XML 20 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities:      
Net income $ 89,704 $ 101,984 $ 96,806
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 106,695 94,643 89,476
Provision for doubtful accounts 451 1,343 1,013
Share-based compensation 7,666 5,549 5,892
Gain on sale of used rental equipment (25,441) (19,329) (21,309)
Foreign currency exchange loss (gain) 210 (78) (84)
Amortization of debt issuance costs 15 11 11
Change in:      
Accounts receivable (24,397) 3,440 (7,323)
Prepaid expenses and other assets (6,816) 3,807 (13,530)
Accounts payable and accrued liabilities 12,226 316 20,298
Deferred income 9,082 (8,989) 5,138
Deferred income taxes 26,348 (2,193) 11,606
Net cash provided by operating activities 195,743 180,504 187,994
Cash Flows from Investing Activities:      
Purchases of rental equipment (114,145) (86,329) (167,703)
Purchases of property, plant and equipment (2,680) (13,724) (12,080)
Cash paid for acquisition of businesses (283,123)   (7,808)
Cash paid for acquisition of business assets (6,585)    
Cash paid for acquisition of non-compete agreements (2,500)    
Proceeds from sales of used rental equipment 57,337 47,052 44,447
Net cash used in investing activities (351,696) (53,001) (143,144)
Cash Flows from Financing Activities:      
Net borrowing (repayment) under bank lines of credit 143,729 (70,689) (5,144)
Borrowings under note purchase agreement 100,000    
Principal payment of Series B senior notes (40,000)    
Repurchase of common stock   (13,617)  
Taxes paid related to net share settlement of stock awards (5,345) (4,376) (3,333)
Payment of dividends (42,182) (39,769) (35,539)
Net cash provided by (used in) financing activities 156,202 (128,451) (44,016)
Effect of foreign currency exchange rate changes on cash 4 (156)  
Net increase (decrease) in cash 253 (1,104) 834
Cash balance, beginning of period 1,238 2,342 1,508
Cash balance, end of period 1,491 1,238 2,342
Supplemental Disclosure of Cash Flow Information:      
Interest paid, during the period 10,326 9,050 12,475
Net income taxes paid, during the period 9,087 34,903 17,528
Dividends accrued during the period, not yet paid 11,280 10,083 9,489
Rental equipment acquisitions, not yet paid $ 5,750 $ 4,373 $ 6,496