XML 18 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows from Operating Activities :    
Net income $ 19,434 $ 15,645
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 38,752 41,417
Provision for doubtful accounts 597 987
Share-based compensation 1,538 1,586
Gain on sale of used rental equipment (7,914) (6,282)
Foreign currency exchange gain (237) (74)
Amortization of debt issuance costs 25 26
Change in:    
Accounts receivable (259) (1,584)
Income taxes receivable   11,000
Prepaid expenses and other assets (8,839) (2,863)
Accounts payable and accrued liabilities 680 4,361
Deferred income 5,034 2,061
Deferred income taxes 587 6,105
Net cash provided by operating activities 49,398 72,385
Cash Flows from Investing Activities:    
Purchases of rental equipment (46,118) (45,715)
Purchases of property, plant and equipment (9,623) (8,698)
Proceeds from sales of used rental equipment 16,057 13,059
Net cash used in investing activities (39,684) (41,354)
Cash Flows from Financing Activities:    
Net borrowings under bank lines of credit 23,996 1,814
Principal payments on Series A senior notes (20,000) (20,000)
Proceeds from the exercise of stock options   37
Taxes paid related to net share settlement of stock awards (319) (486)
Payment of dividends (12,390) (12,253)
Net cash used in financing activities (8,713) (30,888)
Effect of foreign currency exchange rate changes on cash 18 (8)
Net increase in cash 1,019 135
Cash balance, beginning of period 852 1,103
Cash balance, end of period 1,871 1,238
Supplemental Disclosure of Cash Flow Information:    
Interest paid, during the period 5,817 6,646
Net income taxes paid, during the period 18,141 5,679
Dividends accrued during the period, not yet paid 6,214 6,135
Rental equipment acquisitions, not yet paid $ 6,359 $ 3,935