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Manufacturer Flooring Plans Payable
12 Months Ended
Dec. 31, 2021
Text Block [Abstract]  
Manufacturer Flooring Plans Payable
(7)
Manufacturer Flooring Plans Payable

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

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

 

2022

 

$

8,058

 

2023

 

 

12,619

 

2024

 

 

247

 

Total

 

$

20,924