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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of income tax expense from continuing operations for the years ended December 31, are comprised of the following:

(in thousands)			2023						2022						2021
Current
Federal			$	—					$	—					$	—
State			12,250						11,327						4,645
Foreign			7,382						6,204						1,795
Deferred
Federal			80,698						63,585						23,707
State			27,276						8,917						(2,671)
Foreign			(1,031)						(1,170)						9,052
Total income tax expense from continuing operations			$	126,575					$	88,863					$	36,528

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense from continuing operations differed from the amount computed by applying the US statutory income tax rate of 21% to the income from continuing operations before income taxes for the following reasons for the years ended December 31,:

(in thousands)			2023						2022						2021
Income from continuing operations before income tax
US			$	444,557					$	341,412					$	137,922
Foreign			23,862						23,792						13,501
Total income from continuing operations before income tax			$	468,419					$	365,204					$	151,423
US Federal statutory income tax expense			$	98,368					$	76,693					$	31,798
Effect of tax rates in foreign jurisdictions			1,434						1,085						743
State income tax expense, net of federal benefit			25,016						16,917						1,130
Valuation allowances			(815)						(6,907)						(2,595)
Non-deductible (non-taxable) items			775						1,147						(410)
Non-deductible executive compensation			2,014						1,258						2,309
Non-deductible remeasurement of common stock warrant liabilities			—						—						5,585
Uncertain tax positions			(523)						(804)						(11,748)
Tax law changes (excluding valuation allowance) (a)			(50)						(94)						8,411
Other			356						(432)						1,305
Income tax expense from continuing operations			$	126,575					$	88,863					$	36,528
Effective income tax rate			27.02		%				24.33		%				24.12		%

(a) Tax law changes primarily represent changes in tax law in foreign jurisdictions.

Schedule of Deferred Income Taxes

Significant components of the Company’s deferred tax assets and liabilities as of December 31, are as follows:

(in thousands)			2023						2022
Deferred tax assets
Deferred interest expense			$	116,982					$	133,223
Employee benefit plans			9,079						6,233
Accrued liabilities			5,996						8,043
Allowance for credit losses			21,964						15,143
Deferred revenue			57,494						50,531
Operating lease liability			61,849						59,740
Other			5,006						6,127
Tax loss carryforwards			99,676						233,133
Deferred tax assets, gross			378,046						512,173
Valuation allowance			(1,430)						(2,245)
Net deferred income tax asset			$	376,616					$	509,928
Deferred tax liabilities
Rental equipment and other property, plant and equipment			$	(808,873)					$	(770,964)
Intangible assets			(60,358)						(84,390)
Right of use asset			(61,653)						(59,258)
Deferred gain			—						(26,691)
Deferred tax liability			(930,884)						(941,303)
Net deferred income tax liability			$	(554,268)					$	(431,375)

Schedule of Tax Loss Carryforwards

The Company’s tax loss carryforwards are as follows at December 31, 2023:

(in thousands)			Loss Carryforward						Deferred Tax						Expiration
Jurisdiction:
US - Federal			$	465,179					$	88,887					2037, Indefinite
US - State			240,335						10,789						2025 – 2042, Indefinite
Total			$	705,514					$	99,676

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(in thousands)			2023						2022						2021
Unrecognized tax benefits – January 1,			$	43,627					$	44,314					$	54,494
Increases based on tax positions related to prior period			—						—						9
Decrease from expiration of statute of limitations			(493)						(687)						(10,189)
Unrecognized tax benefits – December 31,			$	43,134					$	43,627					$	44,314

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