0000950170-24-017876 | 10-K | XBRL Viewer

$ 564,100

831,842

$ 635,665

$ 534,591

Leasing [Member]

Non-lease Rental Related Services [Member]

564,068

456,896

385,944

58,642

33,009

27,503

Non-lease Sales [Member]

204,997

144,415

119,853

Non-lease Other [Member]

Non-lease Revenues [Member]

4,135

1,345

1,291

267,774

178,769

148,647

Mobile Modular [Member]

Mobile Modular [Member] | Leasing [Member]

562,236

379,211

301,365

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

367,753

267,779

223,383

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

36,734

14,348

13,091

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

155,267

97,045

64,809

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

2,482

Portable Storage [Member]

194,483

111,432

77,982

Portable Storage [Member] | Leasing [Member]

101,137

82,506

61,951

Portable Storage [Member] | Non-lease Rental Related Services [Member]

77,181

63,422

45,792

Portable Storage [Member] | Non-lease Sales [Member]

19,250

16,082

11,943

Portable Storage [Member] | Non-lease Other [Member]

4,587

2,933

4,175

Portable Storage [Member] | Non-lease Revenues [Member]

119

23,956

19,084

16,159

TRS-RenTelco [Member]

TRS-RenTelco [Member] | Leasing [Member]

148,277

150,778

140,194

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

119,134

125,695

116,769

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

2,658

2,579

2,469

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

24,951

21,267

19,788

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

1,534

1,237

1,168

29,143

25,083

23,425

Enviroplex [Member]

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

^[1]

20,192

23,170

31,081

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

20,192

23,170

31,081

Accounting Changes and Error Corrections [Abstract]

$ 20,192

$ 23,170

$ 31,081

[1]	Gross Enviroplex sales revenues were $22,615, $24,162 and $32,095 in 2022, 2021 and 2020, respectively. There were $2,422, $992 and $969 inter-segment sales to Mobile Modular in 2023, 2022 and 2021, respectively, which have been eliminated in consolidation.

Income Taxes - Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
U.S. Federal	$ 57,176	$ 19,480	$ (1,692)
State	(5,587)	8,708	5,360
Foreign	1,847	2,208	2,035
Current income tax expense (benefit)	53,436	30,396	5,703
Deferred:
U.S. Federal	4,892	4,563	23,433
State	1,481	(68)	2,896
Foreign	(14)	(9)	19
Deferred income tax expense (benefit)	6,359	4,486	26,348
Total	$ 59,795	$ 34,882	$ 32,051

Summary of Significant Accounting Policies - Weighted-Average Common Stock Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Weighted-average common stock for calculating basic earnings per share	24,469	24,353	24,220
Effect of potentially dilutive securities from equity-based compensation	60	166	295
Weighted-average common stock for calculating diluted earnings per share	24,529	24,519	24,515

Income Taxes - Deferred Income Taxes Related to Temporary Differences between Tax Bases of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax liabilities:
Accelerated depreciation	$ 273,503	$ 249,568
Prepaid costs currently deductible	12,567	8,646
Other	6,767	8,124
Total deferred tax liabilities	292,837	266,338
Deferred tax assets:
Accrued costs not yet deductible	13,742	12,207
Allowance for doubtful accounts	713	588
Net operating loss carry-forward	28,670
Deferred revenues	5,439	4,069
Share-based compensation	2,718	2,563
Total deferred tax assets, net of valuation allowance of $0.2 million in 2023 and 2022	51,282	19,427
Deferred income taxes, net	$ 241,555	$ 246,911

Implemented Accounting Pronouncements

12 Months Ended

Dec. 31, 2023

Implemented Accounting Pronouncements

NOTE 3. IMPLEMENTED ACCOUNTING PRONOUNCEMENTS

Effective January 1, 2023, the Company adopted the Financial Accounting Standards Board's Accounting Standards Update (“ASU”) 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminated the separate recognition and measurement guidance for troubled debt restructurings by creditors. In addition, the ASU requires disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of FASB ASC 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The adoption of this new guidance did not have a material impact on the Company's consolidated financial statements.

Effective January 1, 2023, the Company adopted the ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers. Additionally, the ASU requires revenue contracts, including contract assets and liabilities, to be evaluated on the acquisition date and reported as if the contracts had originated with the acquirer, resulting in a measurement consistent with the recognition on the acquiree's financial statements. The adoption of this new guidance did not have a material impact on the Company's consolidated financial statements.

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning Balance	187,408	217,408	225,970
Number of Shares, granted	92,320	95,028	116,326
Number of Shares, vested	(86,402)	(114,274)	(116,242)
Number of Shares, cancelled/forfeited/expired	(21,649)	(10,754)	(8,646)
Number of Shares, Ending Balance	171,677	187,408	217,408
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 76.74	$ 67.63	$ 57.06
Weighted-Average Grant Date Fair Value, granted	103.56	77.79	72.75
Weighted-Average Grant Date Fair Value, vested	50.98	58.30	53.32
Weighted-Average Grant Date Fair Value, cancelled/forfeited/expired	82.69	70.10	52.78
Weighted-Average Grant Date Fair Value, Ending Balance	$ 92.18	$ 76.74	$ 67.63
Aggregate Intrinsic Value	$ 27.4

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

NOTE 6. 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, 2023 and 2022 the Company’s ROU assets and operating lease liabilities were $14.8 million and $11.6 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, 2023, operating lease expense was $6.7 million, which includes short term lease expense of $0.1 million. At December 31, 2023, the weighted-average remaining lease term for operating leases was 3.5 years and the weighted average discount rate was 4.94%. The Company had no sub-lease income during the year ended December 31, 2023, and did not have any finance leases as of December 31, 2023.

Supplemental cash flow information related to leases was as follows:


(in thousands)	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,441	$	5,863

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	10,058	$	3,284

As of December 31, 2023, maturities of operating lease liabilities were as follows:


(in thousands)
Year ended December 31,
2024	$	6,857
2025		4,940
2026		2,282
2027		575
2028		270
Thereafter		1,119
Total lease payments		16,043
Less: imputed interest		(1,270	)
	$	14,773

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, 2023, maturities of operating lease payments to be received in 2024 and thereafter were as follows:


(in thousands)
Year Ended December 31,
2024	$	174,339
2025		59,505
2026		21,986
2027		9,738
2028		2,335
Thereafter		1,097
	$	269,000

In the year ended December 31, 2023, the Company’s lease revenues from continuing operations were $564.1 million, consisting of $561.5 million of operating lease revenues and $2.6 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, 2023, the Company’s finance lease revenues included $2.2 million of sales revenues and $0.4 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, 2023
Gross minimum lease payments receivable	$	4,004
Less – unearned interest		(352	)
Net investment in finance lease receivables	$	3,652

As of December 31, 2023, the future minimum lease payments under non-cancelable finance leases to be received in 2024 and thereafter were as follows:


(in thousands)
Year Ended December 31,
2024	$	2,243
2025		884
2026		429
2027		96
Total minimum future lease payments to be received	$	3,652

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b51 Arr Modified Flag	false
Non Rule 10b51 Arr Modified Flag	false

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

NOTE 13. GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying amount of goodwill were as follows:


(dollar amounts in thousands)	Mobile Modular			Adler Tanks (Discontinued)			Total
Balance at December 31, 2021	$	106,491		$	25,902		$	132,393
Changes to Design Space purchase accounting		(88	)		—			(88	)
Balance at December 31, 2022		106,403			25,902			132,305
Goodwill acquired through business combination		216,821			—			216,821
Derecognition of goodwill divested		—			(25,902	)		(25,902	)
Balance at December 31, 2023	$	323,224		$	—		$	323,224

Intangible assets from continuing operations consist of the following:


(dollar amounts in thousands)	Estimated useful life in years	Average remaining life in years	Cost	Accumulated amortization	Net book value
December 31, 2023
Customer relationships	8 to 11	7.8	$73,217	$(17,003)	$56,214
Non-compete agreements	5	3.7	10,556	(3,141)	7,415
Trade name	0.75 to 8	5.3	2,000	(1,212)	788
Total amortizing			85,773	(21,356)	64,417
Trade name - non-amortizing	Indefinite		171	—	171
Total			$85,944	$(21,356)	$64,588

December 31, 2022
Customer relationships	8 to 11	6.3	$50,284	$(18,098)	$32,186
Non-compete agreements	5	3.2	3,296	(1,159)	2,137
Customer backlog	—	—	1,900	(1,900)	—
Trade name	8	6.3	1,200	(263)	937
Total amortizing			56,680	(21,420)	35,260
Trade name - non-amortizing	Indefinite		5,871	—	5,871
Total			$62,551	$(21,420)	$41,131

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 asset’s carrying amount, an impairment loss would be charged to expense in the period identified. The amount of an impairment loss that would be recognized is 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 Company last conducted a qualitative analysis of its goodwill and intangible assets in the fourth quarter 2023, with no indicators of impairment. In addition, no impairment triggering events occurred during the year ended December 31, 2023. Determining fair value of a reporting unit is judgmental and involves the use of significant estimates and assumptions. The

Company bases its fair value estimates on assumptions that it believes are reasonable but are uncertain and subject to changes in market conditions.

Intangible assets with finite useful lives are amortized over their respective useful lives. Amortization expense in the years ended December 31, 2023, 2022 and 2021 was $10.7 million, $5.9 million and $5.9 million, respectively. Based on the carrying values at December 31, 2023 and assuming no subsequent impairment of the underlying assets, the annual amortization is expected to be $10.3 million in 2024, $10.2 million in 2025, $9.8 million in 2026, $9.6 million in 2027 and $8.2 million in 2028. For information on intangible assets from discontinued operations refer to Note 5.

Leases - Minimum Lease Payments Receivable and Net Investment Included in Accounts Receivable for Leases (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
Gross minimum lease payments receivable	$ 4,004
Less – unearned interest	(352)
Net investment in finance lease receivables	$ 3,652

Summary of Significant Accounting Policies - Estimated Useful Lives and Residual Values of Company's Rental Equipment (Detail)	12 Months Ended
	Dec. 31, 2023
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 and kitchen 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%
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
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

Notes Payable - Schedule of Information Related to Lines of Credit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Maximum amount outstanding	$ 591,000	$ 328,752
Average amount outstanding	$ 541,635	$ 276,399
Weighted average interest rate, during the period	6.63%	3.29%
Prime Rate [Member]
Debt Instrument [Line Items]
Prime interest rate, end of period	8.50%	7.50%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 174,621	$ 115,138	$ 89,705
Other comprehensive income:
Foreign currency translation adjustment, net of tax impact	(38)	(24)	50
Comprehensive income	$ 174,583	$ 115,114	$ 89,755

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

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Components of Notes Payable

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Notes payable consists of the following:


(in thousands)	December 31,
	2023			2022
Unsecured revolving lines of credit	$	588,000		$	313,775
2.35% Series E senior notes due in 2026		60,000			60,000
2.57% Series D senior notes due in 2028		40,000			40,000
6.25% Series F senior notes due in 2030		75,000			—
		763,000			413,775
Unamortized debt issuance cost		(25	)		(33	)
	$	762,975		$	413,742

Schedule of Future Minimum Payments under Unsecured Revolving Lines of Credit 2.35% Senior Notes, 2.57% Senior Notes and 6.25% Senior Notes

As of December 31, 2023, the future minimum payments under the unsecured revolving lines of credit, 2.35% Series E senior notes, 2.57% Series D senior notes and 6.25% Series F senior notes due in 2026, 2028 and 2030, respectively, are as follows:


(in thousands)
Year Ended December 31,
2024	$	—
2025		—
2026		60,000
2027		588,000
2028		40,000
Thereafter		75,000
	$	763,000

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,
	2023			2022
Maximum amount outstanding	$	591,000		$	328,752
Average amount outstanding	$	541,635		$	276,399
Weighted average interest rate, during the period		6.63	%		3.29	%
Prime interest rate, end of period		8.50	%		7.50	%

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.

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Summary of Significant Accounting Policies - Property, Plant and Equipment from Continuing Operations (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 241,706	$ 222,257
Less: accumulated depreciation	(87,399)	(84,447)
Property plant and equipment net excluding capitalized cost	154,307	137,810
Construction in progress	14,807	903
Property, Plant and Equipment, net	169,114	138,713
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 75,143	61,487
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 65,931	65,451
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	$ 35,360	34,055
Estimated useful life	30 years
Furniture, Office Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 30,039	33,845
Furniture, Office Equipment and Software [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Furniture, Office Equipment and Software [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Vehicles and Machinery [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 35,233	$ 27,419
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

Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Beginning Balance	$ 132,305	$ 132,393
Goodwill acquired through business combination	216,821
Derecognition of goodwill divested	(25,902)
Ending Balance	323,224	132,305
Design Space [Member]
Goodwill [Line Items]
Changes to Design Space purchase accounting		(88)
Mobile Modular [Member]
Goodwill [Line Items]
Beginning Balance	106,403	106,491
Goodwill acquired through business combination	216,821
Ending Balance	323,224	106,403
Mobile Modular [Member] \| Design Space [Member]
Goodwill [Line Items]
Changes to Design Space purchase accounting		(88)
Adler Tanks (Discontinued) [Member]
Goodwill [Line Items]
Beginning Balance	25,902	25,902
Derecognition of goodwill divested	$ (25,902)
Ending Balance		$ 25,902

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Discontinued Operations - Schedule of Assets and Liabilities of Discontinued Operations Reported in Consolidated Balance Sheets (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Assets
Total assets of discontinued operations		$ 196,249,000
Liabilities
Total liabilities of discontinued operations		53,171,000
Adler Tank Rentals, LLC
Assets
Accounts receivable, net of allowance for credit losses of $450		20,086,000
Rental equipment, net		137,738,000
Property, plant and equipment, net		6,632,000
Prepaid expenses and other assets		191,000
Intangible assets, net		5,700,000
Goodwill		25,902,000
Total assets of discontinued operations		196,249,000
Liabilities
Accounts payable and accrued liabilities		9,621,000
Deferred income taxes, net	$ 0	43,550,000
Total liabilities of discontinued operations		$ 53,171,000

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) - Exercise Price 30-35 [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares
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	240
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)	2 months 1 day
Options Outstanding, Weighted-Average Grant Date Value	$ 34.57
Options Exercisable, Number \| shares	240
Options Exercisable, Weighted-Average Grant Date Value	$ 34.57
Exercise Price Lower Range Limit	30
Exercise Price Upper Range Limit	$ 35
Options Outstanding, Number \| shares	240
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)	2 months 1 day
Options Outstanding, Weighted-Average Grant Date Value	$ 34.57
Options Exercisable, Number \| shares	139,350
Options Exercisable, Weighted-Average Grant Date Value	$ 34.57

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net income	$ 174,621	$ 115,138	$ 89,705
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	109,375	111,344	106,695
Deferred income taxes	(16,952)	4,486	26,348
Provision for credit losses	2,633	837	451
Share-based compensation	8,275	8,009	7,666
Gain on sale of property, plant and equipment	(3,618)
Gain on sale of discontinued operations	(61,513)
Gain on sale of used rental equipment	(31,642)	(37,979)	(25,441)
Foreign currency exchange (gain) loss	(310)	378	210
Amortization of debt issuance costs	8	16	15
Change in:
Accounts receivable	(37,776)	(31,361)	(24,397)
Prepaid expenses and other assets	(29,326)	(16,484)	(6,816)
Accounts payable and accrued liabilities	(32,526)	16,347	12,225
Deferred income	14,094	23,701	9,082
Net cash provided by operating activities	95,343	194,432	195,743
Cash Flows from Investing Activities:
Proceeds from sale of discontinued operations	268,012
Purchases of rental equipment	(229,679)	(187,689)	(114,145)
Purchases of property, plant and equipment	(43,989)	(17,617)	(2,680)
Cash paid for acquisition of businesses	(458,315)		(283,124)
Cash paid for acquisition of business assets	(3,767)		(6,585)
Cash paid for acquisition of non-compete agreements			(2,500)
Proceeds from sales of used rental equipment	66,168	73,879	57,337
Proceeds from sales of property, plant and equipment	9,702
Net cash used in investing activities	(391,868)	(131,427)	(351,696)
Cash Flows from Financing Activities:
Net borrowings under bank lines of credit	274,225	47,275	143,729
Borrowings under senior note purchase agreement	75,000		100,000
Repayments of Senior Debt		(60,000)	(40,000)
Taxes paid related to net share settlement of stock awards	(7,233)	(6,539)	(5,345)
Payment of dividends	(45,556)	(44,269)	(42,182)
Net cash provided by (used in) financing activities	296,436	(63,533)	156,202
Effect of foreign currency exchange rate changes on cash	9	(6)	4
Net increase (decrease) in cash	(80)	(534)	253
Cash balance, beginning of period	957	1,491	1,238
Cash balance, end of period	877	957	1,491
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	38,603	14,775	10,326
Net income taxes paid, during the period	91,565	27,362	9,087
Dividends accrued during the period, not yet paid	12,010	11,227	11,280
Rental equipment acquisitions, not yet paid	$ 16,653	$ 13,220	$ 5,750

Leases - Summary of Maturities of Operating Lease Payments (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]
2024	$ 174,339
2025	59,505
2026	21,986
2027	9,738
2028	2,335
Thereafter	1,097
Operating lease, payments to be received	$ 269,000

Notes Payable

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Notes Payable

NOTE 8. NOTES PAYABLE

Notes payable consists of the following:


(in thousands)	December 31,
	2023			2022
Unsecured revolving lines of credit	$	588,000		$	313,775
2.35% Series E senior notes due in 2026		60,000			60,000
2.57% Series D senior notes due in 2028		40,000			40,000
6.25% Series F senior notes due in 2030		75,000			—
		763,000			413,775
Unamortized debt issuance cost		(25	)		(33	)
	$	762,975		$	413,742


(in thousands)
Year Ended December 31,
2024	$	—
2025		—
2026		60,000
2027		588,000
2028		40,000
Thereafter		75,000
	$	763,000

Unsecured Revolving Lines of Credit

On July 15, 2022, 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 $650.0 million unsecured revolving credit facility (which may be further increased to $950.0 million by adding one or more tranches of term loans and/or increasing the aggregate revolving commitments), which includes a $40.0 million sublimit for the issuance of standby letters of credit and a $20.0 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 $20.0 million Treasury Sweep Note due July 15, 2027, 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): (i) the $60.0 million aggregate outstanding principal of notes issued November 5, 2015, which were repaid on November 5, 2022, (ii) the $40.0 million aggregate outstanding principal of notes issued March 17, 2021 and due March 17, 2028, and (iii) the $60.0 million aggregate outstanding principal of notes issued June 16, 2021 and due June 16, 2026. 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 July 15, 2027 and replaced the Company’s prior $420.0 million credit facility dated March 31, 2020 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 July 15, 2022.

On August 19, 2022, 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 $20.0 million line of credit facility related to its cash management services (“Sweep Service Facility”). The Sweep Service Facility matures on the earlier of July 15, 2027, 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 30, 2020.

At December 31, 2023, under the Credit Facility and Sweep Service Facility, the Company had unsecured lines of credit that permit it to borrow up to $650.0 million of which $588.0 million was outstanding. The 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, 2023 the actual ratio was 3.31 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, 2023, the actual ratio was 2.35 to 1.

Amounts borrowed under the Credit Facility bear interest at the Company’s option at either: (i) SOFR 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 SOFR loans and 0% to 0.75% for base rate loans. In addition, the Company pays an unused commitment fee for the portion of the $650.0 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, 2023 and 2022, the applicable margins were 1.25% for SOFR 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 $20.0 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,
	2023			2022
Maximum amount outstanding	$	591,000		$	328,752
Average amount outstanding	$	541,635		$	276,399
Weighted average interest rate, during the period		6.63	%		3.29	%
Prime interest rate, end of period		8.50	%		7.50	%

Note Purchase and Private Shelf Agreement

On June 8, 2023, the Company entered into a Second Amended and Restated Note Purchase and Private Shelf Agreement (the “Note Purchase Agreement”) with PGIM, Inc. (“PGIM”) and the holders of Series D and Series E Notes previously issued pursuant to the Prior Amended and Restated 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 2.57% Series D Senior Notes, due March 17, 2028, and (ii) $60.0 million aggregate principal amount of its 2.35% Series E Senior Notes, due June 16, 2026, 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) $300 million minus (y) the amount of other notes (such as the Series D Senior Notes, Series E Senior Notes and Series F 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.

6.25% Senior Notes Due in 2030

On September 27, 2023, the Company issued and sold to the purchasers $75.0 million aggregate principal amount of 6.25% Series F Notes (the “Series F Senior Notes”) pursuant to the terms of the Second Amended and Restated Note Purchase and Private Shelf Agreement, dated June 8, 2023 (the “Note Purchase Agreement”), among the Company, PGIM, Inc. and the noteholders party thereto.

The Series F Senior Notes are an unsecured obligation of the Company and bear interest at a rate of 6.25% per annum and mature on September 27, 2030. Interest on the Series F Senior Notes is payable semi-annually beginning on March 27, 2024 and continuing thereafter on September 27 and March 27 of each year until maturity. The principal balance is due when the notes mature on September 27, 2030. The full net proceeds from the Series F Senior Notes will primarily be used to fulfill the income tax obligations incurred from the divestiture of Adler Tanks. At December 31, 2023, the principal balance outstanding under the Series F Senior Notes was $75.0 million.

2.57% Senior Notes Due in 2028

On March 17, 2021, the Company issued and sold to the purchasers $40 million aggregate principal amount of 2.57% Series D Notes (the “Series D Senior Notes”) pursuant to the terms of the Amended and Restated Note Purchase and Private Shelf Agreement, dated March 31, 2020 (the “Note Purchase Agreement”), among the Company, PGIM, Inc. and the noteholders party thereto.

The Series D Senior Notes are an unsecured obligation of the Company and bear interest at a rate of 2.57% per annum and mature on March 17, 2028. Interest on the Series D Senior Notes is payable semi-annually beginning on September 17, 2021 and continuing thereafter on March 17 and September 17 of each year until maturity. The principal balance is due when the notes mature on March 17, 2028. The full net proceeds from the Series D Senior Notes were used to pay off the Company’s $40 million Series B Senior Notes. At December 31, 2023, the principal balance outstanding under the Series D Senior Notes was $40.0 million.

2.35% Senior Notes Due in 2026

On June 16, 2021, the Company issued and sold to the purchasers $60 million aggregate principal amount of 2.35% Series E Notes (the "Series E Notes") pursuant to the terms of the Amended and Restated Note Purchase and Private Shelf Agreement, dated March 31, 2020 (the “Note Purchase Agreement”), among the Company, PGIM, Inc. and the noteholders party thereto.

The Series E Senior Notes are an unsecured obligation of the Company and bear interest at a rate of 2.35% per annum and mature on June 16, 2026. Interest on the Series E Senior Notes is payable semi-annually beginning on December 16, 2021 and continuing thereafter on June 16 and December 16 of each year until maturity. The principal balance is due when the notes mature on June 16, 2026. The full net proceeds from the Series E Senior Notes were used to pay down the Company’s credit facility. At December 31, 2023, the principal balance outstanding under the Series E Senior Notes was $60.0 million.

Among other restrictions, the Note Purchase Agreement, which has superseded in its entirety the Prior NPA, under which the Series D Senior Notes and Series E 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, 2023, the actual ratio was 3.33 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, 2023, the actual ratio was 2.34 to 1.

At December 31, 2023, 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.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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Reference 5: 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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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Commitments and Contingencies Disclosure [Abstract]

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 2,801	$ 2,300
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,496,000	24,388,000
Common stock, shares outstanding	24,496,000	24,388,000

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

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,
2024	$	6,270
2025		4,702
2026		2,125
2027		516
2028		270
Thereafter		1,119
	$	15,002

Acquisitions

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Acquisitions

NOTE 4. ACQUISITIONS

On February 1, 2023, the Company completed the acquisition of Vesta Housing Solutions Holdings, Inc. (“Vesta Modular”), a portfolio company of Kinderhook Industries, for $437.2 million cash consideration on the closing date, which included certain adjustments, including net working capital and certain qualified capital expenditures. In connection with the acquisition, the Company purchased a representation and warranty insurance policy to provide certain recourse in the event of breaches of representations and warranties of Vesta Modular and the seller of Vesta Modular under the stock purchase agreement. Vesta Modular was a leading provider of temporary and permanent modular space solutions serving customers between its modular leasing and modular construction divisions. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in Accounting Standards Codification ("ASC") 805, Business Combinations, using the purchase method of accounting. Under the purchase method of accounting, the total purchase price is assigned to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values on the closing date. The excess of the purchase price over those fair values is recorded as goodwill. The financial results of Vesta Modular were a part of the Mobile Modular segment since February 1, 2023, including $7.7 million of acquisition related transaction costs incurred during the current year as a result of the acquisition.

On March 1, 2023, the Company completed the acquisition of Jerald R. Brekke, Inc., DBA Brekke Storage ("Brekke Storage"), for a total purchase price of $16.4 million. Brekke Storage was a regional provider of portable storage solutions in the Colorado market. The acquisition expanded the Portable Storage fleet by approximately 2,700 units and provided a new regional operation to serve the Colorado market. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in ASC 805 using the purchase method of accounting. The financial results of Brekke Storage were a part of the Portable Storage segment since March 1, 2023, including $0.2 million of transaction costs.

On April 1, 2023, the Company completed the acquisition of Dixie Temporary Storage, LLC ("Dixie Storage"), for a purchase price of $4.9 million. Dixie Storage was a regional provider of portable storage solutions in the South Carolina market and is highly complementary to the Company's Portable Storage business segment. The acquisition expanded the Portable Storage fleet by approximately 800 units and provided a new regional operation to serve the South Carolina market. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in ASC 805 using the purchase method of accounting. The financial results of Dixie Storage were a part of the Portable Storage segment since April 1, 2023, including $0.1 million of transaction costs.

On July 1, 2023, the Company completed the purchase of assets of Inland Leasing and Storage, LLC ("Inland Leasing"), for a purchase price of $3.8 million. Inland Leasing was a regional provider of portable storage solutions in the Colorado market and is highly complementary to the Company's Portable Storage business segment. The acquisition grew the Portable Storage fleet by approximately 600 units, which will further support the Colorado market. The acquisition was accounted for as a purchase of "assets" in accordance with criteria in ASC 805 and the assessment of the fair value of the purchased assets was allocated primarily to rental equipment totaling $3.0 million and intangible assets totaling $0.7 million. Supplemental pro forma information has not been provided as the historical financial results of Inland Leasing were not significant. Incremental transaction costs associated with the asset purchase were not significant.

Vesta Modular:


(dollar amounts in thousands)
Rental equipment	$	212,639
Intangible assets:
Goodwill		211,178
Customer relationships		29,900
Non-compete		7,100
Trade name		800
Cash		11
Accounts receivable		22,666
Property, plant and equipment		1,437
Prepaid expenses and other assets		3,550
Accounts payable and accrued liabilities		(26,202	)
Deferred income		(14,273	)
Deferred income taxes		(11,596	)
Total purchase price	$	437,210

Brekke Storage:


(dollar amounts in thousands)
Rental equipment	$	10,798
Intangible assets:
Goodwill		4,083
Customer relationships		949
Non-compete		59
Property, plant and equipment		875
Deferred income		(382	)
Total purchase price	$	16,382

Dixie Storage:


(dollar amounts in thousands)
Rental equipment	$	2,758
Intangible assets:
Goodwill		1,555
Customer relationships		259
Non-compete		22
Property, plant and equipment		318
Deferred income		(161	)
Total purchase price	$	4,751

The value assigned to identifiable intangible assets was determined based on discounted estimated future cash flows associated with such assets to their present value. The combined acquired goodwill of $216.8 million reflects the strategic fit of Vesta Modular, Brekke Storage and Dixie Storage with the Company’s modular and portable storage business operations. The Company amortizes the acquired customer relationships over their expected useful lives of 11 years for Vesta Modular, 8 years for Brekke Storage and 9 years for Dixie Storage. The expected useful life for the non-compete agreements is 5 years. The trade name intangible acquired from the Vesta Modular acquisition will be amortized over it's useful life of nine months. Goodwill is expected to have an indefinite life and will be subject to future impairment testing. The goodwill is deductible for tax purposes over 15 years.

The following unaudited supplemental pro forma financial information shows the combined results of continuing operations of the Company and Vesta Modular as if the acquisition occurred as of the beginning of the periods presented. The pro forma results include the effects of the amortization of the purchased intangible assets and depreciation expense of acquired rental equipment valuation step up, interest expense on the debt incurred to finance the acquisitions. A pro forma adjustment has been made to reflect the income taxes that would have been recorded at the combined federal and state statutory rate of 26.5% on the acquisitions’ combined net income. The pro forma results for the years ended December 31, 2023 and 2022, have been adjusted to include transaction related costs. This pro forma data is presented for informational purposes only and does not purport to be indicative of the results of the future operations or the results that would have occurred had the acquisitions taken place in the periods noted below:


	(Unaudited)
	Year Ended December 31,
(dollar amounts in thousands, except for per share amounts)	2023		2022
Pro-forma total revenues	$	839,485	$	765,916
Pro-forma net income	$	174,325	$	110,210
Pro-forma basic earnings per share	$	4.56	$	4.04
Pro-forma diluted earnings per share	$	4.55	$	4.01

Vesta Modular
Actual total revenues	$	110,504
Actual net income	$	21,458
Actual basic earnings per share	$	0.88
Actual diluted earnings per share	$	0.87

Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

NOTE 7. 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 842, 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). 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.

Revenue from contracts that satisfy the criteria for over time recognition are recognized as work is performed by using the ratio of costs incurred to estimated total contract costs for each contract. The majority of revenue for these contracts is derived from long-term projects which typically span multiple quarters. The timing of revenue recognition, billings, and cash collections results in billed contract receivables and contract assets on the Company's Consolidated Balance Sheets. In the Company’s contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or upon achievement of contractual milestones. Billings can occur subsequent to revenue recognition, resulting in contract assets, or in advance, resulting in contract liabilities. These contract assets and liabilities are reported on the Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. The contract liabilities included in Deferred income on the Company’s Consolidated Balance Sheets totaled $40.7 million and $27.4 million at December 31, 2023 and 2022, respectively. Sales revenues totaling $21.4 million were recognized during the year ended December 31, 2023, which were included in the contract liability balance at December 31, 2022. For certain modular building sales, the customer retains a small portion of the contract price until full completion of the contract, or revenue is recognizable prior to customer billing, 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 $8.7 million and $0.6 million at December 31, 2023 and 2022, respectively. The Company did not recognize any material contract asset impairments during the years ended December 31, 2023 and 2022.

The Company's uncompleted contracts with customers which meet the criteria for over-time revenue recognition have unsatisfied or partially satisfied performance obligations. As of December 31, 2023, approximately $34.3 million of revenue is expected to be recognized for unsatisfied or partially satisfied obligations. We expect to recognize revenue for approximately one half of these unsatisfied or partially satisfied performance obligations over the next 12 months, with the remaining balance recognized thereafter. As of December 31, 2023, approximately $236.4 million of revenue was recognized for sales and non-lease services transferred at a point in time and approximately $31.3 million of revenue was recognized for sales and non-lease services transferred over time.

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 Sheets. 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.

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 portable storage container 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 portable storage container and electronic test equipment leases, 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. Sales contracts that satisfy the criteria for over-time recognition are recognized as work is performed by using the ratio of costs incurred to estimated total contracts costs for each contract. 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 from continuing operations by lease (within the scope of Topic 842) and non-lease revenues (within the scope of Topic 606) and the underlying service provided for the three years ended December 31, 2023, 2022 and 2021:


(in thousands)	Mobile Modular		Portable Storage		TRS- RenTelco		Enviroplex		Consolidated
Year Ended December 31,
2023
Leasing	$	367,753	$	77,181	$	119,134	$	—	$	564,068
Non-lease:
Rental related services		36,734		19,250		2,658		—		58,642
Sales		155,267		4,587		24,951		20,192		204,997
Other		2,482		119		1,534		—		4,135
Total non-lease		194,483		23,956		29,143		20,192		267,774
Total revenues	$	562,236	$	101,137	$	148,277	$	20,192	$	831,842

2022
Leasing	$	267,779	$	63,422	$	125,695	$	—	$	456,896
Non-lease:
Rental related services		14,348		16,082		2,579		—		33,009
Sales		97,045		2,933		21,267		23,170		144,415
Other		39		69		1,237		—		1,345
Total non-lease		111,432		19,084		25,083		23,170		178,769
Total revenues	$	379,211	$	82,506	$	150,778	$	23,170	$	635,665

2021
Leasing	$	223,383	$	45,792	$	116,769	$	—	$	385,944
Non-lease:
Rental related services		13,091		11,943		2,469		—		27,503
Sales		64,809		4,175		19,788		31,081		119,853
Other		82		41		1,168		—		1,291
Total non-lease		77,982		16,159		23,425		31,081		148,647
Total revenues	$	301,365	$	61,951	$	140,194	$	31,081	$	534,591

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.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

Summary of Supplemental Cash flow Information Related to Leases

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Supplemental cash flow information related to leases was as follows:


(in thousands)	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,441	$	5,863

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	10,058	$	3,284

Summary of Maturities of Operating Lease Liabilities

As of December 31, 2023, maturities of operating lease liabilities were as follows:


(in thousands)
Year ended December 31,
2024	$	6,857
2025		4,940
2026		2,282
2027		575
2028		270
Thereafter		1,119
Total lease payments		16,043
Less: imputed interest		(1,270	)
	$	14,773

Summary of Maturities of Operating Lease Payments

As of December 31, 2023, maturities of operating lease payments to be received in 2024 and thereafter were as follows:


(in thousands)
Year Ended December 31,
2024	$	174,339
2025		59,505
2026		21,986
2027		9,738
2028		2,335
Thereafter		1,097
	$	269,000

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, 2023
Gross minimum lease payments receivable	$	4,004
Less – unearned interest		(352	)
Net investment in finance lease receivables	$	3,652

Future Minimum Lease Payments under Non-Cancelable Finance Leases

As of December 31, 2023, the future minimum lease payments under non-cancelable finance leases to be received in 2024 and thereafter were as follows:


(in thousands)
Year Ended December 31,
2024	$	2,243
2025		884
2026		429
2027		96
Total minimum future lease payments to be received	$	3,652

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense		$ 10,700,000	$ 5,900,000	$ 5,900,000
Subsequent impairment of the underlying assets		0
Impairment of goodwill and intangible assets	$ 0	0
Expected annual amortization expense for 2024	10,300,000	10,300,000
Expected annual amortization expense for 2025	10,200,000	10,200,000
Expected annual amortization expense for 2026	9,800,000	9,800,000
Expected annual amortization expense for 2027	9,600,000	9,600,000
Expected annual amortization expense for 2028	$ 8,200,000	$ 8,200,000

Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

NOTE 15. SEGMENT REPORTING

During the quarter ended December 31, 2023, the Company determined that its Portable Storage business segment met the criteria for separate recognition as defined in the Accounting Standards Codification ("ASC") Topic 280, Segment Reporting. The guidance under this topic requires a public business entity to evaluate both quantitative and qualitative thresholds to determine the significance of a business segment and whether the separate reporting of a business segment enhances the users understanding of the reporting entity's performance, future net cash flows and judgments. The Company evaluated the guidance within Topic 280 and made its determination to separately report the Portable Storage segment primarily due to the Company's continued growth in container fleet purchases and related increased revenues and improved profitability performance when compared to previously reported periods.

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, Portable Storage, TRS-RenTelco 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, Portable Storage and TRS-RenTelco, based on their pro-rata share of direct revenues. Interest expense is allocated amongst Mobile Modular, Portable Storage and TRS-RenTelco 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 from continuing operations for the years ended December 31, 2023, 2022 and 2021, for the Company’s reportable segments is shown in the following tables:


(dollar amounts in thousands)	Mobile Modular			Portable Storage			TRS- RenTelco			Enviroplex 1			Consolidated
Year Ended December 31,
2023
Rental revenues	$	285,553		$	74,536		$	114,247		$	—		$	474,336
Rental related services revenues		114,511			20,510			3,139		—				138,160
Sales and other revenues		162,172			6,091			30,891			20,192			219,346
Total revenues		562,236			101,137			148,277			20,192			831,842
Depreciation of rental equipment		36,921			3,514			48,477		—				88,912
Gross profit		257,921			68,880			62,604			4,228			393,633
Selling and administrative expenses		(138,574	)		(31,537	)		(30,962	)		(6,466	)		(207,539	)
Other income		2,329			457			832			—			3,618
Income (loss) from operations		121,676			37,800			32,474			(2,238	)		189,712
Interest expense (income) allocation		29,724			4,950			8,146			(2,260	)		40,560
Income before provision for income taxes		91,952			32,850			24,638			22			149,462
Rental equipment acquisitions		176,200			27,967			28,945		—				233,112
Accounts receivable, net (period end)		175,360			16,057			25,511			10,440			227,368
Rental equipment, at cost (period end)		1,291,093			236,123			377,587		—				1,904,803
Rental equipment, net book value (period end)		967,712			217,315			144,296		—				1,329,323
Utilization (period end) 2		79.4	%		71.5	%		55.9	%
Average utilization 2		79.7	%		77.3	%		58.9	%


Segment Data (Continued) (dollar amounts in thousands)	Mobile Modular			Portable Storage			TRS- RenTelco			Enviroplex 1			Consolidated
Year Ended December 31,
2022
Rental revenues	$	206,070		$	62,218		$	121,375		$	—		$	389,663
Rental related services revenues		74,756			17,095			3,112		—				94,963
Sales and other revenues		98,385			3,193			26,291			23,170			151,039
Total revenues		379,211			82,506			150,778			23,170			635,665
Depreciation of rental equipment		28,373			2,799			49,253		—				80,425
Gross profit		161,885			55,302			67,899			5,122			290,208
Selling and administrative expenses		(85,769	)		(24,465	)		(27,245	)		(5,435	)		(142,914	)
Income (loss) from operations		76,116			30,837			40,654			(313	)		147,294
Interest expense (income) allocation		8,657			1,518			3,294			(1,239	)		12,230
Income before provision for income taxes		67,459			29,319			36,982			926			134,686
Rental equipment acquisitions		87,535			34,072			69,928		—				191,535
Accounts receivable, net (period end)		124,184			14,923			26,442			4,302			169,851
Rental equipment, at cost (period end)		929,636			193,632			398,267		—				1,521,535
Rental equipment, net book value (period end)		637,151			178,241			174,924		—				990,316
Utilization (period end) 2		80.3	%		82.6	%		59.4	%
Average utilization 2		78.0	%		84.8	%		64.2	%

2021
Rental revenues	$	175,626		$	44,943		$	113,419		$	—		$	333,988
Rental related services revenues		59,756			12,574			2,880		—				75,210
Sales and other revenues		65,983			4,434			23,895			31,081			125,393
Total revenues		301,365			61,951			140,194			31,081			534,591
Depreciation of rental equipment		25,852			2,219			47,374		—				75,445
Gross profit		136,618			39,422			61,394			9,888			247,322
Selling and administrative expenses		(72,091	)		(20,512	)		(25,152	)		(5,303	)		(123,058	)
Income from operations		64,526			18,910			36,243			4,585			124,264
Interest expense (income) allocation		5,553			880			2,270			(459	)		8,244
Income before benefit for income taxes		58,973			18,030			33,763			5,044			115,810
Rental equipment acquisitions		151,625			36,767			61,097		—				249,489
Accounts receivable, net (period end)		101,839			10,456			22,115			8,711			143,121
Rental equipment, at cost (period end)		879,272			160,822			361,391		—				1,401,485
Rental equipment, net book value (period end)		603,497			148,040			161,900		—				913,437
Utilization (period end) 2		75.3	%		82.5	%		62.9	%
Average utilization 2		75.4	%		81.0	%		67.0	%

Gross Enviroplex sales revenues were $22,615, $24,162 and $32,095 in 2022, 2021 and 2020, respectively. There were $2,422, $992 and $969 inter-segment sales to Mobile Modular in 2023, 2022 and 2021, respectively, which have been eliminated in consolidation.

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.

No single customer accounted for more than 10% of total revenues during 2023, 2022 and 2021. Revenue from foreign country customers accounted for 3% of the Company’s total revenues for 2023 and 4% for years 2022 and 2021.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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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 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Summarized Financial Information for Company's Reportable Segments

Leases - Summary of Supplemental Cash flow Information Related to Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 6,441	$ 5,863
Right of use assets obtained in exchange for lease obligations:
Operating leases	$ 10,058	$ 3,284

Acquisitions - Additional Information (Detail) $ in Thousands					12 Months Ended
	Jul. 01, 2023 USD ($) PortableStorage	Apr. 01, 2023 USD ($) PortableStorage	Mar. 01, 2023 USD ($) PortableStorage	Feb. 01, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Combined acquired goodwill					$ 323,224	$ 106,403
Goodwill deductible for tax purpose, period					15 years
Intangible assets					$ 64,588	$ 35,431
Combined federal and state tax rate					26.50%
Trade Name [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life						8 years
Non-compete Agreements [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life					5 years	5 years
Vesta Modular [Member]
Business Acquisition [Line Items]
Purchase of assets				$ 437,200
Business acquisition, transaction costs				7,700
Purchase price				437,210
Combined acquired goodwill				$ 211,178
Vesta Modular [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life				11 years
Vesta Modular [Member] \| Trade Name [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life					9 months
Brekke Storage [Member]
Business Acquisition [Line Items]
Business acquisition, transaction costs			$ 200
Increased number of portable storage \| PortableStorage			2,700
Purchase price			$ 16,382
Combined acquired goodwill			$ 4,083
Brekke Storage [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			8 years
Vesta Modular, Brekke Storage and Dixie Storage [Member]
Business Acquisition [Line Items]
Combined acquired goodwill					$ 216,800
Dixie Storage [Member]
Business Acquisition [Line Items]
Business acquisition, transaction costs		$ 100
Increased number of portable storage \| PortableStorage		800
Purchase price		$ 4,751
Purchase price including acquisition costs		4,900
Combined acquired goodwill		$ 1,555
Dixie Storage [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life		9 years
Inland Leasing [Member]
Business Acquisition [Line Items]
Increased number of portable storage \| PortableStorage	600
Purchase price	$ 3,800
Rental equipment	3,000
Intangible assets	$ 700

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Summarized financial information from continuing operations for the years ended December 31, 2023, 2022 and 2021, for the Company’s reportable segments is shown in the following tables:


(dollar amounts in thousands)	Mobile Modular			Portable Storage			TRS- RenTelco			Enviroplex 1			Consolidated
Year Ended December 31,
2023
Rental revenues	$	285,553		$	74,536		$	114,247		$	—		$	474,336
Rental related services revenues		114,511			20,510			3,139		—				138,160
Sales and other revenues		162,172			6,091			30,891			20,192			219,346
Total revenues		562,236			101,137			148,277			20,192			831,842
Depreciation of rental equipment		36,921			3,514			48,477		—				88,912
Gross profit		257,921			68,880			62,604			4,228			393,633
Selling and administrative expenses		(138,574	)		(31,537	)		(30,962	)		(6,466	)		(207,539	)
Other income		2,329			457			832			—			3,618
Income (loss) from operations		121,676			37,800			32,474			(2,238	)		189,712
Interest expense (income) allocation		29,724			4,950			8,146			(2,260	)		40,560
Income before provision for income taxes		91,952			32,850			24,638			22			149,462
Rental equipment acquisitions		176,200			27,967			28,945		—				233,112
Accounts receivable, net (period end)		175,360			16,057			25,511			10,440			227,368
Rental equipment, at cost (period end)		1,291,093			236,123			377,587		—				1,904,803
Rental equipment, net book value (period end)		967,712			217,315			144,296		—				1,329,323
Utilization (period end) 2		79.4	%		71.5	%		55.9	%
Average utilization 2		79.7	%		77.3	%		58.9	%


Segment Data (Continued) (dollar amounts in thousands)	Mobile Modular			Portable Storage			TRS- RenTelco			Enviroplex 1			Consolidated
Year Ended December 31,
2022
Rental revenues	$	206,070		$	62,218		$	121,375		$	—		$	389,663
Rental related services revenues		74,756			17,095			3,112		—				94,963
Sales and other revenues		98,385			3,193			26,291			23,170			151,039
Total revenues		379,211			82,506			150,778			23,170			635,665
Depreciation of rental equipment		28,373			2,799			49,253		—				80,425
Gross profit		161,885			55,302			67,899			5,122			290,208
Selling and administrative expenses		(85,769	)		(24,465	)		(27,245	)		(5,435	)		(142,914	)
Income (loss) from operations		76,116			30,837			40,654			(313	)		147,294
Interest expense (income) allocation		8,657			1,518			3,294			(1,239	)		12,230
Income before provision for income taxes		67,459			29,319			36,982			926			134,686
Rental equipment acquisitions		87,535			34,072			69,928		—				191,535
Accounts receivable, net (period end)		124,184			14,923			26,442			4,302			169,851
Rental equipment, at cost (period end)		929,636			193,632			398,267		—				1,521,535
Rental equipment, net book value (period end)		637,151			178,241			174,924		—				990,316
Utilization (period end) 2		80.3	%		82.6	%		59.4	%
Average utilization 2		78.0	%		84.8	%		64.2	%

2021
Rental revenues	$	175,626		$	44,943		$	113,419		$	—		$	333,988
Rental related services revenues		59,756			12,574			2,880		—				75,210
Sales and other revenues		65,983			4,434			23,895			31,081			125,393
Total revenues		301,365			61,951			140,194			31,081			534,591
Depreciation of rental equipment		25,852			2,219			47,374		—				75,445
Gross profit		136,618			39,422			61,394			9,888			247,322
Selling and administrative expenses		(72,091	)		(20,512	)		(25,152	)		(5,303	)		(123,058	)
Income from operations		64,526			18,910			36,243			4,585			124,264
Interest expense (income) allocation		5,553			880			2,270			(459	)		8,244
Income before benefit for income taxes		58,973			18,030			33,763			5,044			115,810
Rental equipment acquisitions		151,625			36,767			61,097		—				249,489
Accounts receivable, net (period end)		101,839			10,456			22,115			8,711			143,121
Rental equipment, at cost (period end)		879,272			160,822			361,391		—				1,401,485
Rental equipment, net book value (period end)		603,497			148,040			161,900		—				913,437
Utilization (period end) 2		75.3	%		82.5	%		62.9	%
Average utilization 2		75.4	%		81.0	%		67.0	%

Leases - Additional Information (Detail) - USD ($)	12 Months Ended
Leases - Additional Information (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
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	$ 14,800,000	$ 11,600,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Prepaid expenses and other assets	Prepaid expenses and other assets
Operating lease liabilities	$ 14,773,000	$ 11,600,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Operating lease expense	$ 6,700,000
Short term lease expense	$ 100,000
Weighted-average remaining lease term for operating leases	3 years 6 months
Weighted-average discount rate for operating leases	4.94%
Sub-lease income	$ 0
Finance lease liability	$ 0
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities
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	$ 564,100,000
Operating lease revenue	561,500,000
Finance lease revenue	2,600,000
Finance lease revenue, sales revenue	2,200,000
Finance lease revenue, interest income	$ 400,000
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

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Organization

Agreement and Plan of Merger with WillScot Mobile Mini Holdings Corp.

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

return on the unrecovered lease investment. Other revenues include interest income on sales-type leases and rental income on facility leases.

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 and kitchen 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

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 from continuing operations consist of the following:


(dollar amounts in thousands)	Estimated useful life	December 31,
	in years	2023			2022
Land	Indefinite	$	75,143		$	61,487
Land improvements	20 – 50		65,931			65,451
Buildings	30		35,360			34,055
Furniture, office equipment and software	3 – 10		30,039			33,845
Vehicles and machinery	5 – 25		35,233			27,419
			241,706			222,257
Less: accumulated depreciation			(87,399	)		(84,447	)
			154,307			137,810
Construction in progress			14,807			903
		$	169,114		$	138,713

Capitalized Software Costs

Shipping Costs

The Company includes third party costs to deliver rental equipment to customers in costs of rental related services and costs of sales.

Advertising Costs

Advertising costs are expensed as incurred. Total advertising expenses were $5.9 million, $5.0 million and $5.1 million for the years ended December 31, 2023, 2022 and 2021.

Income Taxes

Goodwill and Intangible Assets

Earnings Per Share


(in thousands)	Year Ended December 31,
	2023		2022		2021
Weighted-average common stock for calculating basic earnings per share		24,469		24,353		24,220
Effect of potentially dilutive securities from equity-based compensation		60		166		295
Weighted-average common stock for calculating diluted earnings per share		24,529		24,519		24,515

In 2023, 2022 and 2021, 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

The allowance for credit loss activity was as follows:


(in thousands)	2023			2022
Beginning balance, January 1	$	2,300		$	2,125
Provision for credit losses		2,633			837
Acquired reserve from Vesta Modular (see Note 4)		250			—
Derecognition of reserve from discontinued operations (see Note 5)		(450	)		—
Write-offs, net of recoveries		(1,932	)		(662	)
Ending balance, December 31	$	2,801		$	2,300

Net investment in sales-type leases

Net Investment in Sales-Type Leases

Fair Value of Financial Instruments

Foreign Currency Transactions and Translation

Share-Based Compensation

Use of Estimates

Income Tax Position

Segment Reporting

Related Party Transactions - Additional Information (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party [Member]
Related Party Transaction [Line Items]
Amount due from (to) related party	$ 0	$ 0	$ 0

Discontinued Operations - Schedule of Assets and Liabilities on Discontinued Operations Reported in Condensed Consolidated Balance Sheets (Parenthetical (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Adler Tank Rentals, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Allowance for credit losses	$ 450

Goodwill and Intangible Assets - Summary of Intangible Assets from Continuing Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Cost	$ 85,773	$ 56,680
Accumulated amortization	(21,356)	(21,420)
Net book value	64,417	35,260
Indefinite, cost	171	5,871
Indefinite, net book value	171	5,871
Total, cost	85,944	62,551
Total, accumulated amortization	(21,356)	(21,420)
Total, net book value	$ 64,588	$ 41,131
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Average remaining life in years	7 years 9 months 18 days	6 years 3 months 18 days
Cost	$ 73,217	$ 50,284
Accumulated amortization	(17,003)	(18,098)
Net book value	$ 56,214	$ 32,186
Customer Relationships [Member] \| Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years	8 years
Customer Relationships [Member] \| Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	11 years	11 years
Non-compete Agreements [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	5 years	5 years
Average remaining life in years	3 years 8 months 12 days	3 years 2 months 12 days
Cost	$ 10,556	$ 3,296
Accumulated amortization	(3,141)	(1,159)
Net book value	$ 7,415	2,137
Customer Backlog [Member]
Finite Lived Intangible Assets [Line Items]
Cost		1,900
Accumulated amortization		$ (1,900)
Trade Name [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years		8 years
Average remaining life in years	5 years 3 months 18 days	6 years 3 months 18 days
Cost	$ 2,000	$ 1,200
Accumulated amortization	(1,212)	(263)
Net book value	$ 788	$ 937
Trade Name [Member] \| Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	9 months
Trade Name [Member] \| Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Summary of Results of Discontinued Operations Reported in Consolidated Statements of Income and Balance Sheets

The following table presents the results of Adler Tanks as reported in income from discontinued operations within the Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021:


(dollar amounts in thousands)	Year Ended December 31,
	2023			2022			2021
Revenues
Rental	$	6,520		$	66,366		$	56,025
Rental related services		2,584			27,654			22,851
Rental operations		9,104			94,020			78,876
Sales		269			2,933			2,930
Other		65			1,205			436
Total revenues		9,438			98,158			82,242
Costs and Expenses
Direct costs of rental operations:
Depreciation of rental equipment		1,325			16,004			16,442
Rental related services		2,020			20,947			18,534
Other		1,270			12,422			11,492
Total direct costs of rental operations		4,614			49,373			46,468
Costs of sales		159			2,085			2,075
Total costs of revenues		4,773			51,458			48,543
Gross Profit
Rental		3,926			37,940			28,091
Rental related services		564			6,707			4,317
Rental operations		4,490			44,647			32,408
Sales		110			848			855
Other		65			1,205			436
Total gross profit		4,665			46,700			33,699
Selling and administrative expenses		(2,582	)		(28,428	)		(25,542	)
Income from operations		2,083			18,272			8,157
Interest expense allocation		(374	)		(2,938	)		(2,211	)
Income from discontinued operations before provision for income taxes		1,709			15,334			5,946
Provision for income taxes from discontinued operations		453			3,505			1,326
Income from discontinued operations	$	1,256		$	11,829		$	4,620

The following table presents the carrying value of the divested business' assets and liabilities as presented within assets and liabilities of discontinued operations on the Consolidated Balance Sheets as of December 31, 2022:


	December 31,
(in thousands)	2022
Assets
Accounts receivable, net of allowance for credit losses of $450	$	20,086
Rental equipment, net		137,738
Property, plant and equipment, net		6,632
Prepaid expenses and other assets		191
Intangible assets, net		5,700
Goodwill		25,902
Total assets of discontinued operations	$	196,249
Liabilities
Accounts payable and accrued liabilities	$	9,621
Deferred income taxes, net		43,550
Total liabilities of discontinued operations	$	53,171

Schedule of Operating and Investing Items Related to Discontinued Operations

For the years ended December 31, 2023 and 2022, significant operating and investing items related to Adler Tanks were as follows:


	December 31,			December 31,
(in thousands)	2023			2022
Operating activities of discontinued operations:
Depreciation and amortization	$	1,457		$	17,704
Gain on sale of used rental equipment		(111	)		(704	)
Investing activities of discontinued operations:
Proceeds from sales of used rental equipment		269			2,374
Purchases of rental equipment		(25	)		(3,624	)
Purchases of property, plant and equipment		(40	)		(10,255	)

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Notes Payable - Additional Information (Detail) - USD ($)						12 Months Ended
	Sep. 27, 2023	Jun. 08, 2023	Jul. 15, 2022	Jun. 16, 2021	Mar. 17, 2021	Dec. 31, 2023	Dec. 31, 2022	Aug. 19, 2022
Debt Instrument [Line Items]
Consolidated Fixed Charge Coverage Ratio						2.50%
Consolidated Fixed Charge Coverage Ratio, actual						3.33%
Consolidated Leverage Ratio						275.00%
Consolidated Leverage Ratio, actual						2.34%
Senior notes principal balance outstanding						$ 763,000,000	$ 413,775,000
Note Purchase Agreement [Member] \| Notes Issued March 17, 2021 and Due March 17, 2028 [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes		$ 40,000,000
Senior notes interest rate		2.57%
Debt instrument, maturity date						Mar. 17, 2028
Note Purchase Agreement [Member] \| Notes Issued June 16, 2021 And Due June 16, 2026 [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes		$ 60,000,000
Senior notes interest rate		2.35%
Debt instrument, maturity date						Jun. 16, 2026
Shelf Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes		$ 300,000,000
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) $300 million minus (y) the amount of other notes (such as the Series D Senior Notes, Series E Senior Notes and Series F 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.
2.57% Series D senior notes due in 2028 [Member] \| Series C Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes					$ 40,000,000
Senior notes interest rate					2.57%	2.57%	2.57%
Debt instrument, maturity date						Mar. 17, 2028
Senior notes description						Interest on the Series D Senior Notes is payable semi-annually beginning on September 17, 2021 and continuing thereafter on March 17 and September 17 of each year until maturity.
Senior notes interest payment						semi-annually
Debt instrument, date of first required payment						Sep. 17, 2021
Senior notes principal balance outstanding						$ 40,000,000	$ 40,000,000
Notes payable amount net						$ 40,000,000
2.35% Series E senior notes due in 2026 [Member] \| Series E Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes				$ 60,000,000
Senior notes interest rate				2.35%		2.35%	2.35%
Debt instrument, maturity date						Jun. 16, 2026
Senior notes description						Interest on the Series E Senior Notes is payable semi-annually beginning on December 16, 2021 and continuing thereafter on June 16 and December 16 of each year until maturity.
Senior notes interest payment						semi-annually
Debt instrument, date of first required payment						Dec. 16, 2021
Senior notes principal balance outstanding						$ 60,000,000	$ 60,000,000
6.25% Series F senior notes due in 2030 [Member] \| Series F Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes	$ 75,000,000
Senior notes interest rate	6.25%					6.25%	6.25%
Debt instrument, maturity date						Sep. 27, 2030
Senior notes description						Interest on the Series F Senior Notes is payable semi-annually beginning on March 27, 2024 and continuing thereafter on September 27 and March 27 of each year until maturity.
Senior notes interest payment						semi-annually
Senior notes principal balance outstanding						$ 75,000,000
Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum			$ 650,000,000
Revolving credit facility, maturity date						Jul. 15, 2027
Additional senior notes indebtedness			250,000
Consolidated Fixed Charge Coverage Ratio						2.50%
Debt instrument description of variable rate basis						(i) SOFR 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 SOFR loans and 0% to 0.75% for base rate loans. In addition, the Company pays an unused commitment fee for the portion of the $650.0 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, 2023 and 2022, the applicable margins were 1.25% for SOFR 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 $20.0 million facility not used.
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] \| Minimum [Member]
Debt Instrument [Line Items]
Leverage ratio						1.00%
Credit Facility [Member] \| SOFR Loans [Member]
Debt Instrument [Line Items]
Debt instrument interest rate at period end						1.25%	1.25%
Credit Facility [Member] \| SOFR 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]
Revolving credit facility, maturity date						Jul. 15, 2027
Credit Facility [Member] \| Treasury Sweep Note Due July FifteenTwo Thousand Twenty Seven [Member]
Debt Instrument [Line Items]
Credit facility, indebtedness			20,000
Revolving credit facility, maturity date						Jul. 15, 2027
Credit Facility [Member] \| Notes Issued March 17, 2021 and Due March 17, 2028 [Member]
Debt Instrument [Line Items]
Revolving credit facility, maturity date						Mar. 17, 2028
Credit facility, aggregate outstanding principal			40,000,000
Credit Facility [Member] \| Notes Issued November 5, 2015 And Paid November 5, 2022 [Member]
Debt Instrument [Line Items]
Revolving credit facility, maturity date						Nov. 05, 2022
Credit facility, aggregate outstanding principal			60,000,000
Credit Facility [Member] \| Notes Issued June 16, 2021 And Due June 16, 2026 [Member]
Debt Instrument [Line Items]
Revolving credit facility, maturity date						Jun. 16, 2026
Credit facility, aggregate outstanding principal			60,000,000
Credit Facility [Member] \| Sweep Service Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum						$ 650,000,000
Credit facility, aggregate outstanding principal						588,000,000
Unused commitment fees						$ 20,000,000.0
Credit Facility [Member] \| One or More Tranches [Member]
Debt Instrument [Line Items]
Revolving credit facility, available maximum borrowing capacity			950,000,000
Letters of Credit [Member]
Debt Instrument [Line Items]
Credit facility, maximum			40,000,000
Swingline Loans [Member]
Debt Instrument [Line Items]
Credit facility, maximum			20,000,000
Unsecured revolving credit facility before Renewal [Member]
Debt Instrument [Line Items]
Credit facility, maximum			$ 420,000,000
Consolidated Fixed Charge Coverage Ratio, actual						3.31%
Consolidated Leverage Ratio						2.75%
Consolidated Leverage Ratio, actual						2.35%
Unused commitment fees						$ 650,000,000
Unsecured revolving credit facility before Renewal [Member] \| MUFG Union Bank, N.A [Member]
Debt Instrument [Line Items]
Credit facility, maximum								$ 20,000,000

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 831,842	$ 635,665	$ 534,591
Sales [Member]
Segment Reporting Information [Line Items]
Sales revenues	207,165	147,720	122,305
Operating Segments [Member] \| Enviroplex [Member] \| Sales [Member]
Segment Reporting Information [Line Items]
Revenues		22,615	24,162	$ 32,095
Inter-segment Eliminations [Member] \| Mobile Modular [Member]
Segment Reporting Information [Line Items]
Sales revenues	$ (2,422)	$ (992)	$ (969)

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

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).

Schedule of Income Before Provision (Benefit) for Income Taxes

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

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


(in thousands)	Year Ended December 31,
	2023		2022		2021
U.S.	$	234,188	$	149,759	$	121,660
Foreign		228		261		96
	$	234,416	$	150,020	$	121,756

Provision (Benefit) for Income Taxes

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


(in thousands)	Year Ended December 31,
	2023			2022			2021
Current:
U.S. Federal	$	57,176		$	19,480		$	(1,692	)
State		(5,587	)		8,708			5,360
Foreign		1,847			2,208			2,035
		53,436			30,396			5,703
Deferred:
U.S. Federal		4,892			4,563			23,433
State		1,481			(68	)		2,896
Foreign		(14	)		(9	)		19
		6,359			4,486			26,348
Total	$	59,795		$	34,882		$	32,051

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,
	2023			2022			2021
U.S. federal statutory rate		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit		4.9			4.9			5.1
State deferred tax apportionment change, net of federal benefit		(0.2	)		(1.1	)		1.6
Non-deductible transaction costs		0.3			—			—
Non-deductible executive compensation		0.4			0.6			0.8
Share-based compensation		(1.2	)		(1.7	)		(2.1	)
Enactment of the Tax Cuts and Jobs Act		(0.2	)		(0.2	)		—
Other		0.5			(0.2	)		(0.1	)
		25.5	%		23.3	%		26.3	%

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

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,
	2023		2022
Deferred tax liabilities:
Accelerated depreciation	$	273,503	$	249,568
Prepaid costs currently deductible		12,567		8,646
Other		6,767		8,124
Total deferred tax liabilities		292,837		266,338
Deferred tax assets:
Accrued costs not yet deductible		13,742		12,207
Allowance for doubtful accounts		713		588
Net operating loss carry-forward		28,670		—
Deferred revenues		5,439		4,069
Share-based compensation		2,718		2,563
Total deferred tax assets, net of valuation allowance of $0.2 million in 2023 and 2022		51,282		19,427
Deferred income taxes, net	$	241,555	$	246,911

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

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 and kitchen 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

Property, Plant and Equipment from Continuing Operations

Property, plant and equipment from continuing operations consist of the following:


(dollar amounts in thousands)	Estimated useful life	December 31,
	in years	2023			2022
Land	Indefinite	$	75,143		$	61,487
Land improvements	20 – 50		65,931			65,451
Buildings	30		35,360			34,055
Furniture, office equipment and software	3 – 10		30,039			33,845
Vehicles and machinery	5 – 25		35,233			27,419
			241,706			222,257
Less: accumulated depreciation			(87,399	)		(84,447	)
			154,307			137,810
Construction in progress			14,807			903
		$	169,114		$	138,713

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,
	2023		2022		2021
Weighted-average common stock for calculating basic earnings per share		24,469		24,353		24,220
Effect of potentially dilutive securities from equity-based compensation		60		166		295
Weighted-average common stock for calculating diluted earnings per share		24,529		24,519		24,515

Summary of Allowance for Credit loss Activity

The allowance for credit loss activity was as follows:


(in thousands)	2023			2022
Beginning balance, January 1	$	2,300		$	2,125
Provision for credit losses		2,633			837
Acquired reserve from Vesta Modular (see Note 4)		250			—
Derecognition of reserve from discontinued operations (see Note 5)		(450	)		—
Write-offs, net of recoveries		(1,932	)		(662	)
Ending balance, December 31	$	2,801		$	2,300

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 12. 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,
2024	$	6,270
2025		4,702
2026		2,125
2027		516
2028		270
Thereafter		1,119
	$	15,002

Facility rent expense was $10.8 million in 2023, $7.0 million in 2022 and $5.6 million in 2021.

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 to impact the amounts previously accrued and the Company may be required to increase or decrease the amounts previously accrued. At December 31, 2023 and 2022, accruals for the Company’s health and workers’ compensation high deductible plans were $1.6 million and $2.0 million, respectively.

Segment Reporting - Additional Information (Detail)	12 Months Ended
Segment Reporting - Additional Information (Detail)	Dec. 31, 2023 Segment Customer	Dec. 31, 2022 Customer	Dec. 31, 2021 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	3.00%	4.00%	4.00%

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

$ 474,336

$ 389,663

$ 333,988

138,160

94,963

75,210

219,346

151,039

125,393

831,842

635,665

534,591

88,912

80,425

75,445

393,633

290,208

247,322

(207,539)

(142,914)

(123,058)

3,618

189,712

147,294

124,264

40,560

12,230

8,244

149,462

134,686

115,810

233,112

191,535

249,489

227,368

169,851

143,121

1,904,803

1,521,535

1,401,485

1,329,323

990,316

913,437

Mobile Modular [Member]

285,553

206,070

175,626

114,511

74,756

59,756

162,172

98,385

65,983

562,236

379,211

301,365

36,921

28,373

25,852

257,921

161,885

136,618

(138,574)

(85,769)

(72,091)

2,329

121,676

76,116

64,526

29,724

8,657

5,553

91,952

67,459

58,973

176,200

87,535

151,625

175,360

124,184

101,839

1,291,093

929,636

879,272

Portable Storage [Member]

$ 967,712

$ 637,151

$ 603,497

Utilization (period end)

^[1]

79.40%

80.30%

75.30%

Average utilization

^[1]

79.70%

78.00%

75.40%

$ 74,536

$ 62,218

$ 44,943

20,510

17,095

12,574

6,091

3,193

4,434

101,137

82,506

61,951

3,514

2,799

2,219

68,880

55,302

39,422

(31,537)

(24,465)

(20,512)

457

37,800

30,837

18,910

4,950

1,518

880

32,850

29,319

18,030

27,967

34,072

36,767

16,057

14,923

10,456

236,123

193,632

160,822

$ 217,315

$ 178,241

$ 148,040

Utilization (period end)

^[1]

71.50%

82.60%

82.50%

Average utilization

^[1]

77.30%

84.80%

81.00%

TRS-RenTelco [Member]

$ 114,247

$ 121,375

$ 113,419

3,139

3,112

2,880

30,891

26,291

23,895

148,277

150,778

140,194

48,477

49,253

47,374

62,604

67,899

61,394

(30,962)

(27,245)

(25,152)

832

32,474

40,654

36,243

8,146

3,294

2,270

24,638

36,982

33,763

28,945

69,928

61,097

25,511

26,442

22,115

377,587

398,267

361,391

$ 144,296

$ 174,924

$ 161,900

Utilization (period end)

^[1]

55.90%

59.40%

62.90%

Average utilization

^[1]

58.90%

64.20%

67.00%

Enviroplex [Member]

^[2]

$ 20,192

$ 23,170

$ 31,081

^[2]

20,192

23,170

31,081

^[2]

4,228

5,122

9,888

^[2]

(6,466)

(5,435)

(5,303)

^[2]

(2,238)

(313)

4,585

^[2]

(2,260)

(1,239)

(459)

^[2]

926

5,044

Related Party Transactions

^[2]

$ 10,440

$ 4,302

$ 8,711

[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 $22,615, $24,162 and $32,095 in 2022, 2021 and 2020, respectively. There were $2,422, $992 and $969 inter-segment sales to Mobile Modular in 2023, 2022 and 2021, respectively, which have been eliminated in consolidation.

Related Party Transactions

12 Months Ended

Dec. 31, 2023

NOTE 14. RELATED PARTY TRANSACTIONS

There were no significant related party transactions in the years ended December 31, 2023, 2022 and 2021, or amounts owed to related parties at such dates.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 5
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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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, 2020	$ 682,604	$ 106,289	$ 576,419	$ (104)
Balance, Shares at Dec. 31, 2020		24,128,000
Net income	89,705		89,705
Share-based compensation	7,666	$ 7,666
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		132,000
Taxes paid related to net share settlement of stock awards	(5,345)	$ (5,345)
Dividends accrued at $1.74, $1.82 and $1.86 per share in 2021, 2022 and 2023	(42,659)		(42,659)
Other comprehensive income (loss)	50			50
Balance at Dec. 31, 2021	732,021	$ 108,610	623,465	(54)
Balance, Shares at Dec. 31, 2021		24,260,000
Net income	115,138		115,138
Share-based compensation	8,009	$ 8,009
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		128,000
Taxes paid related to net share settlement of stock awards	(6,539)	$ (6,539)
Dividends accrued at $1.74, $1.82 and $1.86 per share in 2021, 2022 and 2023	(44,660)		(44,660)
Other comprehensive income (loss)	(24)			(24)
Balance at Dec. 31, 2022	$ 803,945	$ 110,080	693,943	(78)
Balance, Shares at Dec. 31, 2022	24,388,000	24,388,000
Net income	$ 174,621		174,621
Share-based compensation	8,275	$ 8,275
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		108,000
Taxes paid related to net share settlement of stock awards	(7,233)	$ (7,233)
Dividends accrued at $1.74, $1.82 and $1.86 per share in 2021, 2022 and 2023	(45,768)		(45,768)
Other comprehensive income (loss)	(38)			(38)
Balance at Dec. 31, 2023	$ 933,802	$ 111,122	$ 822,796	$ (116)
Balance, Shares at Dec. 31, 2023	24,496,000	24,496,000

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

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Income Taxes - Deferred Income Taxes Related to Temporary Differences between Tax Bases of Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred tax assets, valuation allowance	$ 0.2	$ 0.2

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash	$ 877	$ 957
Accounts receivable, net of allowance for credit losses of $2,801 at December 31, 2023 and $2,300 at December 31, 2022	227,368	169,937
Rental equipment, at cost:
Relocatable modular buildings	1,291,093	938,081
Portable storage containers	236,123	185,187
Electronic test equipment	377,587	398,267
Rental equipment, gross	1,904,803	1,521,535
Less: accumulated depreciation	(575,480)	(531,218)
Rental equipment, net	1,329,323	990,317
Property, plant and equipment, net	169,114	138,713
Prepaid expenses and other assets	102,789	69,837
Intangible assets, net	64,588	35,431
Goodwill	323,224	106,403
Assets of discontinued operations		196,249
Total assets	2,217,283	1,707,844
Liabilities:
Notes payable	762,975	413,742
Accounts payable and accrued liabilities	167,523	151,208
Deferred income	111,428	82,417
Deferred income taxes, net	241,555	203,361
Liabilities of discontinued operations		53,171
Total liabilities	1,283,481	903,899
Commitments and contingencies (Note 12)
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,496 shares as of December 31, 2023 and 24,388 shares as of December 31, 2022	111,122	110,080
Retained earnings	822,796	693,943
Accumulated other comprehensive loss	(116)	(78)
Total shareholders’ equity	933,802	803,945
Total liabilities and shareholders’ equity	$ 2,217,283	$ 1,707,844

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 9. INCOME TAXES

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


(in thousands)	Year Ended December 31,
	2023		2022		2021
U.S.	$	234,188	$	149,759	$	121,660
Foreign		228		261		96
	$	234,416	$	150,020	$	121,756

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


(in thousands)	Year Ended December 31,
	2023			2022			2021
Current:
U.S. Federal	$	57,176		$	19,480		$	(1,692	)
State		(5,587	)		8,708			5,360
Foreign		1,847			2,208			2,035
		53,436			30,396			5,703
Deferred:
U.S. Federal		4,892			4,563			23,433
State		1,481			(68	)		2,896
Foreign		(14	)		(9	)		19
		6,359			4,486			26,348
Total	$	59,795		$	34,882		$	32,051

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


	Year Ended December 31,
	2023			2022			2021
U.S. federal statutory rate		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit		4.9			4.9			5.1
State deferred tax apportionment change, net of federal benefit		(0.2	)		(1.1	)		1.6
Non-deductible transaction costs		0.3			—			—
Non-deductible executive compensation		0.4			0.6			0.8
Share-based compensation		(1.2	)		(1.7	)		(2.1	)
Enactment of the Tax Cuts and Jobs Act		(0.2	)		(0.2	)		—
Other		0.5			(0.2	)		(0.1	)
		25.5	%		23.3	%		26.3	%


(in thousands)	December 31,
	2023		2022
Deferred tax liabilities:
Accelerated depreciation	$	273,503	$	249,568
Prepaid costs currently deductible		12,567		8,646
Other		6,767		8,124
Total deferred tax liabilities		292,837		266,338
Deferred tax assets:
Accrued costs not yet deductible		13,742		12,207
Allowance for doubtful accounts		713		588
Net operating loss carry-forward		28,670		—
Deferred revenues		5,439		4,069
Share-based compensation		2,718		2,563
Total deferred tax assets, net of valuation allowance of $0.2 million in 2023 and 2022		51,282		19,427
Deferred income taxes, net	$	241,555	$	246,911

The net deferred income tax liability presented in the table above for the period ended December 31, 2022, included a net deferred tax liability of $43.6 million related to the divested Adler Tanks segment and is included in Liabilities of discontinued operations on the Consolidated Balance Sheets. As of December 31, 2023, the current and deferred tax liabilities from discontinued operations of $64.8 million were paid in full and no future tax obligations pertaining to the Adler Tanks segment remain.

The Company's tax loss carryforwards for the year ended December 31, 2023, were $129.2 million and $32.2 million for federal and state jurisdictions, respectively, which are expected to result in a future federal and state tax benefit of $27.1 million and $1.5 million, respectively. The availability of these tax losses to offset future income varies by jurisdiction. Furthermore, the ability to utilize the tax losses may be subject to additional limitations. The company’s federal net operating loss carryforwards have an indefinite carryforward period. The company’s state net operating loss carryforwards have differing carryforward periods. The Company anticipates that the available net operating losses as of December 31, 2023, will be utilized prior to their respective expiration dates.

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, 2023, the Company’s foreign net operating losses for tax purposes were $0.6 million. If not realized, these carry forwards will expire in 2024.

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 2023, 2022 and 2021 exercise of share-based awards by employees resulted in an excess tax benefit of $2.7 million, $2.6 million and $2.5 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, 2023 and 2022. In addition, there have been no material changes in unrecognized benefits during 2023, 2022 and 2021.

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.

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. 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 2019.

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, 2023, 2022 and 2021.

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.

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Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations

NOTE 5. DISCONTINUED OPERATIONS

On February 1, 2023, the Company completed the sale of Adler Tank Rentals, LLC to Ironclad Environmental Solutions, Inc. ("Ironclad"), a portfolio company of Kinderhook Industries, for a sale price of $268.0 million. The total transaction costs incurred from the divestiture was $6.7 million and $2.1 million during the years ended December 31, 2023 and 2022, respectively. The divestiture of the Company's Adler Tanks business represents the Company's strategic shift to concentrate its operations on its core modular and storage businesses. The sale price was subject to certain adjustments, including net working capital, certain qualified capital expenditures and certain transaction expenses to be borne by the Company. In connection with the sale, the Company entered into a number of ancillary agreements, including an escrow agreement associated with net working capital adjustments, a restricted covenant agreement, a transition services agreement, and a number of leases whereby Ironclad or one of its affiliates would be a lessee to certain properties owned by the Company that the Adler Tanks business would continue to utilize after the sale. These ancillary agreements do not provide for continued involvement by the Company in Adler Tanks. In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations and ASC 360, Property, Plant and Equipment, the Company determined that the criteria for the presentation of discontinued operations and held-for-sale, respectively, were met during the first quarter of 2023.


(dollar amounts in thousands)	Year Ended December 31,
	2023			2022			2021
Revenues
Rental	$	6,520		$	66,366		$	56,025
Rental related services		2,584			27,654			22,851
Rental operations		9,104			94,020			78,876
Sales		269			2,933			2,930
Other		65			1,205			436
Total revenues		9,438			98,158			82,242
Costs and Expenses
Direct costs of rental operations:
Depreciation of rental equipment		1,325			16,004			16,442
Rental related services		2,020			20,947			18,534
Other		1,270			12,422			11,492
Total direct costs of rental operations		4,614			49,373			46,468
Costs of sales		159			2,085			2,075
Total costs of revenues		4,773			51,458			48,543
Gross Profit
Rental		3,926			37,940			28,091
Rental related services		564			6,707			4,317
Rental operations		4,490			44,647			32,408
Sales		110			848			855
Other		65			1,205			436
Total gross profit		4,665			46,700			33,699
Selling and administrative expenses		(2,582	)		(28,428	)		(25,542	)
Income from operations		2,083			18,272			8,157
Interest expense allocation		(374	)		(2,938	)		(2,211	)
Income from discontinued operations before provision for income taxes		1,709			15,334			5,946
Provision for income taxes from discontinued operations		453			3,505			1,326
Income from discontinued operations	$	1,256		$	11,829		$	4,620


	December 31,
(in thousands)	2022
Assets
Accounts receivable, net of allowance for credit losses of $450	$	20,086
Rental equipment, net		137,738
Property, plant and equipment, net		6,632
Prepaid expenses and other assets		191
Intangible assets, net		5,700
Goodwill		25,902
Total assets of discontinued operations	$	196,249
Liabilities
Accounts payable and accrued liabilities	$	9,621
Deferred income taxes, net		43,550
Total liabilities of discontinued operations	$	53,171

For the years ended December 31, 2023 and 2022, significant operating and investing items related to Adler Tanks were as follows:


	December 31,			December 31,
(in thousands)	2023			2022
Operating activities of discontinued operations:
Depreciation and amortization	$	1,457		$	17,704
Gain on sale of used rental equipment		(111	)		(704	)
Investing activities of discontinued operations:
Proceeds from sales of used rental equipment		269			2,374
Purchases of rental equipment		(25	)		(3,624	)
Purchases of property, plant and equipment		(40	)		(10,255	)

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Rental	$ 474,336	$ 389,663	$ 333,988
Rental related services	138,160	94,963	75,210
Rental operations	612,496	484,626	409,198
Total revenues	831,842	635,665	534,591
Direct costs of rental operations:
Depreciation of rental equipment	88,912	80,425	75,445
Rental related services	96,628	68,846	55,722
Other	114,942	104,358	79,577
Total direct costs of rental operations	300,482	253,629	210,744
Costs of sales	137,727	91,828	76,525
Total costs of revenues	438,209	345,457	287,269
Gross profit	393,633	290,208	247,322
Selling and administrative expenses	(207,539)	(142,914)	(123,058)
Other income	3,618
Income from operations	189,712	147,294	124,264
Interest expense	(40,560)	(12,230)	(8,244)
Foreign currency exchange gain (loss)	310	(378)	(210)
Income from continuing operations before provision for income taxes	149,462	134,686	115,810
Provision for income taxes from continuing operations	37,610	31,377	30,725
Income from continuing operations	111,852	103,309	85,085
Discontinued operations:
Income from discontinued operations before provision for income taxes	1,709	15,334	5,946
Provision for income taxes from discontinued operations	453	3,505	1,326
Gain on sale of discontinued operations, net of tax	61,513
Income from discontinued operations	62,769	11,829	4,620
Net income	$ 174,621	$ 115,138	$ 89,705
Earnings per share from continuing operations:
Basic	$ 4.57	$ 4.24	$ 3.51
Diluted	4.56	4.21	3.47
Earnings per share from discontinued operations:
Basic	2.57	0.49	0.19
Diluted	2.56	0.48	0.19
Earnings per share:
Basic	7.14	4.73	3.7
Diluted	$ 7.12	$ 4.7	$ 3.66
Shares used in per share calculation:
Basic	24,469	24,353	24,220
Diluted	24,529	24,519	24,515
Cash dividends declared per share	$ 1.86	$ 1.82	$ 1.74
Sales [Member]
Revenues
Revenues	$ 207,165	$ 147,720	$ 122,305
Other [Member]
Revenues
Revenues	$ 12,181	$ 3,319	$ 3,088

Benefit Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2018	Dec. 31, 2020	Jun. 08, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 8,275,000	$ 8,009,000	$ 7,666,000
Tax benefit related to share-based compensation expense	2,200,000	2,200,000	2,100,000
Capitalized share-based compensation expense	$ 0	$ 0	$ 0
Stock option plans remain outstanding	240	139,350	274,630		409,410
Number of options, granted	0	0	0
Eligible period of service for participation in plan	2 months
Minimum age for employees to participate in KSOP	21 years
Dividends deducted	$ 500,000
Tax benefit from dividends	$ 100,000
Shares outstanding, employee stock ownership plan	249,468
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	1,123,946
Stock options granted	8,458,600
Stock options, exercise prices lower	$ 3.47
Stock options, exercise prices upper	$ 40.37
Purchase of shares	6,906,363
Stock option shares terminated	1,672,732
Stock option plans remain outstanding	240
Stock options outstanding, exercise price	$ 34.57
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	$ 9,400,000	$ 7,900,000	$ 7,000,000
Performance-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options vesting period	3 years			5 years
Percentage of vesting annually at anniversary				20.00%
Number of RSU's expected to vest	88,110
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%			60.00%
Service-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of RSU's expected to vest	83,567
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 4 months 24 days
Number of forfeitures expected	21,649	10,754	8,646
Total fair value of RSU's vested based on weighted average grant date values	$ 8,600,000	$ 9,300,000	$ 9,200,000
Stock-based compensation expense for restricted stock	8,300,000	$ 7,900,000	$ 7,300,000
Total unrecognized compensation expense net of forfeitures	$ 10,700,000
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%

Discontinued Operations - Schedule of Operating and Investing Items Related to Discontinued Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investing activities of discontinued operations:
Purchases of rental equipment	$ (229,679)	$ (187,689)	$ (114,145)
Purchases of property, plant and equipment	(43,989)	(17,617)	$ (2,680)
Adler Tank Rentals, LLC
Operating activities of discontinued operations:
Depreciation and amortization	1,457	17,704
Gain on sale of used rental equipment	(111)	(704)
Investing activities of discontinued operations:
Proceeds from sales of used rental equipment	269	2,374
Purchases of rental equipment	(25)	(3,624)
Purchases of property, plant and equipment	$ (40)	$ (10,255)

Leases - Future Minimum Lease Payments under Non-Cancelable Finance Leases (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 2,243
2025	884
2026	429
2027	96
Total minimum future lease payments	$ 3,652

Commitments and Contingencies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments And Contingencies [Line Items]
Operating lease expense	$ 6,700,000
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	1,600,000	$ 2,000,000
Facility [Member]
Commitments And Contingencies [Line Items]
Operating lease expense	$ 10,800,000	$ 7,000,000	$ 5,600,000

Discontinued Operations - Additional Information (Detail) - Adler Tank Rentals, LLC - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Feb. 01, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price			$ 268.0
Total transaction costs	$ 6.7	$ 2.1

New Accounting Pronouncements

12 Months Ended

Dec. 31, 2023

Accounting Changes and Error Corrections [Abstract]

New Accounting Pronouncements

NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS

On March 27, 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-01, Leases (Topic 842): Common Control Arrangements, which requires a lessee involved in a common control lease agreement to amortize leasehold improvements over the useful life of the improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the underlying asset. If the lessor obtains the right to control the use of the underlying asset through a lease with another entity not within the same control group, the amortization period cannot exceed the period of the common control group. Furthermore, the ASU requires the accounting for a transfer between entities under common control through an adjustment to equity when the lessee no longer controls the use of the underlying asset. The ASU is effective for fiscal years beginning after December 15, 2023. The Company is in the process of evaluating the financial statement impact of this ASU.

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280), which will require public companies to provide more transparency in both quarterly and annual reports about the expenses they incur from revenue generating reportable business segments. In addition, the ASU requires that a public entity disclose significant segment expenses that are regularly provided to the chief operating decision maker, an amount for

other segment items by reportable business segment, including a description of its composition, and the primary measures of a business segment's profit or loss in assessing segment performance. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the financial statement impact of this ASU.

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes—Improvements to Income Tax Disclosures (Topic 740), which will require Companies to disclose annually the specific categories in income tax rate reconciliations, provide additional information for reconciling items which meet a quantitative threshold, and disaggregate domestic and foreign income or loss from continuing operations. Additionally, this ASU will also require the disclosure of income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. This ASU is effective for fiscal years beginning after December 15, 2024, and applied on a prospective basis. The Company is in the process of evaluating the financial statement impact of this ASU.

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.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 174,621	$ 115,138	$ 89,705

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

Commitments and Contingencies - Minimum Payments under Leases, Exclusive of Property Taxes and Insurance (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Lessee Operating Lease Liability Payments [Line Items]
2024	$ 6,857
2025	4,940
2026	2,282
2027	575
2028	270
Thereafter	1,119
Total lease payments	16,043
Facility [Member]
Lessee Operating Lease Liability Payments [Line Items]
2024	6,270
2025	4,702
2026	2,125
2027	516
2028	270
Thereafter	1,119
Total lease payments	$ 15,002

Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Shareholders' Equity

NOTE 11. 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 no shares of common stock repurchased during the twelve months ended December 31, 2023 and 2022. As of December 31, 2023, 1,309,805 shares remain authorized for repurchase under the Repurchase Plan.

The entire disclosure for equity.

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Disaggregation of Revenue [Abstract]

Acquisitions - Summary of Preliminary Purchase Price Allocations Reflecting Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Apr. 01, 2023	Mar. 01, 2023	Feb. 01, 2023	Dec. 31, 2022
Intangible assets:
Goodwill	$ 323,224				$ 106,403
Vesta Modular [Member]
Business Acquisition [Line Items]
Rental equipment				$ 212,639
Intangible assets:
Goodwill				211,178
Cash				11
Accounts receivable				22,666
Property, plant and equipment				1,437
Prepaid expenses and other assets				3,550
Accounts payable and accrued liabilities				(26,202)
Deferred income				(14,273)
Deferred income taxes				(11,596)
Total purchase price				437,210
Vesta Modular [Member] \| Customer Relationships [Member]
Intangible assets:
Intangible assets				29,900
Vesta Modular [Member] \| Trade Name [Member]
Intangible assets:
Intangible assets				800
Vesta Modular [Member] \| Non-compete [Member]
Intangible assets:
Intangible assets				$ 7,100
Brekke Storage [Member]
Business Acquisition [Line Items]
Rental equipment			$ 10,798
Intangible assets:
Goodwill			4,083
Property, plant and equipment			875
Deferred income			(382)
Total purchase price			16,382
Brekke Storage [Member] \| Customer Relationships [Member]
Intangible assets:
Intangible assets			949
Brekke Storage [Member] \| Non-compete [Member]
Intangible assets:
Intangible assets			$ 59
Dixie Storage [Member]
Business Acquisition [Line Items]
Rental equipment		$ 2,758
Intangible assets:
Goodwill		1,555
Property, plant and equipment		318
Deferred income		(161)
Total purchase price		4,751
Dixie Storage [Member] \| Customer Relationships [Member]
Intangible assets:
Intangible assets		259
Dixie Storage [Member] \| Non-compete [Member]
Intangible assets:
Intangible assets		$ 22

Discontinued Operations - Summary of Results of Discontinued Operations Reported in Consolidated Statements of Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gross Profit
Income from discontinued operations before provision for income taxes	$ 1,709	$ 15,334	$ 5,946
Provision for income taxes from discontinued operations	453	3,505	1,326
Income from discontinued operations	62,769	11,829	4,620
Sales [Member]
Revenues
Total non-lease revenues	207,165	147,720	122,305
Other [Member]
Revenues
Total non-lease revenues	12,181	3,319	3,088
Adler Tank Rentals, LLC
Revenues
Rental	6,520	66,366	56,025
Rental related services	2,584	27,654	22,851
Rental operations	9,104	94,020	78,876
Total revenues	9,438	98,158	82,242
Direct costs of rental operations:
Depreciation of rental equipment	1,325	16,004	16,442
Rental related services	564	6,707	4,317
Other	1,270	12,422	11,492
Total direct costs of rental operations	4,614	49,373	46,468
Costs of sales	159	2,085	2,075
Total costs of revenues	4,773	51,458	48,543
Gross Profit
Rental	3,926	37,940	28,091
Rental related services	2,020	20,947	18,534
Rental operations	4,490	44,647	32,408
Total gross profit	4,665	46,700	33,699
Selling and administrative expenses	(2,582)	(28,428)	(25,542)
Income from operations	2,083	18,272	8,157
Interest expense allocation	(374)	(2,938)	(2,211)
Income from discontinued operations before provision for income taxes	1,709	15,334	5,946
Provision for income taxes from discontinued operations	453	3,505	1,326
Income from discontinued operations	1,256	11,829	4,620
Adler Tank Rentals, LLC \| Sales [Member]
Revenues
Total non-lease revenues	269	2,933	2,930
Gross Profit
Total gross profit	110	848	855
Adler Tank Rentals, LLC \| Other [Member]
Revenues
Total non-lease revenues	65	1,205	436
Gross Profit
Total gross profit	$ 65	$ 1,205	$ 436

Benefit Plans - Summary of Company's Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Number of Options, Beginning Balance	139,350	274,630	409,410
Number of Options, granted	0	0	0
Number of Options, exercised	(139,110)	(135,280)	(133,020)
Number of Options, cancelled/forfeited/expired	0		(1,760)
Number of Options, Ending Balance	240	139,350	274,630
Number of Options, Exercisable at December 31, 2023	240
Weighted-Average Price, Beginning Balance	$ 33.59	$ 29.66	$ 29.33
Weighted-Average Price, Options exercised	33.51	25.61	28.57
Weighted-Average Price, Options cancelled/forfeited/expired	0	0	34.57
Weighted-Average Price, Ending Balance	34.57	$ 33.59	$ 29.66
Weighted-Average Price, Exercisable at December 31, 2023	$ 34.57
Weighted-Average Remaining Contractual Term, Balance At December 31, 2023	2 months 1 day
Weighted-Average Remaining Contractual Term, Exercisable at December 31, 2023	2 months 1 day
Aggregate Intrinsic Value, Balance At December 31, 2023	$ 20
Aggregate Intrinsic Value, Exercisable at December 31, 2023	$ 20

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash dividends declared per share	$ 1.86	$ 1.82	$ 1.74
Retained Earnings [Member]
Cash dividends declared per share	$ 1.86	$ 1.82	$ 1.74

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Disaggregates the Company's Revenues from Continuing Operations by Lease and Non Lease


(in thousands)	Mobile Modular		Portable Storage		TRS- RenTelco		Enviroplex		Consolidated
Year Ended December 31,
2023
Leasing	$	367,753	$	77,181	$	119,134	$	—	$	564,068
Non-lease:
Rental related services		36,734		19,250		2,658		—		58,642
Sales		155,267		4,587		24,951		20,192		204,997
Other		2,482		119		1,534		—		4,135
Total non-lease		194,483		23,956		29,143		20,192		267,774
Total revenues	$	562,236	$	101,137	$	148,277	$	20,192	$	831,842

2022
Leasing	$	267,779	$	63,422	$	125,695	$	—	$	456,896
Non-lease:
Rental related services		14,348		16,082		2,579		—		33,009
Sales		97,045		2,933		21,267		23,170		144,415
Other		39		69		1,237		—		1,345
Total non-lease		111,432		19,084		25,083		23,170		178,769
Total revenues	$	379,211	$	82,506	$	150,778	$	23,170	$	635,665

2021
Leasing	$	223,383	$	45,792	$	116,769	$	—	$	385,944
Non-lease:
Rental related services		13,091		11,943		2,469		—		27,503
Sales		64,809		4,175		19,788		31,081		119,853
Other		82		41		1,168		—		1,291
Total non-lease		77,982		16,159		23,425		31,081		148,647
Total revenues	$	301,365	$	61,951	$	140,194	$	31,081	$	534,591

Notes Payable - Components of Notes Payable (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 27, 2023	Jun. 16, 2021	Mar. 17, 2021
Series E senior notes [Member] \| 2.35% Series E senior notes due in 2026 [Member]
Debt Instrument [Line Items]
Senior Notes, interest rate	2.35%	2.35%		2.35%
Senior Notes, year of maturity	2026	2026
Series D senior notes [Member] \| 2.57% Series D senior notes due in 2028 [Member]
Debt Instrument [Line Items]
Senior Notes, interest rate	2.57%	2.57%			2.57%
Senior Notes, year of maturity	2028	2028
Series F Senior Notes [Member] \| 6.25% Series F senior notes due in 2030 [Member]
Debt Instrument [Line Items]
Senior Notes, interest rate	6.25%	6.25%	6.25%
Senior Notes, year of maturity	2030	2030

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Share-Based Payment Arrangement [Abstract]

Revenue Recognition - Additional Information (Detail 1) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation	$ 34.3
Revenue, remaining performance obligation, explanation	We expect to recognize revenue for approximately one half of these unsatisfied or partially satisfied performance obligations over the next 12 months, with the remaining balance recognized thereafter.

Benefit Plans

12 Months Ended

Dec. 31, 2023

Benefit Plans

NOTE 10. 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”) 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 significant modifications to the 2016 Plan or awards classified as liabilities in the year ended December 31, 2023.

For the years ended December 31, 2023, 2022 and 2021, the share-based compensation expense was $8.3 million, $8.0 million and $7.7 million, respectively, before provision for income taxes. The Company recorded a tax benefit of approximately $2.2 million, $2.2 million and $2.1 million, respectively, related to the aforementioned share-based compensation expenses. There was no capitalized share-based compensation expense in the years ended December 31, 2023, 2022 and 2021.

Stock Options

As of December 31, 2023, a cumulative total of 8,458,600 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 6,906,363 shares, while options for 1,672,732 shares have been terminated, and options for 240 shares with an exercise price of $34.57 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, 2023, 1,123,946 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, 2023 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, 2020		409,410		$	29.33
Options granted		—			—
Options exercised		(133,020	)		28.57
Options cancelled/forfeited/expired		(1,760	)		34.57
Balance at December 31, 2021		274,630			29.66
Options granted		—			—
Options exercised		(135,280	)		25.61
Options cancelled/forfeited/expired		—			—
Balance at December 31, 2022		139,350			33.59
Options granted		—			—
Options exercised		(139,110	)		33.51
Options cancelled/forfeited/expired		—			—
Balance at December 31, 2023		240		$	34.57		0.17	$	0.02
Exercisable at December 31, 2023		240		$	34.57		0.17	$	0.02
Expected to vest after December 31, 2023		—		$	—		—	$	—

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 $9.4 million, $7.9 million and $7.0 million for the years ended December 31, 2023, 2022 and 2021, respectively, determined as of the date of option exercise. As of December 31, 2023, there was no unrecognized compensation cost related to unvested share-based compensation option arrangements granted under the Company’s stock plans.

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, 2023:


	Options Outstanding						Options Exercisable
Exercise price	Number outstanding at December 31, 2023		Weighted-average remaining contractual life (Years)		Weighted-average grant date value		Number exercisable at December 31, 2023		Weighted-average grant date value
$30 – 35		240		0.17	$	34.57		240	$	34.57
$30 – 35		240		0.17	$	34.57		139,350	$	34.57

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 the years ended December 31, 2023, 2022 and 2021.

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, 2023:


				Weighted-		Aggregate
				average		intrinsic
	Number			grant date		value
	of shares			fair value		(in millions)
Balance at December 31, 2020		225,970		$	57.06
RSUs granted		116,326			72.75
RSUs vested		(116,242	)		53.32
RSUs cancelled/forfeited/expired		(8,646	)		52.78
Balance at December 31, 2021		217,408			67.63
RSUs granted		95,028			77.79
RSUs vested		(114,274	)		58.30
RSUs cancelled/forfeited/expired		(10,754	)		70.10
Balance at December 31, 2022		187,408			76.74
RSUs granted		92,320			103.56
RSUs vested		(86,402	)		50.98
RSUs cancelled/forfeited/expired		(21,649	)		82.69
Balance at December 31, 2023		171,677		$	92.18	$	27.4

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 performance-based RSU grants issued in 2018 and thereafter vest after three years with 100% of the shares vesting immediately when performance criteria has been determined to have been met. There were 88,110 performance-based RSUs expected to vest as of December 31, 2023. 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 83,567 service-based RSUs expected to vest as of December 31, 2023. No forfeitures are currently expected. The total fair value of RSUs that vested during the years ended December 31, 2023, 2022 and 2021 based on the weighted average grant date values was $8.6 million, $9.3 million and $9.2 million, respectively.

Share-based compensation expense for RSUs for the years ended December 31, 2023, 2022 and 2021 was $8.3 million, $7.9 million and $7.3 million, respectively. As of December 31, 2023, the total unrecognized compensation expense related to unvested RSUs was $10.7 million and is expected to be recognized over a weighted-average period of 1.4 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 two 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, 2023 dividends deducted by the Company were $0.5 million, which resulted in a tax benefit of approximately $0.1 million in 2023.

At December 31, 2023, the KSOP held 249,468 shares, or 1% of the Company’s total common shares outstanding. These shares are included in basic and diluted earnings per share calculations.

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Period for credit risk identified	30 days
Sales revenues totaling	$ 21,400
Unbilled contract assets	$ 59,500	$ 52,600
Period for warranties for rental equipment	90 days
Period for warranties for equipment manufactured	1 year
Revenue from contracts criteria over time	multiple quarters
Revenues	$ 831,842	635,665	$ 534,591
Transferred at Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Revenues	236,400
Transferred Over Time [Member]
Disaggregation Of Revenue [Line Items]
Revenues	31,300
Deferred Income [Member]
Disaggregation Of Revenue [Line Items]
Customer contract liability	40,700	27,400
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 8,700	$ 600

Summary of Significant Accounting Policies - Additional Information (Detail)		3 Months Ended	12 Months Ended
	Jan. 28, 2024 USD ($) shares $ / shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) Segment Division $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Aug. 31, 2015 shares
Summary Of Significant Accounting Policies [Line Items]
Number of divisions \| Division			3
Number of reportable segments \| Segment			4
Common stock, par value \| $ / shares		$ 0	$ 0	$ 0
Impairments of long-lived assets			$ 0	$ 0	$ 0
Period for warranties for rental equipment			90 days
Period for warranties for equipment manufactured			1 year
Property, plant and equipment depreciation expenses			$ 9,700,000	9,000,000	8,900,000
Capitalized in internal use of software				100,000
Total advertising expenses			5,900,000	5,000,000	5,100,000
Goodwill and trade name intangible assets		$ 323,200,000	323,200,000	106,400,000
Impairment charges				$ 0	$ 0
Goodwill and intangible assets impairment charge		$ 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			0	0	0
Shares remain authorized for repurchase \| shares		1,309,805	1,309,805
Unbilled receivables related to end-of-lease services		$ 59,500,000	$ 59,500,000	$ 52,600,000
Period for credit risk identified			30 days
Accounts receivable, credit loss			$ 2,633,000	837,000	$ 451,000
Allowance for credit losses		2,801,000	2,801,000	2,300,000	$ 2,125,000
Net investment in sales-type leases		3,700,000	3,700,000	4,500,000
Credit loss expense			0
Estimated fair value notes payable		169,200,000	169,200,000	89,300,000
Recorded fair value of notes payable		175,000,000	175,000,000	$ 100,000,000
Subsequent Event [Member] \| First-Step Merger [Member] \| WillScot Mobile Mini Holdings Corp [Member]
Summary Of Significant Accounting Policies [Line Items]
Par value \| $ / shares	$ 0.0001
Par value issued and outstanding prior to effective time \| $ / shares	$ 0
Business acquisition, per share cash consideration	$ 123
Business acquisition, exchange ratio \| shares	2.8211
Business acquisition, consideration transferred cash percent	60.00%
Business acquisition, consideration transferred stock percent	40.00%
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Capitalized in internal use of software		$ 200,000	$ 200,000
Sales-type leases terms		12 months	12 months
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Sales-type leases terms		36 months	36 months

Notes Payable - Schedule of Future Minimum Payments under Unsecured Revolving Lines of Credit 2.35% Senior Notes, 2.57% Senior Notes and 6.25% Senior Notes (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Notes payable	$ 763,000	$ 413,775
Notes Payable to Banks and Others [Member]
Debt Instrument [Line Items]
2026	60,000
2027	588,000
2028	40,000
Thereafter	75,000
Notes payable	$ 763,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Goodwill and Intangible Assets Disclosure [Abstract]

Income Taxes - Reconciliation of U.S. Federal Statutory Tax Rate to Company's Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	4.90%	4.90%	5.10%
State deferred tax apportionment change, net of federal benefit	(0.20%)	(1.10%)	1.60%
Non-deductible transaction costs	0.30%	0.00%	0.00%
Non-deductible executive compensation	0.40%	0.60%	0.80%
Share-based compensation	(1.20%)	(1.70%)	(2.10%)
Enactment of the Tax Cuts and Jobs Act	(0.20%)	(0.20%)	0.00%
Other	0.50%	(0.20%)	(0.10%)
Effective Income Tax Rate	25.50%	23.30%	26.30%

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill were as follows:


(dollar amounts in thousands)	Mobile Modular			Adler Tanks (Discontinued)			Total
Balance at December 31, 2021	$	106,491		$	25,902		$	132,393
Changes to Design Space purchase accounting		(88	)		—			(88	)
Balance at December 31, 2022		106,403			25,902			132,305
Goodwill acquired through business combination		216,821			—			216,821
Derecognition of goodwill divested		—			(25,902	)		(25,902	)
Balance at December 31, 2023	$	323,224		$	—		$	323,224

Summary of Intangible Assets from Continuing Operations

Intangible assets from continuing operations consist of the following:


(dollar amounts in thousands)	Estimated useful life in years	Average remaining life in years	Cost	Accumulated amortization	Net book value
December 31, 2023
Customer relationships	8 to 11	7.8	$73,217	$(17,003)	$56,214
Non-compete agreements	5	3.7	10,556	(3,141)	7,415
Trade name	0.75 to 8	5.3	2,000	(1,212)	788
Total amortizing			85,773	(21,356)	64,417
Trade name - non-amortizing	Indefinite		171	—	171
Total			$85,944	$(21,356)	$64,588

December 31, 2022
Customer relationships	8 to 11	6.3	$50,284	$(18,098)	$32,186
Non-compete agreements	5	3.2	3,296	(1,159)	2,137
Customer backlog	—	—	1,900	(1,900)	—
Trade name	8	6.3	1,200	(263)	937
Total amortizing			56,680	(21,420)	35,260
Trade name - non-amortizing	Indefinite		5,871	—	5,871
Total			$62,551	$(21,420)	$41,131

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Excess tax shortfall (benefit) from exercise of share-based awards	$ 2,700,000	$ 2,600,000	$ 2,500,000
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
Future federal tax benefit	27,100,000
Future state tax benefit	1,500,000
Adler Tank Rentals, LLC
Operating Loss Carryforwards [Line Items]
Net deferred tax liability	0	$ 43,550,000
Current and deferred tax liabilities from discontinued operations	64,800,000
Federal Jurisdictions [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses carryforwards	129,200,000
State Jurisdictions [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses carryforwards	32,200,000
Foreign [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses carryforwards	$ 600,000
Net operating losses carryforwards, expiration year	2024

Shareholders' Equity - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	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	0	0	0