McGrath RentCorp (MGRC) 10-Q 2 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	MGRC
Entity Registrant Name	MCGRATH RENTCORP
Entity Central Index Key	752,714
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		23,981,608

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Rental	$ 67,978	$ 66,532
Rental related services	17,935	17,591
Rental operations	85,913	84,123
Sales	8,295	9,034
Other	629	542
Total revenues	94,837	93,699
Direct costs of rental operations:
Depreciation of rental equipment	17,379	18,540
Rental related services	13,833	13,180
Other	15,359	15,827
Total direct costs of rental operations	46,571	47,547
Costs of sales	4,596	5,497
Total costs of revenues	51,167	53,044
Gross profit	43,670	40,655
Selling and administrative expenses	27,848	26,397
Income from operations	15,822	14,258
Other income (expense):
Interest expense	(2,789)	(3,556)
Foreign currency exchange gain	226	151
Income before provision for income taxes	13,259	10,853
Provision for income taxes	5,286	4,287
Net income	$ 7,973	$ 6,566
Earnings per share:
Basic	$ 0.33	$ 0.28
Diluted	$ 0.33	$ 0.27
Shares used in per share calculation:
Basic	23,950	23,862
Diluted	24,232	23,911
Cash dividends declared per share	$ 0.260	$ 0.255

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 7,973	$ 6,566
Other comprehensive loss:
Foreign currency translation adjustment	(78)	(92)
Tax benefit	25	34
Comprehensive income	$ 7,920	$ 6,508

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Cash	$ 1,680	$ 852
Accounts receivable, net of allowance for doubtful accounts of $2,087 in 2017 and 2016	92,552	96,877
Rental equipment, at cost:
Relocatable modular buildings	773,597	769,190
Electronic test equipment	248,291	246,325
Liquid and solid containment tanks and boxes	309,131	308,542
Rental equipment, gross	1,331,019	1,324,057
Less accumulated depreciation	(474,038)	(467,686)
Rental equipment, net	856,981	856,371
Property, plant and equipment, net	116,217	112,190
Prepaid expenses and other assets	27,119	25,583
Intangible assets, net	8,377	8,595
Goodwill	27,808	27,808
Total assets	1,130,734	1,128,276
Liabilities:
Notes payable	323,843	326,266
Accounts payable and accrued liabilities	78,811	78,205
Deferred income	39,887	37,499
Deferred income taxes, net	291,568	292,019
Total liabilities	734,109	733,989
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 23,956 shares as of March 31, 2017 and 23,948 shares as of December 31, 2016	102,483	101,821
Retained earnings	294,250	292,521
Accumulated other comprehensive loss	(108)	(55)
Total shareholders’ equity	396,625	394,287
Total liabilities and shareholders’ equity	$ 1,130,734	$ 1,128,276

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2,087	$ 2,087
Common stock, par value
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	23,956,000	23,948,000
Common Stock, shares outstanding	23,956,000	23,948,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows from Operating Activities:
Net income	$ 7,973	$ 6,566
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	19,405	20,860
Provision for doubtful accounts	289	498
Share-based compensation	806	856
Gain on sale of used rental equipment	(2,943)	(2,966)
Foreign currency exchange gain	(226)	(151)
Amortization of debt issuance cost	13	13
Change in:
Accounts receivable	4,036	2,882
Income taxes receivable		11,000
Prepaid expenses and other assets	(1,536)	1,949
Accounts payable and accrued liabilities	(3,924)	(4,360)
Deferred income	2,388	536
Deferred income taxes	(451)	1,851
Net cash provided by operating activities	25,830	39,534
Cash Flows from Investing Activities:
Purchases of rental equipment	(15,914)	(22,814)
Purchases of property, plant and equipment	(5,835)	(881)
Proceeds from sales of used rental equipment	5,505	6,098
Net cash used in investing activities	(16,244)	(17,597)
Cash Flows from Financing Activities:
Net repayments under bank lines of credit	(2,436)	(15,522)
Proceeds from the exercise of stock options		37
Taxes paid related to net share settlement of stock awards	(143)	(344)
Payment of dividends	(6,155)	(6,136)
Net cash used in financing activities	(8,734)	(21,965)
Effect of foreign currency exchange rate changes on cash	(24)	(13)
Net increase (decrease) in cash	828	(41)
Cash balance, beginning of period	852	1,103
Cash balance, end of period	1,680	1,062
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	2,303	2,986
Net income taxes paid, during the period	5,565	706
Dividends accrued during the period, not yet paid	6,190	6,120
Rental equipment acquisitions, not yet paid	$ 7,513	$ 3,752

Condensed Consolidated Financia

Condensed Consolidated Financial Information	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Condensed Consolidated Financial Information	NOTE 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION The condensed consolidated financial statements for the three months ended March 31, 2017 and 2016 have not been audited, but in the opinion of management, all adjustments (consisting of normal recurring accruals, consolidating and eliminating entries) necessary for the fair presentation of the consolidated financial position, results of operations and cash flows of McGrath RentCorp (the “Company”) have been made. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to those rules and regulations. The consolidated results for the three months ended March 31, 2017 should not be considered as necessarily indicative of the consolidated results for the entire fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s latest Annual Report on Form 10-K filed with the SEC on February 28, 2017 for the year ended December 31, 2016 (the “2016 Annual Report”).

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. The objective of this guidance is to establish the principles and provide implementation guidance related to Revenue from Contracts with Customers, including ASU 2016-08, Revenue from Contract with Customers: Principal versus Agent Considerations, ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing, ASU 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients and ASU 2016-20, Revenue from Contracts with Customers: Technical Correction and Improvements. These amendments address a number of areas, including the entity’s identification of its performance obligations in a contract, collectability, non-cash consideration, presentation of sales tax and an entity’s evaluation of the nature of its promise to grant a license of intellectual property and whether or not that revenue is recognized over time or at a point in time. In February 2016, the FASB issued ASU No. 2016-02, Leases (Subtopic 842-10). Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: a) lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and During the first quarter 2017, the Company adopted ASU No. 2016-09 Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). As a result of the adoption, the Company recognized $18,000 of excess tax benefits related to share-based payments as a reduction to the provision for income taxes for the three months ended March 31, 2017. These tax benefits, or shortfalls, were historically recorded in equity. In addition, cash flows related to excess tax benefits, or shortfalls, are now classified as an operating activity with the prior period adjusted accordingly. Cash paid on employees’ behalf related to shares withheld for tax purposes is classified as a financing activity, consistent with prior year’s presentation. Retrospective application of the cash flow presentation requirements resulted in decreases to both net cash provided by operations and net cash used in financing activities of $111,000 for the three months ended March 31, 2016. The Company’s compensation expense for each period continues to reflect forfeitures as they occur, rather than based upon estimated expected forfeitures.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 3. 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 effect of stock options, unvested restricted stock awards and other potentially dilutive securities. The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share: Three Months Ended March 31, (in thousands) 2017 2016 Weighted-average number of shares of common stock for calculating basic earnings per share 23,950 23,862 Effect of potentially dilutive securities from equity-based compensation 282 49 Weighted-average number of shares of common stock for calculating diluted earnings per share 24,232 23,911 The following securities were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive: Three Months Ended March 31, (in thousands) 2017 2016 Options to purchase shares of common stock 7 1,019

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	NOTE 4. INTANGIBLE ASSETS Intangible assets consist of the following: (dollar amounts in thousands) Estimated useful life (In years) March 2017 December 31, 2016 Trade name Indefinite $ 5,700 $ 5,700 Customer relationships 11 9,611 9,611 15,311 15,311 Less accumulated amortization (6,934 ) (6,716 ) $ 8,377 $ 8,595 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 that would be recognized is the excess of the asset’s carrying value over its fair value. Factors the Company considers important, which may cause impairment include, among others, significant changes in the manner of use of the acquired asset, negative industry or economic trends, and significant underperformance relative to historical or projected operating results. The Company typically conducts 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 year ended December 31, 2016. Determining the fair value of a reporting unit is judgmental and involves the use of significant estimates and assumptions. The Company bases its fair value estimates on assumptions that it believes are reasonable but are uncertain and subject to changes in market conditions. Intangible assets with finite useful lives are amortized over their respective useful lives. Based on the carrying values at March 31, 2017 and assuming no subsequent impairment of the underlying assets, the amortization expense is expected to be $0.7 million for the remainder of fiscal year 2017, $0.9 million in each of the fiscal years 2018 and 2019 and $0.2 million in 2020.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Reporting	NOTE 5. SEGMENT REPORTING The Company’s four reportable segments are (1) its modular building and portable storage segment (“Mobile Modular”); (2) its electronic test equipment segment (“TRS-RenTelco”); (3) its containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (“Adler Tanks”); and (4) its classroom manufacturing segment selling modular buildings used primarily as classrooms in California (“Enviroplex”). The operations of each of these segments are described in Part I – Item 1, “Business,” and the accounting policies of the segments are described in “Note 2 – Significant Accounting Policies” in the Company’s annual report on Form 10-K for the year ended December 31, 2016. Management focuses on several key measures to evaluate and assess each segment’s performance, including rental revenue growth, gross profit, income from operations and income before provision for income taxes. Excluding interest expense, allocations of revenue and expense not directly associated with one of these segments are generally allocated to Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of direct revenues. Interest expense is allocated among Mobile Modular, TRS-RenTelco and Adler Tanks based on their pro-rata share of average rental equipment at cost, 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 three months ended March 31, 2017 and 2016 for the Company’s reportable segments is shown in the following table: (dollar amounts in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex 1 Consolidated Three Months Ended March 31, 2017 Rental revenues $ 33,654 $ 19,746 $ 14,578 $ — $ 67,978 Rental related services revenues 11,588 658 5,689 — 17,935 Sales and other revenues 3,061 4,910 194 759 8,924 Total revenues 48,303 25,314 20,461 759 94,837 Depreciation of rental equipment 5,333 8,091 3,955 — 17,379 Gross profit 22,444 11,393 9,555 278 43,670 Selling and administrative expenses 13,800 5,689 7,267 1,092 27,848 Income (loss) from operations 8,644 5,704 2,288 (814 ) 15,822 Interest (expense) income allocation (1,591 ) (546 ) (738 ) 86 (2,789 ) Income (loss) before provision for income taxes 7,053 5,384 1,550 (728 ) 13,259 Rental equipment acquisitions 7,782 12,021 749 — 20,552 Accounts receivable, net (period end) 53,779 18,603 15,814 4,356 92,552 Rental equipment, at cost (period end) 773,597 248,291 309,131 — 1,331,019 Rental equipment, net book value (period end) 545,953 92,561 218,467 — 856,981 Utilization (period end) 2 76.5 % 62.1 % 53.4 % Average utilization 2 76.8 % 62.2 % 52.3 % 2016 Rental revenues $ 31,155 $ 20,928 $ 14,449 $ — $ 66,532 Rental related services revenues 11,205 784 5,602 — 17,591 Sales and other revenues 2,724 6,272 432 148 9,576 Total revenues 45,084 27,984 20,483 148 93,699 Depreciation of rental equipment 5,126 9,388 4,026 — 18,540 Gross profit 20,653 11,016 8,942 44 40,655 Selling and administrative expenses 12,462 5,797 7,262 876 26,397 Income (loss) from operations 8,191 5,219 1,680 (832 ) 14,258 Interest (expense) income allocation (1,947 ) (730 ) (934 ) 55 (3,556 ) Income (loss) before provision for income taxes 6,244 4,640 746 (777 ) 10,853 Rental equipment acquisitions 11,579 7,729 (18 ) — 19,290 Accounts receivable, net (period end) 50,915 21,393 15,386 4,189 91,883 Rental equipment, at cost (period end) 747,475 260,324 309,823 — 1,317,622 Rental equipment, net book value (period end) 535,308 98,291 233,616 — 867,215 Utilization (period end) 2 75.4 % 59.9 % 51.0 % Average utilization 2 76.1 % 59.6 % 50.3 % 1. Gross Enviroplex sales revenues were $759 and $148 for the three months ended March 31, 2017 and 2016, respectively. There were no inter-segment sales to Mobile Modular in those periods requiring elimination 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 accessory equipment and for Mobile Modular and Adler Tanks excluding new equipment inventory. 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 for the three months ended March 31, 2017 and 2016. Revenues from foreign country customers accounted for 5% of the Company’s total revenues for the same periods.

Recent Accounting Pronounceme12

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. The objective of this guidance is to establish the principles for reporting useful information to users of financial statements about the nature, timing and uncertainty of revenue from contracts with customers. The FASB has continued to issue ASUs to clarify and provide implementation guidance related to Revenue from Contracts with Customers, including ASU 2016-08, Revenue from Contract with Customers: Principal versus Agent Considerations, ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing, ASU 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients and ASU 2016-20, Revenue from Contracts with Customers: Technical Correction and Improvements. These amendments address a number of areas, including the entity’s identification of its performance obligations in a contract, collectability, non-cash consideration, presentation of sales tax and an entity’s evaluation of the nature of its promise to grant a license of intellectual property and whether or not that revenue is recognized over time or at a point in time. In February 2016, the FASB issued ASU No. 2016-02, Leases (Subtopic 842-10). Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: a) lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and During the first quarter 2017, the Company adopted ASU No. 2016-09 Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). As a result of the adoption, the Company recognized $18,000 of excess tax benefits related to share-based payments as a reduction to the provision for income taxes for the three months ended March 31, 2017. These tax benefits, or shortfalls, were historically recorded in equity. In addition, cash flows related to excess tax benefits, or shortfalls, are now classified as an operating activity with the prior period adjusted accordingly. Cash paid on employees’ behalf related to shares withheld for tax purposes is classified as a financing activity, consistent with prior year’s presentation. Retrospective application of the cash flow presentation requirements resulted in decreases to both net cash provided by operations and net cash used in financing activities of $111,000 for the three months ended March 31, 2016. The Company’s compensation expense for each period continues to reflect forfeitures as they occur, rather than based upon estimated expected forfeitures.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Weighted-Average Number of Shares of Common Stock Used to Calculate Basic and Diluted Earnings Per Share	The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share: Three Months Ended March 31, (in thousands) 2017 2016 Weighted-average number of shares of common stock for calculating basic earnings per share 23,950 23,862 Effect of potentially dilutive securities from equity-based compensation 282 49 Weighted-average number of shares of common stock for calculating diluted earnings per share 24,232 23,911
Securities Not Included in 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: Three Months Ended March 31, (in thousands) 2017 2016 Options to purchase shares of common stock 7 1,019

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	Intangible assets consist of the following: (dollar amounts in thousands) Estimated useful life (In years) March 2017 December 31, 2016 Trade name Indefinite $ 5,700 $ 5,700 Customer relationships 11 9,611 9,611 15,311 15,311 Less accumulated amortization (6,934 ) (6,716 ) $ 8,377 $ 8,595

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Summarized Financial Information for Company's Reportable Segments	Summarized financial information for the three months ended March 31, 2017 and 2016 for the Company’s reportable segments is shown in the following table: (dollar amounts in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex 1 Consolidated Three Months Ended March 31, 2017 Rental revenues $ 33,654 $ 19,746 $ 14,578 $ — $ 67,978 Rental related services revenues 11,588 658 5,689 — 17,935 Sales and other revenues 3,061 4,910 194 759 8,924 Total revenues 48,303 25,314 20,461 759 94,837 Depreciation of rental equipment 5,333 8,091 3,955 — 17,379 Gross profit 22,444 11,393 9,555 278 43,670 Selling and administrative expenses 13,800 5,689 7,267 1,092 27,848 Income (loss) from operations 8,644 5,704 2,288 (814 ) 15,822 Interest (expense) income allocation (1,591 ) (546 ) (738 ) 86 (2,789 ) Income (loss) before provision for income taxes 7,053 5,384 1,550 (728 ) 13,259 Rental equipment acquisitions 7,782 12,021 749 — 20,552 Accounts receivable, net (period end) 53,779 18,603 15,814 4,356 92,552 Rental equipment, at cost (period end) 773,597 248,291 309,131 — 1,331,019 Rental equipment, net book value (period end) 545,953 92,561 218,467 — 856,981 Utilization (period end) 2 76.5 % 62.1 % 53.4 % Average utilization 2 76.8 % 62.2 % 52.3 % 2016 Rental revenues $ 31,155 $ 20,928 $ 14,449 $ — $ 66,532 Rental related services revenues 11,205 784 5,602 — 17,591 Sales and other revenues 2,724 6,272 432 148 9,576 Total revenues 45,084 27,984 20,483 148 93,699 Depreciation of rental equipment 5,126 9,388 4,026 — 18,540 Gross profit 20,653 11,016 8,942 44 40,655 Selling and administrative expenses 12,462 5,797 7,262 876 26,397 Income (loss) from operations 8,191 5,219 1,680 (832 ) 14,258 Interest (expense) income allocation (1,947 ) (730 ) (934 ) 55 (3,556 ) Income (loss) before provision for income taxes 6,244 4,640 746 (777 ) 10,853 Rental equipment acquisitions 11,579 7,729 (18 ) — 19,290 Accounts receivable, net (period end) 50,915 21,393 15,386 4,189 91,883 Rental equipment, at cost (period end) 747,475 260,324 309,823 — 1,317,622 Rental equipment, net book value (period end) 535,308 98,291 233,616 — 867,215 Utilization (period end) 2 75.4 % 59.9 % 51.0 % Average utilization 2 76.1 % 59.6 % 50.3 % 1. Gross Enviroplex sales revenues were $759 and $148 for the three months ended March 31, 2017 and 2016, respectively. There were no inter-segment sales to Mobile Modular in those periods requiring elimination 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 accessory equipment and for Mobile Modular and Adler Tanks excluding new equipment inventory. The Average Utilization for the period is calculated using the average costs of rental equipment .

Recent Accounting Pronounceme16

Recent Accounting Pronouncements - Additional Information (Detail) - ASU 2016-09 [Member] - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Excess tax benefits related to share-based payments, reduction to provision for income taxes	$ 18,000
Decreases to both net cash provided by operations and net cash used in financing activities		$ 111,000

Earnings Per Share - Weighted-A

Earnings Per Share - Weighted-Average Number of Shares of Common Stock Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Weighted-average number of shares of common stock for calculating basic earnings per share	23,950	23,862
Effect of potentially dilutive securities from equity-based compensation	282	49
Weighted-average number of shares of common stock for calculating diluted earnings per share	24,232	23,911

Earnings Per Share - Securities

Earnings Per Share - Securities Not Included in Computation of Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Options to purchase shares of common stock	7	1,019

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Trade name	$ 5,700	$ 5,700
Customer relationships	9,611	9,611
Intangible Assets, gross	15,311	15,311
Less accumulated amortization	(6,934)	(6,716)
Intangible Assets, net	$ 8,377	$ 8,595
Estimated useful life (In years), Customer relationships	11 years

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment charge		$ 0
Subsequent impairment of the underlying assets	$ 0
Expected amortization expense for the remainder of 2017	700,000
Expected amortization expense for 2018	900,000
Expected amortization expense for 2019	900,000
Expected amortization expense for 2020	$ 200,000

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) - Segment	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Number of reportable segments	4
Customer Concentration Risk [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Revenues from customers	10.00%	10.00%
Geographic Concentration Risk [Member] | Sales [Member] | Foreign Country Customers [Member]
Segment Reporting Information [Line Items]
Revenues from customers	5.00%	5.00%

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Rental revenues		$ 67,978	$ 66,532
Rental related services revenues		17,935	17,591
Sales and other revenues		8,924	9,576
Total revenues		94,837	93,699
Depreciation of rental equipment		17,379	18,540
Gross profit		43,670	40,655
Selling and administrative expenses		27,848	26,397
Income (loss) from operations		15,822	14,258
Interest (expense) income allocation		(2,789)	(3,556)
Income (loss) before provision for income taxes		13,259	10,853
Rental equipment acquisitions		20,552	19,290
Accounts receivable, net (period end)		92,552	91,883	$ 96,877
Rental equipment, at cost (period end)		1,331,019	1,317,622	1,324,057
Rental equipment, net book value (period end)		856,981	867,215	$ 856,371
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Rental revenues		33,654	31,155
Rental related services revenues		11,588	11,205
Sales and other revenues		3,061	2,724
Total revenues		48,303	45,084
Depreciation of rental equipment		5,333	5,126
Gross profit		22,444	20,653
Selling and administrative expenses		13,800	12,462
Income (loss) from operations		8,644	8,191
Interest (expense) income allocation		(1,591)	(1,947)
Income (loss) before provision for income taxes		7,053	6,244
Rental equipment acquisitions		7,782	11,579
Accounts receivable, net (period end)		53,779	50,915
Rental equipment, at cost (period end)		773,597	747,475
Rental equipment, net book value (period end)		$ 545,953	$ 535,308
Utilization (period end)	[1]	76.50%	75.40%
Average utilization	[1]	76.80%	76.10%
TRS-RenTelco [Member]
Segment Reporting Information [Line Items]
Rental revenues		$ 19,746	$ 20,928
Rental related services revenues		658	784
Sales and other revenues		4,910	6,272
Total revenues		25,314	27,984
Depreciation of rental equipment		8,091	9,388
Gross profit		11,393	11,016
Selling and administrative expenses		5,689	5,797
Income (loss) from operations		5,704	5,219
Interest (expense) income allocation		(546)	(730)
Income (loss) before provision for income taxes		5,384	4,640
Rental equipment acquisitions		12,021	7,729
Accounts receivable, net (period end)		18,603	21,393
Rental equipment, at cost (period end)		248,291	260,324
Rental equipment, net book value (period end)		$ 92,561	$ 98,291
Utilization (period end)	[1]	62.10%	59.90%
Average utilization	[1]	62.20%	59.60%
Adler Tanks [Member]
Segment Reporting Information [Line Items]
Rental revenues		$ 14,578	$ 14,449
Rental related services revenues		5,689	5,602
Sales and other revenues		194	432
Total revenues		20,461	20,483
Depreciation of rental equipment		3,955	4,026
Gross profit		9,555	8,942
Selling and administrative expenses		7,267	7,262
Income (loss) from operations		2,288	1,680
Interest (expense) income allocation		(738)	(934)
Income (loss) before provision for income taxes		1,550	746
Rental equipment acquisitions		749	(18)
Accounts receivable, net (period end)		15,814	15,386
Rental equipment, at cost (period end)		309,131	309,823
Rental equipment, net book value (period end)		$ 218,467	$ 233,616
Utilization (period end)	[1]	53.40%	51.00%
Average utilization	[1]	52.30%	50.30%
Enviroplex [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	[2]	$ 759	$ 148
Total revenues	[2]	759	148
Gross profit	[2]	278	44
Selling and administrative expenses	[2]	1,092	876
Income (loss) from operations	[2]	(814)	(832)
Interest (expense) income allocation	[2]	86	55
Income (loss) before provision for income taxes	[2]	(728)	(777)
Accounts receivable, net (period end)	[2]	$ 4,356	$ 4,189
[1]	Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment excluding accessory equipment and for Mobile Modular and Adler Tanks excluding new equipment inventory. The Average Utilization for the period is calculated using the average costs of rental equipment.
[2]	Gross Enviroplex sales revenues were $759 and $148 for the three months ended March 31, 2017 and 2016, respectively. There were no inter-segment sales to Mobile Modular in those periods requiring elimination in consolidation.

Segment Reporting - Summarize23

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) - USD ($)		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Revenues		$ 94,837,000	$ 93,699,000
Enviroplex [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	759,000	148,000
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Revenues		48,303,000	45,084,000
Operating Segments [Member] | Enviroplex [Member]
Segment Reporting Information [Line Items]
Revenues		759,000	148,000
Inter-segment Eliminations [Member] | Mobile Modular [Member]
Segment Reporting Information [Line Items]
Sales revenues		$ 0	$ 0
[1]	Gross Enviroplex sales revenues were $759 and $148 for the three months ended March 31, 2017 and 2016, respectively. There were no inter-segment sales to Mobile Modular in those periods requiring elimination in consolidation.