McGrath RentCorp (MGRC) 10-Q 29 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 28, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	MGRC
Security Exchange Name	NASDAQ
Entity Registrant Name	MCGRATH RENTCORP
Entity Central Index Key	0000752714
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock
Entity File Number	0-13292
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	94-2579843
Entity Address, Address Line One	5700 Las Positas Road
Entity Address, City or Town	Livermore
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94551-7800
City Area Code	925
Local Phone Number	606-9200
Entity Common Stock, Shares Outstanding		24,284,912
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Rental	$ 90,857	$ 82,155	$ 261,658	$ 233,683
Rental related services	30,816	23,880	76,738	60,797
Rental operations	121,673	106,035	338,396	294,480
Revenues			84,613	70,735
Total revenues	173,562	143,147	423,009	365,215
Direct costs of rental operations:
Depreciation of rental equipment	20,535	18,407	59,222	54,287
Rental related services	23,007	18,618	57,507	47,404
Other	19,654	17,674	61,128	52,696
Total direct costs of rental operations	63,196	54,699	177,857	154,387
Costs of sales	32,084	24,398	49,984	42,680
Total costs of revenues	95,280	79,097	227,841	197,067
Gross profit	78,282	64,050	195,168	168,148
Selling and administrative expenses	31,534	28,226	92,044	85,833
Income from operations	46,748	35,824	103,124	82,315
Other income (expense):
Interest expense	(3,161)	(3,142)	(9,407)	(9,133)
Foreign currency exchange loss	(132)	(129)	(46)	(505)
Income before provision for income taxes	43,455	32,553	93,671	72,677
Provision for income taxes	10,987	7,774	23,266	17,520
Net income	$ 32,468	$ 24,779	$ 70,405	$ 55,157
Earnings per share:
Basic	$ 1.34	$ 1.03	$ 2.90	$ 2.29
Diluted	$ 1.32	$ 1.01	$ 2.86	$ 2.25
Shares used in per share calculation:
Basic	24,268	24,172	24,237	24,128
Diluted	24,632	24,563	24,592	24,550
Cash dividends declared per share	$ 0.375	$ 0.340	$ 1.125	$ 1.020
Sales [Member]
Revenues
Revenues	$ 50,855	$ 36,085	$ 81,387	$ 67,722
Other [Member]
Revenues
Revenues	$ 1,034	$ 1,027	$ 3,226	$ 3,013

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 32,468	$ 24,779	$ 70,405	$ 55,157
Other comprehensive income (loss):
Foreign currency translation adjustment	82	82	42	222
Tax provision	(20)	(15)	(12)	(54)
Comprehensive income	$ 32,530	$ 24,846	$ 70,435	$ 55,325

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Cash	$ 2,290	$ 1,508
Accounts receivable, net of allowance for doubtful accounts of $1,883 in 2019 and 2018	138,114	121,016
Rental equipment, at cost:
Relocatable modular buildings	865,254	817,375
Electronic test equipment	321,677	285,052
Liquid and solid containment tanks and boxes	315,838	313,573
Rental equipment, gross	1,502,769	1,416,000
Less accumulated depreciation	(544,159)	(514,985)
Rental equipment, net	958,610	901,015
Property, plant and equipment, net	127,977	126,899
Prepaid expenses and other assets	43,553	31,816
Intangible assets, net	7,554	7,254
Goodwill	28,125	27,808
Total assets	1,306,223	1,217,316
Liabilities:
Notes payable	301,469	298,564
Accounts payable and accrued liabilities	111,320	90,844
Deferred income	60,775	49,709
Deferred income taxes, net	215,944	206,664
Total liabilities	689,508	645,781
Shareholders’ equity:
Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,285 shares as of September 30, 2019 and 24,182 shares as of December 31, 2018	106,033	103,801
Retained earnings	510,702	467,783
Accumulated other comprehensive loss	(20)	(49)
Total shareholders’ equity	616,715	571,535
Total liabilities and shareholders’ equity	$ 1,306,223	$ 1,217,316

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,883	$ 1,883
Common stock, par value
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,285,000	24,182,000
Common Stock, shares outstanding	24,285,000	24,182,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2017	$ 524,184	$ 102,947	$ 421,405	$ (168)
Balance, Shares at Dec. 31, 2017		24,052,000
Net income	14,466		14,466
Share-based compensation	864	$ 864
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		50,000
Taxes paid related to net share settlement of stock awards	(971)	$ (971)
Dividends accrued of $0.375, $0.375, $0.375, $0.34, $0.34, and $0.34 per share for three months ended March 31, 2019, June 30, 2019, September 30, 2019 and three months ended March 31 2018, June 30, 2018, September 30, 2018	(8,237)		(8,237)
Other comprehensive income (loss)	(22)			(22)
Balance at Mar. 31, 2018	530,284	$ 102,840	427,634	(190)
Balance, Shares at Mar. 31, 2018		24,102,000
Balance at Dec. 31, 2017	524,184	$ 102,947	421,405	(168)
Balance, Shares at Dec. 31, 2017		24,052,000
Net income	55,157
Balance at Sep. 30, 2018	554,547	$ 102,753	451,794
Balance, Shares at Sep. 30, 2018		24,176,000
Balance at Mar. 31, 2018	530,284	$ 102,840	427,634	(190)
Balance, Shares at Mar. 31, 2018		24,102,000
Net income	15,912		15,912
Share-based compensation	964	$ 964
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		68,000
Taxes paid related to net share settlement of stock awards	(1,821)	$ (1,821)
Dividends accrued of $0.375, $0.375, $0.375, $0.34, $0.34, and $0.34 per share for three months ended March 31, 2019, June 30, 2019, September 30, 2019 and three months ended March 31 2018, June 30, 2018, September 30, 2018	(8,267)		(8,267)
Other comprehensive income (loss)	123			123
Balance at Jun. 30, 2018	537,195	$ 101,983	435,279	(67)
Balance, Shares at Jun. 30, 2018		24,170,000
Net income	24,779		24,779
Share-based compensation	982	$ 982
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		6,000
Taxes paid related to net share settlement of stock awards	(212)	$ (212)
Dividends accrued of $0.375, $0.375, $0.375, $0.34, $0.34, and $0.34 per share for three months ended March 31, 2019, June 30, 2019, September 30, 2019 and three months ended March 31 2018, June 30, 2018, September 30, 2018	(8,264)		(8,264)
Other comprehensive income (loss)	67			67
Balance at Sep. 30, 2018	554,547	$ 102,753	451,794
Balance, Shares at Sep. 30, 2018		24,176,000
Balance at Dec. 31, 2018	$ 571,535	$ 103,801	467,783	(49)
Balance, Shares at Dec. 31, 2018	24,182,000	24,182,000
Net income	$ 18,449		18,449
Share-based compensation	1,392	$ 1,392
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		40,000
Taxes paid related to net share settlement of stock awards	(1,555)	$ (1,555)
Dividends accrued of $0.375, $0.375, $0.375, $0.34, $0.34, and $0.34 per share for three months ended March 31, 2019, June 30, 2019, September 30, 2019 and three months ended March 31 2018, June 30, 2018, September 30, 2018	(9,151)		(9,151)
Other comprehensive income (loss)	(27)			(27)
Balance at Mar. 31, 2019	580,643	$ 103,638	477,081	(76)
Balance, Shares at Mar. 31, 2019		24,222,000
Balance at Dec. 31, 2018	$ 571,535	$ 103,801	467,783	(49)
Balance, Shares at Dec. 31, 2018	24,182,000	24,182,000
Net income	$ 70,405
Balance at Sep. 30, 2019	$ 616,715	$ 106,033	510,702	(20)
Balance, Shares at Sep. 30, 2019	24,285,000	24,285,000
Balance at Mar. 31, 2019	$ 580,643	$ 103,638	477,081	(76)
Balance, Shares at Mar. 31, 2019		24,222,000
Net income	19,488		19,488
Share-based compensation	1,354	$ 1,354
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		31,000
Taxes paid related to net share settlement of stock awards	(8)	$ (8)
Dividends accrued of $0.375, $0.375, $0.375, $0.34, $0.34, and $0.34 per share for three months ended March 31, 2019, June 30, 2019, September 30, 2019 and three months ended March 31 2018, June 30, 2018, September 30, 2018	(9,162)		(9,162)
Other comprehensive income (loss)	(6)			(6)
Balance at Jun. 30, 2019	592,309	$ 104,984	487,407	(82)
Balance, Shares at Jun. 30, 2019		24,253,000
Net income	32,468		32,468
Share-based compensation	1,350	$ 1,350
Common stock issued under stock Plans, net of shares withheld for employee taxes, Shares		32,000
Taxes paid related to net share settlement of stock awards	(301)	$ (301)
Dividends accrued of $0.375, $0.375, $0.375, $0.34, $0.34, and $0.34 per share for three months ended March 31, 2019, June 30, 2019, September 30, 2019 and three months ended March 31 2018, June 30, 2018, September 30, 2018	(9,173)		(9,173)
Other comprehensive income (loss)	62			62
Balance at Sep. 30, 2019	$ 616,715	$ 106,033	$ 510,702	$ (20)
Balance, Shares at Sep. 30, 2019	24,285,000	24,285,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Cash dividends declared per share	$ 0.375			$ 0.340
Retained Earnings [Member]
Cash dividends declared per share	$ 0.375	$ 0.375	$ 0.375	$ 0.34	$ 0.34	$ 0.34

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities:
Net income	$ 70,405	$ 55,157
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	65,960	60,896
Impairment of rental assets		39
Provision for doubtful accounts	655	297
Share-based compensation	4,096	2,810
Gain on sale of used rental equipment	(15,168)	(15,044)
Foreign currency exchange loss	46	505
Amortization of debt issuance costs	8	18
Change in:
Accounts receivable	(16,929)	(9,514)
Prepaid expenses and other assets	(11,734)	(10,195)
Accounts payable and accrued liabilities	19,304	148
Deferred income	10,946	8,741
Deferred income taxes	9,280	2,982
Net cash provided by operating activities	136,869	96,840
Cash Flows from Investing Activities:
Purchases of rental equipment	(127,243)	(84,658)
Purchases of property, plant and equipment	(6,845)	(12,521)
Cash paid for acquisition of business assets	(7,401)	(7,543)
Proceeds from sales of used rental equipment	30,844	30,067
Net cash used in investing activities	(110,645)	(74,655)
Cash Flows from Financing Activities:
Net borrowings under bank lines of credit	2,897	25,575
Principal payments on Series A senior notes		(20,000)
Taxes paid related to net share settlement of stock awards	(1,864)	(3,004)
Payment of dividends	(26,432)	(22,719)
Net cash used in financing activities	(25,399)	(20,148)
Effect of foreign currency exchange rate changes on cash	(43)	(139)
Net increase in cash	782	1,898
Cash balance, beginning of period	1,508	2,501
Cash balance, end of period	2,290	4,399
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	9,359	9,193
Net income taxes paid, during the period	10,030	16,055
Dividends accrued during the period, not yet paid	9,241	8,349
Rental equipment acquisitions, not yet paid	$ 9,450	$ 9,643

Condensed Consolidated Financia

Condensed Consolidated Financial Information	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Condensed Consolidated Financial Information	NOTE 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION The condensed consolidated financial statements for the three and nine months ended September 30, 2019 and 2018 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 nine months ended September 30, 2019 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 26, 2019 for the year ended December 31, 2018 (the “2018 Annual Report”).

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
New Accounting Pronouncements	NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326), requiring companies to present assets held at amortized cost and available for sale debt securities net of the amount expected to be collected. This new guidance requires the measurement of expected credit losses to be based on relevant information from past events, including historical experiences, current conditions and reasonable and supportable forecasts that affect collectability. This guidance does not apply to receivables arising from operating leases and will be effective for fiscal years and interim periods beginning after December 15, 2019. The Company is evaluating the impact of this guidance on its consolidated financial statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenue Recognition	NOTE 3. REVENUE RECOGNITION The Company’s accounting for revenues is governed by two accounting standards. The majority of the Company’s revenues are considered lease or lease related and are accounted for in accordance with Topic 842, Leases. Revenues determined to be non-lease related are accounted for in accordance with ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The Company accounts for revenues when approval and commitment from both parties have been obtained, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company typically recognizes non-lease related revenues at a point in time because the customer does not simultaneously consume the benefits of the Company’s promised goods and services, or performance obligations, and obtains control when delivery and installation are complete. For contracts that have multiple performance obligations, the transaction price is allocated to each performance obligation in the contract based on the Company’s best estimate of the standalone selling prices of each distinct performance obligation in the contract. The standalone selling price is typically determined based upon the expected cost plus an estimated margin of each performance obligation. The Company generally rents and sells to customers on 30 day payment terms. The Company does not typically offer variable payment terms, or accept non-monetary consideration. Amounts billed and due from the Company’s customers are classified as Accounts receivable on the Company’s consolidated balance sheet. For certain sales of modular buildings, progress payments from the customer are received during the manufacturing of new equipment, or the preparation of used equipment. The advance payments are not considered a significant financing component because the payments are used to meet working capital needs during the contract and to protect the Company from the customer failing to adequately complete their obligations under the contract. These contract liabilities are included in Deferred income on the Company’s consolidated balance sheet and totaled $18.6 million and $15.7 million at September 30, 2019 and December 31, 2018, respectively. Sales revenues totaling $5.8 million and $9.8 million were recognized during the three and nine months ended September 30, 2019, respectively, which were included in the contract liability balance at December 31, 2018. For certain modular building sales, the customer retains a small portion of the contract price until full completion of the contract, which results in revenue earned in excess of billings. These unbilled contract assets are included in Accounts receivable on the Company’s consolidated balance sheet and totaled $3.5 million and $1.4 million at September 30, 2019 and December 31, 2018, respectively. Lease Revenues Rental revenues from operating leases are recognized on a straight-line basis over the term of the lease for all operating segments. Rental billings for periods extending beyond period end are recorded as deferred income and are recognized in the period earned. Rental related services revenues are primarily associated with relocatable modular buildings and liquid and solid containment tanks and boxes leases. For modular building leases, rental related services revenues for modifications, delivery, installation, dismantle and return delivery are lease related because the payments are considered minimum lease payments that are an integral part of the negotiated lease agreement with the customer. These revenues are recognized on a straight-line basis over the term of the lease. Certain leases are accounted for as finance leases. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. Other revenues include interest income on finance leases and rental income on facility leases. Non-Lease Revenues Non-lease revenues are recognized in the period when control of the performance obligation is transferred, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. For liquid and solid containment solutions, portable storage containers and electronic test equipment, rental related services revenues for delivery and return delivery are considered non-lease revenues. Sales revenues are typically recognized at a point in time, which occurs upon the completion of delivery, installation and acceptance of the equipment by the customer. Accounting for non-lease revenues requires judgment in determining the point in time the customer gains control of the equipment and the appropriate accounting period to recognize revenue. Sales taxes charged to customers are reported on a net basis and are excluded from revenues and expenses. The following table disaggregates the Company’s revenues by lease (within the scope of Topic 842) and non-lease revenues (within the scope of Topic 606) and the underlying service provided for the three and nine months ended September 30, 2019 and 2018: (in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex Consolidated Three Months Ended September 30, 2019 Leasing $ 61,519 $ 28,284 $ 17,412 $ — $ 107,215 Non-lease: Rental related services 8,105 717 7,217 — 16,039 Sales 16,676 4,614 140 28,361 49,791 Other 2 475 40 — 517 Total non-lease 24,783 5,806 7,397 28,361 66,347 Total revenues $ 86,302 $ 34,090 $ 24,809 $ 28,361 $ 173,562 2018 Leasing $ 52,036 $ 23,206 $ 18,942 $ — $ 94,184 Non-lease: Rental related services 5,697 642 6,781 — 13,120 Sales 17,140 3,828 294 14,102 35,364 Other 18 461 — — 479 Total non-lease 22,855 4,931 7,075 14,102 48,963 Total revenues $ 74,891 $ 28,137 $ 26,017 $ 14,102 $ 143,147 Nine Months Ended September 30, 2019 Leasing $ 171,995 $ 79,450 $ 52,709 $ — $ 304,154 Non-lease: Rental related services 15,651 1,958 20,760 — 38,369 Sales 31,401 14,235 1,003 32,238 78,877 Other 69 1,433 107 — 1,609 Total non-lease 47,121 17,626 21,870 32,238 118,855 Total revenues $ 219,116 $ 97,076 $ 74,579 $ 32,238 $ 423,009 2018 Leasing $ 146,672 $ 69,183 $ 51,889 $ — $ 267,744 Non-lease: Rental related services 11,226 1,816 17,674 — 30,716 Sales 30,694 14,179 629 19,831 65,333 Other 21 1,349 52 — 1,422 Total non-lease 41,941 17,344 18,355 19,831 97,471 Total revenues $ 188,613 $ 86,527 $ 70,244 $ 19,831 $ 365,215 Customer returns of rental equipment prior to the end of the rental contract term are typically billed a cancellation fee, which is recorded as rental revenue in the period billed. Sales of new relocatable modular buildings, portable storage containers, electronic test equipment and related accessories and liquid and solid containment tanks and boxes not manufactured by the Company are typically covered by warranties provided by the manufacturer of the products sold. The Company typically provides limited 90-day warranties for certain sales of used rental equipment and one-year warranties on equipment manufactured by Enviroplex. Although the Company’s policy is to provide reserves for warranties when required for specific circumstances, the Company has not found it necessary to establish such reserves to date as warranty costs have not been significant. The Company’s incremental cost of obtaining lease contracts, which consists of salesperson commissions, are deferred and amortized over the initial lease term for modular leases. Incremental costs for obtaining a contract for all other operating segments are expensed in the period incurred because the lease term is typically less than 12 months.

Implemented Accounting Pronounc

Implemented Accounting Pronouncements	9 Months Ended
	Sep. 30, 2019
Accounting Changes And Error Corrections [Abstract]
Implemented Accounting Pronouncements	NOTE 4. IMPLEMENTED ACCOUNTING PRONOUNCEMENTS Lease Accounting Lessee The Company adopted ASU No. 2016-02, Leases (Subtopic 842-10) effective January 1, 2019. Under the new guidance, lessees are 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 The Company leases real estate for certain of its branch offices and rental equipment storage yards, vehicles and equipment used in its rental operations. The Company determines if an arrangement is a lease at inception. The Company has leases with lease and non-lease components, which are accounted for separately. ROU assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred, which are not material. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company uses the interest rate stated in the lease as the discount rate. If the interest rate is not stated, the Company uses its incremental borrowing rate based on information available on lease commencement date in determining the present value of lease payments. Many of the Company’s real estate lease agreements include options to extend the lease, which are not included in the minimum lease terms unless they are reasonably certain to be exercised. These leases include one or more options to renew, with renewal terms that may extend the lease term from one to three years. The amount of payments associated with such options is not material. Short-term leases are leases having a term of twelve months or less and exclude leases with a lease term of one month or less. The Company recognizes short-term leases on a straight-line basis and does not record a related ROU asset or liability for such leases. The adoption of the new guidance resulted in the recording of $10.3 million of ROU assets and operating lease liabilities, which are included in Prepaid expenses and other assets and Accounts payable and accrued liabilities on the Company’s Condensed Consolidated Balance Sheet as of September 30, 2019. During the three and nine months ended September 30, 2019, operating lease expense was $1.0 million and $2.8 million, respectively, which includes short term lease expense of $0.1 million and $0.2 million for the three and nine months ended September 30, 2019, respectively. At September 30, 2019, the weighted-average remaining lease term for operating leases was 4.0 years and the weighted average discount rate was 4.46%. The Company had no sub-lease income during the three and nine months ended September 30, 2019, and did not have any finance leases as of September 30, 2019. Supplemental cash flow information related to leases was as follows: (in thousands) Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,652 Right of use assets obtained in exchange for lease obligations: Operating leases $ 2,393 As of September 30, 2019, maturities of operating lease liabilities were as follows: (in thousands) Year ended December 31, 2019 $ 896 2020 3,195 2021 2,630 2022 1,867 2023 1,383 Thereafter 1,208 Total lease payments 11,179 Less imputed interest (917 ) $ 10,262 Lessor As a lessor, the Company’s recognition of lease revenue remained consistent with previous guidance. As a result, the adoption of the lease standard did not have an impact on the Company’s current and previously reported results in the Company’s Condensed Consolidated Statements of Income. The Company’s equipment rentals for each of its operating segments are governed by agreements that detail the lease terms and conditions. The determination of whether these contracts with customers contain a lease generally does not require significant judgement. The Company accounts for these rentals as operating leases. These leases do not include material amounts of variable payments and the Company has made the accounting policy election to exclude all taxes assessed by a governmental authority. The Company generally does not provide an option for the lessee to purchase the rented equipment at the end of the lease term, thus, does not generate material revenue from sales of equipment under such options. Initial lease terms vary in length based upon customer needs and generally range from one to sixty months. Customers have the option to keep equipment on rent beyond the initial lease term on a month-to month basis based upon their needs. All of the Company’s rental products have long useful lives relative to the typical rental term with the original investment typically recovered in approximately three to five years. The rental products are typically rented for a majority of the time owned and a significant portion of the original investment is recovered when sold from inventory. The Company’s lease agreements do not contain residual value guarantees or restrictive covenants. As of September 30, 2019, maturities of operating lease payments to be received in 2019 and thereafter were as follows: (in thousands) Year Ended December 31, 2019 $ 35,911 2020 73,282 2021 25,719 2022 7,124 2023 1,861 Thereafter 767 $ 144,664 In the three and nine months ended September 30, 2019, the Company’s lease revenues were $107.2 million and $304.2 million, respectively, consisting of $106.0 million and $301.4 million, respectively, of operating lease revenues and $1.2 million and $2.8 million, respectively, of finance lease revenues. The Company has entered into finance leases to finance certain equipment sales to customers. The lease agreements have a bargain purchase option at the end of the lease term. For these leases, sales revenue and the related accounts receivable are recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis, which results in a constant rate of return on the unrecovered lease investment. For the nine months ended September 30, 2019, the Company’s finance lease revenues include $2.6 million of sales revenues and $0.2 million of interest income. The minimum lease payments receivable and the net investment are included in Accounts receivable on the Company’s Consolidated Balance Sheet for such leases, which were as follows: (in thousands) September 30, 2019 Gross minimum lease payments receivable $ 3,805 Less – unearned interest (352 ) Net investment in finance lease receivables $ 3,453 As of September 30, 2019, the future minimum lease payments under non-cancelable finance leases to be received in 2019 and thereafter were as follows: (in thousands) Year Ended December 31, 2019 $ 1,039 2020 1,913 2021 607 2022 187 2023 50 Thereafter 9 Total minimum future lease payments $ 3,805

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 5. 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 September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Weighted-average number of shares of common stock for calculating basic earnings per share 24,268 24,172 24,237 24,128 Effect of potentially dilutive securities from equity-based compensation 364 391 355 422 Weighted-average number of shares of common stock for calculating diluted earnings per share 24,632 24,563 24,592 24,550 There were no anti-dilutive securities excluded from the computation of diluted earnings per share in the three and nine months ended September 30, 2019 and 2018.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	NOTE 6. INTANGIBLE ASSETS Intangible assets consist of the following: (dollar amounts in thousands) Estimated useful life in years September 30, 2019 December 31, 2018 Trade name Indefinite $ 5,871 $ 5,871 Customer relationships 11 10,644 9,849 Non-compete agreements 5 194 — 16,709 15,720 Less accumulated amortization (9,155 ) (8,466 ) $ 7,554 $ 7,254 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 asset’s carrying amount, an impairment loss would be charged to expense in the period identified. The amount of an impairment loss that would be recognized is the excess of the asset’s carrying value over its fair value. Factors the Company considers important, which may cause impairment include, among others, significant changes in the manner of use of the acquired asset, negative industry or economic trends, and significant underperformance relative to historical or projected operating results. The Company 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, 2018. 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 September 30, 2019 and assuming no subsequent impairment of the underlying assets, the amortization expense is expected to be $0.1 million for the remainder of fiscal year 2019, and $0.1 million in 2020 through 2025.

Acquisition

Acquisition	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Acquisition	NOTE 7. ACQUISITION On August 15, 2019, the Company completed the purchase of the container rental business of ATP Containers LLC, dba TuffBox Container (“TuffBox”) for $7.8 million. The Company accounted for this transaction as a business combination and the initial assessment the fair value of the purchased assets was allocated primarily to rental equipment totaling $5.5 million and intangible assets totaling $1.3 million, which included $0.3 million preliminarily allocated to goodwill. The goodwill represents the future economic benefits to be derived from the geographic market expansion of the Company’s portable storage division. The goodwill was recorded in the Mobile Modular segment and is fully deductible for income tax purposes. At September 30, 2019, $0.4 million related to the purchase price was included in accounts payable and accrued liabilities. The TuffBox operating results are included in the Mobile Modular segment results since the date of acquisition. Supplemental pro forma prior year information has not been provided as the historical financial results of TuffBox were not significant. Incremental transaction costs associated with the acquisition were not significant.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Reporting	NOTE 8. 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 2018 Annual Report. 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 nine months ended September 30, 2019 and 2018 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 Nine Months Ended September 30, 2019 Rental revenues $ 133,736 $ 76,050 $ 51,872 $ — $ 261,658 Rental related services revenues 52,946 2,425 21,367 — 76,738 Sales and other revenues 32,434 18,601 1,340 32,238 84,613 Total revenues 219,116 97,076 74,579 32,238 423,009 Depreciation of rental equipment 16,449 30,533 12,240 — 59,222 Gross profit 102,029 44,673 36,380 12,086 195,168 Selling and administrative expenses 48,013 18,101 22,054 3,876 92,044 Income from operations 54,016 26,572 14,326 8,210 103,124 Interest (expense) income allocation (5,948 ) (1,662 ) (2,598 ) 801 (9,407 ) Income before provision for income taxes 48,068 24,864 11,728 9,011 93,671 Rental equipment acquisitions 62,084 66,525 3,884 — 132,493 Accounts receivable, net (period end) 88,893 22,515 19,382 7,324 138,114 Rental equipment, at cost (period end) 865,254 321,677 315,838 — 1,502,769 Rental equipment, net book value (period end) 607,949 162,196 188,465 — 958,610 Utilization (period end) 2 79.5 % 67.1 % 51.0 % Average utilization 2 79.1 % 66.0 % 56.2 % 2018 Rental revenues $ 116,436 $ 65,919 $ 51,328 $ — $ 233,683 Rental related services revenues 40,510 2,287 18,000 — 60,797 Sales and other revenues 31,667 18,321 916 19,831 70,735 Total revenues 188,613 86,527 70,244 19,831 365,215 Depreciation of rental equipment 15,841 26,536 11,910 — 54,287 Gross profit 86,515 40,155 35,031 6,447 168,148 Selling and administrative expenses 43,191 16,780 22,245 3,617 85,833 Income from operations 43,324 23,375 12,786 2,830 82,315 Interest (expense) income allocation (5,256 ) (1,999 ) (2,409 ) 531 (9,133 ) Income before provision for income taxes 38,068 20,871 10,377 3,361 72,677 Rental equipment acquisitions 40,704 51,744 3,187 — 95,635 Accounts receivable, net (period end) 69,419 18,991 19,876 6,803 115,089 Rental equipment, at cost (period end) 801,129 284,647 312,487 — 1,398,263 Rental equipment, net book value (period end) 558,790 129,816 200,001 — 888,607 Utilization (period end) 2 79.2 % 61.5 % 64.0 % Average utilization 2 77.8 % 62.4 % 59.8 % 1. Gross Enviroplex sales revenues were $32,238 and $21,191 for the nine months ended September 30, 2019 and 2018, respectively. There were 1,360 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 nine months ended September 30, 2019 and 2018. Revenues from foreign country customers accounted for 3% and 4% of the Company’s total revenues for the same periods, respectively.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2019
Disaggregation Of Revenue [Abstract]
Summary of Disaggregates the Company's Revenue by Lease and Non Lease	The following table disaggregates the Company’s revenues by lease (within the scope of Topic 842) and non-lease revenues (within the scope of Topic 606) and the underlying service provided for the three and nine months ended September 30, 2019 and 2018: (in thousands) Mobile Modular TRS- RenTelco Adler Tanks Enviroplex Consolidated Three Months Ended September 30, 2019 Leasing $ 61,519 $ 28,284 $ 17,412 $ — $ 107,215 Non-lease: Rental related services 8,105 717 7,217 — 16,039 Sales 16,676 4,614 140 28,361 49,791 Other 2 475 40 — 517 Total non-lease 24,783 5,806 7,397 28,361 66,347 Total revenues $ 86,302 $ 34,090 $ 24,809 $ 28,361 $ 173,562 2018 Leasing $ 52,036 $ 23,206 $ 18,942 $ — $ 94,184 Non-lease: Rental related services 5,697 642 6,781 — 13,120 Sales 17,140 3,828 294 14,102 35,364 Other 18 461 — — 479 Total non-lease 22,855 4,931 7,075 14,102 48,963 Total revenues $ 74,891 $ 28,137 $ 26,017 $ 14,102 $ 143,147 Nine Months Ended September 30, 2019 Leasing $ 171,995 $ 79,450 $ 52,709 $ — $ 304,154 Non-lease: Rental related services 15,651 1,958 20,760 — 38,369 Sales 31,401 14,235 1,003 32,238 78,877 Other 69 1,433 107 — 1,609 Total non-lease 47,121 17,626 21,870 32,238 118,855 Total revenues $ 219,116 $ 97,076 $ 74,579 $ 32,238 $ 423,009 2018 Leasing $ 146,672 $ 69,183 $ 51,889 $ — $ 267,744 Non-lease: Rental related services 11,226 1,816 17,674 — 30,716 Sales 30,694 14,179 629 19,831 65,333 Other 21 1,349 52 — 1,422 Total non-lease 41,941 17,344 18,355 19,831 97,471 Total revenues $ 188,613 $ 86,527 $ 70,244 $ 19,831 $ 365,215

Implemented Accounting Pronou_2

Implemented Accounting Pronouncements (Tables)	9 Months Ended
	Sep. 30, 2019
Accounting Changes And Error Corrections [Abstract]
Summary of Supplemental Cash flow Information Related to Leases	Supplemental cash flow information related to leases was as follows: (in thousands) Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,652 Right of use assets obtained in exchange for lease obligations: Operating leases $ 2,393
Summary of Maturities of Operating Lease Liabilities	As of September 30, 2019, maturities of operating lease liabilities were as follows: (in thousands) Year ended December 31, 2019 $ 896 2020 3,195 2021 2,630 2022 1,867 2023 1,383 Thereafter 1,208 Total lease payments 11,179 Less imputed interest (917 ) $ 10,262
Summary of Maturities of Operating Lease Payments	As of September 30, 2019, maturities of operating lease payments to be received in 2019 and thereafter were as follows: (in thousands) Year Ended December 31, 2019 $ 35,911 2020 73,282 2021 25,719 2022 7,124 2023 1,861 Thereafter 767 $ 144,664
Minimum Lease Payments Receivable and Net Investment Included in Accounts Receivable for Leases	The minimum lease payments receivable and the net investment are included in Accounts receivable on the Company’s Consolidated Balance Sheet for such leases, which were as follows: (in thousands) September 30, 2019 Gross minimum lease payments receivable $ 3,805 Less – unearned interest (352 ) Net investment in finance lease receivables $ 3,453
Future Minimum Lease Payments under Non-Cancelable Finance Leases	As of September 30, 2019, the future minimum lease payments under non-cancelable finance leases to be received in 2019 and thereafter were as follows: (in thousands) Year Ended December 31, 2019 $ 1,039 2020 1,913 2021 607 2022 187 2023 50 Thereafter 9 Total minimum future lease payments $ 3,805

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Weighted-average number of shares of common stock for calculating basic earnings per share 24,268 24,172 24,237 24,128 Effect of potentially dilutive securities from equity-based compensation 364 391 355 422 Weighted-average number of shares of common stock for calculating diluted earnings per share 24,632 24,563 24,592 24,550

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 December 31, 2018 Trade name Indefinite $ 5,871 $ 5,871 Customer relationships 11 10,644 9,849 Non-compete agreements 5 194 — 16,709 15,720 Less accumulated amortization (9,155 ) (8,466 ) $ 7,554 $ 7,254

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Summarized Financial Information for Company's Reportable Segments	Summarized financial information for the nine months ended September 30, 2019 and 2018 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 Nine Months Ended September 30, 2019 Rental revenues $ 133,736 $ 76,050 $ 51,872 $ — $ 261,658 Rental related services revenues 52,946 2,425 21,367 — 76,738 Sales and other revenues 32,434 18,601 1,340 32,238 84,613 Total revenues 219,116 97,076 74,579 32,238 423,009 Depreciation of rental equipment 16,449 30,533 12,240 — 59,222 Gross profit 102,029 44,673 36,380 12,086 195,168 Selling and administrative expenses 48,013 18,101 22,054 3,876 92,044 Income from operations 54,016 26,572 14,326 8,210 103,124 Interest (expense) income allocation (5,948 ) (1,662 ) (2,598 ) 801 (9,407 ) Income before provision for income taxes 48,068 24,864 11,728 9,011 93,671 Rental equipment acquisitions 62,084 66,525 3,884 — 132,493 Accounts receivable, net (period end) 88,893 22,515 19,382 7,324 138,114 Rental equipment, at cost (period end) 865,254 321,677 315,838 — 1,502,769 Rental equipment, net book value (period end) 607,949 162,196 188,465 — 958,610 Utilization (period end) 2 79.5 % 67.1 % 51.0 % Average utilization 2 79.1 % 66.0 % 56.2 % 2018 Rental revenues $ 116,436 $ 65,919 $ 51,328 $ — $ 233,683 Rental related services revenues 40,510 2,287 18,000 — 60,797 Sales and other revenues 31,667 18,321 916 19,831 70,735 Total revenues 188,613 86,527 70,244 19,831 365,215 Depreciation of rental equipment 15,841 26,536 11,910 — 54,287 Gross profit 86,515 40,155 35,031 6,447 168,148 Selling and administrative expenses 43,191 16,780 22,245 3,617 85,833 Income from operations 43,324 23,375 12,786 2,830 82,315 Interest (expense) income allocation (5,256 ) (1,999 ) (2,409 ) 531 (9,133 ) Income before provision for income taxes 38,068 20,871 10,377 3,361 72,677 Rental equipment acquisitions 40,704 51,744 3,187 — 95,635 Accounts receivable, net (period end) 69,419 18,991 19,876 6,803 115,089 Rental equipment, at cost (period end) 801,129 284,647 312,487 — 1,398,263 Rental equipment, net book value (period end) 558,790 129,816 200,001 — 888,607 Utilization (period end) 2 79.2 % 61.5 % 64.0 % Average utilization 2 77.8 % 62.4 % 59.8 % 1. Gross Enviroplex sales revenues were $32,238 and $21,191 for the nine months ended September 30, 2019 and 2018, respectively. There were 1,360 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 .

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Disaggregation Of Revenue [Line Items]
Period for credit risk identified		30 days
Sales revenues totaling	$ 5.8	$ 9.8
Period for warranties for rental equipment		90 days
Period for warranties for equipment manufactured		1 year
Deferred Income [Member]
Disaggregation Of Revenue [Line Items]
Customer contract liability	18.6	$ 18.6	$ 15.7
Accounts Receivable [Member]
Disaggregation Of Revenue [Line Items]
Unbilled contract assets	$ 3.5	$ 3.5	$ 1.4

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregates the Company's Revenue by Lease and Non Lease (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019		Sep. 30, 2018
Disaggregation Of Revenue [Line Items]
Leasing revenues		$ 107,200		$ 304,200
Total non-lease revenues				84,613		$ 70,735
Total revenues		173,562	$ 143,147	423,009		365,215
Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		107,215	94,184	304,154		267,744
Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		16,039	13,120	38,369		30,716
Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		49,791	35,364	78,877		65,333
Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		517	479	1,609		1,422
Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		66,347	48,963	118,855		97,471
Mobile Modular [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues				32,434		31,667
Total revenues		86,302	74,891	219,116		188,613
Mobile Modular [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		61,519	52,036	171,995		146,672
Mobile Modular [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		8,105	5,697	15,651		11,226
Mobile Modular [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		16,676	17,140	31,401		30,694
Mobile Modular [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		2	18	69		21
Mobile Modular [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		24,783	22,855	47,121		41,941
TRS-RenTelco [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues				18,601		18,321
Total revenues		34,090	28,137	97,076		86,527
TRS-RenTelco [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		28,284	23,206	79,450		69,183
TRS-RenTelco [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		717	642	1,958		1,816
TRS-RenTelco [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		4,614	3,828	14,235		14,179
TRS-RenTelco [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		475	461	1,433		1,349
TRS-RenTelco [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		5,806	4,931	17,626		17,344
Adler Tanks [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues				1,340		916
Total revenues		24,809	26,017	74,579		70,244
Adler Tanks [Member] | Leasing [Member]
Disaggregation Of Revenue [Line Items]
Leasing revenues		17,412	18,942	52,709		51,889
Adler Tanks [Member] | Non-lease Rental Related Services [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		7,217	6,781	20,760		17,674
Adler Tanks [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		140	294	1,003		629
Adler Tanks [Member] | Non-lease Other [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		40		107		52
Adler Tanks [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		7,397	7,075	21,870		18,355
Enviroplex [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues	[1]			32,238		19,831
Total revenues		28,361	14,102	32,238	[1]	19,831	[1]
Enviroplex [Member] | Non-lease Sales [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		28,361	14,102	32,238		19,831
Enviroplex [Member] | Non-lease Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total non-lease revenues		$ 28,361	$ 14,102	$ 32,238		$ 19,831
[1]	Gross Enviroplex sales revenues were $32,238 and $21,191 for the nine months ended September 30, 2019 and 2018, respectively. There were 1,360

Implemented Accounting Pronou_3

Implemented Accounting Pronouncements - Additional Information (Detail)	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Lessee, operating lease, description		The Company leases real estate for certain of its branch offices and rental equipment storage yards, vehicles and equipment used in its rental operations. The Company determines if an arrangement is a lease at inception. The Company has leases with lease and non-lease components, which are accounted for separately.
Lessee, operating lease, option to extend		true
Lessee, operating lease, option to extend, description		These leases include one or more options to renew, with renewal terms that may extend the lease term from one to three years.
Operating lease, right of use assets	$ 10,300,000	$ 10,300,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PrepaidExpenseAndOtherAssets	us-gaap:PrepaidExpenseAndOtherAssets
Operating lease liabilities	$ 10,262,000	$ 10,262,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Operating lease expense	$ 1,000,000	$ 2,800,000
Short term lease expense	$ 100,000	$ 200,000
Weighted-average remaining lease term for operating leases	4 years	4 years
Weighted-average discount rate for operating leases	4.46%	4.46%
Sub-lease income	$ 0	$ 0
Finance lease liability	0	$ 0
Lessor, operating lease, description		The Company’s equipment rentals for each of its operating segments are governed by agreements that detail the lease terms and conditions.  The determination of whether these contracts with customers contain a lease generally does not require significant judgement.  The Company accounts for these rentals as operating leases.
Lessor, operating lease, option to extend		true
Lessor, operating lease, option to extend description		Initial lease terms vary in length based upon customer needs and generally range from one to sixty months.
Lease revenue	107,200,000	$ 304,200,000
Operating lease revenue	106,000,000	301,400,000
Finance lease revenue	$ 1,200,000	2,800,000
Finance lease revenue, sales revenue		2,600,000
Finance lease revenue, interest income		$ 200,000
Minimum [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Lessee, operating lease, renewal term	1 year	1 year
Lessor, operating lease, renewal term	1 month	1 month
Lessor, operating lease, rental products, useful lives		3 years
Maximum [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Lessee, operating lease, renewal term	3 years	3 years
Lessor, operating lease, renewal term	60 months	60 months
Lessor, operating lease, rental products, useful lives		5 years

Implemented Accounting Pronou_4

Implemented Accounting Pronouncements - Summary of Supplemental Cash flow Information Related to Leases (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 2,652
Right of use assets obtained in exchange for lease obligations:
Operating leases	$ 2,393

Implemented Accounting Pronou_5

Implemented Accounting Pronouncements - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Sep. 30, 2019USD ($)
Operating Lease Liabilities Payments Due [Abstract]
2019	$ 896
2020	3,195
2021	2,630
2022	1,867
2023	1,383
Thereafter	1,208
Total lease payments	11,179
Less imputed interest	(917)
Operating lease liabilities	$ 10,262

Implemented Accounting Pronou_6

Implemented Accounting Pronouncements - Summary of Maturities of Operating Lease Payments (Detail) $ in Thousands	Sep. 30, 2019USD ($)
Lessor Operating Lease Payments Fiscal Year Maturity [Abstract]
2019	$ 35,911
2020	73,282
2021	25,719
2022	7,124
2023	1,861
Thereafter	767
Operating lease, payments to be received	$ 144,664

Implemented Accounting Pronou_7

Implemented Accounting Pronouncements - Minimum Lease Payments Receivable and Net Investment Included in Accounts Receivable for Leases (Detail) $ in Thousands	Sep. 30, 2019USD ($)
Minimum lease payments receivable and net investment included in accounts receivable for leases
Gross minimum lease payments receivable	$ 3,805
Less – unearned interest	(352)
Net investment in finance lease receivables	$ 3,453

Implemented Accounting Pronou_8

Implemented Accounting Pronouncements - Future Minimum Lease Payments under Non-Cancelable Finance Leases (Detail) $ in Thousands	Sep. 30, 2019USD ($)
Future minimum lease payments under non-cancelable finance leases
2019	$ 1,039
2020	1,913
2021	607
2022	187
2023	50
Thereafter	9
Total minimum future lease payments	$ 3,805

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Weighted-average number of shares of common stock for calculating basic earnings per share	24,268	24,172	24,237	24,128
Effect of potentially dilutive securities from equity-based compensation	364	391	355	422
Weighted-average number of shares of common stock for calculating diluted earnings per share	24,632	24,563	24,592	24,550

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of diluted earnings per share	0	0	0	0

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Finite Lived Intangible Assets [Line Items]
Trade name	$ 5,871	$ 5,871
Customer relationships	10,644	9,849
Non-compete agreements	194
Intangible Assets, gross	16,709	15,720
Less accumulated amortization	(9,155)	(8,466)
Intangible Assets, net	$ 7,554	$ 7,254
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	11 years
Non-compete Agreements [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life in years	5 years

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment charge		$ 0
Subsequent impairment of the underlying assets	$ 0
Expected annual amortization expense for 2019	100,000
Expected annual amortization expense for 2020	100,000
Expected annual amortization expense for 2021	100,000
Expected annual amortization expense for 2022	100,000
Expected annual amortization expense for 2023	100,000
Expected annual amortization expense for 2024	100,000
Expected annual amortization expense for 2025	$ 100,000

Acquisition - Additional Inform

Acquisition - Additional Information (Detail) - USD ($) $ in Thousands	Aug. 15, 2019	Sep. 30, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill		$ 28,125	$ 27,808
ATP Containers LLC, dba TuffBox Container (“TuffBox”) [Member]
Business Acquisition [Line Items]
Total purchase price	$ 7,800
Intangible assets	1,300
Accounts payable and accrued liabilities acquired		$ 400
Goodwill	300
ATP Containers LLC, dba TuffBox Container (“TuffBox”) [Member] | Rental Equipment [Member]
Business Acquisition [Line Items]
Assets acquired	$ 5,500

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2019SegmentCustomer	Sep. 30, 2018Customer
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	4
Customer Concentration Risk [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Number of major customer | Customer	0	0
Geographic Concentration Risk [Member] | Sales [Member] | Foreign Country Customers [Member]
Segment Reporting Information [Line Items]
Revenues from customers	3.00%	4.00%

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019		Sep. 30, 2018		Dec. 31, 2018
Segment Reporting Information [Line Items]
Rental revenues		$ 90,857	$ 82,155	$ 261,658		$ 233,683
Rental related services revenues		30,816	23,880	76,738		60,797
Sales and other revenues				84,613		70,735
Total revenues		173,562	143,147	423,009		365,215
Depreciation of rental equipment		20,535	18,407	59,222		54,287
Gross profit		78,282	64,050	195,168		168,148
Selling and administrative expenses		31,534	28,226	92,044		85,833
Income from operations		46,748	35,824	103,124		82,315
Interest (expense) income allocation				(9,407)		(9,133)
Income before provision for income taxes		43,455	32,553	93,671		72,677
Rental equipment acquisitions				132,493		95,635
Accounts receivable, net (period end)		138,114	115,089	138,114		115,089		$ 121,016
Rental equipment, at cost (period end)		1,502,769	1,398,263	1,502,769		1,398,263		1,416,000
Rental equipment, net book value (period end)		958,610	888,607	958,610		888,607		$ 901,015
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Rental revenues				133,736		116,436
Rental related services revenues				52,946		40,510
Sales and other revenues				32,434		31,667
Total revenues		86,302	74,891	219,116		188,613
Depreciation of rental equipment				16,449		15,841
Gross profit				102,029		86,515
Selling and administrative expenses				48,013		43,191
Income from operations				54,016		43,324
Interest (expense) income allocation				(5,948)		(5,256)
Income before provision for income taxes				48,068		38,068
Rental equipment acquisitions				62,084		40,704
Accounts receivable, net (period end)		88,893	69,419	88,893		69,419
Rental equipment, at cost (period end)		865,254	801,129	865,254		801,129
Rental equipment, net book value (period end)		607,949	558,790	$ 607,949		$ 558,790
Utilization (period end)	[1]			79.50%		79.20%
Average utilization	[1]			79.10%		77.80%
TRS-RenTelco [Member]
Segment Reporting Information [Line Items]
Rental revenues				$ 76,050		$ 65,919
Rental related services revenues				2,425		2,287
Sales and other revenues				18,601		18,321
Total revenues		34,090	28,137	97,076		86,527
Depreciation of rental equipment				30,533		26,536
Gross profit				44,673		40,155
Selling and administrative expenses				18,101		16,780
Income from operations				26,572		23,375
Interest (expense) income allocation				(1,662)		(1,999)
Income before provision for income taxes				24,864		20,871
Rental equipment acquisitions				66,525		51,744
Accounts receivable, net (period end)		22,515	18,991	22,515		18,991
Rental equipment, at cost (period end)		321,677	284,647	321,677		284,647
Rental equipment, net book value (period end)		162,196	129,816	$ 162,196		$ 129,816
Utilization (period end)	[1]			67.10%		61.50%
Average utilization	[1]			66.00%		62.40%
Adler Tanks [Member]
Segment Reporting Information [Line Items]
Rental revenues				$ 51,872		$ 51,328
Rental related services revenues				21,367		18,000
Sales and other revenues				1,340		916
Total revenues		24,809	26,017	74,579		70,244
Depreciation of rental equipment				12,240		11,910
Gross profit				36,380		35,031
Selling and administrative expenses				22,054		22,245
Income from operations				14,326		12,786
Interest (expense) income allocation				(2,598)		(2,409)
Income before provision for income taxes				11,728		10,377
Rental equipment acquisitions				3,884		3,187
Accounts receivable, net (period end)		19,382	19,876	19,382		19,876
Rental equipment, at cost (period end)		315,838	312,487	315,838		312,487
Rental equipment, net book value (period end)		188,465	200,001	$ 188,465		$ 200,001
Utilization (period end)	[1]			51.00%		64.00%
Average utilization	[1]			56.20%		59.80%
Enviroplex [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	[2]			$ 32,238		$ 19,831
Total revenues		28,361	14,102	32,238	[2]	19,831	[2]
Gross profit	[2]			12,086		6,447
Selling and administrative expenses	[2]			3,876		3,617
Income from operations	[2]			8,210		2,830
Interest (expense) income allocation	[2]			801		531
Income before provision for income taxes	[2]			9,011		3,361
Accounts receivable, net (period end)	[2]	$ 7,324	$ 6,803	$ 7,324		$ 6,803
[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 $32,238 and $21,191 for the nine months ended September 30, 2019 and 2018, respectively. There were 1,360

Segment Reporting - Summarize_2

Segment Reporting - Summarized Financial Information for Company's Reportable Segments (Parenthetical) (Detail) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019		Sep. 30, 2018
Segment Reporting Information [Line Items]
Revenues		$ 173,562,000	$ 143,147,000	$ 423,009,000		$ 365,215,000
Sales revenues				(84,613,000)		(70,735,000)
Sales [Member]
Segment Reporting Information [Line Items]
Sales revenues		(50,855,000)	(36,085,000)	(81,387,000)		(67,722,000)
Enviroplex [Member]
Segment Reporting Information [Line Items]
Revenues		28,361,000	14,102,000	32,238,000	[1]	19,831,000	[1]
Sales revenues	[1]			(32,238,000)		(19,831,000)
Mobile Modular [Member]
Segment Reporting Information [Line Items]
Revenues		$ 86,302,000	$ 74,891,000	219,116,000		188,613,000
Sales revenues				(32,434,000)		(31,667,000)
Operating Segments [Member] | Enviroplex [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Revenues				32,238,000		21,191,000
Inter-segment Eliminations [Member]
Segment Reporting Information [Line Items]
Sales revenues				$ 0
Type of Revenue [Extensible List]				us-gaap:ProductMember
Inter-segment Eliminations [Member] | Mobile Modular [Member]
Segment Reporting Information [Line Items]
Sales revenues						$ 1,360,000
Type of Revenue [Extensible List]						us-gaap:ProductMember
[1]	Gross Enviroplex sales revenues were $32,238 and $21,191 for the nine months ended September 30, 2019 and 2018, respectively. There were 1,360