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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities:    
Net income $ 192,778 $ 142,605
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 80,824 81,842
Deferred income taxes 31,927 (30,018)
Provision for credit losses 1,437 1,794
Share-based compensation 6,949 5,273
Gain on sale of property, plant and equipment (9,281) (3,559)
Gain on sale of discontinued operations   (61,513)
Gain on sale of used rental equipment (25,185) (22,964)
Foreign currency exchange gain (53) (166)
Amortization of debt issuance costs 6 6
Change in:    
Accounts receivable 1,402 (27,733)
Inventories (6,860) (1,988)
Prepaid expenses and other assets 19,988 (5,402)
Accounts payable 30,562 22,513
Accrued liabilities 605 10,305
Deferred income 12,497 7,908
Net cash provided by operating activities 337,596 118,903
Cash Flows from Investing Activities:    
Proceeds from sale of discontinued operations   268,012
Purchases of rental equipment (167,269) (171,322)
Purchases of property, plant and equipment (36,070) (16,448)
Cash paid for acquisition of businesses   (458,315)
Cash paid for acquisition of business assets   (3,474)
Proceeds from sales of used rental equipment 50,270 49,405
Proceeds from sales of property, plant and equipment 12,251 595
Net cash used in investing activities (140,818) (331,547)
Cash Flows from Financing Activities:    
Net (payments) borrowings under bank lines of credit (154,420) 178,892
Borrowings under term note agreement   75,000
Taxes paid related to net share settlement of stock awards (4,082) (6,100)
Payment of dividends (35,097) (34,168)
Net cash (used in) provided by financing activities (193,599) 213,624
Effect of foreign currency exchange rate changes on cash   9
Net increase in cash 3,179 989
Cash balance, beginning of period 877 957
Cash balance, end of period 4,056 1,946
Supplemental Disclosure of Cash Flow Information:    
Gain on merger termination, net of transaction costs 118,843  
Interest paid, during the period 40,338 27,818
Net income taxes (refunded) paid, during the period (3,826) 9,547
Dividends accrued during the period, not yet paid 12,241 12,014
Rental equipment acquisitions, not yet paid $ 3,333 $ 5,765