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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows from Operating Activities:    
Net income $ 44,930 $ 38,006
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 55,355 50,559
Deferred income taxes (5,815) 7,268
Provision for doubtful accounts 49 138
Share-based compensation 3,412 3,597
Gain on sale of used rental equipment (16,093) (11,870)
Foreign currency exchange loss 168 57
Amortization of debt issuance costs 9 6
Change in:    
Accounts receivable (7,879) (5,494)
Prepaid expenses and other assets (10,855) (9,385)
Accounts payable and accrued liabilities (73) 17,642
Deferred income 18,835 7,458
Net cash provided by operating activities 82,043 97,982
Cash Flows from Investing Activities:    
Purchases of rental equipment (94,820) (58,902)
Purchases of property, plant and equipment (6,594) (2,272)
Cash paid for acquisition of businesses   (284,341)
Proceeds from sales of used rental equipment 31,830 24,674
Net cash used in investing activities (69,584) (320,841)
Cash Flows from Financing Activities:    
Net borrowings under bank lines of credit 15,000 189,983
Borrowings under note purchase agreement   60,000
Taxes paid related to net share settlement of stock awards (6,128) (4,828)
Payment of dividends (22,083) (21,089)
Net cash (used in) provided by financing activities (13,211) 224,066
Effect of foreign currency exchange rate changes on cash 135 (33)
Net (decrease) increase in cash (617) 1,174
Cash balance, beginning of period 1,491 1,238
Cash balance, end of period 874 2,412
Supplemental Disclosure of Cash Flow Information:    
Interest paid, during the period 5,821 3,987
Net income taxes paid, during the period 17,078 6,990
Dividends accrued during the period, not yet paid 11,009 9,918
Rental equipment acquisitions, not yet paid $ 6,906 $ 8,502