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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 $ 115,138 $ 89,704 $ 101,984
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 111,344 106,695 94,643
Deferred income taxes 4,486 26,348 (2,193)
Provision for credit losses 837 451 1,343
Share-based compensation 8,009 7,666 5,549
Gain on sale of used rental equipment (37,979) (25,441) (19,329)
Foreign currency exchange loss 378 210 (78)
Amortization of debt issuance costs 16 15 11
Change in:      
Accounts receivable (31,361) (24,397) 3,440
Prepaid expenses and other assets (16,484) (6,816) 3,807
Accounts payable and accrued liabilities 16,347 12,226 316
Deferred income 23,701 9,082 (8,989)
Net cash provided by operating activities 194,432 195,743 180,504
Cash Flows from Investing Activities:      
Purchases of rental equipment (187,689) (114,145) (86,329)
Purchases of property, plant and equipment (17,617) (2,680) (13,724)
Cash paid for acquisition of businesses   (283,124)  
Cash paid for acquisition of Titan business assets   (6,585)  
Cash paid for acquisition of non-compete agreements   (2,500)  
Proceeds from sales of used rental equipment 73,879 57,337 47,052
Net cash used in investing activities (131,427) (351,696) (53,001)
Cash Flows from Financing Activities:      
Net borrowing (repayments) borrowings under bank lines of credit 47,275 143,729 (70,689)
Borrowings under note purchase agreement   100,000  
Repayments of Senior Debt (60,000) (40,000)  
Repurchase of common stock     (13,617)
Taxes paid related to net share settlement of stock awards (6,539) (5,345) (4,376)
Payment of dividends (44,269) (42,182) (39,769)
Net cash (used in) provided by financing activities (63,533) 156,202 (128,451)
Effect of foreign currency exchange rate changes on cash (6) 4 (156)
Net (decrease) increase in cash (534) 253 (1,104)
Cash balance, beginning of period 1,491 1,238 2,342
Cash balance, end of period 957 1,491 1,238
Supplemental Disclosure of Cash Flow Information:      
Interest paid, during the period 14,775 10,326 9,050
Net income taxes paid, during the period 27,362 9,087 34,903
Dividends accrued during the period, not yet paid 11,227 11,280 10,083
Rental equipment acquisitions, not yet paid $ 13,220 $ 5,750 $ 4,373