Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'MGRC | ' | ' |
Entity Registrant Name | 'MCGRATH RENTCORP | ' | ' |
Entity Central Index Key | '0000752714 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 25,757,139 | ' |
Entity Public Float | ' | ' | $817,056,677 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash | $1,630 | $1,612 |
Accounts Receivable, net of allowance for doubtful accounts of $2,007 in 2013 and $3,000 in 2012 | 87,650 | 92,256 |
Rental Equipment, at cost: | ' | ' |
Relocatable Modular Buildings | 592,391 | 551,101 |
Electronic Test Equipment | 267,772 | 266,934 |
Liquid and Solid Containment Tanks and Boxes | 284,005 | 254,810 |
Rental Equipment, gross | 1,144,168 | 1,072,845 |
Less Accumulated Depreciation | -377,158 | -353,992 |
Rental Equipment, net | 767,010 | 718,853 |
Property, Plant and Equipment, net | 105,187 | 101,031 |
Prepaid Expenses and Other Assets | 19,718 | 19,507 |
Intangible Assets, net | 10,662 | 11,487 |
Goodwill | 27,700 | 27,700 |
Total Assets | 1,019,557 | 972,446 |
Liabilities: | ' | ' |
Notes Payable | 290,003 | 302,000 |
Accounts Payable and Accrued Liabilities | 63,318 | 52,220 |
Deferred Income | 24,003 | 26,924 |
Deferred Income Taxes, net | 241,203 | 226,564 |
Total Liabilities | 618,527 | 607,708 |
Commitments and Contingencies (Note 7) | ' | ' |
Shareholders' Equity: | ' | ' |
Common Stock, no par value - Authorized - 40,000 shares Issued and Outstanding - 25,757 shares as of December 31, 2013 and 24,931 shares as of December 31, 2012 | 103,023 | 85,342 |
Retained Earnings | 298,038 | 279,396 |
Accumulated Other Comprehensive Loss | -31 | ' |
Total Shareholders' Equity | 401,030 | 364,738 |
Total Liabilities and Shareholders' Equity | $1,019,557 | $972,446 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $2,007 | $3,000 |
Common Stock, par value | ' | ' |
Common Stock, shares authorized | 40,000 | 40,000 |
Common Stock, shares issued | 25,757 | 24,931 |
Common Stock, shares outstanding | 25,757 | 24,931 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' |
Rental | $255,766 | $248,444 | $234,906 |
Rental Related Services | 53,148 | 46,920 | 39,486 |
Rental Operations | 308,914 | 295,364 | 274,392 |
Sales | 68,443 | 66,444 | 66,382 |
Other | 1,963 | 2,266 | 1,896 |
Total Revenues | 379,320 | 364,074 | 342,670 |
Direct Costs of Rental Operations | ' | ' | ' |
Depreciation of Rental Equipment | 68,208 | 63,819 | 60,187 |
Rental Related Services | 40,189 | 37,207 | 30,692 |
Other | 55,017 | 45,581 | 39,859 |
Total Direct Costs of Rental Operations | 163,414 | 146,607 | 130,738 |
Cost of Sales | 47,080 | 49,173 | 45,141 |
Total Costs of Revenues | 210,494 | 195,780 | 175,879 |
Gross Profit | 168,826 | 168,294 | 166,791 |
Selling and Administrative Expenses | 88,765 | 86,278 | 78,127 |
Income from Operations | 80,061 | 82,016 | 88,664 |
Interest Expense | 8,687 | 9,149 | 7,606 |
Income before Provision for Income Taxes | 71,374 | 72,867 | 81,058 |
Provision for Income Taxes | 27,977 | 28,090 | 31,456 |
Net Income | $43,397 | $44,777 | $49,602 |
Earnings Per Share: | ' | ' | ' |
Basic | $1.71 | $1.80 | $2.04 |
Diluted | $1.67 | $1.78 | $2 |
Shares Used in Per Share Calculations: | ' | ' | ' |
Basic | 25,433 | 24,759 | 24,349 |
Diluted | 25,926 | 25,156 | 24,760 |
Cash Dividends Declared Per Share | $0.96 | $0.94 | $0.92 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net Income | $43,397 | $44,777 | $49,602 |
Other Comprehensive Loss: | ' | ' | ' |
Foreign Currency Translation Adjustment, net of Tax Benefits of $6 | -31 | ' | ' |
Comprehensive Income | $43,366 | $44,777 | $49,602 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' |
Foreign Currency Translation Adjustment, Tax Benefits | $6 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | ||||
Balance at Dec. 31, 2010 | $294,977 | $63,623 | $231,354 | ' |
Balance, Shares at Dec. 31, 2010 | ' | 24,235 | ' | ' |
Net Income | 49,602 | ' | 49,602 | ' |
Non-Cash Share-Based Compensation | 5,221 | 5,221 | ' | ' |
Common Stock Issued under Stock Plans, net of Shares Withheld for Employee Taxes | 5,261 | 5,261 | ' | ' |
Common Stock Issued under Stock Plans, net of Shares Withheld for Employee Taxes, Shares | ' | 341 | ' | ' |
Excess Tax Benefit from Equity Awards | 980 | 980 | ' | ' |
Taxes Paid Related to Net Share Settlement of Stock Awards | -207 | -207 | ' | ' |
Dividends Accrued of $0.92, $0.94, and $0.96 Per Share in 2011, 2012 and 2013 | -22,692 | ' | -22,692 | ' |
Balance at Dec. 31, 2011 | 333,142 | 74,878 | 258,264 | ' |
Balance, Shares at Dec. 31, 2011 | ' | 24,576 | ' | ' |
Net Income | 44,777 | ' | 44,777 | ' |
Non-Cash Share-Based Compensation | 3,840 | 3,840 | ' | ' |
Common Stock Issued under Stock Plans, net of Shares Withheld for Employee Taxes | 5,841 | 5,841 | ' | ' |
Common Stock Issued under Stock Plans, net of Shares Withheld for Employee Taxes, Shares | ' | 355 | ' | ' |
Excess Tax Benefit from Equity Awards | 1,033 | 1,033 | ' | ' |
Taxes Paid Related to Net Share Settlement of Stock Awards | -250 | -250 | ' | ' |
Dividends Accrued of $0.92, $0.94, and $0.96 Per Share in 2011, 2012 and 2013 | -23,645 | ' | -23,645 | ' |
Balance at Dec. 31, 2012 | 364,738 | 85,342 | 279,396 | ' |
Balance, Shares at Dec. 31, 2012 | 24,931 | 24,931 | ' | ' |
Net Income | 43,397 | ' | 43,397 | ' |
Non-Cash Share-Based Compensation | 3,680 | 3,680 | ' | ' |
Common Stock Issued under Stock Plans, net of Shares Withheld for Employee Taxes | 15,067 | 15,067 | ' | ' |
Common Stock Issued under Stock Plans, net of Shares Withheld for Employee Taxes, Shares | ' | 826 | ' | ' |
Excess Tax Benefit from Equity Awards | 1,329 | 1,329 | ' | ' |
Taxes Paid Related to Net Share Settlement of Stock Awards | -2,395 | -2,395 | ' | ' |
Dividends Accrued of $0.92, $0.94, and $0.96 Per Share in 2011, 2012 and 2013 | -24,755 | ' | -24,755 | ' |
Other Comprehensive Loss | -31 | ' | ' | -31 |
Balance at Dec. 31, 2013 | 401,030 | 103,023 | 298,038 | -31 |
Balance, Shares at Dec. 31, 2013 | 25,757 | 25,757 | ' | ' |
Balance at Sep. 30, 2013 | 395,694 | ' | ' | ' |
Net Income | 11,761 | ' | ' | ' |
Other Comprehensive Loss | -31 | ' | ' | -31 |
Balance at Dec. 31, 2013 | $401,030 | ' | ' | ($31) |
Balance, Shares at Dec. 31, 2013 | 25,757 | ' | ' | ' |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dividends accrued per share | $0.96 | $0.94 | $0.92 |
Retained Earnings [Member] | ' | ' | ' |
Dividends accrued per share | $0.96 | $0.94 | $0.92 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income | $43,397 | $44,777 | $49,602 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ' | ' | ' |
Depreciation and Amortization | 76,849 | 72,476 | 67,395 |
Provision for Doubtful Accounts | 2,144 | 4,263 | 1,755 |
Non-Cash Share-Based Compensation | 3,680 | 3,840 | 5,221 |
Gain on Sale of Used Rental Equipment | -13,091 | -12,389 | -12,444 |
Change In: | ' | ' | ' |
Accounts Receivable | 2,462 | -3,848 | -17,938 |
Income Taxes Receivable | ' | ' | 6,131 |
Prepaid Expenses and Other Assets | -211 | -2,337 | -3,226 |
Accounts Payable and Accrued Liabilities | 6,695 | -3,456 | 5,715 |
Deferred Income | -2,921 | 1,857 | 1,277 |
Deferred Income Taxes | 14,639 | 21,198 | 25,823 |
Net Cash Provided by Operating Activities | 133,643 | 126,381 | 129,311 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchases of Rental Equipment | -132,611 | -131,805 | -154,963 |
Purchases of Property, Plant and Equipment | -11,973 | -14,161 | -17,204 |
Proceeds from Sale of Used Rental Equipment | 33,380 | 30,970 | 28,453 |
Net Cash Used in Investing Activities | -111,204 | -114,996 | -143,714 |
Cash Flows from Financing Activities: | ' | ' | ' |
Net Borrowings (Repayments) Under Bank Lines of Credit | -11,997 | 5,500 | -57,140 |
Borrowings Under Private Placement | ' | ' | 100,000 |
Principal Payments on Senior Notes | ' | ' | -12,000 |
Proceeds from the Exercise of Stock Options | 15,067 | 5,841 | 5,261 |
Excess Tax Benefit from Exercise and Disqualifying Disposition of Stock Options | 1,329 | 1,033 | 980 |
Payment of Dividends | -24,423 | -23,126 | -22,252 |
Taxes Paid Related to Net Share Settlement of Stock Awards | -2,395 | -250 | -207 |
Net Cash Provided by (Used in) Financing Activities | -22,419 | -11,002 | 14,642 |
Effect of Exchange Rate Changes on Cash | -2 | ' | ' |
Net Increase in Cash | 18 | 383 | 239 |
Cash Balance, beginning of period | 1,612 | 1,229 | 990 |
Cash Balance, end of period | 1,630 | 1,612 | 1,229 |
Interest Paid, during the period | 8,813 | 9,107 | 6,877 |
Net Income Taxes Paid (Refunds Received), during the period | 11,074 | 5,842 | -1,480 |
Dividends Accrued During the period, not yet paid | 6,373 | 6,194 | 5,952 |
Rental Equipment Acquisitions, not yet paid | $8,533 | $4,491 | $8,186 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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 products; relocatable modular buildings, electronic test equipment and liquid and solid containment tanks and boxes. Although the Company’s primary emphasis is on equipment rentals, sales of equipment occur in the normal course of business. The Company is comprised of four business segments: its modular building division (“Mobile Modular”), its electronic test equipment division (“TRS-RenTelco”), its containment solutions for the storage of hazardous and non-hazardous liquids and solids division (“Adler Tanks”) and its classroom manufacturing division selling modular classrooms in California (“Enviroplex”). | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of McGrath RentCorp and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||
Revenue Recognition | |||||||||||||
Rental revenue from operating leases is recognized on a straight-line basis over the term of the lease. Rental billings for periods extending beyond period end are recorded as deferred income and are recognized when earned. Rental related services revenue is primarily associated with relocatable modular building and liquid and solid containment tanks and boxes leases. For modular building leases, rental related services revenue consists of billings to customers for modifications, delivery, installation, additional site-related work, and dismantle and return delivery. For modular building leases, revenue related to delivery, installation, dismantle and return delivery are an integral part of the negotiated lease agreement with customers and are recognized on a straight-line basis over the term of the lease. For liquid and solid containment solutions, rental related services revenue consists of billings for delivery, removal and cleaning of the tanks and boxes. These revenues are recognized in the period performed. | |||||||||||||
Sales revenue is recognized upon delivery and installation of the equipment to customers. Certain leases are accounted for as sales-type leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. | |||||||||||||
Other revenue is recognized when earned and primarily includes interest income on sales-type leases, rental income on facility rentals 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 | ||||||||||||
Portable storage containers | 25 years, 62.5% residual value | ||||||||||||
Electronic test equipment and accessories | 1 to 8 years, no residual value | ||||||||||||
Liquid and solid containment tanks and boxes and accessories | 10 to 20 years, no residual value | ||||||||||||
Costs of Rental Related Services | |||||||||||||
Costs of rental related services are primarily associated with relocatable modular building leases and liquid and solid containment tank and boxes. Modular building leases consist of costs for services to be provided under the negotiated lease agreement for delivery, installation, modifications, skirting, additional site-related work, and dismantle and return delivery. Costs related to these services are recognized on a straight-line basis over the term of the lease. Costs of rental related services associated with liquid and solid containment solutions consists of costs of delivery, removal and cleaning of the tanks and boxes. These costs are recognized in the period the service is performed. | |||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
The Company evaluates the carrying value of rental equipment and identifiable definite lived intangible assets for impairment whenever events or circumstances have occurred that would indicate the carrying amount may not be fully recoverable. A key element in determining the recoverability of long-lived assets is the Company’s outlook as to the future market conditions for its rental equipment. If the carrying amount is not fully recoverable, an impairment loss is recognized to reduce the carrying amount to fair value. The Company determines fair value based upon the condition of the rental equipment and the projected net cash flows from its rental and sale considering current market conditions. Goodwill and identifiable indefinite lived assets are evaluated for potential impairment annually or when circumstances indicate potential impairment may have occurred. Impairment losses, if any, are determined based upon the estimated fair value of the asset. There were no impairments of long-lived assets during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Other Direct Costs of Rental Operations | |||||||||||||
Other direct costs of rental operations include direct labor, supplies, repairs, insurance, property taxes, license fees and certain modular lease costs charged to customers in the negotiated rental rate, which are recognized on a straight-line basis over the term of the lease. | |||||||||||||
Cost of Sales | |||||||||||||
Cost of sales in the Consolidated Statements of Income includes the carrying value of the equipment sold and all direct costs associated with the sale. | |||||||||||||
Warranty Reserves | |||||||||||||
Sales of new relocatable modular buildings, portable storage containers, electronic test equipment and related accessories and liquid and solid containment tanks and boxes not manufactured by the Company are typically covered by warranties provided by the manufacturer of the products sold. The Company typically provides limited 90-day warranties for certain sales of used rental equipment and one-year warranties on equipment manufactured by Enviroplex. Although the Company’s policy is to provide reserves for warranties when required for specific circumstances, the Company has not found it necessary to establish such reserves to date as warranty costs have not been significant. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is recognized on a straight-line basis for financial reporting purposes, and on an accelerated basis for income tax purposes. Depreciation expenses for property, plant and equipment is included in “Selling and Administrative Expenses” and “Rental Related Services” in the Consolidated Statements of Income. Maintenance and repairs are expensed as incurred. | |||||||||||||
Property, plant and equipment consist of the following: | |||||||||||||
(dollar amounts in thousands) | Estimated | December 31, | |||||||||||
Useful Life | |||||||||||||
In Years | 2013 | 2012 | |||||||||||
Land | Indefinite | $ | 37,354 | $ | 35,371 | ||||||||
Land Improvements | 20 – 50 | 39,068 | 38,708 | ||||||||||
Buildings | 30 | 21,151 | 20,522 | ||||||||||
Furniture, Office and Computer Equipment | 3 – 10 | 30,761 | 26,496 | ||||||||||
Machinery and Service Equipment | 5 – 20 | 20,106 | 16,186 | ||||||||||
148,440 | 137,283 | ||||||||||||
Less Accumulated Depreciation | (47,058 | ) | (39,301 | ) | |||||||||
101,382 | 97,982 | ||||||||||||
Construction In Progress | 3,805 | 3,049 | |||||||||||
$105,187 | $101,031 | ||||||||||||
Property, plant and equipment depreciation expense was $7.8 million, $7.8 million and $6.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. Construction in progress at December 31, 2013 and 2012 consisted primarily of costs related to acquisition of land and land improvements. | |||||||||||||
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 and training costs are expensed as incurred. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Capitalized software costs are included in property, plant and equipment. The Company capitalized $3.5 million and $0.9 million in internal use software during the years ended December 31, 2013 and 2012, respectively. | |||||||||||||
Advertising Costs | |||||||||||||
Advertising costs are expensed as incurred. Total advertising expenses were $2.4 million, $2.5 million and $2.1 million for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Income Taxes | |||||||||||||
Income taxes are accounted for using an asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities at the tax rates in effect when these differences are expected to reverse. | |||||||||||||
Goodwill and Intangible Assets | |||||||||||||
Purchase prices of acquired businesses have been 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 were allocated to goodwill and other intangible assets. Goodwill and intangible assets consists primarily of intangible assets of $39.9 million from the 2008 acquisition of Adler Tanks. Intangible assets related to customer relationships are amortized over eleven years. At December 31, 2013 and 2012, goodwill and trade name intangible assets which have indefinite lives totaled $33.4 million. | |||||||||||||
The Company assesses potential impairment of its goodwill and intangible assets when there is evidence that events or circumstances have occurred that would indicate the recovery of an asset’s carrying value is unlikely. The Company also assesses potential impairment of its goodwill and intangible assets 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 and indefinite lived assets 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 as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. In the first step, the fair value of the reporting unit is compared to its carrying value to determine if the goodwill and intangible assets are impaired. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, then goodwill and intangible assets are not impaired and no further testing is required. If the carrying value of the net assets assigned to the reporting unit were to exceed its fair value, then the second step is performed in order to determine the implied fair value of the reporting unit’s goodwill and intangible assets and an impairment loss is recorded for an amount equal to the difference between the implied fair value and the carrying value of the goodwill and intangible assets. | |||||||||||||
The Company conducted its annual impairment analysis in the fourth quarter of its fiscal year. The impairment analysis did not result in an impairment charge for the fiscal years ended 2013, 2012 or 2011. 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, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted-average common stock for calculating basic earnings per share | 25,433 | 24,759 | 24,349 | ||||||||||
Effect of potentially dilutive securities from equity-based compensation | 493 | 397 | 411 | ||||||||||
Weighted-average common stock for calculating diluted earnings per share | 25,926 | 25,156 | 24,760 | ||||||||||
The following securities were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive: | |||||||||||||
(in thousands) | Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Options to purchase common stock | 20 | 1,049 | 1,131 | ||||||||||
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 $18.9 million at December 31, 2013 and $17.4 million at December 31, 2012. The Company sells primarily on 30-day terms, individually performs credit evaluation procedures on its customers on each transaction and will require security deposits from its customers when a significant credit risk is identified. The Company records an allowance for doubtful accounts in amounts equal to the estimated losses expected to be incurred in the collection of the accounts receivable. The estimated losses are based on historical collection experience in conjunction with an evaluation of the current status of the existing accounts. Customer accounts are written off against the allowance for doubtful accounts when an account is determined to be uncollectable. The allowance for doubtful accounts activity was as follows: | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Beginning Balance, January 1 | $ | 3,000 | $ | 1,500 | |||||||||
Provision for doubtful accounts | 2,144 | 4,263 | |||||||||||
Write-offs, net of recoveries | (3,137 | ) | (2,763 | ) | |||||||||
Ending Balance, December 31 | $ | 2,007 | $ | 3,000 | |||||||||
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 Deposits Insurance limits. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The Company believes that the carrying amounts for cash, accounts receivable, accounts payable and notes payable approximate their fair values except for fixed rate debt included in notes payable which has an estimated fair value of $104.6 million and $106.0 million compared to the recorded value of $100.0 million as of December 31, 2013 and 2012, respectively. The estimates of fair value of the Company’s fixed rate debt are based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities. | |||||||||||||
Foreign Currency Transactions and Translation | |||||||||||||
The Company’s Canadian subsidiary, TRS-RenTelco Inc., a British Columbia corporation (“TRS-Canada”), functions as a branch sales office for TRS-RenTelco in Canada. The functional currency for TRS-Canada is the U.S. Dollar. Foreign currency transaction gains and losses of TRS-Canada are reported in the results of operations in the period in which they occur. | |||||||||||||
The Company’s Indian subsidiary, TRS-RenTelco India Private Limited (“TRS-India”), functions as a rental and sales office for TRS-RenTelco in India. 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 and restricted stock units (“RSUs”), based upon estimated fair values. The fair value of stock options is estimated on the date of grant using the Black-Scholes option pricing model and for RSUs based upon the fair market value of the underlying shares of common stock as of the date of grant. The Company recognizes share-based compensation cost ratably on a straight-line basis over the requisite service period, which generally equals the vesting period. For performance-based RSUs, compensation costs are recognized when vesting conditions are met. In addition, the Company estimates the probable number of shares of common stock that will be earned and the corresponding compensation cost until the achievement of the performance goal is known. The Company 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 5 –Benefit Plans. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions in determining reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during each period presented. Actual results could differ from those estimates. The most significant estimates included in the financial statements are the future cash flows and fair values used to determine the recoverability of the rental equipment and identifiable definite lived intangible assets carrying value, the various assets’ useful lives and residual values, and the allowance for doubtful accounts. | |||||||||||||
Reclassifications | |||||||||||||
In order to conform to current year presentation, certain amounts on the Consolidated Statements of Cash Flows were reclassified from Proceeds from the Exercise of Stock Options to Taxes Paid Related to Net Share Settlement of Stock Awards. This reclassification had no impact on net income, earnings per share or operating cash flows. | |||||||||||||
New Accounting Pronouncements | |||||||||||||
In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or Tax Credit Carryforward Exists.” (“ASU 2013-11”). ASU 2013-11 requires entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward when settlement in this manner is available under the tax law. The Company does not anticipate that the adoption of this standard will have a material impact on its consolidated financial statements. |
Financed_Lease_Receivables
Financed Lease Receivables | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Financed Lease Receivables | ' | ||||||||
NOTE 2. | FINANCED LEASE RECEIVABLES | ||||||||
The Company has entered into sales type leases to finance certain equipment sales to customers. The lease agreements have a bargain purchase option at the end of the lease term. The minimum lease payments receivable and the net investment included in accounts receivable for such leases are as follows: | |||||||||
(in thousands) | December 31, | ||||||||
2013 | 2012 | ||||||||
Gross minimum lease payments receivable | $ | 5,462 | $ | 2,326 | |||||
Less—unearned interest | (314 | ) | (201 | ) | |||||
Net investment in sales type lease receivables | $ | 5,148 | $ | 2,125 | |||||
As of December 31, 2013, the future minimum lease payments under non-cancelable sales-type leases to be received in 2014 and thereafter are as follows: | |||||||||
(in thousands) | |||||||||
Year Ended December 31, | |||||||||
2014 | $ | 3,449 | |||||||
2015 | 1,838 | ||||||||
2016 | 175 | ||||||||
2017 | — | ||||||||
Total minimum future lease payments | $5,462 |
Notes_Payable
Notes Payable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Notes Payable | ' | ||||||||
NOTE 3. | NOTES PAYABLE | ||||||||
Notes Payable consists of the following: | |||||||||
(in thousands) | December 31, | ||||||||
2013 | 2012 | ||||||||
Unsecured Revolving Lines of Credit | $ | 190,003 | $ | 202,000 | |||||
4.03% Senior Notes due in 2018 | 100,000 | 100,000 | |||||||
$ | 290,003 | $ | 302,000 | ||||||
As of December 31, 2013, the future minimum payments under Unsecured Revolving Lines of Credit and 4.03% Senior Notes due in 2018 are as follows: | |||||||||
(in thousands) | |||||||||
Year Ended December 31, | |||||||||
2014 | $ | 20,000 | |||||||
2015 | 20,000 | ||||||||
2016 | 20,000 | ||||||||
2017 | 210,003 | ||||||||
2018 | 20,000 | ||||||||
$290,003 | |||||||||
Unsecured Revolving Lines of Credit | |||||||||
In June 2012, the Company entered into an amended and restated credit agreement with a syndicate of banks (the “Amended Credit Facility”). The five-year facility matures on June 15, 2017 and replaced the Company’s prior $350.0 million unsecured revolving credit facility. The Amended Credit Facility provides for a $420.0 million unsecured revolving credit facility (which may be increased to $450.0 million with $30.0 million of additional commitments), which includes a $25.0 million sublimit for the issuance of standby letters of credit and a $10.0 million sublimit for swingline loans. Amounts outstanding under the Amended Credit Facility at December 31, 2013 and 2012 were $186.0 million and $202.0 million, respectively. | |||||||||
In June 2012, the Company entered into a Credit Facility Letter Agreement and a Credit Line Note in favor of Union Bank, N.A., extending its line of credit facility related to its cash management services (“Sweep Service Facility”) and increasing the facility size from $5.0 million to $10.0 million. The Sweep Service Facility matures on the earlier of June 15, 2017, or the date the Company ceases to utilize Union Bank, N.A. for its cash management services. Amounts outstanding under the Sweep Service Facility at December 31, 2013 and 2012 were $4.0 million and zero, respectively. | |||||||||
At December 31, 2013, under the Amended Credit Facility and Sweep Service Facility, the Company had unsecured lines of credit that permit it to borrow up to $430.0 million of which $190.0 million was outstanding, and had capacity to borrow up to an additional $240.0 million. The Amended Credit Facility contains financial covenants requiring the Company to not (all defined terms used below not otherwise defined herein have the meaning assigned to such terms in the Amended Credit Facility): | |||||||||
• | Permit the Consolidated Fixed Charge Coverage Ratio as of the end of any fiscal quarter to be less than 2.50 to 1. At December 31, 2013, the actual ratio was 4.01 to 1. | ||||||||
• | Permit the Consolidated Leverage Ratio at any time during any period of four consecutive fiscal quarters to be greater than 2.75 to 1. At December 31, 2013, the actual ratio was 1.81 to 1. | ||||||||
• | Permit Tangible Net Worth as of the end of any fiscal quarter of the Company to be less than the sum of (i) $246,103,400 plus (ii) 25% of the Company’s Consolidated Net Income (as defined in the Amended Credit Facility) (but only if a positive number) for each fiscal quarter ended subsequent to December 31, 2011 plus (iii) 90% of the net cash proceeds from the issuance of the Company’s capital stock after December 31, 2011. At December 31, 2013, such sum was $284.8 million and the actual Tangible Net Worth of the Company was $362.7 million. | ||||||||
Amounts borrowed under the Amended Credit Facility bear interest at the Company’s option at either: (i) LIBOR plus a defined margin, or (ii) the Agent bank’s prime rate (“base rate”) plus a margin. The applicable margin for each type of loan is measured based upon the Consolidated Leverage Ratio at the end of the prior fiscal quarter and ranges from 1.00% to 1.75% for LIBOR loans and 0% to 0.75% for base rate loans. In addition, the Company pays an unused commitment fee for the portion of the $420.0 million credit facility that is not used. These fees are based upon the Consolidated Leverage Ratio and range from 0.15% to 0.30%. As of December 31, 2013 and 2012, the applicable margins were 1.50% for LIBOR based loans, 0.50% for base rate loans and 0.25% for unused fees. Amounts borrowed under the Sweep Service Facility are based upon the Union Bank, N.A. base rate plus an applicable margin and an unused commitment fee for the portion of the $10.0 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, | ||||||||
2013 | 2012 | ||||||||
Maximum amount outstanding | $ | 202,000 | $ | 220,799 | |||||
Average amount outstanding | $ | 187,644 | $ | 206,514 | |||||
Weighted average interest rate, during the period | 2.45 | % | 2.51 | % | |||||
Prime interest rate, end of period | 3.25 | % | 3.25 | % | |||||
4.03% Senior Notes Due in 2018 | |||||||||
On April 21, 2011, the Company entered into a Note Purchase and Private Shelf Agreement (the “Note Purchase Agreement”) with Prudential Investment Management, Inc., The Prudential Insurance Company of America and Prudential Retirement Insurance and Annuity Company (collectively, the “Purchaser”), pursuant to which the Company agreed to sell an aggregate principal amount of $100 million of its 4.03% Series A Senior Notes (the “Senior Notes”) to the Purchaser. The Senior Notes are an unsecured obligation of the Company, due on April 21, 2018. Interest on these notes is due semi-annually in arrears and the principal is due in five equal annual installments, with the first payment due on April 21, 2014. In addition, the Note Purchase Agreement allows for the issuance and sale of additional senior notes to the Purchaser (the “Shelf Notes”) in the aggregate principal amount of $100 million, to mature no more than 12 years after the date of original issuance thereof, to have an average life of no more than 10 years and to bear interest on the unpaid balance. Among other restrictions, the Note Purchase Agreement, under which the 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, 2013, the actual ratio was 4.01 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, 2013, the actual ratio was 1.81 to 1. | ||||||||
• | Permit Tangible Net Worth, calculated as of the last day of each fiscal quarter, to be less than the sum of (i) $229.0 million, plus (ii) 25% of net income for such fiscal quarter subsequent to December 31, 2010, plus (iii) 90% of the net cash proceeds from the issuance of the Company’s capital stock after December 31, 2010. At December 31, 2013, such sum was $284.8 million and the actual Tangible Net Worth of the Company was $362.7 million. | ||||||||
At December 31, 2013, 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, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
NOTE 4. | INCOME TAXES | ||||||||||||
The provision for income taxes consists of the following: | |||||||||||||
(in thousands) | Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | $ | 5,208 | $ | 4,886 | $ | 5,741 | |||||||
Deferred | 22,769 | 23,204 | 25,715 | ||||||||||
$ | 27,977 | $ | 28,090 | $ | 31,456 | ||||||||
The reconciliation of the federal statutory tax rate to the Company’s effective tax rate is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 4.1 | 4.2 | 4.1 | ||||||||||
Other | 0.1 | (0.6 | ) | (0.3 | ) | ||||||||
39.2 | % | 38.6 | % | 38.8 | % | ||||||||
The following table shows the deferred income taxes related to the temporary differences between the tax bases of assets and liabilities and the respective amounts included in “Deferred Income Taxes, net” on the Company’s Consolidated Balance Sheets: | |||||||||||||
(in thousands) | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred Tax Liabilities: | |||||||||||||
Accelerated Depreciation | $ | 257,537 | $ | 248,515 | |||||||||
Prepaid Costs Currently Deductible | 4,794 | 4,597 | |||||||||||
Other | — | 2,451 | |||||||||||
Total Deferred Tax Liabilities | 262,331 | 255,563 | |||||||||||
Deferred Tax Assets: | |||||||||||||
Accrued Costs Not Yet Deductible | 6,638 | 6,138 | |||||||||||
Allowance for Doubtful Accounts | 775 | 1,163 | |||||||||||
Net Operating Loss Carry Forwards and Credits | 2,736 | 12,103 | |||||||||||
Deferred Revenues | 305 | 1,300 | |||||||||||
Share-Based Compensation | 5,862 | 8,295 | |||||||||||
Other | 4,812 | — | |||||||||||
Total Deferred Tax Assets | 21,128 | 28,999 | |||||||||||
Deferred Income Taxes, net | $ | 241,203 | $ | 226,564 | |||||||||
In 2013, 2012 and 2011 the Company obtained an excess tax benefit of $1.3 million, $1.0 million and 1.0 million, respectively, from the exercise of non-qualified stock options and early dispositions of stock obtained through the exercise of incentive stock options by employees. The tax benefit was recorded as common stock in conjunction with the proceeds received from the exercise of the stock options. | |||||||||||||
As of December 31, 2012, the Company’s federal net operating losses for tax return purposes were $12.3 million, which were fully utilized during 2013. As of December 31, 2013, the Company had state and foreign tax credit carry forwards of $2.6 million, which will begin to expire in 2022, if not utilized. | |||||||||||||
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, 2013 and 2012. In addition, there have been no material changes in unrecognized benefits during 2013, 2012 and 2011. | |||||||||||||
The Company is subject to income taxes in the U.S. federal jurisdiction, and various states and foreign jurisdictions. Tax regulations within each jurisdiction are subject to interpretation of the related tax laws and regulations and require the application of significant judgment. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for the years before 2009. | |||||||||||||
Our income tax returns are subject to examination by federal, state and foreign tax authorities. There may be differing interpretations of tax laws and regulations, and as a result, disputes may arise with these tax authorities involving the timing and amount of deductions and allocation of income. | |||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes for all periods presented. Such interest and penalties were not significant for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
In September 2013, the U.S. Department of the Treasury and the Internal Revenue Service released final regulations regarding the deductibility and capitalization of expenditures related to tangible property. The final regulations are effective for taxable years beginning on or after January 1, 2014. We are currently assessing these regulations and their impact to our financial statements. We do not anticipate that these regulations will have a material impact on our consolidated financial position. |
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
Benefit Plans | ' | ||||||||||||||||||||
NOTE 5. | BENEFIT PLANS | ||||||||||||||||||||
Stock Plans | |||||||||||||||||||||
The Company adopted the 2007 Stock Incentive Plan (the “2007 Plan”) effective June 6, 2007, under which 1,875,000 shares of common stock of the Company, plus the number of shares that remained available for grants of awards under the Company’s 1998 Stock Option Plan (the “1998 Plan”) and those shares that become available as a result of forfeiture, termination, or expiration of awards previously granted under the 1998 Plan, were reserved for the grant of awards to its employees, directors and consultants to acquire common stock of the Company. The 2007 Plan is a shareholder approved plan with the initial 1,875,000 share authorization increased by 815,000 shares in 2009 and 1,500,000 shares in 2012. The 2007 Plan provides for the grant of awards in the form of stock options, stock appreciation rights, restricted stock, 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 2007 Plan by two shares. Options under the 2007 Plan are granted at an exercise price of not less than 100% of the fair market value of the Company’s common stock on the date of grant. The 2007 Plan replaced the Company’s 1998 Plan and the 2000 Long-Term Bonus Plan. There were no modifications to the 2007 Plan and no awards classified as liabilities in the year ended December 31, 2013. | |||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the share-based compensation expense was $3.7 million, $3.8 million and $5.2 million, respectively, before provision for income taxes. The Company recorded a tax benefit of approximately $1.4 million, $1.5 million and $2.0 million, respectively, related to the aforementioned share-based compensation expenses. There was no capitalized share-based compensation expense in the years ended December 31, 2013, 2012 and 2011. For the years ended December 31, 2013, 2012 and 2011, the share-based compensation expenses, net of taxes, reduced net income by $2.2 million, $2.4 million and $3.2 million, respectively, or $0.09, $0.09, and $0.13 per diluted share for each period, respectively. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
As of December 31, 2013, a cumulative total of 6,617,400 shares subject to options have been granted with exercise prices ranging from $3.47 to $38.89. Of these, options have been exercised for the purchase of 3,498,741 shares, while options for 874,152 shares have been terminated, and options for 1,772,062 shares with exercise prices ranging from $15.29 to $38.89 remained outstanding under the stock plans. Most of these options vest over five years and expire seven and ten years after grant. To date, no options have been issued to any of the Company’s non-employee advisors. As of December 31, 2013, 1,576,452 shares remained available for issuance of awards under the stock plans. | |||||||||||||||||||||
A summary of the Company’s option activity and related information for the three years ended December 31, 2013 is as follows: | |||||||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||||||
Price | Remaining | Value | |||||||||||||||||||
Contractual | (In millions) | ||||||||||||||||||||
Term | |||||||||||||||||||||
(In Years) | |||||||||||||||||||||
Balance At December 31, 2010 | 3,344,450 | 22.8 | |||||||||||||||||||
Options Granted | 160,600 | 27.41 | |||||||||||||||||||
Options Exercised | (309,447 | ) | 17.19 | ||||||||||||||||||
Options Cancelled/Forfeited/Expired | (109,584 | ) | 25.01 | ||||||||||||||||||
Balance At December 31, 2011 | 3,086,019 | 23.52 | |||||||||||||||||||
Options Granted | 128,500 | 29.63 | |||||||||||||||||||
Options Exercised | (327,498 | ) | 17.95 | ||||||||||||||||||
Options Cancelled/Forfeited/Expired | (48,468 | ) | 27.63 | ||||||||||||||||||
Balance At December 31, 2012 | 2,838,553 | 24.37 | |||||||||||||||||||
Options Granted | 192,800 | 29.14 | |||||||||||||||||||
Options Exercised | (1,237,341 | ) | 24.71 | ||||||||||||||||||
Options Cancelled/Forfeited/Expired | (21,950 | ) | 25.2 | ||||||||||||||||||
Balance At December 31, 2013 | 1,772,062 | 24.68 | 2.74 | $ | 26.8 | ||||||||||||||||
Exercisable at December 31, 2013 | 1,328,237 | 23.73 | 1.98 | $ | 21.3 | ||||||||||||||||
Expected to Vest after December 31, 2013 | 390,566 | 27.81 | 5.06 | $ | 4.6 | ||||||||||||||||
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 $14.1 million, $4.9 million and $4.2 million for the years ended December 31, 2013, 2012 and 2011, respectively, determined as of the date of option exercise. As of December 31, 2013, there was approximately $3.4 million of total unrecognized compensation cost related to unvested share-based compensation option arrangements granted under the Company’s stock plans, which is expected to be recognized over a weighted-average period of 1.7 years. | |||||||||||||||||||||
The following table indicates the options outstanding and options exercisable by exercise price with the weighted-average remaining contractual life for the options outstanding and the weighted-average exercise price at December 31, 2013: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Exercise Price | Number | Weighted- | Weighted- | Number | Weighted- | ||||||||||||||||
Outstanding at | Average | Average | Exercisable at | Average | |||||||||||||||||
December 31, | Remaining | Grant | December 31, | Grant Date | |||||||||||||||||
2013 | Contractual | Date Value | 2013 | Value | |||||||||||||||||
Life (Years) | |||||||||||||||||||||
$15–20 | 237,742 | 2.15 | $ | 15.62 | 206,742 | $ | 15.62 | ||||||||||||||
20–25 | 679,825 | 1.74 | 22.09 | 616,520 | 21.94 | ||||||||||||||||
25–30 | 741,195 | 3.45 | 29.09 | 496,825 | 29.23 | ||||||||||||||||
30–35 | 108,300 | 5.48 | 31.73 | 8,150 | 31.55 | ||||||||||||||||
35–40 | 5,000 | 6.92 | 38.89 | — | — | ||||||||||||||||
$15–40 | 1,772,062 | 2.74 | 24.68 | 1,328,237 | 23.73 | ||||||||||||||||
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. | |||||||||||||||||||||
The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model using the following weighted-average assumptions: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Expected term (in years) | 5 | 5 | 5 | ||||||||||||||||||
Expected volatility | 50.3 | % | 52.1 | % | 51.6 | % | |||||||||||||||
Expected dividend yields | 3.3 | % | 3.2 | % | 3.4 | % | |||||||||||||||
Risk-free interest rates | 0.8 | % | 0.8 | % | 2 | % | |||||||||||||||
The Company monitors option exercise behavior to determine the appropriate homogenous groups for estimation purposes. Currently, the Company’s option activity is separated into two categories: directors and employees. The expected term of the options represents the estimated period of time until exercised and is based on historical experience, giving consideration to the option terms, vesting schedules and expectations of future behavior. Expected stock volatility is based on historical stock price volatility of the Company and the risk-free interest rates are based on U.S. Treasury yields in effect on the date of the option grant for the estimated period the options will be outstanding. The expected dividend yield is based upon the current dividend annualized as a percentage of the grant exercise price. | |||||||||||||||||||||
The weighted average grant date fair value per share was $9.87, $10.28 and $9.68 during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Restricted Stock Units (“RSUs”) | |||||||||||||||||||||
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, 2013: | |||||||||||||||||||||
Number of | Weighted- | Aggregate | |||||||||||||||||||
Shares | Average | Intrinsic | |||||||||||||||||||
Grant Date | Value | ||||||||||||||||||||
Fair Value | (in millions) | ||||||||||||||||||||
Balance at December 31, 2010 | 110,200 | 23.61 | |||||||||||||||||||
RSUs Granted | 125,800 | 27.99 | |||||||||||||||||||
RSUs Vested | (39,105 | ) | 23.91 | ||||||||||||||||||
RSUs Cancelled/Forfeited/Expired | (9,085 | ) | 25.36 | ||||||||||||||||||
Balance at December 31, 2011 | 187,810 | 26.33 | |||||||||||||||||||
RSUs Granted | 109,200 | 31.37 | |||||||||||||||||||
RSUs Vested | (34,190 | ) | 27.85 | ||||||||||||||||||
RSUs Cancelled/Forfeited/Expired | — | — | |||||||||||||||||||
Balance at December 31, 2012 | 262,820 | 28.22 | |||||||||||||||||||
RSUs Granted | 150,300 | 26.89 | |||||||||||||||||||
RSUs Vested | (87,840 | ) | 24.98 | ||||||||||||||||||
RSUs Cancelled/Forfeited/Expired | (4,300 | ) | 29.24 | ||||||||||||||||||
Balance at December 31, 2013 | 320,980 | 28.47 | $ | 12.8 | |||||||||||||||||
Performance-based RSUs vest over five years, with 60% of the shares immediately vesting after three years when the performance 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. There were 212,550 performance-based RSUs expected to vest as of December 31, 2013. Service-based RSUs have been issued to the Company’s directors and generally vest over one to two years. There were 20,280 service-based RSUs expected to vest as of December 31, 2013. No forfeitures are currently expected. | |||||||||||||||||||||
Share-based compensation expense for RSUs for the year ended December 31, 2013, 2012 and 2011 was $2.0 million, $1.8 million and $2.6, respectively. As of December 31, 2013, the total unrecognized compensation expense related to unvested RSUs was $4.7 million and is expected to be recognized over a weighted-average period of 2.7 years. | |||||||||||||||||||||
Employee Stock Ownership and 401(k) Plans | |||||||||||||||||||||
On August 1, 2012 the Company amended and restated the Employee Stock Ownership Plan, the 401(k) Plans and the Enviroplex 401(k) Plans (“Plans”) to become the McGrath RentCorp Employee Stock Ownership and 401(k) Plan (the “KSOP”). In conjunction with this, the Plans’ assets totaling approximately $16.4 million in cash were concurrently transferred into the KSOP. The KSOP plan provides that each participant may annually contribute an elected percentage of his or her salary, not to exceed the statutory limit. 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, 2013 dividends deducted by the Company were $0.3 million, which resulted in a tax benefit of approximately $0.1 million in 2013. | |||||||||||||||||||||
At December 31, 2013, the KSOP held 339,406 shares, or less than 2% 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, 2013 | ||
Equity [Abstract] | ' | |
Shareholders' Equity | ' | |
NOTE 6. | SHAREHOLDERS’ EQUITY | |
The Company has in the past made purchases of shares of its common stock from time to time in the over-the-counter market (NASDAQ) and/or through privately negotiated, block transactions under an authorization of the Company’s board of directors. Shares repurchased by the Company are cancelled and returned to the status of authorized but unissued stock. On May 14, 2008, the Company’s Board of Directors authorized the Company to repurchase an aggregate of 2,000,000 shares of the Company’s outstanding common stock. There were no repurchases of common stock in 2013 and 2012. As of December 31, 2013, 2,000,000 shares remain authorized for repurchase under this authorization. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
NOTE 7. | 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, | |||||
2014 | $ | 1,420 | |||
2015 | 837 | ||||
2016 | 686 | ||||
2017 | 667 | ||||
2018 | 612 | ||||
Thereafter | — | ||||
$ | 4,222 | ||||
Rent expense was $3.1 million, $3.1 million and $2.4 million in 2013, 2012 and 2011, respectively. | |||||
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. |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets | ' | ||||||||||||
NOTE 8. | INTANGIBLE ASSETS | ||||||||||||
Intangible assets consist of the following: | |||||||||||||
(dollar amounts in thousands) | Estimated | December 31, | |||||||||||
Useful Life | |||||||||||||
In Years | 2013 | 2012 | |||||||||||
Trade Name | Indefinite | $ | 5,700 | $ | 5,700 | ||||||||
Customer Relationships | 11 | 9,100 | 9,100 | ||||||||||
14,800 | 14,800 | ||||||||||||
Less Accumulated Amortization | (4,138 | ) | (3,313 | ) | |||||||||
$ | 10,662 | $ | 11,487 | ||||||||||
Intangible assets with finite useful lives are amortized over their respective useful lives. Amortization expense for each of the years ended December 31, 2013, 2012 and 2011 was $0.8 million. Based on the carrying values at December 31, 2013 and assuming no subsequent impairment of the underlying assets, the annual amortization is expected to be $0.8 million in 2014 through 2018 and thereafter. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
NOTE 9. | – RELATED PARTY TRANSACTIONS | |
The Company acquired liquid and solid containment tanks totaling $13.6 million, $38.3 million and $30.3 million, during the years ended December 31, 2013, 2012 and 2011, respectively from Sabre Manufacturing, LLC (“Sabre”), which was controlled by the President of Adler Tanks until August 16, 2013 when Sabre was sold to an unrelated party. Amounts due to Sabre at December 31, 2013 and 2012 were zero and $1.0 million, respectively. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||
NOTE 10. | SEGMENT REPORTING | ||||||||||||||||||||
FASB guidelines establish annual and interim reporting standards for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. In accordance with these guidelines the Company’s four reportable segments are Mobile Modular, TRS-RenTelco, Adler Tanks and Enviroplex. Management focuses on several key measures to evaluate and assess each segment’s performance including rental revenue growth, gross margin, and income before provision for income taxes. As separate corporate entities, Adler Tanks and Enviroplex revenues and expenses are separately maintained from Mobile Modular and TRS-RenTelco. Excluding interest expense, allocations of revenue and expense not directly associated with one of these segments are generally allocated to Mobile Modular, TRS-RenTelco and Adler Tanks, based on their pro-rata share of direct revenues. Interest expense is allocated amongst Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of average rental equipment at cost, goodwill, intangible assets, accounts receivable, deferred income and customer security deposits. The Company does not report total assets by business segment. Summarized financial information for the years ended December 31, 2013, 2012 and 2011, for the Company’s reportable segments is shown in the following tables: | |||||||||||||||||||||
Segment Data | Mobile Modular | TRS-RenTelco | Adler Tanks | Enviroplex1 | Consolidated | ||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Rental Revenues | $ | 82,503 | $ | 102,101 | $ | 71,162 | $ | — | $ | 255,766 | |||||||||||
Rental Related Services Revenues | 28,891 | 3,095 | 21,162 | — | 53,148 | ||||||||||||||||
Sales and Other Revenues | 21,267 | 29,668 | 1,616 | 17,855 | 70,406 | ||||||||||||||||
Total Revenues | 132,661 | 134,864 | 93,940 | 17,855 | 379,320 | ||||||||||||||||
Depreciation of Rental Equipment | 14,459 | 39,953 | 13,796 | — | 68,208 | ||||||||||||||||
Gross Profit | 50,423 | 63,331 | 51,076 | 3,996 | 168,826 | ||||||||||||||||
Interest Expense (Income) Allocation | 4,318 | 2,156 | 2,419 | (206 | ) | 8,687 | |||||||||||||||
Income before Provision for Income Taxes | 9,617 | 36,633 | 24,013 | 1,111 | 71,374 | ||||||||||||||||
Rental Equipment Acquisitions | 52,953 | 52,625 | 31,023 | — | 136,601 | ||||||||||||||||
Accounts Receivable, net (period end) | 37,163 | 27,328 | 21,915 | 1,244 | 87,650 | ||||||||||||||||
Rental Equipment, at cost (period end) | 592,391 | 267,772 | 284,005 | — | 1,144,168 | ||||||||||||||||
Rental Equipment, net book value (period end) | 415,366 | 109,988 | 241,656 | — | 767,010 | ||||||||||||||||
Utilization (period end)2 | 70.7 | % | 58.2 | % | 57.7 | % | |||||||||||||||
Average Utilization2 | 68.3 | % | 62.7 | % | 64.2 | % | |||||||||||||||
Segment Data (Continued) | Mobile Modular | TRS-RenTelco | Adler Tanks | Enviroplex1 | Consolidated | ||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2012 | |||||||||||||||||||||
Rental Revenues | $ | 79,518 | $ | 101,645 | $ | 67,281 | $ | — | $ | 248,444 | |||||||||||
Rental Related Services Revenues | 25,775 | 3,673 | 17,472 | — | 46,920 | ||||||||||||||||
Sales and Other Revenues | 14,474 | 27,855 | 2,558 | 23,823 | 68,710 | ||||||||||||||||
Total Revenues | 119,767 | 133,173 | 87,311 | 23,823 | 364,074 | ||||||||||||||||
Depreciation of Rental Equipment | 13,942 | 38,174 | 11,703 | — | 63,819 | ||||||||||||||||
Gross Profit | 52,022 | 62,083 | 51,157 | 3,032 | 168,294 | ||||||||||||||||
Interest Expense (Income) Allocation | 4,547 | 2,384 | 2,350 | (132 | ) | 9,149 | |||||||||||||||
Income (Loss) before Provision for Income Taxes | 13,443 | 33,631 | 26,706 | (913 | ) | 72,867 | |||||||||||||||
Rental Equipment Acquisitions | 21,042 | 51,793 | 55,919 | — | 128,754 | ||||||||||||||||
Accounts Receivable, net (period end) | 39,066 | 24,654 | 24,323 | 4,213 | 92,256 | ||||||||||||||||
Rental Equipment, at cost (period end) | 551,101 | 266,934 | 254,810 | — | 1,072,845 | ||||||||||||||||
Rental Equipment, net book value (period end) | 384,813 | 107,999 | 226,041 | — | 718,853 | ||||||||||||||||
Utilization (period end)2 | 66.7 | % | 64.1 | % | 67.5 | % | |||||||||||||||
Average Utilization2 | 66.4 | % | 65.8 | % | 71.5 | % | |||||||||||||||
2011 | |||||||||||||||||||||
Rental Revenues | $ | 79,969 | $ | 95,694 | $ | 59,243 | $ | — | $ | 234,906 | |||||||||||
Rental Related Services Revenues | 24,063 | 3,133 | 12,290 | — | 39,486 | ||||||||||||||||
Sales and Other Revenues | 20,577 | 26,488 | 425 | 20,788 | 68,278 | ||||||||||||||||
Total Revenues | 124,609 | 125,315 | 71,958 | 20,788 | 342,670 | ||||||||||||||||
Depreciation of Rental Equipment | 13,780 | 38,039 | 8,368 | — | 60,187 | ||||||||||||||||
Gross Profit | 55,193 | 57,069 | 49,619 | 4,910 | 166,791 | ||||||||||||||||
Interest Expense (Income) Allocation | 4,036 | 2,124 | 1,659 | (213 | ) | 7,606 | |||||||||||||||
Income before Provision for Income Taxes | 19,026 | 29,024 | 31,262 | 1,746 | 81,058 | ||||||||||||||||
Rental Equipment Acquisitions | 33,824 | 55,302 | 68,628 | — | 157,754 | ||||||||||||||||
Accounts Receivable, net (period end) | 44,013 | 24,236 | 19,226 | 5,197 | 92,671 | ||||||||||||||||
Rental Equipment, at cost (period end) | 539,147 | 258,586 | 201,456 | — | 999,189 | ||||||||||||||||
Rental Equipment, net book value (period end) | 383,621 | 105,565 | 183,960 | — | 673,146 | ||||||||||||||||
Utilization (period end)2 | 67.3 | % | 67.1 | % | 79.8 | % | |||||||||||||||
Average Utilization2 | 67.1 | % | 66 | % | 86.2 | % | |||||||||||||||
1 | Gross Enviroplex sales revenues were $17,859, $24,240 and $20,844 in 2013, 2012 and 2011, respectively, which includes inter-segment sales to Mobile Modular of $4, $417 and $97, 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. | ||||||||||||||||||||
No single customer accounted for more than 10% of total revenues during 2013, 2012 and 2011. Revenue from foreign country customers accounted for 7%, 9% and 8% of the Company’s revenues for the same periods, respectively. |
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||||||
NOTE 11. | QUARTERLY FINANCIAL INFORMATION (unaudited) | ||||||||||||||||||||
Quarterly financial information for each of the two years ended December 31, 2013 is summarized below: | |||||||||||||||||||||
(in thousands, except per share amounts) | 2013 | ||||||||||||||||||||
First | Second | Third | Fourth | Year | |||||||||||||||||
Operations Data | |||||||||||||||||||||
Rental Revenues | $ | 60,601 | $ | 63,043 | $ | 65,941 | $ | 66,181 | $ | 255,766 | |||||||||||
Total Revenues | 88,713 | 87,133 | 108,860 | 94,614 | 379,320 | ||||||||||||||||
Gross Profit | 38,998 | 40,146 | 45,210 | 44,472 | 168,826 | ||||||||||||||||
Income from Operations | 17,360 | 18,354 | 22,827 | 21,520 | 80,061 | ||||||||||||||||
Income Before Provision for Income Taxes | 15,157 | 16,197 | 20,679 | 19,341 | 71,374 | ||||||||||||||||
Net Income | 9,215 | 9,848 | 12,573 | 11,761 | 43,397 | ||||||||||||||||
Earnings Per Share: | |||||||||||||||||||||
Basic | $ | 0.37 | $ | 0.39 | $ | 0.49 | $ | 0.46 | $ | 1.71 | |||||||||||
Diluted | $ | 0.36 | $ | 0.38 | $ | 0.48 | $ | 0.45 | $ | 1.67 | |||||||||||
Dividends Declared Per Share | $ | 0.24 | $ | 0.24 | $ | 0.24 | $ | 0.24 | $ | 0.96 | |||||||||||
Shares Used in Per Share Calculations: | |||||||||||||||||||||
Basic | 25,003 | 25,354 | 25,649 | 25,717 | 25,433 | ||||||||||||||||
Diluted | 25,435 | 25,818 | 26,095 | 26,211 | 25,926 | ||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||
Rental Equipment, net | $ | 726,100 | $ | 737,636 | $ | 753,810 | $ | 767,010 | $ | 767,010 | |||||||||||
Total Assets | 967,131 | 985,262 | 1,009,435 | 1,019,557 | 1,019,557 | ||||||||||||||||
Notes Payable | 281,251 | 278,875 | 280,902 | 290,003 | 290,003 | ||||||||||||||||
Shareholders’ Equity | 372,864 | 387,779 | 395,694 | 401,030 | 401,030 | ||||||||||||||||
2012 | |||||||||||||||||||||
First | Second | Third | Fourth | Year | |||||||||||||||||
Operations Data | |||||||||||||||||||||
Rental Revenues | $ | 59,520 | $ | 60,389 | $ | 63,418 | $ | 65,117 | $ | 248,444 | |||||||||||
Total Revenues | 78,929 | 83,765 | 99,430 | 101,950 | 364,074 | ||||||||||||||||
Gross Profit | 39,835 | 40,780 | 43,640 | 44,039 | 168,294 | ||||||||||||||||
Income from Operations | 18,474 | 19,617 | 22,792 | 21,133 | 82,016 | ||||||||||||||||
Income Before Provision for Income Taxes | 16,301 | 17,235 | 20,480 | 18,851 | 72,867 | ||||||||||||||||
Net Income | 9,911 | 10,479 | 12,451 | 11,936 | 44,777 | ||||||||||||||||
Earnings Per Share: | |||||||||||||||||||||
Basic | $ | 0.4 | $ | 0.42 | $ | 0.5 | $ | 0.48 | $ | 1.8 | |||||||||||
Diluted | $ | 0.39 | $ | 0.42 | $ | 0.5 | $ | 0.47 | $ | 1.78 | |||||||||||
Dividends Declared Per Share | $ | 0.235 | $ | 0.235 | $ | 0.235 | $ | 0.235 | $ | 0.94 | |||||||||||
Shares Used in Per Share Calculations: | |||||||||||||||||||||
Basic | 24,639 | 24,765 | 24,785 | 24,847 | 24,759 | ||||||||||||||||
Diluted | 25,183 | 25,149 | 25,106 | 25,216 | 25,156 | ||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||
Rental Equipment, net | $ | 693,577 | $ | 710,918 | $ | 719,636 | $ | 718,853 | $ | 718,853 | |||||||||||
Total Assets | 934,282 | 963,649 | 988,254 | 972,446 | 972,446 | ||||||||||||||||
Notes Payable | 292,118 | 308,000 | 314,193 | 302,000 | 302,000 | ||||||||||||||||
Shareholders’ Equity | 341,853 | 347,500 | 355,758 | 364,738 | 364,738 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
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 products; relocatable modular buildings, electronic test equipment and liquid and solid containment tanks and boxes. Although the Company’s primary emphasis is on equipment rentals, sales of equipment occur in the normal course of business. The Company is comprised of four business segments: its modular building division (“Mobile Modular”), its electronic test equipment division (“TRS-RenTelco”), its containment solutions for the storage of hazardous and non-hazardous liquids and solids division (“Adler Tanks”) and its classroom manufacturing division selling modular classrooms in California (“Enviroplex”). | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of McGrath RentCorp and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |
Revenue Recognition | ' |
Revenue Recognition | |
Rental revenue from operating leases is recognized on a straight-line basis over the term of the lease. Rental billings for periods extending beyond period end are recorded as deferred income and are recognized when earned. Rental related services revenue is primarily associated with relocatable modular building and liquid and solid containment tanks and boxes leases. For modular building leases, rental related services revenue consists of billings to customers for modifications, delivery, installation, additional site-related work, and dismantle and return delivery. For modular building leases, revenue related to delivery, installation, dismantle and return delivery are an integral part of the negotiated lease agreement with customers and are recognized on a straight-line basis over the term of the lease. For liquid and solid containment solutions, rental related services revenue consists of billings for delivery, removal and cleaning of the tanks and boxes. These revenues are recognized in the period performed. | |
Sales revenue is recognized upon delivery and installation of the equipment to customers. Certain leases are accounted for as sales-type leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. | |
Other revenue is recognized when earned and primarily includes interest income on sales-type leases, rental income on facility rentals 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. | |
Costs of Rental Related Services | ' |
Costs of Rental Related Services | |
Costs of rental related services are primarily associated with relocatable modular building leases and liquid and solid containment tank and boxes. Modular building leases consist of costs for services to be provided under the negotiated lease agreement for delivery, installation, modifications, skirting, additional site-related work, and dismantle and return delivery. Costs related to these services are recognized on a straight-line basis over the term of the lease. Costs of rental related services associated with liquid and solid containment solutions consists of costs of delivery, removal and cleaning of the tanks and boxes. These costs are recognized in the period the service is performed. | |
Impairment of Long-Lived Assets | ' |
Impairment of Long-Lived Assets | |
The Company evaluates the carrying value of rental equipment and identifiable definite lived intangible assets for impairment whenever events or circumstances have occurred that would indicate the carrying amount may not be fully recoverable. A key element in determining the recoverability of long-lived assets is the Company’s outlook as to the future market conditions for its rental equipment. If the carrying amount is not fully recoverable, an impairment loss is recognized to reduce the carrying amount to fair value. The Company determines fair value based upon the condition of the rental equipment and the projected net cash flows from its rental and sale considering current market conditions. Goodwill and identifiable indefinite lived assets are evaluated for potential impairment annually or when circumstances indicate potential impairment may have occurred. Impairment losses, if any, are determined based upon the estimated fair value of the asset. There were no impairments of long-lived assets during the years ended December 31, 2013, 2012 and 2011. | |
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 and certain modular lease costs charged to customers in the negotiated rental rate, which are recognized on a straight-line basis over the term of the lease. | |
Cost of Sales | ' |
Cost of Sales | |
Cost of sales in the Consolidated Statements of Income includes the carrying value of the equipment sold and all direct costs associated with the sale. | |
Warranty Reserves | ' |
Warranty Reserves | |
Sales of new relocatable modular buildings, portable storage containers, electronic test equipment and related accessories and liquid and solid containment tanks and boxes not manufactured by the Company are typically covered by warranties provided by the manufacturer of the products sold. The Company typically provides limited 90-day warranties for certain sales of used rental equipment and one-year warranties on equipment manufactured by Enviroplex. Although the Company’s policy is to provide reserves for warranties when required for specific circumstances, the Company has not found it necessary to establish such reserves to date as warranty costs have not been significant. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is recognized on a straight-line basis for financial reporting purposes, and on an accelerated basis for income tax purposes. Depreciation expenses 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 depreciation expense was $7.8 million, $7.8 million and $6.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. Construction in progress at December 31, 2013 and 2012 consisted primarily of costs related to acquisition of land and land improvements. | |
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 and training costs are expensed as incurred. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Capitalized software costs are included in property, plant and equipment. The Company capitalized $3.5 million and $0.9 million in internal use software during the years ended December 31, 2013 and 2012, respectively. | |
Advertising Costs | ' |
Advertising Costs | |
Advertising costs are expensed as incurred. Total advertising expenses were $2.4 million, $2.5 million and $2.1 million for the years ended December 31, 2013, 2012 and 2011. | |
Income Taxes | ' |
Income Taxes | |
Income taxes are accounted for using an asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities at the tax rates in effect when these differences are expected to reverse. | |
Goodwill and Intangible Assets | ' |
Goodwill and Intangible Assets | |
Purchase prices of acquired businesses have been 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 were allocated to goodwill and other intangible assets. Goodwill and intangible assets consists primarily of intangible assets of $39.9 million from the 2008 acquisition of Adler Tanks. Intangible assets related to customer relationships are amortized over eleven years. At December 31, 2013 and 2012, goodwill and trade name intangible assets which have indefinite lives totaled $33.4 million. | |
The Company assesses potential impairment of its goodwill and intangible assets when there is evidence that events or circumstances have occurred that would indicate the recovery of an asset’s carrying value is unlikely. The Company also assesses potential impairment of its goodwill and intangible assets 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 and indefinite lived assets 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 as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. In the first step, the fair value of the reporting unit is compared to its carrying value to determine if the goodwill and intangible assets are impaired. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, then goodwill and intangible assets are not impaired and no further testing is required. If the carrying value of the net assets assigned to the reporting unit were to exceed its fair value, then the second step is performed in order to determine the implied fair value of the reporting unit’s goodwill and intangible assets and an impairment loss is recorded for an amount equal to the difference between the implied fair value and the carrying value of the goodwill and intangible assets. | |
The Company conducted its annual impairment analysis in the fourth quarter of its fiscal year. The impairment analysis did not result in an impairment charge for the fiscal years ended 2013, 2012 or 2011. 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. | |
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 $18.9 million at December 31, 2013 and $17.4 million at December 31, 2012. The Company sells primarily on 30-day terms, individually performs credit evaluation procedures on its customers on each transaction and will require security deposits from its customers when a significant credit risk is identified. The Company records an allowance for doubtful accounts in amounts equal to the estimated losses expected to be incurred in the collection of the accounts receivable. The estimated losses are based on historical collection experience in conjunction with an evaluation of the current status of the existing accounts. Customer accounts are written off against the allowance for doubtful accounts when an account is determined to be uncollectable. | |
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 Deposits Insurance limits. | |
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 $104.6 million and $106.0 million compared to the recorded value of $100.0 million as of December 31, 2013 and 2012, respectively. The estimates of fair value of the Company’s fixed rate debt are based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities. | |
Foreign Currency Transactions and Translation | ' |
Foreign Currency Transactions and Translation | |
The Company’s Canadian subsidiary, TRS-RenTelco Inc., a British Columbia corporation (“TRS-Canada”), functions as a branch sales office for TRS-RenTelco in Canada. The functional currency for TRS-Canada is the U.S. Dollar. Foreign currency transaction gains and losses of TRS-Canada are reported in the results of operations in the period in which they occur. | |
The Company’s Indian subsidiary, TRS-RenTelco India Private Limited (“TRS-India”), functions as a rental and sales office for TRS-RenTelco in India. 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 and restricted stock units (“RSUs”), based upon estimated fair values. The fair value of stock options is estimated on the date of grant using the Black-Scholes option pricing model and for RSUs based upon the fair market value of the underlying shares of common stock as of the date of grant. The Company recognizes share-based compensation cost ratably on a straight-line basis over the requisite service period, which generally equals the vesting period. For performance-based RSUs, compensation costs are recognized when vesting conditions are met. In addition, the Company estimates the probable number of shares of common stock that will be earned and the corresponding compensation cost until the achievement of the performance goal is known. The Company 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 5 –Benefit Plans. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions in determining reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during each period presented. Actual results could differ from those estimates. The most significant estimates included in the financial statements are the future cash flows and fair values used to determine the recoverability of the rental equipment and identifiable definite lived intangible assets carrying value, the various assets’ useful lives and residual values, and the allowance for doubtful accounts. | |
Reclassifications | ' |
Reclassifications | |
In order to conform to current year presentation, certain amounts on the Consolidated Statements of Cash Flows were reclassified from Proceeds from the Exercise of Stock Options to Taxes Paid Related to Net Share Settlement of Stock Awards. This reclassification had no impact on net income, earnings per share or operating cash flows. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or Tax Credit Carryforward Exists.” (“ASU 2013-11”). ASU 2013-11 requires entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward when settlement in this manner is available under the tax law. The Company does not anticipate that the adoption of this standard will have a material impact on its consolidated financial statements. | |
Income Tax Position | ' |
The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority | |
Segment Reporting | ' |
FASB guidelines establish annual and interim reporting standards for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. In accordance with these guidelines the Company’s four reportable segments are Mobile Modular, TRS-RenTelco, Adler Tanks and Enviroplex. Management focuses on several key measures to evaluate and assess each segment’s performance including rental revenue growth, gross margin, and income before provision for income taxes. As separate corporate entities, Adler Tanks and Enviroplex revenues and expenses are separately maintained from Mobile Modular and TRS-RenTelco. Excluding interest expense, allocations of revenue and expense not directly associated with one of these segments are generally allocated to Mobile Modular, TRS-RenTelco and Adler Tanks, based on their pro-rata share of direct revenues. Interest expense is allocated amongst Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of average rental equipment at cost, goodwill, intangible assets, accounts receivable, deferred income and customer security deposits. The Company does not report total assets by business segment. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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 | ||||||||||||
Portable storage containers | 25 years, 62.5% residual value | ||||||||||||
Electronic test equipment and accessories | 1 to 8 years, no residual value | ||||||||||||
Liquid and solid containment tanks and boxes and accessories | 10 to 20 years, no residual value | ||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Property, plant and equipment consist of the following: | |||||||||||||
(dollar amounts in thousands) | Estimated | December 31, | |||||||||||
Useful Life | |||||||||||||
In Years | 2013 | 2012 | |||||||||||
Land | Indefinite | $ | 37,354 | $ | 35,371 | ||||||||
Land Improvements | 20 – 50 | 39,068 | 38,708 | ||||||||||
Buildings | 30 | 21,151 | 20,522 | ||||||||||
Furniture, Office and Computer Equipment | 3 – 10 | 30,761 | 26,496 | ||||||||||
Machinery and Service Equipment | 5 – 20 | 20,106 | 16,186 | ||||||||||
148,440 | 137,283 | ||||||||||||
Less Accumulated Depreciation | (47,058 | ) | (39,301 | ) | |||||||||
101,382 | 97,982 | ||||||||||||
Construction In Progress | 3,805 | 3,049 | |||||||||||
$105,187 | $101,031 | ||||||||||||
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, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted-average common stock for calculating basic earnings per share | 25,433 | 24,759 | 24,349 | ||||||||||
Effect of potentially dilutive securities from equity-based compensation | 493 | 397 | 411 | ||||||||||
Weighted-average common stock for calculating diluted earnings per share | 25,926 | 25,156 | 24,760 | ||||||||||
Securities Not Included in the Computation of Diluted Earnings Per Share | ' | ||||||||||||
The following securities were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive: | |||||||||||||
(in thousands) | Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Options to purchase common stock | 20 | 1,049 | 1,131 | ||||||||||
Summary of Allowance for Doubtful Accounts Activity | ' | ||||||||||||
The allowance for doubtful accounts activity was as follows: | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Beginning Balance, January 1 | $ | 3,000 | $ | 1,500 | |||||||||
Provision for doubtful accounts | 2,144 | 4,263 | |||||||||||
Write-offs, net of recoveries | (3,137 | ) | (2,763 | ) | |||||||||
Ending Balance, December 31 | $ | 2,007 | $ | 3,000 |
Financed_Lease_Receivables_Tab
Financed Lease Receivables (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Minimum Lease Payments Receivable and Net Investment Included in Accounts Receivable for Leases | ' | ||||||||
The minimum lease payments receivable and the net investment included in accounts receivable for such leases are as follows: | |||||||||
(in thousands) | December 31, | ||||||||
2013 | 2012 | ||||||||
Gross minimum lease payments receivable | $ | 5,462 | $ | 2,326 | |||||
Less—unearned interest | (314 | ) | (201 | ) | |||||
Net investment in sales type lease receivables | $ | 5,148 | $ | 2,125 | |||||
Future Minimum Lease Payments under Non-Cancelable Sales-Type Leases | ' | ||||||||
As of December 31, 2013, the future minimum lease payments under non-cancelable sales-type leases to be received in 2014 and thereafter are as follows: | |||||||||
(in thousands) | |||||||||
Year Ended December 31, | |||||||||
2014 | $ | 3,449 | |||||||
2015 | 1,838 | ||||||||
2016 | 175 | ||||||||
2017 | — | ||||||||
Total minimum future lease payments | $5,462 |
Notes_Payable_Tables
Notes Payable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Components of Notes Payable | ' | ||||||||
Notes Payable consists of the following: | |||||||||
(in thousands) | December 31, | ||||||||
2013 | 2012 | ||||||||
Unsecured Revolving Lines of Credit | $ | 190,003 | $ | 202,000 | |||||
4.03% Senior Notes due in 2018 | 100,000 | 100,000 | |||||||
$ | 290,003 | $ | 302,000 | ||||||
Schedule of Future Minimum Payments under Unsecured Revolving Lines of Credit and 4.03% Senior Notes | ' | ||||||||
As of December 31, 2013, the future minimum payments under Unsecured Revolving Lines of Credit and 4.03% Senior Notes due in 2018 are as follows: | |||||||||
(in thousands) | |||||||||
Year Ended December 31, | |||||||||
2014 | $ | 20,000 | |||||||
2015 | 20,000 | ||||||||
2016 | 20,000 | ||||||||
2017 | 210,003 | ||||||||
2018 | 20,000 | ||||||||
$290,003 | |||||||||
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, | ||||||||
2013 | 2012 | ||||||||
Maximum amount outstanding | $ | 202,000 | $ | 220,799 | |||||
Average amount outstanding | $ | 187,644 | $ | 206,514 | |||||
Weighted average interest rate, during the period | 2.45 | % | 2.51 | % | |||||
Prime interest rate, end of period | 3.25 | % | 3.25 | % |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Provision for Income Taxes | ' | ||||||||||||
The provision for income taxes consists of the following: | |||||||||||||
(in thousands) | Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | $ | 5,208 | $ | 4,886 | $ | 5,741 | |||||||
Deferred | 22,769 | 23,204 | 25,715 | ||||||||||
$ | 27,977 | $ | 28,090 | $ | 31,456 | ||||||||
Reconciliation of Federal Statutory Tax Rate to Company's Effective Tax Rate | ' | ||||||||||||
The reconciliation of the federal statutory tax rate to the Company’s effective tax rate is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 4.1 | 4.2 | 4.1 | ||||||||||
Other | 0.1 | (0.6 | ) | (0.3 | ) | ||||||||
39.2 | % | 38.6 | % | 38.8 | % | ||||||||
Deferred Income Taxes Related to Temporary Differences between Tax Bases of Assets and Liabilities | ' | ||||||||||||
The following table shows the deferred income taxes related to the temporary differences between the tax bases of assets and liabilities and the respective amounts included in “Deferred Income Taxes, net” on the Company’s Consolidated Balance Sheets: | |||||||||||||
(in thousands) | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred Tax Liabilities: | |||||||||||||
Accelerated Depreciation | $ | 257,537 | $ | 248,515 | |||||||||
Prepaid Costs Currently Deductible | 4,794 | 4,597 | |||||||||||
Other | — | 2,451 | |||||||||||
Total Deferred Tax Liabilities | 262,331 | 255,563 | |||||||||||
Deferred Tax Assets: | |||||||||||||
Accrued Costs Not Yet Deductible | 6,638 | 6,138 | |||||||||||
Allowance for Doubtful Accounts | 775 | 1,163 | |||||||||||
Net Operating Loss Carry Forwards and Credits | 2,736 | 12,103 | |||||||||||
Deferred Revenues | 305 | 1,300 | |||||||||||
Share-Based Compensation | 5,862 | 8,295 | |||||||||||
Other | 4,812 | — | |||||||||||
Total Deferred Tax Assets | 21,128 | 28,999 | |||||||||||
Deferred Income Taxes, net | $ | 241,203 | $ | 226,564 |
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
Summary of Company's Option Activity | ' | ||||||||||||||||||||
A summary of the Company’s option activity and related information for the three years ended December 31, 2013 is as follows: | |||||||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||||||
Price | Remaining | Value | |||||||||||||||||||
Contractual | (In millions) | ||||||||||||||||||||
Term | |||||||||||||||||||||
(In Years) | |||||||||||||||||||||
Balance At December 31, 2010 | 3,344,450 | 22.8 | |||||||||||||||||||
Options Granted | 160,600 | 27.41 | |||||||||||||||||||
Options Exercised | (309,447 | ) | 17.19 | ||||||||||||||||||
Options Cancelled/Forfeited/Expired | (109,584 | ) | 25.01 | ||||||||||||||||||
Balance At December 31, 2011 | 3,086,019 | 23.52 | |||||||||||||||||||
Options Granted | 128,500 | 29.63 | |||||||||||||||||||
Options Exercised | (327,498 | ) | 17.95 | ||||||||||||||||||
Options Cancelled/Forfeited/Expired | (48,468 | ) | 27.63 | ||||||||||||||||||
Balance At December 31, 2012 | 2,838,553 | 24.37 | |||||||||||||||||||
Options Granted | 192,800 | 29.14 | |||||||||||||||||||
Options Exercised | (1,237,341 | ) | 24.71 | ||||||||||||||||||
Options Cancelled/Forfeited/Expired | (21,950 | ) | 25.2 | ||||||||||||||||||
Balance At December 31, 2013 | 1,772,062 | 24.68 | 2.74 | $ | 26.8 | ||||||||||||||||
Exercisable at December 31, 2013 | 1,328,237 | 23.73 | 1.98 | $ | 21.3 | ||||||||||||||||
Expected to Vest after December 31, 2013 | 390,566 | 27.81 | 5.06 | $ | 4.6 | ||||||||||||||||
Options Outstanding and Options Exercisable by Exercise Price with Weighted-Average Remaining Contractual Life for Options Outstanding and Weighted-Average Exercise Price | ' | ||||||||||||||||||||
The following table indicates the options outstanding and options exercisable by exercise price with the weighted-average remaining contractual life for the options outstanding and the weighted-average exercise price at December 31, 2013: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Exercise Price | Number | Weighted- | Weighted- | Number | Weighted- | ||||||||||||||||
Outstanding at | Average | Average | Exercisable at | Average | |||||||||||||||||
December 31, | Remaining | Grant | December 31, | Grant Date | |||||||||||||||||
2013 | Contractual | Date Value | 2013 | Value | |||||||||||||||||
Life (Years) | |||||||||||||||||||||
$15–20 | 237,742 | 2.15 | $ | 15.62 | 206,742 | $ | 15.62 | ||||||||||||||
20–25 | 679,825 | 1.74 | 22.09 | 616,520 | 21.94 | ||||||||||||||||
25–30 | 741,195 | 3.45 | 29.09 | 496,825 | 29.23 | ||||||||||||||||
30–35 | 108,300 | 5.48 | 31.73 | 8,150 | 31.55 | ||||||||||||||||
35–40 | 5,000 | 6.92 | 38.89 | — | — | ||||||||||||||||
$15–40 | 1,772,062 | 2.74 | 24.68 | 1,328,237 | 23.73 | ||||||||||||||||
Schedule of Weighted-Average Assumptions Used to Determine Fair Value of Option Granted | ' | ||||||||||||||||||||
The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model using the following weighted-average assumptions: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Expected term (in years) | 5 | 5 | 5 | ||||||||||||||||||
Expected volatility | 50.3 | % | 52.1 | % | 51.6 | % | |||||||||||||||
Expected dividend yields | 3.3 | % | 3.2 | % | 3.4 | % | |||||||||||||||
Risk-free interest rates | 0.8 | % | 0.8 | % | 2 | % | |||||||||||||||
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, 2013: | |||||||||||||||||||||
Number of | Weighted- | Aggregate | |||||||||||||||||||
Shares | Average | Intrinsic | |||||||||||||||||||
Grant Date | Value | ||||||||||||||||||||
Fair Value | (in millions) | ||||||||||||||||||||
Balance at December 31, 2010 | 110,200 | 23.61 | |||||||||||||||||||
RSUs Granted | 125,800 | 27.99 | |||||||||||||||||||
RSUs Vested | (39,105 | ) | 23.91 | ||||||||||||||||||
RSUs Cancelled/Forfeited/Expired | (9,085 | ) | 25.36 | ||||||||||||||||||
Balance at December 31, 2011 | 187,810 | 26.33 | |||||||||||||||||||
RSUs Granted | 109,200 | 31.37 | |||||||||||||||||||
RSUs Vested | (34,190 | ) | 27.85 | ||||||||||||||||||
RSUs Cancelled/Forfeited/Expired | — | — | |||||||||||||||||||
Balance at December 31, 2012 | 262,820 | 28.22 | |||||||||||||||||||
RSUs Granted | 150,300 | 26.89 | |||||||||||||||||||
RSUs Vested | (87,840 | ) | 24.98 | ||||||||||||||||||
RSUs Cancelled/Forfeited/Expired | (4,300 | ) | 29.24 | ||||||||||||||||||
Balance at December 31, 2013 | 320,980 | 28.47 | $ | 12.8 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
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, | |||||
2014 | $ | 1,420 | |||
2015 | 837 | ||||
2016 | 686 | ||||
2017 | 667 | ||||
2018 | 612 | ||||
Thereafter | — | ||||
$ | 4,222 |
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Summary of Intangible Assets | ' | ||||||||||||
Intangible assets consist of the following: | |||||||||||||
(dollar amounts in thousands) | Estimated | December 31, | |||||||||||
Useful Life | |||||||||||||
In Years | 2013 | 2012 | |||||||||||
Trade Name | Indefinite | $ | 5,700 | $ | 5,700 | ||||||||
Customer Relationships | 11 | 9,100 | 9,100 | ||||||||||
14,800 | 14,800 | ||||||||||||
Less Accumulated Amortization | (4,138 | ) | (3,313 | ) | |||||||||
$ | 10,662 | $ | 11,487 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Summarized Financial Information for Company's Reportable Segments | ' | ||||||||||||||||||||
Summarized financial information for the years ended December 31, 2013, 2012 and 2011, for the Company’s reportable segments is shown in the following tables: | |||||||||||||||||||||
Segment Data | Mobile Modular | TRS-RenTelco | Adler Tanks | Enviroplex1 | Consolidated | ||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Rental Revenues | $ | 82,503 | $ | 102,101 | $ | 71,162 | $ | — | $ | 255,766 | |||||||||||
Rental Related Services Revenues | 28,891 | 3,095 | 21,162 | — | 53,148 | ||||||||||||||||
Sales and Other Revenues | 21,267 | 29,668 | 1,616 | 17,855 | 70,406 | ||||||||||||||||
Total Revenues | 132,661 | 134,864 | 93,940 | 17,855 | 379,320 | ||||||||||||||||
Depreciation of Rental Equipment | 14,459 | 39,953 | 13,796 | — | 68,208 | ||||||||||||||||
Gross Profit | 50,423 | 63,331 | 51,076 | 3,996 | 168,826 | ||||||||||||||||
Interest Expense (Income) Allocation | 4,318 | 2,156 | 2,419 | (206 | ) | 8,687 | |||||||||||||||
Income before Provision for Income Taxes | 9,617 | 36,633 | 24,013 | 1,111 | 71,374 | ||||||||||||||||
Rental Equipment Acquisitions | 52,953 | 52,625 | 31,023 | — | 136,601 | ||||||||||||||||
Accounts Receivable, net (period end) | 37,163 | 27,328 | 21,915 | 1,244 | 87,650 | ||||||||||||||||
Rental Equipment, at cost (period end) | 592,391 | 267,772 | 284,005 | — | 1,144,168 | ||||||||||||||||
Rental Equipment, net book value (period end) | 415,366 | 109,988 | 241,656 | — | 767,010 | ||||||||||||||||
Utilization (period end)2 | 70.7 | % | 58.2 | % | 57.7 | % | |||||||||||||||
Average Utilization2 | 68.3 | % | 62.7 | % | 64.2 | % | |||||||||||||||
Segment Data (Continued) | Mobile Modular | TRS-RenTelco | Adler Tanks | Enviroplex1 | Consolidated | ||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2012 | |||||||||||||||||||||
Rental Revenues | $ | 79,518 | $ | 101,645 | $ | 67,281 | $ | — | $ | 248,444 | |||||||||||
Rental Related Services Revenues | 25,775 | 3,673 | 17,472 | — | 46,920 | ||||||||||||||||
Sales and Other Revenues | 14,474 | 27,855 | 2,558 | 23,823 | 68,710 | ||||||||||||||||
Total Revenues | 119,767 | 133,173 | 87,311 | 23,823 | 364,074 | ||||||||||||||||
Depreciation of Rental Equipment | 13,942 | 38,174 | 11,703 | — | 63,819 | ||||||||||||||||
Gross Profit | 52,022 | 62,083 | 51,157 | 3,032 | 168,294 | ||||||||||||||||
Interest Expense (Income) Allocation | 4,547 | 2,384 | 2,350 | (132 | ) | 9,149 | |||||||||||||||
Income (Loss) before Provision for Income Taxes | 13,443 | 33,631 | 26,706 | (913 | ) | 72,867 | |||||||||||||||
Rental Equipment Acquisitions | 21,042 | 51,793 | 55,919 | — | 128,754 | ||||||||||||||||
Accounts Receivable, net (period end) | 39,066 | 24,654 | 24,323 | 4,213 | 92,256 | ||||||||||||||||
Rental Equipment, at cost (period end) | 551,101 | 266,934 | 254,810 | — | 1,072,845 | ||||||||||||||||
Rental Equipment, net book value (period end) | 384,813 | 107,999 | 226,041 | — | 718,853 | ||||||||||||||||
Utilization (period end)2 | 66.7 | % | 64.1 | % | 67.5 | % | |||||||||||||||
Average Utilization2 | 66.4 | % | 65.8 | % | 71.5 | % | |||||||||||||||
2011 | |||||||||||||||||||||
Rental Revenues | $ | 79,969 | $ | 95,694 | $ | 59,243 | $ | — | $ | 234,906 | |||||||||||
Rental Related Services Revenues | 24,063 | 3,133 | 12,290 | — | 39,486 | ||||||||||||||||
Sales and Other Revenues | 20,577 | 26,488 | 425 | 20,788 | 68,278 | ||||||||||||||||
Total Revenues | 124,609 | 125,315 | 71,958 | 20,788 | 342,670 | ||||||||||||||||
Depreciation of Rental Equipment | 13,780 | 38,039 | 8,368 | — | 60,187 | ||||||||||||||||
Gross Profit | 55,193 | 57,069 | 49,619 | 4,910 | 166,791 | ||||||||||||||||
Interest Expense (Income) Allocation | 4,036 | 2,124 | 1,659 | (213 | ) | 7,606 | |||||||||||||||
Income before Provision for Income Taxes | 19,026 | 29,024 | 31,262 | 1,746 | 81,058 | ||||||||||||||||
Rental Equipment Acquisitions | 33,824 | 55,302 | 68,628 | — | 157,754 | ||||||||||||||||
Accounts Receivable, net (period end) | 44,013 | 24,236 | 19,226 | 5,197 | 92,671 | ||||||||||||||||
Rental Equipment, at cost (period end) | 539,147 | 258,586 | 201,456 | — | 999,189 | ||||||||||||||||
Rental Equipment, net book value (period end) | 383,621 | 105,565 | 183,960 | — | 673,146 | ||||||||||||||||
Utilization (period end)2 | 67.3 | % | 67.1 | % | 79.8 | % | |||||||||||||||
Average Utilization2 | 67.1 | % | 66 | % | 86.2 | % | |||||||||||||||
1 | Gross Enviroplex sales revenues were $17,859, $24,240 and $20,844 in 2013, 2012 and 2011, respectively, which includes inter-segment sales to Mobile Modular of $4, $417 and $97, 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. |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||||||
Quarterly financial information for each of the two years ended December 31, 2013 is summarized below: | |||||||||||||||||||||
(in thousands, except per share amounts) | 2013 | ||||||||||||||||||||
First | Second | Third | Fourth | Year | |||||||||||||||||
Operations Data | |||||||||||||||||||||
Rental Revenues | $ | 60,601 | $ | 63,043 | $ | 65,941 | $ | 66,181 | $ | 255,766 | |||||||||||
Total Revenues | 88,713 | 87,133 | 108,860 | 94,614 | 379,320 | ||||||||||||||||
Gross Profit | 38,998 | 40,146 | 45,210 | 44,472 | 168,826 | ||||||||||||||||
Income from Operations | 17,360 | 18,354 | 22,827 | 21,520 | 80,061 | ||||||||||||||||
Income Before Provision for Income Taxes | 15,157 | 16,197 | 20,679 | 19,341 | 71,374 | ||||||||||||||||
Net Income | 9,215 | 9,848 | 12,573 | 11,761 | 43,397 | ||||||||||||||||
Earnings Per Share: | |||||||||||||||||||||
Basic | $ | 0.37 | $ | 0.39 | $ | 0.49 | $ | 0.46 | $ | 1.71 | |||||||||||
Diluted | $ | 0.36 | $ | 0.38 | $ | 0.48 | $ | 0.45 | $ | 1.67 | |||||||||||
Dividends Declared Per Share | $ | 0.24 | $ | 0.24 | $ | 0.24 | $ | 0.24 | $ | 0.96 | |||||||||||
Shares Used in Per Share Calculations: | |||||||||||||||||||||
Basic | 25,003 | 25,354 | 25,649 | 25,717 | 25,433 | ||||||||||||||||
Diluted | 25,435 | 25,818 | 26,095 | 26,211 | 25,926 | ||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||
Rental Equipment, net | $ | 726,100 | $ | 737,636 | $ | 753,810 | $ | 767,010 | $ | 767,010 | |||||||||||
Total Assets | 967,131 | 985,262 | 1,009,435 | 1,019,557 | 1,019,557 | ||||||||||||||||
Notes Payable | 281,251 | 278,875 | 280,902 | 290,003 | 290,003 | ||||||||||||||||
Shareholders’ Equity | 372,864 | 387,779 | 395,694 | 401,030 | 401,030 | ||||||||||||||||
2012 | |||||||||||||||||||||
First | Second | Third | Fourth | Year | |||||||||||||||||
Operations Data | |||||||||||||||||||||
Rental Revenues | $ | 59,520 | $ | 60,389 | $ | 63,418 | $ | 65,117 | $ | 248,444 | |||||||||||
Total Revenues | 78,929 | 83,765 | 99,430 | 101,950 | 364,074 | ||||||||||||||||
Gross Profit | 39,835 | 40,780 | 43,640 | 44,039 | 168,294 | ||||||||||||||||
Income from Operations | 18,474 | 19,617 | 22,792 | 21,133 | 82,016 | ||||||||||||||||
Income Before Provision for Income Taxes | 16,301 | 17,235 | 20,480 | 18,851 | 72,867 | ||||||||||||||||
Net Income | 9,911 | 10,479 | 12,451 | 11,936 | 44,777 | ||||||||||||||||
Earnings Per Share: | |||||||||||||||||||||
Basic | $ | 0.4 | $ | 0.42 | $ | 0.5 | $ | 0.48 | $ | 1.8 | |||||||||||
Diluted | $ | 0.39 | $ | 0.42 | $ | 0.5 | $ | 0.47 | $ | 1.78 | |||||||||||
Dividends Declared Per Share | $ | 0.235 | $ | 0.235 | $ | 0.235 | $ | 0.235 | $ | 0.94 | |||||||||||
Shares Used in Per Share Calculations: | |||||||||||||||||||||
Basic | 24,639 | 24,765 | 24,785 | 24,847 | 24,759 | ||||||||||||||||
Diluted | 25,183 | 25,149 | 25,106 | 25,216 | 25,156 | ||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||
Rental Equipment, net | $ | 693,577 | $ | 710,918 | $ | 719,636 | $ | 718,853 | $ | 718,853 | |||||||||||
Total Assets | 934,282 | 963,649 | 988,254 | 972,446 | 972,446 | ||||||||||||||||
Notes Payable | 292,118 | 308,000 | 314,193 | 302,000 | 302,000 | ||||||||||||||||
Shareholders’ Equity | 341,853 | 347,500 | 355,758 | 364,738 | 364,738 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment | |||
Product | |||
Accounting Policies [Abstract] | ' | ' | ' |
Number of products | 3 | ' | ' |
Number of business segments | 4 | ' | ' |
Impairments of long-lived assets | $0 | $0 | $0 |
Period for warranties for rental equipment | '90 days | ' | ' |
Period for warranties for equipment manufactured | '1 year | ' | ' |
Property, plant and equipment depreciation expenses | 7,800,000 | 7,800,000 | 6,000,000 |
Capitalized in internal use of software | 3,500,000 | 900,000 | ' |
Total advertising expenses | 2,400,000 | 2,500,000 | 2,100,000 |
Goodwill and intangible assets | 39,900,000 | ' | ' |
Intangible assets related to customer relationships amortized year | '11 years | ' | ' |
Goodwill and trade name intangible assets | 33,400,000 | 33,400,000 | ' |
Goodwill and intangible assets impairment charge | 0 | 0 | 0 |
Unbilled receivables related to end-of-lease services | 18,900,000 | 17,400,000 | ' |
Period for credit risk identified | '30 days | ' | ' |
Estimated fair value notes payable | 104,600,000 | 106,000,000 | ' |
Recorded fair value of notes payable | $100,000,000 | $100,000,000 | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Estimated Useful Lives and Residual Values of Company's Rental Equipment (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Relocatable modular buildings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property subject to or available for operating lease useful life | '18 years |
Percentage residual value property subject to or available for operating lease | 50.00% |
Relocatable modular accessories [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Percentage residual value property subject to or available for operating lease | 0.00% |
Portable storage containers [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property subject to or available for operating lease useful life | '25 years |
Percentage residual value property subject to or available for operating lease | 62.50% |
Electronic test equipment and accessories [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Percentage residual value property subject to or available for operating lease | 0.00% |
Liquid and solid containment tanks and boxes and accessories [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Percentage residual value property subject to or available for operating lease | 0.00% |
Minimum [Member] | Relocatable modular accessories [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property subject to or available for operating lease useful life | '3 years |
Minimum [Member] | Electronic test equipment and accessories [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property subject to or available for operating lease useful life | '1 year |
Minimum [Member] | Liquid and solid containment tanks and boxes and accessories [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property subject to or available for operating lease useful life | '10 years |
Maximum [Member] | Relocatable modular accessories [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property subject to or available for operating lease useful life | '18 years |
Maximum [Member] | Electronic test equipment and accessories [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property subject to or available for operating lease useful life | '8 years |
Maximum [Member] | Liquid and solid containment tanks and boxes and accessories [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property subject to or available for operating lease useful life | '20 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Property, Plant and Equipment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $148,440 | $137,283 |
Less Accumulated Depreciation | -47,058 | -39,301 |
Property plant and equipment net excluding capitalized cost | 101,382 | 97,982 |
Construction In Progress | 3,805 | 3,049 |
Property, Plant and Equipment, net | 105,187 | 101,031 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 37,354 | 35,371 |
Estimated useful life | 'Indefinite | ' |
Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 39,068 | 38,708 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 21,151 | 20,522 |
Estimated useful life | '30 years | ' |
Furniture, Office and Computer Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 30,761 | 26,496 |
Machinery and Service Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $20,106 | $16,186 |
Minimum [Member] | Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful life | '20 years | ' |
Minimum [Member] | Furniture, Office and Computer Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful life | '3 years | ' |
Minimum [Member] | Machinery and Service Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful life | '5 years | ' |
Maximum [Member] | Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful life | '50 years | ' |
Maximum [Member] | Furniture, Office and Computer Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful life | '10 years | ' |
Maximum [Member] | Machinery and Service Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful life | '20 years | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Weighted-Average Common Stock Used to Calculate Basic and Diluted Earnings per Share (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average common stock for calculating basic earnings per share | 25,717 | 25,649 | 25,354 | 25,003 | 24,847 | 24,785 | 24,765 | 24,639 | 25,433 | 24,759 | 24,349 |
Effect of potentially dilutive securities from equity-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 493 | 397 | 411 |
Weighted-average common stock for calculating diluted earnings per share | 26,211 | 26,095 | 25,818 | 25,435 | 25,216 | 25,106 | 25,149 | 25,183 | 25,926 | 25,156 | 24,760 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Securities Not Included in Computation of Diluted Earnings per Share (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Options to purchase common stock | 20 | 1,049 | 1,131 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Summary of Allowance for Doubtful Accounts Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Allowance for doubtful accounts, Beginning Balance | $3,000 | $1,500 | ' |
Provision for Doubtful Accounts | 2,144 | 4,263 | 1,755 |
Write-offs, net of recoveries | -3,137 | -2,763 | ' |
Allowance for doubtful accounts, Ending Balance | $2,007 | $3,000 | $1,500 |
Financed_Lease_Receivables_Min
Financed Lease Receivables - Minimum Lease Payments Receivable and Net Investment Included in Accounts Receivable for Leases (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Minimum lease payments receivable and net investment included in accounts receivable for leases | ' | ' |
Minimum lease payments receivable | $5,462 | $2,326 |
Less - unearned interest | -314 | -201 |
Net investment in sales type lease receivables | $5,148 | $2,125 |
Financed_Lease_Receivables_Fut
Financed Lease Receivables - Future Minimum Lease Payments under Non-Cancelable Sales-Type Leases (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Future minimum lease payments under non-cancelable sales-type leases | ' | ' |
2014 | $3,449 | ' |
2015 | 1,838 | ' |
2016 | 175 | ' |
2017 | ' | ' |
Minimum lease payments receivable | $5,462 | $2,326 |
Notes_Payable_Components_of_No
Notes Payable - Components of Notes Payable (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | $290,003 | $280,902 | $278,875 | $281,251 | $302,000 | $314,193 | $308,000 | $292,118 |
Unsecured Revolving Lines of Credit [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | 190,003 | ' | ' | ' | 202,000 | ' | ' | ' |
4.03% Senior Notes due in 2018 [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | $100,000 | ' | ' | ' | $100,000 | ' | ' | ' |
Notes_Payable_Components_of_No1
Notes Payable - Components of Notes Payable (Parenthetical) (Detail) (4.03% Senior Notes due in 2018 [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Apr. 21, 2011 | |
4.03% Senior Notes due in 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes, interest rate | 4.03% | 4.03% |
Senior Notes, year of maturity | '2018 | ' |
Notes_Payable_Schedule_of_Futu
Notes Payable - Schedule of Future Minimum Payments under Unsecured Revolving Lines of Credit and 4.03% Senior Notes (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | ||||||||
Debt Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | $20,000 | ' | ' | ' | ' | ' | ' | ' |
2015 | 20,000 | ' | ' | ' | ' | ' | ' | ' |
2016 | 20,000 | ' | ' | ' | ' | ' | ' | ' |
2017 | 210,003 | ' | ' | ' | ' | ' | ' | ' |
2018 | 20,000 | ' | ' | ' | ' | ' | ' | ' |
Notes payable | $290,003 | $280,902 | $278,875 | $281,251 | $302,000 | $314,193 | $308,000 | $292,118 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Apr. 21, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
4.03% Senior Notes due in 2018 [Member] | 4.03% Senior Notes due in 2018 [Member] | 4.03% Senior Notes due in 2018 [Member] | 4.03% Senior Notes due in 2018 [Member] | Unsecured revolving credit facility before Amendment [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Letters of Credit [Member] | Letters of Credit [Member] | Letters of Credit [Member] | Letters of Credit [Member] | Letters of Credit [Member] | Swingline Loans [Member] | |
Minimum [Member] | Maximum [Member] | Unused Fees [Member] | Unused Fees [Member] | Minimum [Member] | Maximum [Member] | LIBOR Loans [Member] | LIBOR Loans [Member] | LIBOR Loans [Member] | LIBOR Loans [Member] | Base Rate Loans [Member] | Base Rate Loans [Member] | Base Rate Loans [Member] | Base Rate Loans [Member] | Sweep Service Facility [Member] | Minimum [Member] | Maximum [Member] | Sweep Service Facility [Member] | Sweep Service Facility [Member] | ||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, maturity period | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, maturity date | ' | ' | ' | ' | ' | 15-Jun-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maximum | ' | ' | ' | ' | $350,000,000 | $420,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $240,000,000 | ' | $5,000,000 | $10,000,000 | ' | ' | ' |
Revolving credit facility, available maximum borrowing capacity | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 430,000,000 | ' | ' | ' | ' | ' | ' |
Additional commitments | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving credit facility, sublimit amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | 10,000,000 |
Amount outstanding | ' | ' | ' | ' | ' | 186,000,000 | 202,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 190,000,000 | ' | ' | ' | 4,000,000 | 0 | ' |
Consolidated Fixed Charge Coverage Ratio | 2.5 | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Fixed Charge Coverage Ratio, actual | 4.01 | ' | ' | ' | ' | 4.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Leverage Ratio | 2.75 | ' | ' | ' | ' | 2.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Leverage Ratio, actual | 1.81 | ' | ' | ' | ' | 1.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility covenants tangible net worth description | 'Permit Tangible Net Worth, calculated as of the last day of each fiscal quarter, to be less than the sum of (i) $229.0 million, plus (ii) 25% of net income for such fiscal quarter subsequent to December 31, 2010, plus (iii) 90% of the net cash proceeds from the issuance of the Companybs capital stock after December 31, 2010. | ' | ' | ' | ' | 'Permit Tangible Net Worth as of the end of any fiscal quarter of the Company to be less than the sum of (i) $246,103,400 plus (ii) 25% of the Companybs Consolidated Net Income (as defined in the Amended Credit Facility) (but only if a positive number) for each fiscal quarter ended subsequent to December 31, 2011 plus (iii) 90% of the net cash proceeds from the issuance of the Companybs capital stock after December 31, 2011. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tangible Net Worth sum | 284,800,000 | ' | 229,000,000 | ' | ' | 284,800,000 | ' | ' | ' | 246,103,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Net Income | 25.00% | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of net cash proceeds from issuance of capital stock | 90.00% | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual tangible net worth | 362,700,000 | ' | ' | ' | ' | 362,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument description of variable rate basis | ' | ' | ' | ' | ' | '(i) LIBOR plus a defined margin, or (ii) the Agent bankbs prime rate (bbase rateb) plus a margin. The applicable margin for each type of loan is measured based upon the Consolidated Leverage Ratio at the end of the prior fiscal quarter and ranges from 1.00% to 1.75% for LIBOR loans and 0% to 0.75% for base rate loans. In addition, the Company pays an unused commitment fee for the portion of the $420.0 million credit facility that is not used. These fees are based upon the Consolidated Leverage Ratio and range from 0.15% to 0.30%. As of December 31, 2013 and 2012, the applicable margins were 1.50% for LIBOR based loans, 0.50% for base rate loans and 0.25% for unused fees. Amounts borrowed under the Sweep Service Facility are based upon the Union Bank, N.A. base rate plus an applicable margin and an unused commitment fee for the portion of the $10.0 million facility not used. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% | 0.30% | ' | ' | 1.00% | 1.75% | ' | ' | 0.00% | 0.75% | ' | ' | ' | ' | ' | ' | ' |
Unused commitment fees | ' | ' | ' | ' | ' | 420,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate at period end | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.25% | ' | ' | 1.50% | 1.50% | ' | ' | 0.50% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes, interest rate | 4.03% | 4.03% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, payment terms | 'Interest on these notes is due semi-annually in arrears and the principal is due in five equal annual installments, with the first payment due on April 21, 2014. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | 21-Apr-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, date of first required payment | 21-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity period | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, average life | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes_Payable_Schedule_of_Info
Notes Payable - Schedule of Information Related to Lines of Credit (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' |
Maximum amount outstanding | $202,000 | $220,799 |
Average amount outstanding | $187,644 | $206,514 |
Weighted average interest rate, during the period | 2.45% | 2.51% |
Prime interest rate, end of period | 3.25% | 3.25% |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current | $5,208 | $4,886 | $5,741 |
Deferred | 22,769 | 23,204 | 25,715 |
Provision for Income Taxes | $27,977 | $28,090 | $31,456 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Federal Statutory Tax Rate to Company's Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 4.10% | 4.20% | 4.10% |
Other | 0.10% | -0.60% | -0.30% |
Effective Income Tax Rate | 39.20% | 38.60% | 38.80% |
Income_Taxes_Deferred_Income_T
Income Taxes - Deferred Income Taxes Related to Temporary Differences between Tax Bases of Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Liabilities: | ' | ' |
Accelerated Depreciation | $257,537 | $248,515 |
Prepaid Costs Currently Deductible | 4,794 | 4,597 |
Other | ' | 2,451 |
Total Deferred Tax Liabilities | 262,331 | 255,563 |
Deferred Tax Assets: | ' | ' |
Accrued Costs Not Yet Deductible | 6,638 | 6,138 |
Allowance for Doubtful Accounts | 775 | 1,163 |
Net Operating Loss Carry Forwards and Credits | 2,736 | 12,103 |
Deferred Revenues | 305 | 1,300 |
Share-Based Compensation | 5,862 | 8,295 |
Other | 4,812 | ' |
Total Deferred Tax Assets | 21,128 | 28,999 |
Deferred Income Taxes, net | $241,203 | $226,564 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Excess tax benefit obtained by company | $1.30 | $1 | $1 |
Company's federal net operating losses for tax return purposes | 12.3 | ' | ' |
State and foreign tax credit carry forwards, expiration year | '2022 | ' | ' |
Likelihood percentage of being realized upon ultimate settlement with the relevant tax authority | 50.00% | ' | ' |
Unrecognized tax benefits | 0 | 0 | ' |
Changes in unrecognized benefits | 0 | 0 | 0 |
State and Local Jurisdiction [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
State and foreign tax credit carry forwards, expiration description | 'Begin to expire in 2022 | ' | ' |
State and foreign tax credit carry forwards | $2.60 | ' | ' |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 06, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Performance-based RSUs [Member] | Service-based RSUs [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Common Stock [Member] | Common Stock [Member] | Vesting after three years [Member] | Employee Stock Ownership and 401(k) Plans [Member] | 2007 Plan [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||
Performance-based RSUs [Member] | Stock Options [Member] | Service-based RSUs [Member] | Stock Options [Member] | Service-based RSUs [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock remained available for grants of awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,875,000 | ' | ' | ' | ' | ' | ' | ' |
Number of additional shares authorized | ' | 1,500,000 | ' | 815,000 | ' | 1,576,452 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in common stock available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Minimum rate of exercise price granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | $3,680,000 | $3,840,000 | $5,221,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit related to share-based compensation expense | 1,400,000 | 1,500,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized share-based compensation expense | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of reduction in net income due to share-based compensation expense | 2,200,000 | 2,400,000 | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of reduction in diluted earning per share to share-based compensation expense | $0.09 | $0.09 | $0.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options granted | ' | ' | ' | ' | ' | 6,617,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, exercise prices lower | ' | ' | ' | ' | ' | $3.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, exercise prices upper | ' | ' | ' | ' | ' | $38.89 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of shares | ' | ' | ' | ' | ' | 3,498,741 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option shares terminated | ' | ' | ' | ' | ' | 874,152 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option plans remain outstanding | 1,772,062 | 2,838,553 | 3,086,019 | ' | 3,344,450 | 1,772,062 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options vesting period | ' | ' | ' | ' | ' | '5 years | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | '2 years |
Stock options expiration after grant date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | '10 years | ' |
Options issued to non-employee advisors | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options outstanding, exercise prices lower | ' | ' | ' | ' | ' | $15.29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options outstanding, exercise prices upper | ' | ' | ' | ' | ' | $38.89 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options exercised and sold | 21,300,000 | ' | ' | ' | ' | 14,100,000 | 4,900,000 | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected recognition period of unrecognized compensation expense | ' | ' | ' | ' | ' | '1 year 8 months 12 days | ' | ' | ' | ' | '2 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value | $9.87 | $10.28 | $9.68 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of vesting RSUs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' |
Percentage of vesting annually at anniversary | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of RSU's expected to vest | ' | ' | ' | ' | ' | ' | ' | ' | 212,550 | 20,280 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of forfeitures expected | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4,300 | ' | 9,085 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation expense net of forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense for restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 1,800,000 | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan merged assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,400,000 | ' | ' | ' | ' | ' |
Dividends deducted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' |
Tax benefit from dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' |
Shares outstanding, employee stock ownership plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 339,406 | ' | ' | ' | ' | ' |
Percentage of total common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' |
Benefit_Plans_Summary_of_Compa
Benefit Plans - Summary of Company's Option Activity (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Number of Options, Beginning Balance | 2,838,553 | 3,086,019 | 3,344,450 |
Number of Options, Granted | 192,800 | 128,500 | 160,600 |
Number of Options, Exercised | -1,237,341 | -327,498 | -309,447 |
Number of Options, Cancelled/Forfeited/Expired | -21,950 | -48,468 | -109,584 |
Number of Options, Ending Balance | 1,772,062 | 2,838,553 | 3,086,019 |
Weighted-Average Price, Beginning Balance | $24.37 | $23.52 | $22.80 |
Number of Options, Exercisable at December 31, 2013 | 1,328,237 | ' | ' |
Weighted-Average Price, Options Granted | $29.14 | $29.63 | $27.41 |
Number of Options, Expected to Vest after December 31, 2013 | 390,566 | ' | ' |
Weighted-Average Price, Options Exercised | $24.71 | $17.95 | $17.19 |
Weighted-Average Price, Options Cancelled/Forfeited/Expired | $25.20 | $27.63 | $25.01 |
Weighted-Average Price, Ending Balance | $24.68 | $24.37 | $23.52 |
Weighted-Average Price, Exercisable at December 31, 2013 | $23.73 | ' | ' |
Weighted-Average Price, Expected to Vest after December 31, 2013 | $27.81 | ' | ' |
Weighted-Average Remaining Contractual Term, Balance At December 31, 2013 | '2 years 8 months 27 days | ' | ' |
Weighted-Average Remaining Contractual Term, Exercisable at December 31, 2013 | '1 year 11 months 23 days | ' | ' |
Weighted-Average Remaining Contractual Term, Expected to Vest after December 31, 2013 | '5 years 22 days | ' | ' |
Aggregate Intrinsic Value, Balance At December 31, 2013 | $26.80 | ' | ' |
Aggregate Intrinsic Value, Exercisable at December 31, 2013 | 21.3 | ' | ' |
Aggregate Intrinsic Value, Expected to Vest after December 31, 2013 | $4.60 | ' | ' |
Benefit_Plans_Options_Outstand
Benefit Plans - Options Outstanding and Options Exercisable by Exercise Price with Weighted-Average Remaining Contractual Life for Options Outstanding and Weighted-Average Exercise Price (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Exercise Price 15 - 20 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Lower Range Limit | $15 |
Exercise Price Upper Range Limit | $20 |
Options Outstanding, Number | 237,742 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | '2 years 1 month 24 days |
Options Outstanding, Weighted-Average Grant Date Value | $15.62 |
Options Exercisable, Number | 206,742 |
Options Exercisable, Weighted-Average Grant Date Value | $15.62 |
Exercise Price 20 - 25 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Lower Range Limit | $20 |
Exercise Price Upper Range Limit | $25 |
Options Outstanding, Number | 679,825 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | '1 year 8 months 27 days |
Options Outstanding, Weighted-Average Grant Date Value | $22.09 |
Options Exercisable, Number | 616,520 |
Options Exercisable, Weighted-Average Grant Date Value | $21.94 |
Exercise Price 25 - 30 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Lower Range Limit | $25 |
Exercise Price Upper Range Limit | $30 |
Options Outstanding, Number | 741,195 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | '3 years 5 months 12 days |
Options Outstanding, Weighted-Average Grant Date Value | $29.09 |
Options Exercisable, Number | 496,825 |
Options Exercisable, Weighted-Average Grant Date Value | $29.23 |
Exercise Price 30 - 35 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Lower Range Limit | $30 |
Exercise Price Upper Range Limit | $35 |
Options Outstanding, Number | 108,300 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | '5 years 5 months 23 days |
Options Outstanding, Weighted-Average Grant Date Value | $31.73 |
Options Exercisable, Number | 8,150 |
Options Exercisable, Weighted-Average Grant Date Value | $31.55 |
Exercise Price 35 - 40 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Lower Range Limit | $35 |
Exercise Price Upper Range Limit | $40 |
Options Outstanding, Number | 5,000 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | '6 years 11 months 1 day |
Options Outstanding, Weighted-Average Grant Date Value | $38.89 |
Options Exercisable, Number | ' |
Options Exercisable, Weighted-Average Grant Date Value | ' |
Exercise Price 15 - 40 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Lower Range Limit | $15 |
Exercise Price Upper Range Limit | $40 |
Options Outstanding, Number | 1,772,062 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | '2 years 8 months 27 days |
Options Outstanding, Weighted-Average Grant Date Value | $24.68 |
Options Exercisable, Number | 1,328,237 |
Options Exercisable, Weighted-Average Grant Date Value | $23.73 |
Benefit_Plans_Schedule_of_Weig
Benefit Plans - Schedule of Weighted-Average Assumptions Used to Determine Fair Value of Option Granted (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Expected term (in years) | '5 years | '5 years | '5 years |
Expected volatility | 50.30% | 52.10% | 51.60% |
Expected dividend yields | 3.30% | 3.20% | 3.40% |
Risk-free interest rates | 0.80% | 0.80% | 2.00% |
Benefit_Plans_Summary_of_Compa1
Benefit Plans - Summary of Company's Restricted Stock Units Activity (Detail) (Restricted Stock Units [Member], USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares, Beginning Balance | 262,820 | 187,810 | 110,200 |
Number of Shares, Granted | 150,300 | 109,200 | 125,800 |
Number of Shares, Vested | -87,840 | -34,190 | -39,105 |
Number of Shares, Cancelled/Forfeited/Expired | -4,300 | ' | -9,085 |
Number of Shares, Ending Balance | 320,980 | 262,820 | 187,810 |
Weighted-Average Grant Date Fair Value, Beginning Balance | $28.22 | $26.33 | $23.61 |
Weighted-Average Grant Date Fair Value, Granted | $26.89 | $31.37 | $27.99 |
Weighted-Average Grant Date Fair Value, Vested | $24.98 | $27.85 | $23.91 |
Weighted-Average Grant Date Fair Value, Cancelled/Forfeited/Expired | $29.24 | ' | $25.36 |
Weighted-Average Grant Date Fair Value, Ending Balance | $28.47 | $28.22 | $26.33 |
Aggregate Intrinsic Value | $12.80 | ' | ' |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | 14-May-08 |
Stockholders Equity Note [Abstract] | ' | ' | ' |
Repurchases of common stock authorized | 0 | 0 | 2,000,000 |
Common stock remaining authorized for repurchase | 2,000,000 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Minimum Payments under Leases, Exclusive of Property Taxes and Insurance (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases Future Minimum Payments Due [Abstract] | ' |
2014 | $1,420 |
2015 | 837 |
2016 | 686 |
2017 | 667 |
2018 | 612 |
Thereafter | ' |
Total minimum future lease payments | $4,222 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expense | $3.10 | $3.10 | $2.40 |
Intangible_Assets_Summary_of_I
Intangible Assets - Summary of Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
Estimated Useful Life In Years | '11 years | ' |
Trade Name | $5,700 | $5,700 |
Customer Relationships | 9,100 | 9,100 |
Intangible Assets, Gross | 14,800 | 14,800 |
Less Accumulated Amortization | -4,138 | -3,313 |
Intangible Assets, Net | $10,662 | $11,487 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Subsequent impairment of the underlying assets | $0 | ' | ' |
Amortization expense | 800,000 | 800,000 | 800,000 |
Expected annual amortization expense for 2014 | 800,000 | ' | ' |
Expected annual amortization expense for 2015 | 800,000 | ' | ' |
Expected annual amortization expense for 2016 | 800,000 | ' | ' |
Expected annual amortization expense for 2017 | 800,000 | ' | ' |
Expected annual amortization expense for 2018 | 800,000 | ' | ' |
Thereafter | $800,000 | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' |
Acquisition of liquid and solid containment tanks | $13.60 | $38.30 | $30.30 |
Amounts due to Sabre Manufacturing, LLC | $0 | $1 | ' |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of reportable segments | 4 | ' | ' |
Sales [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues from customers | 10.00% | 10.00% | 10.00% |
Sales [Member] | Foreign country customers [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues from customers | 7.00% | 9.00% | 8.00% |
Segment_Reporting_Summarized_F
Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Revenues | $66,181 | $65,941 | $63,043 | $60,601 | $65,117 | $63,418 | $60,389 | $59,520 | $255,766 | $248,444 | $234,906 |
Rental Related Services Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 53,148 | 46,920 | 39,486 |
Sales and Other Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 70,406 | 68,710 | 68,278 |
Total Revenues | 94,614 | 108,860 | 87,133 | 88,713 | 101,950 | 99,430 | 83,765 | 78,929 | 379,320 | 364,074 | 342,670 |
Depreciation of Rental Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 68,208 | 63,819 | 60,187 |
Gross Profit | 44,472 | 45,210 | 40,146 | 38,998 | 44,039 | 43,640 | 40,780 | 39,835 | 168,826 | 168,294 | 166,791 |
Interest Expense (Income) Allocation | ' | ' | ' | ' | ' | ' | ' | ' | 8,687 | 9,149 | 7,606 |
Income (Loss) before Provision for Income Taxes | 19,341 | 20,679 | 16,197 | 15,157 | 18,851 | 20,480 | 17,235 | 16,301 | 71,374 | 72,867 | 81,058 |
Rental Equipment Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | 136,601 | 128,754 | 157,754 |
Accounts Receivable, net (period end) | 87,650 | ' | ' | ' | 92,256 | ' | ' | ' | 87,650 | 92,256 | 92,671 |
Rental Equipment, at cost (period end) | 1,144,168 | ' | ' | ' | 1,072,845 | ' | ' | ' | 1,144,168 | 1,072,845 | 999,189 |
Rental Equipment, net book value (period end) | 767,010 | 753,810 | 737,636 | 726,100 | 718,853 | 719,636 | 710,918 | 693,577 | 767,010 | 718,853 | 673,146 |
Operating Segments [Member] | Mobile Modular [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 82,503 | 79,518 | 79,969 |
Rental Related Services Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 28,891 | 25,775 | 24,063 |
Sales and Other Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 21,267 | 14,474 | 20,577 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 132,661 | 119,767 | 124,609 |
Depreciation of Rental Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 14,459 | 13,942 | 13,780 |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 50,423 | 52,022 | 55,193 |
Interest Expense (Income) Allocation | ' | ' | ' | ' | ' | ' | ' | ' | 4,318 | 4,547 | 4,036 |
Income (Loss) before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 9,617 | 13,443 | 19,026 |
Rental Equipment Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | 52,953 | 21,042 | 33,824 |
Accounts Receivable, net (period end) | 37,163 | ' | ' | ' | 39,066 | ' | ' | ' | 37,163 | 39,066 | 44,013 |
Rental Equipment, at cost (period end) | 592,391 | ' | ' | ' | 551,101 | ' | ' | ' | 592,391 | 551,101 | 539,147 |
Rental Equipment, net book value (period end) | 415,366 | ' | ' | ' | 384,813 | ' | ' | ' | 415,366 | 384,813 | 383,621 |
Utilization (period end) | ' | ' | ' | ' | ' | ' | ' | ' | 70.70% | 66.70% | 67.30% |
Average Utilization | ' | ' | ' | ' | ' | ' | ' | ' | 68.30% | 66.40% | 67.10% |
Operating Segments [Member] | TRS-RenTelco [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 102,101 | 101,645 | 95,694 |
Rental Related Services Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,095 | 3,673 | 3,133 |
Sales and Other Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 29,668 | 27,855 | 26,488 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 134,864 | 133,173 | 125,315 |
Depreciation of Rental Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 39,953 | 38,174 | 38,039 |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 63,331 | 62,083 | 57,069 |
Interest Expense (Income) Allocation | ' | ' | ' | ' | ' | ' | ' | ' | 2,156 | 2,384 | 2,124 |
Income (Loss) before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 36,633 | 33,631 | 29,024 |
Rental Equipment Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | 52,625 | 51,793 | 55,302 |
Accounts Receivable, net (period end) | 27,328 | ' | ' | ' | 24,654 | ' | ' | ' | 27,328 | 24,654 | 24,236 |
Rental Equipment, at cost (period end) | 267,772 | ' | ' | ' | 266,934 | ' | ' | ' | 267,772 | 266,934 | 258,586 |
Rental Equipment, net book value (period end) | 109,988 | ' | ' | ' | 107,999 | ' | ' | ' | 109,988 | 107,999 | 105,565 |
Utilization (period end) | ' | ' | ' | ' | ' | ' | ' | ' | 58.20% | 64.10% | 67.10% |
Average Utilization | ' | ' | ' | ' | ' | ' | ' | ' | 62.70% | 65.80% | 66.00% |
Operating Segments [Member] | Adler Tanks [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 71,162 | 67,281 | 59,243 |
Rental Related Services Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 21,162 | 17,472 | 12,290 |
Sales and Other Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,616 | 2,558 | 425 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 93,940 | 87,311 | 71,958 |
Depreciation of Rental Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 13,796 | 11,703 | 8,368 |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 51,076 | 51,157 | 49,619 |
Interest Expense (Income) Allocation | ' | ' | ' | ' | ' | ' | ' | ' | 2,419 | 2,350 | 1,659 |
Income (Loss) before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 24,013 | 26,706 | 31,262 |
Rental Equipment Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | 31,023 | 55,919 | 68,628 |
Accounts Receivable, net (period end) | 21,915 | ' | ' | ' | 24,323 | ' | ' | ' | 21,915 | 24,323 | 19,226 |
Rental Equipment, at cost (period end) | 284,005 | ' | ' | ' | 254,810 | ' | ' | ' | 284,005 | 254,810 | 201,456 |
Rental Equipment, net book value (period end) | 241,656 | ' | ' | ' | 226,041 | ' | ' | ' | 241,656 | 226,041 | 183,960 |
Utilization (period end) | ' | ' | ' | ' | ' | ' | ' | ' | 57.70% | 67.50% | 79.80% |
Average Utilization | ' | ' | ' | ' | ' | ' | ' | ' | 64.20% | 71.50% | 86.20% |
Operating Segments [Member] | Enviroplex [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Related Services Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and Other Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 17,855 | 23,823 | 20,788 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 17,855 | 23,823 | 20,788 |
Depreciation of Rental Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 3,996 | 3,032 | 4,910 |
Interest Expense (Income) Allocation | ' | ' | ' | ' | ' | ' | ' | ' | -206 | -132 | -213 |
Income (Loss) before Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,111 | -913 | 1,746 |
Rental Equipment Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Receivable, net (period end) | 1,244 | ' | ' | ' | 4,213 | ' | ' | ' | 1,244 | 4,213 | 5,197 |
Rental Equipment, at cost (period end) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Equipment, net book value (period end) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Reporting_Summarized_F1
Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Mobile Modular [Member] | Inter-segment Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales revenues | $4 | $417 | $97 |
Enviroplex [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales revenues | $17,859 | $24,240 | $20,844 |
Quarterly_Financial_Informatio2
Quarterly Financial Information - Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Operations Data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Revenues | $66,181 | $65,941 | $63,043 | $60,601 | $65,117 | $63,418 | $60,389 | $59,520 | $255,766 | $248,444 | $234,906 | ' |
Total Revenues | 94,614 | 108,860 | 87,133 | 88,713 | 101,950 | 99,430 | 83,765 | 78,929 | 379,320 | 364,074 | 342,670 | ' |
Gross Profit | 44,472 | 45,210 | 40,146 | 38,998 | 44,039 | 43,640 | 40,780 | 39,835 | 168,826 | 168,294 | 166,791 | ' |
Income from Operations | 21,520 | 22,827 | 18,354 | 17,360 | 21,133 | 22,792 | 19,617 | 18,474 | 80,061 | 82,016 | 88,664 | ' |
Income Before Provision for Income Taxes | 19,341 | 20,679 | 16,197 | 15,157 | 18,851 | 20,480 | 17,235 | 16,301 | 71,374 | 72,867 | 81,058 | ' |
Net Income | 11,761 | 12,573 | 9,848 | 9,215 | 11,936 | 12,451 | 10,479 | 9,911 | 43,397 | 44,777 | 49,602 | ' |
Earnings Per Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.46 | $0.49 | $0.39 | $0.37 | $0.48 | $0.50 | $0.42 | $0.40 | $1.71 | $1.80 | $2.04 | ' |
Diluted | $0.45 | $0.48 | $0.38 | $0.36 | $0.47 | $0.50 | $0.42 | $0.39 | $1.67 | $1.78 | $2 | ' |
Dividends Declared Per Share | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.96 | $0.94 | $0.92 | ' |
Shares Used in Per Share Calculations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 25,717 | 25,649 | 25,354 | 25,003 | 24,847 | 24,785 | 24,765 | 24,639 | 25,433 | 24,759 | 24,349 | ' |
Diluted | 26,211 | 26,095 | 25,818 | 25,435 | 25,216 | 25,106 | 25,149 | 25,183 | 25,926 | 25,156 | 24,760 | ' |
Balance Sheet Data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Equipment, net | 767,010 | 753,810 | 737,636 | 726,100 | 718,853 | 719,636 | 710,918 | 693,577 | 767,010 | 718,853 | 673,146 | ' |
Total Assets | 1,019,557 | 1,009,435 | 985,262 | 967,131 | 972,446 | 988,254 | 963,649 | 934,282 | 1,019,557 | 972,446 | ' | ' |
Notes Payable | 290,003 | 280,902 | 278,875 | 281,251 | 302,000 | 314,193 | 308,000 | 292,118 | 290,003 | 302,000 | ' | ' |
Shareholders' Equity | $401,030 | $395,694 | $387,779 | $372,864 | $364,738 | $355,758 | $347,500 | $341,853 | $401,030 | $364,738 | $333,142 | $294,977 |