XML 19 R8.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities:    
Net income $ 102,239 $ 44,930
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 54,958 55,355
Deferred income taxes (39,486) (5,815)
Provision for credit losses 1,400 49
Share-based compensation 3,382 3,412
Gain on sale of discontinued operations (61,513)  
Gain on sale of used rental equipment (14,250) (16,093)
Foreign currency exchange (gain) loss (208) 168
Amortization of debt issuance costs 4 9
Change in:    
Accounts receivable (1,116) (7,879)
Prepaid expenses and other assets (8,504) 10,855
Accounts payable and accrued liabilities 25,255 (73)
Deferred income 9,290 18,835
Net cash provided by operating activities 71,451 82,043
Cash Flows from Investing Activities:    
Proceeds from sale of discontinued operations 268,012  
Purchases of rental equipment (128,088) (94,820)
Purchases of property, plant and equipment (11,229) (6,594)
Cash paid for acquisition of businesses (456,312)  
Proceeds from sales of used rental equipment 27,410 31,830
Net cash used in investing activities (300,207) (69,584)
Cash Flows from Financing Activities:    
Net borrowings under bank lines of credit 258,885 15,000
Taxes paid related to net share settlement of stock awards (6,100) (6,128)
Payment of dividends (22,782) (22,083)
Net cash provided by (used in) financing activities 230,003 (13,211)
Effect of foreign currency exchange rate changes on cash 1 135
Net increase (decrease) in cash 1,248 (617)
Cash balance, beginning of period 957 1,491
Cash balance, end of period 2,205 874
Supplemental Disclosure of Cash Flow Information:    
Interest paid, during the period 16,802 5,821
Net income taxes paid, during the period 6,931 17,078
Dividends accrued during the period, not yet paid 11,937 11,009
Rental equipment acquisitions, not yet paid $ 7,612 $ 6,906