McGrath RentCorp (MGRC) 10-K 22 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Feb. 21, 2023	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	MGRC
Entity Registrant Name	McGRATH RENTCORP
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock
Entity Interactive Data Current	Yes
Entity File Number	000-13292
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	94-2579843
Entity Address, Address Line One	5700 Las Positas Road
Entity Address, City or Town	Livermore
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94551-7800
City Area Code	925
Local Phone Number	606-9200
Document Annual Report	true
Document Transition Report	false
Entity Central Index Key	0000752714
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Common Stock, Shares Outstanding		24,392,436
Entity Public Float			$ 1,826,963,544
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	San Francisco, California
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE McGrath RentCorp’s definitive proxy statement with respect to its 2023 Annual Meeting of Shareholders to be held on June 7, 2023 which will be filed with the Securities and Exchange Commission within 120 days after the end of its fiscal year ended December 31, 2022, is incorporated by reference into Part III (Items 10, 11, 12, and 13).

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash	$ 957	$ 1,491
Accounts receivable, net of allowance for credit losses of $2,300 in 2022 and $2,125 in 2021	190,023	159,499
Rental equipment, at cost:
Relocatable modular buildings	1,123,268	1,040,094
Electronic test equipment	398,267	361,391
Liquid and solid containment tanks and boxes	308,396	309,908
Rental equipment, gross	1,829,931	1,711,393
Less: accumulated depreciation	(701,877)	(646,169)
Rental equipment, net	1,128,054	1,065,224
Property, plant and equipment, net	143,945	135,325
Prepaid expenses and other assets	71,429	54,945
Intangible assets, net	41,131	47,049
Goodwill	132,305	132,393
Total assets	1,707,844	1,595,926
Liabilities:
Notes payable	413,742	426,451
Accounts payable and accrued liabilities	160,829	136,313
Deferred income	82,417	58,716
Deferred income taxes, net	246,911	242,425
Total liabilities	903,899	863,905
Commitments and contingencies (Note 9)
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,388 shares as of December 31, 2022 and 24,260 shares as of December 31, 2021	110,080	108,610
Retained earnings	693,943	623,465
Accumulated other comprehensive loss	(78)	(54)
Total shareholders’ equity	803,945	732,021
Total liabilities and shareholders’ equity	$ 1,707,844	$ 1,595,926

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2,300	$ 2,125
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,388,000	24,260,000
Common stock, shares outstanding	24,388,000	24,260,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Rental	$ 456,029	$ 390,013	$ 351,790
Rental related services	122,617	98,061	92,393
Rental operations	578,646	488,074	444,183
Revenues	155,177	128,759	128,371
Total revenues	733,823	616,833	572,554
Direct costs of rental operations:
Depreciation of rental equipment	96,429	91,887	85,866
Rental related services	89,793	74,256	68,105
Other	116,780	91,069	73,818
Total direct costs of rental operations	303,002	257,212	227,789
Costs of sales	93,913	78,600	81,019
Total costs of revenues	396,915	335,812	308,808
Gross profit	336,908	281,021	263,746
Selling and administrative expenses	171,342	148,600	122,993
Income from operations	165,566	132,421	140,753
Other (expense) income:
Interest expense	(15,168)	(10,455)	(8,787)
Foreign currency exchange (loss) gain	(378)	(210)	78
Income before provision for income taxes	150,020	121,756	132,044
Provision for income taxes	34,882	32,051	30,060
Net income	$ 115,138	$ 89,705	$ 101,984
Earnings per share:
Basic	$ 4.73	$ 3.70	$ 4.22
Diluted	$ 4.70	$ 3.66	$ 4.16
Earnings Per Share Reconciliation [Abstract]
Basic	24,353	24,220	24,157
Diluted	24,519	24,515	24,531
Cash dividends declared per share	$ 1.82	$ 1.74	$ 1.68
Sales [Member]
Revenues
Revenues	$ 150,653	$ 125,235	$ 124,604
Other [Member]
Revenues
Revenues	$ 4,524	$ 3,524	$ 3,767

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 115,138	$ 89,705	$ 101,984
Other comprehensive (loss) income:
Foreign currency translation adjustment, net of tax impact	(24)	50	(34)
Comprehensive income	$ 115,114	$ 89,755	$ 101,950

Consolidated Statements of Shar

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, 2019	$ 634,036	$ 106,360	$ 527,746	$ (70)
Balance, Shares at Dec. 31, 2019		24,296,000
Net income	101,984		101,984
Share-based compensation	5,549	$ 5,549
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		114,000
Repurchased common stock	(13,617)	$ (1,244)	(12,373)
Repurchased common stock, Shares		(282,000)
Taxes paid related to net share settlement of stock awards	(4,376)	$ (4,376)
Dividends accrued at $1.68, $1.74 and $1.82 per share in 2019, 2020 and 2021	(40,938)		(40,938)
Other comprehensive (loss) income	(34)			(34)
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 $1.68, $1.74 and $1.82 per share in 2019, 2020 and 2021	(42,659)		(42,659)
Other comprehensive (loss) income	50			50
Balance at Dec. 31, 2021	$ 732,021	$ 108,610	623,465	(54)
Balance, Shares at Dec. 31, 2021	24,260,000	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 $1.68, $1.74 and $1.82 per share in 2019, 2020 and 2021	(44,660)		(44,660)
Other comprehensive (loss) income	(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

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash dividends declared per share	$ 1.82	$ 1.74	$ 1.68
Retained Earnings [Member]
Cash dividends declared per share	$ 1.82	$ 1.74	$ 1.68

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities:
Net income	$ 115,138	$ 89,704	$ 101,984
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	111,344	106,695	94,643
Deferred income taxes	4,486	26,348	(2,193)
Provision for credit losses	837	451	1,343
Share-based compensation	8,009	7,666	5,549
Gain on sale of used rental equipment	(37,979)	(25,441)	(19,329)
Foreign currency exchange loss	378	210	(78)
Amortization of debt issuance costs	16	15	11
Change in:
Accounts receivable	(31,361)	(24,397)	3,440
Prepaid expenses and other assets	(16,484)	(6,816)	3,807
Accounts payable and accrued liabilities	16,347	12,226	316
Deferred income	23,701	9,082	(8,989)
Net cash provided by operating activities	194,432	195,743	180,504
Cash Flows from Investing Activities:
Purchases of rental equipment	(187,689)	(114,145)	(86,329)
Purchases of property, plant and equipment	(17,617)	(2,680)	(13,724)
Cash paid for acquisition of businesses		(283,124)
Cash paid for acquisition of Titan business assets		(6,585)
Cash paid for acquisition of non-compete agreements		(2,500)
Proceeds from sales of used rental equipment	73,879	57,337	47,052
Net cash used in investing activities	(131,427)	(351,696)	(53,001)
Cash Flows from Financing Activities:
Net borrowing (repayments) borrowings under bank lines of credit	47,275	143,729	(70,689)
Borrowings under note purchase agreement		100,000
Repayments of Senior Debt	(60,000)	(40,000)
Repurchase of common stock			(13,617)
Taxes paid related to net share settlement of stock awards	(6,539)	(5,345)	(4,376)
Payment of dividends	(44,269)	(42,182)	(39,769)
Net cash (used in) provided by financing activities	(63,533)	156,202	(128,451)
Effect of foreign currency exchange rate changes on cash	(6)	4	(156)
Net (decrease) increase in cash	(534)	253	(1,104)
Cash balance, beginning of period	1,491	1,238	2,342
Cash balance, end of period	957	1,491	1,238
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	14,775	10,326	9,050
Net income taxes paid, during the period	27,362	9,087	34,903
Dividends accrued during the period, not yet paid	11,227	11,280	10,083
Rental equipment acquisitions, not yet paid	$ 13,220	$ 5,750	$ 4,373

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization McGrath RentCorp and its wholly-owned subsidiaries (the “Company”) is a California corporation organized in 1979. The Company is a diversified business to business rental company with four rental divisions; relocatable modular buildings, portable storage containers, electronic test equipment and liquid and solid containment tanks and boxes. Although the Company’s primary emphasis is on equipment rentals, sales of equipment occur in the normal course of business. At December 31, 2022, the Company was comprised of four reportable business segments: modular building and portable storage segment (“Mobile Modular”), electronic test equipment segment (“TRS-RenTelco”), containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (“Adler Tanks”) and classroom manufacturing division selling modular classrooms in California (“Enviroplex”). Principles of Consolidation The consolidated financial statements include the accounts of McGrath RentCorp and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Revenue Recognition Lease revenues - Rental revenues from operating leases are recognized on a straight-line basis over the term of the lease for all operating segments. Rental billings for periods extending beyond period end are recorded as deferred income and are recognized in the period earned. Rental related services revenues are primarily associated with relocatable modular building and liquid and solid containment tanks and boxes leases. For modular building leases, rental related services revenues for modifications, delivery, installation, dismantle and return delivery are lease related because the payments are considered minimum lease payments that are an integral part of the negotiated lease agreement with the customer. These revenues are recognized on a straight-line basis over the term of the lease. Certain leases are accounted for as sales-type leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. Other revenues include interest income on sales-type leases and rental income on facility leases. Non-lease revenues - Sales revenue is recognized upon delivery and installation of the equipment to customers. Certain leases are accounted for as sales-type leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. Other revenue is recognized when earned and primarily includes interest income on sales-type leases, rental income on facility leases and certain logistics services. Sales taxes charged to customers are reported on a net basis and are excluded from revenues and expenses. Depreciation of Rental Equipment Rental equipment is depreciated on a straight-line basis for financial reporting purposes and on an accelerated basis for income tax purposes. The costs of major refurbishment of relocatable modular buildings, portable storage containers and tanks and boxes are capitalized to the extent the refurbishment significantly adds value to, or extends the life of the equipment. Maintenance and repairs are expensed as incurred. The estimated useful lives and residual values of the Company’s rental equipment used for financial reporting purposes are as follows: Relocatable modular buildings 18 years, 50 % residual value Relocatable modular accessories 3 to 18 years , no residual value Blast resistant 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 Liquid and solid containment tanks and boxes and accessories 3 to 20 years , no residual value Costs of Rental Related Services Costs of rental related services are primarily associated with relocatable modular building leases and liquid and solid containment tank and boxes. Modular building leases primarily consist of costs for services to be provided under the negotiated lease agreement for delivery, installation, modifications, skirting, additional site-related work, and dismantle and return delivery. Costs related to these services are recognized on a straight-line basis over the term of the lease. Costs of rental related services associated with liquid and solid containment solutions consists of costs of delivery, removal and cleaning of the tanks and boxes. These costs are recognized in the period the service is performed. Impairment of Long-Lived Assets The Company evaluates the carrying value of rental equipment and identifiable definite lived intangible assets for impairment whenever events or circumstances have occurred that would indicate the carrying amount may not be fully recoverable. A key element in determining the recoverability of long-lived assets is the Company’s outlook as to the future market conditions for its rental equipment. If the carrying amount is not fully recoverable, an impairment loss is recognized to reduce the carrying amount to fair value. The Company determines fair value based upon the condition of the rental equipment and the projected net cash flows from its rental and sale considering current market conditions. Goodwill and identifiable indefinite lived assets are evaluated for potential impairment annually or when circumstances indicate potential impairment may have occurred. Impairment losses, if any, are determined based upon the excess of carrying value over the estimated fair value of the asset. There were no impairments of long-lived assets during the years ended December 31, 2022, 2021 and 2020. Other Direct Costs of Rental Operations Other direct costs of rental operations include direct labor, supplies, repairs, insurance, property taxes, license fees, impairment of rental equipment and certain modular lease costs charged to customers in the negotiated rental rate, which are recognized on a straight-line basis over the term of the lease. Cost of Sales Cost of sales in the Consolidated Statements of Income includes the carrying value of the equipment sold and all direct costs associated with the sale. Warranty Reserves Sales of new relocatable modular buildings, portable storage containers, electronic test equipment and related accessories and liquid and solid containment tanks and boxes not manufactured by the Company are typically covered by warranties provided by the manufacturer of the products sold. The Company typically provides limited 90 -day warranties for certain sales of used rental equipment and one-year warranties on equipment manufactured by Enviroplex. Although the Company’s policy is to provide reserves for warranties when required for specific circumstances, the Company has not found it necessary to establish such reserves to date as warranty costs have not been significant. Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is recognized on a straight-line basis for financial reporting purposes, and on an accelerated basis for income tax purposes. Depreciation expense for property, plant and equipment is included in “Selling and administrative expenses” and “Rental related services” in the Consolidated Statements of Income. Maintenance and repairs are expensed as incurred. Property, plant and equipment consist of the following: (dollar amounts in thousands) Estimated December 31, in years 2022 2021 Land Indefinite $ 61,487 $ 54,428 Land improvements 20 – 50 65,451 59,633 Buildings 30 34,082 33,781 Furniture, office equipment and software 3 – 10 37,379 37,965 Vehicles and machinery 5 – 25 47,324 44,560 245,723 230,367 Less: accumulated depreciation ( 102,977 ) ( 98,333 ) 142,746 132,034 Construction in progress 1,199 3,291 $ 143,945 $ 135,325 Property, plant and equipment depreciation expense was $ 9.0 million, $ 8.9 million and $ 8.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. Construction in progress at December 31, 2022 and 2021 consisted primarily of costs related to acquisition of land, land improvements and information technology upgrades. Capitalized Software Costs The Company capitalizes certain development costs incurred in connection with its internal use software. Costs incurred in the preliminary stages of development are expensed as incurred. Once an application has reached the development stage, direct internal and external costs are capitalized until the software is substantially complete and ready for its intended use. These costs generally include external direct costs of materials and services consumed in the project and internal costs, such as payroll and benefits of those employees directly associated with the development of the software. Maintenance, training and post implementation costs are expensed as incurred. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Capitalized software costs are included in property, plant and equipment. The Company capitalized less than $ 0.1 million and $ 0.2 million in internal use software during the years ended December 31, 2022 and 2021, respectively. Advertising Costs Advertising costs are expensed as incurred. Total advertising expenses were $ 5.0 million, $ 5.1 million and $ 3.9 million for the years ended December 31, 2022, 2021 and 2020. Income Taxes Income taxes are accounted for using an asset and liability approach. Deferred tax assets and liabilities are recorded for the effect of temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and deferred tax liabilities are adjusted to the extent necessary to reflect tax rates expected to be in effect when temporary differences reverse. Adjustments may be required to deferred tax assets and deferred tax liabilities due to changes in tax laws and audit adjustments by tax authorities. A valuation allowance would be established if, based on the weight of available evidence, management believes that it is more likely than not that some portion or all of a recorded deferred tax asset would not be realized in future periods. To the extent adjustments are required in any given period, the adjustments would be included within the “Provision for income taxes” in the Consolidated Statements of Income. Goodwill and Intangible Assets Purchase prices of acquired businesses are allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates. Based on these values, the excess purchase prices over the fair value of the net assets acquired are allocated to goodwill. At December 31, 2022 and 2021, goodwill and trade name intangible assets which have indefinite lives totaled $ 138.2 million and $ 138.3 million, respectively. The Company assesses potential impairment of its goodwill and intangible assets when there is evidence that events or circumstances have occurred that would indicate the recovery of an asset’s carrying value is unlikely. The Company also assesses potential impairment of its goodwill and intangible assets with indefinite lives on an annual basis regardless of whether there is evidence of impairment. If indicators of impairment were to be present in intangible assets used in operations and future discounted cash flows were not expected to be sufficient to recover the assets’ carrying amount, an impairment loss would be charged to expense in the period identified. The amount of an impairment loss would be recognized as the excess of the asset’s carrying value over its fair value. Factors the Company considers important, which may cause impairment include, among others, significant changes in the manner of use of the acquired asset, negative industry or economic trends, and significant underperformance relative to historical or projected operating results. The impairment review of the Company’s goodwill is performed by first assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The fair value of the reporting unit is compared to its carrying value to determine if the goodwill is impaired. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, then goodwill is not impaired. If the carrying value of the net assets assigned to the reporting unit were to exceed its fair value, then a goodwill impairment loss is recorded for the amount the reporting unit’s carrying value exceeds the estimated fair value. The Company conducted its annual impairment analysis in the fourth quarter of 2022. The impairment analysis did no t result in an impairment charge for the fiscal year ended 2022. There were no impairment charges in 2021 or 2020. Determining the fair value of a reporting unit is judgmental and involves the use of significant estimates and assumptions. The Company based its fair value estimates on assumptions that it believes are reasonable but are uncertain and subject to changes in market conditions. Earnings Per Share Basic earnings per share (“EPS”) is computed as net income divided by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is computed assuming conversion of all potentially dilutive securities including the dilutive effects of stock options, unvested restricted stock awards and other potentially dilutive securities. The table below presents the weighted-average common stock used to calculate basic and diluted earnings per share: (in thousands) Year Ended December 31, 2022 2021 2020 Weighted-average common stock for calculating basic 24,353 24,220 24,157 Effect of potentially dilutive securities from equity-based 166 295 374 Weighted-average common stock for calculating diluted 24,519 24,515 24,531 In 2022, 2021 and 2020, there were no shares having an anti-dilutive effect requiring exclusion from the computation of diluted earnings per share. The Company has made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. In August 2015, the Company’s Board of Directors authorized the Company to repurchase up to 2,000,000 shares of the Company's outstanding common stock (the “Repurchase Plan”). The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. There can be no assurance that any authorized shares will be repurchased and the Repurchase Plan may be modified, extended or terminated by the Board of Directors at any time. In the twelve months ended December 31, 2022 and 2021, there were no shares of common stock repurchased. In the twelve months ended December 31, 2020, the Company repurchased 282,221 shares of its common stock for an average purchase price of $ 48.25 per share or an aggregate price of $ 13.6 million. As of December 31, 2022, 1,309,805 shares remain authorized for repurchase. Accounts Receivable and Concentration of Credit Risk The Company’s accounts receivable consist of amounts due from customers for rentals, sales, financed sales and unbilled amounts for the portion of modular building end-of-lease services earned, which were negotiated as part of the lease agreement. Unbilled receivables related to end-of-lease services, which consists of dismantle and return delivery of buildings, were $ 52.6 million at December 31, 2022 and $ 46.2 million at December 31, 2021. The Company sells primarily on 30 -day terms, individually performs credit evaluation procedures on its customers on each transaction and will require security deposits from its customers when a significant credit risk is identified. The Company records an allowance for doubtful accounts in amounts equal to the estimated losses expected to be incurred in the collection of the accounts receivable. The estimated losses are based on historical collection experience in conjunction with an evaluation of the current status of the existing accounts. Customer accounts are written off against the allowance for doubtful accounts when an account is determined to be uncollectable. The allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts receivable from operating lease and non-lease revenues. The Company regularly reviews the allowance by considering factors such as historical payment experience and trends, the age of the accounts receivable balances, the Company’s operating segment, customer industry, credit quality and current economic conditions that may affect a customer’s ability to pay. The Company recognized bad debt expense of $ 0.8 million, $ 0.5 million and $ 1.3 million for the twelve months ended December 31, 2022, 2021 and 2020, respectively. The allowance for doubtful accounts was $ 2.3 million for the year ended December 31, 2022 and $ 2.1 million for the years ended 2021 and 2020. The allowance for doubtful accounts activity was as follows: (in thousands) 2022 2021 Beginning balance, January 1 $ 2,125 $ 2,100 Provision for doubtful accounts 837 451 Acquired Design Space Reserve (see Note 14) — 125 Write-offs, net of recoveries ( 662 ) ( 551 ) Ending balance, December 31 $ 2,300 $ 2,125 Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of trade accounts receivable. From time to time, the Company maintains cash balances in excess of the Federal Deposit Insurance Corporation limits. Net Investment in Sales-Type Leases The Company enters into sales-type leases with certain qualified customers to purchase its rental equipment, primarily at its TRS-RenTelco operating segment. Sales-type leases have terms that generally range from 12 to 36 months and are collateralized by a security interest in the underlying rental asset. The net investment in sales-type leases was $ 4.5 million at December 31, 2022 and $ 2.2 million at December 31, 2021. The Company’s assessment of current expected losses on these receivables was not material and no credit loss expense was provided as of December 31, 2022. The Company regularly reviews the allowance by considering factors such as historical payment experience, the age of the lease receivable balances, credit quality and current economic conditions that may affect a customer's ability to pay. Lease receivables are considered past due 90 days after invoice. The Company manages the credit risk in net investment in sales-type leases, on an ongoing basis, using a number of factors, including, but not limited to the following: historical payment history, credit score, size of operations, length of time in business, industry, historical profitability, historical cash flows, liquidity and past due amounts. The Company uses credit scores obtained from external credit bureaus as a key indicator for the purposes of determining credit quality of its new customers. The Company does not own available for sale debt securities or other financial assets at December 31, 2022. Fair Value of Financial Instruments The Company believes that the carrying amounts for cash, accounts receivable, accounts payable and notes payable approximate their fair values except for fixed rate debt included in notes payable which has an estimated fair value of $ 89.3 million and $ 158.5 million compared to the recorded value of $ 100.0 million and $ 160.0 million as of December 31, 2022 and 2021, respectively. The estimates of fair value of the Company’s fixed rate debt are based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities. Foreign Currency Transactions and Translation The Company's Canadian subsidiary, TRS-RenTelco Inc., a British Columbia corporation (“TRS-Canada”), functions as a branch sales office for TRS-RenTelco in Canada. The functional currency for TRS-Canada is the U.S. dollar. Foreign currency transaction gains and losses of TRS-Canada are reported in the results of operations in the period in which they occur. The Company’s Indian subsidiary, TRS-RenTelco India Private Limited (“TRS-India”), functioned as a rental and sales office for TRS-RenTelco in India, which commenced its closure during 2017. The functional currency for TRS-India is the Indian Rupee. All assets and liabilities of TRS-India are translated into U.S. dollars at period-end exchange rates and all income statement amounts are translated at the average exchange rate for each month within the year. Currently, the Company does not use derivative instruments to hedge its economic exposure with respect to assets, liabilities and firm commitments as the foreign currency transactions and risks to date have not been significant. Share-Based Compensation The Company measures and recognizes the compensation expense for all share-based awards made to employees and directors, including stock options, stock appreciation rights (“SARs”) and restricted stock units (“RSUs”), based upon estimated fair values. The fair value of stock options and SARs is estimated on the date of grant using the Black-Scholes option pricing model and for RSUs based upon the fair market value of the underlying shares of common stock as of the date of grant. The Company recognizes share-based compensation cost ratably on a straight-line basis over the requisite service period, which generally equals the vesting period. For performance-based RSUs, compensation costs are recognized when it is probable that vesting conditions will be met. In addition, the Company estimates the probable number of shares of common stock that will be earned and the corresponding compensation cost until the achievement of the performance goal is known. The Company recognizes forfeitures based on actual forfeitures when they occur. The Company records share-based compensation costs in “Selling and administrative expenses” in the Consolidated Statements of Income. The Company recognizes a benefit from share-based compensation in the Consolidated Statements of Shareholders’ Equity if an incremental tax benefit is realized. Further information regarding share-based compensation can be found in “ Note 8 – Benefit Plans”. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions in determining reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during each period presented. Actual results could differ from those estimates. The most significant estimates included in the financial statements are the future cash flows and fair values used to determine the recoverability of the rental equipment and identifiable definite and indefinite lived intangible assets carrying value, the various assets’ useful lives and residual values, and the allowance for doubtful accounts.

New Accounting Pronouncements

New Accounting Pronouncements	12 Months Ended
	Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS In March 2022, the FASB issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates 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. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

Implemented Accounting Pronounc

Implemented Accounting Pronouncements	12 Months Ended
	Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Implemented Accounting Pronouncements	NOTE 3. IMPLEMENTED ACCOUNTING PRONOUNCEMENTS Effective January 1, 2021, the Company adopted the Financial Accounting Standards Board’s Accounting Standard Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, expected to reduce cost and complexity related to the accounting for income taxes. The ASU removed specific exceptions to the general principles in Topic 740 (GAAP). It eliminated the need for an organization to analyze whether the following apply in a given period: exception to the incremental approach for intra-period tax allocation; exceptions to accounting for basis differences when there are ownership changes in foreign investments; and exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also improved financial statement preparers’ application of income tax-related guidance and simplifies GAAP for: franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacted changes in tax laws in interim periods. The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	NOTE 4. LEASES Lessee The Company leases real estate for certain of its branch offices and rental equipment storage yards, vehicles and equipment used in its rental operations. The Company determines if an arrangement is a lease at inception. The Company has leases with lease and non-lease components, which are accounted for separately. Right-Of-Use (“ROU”) assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred, which are not material. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company uses the interest rate stated in the lease as the discount rate. If the interest rate is not stated, the Company uses its incremental borrowing rate based on information available on lease commencement date in determining the present value of lease payments. Many of the Company’s real estate lease agreements include options to extend the lease, which are not included in the minimum lease terms unless they are reasonably certain to be exercised. These leases include one or more options to renew , with renewal terms that may extend the lease term from one to three years . The amount of payments associated with such options is not material. Short-term leases are leases having a term of twelve months or less and exclude leases with a lease term of one month or less. The Company recognizes short-term leases on a straight-line basis and does not record a related ROU asset or liability for such leases. At December 31, 2022 and 2021 the Company’s ROU assets and operating lease liabilities was $ 11.6 m illi on and $ 11.0 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, 2022, operating lease expense was $ 5.9 million, wh ich includes short term lease expense of $ 0.1 million. At December 31, 2022, the weighted-average remaining lease term for operating leases was 2.8 years and the weighted average discount rate was 3.88 %. The Company had no sub-lease income during the year ended December 31, 2022, and did no t have any finance leases as of December 31, 2022. Supplemental cash flow information related to leases was as follows: (in thousands) Year Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,863 $ 5,171 Right of use assets obtained in exchange for lease obligations: Operating leases $ 3,284 $ 8,116 As of December 31, 2022, maturities of operating lease liabilities were as follows: (in thousands) Year ended December 31, 2023 $ 5,003 2024 3,614 2025 2,340 2026 1,139 2027 56 Total lease payments 12,152 Less: imputed interest ( 559 ) $ 11,593 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, 2022, maturities of operating lease payments to be received in 2023 and thereafter were as follows: (in thousands) Year Ended December 31, 2023 $ 123,142 2024 38,784 2025 13,135 2026 4,301 2027 1,284 Thereafter 63 $ 180,709 In the year ended December 31, 2022, the Company’s lease revenues were $ 524.5 million, consisting of $ 520.8 million of operating lease revenues and $ 3.7 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, 2022, the Company’s finance lease revenues included $ 3.3 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, 2022 Gross minimum lease payments receivable $ 5,048 Less – unearned interest ( 594 ) Net investment in finance lease receivables $ 4,454 As of December 31, 2022, the future minimum lease payments under non-cancelable finance leases to be received in 2023 and thereafter were as follows: (in thousands) Year Ended December 31, 2023 $ 2,155 2024 1,154 2025 557 2026 456 2027 132 Total minimum future lease payments to be received $ 4,454

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	NOTE 5. REVENUE RECOGNITION The Company’s accounting for revenues is governed by two accounting standards. The majority of the Company’s revenues are considered lease or lease related and are accounted for in accordance with Topic 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. The Company generally rents and sells to customers on 30 day payment terms. The Company does not typically offer variable payment terms, or accept non-monetary consideration. Amounts billed and due from the Company’s customers are classified as Accounts receivable on the Company’s consolidated balance sheet. For certain sales of modular buildings, progress payments from the customer are received during the manufacturing of new equipment, or the preparation of used equipment. The advance payments are not considered a significant financing component because the payments are used to meet working capital needs during the contract and to protect the Company from the customer failing to adequately complete their obligations under the contract. These contract liabilities are included in Deferred income on the Company’s consolidated balance sheets and totaled $ 27.4 million and $ 16.8 million at December 31, 2022 and 2021, respectively. Sales revenues totaling $ 11.5 million were recognized during the year ended December 31, 2022, which were included in the contract liability balance at December 31, 2021. For certain modular building sales, the customer retains a small portion of the contract price until full completion of the contract, which results in revenue earned in excess of billings. These unbilled contract assets are included in Accounts receivable on the Company’s consolidated balance sheets and totaled $ 0.6 million and $ 1.3 million at December 31, 2022 and 2021, respectively. Lease Revenues Rental revenues from operating leases are recognized on a straight-line basis over the term of the lease for all operating segments. Rental billings for periods extending beyond period end are recorded as deferred income and are recognized in the period earned. Rental related services revenues are primarily associated with relocatable modular building and liquid and solid containment tanks and boxes leases. For modular building leases, rental related services revenues for modifications, delivery, installation, dismantle and return delivery are lease related because the payments are considered minimum lease payments that are an integral part of the negotiated lease agreement with the customer. These revenues are recognized on a straight-line basis over the term of the lease. Certain leases are accounted for as sales-type leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. Other revenues include interest income on sales-type leases and rental income on facility leases. Non-Lease Revenues Non-lease revenues are recognized in the period when control of the performance obligation is transferred, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. For liquid and solid containment solutions, portable storage containers and electronic test equipment, rental related services revenues for delivery and return delivery are considered non-lease revenues. Sales revenues are typically recognized at a point in time, which occurs upon the completion of delivery, installation and acceptance of the equipment by the customer. Accounting for non-lease revenues requires judgment in determining the point in time the customer gains control of the equipment and the appropriate accounting period to recognize revenue. Sales taxes charged to customers are reported on a net basis and are excluded from revenues and expenses. The following table disaggregates the Company’s revenues by lease (within the scope of Topic 842) and non-lease revenues (within the scope of Topic 606) and the underlying service provided for the three years ended December 31, 2022, 2021 and 2020: (in thousands) Mobile TRS- Adler Enviroplex Consolidated Year Ended December 31, 2022 Leasing $ 331,201 $ 125,695 $ 67,603 $ — $ 524,499 Non-lease: Rental related services 30,430 2,579 27,165 — 60,174 Sales 99,978 21,267 2,933 23,170 147,348 Other 108 1,237 457 — 1,802 Total non-lease 130,516 25,083 30,555 23,170 209,324 Total revenues $ 461,717 $ 150,778 $ 98,158 $ 23,170 $ 733,823 2021 Leasing $ 269,175 $ 116,769 $ 56,654 $ — $ 442,598 Non-lease: Rental related services 25,034 2,469 22,487 — 49,990 Sales 68,982 19,788 2,930 31,081 122,781 Other 125 1,168 171 — 1,464 Total non-lease 94,141 23,425 25,588 31,081 174,235 Total revenues $ 363,316 $ 140,194 $ 82,242 $ 31,081 $ 616,833 2020 Leasing $ 235,003 $ 112,210 $ 54,710 $ — $ 401,923 Non-lease: Rental related services 22,576 2,618 21,320 — 46,514 Sales 63,863 24,461 1,386 32,737 122,447 Other 82 1,522 66 — 1,670 Total non-lease 86,521 28,601 22,772 32,737 170,631 Total revenues $ 321,524 $ 140,811 $ 77,482 $ 32,737 $ 572,554 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.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Notes Payable	NOTE 6. NOTES PAYABLE Notes payable consists of the following: (in thousands) December 31, 2022 2021 Unsecured revolving lines of credit $ 313,775 $ 266,500 3.84 % Series C senior notes due in 2022 — 60,000 2.35 % Series E senior notes due in 2026 60,000 60,000 2.57 % Series D senior notes due in 2028 40,000 40,000 413,775 426,500 Unamortized debt issuance cost ( 33 ) ( 49 ) $ 413,742 $ 426,451 As of December 31, 2022, the future minimum payments under the unsecured revolving lines of credit, 2.35 % Series E senior notes and 2.57 % Series D senior notes due in 2026 and 2028 , respectively, are as follows: (in thousands) Year Ended December 31, 2023 $ — 2024 — 2025 — 2026 60,000 2027 313,775 Thereafter 40,000 $ 413,775 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, 2022, 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 $ 313.8 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, 2022, the actual ratio was 4.20 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, 2022, the actual ratio was 1.45 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 o f December 31, 2022 and 2021, 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, 2022 2021 Maximum amount outstanding $ 328,752 $ 389,740 Average amount outstanding $ 276,399 $ 239,134 Weighted average interest rate, during the period 3.29 % 2.07 % Prime interest rate, end of period 7.50 % 3.25 % Note Purchase and Private Shelf Agreement On March 31, 2020, the Company entered into an Amended and Restated Note Purchase and Private Shelf Agreement (the “Note Purchase Agreement”) with PGIM, Inc. (“PGIM”) and the holders of Series B and Series C Notes previously issued pursuant to the Prior NPA, among the Company and the other parties to the Note Purchase Agreement. The Note Purchase Agreement amended and restated, and superseded in its entirety, the Prior NPA. Pursuant to the Prior NPA, the Company issued (i) $ 40.0 million aggregate principal amount of its 3.68 % Series B Senior Notes, which were repaid on March 17, 2021 , and (ii) $ 60.0 million aggregate principal amount of its 3.84 % Series C Senior Notes, which were repaid on November 5, 2022 , to which the terms of the Note Purchase Agreement shall apply. In addition, pursuant to the Note Purchase Agreement, the Company may authorize the issuance and sale of additional senior notes (the “Shelf Notes”) in the aggregate principal amount of (x) $ 250 million minus (y) the amount of other notes (such as the Series B Senior Notes and Series C Senior Notes, each defined below) then outstanding, to be dated the date of issuance thereof, to mature, in case of each Shelf Note so issued, no more than 15 years after the date of original issuance thereof, to have an average life, in the case of each Shelf Note so issued, of no more than 15 years after the date of original issuance thereof, to bear interest on the unpaid balance thereof from the date thereof at the rate per annum, and to have such other particular terms, as shall be set forth, in the case of each Shelf Note so issued, in accordance with the Note Purchase Agreement. Shelf Notes may be issued and sold from time to time at the discretion of the Company’s Board of Directors and in such amounts as the Board of Directors may determine, subject to prospective purchasers’ agreement to purchase the Shelf Notes. The Company will sell the Shelf Notes directly to such purchasers. The full net proceeds of each Shelf Note will be used in the manner described in the applicable Request for Purchase with respect to such Shelf Note. 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, 2022, 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, 2022, 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, 2022, the actual ratio was 4.16 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, 2022, the actual ratio was 1.45 to 1. At December 31, 2022, the Company was in compliance with each of the aforementioned covenants. There are no anticipated trends that the Company is aware of that would indicate non-compliance with these covenants, though, significant deterioration in the Company’s financial performance could impact its ability to comply with these covenants.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 7. INCOME TAXES Income before provision (benefit) for income taxes consisted of the following: (in thousands) Year Ended December 31, 2022 2021 2020 U.S. $ 149,759 $ 121,660 $ 131,898 Foreign 261 96 146 $ 150,020 $ 121,756 $ 132,044 The provision (benefit) for income taxes consisted of the following: (in thousands) Year Ended December 31, 2022 2021 2020 Current: U.S. Federal $ 19,480 $ ( 1,692 ) $ 23,975 State 8,708 5,360 6,545 Foreign 2,208 2,035 1,733 30,396 5,703 32,253 Deferred: U.S. Federal 4,563 23,433 ( 755 ) State ( 68 ) 2,896 ( 1,424 ) Foreign ( 9 ) 19 ( 14 ) 4,486 26,348 ( 2,193 ) Total $ 34,882 $ 32,051 $ 30,060 The reconciliation of the U.S. federal statutory tax rate to the Company’s effective tax rate is as follows: Year Ended December 31, 2022 2021 2020 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 4.9 5.1 4.7 State deferred tax apportionment change, net of federal benefit ( 1.1 ) 1.6 ( 1.6 ) Valuation allowance 0.0 0.0 0.0 Share-based compensation ( 1.7 ) ( 2.1 ) ( 1.4 ) Enactment of the Tax Cuts and Jobs Act ( 0.2 ) — ( 0.3 ) Other 0.3 0.7 0.4 23.2 % 26.3 % 22.8 % 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, 2022 2021 Deferred tax liabilities: Accelerated depreciation $ 249,568 $ 244,141 Prepaid costs currently deductible 8,646 6,069 Other 8,124 6,553 Total deferred tax liabilities 266,338 256,763 Deferred tax assets: Accrued costs not yet deductible 12,207 11,010 Allowance for doubtful accounts 588 548 Deferred revenues 4,069 219 Share-based compensation 2,563 2,561 Total deferred tax assets, net of valuation allowance of $ 0.2 million in 2022 and 2021 19,427 14,338 Deferred income taxes, net $ 246,911 $ 242,425 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, 2022, the Company’s foreign net operating losses for tax purposes were $ 0.6 million. If not realized, these carry forwards will begin to expire in 2023 . For income tax purposes, deductible compensation related to share-based awards is based on the value of the award when realized, which may be different than the compensation expense recognized by the company for financial statement purposes which is based on the award value on the date of grant. The difference between the value of the award upon grant, and the value of the award when ultimately realized, creates either additional tax expense or benefit. In 2022, 2021 and 2020 exercise of share-based awards by employees resulted in an excess tax benefit of $ 2.6 million, $ 2.5 million and $ 1.9 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, 2022 and 2021. In addition, there have been no material changes in unrecognized benefits during 2022, 2021 and 2020. 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 2018. 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, 2022, 2021 and 2020.

Benefit Plans

Benefit Plans	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Benefit Plans	NOTE 8. BENEFIT PLANS Stock Plans The Company adopted the 2016 Stock Incentive Plan (the “2016 Plan”), effective June 8, 2016, under which 2,000,000 shares of the common stock of the Company, plus the number of shares that remain available for grants of awards under the Company's 2007 Stock Option Plan (the “2007 Plan”) 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, 2022. For the years ended December 31, 2022, 2021 and 2020, the share-based compensation expense was $ 8.0 million, $ 7.7 million and $ 5.5 million, respectively, before provision for income taxes. The Company recorded a tax benefit of approximately $ 2.2 million, $ 2.1 million and $ 1.5 million, respectively, related to the aforementioned share-based compensation expenses. There was no capitalized share-based compensation expense in the years ended December 31, 2022, 2021 and 2020. Stock Options As of December 31, 2022, 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 6,767,253 shares, while options for 1,672,732 shares have been terminated, and options for 139,350 shares with exercise prices ranging from $ 24.60 to $ 40.37 remained outstanding under the stock plans. These options vest over five years and expire seven years after grant. To date, no options have been issued to any of the Company’s non-employee advisors. As of December 31, 2022, 1,263,760 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, 2022 is as follows: Number of Weighted- Weighted- Aggregate Balance at December 31, 2019 580,140 $ 29.57 Options granted — — Options exercised ( 163,670 ) 30.22 Options cancelled/forfeited/expired ( 7,060 ) 28.95 Balance at December 31, 2020 409,410 29.33 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 1.04 $ 9.1 Exercisable at December 31, 2022 139,350 $ 33.59 1.04 $ 9.1 Expected to vest after December 31, 2022 139,350 $ 33.59 1.04 $ 9.1 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 $ 7.9 million, $ 7.0 million and $ 5.9 million for the years ended December 31, 2022, 2021 and 2020, respectively, determined as of the date of option exercise. As of December 31, 2022, 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, 2022: Options Outstanding Options Exercisable Exercise price Number outstanding at December 31, 2022 Weighted-average Weighted-average grant date value Number exercisable at December 31, 2022 Weighted-average grant date value $ 20 – 25 16,850 0.17 $ 24.60 16,850 $ 24.60 $ 25 – 30 — — $ — — $ — $ 30 – 35 115,020 1.16 $ 34.54 115,020 $ 34.54 $ 35 – 40 6,800 1.00 $ 39.19 6,800 $ 39.19 $ 40 – 45 680 1.67 $ 40.37 680 $ 40.37 $ 20 – 45 139,350 1.04 $ 33.59 139,350 $ 33.59 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, 2022, 2021 and 2020. 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, 2022: Weighted- Aggregate average intrinsic Number grant date value of shares fair value (in millions) Balance at December 31, 2019 196,248 $ 50.68 RSUs granted 126,540 50.99 RSUs vested ( 89,225 ) 43.42 RSUs cancelled/forfeited/expired ( 7,593 ) 57.93 Balance at December 31, 2020 225,970 57.06 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 $ 18.4 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 92,310 performance-based RSUs expected to vest as of December 31, 2022. 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 95,098 service-based RSUs expected to vest as of December 31, 2022. No forfeitures are currently expected. The total fair value of RSUs that vested during the years ended December 31, 2022, 2021 and 2020 based on the weighted average grant date values was $ 9.3 million, $ 9.2 million and $ 6.0 million, respectively. Share-based compensation expense for RSUs for the years ended December 31, 2022, 2021 and 2020 was $ 7.9 million, $ 7.3 million and $ 4.6 million, respectively. As of December 31, 2022, the total unrecognized compensation expense related to unvested RSUs was $ 8.5 million and is expected to be recognized over a weighted-average period of 1.2 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, 2022 dividends deducted by the Company were $ 0.5 million, which resulted in a tax benefit of approximately $ 0.1 million in 2022. At December 31, 2022, the KSOP held 258,758 shares, or 1 % of the Company’s total common shares outstanding. These shares are included in basic and diluted earnings per share calculations.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Shareholders' Equity	NOTE 9. SHAREHOLDERS’ EQUITY The Company has in the past made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. In August 2015, the Company’s Board of Directors authorized the Company to repurchase 2,000,000 shares of the Company's outstanding common stock (the “Repurchase Plan”). The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. There can be no assurance that any authorized shares will be repurchased and the repurchase program may be modified, extended or terminated by the Board of Directors at any time. There were no shares of common stock repurchased during the twelve months ended December 31, 2022 and 2021. As of December 31, 2022, 1,309,805 shares remain authorized for repurchase under the Repurchase Plan.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 10. COMMITMENTS AND CONTINGENCIES The Company leases certain facilities under various operating leases. Most of the lease agreements provide the Company with the option of renewing its lease at the end of the lease term, at the fair rental value. In most cases, management expects that in the normal course of business, facility leases will be renewed or replaced by other leases. Minimum payments under these leases, exclusive of property taxes and insurance, are as follows: (in thousands) Year Ended December 31, 2023 $ 4,417 2024 3,375 2025 2,183 2026 1,080 2027 56 $ 11,111 Facility rent expense was $ 7.0 million in 2022, $ 5.6 million in 2021 and $ 3.7 million in 2020. The Company is involved in various lawsuits and routine claims arising out of the normal course of its business. The Company maintains insurance coverage for its operations and employees with appropriate aggregate, per occurrence and deductible limits as the Company reasonably determines necessary or prudent with current operations and historical experience. The major policies include coverage for property, general liability, auto, directors and officers, health, and workers’ compensation insurances. The Company records a provision for a liability when it believes that it is both probable that a liability has been incurred and the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. The Company reviews these provisions at least quarterly and adjusts these provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Litigation is inherently unpredictable and is subject to significant uncertainties, some of which are beyond the Company’s control. In the opinion of management, there was not at least a reasonable possibility that the ultimate amount of liability not covered by insurance, if any, under any pending litigation and claims, individually or in the aggregate, will have a material adverse effect on the financial position or operating results of the Company. The Company’s health plans are self-funded high deductible plans with annual stop-loss insurance of $ 200,000 per claim. Beginning in 2019, the Company’s workers compensation insurance is underwritten by an insurance company with no stop-loss value and $ 350,000 for prior claim years. Insurance providers are responsible for making claim payments that exceed these amounts on an individual claim basis. In addition, the Company has stop loss insurance that pays for claim payments made during a twelve month coverage period that exceeds certain specified thresholds in the aggregate. The Company records an expense when health and workers compensation claim payments are made and accrues for the portion of claims incurred, but not yet paid at period end. The Company makes these accruals based upon a combination of historical claim payments, loss development experience and actuarial estimates. A high degree of judgment is required in developing the underlying assumptions and the resulting amounts to be accrued. In addition, our assumptions will change as the Company’s loss experience develops. All of these factors have the potential for impacting the amounts previously accrued and the Company may be required to increase or decrease the amounts previously accrued. At December 31, 2022 and 2021, accruals for the Company’s health and workers’ compensation high deductible plans were $ 2.0 million and $ 2.5 million, respectively.

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	NOTE 11. INTANGIBLE ASSETS Intangible assets consist of the following: (dollar amounts in thousands) Estimated Average remaining life in years Cost Accumulated amortization Net book value 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 December 31, 2021 Customer relationships 8 to 11 7.3 $ 50,285 $ ( 12,991 ) $ 37,294 Non-compete agreements 5 4.2 3,296 ( 499 ) 2,797 Customer backlog 0.5 — 1,900 ( 1,900 ) — Trade name 8 7.3 1,200 ( 113 ) 1,087 Total amortizing 56,681 ( 15,503 ) 41,178 Trade name - non-amortizing Indefinite 5,871 — 5,871 Total $ 62,552 $ ( 15,503 ) $ 47,049 Intangible assets with finite useful lives are amortized over their respective useful lives. Amortization expense in the years ended December 31, 2022, 2021 and 2020 was $ 5.9 million, $ 5.9 million and $ 0.2 million, respectively. Based on the carrying values at December 31, 2022 and assuming no subsequent impairment of the underlying assets, the annual amortization is expected to be $ 5.9 million in 2023 through 2025, $ 5.4 million in 2026 and $ 5.2 million in 2027.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 12. RELATED PARTY TRANSACTIONS There were no significant related party transactions in the years ended December 31, 2022 and 2021, or amounts owed to related parties at such dates.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	NOTE 13. SEGMENT REPORTING FASB guidelines establish annual and interim reporting standards for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. In accordance with these guidelines the Company’s four reportable segments are Mobile Modular, TRS-RenTelco, Adler Tanks and Enviroplex. Management focuses on several key measures to evaluate and assess each segment’s performance including rental revenue growth, gross margin, Adjusted EBITDA and income before provision for income taxes. Excluding interest expense, allocations of revenue and expense not directly associated with one of these segments are generally allocated to Mobile Modular, TRS-RenTelco and Adler Tanks, based on their pro-rata share of direct revenues. Interest expense is allocated amongst Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of average rental equipment at cost, goodwill, intangible assets, accounts receivable, deferred income and customer security deposits. The Company does not report total assets by business segment. Summarized financial information for the years ended December 31, 2022, 2021 and 2020, for the Company’s reportable segments is shown in the following tables: (dollar amounts in thousands) Mobile TRS- Adler Enviroplex 1 Consolidated Year Ended December 31, 2022 Rental revenues $ 268,288 $ 121,375 $ 66,366 $ — $ 456,029 Rental related services revenues 91,851 3,112 27,654 — 122,617 Sales and other revenues 101,578 26,291 4,138 23,170 155,177 Total revenues 461,717 150,778 98,158 23,170 733,823 Depreciation of rental equipment 31,172 49,253 16,004 — 96,429 Gross profit 217,187 67,899 46,700 5,122 336,908 Selling and administrative expenses 110,234 27,245 28,428 5,435 171,342 Income (loss) from operations 106,953 40,654 18,272 ( 313 ) 165,566 Interest expense (income) allocation 10,175 3,294 2,938 ( 1,239 ) 15,168 Income before provision for income taxes 96,778 36,982 15,334 926 150,020 Adjusted EBITDA 3 159,224 92,007 37,660 ( 25 ) 288,866 Rental equipment acquisitions 121,607 69,928 3,623 — 195,158 Accounts receivable, net (period end) 139,107 26,442 20,172 4,302 190,023 Rental equipment, at cost (period end) 1,123,268 398,267 308,396 — 1,829,931 Rental equipment, net book value (period end) 815,392 174,924 137,738 — 1,128,054 Utilization (period end) 2 80.7 % 59.4 % 57.1 % Average utilization 2 79.1 % 64.2 % 53.1 % Segment Data (Continued) Mobile TRS- Adler Enviroplex 1 Consolidated Year Ended December 31, 2021 Rental revenues $ 220,569 $ 113,419 $ 56,025 $ — $ 390,013 Rental related services revenues 72,330 2,880 22,851 — 98,061 Sales and other revenues 70,417 23,895 3,366 31,081 128,759 Total revenues 363,316 140,194 82,242 31,081 616,833 Depreciation of rental equipment 28,071 47,374 16,442 — 91,887 Gross profit 176,040 61,394 33,699 9,888 281,021 Selling and administrative expenses 92,603 25,152 25,542 5,303 148,600 Income from operations 83,436 36,243 8,157 4,585 132,421 Interest expense (income) allocation 6,433 2,270 2,211 ( 459 ) 10,455 Income before provision for income taxes 77,003 33,763 5,946 5,044 121,756 Adjusted EBITDA 3 130,089 85,723 27,961 4,844 248,617 Rental equipment acquisitions 188,392 61,097 191 — 249,680 Accounts receivable, net (period end) 112,295 22,115 16,378 8,711 159,499 Rental equipment, at cost (period end) 1,040,094 361,391 309,908 — 1,711,393 Rental equipment, net book value (period end) 751,537 161,900 151,787 — 1,065,224 Utilization (period end) 2 76.4 % 62.9 % 47.6 % Average utilization 2 76.2 % 67.0 % 45.4 % 2020 Rental revenues $ 188,719 $ 109,083 $ 53,988 $ — $ 351,790 Rental related services revenues 67,527 3,080 21,786 — 92,393 Sales and other revenues 65,278 28,648 1,708 32,737 128,371 Total revenues 321,524 140,811 77,482 32,737 572,554 Depreciation of rental equipment 22,967 46,472 16,427 — 85,866 Gross profit 155,874 60,864 34,079 12,929 263,746 Selling and administrative expenses 68,470 24,306 24,764 5,453 122,993 Income from operations 87,404 36,558 9,315 7,476 140,753 Interest expense (income) allocation 5,104 2,133 2,107 ( 557 ) 8,787 Income before benefit for income taxes 82,300 34,503 7,208 8,033 132,044 Adjusted EBITDA 3 119,202 85,082 29,010 7,729 241,023 Rental equipment acquisitions 39,078 42,588 2,541 — 84,207 Accounts receivable, net (period end) 81,640 22,735 13,655 5,286 123,316 Rental equipment, at cost (period end) 882,115 333,020 315,706 — 1,530,841 Rental equipment, net book value (period end) 611,590 156,536 169,990 — 938,116 Utilization (period end) 2 76.0 % 67.4 % 39.8 % Average utilization 2 77.2 % 66.2 % 44.6 % 1. Gross Enviroplex sales revenues were $ 24,162 , $ 32,095 and $ 34,014 in 2022, 2021 and 2020, respectively. There were $ 992 and $ 1,014 inter-segment sales to Mobile Modular in 2022 and 2021, which have been eliminated in consolidation. There were no inter-segment sales in 2019. 2. 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. 3. During the year ended December 31, 2022, the calculation for Adjusted EBITDA was adjusted to include one-time transaction costs attributed to acquisition, divestiture and integration related activities. For comparability, the transaction costs incurred during 2021 were included in the Adjusted EBITDA calculation for the year ended December 31, 2021. During the years ended December 31, 2022 and 2021, there were $ 4.3 million and $ 2.0 million of transaction costs, respectively, included in the Adjusted EBITDA calculation. There were no transaction costs included in the calculation for the year ended December 31, 2020. Additional information on Adjusted EBITDA can be found on page 46. No single customer accounted for more than 10% of total revenues during 2022, 2021 and 2020. Revenue from foreign country customers for the same periods accounted for 4 % of the Company’s total revenues.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2022
Business Combinations [Abstract]
Acquisitions	NOTE 14. ACQUISITIONS On May 17, 2021, the Company completed the purchase of substantially all of the assets of Design Space Modular Buildings PNW, LP (“Design Space”) for $ 267.3 million in cash consideration on the closing date. Design Space provides modular buildings and portable storage containers rental and sale solutions to customers in the West and Pacific Northwest states in the U.S. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in 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 Design Space were a part of the Mobile Modular segment since May 17, 2021, including $ 1.7 million of transaction costs. On April 1, 2021 the Company completed the purchase of assets of GRS Holding LLC, DBA Kitchens To Go (“Kitchens To Go”) for $ 18.3 million in cash consideration. Kitchens To Go provides interim and permanent modular kitchen solutions for foodservice providers that require flexible facilities to continue or expand operations. 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 Kitchens To Go were a part of the Mobile Modular segment since April 1, 2021, including $ 0.3 million of transaction costs. The following tables summarize the purchase price allocations reflecting estimated fair values of assets acquired and liabilities assumed in the Design Space and Kitchens To Go acquisitions, with excess amounts allocated to goodwill. The valuation of intangible assets acquired is based on certain valuation assumptions including cash flow projections, discount rates, contributory asset charges and other valuation model inputs. The valuation of tangible long-lived assets acquired is dependent upon various analyses including an analysis of the condition and estimated remaining economic lives of the assets acquired. Design Space: (dollar amounts in thousands) Rental equipment $ 116,272 Intangible assets: Goodwill 101,874 Customer relationships 37,900 Non-compete 2,500 Customer backlog 1,600 Accounts receivable 12,025 Property, plant and equipment 4,139 Prepaid expenses and other assets 5,366 Accounts payable and accrued liabilities ( 11,613 ) Deferred income ( 2,784 ) Total purchase price $ 267,279 Kitchens To Go: (dollar amounts in thousands) Rental equipment $ 12,853 Intangible assets: Goodwill 2,322 Customer relationships 1,700 Trade name 1,200 Non-compete 600 Customer backlog 300 Accounts receivable 212 Property, plant and equipment 365 Prepaid expenses and other assets 1,199 Accounts payable and accrued liabilities ( 1,659 ) Deferred income ( 747 ) Total purchase price $ 18,345 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 $ 104,196 reflects the strategic fit of Design Space and Kitchens to Go with the Company’s modular business operations. The Company amortizes the acquired customer relationships, tradename and non-compete over their expected useful lives of 8 years, 8 years and 5 years, respectively. As of the twelve months ended December 31, 2022, the customer backlog has been amortized in full. 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 pro forma financial information shows the combined results of operations of the Company, Design Space and Kitchens To Go as if the acquisitions 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 28 % on the acquisitions’ combined net income. The pro forma results for the year ended December 31, 2021 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) 2022 2021 Pro-forma total revenues $ 733,823 $ 647,866 Pro-forma net income $ 115,138 $ 93,065 Pro-forma basic earnings per share $ 4.73 $ 3.84 Pro-forma diluted earnings per share $ 4.70 $ 3.80 Design Space and Kitchens To Go Actual total revenues $ 85,095 Actual net income $ 11,100 Actual basic earnings per share $ 0.46 Actual diluted earnings per share $ 0.45 On December 31, 2021 the Company completed the purchase of the assets of Titan Storage Containers, LLC (“Titan”) for $ 6.9 million in cash consideration. 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 $ 6.2 million and rolling stock assets totaling $ 0.8 million, partially offset by accrued liabilities of $ 0.2 million. The rolling stock assets included delivery trucks, delivery trailers, trucks and forklifts. Supplemental pro forma prior year information has not been provided as the historical financial results of Titan were not significant. Incremental transaction costs associated with the asset purchase were not significant.

Subeqent Events

Subeqent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	NOTE 15. SUBSEQUENT EVENTS On February 1, 2022, 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 $ 265 million. 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. 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 discontinued operations and held-for-sale, respectively, were not met during the fourth quarter of 2022. On February 1, 2022, the Company completed the acquisition of Vesta Housing Solutions Holdings, Inc. (“Vesta Modular”), a portfolio company of Kinderhook Industries, for a purchase price of $ 400 million. The purchase price was subject to certain adjustments, including net working capital, certain qualified capital expenditures and certain transaction expenses to be borne by the seller of Vesta Modular. 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 is a leading provider of temporary and permanent modular space solutions serving customers between its modular leasing and modular construction divisions. The acquisition is expected to strengthen the Company's core modular portfolio and accelerate growth through increases in geographic coverage and density. The acquisition will be accounted for as a purchase of a “business” in accordance with criteria in ASC 805, Business Combinations , using the purchase method of accounting.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Organization	Organization McGrath RentCorp and its wholly-owned subsidiaries (the “Company”) is a California corporation organized in 1979. The Company is a diversified business to business rental company with four rental divisions; relocatable modular buildings, portable storage containers, electronic test equipment and liquid and solid containment tanks and boxes. Although the Company’s primary emphasis is on equipment rentals, sales of equipment occur in the normal course of business. At December 31, 2022, the Company was comprised of four reportable business segments: modular building and portable storage segment (“Mobile Modular”), electronic test equipment segment (“TRS-RenTelco”), containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (“Adler Tanks”) and classroom manufacturing division selling modular classrooms in California (“Enviroplex”).
Principles of Consolidation	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	Revenue Recognition Lease revenues - Rental revenues from operating leases are recognized on a straight-line basis over the term of the lease for all operating segments. Rental billings for periods extending beyond period end are recorded as deferred income and are recognized in the period earned. Rental related services revenues are primarily associated with relocatable modular building and liquid and solid containment tanks and boxes leases. For modular building leases, rental related services revenues for modifications, delivery, installation, dismantle and return delivery are lease related because the payments are considered minimum lease payments that are an integral part of the negotiated lease agreement with the customer. These revenues are recognized on a straight-line basis over the term of the lease. Certain leases are accounted for as sales-type leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. Other revenues include interest income on sales-type leases and rental income on facility leases. Non-lease revenues - Sales revenue is recognized upon delivery and installation of the equipment to customers. Certain leases are accounted for as sales-type leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. Other revenue is recognized when earned and primarily includes interest income on sales-type leases, rental income on facility leases and certain logistics services. Sales taxes charged to customers are reported on a net basis and are excluded from revenues and expenses.
Depreciation of Rental Equipment	Depreciation of Rental Equipment Rental equipment is depreciated on a straight-line basis for financial reporting purposes and on an accelerated basis for income tax purposes. The costs of major refurbishment of relocatable modular buildings, portable storage containers and tanks and boxes are capitalized to the extent the refurbishment significantly adds value to, or extends the life of the equipment. Maintenance and repairs are expensed as incurred. The estimated useful lives and residual values of the Company’s rental equipment used for financial reporting purposes are as follows: Relocatable modular buildings 18 years, 50 % residual value Relocatable modular accessories 3 to 18 years , no residual value Blast resistant 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 Liquid and solid containment tanks and boxes and accessories 3 to 20 years , no residual value
Costs of Rental Related Services	Costs of Rental Related Services Costs of rental related services are primarily associated with relocatable modular building leases and liquid and solid containment tank and boxes. Modular building leases primarily consist of costs for services to be provided under the negotiated lease agreement for delivery, installation, modifications, skirting, additional site-related work, and dismantle and return delivery. Costs related to these services are recognized on a straight-line basis over the term of the lease. Costs of rental related services associated with liquid and solid containment solutions consists of costs of delivery, removal and cleaning of the tanks and boxes. These costs are recognized in the period the service is performed.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company evaluates the carrying value of rental equipment and identifiable definite lived intangible assets for impairment whenever events or circumstances have occurred that would indicate the carrying amount may not be fully recoverable. A key element in determining the recoverability of long-lived assets is the Company’s outlook as to the future market conditions for its rental equipment. If the carrying amount is not fully recoverable, an impairment loss is recognized to reduce the carrying amount to fair value. The Company determines fair value based upon the condition of the rental equipment and the projected net cash flows from its rental and sale considering current market conditions. Goodwill and identifiable indefinite lived assets are evaluated for potential impairment annually or when circumstances indicate potential impairment may have occurred. Impairment losses, if any, are determined based upon the excess of carrying value over the estimated fair value of the asset. There were no impairments of long-lived assets during the years ended December 31, 2022, 2021 and 2020.
Other Direct Costs of Rental Operations	Other Direct Costs of Rental Operations Other direct costs of rental operations include direct labor, supplies, repairs, insurance, property taxes, license fees, impairment of rental equipment and certain modular lease costs charged to customers in the negotiated rental rate, which are recognized on a straight-line basis over the term of the lease.
Cost of Sales	Cost of Sales 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	Warranty Reserves Sales of new relocatable modular buildings, portable storage containers, electronic test equipment and related accessories and liquid and solid containment tanks and boxes not manufactured by the Company are typically covered by warranties provided by the manufacturer of the products sold. The Company typically provides limited 90 -day warranties for certain sales of used rental equipment and one-year warranties on equipment manufactured by Enviroplex. Although the Company’s policy is to provide reserves for warranties when required for specific circumstances, the Company has not found it necessary to establish such reserves to date as warranty costs have not been significant.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is recognized on a straight-line basis for financial reporting purposes, and on an accelerated basis for income tax purposes. Depreciation expense for property, plant and equipment is included in “Selling and administrative expenses” and “Rental related services” in the Consolidated Statements of Income. Maintenance and repairs are expensed as incurred. Property, plant and equipment consist of the following: (dollar amounts in thousands) Estimated December 31, in years 2022 2021 Land Indefinite $ 61,487 $ 54,428 Land improvements 20 – 50 65,451 59,633 Buildings 30 34,082 33,781 Furniture, office equipment and software 3 – 10 37,379 37,965 Vehicles and machinery 5 – 25 47,324 44,560 245,723 230,367 Less: accumulated depreciation ( 102,977 ) ( 98,333 ) 142,746 132,034 Construction in progress 1,199 3,291 $ 143,945 $ 135,325 Property, plant and equipment depreciation expense was $ 9.0 million, $ 8.9 million and $ 8.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. Construction in progress at December 31, 2022 and 2021 consisted primarily of costs related to acquisition of land, land improvements and information technology upgrades.
Capitalized Software Costs	Capitalized Software Costs The Company capitalizes certain development costs incurred in connection with its internal use software. Costs incurred in the preliminary stages of development are expensed as incurred. Once an application has reached the development stage, direct internal and external costs are capitalized until the software is substantially complete and ready for its intended use. These costs generally include external direct costs of materials and services consumed in the project and internal costs, such as payroll and benefits of those employees directly associated with the development of the software. Maintenance, training and post implementation costs are expensed as incurred. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Capitalized software costs are included in property, plant and equipment. The Company capitalized less than $ 0.1 million and $ 0.2 million in internal use software during the years ended December 31, 2022 and 2021, respectively.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred. Total advertising expenses were $ 5.0 million, $ 5.1 million and $ 3.9 million for the years ended December 31, 2022, 2021 and 2020.
Income Taxes	Income Taxes Income taxes are accounted for using an asset and liability approach. Deferred tax assets and liabilities are recorded for the effect of temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and deferred tax liabilities are adjusted to the extent necessary to reflect tax rates expected to be in effect when temporary differences reverse. Adjustments may be required to deferred tax assets and deferred tax liabilities due to changes in tax laws and audit adjustments by tax authorities. A valuation allowance would be established if, based on the weight of available evidence, management believes that it is more likely than not that some portion or all of a recorded deferred tax asset would not be realized in future periods. To the extent adjustments are required in any given period, the adjustments would be included within the “Provision for income taxes” in the Consolidated Statements of Income.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Purchase prices of acquired businesses are allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates. Based on these values, the excess purchase prices over the fair value of the net assets acquired are allocated to goodwill. At December 31, 2022 and 2021, goodwill and trade name intangible assets which have indefinite lives totaled $ 138.2 million and $ 138.3 million, respectively. The Company assesses potential impairment of its goodwill and intangible assets when there is evidence that events or circumstances have occurred that would indicate the recovery of an asset’s carrying value is unlikely. The Company also assesses potential impairment of its goodwill and intangible assets with indefinite lives on an annual basis regardless of whether there is evidence of impairment. If indicators of impairment were to be present in intangible assets used in operations and future discounted cash flows were not expected to be sufficient to recover the assets’ carrying amount, an impairment loss would be charged to expense in the period identified. The amount of an impairment loss would be recognized as the excess of the asset’s carrying value over its fair value. Factors the Company considers important, which may cause impairment include, among others, significant changes in the manner of use of the acquired asset, negative industry or economic trends, and significant underperformance relative to historical or projected operating results. The impairment review of the Company’s goodwill is performed by first assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The fair value of the reporting unit is compared to its carrying value to determine if the goodwill is impaired. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, then goodwill is not impaired. If the carrying value of the net assets assigned to the reporting unit were to exceed its fair value, then a goodwill impairment loss is recorded for the amount the reporting unit’s carrying value exceeds the estimated fair value. The Company conducted its annual impairment analysis in the fourth quarter of 2022. The impairment analysis did no t result in an impairment charge for the fiscal year ended 2022. There were no impairment charges in 2021 or 2020. Determining the fair value of a reporting unit is judgmental and involves the use of significant estimates and assumptions. The Company based its fair value estimates on assumptions that it believes are reasonable but are uncertain and subject to changes in market conditions.
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) is computed as net income divided by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is computed assuming conversion of all potentially dilutive securities including the dilutive effects of stock options, unvested restricted stock awards and other potentially dilutive securities. The table below presents the weighted-average common stock used to calculate basic and diluted earnings per share: (in thousands) Year Ended December 31, 2022 2021 2020 Weighted-average common stock for calculating basic 24,353 24,220 24,157 Effect of potentially dilutive securities from equity-based 166 295 374 Weighted-average common stock for calculating diluted 24,519 24,515 24,531 In 2022, 2021 and 2020, there were no shares having an anti-dilutive effect requiring exclusion from the computation of diluted earnings per share. The Company has made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. In August 2015, the Company’s Board of Directors authorized the Company to repurchase up to 2,000,000 shares of the Company's outstanding common stock (the “Repurchase Plan”). The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. There can be no assurance that any authorized shares will be repurchased and the Repurchase Plan may be modified, extended or terminated by the Board of Directors at any time. In the twelve months ended December 31, 2022 and 2021, there were no shares of common stock repurchased. In the twelve months ended December 31, 2020, the Company repurchased 282,221 shares of its common stock for an average purchase price of $ 48.25 per share or an aggregate price of $ 13.6 million. As of December 31, 2022, 1,309,805 shares remain authorized for repurchase.
Accounts Receivable and Concentration of Credit Risk	Accounts Receivable and Concentration of Credit Risk The Company’s accounts receivable consist of amounts due from customers for rentals, sales, financed sales and unbilled amounts for the portion of modular building end-of-lease services earned, which were negotiated as part of the lease agreement. Unbilled receivables related to end-of-lease services, which consists of dismantle and return delivery of buildings, were $ 52.6 million at December 31, 2022 and $ 46.2 million at December 31, 2021. The Company sells primarily on 30 -day terms, individually performs credit evaluation procedures on its customers on each transaction and will require security deposits from its customers when a significant credit risk is identified. The Company records an allowance for doubtful accounts in amounts equal to the estimated losses expected to be incurred in the collection of the accounts receivable. The estimated losses are based on historical collection experience in conjunction with an evaluation of the current status of the existing accounts. Customer accounts are written off against the allowance for doubtful accounts when an account is determined to be uncollectable. The allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts receivable from operating lease and non-lease revenues. The Company regularly reviews the allowance by considering factors such as historical payment experience and trends, the age of the accounts receivable balances, the Company’s operating segment, customer industry, credit quality and current economic conditions that may affect a customer’s ability to pay. The Company recognized bad debt expense of $ 0.8 million, $ 0.5 million and $ 1.3 million for the twelve months ended December 31, 2022, 2021 and 2020, respectively. The allowance for doubtful accounts was $ 2.3 million for the year ended December 31, 2022 and $ 2.1 million for the years ended 2021 and 2020. The allowance for doubtful accounts activity was as follows: (in thousands) 2022 2021 Beginning balance, January 1 $ 2,125 $ 2,100 Provision for doubtful accounts 837 451 Acquired Design Space Reserve (see Note 14) — 125 Write-offs, net of recoveries ( 662 ) ( 551 ) Ending balance, December 31 $ 2,300 $ 2,125 Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of trade accounts receivable. From time to time, the Company maintains cash balances in excess of the Federal Deposit Insurance Corporation limits.
Net investment in sales-type leases	Net Investment in Sales-Type Leases The Company enters into sales-type leases with certain qualified customers to purchase its rental equipment, primarily at its TRS-RenTelco operating segment. Sales-type leases have terms that generally range from 12 to 36 months and are collateralized by a security interest in the underlying rental asset. The net investment in sales-type leases was $ 4.5 million at December 31, 2022 and $ 2.2 million at December 31, 2021. The Company’s assessment of current expected losses on these receivables was not material and no credit loss expense was provided as of December 31, 2022. The Company regularly reviews the allowance by considering factors such as historical payment experience, the age of the lease receivable balances, credit quality and current economic conditions that may affect a customer's ability to pay. Lease receivables are considered past due 90 days after invoice. The Company manages the credit risk in net investment in sales-type leases, on an ongoing basis, using a number of factors, including, but not limited to the following: historical payment history, credit score, size of operations, length of time in business, industry, historical profitability, historical cash flows, liquidity and past due amounts. The Company uses credit scores obtained from external credit bureaus as a key indicator for the purposes of determining credit quality of its new customers. The Company does not own available for sale debt securities or other financial assets at December 31, 2022.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company believes that the carrying amounts for cash, accounts receivable, accounts payable and notes payable approximate their fair values except for fixed rate debt included in notes payable which has an estimated fair value of $ 89.3 million and $ 158.5 million compared to the recorded value of $ 100.0 million and $ 160.0 million as of December 31, 2022 and 2021, respectively. The estimates of fair value of the Company’s fixed rate debt are based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities.
Foreign Currency Transactions and Translation	Foreign Currency Transactions and Translation The Company's Canadian subsidiary, TRS-RenTelco Inc., a British Columbia corporation (“TRS-Canada”), functions as a branch sales office for TRS-RenTelco in Canada. The functional currency for TRS-Canada is the U.S. dollar. Foreign currency transaction gains and losses of TRS-Canada are reported in the results of operations in the period in which they occur. The Company’s Indian subsidiary, TRS-RenTelco India Private Limited (“TRS-India”), functioned as a rental and sales office for TRS-RenTelco in India, which commenced its closure during 2017. The functional currency for TRS-India is the Indian Rupee. All assets and liabilities of TRS-India are translated into U.S. dollars at period-end exchange rates and all income statement amounts are translated at the average exchange rate for each month within the year. Currently, the Company does not use derivative instruments to hedge its economic exposure with respect to assets, liabilities and firm commitments as the foreign currency transactions and risks to date have not been significant.
Share-Based Compensation	Share-Based Compensation The Company measures and recognizes the compensation expense for all share-based awards made to employees and directors, including stock options, stock appreciation rights (“SARs”) and restricted stock units (“RSUs”), based upon estimated fair values. The fair value of stock options and SARs is estimated on the date of grant using the Black-Scholes option pricing model and for RSUs based upon the fair market value of the underlying shares of common stock as of the date of grant. The Company recognizes share-based compensation cost ratably on a straight-line basis over the requisite service period, which generally equals the vesting period. For performance-based RSUs, compensation costs are recognized when it is probable that vesting conditions will be met. In addition, the Company estimates the probable number of shares of common stock that will be earned and the corresponding compensation cost until the achievement of the performance goal is known. The Company recognizes forfeitures based on actual forfeitures when they occur. The Company records share-based compensation costs in “Selling and administrative expenses” in the Consolidated Statements of Income. The Company recognizes a benefit from share-based compensation in the Consolidated Statements of Shareholders’ Equity if an incremental tax benefit is realized. Further information regarding share-based compensation can be found in “ Note 8 – Benefit Plans”.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions in determining reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during each period presented. Actual results could differ from those estimates. The most significant estimates included in the financial statements are the future cash flows and fair values used to determine the recoverability of the rental equipment and identifiable definite and indefinite lived intangible assets carrying value, the various assets’ useful lives and residual values, and the allowance for doubtful accounts.
Income Tax Position	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.
Segment Reporting	FASB guidelines establish annual and interim reporting standards for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. In accordance with these guidelines the Company’s four reportable segments are Mobile Modular, TRS-RenTelco, Adler Tanks and Enviroplex. Management focuses on several key measures to evaluate and assess each segment’s performance including rental revenue growth, gross margin, Adjusted EBITDA and income before provision for income taxes. Excluding interest expense, allocations of revenue and expense not directly associated with one of these segments are generally allocated to Mobile Modular, TRS-RenTelco and Adler Tanks, based on their pro-rata share of direct revenues. Interest expense is allocated amongst Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of average rental equipment at cost, goodwill, intangible assets, accounts receivable, deferred income and customer security deposits. The Company does not report total assets by business segment.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
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 Liquid and solid containment tanks and boxes and accessories 3 to 20 years , no residual value
Property, Plant and Equipment	Property, plant and equipment consist of the following: (dollar amounts in thousands) Estimated December 31, in years 2022 2021 Land Indefinite $ 61,487 $ 54,428 Land improvements 20 – 50 65,451 59,633 Buildings 30 34,082 33,781 Furniture, office equipment and software 3 – 10 37,379 37,965 Vehicles and machinery 5 – 25 47,324 44,560 245,723 230,367 Less: accumulated depreciation ( 102,977 ) ( 98,333 ) 142,746 132,034 Construction in progress 1,199 3,291 $ 143,945 $ 135,325
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, 2022 2021 2020 Weighted-average common stock for calculating basic 24,353 24,220 24,157 Effect of potentially dilutive securities from equity-based 166 295 374 Weighted-average common stock for calculating diluted 24,519 24,515 24,531
Summary of Allowance for Doubtful Accounts Activity	The allowance for doubtful accounts activity was as follows: (in thousands) 2022 2021 Beginning balance, January 1 $ 2,125 $ 2,100 Provision for doubtful accounts 837 451 Acquired Design Space Reserve (see Note 14) — 125 Write-offs, net of recoveries ( 662 ) ( 551 ) Ending balance, December 31 $ 2,300 $ 2,125

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Summary of Supplemental Cash flow Information Related to Leases	Supplemental cash flow information related to leases was as follows: (in thousands) Year Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,863 $ 5,171 Right of use assets obtained in exchange for lease obligations: Operating leases $ 3,284 $ 8,116
Summary of Maturities of Operating Lease Liabilities	As of December 31, 2022, maturities of operating lease liabilities were as follows: (in thousands) Year ended December 31, 2023 $ 5,003 2024 3,614 2025 2,340 2026 1,139 2027 56 Total lease payments 12,152 Less: imputed interest ( 559 ) $ 11,593
Summary of Maturities of Operating Lease Payments	As of December 31, 2022, maturities of operating lease payments to be received in 2023 and thereafter were as follows: (in thousands) Year Ended December 31, 2023 $ 123,142 2024 38,784 2025 13,135 2026 4,301 2027 1,284 Thereafter 63 $ 180,709
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, 2022 Gross minimum lease payments receivable $ 5,048 Less – unearned interest ( 594 ) Net investment in finance lease receivables $ 4,454
Future Minimum Lease Payments under Non-Cancelable Finance Leases	As of December 31, 2022, the future minimum lease payments under non-cancelable finance leases to be received in 2023 and thereafter were as follows: (in thousands) Year Ended December 31, 2023 $ 2,155 2024 1,154 2025 557 2026 456 2027 132 Total minimum future lease payments to be received $ 4,454

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2022
Disaggregation of Revenue [Abstract]
Summary of Disaggregates the Company's Revenue by Lease and Non Lease	The following table disaggregates the Company’s revenues 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, 2022, 2021 and 2020: (in thousands) Mobile TRS- Adler Enviroplex Consolidated Year Ended December 31, 2022 Leasing $ 331,201 $ 125,695 $ 67,603 $ — $ 524,499 Non-lease: Rental related services 30,430 2,579 27,165 — 60,174 Sales 99,978 21,267 2,933 23,170 147,348 Other 108 1,237 457 — 1,802 Total non-lease 130,516 25,083 30,555 23,170 209,324 Total revenues $ 461,717 $ 150,778 $ 98,158 $ 23,170 $ 733,823 2021 Leasing $ 269,175 $ 116,769 $ 56,654 $ — $ 442,598 Non-lease: Rental related services 25,034 2,469 22,487 — 49,990 Sales 68,982 19,788 2,930 31,081 122,781 Other 125 1,168 171 — 1,464 Total non-lease 94,141 23,425 25,588 31,081 174,235 Total revenues $ 363,316 $ 140,194 $ 82,242 $ 31,081 $ 616,833 2020 Leasing $ 235,003 $ 112,210 $ 54,710 $ — $ 401,923 Non-lease: Rental related services 22,576 2,618 21,320 — 46,514 Sales 63,863 24,461 1,386 32,737 122,447 Other 82 1,522 66 — 1,670 Total non-lease 86,521 28,601 22,772 32,737 170,631 Total revenues $ 321,524 $ 140,811 $ 77,482 $ 32,737 $ 572,554

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Components of Notes Payable	Notes payable consists of the following: (in thousands) December 31, 2022 2021 Unsecured revolving lines of credit $ 313,775 $ 266,500 3.84 % Series C senior notes due in 2022 — 60,000 2.35 % Series E senior notes due in 2026 60,000 60,000 2.57 % Series D senior notes due in 2028 40,000 40,000 413,775 426,500 Unamortized debt issuance cost ( 33 ) ( 49 ) $ 413,742 $ 426,451
Schedule of Future Minimum Payments under Unsecured Revolving Lines of Credit 3.84% Senior Notes, 2.35% Senior Notes and 2.57% Senior Notes	As of December 31, 2022, the future minimum payments under the unsecured revolving lines of credit, 2.35 % Series E senior notes and 2.57 % Series D senior notes due in 2026 and 2028 , respectively, are as follows: (in thousands) Year Ended December 31, 2023 $ — 2024 — 2025 — 2026 60,000 2027 313,775 Thereafter 40,000 $ 413,775
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, 2022 2021 Maximum amount outstanding $ 328,752 $ 389,740 Average amount outstanding $ 276,399 $ 239,134 Weighted average interest rate, during the period 3.29 % 2.07 % Prime interest rate, end of period 7.50 % 3.25 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Income Before Provision (Benefit) for Income Taxes	Income before provision (benefit) for income taxes consisted of the following: (in thousands) Year Ended December 31, 2022 2021 2020 U.S. $ 149,759 $ 121,660 $ 131,898 Foreign 261 96 146 $ 150,020 $ 121,756 $ 132,044
Provision (Benefit) for Income Taxes	The provision (benefit) for income taxes consisted of the following: (in thousands) Year Ended December 31, 2022 2021 2020 Current: U.S. Federal $ 19,480 $ ( 1,692 ) $ 23,975 State 8,708 5,360 6,545 Foreign 2,208 2,035 1,733 30,396 5,703 32,253 Deferred: U.S. Federal 4,563 23,433 ( 755 ) State ( 68 ) 2,896 ( 1,424 ) Foreign ( 9 ) 19 ( 14 ) 4,486 26,348 ( 2,193 ) Total $ 34,882 $ 32,051 $ 30,060
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, 2022 2021 2020 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 4.9 5.1 4.7 State deferred tax apportionment change, net of federal benefit ( 1.1 ) 1.6 ( 1.6 ) Valuation allowance 0.0 0.0 0.0 Share-based compensation ( 1.7 ) ( 2.1 ) ( 1.4 ) Enactment of the Tax Cuts and Jobs Act ( 0.2 ) — ( 0.3 ) Other 0.3 0.7 0.4 23.2 % 26.3 % 22.8 %
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, 2022 2021 Deferred tax liabilities: Accelerated depreciation $ 249,568 $ 244,141 Prepaid costs currently deductible 8,646 6,069 Other 8,124 6,553 Total deferred tax liabilities 266,338 256,763 Deferred tax assets: Accrued costs not yet deductible 12,207 11,010 Allowance for doubtful accounts 588 548 Deferred revenues 4,069 219 Share-based compensation 2,563 2,561 Total deferred tax assets, net of valuation allowance of $ 0.2 million in 2022 and 2021 19,427 14,338 Deferred income taxes, net $ 246,911 $ 242,425

Benefit Plans (Tables)

Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Company's Option Activity	A summary of the Company’s option activity and related information for the three years ended December 31, 2022 is as follows: Number of Weighted- Weighted- Aggregate Balance at December 31, 2019 580,140 $ 29.57 Options granted — — Options exercised ( 163,670 ) 30.22 Options cancelled/forfeited/expired ( 7,060 ) 28.95 Balance at December 31, 2020 409,410 29.33 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 1.04 $ 9.1 Exercisable at December 31, 2022 139,350 $ 33.59 1.04 $ 9.1 Expected to vest after December 31, 2022 139,350 $ 33.59 1.04 $ 9.1
Options Outstanding and Options Exercisable by Exercise Price with Weighted-Average Remaining Contractual Life for Options Outstanding and Weighted-Average Exercise Price	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, 2022: Options Outstanding Options Exercisable Exercise price Number outstanding at December 31, 2022 Weighted-average Weighted-average grant date value Number exercisable at December 31, 2022 Weighted-average grant date value $ 20 – 25 16,850 0.17 $ 24.60 16,850 $ 24.60 $ 25 – 30 — — $ — — $ — $ 30 – 35 115,020 1.16 $ 34.54 115,020 $ 34.54 $ 35 – 40 6,800 1.00 $ 39.19 6,800 $ 39.19 $ 40 – 45 680 1.67 $ 40.37 680 $ 40.37 $ 20 – 45 139,350 1.04 $ 33.59 139,350 $ 33.59
Summary of Company's Restricted Stock Units Activity	The following table summarizes the activity of the Company’s RSUs, which includes service-based and performance-based awards, for the three years ended December 31, 2022: Weighted- Aggregate average intrinsic Number grant date value of shares fair value (in millions) Balance at December 31, 2019 196,248 $ 50.68 RSUs granted 126,540 50.99 RSUs vested ( 89,225 ) 43.42 RSUs cancelled/forfeited/expired ( 7,593 ) 57.93 Balance at December 31, 2020 225,970 57.06 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 $ 18.4

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Minimum Payments under Leases, Exclusive of Property Taxes and Insurance	Minimum payments under these leases, exclusive of property taxes and insurance, are as follows: (in thousands) Year Ended December 31, 2023 $ 4,417 2024 3,375 2025 2,183 2026 1,080 2027 56 $ 11,111

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	Intangible assets consist of the following: (dollar amounts in thousands) Estimated Average remaining life in years Cost Accumulated amortization Net book value 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 December 31, 2021 Customer relationships 8 to 11 7.3 $ 50,285 $ ( 12,991 ) $ 37,294 Non-compete agreements 5 4.2 3,296 ( 499 ) 2,797 Customer backlog 0.5 — 1,900 ( 1,900 ) — Trade name 8 7.3 1,200 ( 113 ) 1,087 Total amortizing 56,681 ( 15,503 ) 41,178 Trade name - non-amortizing Indefinite 5,871 — 5,871 Total $ 62,552 $ ( 15,503 ) $ 47,049

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Summarized Financial Information for Company's Reportable Segments	Summarized financial information for the years ended December 31, 2022, 2021 and 2020, for the Company’s reportable segments is shown in the following tables: (dollar amounts in thousands) Mobile TRS- Adler Enviroplex 1 Consolidated Year Ended December 31, 2022 Rental revenues $ 268,288 $ 121,375 $ 66,366 $ — $ 456,029 Rental related services revenues 91,851 3,112 27,654 — 122,617 Sales and other revenues 101,578 26,291 4,138 23,170 155,177 Total revenues 461,717 150,778 98,158 23,170 733,823 Depreciation of rental equipment 31,172 49,253 16,004 — 96,429 Gross profit 217,187 67,899 46,700 5,122 336,908 Selling and administrative expenses 110,234 27,245 28,428 5,435 171,342 Income (loss) from operations 106,953 40,654 18,272 ( 313 ) 165,566 Interest expense (income) allocation 10,175 3,294 2,938 ( 1,239 ) 15,168 Income before provision for income taxes 96,778 36,982 15,334 926 150,020 Adjusted EBITDA 3 159,224 92,007 37,660 ( 25 ) 288,866 Rental equipment acquisitions 121,607 69,928 3,623 — 195,158 Accounts receivable, net (period end) 139,107 26,442 20,172 4,302 190,023 Rental equipment, at cost (period end) 1,123,268 398,267 308,396 — 1,829,931 Rental equipment, net book value (period end) 815,392 174,924 137,738 — 1,128,054 Utilization (period end) 2 80.7 % 59.4 % 57.1 % Average utilization 2 79.1 % 64.2 % 53.1 % Segment Data (Continued) Mobile TRS- Adler Enviroplex 1 Consolidated Year Ended December 31, 2021 Rental revenues $ 220,569 $ 113,419 $ 56,025 $ — $ 390,013 Rental related services revenues 72,330 2,880 22,851 — 98,061 Sales and other revenues 70,417 23,895 3,366 31,081 128,759 Total revenues 363,316 140,194 82,242 31,081 616,833 Depreciation of rental equipment 28,071 47,374 16,442 — 91,887 Gross profit 176,040 61,394 33,699 9,888 281,021 Selling and administrative expenses 92,603 25,152 25,542 5,303 148,600 Income from operations 83,436 36,243 8,157 4,585 132,421 Interest expense (income) allocation 6,433 2,270 2,211 ( 459 ) 10,455 Income before provision for income taxes 77,003 33,763 5,946 5,044 121,756 Adjusted EBITDA 3 130,089 85,723 27,961 4,844 248,617 Rental equipment acquisitions 188,392 61,097 191 — 249,680 Accounts receivable, net (period end) 112,295 22,115 16,378 8,711 159,499 Rental equipment, at cost (period end) 1,040,094 361,391 309,908 — 1,711,393 Rental equipment, net book value (period end) 751,537 161,900 151,787 — 1,065,224 Utilization (period end) 2 76.4 % 62.9 % 47.6 % Average utilization 2 76.2 % 67.0 % 45.4 % 2020 Rental revenues $ 188,719 $ 109,083 $ 53,988 $ — $ 351,790 Rental related services revenues 67,527 3,080 21,786 — 92,393 Sales and other revenues 65,278 28,648 1,708 32,737 128,371 Total revenues 321,524 140,811 77,482 32,737 572,554 Depreciation of rental equipment 22,967 46,472 16,427 — 85,866 Gross profit 155,874 60,864 34,079 12,929 263,746 Selling and administrative expenses 68,470 24,306 24,764 5,453 122,993 Income from operations 87,404 36,558 9,315 7,476 140,753 Interest expense (income) allocation 5,104 2,133 2,107 ( 557 ) 8,787 Income before benefit for income taxes 82,300 34,503 7,208 8,033 132,044 Adjusted EBITDA 3 119,202 85,082 29,010 7,729 241,023 Rental equipment acquisitions 39,078 42,588 2,541 — 84,207 Accounts receivable, net (period end) 81,640 22,735 13,655 5,286 123,316 Rental equipment, at cost (period end) 882,115 333,020 315,706 — 1,530,841 Rental equipment, net book value (period end) 611,590 156,536 169,990 — 938,116 Utilization (period end) 2 76.0 % 67.4 % 39.8 % Average utilization 2 77.2 % 66.2 % 44.6 % 1. Gross Enviroplex sales revenues were $ 24,162 , $ 32,095 and $ 34,014 in 2022, 2021 and 2020, respectively. There were $ 992 and $ 1,014 inter-segment sales to Mobile Modular in 2022 and 2021, which have been eliminated in consolidation. There were no inter-segment sales in 2019. 2. 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. 3. During the year ended December 31, 2022, the calculation for Adjusted EBITDA was adjusted to include one-time transaction costs attributed to acquisition, divestiture and integration related activities. For comparability, the transaction costs incurred during 2021 were included in the Adjusted EBITDA calculation for the year ended December 31, 2021. During the years ended December 31, 2022 and 2021, there were $ 4.3 million and $ 2.0 million of transaction costs, respectively, included in the Adjusted EBITDA calculation. There were no transaction costs included in the calculation for the year ended December 31, 2020. Additional information on Adjusted EBITDA can be found on page 46.

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combinations [Abstract]
Summary of Purchase Price Allocations Reflecting Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following tables summarize the purchase price allocations reflecting estimated fair values of assets acquired and liabilities assumed in the Design Space and Kitchens To Go acquisitions, with excess amounts allocated to goodwill. Design Space: (dollar amounts in thousands) Rental equipment $ 116,272 Intangible assets: Goodwill 101,874 Customer relationships 37,900 Non-compete 2,500 Customer backlog 1,600 Accounts receivable 12,025 Property, plant and equipment 4,139 Prepaid expenses and other assets 5,366 Accounts payable and accrued liabilities ( 11,613 ) Deferred income ( 2,784 ) Total purchase price $ 267,279 Kitchens To Go: (dollar amounts in thousands) Rental equipment $ 12,853 Intangible assets: Goodwill 2,322 Customer relationships 1,700 Trade name 1,200 Non-compete 600 Customer backlog 300 Accounts receivable 212 Property, plant and equipment 365 Prepaid expenses and other assets 1,199 Accounts payable and accrued liabilities ( 1,659 ) Deferred income ( 747 ) Total purchase price $ 18,345
Summary of Pro Forma Data	(Unaudited) Year Ended December 31, (dollar amounts in thousands, except for per share amounts) 2022 2021 Pro-forma total revenues $ 733,823 $ 647,866 Pro-forma net income $ 115,138 $ 93,065 Pro-forma basic earnings per share $ 4.73 $ 3.84 Pro-forma diluted earnings per share $ 4.70 $ 3.80 Design Space and Kitchens To Go Actual total revenues $ 85,095 Actual net income $ 11,100 Actual basic earnings per share $ 0.46 Actual diluted earnings per share $ 0.45

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 USD ($) Segment Division shares	Dec. 31, 2021 USD ($) Segment shares	Dec. 31, 2020 USD ($) $ / shares shares	Aug. 31, 2015 shares
Summary Of Significant Accounting Policies [Line Items]
Number of divisions | Division	4
Number of reportable segments | Segment	4	4
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	$ 9,000,000	8,900,000	8,600,000
Capitalized in internal use of software		200,000
Total advertising expenses	5,000,000	5,100,000	3,900,000
Goodwill and trade name intangible assets	138,200,000	138,300,000
Impairment charges		0	0
Goodwill and intangible assets impairment charge	$ 0	$ 0	$ 0
Anti-dilutive securities excluded from computation of diluted earnings per share | shares	0	0	0
Common stock shares authorized for repurchase | shares				2,000,000
Common stock repurchased | shares	0	0	282,221
Average price per repurchased share | $ / shares			$ 48.25
Aggregate purchase price			$ 13,600,000
Shares remain authorized for repurchase | shares	1,309,805
Unbilled receivables related to end-of-lease services	$ 52,600,000	$ 46,200,000
Period for credit risk identified		30 days
Accounts Receivable, Credit Loss Expense (Reversal)	837,000	$ 451,000	1,343,000
Allowance for doubtful accounts	2,300,000	2,125,000	$ 2,100,000
Net investment in sales-type leases	4,500,000	2,200,000
Credit loss expense	0
Estimated fair value notes payable	89,300,000	158,500,000
Recorded fair value of notes payable	100,000,000	$ 160,000
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Capitalized in internal use of software	$ 100,000
Sales-type leases terms	12 months
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Sales-type leases terms	36 months

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Estimated Useful Lives and Residual Values of Company's Rental Equipment (Detail)	12 Months Ended
	Dec. 31, 2022
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%
Relocatable modular accessories [Member]
Property, Plant and Equipment [Line Items]
Percentage residual value property subject to or available for operating lease	0%
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%
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%
Liquid and solid containment tanks and boxes and accessories [Member]
Property, Plant and Equipment [Line Items]
Percentage residual value property subject to or available for operating lease	0%
Minimum [Member] | Relocatable modular accessories [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	3 years
Minimum [Member] | Electronic test equipment and accessories [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	1 year
Minimum [Member] | Liquid and solid containment tanks and boxes and accessories [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	3 years
Maximum [Member] | Relocatable modular accessories [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	18 years
Maximum [Member] | Electronic test equipment and accessories [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	8 years
Maximum [Member] | Liquid and solid containment tanks and boxes and accessories [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	20 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 245,723	$ 230,367
Less: accumulated depreciation	(102,977)	(98,333)
Property plant and equipment net excluding capitalized cost	142,746	132,034
Construction in progress	1,199	3,291
Property, Plant and Equipment, net	143,945	135,325
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 61,487	54,428
Estimated useful life	Indefinite
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 65,451	59,633
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	$ 34,082	33,781
Estimated useful life	30 years
Furniture, Office Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 37,379	37,965
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	$ 47,324	$ 44,560
Vehicles and Machinery [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Vehicles and Machinery [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years

Summary of Significant Accoun_7

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Weighted-average common stock for calculating basic earnings per share	24,353	24,220	24,157
Effect of potentially dilutive securities from equity-based compensation	166	295	374
Weighted-average common stock for calculating diluted earnings per share	24,519	24,515	24,531

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Allowance for Doubtful Accounts Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Allowance for doubtful accounts, Beginning Balance	$ 2,125	$ 2,100
Provision for doubtful accounts	837	451	$ 1,343
Acquired Design Space Reserve (see Note 13)		125
Write-offs, net of recoveries	(662)	(551)
Allowance for doubtful accounts, Ending Balance	$ 2,300	$ 2,125	$ 2,100

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
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	$ 11,000,000	$ 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	$ 11,593,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Operating lease expense	$ 5,900,000
Short term lease expense	$ 100,000
Weighted-average remaining lease term for operating leases	2 years 9 months 18 days
Weighted-average discount rate for operating leases	3.88%
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	$ 524,500,000
Operating lease revenue	520,800,000
Finance lease revenue	3,700,000
Finance lease revenue, sales revenue	3,300,000
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

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash flow Information Related to Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 5,863	$ 5,171
Right of use assets obtained in exchange for lease obligations:
Operating leases	$ 3,284	$ 8,116

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2023	$ 5,003
2024	3,614
2025	2,340
2026	1,139
2027	56
Total lease payments	12,152
Less: imputed interest	(559)
Operating lease liabilities	$ 11,593

Leases - Summary of Maturitie_2

Leases - Summary of Maturities of Operating Lease Payments (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Lessor, Operating Lease, Payments to be Received, Fiscal Year Maturity [Abstract]
2023	$ 123,142
2024	38,784
2025	13,135
2026	4,301
2027	1,284
Thereafter	63
Operating lease, payments to be received	$ 180,709

Leases - Minimum Lease Payments

Leases - Minimum Lease Payments Receivable and Net Investment Included in Accounts Receivable for Leases (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
Gross minimum lease payments receivable	$ 5,048
Less – unearned interest	(594)
Net investment in finance lease receivables	$ 4,454

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments under Non-Cancelable Finance Leases (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 2,155
2024	1,154
2025	557
2026	456
2027	132
Total minimum future lease payments	$ 4,454

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Period for credit risk identified	30 days
Sales revenues totaling	$ 11.5
Unbilled contract assets	$ 52.6	$ 46.2
Period for warranties for rental equipment	90 days
Period for warranties for equipment manufactured	1 year
Deferred Income [Member]
Disaggregation Of Revenue [Line Items]
Customer contract liability	$ 27.4	16.8
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 0.6	$ 1.3

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregates the Company's Revenue by Lease and Non Lease (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Leasing revenues		$ 524,500
Total non-lease revenues		155,177	$ 128,759	$ 128,371
Total revenues		733,823	616,833	572,554
Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		524,499	442,598	401,923
Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		60,174	49,990	46,514
Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		147,348	122,781	122,447
Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		1,802	1,464	1,670
Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		209,324	174,235	170,631
Mobile Modular [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		101,578	70,417	65,278
Total revenues		461,717	363,316	321,524
Mobile Modular [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		331,201	269,175	235,003
Mobile Modular [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		30,430	25,034	22,576
Mobile Modular [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		99,978	68,982	63,863
Mobile Modular [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		108	125	82
Mobile Modular [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		130,516	94,141	86,521
TRS-RenTelco [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		26,291	23,895	28,648
Total revenues		150,778	140,194	140,811
TRS-RenTelco [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		125,695	116,769	112,210
TRS-RenTelco [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		2,579	2,469	2,618
TRS-RenTelco [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		21,267	19,788	24,461
TRS-RenTelco [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		1,237	1,168	1,522
TRS-RenTelco [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		25,083	23,425	28,601
Adler Tanks [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		4,138	3,366	1,708
Total revenues		98,158	82,242	77,482
Adler Tanks [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		67,603	56,654	54,710
Adler Tanks [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		27,165	22,487	21,320
Adler Tanks [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		2,933	2,930	1,386
Adler Tanks [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		457	171	66
Adler Tanks [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		30,555	25,588	22,772
Enviroplex [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	[1]	23,170	31,081	32,737
Total revenues	[1]	23,170	31,081	32,737
Enviroplex [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		23,170	31,081	32,737
Enviroplex [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		$ 23,170	$ 31,081	$ 32,737
[1] Gross Enviroplex sales revenues were $ 24,162 , $ 32,095 and $ 34,014 in 2022, 2021 and 2020, respectively. There were $ 992 and $ 1,014 inter-segment sales to Mobile Modular in 2022 and 2021, which have been eliminated in consolidation. There were no inter-segment sales in 2019.

Notes Payable - Components of N

Notes Payable - Components of Notes Payable (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Notes payable	$ 413,775	$ 426,500
Unamortized debt issuance cost	(33)	(49)
Notes payable, net	413,742	426,451
Unsecured Revolving Lines of Credit [Member]
Debt Instrument [Line Items]
Notes payable	313,775	266,500
Series C senior notes [Member] | 3.84% Series C senior notes due in 2022 [Member]
Debt Instrument [Line Items]
Notes payable		60,000
Series C senior notes [Member] | 2.35% Series E senior notes due in 2026 [Member]
Debt Instrument [Line Items]
Notes payable	60,000
Series E senior notes [Member] | 2.35% Series E senior notes due in 2026 [Member]
Debt Instrument [Line Items]
Notes payable	60,000	60,000
Series D senior notes [Member] | 2.57% Series D senior notes due in 2028 [Member]
Debt Instrument [Line Items]
Notes payable	$ 40,000	$ 40,000

Notes Payable - Components of_2

Notes Payable - Components of Notes Payable (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jun. 16, 2021	Mar. 17, 2021
Series C senior notes [Member] | 3.84% Series C senior notes due in 2022 [Member]
Debt Instrument [Line Items]
Senior Notes, interest rate	3.84%	3.84%
Senior Notes, year of maturity	2022	2022
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

Notes Payable - Schedule of Fut

Notes Payable - Schedule of Future Minimum Payments under Unsecured Revolving Lines of Credit and 3.68% Senior Notes and 3.84% Senior Notes (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Notes payable	$ 413,775	$ 426,500
Notes Payable to Banks and Others [Member]
Debt Instrument [Line Items]
2026	60,000
2027	313,775
Thereafter	40,000
Notes payable	$ 413,775

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail) - USD ($)					12 Months Ended
	Jul. 15, 2022	Jun. 16, 2021	Mar. 17, 2021	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Aug. 19, 2022
Debt Instrument [Line Items]
Consolidated Fixed Charge Coverage Ratio					2.50%
Consolidated Fixed Charge Coverage Ratio, actual					4.16%
Consolidated Leverage Ratio						275%
Consolidated Leverage Ratio, actual					1.45%
Senior notes principal balance outstanding					$ 413,775,000	$ 426,500,000
Note Purchase Agreement [Member] | Notes Issued March 17, 2014 and Due March 17, 2021 [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes				$ 40,000,000
Senior notes interest rate				3.68%
Debt instrument, maturity date					Mar. 17, 2021
Note Purchase Agreement [Member] | Notes Issued November 5, 2015 And Paid November 5, 2022 [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes				$ 60,000,000
Senior notes interest rate				3.84%
Debt instrument, maturity date					Nov. 05, 2022
Shelf Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes				$ 250,000,000
Senior notes description					In addition, pursuant to the Note Purchase Agreement, the Company may authorize the issuance and sale of additional senior notes (the “Shelf Notes”) in the aggregate principal amount of (x) $250 million minus (y) the amount of other notes (such as the Series B Senior Notes and Series C Senior Notes, each defined below) then outstanding, to be dated the date of issuance thereof, to mature, in case of each Shelf Note so issued, no more than 15 years after the date of original issuance thereof, to have an average life, in the case of each Shelf Note so issued, of no more than 15 years after the date of original issuance thereof, to bear interest on the unpaid balance thereof from the date thereof at the rate per annum, and to have such other particular terms, as shall be set forth, in the case of each Shelf Note so issued, in accordance with the Note Purchase Agreement.
3.84% Series C senior notes due in 2022 [Member] | Series C Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes interest rate					3.84%	3.84%
Senior notes principal balance outstanding						$ 60,000,000
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 C Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes principal balance outstanding					$ 60,000,000
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
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, 2022 and 2021, 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%
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%
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					313,800
Unused commitment fees					$ 20,000,000
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					4.20%
Consolidated Leverage Ratio					2.75%
Consolidated Leverage Ratio, actual					1.45%
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

Notes Payable - Schedule of Inf

Notes Payable - Schedule of Information Related to Lines of Credit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Maximum amount outstanding	$ 328,752	$ 389,740
Average amount outstanding	$ 276,399	$ 239,134
Weighted average interest rate, during the period	3.29%	2.07%
Prime Rate [Member]
Debt Instrument [Line Items]
Prime interest rate, end of period	7.50%	3.25%

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Before Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest [Abstract]
U.S.	$ 149,759	$ 121,660	$ 131,898
Foreign	261	96	146
Income before provision for income taxes	$ 150,020	$ 121,756	$ 132,044

Income Taxes - Provision (Benef

Income Taxes - Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
U.S. Federal	$ 19,480	$ (1,692)	$ 23,975
State	8,708	5,360	6,545
Foreign	2,208	2,035	1,733
Current income tax expense (benefit)	30,396	5,703	32,253
Deferred:
U.S. Federal	4,563	23,433	(755)
State	(68)	2,896	(1,424)
Foreign	(9)	19	(14)
Deferred income tax expense (benefit)	4,486	26,348	(2,193)
Total	$ 34,882	$ 32,051	$ 30,060

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of U.S. Federal Statutory Tax Rate to Company's Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21%	21%	21%
State taxes, net of federal benefit	4.90%	5.10%	4.70%
State deferred tax apportionment change, net of federal benefit	(1.10%)	1.60%	(1.60%)
Valuation allowance	0%	0%	0%
Share-based compensation	(1.70%)	(2.10%)	(1.40%)
Enactment of the Tax Cuts and Jobs Act	(0.20%)	0%	(0.30%)
Other	0.30%	0.70%	0.40%
Effective Income Tax Rate	23.20%	26.30%	22.80%

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes Related to Temporary Differences between Tax Bases of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax liabilities:
Accelerated depreciation	$ 249,568	$ 244,141
Prepaid costs currently deductible	8,646	6,069
Other	8,124	6,553
Total deferred tax liabilities	266,338	256,763
Deferred tax assets:
Accrued costs not yet deductible	12,207	11,010
Allowance for doubtful accounts	588	548
Deferred revenues	4,069	219
Share-based compensation	2,563	2,561
Total deferred tax assets, net of valuation allowance of $0.2 million in 2021 and 2020	19,427	14,338
Deferred income taxes, net	$ 246,911	$ 242,425

Income Taxes - Deferred Incom_2

Income Taxes - Deferred Income Taxes Related to Temporary Differences between Tax Bases of Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Deferred tax assets, valuation allowance	$ 0.2	$ 0.2

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Excess tax shortfall (benefit) from exercise of share-based awards	$ 2,600,000	$ 2,500,000	$ 1,900,000
Likelihood percentage of being realized upon ultimate settlement with the relevant tax authority	50%
Unrecognized tax benefits	$ 0	0
Changes in unrecognized benefits	0	$ 0	$ 0
Foreign [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses carryforwards	$ 600,000
Net operating losses carryforwards, expiration year	2023

Benefit Plans - Additional Info

Benefit Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2019	Jun. 08, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 8,009,000	$ 7,666,000	$ 5,549,000
Tax benefit related to share-based compensation expense	2,200,000	2,100,000	1,500,000
Capitalized share-based compensation expense	$ 0	$ 0	$ 0
Stock option plans remain outstanding	139,350	274,630	409,410		580,140
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	258,758
Percentage of total common shares outstanding	1%
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized	1,263,760
Stock options granted	8,458,600
Stock options, exercise prices lower	$ 3.47
Stock options, exercise prices upper	$ 40.37
Purchase of shares	6,767,253
Stock option shares terminated	1,672,732
Stock option plans remain outstanding	139,350
Stock options outstanding, exercise prices lower	$ 24.60
Stock options outstanding, exercise prices upper	$ 40.37
Stock options vesting period	5 years
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)	7 years
Options issued to non-employee advisors		0
Aggregate intrinsic value of options exercised and sold	$ 7,900,000	$ 7,000,000	$ 5,900,000
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%
Number of RSU's expected to vest	92,310
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%			60%
Service-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of RSU's expected to vest	95,098
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 2 months 12 days
Number of forfeitures expected	10,754	8,646	7,593
Total fair value of RSU's vested based on weighted average grant date values	$ 9,300,000	$ 9,200,000	$ 6,000,000
Stock-based compensation expense for restricted stock	7,900,000	$ 7,300,000	$ 4,600,000
Total unrecognized compensation expense net of forfeitures	$ 8,500,000
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%

Benefit Plans - Summary of Comp

Benefit Plans - Summary of Company's Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Number of Options, Beginning Balance	274,630	409,410	580,140
Number of Options, granted	0	0	0
Number of Options, exercised	(135,280)	(133,020)	(163,670)
Number of Options, cancelled/forfeited/expired		(1,760)	(7,060)
Number of Options, Ending Balance	139,350	274,630	409,410
Number of Options, Exercisable at December 31, 2021	139,350
Number of Options, Expected to Vest after December 31, 2021	139,350
Weighted-Average Price, Beginning Balance	$ 29.66	$ 29.33	$ 29.57
Weighted-Average Price, Options exercised	25.61	28.57	30.22
Weighted-Average Price, Options cancelled/forfeited/expired	0	34.57	28.95
Weighted-Average Price, Ending Balance	33.59	$ 29.66	$ 29.33
Weighted-Average Price, Exercisable at December 31, 2021	33.59
Weighted-Average Price, Expected to Vest after December 31, 2021	$ 33.59
Weighted-Average Remaining Contractual Term, Balance At December 31, 2021	1 year 14 days
Weighted-Average Remaining Contractual Term, Exercisable at December 31, 2021	1 year 14 days
Weighted-Average Remaining Contractual Term, Expected to Vest after December 31, 2021	1 year 14 days
Aggregate Intrinsic Value, Balance At December 31, 2021	$ 9.1
Aggregate Intrinsic Value, Exercisable at December 31, 2021	9.1
Aggregate Intrinsic Value, Expected to Vest after December 31, 2021	$ 9.1

Benefit Plans - Options Outstan

Benefit Plans - Options Outstanding and Options Exercisable by Exercise Price with Weighted-Average Remaining Contractual Life for Options Outstanding and Weighted-Average Exercise Price (Detail)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Exercise Price 20-25 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Lower Range Limit	$ 20
Exercise Price Upper Range Limit	$ 25
Options Outstanding, Number | shares	16,850
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)	2 months 1 day
Options Outstanding, Weighted-Average Grant Date Value	$ 24.60
Options Exercisable, Number | shares	16,850
Options Exercisable, Weighted-Average Grant Date Value	$ 24.60
Exercise Price 25-30 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Lower Range Limit	25
Exercise Price Upper Range Limit	30
Exercise Price 30-35 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Lower Range Limit	30
Exercise Price Upper Range Limit	$ 35
Options Outstanding, Number | shares	115,020
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)	1 year 1 month 28 days
Options Outstanding, Weighted-Average Grant Date Value	$ 34.54
Options Exercisable, Number | shares	115,020
Options Exercisable, Weighted-Average Grant Date Value	$ 34.54
Exercise Price 35-40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Lower Range Limit	35
Exercise Price Upper Range Limit	$ 40
Options Outstanding, Number | shares	6,800
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)	1 year
Options Outstanding, Weighted-Average Grant Date Value	$ 39.19
Options Exercisable, Number | shares	6,800
Options Exercisable, Weighted-Average Grant Date Value	$ 39.19
Exercise Price 40-45 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Lower Range Limit	40
Exercise Price Upper Range Limit	$ 45
Options Outstanding, Number | shares	680
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)	1 year 8 months 1 day
Options Outstanding, Weighted-Average Grant Date Value	$ 40.37
Options Exercisable, Number | shares	680
Options Exercisable, Weighted-Average Grant Date Value	$ 40.37
Exercise Price 20-45 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Lower Range Limit	20
Exercise Price Upper Range Limit	$ 45
Options Outstanding, Number | shares	139,350
Options Outstanding, Weighted-Average Remaining Contractual Life (Years)	1 year 14 days
Options Outstanding, Weighted-Average Grant Date Value	$ 33.59
Options Exercisable, Number | shares	139,350
Options Exercisable, Weighted-Average Grant Date Value	$ 33.59

Benefit Plans - Summary of Co_2

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning Balance	217,408	225,970	196,248
Number of Shares, granted	95,028	116,326	126,540
Number of Shares, vested	(114,274)	(116,242)	(89,225)
Number of Shares, cancelled/forfeited/expired	(10,754)	(8,646)	(7,593)
Number of Shares, Ending Balance	187,408	217,408	225,970
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 67.63	$ 57.06	$ 50.68
Weighted-Average Grant Date Fair Value, granted	77.79	72.75	50.99
Weighted-Average Grant Date Fair Value, vested	58.30	53.32	43.42
Weighted-Average Grant Date Fair Value, cancelled/forfeited/expired	70.10	52.78	57.93
Weighted-Average Grant Date Fair Value, Ending Balance	$ 76.74	$ 67.63	$ 57.06
Aggregate Intrinsic Value	$ 18.4

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 31, 2015
Stockholders' Equity Note [Abstract]
Common stock shares authorized for repurchase				2,000,000
Shares remain authorized for repurchase	1,309,805
Stock Repurchased During Period, Shares	0	0	282,221
Aggregate purchase price			$ 13.6
Average price per repurchased share			$ 48.25

Commitments and Contingencies -

Commitments and Contingencies - Minimum Payments under Leases, Exclusive of Property Taxes and Insurance (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee Operating Lease Liability Payments [Line Items]
2023	$ 5,003
2024	3,614
2025	2,340
2026	1,139
2027	56
Total lease payments	$ 12,152
Facility [Member]
Lessee Operating Lease Liability Payments [Line Items]
2023		$ 4,417
2024		3,375
2025		2,183
2026		1,080
2027		56
Total lease payments		$ 11,111

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments And Contingencies [Line Items]
Operating lease expense	$ 5,900,000
Health plan annual stop-loss insurance per claim	200,000
Workers compensation insurance with no stop-loss for prior claim years	350,000
Accruals for health and workers' compensation plans	2,000,000	$ 2,500,000
Facility [Member]
Commitments And Contingencies [Line Items]
Operating lease expense	$ 7,000,000	$ 5,600,000	$ 3,700,000

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Cost	$ 56,680	$ 56,681
Accumulated amortization	(21,420)	(15,503)
Net book value	35,260	41,178
Indefinite, cost	5,871	5,871
Indefinite, net book value	5,871	5,871
Total, cost	62,551	62,552
Total, accumulated amortization	(21,420)	(15,503)
Total, net book value	$ 41,131	$ 47,049
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years
Average remaining life in years	6 years 3 months 18 days	7 years 3 months 18 days
Cost	$ 50,284	$ 50,285
Accumulated amortization	(18,098)	(12,991)
Net book value	$ 32,186	$ 37,294
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 2 months 12 days	4 years 2 months 12 days
Cost	$ 3,296	$ 3,296
Accumulated amortization	(1,159)	(499)
Net book value	2,137	$ 2,797
Customer Backlog [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years		6 months
Cost	1,900	$ 1,900
Accumulated amortization	$ (1,900)	$ (1,900)
Trade Name [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years	8 years
Average remaining life in years	6 years 3 months 18 days	7 years 3 months 18 days
Cost	$ 1,200	$ 1,200
Accumulated amortization	(263)	(113)
Net book value	$ 937	$ 1,087

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 5,900,000	$ 5,900,000	$ 200,000
Subsequent impairment of the underlying assets	0
Expected annual amortization expense for 2023	5,900,000
Expected annual amortization expense for 2024	5,900,000
Expected annual amortization expense for 2025	5,900,000
Expected annual amortization expense for 2026	5,400,000
Expected annual amortization expense for 2027	$ 5,200,000

Related Party Transactions - Ad

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

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 Customer Segment	Dec. 31, 2021 Segment Customer	Dec. 31, 2020 Customer
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	4	4
Customer Concentration Risk [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Number of major customer | Customer	0	0	0
Geographic Concentration Risk [Member] | Sales [Member] | Foreign Country Customers [Member]
Segment Reporting Information [Line Items]
Revenues from customers	4%

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Rental revenues		$ 456,029	$ 390,013	$ 351,790
Rental related services revenues		122,617	98,061	92,393
Revenue from Contract with Customer, Excluding Assessed Tax		155,177	128,759	128,371
Total revenues		733,823	616,833	572,554
Depreciation of rental equipment		96,429	91,887	85,866
Gross profit		336,908	281,021	263,746
Selling and administrative expenses		171,342	148,600	122,993
Income from operations		165,566	132,421	140,753
Interest expense (income) allocation		15,168	10,455	8,787
Income before provision/benefit for income taxes		150,020	121,756	132,044
Adjusted EBITDA	[1]	288,866	248,617	241,023
Rental equipment acquisitions		195,158	249,680	84,207
Accounts receivable, net (period end)		190,023	159,499	123,316
Rental equipment, at cost (period end)		1,829,931	1,711,393	1,530,841
Rental equipment, net book value (period end)		1,128,054	1,065,224	938,116
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Rental revenues		268,288	220,569	188,719
Rental related services revenues		91,851	72,330	67,527
Revenue from Contract with Customer, Excluding Assessed Tax		101,578	70,417	65,278
Total revenues		461,717	363,316	321,524
Depreciation of rental equipment		31,172	28,071	22,967
Gross profit		217,187	176,040	155,874
Selling and administrative expenses		110,234	92,603	68,470
Income from operations		106,953	83,436	87,404
Interest expense (income) allocation		10,175	6,433	5,104
Income before provision/benefit for income taxes		96,778	77,003	82,300
Adjusted EBITDA	[1]	159,224	130,089	119,202
Rental equipment acquisitions		121,607	188,392	39,078
Accounts receivable, net (period end)		139,107	112,295	81,640
Rental equipment, at cost (period end)		1,123,268	1,040,094	882,115
Rental equipment, net book value (period end)		$ 815,392	$ 751,537	$ 611,590
Utilization (period end)	[2]	80.70%	76.40%	76%
Average utilization	[2]	79.10%	76.20%	77.20%
TRS-RenTelco [Member]
Segment Reporting Information [Line Items]
Rental revenues		$ 121,375	$ 113,419	$ 109,083
Rental related services revenues		3,112	2,880	3,080
Revenue from Contract with Customer, Excluding Assessed Tax		26,291	23,895	28,648
Total revenues		150,778	140,194	140,811
Depreciation of rental equipment		49,253	47,374	46,472
Gross profit		67,899	61,394	60,864
Selling and administrative expenses		27,245	25,152	24,306
Income from operations		40,654	36,243	36,558
Interest expense (income) allocation		3,294	2,270	2,133
Income before provision/benefit for income taxes		36,982	33,763	34,503
Adjusted EBITDA	[1]	92,007	85,723	85,082
Rental equipment acquisitions		69,928	61,097	42,588
Accounts receivable, net (period end)		26,442	22,115	22,735
Rental equipment, at cost (period end)		398,267	361,391	333,020
Rental equipment, net book value (period end)		$ 174,924	$ 161,900	$ 156,536
Utilization (period end)	[2]	59.40%	62.90%	67.40%
Average utilization	[2]	64.20%	67%	66.20%
Adler Tanks [Member]
Segment Reporting Information [Line Items]
Rental revenues		$ 66,366	$ 56,025	$ 53,988
Rental related services revenues		27,654	22,851	21,786
Revenue from Contract with Customer, Excluding Assessed Tax		4,138	3,366	1,708
Total revenues		98,158	82,242	77,482
Depreciation of rental equipment		16,004	16,442	16,427
Gross profit		46,700	33,699	34,079
Selling and administrative expenses		28,428	25,542	24,764
Income from operations		18,272	8,157	9,315
Interest expense (income) allocation		2,938	2,211	2,107
Income before provision/benefit for income taxes		15,334	5,946	7,208
Adjusted EBITDA	[1]	37,660	27,961	29,010
Rental equipment acquisitions		3,623	191	2,541
Accounts receivable, net (period end)		20,172	16,378	13,655
Rental equipment, at cost (period end)		308,396	309,908	315,706
Rental equipment, net book value (period end)		$ 137,738	$ 151,787	$ 169,990
Utilization (period end)	[2]	57.10%	47.60%	39.80%
Average utilization	[2]	53.10%	45.40%	44.60%
Enviroplex [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[3]	$ 23,170	$ 31,081	$ 32,737
Total revenues	[3]	23,170	31,081	32,737
Gross profit	[3]	5,122	9,888	12,929
Selling and administrative expenses	[3]	5,435	5,303	5,453
Income from operations	[3]	(313)	4,585	7,476
Interest expense (income) allocation	[3]	(1,239)	(459)	(557)
Income before provision/benefit for income taxes	[3]	926	5,044	8,033
Adjusted EBITDA	[1],[3]	(25)	4,844	7,729
Accounts receivable, net (period end)	[3]	$ 4,302	$ 8,711	$ 5,286
[1] During the year ended December 31, 2022, the calculation for Adjusted EBITDA was adjusted to include one-time transaction costs attributed to acquisition, divestiture and integration related activities. For comparability, the transaction costs incurred during 2021 were included in the Adjusted EBITDA calculation for the year ended December 31, 2021. During the years ended December 31, 2022 and 2021, there were $ 4.3 million and $ 2.0 million of transaction costs, respectively, included in the Adjusted EBITDA calculation. There were no transaction costs included in the calculation for the year ended December 31, 2020. Additional information on Adjusted EBITDA can be found on page 46. 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. Gross Enviroplex sales revenues were $ 24,162 , $ 32,095 and $ 34,014 in 2022, 2021 and 2020, respectively. There were $ 992 and $ 1,014 inter-segment sales to Mobile Modular in 2022 and 2021, which have been eliminated in consolidation. There were no inter-segment sales in 2019.

Segment Reporting - Summarize_2

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues		$ 733,823,000	$ 616,833,000	$ 572,554,000
Sales revenues		(155,177,000)	(128,759,000)	(128,371,000)
Transaction costs attributed to acquisition, divestiture and integration		4,300,000	2,000,000	0
Sales [Member]
Segment Reporting Information [Line Items]
Sales revenues		(150,653,000)	(125,235,000)	(124,604,000)
Enviroplex [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	23,170,000	31,081,000	32,737,000
Sales revenues	[1]	(23,170,000)	(31,081,000)	(32,737,000)
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Revenues		461,717,000	363,316,000	321,524,000
Sales revenues		(101,578,000)	(70,417,000)	(65,278,000)
Operating Segments [Member] | Enviroplex [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Revenues		24,162,000	32,095,000	$ 34,014,000
Inter-segment Eliminations [Member]
Segment Reporting Information [Line Items]
Sales revenues					$ 0
Inter-segment Eliminations [Member] | Mobile Modular [Member]
Segment Reporting Information [Line Items]
Sales revenues		$ 992,000	$ 1,014,000
[1] Gross Enviroplex sales revenues were $ 24,162 , $ 32,095 and $ 34,014 in 2022, 2021 and 2020, respectively. There were $ 992 and $ 1,014 inter-segment sales to Mobile Modular in 2022 and 2021, which have been eliminated in consolidation. There were no inter-segment sales in 2019.

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($)			12 Months Ended
	May 17, 2021	Apr. 01, 2021	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Combined acquired goodwill			$ 132,305,000	$ 132,393,000
Goodwill deductible for tax purpose, period			15 years
Combined federal and state tax rate			28%
Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			8 years
Trade Name [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			8 years	8 years
Non-compete [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			5 years
Customer Backlog [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life				6 months
Design Space Modular Buildings PNW, LP [Member]
Business Acquisition [Line Items]
Purchase of assets	$ 267,300,000
Business acquisition, transaction costs	1,700,000
Combined acquired goodwill	101,874,000
Rental equipment	$ 116,272,000
GRS Holding LLC, DBA Kitchens To Go [Member]
Business Acquisition [Line Items]
Purchase of assets		$ 18,300,000
Business acquisition, transaction costs		300,000
Combined acquired goodwill		2,322,000
Rental equipment		$ 12,853,000
Design Space and Kitchens To Go [Member]
Business Acquisition [Line Items]
Combined acquired goodwill			$ 104,196
Titan Storage Containers, LLC [Member]
Business Acquisition [Line Items]
Purchase of assets				$ 6,900,000
Rental equipment				6,200,000
Rolling stock assets				800,000
Accrued liabilities				$ 200,000

Acquisitions - Summary of Purch

Acquisitions - Summary of Purchase Price Allocations Reflecting Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	May 17, 2021	Apr. 01, 2021
Intangible assets:
Goodwill	$ 132,305	$ 132,393
Design Space Modular Buildings PNW, LP [Member]
Business Acquisition [Line Items]
Rental equipment			$ 116,272
Intangible assets:
Goodwill			101,874
Accounts receivable			12,025
Property, plant and equipment			4,139
Prepaid expenses and other assets			5,366
Accounts payable and accrued liabilities			(11,613)
Deferred income			(2,784)
Total purchase price			267,279
Design Space Modular Buildings PNW, LP [Member] | Customer Relationships [Member]
Intangible assets:
Intangible assets			37,900
Design Space Modular Buildings PNW, LP [Member] | Non-compete [Member]
Intangible assets:
Intangible assets			2,500
Design Space Modular Buildings PNW, LP [Member] | Customer Backlog [Member]
Intangible assets:
Intangible assets			$ 1,600
GRS Holding LLC, DBA Kitchens To Go [Member]
Business Acquisition [Line Items]
Rental equipment				$ 12,853
Intangible assets:
Goodwill				2,322
Accounts receivable				212
Property, plant and equipment				365
Prepaid expenses and other assets				1,199
Accounts payable and accrued liabilities				(1,659)
Deferred income				(747)
Total purchase price				18,345
GRS Holding LLC, DBA Kitchens To Go [Member] | Customer Relationships [Member]
Intangible assets:
Intangible assets				1,700
GRS Holding LLC, DBA Kitchens To Go [Member] | Trade Name [Member]
Intangible assets:
Intangible assets				1,200
GRS Holding LLC, DBA Kitchens To Go [Member] | Non-compete [Member]
Intangible assets:
Intangible assets				600
GRS Holding LLC, DBA Kitchens To Go [Member] | Customer Backlog [Member]
Intangible assets:
Intangible assets				$ 300

Acquisitions - Summary of Pro F

Acquisitions - Summary of Pro Forma Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Pro-forma total revenues	$ 733,823	$ 647,866
Pro-forma net income	$ 115,138	$ 93,065
Pro-forma basic earnings per share	$ 4.73	$ 3.84
Pro-forma diluted earnings per share	$ 4.70	$ 3.80
Design Space and Kitchens To Go [Member]
Business Acquisition [Line Items]
Actual total revenues	$ 85,095
Actual net income	$ 11,100
Actual basic earnings per share	$ 0.46
Actual diluted earnings per share	$ 0.45

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Feb. 01, 2022	Dec. 31, 2022
Vesta Housing Solutions [Member]
Subsequent Event [Line Items]
Purchase price	$ 400
Business acquisition, description of acquired entity		Vesta Modular is a leading provider of temporary and permanent modular space solutions serving customers between its modular leasing and modular construction divisions.
Ironclad [Member]
Subsequent Event [Line Items]
Sale price	$ 265