible goodwill			(1,473)
Permanent items – impairment of goodwill			2,008
State income tax, net of federal tax effect	9,068	2,390	(9,037)
Change in valuation allowance	(1,668)	1,202	6,396
Total	$ 47,036	$ 21,160	$ (13,428)

- Definition

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

+ References + Details

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Summary of Inventories

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


	2022		2021
Used equipment	$	12	$	179
New equipment		94,906		62,473
Parts, supplies and other		12,924		12,647
Total inventories, net	$	107,842	$	75,299

Accrued Expenses Payable and Other Liabilities - Accrued Expenses Payable and Other Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities [Abstract]
Payroll and related liabilities	$ 40,367	$ 33,477
Sales, use and property taxes	10,984	11,757
Accrued interest	2,290	2,279
Accrued insurance	7,641	6,995
Deferred revenue	6,661	5,167
Other	9,199	4,233
Total accrued expenses payable and other liabilities	$ 77,142	$ 63,908

Significant Accounting Policies - Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Level 3 [Member] \| Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable, interest rate	7.75%	3.50%
Level 3 [Member] \| Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable, interest rate	7.75%	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%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

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, including claims 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. 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.

Letters of Credit

The Company had outstanding letters of credit issued under its Credit Facility totaling $10.6 million as of December 31, 2022 and $8.7 million as of December 31, 2021. The letters of credit expire in May 2023 and are expected to be renewed for similar one-year terms.

Significant Accounting Policies - Schedule of Carrying Amount of Goodwill (Detail)
$ in Thousands

12 Months Ended

Dec. 31, 2022

USD ($)

Goodwill [Line Items]

Balance at December 31, 2021

$ 63,137

^[1]

Increase

39,553

^[2]

Balance at December 31, 2022

102,690

Equipment Rentals [Member]

Goodwill [Line Items]

Balance at December 31, 2021

48,976

^[1]

Increase

39,553

^[2]

Balance at December 31, 2022

88,529

Used Equipment Sales [Member]

Goodwill [Line Items]

Balance at December 31, 2021

8,447

^[1]

Balance at December 31, 2022

8,447

Parts Sales [Member]

Goodwill [Line Items]

Balance at December 31, 2021

5,714

^[1]

Balance at December 31, 2022

$ 5,714

[1]	The total carrying amount of goodwill as of December 31, 2022 and 2021 in the table above is reflected net of $92.7 million of accumulated impairment charges.
[2]	Increase due to the OSR Acquisition.

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

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, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Total revenues

$ 353,117

$ 324,280

$ 294,671

$ 272,450

$ 281,252

$ 275,436

$ 265,677

$ 240,432

$ 1,244,518

$ 1,062,797

$ 1,006,975

Income from continuing operations

78,806

63,994

50,666

34,688

41,603

45,662

29,734

15,321

228,154

132,320

43,412

Income from continuing operations before provision for income taxes

69,221

51,329

38,059

22,121

29,279

32,847

17,059

2,539

180,730

81,724

(59,824)

Net income from continuing operations

$ 51,152

$ 38,376

$ 27,870

$ 16,296

$ 21,730

$ 24,728

$ 12,251

$ 1,855

$ 133,694

$ 60,564

$ (46,396)

Basic net income from continuing operations per common share

$ 1.42

^[1]

$ 1.05

^[1]

$ 0.77

^[1]

$ 0.45

^[1]

$ 0.60

^[1]

$ 0.68

^[1]

$ 0.34

^[1]

$ 0.05

^[1]

$ 3.72

^[2]

$ 1.67

^[2]

$ (1.29)

^[2]

Diluted net income from continuing operations per common share

$ 1.41

^[1]

$ 1.05

^[1]

$ 0.76

^[1]

$ 0.45

^[1]

$ 0.59

^[1]

$ 0.68

^[1]

$ 0.34

^[1]

$ 0.05

^[1]

$ 3.70

^[2]

$ 1.66

^[2]

$ (1.29)

^[2]

[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]	Because of the method used in calculating per share data, the summations may not necessarily total to the per share data computed for the total company due to rounding.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 18
-URI https://asc.fasb.org/extlink&oid=126929396&loc=SL4613673-111683

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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- Definition

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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- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Principles of Consolidation and Basis of Presentation

Use of Estimates

Reclassifications

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, 2022
	Topic 842		Topic 606		Total
Revenues:
Rental Revenues:
Owned equipment rentals	$	814,423	$	406	$	814,829
Re-rent revenue		32,726		—		32,726
Ancillary and other rental revenues:
Delivery and pick-up		—		56,303		56,303
Other		52,184		—		52,184
Total ancillary rental revenues		52,184		56,303		108,487
Total equipment rental revenues		899,333		56,709		956,042
Used equipment sales		—		90,885		90,885
New equipment sales		—		92,526		92,526
Parts sales		—		64,646		64,646
Services revenues		—		34,226		34,226
Other		—		6,193		6,193
Total revenues	$	899,333	$	345,185	$	1,244,518


	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

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

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and highly liquid investments with an original maturity of three months or less.

Inventories

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

Acquisition Accounting

Goodwill


	Equipment Rentals		Used Eq. Sales		New Eq. Sales		Parts Sales		Service Revenues		Total
Balance at December 31, 2021 (1)	$	48,976	$	8,447	$	—	$	5,714	$	—	$	63,137
Increase (2)		39,553		—		—		—		—		39,553
Balance at December 31, 2022	$	88,529	$	8,447	$	—	$	5,714	$	—	$	102,690

(1)

The total carrying amount of goodwill as of December 31, 2022 and 2021 in the table above is reflected net of $92.7 million of accumulated impairment charges.

(2)

Increase due to the OSR Acquisition.

Intangible assets

The gross carrying values, accumulated amortization and net carrying amounts of our major classes of intangible assets as of December 31, 2022 and 2021 are as follows (dollar amounts in thousands):


	December 31, 2022						December 31, 2021
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Customer relationships	$	50,100	$	18,844	$	31,256	$	39,500	$	14,629	$	24,871
Noncompetition agreements		1,700		425		1,275		—		—		—
Leasehold interests		200		100		100		200		80		120
Total	$	52,000	$	19,369	$	32,631	$	39,700	$	14,709	$	24,991


	Amortization Expense
2023	$	6,305
2024		5,030
2025		5,030
2026		5,030
2027		5,030
Thereafter		6,206
	$	32,631

Manufacturer Flooring Plans Payable

Manufacturer flooring plans payable as of December 31, 2022 have maturities (based on original financing terms) during the year ended December 31, 2023.

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

December 31, 2021, our claims reserves related to workers compensation, general liability and automobile liability totaled $7.8 million and our health insurance reserves totaled $2.0 million.

Advertising

Advertising costs are expensed as incurred and totaled $1.0 million, $1.1 million and $0.2 million for the years ended December 31, 2022, 2021 and 2020, 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, 2022
	Carrying Amount		Fair Value
Manufacturer flooring plans payable with interest computed at 7.75% (Level 3)	$	422	$	392
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)		1,241,409		1,070,088


	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

During the years ended December 31, 2022 and 2021, 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):


	2022			2021		2020
Net income (loss) from continuing operations	$	133,694		$	60,564	$	(46,396	)
Net income (loss) from discontinued operations	$	(1,524	)	$	41,976	$	13,729
Net income (loss)	$	132,170		$	102,540	$	(32,667	)

Weighted average number of common shares outstanding:
Basic		35,943			36,261		36,067
Effect of dilutive non-vested restricted stock		146			190		—
Diluted		36,089			36,451		36,067

Income (loss) per share: (1)
Basic:
Continuing operations	$	3.72		$	1.67	$	(1.29	)
Discontinued operations		(0.04	)		1.16		0.38
Net income (loss) per share	$	3.68		$	2.83	$	(0.91	)
Diluted:
Continuing operations	$	3.70		$	1.66	$	(1.29	)
Discontinued operations		(0.04	)		1.15		0.38
Net income (loss) per share	$	3.66		$	2.81	$	(0.91	)

Common shares excluded from the denominator as anti-dilutive:
Non-vested restricted stock		81			23		147

(1)

Because of the method used in calculating per share data, the summations may not necessarily total to the per share data computed for the total company due to rounding.

Segment Reporting

Recent Accounting Pronouncements

Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

Income Taxes

Credit Losses

Fair Value

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Revenues:

Revenues

$ 1,244,518

$ 1,062,797

$ 1,006,975

Cost of revenues:

Cost of revenues

689,355

647,434

649,912

Gross profit

555,163

415,363

357,063

Selling, general and administrative expenses

343,845

290,791

266,397

Impairment of goodwill

55,664

Gain from sales of property and equipment, net

16,836

7,748

8,410

Income from operations

228,154

132,320

43,412

Other income (expense):

Interest expense

(54,033)

(53,758)

(61,790)

Loss on early extinguishment of debt

(44,630)

Other, net

6,609

3,162

3,184

Total other expense, net

(47,424)

(50,596)

(103,236)

Income (loss) from operations before provision (benefit) for income taxes

180,730

81,724

(59,824)

Provision (benefit) for income taxes

47,036

21,160

(13,428)

Net income (loss) from continuing operations

133,694

60,564

(46,396)

Discontinued Operations:

Income (loss) from discontinued operations before provision for income taxes

(2,049)

55,948

18,438

Provision (benefit) for income taxes

(525)

13,972

4,709

Net income (loss) from discontinued operations

(1,524)

41,976

13,729

Net income (loss)

$ 132,170

$ 102,540

$ (32,667)

Net income (loss) from continuing operations per common share:

Basic

^[1]

$ 3.72

$ 1.67

$ (1.29)

Diluted

^[1]

3.70

1.66

(1.29)

Earnings Per Share Discontinued Operations Abstract

Basic

(0.04)

1.16

0.38

Diluted

(0.04)

1.15

0.38

Net income (loss) per common share:

Basic

^[1]

3.68

2.83

(0.91)

Diluted

^[1]

$ 3.66

$ 2.81

$ (0.91)

Weighted average common shares outstanding:

Basic

35,943

36,261

36,067

Diluted

36,089

36,451

36,067

Dividends declared per common share outstanding

$ 1.10

Equipment Rentals [Member]

Revenues:

Revenues

$ 956,042

$ 729,700

$ 644,445

Cost of revenues:

Cost of revenues

495,799

414,071

386,937

Equipment Rentals [Member] | Rentals Other [Member]

Cost of revenues:

Cost of revenues

99,554

76,934

63,909

Equipment Rentals [Member] | Rental Depreciation [Member]

Cost of revenues:

Cost of revenues

267,395

227,772

225,424

Equipment Rentals [Member] | Rental Expense [Member]

Cost of revenues:

Cost of revenues

128,850

109,365

97,604

Used Equipment Sales [Member]

Revenues:

Revenues

90,885

135,245

139,769

Cost of revenues:

Cost of revenues

46,569

86,323

94,799

New Equipment Sales [Member]

Revenues:

Revenues

92,526

92,677

113,708

Cost of revenues:

Cost of revenues

79,430

80,822

101,501

Parts Sales [Member]

Revenues:

Revenues

64,646

65,623

65,881

Cost of revenues:

Cost of revenues

46,611

48,346

48,131

Services Revenues [Member]

Revenues:

Revenues

34,226

33,034

35,989

Cost of revenues:

Cost of revenues

12,228

11,237

11,525

Other [Member]

Revenues:

Revenues

6,193

6,518

7,183

Cost of revenues:

Cost of revenues

$ 8,718

$ 6,635

$ 7,019

[1]	Because of the method used in calculating per share data, the summations may not necessarily total to the per share data computed for the total company due to rounding.

Senior Secured Credit Facility - Additional Information (Detail) - USD ($)			12 Months Ended
	Feb. 01, 2019	Dec. 22, 2017	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding letters of credit			$ 10,600,000	$ 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			$ 10,600,000
Available borrowings under our senior secured credit facility			739,400,000
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

Acquisitions and Dispositions - Additional Information (Detail)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 15, 2022

USD ($)

Oct. 01, 2022

USD ($)

Branch

Sep. 17, 2021

USD ($)

County

Branch

Jul. 19, 2021

USD ($)

Jun. 30, 2022

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Business Acquisition [Line Items]

Gain on sales of property and equipment, net

$ 16,836

$ 7,797

$ 10,966

Closing adjustments of discontinued operations

$ 1,900

Goodwill

$ 102,690

$ 63,137

^[1]

One Source Equipment Rentals, Inc [Member]

Business Acquisition [Line Items]

Business acquisition, completion date

Oct. 01, 2022

Business acquisition percentage of equity acquired

100.00%

Number of branch locations | Branch

Aggregate consideration paid

$ 136,900

Goodwill

^[2]

39,553

Accrued purchase price consideration

800

Acquisition costs

$ 800

Arkansas Sale [Member]

Business Acquisition [Line Items]

Proceeds from sale of business

$ 9,000

Gain on sales of property and equipment, net

5,300

Net book value

$ 3,700

Number of branches sold | Branch

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

Komatsu Earthmoving Distributorship [Member]

Business Acquisition [Line Items]

Proceeds from sale of business

$ 29,200

Net book value

14,700

Komatsu Earthmoving Distributorship [Member] | Sales from Property and Equipment, Net [Member]

Business Acquisition [Line Items]

Gain on sales of property and equipment, net

12,900

Komatsu Earthmoving Distributorship [Member] | Other Income [Member]

Business Acquisition [Line Items]

Gain on sales of property and equipment, net

$ 2,500

Southeast Arkansas [Member] | Arkansas Sale [Member]

Business Acquisition [Line Items]

Number of counties excluded in distribution territory | County

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

[1]	The total carrying amount of goodwill as of December 31, 2022 and 2021 in the table above is reflected net of $92.7 million of accumulated impairment charges.
[2]	The acquired goodwill has been allocated to the equipment rentals reporting unit.

Significant Accounting Policies - Additional Information (Detail)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2020 USD ($)	Sep. 30, 2021 ReportingUnit	Dec. 31, 2022 USD ($) Segment ReportingUnit Customer Manufacturer Business	Dec. 31, 2021 USD ($) Customer	Dec. 31, 2020 USD ($) Customer	Oct. 01, 2021	Oct. 01, 2020
Fair Value [Member] \| Level 1 [Member] \| Senior Unsecured Notes Due 2028 [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			0.30%	0.20%	0.40%
Payment terms			30 days
Salvage value			25.00%
Impairment loss related to property and equipment			$ 0	$ 0	$ 0
Number of reporting units \| ReportingUnit		6	5
Impairment of goodwill					61,994,000
Changes in goodwill				0
Amortization of intangible assets			$ 4,660,000	3,970,000	3,987,000
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			$ 9,100,000	7,800,000
Health insurance reserves			1,900,000	2,000,000.0
Advertising costs			$ 1,000,000.0	1,100,000	200,000
Recognized income tax provisions			50.00%
Transfer of financial assets			$ 0	0
Transfer of financial liabilities			$ 0	0
No. of manufacturers \| Manufacturer			5
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
ASU 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
Manufacturer Flooring Plans Payable [Member]
Summary Of Significant Accounting Policy [Line Items]
Debt instrument interest rate, minimum			0.00%
Debt instrument interest rate, maximum			7.50%
SG&A Expenses [Member]
Summary Of Significant Accounting Policy [Line Items]
Amortization of intangible assets			$ 4,700,000	$ 4,000,000.0	$ 4,000,000.0
Customer Relationships [Member]
Summary Of Significant Accounting Policy [Line Items]
Estimated useful lives of acquired intangible assets			10 years
Noncompetition Agreements [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
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	90.00%					98.00%	90.00%
Parts Sales [Member]
Summary Of Significant Accounting Policy [Line Items]
Reporting units, percentage of fair value that exceeded respective carrying value	40.00%					9.00%	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			77.00%
Supplier Concentration Risk [Member] \| Property, Plant and Equipment [Member] \| Five Manufacturers [Member]
Summary Of Significant Accounting Policy [Line Items]
Percentage of revenue/purchase			50.00%
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]
Restricted common shares, percentage			1.00%	1.00%	1.00%

Acquisitions and Dispositions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - USD ($) $ in Thousands		12 Months Ended
	Oct. 01, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Indemnification receivable related to unrecognized tax benefit	$ 700
One Source Equipment Rentals, Inc [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)	12,300
Customer Relationships [Member]
Business Acquisition [Line Items]
Life (years)		10 years
Customer Relationships [Member] \| One Source Equipment Rentals, Inc [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)	$ 10,600
Life (years)	10 years
Noncompetition Agreements [Member] \| One Source Equipment Rentals, Inc [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)	$ 1,700
Life (years)	1 year