0001564590-21-007546 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Feb. 22, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Trading Symbol	MGRC
Entity Registrant Name	McGRATH RENTCORP
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock
Entity Interactive Data Current	Yes
Entity File Number	000-13292
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	94-2579843
Entity Address, Address Line One	5700 Las Positas Road
Entity Address, City or Town	Livermore
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94551-7800
City Area Code	925
Local Phone Number	606-9200
Document Annual Report	true
Document Transition Report	false
Entity Central Index Key	0000752714
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Common Stock, Shares Outstanding		24,128,208
Entity Public Float			$ 1,287,170,749
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE McGrath RentCorp’s definitive proxy statement with respect to its 2021 Annual Meeting of Shareholders to be held on June 9, 2021 which will be filed with the Securities and Exchange Commission within 120 days after the end of its fiscal year ended December 31, 2020, is incorporated by reference into Part III (Items 10, 11, 12, and 13).

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash	$ 1,238	$ 2,342
Accounts receivable, net of allowance for doubtful accounts of $2,100 in 2020 and $1,883 in 2019	123,316	128,099
Rental equipment, at cost:
Relocatable modular buildings	882,115	868,807
Electronic test equipment	333,020	335,343
Liquid and solid containment tanks and boxes	315,706	316,261
Rental equipment, gross	1,530,841	1,520,411
Less accumulated depreciation	(592,725)	(552,911)
Rental equipment, net	938,116	967,500
Property, plant and equipment, net	136,210	131,047
Prepaid expenses and other assets	41,549	45,356
Intangible assets, net	7,118	7,334
Goodwill	28,197	28,197
Total assets	1,275,744	1,309,875
Liabilities:
Notes payable	222,754	293,431
Accounts payable and accrued liabilities	108,334	109,174
Deferred income	45,975	54,964
Deferred income taxes, net	216,077	218,270
Total liabilities	593,140	675,839
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,296 shares as of December 31, 2019 and 24,182 shares as of December 31, 2018	106,289	106,360
Retained earnings	576,419	527,746
Accumulated other comprehensive loss	(104)	(70)
Total shareholders’ equity	682,604	634,036
Total liabilities and shareholders’ equity	$ 1,275,744	$ 1,309,875

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2,100	$ 1,883
Common stock, par value
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,128,000	24,296,000
Common Stock, shares outstanding	24,128,000	24,296,000

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Rental	$ 351,790	$ 353,889	$ 318,774
Rental related services	92,393	101,038	82,907
Rental operations	444,183	454,927	401,681
Revenues	128,371	115,303	96,649
Total revenues	572,554	570,230	498,330
Direct costs of rental operations:
Depreciation of rental equipment	85,866	80,391	73,139
Rental related services	68,105	76,241	64,298
Other	73,818	79,365	68,678
Total direct costs of rental operations	227,789	235,997	206,115
Costs of sales	81,019	68,068	58,964
Total costs of revenues	308,808	304,065	265,079
Gross profit	263,746	266,165	233,251
Selling and administrative expenses	122,993	124,793	115,770
Income from operations	140,753	141,372	117,481
Other income (expense):
Interest expense	(8,787)	(12,331)	(12,297)
Foreign currency exchange gain	78	84	(489)
Income before provision for income taxes	132,044	129,125	104,695
Provision for income taxes	30,060	32,319	25,289
Net income	$ 101,984	$ 96,806	$ 79,406
Earnings per share:
Basic	$ 4.22	$ 3.99	$ 3.29
Diluted	$ 4.16	$ 3.93	$ 3.24
Shares used in per share calculation:
Basic	24,157	24,250	24,141
Diluted	24,531	24,623	24,540
Cash dividends declared per share	$ 1.68	$ 1.50	$ 1.36
Sales [Member]
Revenues
Revenues	$ 124,604	$ 110,229	$ 92,618
Other [Member]
Revenues
Revenues	$ 3,767	$ 5,074	$ 4,031

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 101,984	$ 96,806	$ 79,406
Other comprehensive income (loss):
Foreign currency translation adjustment	(48)	(29)	161
Tax benefit (provision)	14	8	(42)
Comprehensive income	$ 101,950	$ 96,785	$ 79,525

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2017	$ 524,184	$ 102,947	$ 421,405	$ (168)
Balance, Shares at Dec. 31, 2017		24,052,000
Net income	79,406		79,406
Share-based compensation	4,111	$ 4,111
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		130,000
Taxes paid related to net share settlement of stock awards	(3,257)	$ (3,257)
Dividends accrued at $1.36, $1.50 and $1.68 per share in 2018, 2019 and 2020	(33,028)		(33,028)
Other comprehensive (loss) gain	119			119
Balance at Dec. 31, 2018	571,535	$ 103,801	467,783	(49)
Balance, Shares at Dec. 31, 2018		24,182,000
Net income	18,449
Balance at Mar. 31, 2019	580,643
Balance at Dec. 31, 2018	571,535	$ 103,801	467,783	(49)
Balance, Shares at Dec. 31, 2018		24,182,000
Net income	96,806		96,806
Share-based compensation	5,892	$ 5,892
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		114,000
Taxes paid related to net share settlement of stock awards	(3,333)	$ (3,333)
Dividends accrued at $1.36, $1.50 and $1.68 per share in 2018, 2019 and 2020	(36,843)		(36,843)
Other comprehensive (loss) gain	(21)			(21)
Balance at Dec. 31, 2019	$ 634,036	$ 106,360	527,746	(70)
Balance, Shares at Dec. 31, 2019	24,296,000	24,296,000
Balance at Mar. 31, 2019	$ 580,643
Net income	19,488
Balance at Jun. 30, 2019	592,309
Net income	32,468
Balance at Sep. 30, 2019	616,715
Net income	26,401
Balance at Dec. 31, 2019	$ 634,036	$ 106,360	527,746	(70)
Balance, Shares at Dec. 31, 2019	24,296,000	24,296,000
Net income	$ 20,159
Balance at Mar. 31, 2020	637,604
Balance at Dec. 31, 2019	$ 634,036	$ 106,360	527,746	(70)
Balance, Shares at Dec. 31, 2019	24,296,000	24,296,000
Net income	$ 101,984		101,984
Share-based compensation	5,549	$ 5,549
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		114,000
Repurchased common stock	(13,617)	$ (1,244)	(12,373)
Repurchased common stock, Shares		(282,000)
Taxes paid related to net share settlement of stock awards	(4,376)	$ (4,376)
Dividends accrued at $1.36, $1.50 and $1.68 per share in 2018, 2019 and 2020	(40,938)		(40,938)
Other comprehensive (loss) gain	(34)			(34)
Balance at Dec. 31, 2020	$ 682,604	$ 106,289	576,419	(104)
Balance, Shares at Dec. 31, 2020	24,128,000	24,128,000
Balance at Mar. 31, 2020	$ 637,604
Net income	22,549
Balance at Jun. 30, 2020	643,836
Net income	28,101
Balance at Sep. 30, 2020	661,614
Net income	31,175
Balance at Dec. 31, 2020	$ 682,604	$ 106,289	$ 576,419	$ (104)
Balance, Shares at Dec. 31, 2020	24,128,000	24,128,000

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash dividends declared per share	$ 1.68	$ 1.50	$ 1.36
Retained Earnings [Member]
Cash dividends declared per share	$ 1.68	$ 1.50	$ 1.36

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities:
Net income	$ 101,984,000	$ 96,806,000	$ 79,406,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	94,643,000	89,476,000	81,975,000
Impairment of rental assets	0	0	39,000
Provision for doubtful accounts	1,343,000	1,013,000	581,000
Share-based compensation	5,549,000	5,892,000	4,111,000
Gain on sale of used rental equipment	(19,329,000)	(21,309,000)	(19,559,000)
Foreign currency exchange (gain) loss	(78,000)	(84,000)	489,000
Amortization of debt issuance costs	11,000	11,000	20,000
Change in:
Accounts receivable	3,440,000	(7,323,000)	(15,725,000)
Prepaid expenses and other assets	3,807,000	(13,530,000)	(9,351,000)
Accounts payable and accrued liabilities	316,000	20,298,000	(1,612,000)
Deferred income	(8,989,000)	5,138,000	10,258,000
Deferred income taxes	(2,193,000)	11,606,000	12,035,000
Net cash provided by operating activities	180,504,000	187,994,000	142,667,000
Cash Flows from Investing Activities:
Purchases of rental equipment	(86,329,000)	(167,703,000)	(123,071,000)
Purchases of property, plant and equipment	(13,724,000)	(12,080,000)	(15,664,000)
Cash paid for acquisition of business assets		(7,808,000)	(7,543,000)
Proceeds from sales of used rental equipment	47,052,000	44,447,000	41,786,000
Net cash used in investing activities	(53,001,000)	(143,144,000)	(104,492,000)
Cash Flows from Financing Activities:
Net (repayment) borrowing under bank lines of credit	(70,689,000)	(5,144,000)	15,130,000
Principal payments on Series A senior notes			(20,000,000)
Repurchase of common stock	(13,617,000)
Taxes paid related to net share settlement of stock awards	(4,376,000)	(3,333,000)	(3,257,000)
Payment of dividends	(39,769,000)	(35,539,000)	(30,939,000)
Net cash used in financing activities	(128,451,000)	(44,016,000)	(39,066,000)
Effect of foreign currency exchange rate changes on cash	(156,000)		(102,000)
Net (decrease) increase in cash	(1,104,000)	834,000	(993,000)
Cash balance, beginning of period	2,342,000	1,508,000	2,501,000
Cash balance, end of period	1,238,000	2,342,000	1,508,000
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	9,050,000	12,475,000	12,598,000
Net income taxes paid, during the period	34,903,000	17,528,000	18,157,000
Dividends accrued during the period, not yet paid	10,083,000	9,489,000	8,388,000
Rental equipment acquisitions, not yet paid	$ 4,373,000	$ 6,496,000	$ 9,695,000

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

McGrath RentCorp and its wholly-owned subsidiaries (the “Company”) is a California corporation organized in 1979. The Company is a diversified business to business rental company with four rental divisions; relocatable modular buildings, portable storage containers, electronic test equipment and liquid and solid containment tanks and boxes. Although the Company’s primary emphasis is on equipment rentals, sales of equipment occur in the normal course of business. The Company is comprised of four reportable business segments: modular building and portable storage segment (“Mobile Modular”), electronic test equipment segment (“TRS-RenTelco”), containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (“Adler Tanks”) and classroom manufacturing division selling modular classrooms in California (“Enviroplex”).

Principles of Consolidation

The consolidated financial statements include the accounts of McGrath RentCorp and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Revenue Recognition

Lease revenues - Rental revenues from operating leases are recognized on a straight-line basis over the term of the lease for all operating segments. Rental billings for periods extending beyond period end are recorded as deferred income and are recognized in the period earned. Rental related services revenues are primarily associated with relocatable modular building and liquid and solid containment tanks and boxes leases. For modular building leases, rental related services revenues for modifications, delivery, installation, dismantle and return delivery are lease related because the payments are considered minimum lease payments that are an integral part of the negotiated lease agreement with the customer. These revenues are recognized on a straight-line basis over the term of the lease. Certain leases are accounted for as sales-type leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. Other revenues include interest income on sales-type leases and rental income on facility leases.

Non-lease revenues - Sales revenue is recognized upon delivery and installation of the equipment to customers. Certain leases are accounted for as sales-type leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment.

Other revenue is recognized when earned and primarily includes interest income on sales-type leases, rental income on facility leases and certain logistics services.

Sales taxes charged to customers are reported on a net basis and are excluded from revenues and expenses.

Depreciation of Rental Equipment

Rental equipment is depreciated on a straight-line basis for financial reporting purposes and on an accelerated basis for income tax purposes. The costs of major refurbishment of relocatable modular buildings, portable storage containers and tanks and boxes are capitalized to the extent the refurbishment significantly adds value to, or extends the life of the equipment. Maintenance and repairs are expensed as incurred.

The estimated useful lives and residual values of the Company’s rental equipment used for financial reporting purposes are as follows:

Relocatable modular buildings		18 years, 50% residual value
Relocatable modular accessories		3 to 18 years, no residual value
Blast resistant modules		20 years, no residual value
Portable storage containers		25 years, 62.5% residual value
Electronic test equipment and accessories		1 to 8 years, no residual value
Liquid and solid containment tanks and boxes and accessories		3 to 20 years, no residual value

Costs of Rental Related Services

Costs of rental related services are primarily associated with relocatable modular building leases and liquid and solid containment tank and boxes. Modular building leases primarily consist of costs for services to be provided under the negotiated lease agreement for delivery, installation, modifications, skirting, additional site-related work, and dismantle and return delivery. Costs related to these services are recognized on a straight-line basis over the term of the lease. Costs of rental related services associated with liquid and solid containment solutions consists of costs of delivery, removal and cleaning of the tanks and boxes. These costs are recognized in the period the service is performed.

Impairment of Long-Lived Assets

The Company evaluates the carrying value of rental equipment and identifiable definite lived intangible assets for impairment whenever events or circumstances have occurred that would indicate the carrying amount may not be fully recoverable. A key element in determining the recoverability of long-lived assets is the Company’s outlook as to the future market conditions for its rental equipment. If the carrying amount is not fully recoverable, an impairment loss is recognized to reduce the carrying amount to fair value. The Company determines fair value based upon the condition of the rental equipment and the projected net cash flows from its rental and sale considering current market conditions. Goodwill and identifiable indefinite lived assets are evaluated for potential impairment annually or when circumstances indicate potential impairment may have occurred. Impairment losses, if any, are determined based upon the excess of carrying value over the estimated fair value of the asset. There were no impairments of long-lived assets during the years ended December 31, 2020 and 2019. The Company recorded an impairment of modular rental equipment of $0.1 million for the year ended December 31, 2018.

Other Direct Costs of Rental Operations

Other direct costs of rental operations include direct labor, supplies, repairs, insurance, property taxes, license fees, impairment of rental equipment and certain modular lease costs charged to customers in the negotiated rental rate, which are recognized on a straight-line basis over the term of the lease.

Cost of Sales

Cost of sales in the Consolidated Statements of Income includes the carrying value of the equipment sold and all direct costs associated with the sale.

Warranty Reserves

Sales of new relocatable modular buildings, portable storage containers, electronic test equipment and related accessories and liquid and solid containment tanks and boxes not manufactured by the Company are typically covered by warranties provided by the manufacturer of the products sold. The Company typically provides limited 90-day warranties for certain sales of used rental equipment and one-year warranties on equipment manufactured by Enviroplex. Although the Company’s policy is to provide reserves for warranties when required for specific circumstances, the Company has not found it necessary to establish such reserves to date as warranty costs have not been significant.

Property, Plant and Equipment

Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is recognized on a straight-line basis for financial reporting purposes, and on an accelerated basis for income tax purposes. Depreciation expense for property, plant and equipment is included in “Selling and administrative expenses” and “Rental related services” in the Consolidated Statements of Income. Maintenance and repairs are expensed as incurred.

Property, plant and equipment consist of the following:

(dollar amounts in thousands)	Estimated useful life		December 31,
	in years		2020			2019
Land	Indefinite		$	54,429		$	54,423
Land improvements	20 – 50			59,249			52,325
Buildings		30		32,306			29,848
Furniture, office equipment and software	3 – 10			36,882			36,610
Vehicles and machinery	5 – 25			43,101			41,877
				225,967			215,083
Less accumulated depreciation				(91,514	)		(84,308	)
				134,453			130,775
Construction in progress				1,757			272
			$	136,210		$	131,047

Property, plant and equipment depreciation expense was $8.6 million, $8.2 million and $8.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. Construction in progress at December 31, 2020 and 2019 consisted primarily of costs related to acquisition of land, land improvements and information technology upgrades.

Capitalized Software Costs

The Company capitalizes certain development costs incurred in connection with its internal use software. Costs incurred in the preliminary stages of development are expensed as incurred. Once an application has reached the development stage, direct internal and external costs are capitalized until the software is substantially complete and ready for its intended use. These costs generally include external direct costs of materials and services consumed in the project and internal costs, such as payroll and benefits of those employees directly associated with the development of the software. Maintenance, training and post implementation costs are expensed as incurred. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Capitalized software costs are included in property, plant and equipment. The Company capitalized $0.1 million and $3.0 million in internal use software during the years ended December 31, 2020 and 2019, respectively.

Advertising Costs

Advertising costs are expensed as incurred. Total advertising expenses were $3.9 million, $3.6 million and $3.2 million for the years ended December 31, 2020, 2019 and 2018.

Income Taxes

Income taxes are accounted for using an asset and liability approach. Deferred tax assets and liabilities are recorded for the effect of temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and deferred tax liabilities are adjusted to the extent necessary to reflect tax rates expected to be in effect when temporary differences reverse. Adjustments may be required to deferred tax assets and deferred tax liabilities due to changes in tax laws and audit adjustments by tax authorities. A valuation allowance would be established if, based on the weight of available evidence, management believes that it is more likely than not that some portion or all of a recorded deferred tax asset would not be realized in future periods. To the extent adjustments are required in any given period, the adjustments would be included within the “Provision for income taxes” in the Consolidated Statements of Income.

Goodwill and Intangible Assets

Purchase prices of acquired businesses are allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates. Based on these values, the excess purchase prices over the fair value of the net assets acquired are allocated to goodwill and other intangible assets. Intangible assets related to customer relationships are amortized over eleven years. At December 31, 2020 and 2019, goodwill and trade name intangible assets which have indefinite lives totaled $34.1 million.

The Company assesses potential impairment of its goodwill and intangible assets when there is evidence that events or circumstances have occurred that would indicate the recovery of an asset’s carrying value is unlikely. The Company also assesses potential impairment of its goodwill and intangible assets with indefinite lives on an annual basis regardless of whether there is evidence of impairment. If indicators of impairment were to be present in intangible assets used in operations and future discounted cash flows

were not expected to be sufficient to recover the assets’ carrying amount, an impairment loss would be charged to expense in the period identified. The amount of an impairment loss would be recognized as the excess of the asset’s carrying value over its fair value. Factors the Company considers important, which may cause impairment include, among others, significant changes in the manner of use of the acquired asset, negative industry or economic trends, and significant underperformance relative to historical or projected operating results.

The impairment review of the Company’s goodwill is performed by first assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The fair value of the reporting unit is compared to its carrying value to determine if the goodwill is impaired. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, then goodwill is not impaired. If the carrying value of the net assets assigned to the reporting unit were to exceed its fair value, then a goodwill impairment loss is recorded for the amount the reporting unit’s carrying value exceeds the estimated fair value.

The Company conducted its annual impairment analysis in the fourth quarter of 2020. The impairment analysis did not result in an impairment charge for the fiscal year ended 2020. There were no impairment charges in 2019 or 2018. Determining the fair value of a reporting unit is judgmental and involves the use of significant estimates and assumptions. The Company based its fair value estimates on assumptions that it believes are reasonable but are uncertain and subject to changes in market conditions.

Earnings Per Share

Basic earnings per share (“EPS”) is computed as net income divided by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is computed assuming conversion of all potentially dilutive securities including the dilutive effects of stock options, unvested restricted stock awards and other potentially dilutive securities. The table below presents the weighted-average common stock used to calculate basic and diluted earnings per share:

(in thousands)	Year Ended December 31,
	2020		2019		2018
Weighted-average common stock for calculating basic earnings per share		24,157		24,250		24,141
Effect of potentially dilutive securities from equity-based compensation		374		373		399
Weighted-average common stock for calculating diluted earnings per share		24,531		24,623		24,540

In 2020, 2019 and 2018, there were no shares having an anti-dilutive effect requiring exclusion from the computation of diluted earnings per share.

The Company has made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. In August 2015, the Company’s Board of Directors authorized the Company to repurchase up to 2,000,000 shares of the Company's outstanding common stock (the “Repurchase Plan”). The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. There can be no assurance that any authorized shares will be repurchased and the Repurchase Plan may be modified, extended or terminated by the Board of Directors at any time. In the twelve months ended December 31, 2020, the company repurchased 282,221 shares of its common stock for an average purchase price of $48.25 per share or an aggregate price of $13.6 million. There were no repurchases of common stock during the twelve months ended December 31, 2019 and 2018. As of December 31, 2020, 1,309,805 shares remain authorized for repurchase.

Accounts Receivable and Concentration of Credit Risk

The Company’s accounts receivable consist of amounts due from customers for rentals, sales, financed sales and unbilled amounts for the portion of modular building end-of-lease services earned, which were negotiated as part of the lease agreement. Unbilled receivables related to end-of-lease services, which consists of dismantle and return delivery of buildings, were $38.7 million at December 31, 2020 and $37.2 million at December 31, 2019. The Company sells primarily on 30-day terms, individually performs credit evaluation procedures on its customers on each transaction and will require security deposits from its customers when a significant credit risk is identified. The Company records an allowance for doubtful accounts in amounts equal to the estimated losses expected to be incurred in the collection of the accounts receivable. The estimated losses are based on historical collection experience in conjunction with an

evaluation of the current status of the existing accounts. Customer accounts are written off against the allowance for doubtful accounts when an account is determined to be uncollectable. The allowance for doubtful accounts activity was as follows:

(in thousands)	2020			2019
Beginning balance, January 1	$	1,883		$	1,883
Provision for doubtful accounts		1,343			1,013
Write-offs, net of recoveries		(1,126	)		(1,013	)
Ending balance, December 31	$	2,100		$	1,883

Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of trade accounts receivable. From time to time, the Company maintains cash balances in excess of the Federal Deposit Insurance Corporation limits.

Fair Value of Financial Instruments

The Company believes that the carrying amounts for cash, accounts receivable, accounts payable and notes payable approximate their fair values except for fixed rate debt included in notes payable which has an estimated fair value of $103.1 million and $101.4 million compared to the recorded value of $100.0 million as of December 31, 2020 and 2019, respectively. The estimates of fair value of the Company’s fixed rate debt are based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities.

Foreign Currency Transactions and Translation

The Company's Canadian subsidiary, TRS-RenTelco Inc., a British Columbia corporation (“TRS-Canada”), functions as a branch sales office for TRS-RenTelco in Canada. The functional currency for TRS-Canada is the U.S. dollar. Foreign currency transaction gains and losses of TRS-Canada are reported in the results of operations in the period in which they occur.

The Company’s Indian subsidiary, TRS-RenTelco India Private Limited (“TRS-India”), functioned as a rental and sales office for TRS-RenTelco in India, which commenced its closure during 2017. The functional currency for TRS-India is the Indian Rupee. All assets and liabilities of TRS-India are translated into U.S. dollars at period-end exchange rates and all income statement amounts are translated at the average exchange rate for each month within the year.

Currently, the Company does not use derivative instruments to hedge its economic exposure with respect to assets, liabilities and firm commitments as the foreign currency transactions and risks to date have not been significant.

Share-Based Compensation

The Company measures and recognizes the compensation expense for all share-based awards made to employees and directors, including stock options, stock appreciation rights (“SARs”) and restricted stock units (“RSUs”), based upon estimated fair values. The fair value of stock options and SARs is estimated on the date of grant using the Black-Scholes option pricing model and for RSUs based upon the fair market value of the underlying shares of common stock as of the date of grant. The Company recognizes share-based compensation cost ratably on a straight-line basis over the requisite service period, which generally equals the vesting period. For performance-based RSUs, compensation costs are recognized when vesting conditions are met. In addition, the Company estimates the probable number of shares of common stock that will be earned and the corresponding compensation cost until the achievement of the performance goal is known. The Company recognizes forfeitures based on actual forfeitures when they occur. The Company records share-based compensation costs in “Selling and administrative expenses” in the Consolidated Statements of Income. The Company recognizes a benefit from share-based compensation in the Consolidated Statements of Shareholders’ Equity if an incremental tax benefit is realized. Further information regarding share-based compensation can be found in “Note 8 –Benefit Plans”.

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions in determining reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during each period presented. Actual results could differ from those estimates. The most significant estimates included in the financial statements are the future cash flows and fair values used to determine the recoverability of the rental equipment and identifiable definite lived intangible assets carrying value, the various assets’ useful lives and residual values, and the allowance for doubtful accounts.

New Accounting Pronouncements

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

New Accounting Pronouncements

NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS

In December 2019, the FASB issued Accounting Standard Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, expected to reduce cost and complexity related to the accounting for income taxes. The ASU removes specific exceptions to the general principles in Topic 740 in Generally Accepted Accounting Principles (GAAP). It eliminates the need for an organization to analyze whether the following apply in a given period: exception to the incremental approach for intra-period tax allocation; exceptions to accounting for basis differences when there are ownership changes in foreign investments; and exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also improves financial statement preparers’ application of income tax-related guidance and simplifies GAAP for: franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacted changes in tax laws in interim periods. For public business entities, this ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Implemented Accounting Pronouncements

12 Months Ended

Dec. 31, 2020

Accounting Changes And Error Corrections [Abstract]

Implemented Accounting Pronouncements

NOTE 3. IMPLEMENTED ACCOUNTING PRONOUNCEMENTS

Effective January 1, 2020, the Company adopted ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, intended to simplify the subsequent accounting for goodwill acquired in a business combination. Prior guidance required utilizing a two-step process to review goodwill for impairment. A second step was required if there was an indication that an impairment may exist, and the second step required calculating the potential impairment by comparing implied fair value of the reporting unit’s goodwill with the carrying amount of the goodwill. The new guidance eliminates the second step from the goodwill impairment test. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the estimated fair value of a reporting unit with its carrying amount. An entity would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's estimated fair value. The adoption of this new guidance did not have a material impact on the Company’s condensed consolidated financial statements.

The Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) effective January 1, 2020. Under the new guidance, companies are required to present financial assets held at amortized cost and available for sale debt securities net of the amount expected to be collected. The new guidance requires the measurement of expected credit losses to be based on relevant information from past events, including historical experiences, current conditions and reasonable and supportable forecasts that affect collectability. The adoption of this new guidance did not have a material impact on the Company’s condensed consolidated financial statements.

Trade accounts receivable

The allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts receivable from operating lease and non-lease revenues. The Company regularly reviews the allowance by considering factors such as historical payment experience and trends, the age of the accounts receivable balances, the Company’s operating segment, customer industry, credit quality and current economic conditions that may affect a customer’s ability to pay. The Company recognized bad debt expense of $1.3 million, $1.0 million and 0.6 million for the twelve months ended December 31, 2020, 2019 and 2018, respectively. The allowance for doubtful accounts was $2.1 million, $1.9 million and $1.9 million at December 31, 2020, 2019 and 2018, respectively.

Net investment in sales-type leases

The Company enters into sales-type leases with certain qualified customers to purchase its rental equipment, primarily at its TRS-RenTelco operating segment. Sales-type leases have terms that generally range from 12 to 36 months and are collateralized by a security interest in the underlying rental asset. The net investment in sales-type leases was $1.8 million at December 31, 2020 and $2.9 million at December 31, 2019. The Company’s assessment of current expected losses on these receivables was not material and no credit loss expense was provided as of December 31, 2020. The Company regularly reviews the allowance by considering factors such as historical payment experience, the age of the lease receivable balances, credit quality and current economic conditions that may affect a customer's ability to pay. Lease receivables are considered past due 90 days after invoice. The Company manages the credit risk in net investment in sales-type leases, on an ongoing basis, using a number of factors, including, but not limited to the following: historical payment history, credit score, size of operations, length of time in business, industry, historical profitability, historical cash flows, liquidity and past due amounts. The Company uses credit scores obtained from external credit bureaus as a key indicator for the purposes of determining credit quality of its new customers. The Company does not own available for sale debt securities or other financial assets at December 31, 2020.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

NOTE 4. LEASES

Lessee

The Company leases real estate for certain of its branch offices and rental equipment storage yards, vehicles and equipment used in its rental operations. The Company determines if an arrangement is a lease at inception. The Company has leases with lease and non-lease components, which are accounted for separately. Right-Of-Use (“ROU”) assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred, which are not material. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company uses the interest rate stated in the lease as the discount rate. If the interest rate is not stated, the Company uses its incremental borrowing rate based on information available on lease commencement date in determining the present value of lease payments. Many of the Company’s real estate lease agreements include options to extend the lease, which are not included in the minimum lease terms unless they are reasonably certain to be exercised. These leases include one or more options to renew, with renewal terms that may extend the lease term from one to three years. The amount of payments associated with such options is not material. Short-term leases are leases having a term of twelve months or less and exclude leases with a lease term of one month or less. The Company recognizes short-term leases on a straight-line basis and does not record a related ROU asset or liability for such leases. At December 31, 2020 and 2019 the Company’s ROU assets and operating lease liabilities was $8.3 million and $9.9 million, respectively, which are recorded in Prepaid expenses and other assets and Accounts payable and accrued liabilities on the Company’s Consolidated Balance Sheets.

During the year ended December 31, 2020, operating lease expense was $3.8 million, which includes short term lease expense of $0.1 million. At December 31, 2020, the weighted-average remaining lease term for operating leases was 3.2 years and the weighted average discount rate was 3.95%. The Company had no sub-lease income during the year ended December 31, 2020, and did not have any finance leases as of December 31, 2020.

Supplemental cash flow information related to leases was as follows:

(in thousands)	Year Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,683	$	3,568

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	1,885	$	2,728

As of December 31, 2020, maturities of operating lease liabilities were as follows:

(in thousands)
Year ended December 31,
2021	$	3,294
2022		2,372
2023		1,756
2024		1,066
2025		293
Thereafter		—
Total lease payments		8,781
Less imputed interest		(494	)
	$	8,287

Lessor

The Company’s equipment rentals for each of its operating segments are governed by agreements that detail the lease terms and conditions. The determination of whether these contracts with customers contain a lease generally does not require significant judgement. The Company accounts for these rentals as operating leases. These leases do not include material amounts of variable payments and the Company has made the accounting policy election to exclude all taxes assessed by a governmental authority. The Company generally does not provide an option for the lessee to purchase the rented equipment at the end of the lease term, thus, does not generate material revenue from sales of equipment under such options. Initial lease terms vary in length based upon customer needs and generally range from one to sixty months. Customers have the option to keep equipment on rent beyond the initial lease term on a month-to month basis based upon their needs. All of the Company’s rental products have long useful lives relative to the typical rental term with the original investment typically recovered in approximately three to five years. The rental products are typically rented for a majority of the time owned and a significant portion of the original investment is recovered when sold from inventory. The Company’s lease agreements do not contain residual value guarantees or restrictive covenants.

As of December 31, 2020, maturities of operating lease payments to be received in 2021 and thereafter were as follows:

(in thousands)
Year Ended December 31,
2021	$	83,482
2022		24,208
2023		7,680
2024		2,741
2025		542
Thereafter		10
	$	118,663

In the year ended December 31, 2020, the Company’s lease revenues were $401.9 million, consisting of $399.5 of operating lease revenues and $2.4 million of finance lease revenues. The Company has entered into finance leases to finance certain equipment sales to customers. The lease agreements have a bargain purchase option at the end of the lease term. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis, which results in a constant rate of return on the unrecovered lease investment. For the year ended December 31, 2020, the Company’s finance lease revenues included $2.2 million of sales revenues and $0.2 million of interest income. The minimum lease payments receivable and the net investment are included in Accounts receivable on the Company’s Consolidated Balance Sheet for such leases, which were as follows:

(in thousands)	December 31, 2020
Gross minimum lease payments receivable	$	1,953
Less – unearned interest		(166	)
Net investment in finance lease receivables	$	1,787

As of December 31, 2020, the future minimum lease payments under non-cancelable finance leases to be received in 2021 and thereafter were as follows:

(in thousands)
Year Ended December 31,
2021	$	1,463
2022		267
2023		49
2024		8
Thereafter		—
Total minimum future lease payments to be received	$	1,787

Revenue Recognition

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Revenue Recognition

NOTE 5. REVENUE RECOGNITION

The Company’s accounting for revenues is governed by two accounting standards. The majority of the Company’s revenues are considered lease or lease related and are accounted for in accordance with Topic 840, Leases. Revenues determined to be non-lease related are accounted for in accordance with ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which was adopted by the Company on January 1, 2018. The Company utilized the modified retrospective method of adoption and there was no impact on its condensed consolidated financial statements, nor was there a cumulative effect of initially applying the new standard. The Company accounts for revenues when approval and commitment from both parties have been obtained, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company typically recognizes non-lease related revenues at a point in time because the customer does not simultaneously consume the

benefits of the Company’s promised goods and services, or performance obligations, and obtain control when delivery and installation are complete. For contracts that have multiple performance obligations, the transaction price is allocated to each performance obligation in the contract based on the Company’s best estimate of the standalone selling prices of each distinct performance obligation in the contract. The standalone selling price is typically determined based upon the expected cost plus an estimated margin of each performance obligation.

The Company generally rents and sells to customers on 30 day payment terms. The Company does not typically offer variable payment terms, or accept non-monetary consideration. Amounts billed and due from the Company’s customers are classified as Accounts receivable on the Company’s consolidated balance sheet. For certain sales of modular buildings, progress payments from the customer are received during the manufacturing of new equipment, or the preparation of used equipment. The advance payments are not considered a significant financing component because the payments are used to meet working capital needs during the contract and to protect the Company from the customer failing to adequately complete their obligations under the contract. These contract liabilities are included in Deferred income on the Company’s consolidated balance sheets and totaled $11.3 million and $17.5 million at December 31, 2020 and 2019, respectively. Sales revenues totaling $17.0 million were recognized during the year ended December 31, 2020, which were included in the contract liability balance at December 31, 2019. For certain modular building sales, the customer retains a small portion of the contract price until full completion of the contract, which results in revenue earned in excess of billings. These unbilled contract assets are included in Accounts receivable on the Company’s consolidated balance sheets and totaled $1.4 million and $1.0 million at December 31, 2020 and 2019, respectively.

Lease Revenues

Rental revenues from operating leases are recognized on a straight-line basis over the term of the lease for all operating segments. Rental billings for periods extending beyond period end are recorded as deferred income and are recognized in the period earned. Rental related services revenues are primarily associated with relocatable modular building and liquid and solid containment tanks and boxes leases. For modular building leases, rental related services revenues for modifications, delivery, installation, dismantle and return delivery are lease related because the payments are considered minimum lease payments that are an integral part of the negotiated lease agreement with the customer. These revenues are recognized on a straight-line basis over the term of the lease. Certain leases are accounted for as sales-type leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. Other revenues include interest income on sales-type leases and rental income on facility leases.

Non-Lease Revenues

Non-lease revenues are recognized in the period when control of the performance obligation is transferred, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. For liquid and solid containment solutions, portable storage containers and electronic test equipment, rental related services revenues for delivery and return delivery are considered non-lease revenues.

Sales revenues are typically recognized at a point in time, which occurs upon the completion of delivery, installation and acceptance of the equipment by the customer. Accounting for non-lease revenues requires judgment in determining the point in time the customer gains control of the equipment and the appropriate accounting period to recognize revenue.

Sales taxes charged to customers are reported on a net basis and are excluded from revenues and expenses.

The following table disaggregates the Company’s revenues by lease (within the scope of Topic 840) and non-lease revenues (within the scope of Topic 606) and the underlying service provided for the three years ended December 31, 2020, 2019 and 2018:

(in thousands)	Mobile Modular		TRS- RenTelco		Adler Tanks		Enviroplex		Consolidated
Year Ended December 31,
2020
Leasing	$	235,003	$	112,210	$	54,710	$	—	$	401,923
Non-lease:
Rental related services		22,576		2,618		21,320		—		46,514
Sales		63,863		24,461		1,386		32,737		122,447
Other		82		1,522		66		—		1,670
Total non-lease		86,521		28,601		22,772		32,737		170,631
Total revenues	$	321,524	$	140,811	$	77,482	$	32,737	$	572,554

2019
Leasing	$	234,032	$	108,044	$	68,917	$	—	$	410,993
Non-lease:
Rental related services		18,964		2,599		27,634		—		49,197
Sales		47,045		18,995		1,266		39,814		107,120
Other		969		1,845		106		—		2,920
Total non-lease		66,978		23,439		29,006		39,814		159,237
Total revenues	$	301,010	$	131,483	$	97,923	$	39,814	$	570,230

2018
Leasing	$	200,214	$	94,345	$	70,653	$	—	$	365,212
Non-lease:
Rental related services		14,870		2,607		24,276		—		41,753
Sales		39,467		19,895		1,044		29,046		89,452
Other		23		1,810		80		—		1,913
Total non-lease		54,360		24,312		25,400		29,046		133,118
Total revenues	$	254,574	$	118,657	$	96,053	$	29,046	$	498,330

Customer returns of rental equipment prior to the end of the rental contract term are typically billed a cancellation fee, which is recorded as rental revenue in the period billed. Sales of new relocatable modular buildings, portable storage containers, electronic test equipment and related accessories and liquid and solid containment tanks and boxes not manufactured by the Company are typically covered by warranties provided by the manufacturer of the products sold. The Company typically provides limited 90-day warranties for certain sales of used rental equipment and one-year warranties on equipment manufactured by Enviroplex. Although the Company’s policy is to provide reserves for warranties when required for specific circumstances, the Company has not found it necessary to establish such reserves to date as warranty costs have not been significant.

The Company’s incremental cost of obtaining lease contracts, which consists of salesperson commissions, are deferred and amortized over the initial lease term for modular building leases. Incremental costs for obtaining a contract for all other operating segments are expensed in the period incurred because the lease term is typically less than 12 months.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Notes Payable

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Notes Payable

NOTE 6. NOTES PAYABLE

Notes payable consists of the following:

(in thousands)	December 31,
	2020			2019
Unsecured revolving lines of credit	$	122,771		$	193,459
3.68% Series B senior notes due in 2021		40,000			40,000
3.84% Series C senior notes due in 2022		60,000			60,000
		222,771			293,459
Unamortized debt issuance cost		(17	)		(28	)
	$	222,754		$	293,431

As of December 31, 2020, the future minimum payments under the unsecured revolving lines of credit, 3.68% Series B senior notes due in 2021 and 3.84% Series C senior notes due in 2022 are as follows:

(in thousands)
Year Ended December 31,
2021	$	40,000
2022		60,000
2023		—
2024		—
2025		122,771
	$	222,771

Unsecured Revolving Lines of Credit

On March 31, 2020, the Company entered into an amended and restated credit agreement with Bank of America, N.A., as Administrative Agent, Swing Line Lender, L/C Issuer and lender, and other lenders named therein (the “Credit Facility”). The Credit Facility provides for a $420.0 million unsecured revolving credit facility (which may be further increased to $670.0 million by adding one or more tranches of term loans and/or increasing the aggregate revolving commitments), which includes a $25.0 million sublimit for the issuance of standby letters of credit and a $10.0 million sublimit for swingline loans. The proceeds of the Credit Facility are available to be used for general corporate purposes, including permitted acquisitions. The Credit Facility permits the Company’s existing indebtedness to remain, which includes the Company’s $12.0 million Treasury Sweep Note due March 31, 2025, the Company’s existing senior notes issued pursuant to the Note Purchase and Private Shelf Agreement with Prudential Investment Management, Inc., dated as of April 21, 2011 (as amended, the “the Prior NPA”): (i) the $40.0 million aggregate outstanding principal of notes issued March 17, 2014 and due March 17, 2021, and (ii) the $60.0 million aggregate outstanding principal of notes issued November 5, 2015 and due November 5, 2022. In addition, the Company may incur additional senior note indebtedness in an aggregate amount not to exceed $250.0 million. The Credit Facility matures on March 31, 2025 and replaced the Company’s prior $420.0 million credit facility dated March 31, 2016 with Bank of America, N.A., as agent, as amended. All obligations outstanding under the prior credit facility as of the date of the Credit Facility were refinanced by the Credit Facility on March 31, 2020.

On March 31, 2020, the Company entered into an amended and restated Credit Facility Letter Agreement and a Credit Line Note in favor of MUFG Union Bank, N.A., which provides for a $12.0 million line of credit facility related to its cash management services (“Sweep Service Facility”). The Sweep Service Facility matures on the earlier of March 31, 2025, or the date the Company ceases to utilize MUFG Union Bank, N.A. for its cash management services. The Sweep Service Facility replaced the Company’s prior $12.0 million sweep service facility, dated as of March 31, 2016.

At December 31, 2020, under the Credit Facility and Sweep Service Facility, the Company had unsecured lines of credit that permit it to borrow up to $432.0 million of which $122.8 million was outstanding. The Amended Credit Facility contains financial covenants requiring the Company to not (all defined terms used below not otherwise defined herein have the meaning assigned to such terms in the Amended Credit Facility):

•

Permit the Consolidated Fixed Charge Coverage Ratio of EBITDA to fixed charges as of the end of any fiscal quarter to be less than 2.50 to 1. At December 31, 2020, the actual ratio was 4.34 to 1.

•

Permit the Consolidated Leverage Ratio of funded debt to EBITDA at any time during any period of four consecutive fiscal quarters to be greater than 2.75 to 1. At December 31, 2020, the actual ratio was 0.92 to 1.

Amounts borrowed under the Credit Facility bear interest at the Company’s option at either: (i) LIBOR plus a defined margin, or (ii) the Agent bank’s prime rate (“base rate”) plus a margin. The applicable margin for each type of loan is measured based upon the Consolidated Leverage Ratio at the end of the prior fiscal quarter and ranges from 1.00% to 1.75% for LIBOR loans and 0% to 0.75% for base rate loans. In addition, the Company pays an unused commitment fee for the portion of the $420.0 million credit facility that is not used. These fees are based upon the Consolidated Leverage Ratio and range from 0.15% to 0.30%. As of December 31, 2020 and 2019, the applicable margins were 1.25% for LIBOR based loans, 0.25% for base rate loans and 0.20% for unused fees. Amounts borrowed under the Sweep Service Facility are based upon the MUFG Union Bank, N.A. base rate plus an applicable margin and an unused commitment fee for the portion of the $12.0 million facility not used. The applicable base rate margin and unused commitment fee rates for the Sweep Service Facility are the same as for the Amended Credit Facility. The following information relates to the lines of credit for each of the following periods:

(dollar amounts in thousands)	Year Ended December 31,
	2020			2019
Maximum amount outstanding	$	199,471		$	219,635
Average amount outstanding	$	170,075		$	201,195
Weighted average interest rate, during the period		2.11	%		3.59	%
Prime interest rate, end of period		3.25	%		4.75	%

Note Purchase and Private Shelf Agreement

On March 31, 2020, the Company entered into an Amended and Restated Note Purchase and Private Shelf Agreement (the “Note Purchase Agreement”) with PGIM, Inc. (“PGIM”) and the holders of Series B and Series C Notes previously issued pursuant to the Prior NPA, among the Company and the other parties to the Note Purchase Agreement. The Note Purchase Agreement amended and restated, and superseded in its entirety, the Prior NPA. Pursuant to the Prior NPA, the Company issued (i) $40.0 million aggregate principal amount of its 3.68% Series B Senior Notes due March 17, 2021, and (ii) $60.0 million aggregate principal amount of its 3.84% Series C Senior Notes due November 5, 2022, to which the terms of the Note Purchase Agreement shall apply.

In addition, pursuant to the Note Purchase Agreement, the Company may authorize the issuance and sale of additional senior notes (the “Shelf Notes”) in the aggregate principal amount of (x) $250 million minus (y) the amount of other notes (such as the Series B Senior Notes and Series C Senior Notes, each defined below) then outstanding, to be dated the date of issuance thereof, to mature, in case of each Shelf Note so issued, no more than 15 years after the date of original issuance thereof, to have an average life, in the case of each Shelf Note so issued, of no more than 15 years after the date of original issuance thereof, to bear interest on the unpaid balance thereof from the date thereof at the rate per annum, and to have such other particular terms, as shall be set forth, in the case of each Shelf Note so issued, in accordance with the Note Purchase Agreement. Shelf Notes may be issued and sold from time to time at the discretion of the Company’s Board of Directors and in such amounts as the Board of Directors may determine, subject to prospective purchasers’ agreement to purchase the Shelf Notes. The Company will sell the Shelf Notes directly to such purchasers. The full net proceeds of each Shelf Note will be used in the manner described in the applicable Request for Purchase with respect to such Shelf Note.

On October 1, 2020, the Company entered into a rate lock agreement with Prudential Private Capital, pursuant to which, the Company agreed to a fixed interest rate of 2.57% for future issuance, if any, of senior unsecured notes in the aggregate amount of $40.0 million with a 7-year maturity. If issued, the funding for such notes would occur on or before March 17, 2021 and would be subject to the terms and conditions of the Note Purchase Agreement.

3.68% Senior Notes Due in 2021

On March 17, 2014, the Company issued and sold to the purchaser a $40.0 million aggregate principal amount of its 3.68% Series B Senior Notes (the “Series B Senior Notes”) pursuant to the terms of the Prior NPA. The Series B Senior Notes are an unsecured obligation of the Company and bear interest at a rate of 3.68% per annum and mature on March 17, 2021. Interest on the Series B Senior Notes is payable semi-annually beginning on September 17, 2014 and continuing thereafter on March 17 and September 17 of each year until maturity. The full net proceeds from the Series B Senior Notes were used for working capital and other general corporate purposes. At December 31, 2020, the principal balance outstanding under the Series B Senior Notes was $40.0 million.

3.84% Senior Notes Due in 2022

On November 5, 2015, the Company issued and sold to the purchaser a $60.0 million aggregate principal amount of its 3.84% Series C Senior Notes (the “Series C Senior Notes”) pursuant to the terms of the Prior NPA. The Series C Senior Notes are an unsecured obligation of the Company and bear interest at a rate of 3.84% per annum and mature on November 5, 2022. Interest on the Series C Senior Notes is payable semi-annually beginning on May 5, 2016 and continuing thereafter on November 5 and May 5 of each year until maturity. The principal balance is due when the notes mature on November 5, 2022. The full net proceeds from the Series C Senior

Notes were used to reduce the outstanding balance on the Company’s revolving credit line. At December 31, 2020, the principal balance outstanding under the Series C Senior Notes was $60.0 million.

Among other restrictions, the Note Purchase Agreement, under which the Series A Senior Notes, Series B Senior Notes and Series C Senior Notes were sold, contains financial covenants requiring the Company to not (all defined terms used below not otherwise defined herein have the meaning assigned to such terms in the Note Purchase Agreement):

•

Permit the Consolidated Fixed Charge Coverage Ratio of EBITDA to fixed charges as of the end of any fiscal quarter to be less than 2.50 to 1. At December 31, 2020, the actual ratio was 4.34 to 1.

•

Permit the Consolidated Leverage Ratio of funded debt to EBITDA at any time during any period of four consecutive quarters to be greater than 2.75 to 1. At December 31, 2020, the actual ratio was 0.92 to 1.

At December 31, 2020, the Company was in compliance with each of the aforementioned covenants. There are no anticipated trends that the Company is aware of that would indicate non-compliance with these covenants, though, significant deterioration in the Company’s financial performance could impact its ability to comply with these covenants.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 7. INCOME TAXES

Income before provision (benefit) for income taxes consisted of the following:

(in thousands)	Year Ended December 31,
	2020		2019		2018
U.S.	$	131,898	$	129,045	$	104,881
Foreign		146		80		(186	)
	$	132,044	$	129,125	$	104,695

The provision (benefit) for income taxes consisted of the following:

(in thousands)	Year Ended December 31,
	2020			2019			2018
Current:
U.S. Federal	$	23,975		$	11,744		$	7,270
State		6,545			7,353			4,253
Foreign		1,733			1,616			1,731
		32,253			20,713			13,254
Deferred:
U.S. Federal		(755	)		10,719			10,355
State		(1,424	)		895			1,637
Foreign		(14	)		(8	)		43
		(2,193	)		11,606			12,035
Total	$	30,060		$	32,319		$	25,289

The reconciliation of the U.S. federal statutory tax rate to the Company’s effective tax rate is as follows:

	Year Ended December 31,
	2020			2019			2018
U.S. federal statutory rate		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit		4.7			5.0			5.0
State deferred tax apportionment change, net of federal benefit		(1.6	)		0.1			0.7
Valuation allowance		0.0			0.0			(0.5	)
Share-based compensation		(1.4	)		(1.6	)		(1.9	)
Enactment of the Tax Cuts and Jobs Act		(0.3	)		(0.1	)		(0.1	)
Other		0.4			0.6			0.0
		22.8	%		25.0	%		24.2	%

The following table shows the deferred income taxes related to the temporary differences between the tax bases of assets and liabilities and the respective amounts included in “Deferred income taxes, net” on the Company’s Consolidated Balance Sheets:

(in thousands)	December 31,
	2020		2019
Deferred tax liabilities:
Accelerated depreciation	$	217,125	$	221,627
Prepaid costs currently deductible		5,039		5,668
Other		5,970		5,011
Total deferred tax liabilities		228,134		232,306
Deferred tax assets:
Accrued costs not yet deductible		9,200		8,860
Allowance for doubtful accounts		536		486
Deferred revenues		—		2,512
Share-based compensation		2,321		2,178
Total deferred tax assets, net of valuation allowance of $0.2 million in 2020 and 2019		12,057		14,036
Deferred income taxes, net	$	216,077	$	218,270

The Tax Cuts and Jobs Act (the “Tax Act”) was enacted in December 2017. Among other provisions, the Tax Act reduced the U.S. federal corporate tax rate from 35% to 21% in 2018, required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and created new taxes on certain foreign-source earnings. As of December 31, 2019, the Company completed its accounting for the tax effects of enactment of the Tax Act without any material adjustments to its previous estimates.

As of December 31, 2020, the Company did not have a deferred tax liability related to its foreign earnings because it did not have any specific plans to repatriate funds from its international subsidiaries. The Company may do so in the future if a dividend can be remitted with no material tax impact.

In December 2016, the Company decided to exit the Bangalore, India branch operations of its TRS-RenTelco electronics division. The wind down of operations in India began in 2017. As a result, a valuation allowance was recorded against the deferred tax assets that resulted primarily from accumulated net operating loss carry forwards in India that management estimated the benefit of which will not be realized. As of December 31, 2020, the Company’s foreign net operating losses for tax purposes were $0.6 million. If not realized, these carry forwards will begin to expire in 2023.

For income tax purposes, deductible compensation related to share-based awards is based on the value of the award when realized, which may be different than the compensation expense recognized by the company for financial statement purposes which is based on the award value on the date of grant. The difference between the value of the award upon grant, and the value of the award when ultimately realized, creates either additional tax expense or benefit. In 2020, 2019 and 2018 exercise of share-based awards by employees resulted in an excess tax benefit of $1.9 million, $2.1 million and $2.0 million, respectively.

The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company evaluated all of its tax positions for which the statute of limitations remained open and determined there were no material unrecognized tax benefits as of December 31, 2020 and 2019. In addition, there have been no material changes in unrecognized benefits during 2020, 2019 and 2018.

The Company is subject to income taxes in the U.S. federal jurisdiction, and various states and foreign jurisdictions. Tax regulations within each jurisdiction are subject to interpretation of the related tax laws and regulations and require the application of significant judgment. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for the years before 2016.

Our income tax returns are subject to examination by federal, state and foreign tax authorities. There may be differing interpretations of tax laws and regulations, and as a result, disputes may arise with these tax authorities involving the timing and amount of deductions and allocation of income.

The Company recognizes interest and penalties related to unrecognized tax benefits in the provision (benefit) for income taxes in the accompanying Consolidated Statements of Income for all periods presented. Such interest and penalties were not significant for the years ended December 31, 2020, 2019 and 2018.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Benefit Plans

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Benefit Plans

NOTE 8. BENEFIT PLANS

Stock Plans

The Company adopted the 2016 Stock Incentive Plan (the “2016 Plan”), effective June 8, 2016, under which 2,000,000 shares of the common stock of the Company, plus the number of shares that remain available for grants of awards under the Company's 2007 Stock Option Plan (the “2007 Plan”) and become available as a result of forfeiture, termination, or expiration of awards previously granted under the 2007 Plan, were reserved for the grant of equity awards to its employees, directors and consultants. The equity awards have a maximum term of 7 years at an exercise price of not less than 100% of the fair market value of the Company's common stock on the date the equity award is granted. The 2016 Plan replaced the 2007 Plan.

The 2016 Plan provides for the grant of awards in the form of stock options, stock appreciation rights, restricted stock units (“RSUs”), the vesting of which may be performance-based or service-based, and other rights and benefits. Each RSU issued reduces the number of shares of the Company’s common stock available for grant under the 2016 Plan by two shares. There were no modifications to the 2016 Plan and no awards classified as liabilities in the year ended December 31, 2020.

For the years ended December 31, 2020, 2019 and 2018, the share-based compensation expense was $5.5 million, $5.9 million and $4.1 million, respectively, before provision for income taxes. The Company recorded a tax benefit of approximately $1.5 million, $1.6 million and $1.1 million, respectively, related to the aforementioned share-based compensation expenses. There was no capitalized share-based compensation expense in the years ended December 31, 2020, 2019 and 2018.

Stock Options

As of December 31, 2020, a cumulative total of 9,118,500 shares subject to options have been granted with exercise prices ranging from $3.47 to $40.37. Of these, options have been exercised for the purchase of 6,378,218 shares, while options for 1,670,972 shares have been terminated, and options for 409,410 shares with exercise prices ranging from $24.60 to $40.37 remained outstanding under the stock plans. These options vest over five years and expire seven years after grant. To date, no options have been issued to any of the Company’s non-employee advisors. As of December 31, 2020, 1,548,908 shares remained available for issuance of awards under the stock plans.

A summary of the Company’s option activity and related information for the three years ended December 31, 2020 is as follows:

	Number of options			Weighted- average price		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value (in millions)
Balance at December 31, 2017		1,208,860		$	28.14
Options granted		—			—
Options exercised		(332,810	)		29.49
Options cancelled/forfeited/expired		(30,450	)		28.27
Balance at December 31, 2018		845,600			28.14
Options granted		—			—
Options exercised		(260,860	)		29.55
Options cancelled/forfeited/expired		(4,600	)		30.59
Balance at December 31, 2019		580,140			29.57
Options granted		—			—
Options exercised		(163,670	)		30.22
Options cancelled/forfeited/expired		(7,060	)		28.95
Balance at December 31, 2020		409,410		$	29.33		2.52	$	15.5
Exercisable at December 31, 2020		309,695		$	28.45		2.40	$	12.0
Expected to vest after December 31, 2020		97,645		$	32.05		2.95	$	3.4

The intrinsic value of stock options at any point in time is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock. The aggregate intrinsic value of options exercised and sold under the Company’s stock option plans was $11.9 million, $9.1 million and $9.0 million for the years ended December 31, 2020, 2019 and 2018, respectively, determined as of the date of option exercise. As of December 31, 2020, there was approximately $0.5 million of total unrecognized compensation cost related to unvested share-based compensation option arrangements granted under the Company’s stock plans, which is expected to be recognized over a weighted-average period of less than one year.

The following table indicates the options outstanding and options exercisable by exercise price with the weighted-average remaining contractual life for the options outstanding and the weighted-average exercise price at December 31, 2020:

	Options Outstanding						Options Exercisable
Exercise price	Number outstanding at December 31, 2020		Weighted-average remaining contractual life (Years)		Weighted-average grant date value		Number exercisable at December 31, 2020		Weighted-average grant date value
$20 – 25		206,125		2.17	$	24.60		181,480	$	24.60
$25 – 30		2,840		2.15	$	25.12		2,290	$	25.13
$30 – 35		190,585		2.88	$	33.97		119,805	$	33.79
$35 – 40		6,800		3.00	$	39.19		5,440	$	39.19
$40 – 45		3,060		3.67	$	40.37		680	$	40.37
$20 – 45		409,410		2.52	$	29.33		309,695	$	28.45

The Company utilizes the Black-Scholes option-pricing model to estimate the fair value of share-based compensation at the date of grant, which requires the use of accounting judgment and financial estimates, including estimates of the expected term option holders will retain their vested stock options before exercising them, the estimated volatility of the Company’s stock price over the expected term and the expected number of options that will be forfeited prior to the completion of their vesting requirements. Application of alternative assumptions could produce significantly different estimates of the fair value of share-based compensation amounts recognized in the Consolidated Statements of Income.

No options were granted in 2020, 2019 and 2018.

Restricted Stock Units

The following table summarizes the activity of the Company’s RSUs, which includes service-based and performance-based awards, for the three years ended December 31, 2020:

				Weighted-		Aggregate
				average		intrinsic
	Number			grant date		value
	of shares			fair value		(in millions)
Balance at December 31, 2017		93,664		$	33.62
RSUs granted		97,260			49.47
RSUs vested		(30,214	)		33.16
RSUs cancelled/forfeited/expired		(21,200	)		33.88
Balance at December 31, 2018		139,510			44.73
RSUs granted		83,440			59.98
RSUs vested		(25,862	)		48.31
RSUs cancelled/forfeited/expired		(840	)		59.84
Balance at December 31, 2019		196,248			50.68
RSUs granted		126,540			50.99
RSUs vested		(89,225	)		43.42
RSUs cancelled/forfeited/expired		(7,593	)		57.93
Balance at December 31, 2020		225,970		$	57.06	$	15.2

Performance-based RSUs issued prior to 2018 vest over five years, with 60% of the shares immediately vesting after three years when the performance criteria has been determined to have been met and 20% of the remaining shares vesting annually at the anniversary of the performance determination date, subject to continuous employment of the participant. The 2018, 2019 and 2020 performance-

based RSU grants vest after three years with 100% of the shares vesting immediately when performance criteria has been determined to have been met. There were 184,091 performance-based RSUs expected to vest as of December 31, 2020. Service based RSUs issued to the Company’s directors generally vest over twelve to fourteen months. Service based RSUs issued to the Company’s management vest over three years. There were 93,040 service-based RSUs expected to vest as of December 31, 2020. No forfeitures are currently expected. The total fair value of RSUs that vested during the years ended December 31, 2020, 2019 and 2018 based on the weighted average grant date values was $3.9 million, $1.2 million and $1.0 million, respectively.

Share-based compensation expense for RSUs for the year ended December 31, 2020, 2019 and 2018 was $4.6 million, $4.7 million and $2.6, respectively. As of December 31, 2020, the total unrecognized compensation expense related to unvested RSUs was $7.0 million and is expected to be recognized over a weighted-average period of 1.6 years.

Employee Stock Ownership and 401(k) Plans

The McGrath RentCorp Employee Stock Ownership and 401(k) Plan (the “KSOP”) provides that each participant may annually contribute an elected percentage of his or her salary, not to exceed the statutory limit. Each employee who has at least three months of service with the Company and is 21 years or older, is eligible to participate in the KSOP. The Company, at its discretion, may make matching contributions. Contributions are expensed in the year approved by the Board of Directors. Dividends on the Company’s stock held by the KSOP are treated as ordinary dividends and, in accordance with existing tax laws, are deducted by the Company in the year paid. For the year ended December 31, 2020 dividends deducted by the Company were $0.4 million, which resulted in a tax benefit of approximately $0.1 million in 2020.

At December 31, 2020, the KSOP held 240,187 shares, or 1% of the Company’s total common shares outstanding. These shares are included in basic and diluted earnings per share calculations.

Shareholders' Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Shareholders' Equity

NOTE 9. SHAREHOLDERS’ EQUITY

The Company has in the past made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. In August 2015, the Company’s Board of Directors authorized the Company to repurchase 2,000,000 shares of the Company's outstanding common stock (the “Repurchase Plan”). The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. There can be no assurance that any authorized shares will be repurchased and the repurchase program may be modified, extended or terminated by the Board of Directors at any time. There were 282,221 shares of common stock repurchased during the twelve months ended December 31, 2020 for the aggregate purchase price of $13.6 million or an average price of $48.25 per repurchased share. There were no repurchases of common stock during the twelve months ended December 31, 2019. As of December 31, 2020, 1,309,805 shares remain authorized for repurchase under the Repurchase Plan.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 10. COMMITMENTS AND CONTINGENCIES

The Company leases certain facilities under various operating leases. Most of the lease agreements provide the Company with the option of renewing its lease at the end of the lease term, at the fair rental value. In most cases, management expects that in the normal course of business, facility leases will be renewed or replaced by other leases. Minimum payments under these leases, exclusive of property taxes and insurance, are as follows:

(in thousands)
Year Ended December 31,
2021	$	2,334
2022		1,718
2023		1,356
2024		1,005
2025		293
Thereafter		—
	$	6,706

Facility rent expense was $3.7 million in 2020, $3.9 million in 2019 and $3.5 million in 2018.

The Company is involved in various lawsuits and routine claims arising out of the normal course of its business. The Company maintains insurance coverage for its operations and employees with appropriate aggregate, per occurrence and deductible limits as the Company reasonably determines necessary or prudent with current operations and historical experience. The major policies include coverage for property, general liability, auto, directors and officers, health, and workers’ compensation insurances. The Company records a provision for a liability when it believes that it is both probable that a liability has been incurred and the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. The Company reviews these provisions at least quarterly and adjusts these provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Litigation is inherently unpredictable and is subject to significant uncertainties, some of which are beyond the Company’s control. In the opinion of management, there was not at least a reasonable possibility that the ultimate amount of liability not covered by insurance, if any, under any pending litigation and claims, individually or in the aggregate, will have a material adverse effect on the financial position or operating results of the Company.

The Company’s health plans are self-funded high deductible plans with annual stop-loss insurance of $200,000 per claim. Beginning in 2019, the Company’s workers compensation insurance is underwritten by an insurance company with no stop-loss value and $350,000 for prior claim years. Insurance providers are responsible for making claim payments that exceed these amounts on an individual claim basis. In addition, the Company has stop loss insurance that pays for claim payments made during a twelve month coverage period that exceeds certain specified thresholds in the aggregate. The Company records an expense when health and workers compensation claim payments are made and accrues for the portion of claims incurred, but not yet paid at period end. The Company makes these accruals based upon a combination of historical claim payments, loss development experience and actuarial estimates. A high degree of judgment is required in developing the underlying assumptions and the resulting amounts to be accrued. In addition, our assumptions will change as the Company’s loss experience develops. All of these factors have the potential for impacting the amounts previously accrued and the Company may be required to increase or decrease the amounts previously accrued. At December 31, 2020 and 2019, accruals for the Company’s health and workers’ compensation high deductible plans were $2.2 million and $2.8 million, respectively.

Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 11. INTANGIBLE ASSETS

Intangible assets consist of the following:

(dollar amounts in thousands)	Estimated useful life in years		December 31, 2020			December 31, 2019
Trade name	Indefinite		$	5,871		$	5,871
Customer relationships		11		10,644			10,644
Non-compete agreements		5		157			157
				16,672			16,672
Less accumulated amortization				(9,554	)		(9,338	)
			$	7,118		$	7,334

Intangible assets with finite useful lives are amortized over their respective useful lives. Amortization expense in the years ended December 31, 2020, 2019 and 2018 was $0.2 million, $0.9 million and $0.9 million, respectively. Based on the carrying values at December 31, 2020 and assuming no subsequent impairment of the underlying assets, the annual amortization is expected to be $0.2 million in 2021 and $0.2 million in 2022 through 2026.

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions

NOTE 12. RELATED PARTY TRANSACTIONS

There were no related party transactions in the years ended December 31, 2020 and 2019, or amounts owed to related parties at such dates.

Segment Reporting

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Reporting

NOTE 13. SEGMENT REPORTING

FASB guidelines establish annual and interim reporting standards for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. In accordance with these guidelines the Company’s four reportable segments are Mobile Modular, TRS-RenTelco, Adler Tanks and Enviroplex. Management focuses on several key measures to evaluate and assess each segment’s performance including rental revenue growth, gross margin, and income before provision for income taxes. Excluding interest expense, allocations of revenue and expense not directly associated with one of these segments are generally allocated to Mobile Modular, TRS-RenTelco and Adler Tanks, based on their pro-rata share of direct revenues. Interest expense is allocated amongst Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of average rental equipment at cost, goodwill, intangible assets, accounts receivable, deferred income and customer security deposits. The Company does not report total assets by business segment. Summarized financial information for the years ended December 31, 2020, 2019 and 2018, for the Company’s reportable segments is shown in the following tables:

(dollar amounts in thousands)	Mobile Modular			TRS- RenTelco			Adler Tanks			Enviroplex ¹			Consolidated
Year Ended December 31,
2020
Rental revenues	$	188,719		$	109,083		$	53,988		$	—		$	351,790
Rental related services revenues		67,527			3,080			21,786		—				92,393
Sales and other revenues		65,278			28,648			1,708			32,737			128,371
Total revenues		321,524			140,811			77,482			32,737			572,554
Depreciation of rental equipment		22,967			46,472			16,427		—				85,866
Gross profit		155,874			60,864			34,079			12,929			263,746
Selling and administrative expenses		68,470			24,306			24,764			5,453			122,993
Income from operations		87,404			36,558			9,315			7,476			140,753
Interest expense (income) allocation		5,104			2,133			2,107			(557	)		8,787
Income before provision for income taxes		82,300			34,503			7,208			8,033			132,044
Rental equipment acquisitions		39,078			42,588			2,541		—				84,207
Accounts receivable, net (period end)		81,640			22,735			13,655			5,286			123,316
Rental equipment, at cost (period end)		882,115			333,020			315,706		—				1,530,841
Rental equipment, net book value (period end)		611,590			156,536			169,990		—				938,116
Utilization (period end) ²		76.0	%		67.4	%		39.8	%
Average utilization ²		77.2	%		66.2	%		44.6	%

Segment Data (Continued) (dollar amounts in thousands)	Mobile Modular			TRS- RenTelco			Adler Tanks			Enviroplex¹			Consolidated
Year Ended December 31,
2019
Rental revenues	$	182,316		$	103,704		$	67,869		$	—		$	353,889
Rental related services revenues		69,395			3,260			28,383		—				101,038
Sales and other revenues		49,299			24,519			1,671			39,814			115,303
Total revenues		301,010			131,483			97,923			39,814			570,230
Depreciation of rental equipment		22,071			41,948			16,372		—				80,391
Gross profit		143,618			60,748			47,014			14,785			266,165
Selling and administrative expenses		65,699			24,645			29,321			5,128			124,793
Income from operations		77,919			36,103			17,693			9,657			141,372
Interest expense (income) allocation		7,946			1,970			3,436			(1,021	)		12,331
Income before benefit for income taxes		69,973			34,217			14,257			10,678			129,125
Rental equipment acquisitions		75,433			89,759			4,826		—				170,018
Accounts receivable, net (period end)		83,182			23,788			17,281			3,848			128,099
Rental equipment, at cost (period end)		868,807			335,343			316,261		—				1,520,411
Rental equipment, net book value (period end)		610,048			172,413			185,039		—				967,500
Utilization (period end) ²		79.1	%		64.5	%		48.4	%
Average utilization ²		79.2	%		66.2	%		54.7	%

2018
Rental revenues	$	159,136		$	89,937		$	69,701		$	—		$	318,774
Rental related services revenues		54,696			3,300			24,911		—				82,907
Sales and other revenues		40,742			25,420			1,441			29,046			96,649
Total revenues		254,574			118,657			96,053			29,046			498,330
Depreciation of rental equipment		21,200			36,011			15,928		—				73,139
Gross profit		120,750			54,773			48,055			9,673			233,251
Selling and administrative expenses		58,017			22,823			30,026			4,904			115,770
Income from operations		62,733			31,950			18,029			4,769			117,481
Interest expense (income) allocation		7,132			2,696			3,252			(783	)		12,297
Income before benefit for income taxes		55,601			28,765			14,777			5,552			104,695
Rental equipment acquisitions		63,374			65,467			5,257		—				134,098
Accounts receivable, net (period end)		72,295			20,732			19,992			7,997			121,016
Rental equipment, at cost (period end)		817,375			285,052			313,573		—				1,416,000
Rental equipment, net book value (period end)		572,032			131,450			197,533		—				901,015
Utilization (period end) ²		79.3	%		62.1	%		56.4	%
Average utilization ²		78.2	%		62.7	%		59.9	%

1Gross Enviroplex sales revenues were $34,014, $39,814 and $30,407 in 2020, 2019 and 2018, respectively. There were $1,277 and $1,361 inter-segment sales to Mobile Modular in 2020 and 2018, which have been eliminated in consolidation. There were no inter-segment sales in 2019.

2Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment excluding new equipment inventory and accessory equipment. The average utilization for the period is calculated using the average costs of rental equipment.

No single customer accounted for more than 10% of total revenues during 2020, 2019 and 2018. Revenue from foreign country customers accounted for 4%, 5% and 4% of the Company’s revenues for the same periods, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Quarterly Financial Information

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information

NOTE 14. QUARTERLY FINANCIAL INFORMATION (unaudited)

Quarterly financial information for each of the two years ended December 31, 2020 is summarized below:

(in thousands, except per share amounts)	2020
	First		Second		Third		Fourth		Year
Operations Data
Rental revenues	$	89,506	$	85,629	$	88,138	$	88,517	$	351,790
Total revenues		129,453		137,673		156,448		148,980		572,554
Gross profit		61,656		63,232		68,204		70,654		263,746
Income from operations		29,702		32,692		37,333		41,026		140,753
Income before provision for income taxes		26,614		30,625		35,495		39,310		132,044
Net income		20,159		22,549		28,101		31,175		101,984
Earnings per share:
Basic	$	0.83	$	0.93	$	1.17	$	1.29	$	4.22
Diluted	$	0.81	$	0.92	$	1.15	$	1.27	$	4.16
Dividends declared per share	$	0.420	$	0.420	$	0.420	$	0.420	$	1.68
Shares used in per share calculations:
Basic		24,292		24,121		24,097		24,119		24,157
Diluted		24,738		24,471		24,443		24,453		24,531
Balance Sheet Data
Rental equipment, net	$	975,709	$	969,681	$	948,125	$	938,116	$	938,116
Total assets		1,314,429		1,312,342		1,295,380		1,275,744		1,275,744
Notes payable		291,544		272,149		249,980		222,754		222,754
Shareholders’ equity		637,604		643,836		661,614		682,604		682,604

	2019
	First		Second		Third		Fourth		Year
Operations Data
Rental revenues	$	82,696	$	88,105	$	90,857	$	92,231	$	353,889
Total revenues		122,008		127,439		173,562		147,221		570,230
Gross profit		57,005		59,881		78,282		70,997		266,165
Income from operations		27,310		29,066		46,748		38,248		141,372
Income before provision for income taxes		24,251		25,965		43,455		35,454		129,125
Net income		18,449		19,488		32,468		26,401		96,806
Earnings per share:
Basic	$	0.76	$	0.80	$	1.34	$	1.09	$	3.99
Diluted	$	0.75	$	0.79	$	1.32	$	1.07	$	3.93
Dividends declared per share	$	0.375	$	0.375	$	0.375	$	0.375	$	1.50
Shares used in per share calculations:
Basic		24,195		24,246		24,268		24,290		24,250
Diluted		24,540		24,579		24,632		24,697		24,623
Balance Sheet Data
Rental equipment, net	$	912,878	$	943,152	$	958,610	$	967,500	$	967,500
Total assets		1,239,633		1,280,249		1,306,223		1,309,875		1,309,875
Notes payable		289,464		301,878		301,469		293,431		293,431
Shareholders’ equity		580,643		592,309		616,715		634,036		634,036

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Organization

Principles of Consolidation

The consolidated financial statements include the accounts of McGrath RentCorp and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Revenue Recognition

Other revenue is recognized when earned and primarily includes interest income on sales-type leases, rental income on facility leases and certain logistics services.

Sales taxes charged to customers are reported on a net basis and are excluded from revenues and expenses.

Depreciation of Rental Equipment

The estimated useful lives and residual values of the Company’s rental equipment used for financial reporting purposes are as follows:

Relocatable modular buildings		18 years, 50% residual value
Relocatable modular accessories		3 to 18 years, no residual value
Blast resistant modules		20 years, no residual value
Portable storage containers		25 years, 62.5% residual value
Electronic test equipment and accessories		1 to 8 years, no residual value
Liquid and solid containment tanks and boxes and accessories		3 to 20 years, no residual value

Costs of Rental Related Services

Impairment of Long-Lived Assets

Other Direct Costs of Rental Operations

Cost of Sales

Cost of sales in the Consolidated Statements of Income includes the carrying value of the equipment sold and all direct costs associated with the sale.

Warranty Reserves

Property, Plant and Equipment

Property, plant and equipment consist of the following:

(dollar amounts in thousands)	Estimated useful life		December 31,
	in years		2020			2019
Land	Indefinite		$	54,429		$	54,423
Land improvements	20 – 50			59,249			52,325
Buildings		30		32,306			29,848
Furniture, office equipment and software	3 – 10			36,882			36,610
Vehicles and machinery	5 – 25			43,101			41,877
				225,967			215,083
Less accumulated depreciation				(91,514	)		(84,308	)
				134,453			130,775
Construction in progress				1,757			272
			$	136,210		$	131,047

Capitalized Software Costs

Advertising Costs

Advertising costs are expensed as incurred. Total advertising expenses were $3.9 million, $3.6 million and $3.2 million for the years ended December 31, 2020, 2019 and 2018.

Income Taxes

Goodwill and Intangible Assets

Earnings Per Share

(in thousands)	Year Ended December 31,
	2020		2019		2018
Weighted-average common stock for calculating basic earnings per share		24,157		24,250		24,141
Effect of potentially dilutive securities from equity-based compensation		374		373		399
Weighted-average common stock for calculating diluted earnings per share		24,531		24,623		24,540

In 2020, 2019 and 2018, there were no shares having an anti-dilutive effect requiring exclusion from the computation of diluted earnings per share.

Accounts Receivable and Concentration of Credit Risk

(in thousands)	2020			2019
Beginning balance, January 1	$	1,883		$	1,883
Provision for doubtful accounts		1,343			1,013
Write-offs, net of recoveries		(1,126	)		(1,013	)
Ending balance, December 31	$	2,100		$	1,883

Fair Value of Financial Instruments

Foreign Currency Transactions and Translation

Share-Based Compensation

Use of Estimates

Income Tax Position

Segment Reporting

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Estimated Useful Lives and Residual Values of Company's Rental Equipment

The estimated useful lives and residual values of the Company’s rental equipment used for financial reporting purposes are as follows:

Relocatable modular buildings		18 years, 50% residual value
Relocatable modular accessories		3 to 18 years, no residual value
Blast resistant modules		20 years, no residual value
Portable storage containers		25 years, 62.5% residual value
Electronic test equipment and accessories		1 to 8 years, no residual value
Liquid and solid containment tanks and boxes and accessories		3 to 20 years, no residual value

Property, Plant and Equipment

Property, plant and equipment consist of the following:

(dollar amounts in thousands)	Estimated useful life		December 31,
	in years		2020			2019
Land	Indefinite		$	54,429		$	54,423
Land improvements	20 – 50			59,249			52,325
Buildings		30		32,306			29,848
Furniture, office equipment and software	3 – 10			36,882			36,610
Vehicles and machinery	5 – 25			43,101			41,877
				225,967			215,083
Less accumulated depreciation				(91,514	)		(84,308	)
				134,453			130,775
Construction in progress				1,757			272
			$	136,210		$	131,047

Weighted-Average Common Stock Used to Calculate Basic and Diluted Earnings per Share

The table below presents the weighted-average common stock used to calculate basic and diluted earnings per share:

(in thousands)	Year Ended December 31,
	2020		2019		2018
Weighted-average common stock for calculating basic earnings per share		24,157		24,250		24,141
Effect of potentially dilutive securities from equity-based compensation		374		373		399
Weighted-average common stock for calculating diluted earnings per share		24,531		24,623		24,540

Summary of Allowance for Doubtful Accounts Activity

The allowance for doubtful accounts activity was as follows:

(in thousands)	2020			2019
Beginning balance, January 1	$	1,883		$	1,883
Provision for doubtful accounts		1,343			1,013
Write-offs, net of recoveries		(1,126	)		(1,013	)
Ending balance, December 31	$	2,100		$	1,883

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Summary of Supplemental Cash flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

(in thousands)	Year Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,683	$	3,568

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	1,885	$	2,728

Summary of Maturities of Operating Lease Liabilities

As of December 31, 2020, maturities of operating lease liabilities were as follows:

(in thousands)
Year ended December 31,
2021	$	3,294
2022		2,372
2023		1,756
2024		1,066
2025		293
Thereafter		—
Total lease payments		8,781
Less imputed interest		(494	)
	$	8,287

Summary of Maturities of Operating Lease Payments

As of December 31, 2020, maturities of operating lease payments to be received in 2021 and thereafter were as follows:

(in thousands)
Year Ended December 31,
2021	$	83,482
2022		24,208
2023		7,680
2024		2,741
2025		542
Thereafter		10
	$	118,663

Minimum Lease Payments Receivable and Net Investment Included in Accounts Receivable for Leases

The minimum lease payments receivable and the net investment are included in Accounts receivable on the Company’s Consolidated Balance Sheet for such leases, which were as follows:

(in thousands)	December 31, 2020
Gross minimum lease payments receivable	$	1,953
Less – unearned interest		(166	)
Net investment in finance lease receivables	$	1,787

Future Minimum Lease Payments under Non-Cancelable Finance Leases

As of December 31, 2020, the future minimum lease payments under non-cancelable finance leases to be received in 2021 and thereafter were as follows:

(in thousands)
Year Ended December 31,
2021	$	1,463
2022		267
2023		49
2024		8
Thereafter		—
Total minimum future lease payments to be received	$	1,787

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2020

Disaggregation Of Revenue [Abstract]

Summary of Disaggregates the Company's Revenue by Lease and Non Lease

(in thousands)	Mobile Modular		TRS- RenTelco		Adler Tanks		Enviroplex		Consolidated
Year Ended December 31,
2020
Leasing	$	235,003	$	112,210	$	54,710	$	—	$	401,923
Non-lease:
Rental related services		22,576		2,618		21,320		—		46,514
Sales		63,863		24,461		1,386		32,737		122,447
Other		82		1,522		66		—		1,670
Total non-lease		86,521		28,601		22,772		32,737		170,631
Total revenues	$	321,524	$	140,811	$	77,482	$	32,737	$	572,554

2019
Leasing	$	234,032	$	108,044	$	68,917	$	—	$	410,993
Non-lease:
Rental related services		18,964		2,599		27,634		—		49,197
Sales		47,045		18,995		1,266		39,814		107,120
Other		969		1,845		106		—		2,920
Total non-lease		66,978		23,439		29,006		39,814		159,237
Total revenues	$	301,010	$	131,483	$	97,923	$	39,814	$	570,230

2018
Leasing	$	200,214	$	94,345	$	70,653	$	—	$	365,212
Non-lease:
Rental related services		14,870		2,607		24,276		—		41,753
Sales		39,467		19,895		1,044		29,046		89,452
Other		23		1,810		80		—		1,913
Total non-lease		54,360		24,312		25,400		29,046		133,118
Total revenues	$	254,574	$	118,657	$	96,053	$	29,046	$	498,330

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Components of Notes Payable

Notes payable consists of the following:

(in thousands)	December 31,
	2020			2019
Unsecured revolving lines of credit	$	122,771		$	193,459
3.68% Series B senior notes due in 2021		40,000			40,000
3.84% Series C senior notes due in 2022		60,000			60,000
		222,771			293,459
Unamortized debt issuance cost		(17	)		(28	)
	$	222,754		$	293,431

Schedule of Future Minimum Payments under Unsecured Revolving Lines of Credit and 4.03% Senior Notes, 3.68% Senior Notes and 3.84% Senior Notes

As of December 31, 2020, the future minimum payments under the unsecured revolving lines of credit, 3.68% Series B senior notes due in 2021 and 3.84% Series C senior notes due in 2022 are as follows:

(in thousands)
Year Ended December 31,
2021	$	40,000
2022		60,000
2023		—
2024		—
2025		122,771
	$	222,771

Schedule of Information Related to Lines of Credit

The following information relates to the lines of credit for each of the following periods:

(dollar amounts in thousands)	Year Ended December 31,
	2020			2019
Maximum amount outstanding	$	199,471		$	219,635
Average amount outstanding	$	170,075		$	201,195
Weighted average interest rate, during the period		2.11	%		3.59	%
Prime interest rate, end of period		3.25	%		4.75	%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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-Name Accounting Standards Codification
-Topic 835
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-Name Accounting Standards Codification
-Topic 505
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 942
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Before Provision (Benefit) for Income Taxes

Income before provision (benefit) for income taxes consisted of the following:

(in thousands)	Year Ended December 31,
	2020		2019		2018
U.S.	$	131,898	$	129,045	$	104,881
Foreign		146		80		(186	)
	$	132,044	$	129,125	$	104,695

Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes consisted of the following:

(in thousands)	Year Ended December 31,
	2020			2019			2018
Current:
U.S. Federal	$	23,975		$	11,744		$	7,270
State		6,545			7,353			4,253
Foreign		1,733			1,616			1,731
		32,253			20,713			13,254
Deferred:
U.S. Federal		(755	)		10,719			10,355
State		(1,424	)		895			1,637
Foreign		(14	)		(8	)		43
		(2,193	)		11,606			12,035
Total	$	30,060		$	32,319		$	25,289

Reconciliation of U.S. Federal Statutory Tax Rate to Company's Effective Tax Rate

The reconciliation of the U.S. federal statutory tax rate to the Company’s effective tax rate is as follows:

	Year Ended December 31,
	2020			2019			2018
U.S. federal statutory rate		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit		4.7			5.0			5.0
State deferred tax apportionment change, net of federal benefit		(1.6	)		0.1			0.7
Valuation allowance		0.0			0.0			(0.5	)
Share-based compensation		(1.4	)		(1.6	)		(1.9	)
Enactment of the Tax Cuts and Jobs Act		(0.3	)		(0.1	)		(0.1	)
Other		0.4			0.6			0.0
		22.8	%		25.0	%		24.2	%

Deferred Income Taxes Related to Temporary Differences between Tax Bases of Assets and Liabilities

(in thousands)	December 31,
	2020		2019
Deferred tax liabilities:
Accelerated depreciation	$	217,125	$	221,627
Prepaid costs currently deductible		5,039		5,668
Other		5,970		5,011
Total deferred tax liabilities		228,134		232,306
Deferred tax assets:
Accrued costs not yet deductible		9,200		8,860
Allowance for doubtful accounts		536		486
Deferred revenues		—		2,512
Share-based compensation		2,321		2,178
Total deferred tax assets, net of valuation allowance of $0.2 million in 2020 and 2019		12,057		14,036
Deferred income taxes, net	$	216,077	$	218,270

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Company's Option Activity

A summary of the Company’s option activity and related information for the three years ended December 31, 2020 is as follows:

	Number of options			Weighted- average price		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value (in millions)
Balance at December 31, 2017		1,208,860		$	28.14
Options granted		—			—
Options exercised		(332,810	)		29.49
Options cancelled/forfeited/expired		(30,450	)		28.27
Balance at December 31, 2018		845,600			28.14
Options granted		—			—
Options exercised		(260,860	)		29.55
Options cancelled/forfeited/expired		(4,600	)		30.59
Balance at December 31, 2019		580,140			29.57
Options granted		—			—
Options exercised		(163,670	)		30.22
Options cancelled/forfeited/expired		(7,060	)		28.95
Balance at December 31, 2020		409,410		$	29.33		2.52	$	15.5
Exercisable at December 31, 2020		309,695		$	28.45		2.40	$	12.0
Expected to vest after December 31, 2020		97,645		$	32.05		2.95	$	3.4

Options Outstanding and Options Exercisable by Exercise Price with Weighted-Average Remaining Contractual Life for Options Outstanding and Weighted-Average Exercise Price

	Options Outstanding						Options Exercisable
Exercise price	Number outstanding at December 31, 2020		Weighted-average remaining contractual life (Years)		Weighted-average grant date value		Number exercisable at December 31, 2020		Weighted-average grant date value
$20 – 25		206,125		2.17	$	24.60		181,480	$	24.60
$25 – 30		2,840		2.15	$	25.12		2,290	$	25.13
$30 – 35		190,585		2.88	$	33.97		119,805	$	33.79
$35 – 40		6,800		3.00	$	39.19		5,440	$	39.19
$40 – 45		3,060		3.67	$	40.37		680	$	40.37
$20 – 45		409,410		2.52	$	29.33		309,695	$	28.45

Schedule of Weighted-Average Assumptions Used to Determine Fair Value of Option Granted

Summary of Company's Restricted Stock Units Activity

The following table summarizes the activity of the Company’s RSUs, which includes service-based and performance-based awards, for the three years ended December 31, 2020:

				Weighted-		Aggregate
				average		intrinsic
	Number			grant date		value
	of shares			fair value		(in millions)
Balance at December 31, 2017		93,664		$	33.62
RSUs granted		97,260			49.47
RSUs vested		(30,214	)		33.16
RSUs cancelled/forfeited/expired		(21,200	)		33.88
Balance at December 31, 2018		139,510			44.73
RSUs granted		83,440			59.98
RSUs vested		(25,862	)		48.31
RSUs cancelled/forfeited/expired		(840	)		59.84
Balance at December 31, 2019		196,248			50.68
RSUs granted		126,540			50.99
RSUs vested		(89,225	)		43.42
RSUs cancelled/forfeited/expired		(7,593	)		57.93
Balance at December 31, 2020		225,970		$	57.06	$	15.2

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments And Contingencies Disclosure [Abstract]

Minimum Payments under Leases, Exclusive of Property Taxes and Insurance

Minimum payments under these leases, exclusive of property taxes and insurance, are as follows:

(in thousands)
Year Ended December 31,
2021	$	2,334
2022		1,718
2023		1,356
2024		1,005
2025		293
Thereafter		—
	$	6,706

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

Intangible assets consist of the following:

(dollar amounts in thousands)	Estimated useful life in years		December 31, 2020			December 31, 2019
Trade name	Indefinite		$	5,871		$	5,871
Customer relationships		11		10,644			10,644
Non-compete agreements		5		157			157
				16,672			16,672
Less accumulated amortization				(9,554	)		(9,338	)
			$	7,118		$	7,334

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Summarized Financial Information for Company's Reportable Segments

Summarized financial information for the years ended December 31, 2020, 2019 and 2018, for the Company’s reportable segments is shown in the following tables:

(dollar amounts in thousands)	Mobile Modular			TRS- RenTelco			Adler Tanks			Enviroplex ¹			Consolidated
Year Ended December 31,
2020
Rental revenues	$	188,719		$	109,083		$	53,988		$	—		$	351,790
Rental related services revenues		67,527			3,080			21,786		—				92,393
Sales and other revenues		65,278			28,648			1,708			32,737			128,371
Total revenues		321,524			140,811			77,482			32,737			572,554
Depreciation of rental equipment		22,967			46,472			16,427		—				85,866
Gross profit		155,874			60,864			34,079			12,929			263,746
Selling and administrative expenses		68,470			24,306			24,764			5,453			122,993
Income from operations		87,404			36,558			9,315			7,476			140,753
Interest expense (income) allocation		5,104			2,133			2,107			(557	)		8,787
Income before provision for income taxes		82,300			34,503			7,208			8,033			132,044
Rental equipment acquisitions		39,078			42,588			2,541		—				84,207
Accounts receivable, net (period end)		81,640			22,735			13,655			5,286			123,316
Rental equipment, at cost (period end)		882,115			333,020			315,706		—				1,530,841
Rental equipment, net book value (period end)		611,590			156,536			169,990		—				938,116
Utilization (period end) ²		76.0	%		67.4	%		39.8	%
Average utilization ²		77.2	%		66.2	%		44.6	%

Segment Data (Continued) (dollar amounts in thousands)	Mobile Modular			TRS- RenTelco			Adler Tanks			Enviroplex¹			Consolidated
Year Ended December 31,
2019
Rental revenues	$	182,316		$	103,704		$	67,869		$	—		$	353,889
Rental related services revenues		69,395			3,260			28,383		—				101,038
Sales and other revenues		49,299			24,519			1,671			39,814			115,303
Total revenues		301,010			131,483			97,923			39,814			570,230
Depreciation of rental equipment		22,071			41,948			16,372		—				80,391
Gross profit		143,618			60,748			47,014			14,785			266,165
Selling and administrative expenses		65,699			24,645			29,321			5,128			124,793
Income from operations		77,919			36,103			17,693			9,657			141,372
Interest expense (income) allocation		7,946			1,970			3,436			(1,021	)		12,331
Income before benefit for income taxes		69,973			34,217			14,257			10,678			129,125
Rental equipment acquisitions		75,433			89,759			4,826		—				170,018
Accounts receivable, net (period end)		83,182			23,788			17,281			3,848			128,099
Rental equipment, at cost (period end)		868,807			335,343			316,261		—				1,520,411
Rental equipment, net book value (period end)		610,048			172,413			185,039		—				967,500
Utilization (period end) ²		79.1	%		64.5	%		48.4	%
Average utilization ²		79.2	%		66.2	%		54.7	%

2018
Rental revenues	$	159,136		$	89,937		$	69,701		$	—		$	318,774
Rental related services revenues		54,696			3,300			24,911		—				82,907
Sales and other revenues		40,742			25,420			1,441			29,046			96,649
Total revenues		254,574			118,657			96,053			29,046			498,330
Depreciation of rental equipment		21,200			36,011			15,928		—				73,139
Gross profit		120,750			54,773			48,055			9,673			233,251
Selling and administrative expenses		58,017			22,823			30,026			4,904			115,770
Income from operations		62,733			31,950			18,029			4,769			117,481
Interest expense (income) allocation		7,132			2,696			3,252			(783	)		12,297
Income before benefit for income taxes		55,601			28,765			14,777			5,552			104,695
Rental equipment acquisitions		63,374			65,467			5,257		—				134,098
Accounts receivable, net (period end)		72,295			20,732			19,992			7,997			121,016
Rental equipment, at cost (period end)		817,375			285,052			313,573		—				1,416,000
Rental equipment, net book value (period end)		572,032			131,450			197,533		—				901,015
Utilization (period end) ²		79.3	%		62.1	%		56.4	%
Average utilization ²		78.2	%		62.7	%		59.9	%

Quarterly Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information

Quarterly financial information for each of the two years ended December 31, 2020 is summarized below:

(in thousands, except per share amounts)	2020
	First		Second		Third		Fourth		Year
Operations Data
Rental revenues	$	89,506	$	85,629	$	88,138	$	88,517	$	351,790
Total revenues		129,453		137,673		156,448		148,980		572,554
Gross profit		61,656		63,232		68,204		70,654		263,746
Income from operations		29,702		32,692		37,333		41,026		140,753
Income before provision for income taxes		26,614		30,625		35,495		39,310		132,044
Net income		20,159		22,549		28,101		31,175		101,984
Earnings per share:
Basic	$	0.83	$	0.93	$	1.17	$	1.29	$	4.22
Diluted	$	0.81	$	0.92	$	1.15	$	1.27	$	4.16
Dividends declared per share	$	0.420	$	0.420	$	0.420	$	0.420	$	1.68
Shares used in per share calculations:
Basic		24,292		24,121		24,097		24,119		24,157
Diluted		24,738		24,471		24,443		24,453		24,531
Balance Sheet Data
Rental equipment, net	$	975,709	$	969,681	$	948,125	$	938,116	$	938,116
Total assets		1,314,429		1,312,342		1,295,380		1,275,744		1,275,744
Notes payable		291,544		272,149		249,980		222,754		222,754
Shareholders’ equity		637,604		643,836		661,614		682,604		682,604

	2019
	First		Second		Third		Fourth		Year
Operations Data
Rental revenues	$	82,696	$	88,105	$	90,857	$	92,231	$	353,889
Total revenues		122,008		127,439		173,562		147,221		570,230
Gross profit		57,005		59,881		78,282		70,997		266,165
Income from operations		27,310		29,066		46,748		38,248		141,372
Income before provision for income taxes		24,251		25,965		43,455		35,454		129,125
Net income		18,449		19,488		32,468		26,401		96,806
Earnings per share:
Basic	$	0.76	$	0.80	$	1.34	$	1.09	$	3.99
Diluted	$	0.75	$	0.79	$	1.32	$	1.07	$	3.93
Dividends declared per share	$	0.375	$	0.375	$	0.375	$	0.375	$	1.50
Shares used in per share calculations:
Basic		24,195		24,246		24,268		24,290		24,250
Diluted		24,540		24,579		24,632		24,697		24,623
Balance Sheet Data
Rental equipment, net	$	912,878	$	943,152	$	958,610	$	967,500	$	967,500
Total assets		1,239,633		1,280,249		1,306,223		1,309,875		1,309,875
Notes payable		289,464		301,878		301,469		293,431		293,431
Shareholders’ equity		580,643		592,309		616,715		634,036		634,036

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020 USD ($) Division Segment $ / shares shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares	Aug. 31, 2015 shares
Summary Of Significant Accounting Policies [Line Items]
Number of divisions \| Division	4
Number of reportable segments \| Segment	4
Impairments of long-lived assets	$ 0	$ 0	$ 39,000
Period for warranties for rental equipment	90 days
Period for warranties for equipment manufactured	1 year
Property, plant and equipment depreciation expenses	$ 8,600,000	8,200,000	8,000,000.0
Capitalized in internal use of software	100,000	3,000,000.0
Total advertising expenses	$ 3,900,000	3,600,000	3,200,000
Estimated useful life in years, Customer relationships	11 years
Goodwill and trade name intangible assets	$ 34,100,000	34,100,000
Impairment charges		0	0
Goodwill and intangible assets impairment charge	$ 0	$ 0	$ 0
Anti-dilutive securities excluded from computation of diluted earnings per share \| shares	0	0	0
Common stock shares authorized for repurchase \| shares				2,000,000
Common stock repurchased \| shares	282,221	0	0
Average price per repurchased share \| $ / shares	$ 48.25
Aggregate purchase price	$ 13,600,000
Shares remain authorized for repurchase \| shares	1,309,805
Unbilled receivables related to end-of-lease services	$ 38,700,000	$ 37,200,000
Period for credit risk identified	30 days
Estimated fair value notes payable	$ 103,100,000	101,400,000
Recorded fair value of notes payable	$ 100,000,000.0	$ 100,000,000.0
Modular Rental Equipment [Member]
Summary Of Significant Accounting Policies [Line Items]
Impairments of long-lived assets			$ 100,000

Summary of Significant Accounting Policies - Estimated Useful Lives and Residual Values of Company's Rental Equipment (Detail)	12 Months Ended
	Dec. 31, 2020
Relocatable modular buildings [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	18 years
Percentage residual value property subject to or available for operating lease	50.00%
Relocatable modular accessories [Member]
Property, Plant and Equipment [Line Items]
Percentage residual value property subject to or available for operating lease	0.00%
Blast resistant modules [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	20 years
Percentage residual value property subject to or available for operating lease	0.00%
Portable storage containers [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	25 years
Percentage residual value property subject to or available for operating lease	62.50%
Electronic test equipment and accessories [Member]
Property, Plant and Equipment [Line Items]
Percentage residual value property subject to or available for operating lease	0.00%
Liquid and solid containment tanks and boxes and accessories [Member]
Property, Plant and Equipment [Line Items]
Percentage residual value property subject to or available for operating lease	0.00%
Minimum [Member] \| Relocatable modular accessories [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	3 years
Minimum [Member] \| Electronic test equipment and accessories [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	1 year
Minimum [Member] \| Liquid and solid containment tanks and boxes and accessories [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	3 years
Maximum [Member] \| Relocatable modular accessories [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	18 years
Maximum [Member] \| Electronic test equipment and accessories [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	8 years
Maximum [Member] \| Liquid and solid containment tanks and boxes and accessories [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	20 years

Summary of Significant Accounting Policies - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 225,967	$ 215,083
Less accumulated depreciation	(91,514)	(84,308)
Property plant and equipment net excluding capitalized cost	134,453	130,775
Construction in progress	1,757	272
Property, Plant and Equipment, net	$ 136,210	131,047
Estimated useful life	3 – 10
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 54,429	54,423
Estimated useful life	Indefinite
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 59,249	52,325
Land Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Land Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	50 years
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 32,306	29,848
Estimated useful life	30 years
Furniture, Office Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 36,882	36,610
Vehicles and Machinery [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 43,101	$ 41,877
Vehicles and Machinery [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Vehicles and Machinery [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years

Summary of Significant Accounting Policies - Weighted-Average Common Stock Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Weighted-average common stock for calculating basic earnings per share	24,119	24,097	24,121	24,292	24,290	24,268	24,246	24,195	24,157	24,250	24,141
Effect of potentially dilutive securities from equity-based compensation									374	373	399
Weighted-average common stock for calculating diluted earnings per share	24,453	24,443	24,471	24,738	24,697	24,632	24,579	24,540	24,531	24,623	24,540

Summary of Significant Accounting Policies - Summary of Allowance for Doubtful Accounts Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Allowance for doubtful accounts, Beginning Balance	$ 1,883	$ 1,883
Provision for doubtful accounts	1,343	1,013	$ 581
Write-offs, net of recoveries	(1,126)	(1,013)
Allowance for doubtful accounts, Ending Balance	$ 2,100	$ 1,883	$ 1,883

Implemented Accounting Pronouncements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Bad debt expense	$ 1,343,000	$ 1,013,000	$ 581,000
Allowance for doubtful accounts	2,100,000	1,883,000	$ 1,883,000
Net investment in sales-type leases	1,800,000	$ 2,900,000
Credit loss expense	$ 0
Minimum [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Sales-type leases terms	12 months
Maximum [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Sales-type leases terms	36 months

Leases - Additional Information (Detail) - USD ($)	12 Months Ended
Leases - Additional Information (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Leases [Line Items]
Lessee, operating lease, description	The Company leases real estate for certain of its branch offices and rental equipment storage yards, vehicles and equipment used in its rental operations. The Company determines if an arrangement is a lease at inception. The Company has leases with lease and non-lease components, which are accounted for separately.
Lessee, operating lease, option to extend	true
Lessee, operating lease, option to extend, description	These leases include one or more options to renew, with renewal terms that may extend the lease term from one to three years.
Operating lease, right of use assets	$ 8,300,000	$ 9,900,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PrepaidExpenseAndOtherAssets	us-gaap:PrepaidExpenseAndOtherAssets
Operating lease liabilities	$ 8,287,000	$ 9,900,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Operating lease expense	$ 3,800,000
Short term lease expense	$ 100,000
Weighted-average remaining lease term for operating leases	3 years 2 months 12 days
Weighted-average discount rate for operating leases	3.95%
Sub-lease income	$ 0
Finance lease liability	$ 0
Lessor, operating lease, description	The Company’s equipment rentals for each of its operating segments are governed by agreements that detail the lease terms and conditions. The determination of whether these contracts with customers contain a lease generally does not require significant judgement. The Company accounts for these rentals as operating leases.
Lessor, operating lease, option to extend	true
Lessor, operating lease, option to extend description	Initial lease terms vary in length based upon customer needs and generally range from one to sixty months.
Lease revenue	$ 401,900,000
Operating lease revenue	399,500,000
Finance lease revenue	2,400,000
Finance lease revenue, sales revenue	2,200,000
Finance lease revenue, interest income	$ 200,000
Minimum [Member]
Leases [Line Items]
Lessee, operating lease, renewal term	1 year
Lessor, operating lease, renewal term	1 month
Lessor, operating lease, rental products, useful lives	3 years
Maximum [Member]
Leases [Line Items]
Lessee, operating lease, renewal term	3 years
Lessor, operating lease, renewal term	60 months
Lessor, operating lease, rental products, useful lives	5 years

Leases - Summary of Supplemental Cash flow Information Related to Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 3,683	$ 3,568
Right of use assets obtained in exchange for lease obligations:
Operating leases	$ 1,885	$ 2,728

Leases - Summary of Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Lease Liabilities Payments Due [Abstract]
2021	$ 3,294
2022	2,372
2023	1,756
2024	1,066
2025	293
Total lease payments	8,781
Less imputed interest	(494)
Operating lease liabilities	$ 8,287	$ 9,900

Leases - Summary of Maturities of Operating Lease Payments (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Lessor Operating Lease Payments Fiscal Year Maturity [Abstract]
2021	$ 83,482
2022	24,208
2023	7,680
2024	2,741
2025	542
Thereafter	10
Operating lease, payments to be received	$ 118,663

Leases - Minimum Lease Payments Receivable and Net Investment Included in Accounts Receivable for Leases (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Minimum lease payments receivable and net investment included in accounts receivable for leases
Gross minimum lease payments receivable	$ 1,953
Less – unearned interest	(166)
Net investment in finance lease receivables	$ 1,787

Leases - Future Minimum Lease Payments under Non-Cancelable Finance Leases (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Future minimum lease payments under non-cancelable finance leases
2021	$ 1,463
2022	267
2023	49
2024	8
Total minimum future lease payments	$ 1,787

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Line Items]
Period for credit risk identified	30 days
Sales revenues totaling	$ 17.0
Unbilled contract assets	$ 38.7	$ 37.2
Period for warranties for rental equipment	90 days
Period for warranties for equipment manufactured	1 year
Deferred Income [Member]
Disaggregation Of Revenue [Line Items]
Customer contract liability	$ 11.3	17.5
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 1.4	$ 1.0

Revenue Recognition - Summary of Disaggregates the Company's Revenue by Lease and Non Lease (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Disaggregation Of Revenue [Line Items]

Leasing revenues

$ 401,900

Total non-lease revenues

128,371

$ 115,303

$ 96,649

Total revenues

$ 148,980

$ 156,448

$ 137,673

$ 129,453

$ 147,221

$ 173,562

$ 127,439

$ 122,008

572,554

570,230

498,330

Leasing [Member]

Disaggregation Of Revenue [Line Items]

Leasing revenues

401,923

410,993

365,212

Non-lease Rental Related Services [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

46,514

49,197

41,753

Non-lease Sales [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

122,447

107,120

89,452

Non-lease Other [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

1,670

2,920

1,913

Non-lease Revenues [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

170,631

159,237

133,118

Mobile Modular [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

65,278

49,299

40,742

Total revenues

321,524

301,010

254,574

Mobile Modular [Member] | Leasing [Member]

Disaggregation Of Revenue [Line Items]

Leasing revenues

235,003

234,032

200,214

Mobile Modular [Member] | Non-lease Rental Related Services [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

22,576

18,964

14,870

Mobile Modular [Member] | Non-lease Sales [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

63,863

47,045

39,467

Mobile Modular [Member] | Non-lease Other [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

969

Mobile Modular [Member] | Non-lease Revenues [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

86,521

66,978

54,360

TRS-RenTelco [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

28,648

24,519

25,420

Total revenues

140,811

131,483

118,657

TRS-RenTelco [Member] | Leasing [Member]

Disaggregation Of Revenue [Line Items]

Leasing revenues

112,210

108,044

94,345

TRS-RenTelco [Member] | Non-lease Rental Related Services [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

2,618

2,599

2,607

TRS-RenTelco [Member] | Non-lease Sales [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

24,461

18,995

19,895

TRS-RenTelco [Member] | Non-lease Other [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

1,522

1,845

1,810

TRS-RenTelco [Member] | Non-lease Revenues [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

28,601

23,439

24,312

Adler Tanks [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

1,708

1,671

1,441

Total revenues

77,482

97,923

96,053

Adler Tanks [Member] | Leasing [Member]

Disaggregation Of Revenue [Line Items]

Leasing revenues

54,710

68,917

70,653

Adler Tanks [Member] | Non-lease Rental Related Services [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

21,320

27,634

24,276

Adler Tanks [Member] | Non-lease Sales [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

1,386

1,266

1,044

Adler Tanks [Member] | Non-lease Other [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

106

Adler Tanks [Member] | Non-lease Revenues [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

22,772

29,006

25,400

Enviroplex [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

^[1]

32,737

39,814

29,046

Total revenues

^[1]

32,737

39,814

29,046

Enviroplex [Member] | Non-lease Sales [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

32,737

39,814

29,046

Enviroplex [Member] | Non-lease Revenues [Member]

Disaggregation Of Revenue [Line Items]

Total non-lease revenues

$ 32,737

$ 39,814

$ 29,046

[1]	Gross Enviroplex sales revenues were $34,014, $39,814 and $30,407 in 2020, 2019 and 2018, respectively. There were $1,277 and $1,361 inter-segment sales to Mobile Modular in 2020 and 2018, which have been eliminated in consolidation. There were no inter-segment sales in 2019.

Notes Payable - Components of Notes Payable (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Debt Instrument [Line Items]
Notes payable	$ 222,771				$ 293,459
Unamortized debt issuance cost	(17)				(28)
Notes payable, net	222,754	$ 249,980	$ 272,149	$ 291,544	293,431	$ 301,469	$ 301,878	$ 289,464
Unsecured Revolving Lines of Credit [Member]
Debt Instrument [Line Items]
Notes payable	122,771				193,459
Series B senior notes [Member] \| 3.68% Series B senior notes due in 2021 [Member]
Debt Instrument [Line Items]
Notes payable	40,000				40,000
Series C senior notes [Member] \| 3.84% Series C senior notes due in 2022 [Member]
Debt Instrument [Line Items]
Notes payable	$ 60,000				$ 60,000

Notes Payable - Components of Notes Payable (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2020	Nov. 05, 2015	Mar. 17, 2014
Series B senior notes [Member] \| 3.68% Series B senior notes due in 2021 [Member]
Debt Instrument [Line Items]
Senior Notes, interest rate	3.68%		3.68%
Senior Notes, year of maturity	2021
Series C senior notes [Member] \| 3.84% Series C senior notes due in 2022 [Member]
Debt Instrument [Line Items]
Senior Notes, interest rate	3.84%	3.84%
Senior Notes, year of maturity	2022

Notes Payable - Schedule of Future Minimum Payments under Unsecured Revolving Lines of Credit and 3.68% Senior Notes and 3.84% Senior Notes (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Notes payable	$ 222,771	$ 293,459
Notes Payable to Banks and Others [Member]
Debt Instrument [Line Items]
2021	40,000
2022	60,000
2025	122,771
Notes payable	$ 222,771

Notes Payable - Additional Information (Detail) - USD ($)					12 Months Ended
	Oct. 01, 2020	Mar. 31, 2020	Nov. 05, 2015	Mar. 17, 2014	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2016
Debt Instrument [Line Items]
Consolidated Fixed Charge Coverage Ratio					2.50%
Consolidated Fixed Charge Coverage Ratio, actual					4.34%
Consolidated Leverage Ratio					275.00%
Consolidated Leverage Ratio, actual					92.00%
Senior notes principal balance outstanding					$ 222,771,000	$ 293,459,000
Note Purchase Agreement [Member] \| Notes Issued March 17, 2014 and Due March 17, 2021 [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes		$ 40,000,000.0
Senior notes interest rate		3.68%
Debt instrument, maturity date					Mar. 17, 2021
Note Purchase Agreement [Member] \| Notes Issued November 5, 2015 and Due November 5, 2022 [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes		$ 60,000,000.0
Senior notes interest rate		3.84%
Debt instrument, maturity date					Nov. 05, 2022
Shelf Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes		$ 250,000,000
Senior notes description					In addition, pursuant to the Note Purchase Agreement, the Company may authorize the issuance and sale of additional senior notes (the “Shelf Notes”) in the aggregate principal amount of (x) $250 million minus (y) the amount of other notes (such as the Series B Senior Notes and Series C Senior Notes, each defined below) then outstanding, to be dated the date of issuance thereof, to mature, in case of each Shelf Note so issued, no more than 15 years after the date of original issuance thereof, to have an average life, in the case of each Shelf Note so issued, of no more than 15 years after the date of original issuance thereof, to bear interest on the unpaid balance thereof from the date thereof at the rate per annum, and to have such other particular terms, as shall be set forth, in the case of each Shelf Note so issued, in accordance with the Note Purchase Agreement.
Rate Lock Agreement [Member] \| Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes	$ 40,000,000.0
Senior notes interest rate	2.57%
Debt instrument, maturity date					Mar. 17, 2021
Debt instrument, term	7 years
3.68% Series B senior notes due in 2021 [Member] \| Series B Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes				$ 40,000,000.0
Senior notes interest rate				3.68%	3.68%
Debt instrument, maturity date					Mar. 17, 2021
Senior notes description					Series B Senior Notes is payable semi-annually beginning on September 17, 2014 and continuing thereafter on March 17 and September 17 of each year until maturity.
Senior notes interest payment					semi-annually
Senior notes principal balance outstanding					$ 40,000,000	40,000,000
3.84% Series C senior notes due in 2022 [Member] \| Series C Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes			$ 60,000,000.0
Senior notes interest rate			3.84%		3.84%
Debt instrument, maturity date					Nov. 05, 2022
Senior notes description					Interest on the Series C Senior Notes is payable semi-annually beginning on May 5, 2016 and continuing thereafter on November 5 and May 5 of each year until maturity.
Senior notes interest payment					semi-annually
Senior notes principal balance outstanding					$ 60,000,000	$ 60,000,000
Debt instrument, date of first required payment					May 05, 2016
Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum		420,000,000.0
Revolving credit facility, maturity date					Mar. 31, 2025
Additional senior notes indebtedness		250,000,000.0
Consolidated Fixed Charge Coverage Ratio					2.50%
Consolidated Fixed Charge Coverage Ratio, actual					4.34%
Consolidated Leverage Ratio					275.00%
Consolidated Leverage Ratio, actual					92.00%
Debt instrument description of variable rate basis					(i) LIBOR plus a defined margin, or (ii) the Agent bank’s prime rate (“base rate”) plus a margin. The applicable margin for each type of loan is measured based upon the Consolidated Leverage Ratio at the end of the prior fiscal quarter and ranges from 1.00% to 1.75% for LIBOR loans and 0% to 0.75% for base rate loans. In addition, the Company pays an unused commitment fee for the portion of the $420.0 million credit facility that is not used. These fees are based upon the Consolidated Leverage Ratio and range from 0.15% to 0.30%. As of December 31, 2020 and 2019, the applicable margins were 1.25% for LIBOR based loans, 0.25% for base rate loans and 0.20% for unused fees. Amounts borrowed under the Sweep Service Facility are based upon the MUFG Union Bank, N.A. base rate plus an applicable margin and an unused commitment fee for the portion of the $12.0 million facility not used.
Unused commitment fees					$ 420,000,000.0
Credit Facility [Member] \| Unused Fees [Member]
Debt Instrument [Line Items]
Debt instrument interest rate at period end					0.20%	0.20%
Credit Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Leverage ratio					0.15%
Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio					0.30%
Credit Facility [Member] \| LIBOR Loans [Member]
Debt Instrument [Line Items]
Debt instrument interest rate at period end					1.25%	1.25%
Credit Facility [Member] \| LIBOR Loans [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Leverage ratio					1.00%
Credit Facility [Member] \| LIBOR Loans [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio					1.75%
Credit Facility [Member] \| Base Rate Loans [Member]
Debt Instrument [Line Items]
Debt instrument interest rate at period end					0.25%	0.25%
Credit Facility [Member] \| Base Rate Loans [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Leverage ratio					0.00%
Credit Facility [Member] \| Base Rate Loans [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio					0.75%
Credit Facility [Member] \| MUFG Union Bank, N.A [Member]
Debt Instrument [Line Items]
Credit facility, maximum		12,000,000.0
Revolving credit facility, maturity date					Mar. 31, 2025
Credit Facility [Member] \| Treasury Sweep Note Due March 31, 2025 [Member]
Debt Instrument [Line Items]
Credit facility, indebtedness		12,000,000.0
Revolving credit facility, maturity date					Mar. 31, 2025
Credit Facility [Member] \| Notes Issued March 17, 2014 and Due March 17, 2021 [Member]
Debt Instrument [Line Items]
Revolving credit facility, maturity date					Mar. 17, 2021
Credit facility, aggregate outstanding principal		40,000,000.0
Credit Facility [Member] \| Notes Issued November 5, 2015 and Due November 5, 2022 [Member]
Debt Instrument [Line Items]
Revolving credit facility, maturity date					Nov. 05, 2022
Credit facility, aggregate outstanding principal		60,000,000.0
Credit Facility [Member] \| Sweep Service Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum					$ 432,000,000.0
Credit facility, aggregate outstanding principal					122,800,000
Unused commitment fees					$ 12,000,000.0
Credit Facility [Member] \| One or More Tranches [Member]
Debt Instrument [Line Items]
Revolving credit facility, available maximum borrowing capacity		670,000,000.0
Letters of Credit [Member]
Debt Instrument [Line Items]
Credit facility, maximum		25,000,000.0
Swingline Loans [Member]
Debt Instrument [Line Items]
Credit facility, maximum		10,000,000.0
Unsecured revolving credit facility before Renewal [Member]
Debt Instrument [Line Items]
Credit facility, maximum		$ 420,000,000.0
Unsecured revolving credit facility before Renewal [Member] \| MUFG Union Bank, N.A [Member]
Debt Instrument [Line Items]
Credit facility, maximum							$ 12,000,000.0

Notes Payable - Schedule of Information Related to Lines of Credit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Maximum amount outstanding	$ 199,471	$ 219,635
Average amount outstanding	$ 170,075	$ 201,195
Weighted average interest rate, during the period	2.11%	3.59%
Prime Rate [Member]
Debt Instrument [Line Items]
Prime interest rate, end of period	3.25%	4.75%

Income Taxes - Schedule of Income Before Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest [Abstract]
U.S.									$ 131,898	$ 129,045	$ 104,881
Foreign									146	80	(186)
Income before provision for income taxes	$ 39,310	$ 35,495	$ 30,625	$ 26,614	$ 35,454	$ 43,455	$ 25,965	$ 24,251	$ 132,044	$ 129,125	$ 104,695

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
U.S. Federal	$ 23,975	$ 11,744	$ 7,270
State	6,545	7,353	4,253
Foreign	1,733	1,616	1,731
Current income tax expense (benefit)	32,253	20,713	13,254
Deferred:
U.S. Federal	(755)	10,719	10,355
State	(1,424)	895	1,637
Foreign	(14)	(8)	43
Deferred income tax expense (benefit)	(2,193)	11,606	12,035
Total	$ 30,060	$ 32,319	$ 25,289

Income Taxes - Reconciliation of U.S. Federal Statutory Tax Rate to Company's Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21.00%	21.00%	21.00%	35.00%
State taxes, net of federal benefit	4.70%	5.00%	5.00%
State deferred tax apportionment change, net of federal benefit	(1.60%)	0.10%	0.70%
Valuation allowance	0.00%	0.00%	(0.50%)
Share-based compensation	(1.40%)	(1.60%)	(1.90%)
Enactment of the Tax Cuts and Jobs Act	(0.30%)	(0.10%)	(0.10%)
Other	0.40%	0.60%	0.00%
Effective Income Tax Rate	22.80%	25.00%	24.20%

Income Taxes - Deferred Income Taxes Related to Temporary Differences between Tax Bases of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax liabilities:
Accelerated depreciation	$ 217,125	$ 221,627
Prepaid costs currently deductible	5,039	5,668
Other	5,970	5,011
Total deferred tax liabilities	228,134	232,306
Deferred tax assets:
Accrued costs not yet deductible	9,200	8,860
Allowance for doubtful accounts	536	486
Deferred revenues		2,512
Share-based compensation	2,321	2,178
Total deferred tax assets, net of valuation allowance of $0.2 million in 2020 and 2019	12,057	14,036
Deferred income taxes, net	$ 216,077	$ 218,270

Income Taxes - Deferred Income Taxes Related to Temporary Differences between Tax Bases of Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Deferred tax assets, valuation allowance	$ 0.2	$ 0.2

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Federal corporate tax rate	21.00%	21.00%	21.00%	35.00%
Deferred tax liability related to foreign earnings		$ 0
Excess tax shortfall (benefit) from exercise of share-based awards	$ (1,900,000)	(2,100,000)	$ (2,000,000.0)
Likelihood percentage of being realized upon ultimate settlement with the relevant tax authority	50.00%
Unrecognized tax benefits	$ 0	0
Changes in unrecognized benefits	0	$ 0	$ 0
Foreign [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses carryforwards	$ 600,000
Net operating losses carryforwards, expiration year	2023

Benefit Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 08, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5,549,000	$ 5,892,000	$ 4,111,000
Tax benefit related to share-based compensation expense	1,500,000	1,600,000	1,100,000
Capitalized share-based compensation expense	$ 0	$ 0	$ 0
Stock option plans remain outstanding	409,410	580,140	845,600	1,208,860
Number of options, granted	0	0	0
Eligible period of service for participation in plan	3 months
Minimum age for employees to participate in KSOP	21 years
Dividends deducted	$ 400,000
Tax benefit from dividends	$ 100,000
Shares outstanding, employee stock ownership plan	240,187
Percentage of total common shares outstanding	1.00%
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized	1,548,908
Stock options granted	9,118,500
Stock options, exercise prices lower	$ 3.47
Stock options, exercise prices upper	$ 40.37
Purchase of shares	6,378,218
Stock option shares terminated	1,670,972
Stock option plans remain outstanding	409,410
Stock options outstanding, exercise prices lower	$ 24.60
Stock options outstanding, exercise prices upper	$ 40.37
Stock options vesting period	5 years
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)	7 years
Options issued to non-employee advisors	0
Aggregate intrinsic value of options exercised and sold	$ 11,900,000	$ 9,100,000	$ 9,000,000.0
Total unrecognized compensation cost	$ 500,000
Performance-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options vesting period	3 years	5 years	5 years
Percentage of vesting annually at anniversary			20.00%
Number of RSU's expected to vest	184,091
Performance-based RSUs [Member] \| Vesting after three years [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting RSUs	100.00%	100.00%	60.00%
Service-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of RSU's expected to vest	93,040
Number of forfeitures expected	0
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected recognition period of unrecognized compensation expense	1 year 7 months 6 days
Number of forfeitures expected	7,593	840	21,200
Total fair value of RSU's vested based on weighted average grant date values	$ 3,900,000	$ 1,200,000	$ 1,000,000.0
Stock-based compensation expense for restricted stock	4,600,000	$ 4,700,000	$ 2,600,000
Total unrecognized compensation expense net of forfeitures	$ 7,000,000.0
Maximum [Member] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected recognition period of unrecognized compensation expense	1 year
Maximum [Member] \| Service-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options vesting period	14 months
Minimum [Member] \| Service-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options vesting period	12 months
2016 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction in common stock available for grant	2
Common Stock [Member] \| 2016 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock remained available for grants of awards					2,000,000
Common Stock [Member] \| 2016 Stock Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award (in years)	7 years
Common Stock [Member] \| 2016 Stock Incentive Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Rate of exercise price for equity award granted	100.00%

Benefit Plans - Summary of Company's Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Options, Beginning Balance	580,140	845,600	1,208,860
Number of Options, granted	0	0	0
Number of Options, exercised	(163,670)	(260,860)	(332,810)
Number of Options, cancelled/forfeited/expired	(7,060)	(4,600)	(30,450)
Number of Options, Ending Balance	409,410	580,140	845,600
Number of Options, Exercisable at December 31, 2020	309,695
Number of Options, Expected to Vest after December 31, 2020	97,645
Weighted-Average Price, Beginning Balance	$ 29.57	$ 28.14	$ 28.14
Weighted-Average Price, Options exercised	30.22	29.55	29.49
Weighted-Average Price, Options cancelled/forfeited/expired	28.95	30.59	28.27
Weighted-Average Price, Ending Balance	29.33	$ 29.57	$ 28.14
Weighted-Average Price, Exercisable at December 31, 2020	28.45
Weighted-Average Price, Expected to Vest after December 31, 2020	$ 32.05
Weighted-Average Remaining Contractual Term, Balance At December 31, 2020	2 years 6 months 7 days
Weighted-Average Remaining Contractual Term, Exercisable at December 31, 2020	2 years 4 months 24 days
Weighted-Average Remaining Contractual Term, Expected to Vest after December 31, 2020	2 years 11 months 12 days
Aggregate Intrinsic Value, Balance At December 31, 2020	$ 15.5
Aggregate Intrinsic Value, Exercisable at December 31, 2020	12.0
Aggregate Intrinsic Value, Expected to Vest after December 31, 2020	$ 3.4

Benefit Plans - Options Outstanding and Options Exercisable by Exercise Price with Weighted-Average Remaining Contractual Life for Options Outstanding and Weighted-Average Exercise Price (Detail)	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Exercise Price 20-25 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Lower Range Limit	$ 20
Exercise Price Upper Range Limit	$ 25
Options Outstanding, Number \| shares	206,125
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)	2 years 2 months 1 day
Options Outstanding, Weighted-Average Grant Date Value	$ 24.60
Options Exercisable, Number \| shares	181,480
Options Exercisable, Weighted-Average Grant Date Value	$ 24.60
Exercise Price 25-30 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Lower Range Limit	25
Exercise Price Upper Range Limit	$ 30
Options Outstanding, Number \| shares	2,840
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)	2 years 1 month 24 days
Options Outstanding, Weighted-Average Grant Date Value	$ 25.12
Options Exercisable, Number \| shares	2,290
Options Exercisable, Weighted-Average Grant Date Value	$ 25.13
Exercise Price 30-35 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Lower Range Limit	30
Exercise Price Upper Range Limit	$ 35
Options Outstanding, Number \| shares	190,585
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)	2 years 10 months 17 days
Options Outstanding, Weighted-Average Grant Date Value	$ 33.97
Options Exercisable, Number \| shares	119,805
Options Exercisable, Weighted-Average Grant Date Value	$ 33.79
Exercise Price 35-40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Lower Range Limit	35
Exercise Price Upper Range Limit	$ 40
Options Outstanding, Number \| shares	6,800
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)	3 years
Options Outstanding, Weighted-Average Grant Date Value	$ 39.19
Options Exercisable, Number \| shares	5,440
Options Exercisable, Weighted-Average Grant Date Value	$ 39.19
Exercise Price 40-45 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Lower Range Limit	40
Exercise Price Upper Range Limit	$ 45
Options Outstanding, Number \| shares	3,060
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)	3 years 8 months 1 day
Options Outstanding, Weighted-Average Grant Date Value	$ 40.37
Options Exercisable, Number \| shares	680
Options Exercisable, Weighted-Average Grant Date Value	$ 40.37
Exercise Price 20-45 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Lower Range Limit	20
Exercise Price Upper Range Limit	$ 45
Options Outstanding, Number \| shares	409,410
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)	2 years 6 months 7 days
Options Outstanding, Weighted-Average Grant Date Value	$ 29.33
Options Exercisable, Number \| shares	309,695
Options Exercisable, Weighted-Average Grant Date Value	$ 28.45

Benefit Plans - Summary of Company's Restricted Stock Units Activity (Detail) - Restricted Stock Units [Member] - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning Balance	196,248	139,510	93,664
Number of Shares, granted	126,540	83,440	97,260
Number of Shares, vested	(89,225)	(25,862)	(30,214)
Number of Shares, cancelled/forfeited/expired	(7,593)	(840)	(21,200)
Number of Shares, Ending Balance	225,970	196,248	139,510
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 50.68	$ 44.73	$ 33.62
Weighted-Average Grant Date Fair Value, granted	50.99	59.98	49.47
Weighted-Average Grant Date Fair Value, vested	43.42	48.31	33.16
Weighted-Average Grant Date Fair Value, cancelled/forfeited/expired	57.93	59.84	33.88
Weighted-Average Grant Date Fair Value, Ending Balance	$ 57.06	$ 50.68	$ 44.73
Aggregate Intrinsic Value	$ 15.2

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Aug. 31, 2015
Stockholders Equity Note [Abstract]
Common stock shares authorized for repurchase				2,000,000
Shares remain authorized for repurchase	1,309,805
Common stock repurchased, Shares	282,221	0	0
Aggregate purchase price	$ 13.6
Average price per repurchased share	$ 48.25

Commitments and Contingencies - Minimum Payments under Leases, Exclusive of Property Taxes and Insurance (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Operating Leases Future Minimum Payments Due [Abstract]
2021	$ 2,334
2022	1,718
2023	1,356
2024	1,005
2025	293
Thereafter	0
Total minimum future lease payments	$ 6,706

Commitments and Contingencies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Facility rent expense	$ 3,700,000	$ 3,900,000	$ 3,500,000
Health plan annual stop-loss insurance per claim	200,000
Workers compensation insurance with no stop-loss for prior claim years	350,000
Accruals for health and workers' compensation plans	$ 2,200,000	$ 2,800,000

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Trade name	$ 5,871	$ 5,871
Customer relationships	10,644	10,644
Non-compete agreements	157	157
Intangible Assets, gross	16,672	16,672
Less accumulated amortization	(9,554)	(9,338)
Intangible Assets, net	$ 7,118	$ 7,334
Estimated useful life in years	11 years
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	11 years
Non-compete Agreements [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	5 years

Intangible Assets - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense	$ 200,000	$ 900,000	$ 900,000
Subsequent impairment of the underlying assets	0
Expected annual amortization expense for 2021	200,000
Expected annual amortization expense for 2022	200,000
Expected annual amortization expense for 2023	200,000
Expected annual amortization expense for 2024	200,000
Expected annual amortization expense for 2025	200,000
Expected annual amortization expense for 2026	$ 200,000

Related Party Transactions - Additional Information (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Amount due from (to) related party	$ 0	$ 0

Segment Reporting - Additional Information (Detail)	12 Months Ended
Segment Reporting - Additional Information (Detail)	Dec. 31, 2020 Segment Customer	Dec. 31, 2019 Customer	Dec. 31, 2018 Customer
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	4
Customer Concentration Risk [Member] \| Sales [Member]
Segment Reporting Information [Line Items]
Number of major customer \| Customer	0	0	0
Geographic Concentration Risk [Member] \| Sales [Member] \| Foreign Country Customers [Member]
Segment Reporting Information [Line Items]
Revenues from customers	4.00%	5.00%	4.00%

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Segment Reporting Information [Line Items]

Rental revenues

$ 88,517

$ 88,138

$ 85,629

$ 89,506

$ 92,231

$ 90,857

$ 88,105

$ 82,696

$ 351,790

$ 353,889

$ 318,774

Rental related services revenues

92,393

101,038

82,907

Sales and other revenues

128,371

115,303

96,649

Total revenues

148,980

156,448

137,673

129,453

147,221

173,562

127,439

122,008

572,554

570,230

498,330

Depreciation of rental equipment

85,866

80,391

73,139

Gross profit

70,654

68,204

63,232

61,656

70,997

78,282

59,881

57,005

263,746

266,165

233,251

Selling and administrative expenses

122,993

124,793

115,770

Income from operations

41,026

37,333

32,692

29,702

38,248

46,748

29,066

27,310

140,753

141,372

117,481

Interest expense (income) allocation

8,787

12,331

12,297

Income before provision/benefit for income taxes

39,310

35,495

30,625

26,614

35,454

43,455

25,965

24,251

132,044

129,125

104,695

Rental equipment acquisitions

84,207

170,018

134,098

Accounts receivable, net (period end)

123,316

128,099

123,316

128,099

121,016

Rental equipment, at cost (period end)

1,530,841

1,520,411

1,530,841

1,520,411

1,416,000

Rental equipment, net book value (period end)

938,116

$ 948,125

$ 969,681

$ 975,709

967,500

$ 958,610

$ 943,152

$ 912,878

938,116

967,500

901,015

Mobile Modular [Member]

Segment Reporting Information [Line Items]

Rental revenues

188,719

182,316

159,136

Rental related services revenues

67,527

69,395

54,696

Sales and other revenues

65,278

49,299

40,742

Total revenues

321,524

301,010

254,574

Depreciation of rental equipment

22,967

22,071

21,200

Gross profit

155,874

143,618

120,750

Selling and administrative expenses

68,470

65,699

58,017

Income from operations

87,404

77,919

62,733

Interest expense (income) allocation

5,104

7,946

7,132

Income before provision/benefit for income taxes

82,300

69,973

55,601

Rental equipment acquisitions

39,078

75,433

63,374

Accounts receivable, net (period end)

81,640

83,182

81,640

83,182

72,295

Rental equipment, at cost (period end)

882,115

868,807

882,115

868,807

817,375

Rental equipment, net book value (period end)

611,590

610,048

$ 611,590

$ 610,048

$ 572,032

Utilization (period end)

^[1]

76.00%

79.10%

79.30%

Average utilization

^[1]

77.20%

79.20%

78.20%

TRS-RenTelco [Member]

Segment Reporting Information [Line Items]

Rental revenues

$ 109,083

$ 103,704

$ 89,937

Rental related services revenues

3,080

3,260

3,300

Sales and other revenues

28,648

24,519

25,420

Total revenues

140,811

131,483

118,657

Depreciation of rental equipment

46,472

41,948

36,011

Gross profit

60,864

60,748

54,773

Selling and administrative expenses

24,306

24,645

22,823

Income from operations

36,558

36,103

31,950

Interest expense (income) allocation

2,133

1,970

2,696

Income before provision/benefit for income taxes

34,503

34,217

28,765

Rental equipment acquisitions

42,588

89,759

65,467

Accounts receivable, net (period end)

22,735

23,788

22,735

23,788

20,732

Rental equipment, at cost (period end)

333,020

335,343

333,020

335,343

285,052

Rental equipment, net book value (period end)

156,536

172,413

$ 156,536

$ 172,413

$ 131,450

Utilization (period end)

^[1]

67.40%

64.50%

62.10%

Average utilization

^[1]

66.20%

62.70%

Adler Tanks [Member]

Segment Reporting Information [Line Items]

Rental revenues

$ 53,988

$ 67,869

$ 69,701

Rental related services revenues

21,786

28,383

24,911

Sales and other revenues

1,708

1,671

1,441

Total revenues

77,482

97,923

96,053

Depreciation of rental equipment

16,427

16,372

15,928

Gross profit

34,079

47,014

48,055

Selling and administrative expenses

24,764

29,321

30,026

Income from operations

9,315

17,693

18,029

Interest expense (income) allocation

2,107

3,436

3,252

Income before provision/benefit for income taxes

7,208

14,257

14,777

Rental equipment acquisitions

2,541

4,826

5,257

Accounts receivable, net (period end)

13,655

17,281

13,655

17,281

19,992

Rental equipment, at cost (period end)

315,706

316,261

315,706

316,261

313,573

Rental equipment, net book value (period end)

169,990

185,039

$ 169,990

$ 185,039

$ 197,533

Utilization (period end)

^[1]

39.80%

48.40%

56.40%

Average utilization

^[1]

44.60%

54.70%

59.90%

Enviroplex [Member]

Segment Reporting Information [Line Items]

Sales and other revenues

^[2]

$ 32,737

$ 39,814

$ 29,046

Total revenues

^[2]

32,737

39,814

29,046

Gross profit

^[2]

12,929

14,785

9,673

Selling and administrative expenses

^[2]

5,453

5,128

4,904

Income from operations

^[2]

7,476

9,657

4,769

Interest expense (income) allocation

^[2]

(557)

(1,021)

(783)

Income before provision/benefit for income taxes

^[2]

8,033

10,678

5,552

Accounts receivable, net (period end)

^[2]

$ 5,286

$ 3,848

$ 5,286

$ 3,848

$ 7,997

[1]	Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment excluding new equipment inventory and accessory equipment. The average utilization for the period is calculated using the average costs of rental equipment.
[2]	Gross Enviroplex sales revenues were $34,014, $39,814 and $30,407 in 2020, 2019 and 2018, respectively. There were $1,277 and $1,361 inter-segment sales to Mobile Modular in 2020 and 2018, which have been eliminated in consolidation. There were no inter-segment sales in 2019.

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Segment Reporting Information [Line Items]

Revenues

$ 148,980,000

$ 156,448,000

$ 137,673,000

$ 129,453,000

$ 147,221,000

$ 173,562,000

$ 127,439,000

$ 122,008,000

$ 572,554,000

$ 570,230,000

$ 498,330,000

Sales revenues

(128,371,000)

(115,303,000)

(96,649,000)

Sales [Member]

Segment Reporting Information [Line Items]

Sales revenues

(124,604,000)

(110,229,000)

(92,618,000)

Enviroplex [Member]

Segment Reporting Information [Line Items]

Revenues

^[1]

32,737,000

39,814,000

29,046,000

Sales revenues

^[1]

(32,737,000)

(39,814,000)

(29,046,000)

Mobile Modular [Member]

Segment Reporting Information [Line Items]

Revenues

321,524,000

301,010,000

254,574,000

Sales revenues

(65,278,000)

(49,299,000)

(40,742,000)

Operating Segments [Member] | Enviroplex [Member] | Sales [Member]

Segment Reporting Information [Line Items]

Revenues

34,014,000

39,814,000

30,407,000

Inter-segment Eliminations [Member]

Segment Reporting Information [Line Items]

Sales revenues

$ 0

Type of Revenue [Extensible List]

us-gaap:ProductMember

Inter-segment Eliminations [Member] | Mobile Modular [Member]

Segment Reporting Information [Line Items]

Sales revenues

$ 1,277,000

$ 1,361,000

Type of Revenue [Extensible List]

us-gaap:ProductMember

[1]	Gross Enviroplex sales revenues were $34,014, $39,814 and $30,407 in 2020, 2019 and 2018, respectively. There were $1,277 and $1,361 inter-segment sales to Mobile Modular in 2020 and 2018, which have been eliminated in consolidation. There were no inter-segment sales in 2019.

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Quarterly Financial Information - Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operations Data
Rental revenues	$ 88,517	$ 88,138	$ 85,629	$ 89,506	$ 92,231	$ 90,857	$ 88,105	$ 82,696	$ 351,790	$ 353,889	$ 318,774
Total revenues	148,980	156,448	137,673	129,453	147,221	173,562	127,439	122,008	572,554	570,230	498,330
Gross profit	70,654	68,204	63,232	61,656	70,997	78,282	59,881	57,005	263,746	266,165	233,251
Income from operations	41,026	37,333	32,692	29,702	38,248	46,748	29,066	27,310	140,753	141,372	117,481
Income before provision for income taxes	39,310	35,495	30,625	26,614	35,454	43,455	25,965	24,251	132,044	129,125	104,695
Net income	$ 31,175	$ 28,101	$ 22,549	$ 20,159	$ 26,401	$ 32,468	$ 19,488	$ 18,449	$ 101,984	$ 96,806	$ 79,406
Earnings per share:
Basic	$ 1.29	$ 1.17	$ 0.93	$ 0.83	$ 1.09	$ 1.34	$ 0.80	$ 0.76	$ 4.22	$ 3.99	$ 3.29
Diluted	1.27	1.15	0.92	0.81	1.07	1.32	0.79	0.75	4.16	3.93	3.24
Dividends declared per share	$ 0.420	$ 0.420	$ 0.420	$ 0.420	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 1.68	$ 1.50	$ 1.36
Shares used in per share calculations:
Basic	24,119	24,097	24,121	24,292	24,290	24,268	24,246	24,195	24,157	24,250	24,141
Diluted	24,453	24,443	24,471	24,738	24,697	24,632	24,579	24,540	24,531	24,623	24,540
Balance Sheet Data
Rental equipment, net	$ 938,116	$ 948,125	$ 969,681	$ 975,709	$ 967,500	$ 958,610	$ 943,152	$ 912,878	$ 938,116	$ 967,500	$ 901,015
Total assets	1,275,744	1,295,380	1,312,342	1,314,429	1,309,875	1,306,223	1,280,249	1,239,633	1,275,744	1,309,875
Notes payable	222,754	249,980	272,149	291,544	293,431	301,469	301,878	289,464	222,754	293,431
Shareholders’ equity	$ 682,604	$ 661,614	$ 643,836	$ 637,604	$ 634,036	$ 616,715	$ 592,309	$ 580,643	$ 682,604	$ 634,036	$ 571,535	$ 524,184