McGrath RentCorp (MGRC) 10-K 19 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Feb. 18, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
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		24,551,184
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 2,575,595,751
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	San Francisco, California
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE The information required by Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K will either be incorporated herein by reference to the Company’s Definitive Proxy Statement to be filed pursuant to Regulation 14A of the Exchange Act for its 2024 Annual or Special Meeting of Shareholders or included in an amendment to this Annual Report on Form 10-K, which, in either case, will be filed no later than 120 days after December 31, 2024.
Auditor Opinion [Text Block]	Opinion on the financial statements We have audited the accompanying consolidated balance sheets of McGrath RentCorp (a California corporation) and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated February 19, 2025 expressed an unqualified opinion.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash	$ 807	$ 877
Accounts receivable, net of allowance for credit losses of $2,866 at December 31, 2024 and $2,801 at December 31, 2023	219,342	227,368
Rental equipment, at cost:
Relocatable modular buildings	1,414,367	1,291,093
Portable storage containers	240,846	236,123
Electronic test equipment	343,982	377,587
Rental equipment, gross	1,999,195	1,904,803
Less: accumulated depreciation	(611,536)	(575,480)
Rental equipment, net	1,387,659	1,329,323
Property, plant and equipment, net	197,439	169,114
Inventories	14,304	15,425
Prepaid expenses and other assets	80,477	87,364
Intangible assets, net	54,332	64,588
Goodwill	323,224	323,224
Total assets	2,277,584	2,217,283
Liabilities:
Notes payable	590,208	762,975
Accounts payable	60,082	58,760
Accrued liabilities	113,961	108,763
Deferred income	109,836	111,428
Deferred income taxes, net	280,129	241,555
Total liabilities	1,154,216	1,283,481
Commitments and contingencies (Note 12)
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,551 shares as of December 31, 2024 and 24,496 shares as of December 31, 2023	116,253	111,122
Retained earnings	1,007,115	822,796
Accumulated other comprehensive loss		(116)
Total shareholders’ equity	1,123,368	933,802	$ 803,945
Total liabilities and shareholders’ equity	$ 2,277,584	$ 2,217,283

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 2,866	$ 2,801
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,551,000	24,496,000
Common stock, shares outstanding	24,551,000	24,496,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Rental	$ 489,929	$ 474,336	$ 389,663
Rental related services	148,498	138,160	94,963
Rental operations	638,427	612,496	484,626
Total revenues	910,942	831,842	635,665
Direct costs of rental operations:
Depreciation of rental equipment	88,267	88,912	80,425
Rental related services	103,419	96,628	68,846
Other	109,116	114,942	104,358
Total direct costs of rental operations	300,802	300,482	253,629
Costs of sales	174,725	137,727	91,828
Total costs of revenues	475,527	438,209	345,457
Gross profit	435,415	393,633	290,208
Expenses:
Selling and administrative expenses	200,432	207,539	142,914
Other income, net	(9,281)	(3,618)
Income from operations	244,264	189,712	147,294
Interest expense	47,241	40,560	12,230
Foreign currency exchange loss (gain)	215	(310)	378
Gain on merger termination from WillScot Mobile Mini	(180,000)
WillScot Mobile Mini transaction costs	63,159
Income from continuing operations before provision for income taxes	313,649	149,462	134,686
Provision for income taxes from continuing operations	81,922	37,610	31,377
Income from continuing operations	231,727	111,852	103,309
Discontinued operations:
Income from discontinued operations before provision for income taxes		1,709	15,334
Provision for income taxes from discontinued operations		453	3,505
Gain on sale of discontinued operations, net of tax		61,513
Income from discontinued operations		62,769	11,829
Net income	$ 231,727	$ 174,621	$ 115,138
Earnings per share from continuing operations:
Basic	$ 9.44	$ 4.57	$ 4.24
Diluted	9.43	4.56	4.21
Earnings per share from discontinued operations:
Basic		2.57	0.49
Diluted		2.56	0.48
Earnings per share:
Basic	9.44	7.14	4.73
Diluted	$ 9.43	$ 7.12	$ 4.70
Shares used in per share calculation:
Basic	24,541	24,469	24,353
Diluted	24,570	24,529	24,519
Cash dividends declared per share	$ 1.9	$ 1.86	$ 1.82
Sales [Member]
Revenues
Revenues	$ 262,290	$ 207,165	$ 147,720
Other [Member]
Revenues
Revenues	$ 10,225	$ 12,181	$ 3,319

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 231,727	$ 174,621	$ 115,138
Other comprehensive income:
Foreign currency translation adjustment, net of tax impact		(38)	(24)
Comprehensive income	$ 231,727	$ 174,583	$ 115,114

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, 2021	$ 732,021	$ 108,610	$ 623,465	$ (54)
Balance, Shares at Dec. 31, 2021		24,260,000
Net income	115,138		115,138
Share-based compensation	8,009	$ 8,009
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		128,000
Taxes paid related to net share settlement of stock awards	(6,539)	$ (6,539)
Dividends accrued at $1.82, $1.86 and $1.90 per share in 2022, 2023 and 2024	(44,660)		(44,660)
Other comprehensive loss	(24)			(24)
Balance at Dec. 31, 2022	803,945	$ 110,080	693,943	(78)
Balance, Shares at Dec. 31, 2022		24,388,000
Net income	174,621		174,621
Share-based compensation	8,275	$ 8,275
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		108,000
Taxes paid related to net share settlement of stock awards	(7,233)	$ (7,233)
Dividends accrued at $1.82, $1.86 and $1.90 per share in 2022, 2023 and 2024	(45,768)		(45,768)
Other comprehensive loss	(38)			(38)
Balance at Dec. 31, 2023	$ 933,802	$ 111,122	822,796	(116)
Balance, Shares at Dec. 31, 2023	24,496,000	24,496,000
Net income	$ 231,727		231,727
Share-based compensation	9,502	$ 9,502
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		55,000
Taxes paid related to net share settlement of stock awards	(4,371)	$ (4,371)
Dividends accrued at $1.82, $1.86 and $1.90 per share in 2022, 2023 and 2024	(47,408)		(47,408)
Other comprehensive loss reclassification adjustment	116			$ 116
Balance at Dec. 31, 2024	$ 1,123,368	$ 116,253	$ 1,007,115
Balance, Shares at Dec. 31, 2024	24,551,000	24,551,000

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash dividends declared per share	$ 1.9	$ 1.86	$ 1.82

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities:
Net income	$ 231,727	$ 174,621	$ 115,138
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	107,455	109,375	111,344
Deferred income taxes (benefits)	38,574	(16,952)	4,486
Provision for credit losses	1,890	2,633	837
Share-based compensation	9,502	8,275	8,009
Gain on sale of property, plant and equipment	(9,281)	(3,618)
Gain on sale of discontinued operations		(61,513)
Gain on sale of used rental equipment	(35,085)	(31,642)	(37,979)
Foreign currency exchange loss (gain)	215	(310)	378
Amortization of debt issuance costs	66	8	16
Change in:
Accounts receivable	6,136	(37,776)	(31,361)
Inventories	1,121	(779)	(6,055)
Prepaid expenses and other assets	6,887	(28,547)	(10,429)
Accounts payable	11,836	(49,761)	8,996
Accrued liabilities	4,924	17,235	7,351
Deferred income	(1,592)	14,094	23,701
Net cash provided by operating activities	374,375	95,343	194,432
Cash Flows from Investing Activities:
Proceeds from sale of discontinued operations		268,012
Purchases of rental equipment	(191,231)	(229,679)	(187,689)
Purchases of property, plant and equipment	(40,228)	(43,989)	(17,617)
Cash paid for acquisition of businesses		(458,315)
Cash paid for acquisition of business assets		(3,767)
Proceeds from sales of used rental equipment	68,453	66,168	73,879
Proceeds from sales of property, plant and equipment	12,251	9,702
Net cash used in investing activities	(150,755)	(391,868)	(131,427)
Cash Flows from Financing Activities:
Net (payments) borrowings under bank lines of credit	(172,560)	274,225	47,275
Borrowings under term note agreement		75,000
Principal payment of Series C senior notes			(60,000)
Taxes paid related to net share settlement of stock awards	(4,371)	(7,233)	(6,539)
Payment of dividends	(46,759)	(45,556)	(44,269)
Net cash (used in) provided by financing activities	(223,690)	296,436	(63,533)
Effect of foreign currency exchange rate changes on cash		9	(6)
Net decrease in cash	(70)	(80)	(534)
Cash balance, beginning of period	877	957	1,491
Cash balance, end of period	807	877	957
Supplemental Disclosure of Cash Flow Information:
Gain on merger termination, net of transaction costs, presented under net cash provided by operating activities	116,841
Interest paid, during the period	48,324	38,603	14,775
Net income taxes paid, during the period	36,524	91,565	27,362
Dividends accrued during the period, not yet paid	12,482	12,010	11,227
Rental equipment acquisitions, not yet paid	$ 5,393	$ 16,653	$ 13,220

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 231,727	$ 174,621	$ 115,138

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b51 Arr Modified Flag	false
Non Rule 10b51 Arr Modified Flag	false

Cybersecurity Risk Management,

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	ITEM 1C. CYBERSECURITY Cybersecurity represents an important component of the Company’s overall approach to risk management. The Company’s cybersecurity policies, standards and practices are integrated into the Company’s enterprise risk management (“ERM”) approach, and cybersecurity risks are one of the enterprise risks that are subject to oversight by the Company’s Board of Directors (the “Board”). The Company’s cybersecurity policies, standards and practices follow industry trends, which align with frameworks established by the National Institute of Standards and Technology and the International Organization for Standardization. The Company approaches cybersecurity threats through a cross-functional approach which endeavors to: (i) identify, prevent and mitigate cybersecurity threats to the Company; (ii) preserve the confidentiality, security and availability of the information that we collect and store to use in our business; (iii) protect the Company’s intellectual property; (iv) maintain the confidence of our customers, clients and business partners; and (v) provide appropriate public disclosure of cybersecurity risks and incidents when required. Risk Management and Strategy The Company’s cybersecurity program focuses on the following areas: • Vigilance: The Company maintains cybersecurity threat operations with the goal of identifying, preventing and mitigating cybersecurity threats and responding to cybersecurity incidents in accordance with our established incident response and recovery plans. • Systems Safeguards: The Company deploys systems safeguards that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through ongoing vulnerability assessments and cybersecurity threat intelligence. • Collaboration: The Company utilizes collaboration mechanisms established with public and private entities, including intelligence and enforcement agencies, industry groups and third-party service providers, to identify, assess and respond to cybersecurity risks. • Third-Party Risk Management: The Company endeavors to identify and oversee cybersecurity risks presented by third parties as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. • Training: The Company provides periodic training and testing for personnel regarding cybersecurity threats, which reinforce the Company’s information security policies, standards and practices. • Incident Response and Recovery Planning: The Company has established and maintains incident response and recovery plans that address the Company’s response to a cybersecurity incident and the recovery from a cybersecurity incident; such plans are tested and evaluated periodically. • Communication, Coordination and Disclosure: The Company utilizes a cross-functional approach to address the risk from cybersecurity threats, involving management personnel from the Company’s technology, operations, legal, risk management, and other key business functions, as well as the members of the Board in an ongoing dialogue regarding cybersecurity threats and incidents, while also implementing controls and procedures for the escalation of cybersecurity incidents pursuant to established thresholds so that decisions regarding the disclosure and reporting of such incidents can be made by management in a timely manner. • Governance: The Board’s oversight of cybersecurity risk management is supported by the Company’s executive leadership team and Cybersecurity Steering Committee, which regularly interacts with the Company’s Vice President of Information Technology and other members of the cyber team and management. The Company manages risks from cybersecurity threats through the assessment and testing of the Company’s processes and practices focused on evaluating the effectiveness of our cybersecurity measures. The Company engages a third-party independent cybersecurity company that provides security testing and monitoring, including penetration testing, auditing, and security assessment, for the Company. The results of such assessments and reviews are reported as part of the technology and cybersecurity update to the Company’s executive leadership team and the Board, and the Company adjusts its cybersecurity policies, standards, processes and practices as necessary based on the information provided by the assessments, audits and reviews. Governance The Board oversees the effectiveness of the Company's management of risks from cybersecurity threats, including the policies, standards, processes and practices that the Company’s management implements to address risks from cybersecurity threats. The Board receives reports on the Company’s technology and cybersecurity functions, including vulnerability assessments, any third-party and independent reviews, the threat environment, and other information security considerations. The Board also receives on a regular basis information and updates regarding cybersecurity matters. The Cybersecurity Steering Committee meets multiple times throughout the year to discuss the Company’s cybersecurity programs and practices, risk management related to cybersecurity and a wide range of other related topics including, for example, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties. At least once each year, the Board and the Company’s executive leadership team discuss the Company’s approach to cybersecurity risk management with the Company’s VP of Information Technology. The Company’s VP of Information Technology is the member of the Company’s management who is principally responsible for overseeing the Company’s cybersecurity risk management program, in partnership with other business leaders across the Company. The VP of Information Technology works in coordination with senior leadership, which includes our Chief Executive Officer and President, Chief Financial Officer and General Counsel. The Company’s VP of Information Technology has served in various roles in technology and is supported by a team of information technology and cybersecurity professionals with decades of relevant experience. The Company has established a Cybersecurity Steering Committee that includes executives and senior leadership across all divisions and corporate services to implement and manage a program designed to protect the Company’s information systems from cybersecurity threats and to respond promptly to any cybersecurity incidents. To facilitate the success of this program, multidisciplinary teams throughout the Company are created and deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with the Company’s Incident Response Plan. Through the ongoing communications from these teams, the Cybersecurity Steering Committee monitors effectiveness of the prevention, detection, mitigation and remediation within the cybersecurity program. The Company’s General Counsel, as part of the Incident Response Team, will report any material cybersecurity incidents to the Board when appropriate. As of the date of this Annual Report on Form 10-K, we are not aware of any cybersecurity incidents that have materially affected or are reasonably likely to affect the Company, including its business strategy, results of operations, or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company’s cybersecurity policies, standards and practices are integrated into the Company’s enterprise risk management (“ERM”) approach, and cybersecurity risks are one of the enterprise risks that are subject to oversight by the Company’s Board of Directors (the “Board”).
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board oversees the effectiveness of the Company's management of risks from cybersecurity threats, including the policies, standards, processes and practices that the Company’s management implements to address risks from cybersecurity threats. The Board receives reports on the Company’s technology and cybersecurity functions, including vulnerability assessments, any third-party and independent reviews, the threat environment, and other information security considerations. The Board also receives on a regular basis information and updates regarding cybersecurity matters. At least once each year, the Board and the Company’s executive leadership team discuss the Company’s approach to cybersecurity risk management with the Company’s VP of Information Technology.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company has established a Cybersecurity Steering Committee that includes executives and senior leadership across all divisions and corporate services to implement and manage a program designed to protect the Company’s information systems from cybersecurity threats and to respond promptly to any cybersecurity incidents. To facilitate the success of this program, multidisciplinary teams throughout the Company are created and deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with the Company’s Incident Response Plan. Through the ongoing communications from these teams, the Cybersecurity Steering Committee monitors effectiveness of the prevention, detection, mitigation and remediation within the cybersecurity program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Cybersecurity Steering Committee meets multiple times throughout the year to discuss the Company’s cybersecurity programs and practices, risk management related to cybersecurity and a wide range of other related topics including, for example, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties.
Cybersecurity Risk Role of Management [Text Block]	The Company’s VP of Information Technology is the member of the Company’s management who is principally responsible for overseeing the Company’s cybersecurity risk management program, in partnership with other business leaders across the Company. The VP of Information Technology works in coordination with senior leadership, which includes our Chief Executive Officer and President, Chief Financial Officer and General Counsel.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The VP of Information Technology works in coordination with senior leadership, which includes our Chief Executive Officer and President, Chief Financial Officer and General Counsel. The Company has established a Cybersecurity Steering Committee that includes executives and senior leadership across all divisions and corporate services to implement and manage a program designed to protect the Company’s information systems from cybersecurity threats and to respond promptly to any cybersecurity incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Company’s VP of Information Technology has served in various roles in technology and is supported by a team of information technology and cybersecurity professionals with decades of relevant experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	To facilitate the success of this program, multidisciplinary teams throughout the Company are created and deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with the Company’s Incident Response Plan. Through the ongoing communications from these teams, the Cybersecurity Steering Committee monitors effectiveness of the prevention, detection, mitigation and remediation within the cybersecurity program. The Company’s General Counsel, as part of the Incident Response Team, will report any material cybersecurity incidents to the Board when appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
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 three rental divisions; relocatable modular buildings, portable storage containers and electronic test equipment. Although the Company’s primary emphasis is on equipment rentals, sales of equipment occur in the normal course of business. At December 31, 2024, the Company was comprised of four reportable business segments: modular building segment ("Mobile Modular"), portable storage container segment (“Portable Storage”), electronic test equipment segment (“TRS-RenTelco”) and classroom manufacturing division selling modular classrooms in California (“Enviroplex”). Mutual decision to terminate Merger Agreement with WillScot Mobile Mini Holdings Corp. As previously disclosed, on January 28, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), with WillScot Mobile Mini Holdings Corp., a Delaware corporation ("WillScot Mobile Mini”), Brunello Merger Sub I, Inc., a California corporation and a direct wholly owned subsidiary of WillScot Mobile Mini, and Brunello Merger Sub II, LLC, a Delaware limited liability company and direct wholly owned subsidiary of WillScot Mobile Mini. On September 17, 2024, the Company and WillScot Mobile Mini mutually agreed to terminate the Merger Agreement, effective upon WillScot Mobile Mini's cash payment of $ 180.0 million to the Company, which was received on September 20, 2024. Transaction costs attributed to the Merger Agreement are reported in the Company's Corporate segment. Expenses recognized as a result of the terminated merger during year ended December 31, 2024, were $ 63.2 million. The termination payment received of $ 180.0 million, net of transaction costs, resulted in net proceeds received of $ 116.8 million during the year ended December 31, 2024. The Company determined that the transaction costs incurred on the terminated merger were significant and required separate presentation on the Company's consolidated statements of income for the year ended December 31, 2024. Due to this determination, the Company has excluded such transaction costs from Selling and administrative expenses and reported them separately on the consolidated statements of income as non-operating expenses. 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 portable storage container leases. For modular building leases, rental related services revenues for modifications, delivery, installation, dismantle and return delivery are lease related because the payments are considered minimum lease payments that are an integral part of the negotiated lease agreement with the customer. These revenues are recognized on a straight-line basis over the term of the lease. Certain leases are accounted for as sales-type leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. Other revenues include interest income on sales-type leases and rental income on facility leases. Non-lease revenues - Sales revenue is recognized upon delivery and installation of the equipment to customers. Revenue from contracts that satisfy the criteria for over-time recognition are recognized as work is performed by using the input method based on the ratio of costs incurred to estimated total contract costs for each contract. The majority of revenue for these contracts is derived from long-term projects which typically span multiple quarters. The Company uses third parties to provide certain services as part of its contracts with customers. The Company is considered the principal (vs. an agent) as the Company is responsible for the fulfillment of all service elements and risks associated with the underlying performance obligation. Revenue for these services is recognized on a gross basis. 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 and portable storage containers 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 Costs of Rental Related Services Costs of rental related services are primarily associated with relocatable modular building and portable storage container leases. 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 portable storage containers consists of costs of delivery, removal and cleaning of the containers. 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, 2024, 2023 and 2022. 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 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. Inventories Inventories consist of raw materials and work-in-process. Inventories are measured at the lower of actual cost or net realizable value for acquired units and estimated standard costs for manufactured units. Net realizable value is defined as the value for which an asset can be sold, less the estimated costs of selling such asset. The costs include expenditures incurred in acquiring the inventories, manufacturing, production costs, and other costs incurred in bringing them to their existing location and condition . 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 from continuing operations consist of the following: (dollar amounts in thousands) Estimated December 31, in years 2024 2023 Land Indefinite $ 88,605 $ 75,143 Land improvements 20 – 50 77,221 65,931 Buildings 30 40,223 35,360 Furniture, office equipment and software 3 – 10 28,073 30,039 Vehicles and machinery 5 – 25 39,259 35,233 273,381 241,706 Less: accumulated depreciation ( 91,042 ) ( 87,399 ) 182,339 154,307 Construction in progress 15,100 14,807 $ 197,439 $ 169,114 Property, plant and equipment depreciation expense was $ 8.9 million, $ 9.7 million and $ 9.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. Construction in progress at December 31, 2024 and 2023 consisted primarily of costs related to acquisition of land and land improvements. For information on the property, plant and equipment from discontinued operations, refer to Note 5 to the consolidated financial statements. 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. There were no capitalized internal use software costs during the year ended December 31, 2024, and the Company capitalized $ 0.2 million in internal use software during the year ended December 31, 2023. Shipping Costs The Company includes third party costs to deliver rental equipment to customers in costs of rental related services and costs of sales. Advertising Costs Advertising costs are expensed as incurred. Total advertising expenses were $ 6.2 million, $ 5.9 million and $ 5.0 million for the years ended December 31, 2024, 2023 and 2022. 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, 2024 and 2023, goodwill and trade name intangible assets from continuing operations which have indefinite lives totaled $ 323.4 million for both periods. For information on goodwill and trade name intangible assets from discontinued operations, refer to Note 5 to the consolidated financial statements. 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 2024. The impairment analysis did no t result in an impairment charge for the fiscal year ended 2024. There were no impairment charges in 2023 or 2022. 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, 2024 2023 2022 Weighted-average common stock for calculating basic 24,541 24,469 24,353 Effect of potentially dilutive securities from equity-based 29 60 166 Weighted-average common stock for calculating diluted 24,570 24,529 24,519 In 2024, there were 37,214 shares which had an anti-dilutive effect on the computation of diluted earnings per share that required exclusion. In both 2 023 and 2022, there were no shares having an anti-dilutive effect requiring exclusion from the computation of diluted earnings per share. 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, as amended (the "Exchange Act"). In September 2024, the Company's Board of Directors increased the capacity under the share repurchase program by authorizing the Company to repurchase up to 2,000,000 shares of the Company's outstanding common stock (the "Repurchase Plan"), an increase from the 1,309,805 remaining shares authorized for repurchase under the Repurchase Plan established in August 2015. 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 Company’s Board of Directors at any time. In the twelve months ended December 31, 2024, 2023 and 2022 there were no shares of common stock repurchased. As of December 31, 2024, 2,000,000 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 $ 69.6 million at December 31, 2024 and $ 59.5 million at December 31, 2023. 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 credit losses 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 credit losses when an account is determined to be uncollectable. The allowance for credit losses 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 credit losses of $ 1.9 million, $ 2.6 million and $ 0.8 million for the twelve months ended December 31, 2024, 2023 and 2022, respectively. The allowance for credit losses was $ 2.9 million, $ 2.8 million and $ 2.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. The allowance for credit loss activity was as follows: (in thousands) 2024 2023 Beginning balance, January 1 $ 2,801 $ 2,300 Provision for credit losses 1,890 2,633 Acquired reserve from Vesta Modular (see Note 4) — 250 Derecognition of reserve from discontinued operations (see Note 5) — ( 450 ) Write-offs, net of recoveries ( 1,825 ) ( 1,932 ) Ending balance, December 31 $ 2,866 $ 2,801 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 Mobile Modular and TRS-RenTelco operating segments. 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 $ 6.7 million at December 31, 2024 and $ 3.7 million at December 31, 2023. 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, 2024. 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, 2024. 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 $ 169.4 million and $ 169.2 million, as of December 31, 2024 and 2023, respectively, compared to the recorded value of $ 175.0 million in both periods. 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 10. 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 credit losses. In addition, determining the fair value of the assets and liabilities acquired in a business or asset acquisition can be judgmental in nature and can involve the use of significant estimates and assumptions.

New Accounting Pronouncements

New Accounting Pronouncements	12 Months Ended
	Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes—Improvements to Income Tax Disclosures (Topic 740), which will require Companies to disclose annually the specific categories in income tax rate reconciliations, provide additional information for reconciling items which meet a quantitative threshold, and disaggregate domestic and foreign income or loss from continuing operations. Additionally, this ASU will also require the disclosure of income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. This ASU is effective for fiscal years beginning after December 15, 2024, and applied on a prospective basis. The Company is in the process of evaluating the financial statement impact of this ASU.

Implemented Accounting Pronounc

Implemented Accounting Pronouncements	12 Months Ended
	Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Implemented Accounting Pronouncements	NOTE 3. IMPLEMENTED ACCOUNTING PRONOUNCEMENTS Effective December 15, 2024, the Company adopted ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280), which requires public companies to provide more transparency in both quarterly and annual reports about the expenses they incur from revenue generating reportable business segments. In addition, the ASU requires that a public entity disclose significant segment expenses that are regularly provided to the chief operating decision maker, an amount for other segment items by reportable business segment, including a description of its composition, and the primary measures of a business segment's profit or loss in assessing segment performance. The adoption of this new guidance resulted in changes to "Note 16. Segment Reporting" to the consolidated financial statements, impacting the presentation and disclosure of the Company's four reportable business segments. Effective January 1, 2024, the Company adopted ASU 2023-01, Leases (Topic 842): Common Control Arrangements , which requires a lessee involved in a common control lease agreement to amortize leasehold improvements over the useful life of the improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the underlying asset. If the lessor obtains the right to control the use of the underlying asset through a lease with another entity not within the same control group, the amortization period cannot exceed the period of the common control group. Furthermore, the ASU requires the accounting for a transfer between entities under common control through an adjustment to equity when the lessee no longer controls the use of the underlying asset. The adoption of this new guidance did not have a material impact on the Company's consolidated financial statements.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
Acquisitions	NOTE 4. ACQUISITIONS On February 1, 2023, the Company completed the acquisition of Vesta Housing Solutions Holdings, Inc. (“Vesta Modular”), a portfolio company of Kinderhook Indus tries, for $ 437.2 million cash consideration on the closing date, which included certain adjustments, including net working capital and certain qualified capital expenditures. In connection with the acquisition, the Company purchased a representation and warranty insurance policy to provide certain recourse in the event of breaches of representations and warranties of Vesta Modular and the seller of Vesta Modular under the stock purchase agreement. Vesta Modular was a leading provider of temporary and permanent modular space solutions serving customers between its modular leasing and modular construction divisions. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in Accounting Standards Codification ("ASC") 805, Business Combinations , using the purchase method of accounting. Under the purchase method of accounting, the total purchase price is assigned to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values on the closing date. The excess of the purchase price over those fair values is recorded as goodwill. The financial results of Vesta Modular were a part of the Mobile Modular segment since February 1, 2023, including $ 7.7 million of acquisition related transaction costs incurred during the current year as a result of the acquisition. On March 1, 2023, the Company completed the acquisition of Jerald R. Brekke, Inc., DBA Brekke Storage ("Brekke Storage"), for a total purchase price of $ 16.4 million. Brekke Storage was a regional provider of portable storage solutions in the Colorado market. The acquisition expanded the Portable Storage fleet by approximately 2,700 units and provided a new regional operation to serve the Colorado market. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in ASC 805 using the purchase method of accounting. The financial results of Brekke Storage were a part of the Portable Storage segment since March 1, 2023, including $ 0.2 million of transaction costs. On April 1, 2023, the Company completed the acquisition of Dixie Temporary Storage, LLC ("Dixie Storage"), for a purchase price of $ 4.9 million. Dixie Storage was a regional provider of portable storage solutions in the South Carolina market and is highly complementary to the Company's Portable Storage business segment. The acquisition expanded the Portable Storage fleet by approximately 800 units and provided a new regional operation to serve the South Carolina market. The acquisition was accounted for as a purchase of a “business” in accordance with criteria in ASC 805 using the purchase method of accounting. The financial results of Dixie Storage were a part of the Portable Storage segment since April 1, 2023, including $ 0.1 million of transaction costs. On July 1, 2023, the Company completed the purchase of assets of Inland Leasing and Storage, LLC ("Inland Leasing"), for a purchase price of $ 3.8 million. Inland Leasing was a regional provider of portable storage solutions in the Colorado market and is highly complementary to the Company's Portable Storage business segment. The acquisition grew the Portable Storage fleet by approximately 600 units, which will further support the Colorado market. The acquisition was accounted for as a purchase of "assets" in accordance with criteria in ASC 805 and the assessment of the fair value of the purchased assets was allocated primarily to rental equipment totaling $ 3.0 million and intangible assets totaling $ 0.7 million. Supplemental pro forma information has not been provided as the historical financial results of Inland Leasing were not significant. Incremental transaction costs associated with the asset purchase were not significant. The following tables summarize the purchase price allocations reflecting estimated fair values of assets acquired and liabilities assumed in the Vesta Modular, Brekke Storage and Dixie Storage business acquisitions, with excess amounts allocated to goodwill. The assets acquired and liabilities assumed were based upon their fair values on the closing date. 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. Vesta Modular: (dollar amounts in thousands) Rental equipment $ 212,639 Intangible assets: Goodwill 211,178 Customer relationships 29,900 Non-compete 7,100 Trade name 800 Cash 11 Accounts receivable 22,666 Property, plant and equipment 1,437 Prepaid expenses and other assets 3,550 Accounts payable and accrued liabilities ( 26,202 ) Deferred income ( 14,273 ) Deferred income taxes ( 11,596 ) Total purchase price $ 437,210 Brekke Storage: (dollar amounts in thousands) Rental equipment $ 10,798 Intangible assets: Goodwill 4,083 Customer relationships 949 Non-compete 59 Property, plant and equipment 875 Deferred income ( 382 ) Total purchase price $ 16,382 Dixie Storage: (dollar amounts in thousands) Rental equipment $ 2,758 Intangible assets: Goodwill 1,555 Customer relationships 259 Non-compete 22 Property, plant and equipment 318 Deferred income ( 161 ) Total purchase price $ 4,751 The value assigned to identifiable intangible assets was determined based on discounted estimated future cash flows associated with such assets to their present value. The combined acquired goodwill of $ 216.8 million reflects the strategic fit of Vesta Modular, Brekke Storage and Dixie Storage with the Company’s modular and portable storage business operations. The Company amortizes the acquired customer relationships over their expected useful lives of 11 years for Vesta Modular, 8 years for Brekke Storage and 9 years for Dixie Storage. The expected useful life for the non-compete agreements is 5 years. The trade name intangible acquired from the Vesta Modular acquisition was amortized over it's useful life of nine months . Goodwill is expected to have an indefinite life and will be subject to future impairment testing. The goodwill is deductible for tax purposes over 15 years. The following table reports the actual results of the Company for the year ended December 31, 2024, and the unaudited pro forma financial information for the year ended December 31, 2023. The pro forma financial information shows the combined results of continuing operations of the Company and Vesta Modular as if the acquisition occurred as of the beginning of the period presented. The pro forma results include the effects of the amortization of the purchased intangible assets and depreciation expense of acquired rental equipment valuation step up, interest expense on the debt incurred to finance the acquisitions. A pro forma adjustment has been made to reflect the income taxes that would have been recorded at the combined federal and state statutory rate of 26.5 % on the acquisitions’ combined net income. The pro forma results for the year ended December 31, 2023, 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) 2024 2023 (Actual) (Pro Forma) Pro-forma total revenues $ 910,942 $ 839,485 Pro-forma net income $ 231,727 $ 174,325 Pro-forma basic earnings per share $ 9.44 $ 4.56 Pro-forma diluted earnings per share $ 9.43 $ 4.55 Vesta Modular Actual total revenues $ 110,504 Actual net income $ 21,458 Actual basic earnings per share $ 0.88 Actual diluted earnings per share $ 0.87

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	NOTE 5. DISCONTINUED OPERATIONS On February 1, 2023, the Company completed the sale of Adler Tank Rentals, LLC to Ironclad Environmental Solutions, Inc. ("Ironclad"), a portfolio company of Kinderhook Industries, for a sale price of $ 268.0 million. The total transaction costs incurred from the divestiture was $ 6.7 million and $ 2.1 million during the years ended December 31, 2023 and 2022, respectively. The divestiture of the Company's Adler Tanks business represents the Company's strategic shift to concentrate its operations on its core modular and storage businesses. The sale price was subject to certain adjustments, including net working capital, certain qualified capital expenditures and certain transaction expenses to be borne by the Company. In connection with the sale, the Company entered into a number of ancillary agreements, including an escrow agreement associated with net working capital adjustments, a restricted covenant agreement, a transition services agreement, and a number of leases whereby Ironclad or one of its affiliates would be a lessee to certain properties owned by the Company that the Adler Tanks business would continue to utilize after the sale. These ancillary agreements do not provide for continued involvement by the Company in Adler Tanks. In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations and ASC 360 , Property, Plant and Equipment, the Company determined that the criteria for the presentation of discontinued operations and held-for-sale, respectively, were met during the first quarter of 2023. The following table presents the results of Adler Tanks as reported in income from discontinued operations within the Consolidated Statements of Income for the years ended December 31, 2023 and 2022: (dollar amounts in thousands) Year Ended December 31, 2023 2022 Revenues Rental $ 6,520 $ 66,366 Rental related services 2,584 27,654 Rental operations 9,104 94,020 Sales 269 2,933 Other 65 1,205 Total revenues 9,438 98,158 Costs and Expenses Direct costs of rental operations: Depreciation of rental equipment 1,325 16,004 Rental related services 2,020 20,947 Other 1,270 12,422 Total direct costs of rental operations 4,614 49,373 Costs of sales 159 2,085 Total costs of revenues 4,773 51,458 Gross Profit Rental 3,926 37,940 Rental related services 564 6,707 Rental operations 4,490 44,647 Sales 110 848 Other 65 1,205 Total gross profit 4,665 46,700 Selling and administrative expenses 2,582 28,428 Income from operations 2,083 18,272 Interest expense allocation 374 2,938 Income from discontinued operations before provision for income taxes 1,709 15,334 Provision for income taxes from discontinued operations 453 3,505 Income from discontinued operations $ 1,256 $ 11,829 The following table presents the carrying value of the divested business' assets and liabilities as presented within assets and liabilities of discontinued operations on the Consolidated Balance Sheets as of December 31, 2022: December 31, (in thousands) 2022 Assets Accounts receivable, net of allowance for credit losses of $ 450 $ 20,086 Rental equipment, net 137,738 Property, plant and equipment, net 6,632 Prepaid expenses and other assets 191 Intangible assets, net 5,700 Goodwill 25,902 Total assets of discontinued operations $ 196,249 Liabilities Accounts payable and accrued liabilities $ 9,621 Deferred income taxes, net 43,550 Total liabilities of discontinued operations $ 53,171 For the year ended December 31, 2023, significant operating and investing items related to Adler Tanks were as follows: December 31, (in thousands) 2023 Operating activities of discontinued operations: Depreciation and amortization $ 1,457 Gain on sale of used rental equipment ( 111 ) Investing activities of discontinued operations: Proceeds from sales of used rental equipment 269 Purchases of rental equipment ( 25 ) Purchases of property, plant and equipment ( 40 )

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	NOTE 6. LEASES Lessee The Company leases real estate for certain of its branch offices and rental equipment storage yards, vehicles and equipment used in its rental operations. The Company determines if an arrangement is a lease at inception. The Company has leases with lease and non-lease components, which are accounted for separately. Right-Of-Use (“ROU”) assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred, which are not material. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company uses the interest rate stated in the lease as the discount rate. If the interest rate is not stated, the Company uses its incremental borrowing rate based on information available on lease commencement date in determining the present value of lease payments. Many of the Company’s real estate lease agreements include options to extend the lease, which are not included in the minimum lease terms unless they are reasonably certain to be exercised. These leases include one or more options to renew , with renewal terms that may extend the lease term from one to three years . The amount of payments associated with such options is not material. Short-term leases are leases having a term of twelve months or less and exclude leases with a lease term of one month or less. The Company recognizes short-term leases on a straight-line basis and does not record a related ROU asset or liability for such leases. At December 31, 2024 and 2023 the Company’s ROU assets and operating lease liabilities were $ 12.6 m illi on and $ 14.8 million, respectively, which are recorded in Prepaid expenses and other assets and Accrued liabilities on the Company’s Consolidated Balance Sheets. During the years ended December 31, 2024 and 2023, operating lease expense was $ 6.4 million and $ 6.7 million, respectively, wh ich included short term lease expense of $ 0.3 million and $ 0.1 million, respectively. At December 31, 2024 and 2023, the weighted-average remaining lease term for operating leases was 3.5 years and the weighted average discount rate was 5.37 % and 4.94 %, respectively. The Company had no sub-lease income or finance leases during the years ended December 31, 2024 and 2023. Supplemental cash flow information related to leases was as follows: (in thousands) Year Ended December 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,035 $ 6,441 Right of use assets obtained in exchange for lease obligations: Operating leases $ 6,248 $ 10,058 As of December 31, 2024, maturities of operating lease liabilities were as follows: (in thousands) Year ended December 31, 2025 $ 5,735 2026 3,063 2027 2,042 2028 1,355 2029 541 Thereafter 894 Total lease payments 13,630 Less: imputed interest ( 1,013 ) $ 12,617 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, 2024, maturities of operating lease payments to be received in 2025 and thereafter were as follows: (in thousands) Year Ended December 31, 2025 $ 177,149 2026 65,257 2027 27,516 2028 11,405 2029 3,838 Thereafter 943 $ 286,108 In the year ended December 31, 2024, the Company’s lease revenues from continuing operations were $ 591.9 million, consisting of $ 589.3 million of operating lease revenues and $ 2.6 million of finance lease revenues. The Company has entered into finance leases to finance certain equipment sales to customers. The lease agreements have a bargain purchase option at the end of the lease term. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. For the year ended December 31, 2024, the Company’s finance lease revenues included $ 2.0 million of sales revenues and $ 0.6 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, 2024 Gross minimum lease payments receivable $ 8,543 Less – unearned interest ( 1,874 ) Net investment in finance lease receivables $ 6,669 As of December 31, 2024, the future minimum lease payments under non-cancelable finance leases to be received in 2025 and thereafter were as follows: (in thousands) Year Ended December 31, 2025 $ 2,541 2026 1,251 2027 1,012 2028 1,063 2029 802 Total minimum future lease payments to be received $ 6,669

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	NOTE 7. REVENUE RECOGNITION The Company’s accounting for revenues is governed by two accounting standards. The majority of the Company’s revenues are considered lease or lease related and are accounted for in accordance with Topic 842, Leases . Revenues determined to be non-lease related are accounted for in accordance with ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The Company accounts for revenues when approval and commitment from both parties have been obtained, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company typically recognizes non-lease related revenues at a point in time because the customer does not simultaneously consume the benefits of the Company’s promised goods and services, or performance obligations, and obtain control when delivery and installation are complete. For contracts that have multiple performance obligations, the transaction price is allocated to each performance obligation in the contract based on the Company’s best estimate of the standalone selling prices of each distinct performance obligation in the contract. The standalone selling price is typically determined based upon the expected cost plus an estimated margin of each performance obligation. Revenue from contracts that satisfy the criteria for over time recognition are recognized as work is performed by using the ratio of costs incurred to estimated total contract costs for each contract. The majority of revenue for these contracts is derived from long-term projects which typically span multiple quarters . The timing of revenue recognition, billings, and cash collections results in billed contract receivables and contract assets on the Company's Consolidated Balance Sheets. In the Company’s contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or upon achievement of contractual milestones. Billings can occur subsequent to revenue recognition, resulting in contract assets, or in advance, resulting in contract liabilities. These contract assets and liabilities are reported on the Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. The contract liabilities included in Deferred income on the Company’s Consolidated Balance Sheets totaled $ 35.4 million and $ 40.7 million at December 31, 2024 and 2023, respectively. Sales revenues totaling $ 35.4 million were recognized during the year ended December 31, 2024, which were included in the contract liability balance at December 31, 2023. For certain modular building sales, the customer retains a small portion of the contract price until full completion of the contract, or revenue is recognizable prior to customer billing, which results in revenue earned in excess of billings. These unbilled contract assets are included in Accounts receivable on the Company’s Consolidated Balance Sheets and totaled $ 13.0 million and $ 8.7 million at December 31, 2024 and 2023, respectively. The Company did not recognize any material contract asset impairments during the years ended December 31, 2024 and 2023. The Company's uncompleted contracts with customers which meet the criteria for over-time revenue recognition have unsatisfied or partially satisfied performance obligations. As of December 31, 2024, approximately $ 57.0 million of revenue is expected to be recognized for unsatisfied or partially satisfied obligations. We expect to recognize revenue for approximately one half of these unsatisfied or partially satisfied performance obligations over the next 12 months, with the remaining balance recognized thereafter. As of December 31, 2024, approximately $ 267.4 million of revenue was recognized for sales and non-lease services transferred at a point in time and approximately $ 51.7 million of revenue was recognized for sales and non-lease services transferred over time. The Company generally rents and sells to customers on 30 day payment terms. The Company does not typically offer variable payment terms, or accept non-monetary consideration. Amounts billed and due from the Company’s customers are classified as Accounts receivable on the Company’s Consolidated Balance Sheets. For certain sales of modular buildings, progress payments from the customer are received during the manufacturing of new equipment, or the preparation of used equipment. The advance payments are not considered a significant financing component because the payments are used to meet working capital needs during the contract and to protect the Company from the customer failing to adequately complete their obligations under the contract. Lease Revenues Rental revenues from operating leases are recognized on a straight-line basis over the term of the lease for all operating segments. Rental billings for periods extending beyond period end are recorded as deferred income and are recognized in the period earned. Rental related services revenues are primarily associated with relocatable modular building and portable storage container leases. For modular building leases, rental related services revenues for modifications, delivery, installation, dismantle and return delivery are lease related because the payments are considered minimum lease payments that are an integral part of the negotiated lease agreement with the customer. These revenues are recognized on a straight-line basis over the term of the lease. Certain leases are accounted for as sales-type leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. Other revenues include interest income on sales-type leases and rental income on facility leases. Non-Lease Revenues Non-lease revenues are recognized in the period when control of the performance obligation is transferred, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. For portable storage container and electronic test equipment leases, rental related services revenues for delivery and return delivery are considered non-lease revenues. Sales revenues are typically recognized at a point in time, which occurs upon the completion of delivery, installation and acceptance of the equipment by the customer. Sales contracts that satisfy the criteria for over-time recognition are recognized as work is performed by using the ratio of costs incurred to estimated total contracts costs for each contract. Accounting for non-lease revenues requires judgment in determining the point in time the customer gains control of the equipment and the appropriate accounting period to recognize revenue. Sales taxes charged to customers are reported on a net basis and are excluded from revenues and expenses. The following table disaggregates the Company’s revenues from continuing operations by lease (within the scope of Topic 842) and non-lease revenues (within the scope of Topic 606) and the underlying service provided for the three years ended December 31, 2024, 2023 and 2022: (in thousands) Mobile Portable Storage TRS- Enviroplex Consolidated Year Ended December 31, 2024 Leasing $ 414,195 $ 71,999 $ 105,662 $ — $ 591,856 Non-lease: Rental related services 34,778 16,565 2,777 — 54,120 Sales 183,234 5,695 25,499 45,830 260,258 Other 3,159 238 1,311 — 4,708 Total non-lease 221,171 22,498 29,587 45,830 319,086 Total revenues $ 635,366 $ 94,497 $ 135,249 $ 45,830 $ 910,942 2023 Leasing $ 367,753 $ 77,181 $ 119,134 $ — $ 564,068 Non-lease: Rental related services 36,734 19,250 2,658 — 58,642 Sales 155,267 4,587 24,951 20,192 204,997 Other 2,482 119 1,534 — 4,135 Total non-lease 194,483 23,956 29,143 20,192 267,774 Total revenues $ 562,236 $ 101,137 $ 148,277 $ 20,192 $ 831,842 2022 Leasing $ 267,779 $ 63,422 $ 125,695 $ — $ 456,896 Non-lease: Rental related services 14,348 16,082 2,579 — 33,009 Sales 97,045 2,933 21,267 23,170 144,415 Other 39 69 1,237 — 1,345 Total non-lease 111,432 19,084 25,083 23,170 178,769 Total revenues $ 379,211 $ 82,506 $ 150,778 $ 23,170 $ 635,665 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. Other Income, net Other income, net consists of the net gain on sales of property, plant and equipment. These sales are generally recognized at a point in time, with contractually defined performance obligations that are typically transferred upon the closing date of the sale. These types of sales are infrequent in occurrence and reported on the consolidated statements of income within the scope of ASC 610, Other Income . Proceeds to be received from the sale of property, plant and equipment are included in Accounts receivable on the Company's consolidated balance sheets.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Notes Payable	NOTE 8. NOTES PAYABLE Notes payable consists of the following: (in thousands) December 31, 2024 2023 Unsecured revolving lines of credit and term loan $ 415,440 $ 588,000 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 6.25 % Series F senior notes due in 2030 75,000 75,000 590,440 763,000 Unamortized debt issuance cost ( 232 ) ( 25 ) $ 590,208 $ 762,975 As of December 31, 2024, the future minimum payments under the unsecured revolving lines of credit, 2.35 % Series E senior notes, 2.57 % Series D senior notes and 6.25 % Series F senior notes due in 2026 , 2028 and 2030 , respectively, are as follows: (in thousands) Year Ended December 31, 2025 $ — 2026 60,000 2027 415,440 2028 40,000 2029 — Thereafter 75,000 $ 590,440 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. On April 23, 2024, the Company entered into a first incremental facility amendment with Bank of America, N.A., as Administrative Agent and the first incremental lender (“BoA”) and the guarantors named therein (the “First Incremental Amendment”). The First Incremental Amendment amends the Second Amended and Restated Credit Agreement, dated as of July 15, 2022, as amended, by and among the Company, BoA, the other lenders named therein, and the guarantors named therein (the “Credit Agreement”) to institute an incremental term loan “A” facility in an aggregate principal amount of $ 75.0 million (the “Incremental Credit Facility”). The proceeds from the Incremental Credit Facility were used for general corporate purposes. Concurrently with entry into the First Incremental Amendment, the Company repaid revolving loans issued under the Credit Agreement in an aggregate amount equal to approximately $ 75.0 million. At December 31, 2024, 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 $ 342.4 million was outstanding and had the capacity to borrow up to an additional $ 307.6 million. 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, 2024 the actual ratio was 3.19 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, 2024, the actual ratio was 1.68 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, 2024 and 2023, 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, 2024 2023 Maximum amount outstanding $ 631,101 $ 591,000 Average amount outstanding $ 555,225 $ 541,635 Weighted average interest rate, during the period 6.94 % 6.63 % Prime interest rate, end of period 7.50 % 8.50 % Note Purchase and Private Shelf Agreement On June 8, 2023, the Company entered into a Second Amended and Restated Note Purchase and Private Shelf Agreement (the “Note Purchase Agreement”) with PGIM, Inc. (“PGIM”) and the holders of Series D and Series E Notes previously issued pursuant to the Prior Amended and Restated NPA, among the Company and the other parties to the Note Purchase Agreement. The Note Purchase Agreement amended and restated, and superseded in its entirety, the Prior NPA. Pursuant to the Prior NPA, the Company issued (i) $ 40.0 million aggregate principal amount of its 2.57 % Series D Senior Notes, due March 17, 2028 , and (ii) $ 60.0 million aggregate principal amount of its 2.35 % Series E Senior Notes, due June 16, 2026 , to which the terms of the Note Purchase Agreement shall apply. In addition, pursuant to the Note Purchase Agreement, the Company may authorize the issuance and sale of additional senior notes (the “Shelf Notes”) in the aggregate principal amount of (x) $ 300 million minus (y) the amount of other notes (such as the Series D Senior Notes, Series E Senior Notes and Series F Senior Notes, each defined below) then outstanding, to be dated the date of issuance thereof, to mature, in case of each Shelf Note so issued, no more than 15 years after the date of original issuance thereof, to have an average life, in the case of each Shelf Note so issued, of no more than 15 years after the date of original issuance thereof, to bear interest on the unpaid balance thereof from the date thereof at the rate per annum, and to have such other particular terms, as shall be set forth, in the case of each Shelf Note so issued, in accordance with the Note Purchase Agreement. Shelf Notes may be issued and sold from time to time at the discretion of the Company’s Board of Directors and in such amounts as the Board of Directors may determine, subject to prospective purchasers’ agreement to purchase the Shelf Notes. The Company will sell the Shelf Notes directly to such purchasers. The full net proceeds of each Shelf Note will be used in the manner described in the applicable Request for Purchase with respect to such Shelf Note. 6.25% Senior Notes Due in 2030 On September 27, 2023, the Company issued and sold to the purchasers $ 75.0 million aggregate principal amount of 6.25 % Series F Notes (the “Series F Senior Notes”) pursuant to the terms of the Second Amended and Restated Note Purchase and Private Shelf Agreement, dated June 8, 2023 (the “Note Purchase Agreement”), among the Company, PGIM, Inc. and the noteholders party thereto. The Series F Senior Notes are an unsecured obligation of the Company and bear interest at a rate of 6.25 % per annum and mature on September 27, 2030 . Interest on the Series F Senior Notes is payable semi-annually beginning on March 27, 2024 and continuing thereafter on September 27 and March 27 of each year until maturity. The principal balance is due when the notes mature on September 27, 2030. The full net proceeds from the Series F Senior Notes were primarily used to fulfill the income tax obligations incurred from the divestiture of Adler Tanks. At December 31, 2024, the principal balance outstanding under the Series F Senior Notes was $ 75.0 million. 2.57% Senior Notes Due in 2028 On March 17, 2021, the Company issued and sold to the purchasers $ 40.0 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 $ 40.0 million Series B Senior Notes. At December 31, 2024, 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 $ 60.0 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, 2024, 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, 2024, the actual ratio was 3.19 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, 2024, the actual ratio was 1.68 to 1. At December 31, 2024, 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, 2024
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 9. INCOME TAXES Income before provision for income taxes consisted of the following: (in thousands) Year Ended December 31, 2024 2023 2022 U.S. $ 310,352 $ 234,188 $ 149,759 Foreign 3,296 228 261 $ 313,648 $ 234,416 $ 150,020 The provision (benefit) for income taxes consisted of the following: (in thousands) Year Ended December 31, 2024 2023 2022 Current: U.S. Federal $ 31,127 $ 57,176 $ 19,480 State 10,518 ( 5,587 ) 8,708 Foreign 1,704 1,847 2,208 43,349 53,436 30,396 Deferred: U.S. Federal 31,852 4,892 4,563 State 6,693 1,481 ( 68 ) Foreign 28 ( 14 ) ( 9 ) 38,573 6,359 4,486 Total $ 81,922 $ 59,795 $ 34,882 The reconciliation of the U.S. federal statutory tax rate to the Company’s effective tax rate is as follows: Year Ended December 31, 2024 2023 2022 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 4.8 4.9 4.9 State deferred tax apportionment change, net of federal benefit 0.3 ( 0.2 ) ( 1.1 ) Non-deductible transaction costs — 0.3 — Non-deductible executive compensation 0.4 0.4 0.6 Share-based compensation ( 0.3 ) ( 1.2 ) ( 1.7 ) Enactment of the Tax Cuts and Jobs Act ( 0.1 ) ( 0.2 ) ( 0.2 ) Valuation allowance ( 0.1 ) — — Other 0.1 0.5 ( 0.2 ) 26.1 % 25.5 % 23.3 % 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, 2024 2023 Deferred tax liabilities: Accelerated depreciation $ 285,835 $ 273,503 Prepaid costs currently deductible 13,572 12,567 Other 10,144 6,767 Total deferred tax liabilities 309,551 292,837 Deferred tax assets: Accrued costs not yet deductible 15,909 13,742 Allowance for doubtful accounts 733 713 Net operating loss carry-forward 7,415 28,670 Deferred revenues 2,175 5,439 Share-based compensation 3,190 2,718 Total deferred tax assets 29,422 51,282 Deferred income taxes, net $ 280,129 $ 241,555 The Company's tax loss carryforwards for the year ended December 31, 2024, were $ 33.7 million and $ 16.7 million for federal and state jurisdictions, respectively, which are expected to result in a future federal and state tax benefit of $ 7.1 million and $ 0.3 million, respectively. The availability of these tax losses to offset future income varies by jurisdiction. Furthermore, the ability to utilize the tax losses may be subject to additional limitations. The Company’s federal net operating loss carryforwards have an indefinite carryforward period. The Company’s state net operating loss carryforwards have differing carryforward periods. The Company anticipates that the available net operating losses as of December 31, 2024, will be utilized prior to their respective expiration dates. In December 2016, the Company decided to exit the Bangalore, India branch operations of its TRS-RenTelco electronics division. The wind down of operations in India began in 2017. As a result, a valuation allowance was recorded against the deferred tax assets that resulted primarily from accumulated net operating loss carry forwards in India that management estimated the benefit of which will not be realized. As of December 31, 2024, the Company’s foreign net operating losses for tax purposes were $ 0.6 million. These loss carry forwards have expired at the end of 2024 and the associated deferred tax assets and valuation allowance have been removed. 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 2024, 2023 and 2022 exercise of share-based awards by employees resulted in an excess tax benefit of $ 0.9 million, $ 2.7 million and $ 2.6 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, 2024 and 2023. In addition, there have been no material changes in unrecognized benefits during 2024, 2023 and 2022. 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 2020. 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, 2024, 2023 and 2022.

Benefit Plans

Benefit Plans	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Benefit Plans	NOTE 10. BENEFIT PLANS Stock Plans The Company adopted the 2016 Stock Incentive Plan (the “2016 Plan”), effective June 8, 2016, under which 2,000,000 shares of the common stock of the Company, plus the number of shares that remained 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, 2024. For the years ended December 31, 2024, 2023 and 2022, the share-based compensation expense was $ 9.5 million, $ 8.3 million and $ 8.0 million, respectively, before provision for income taxes. The Company recorded a tax benefit of approximately $ 2.6 million, $ 2.2 million and $ 2.2 million, respectively, related to the aforementioned share-based compensation expenses. There was no capitalized share-based compensation expense in the years ended December 31, 2024, 2023 and 2022. 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, 2024: Weighted- Aggregate average intrinsic Number grant date value of shares fair value (in millions) Balance at December 31, 2021 217,408 $ 67.63 RSUs granted 95,028 77.79 RSUs vested ( 114,274 ) 58.30 RSUs cancelled/forfeited/expired ( 10,754 ) 70.10 Balance at December 31, 2022 187,408 76.74 RSUs granted 92,320 103.56 RSUs vested ( 86,402 ) 50.98 RSUs cancelled/forfeited/expired ( 21,649 ) 82.69 Balance at December 31, 2023 171,677 92.18 RSUs granted 101,340 114.64 RSUs vested ( 90,070 ) 85.14 RSUs cancelled/forfeited/expired ( 1,913 ) 95.33 Balance at December 31, 2024 181,034 $ 108.05 $ 20.2 Performance-based RSUs issued prior to 2018 vest over five years , with 60 % of the shares immediately vesting after three years when the performance criteria has been determined to have been met and 20 % of the remaining shares vesting annually at the anniversary of the performance determination date, subject to continuous employment of the participant. The 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 64,000 performance-based RSUs expected to vest as of December 31, 2024. 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 117,034 service-based RSUs expected to vest as of December 31, 2024. No forfeitures are currently expected. The total fair value of RSUs that vested during the years ended December 31, 2024, 2023 and 2022 based on the weighted average grant date values was $ 11.1 million, $ 8.6 million and $ 9.3 million, respectively. Share-based compensation expense for RSUs for the years ended December 31, 2024, 2023 and 2022 was $ 9.5 million, $ 8.3 million and $ 7.9 million, respectively. As of December 31, 2024, the total unrecognized compensation expense related to unvested RSUs was $ 10.9 million and is expected to be recognized over a weighted-average period of 1.2 years. Stock Options As of December 31, 2024, no shares were outstanding under the 2016 Plan, and no options had been issued to the Company's non-employee advisors. Additionally, 929,012 shares remained available for issuance under the stock plans. A summary of the Company’s option activity and related information for the three years ended December 31, 2024 is as follows: Number of Weighted- Weighted- Aggregate Balance at December 31, 2021 274,630 $ 29.66 Options granted — — Options exercised ( 135,280 ) 25.61 Options cancelled/forfeited/expired — — Balance at December 31, 2022 139,350 33.59 Options granted — — Options exercised ( 139,110 ) 33.51 Options cancelled/forfeited/expired — — Balance at December 31, 2023 240 34.57 Options granted — — Options exercised ( 240 ) 34.57 Options cancelled/forfeited/expired — — Balance at December 31, 2024 — $ — — $ — Exercisable at December 31, 2024 — $ — — $ — Expected to vest after December 31, 2024 — $ — — $ — 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 less than $ 0.1 million, $ 9.4 million and $ 7.9 million for the years ended December 31, 2024, 2023 and 2022, respectively, determined as of the date of option exercise. As of December 31, 2024, there was no unrecognized compensation cost related to unvested share-based compensation option arrangements granted under the Company’s stock plans. 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, 2024, 2023 and 2022. 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, 2024 dividends deducted by the Company were $ 0.4 million, which resulted in a tax benefit of approximately $ 0.1 million in 2024. At December 31, 2024, the KSOP held 233,270 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, 2024
Equity [Abstract]
Shareholders' Equity	NOTE 11. SHAREHOLDERS’ EQUITY The Company has in the past made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Exchange Act. In September 2024, the Company's Board of Directors increased the capacity under the share repurchase program by authorizing the Company to repurchase up to 2,000,000 shares of the Company's outstanding common stock (the "Repurchase Plan"), an increase from the 1,309,805 remaining shares authorized for repurchase under the Repurchase Plan established in August 2015. 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 Company’s Board of Directors at any time. There were no shares of common stock repurchased during the twelve months ended December 31, 2024 and 2023. As of December 31, 2024, 2,000,000 shares remain authorized for repurchase under the Repurchase Plan.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 12. COMMITMENTS AND CONTINGENCIES The Company leases certain facilities under various operating leases. Most of the lease agreements provide the Company with the option of renewing its lease at the end of the lease term, at the fair rental value. In most cases, management expects that in the normal course of business, facility leases will be renewed or replaced by other leases. Minimum payments under these leases, exclusive of property taxes and insurance, are as follows: (in thousands) Year Ended December 31, 2025 $ 5,231 2026 2,621 2027 1,710 2028 1,164 2029 474 Thereafter 894 $ 12,094 Facility rent expense was $ 9.0 million in 2024, $ 10.8 million in 2023 and $ 7.0 million in 2022. 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 $ 225,000 per claim. Beginning in 2019, the Company’s workers compensation insurance is underwritten by an insurance company with no stop-loss value and $ 350,000 for prior claim years. Insurance providers are responsible for making claim payments that exceed these amounts on an individual claim basis. In addition, the Company has stop loss insurance that pays for claim payments made during a twelve month coverage period that exceeds certain specified thresholds in the aggregate. The Company records an expense when health and workers compensation claim payments are made and accrues for the portion of claims incurred, but not yet paid at period end. The Company makes these accruals based upon a combination of historical claim payments, loss development experience and actuarial estimates. A high degree of judgment is required in developing the underlying assumptions and the resulting amounts to be accrued. In addition, our assumptions will change as the Company’s loss experience develops. All of these factors have the potential to impact the amounts previously accrued and the Company may be required to increase or decrease the amounts previously accrued. At December 31, 2024 and 2023, accruals for the Company’s health and workers’ compensation high deductible plans were $ 1.7 million and $ 1.6 million, respectively.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Inventories	NOTE 13. INVENTORIES The following table presents the carrying value of inventories: (dollar amounts in thousands) December 31, December 31, 2024 2023 Raw materials $ 3,380 $ 3,806 Work-in-process 10,924 11,619 Inventories $ 14,304 $ 15,425

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	NOTE 14. GOODWILL AND INTANGIBLE ASSETS There were no changes in the carrying amount of goodwill during 2024. Changes in the carrying amount of goodwill during 2023 were as follows: (dollar amounts in thousands) Mobile Modular Adler Tanks (Discontinued) Total Balance at December 31, 2022 $ 106,403 $ 25,902 $ 132,305 Goodwill acquired through business combination 216,821 — 216,821 Derecognition of goodwill divested — ( 25,902 ) ( 25,902 ) Balance at December 31, 2023 $ 323,224 $ — $ 323,224 Intangible assets from continuing operations consist of the following: (dollar amounts in thousands) Estimated Average remaining life in years Cost Accumulated amortization Net book value December 31, 2024 Customer relationships 8 to 11 6.9 $ 73,217 $( 25,010 ) $ 48,207 Non-compete agreements 5 2.8 10,556 ( 5,239 ) 5,317 Trade name 0.75 to 8 4.3 2,000 ( 1,363 ) 637 Total amortizing 85,773 ( 31,612 ) 54,161 Trade name - non-amortizing Indefinite 171 — 171 Total $ 85,944 $( 31,612 ) $ 54,332 December 31, 2023 Customer relationships 8 to 11 7.8 $ 73,217 $( 17,003 ) $ 56,214 Non-compete agreements 5 3.7 10,556 ( 3,141 ) 7,415 Trade name 0.75 to 8 5.3 2,000 ( 1,212 ) 788 Total amortizing 85,773 ( 21,356 ) 64,417 Trade name - non-amortizing Indefinite 171 — 171 Total $ 85,944 $( 21,356 ) $ 64,588 The Company assesses potential impairment of its goodwill and intangible assets when there is evidence that events or circumstances have occurred that would indicate the recovery of an asset’s carrying value is unlikely. The Company also assesses potential impairment of its goodwill and intangible assets with indefinite lives on an annual basis regardless of whether there is evidence of impairment. If indicators of impairment were to be present in intangible assets used in operations and future discounted cash flows were not expected to be sufficient to recover the asset’s carrying amount, an impairment loss would be charged to expense in the period identified. The amount of an impairment loss that would be recognized is the excess of the asset’s carrying value over its fair value. Factors the Company considers important, which may cause impairment include, among others, significant changes in the manner of use of the acquired asset, negative industry or economic trends, and significant underperformance relative to historical or projected operating results. The Company last conducted a qualitative analysis of its goodwill and intangible assets in the fourth quarter 2024, with no indicators of impairment. In addition, no impairment triggering events occurred during the year ended December 31, 2024. Determining fair value of a reporting unit is judgmental and involves the use of significant estimates and assumptions. The Company bases its fair value estimates on assumptions that it believes are reasonable but are uncertain and subject to changes in market conditions. Intangible assets with finite useful lives are amortized over their respective useful lives. Amortization expense in the years ended December 31, 2024, 2023 and 2022 was $ 10.3 million, $ 10.7 million and $ 5.9 million, respectively. Based on the carrying values at December 31, 2024 and assuming no subsequent impairment of the underlying assets, the annual amortization is expected to be $ 10.2 million in 2025, $ 9.8 million in 2026, $ 9.6 million in 2027, $ 8.2 million in 2028 and $ 4.7 million in 2029. For information on intangible assets from discontinued operations refer to Note 5.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 15. RELATED PARTY TRANSACTIONS There were no significant related party transactions in the years ended December 31, 2024, 2023 and 2022, or amounts owed to related parties at such dates.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	NOTE 16. SEGMENT REPORTING During the quarter ended December 31, 2023, the Company determined that its Portable Storage business segment met the criteria for separate recognition as defined in the Accounting Standards Codification ("ASC") Topic 280, Segment Reporting . The guidance under this topic requires a public business entity to evaluate both quantitative and qualitative thresholds to determine the significance of a business segment and whether the separate reporting of a business segment enhances the users' understanding of the reporting entity's performance, future net cash flows and judgments. The Company evaluated the guidance within Topic 280 and made its determination to separately report the Portable Storage segment primarily due to the Company's continued growth in container fleet purchases and related increased revenues and improved profitability performance when compared to previously reported periods. In addition to this determination, the Company also divested its Adler Tanks business segment during the year ended December 31, 2023. Additional information regarding the divestiture of Adler Tanks can be found in Note 5 to the Consolidated Financial Statements. FASB guidelines establish annual and interim reporting standards for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. In accordance with these guidelines the Company’s four reportable segments are Mobile Modular, Portable Storage, TRS-RenTelco and Enviroplex. The Company's Chief Operating Decision Maker ("CODM") Joe Hanna, Chief Executive Officer, and management focus on several key measures to evaluate and assess each segment’s performance including rental, rental related services and sales revenue growth, segment profit, and income before provision for income taxes. In addition to the evaluation of the aforementioned key measures of each reportable segment, the CODM and management evaluate supplemental information by reportable segment such as rental equipment acquisitions, fleet utilization, and average utilization to further assess segment performance and the future allocation of Company resources. Excluding interest expense, allocations of revenue and expense not directly associated with one of these segments are generally allocated to Mobile Modular, Portable Storage and TRS-RenTelco, based on their pro-rata share of direct revenues. Interest expense is allocated amongst Mobile Modular, Portable Storage and TRS-RenTelco based on their pro-rata share of average rental equipment at cost, goodwill, intangible assets, accounts receivable, deferred income and customer security deposits. The Company does not report total assets by business segment. Summarized financial information from continuing operations for the years ended December 31, 2024, 2023 and 2022, for the Company’s reportable segments is shown in the following tables: (dollar amounts in thousands) Mobile Portable Storage TRS- Enviroplex 1 Consolidated Year Ended December 31, 2024 Revenues Rental revenues $ 318,149 $ 69,983 $ 101,797 $ — $ 489,929 Rental related services revenues 127,589 17,702 3,207 — 148,498 Sales 183,234 5,695 27,531 45,830 262,290 Other 6,394 1,117 2,714 — 10,225 Total revenues 635,366 94,497 135,249 45,830 910,942 Costs of Revenues Depreciation of rental equipment 40,399 3,982 43,886 — 88,267 Rental related services 83,547 17,267 2,605 — 103,419 Other 83,023 5,816 20,277 — 109,116 Costs of sales 124,886 3,551 12,426 33,862 174,725 Total costs of revenues 331,855 30,616 79,194 33,862 475,527 Gross profit 303,511 63,881 56,055 11,968 435,415 Significant Segment Expenses 3 Wages and benefits 57,741 13,812 10,368 4,859 86,781 Depreciation and amortization 13,712 1,432 107 383 15,634 Marketing and administrative expenses 17,276 6,102 5,342 2,323 31,043 Allocated corporate services 4 47,146 7,212 10,716 — 65,074 Other segment items 5 795 639 467 — 1,901 Total expenses 136,670 29,197 27,000 7,565 200,432 Other income, net ( 6,220 ) ( 1,319 ) ( 1,742 ) — ( 9,281 ) Segment profit 173,061 36,003 30,797 4,403 244,264 Interest expense (income) allocation 37,087 5,243 7,407 ( 2,496 ) 47,241 Foreign currency exchange loss — — 215 — 215 Income before provision for income taxes $ 135,974 $ 30,760 $ 23,175 $ 6,899 $ 196,808 Reconciliation of Segment Profit (Loss) Total segment gross profit $ 435,415 Segment operating expenses, net 200,432 Other income, net ( 9,281 ) Interest expense allocation 47,241 Foreign currency exchange loss ` 215 Gain on merger termination from WillScot Mobile Mini (Note 1) ( 180,000 ) WillScot Mobile Mini transaction costs ` 63,159 Income (loss) before provision for income taxes $ 313,649 Other Selected Information Rental equipment acquisitions $ 154,236 $ 8,106 $ 17,629 — $ 179,971 Accounts receivable, net (period end) $ 174,598 $ 10,455 $ 21,635 $ 12,654 $ 219,342 Rental equipment, at cost (period end) $ 1,414,367 $ 240,846 $ 343,982 — $ 1,999,195 Rental equipment, net book value (period end) $ 1,060,364 $ 218,493 $ 108,802 — $ 1,387,659 Utilization (period end) 2 75.1 % 59.8 % 58.6 % Average utilization 2 77.5 % 64.9 % 57.3 % (dollar amounts in thousands) Mobile Portable Storage TRS- Enviroplex 1 Consolidated Year Ended December 31, 2023 Revenues Rental revenues $ 285,553 $ 74,536 $ 114,247 $ — $ 474,336 Rental related services revenues 114,511 20,510 3,139 — 138,160 Sales 155,267 4,587 27,119 20,192 207,165 Other 6,905 1,504 3,772 — 12,181 Total revenues 562,236 101,137 148,277 20,192 831,842 Costs of Revenues Depreciation of rental equipment 36,921 3,514 48,477 — 88,912 Rental related services 75,390 18,568 2,670 — 96,628 Other 86,983 7,317 20,642 — 114,942 Costs of sales 105,021 2,858 13,884 15,964 137,727 Total costs of revenues 304,315 32,257 85,673 15,964 438,209 Gross profit 257,921 68,880 62,604 4,228 393,633 Significant Segment Expenses 3 Wages and benefits 55,795 13,607 10,074 3,901 83,376 Depreciation and amortization 13,511 1,613 108 337 15,570 Marketing and administrative expenses 15,935 5,866 5,398 2,228 29,427 Allocated corporate services 4 44,225 9,711 14,748 — 68,684 Other segment items 5 9,109 740 634 — 10,482 Total expenses 138,574 31,537 30,962 6,466 207,539 Other income, net ( 2,329 ) ( 457 ) ( 832 ) — ( 3,618 ) Segment profit (loss) 121,676 37,800 32,474 ( 2,238 ) 189,713 Interest expense (income) allocation 29,724 4,950 8,146 ( 2,260 ) 40,560 Foreign currency exchange (gain) loss — — ( 310 ) — ( 310 ) Income before provision for income taxes $ 91,952 $ 32,850 $ 24,638 $ 22 $ 149,462 Other Selected Information Rental equipment acquisitions $ 176,200 $ 27,967 $ 28,945 — $ 233,112 Accounts receivable, net (period end) $ 175,360 $ 16,057 $ 25,511 $ 10,440 $ 227,368 Rental equipment, at cost (period end) $ 1,291,093 $ 236,123 $ 377,587 — $ 1,904,803 Rental equipment, net book value (period end) $ 967,712 $ 217,315 $ 144,296 — $ 1,329,323 Utilization (period end) 2 79.4 % 71.5 % 55.9 % Average utilization 2 79.7 % 77.3 % 58.9 % (dollar amounts in thousands) Mobile Portable Storage TRS- Enviroplex 1 Consolidated Year Ended December 31, 2022 Revenues Rental revenues $ 206,070 $ 62,218 $ 121,375 $ — $ 389,663 Rental related services revenues 74,756 17,095 3,112 — 94,963 Sales 97,046 2,933 24,571 23,170 147,720 Other 1,339 260 1,720 — 3,319 Total revenues 379,211 82,506 150,778 23,170 635,665 Costs of Revenues Depreciation of rental equipment 28,373 2,799 49,253 — 80,425 Rental related services 49,910 16,344 2,592 — 68,846 Other 76,819 6,212 21,327 — 104,358 Costs of sales 62,224 1,849 9,707 18,048 91,828 Total costs of revenues 217,326 27,204 82,879 18,048 345,457 Gross profit 161,885 55,302 67,899 5,122 290,208 Significant Segment Expenses 3 Wages and benefits 33,465 11,598 9,690 3,144 57,897 Depreciation and amortization 8,815 1,132 113 288 10,348 Marketing and administrative expenses 10,993 4,929 5,087 2,003 23,012 Allocated corporate services 4 30,064 6,506 12,191 — 48,761 Other segment items 5 2,431 300 164 — 2,895 Total expenses 85,769 24,465 27,245 5,435 142,914 Segment profit (loss) 76,116 30,837 40,654 ( 313 ) 147,294 Interest expense (income) allocation 8,657 1,519 3,294 ( 1,240 ) 12,230 Foreign currency exchange loss — — 378 — 378 Income before provision for income taxes $ 67,459 $ 29,318 $ 36,982 $ 926 $ 134,686 Other Selected Information Rental equipment acquisitions $ 87,535 $ 34,072 $ 69,928 — $ 191,535 Accounts receivable, net (period end) $ 124,184 $ 14,923 $ 26,442 $ 4,302 $ 169,851 Rental equipment, at cost (period end) $ 929,636 $ 193,632 $ 398,267 — $ 1,521,535 Rental equipment, net book value (period end) $ 637,151 $ 178,241 $ 174,924 — $ 990,316 Utilization (period end) 2 80.3 % 82.6 % 59.4 % Average utilization 2 78.0 % 84.8 % 64.2 % 1. Gross Enviroplex sales revenues were $ 45,832 , $ 22,615 and $ 24,164 in 2024, 2023 and 2022, respectively. There were $ 2 , $ 2,423 and $ 992 inter-segment sales to Mobile Modular in 2024, 2023 and 2022, respectively, which have been eliminated in consolidation. 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. The Significant Segment Expense categories and amounts align with the segment-level information that is regularly provided to the CODM. 4. Allocated corporate services costs are comprised of expenses incurred by the Company which are not directly incurred by each business segment as a part of their normal operations. These allocated indirect corporate costs primarily include wages and benefits, depreciation of corporate capital assets, information technology, legal, accounting and other administrative expenses. 5. Other segment items for each reportable segment is primarily comprised of business acquisition and divestiture related transaction costs and credit losses. No single customer accounted for more than 10% of total revenues during 2024, 2023 and 2022. Revenue from foreign country customers accounted for 2 %, 3 % and 4 % of the Company’s total revenues for years 2024, 2023, and 2022, respectively. Mobile Modular purchased 18 % of its modular units from one manufacturer during 2024 and 30 % in both 2023 and 2022. There were no vendor or supplier concentrations for Portable Storage, TRS-RenTelco and Enviroplex during years 2024, 2023 and 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
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 three rental divisions; relocatable modular buildings, portable storage containers and electronic test equipment. Although the Company’s primary emphasis is on equipment rentals, sales of equipment occur in the normal course of business. At December 31, 2024, the Company was comprised of four reportable business segments: modular building segment ("Mobile Modular"), portable storage container segment (“Portable Storage”), electronic test equipment segment (“TRS-RenTelco”) and classroom manufacturing division selling modular classrooms in California (“Enviroplex”).
Agreement and Plan of Merger with WillScot Mobile Mini Holdings Corp.	Mutual decision to terminate Merger Agreement with WillScot Mobile Mini Holdings Corp. As previously disclosed, on January 28, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), with WillScot Mobile Mini Holdings Corp., a Delaware corporation ("WillScot Mobile Mini”), Brunello Merger Sub I, Inc., a California corporation and a direct wholly owned subsidiary of WillScot Mobile Mini, and Brunello Merger Sub II, LLC, a Delaware limited liability company and direct wholly owned subsidiary of WillScot Mobile Mini. On September 17, 2024, the Company and WillScot Mobile Mini mutually agreed to terminate the Merger Agreement, effective upon WillScot Mobile Mini's cash payment of $ 180.0 million to the Company, which was received on September 20, 2024. Transaction costs attributed to the Merger Agreement are reported in the Company's Corporate segment. Expenses recognized as a result of the terminated merger during year ended December 31, 2024, were $ 63.2 million. The termination payment received of $ 180.0 million, net of transaction costs, resulted in net proceeds received of $ 116.8 million during the year ended December 31, 2024. The Company determined that the transaction costs incurred on the terminated merger were significant and required separate presentation on the Company's consolidated statements of income for the year ended December 31, 2024. Due to this determination, the Company has excluded such transaction costs from Selling and administrative expenses and reported them separately on the consolidated statements of income as non-operating expenses.
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 portable storage container leases. For modular building leases, rental related services revenues for modifications, delivery, installation, dismantle and return delivery are lease related because the payments are considered minimum lease payments that are an integral part of the negotiated lease agreement with the customer. These revenues are recognized on a straight-line basis over the term of the lease. Certain leases are accounted for as sales-type leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. Other revenues include interest income on sales-type leases and rental income on facility leases. Non-lease revenues - Sales revenue is recognized upon delivery and installation of the equipment to customers. Revenue from contracts that satisfy the criteria for over-time recognition are recognized as work is performed by using the input method based on the ratio of costs incurred to estimated total contract costs for each contract. The majority of revenue for these contracts is derived from long-term projects which typically span multiple quarters. The Company uses third parties to provide certain services as part of its contracts with customers. The Company is considered the principal (vs. an agent) as the Company is responsible for the fulfillment of all service elements and risks associated with the underlying performance obligation. Revenue for these services is recognized on a gross basis. 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 and portable storage containers 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
Costs of Rental Related Services	Costs of Rental Related Services Costs of rental related services are primarily associated with relocatable modular building and portable storage container leases. 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 portable storage containers consists of costs of delivery, removal and cleaning of the containers. 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, 2024, 2023 and 2022.
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 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.
Inventories	Inventories Inventories consist of raw materials and work-in-process. Inventories are measured at the lower of actual cost or net realizable value for acquired units and estimated standard costs for manufactured units. Net realizable value is defined as the value for which an asset can be sold, less the estimated costs of selling such asset. The costs include expenditures incurred in acquiring the inventories, manufacturing, production costs, and other costs incurred in bringing them to their existing location and condition .
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 from continuing operations consist of the following: (dollar amounts in thousands) Estimated December 31, in years 2024 2023 Land Indefinite $ 88,605 $ 75,143 Land improvements 20 – 50 77,221 65,931 Buildings 30 40,223 35,360 Furniture, office equipment and software 3 – 10 28,073 30,039 Vehicles and machinery 5 – 25 39,259 35,233 273,381 241,706 Less: accumulated depreciation ( 91,042 ) ( 87,399 ) 182,339 154,307 Construction in progress 15,100 14,807 $ 197,439 $ 169,114 Property, plant and equipment depreciation expense was $ 8.9 million, $ 9.7 million and $ 9.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. Construction in progress at December 31, 2024 and 2023 consisted primarily of costs related to acquisition of land and land improvements. For information on the property, plant and equipment from discontinued operations, refer to Note 5 to the consolidated financial statements.
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. There were no capitalized internal use software costs during the year ended December 31, 2024, and the Company capitalized $ 0.2 million in internal use software during the year ended December 31, 2023.
Shipping Costs	Shipping Costs The Company includes third party costs to deliver rental equipment to customers in costs of rental related services and costs of sales.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred. Total advertising expenses were $ 6.2 million, $ 5.9 million and $ 5.0 million for the years ended December 31, 2024, 2023 and 2022.
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, 2024 and 2023, goodwill and trade name intangible assets from continuing operations which have indefinite lives totaled $ 323.4 million for both periods. For information on goodwill and trade name intangible assets from discontinued operations, refer to Note 5 to the consolidated financial statements. 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 2024. The impairment analysis did no t result in an impairment charge for the fiscal year ended 2024. There were no impairment charges in 2023 or 2022. 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, 2024 2023 2022 Weighted-average common stock for calculating basic 24,541 24,469 24,353 Effect of potentially dilutive securities from equity-based 29 60 166 Weighted-average common stock for calculating diluted 24,570 24,529 24,519 In 2024, there were 37,214 shares which had an anti-dilutive effect on the computation of diluted earnings per share that required exclusion. In both 2 023 and 2022, there were no shares having an anti-dilutive effect requiring exclusion from the computation of diluted earnings per share. 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, as amended (the "Exchange Act"). In September 2024, the Company's Board of Directors increased the capacity under the share repurchase program by authorizing the Company to repurchase up to 2,000,000 shares of the Company's outstanding common stock (the "Repurchase Plan"), an increase from the 1,309,805 remaining shares authorized for repurchase under the Repurchase Plan established in August 2015. 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 Company’s Board of Directors at any time. In the twelve months ended December 31, 2024, 2023 and 2022 there were no shares of common stock repurchased. As of December 31, 2024, 2,000,000 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 $ 69.6 million at December 31, 2024 and $ 59.5 million at December 31, 2023. 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 credit losses 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 credit losses when an account is determined to be uncollectable. The allowance for credit losses 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 credit losses of $ 1.9 million, $ 2.6 million and $ 0.8 million for the twelve months ended December 31, 2024, 2023 and 2022, respectively. The allowance for credit losses was $ 2.9 million, $ 2.8 million and $ 2.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. The allowance for credit loss activity was as follows: (in thousands) 2024 2023 Beginning balance, January 1 $ 2,801 $ 2,300 Provision for credit losses 1,890 2,633 Acquired reserve from Vesta Modular (see Note 4) — 250 Derecognition of reserve from discontinued operations (see Note 5) — ( 450 ) Write-offs, net of recoveries ( 1,825 ) ( 1,932 ) Ending balance, December 31 $ 2,866 $ 2,801 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 Mobile Modular and TRS-RenTelco operating segments. 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 $ 6.7 million at December 31, 2024 and $ 3.7 million at December 31, 2023. 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, 2024. 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, 2024.
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 $ 169.4 million and $ 169.2 million, as of December 31, 2024 and 2023, respectively, compared to the recorded value of $ 175.0 million in both periods. 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 10.
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 credit losses. In addition, determining the fair value of the assets and liabilities acquired in a business or asset acquisition can be judgmental in nature and can involve the use of significant estimates and assumptions.
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, Portable Storage, TRS-RenTelco and Enviroplex. The Company's Chief Operating Decision Maker ("CODM") Joe Hanna, Chief Executive Officer, and management focus on several key measures to evaluate and assess each segment’s performance including rental, rental related services and sales revenue growth, segment profit, and income before provision for income taxes. In addition to the evaluation of the aforementioned key measures of each reportable segment, the CODM and management evaluate supplemental information by reportable segment such as rental equipment acquisitions, fleet utilization, and average utilization to further assess segment performance and the future allocation of Company resources. Excluding interest expense, allocations of revenue and expense not directly associated with one of these segments are generally allocated to Mobile Modular, Portable Storage and TRS-RenTelco, based on their pro-rata share of direct revenues. Interest expense is allocated amongst Mobile Modular, Portable Storage and TRS-RenTelco based on their pro-rata share of average rental equipment at cost, goodwill, intangible assets, accounts receivable, deferred income and customer security deposits. The Company does not report total assets by business segment.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Estimated Useful Lives and Residual Values of Company's Rental Equipment	The estimated useful lives and residual values of the Company’s rental equipment used for financial reporting purposes are as follows: Relocatable modular buildings 18 years, 50 % residual value Relocatable modular accessories 3 to 18 years , no residual value Blast resistant and kitchen modules 20 years , no residual value Portable storage containers 25 years , 62.5 % residual value Electronic test equipment and accessories 1 to 8 years , no residual value
Property, Plant and Equipment from Continuing Operations	Property, plant and equipment from continuing operations consist of the following: (dollar amounts in thousands) Estimated December 31, in years 2024 2023 Land Indefinite $ 88,605 $ 75,143 Land improvements 20 – 50 77,221 65,931 Buildings 30 40,223 35,360 Furniture, office equipment and software 3 – 10 28,073 30,039 Vehicles and machinery 5 – 25 39,259 35,233 273,381 241,706 Less: accumulated depreciation ( 91,042 ) ( 87,399 ) 182,339 154,307 Construction in progress 15,100 14,807 $ 197,439 $ 169,114
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, 2024 2023 2022 Weighted-average common stock for calculating basic 24,541 24,469 24,353 Effect of potentially dilutive securities from equity-based 29 60 166 Weighted-average common stock for calculating diluted 24,570 24,529 24,519
Summary of Allowance for Credit loss Activity	The allowance for credit loss activity was as follows: (in thousands) 2024 2023 Beginning balance, January 1 $ 2,801 $ 2,300 Provision for credit losses 1,890 2,633 Acquired reserve from Vesta Modular (see Note 4) — 250 Derecognition of reserve from discontinued operations (see Note 5) — ( 450 ) Write-offs, net of recoveries ( 1,825 ) ( 1,932 ) Ending balance, December 31 $ 2,866 $ 2,801

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
Summary of Preliminary 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 Vesta Modular, Brekke Storage and Dixie Storage business acquisitions, with excess amounts allocated to goodwill. The assets acquired and liabilities assumed were based upon their fair values on the closing date. 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. Vesta Modular: (dollar amounts in thousands) Rental equipment $ 212,639 Intangible assets: Goodwill 211,178 Customer relationships 29,900 Non-compete 7,100 Trade name 800 Cash 11 Accounts receivable 22,666 Property, plant and equipment 1,437 Prepaid expenses and other assets 3,550 Accounts payable and accrued liabilities ( 26,202 ) Deferred income ( 14,273 ) Deferred income taxes ( 11,596 ) Total purchase price $ 437,210 Brekke Storage: (dollar amounts in thousands) Rental equipment $ 10,798 Intangible assets: Goodwill 4,083 Customer relationships 949 Non-compete 59 Property, plant and equipment 875 Deferred income ( 382 ) Total purchase price $ 16,382 Dixie Storage: (dollar amounts in thousands) Rental equipment $ 2,758 Intangible assets: Goodwill 1,555 Customer relationships 259 Non-compete 22 Property, plant and equipment 318 Deferred income ( 161 ) Total purchase price $ 4,751
Summary of Pro Forma Data	(Unaudited) Year Ended December 31, (dollar amounts in thousands, except for per share amounts) 2024 2023 (Actual) (Pro Forma) Pro-forma total revenues $ 910,942 $ 839,485 Pro-forma net income $ 231,727 $ 174,325 Pro-forma basic earnings per share $ 9.44 $ 4.56 Pro-forma diluted earnings per share $ 9.43 $ 4.55 Vesta Modular Actual total revenues $ 110,504 Actual net income $ 21,458 Actual basic earnings per share $ 0.88 Actual diluted earnings per share $ 0.87

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Summary of Results of Discontinued Operations Reported in Consolidated Statements of Income and Balance Sheets	The following table presents the results of Adler Tanks as reported in income from discontinued operations within the Consolidated Statements of Income for the years ended December 31, 2023 and 2022: (dollar amounts in thousands) Year Ended December 31, 2023 2022 Revenues Rental $ 6,520 $ 66,366 Rental related services 2,584 27,654 Rental operations 9,104 94,020 Sales 269 2,933 Other 65 1,205 Total revenues 9,438 98,158 Costs and Expenses Direct costs of rental operations: Depreciation of rental equipment 1,325 16,004 Rental related services 2,020 20,947 Other 1,270 12,422 Total direct costs of rental operations 4,614 49,373 Costs of sales 159 2,085 Total costs of revenues 4,773 51,458 Gross Profit Rental 3,926 37,940 Rental related services 564 6,707 Rental operations 4,490 44,647 Sales 110 848 Other 65 1,205 Total gross profit 4,665 46,700 Selling and administrative expenses 2,582 28,428 Income from operations 2,083 18,272 Interest expense allocation 374 2,938 Income from discontinued operations before provision for income taxes 1,709 15,334 Provision for income taxes from discontinued operations 453 3,505 Income from discontinued operations $ 1,256 $ 11,829 The following table presents the carrying value of the divested business' assets and liabilities as presented within assets and liabilities of discontinued operations on the Consolidated Balance Sheets as of December 31, 2022: December 31, (in thousands) 2022 Assets Accounts receivable, net of allowance for credit losses of $ 450 $ 20,086 Rental equipment, net 137,738 Property, plant and equipment, net 6,632 Prepaid expenses and other assets 191 Intangible assets, net 5,700 Goodwill 25,902 Total assets of discontinued operations $ 196,249 Liabilities Accounts payable and accrued liabilities $ 9,621 Deferred income taxes, net 43,550 Total liabilities of discontinued operations $ 53,171
Schedule of Operating and Investing Items Related to Discontinued Operations	For the year ended December 31, 2023, significant operating and investing items related to Adler Tanks were as follows: December 31, (in thousands) 2023 Operating activities of discontinued operations: Depreciation and amortization $ 1,457 Gain on sale of used rental equipment ( 111 ) Investing activities of discontinued operations: Proceeds from sales of used rental equipment 269 Purchases of rental equipment ( 25 ) Purchases of property, plant and equipment ( 40 )

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,035 $ 6,441 Right of use assets obtained in exchange for lease obligations: Operating leases $ 6,248 $ 10,058
Summary of Maturities of Operating Lease Liabilities	As of December 31, 2024, maturities of operating lease liabilities were as follows: (in thousands) Year ended December 31, 2025 $ 5,735 2026 3,063 2027 2,042 2028 1,355 2029 541 Thereafter 894 Total lease payments 13,630 Less: imputed interest ( 1,013 ) $ 12,617
Summary of Maturities of Operating Lease Payments	As of December 31, 2024, maturities of operating lease payments to be received in 2025 and thereafter were as follows: (in thousands) Year Ended December 31, 2025 $ 177,149 2026 65,257 2027 27,516 2028 11,405 2029 3,838 Thereafter 943 $ 286,108
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, 2024 Gross minimum lease payments receivable $ 8,543 Less – unearned interest ( 1,874 ) Net investment in finance lease receivables $ 6,669
Future Minimum Lease Payments under Non-Cancelable Finance Leases	As of December 31, 2024, the future minimum lease payments under non-cancelable finance leases to be received in 2025 and thereafter were as follows: (in thousands) Year Ended December 31, 2025 $ 2,541 2026 1,251 2027 1,012 2028 1,063 2029 802 Total minimum future lease payments to be received $ 6,669

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2024
Disaggregation of Revenue [Abstract]
Summary of Disaggregates the Company's Revenues from Continuing Operations by Lease and Non Lease	The following table disaggregates the Company’s revenues from continuing operations by lease (within the scope of Topic 842) and non-lease revenues (within the scope of Topic 606) and the underlying service provided for the three years ended December 31, 2024, 2023 and 2022: (in thousands) Mobile Portable Storage TRS- Enviroplex Consolidated Year Ended December 31, 2024 Leasing $ 414,195 $ 71,999 $ 105,662 $ — $ 591,856 Non-lease: Rental related services 34,778 16,565 2,777 — 54,120 Sales 183,234 5,695 25,499 45,830 260,258 Other 3,159 238 1,311 — 4,708 Total non-lease 221,171 22,498 29,587 45,830 319,086 Total revenues $ 635,366 $ 94,497 $ 135,249 $ 45,830 $ 910,942 2023 Leasing $ 367,753 $ 77,181 $ 119,134 $ — $ 564,068 Non-lease: Rental related services 36,734 19,250 2,658 — 58,642 Sales 155,267 4,587 24,951 20,192 204,997 Other 2,482 119 1,534 — 4,135 Total non-lease 194,483 23,956 29,143 20,192 267,774 Total revenues $ 562,236 $ 101,137 $ 148,277 $ 20,192 $ 831,842 2022 Leasing $ 267,779 $ 63,422 $ 125,695 $ — $ 456,896 Non-lease: Rental related services 14,348 16,082 2,579 — 33,009 Sales 97,045 2,933 21,267 23,170 144,415 Other 39 69 1,237 — 1,345 Total non-lease 111,432 19,084 25,083 23,170 178,769 Total revenues $ 379,211 $ 82,506 $ 150,778 $ 23,170 $ 635,665

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Components of Notes Payable	Notes payable consists of the following: (in thousands) December 31, 2024 2023 Unsecured revolving lines of credit and term loan $ 415,440 $ 588,000 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 6.25 % Series F senior notes due in 2030 75,000 75,000 590,440 763,000 Unamortized debt issuance cost ( 232 ) ( 25 ) $ 590,208 $ 762,975
Schedule of Future Minimum Payments under Unsecured Revolving Lines of Credit 2.35% Senior Notes, 2.57% Senior Notes and 6.25% Senior Notes	As of December 31, 2024, the future minimum payments under the unsecured revolving lines of credit, 2.35 % Series E senior notes, 2.57 % Series D senior notes and 6.25 % Series F senior notes due in 2026 , 2028 and 2030 , respectively, are as follows: (in thousands) Year Ended December 31, 2025 $ — 2026 60,000 2027 415,440 2028 40,000 2029 — Thereafter 75,000 $ 590,440
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, 2024 2023 Maximum amount outstanding $ 631,101 $ 591,000 Average amount outstanding $ 555,225 $ 541,635 Weighted average interest rate, during the period 6.94 % 6.63 % Prime interest rate, end of period 7.50 % 8.50 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Before Provision for Income Taxes	Income before provision for income taxes consisted of the following: (in thousands) Year Ended December 31, 2024 2023 2022 U.S. $ 310,352 $ 234,188 $ 149,759 Foreign 3,296 228 261 $ 313,648 $ 234,416 $ 150,020
Provision (Benefit) for Income Taxes	The provision (benefit) for income taxes consisted of the following: (in thousands) Year Ended December 31, 2024 2023 2022 Current: U.S. Federal $ 31,127 $ 57,176 $ 19,480 State 10,518 ( 5,587 ) 8,708 Foreign 1,704 1,847 2,208 43,349 53,436 30,396 Deferred: U.S. Federal 31,852 4,892 4,563 State 6,693 1,481 ( 68 ) Foreign 28 ( 14 ) ( 9 ) 38,573 6,359 4,486 Total $ 81,922 $ 59,795 $ 34,882
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, 2024 2023 2022 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 4.8 4.9 4.9 State deferred tax apportionment change, net of federal benefit 0.3 ( 0.2 ) ( 1.1 ) Non-deductible transaction costs — 0.3 — Non-deductible executive compensation 0.4 0.4 0.6 Share-based compensation ( 0.3 ) ( 1.2 ) ( 1.7 ) Enactment of the Tax Cuts and Jobs Act ( 0.1 ) ( 0.2 ) ( 0.2 ) Valuation allowance ( 0.1 ) — — Other 0.1 0.5 ( 0.2 ) 26.1 % 25.5 % 23.3 %
Deferred Income Taxes Related to Temporary Differences between Tax Bases of Assets and Liabilities	The following table shows the deferred income taxes related to the temporary differences between the tax bases of assets and liabilities and the respective amounts included in “Deferred income taxes, net” on the Company’s Consolidated Balance Sheets: (in thousands) December 31, 2024 2023 Deferred tax liabilities: Accelerated depreciation $ 285,835 $ 273,503 Prepaid costs currently deductible 13,572 12,567 Other 10,144 6,767 Total deferred tax liabilities 309,551 292,837 Deferred tax assets: Accrued costs not yet deductible 15,909 13,742 Allowance for doubtful accounts 733 713 Net operating loss carry-forward 7,415 28,670 Deferred revenues 2,175 5,439 Share-based compensation 3,190 2,718 Total deferred tax assets 29,422 51,282 Deferred income taxes, net $ 280,129 $ 241,555

Benefit Plans (Tables)

Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
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, 2024: Weighted- Aggregate average intrinsic Number grant date value of shares fair value (in millions) Balance at December 31, 2021 217,408 $ 67.63 RSUs granted 95,028 77.79 RSUs vested ( 114,274 ) 58.30 RSUs cancelled/forfeited/expired ( 10,754 ) 70.10 Balance at December 31, 2022 187,408 76.74 RSUs granted 92,320 103.56 RSUs vested ( 86,402 ) 50.98 RSUs cancelled/forfeited/expired ( 21,649 ) 82.69 Balance at December 31, 2023 171,677 92.18 RSUs granted 101,340 114.64 RSUs vested ( 90,070 ) 85.14 RSUs cancelled/forfeited/expired ( 1,913 ) 95.33 Balance at December 31, 2024 181,034 $ 108.05 $ 20.2
Summary of Company's Option Activity	A summary of the Company’s option activity and related information for the three years ended December 31, 2024 is as follows: Number of Weighted- Weighted- Aggregate Balance at December 31, 2021 274,630 $ 29.66 Options granted — — Options exercised ( 135,280 ) 25.61 Options cancelled/forfeited/expired — — Balance at December 31, 2022 139,350 33.59 Options granted — — Options exercised ( 139,110 ) 33.51 Options cancelled/forfeited/expired — — Balance at December 31, 2023 240 34.57 Options granted — — Options exercised ( 240 ) 34.57 Options cancelled/forfeited/expired — — Balance at December 31, 2024 — $ — — $ — Exercisable at December 31, 2024 — $ — — $ — Expected to vest after December 31, 2024 — $ — — $ —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2025 $ 5,231 2026 2,621 2027 1,710 2028 1,164 2029 474 Thereafter 894 $ 12,094

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Summary of Carrying Value of Inventories	The following table presents the carrying value of inventories: (dollar amounts in thousands) December 31, December 31, 2024 2023 Raw materials $ 3,380 $ 3,806 Work-in-process 10,924 11,619 Inventories $ 14,304 $ 15,425

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Carrying Amount of Goodwill	in the carrying amount of goodwill during 2024. Changes in the carrying amount of goodwill during 2023 were as follows: (dollar amounts in thousands) Mobile Modular Adler Tanks (Discontinued) Total Balance at December 31, 2022 $ 106,403 $ 25,902 $ 132,305 Goodwill acquired through business combination 216,821 — 216,821 Derecognition of goodwill divested — ( 25,902 ) ( 25,902 ) Balance at December 31, 2023 $ 323,224 $ — $ 323,224
Summary of Intangible Assets from Continuing Operations	Intangible assets from continuing operations consist of the following: (dollar amounts in thousands) Estimated Average remaining life in years Cost Accumulated amortization Net book value December 31, 2024 Customer relationships 8 to 11 6.9 $ 73,217 $( 25,010 ) $ 48,207 Non-compete agreements 5 2.8 10,556 ( 5,239 ) 5,317 Trade name 0.75 to 8 4.3 2,000 ( 1,363 ) 637 Total amortizing 85,773 ( 31,612 ) 54,161 Trade name - non-amortizing Indefinite 171 — 171 Total $ 85,944 $( 31,612 ) $ 54,332 December 31, 2023 Customer relationships 8 to 11 7.8 $ 73,217 $( 17,003 ) $ 56,214 Non-compete agreements 5 3.7 10,556 ( 3,141 ) 7,415 Trade name 0.75 to 8 5.3 2,000 ( 1,212 ) 788 Total amortizing 85,773 ( 21,356 ) 64,417 Trade name - non-amortizing Indefinite 171 — 171 Total $ 85,944 $( 21,356 ) $ 64,588

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Summarized Financial Information for Company's Reportable Segments	Summarized financial information from continuing operations for the years ended December 31, 2024, 2023 and 2022, for the Company’s reportable segments is shown in the following tables: (dollar amounts in thousands) Mobile Portable Storage TRS- Enviroplex 1 Consolidated Year Ended December 31, 2024 Revenues Rental revenues $ 318,149 $ 69,983 $ 101,797 $ — $ 489,929 Rental related services revenues 127,589 17,702 3,207 — 148,498 Sales 183,234 5,695 27,531 45,830 262,290 Other 6,394 1,117 2,714 — 10,225 Total revenues 635,366 94,497 135,249 45,830 910,942 Costs of Revenues Depreciation of rental equipment 40,399 3,982 43,886 — 88,267 Rental related services 83,547 17,267 2,605 — 103,419 Other 83,023 5,816 20,277 — 109,116 Costs of sales 124,886 3,551 12,426 33,862 174,725 Total costs of revenues 331,855 30,616 79,194 33,862 475,527 Gross profit 303,511 63,881 56,055 11,968 435,415 Significant Segment Expenses 3 Wages and benefits 57,741 13,812 10,368 4,859 86,781 Depreciation and amortization 13,712 1,432 107 383 15,634 Marketing and administrative expenses 17,276 6,102 5,342 2,323 31,043 Allocated corporate services 4 47,146 7,212 10,716 — 65,074 Other segment items 5 795 639 467 — 1,901 Total expenses 136,670 29,197 27,000 7,565 200,432 Other income, net ( 6,220 ) ( 1,319 ) ( 1,742 ) — ( 9,281 ) Segment profit 173,061 36,003 30,797 4,403 244,264 Interest expense (income) allocation 37,087 5,243 7,407 ( 2,496 ) 47,241 Foreign currency exchange loss — — 215 — 215 Income before provision for income taxes $ 135,974 $ 30,760 $ 23,175 $ 6,899 $ 196,808 Reconciliation of Segment Profit (Loss) Total segment gross profit $ 435,415 Segment operating expenses, net 200,432 Other income, net ( 9,281 ) Interest expense allocation 47,241 Foreign currency exchange loss ` 215 Gain on merger termination from WillScot Mobile Mini (Note 1) ( 180,000 ) WillScot Mobile Mini transaction costs ` 63,159 Income (loss) before provision for income taxes $ 313,649 Other Selected Information Rental equipment acquisitions $ 154,236 $ 8,106 $ 17,629 — $ 179,971 Accounts receivable, net (period end) $ 174,598 $ 10,455 $ 21,635 $ 12,654 $ 219,342 Rental equipment, at cost (period end) $ 1,414,367 $ 240,846 $ 343,982 — $ 1,999,195 Rental equipment, net book value (period end) $ 1,060,364 $ 218,493 $ 108,802 — $ 1,387,659 Utilization (period end) 2 75.1 % 59.8 % 58.6 % Average utilization 2 77.5 % 64.9 % 57.3 % (dollar amounts in thousands) Mobile Portable Storage TRS- Enviroplex 1 Consolidated Year Ended December 31, 2023 Revenues Rental revenues $ 285,553 $ 74,536 $ 114,247 $ — $ 474,336 Rental related services revenues 114,511 20,510 3,139 — 138,160 Sales 155,267 4,587 27,119 20,192 207,165 Other 6,905 1,504 3,772 — 12,181 Total revenues 562,236 101,137 148,277 20,192 831,842 Costs of Revenues Depreciation of rental equipment 36,921 3,514 48,477 — 88,912 Rental related services 75,390 18,568 2,670 — 96,628 Other 86,983 7,317 20,642 — 114,942 Costs of sales 105,021 2,858 13,884 15,964 137,727 Total costs of revenues 304,315 32,257 85,673 15,964 438,209 Gross profit 257,921 68,880 62,604 4,228 393,633 Significant Segment Expenses 3 Wages and benefits 55,795 13,607 10,074 3,901 83,376 Depreciation and amortization 13,511 1,613 108 337 15,570 Marketing and administrative expenses 15,935 5,866 5,398 2,228 29,427 Allocated corporate services 4 44,225 9,711 14,748 — 68,684 Other segment items 5 9,109 740 634 — 10,482 Total expenses 138,574 31,537 30,962 6,466 207,539 Other income, net ( 2,329 ) ( 457 ) ( 832 ) — ( 3,618 ) Segment profit (loss) 121,676 37,800 32,474 ( 2,238 ) 189,713 Interest expense (income) allocation 29,724 4,950 8,146 ( 2,260 ) 40,560 Foreign currency exchange (gain) loss — — ( 310 ) — ( 310 ) Income before provision for income taxes $ 91,952 $ 32,850 $ 24,638 $ 22 $ 149,462 Other Selected Information Rental equipment acquisitions $ 176,200 $ 27,967 $ 28,945 — $ 233,112 Accounts receivable, net (period end) $ 175,360 $ 16,057 $ 25,511 $ 10,440 $ 227,368 Rental equipment, at cost (period end) $ 1,291,093 $ 236,123 $ 377,587 — $ 1,904,803 Rental equipment, net book value (period end) $ 967,712 $ 217,315 $ 144,296 — $ 1,329,323 Utilization (period end) 2 79.4 % 71.5 % 55.9 % Average utilization 2 79.7 % 77.3 % 58.9 % (dollar amounts in thousands) Mobile Portable Storage TRS- Enviroplex 1 Consolidated Year Ended December 31, 2022 Revenues Rental revenues $ 206,070 $ 62,218 $ 121,375 $ — $ 389,663 Rental related services revenues 74,756 17,095 3,112 — 94,963 Sales 97,046 2,933 24,571 23,170 147,720 Other 1,339 260 1,720 — 3,319 Total revenues 379,211 82,506 150,778 23,170 635,665 Costs of Revenues Depreciation of rental equipment 28,373 2,799 49,253 — 80,425 Rental related services 49,910 16,344 2,592 — 68,846 Other 76,819 6,212 21,327 — 104,358 Costs of sales 62,224 1,849 9,707 18,048 91,828 Total costs of revenues 217,326 27,204 82,879 18,048 345,457 Gross profit 161,885 55,302 67,899 5,122 290,208 Significant Segment Expenses 3 Wages and benefits 33,465 11,598 9,690 3,144 57,897 Depreciation and amortization 8,815 1,132 113 288 10,348 Marketing and administrative expenses 10,993 4,929 5,087 2,003 23,012 Allocated corporate services 4 30,064 6,506 12,191 — 48,761 Other segment items 5 2,431 300 164 — 2,895 Total expenses 85,769 24,465 27,245 5,435 142,914 Segment profit (loss) 76,116 30,837 40,654 ( 313 ) 147,294 Interest expense (income) allocation 8,657 1,519 3,294 ( 1,240 ) 12,230 Foreign currency exchange loss — — 378 — 378 Income before provision for income taxes $ 67,459 $ 29,318 $ 36,982 $ 926 $ 134,686 Other Selected Information Rental equipment acquisitions $ 87,535 $ 34,072 $ 69,928 — $ 191,535 Accounts receivable, net (period end) $ 124,184 $ 14,923 $ 26,442 $ 4,302 $ 169,851 Rental equipment, at cost (period end) $ 929,636 $ 193,632 $ 398,267 — $ 1,521,535 Rental equipment, net book value (period end) $ 637,151 $ 178,241 $ 174,924 — $ 990,316 Utilization (period end) 2 80.3 % 82.6 % 59.4 % Average utilization 2 78.0 % 84.8 % 64.2 % 1. Gross Enviroplex sales revenues were $ 45,832 , $ 22,615 and $ 24,164 in 2024, 2023 and 2022, respectively. There were $ 2 , $ 2,423 and $ 992 inter-segment sales to Mobile Modular in 2024, 2023 and 2022, respectively, which have been eliminated in consolidation. 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. The Significant Segment Expense categories and amounts align with the segment-level information that is regularly provided to the CODM. 4. Allocated corporate services costs are comprised of expenses incurred by the Company which are not directly incurred by each business segment as a part of their normal operations. These allocated indirect corporate costs primarily include wages and benefits, depreciation of corporate capital assets, information technology, legal, accounting and other administrative expenses. 5. Other segment items for each reportable segment is primarily comprised of business acquisition and divestiture related transaction costs and credit losses.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) shares	Dec. 31, 2024 USD ($) Segment Division $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Aug. 31, 2015 shares
Summary Of Significant Accounting Policies [Line Items]
Number of divisions | Division			3
Number of reportable segments | Segment			4
Common stock, par value | $ / shares	$ 0		$ 0	$ 0
Impairments of long-lived assets			$ 0	$ 0	$ 0
Period for warranties for rental equipment			90 days
Period for warranties for equipment manufactured			1 year
Property, plant and equipment depreciation expenses			$ 8,900,000	9,700,000	9,000,000
Capitalized in internal use of software	$ 0		0	200,000
Total advertising expenses			6,200,000	5,900,000	5,000,000
Goodwill and trade name intangible assets	323,400,000		323,400,000	323,400,000
Impairment charges				$ 0	$ 0
Goodwill and intangible assets impairment charge	$ 0		$ 0
Anti-dilutive securities excluded from computation of diluted earnings per share | shares			37,214	0	0
Common stock shares authorized for repurchase | shares						2,000,000
Common stock repurchased | shares			0	0	0
Shares remain authorized for repurchase | shares	2,000,000		2,000,000
Unbilled receivables related to end-of-lease services	$ 69,600,000		$ 69,600,000	$ 59,500,000
Period for credit risk identified			30 days
Accounts receivable, credit loss			$ 1,890,000	2,633,000	$ 837,000
Allowance for credit losses	2,866,000		2,866,000	2,801,000	$ 2,300,000
Net investment in sales-type leases	6,700,000		6,700,000	3,700,000
Credit loss expense			0
Estimated fair value notes payable	169,400,000		169,400,000	169,200,000
Recorded fair value of notes payable	$ 175,000,000		175,000,000	$ 175,000,000
Gain on merger termination, net of transaction costs, presented under net cash provided by operating activities			$ 116,841,000
Repurchase Plan Established in August 2015 [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares remain authorized for repurchase | shares	1,309,805		1,309,805
Merger Agreement [Member] | WillScot Mobile Mini Holdings Corp [Member]
Summary Of Significant Accounting Policies [Line Items]
Mini's cash payment upon termination agreement		$ 180,000,000
Gain on merger termination, net of transaction costs, presented under net cash provided by operating activities			$ 180,000,000
Merger agreement termination costs			63,200,000
Proceeds from business acquisition termination			$ 116,800,000
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Sales-type leases terms	12 months		12 months
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Common stock shares authorized for repurchase | shares		2,000,000
Sales-type leases terms	36 months		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, 2024
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%
Minimum [Member] | Relocatable modular accessories [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	3 years
Minimum [Member] | Electronic test equipment and accessories [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	1 year
Maximum [Member] | Relocatable modular accessories [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	18 years
Maximum [Member] | Electronic test equipment and accessories [Member]
Property, Plant and Equipment [Line Items]
Property subject to or available for operating lease useful life	8 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Property, Plant and Equipment from Continuing Operations (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 273,381	$ 241,706
Less: accumulated depreciation	(91,042)	(87,399)
Property, Plant and Equipment, net	182,339	154,307
Construction in progress	15,100	14,807
Property, Plant and Equipment net including construction in progress, Total	197,439	169,114
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 88,605	75,143
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 77,221	65,931
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	$ 40,223	35,360
Estimated useful life	30 years
Furniture, Office Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 28,073	30,039
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	$ 39,259	$ 35,233
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Weighted-average common stock for calculating basic earnings per share	24,541	24,469	24,353
Effect of potentially dilutive securities from equity-based compensation	29	60	166
Weighted-average common stock for calculating diluted earnings per share	24,570	24,529	24,519

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Allowance for Credit loss Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Allowance for doubtful accounts, Beginning Balance	$ 2,801	$ 2,300
Provision for credit losses	1,890	2,633	$ 837
Acquired reserve from Vesta Modular (see Note 4)		250
Derecognition of reserve from discontinued operations		(450)
Write-offs, net of recoveries	(1,825)	(1,932)
Allowance for doubtful accounts, Ending Balance	$ 2,866	$ 2,801	$ 2,300

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Thousands					12 Months Ended
	Jul. 01, 2023 USD ($) PortableStorage	Apr. 01, 2023 USD ($) PortableStorage	Mar. 01, 2023 USD ($) PortableStorage	Feb. 01, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Combined acquired goodwill					$ 323,224	$ 323,224
Goodwill deductible for tax purpose, period					15 years
Intangible assets					$ 54,332	$ 64,588
Combined federal and state tax rate					26.50%
Non-compete Agreements [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life					5 years	5 years
Vesta Modular [Member]
Business Acquisition [Line Items]
Purchase of assets				$ 437,200
Business acquisition, transaction costs				7,700
Purchase price				437,210
Combined acquired goodwill				$ 211,178
Vesta Modular [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life				11 years
Vesta Modular [Member] | Trade Name [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life					9 months
Brekke Storage [Member]
Business Acquisition [Line Items]
Business acquisition, transaction costs			$ 200
Increased number of portable storage | PortableStorage			2,700
Purchase price			$ 16,382
Combined acquired goodwill			$ 4,083
Brekke Storage [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life			8 years
Vesta Modular, Brekke Storage and Dixie Storage [Member]
Business Acquisition [Line Items]
Combined acquired goodwill					$ 216,800
Dixie Storage [Member]
Business Acquisition [Line Items]
Business acquisition, transaction costs		$ 100
Increased number of portable storage | PortableStorage		800
Purchase price		$ 4,751
Purchase price including acquisition costs		4,900
Combined acquired goodwill		$ 1,555
Dixie Storage [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired intangible assets, expected useful life		9 years
Inland Leasing [Member]
Business Acquisition [Line Items]
Increased number of portable storage | PortableStorage	600
Purchase price	$ 3,800
Rental equipment	3,000
Intangible assets	$ 700

Acquisitions - Summary of Preli

Acquisitions - Summary of Preliminary Purchase Price Allocations Reflecting Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Apr. 01, 2023	Mar. 01, 2023	Feb. 01, 2023
Intangible assets:
Goodwill	$ 323,224	$ 323,224
Vesta Modular [Member]
Business Acquisition [Line Items]
Rental equipment					$ 212,639
Intangible assets:
Goodwill					211,178
Cash					11
Accounts receivable					22,666
Property, plant and equipment					1,437
Prepaid expenses and other assets					3,550
Accounts payable and accrued liabilities					(26,202)
Deferred income					(14,273)
Deferred income taxes					(11,596)
Total purchase price					437,210
Vesta Modular [Member] | Customer Relationships [Member]
Intangible assets:
Intangible assets					29,900
Vesta Modular [Member] | Trade Name [Member]
Intangible assets:
Intangible assets					800
Vesta Modular [Member] | Non-compete [Member]
Intangible assets:
Intangible assets					$ 7,100
Brekke Storage [Member]
Business Acquisition [Line Items]
Rental equipment				$ 10,798
Intangible assets:
Goodwill				4,083
Property, plant and equipment				875
Deferred income				(382)
Total purchase price				16,382
Brekke Storage [Member] | Customer Relationships [Member]
Intangible assets:
Intangible assets				949
Brekke Storage [Member] | Non-compete [Member]
Intangible assets:
Intangible assets				$ 59
Dixie Storage [Member]
Business Acquisition [Line Items]
Rental equipment			$ 2,758
Intangible assets:
Goodwill			1,555
Property, plant and equipment			318
Deferred income			(161)
Total purchase price			4,751
Dixie Storage [Member] | Customer Relationships [Member]
Intangible assets:
Intangible assets			259
Dixie Storage [Member] | Non-compete [Member]
Intangible assets:
Intangible assets			$ 22

Acquisitions - Summary of Pro F

Acquisitions - Summary of Pro Forma Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Pro-forma total revenues	$ 910,942	$ 839,485
Pro-forma net income	$ 231,727	$ 174,325
Pro-forma basic earnings per share	$ 9.44	$ 4.56
Pro-forma diluted earnings per share	$ 9.43	$ 4.55
Vesta Modular [Member]
Business Acquisition [Line Items]
Actual total revenues		$ 110,504
Actual net income		$ 21,458
Actual basic earnings per share		$ 0.88
Actual diluted earnings per share		$ 0.87

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Detail) - Adler Tank Rentals, LLC - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Feb. 01, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price			$ 268
Total transaction costs	$ 6.7	$ 2.1

Discontinued Operations - Summa

Discontinued Operations - Summary of Results of Discontinued Operations Reported in Consolidated Statements of Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Gross Profit
Income from discontinued operations before provision for income taxes		$ 1,709	$ 15,334
Provision for income taxes from discontinued operations		453	3,505
Income from discontinued operations		62,769	11,829
Sales [Member]
Revenues
Total non-lease revenues	$ 262,290	207,165	147,720
Other [Member]
Revenues
Total non-lease revenues	$ 10,225	12,181	3,319
Adler Tank Rentals, LLC
Revenues
Rental		6,520	66,366
Rental related services		2,584	27,654
Rental operations		9,104	94,020
Total revenues		9,438	98,158
Direct costs of rental operations:
Depreciation of rental equipment		1,325	16,004
Rental related services		2,020	20,947
Other		1,270	12,422
Total direct costs of rental operations		4,614	49,373
Costs of sales		159	2,085
Total costs of revenues		4,773	51,458
Gross Profit
Rental		3,926	37,940
Rental related services		564	6,707
Rental operations		4,490	44,647
Total gross profit		4,665	46,700
Selling and administrative expenses		2,582	28,428
Income from operations		2,083	18,272
Interest expense allocation		374	2,938
Income from discontinued operations before provision for income taxes		1,709	15,334
Provision for income taxes from discontinued operations		453	3,505
Income from discontinued operations		1,256	11,829
Adler Tank Rentals, LLC | Sales [Member]
Revenues
Total non-lease revenues		269	2,933
Gross Profit
Total gross profit		110	848
Adler Tank Rentals, LLC | Other [Member]
Revenues
Total non-lease revenues		65	1,205
Gross Profit
Total gross profit		$ 65	$ 1,205

Discontinued Operations - Sched

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

Discontinued Operations - Sch_2

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

Discontinued Operations - Sch_3

Discontinued Operations - Schedule of Operating and Investing Items Related to Discontinued Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investing activities of discontinued operations:
Purchases of rental equipment	$ (191,231)	$ (229,679)	$ (187,689)
Purchases of property, plant and equipment	$ (40,228)	(43,989)	$ (17,617)
Adler Tank Rentals, LLC
Operating activities of discontinued operations:
Depreciation and amortization		1,457
Gain on sale of used rental equipment		(111)
Investing activities of discontinued operations:
Proceeds from sales of used rental equipment		269
Purchases of rental equipment		(25)
Purchases of property, plant and equipment		$ (40)

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
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	$ 12,600,000	$ 14,800,000
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	$ 12,617,000	$ 14,800,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Operating lease expense	$ 6,400,000	$ 6,700,000
Short term lease expense	$ 300,000	$ 100,000
Weighted-average remaining lease term for operating leases	3 years 6 months
Weighted-average discount rate for operating leases	5.37%	4.94%
Sub-lease income	$ 0	$ 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	$ 591,900,000
Operating lease revenue	$ 589,300,000
Operating Lease Income Comprehensive Income Extensible List Not Disclosed Flag	true
Finance lease revenue	$ 2,600,000
Direct Financing Lease Income Comprehensive Income Extensible List Not Disclosed Flag	true
Finance lease revenue, sales revenue	$ 2,000,000
Finance lease revenue, interest income	$ 600,000
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, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 6,035	$ 6,441
Right of use assets obtained in exchange for lease obligations:
Operating leases	$ 6,248	$ 10,058

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	$ 5,735
2026	3,063
2027	2,042
2028	1,355
2029	541
Thereafter	894
Total lease payments	13,630
Less: imputed interest	(1,013)
Operating lease liabilities	$ 12,617	$ 14,800

Leases - Summary of Maturitie_2

Leases - Summary of Maturities of Operating Lease Payments (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]
2025	$ 177,149
2026	65,257
2027	27,516
2028	11,405
2029	3,838
Thereafter	943
Operating lease, payments to be received	$ 286,108

Leases - Minimum Lease Payments

Leases - Minimum Lease Payments Receivable and Net Investment Included in Accounts Receivable for Leases (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
Gross minimum lease payments receivable	$ 8,543
Less – unearned interest	(1,874)
Net investment in finance lease receivables	$ 6,669

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments under Non-Cancelable Finance Leases (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 2,541
2026	1,251
2027	1,012
2028	1,063
2029	802
Total minimum future lease payments	$ 6,669

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Period for credit risk identified	30 days
Sales revenues totaling	$ 35,400
Unbilled contract assets	$ 69,600	$ 59,500
Period for warranties for rental equipment	90 days
Period for warranties for equipment manufactured	1 year
Revenue from contracts criteria over time	multiple quarters
Revenues	$ 910,942	831,842	$ 635,665
Transferred at Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Revenues	267,400
Transferred Over Time [Member]
Disaggregation Of Revenue [Line Items]
Revenues	51,700
Deferred Income [Member]
Disaggregation Of Revenue [Line Items]
Customer contract liability	35,400	40,700
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 13,000	$ 8,700

Revenue Recognition - Additio_2

Revenue Recognition - Additional Information (Detail 1) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation	$ 57
Revenue, remaining performance obligation, explanation	We expect to recognize revenue for approximately one half of these unsatisfied or partially satisfied performance obligations over the next 12 months, with the remaining balance recognized thereafter.

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregates the Company's Revenues from Continuing Operations by Lease and Non Lease (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Leasing revenues	$ 591,900
Total revenues	910,942	$ 831,842	$ 635,665
Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues	591,856	564,068	456,896
Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	54,120	58,642	33,009
Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	260,258	204,997	144,415
Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	4,708	4,135	1,345
Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	319,086	267,774	178,769
Mobile Modular [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	635,366	562,236	379,211
Mobile Modular [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues	414,195	367,753	267,779
Mobile Modular [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	34,778	36,734	14,348
Mobile Modular [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	183,234	155,267	97,045
Mobile Modular [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	3,159	2,482	39
Mobile Modular [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	221,171	194,483	111,432
Portable Storage [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	94,497	101,137	82,506
Portable Storage [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues	71,999	77,181	63,422
Portable Storage [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	16,565	19,250	16,082
Portable Storage [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	5,695	4,587	2,933
Portable Storage [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	238	119	69
Portable Storage [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	22,498	23,956	19,084
TRS-RenTelco [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	135,249	148,277	150,778
TRS-RenTelco [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues	105,662	119,134	125,695
TRS-RenTelco [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	2,777	2,658	2,579
TRS-RenTelco [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	25,499	24,951	21,267
TRS-RenTelco [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	1,311	1,534	1,237
TRS-RenTelco [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	29,587	29,143	25,083
Enviroplex [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	45,830	20,192	23,170
Enviroplex [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	45,830	20,192	23,170
Enviroplex [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	$ 45,830	$ 20,192	$ 23,170

Notes Payable - Components of N

Notes Payable - Components of Notes Payable (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Notes payable	$ 590,440	$ 763,000
Unamortized debt issuance cost	(232)	(25)
Notes payable, net	590,208	762,975
Unsecured Revolving Lines of Credit and Term Loan [Member]
Debt Instrument [Line Items]
Notes payable	415,440	588,000
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
Series F Senior Notes [Member] | 6.25% Series F senior notes due in 2030 [Member]
Debt Instrument [Line Items]
Notes payable	$ 75,000	$ 75,000

Notes Payable - Components of_2

Notes Payable - Components of Notes Payable (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 27, 2023	Jun. 16, 2021	Mar. 17, 2021
Series E senior notes [Member] | 2.35% Series E senior notes due in 2026 [Member]
Debt Instrument [Line Items]
Senior Notes, interest rate	2.35%	2.35%		2.35%
Senior Notes, year of maturity	2026	2026
Series D senior notes [Member] | 2.57% Series D senior notes due in 2028 [Member]
Debt Instrument [Line Items]
Senior Notes, interest rate	2.57%	2.57%			2.57%
Senior Notes, year of maturity	2028	2028
Series F Senior Notes [Member] | 6.25% Series F senior notes due in 2030 [Member]
Debt Instrument [Line Items]
Senior Notes, interest rate	6.25%	6.25%	6.25%
Senior Notes, year of maturity	2030	2030

Notes Payable - Schedule of Fut

Notes Payable - Schedule of Future Minimum Payments under Unsecured Revolving Lines of Credit 2.35% Senior Notes, 2.57% Senior Notes and 6.25% Senior Notes (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Notes payable	$ 590,440	$ 763,000
Notes Payable to Banks and Others [Member]
Debt Instrument [Line Items]
2026	60,000
2027	415,440
2028	40,000
Thereafter	75,000
Notes payable	$ 590,440

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail) - USD ($)							12 Months Ended
	Apr. 23, 2024	Sep. 27, 2023	Jun. 08, 2023	Jul. 15, 2022	Jun. 16, 2021	Mar. 17, 2021	Dec. 31, 2024	Dec. 31, 2023	Aug. 19, 2022
Debt Instrument [Line Items]
Consolidated Fixed Charge Coverage Ratio							2.50%
Consolidated Fixed Charge Coverage Ratio, actual							3.19%
Consolidated Leverage Ratio							275%
Consolidated Leverage Ratio, actual							1.68%
Senior notes principal balance outstanding							$ 590,440,000	$ 763,000,000
Note Purchase Agreement [Member] | Notes Issued March 17, 2021 and Due March 17, 2028 [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes			$ 40,000,000
Senior notes interest rate			2.57%
Debt instrument, maturity date							Mar. 17, 2028
Note Purchase Agreement [Member] | Notes Issued June 16, 2021 And Due June 16, 2026 [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes			$ 60,000,000
Senior notes interest rate			2.35%
Debt instrument, maturity date								Jun. 16, 2026
Shelf Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes			$ 300,000,000
Senior notes description							In addition, pursuant to the Note Purchase Agreement, the Company may authorize the issuance and sale of additional senior notes (the “Shelf Notes”) in the aggregate principal amount of (x) $300 million minus (y) the amount of other notes (such as the Series D Senior Notes, Series E Senior Notes and Series F Senior Notes, each defined below) then outstanding, to be dated the date of issuance thereof, to mature, in case of each Shelf Note so issued, no more than 15 years after the date of original issuance thereof, to have an average life, in the case of each Shelf Note so issued, of no more than 15 years after the date of original issuance thereof, to bear interest on the unpaid balance thereof from the date thereof at the rate per annum, and to have such other particular terms, as shall be set forth, in the case of each Shelf Note so issued, in accordance with the Note Purchase Agreement.
2.57% Series D senior notes due in 2028 [Member] | Series C Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes						$ 40,000,000
Senior notes interest rate						2.57%	2.57%	2.57%
Debt instrument, maturity date							Mar. 17, 2028
Senior notes description							Interest on the Series D Senior Notes is payable semi-annually beginning on September 17, 2021 and continuing thereafter on March 17 and September 17 of each year until maturity.
Senior notes interest payment							semi-annually
Debt instrument, date of first required payment							Sep. 17, 2021
Senior notes principal balance outstanding							$ 40,000,000	$ 40,000,000
Notes payable amount net							$ 40,000,000
2.35% Series E senior notes due in 2026 [Member] | Series E Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes					$ 60,000,000
Senior notes interest rate					2.35%		2.35%	2.35%
Debt instrument, maturity date							Jun. 16, 2026
Senior notes description							Interest on the Series E Senior Notes is payable semi-annually beginning on December 16, 2021 and continuing thereafter on June 16 and December 16 of each year until maturity.
Senior notes interest payment							semi-annually
Debt instrument, date of first required payment							Dec. 16, 2021
Senior notes principal balance outstanding							$ 60,000,000	$ 60,000,000
6.25% Series F senior notes due in 2030 [Member] | Series F Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior notes		$ 75,000,000
Senior notes interest rate		6.25%					6.25%	6.25%
Debt instrument, maturity date							Sep. 27, 2030
Senior notes description							Interest on the Series F Senior Notes is payable semi-annually beginning on March 27, 2024 and continuing thereafter on September 27 and March 27 of each year until maturity.
Senior notes interest payment							semi-annually
Senior notes principal balance outstanding							$ 75,000,000	$ 75,000,000
Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum				$ 650,000,000
Revolving credit facility, maturity date							Jul. 15, 2027
Additional senior notes indebtedness				250,000
Consolidated Fixed Charge Coverage Ratio							2.50%
Debt instrument description of variable rate basis							(i) SOFR plus a defined margin, or (ii) the Agent bank’s prime rate (“base rate”) plus a margin. The applicable margin for each type of loan is measured based upon the Consolidated Leverage Ratio at the end of the prior fiscal quarter and ranges from 1.00% to 1.75% for SOFR loans and 0% to 0.75% for base rate loans. In addition, the Company pays an unused commitment fee for the portion of the $650.0 million credit facility that is not used. These fees are based upon the Consolidated Leverage Ratio and range from 0.15% to 0.30%. As of December 31, 2024 and 2023, 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							342,400,000
Unused commitment fees							20,000,000
Additional borrowing capacity							$ 307,600,000
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							3.19%
Consolidated Leverage Ratio							2.75%
Consolidated Leverage Ratio, actual							1.68%
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
Incremental Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, aggregate outstanding principal	$ 75,000,000
Repayment of revolving loans	$ 75,000,000

Notes Payable - Schedule of Inf

Notes Payable - Schedule of Information Related to Lines of Credit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Maximum amount outstanding	$ 631,101	$ 591,000
Average amount outstanding	$ 555,225	$ 541,635
Weighted average interest rate, during the period	6.94%	6.63%
Prime Rate [Member]
Debt Instrument [Line Items]
Prime interest rate, end of period	7.50%	8.50%

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest [Abstract]
U.S.	$ 310,352	$ 234,188	$ 149,759
Foreign	3,296	228	261
Income from continuing and discontinuing operations before provision for income taxes	$ 313,648	$ 234,416	$ 150,020

Income Taxes - Provision (Benef

Income Taxes - Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
U.S. Federal	$ 31,127	$ 57,176	$ 19,480
State	10,518	(5,587)	8,708
Foreign	1,704	1,847	2,208
Current income tax expense (benefit)	43,349	53,436	30,396
Deferred:
U.S. Federal	31,852	4,892	4,563
State	6,693	1,481	(68)
Foreign	28	(14)	(9)
Deferred income tax expense (benefit)	38,573	6,359	4,486
Total	$ 81,922	$ 59,795	$ 34,882

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21%	21%	21%
State taxes, net of federal benefit	4.80%	4.90%	4.90%
State deferred tax apportionment change, net of federal benefit	0.30%	(0.20%)	(1.10%)
Non-deductible transaction costs		0.30%
Non-deductible executive compensation	0.40%	0.40%	0.60%
Share-based compensation	(0.30%)	(1.20%)	(1.70%)
Enactment of the Tax Cuts and Jobs Act	(0.10%)	(0.20%)	(0.20%)
Valuation allowance	(0.10%)
Other	0.10%	0.50%	(0.20%)
Effective Income Tax Rate	26.10%	25.50%	23.30%

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, 2024	Dec. 31, 2023
Deferred tax liabilities:
Accelerated depreciation	$ 285,835	$ 273,503
Prepaid costs currently deductible	13,572	12,567
Other	10,144	6,767
Total deferred tax liabilities	309,551	292,837
Deferred tax assets:
Accrued costs not yet deductible	15,909	13,742
Allowance for doubtful accounts	733	713
Net operating loss carry-forward	7,415	28,670
Deferred revenues	2,175	5,439
Share-based compensation	3,190	2,718
Total deferred tax assets	29,422	51,282
Deferred income taxes, net	$ 280,129	$ 241,555

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Excess tax shortfall (benefit) from exercise of share-based awards	$ 900,000	$ 2,700,000	$ 2,600,000
Likelihood percentage of being realized upon ultimate settlement with the relevant tax authority	50%
Unrecognized tax benefits	$ 0	$ 0
Future federal tax benefit	7,100,000
Future state tax benefit	300,000
Federal Jurisdictions [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses carryforwards	33,700,000
State Jurisdictions [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses carryforwards	16,700,000
Foreign [Member]
Operating Loss Carryforwards [Line Items]
Net operating losses carryforwards	$ 600,000
Net operating losses carryforwards, expiration year	2024

Benefit Plans - Additional Info

Benefit Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2018	Dec. 31, 2021	Jun. 08, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 9,502,000	$ 8,275,000	$ 8,009,000
Tax benefit related to share-based compensation expense	2,600,000	2,200,000	2,200,000
Capitalized share-based compensation expense	$ 0	$ 0	$ 0
Stock option plans remain outstanding		240	139,350		274,630
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	$ 400,000
Tax benefit from dividends	$ 100,000
Shares outstanding, employee stock ownership plan	233,270
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	929,012
Options issued to non-employee advisors	0
Aggregate intrinsic value of options exercised and sold	$ 100,000	$ 9,400,000	$ 7,900,000
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	64,000
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	117,034
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	1,913	21,649	10,754
Total fair value of RSU's vested based on weighted average grant date values	$ 11,100,000	$ 8,600,000	$ 9,300,000
Stock-based compensation expense for restricted stock	9,500,000	$ 8,300,000	$ 7,900,000
Total unrecognized compensation expense net of forfeitures	$ 10,900,000
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
2016 Stock Incentive Plan [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plans remain outstanding	0
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) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Number of Options, Beginning Balance	240	139,350	274,630
Number of Options, granted	0	0	0
Number of Options, exercised	(240)	(139,110)	(135,280)
Number of Options, cancelled/forfeited/expired	0	0
Number of Options, Ending Balance		240	139,350
Number of Options, Exercisable at December 31, 2024	0
Weighted-Average Price, Beginning Balance	$ 34.57	$ 33.59	$ 29.66
Weighted-Average Price, Options exercised	34.57	33.51	25.61
Weighted-Average Price, Options cancelled/forfeited/expired	0	0	0
Weighted-Average Price, Ending Balance		$ 34.57	$ 33.59
Weighted-Average Price, Exercisable at December 31, 2023	$ 0

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning Balance	171,677	187,408	217,408
Number of Shares, granted	101,340	92,320	95,028
Number of Shares, vested	(90,070)	(86,402)	(114,274)
Number of Shares, cancelled/forfeited/expired	(1,913)	(21,649)	(10,754)
Number of Shares, Ending Balance	181,034	171,677	187,408
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 92.18	$ 76.74	$ 67.63
Weighted-Average Grant Date Fair Value, granted	114.64	103.56	77.79
Weighted-Average Grant Date Fair Value, vested	85.14	50.98	58.30
Weighted-Average Grant Date Fair Value, cancelled/forfeited/expired	95.33	82.69	70.10
Weighted-Average Grant Date Fair Value, Ending Balance	$ 108.05	$ 92.18	$ 76.74
Aggregate Intrinsic Value	$ 20.2

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2024	Aug. 31, 2015
Class of Stock [Line Items]
Shares remain authorized for repurchase	2,000,000
Common stock shares authorized for repurchase					2,000,000
Common stock repurchased	0	0	0
Repurchase Plan Established in August 2015 [Member]
Class of Stock [Line Items]
Shares remain authorized for repurchase	1,309,805
Maximum [Member]
Class of Stock [Line Items]
Common stock shares authorized for repurchase				2,000,000

Commitments and Contingencies -

Commitments and Contingencies - Minimum Payments under Leases, Exclusive of Property Taxes and Insurance (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Lessee Operating Lease Liability Payments [Line Items]
2025	$ 5,735
2026	3,063
2027	2,042
2028	1,355
2029	541
Thereafter	894
Total lease payments	13,630
Facility [Member]
Lessee Operating Lease Liability Payments [Line Items]
2025	5,231
2026	2,621
2027	1,710
2028	1,164
2029	474
Thereafter	894
Total lease payments	$ 12,094

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments And Contingencies [Line Items]
Operating lease expense	$ 6,400,000	$ 6,700,000
Facility rent expense	9,000,000	10,800,000	$ 7,000,000
Health plan annual stop-loss insurance per claim	225,000
Workers compensation insurance with no stop-loss for prior claim years	350,000
Accruals for health and workers' compensation plans	$ 1,700,000	$ 1,600,000

Inventories - Summary of Carryi

Inventories - Summary of Carrying Value of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 3,380	$ 3,806
Work-in-process	10,924	11,619
Inventories	$ 14,304	$ 15,425

Goodwill and Intangible Asset_2

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

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Intangible Assets from Continuing Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Cost	$ 85,773	$ 85,773
Accumulated amortization	(31,612)	(21,356)
Net book value	54,161	64,417
Indefinite, cost	171	171
Indefinite, net book value	171	171
Total, cost	85,944	85,944
Total, accumulated amortization	(31,612)	(21,356)
Total, net book value	$ 54,332	$ 64,588
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Average remaining life in years	6 years 10 months 24 days	7 years 9 months 18 days
Cost	$ 73,217	$ 73,217
Accumulated amortization	(25,010)	(17,003)
Net book value	$ 48,207	$ 56,214
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	2 years 9 months 18 days	3 years 8 months 12 days
Cost	$ 10,556	$ 10,556
Accumulated amortization	(5,239)	(3,141)
Net book value	$ 5,317	$ 7,415
Trade Name [Member]
Finite Lived Intangible Assets [Line Items]
Average remaining life in years	4 years 3 months 18 days	5 years 3 months 18 days
Cost	$ 2,000	$ 2,000
Accumulated amortization	(1,363)	(1,212)
Net book value	$ 637	$ 788
Trade Name [Member] | Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	9 months	9 months
Trade Name [Member] | Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	8 years	8 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense		$ 10,300,000	$ 10,700,000	$ 5,900,000
Subsequent impairment of the underlying assets		0
Impairment of goodwill and intangible assets	$ 0	0
Expected annual amortization expense for 2025	10,200,000	10,200,000
Expected annual amortization expense for 2026	9,800,000	9,800,000
Expected annual amortization expense for 2027	9,600,000	9,600,000
Expected annual amortization expense for 2028	8,200,000	8,200,000
Expected annual amortization expense for 2029	$ 4,700,000	$ 4,700,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party [Member]
Related Party Transaction [Line Items]
Amount due from (to) related party	$ 0	$ 0	$ 0

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 Segment Customer	Dec. 31, 2023 Customer	Dec. 31, 2022 Customer
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	4
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company's Chief Operating Decision Maker ("CODM") Joe Hanna, Chief Executive Officer, and management focus on several key measures to evaluate and assess each segment’s performance including rental, rental related services and sales revenue growth, segment profit, and income before provision for income taxes.
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Percentage of modular units purchased	18%	30%	30%
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	2%	3%	4%
Vendor or Supplier [Member] | Sales [Member] | Portable Storage [Member]
Segment Reporting Information [Line Items]
Revenues from customers	0%	0%	0%
Vendor or Supplier [Member] | Sales [Member] | Enviroplex [Member]
Segment Reporting Information [Line Items]
Revenues from customers	0%	0%	0%
Vendor or Supplier [Member] | Sales [Member] | TRS-RenTelco [Member]
Segment Reporting Information [Line Items]
Revenues from customers	0%	0%	0%

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Segment Reporting Information [Line Items]
Rental revenues		$ 489,929		$ 474,336		$ 389,663
Rental related services revenues		148,498		138,160		94,963
Sales		262,290		207,165		147,720
Other		10,225		12,181		3,319
Total revenues		910,942		831,842		635,665
Depreciation of rental equipment		88,267		88,912		80,425
Rental related services		103,419		96,628		68,846
Other		109,116		114,942		104,358
Costs of sales		174,725		137,727		91,828
Total costs of revenues		475,527		438,209		345,457
Gross profit		435,415		393,633		290,208
Wages and benefits	[1]	86,781		83,376		57,897
Depreciation and amortization	[1]	15,634		15,570		10,348
Marketing and administrative expenses	[1]	31,043		29,427		23,012
Allocated corporate services	[1],[2]	65,074		68,684		48,761
Other segment items	[1],[3]	1,901		10,482		2,895
Total expenses	[1]	200,432		207,539		142,914
Other income, net	[1]	(9,281)		(3,618)
Segment profit (loss)	[1]	244,264		189,713		147,294
Segment profit		435,415
Interest expense allocation	[1]	47,241		40,560		12,230
Foreign currency exchange loss	[1]	215		(310)		378
Gain on merger termination from WillScot Mobile Mini		(180,000)
WillScot Mobile Mini transaction costs		63,159
Income before provision/benefit for income taxes	[1]	196,808		149,462		134,686
Income before provision/benefit for income taxes		313,649		149,462		134,686
Rental equipment acquisitions		179,971		233,112		191,535
Accounts receivable, net (period end)		219,342		227,368		169,851
Rental equipment, at cost (period end)		1,999,195		1,904,803		1,521,535
Rental equipment, net book value (period end)		1,387,659		1,329,323		990,316
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Rental revenues		318,149		285,553		206,070
Rental related services revenues		127,589		114,511		74,756
Sales		183,234		155,267		97,046
Other		6,394		6,905		1,339
Total revenues		635,366		562,236		379,211
Depreciation of rental equipment		40,399		36,921		28,373
Rental related services		83,547		75,390		49,910
Other		83,023		86,983		76,819
Costs of sales		124,886		105,021		62,224
Total costs of revenues		331,855		304,315		217,326
Gross profit		303,511		257,921		161,885
Wages and benefits	[1]	57,741		55,795		33,465
Depreciation and amortization	[1]	13,712		13,511		8,815
Marketing and administrative expenses	[1]	17,276		15,935		10,993
Allocated corporate services	[1],[2]	47,146		44,225		30,064
Other segment items	[1],[3]	795		9,109		2,431
Total expenses	[1]	136,670		138,574		85,769
Other income, net	[1]	(6,220)		(2,329)
Segment profit (loss)	[1]	173,061		121,676		76,116
Interest expense allocation	[1]	37,087		29,724		8,657
Income before provision/benefit for income taxes	[1]	135,974		91,952		67,459
Rental equipment acquisitions		154,236		176,200		87,535
Accounts receivable, net (period end)		174,598		175,360		124,184
Rental equipment, at cost (period end)		1,414,367		1,291,093		929,636
Rental equipment, net book value (period end)		$ 1,060,364		$ 967,712		$ 637,151
Utilization (period end)	[4]	75.10%		79.40%		80.30%
Average utilization	[4]	77.50%		79.70%		78%
Portable Storage [Member]
Segment Reporting Information [Line Items]
Rental revenues		$ 69,983		$ 74,536		$ 62,218
Rental related services revenues		17,702		20,510		17,095
Sales		5,695		4,587		2,933
Other		1,117		1,504		260
Total revenues		94,497		101,137		82,506
Depreciation of rental equipment		3,982		3,514		2,799
Rental related services		17,267		18,568		16,344
Other		5,816		7,317		6,212
Costs of sales		3,551		2,858		1,849
Total costs of revenues		30,616		32,257		27,204
Gross profit		63,881		68,880		55,302
Wages and benefits	[1]	13,812		13,607		11,598
Depreciation and amortization	[1]	1,432		1,613		1,132
Marketing and administrative expenses	[1]	6,102		5,866		4,929
Allocated corporate services	[1],[2]	7,212		9,711		6,506
Other segment items	[1],[3]	639		740		300
Total expenses	[1]	29,197		31,537		24,465
Other income, net	[1]	(1,319)		(457)
Segment profit (loss)	[1]	36,003		37,800		30,837
Interest expense allocation	[1]	5,243		4,950		1,519
Income before provision/benefit for income taxes	[1]	30,760		32,850		29,318
Rental equipment acquisitions		8,106		27,967		34,072
Accounts receivable, net (period end)		10,455		16,057		14,923
Rental equipment, at cost (period end)		240,846		236,123		193,632
Rental equipment, net book value (period end)		$ 218,493		$ 217,315		$ 178,241
Utilization (period end)	[4]	59.80%		71.50%		82.60%
Average utilization	[4]	64.90%		77.30%		84.80%
TRS-RenTelco [Member]
Segment Reporting Information [Line Items]
Rental revenues		$ 101,797		$ 114,247		$ 121,375
Rental related services revenues		3,207		3,139		3,112
Sales		27,531		27,119		24,571
Other		2,714		3,772		1,720
Total revenues		135,249		148,277		150,778
Depreciation of rental equipment		43,886		48,477		49,253
Rental related services		2,605		2,670		2,592
Other		20,277		20,642		21,327
Costs of sales		12,426		13,884		9,707
Total costs of revenues		79,194		85,673		82,879
Gross profit		56,055		62,604		67,899
Wages and benefits	[1]	10,368		10,074		9,690
Depreciation and amortization	[1]	107		108		113
Marketing and administrative expenses	[1]	5,342		5,398		5,087
Allocated corporate services	[1],[2]	10,716		14,748		12,191
Other segment items	[1],[3]	467		634		164
Total expenses	[1]	27,000		30,962		27,245
Other income, net	[1]	(1,742)		(832)
Segment profit (loss)	[1]	30,797		32,474		40,654
Interest expense allocation	[1]	7,407		8,146		3,294
Foreign currency exchange loss	[1]	215		(310)		378
Income before provision/benefit for income taxes	[1]	23,175		24,638		36,982
Rental equipment acquisitions		17,629		28,945		69,928
Accounts receivable, net (period end)		21,635		25,511		26,442
Rental equipment, at cost (period end)		343,982		377,587		398,267
Rental equipment, net book value (period end)		$ 108,802		$ 144,296		$ 174,924
Utilization (period end)	[4]	58.60%		55.90%		59.40%
Average utilization	[4]	57.30%		58.90%		64.20%
Enviroplex [Member]
Segment Reporting Information [Line Items]
Sales	[5]	$ 45,830		$ 20,192		$ 23,170
Total revenues		45,830	[5]	20,192	[5]	23,170
Costs of sales	[5]	33,862		15,964		18,048
Total costs of revenues	[5]	33,862		15,964		18,048
Gross profit	[5]	11,968		4,228		5,122
Wages and benefits	[1],[5]	4,859		3,901		3,144
Depreciation and amortization	[1],[5]	383		337		288
Marketing and administrative expenses	[1],[5]	2,323		2,228		2,003
Total expenses	[1],[5]	7,565		6,466		5,435
Segment profit (loss)	[1],[5]	4,403		(2,238)		(313)
Interest expense allocation	[1],[5]	(2,496)		(2,260)		(1,240)
Income before provision/benefit for income taxes	[1],[5]	6,899		22		926
Accounts receivable, net (period end)	[5]	$ 12,654		$ 10,440		$ 4,302
[1] The Significant Segment Expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Allocated corporate services costs are comprised of expenses incurred by the Company which are not directly incurred by each business segment as a part of their normal operations. These allocated indirect corporate costs primarily include wages and benefits, depreciation of corporate capital assets, information technology, legal, accounting and other administrative expenses. Other segment items for each reportable segment is primarily comprised of business acquisition and divestiture related transaction costs and credit losses. 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 $ 45,832 , $ 22,615 and $ 24,164 in 2024, 2023 and 2022, respectively. There were $ 2 , $ 2,423 and $ 992 inter-segment sales to Mobile Modular in 2024, 2023 and 2022, respectively, which have been eliminated in consolidation.

Segment Reporting - Summarize_2

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 910,942		$ 831,842		$ 635,665
Sales [Member]
Segment Reporting Information [Line Items]
Sales revenues	262,290		207,165		147,720
Enviroplex [Member]
Segment Reporting Information [Line Items]
Revenues	45,830	[1]	20,192	[1]	23,170
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Revenues	635,366		562,236		379,211
Operating Segments [Member] | Enviroplex [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Revenues	45,832		22,615		24,164
Inter-segment Eliminations [Member] | Mobile Modular [Member]
Segment Reporting Information [Line Items]
Sales revenues	$ 2		$ 2,423		$ 992
[1] Gross Enviroplex sales revenues were $ 45,832 , $ 22,615 and $ 24,164 in 2024, 2023 and 2022, respectively. There were $ 2 , $ 2,423 and $ 992 inter-segment sales to Mobile Modular in 2024, 2023 and 2022, respectively, which have been eliminated in consolidation.