Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'MINI | ' | ' |
Entity Registrant Name | 'MOBILE MINI INC | ' | ' |
Entity Central Index Key | '0000911109 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 46,621,911 | ' |
Entity Public Float | ' | ' | $1.50 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Cash | $1,256 | $1,780 | ||
Receivables, net of allowance for doubtful accounts of $2,666 and $2,093 at December 31, 2012 and December 31, 2013, respectively | 53,104 | 50,291 | ||
Inventories | 18,744 | [1] | 19,375 | [1] |
Lease fleet, net | 979,276 | [2] | 1,028,773 | [2] |
Property, plant and equipment, net | 85,153 | 80,430 | ||
Assets held for sale | 980 | ' | ||
Deposits and prepaid expenses | 6,116 | 6,747 | ||
Other assets and intangibles, net | 13,523 | 17,827 | ||
Goodwill | 519,222 | [3] | 518,308 | [3] |
Assets of discontinued operation | ' | 4,029 | ||
Total assets | 1,677,374 | 1,727,560 | ||
Liabilities: | ' | ' | ||
Accounts payable | 18,862 | 18,109 | ||
Accrued liabilities | 65,308 | 58,362 | ||
Lines of credit | 319,314 | 442,391 | ||
Notes payable | ' | 310 | ||
Obligations under capital leases | 8,781 | 642 | ||
Senior Notes | 200,000 | 200,000 | ||
Deferred income taxes | 209,565 | 198,046 | ||
Liabilities of discontinued operation | ' | 181 | ||
Total liabilities | 821,830 | 918,041 | ||
Commitments and contingencies | ' | ' | ||
Stockholders' equity: | ' | ' | ||
Preferred stock: $.01 par value, 20,000 shares authorized, none issued | ' | ' | ||
Common stock: $.01 par value, 95,000 shares authorized 48,211 issued and 46,036 outstanding at December 31, 2012 and 48,810 issued and 46,626 outstanding at December 31, 2013 | 488 | 482 | ||
Additional paid-in capital | 550,387 | 522,372 | ||
Retained earnings | 359,778 | 343,782 | ||
Accumulated other comprehensive loss | -15,440 | -17,817 | ||
Treasury stock, at cost, 2,175 and 2,184 shares at December 31, 2012 and 2013 respectively | -39,669 | -39,300 | ||
Total stockholders' equity | 855,544 | 809,519 | ||
Total liabilities and stockholders' equity | $1,677,374 | $1,727,560 | ||
[1] | Includes an impairment charge of $1.2 million recorded in the second quarter of 2013. (See Note 17). | |||
[2] | Includes an impairment charge of $33.7 million recorded in the second quarter of 2013. (See Note 17). | |||
[3] | Includes accumulated amortization of $2.0 million and accumulated impairment of $13.4 million. |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Receivables, allowance for doubtful accounts | $2,093 | $2,666 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 20,000 | 20,000 |
Preferred stock, issued | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 95,000 | 95,000 |
Common stock, issued | 48,810 | 48,211 |
Common stock, outstanding | 46,626 | 46,036 |
Treasury stock, shares | 2,184 | 2,175 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Leasing | $97,820 | $95,559 | $88,032 | $84,875 | $91,413 | $88,585 | $81,733 | $78,244 | ' | $366,286 | $339,975 | $314,695 | |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,051 | 37,759 | 41,675 | |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,149 | 2,162 | 2,700 | |
Total revenues | 106,799 | 105,040 | 97,135 | 97,512 | 99,846 | 98,603 | 92,968 | 88,479 | ' | 406,486 | 379,896 | 359,070 | |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,413 | 23,178 | 26,149 | |
Leasing, selling and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 237,567 | 218,709 | 201,239 | |
Merger and restructuring expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,402 | 7,123 | 1,059 | |
Asset impairment charge, net | ' | ' | 40,200 | ' | ' | ' | ' | ' | 1,532 | [1] | 38,705 | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,432 | 35,982 | 35,432 | |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 339,519 | 284,992 | 263,879 | |
Income from operations | 27,960 | 27,001 | -15,006 | 27,012 | 25,890 | 27,229 | 21,932 | 19,853 | ' | 66,967 | 94,904 | 95,191 | |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -29,467 | -37,268 | -46,120 | |
Debt restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,812 | -1,334 | |
Deferred financing costs write-off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,889 | ' | |
Foreign currency exchange loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | -4 | -6 | |
Income from continuing operations before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,499 | 52,932 | 47,731 | |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,275 | 18,509 | 16,578 | |
Income from continuing operations | 13,092 | 14,332 | -14,319 | 12,119 | 11,298 | 10,429 | 7,384 | 5,312 | ' | 25,224 | 34,423 | 31,153 | |
Loss from discontinued operation, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,302 | -245 | -557 | |
Net income | 11,958 | 14,303 | -14,381 | 12,042 | 11,258 | 10,398 | 7,312 | 5,210 | ' | 23,922 | 34,178 | 30,596 | |
Earnings allocable to preferred stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -966 | |
Net income available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23,922 | $34,178 | $29,630 | |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.55 | $0.77 | $0.72 | |
Loss from discontinued operation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.02) | ' | ($0.01) | |
Net income | $0.29 | $0.31 | ($0.32) | $0.27 | $0.25 | $0.23 | $0.16 | $0.12 | ' | $0.53 | $0.77 | $0.71 | |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.55 | $0.76 | $0.70 | |
Loss from discontinued operation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.03) | ' | ($0.01) | |
Net income | $0.28 | $0.31 | ($0.31) | $0.26 | $0.25 | $0.23 | $0.16 | $0.12 | ' | $0.52 | $0.76 | $0.69 | |
Weighted average number of common and common share equivalents outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,481 | 44,657 | 41,566 | |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,096 | 45,102 | 44,569 | |
[1] | Net gains realized from the sale of assets held for sale. |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $11,958 | $14,303 | ($14,381) | $12,042 | $11,258 | $10,398 | $7,312 | $5,210 | $23,922 | $34,178 | $30,596 |
Other comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value change in derivatives, net of income tax expense of $862 in 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,324 |
Foreign currency translation adjustment, net of income tax (benefit) expense of ($56), $64 and $194 in 2011, 2012 and 2013, respectively | ' | ' | ' | ' | ' | ' | ' | ' | 2,377 | 7,987 | -832 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,377 | 7,987 | 492 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $26,299 | $42,165 | $31,088 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Fair value change in derivatives, income tax expense | ' | ' | $862 |
Foreign currency translation adjustment, income tax benefit (expense) | $194 | $64 | ($56) |
CONSOLIDATED_STATEMENTS_OF_PRE
CONSOLIDATED STATEMENTS OF PREFERRED STOCK AND STOCKHOLDERS EQUITY (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Share data in Thousands | |||||||
Beginning Balance at Dec. 31, 2010 | $563,495,000 | $147,427,000 | $390,000 | $349,693,000 | $279,008,000 | ($26,296,000) | ($39,300,000) |
Beginning Balance (Shares) at Dec. 31, 2010 | ' | 8,191 | 36,787 | ' | ' | ' | ' |
Net income | 30,596,000 | ' | ' | ' | 30,596,000 | ' | ' |
Other comprehensive income | 492,000 | ' | ' | ' | ' | 492,000 | ' |
Exercise of stock options | 5,289,000 | ' | 3,000 | 5,286,000 | ' | ' | ' |
Exercise of stock options (Shares) | 328 | ' | 328 | ' | ' | ' | ' |
Preferred stock converted to common stock | 147,429,000 | -147,427,000 | 82,000 | 147,347,000 | ' | ' | ' |
Tax benefit shortfall on equity award transactions | -2,000 | ' | ' | -2,000 | ' | ' | ' |
Preferred stock converted to common stock (Shares) | ' | -8,191 | 8,191 | ' | ' | ' | ' |
Restricted stock grants, net | ' | ' | 3,000 | -3,000 | ' | ' | ' |
Restricted stock grants (Shares) | ' | ' | 306 | ' | ' | ' | ' |
Share-based compensation | 6,615,000 | ' | ' | 6,615,000 | ' | ' | ' |
Ending Balance at Dec. 31, 2011 | 753,914,000 | ' | 478,000 | 508,936,000 | 309,604,000 | -25,804,000 | -39,300,000 |
Ending Balance (Shares) at Dec. 31, 2011 | ' | ' | 45,612 | ' | ' | ' | ' |
Net income | 34,178,000 | ' | ' | ' | 34,178,000 | ' | ' |
Other comprehensive income | 7,987,000 | ' | ' | ' | ' | 7,987,000 | ' |
Exercise of stock options | 3,645,000 | ' | 3,000 | 3,642,000 | ' | ' | ' |
Exercise of stock options (Shares) | 309 | ' | 309 | ' | ' | ' | ' |
Tax benefit shortfall on equity award transactions | -3,000 | ' | ' | -3,000 | ' | ' | ' |
Restricted stock grants, net | ' | ' | 1,000 | -1,000 | ' | ' | ' |
Restricted stock grants (Shares) | ' | ' | 115 | ' | ' | ' | ' |
Share-based compensation | 9,798,000 | ' | ' | 9,798,000 | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | 809,519,000 | ' | 482,000 | 522,372,000 | 343,782,000 | -17,817,000 | -39,300,000 |
Ending Balance (Shares) at Dec. 31, 2012 | ' | ' | 46,036 | ' | ' | ' | ' |
Net income | 23,922,000 | ' | ' | ' | 23,922,000 | ' | ' |
Common stock dividends declared | -7,926,000 | ' | ' | ' | -7,926,000 | ' | ' |
Other comprehensive income | 2,377,000 | ' | ' | ' | ' | 2,377,000 | ' |
Exercise of stock options | 13,818,000 | ' | 6,000 | 13,812,000 | ' | ' | ' |
Exercise of stock options (Shares) | 647 | ' | 647 | ' | ' | ' | ' |
Tax benefit shortfall on equity award transactions | -837,000 | ' | ' | -837,000 | ' | ' | ' |
Purchase of treasury stock | -369,000 | ' | ' | ' | ' | ' | -369,000 |
Purchase of treasury stock (Shares) | ' | ' | -9 | ' | ' | ' | ' |
Restricted stock grants, net | ' | ' | ' | ' | ' | ' | ' |
Restricted stock grants (Shares) | ' | ' | 48 | ' | ' | ' | ' |
Share-based compensation | 15,040,000 | ' | ' | 15,040,000 | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | $855,544,000 | ' | $488,000 | $550,387,000 | $359,778,000 | ($15,440,000) | ($39,669,000) |
Ending Balance (Shares) at Dec. 31, 2013 | ' | ' | 46,626 | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows From Operating Activities: | ' | ' | ' |
Net income (loss) | $23,922 | $34,178 | $30,596 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Debt restructuring expense | ' | 2,812 | 1,334 |
Deferred financing costs write-off | ' | 1,889 | ' |
Asset impairment charge, net | 38,217 | ' | ' |
Provision for doubtful accounts | 2,160 | 2,179 | 2,652 |
Amortization of deferred financing costs | 2,811 | 3,217 | 4,075 |
Amortization of debt issuance discount | ' | 49 | 86 |
Amortization of long-term liabilities | 169 | 167 | 230 |
Share-based compensation expense | 14,714 | 9,575 | 6,456 |
Depreciation and amortization | 35,626 | 36,187 | 35,665 |
Loss on disposal of discontinued operation | 1,948 | ' | ' |
Gain on sale of lease fleet units | -9,682 | -11,781 | -13,800 |
Loss (gain) on disposal of property, plant and equipment | 247 | -130 | 91 |
Deferred income taxes | 11,012 | 18,107 | 16,067 |
Tax benefit shortfall on equity award transactions | -837 | -3 | -2 |
Foreign currency loss | 1 | 5 | 7 |
Changes in certain assets and liabilities, net of effect of businesses acquired: | ' | ' | ' |
Receivables | -3,640 | -5,078 | -6,800 |
Inventories | -393 | 1,352 | -1,242 |
Deposits and prepaid expenses | 653 | 537 | 1,067 |
Other assets and intangibles | 10 | -161 | -33 |
Accounts payable | 337 | -1,884 | 7,015 |
Accrued liabilities | -1,164 | -268 | 1,505 |
Net cash provided by operating activities | 116,111 | 90,949 | 84,969 |
Cash Flows From Investing Activities: | ' | ' | ' |
Proceeds from sale of discontinued operation | 677 | ' | ' |
Cash paid for businesses acquired | ' | -3,563 | -7,783 |
Additions to lease fleet, excluding acquisitions | -28,826 | -43,934 | -29,824 |
Proceeds from sale of lease fleet units | 35,951 | 29,358 | 36,201 |
Additions to property, plant and equipment | -15,792 | -12,741 | -11,498 |
Proceeds from sale of property, plant and equipment | 1,970 | 1,497 | 117 |
Net cash used in investing activities | -6,020 | -29,383 | -12,787 |
Cash Flows From Financing Activities: | ' | ' | ' |
Net (repayments) borrowings under lines of credit | -123,076 | 97,242 | -51,733 |
Deferred financing costs | ' | -8,075 | ' |
Proceeds from issuance of notes payable | ' | 398 | 394 |
Principal payments on notes payable | -310 | -403 | -367 |
Principal payments on capital lease obligations | -408 | -947 | -1,288 |
Issuance of common stock | 13,818 | 3,645 | 5,289 |
Purchase of treasury stock | -369 | ' | ' |
Net cash used in financing activities | -110,345 | -60,719 | -71,063 |
Effect of exchange rate changes on cash | -427 | -1,770 | 107 |
Net (decrease) increase in cash | -681 | -923 | 1,226 |
Cash at beginning of year | 1,937 | 2,860 | 1,634 |
Cash at end of year | 1,256 | 1,937 | 2,860 |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Cash paid during the year for interest | 25,947 | 35,145 | 42,683 |
Cash paid during the year for income and franchise taxes | 1,114 | 831 | 816 |
Interest rate swap changes in value credited to equity | ' | ' | 1,324 |
Convertible preferred stock conversion into common stock | ' | ' | 147,427 |
Equipment acquired through capital lease and financing obligations | 8,547 | 300 | ' |
Senior Notes 9.75 Percent Due 2014 | ' | ' | ' |
Cash Flows From Financing Activities: | ' | ' | ' |
Redemption of senior notes | ' | ' | -22,272 |
Redemption premiums of senior notes | ' | ' | -1,086 |
Senior Notes 6.875 Percent Due 2015 | ' | ' | ' |
Cash Flows From Financing Activities: | ' | ' | ' |
Redemption of senior notes | ' | -150,000 | ' |
Redemption premiums of senior notes | ' | ($2,579) | ' |
Mobile_Mini_its_Operations_and
Mobile Mini, its Operations and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Mobile Mini, its Operations and Summary of Significant Accounting Policies | ' | ||||||||||||||||||||||||
(1) Mobile Mini, its Operations and Summary of Significant Accounting Policies | |||||||||||||||||||||||||
Organization and Special Considerations | |||||||||||||||||||||||||
Mobile Mini, Inc., a Delaware corporation, is a leading provider of portable storage solutions. In these notes, the terms “Mobile Mini” and the “Company” refer to Mobile Mini, Inc. At December 31, 2013, Mobile Mini has a fleet of portable storage and office units and operates throughout the U.S., Canada and the U.K. The Company’s portable storage products offer secure, temporary storage with immediate access. The Company has a diversified customer base, including large and small retailers, construction companies, medical centers, schools, utilities, distributors, the military, hotels, restaurants, entertainment complexes and households. The Company’s customers use its products for a wide variety of applications, including the storage of retail and manufacturing inventory, construction materials and equipment, documents and records and other goods. | |||||||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||||||
The consolidated financial statements include the accounts of Mobile Mini and its wholly owned subsidiaries. The Company does not have any subsidiaries in which it does not own 100% of the outstanding stock. All significant intercompany balances and transactions have been eliminated. | |||||||||||||||||||||||||
Discontinued Operation | |||||||||||||||||||||||||
In December 2013, the Company sold the subsidiary comprising its Netherlands operation. The Netherlands operation is reflected as discontinued operation for all periods presented and all prior period amounts have been recast to reflect this transaction. See Note 18. | |||||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||||
The Company recognizes revenue, including multiple element arrangements, in accordance with the provisions of applicable accounting guidance. The Company generates revenue from the leasing of portable storage containers and office units, as well as other services such as pickup and delivery. In most instances, the Company provides some of the above services under the terms of a single customer lease agreement. The Company also generates revenue from the sale of containers and office units. | |||||||||||||||||||||||||
The Company’s lease arrangements typically include lease deliverables such as the lease of container or office unit and ancillary charges related to the leased container or office unit during the lease term. Arrangement consideration is allocated between lease deliverables and non-lease deliverables based on the relative estimated selling (leasing) price of each deliverable. Estimated selling (leasing) price of the lease deliverables is based on the price of those deliverables when sold separately (vendor-specific objective evidence). Because delivery and pick-up services are not sold separately by the Company, the estimated selling price of those deliverables is based on prices charged for similar services provided by other vendors (third party evidence of fair value). | |||||||||||||||||||||||||
The arrangement consideration allocated to lease deliverables is accounted for pursuant to accounting guidance on leases. Such revenues from leases are billed in advance and recognized as earned, on a straight line basis over the lease period specified in the associated lease agreement. Lease agreement terms typically span several months or longer. Because the term of the agreements can extend across financial reporting periods, when leases are billed in advance, the Company defers recognition of revenue and records unearned leasing revenue at the end of reporting periods so that rental revenue is included in the appropriate period. Transportation revenue from container and mobile office delivery service is recognized on the delivery date and is recognized for pick-up service when the container or office unit is picked-up. | |||||||||||||||||||||||||
The Company recognizes revenues from sales of containers and office units upon delivery when the risk of loss passes, the price is fixed and determinable and collectability is reasonably assured. The Company sells its products pursuant to sales contracts stating the fixed sales price with its customers. | |||||||||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales in the Company’s consolidated statements of income includes only the costs for units it sells. Similar costs associated with the portable storage units that the Company leases are capitalized on its balance sheet under “Lease Fleet”. | |||||||||||||||||||||||||
Advertising Costs | |||||||||||||||||||||||||
All non-direct-response advertising costs are expensed as incurred. Yellow page advertising is capitalized when paid and amortized over the period in which the benefit is derived. At December 31, 2012 and 2013, prepaid advertising costs were approximately $0.6 million and $0.2 million, respectively. The amortization period of the prepaid balance never exceeds 12 months. Advertising expense was $9.5 million, $12.3 million and $5.8 million in 2011, 2012 and 2013, respectively. | |||||||||||||||||||||||||
Receivables and Allowance for Doubtful Accounts | |||||||||||||||||||||||||
Receivables primarily consist of amounts due from customers from the lease or sale of containers throughout the U.S., Canada and the U.K. Mobile Mini records an estimated provision for bad debts through a charge to operations in amounts of its estimated losses expected to be incurred in the collection of these accounts. The Company reviews the provision for adequacy monthly. The estimated losses are based on historical collection experience and evaluation of past-due account agings. Specific accounts are written off against the allowance when management determines the account is uncollectible. The Company requires a security deposit on most leased office units to cover the cost of damages or unpaid balances, if any. | |||||||||||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||||||||||
Financial instruments which potentially expose the Company to concentrations of credit risk consist primarily of receivables. Concentration of credit risk with respect to receivables is limited due to the Company’s large number of customers spread over a broad geographic area in many industry sectors. No single customer accounts for more than 10.0% of our receivables at December 31, 2012 and 2013. Receivables related to its sales operations are generally secured by the product sold to the customer. Receivables related to its leasing operations are primarily small month-to-month amounts. The Company has the right to repossess leased portable storage units, including any customer goods contained in the unit, following non-payment of rent. | |||||||||||||||||||||||||
Inventories | |||||||||||||||||||||||||
Inventories are valued at the lower of cost (principally on a standard cost basis which approximates the first-in, first-out (FIFO) method) or market. Market is the lower of replacement cost or net realizable value. Inventories primarily consist of raw materials, supplies, work-in-process and finished goods, all related to the manufacturing, remanufacturing and maintenance, primarily for the Company’s lease fleet and its units held for sale. Raw materials principally consist of raw steel, wood, glass, paint, vinyl and other assembly components used in manufacturing and remanufacturing processes. Work-in-process primarily represents units being built that are either pre-sold or being built to add to its lease fleet upon completion. Finished portable storage units primarily represent ISO (International Organization for Standardization) containers held in inventory until the containers are either sold as is, remanufactured and sold, or units in the process of being remanufactured to be compliant with the Company’s lease fleet standards before transferring the units to its lease fleet. There is no certainty when the Company purchases the containers whether they will ultimately be sold, remanufactured and sold, or remanufactured and moved into its lease fleet. Units that are determined to go into the Company’s lease fleet undergo an extensive remanufacturing process that includes installing its proprietary locking system, signage, painting and sometimes its proprietary security doors. | |||||||||||||||||||||||||
Inventories at December 31 consisted of the following: | |||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Raw materials and supplies | $ | 14,587 | $ | 16,586 | |||||||||||||||||||||
Work-in-process | 336 | 197 | |||||||||||||||||||||||
Finished portable storage units | 4,452 | 1,961 | |||||||||||||||||||||||
Inventories(1) | $ | 19,375 | $ | 18,744 | |||||||||||||||||||||
-1 | Includes an impairment charge of $1.2 million recorded in the second quarter of 2013. (See Note 17). | ||||||||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||||||
Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is provided using the straight-line method over the assets’ estimated useful lives. Residual values are determined when the property is constructed or acquired and range up to 25%, depending on the nature of the asset. At the end of the second quarter of 2013, management reevaluated the Company’s depreciation policies and modified the useful life and residual values on forklifts, which became effective on July 1, 2013. Estimated residual values do not cause carrying values to exceed net realizable value. The Company’s depreciation expense related to property, plant and equipment for 2011, 2012 and 2013 was $11.7 million, $12.2 million and $12.7 million, respectively. Normal repairs and maintenance to property, plant and equipment are expensed as incurred. When property or equipment is retired or sold, the net book value of the asset, reduced by any proceeds, is charged to gain or loss on the disposal of property, plant and equipment and is included in leasing, selling and general expenses in the Consolidated Statements of Income. | |||||||||||||||||||||||||
Property, plant and equipment at December 31 consisted of the following: | |||||||||||||||||||||||||
Estimated | 2012 | 2013 | |||||||||||||||||||||||
Useful Life in | |||||||||||||||||||||||||
Years | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Land | $ | 11,153 | $ | 11,124 | |||||||||||||||||||||
Vehicles and machinery(1) | 5 to 20 | 90,095 | 88,686 | ||||||||||||||||||||||
Buildings and improvements(2) | 30 | 18,308 | 18,477 | ||||||||||||||||||||||
Office fixtures and equipment | 3 to 5 | 30,682 | 33,017 | ||||||||||||||||||||||
Less accumulated depreciation | (69,808 | ) | (66,151 | ) | |||||||||||||||||||||
Property, plant and equipment, net | $ | 80,430 | $ | 85,153 | |||||||||||||||||||||
-1 | Includes an impairment charge of $3.9 million recorded in the second quarter of 2013. (See Note 17). | ||||||||||||||||||||||||
-2 | Improvements made to leased properties are depreciated over the lesser of the estimated remaining life or the remaining term of the respective lease. | ||||||||||||||||||||||||
Other Assets and Intangibles | |||||||||||||||||||||||||
Other assets and intangibles primarily represent deferred financing costs and intangible assets from acquisitions of $51.4 million at December 31, 2012 and $51.6 million at December 31, 2013, excluding accumulated amortization of $33.6 million at December 31, 2012 and $38.1 million at December 31, 2013. Deferred financing costs are amortized over the term of the agreement, and intangible assets are amortized on a straight-line basis, typically from five to 20 years, depending on its useful life. Intrinsic values assigned to customer relationships and trade names are amortized on an accelerated basis, typically over 15 years. | |||||||||||||||||||||||||
The following table reflects balances related to other assets and intangible assets for the years ended December 31: | |||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net Carrying | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Amount | ||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Deferred financing costs | $ | 28,072 | $ | (14,495 | ) | $ | 13,577 | $ | 28,072 | $ | (17,306 | ) | $ | 10,766 | |||||||||||
Customer relationships | 21,835 | (17,922 | ) | 3,913 | 21,988 | (19,530 | ) | 2,458 | |||||||||||||||||
Trade names/trademarks | 899 | (899 | ) | — | 917 | (917 | ) | — | |||||||||||||||||
Non-compete agreements | 175 | (97 | ) | 78 | 97 | (53 | ) | 44 | |||||||||||||||||
Patents and other | 450 | (191 | ) | 259 | 532 | (277 | ) | 255 | |||||||||||||||||
Total | $ | 51,431 | $ | (33,604 | ) | $ | 17,827 | $ | 51,606 | $ | (38,083 | ) | $ | 13,523 | |||||||||||
Amortization expense for deferred financing costs was approximately $4.1 million, $3.2 million and $2.8 million in 2011, 2012 and 2013, respectively. In addition, in 2012, the Company wrote off $1.9 million of deferred financing costs related to the redemption of our 6.875% senior notes due 2015 and a portion of deferred financial costs related to our prior credit agreement. The annual amortization of deferred financing costs is expected to be $2.8 million in 2014, $2.8 million in 2015, $2.8 million in 2016, $0.9 million in 2017, $0.5 million in 2018 and $1.0 million thereafter. | |||||||||||||||||||||||||
Amortization expense for all other intangibles was approximately $3.0 million, $2.2 million and $1.6 million in 2011, 2012 and 2013, respectively. Based on the carrying value at December 31, 2013, and assuming no subsequent impairment of the underlying assets, the annual amortization expense is expected to be $1.0 million in 2014, $0.7 million in 2015, $0.5 million in 2016, $0.2 million in 2017, $0.1 million in 2018 and $0.1 million thereafter. | |||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||
Mobile Mini utilizes the liability method of accounting for income taxes where deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Income tax expense includes both taxes payable for the period and the change during the period in deferred tax assets and liabilities. | |||||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||||
The Company’s preferred stock, if applicable, participates in distributions of earnings on the same basis as shares of common stock. As such, the Company adopted the accounting guidance for the standards regarding the computation of earnings per share (“EPS”) for securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the Company. Earnings for the period are required to be allocated between the common and preferred stockholders based on their respective rights to receive dividends. Basic net income per share is then calculated by dividing income allocable to common stockholders by the weighted average number of common shares outstanding, net of shares subject to repurchase by the Company, during the period. The Company is not required to present basic and diluted net income per share for securities other than common stock. Accordingly, the following net income per share amounts only pertain to the Company’s common stock. The Company calculates diluted net income per share under the if-converted method unless the conversion of the preferred stock is anti-dilutive to basic net income per share. To the extent the inclusion of preferred stock is anti-dilutive, the Company calculates diluted net income per share under the two-class method. Potential common shares include restricted common stock, which is subject to risk of forfeiture and incremental shares of common stock issuable upon the exercise of stock options and upon the conversion of convertible preferred stock using the treasury stock method. | |||||||||||||||||||||||||
The following table is a reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted EPS for the years ended December 31: | |||||||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||||||
(In thousands except per share data) | |||||||||||||||||||||||||
Historical net income per share: | |||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||
Income from continuing operations | $ | 31,153 | $ | 34,423 | $ | 25,224 | |||||||||||||||||||
Loss on discontinued operation, net of tax | (557 | ) | (245 | ) | (1,302 | ) | |||||||||||||||||||
Net income | 30,596 | 34,178 | 23,922 | ||||||||||||||||||||||
Less: Earnings allocable to preferred stockholders | (966 | ) | — | — | |||||||||||||||||||||
Net income available to common stockholders | $ | 29,630 | $ | 34,178 | $ | 23,922 | |||||||||||||||||||
Basic EPS Denominator: | |||||||||||||||||||||||||
Common shares outstanding beginning of year | 35,565 | 44,432 | 45,194 | ||||||||||||||||||||||
Effect of weighting shares: | |||||||||||||||||||||||||
Weighted shares issued during the period ended December 31 | 6,001 | 225 | 287 | ||||||||||||||||||||||
Denominator for basic net income per share | 41,566 | 44,657 | 45,481 | ||||||||||||||||||||||
Diluted EPS Denominator: | |||||||||||||||||||||||||
Common shares outstanding beginning of year | 35,565 | 44,432 | 45,194 | ||||||||||||||||||||||
Effect of weighting shares: | |||||||||||||||||||||||||
Weighted shares issued during the period ended December 31 | 6,001 | 225 | 287 | ||||||||||||||||||||||
Dilutive effect of stock options and nonvested share-awards during the period ended December 31 | 663 | 445 | 615 | ||||||||||||||||||||||
Dilutive effect of convertible preferred stock assumed converted during the period ended December 31(1) | 2,340 | — | — | ||||||||||||||||||||||
Denominator for diluted net income per share | 44,569 | 45,102 | 46,096 | ||||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||
Income from continuing operations | $ | 0.72 | $ | 0.77 | $ | 0.55 | |||||||||||||||||||
Loss from discontinued operation | (0.01 | ) | — | (0.02 | ) | ||||||||||||||||||||
Net income | $ | 0.71 | $ | 0.77 | $ | 0.53 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||||
Income from continuing operations | $ | 0.7 | $ | 0.76 | $ | 0.55 | |||||||||||||||||||
Loss from discontinued operation | (0.01 | ) | — | (0.03 | ) | ||||||||||||||||||||
Net income | $ | 0.69 | $ | 0.76 | $ | 0.52 | |||||||||||||||||||
-1 | The outstanding convertible preferred stock, originally issued in connection with the Mobile Storage Group (“MSG”) acquisition, automatically converted into an aggregate of 8.2 million shares of common stock on April 14, 2011. | ||||||||||||||||||||||||
Basic weighted average number of common shares outstanding does not include nonvested share-awards that had not vested of 1.2 million, 0.8 million and 0.5 million shares in 2011, 2012 and 2013, respectively. | |||||||||||||||||||||||||
The following table represents the number of stock options and nonvested share-awards that were issued or outstanding but excluded in calculating diluted EPS because their effect would have been anti-dilutive for the years ended December 31: | |||||||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Stock options | 964 | 1,006 | 1,741 | ||||||||||||||||||||||
Nonvested share-awards | 12 | 228 | 1 | ||||||||||||||||||||||
976 | 1,234 | 1,742 | |||||||||||||||||||||||
Long Lived Assets | |||||||||||||||||||||||||
Mobile Mini reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. If this review indicates the carrying value of these assets will not be recoverable, as measured based on estimated undiscounted cash flows over their remaining life, the carrying amount would be adjusted to fair value. The cash flow estimates contain management’s best estimates, using appropriate and customary assumptions and projections at the time. The Company did not recognize any impairment losses in the year ended December 31, 2012. | |||||||||||||||||||||||||
In the second quarter of 2013, with a strategic focus on increasing return on capital and a move toward a rent-ready business model, the Company conducted an assessment of the lease fleet and rolling stock equipment. Management determined that certain of these units were either non-core to their leasing strategy or were uneconomic to repair. In connection with this evaluation, management determined to place the assets for sale, resulting in a non-cash impairment charge on long-lived assets of $37.6 million in the second quarter of 2013. (See Note 17). | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Purchase prices of acquired businesses have been allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates. Based on these values, the excess purchase prices over the fair value of the net assets acquired were allocated to goodwill. Acquisitions of businesses under asset purchase agreements results in the goodwill relating to business acquisition being deductible for income tax purposes over 15 years even though goodwill is not amortized for financial reporting purposes. | |||||||||||||||||||||||||
The Company evaluates goodwill periodically to determine whether events or circumstances have occurred that would indicate goodwill might be impaired. The Company originally had assigned its goodwill to each of its three reporting units (North America, the U.K. and The Netherlands). At December 31, 2013, only North America and the U.K. have goodwill subject to impairment testing. The Company performs an annual impairment test on goodwill at December 31. In addition, the Company will perform impairment tests during any reporting period in which events or changes in circumstances indicate that an impairment may have incurred. In assessing the fair value of the reporting units, the Company considers both the market and income approaches. Under the market approach, the fair value of the reporting unit is based on quoted market prices of companies comparable to the reporting unit being valued. Under the income approach, the fair value of the reporting unit is based on the present value of estimated cash flows. The income approach is dependent on a number of significant management assumptions, including estimated future revenue growth rates, gross margins on sales, operating margins, capital expenditure, tax payments and discount rates. Each approach was given equal weight in arriving at the fair value of the reporting unit. As of December 31, 2013, management assessed qualitative factors and determined it is more likely than not each of the Company’s reporting units assigned goodwill had estimated fair values greater than the respective reporting unit’s individual net asset carrying values; therefore, the two step impairment test was not required. | |||||||||||||||||||||||||
If the two step impairment test is necessary, the Company is required to determine the implied fair value of the goodwill and compare it to the carrying value of the goodwill. The Company would allocate the fair value of the reporting units to the respective assets and liabilities of each reporting unit as if the reporting units had been acquired in separate and individual business combinations and the fair value of the reporting units was the price paid to acquire the reporting units. The excess of the fair value of the reporting units over the amounts assigned to their respective assets and liabilities is the implied fair value of goodwill. At December 31, 2013, $450.8 million of the goodwill relates to the North America reporting unit, and $68.4 million relates to the U.K. reporting unit. | |||||||||||||||||||||||||
The following table shows the activity and balances related to goodwill from January 1, 2012 to December 31, 2013: | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at January 1, 2012(1) | $ | 513,918 | |||||||||||||||||||||||
Acquisitions | 1,169 | ||||||||||||||||||||||||
Foreign currency(2) | 3,061 | ||||||||||||||||||||||||
Adjustments(3) | 160 | ||||||||||||||||||||||||
Balance at December 31, 2012(1) | 518,308 | ||||||||||||||||||||||||
Adjustments | (7 | ) | |||||||||||||||||||||||
Foreign currency(2) | 921 | ||||||||||||||||||||||||
Balance at December 31, 2013(1) | $ | 519,222 | |||||||||||||||||||||||
-1 | Includes accumulated amortization of $2.0 million and accumulated impairment of $12.5 million. | ||||||||||||||||||||||||
-2 | Represents foreign currency translation adjustments related to the U.K. reporting unit. | ||||||||||||||||||||||||
-3 | Represents adjustments to the fair values originally assigned to assets and liabilities assumed for the acquired businesses in December 2011. | ||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||
The Company determines the estimated fair value of financial instruments using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in current market exchanges. | |||||||||||||||||||||||||
The carrying amounts of cash, receivables, accounts payable and accrued liabilities approximate fair values based on the liquidity of these financial instruments or based on their short-term nature. The carrying amounts of the Company’s borrowings under its credit facility, notes payable and capital leases approximate fair value. The fair values of the Company’s revolving credit facility, notes payable and capital leases are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. Based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities, the fair value of the Company’s revolving credit facility debt, notes payable and capital leases at December 31, 2012 and 2013 approximated their respective book values and are considered Level 2 in the fair value hierarchy described in Note 2. | |||||||||||||||||||||||||
The fair value of the Company’s $200.0 million aggregate principal amount of 7.875% senior notes due 2020 (the “2020 Notes” or the “Senior Notes”) is based on the latest sales price of such notes at the end of each period obtained from a third-party institution and is considered Level 2 in the fair value hierarchy described in Note 2, as there is not an active market for such notes. | |||||||||||||||||||||||||
The carrying value and the fair value of the Company’s Senior Notes are as follows: | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Carrying value | $ | 200,000 | $ | 200,000 | |||||||||||||||||||||
Fair value | $ | 219,000 | $ | 217,300 | |||||||||||||||||||||
Deferred Financing Costs | |||||||||||||||||||||||||
Included in other assets and intangibles are deferred financing costs of approximately $13.6 million and $10.8 million, net of accumulated amortization of $14.5 million and $17.3 million, at December 31, 2012 and 2013, respectively. Costs of obtaining long-term financing, including the Company’s Credit Agreement (as defined below) (See Note 4), are amortized over the term of the related debt, using the straight-line method. Amortizing the deferred financing costs using the straight-line method approximates the effective interest method. | |||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||
In the normal course of business, the Company’s operations are exposed to fluctuations in interest rates. The Company historically addressed a portion of these risks through a controlled program of risk management that includes the use of derivative financial instruments. The objective of controlling these risks is to limit the impact of fluctuations in interest rates on earnings. | |||||||||||||||||||||||||
The Company’s primary interest rate risk exposure results from changes in short-term U.S. dollar interest rates. In an effort to manage interest rate exposures, the Company may enter into interest rate swap agreements that convert its floating rate debt to a fixed-rate, which are typically designated as cash flow hedges. Interest expense on the notional amounts under these agreements is accrued using the fixed rates identified in the swap agreements. At December 31, 2012 and 2013, the Company did not have any interest rate swap agreements. | |||||||||||||||||||||||||
Share-Based Compensation | |||||||||||||||||||||||||
At December 31, 2013, the Company had one active share-based employee compensation plan. There are two expired compensation plans, one of which still has outstanding options subject to exercise or termination. No additional options can be granted under the expired plans. Stock option awards under these plans are granted with an exercise price per share equal to the fair market value of the Company’s common stock on the date of grant. Each outstanding option must expire no more than ten years from the date it was granted, unless exercised or forfeited before the expiration date, and are granted with vesting periods ranging from three to four and a half years. The total value of the Company’s stock option awards is expensed over the related employee’s service period on a straight-line basis, or if subject to performance conditions, then the expense is recognized using the accelerated attribution method. | |||||||||||||||||||||||||
The Company uses the modified prospective method and does not recognize a deferred tax asset for any excess tax benefit that has not been realized related to stock-based compensation deductions. The Company adopted the with-and-without approach with respect to the ordering of tax benefits realized. In the with-and-without approach, the excess tax benefit related to stock-based compensation deductions will be recognized in additional paid-in capital only if an incremental tax benefit would be realized after considering all other tax benefits presently available to us. Therefore, the Company’s net operating loss carryforward will offset current taxable income prior to the recognition of the tax benefit related to stock-based compensation deductions. In 2012 and 2013, there were $1.3 million and $4.2 million, respectively, of excess tax benefits related to stock-based compensation, which were not realized under this approach. Once the Company’s net operating loss carryforward is utilized, these aggregate excess tax benefits, totaling $14.2 million, may be recognized in additional paid-in capital. | |||||||||||||||||||||||||
Foreign Currency Translation and Transactions | |||||||||||||||||||||||||
For Mobile Mini’s non-U.S. operations, the local currency is the functional currency. All assets and liabilities are translated into U.S. dollars at period-end exchange rates and all income statement amounts are translated at the average exchange rate for each month within the year. | |||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the notes to those statements. Actual results could differ from those estimates. The most significant estimates included within the financial statements are the allowance for doubtful accounts, the estimated useful lives and residual values on the lease fleet and property, plant and equipment, goodwill and other asset impairments and certain accrued liabilities. | |||||||||||||||||||||||||
Impact of Recently Issued Accounting Standards | |||||||||||||||||||||||||
Comprehensive Income. In June 2011, the Financial Accounting Standards Board (“FASB”) issued an amendment to the existing guidance on the presentation of comprehensive income. Under the amended guidance, an entity is required to present the effect of reclassification adjustments out of accumulated other comprehensive income in both net income and other comprehensive income in the financial statements. In February 2013, the FASB issued an amendment to this provision which is effective on a prospective basis for fiscal years, and interim periods within those years, beginning after December 15, 2012. The adoption of this amendment did not have a material impact on our consolidated financial statements and related disclosures. | |||||||||||||||||||||||||
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. In July 2013, the FASB issued this accounting guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013, with an option for early adoption. The Company intends to adopt this guidance at the beginning of its first quarter of fiscal year 2014, and does not anticipate any material impact on its consolidated financial statements and disclosures. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||
Dec. 31, 2013 | |||
Fair Value Disclosures [Abstract] | ' | ||
Fair Value Measurements | ' | ||
(2 | |||
(2) Fair Value Measurements | |||
The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company adopted the suggested accounting guidance for the three levels of inputs that may be used to measure fair value: | |||
Level 1 — | Observable input such as quoted prices in active markets for identical assets or liabilities; | ||
Level 2 — | Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and | ||
Level 3 — | Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||
At December 31, 2012 and 2013, the Company did not have any financial instruments required to be recorded at fair value on a recurring basis. | |||
did not have any financial instruments required to be recorded at fair value on a recurring basis. |
Lease_Fleet
Lease Fleet | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Lease Fleet | ' | ||||||||
(3) Lease Fleet | |||||||||
Mobile Mini’s lease fleet primarily consists of remanufactured, modified and manufactured steel storage containers, steel security offices, steel combination offices and wood mobile offices that are leased to customers under short-term operating lease agreements with varying terms. Depreciation is provided using the straight-line method over the units’ estimated useful life, after the date the Company put the unit in service, and are depreciated down to their estimated residual values. The Company’s depreciation policy on its steel units uses an estimated useful life of 30 years with an estimated residual value of 55%. Wood mobile office units are depreciated over 20 years down to a 50% residual value. Van trailers, which are a small part of the Company’s fleet, are depreciated over seven years to a 20% residual value. Van trailers and other non-core assets are typically only added to the fleet in connection with acquisitions of portable storage businesses. In the opinion of management, estimated residual values do not cause carrying values to exceed net realizable value. The Company continues to evaluate these depreciation policies as more information becomes available from other comparable sources and its own historical experience. The Company’s depreciation expense related to its lease fleet for 2011, 2012 and 2013 was $20.9 million, $21.6 million and $21.2 million, respectively. At December 31, 2012 and 2013, all of the Company’s lease fleet units were pledged as collateral under the Credit Agreement. Normal repairs and maintenance to the portable storage containers and mobile office units are expensed as incurred. | |||||||||
Lease fleet at December 31 consisted of the following: | |||||||||
2012 | 2013 | ||||||||
(In thousands) | |||||||||
Steel storage containers | $ | 628,370 | $ | 600,475 | |||||
Offices | 549,055 | 538,906 | |||||||
Van trailers | 2,973 | 2,119 | |||||||
Other | 3,290 | 3,809 | |||||||
1,183,688 | 1,145,309 | ||||||||
Accumulated depreciation | (154,915 | ) | (166,033 | ) | |||||
Lease fleet, net(1) | $ | 1,028,773 | $ | 979,276 | |||||
-1 | Includes an impairment charge of $33.7 million recorded in the second quarter of 2013. (See Note 17). |
Lines_of_Credit
Lines of Credit | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Lines of Credit | ' |
(4) Lines of Credit | |
On February 22, 2012, the Company entered into a $900.0 million ABL Credit Agreement with Deutsche Bank AG New York Branch and other lenders party thereto (the “Credit Agreement”). The Credit Agreement provides for a five-year, revolving credit facility and all amounts outstanding under the Credit Agreement are due on February 22, 2017. The obligations of Mobile Mini and its subsidiary guarantors under the Credit Agreement are secured by a blanket lien on substantially all of its assets. | |
Amounts borrowed under the Credit Agreement and repaid or prepaid during the term may be reborrowed. Outstanding amounts under the Credit Agreement bear interest at the Company’s option at either: (i) LIBOR plus a defined margin, or (ii) the Agent bank’s prime rate plus a margin. The applicable margin for each type of loan is based on an availability-based pricing grid and ranges from 1.75% to 2.25% for LIBOR loans and 0.75% to 1.25% for base rate loans at each measurement date. As of December 31, 2013, the applicable margins are 2.00% for LIBOR loans and 1.00% for base rate loans and will be remeasured at the end of the next measurement date, which is within 10 days following the end of each fiscal quarter. | |
Availability of borrowings under the Credit Agreement is subject to a borrowing base calculation based upon a valuation of the Company’s eligible accounts receivable, eligible container fleet (including containers held for sale, work-in-process and raw materials) and machinery and equipment, each multiplied by an applicable advance rate or limit. The lease fleet is appraised at least once annually by a third-party appraisal firm and up to 90% of the net orderly liquidation value, as defined in the Credit Agreement, is included in the borrowing base to determine how much the Company may borrow under the Credit Agreement. | |
The Credit Agreement provides for U.K. borrowings, which are, at the Company’s option, denominated in either Pounds Sterling or Euros, by its U.K. subsidiary based upon a U.K. borrowing base; Canadian borrowings, which are denominated in Canadian dollars, by its Canadian subsidiary based upon a Canadian borrowing base; and U.S. borrowings, which are denominated in U.S. dollars, by the Company based upon a U.S. borrowing base along with any Canadian assets not included in the Canadian subsidiary. | |
The Credit Agreement also contains customary negative covenants, including covenants that restrict the Company’s ability to, among other things: (i) allow certain liens to attach to the Company or its subsidiary assets; (ii) repurchase or pay dividends or make certain other restricted payments on capital stock and certain other securities, prepay certain indebtedness or make acquisitions or other investments subject to Payment Conditions (as defined in the Credit Agreement); and (iii) incur additional indebtedness or engage in certain other types of financing transactions. Payment Conditions allow restricted payments and acquisitions to occur without financial covenants as long as the Company has $225.0 million of pro forma excess borrowing availability under the Credit Agreement. The Company must also comply with specified financial maintenance covenants and affirmative covenants only if the Company falls below $90.0 million of borrowing availability levels with set permitted values for the Debt Ratio and Fixed Charge Coverage Ratio (as defined in the Credit Agreement). The Company was in compliance with the terms of the Credit Agreement as of December 31, 2013 and was above the minimum borrowing availability threshold and therefore not subject to any financial maintenance covenants. | |
The weighted average interest rate under the lines of credit was approximately 2.5% in 2012 and 2.2% in 2013. The average outstanding balance was approximately $391.4 million and $386.6 million during 2012 and 2013, respectively. In 2012, the Company redeemed $150.0 million aggregate principal amount of 6.875% senior notes due 2015 by drawing down funds under the Credit Agreement. At December 31, 2013 the Company had approximately $319.3 million of borrowings outstanding and $573.3 million additional borrowing availability under the Credit Agreement, based upon borrowing base calculations as of such date. |
Notes_Payable
Notes Payable | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Notes Payable | ' | ||||
(5) Notes Payable | |||||
Notes payable at December 31 consisted of the following: | |||||
2012 | |||||
(In thousands) | |||||
Notes payable to financial institution, interest at 3.6% payable in fixed monthly installments, matured September 2013, unsecured | $ | 310 | |||
Total | $ | 310 | |||
Obligations_Under_Capital_Leas
Obligations Under Capital Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Obligations Under Capital Leases | ' | ||||
(6) Obligations Under Capital Leases | |||||
At December 31, 2012 and 2013, obligations under capital leases for certain transportation, technology and office related equipment were $0.6 million and $8.8 million, respectively. The lease agreements provide the Company with a purchase option at the end of the lease term. The leases have been capitalized using interest rates ranging from approximately 1.8% to 8.1%. The leases are secured by the equipment under lease. Assets recorded under capital lease obligations totaled approximately $2.8 million as of December 31, 2012 and $10.2 million as of December 31, 2013. Related accumulated amortization totaled approximately $1.4 million as of December 31, 2012 and $1.1 million as of December 31, 2013. The assets acquired under capital leases and related accumulated amortization is included in property, plant and equipment, net, in the Consolidated Balance Sheets. The related amortization is included in depreciation and amortization expense in the Consolidated Statements of Income. | |||||
Future minimum capital lease payments at December 31, 2013 are as follows (in thousands): | |||||
2014 | $ | 1,476 | |||
2015 | 1,209 | ||||
2016 | 1,209 | ||||
2017 | 1,079 | ||||
2018 | 1,080 | ||||
Thereafter | 3,459 | ||||
Total | 9,512 | ||||
Amount representing interest | (731 | ) | |||
Present value of minimum lease payments | $ | 8,781 | |||
Debt_Issuances
Debt Issuances | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Debt Issuances | ' | ||||
(7) Debt Issuances | |||||
On November 23, 2010, the Company issued $200.0 million aggregate principal amount of the 2020 Notes. The 2020 Notes were issued by the Company at an initial offering price of 100% of their face value. The 2020 Notes have a ten-year term and mature on December 1, 2020 and bear interest at a rate of 7.875% per year. Interest is payable semiannually in arrears on June 1 and December 1 of each year. The 2020 Notes are senior unsecured obligations of the Company and are unconditionally guaranteed on a senior unsecured basis by all of our domestic subsidiaries. | |||||
Future Debt Obligations | |||||
The scheduled maturity for debt obligations under Mobile Mini’s Credit Agreement, obligations under capital leases and Senior Notes for balances outstanding at December 31, 2013 are as follows (in thousands): | |||||
2014 | $ | 1,298 | |||
2015 | 1,064 | ||||
2016 | 1,083 | ||||
2017 | 320,292 | ||||
2018 | 998 | ||||
Thereafter | 203,360 | ||||
Total | $ | 528,095 | |||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
(8) Income Taxes | |||||||||||||
Income before taxes from continuing operations for the years ended December 31 consisted of the following: | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(In thousands) | |||||||||||||
U.S. | $ | 40,948 | $ | 44,157 | $ | 30,528 | |||||||
Foreign | 6,783 | 8,775 | 6,971 | ||||||||||
$ | 47,731 | $ | 52,932 | $ | 37,499 | ||||||||
The provision for income taxes from continuing operations for the years ended December 31 consisted of the following: | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
U.S. Federal | $ | — | $ | — | $ | — | |||||||
State | 427 | 388 | 934 | ||||||||||
Foreign | — | — | — | ||||||||||
427 | 388 | 934 | |||||||||||
Deferred: | |||||||||||||
U.S. Federal | 13,894 | 15,419 | 11,483 | ||||||||||
State | 1,517 | 1,553 | 1,100 | ||||||||||
Foreign | 740 | 1,149 | (1,242 | ) | |||||||||
16,151 | 18,121 | 11,341 | |||||||||||
$ | 16,578 | $ | 18,509 | $ | 12,275 | ||||||||
The components of the net deferred tax liability at December 31 are approximately as follows: | |||||||||||||
2012 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 115,632 | $ | 94,346 | |||||||||
Deferred revenue and expenses | 10,240 | 11,280 | |||||||||||
Accrued compensation and other benefits | 1,679 | 1,411 | |||||||||||
Allowance for doubtful accounts | 894 | 615 | |||||||||||
Other | 2,954 | 4,745 | |||||||||||
Total deferred tax assets | 131,399 | 112,397 | |||||||||||
Valuation allowance | (1,126 | ) | (1,126 | ) | |||||||||
Net deferred tax assets | 130,273 | 111,271 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Accelerated tax depreciation | (313,595 | ) | (302,597 | ) | |||||||||
Accelerated tax amortization | (10,335 | ) | (13,474 | ) | |||||||||
Other | (4,389 | ) | (4,765 | ) | |||||||||
Total deferred tax liabilities | (328,319 | ) | (320,836 | ) | |||||||||
Net deferred tax liabilities | $ | (198,046 | ) | $ | (209,565 | ) | |||||||
A deferred U.S. tax liability has not been provided on the undistributed earnings of certain foreign subsidiaries because it is Mobile Mini’s intent to permanently reinvest such earnings. Undistributed earnings of foreign subsidiaries, which have been or are intended to be permanently invested, aggregated approximately $20.1 million and $25.5 million as of December 31, 2012 and 2013, respectively. A net deferred tax liability of approximately $14.4 million and $14.4 million related to the Company’s U.K. operations has been combined with the net deferred tax liabilities of its U.S. operations in the Consolidated Balance Sheets at December 31, 2012 and 2013, respectively. A reconciliation of the U.S. federal statutory rate to Mobile Mini’s effective tax rate for the years ended December 31 is as follows: | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 3.5 | 3.5 | 3.5 | ||||||||||
Nondeductible expenses and other | 0.2 | 1.4 | 1.4 | ||||||||||
Adjustment of net deferred tax liability for enacted tax rate change | (1.8 | ) | (2.1 | ) | (4.9 | ) | |||||||
Foreign rate differential | (2.2 | ) | (2.8 | ) | (2.3 | ) | |||||||
34.7 | % | 35 | % | 32.7 | % | ||||||||
At December 31, 2013, Mobile Mini had U.S. federal net operating loss carryforwards on its federal tax return of approximately $264.1 million, which expire if unused from 2022 to 2031. At December 31, 2013, the Company had net operating loss carryforwards on the various states’ tax returns in which it operates totaling $154.8 million, which expire if unused from 2014 to 2031. At December 31, 2012 and 2013, the Company’s net operating losses carrying forward for tax return purposes include $10.1 million and $14.2 million of excess tax benefits from employee stock option exercises that are a component of its net operating loss carryforward. Additional paid in capital will be increased by an equivalent amount if and when such excess tax benefits are realized. Management evaluates the ability to realize its deferred tax assets on a quarterly basis and adjusts the amount of its valuation allowance if necessary. Accelerated tax amortization primarily relates to amortization of goodwill for income tax purposes. | |||||||||||||
Mobile Mini adopted a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation process, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. | |||||||||||||
The Company files U.S. federal tax returns, U.S. state tax returns, and foreign tax returns. The Company has identified its U.S. Federal tax return as its “major” tax jurisdiction. For the U.S. Federal return, the Company’s tax years for 2010, 2011 and 2012 are subject to tax examination by the U.S. Internal Revenue Service through September 15, 2014, 2015 and 2016, respectively. No reserves for uncertain income tax positions have been recorded. The Company does not anticipate that the total amount of unrecognized tax benefit related to any particular tax position will change significantly within the next 12 months. | |||||||||||||
In July 2013, the U.K.’s government authorized another reduction in the corporate income tax rate from the statutory rate of 23%, authorized in 2012, to 20%. In July 2012, the U.K.’s government reduced the corporate income tax rate from the statutory rate of 25% to 23%. These rate reductions only affected the Company’s U.K. operations and reduced the Company’s deferred tax liability in the U.K. by approximately $1.2 million and $1.9 million in 2012 and 2013, respectively. The tax reductions are reflected at the enacted rate in effect at the estimated date such amounts will be payable. The benefit of these rate changes is included in the 2012 and 2013 tax provisions. | |||||||||||||
The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of income before taxes. Penalties and associated interest costs, if any, are recorded in leasing, selling and general expenses in its Consolidated Statements of Income. | |||||||||||||
As a result of stock ownership changes during the years presented, it is possible that the Company has undergone a change in ownership for federal income tax purposes, which can limit the amount of net operating loss currently available as a deduction. Management has determined that even if such an ownership change has occurred, it would not impair the realization of the deferred tax asset resulting from the federal net operating loss carryover. | |||||||||||||
Mobile Mini paid income taxes of approximately $0.8 million in 2011 and 2012 and $1.1 million in 2013. These amounts are lower than the recorded expense in the years due to net operating loss carryforwards and general business credit utilization. |
Transactions_with_Related_Pers
Transactions with Related Persons | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Transactions with Related Persons | ' |
(9) Transactions with Related Persons | |
There are no related persons transactions requiring disclosure since Mobile Mini’s former President and Chief Executive Officer departed the Company in December 2012. The terms of our former related persons lease agreements remain in effect and have been reviewed and approved by the independent directors who comprise a majority of the members of the Company’s Board of Directors. It is Mobile Mini’s intention not to enter into any related person transactions. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||||||||||
(10) Share-Based Compensation | |||||||||||||||||||||||||
The Company awarded stock options and nonvested share-awards under the existing share-based compensation plans. The majority of these options and nonvested share-awards vest in equal annual installments over a four to five year period. The total value of these options and nonvested share-awards is expensed on a straight-line basis over the service period of the employees receiving the grants. The “service period” is the time during which the employees receiving grants must remain employees for the shares granted to fully vest. | |||||||||||||||||||||||||
The Company also grants certain executive officers stock options and nonvested share-awards with vesting subject to performance conditions. Vesting of these grants is dependent upon the respective officers fulfilling the service period requirements as well as the Company achieving certain yearly adjusted EBITDA targets in each of the performance periods (three to four years) after the grant is awarded. EBITDA is defined as net income before discontinued operation, net of tax, interest expense, income taxes, depreciation and amortization and debt restructuring or extinguishment expense, including any write-off of deferred financing costs, and further adjusted for specific transactions, including non-cash share-based compensation expense, to arrive at adjusted EBITDA. For performance-based grants, the Company is required to assess the probability that such performance conditions will be met. If the likelihood of the performance conditions being met is deemed probable, the Company will recognize the expense using the accelerated attribution method. The accelerated attribution method could result in as much as 60% of the total value of the shares being recognized in the first year of the service period if the future performance-based targets are assessed as probable of being met. There was no adjustment in the past three years to reflect any underperformance for share-based compensation expense related to nonvested share-awards with vesting subject to performance conditions. | |||||||||||||||||||||||||
Share-based payment expense related to the vesting of options and nonvested share-awards was approximately $6.5 million, $9.6 million and $14.7 million for 2011, 2012 and 2013, respectively. As of December 31, 2013, total unrecognized compensation cost related to stock option awards was approximately $15.2 million and the related weighted-average period over which it is expected to be recognized is approximately 1.7 years. As of December 31, 2013, the unrecognized compensation cost related to nonvested share-awards was approximately $9.7 million, which is expected to be recognized over a weighted-average period of approximately 2.6 years. | |||||||||||||||||||||||||
The cash flows resulting from the tax benefits arising from tax deductions in excess of the compensation cost recognized from the exercise of stock options (excess tax benefits) are classified as financing cash flows. As of December 31, 2013, the Company had no tax benefits arising from tax deductions in excess of the compensation cost recognized because the benefit has not been “realized” given that the Company currently has net operating loss carryforwards and follows the with-and-without approach with respect to the ordering of tax benefits realized. | |||||||||||||||||||||||||
The following table summarizes the Company’s share-based compensation for the years ending December 31: | |||||||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Share-based compensation expense included in: | |||||||||||||||||||||||||
Leasing, selling and general expenses | $ | 6,438 | $ | 7,151 | $ | 13,956 | |||||||||||||||||||
Merger and restructuring expenses | — | 2,424 | 758 | ||||||||||||||||||||||
Loss from discontinued operation, net of tax | 18 | — | — | ||||||||||||||||||||||
Share-based compensation expense | 6,456 | 9,575 | 14,714 | ||||||||||||||||||||||
Amount capitalized | 159 | 223 | 326 | ||||||||||||||||||||||
Total share-based compensation | $ | 6,615 | $ | 9,798 | $ | 15,040 | |||||||||||||||||||
The following table summarizes the activities under the Company’s stock option plans for the years ended December 31 (share amounts in thousands): | |||||||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | ||||||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | ||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Options outstanding, beginning of year | 1,618 | $ | 17.84 | 1,394 | $ | 18.39 | 1,099 | $ | 20.02 | ||||||||||||||||
Granted | 351 | 18.17 | 65 | 21.13 | 2,214 | 31.26 | |||||||||||||||||||
Canceled/Expired | (247 | ) | 17.46 | (51 | ) | 26.61 | (147 | ) | 15.9 | ||||||||||||||||
Exercised | (328 | ) | 16.12 | (309 | ) | 11.81 | (647 | ) | 21.35 | ||||||||||||||||
Options outstanding, end of year | 1,394 | $ | 18.39 | 1,099 | $ | 20.02 | 2,519 | $ | 29.8 | ||||||||||||||||
Options exercisable, end of year | 847 | $ | 18.16 | 755 | $ | 20.42 | 193 | $ | 21.51 | ||||||||||||||||
Options and awards available for grant, end of year | 1,545 | 1,361 | 3,239 | ||||||||||||||||||||||
A summary of nonvested share-awards activity within the Company’s share-based compensation plans and changes is as follows (share amounts in thousands): | |||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Nonvested at January 1, 2011 | 1,223 | $ | 16.51 | ||||||||||||||||||||||
Awarded | 374 | 17.08 | |||||||||||||||||||||||
Released | (348 | ) | 17.22 | ||||||||||||||||||||||
Forfeited | (69 | ) | 21.24 | ||||||||||||||||||||||
Nonvested at December 31, 2011 | 1,180 | $ | 16.2 | ||||||||||||||||||||||
Awarded | 261 | 19.67 | |||||||||||||||||||||||
Released | (453 | ) | 16.05 | ||||||||||||||||||||||
Forfeited | (145 | ) | 16.77 | ||||||||||||||||||||||
Nonvested at December 31, 2012 | 843 | $ | 17.27 | ||||||||||||||||||||||
Awarded | 153 | 30.21 | |||||||||||||||||||||||
Released | (252 | ) | 19.15 | ||||||||||||||||||||||
Forfeited | (202 | ) | 15.64 | ||||||||||||||||||||||
Nonvested at December 31, 2013 | 542 | $ | 20.65 | ||||||||||||||||||||||
The total fair value of nonvested share-awards vested in 2012 and 2013 were $7.3 million and $4.8 million, respectively. | |||||||||||||||||||||||||
A summary of stock option activity, as of December 31, 2013, is as follows: | |||||||||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||
Term | |||||||||||||||||||||||||
(In Years) | |||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||
Outstanding | 2,519 | $ | 29.8 | 8.86 | $ | 28,672 | |||||||||||||||||||
Vested and expected to vest | 2,409 | $ | 29.75 | 8.85 | $ | 27,523 | |||||||||||||||||||
Exercisable | 193 | $ | 21.51 | 5.54 | $ | 3,793 | |||||||||||||||||||
The aggregate intrinsic value of options exercised during the period ended December 31, 2011, 2012 and 2013 was $0.8 million, $2.7 million and $9.0 million, respectively. | |||||||||||||||||||||||||
The fair value of each stock option award is estimated on the date of the grant using the Black-Scholes option pricing model. The following are the key assumptions used for the period noted: | |||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
Risk-free interest rate | 0.8 | % | 0.7% – 1.5% | ||||||||||||||||||||||
Expected life of the options (years) | 6 | 6.0 – 7.0 | |||||||||||||||||||||||
Expected stock price volatility | 41.8 | % | 41.1% – 46.3% | ||||||||||||||||||||||
Expected dividend rate | 0 | % | 0.0% – 1.8% | ||||||||||||||||||||||
The Black-Scholes option valuation model was developed for use in estimating the fair value of short-traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of assumptions including expected stock price volatility. The risk-free interest rate is based on the U.S. Treasury security rate in effect at the time of the grant. The expected life of the options and volatility rates are based on our historical data. Historically, we had not paid cash dividends and therefore have assumed a zero dividend rate in 2012. | |||||||||||||||||||||||||
The weighted average fair value of stock options granted was $6.84, $8.56 and $10.59 for the period ended December 31, 2011, 2012 and 2013, respectively. |
Benefit_Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Benefit Plans | ' |
(11) Benefit Plans | |
Stock Option and Equity Incentive Plans | |
In August 1999, the Company’s Board of Directors approved the Mobile Mini, Inc. 1999 Stock Option Plan (the “1999 Plan”), which expired (with respect to granting additional options) in August 2009. As of December 31, 2013, there were outstanding options to acquire 0.1 million shares under the 1999 Plan. The plan and amendments were approved by the stockholders at annual meetings. Awards granted under the 1999 Plan may be incentive stock options, which are intended to meet the requirements of Section 422 of the Internal Revenue Code, nonstatutory stock options or shares of restricted stock awards. Incentive stock options may be granted to the Company’s officers and other employees. Nonstatutory stock options may be granted to directors and employees, and to non-employee service providers and nonvested share-awards may be made to officers and other employees. | |
In February 2006, Mobile Mini’s Board of Directors approved the 2006 Equity Incentive Plan (the “2006 Plan”) that was subsequently approved by the stockholders at the Company’s 2006 Annual Meeting. At the Annual Stockholders’ Meeting in June 2009, the stockholders approved an amendment to the 2006 Plan to increase the maximum number of shares that could be issued by an additional 3.0 million shares. In July 2013, the stockholders at the 2013 Annual Shareholders’ Meeting approved an amendment to the 2006 Plan to increase the maximum number of shares that could be issued by an additional 2.0 million shares. The 2006 Plan is an “omnibus” stock plan permitting a variety of equity programs designed to provide flexibility in implementing equity and cash awards, including incentive stock options, nonqualified stock options, nonvested share-awards, restricted stock units, stock appreciation rights, performance stock, performance units and other stock-based awards. Participants in the 2006 Plan may be granted any one of the equity awards or any combination of them, as determined by the Board of Directors or the Compensation Committee. The 2006 Plan, as amended, has reserved 6.2 million shares of common stock for issuance. As of December 31, 2013, there were outstanding options to acquire 0.5 million shares under the 2006 Plan. | |
The purpose of these plans is to attract and retain the best available personnel for positions of substantial responsibility and to provide incentives to, and to encourage ownership of stock by, Mobile Mini’s management and other employees. The Board of Directors believes that stock options and other share-based awards are important to attract and to encourage the continued employment and service of officers and other employees and encourage them to devote their best efforts to the Company’s business, thereby advancing the interest of its stockholders. | |
The option exercise price for all options granted under these plans may not be less than 100% of the fair market value of the common stock on the date of grant of the option (or 110% in the case of an incentive stock option granted to an optionee beneficially owning more than 10% of the outstanding common stock). The maximum option term is ten years (or five years in the case of an incentive stock option granted to an optionee beneficially owning more than 10% of the outstanding common stock). Payment for shares purchased under these plans is made in cash. Options may, if permitted by the particular option agreement, be exercised by directing that certificates for the shares purchased be delivered to a licensed broker as agent for the optionee, provided that the broker tenders to Mobile Mini, cash or cash equivalents equal to the option exercise price. | |
The plans are administered by the Compensation Committee of Mobile Mini’s Board of Directors. The Compensation Committee is comprised of independent directors. They determine whether options will be granted, whether options will be incentive stock options, nonstatutory option, restricted stock, or performance stock, which officers, employees and service providers will be granted options, the vesting schedule for options and the number of options to be granted. Each outstanding option must expire no more than ten years from the date it was granted, unless exercised or forfeited before the expiration date, and are granted with vesting periods ranging from 3 to 4.5 years. Each non-employee director serving on the Company’s Board of Directors receives an automatic award of shares of Mobile Mini’s common stock equivalent to $82,500, or $120,000 for the Chairman of the Board, based on the closing price of the Company’s common stock on August 1 of that year, or the following trading day if August 1 is not a trading day. These awards vest 100% when granted. | |
The Board of Directors may amend the plans at any time, except that approval by Mobile Mini’s stockholders may be required for an amendment that increases the aggregate number of shares which may be issued pursuant to each plan, changes the class of persons eligible to receive incentive stock options, modifies the period within which options may be granted, modifies the period within which options may be exercised or the terms upon which options may be exercised, or increases the material benefits accruing to the participants under each plan. The Board of Directors may terminate or suspend the plans at any time. Unless previously terminated, the 2006 Plan will expire in February 2016. Any option granted under a plan will continue until the option expiration date, notwithstanding earlier termination of the plan under which the option was granted. | |
In 2005, the Company began awarding nonvested share-awards under the existing share-based compensation plans. These nonvested share-awards vest in equal annual installments on each of the first four or five annual anniversaries of the award date, unless the person to whom the award was made is not then employed by Mobile Mini (or one of its subsidiaries). In 2013, the Company awarded certain of its officers performance based stock options. The Company did not grant performance based shares in 2012. If employment terminates, the shares are forfeited by the former employee. | |
401(k) and Retirement Plans | |
In 1995, the Company established a contributory retirement plan in the U.S., the 401(k) Plan, covering eligible employees. The 401(k) Plan is designed to provide tax-deferred retirement benefits to employees in accordance with the provisions of Section 401(k) of the Internal Revenue Code. | |
The 401(k) Plan provides that each participant may annually contribute a fixed amount or a percentage of his or her salary, not to exceed the statutory limit. Mobile Mini may make a qualified non-elective contribution in an amount it determines. Under the terms of the 401(k) Plan, Mobile Mini may also make discretionary profit sharing contributions. Profit sharing contributions are allocated among participants based on their annual compensation. Each participant has the right to direct the investment of their funds among certain named plans. Mobile Mini contributes 25% of its employees’ contributions up to an annual maximum of $1 thousand per employee. The Company has a Registered Retirement Savings Plan regulated by Canadian law, where the Company makes matching contributions to its Canadian employees. | |
In the U.K., the Company’s employees are covered by one of two separate defined contribution programs. The employees become eligible to participate in the programs once any initial employment probationary period is completed. The plans are designed as retirement benefit programs into that which the Company pays a contribution of either 5% or 7% of the employees’ annual salary into the plan. Depending on the plan, employees contribute either 0% or 2.5% of their annual salary into the plan and have the right to make further contributions if they so elect. The participants have the right to direct the investment of their funds among certain named plans. Annual charges are deducted from each employee’s fund to cover the administrative costs of these programs. | |
In The Netherlands, the Company’s employees were covered by a defined contribution program. All employees became eligible after one month of employment. The Company contributed between 3.0% and 28.1% of the employees’ pensionable salary, depending on the employee’s age, and employees contributed 3.0% of their pensionable salary. The administrative costs for this plan were deducted by the administrative agent from the contributions and the investment earnings. | |
Mobile Mini did not make any contributions to the retirement plan in the U.S. in 2011. The Company resumed making contributions to the U.S. retirement plan in 2012. | |
Mobile Mini made contributions to the Canadian and U.K. plans of approximately $0.3 million in 2011 and to the U.S., Canadian and U.K. plans of approximately $0.4 million and $0.5 million in 2012 and 2013, respectively. The Company incurred approximately $30,500, $27,500 and $27,000 in 2011, 2012 and 2013, respectively, for administrative costs for these programs. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||
(12) Commitments and Contingencies | |||||||||||||||||
Leases | |||||||||||||||||
The Company leases its corporate offices and other properties and operating equipment from third parties under noncancelable operating leases. Rent expense under these agreements was approximately $18.5 million, $20.7 million and $21.2 million for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||||||||
As of December 31, 2013, contractual commitments associated with lease obligations are as follows: | |||||||||||||||||
Operating | Restructuring | Restructuring | Total | ||||||||||||||
Lease | Related Lease | Sub-lease | |||||||||||||||
Commitments | Commitments | Income | |||||||||||||||
(In thousands) | |||||||||||||||||
2014 | $ | 16,075 | $ | 1,450 | $ | (685 | ) | $ | 16,840 | ||||||||
2015 | 10,743 | 651 | (178 | ) | 11,216 | ||||||||||||
2016 | 8,132 | 465 | (182 | ) | 8,415 | ||||||||||||
2017 | 5,355 | 417 | (155 | ) | 5,617 | ||||||||||||
2018 | 2,291 | 306 | — | 2,597 | |||||||||||||
Thereafter | 760 | 26 | — | 786 | |||||||||||||
Total | $ | 43,356 | $ | 3,315 | $ | (1,200 | ) | $ | 45,471 | ||||||||
Future minimum lease payments under restructured non-cancelable operating leases as of December 31, 2013, are included in accrued liabilities in the Consolidated Balance Sheet. See Note 15 for a further discussion on restructuring related commitments. | |||||||||||||||||
Insurance | |||||||||||||||||
The Company maintains insurance coverage for its operations and employees with appropriate aggregate, per occurrence and deductible limits as the Company reasonably determines is necessary or prudent with current operations and historical experience. The majority of these coverages have large deductible programs which allow for potential improved cash flow benefits based on its loss control efforts. | |||||||||||||||||
The Company’s employee group health insurance program is a self-insured program with individual and aggregate stop loss limits. The insurance provider is responsible for funding all claims in excess of the calculated monthly maximum liability. This calculation is based on a variety of factors including the number of employees enrolled in the plan. This plan allows for some cash flow benefits while guarantying a maximum premium liability. Actual results may vary from estimates based on the Company’s actual experience at the end of the plan policy periods based on the carrier’s loss predictions and its historical claims data. | |||||||||||||||||
The Company’s worker’s compensation, auto and general liability insurance are purchased under large deductible programs. The Company’s current per incident deductibles are: worker’s compensation $250,000, auto $500,000 and general liability $100,000. The Company expenses the deductible portion of the individual claims. However, the Company generally does not know the full amount of its exposure to a deductible in connection with any particular claim during the fiscal period in which the claim is incurred and for which it must make an accrual for the deductible expense. The Company makes these accruals based on a combination of the claims development experience of its staff and its insurance companies, and, at year end, the accrual is reviewed and adjusted, in part, based on an independent actuarial review of historical loss data and using certain actuarial assumptions followed in the insurance industry. A high degree of judgment is required in developing these estimates of amounts to be accrued, as well as in connection with the underlying assumptions. In addition, the Company’s assumptions will change as its loss experience is developed. All of these factors have the potential for significantly impacting the amounts the Company has previously reserved in respect of anticipated deductible expenses and the Company may be required in the future to increase or decrease amounts previously accrued. Under the Company’s various insurance programs, it has collective reserves recorded in accrued liabilities of $5.1 million and $3.8 million at December 31, 2012 and 2013, respectively. | |||||||||||||||||
As of December 31, 2013, in connection with the issuance of our insurance policies, Mobile Mini has provided its various insurance carriers approximately $7.4 million in letters of credit. | |||||||||||||||||
General Litigation | |||||||||||||||||
The Company is a party to routine claims incidental to its business. Most of these routine claims involve alleged damage to customers’ property while stored in units leased from Mobile Mini and damage alleged to have occurred during delivery and pick-up of containers. The Company carries insurance to protect it against loss from these types of claims, subject to deductibles under the policy. The Company does not believe that any of these incidental claims, individually or in the aggregate, is likely to have a material adverse effect on its business or results of operations. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
(13) Stockholders’ Equity | |
Dividends | |
On November 6, 2013, the Company’s Board of Directors (the “Board”) authorized the initiation of a quarterly cash dividend to all the Company’s common stockholders and declared the first quarterly cash dividend of $0.17 per share of common stock, payable on March 20, 2014 to the stockholders of record as of the close of business on March 6, 2014. Each future quarterly dividend payment is subject to review and approval by the Board. In addition, the Company’s Credit Agreement contains restrictions on the declaration and payment of dividends. | |
Treasury stock | |
On November 6, 2013, the Board approved a share repurchase program authorizing up to $125.0 million of the Company’s outstanding shares of common stock to be repurchased. The shares may be repurchased from time to time in the open market or in privately negotiated transactions. The share repurchases are subject to prevailing market conditions and other considerations. The share repurchase program does not have an expiration date and may be suspended or terminated at any time by the Board. As of December 31, 2013, no shares were repurchased under this program. | |
In the fourth quarter of 2013, the Company withheld 9,530 shares of restricted stock awards to certain officers upon vesting of restricted stock to satisfy minimum tax withholding obligations. |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions | ' | ||||
(14) Acquisitions | |||||
The Company enters new markets in one of three ways: (i) a new fully staffed location start-up, (ii) through acquiring a business consisting of the portable storage assets and related leases of other companies, or (iii) by establishing new start-up locations that does have all the overhead associated with a fully-staffed location. An acquisition generally provides the Company with cash flow which enables the Company to immediately cover the overhead cost at a new location. On occasion, the Company also purchases portable storage businesses in areas where the Company has existing small locations either as part of multi-market acquisitions or in order to increase the Company’s operating margins at those locations. | |||||
In the first quarter of 2012, Mobile Mini acquired the portable storage assets and assumed certain liabilities of a business based in Calgary, Canada, which became part of its Calgary location. This acquisition was effected pursuant to an asset purchase agreement. The Company did not acquire any businesses in 2013. | |||||
The accompanying consolidated financial statements include the operations of the acquired business from the date of acquisition and were immaterial to the Company’s financial position in the aggregate. The acquisition was accounted for as a purchase of the business with the acquired assets and assumed liabilities recorded at their estimated fair values at the date of acquisition. The aggregate purchase price of the assets and operations acquired was $3.6 million. | |||||
The fair value of the assets acquired and liabilities assumed has been allocated in the aggregate as follows at December 31, 2013 (in thousands): | |||||
Tangible assets | $ | 2,245 | |||
Intangible assets: | |||||
Customer lists | 112 | ||||
Non-compete agreements | 25 | ||||
Goodwill | 1,169 | ||||
Other | 12 | ||||
Total purchase price | $ | 3,563 | |||
Merger_and_Restructuring_Costs
Merger and Restructuring Costs | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Merger and Restructuring Costs | ' | ||||||||||||||||
(15) Merger and Restructuring Costs | |||||||||||||||||
In 2008, the Company completed the acquisition of MSG which became a wholly-owned subsidiary of Mobile Mini, Inc. In connection with the acquisition of MSG, the Company recorded accruals for costs to be incurred to exit overlapping MSG lease properties. In addition, the Company has undergone other restructuring actions to align its business operations, including the termination of its consumer initiative program in August 2012 and the transition of leadership for the Company’s President and Chief Executive Officer position in 2012 and the Chief Accounting Officer position in 2013. | |||||||||||||||||
The following table details accrued merger and restructuring obligations (included in accrued liabilities in the Consolidated Balance Sheets) and related activity for the years ended December 31, 2011, 2012 and 2013: | |||||||||||||||||
Severance and | Lease | Acquisition | Total | ||||||||||||||
Benefits | Abandonment | Integration | |||||||||||||||
Costs | |||||||||||||||||
(In thousands) | |||||||||||||||||
Accrued obligations as of January 1, 2011 | $ | — | $ | 3,807 | $ | — | $ | 3,807 | |||||||||
Integration, merger and restructuring expense | 690 | — | 369 | 1,059 | |||||||||||||
Cash paid | (690 | ) | (1,678 | ) | (369 | ) | (2,737 | ) | |||||||||
Accrued obligations as of December 31, 2011 | — | 2,129 | — | 2,129 | |||||||||||||
Integration, merger and restructuring expense | 5,976 | 1,007 | 140 | 7,123 | |||||||||||||
Cash paid | (3,433 | ) | (1,566 | ) | (140 | ) | (5,139 | ) | |||||||||
Accrued obligations as of December 31, 2012 | 2,543 | 1,570 | — | 4,113 | |||||||||||||
Integration, merger and restructuring expense | 1,787 | 475 | 140 | 2,402 | |||||||||||||
Cash paid | (3,717 | ) | (982 | ) | (140 | ) | (4,839 | ) | |||||||||
Accrued obligations as of December 31, 2013 | $ | 613 | $ | 1,063 | $ | — | $ | 1,676 | |||||||||
All accrued obligations are expected to be paid out through the year 2014. | |||||||||||||||||
The following amounts are included in merger and restructuring expense for the year ended December 31: | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
(In thousands) | |||||||||||||||||
Severance and benefits | $ | 690 | $ | 5,976 | $ | 1,787 | |||||||||||
Lease abandonment costs | — | 1,007 | 475 | ||||||||||||||
Merger costs | 369 | 140 | 140 | ||||||||||||||
Merger and restructuring expenses | $ | 1,059 | $ | 7,123 | $ | 2,402 | |||||||||||
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting | ' | ||||||||||||
(16) Segment Reporting | |||||||||||||
The Company has operations in North America and the U. K. The Company’s operating segments are similarly defined geographically. Discrete financial data on each of the Company’s products is not available and it would be impractical to collect and maintain financial data in such a manner. Financial results are aggregated into two reportable segments, North America and the U.K., based on quantitative thresholds. As discussed in Note 18 below, the Company’s Netherlands operation, which was previously presented as part of the Europe segment, is now presented within discontinued operation and prior period segment results have been recast. All of the Company’s locations operate in their local currency and, although the Company is exposed to foreign exchange rate fluctuation in other foreign markets where the Company leases and sells its products, the Company does not believe such exposure will have a significant impact on its results of operations. | |||||||||||||
In managing the Company’s business, management focuses on growing leasing revenues, particularly in existing markets where it can take advantage of the operating leverage inherent in its business model, EBITDA and consolidated EPS. | |||||||||||||
The following tables set forth certain information regarding each of the Company’s segments for the years ended December 31: | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
North America: | |||||||||||||
Leasing | $ | 259,825 | $ | 278,330 | $ | 299,676 | |||||||
Sales | 37,841 | 33,845 | 29,808 | ||||||||||
Other | 2,434 | 1,901 | 1,768 | ||||||||||
Total North America (1) | 300,100 | 314,076 | 331,252 | ||||||||||
U.K.: | |||||||||||||
Leasing | 54,870 | 61,645 | 66,610 | ||||||||||
Sales | 3,835 | 3,914 | 8,242 | ||||||||||
Other | 265 | 261 | 382 | ||||||||||
Total U.K. | 58,970 | 65,820 | 75,234 | ||||||||||
Total Revenue | $ | 359,070 | $ | 379,896 | $ | 406,486 | |||||||
Depreciation and amortization: | |||||||||||||
North America | $ | 28,606 | $ | 28,359 | $ | 28,614 | |||||||
U.K. | 6,826 | 7,623 | 6,818 | ||||||||||
Total depreciation and amortization | $ | 35,432 | $ | 35,982 | $ | 35,432 | |||||||
Operating income: | |||||||||||||
North America | $ | 85,121 | $ | 82,825 | $ | 58,875 | |||||||
U.K. | 10,070 | 12,079 | 8,092 | ||||||||||
Total operating income | $ | 95,191 | $ | 94,904 | $ | 66,967 | |||||||
Interest expense: | |||||||||||||
North America | $ | 44,237 | $ | 35,423 | $ | 28,348 | |||||||
U.K. | 1,883 | 1,845 | 1,119 | ||||||||||
Total interest expense | $ | 46,120 | $ | 37,268 | $ | 29,467 | |||||||
Income tax provision: | |||||||||||||
North America | $ | 15,504 | $ | 17,234 | $ | 12,258 | |||||||
U.K. | 1,074 | 1,275 | 17 | ||||||||||
Total income tax provision | $ | 16,578 | $ | 18,509 | $ | 12,275 | |||||||
-1 | Includes revenues in the United States of $296.6 million, $307.1 million and $324.9 million for the fiscal years 2011, 2012 and 2013, respectively. | ||||||||||||
The tables below represent the Company’s long-lived assets which consist of lease fleet and property, plant and equipment. | |||||||||||||
Long-lived assets: | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(In thousands) | |||||||||||||
North America(1) | $ | 953,251 | $ | 947,074 | $ | 902,183 | |||||||
U.K. | 142,200 | 162,129 | 162,246 | ||||||||||
Total long-lived assets | $ | 1,095,451 | $ | 1,109,203 | $ | 1,064,429 | |||||||
-1 | Includes long-lived assets of $936.5 million, $928.2 million and $884.3 million in the United States for the fiscal years 2011, 2012 and 2013, respectively. |
Assets_Held_for_Sale
Assets Held for Sale | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Assets Held for Sale | ' | ||||||||||||
(17) Assets Held for Sale | |||||||||||||
In the second quarter of 2013, the Company conducted field inspections of lease fleet units and other assets. A review was performed to determine the economic feasibility to repair certain assets. The analysis included the determination of fair market value of those assets using a cash flow analysis, less the cost of liquidation, and the current net carrying value. The Company’s senior management reviewed the analysis, the fair value of the assets, the current economy, along with present and projected utilization levels, and determined to place the assets for sale that were deemed to be either non-core to the Company’s leasing strategy or uneconomic to repair. The Company plans to sell the remainder of these assets by the end of the second quarter 2014. In connection with this action, the Company recorded an asset impairment charge of $40.2 million in the second quarter of 2013, of which $39.6 million was non-cash. Realized gains and losses resulting from the subsequent sale of these assets are recorded as a decrease or an increase to the original impairment charge in the statements of income and the proceeds associated with the disposal of these assets, excluding inventories, is recorded as investing activities in statements of cash flows. | |||||||||||||
The following table sets forth the information on the assets classified as held for sale and the subsequent changes to the assets’ fair value for the six-month period ended December 31, 2013: | |||||||||||||
North | U.K. | Total | |||||||||||
America | |||||||||||||
Balance at June 30, 2013 | $ | 6,877 | $ | 1,434 | $ | 8,311 | |||||||
Sale proceeds | (7,339 | ) | (1,525 | ) | (8,864 | ) | |||||||
Recovery, net (1) | 1,394 | 138 | 1,532 | ||||||||||
Other changes, net | (17 | ) | 39 | 22 | |||||||||
Effect of exchange rate changes | (11 | ) | (10 | ) | (21 | ) | |||||||
Balance at December 31, 2013 | $ | 904 | $ | 76 | $ | 980 | |||||||
-1 | Net gains realized from the sale of assets held for sale. |
Discontinued_Operation
Discontinued Operation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operation | ' | ||||||||||||
(18) Discontinued Operation | |||||||||||||
In December 2013, the Company entered into a share sale and purchase agreement with Caru Group B.V. to sell Mobile Mini Holding B.V., comprising the Company’s Netherlands operation. In connection with this transaction, the Company recorded a $1.2 million after-tax loss on the sale in 2013. The transaction closed on December 31, 2013, and the Company received proceeds of $0.7 million in January 2014. | |||||||||||||
The results of operations of our Netherlands business are reported within discontinued operation in the consolidated financial statements and prior period amounts have been recast. The segment results in Note 16, the selected condensed quarterly financial data in Note 19 and the condensed consolidating statements in Note 20 also reflect the reclassification of the Company’s Netherlands operation to discontinued operation. | |||||||||||||
The following is a summary of the assets and liabilities of The Netherlands as of December 31: | |||||||||||||
2012 | |||||||||||||
(In thousands) | |||||||||||||
Assets: | |||||||||||||
Cash | $ | 157 | |||||||||||
Accounts receivable, net | 353 | ||||||||||||
Lease fleet, net | 2,816 | ||||||||||||
Property plant and equipment, net | 392 | ||||||||||||
Other assets | 311 | ||||||||||||
Total assets of discontinued operation | $ | 4,029 | |||||||||||
Liabilities: | |||||||||||||
Accounts payable, accrued liabilities and other | $ | 181 | |||||||||||
Total liabilities of discontinued operation | $ | 181 | |||||||||||
Net assets of discontinued operation | $ | 3,848 | |||||||||||
Summarized results of the Company’s Netherlands operation are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Revenues | $ | 2,244 | $ | 1,363 | $ | 1,895 | |||||||
Loss from operations, including loss on disposition of $1.9 million | (593 | ) | (216 | ) | (2,101 | ) | |||||||
Other expenses | (82 | ) | (72 | ) | (64 | ) | |||||||
Income tax benefit | 118 | 43 | 863 | ||||||||||
Loss from discontinued operation, net of tax | $ | (557 | ) | $ | (245 | ) | $ | (1,302 | ) | ||||
Summarized results of The Netherlands cash flow activities are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Net cash used in operating activities | $ | (157 | ) | $ | (466 | ) | $ | (861 | ) | ||||
Net cash provided by (used in) investing activities | $ | 678 | $ | (95 | ) | $ | 896 |
Selected_Consolidated_Quarterl
Selected Consolidated Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Consolidated Quarterly Financial Data | ' | ||||||||||||||||
(19) Selected Consolidated Quarterly Financial Data (unaudited) | |||||||||||||||||
The following table sets forth certain unaudited selected consolidated financial information for each of the four quarters in the years ended December 31, 2012 and 2013. In management’s opinion, this unaudited consolidated quarterly selected information has been prepared on the same basis as the audited consolidated financial statements and includes all necessary adjustments, consisting only of normal recurring adjustments, which management considers necessary for a fair presentation when read in conjunction with the Consolidated Financial Statements and notes. The Company believes these comparisons of consolidated quarterly selected financial data are not necessarily indicative of future performance. | |||||||||||||||||
On December 31, 2013, the Company sold its Netherlands operation, and as a result, this operation is reflected as a discontinued operation for all periods presented in the tables below. | |||||||||||||||||
Quarterly EPS may not total to the fiscal year EPS due to the weighted average number of shares outstanding at the end of each period reported and rounding. | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In thousands except per share data) | |||||||||||||||||
2012 | |||||||||||||||||
Leasing | $ | 78,244 | $ | 81,733 | $ | 88,585 | $ | 91,413 | |||||||||
Total revenues | 88,479 | 92,968 | 98,603 | 99,846 | |||||||||||||
Gross profit on sales | 3,889 | 4,157 | 3,619 | 2,916 | |||||||||||||
Income from operations | 19,853 | 21,932 | 27,229 | 25,890 | |||||||||||||
Income from continuing operations | 5,312 | 7,384 | 10,429 | 11,298 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | 0.12 | 0.16 | 0.23 | 0.25 | |||||||||||||
Diluted | 0.12 | 0.16 | 0.23 | 0.25 | |||||||||||||
Net income | 5,210 | 7,312 | 10,398 | 11,258 | |||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In thousands except per share data) | |||||||||||||||||
2013 | |||||||||||||||||
Leasing | $ | 84,875 | $ | 88,032 | $ | 95,559 | $ | 97,820 | |||||||||
Total revenues | 97,512 | 97,135 | 105,040 | 106,799 | |||||||||||||
Gross profit on sales | 3,745 | 3,142 | 2,977 | 2,774 | |||||||||||||
Income from operations | 27,012 | (15,006 | ) | 27,001 | 27,960 | ||||||||||||
Income from continuing operations | 12,119 | (14,319 | ) | 14,332 | 13,092 | ||||||||||||
Earnings per share: | |||||||||||||||||
Basic | 0.27 | (0.32 | ) | 0.31 | 0.29 | ||||||||||||
Diluted | 0.26 | (0.31 | ) | 0.31 | 0.28 | ||||||||||||
Net income | 12,042 | (14,381 | ) | 14,303 | 11,958 |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Condensed Consolidating Financial Information | ' | ||||||||||||||||
(20) Condensed Consolidating Financial Information | |||||||||||||||||
The following tables reflect the condensed consolidating financial information of the Company’s subsidiary guarantors of the Senior Notes and its non-guarantor subsidiaries. Separate financial statements of the subsidiary guarantors are not presented because the guarantee by each 100% owned subsidiary guarantor is full and unconditional, joint and several, subject to customer exceptions, and management has determined that such information is not material to investors. | |||||||||||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash | $ | 1,009 | $ | 771 | $ | — | $ | 1,780 | |||||||||
Receivables, net | 34,708 | 15,583 | — | 50,291 | |||||||||||||
Inventories | 17,263 | 2,161 | (49 | ) | 19,375 | ||||||||||||
Lease fleet, net | 867,295 | 161,478 | — | 1,028,773 | |||||||||||||
Property, plant and equipment, net | 60,904 | 19,526 | — | 80,430 | |||||||||||||
Deposits and prepaid expenses | 5,296 | 1,451 | — | 6,747 | |||||||||||||
Other assets and intangibles, net | 15,874 | 1,953 | — | 17,827 | |||||||||||||
Goodwill | 445,138 | 73,170 | — | 518,308 | |||||||||||||
Intercompany | 140,958 | 27,383 | (168,341 | ) | — | ||||||||||||
Assets of discontinued operation | — | 4,029 | — | 4,029 | |||||||||||||
Total assets | $ | 1,588,445 | $ | 307,505 | $ | (168,390 | ) | $ | 1,727,560 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | 10,331 | $ | 7,778 | $ | — | $ | 18,109 | |||||||||
Accrued liabilities | 52,854 | 5,508 | — | 58,362 | |||||||||||||
Lines of credit | 395,613 | 46,778 | — | 442,391 | |||||||||||||
Notes payable | 310 | — | — | 310 | |||||||||||||
Obligations under capital leases | 642 | — | — | 642 | |||||||||||||
Senior Notes | 200,000 | — | — | 200,000 | |||||||||||||
Deferred income taxes | 184,430 | 14,465 | (849 | ) | 198,046 | ||||||||||||
Intercompany | 7,473 | (2,552 | ) | (4,921 | ) | — | |||||||||||
Liabilities of discontinued operation | — | 181 | — | 181 | |||||||||||||
Total liabilities | 851,653 | 72,158 | (5,770 | ) | 918,041 | ||||||||||||
Commitments and contingencies | |||||||||||||||||
Stockholders’ equity: | |||||||||||||||||
Common stock | 482 | 18,434 | (18,434 | ) | 482 | ||||||||||||
Additional paid-in capital | 522,372 | 144,985 | (144,985 | ) | 522,372 | ||||||||||||
Retained earnings | 253,238 | 89,745 | 799 | 343,782 | |||||||||||||
Accumulated other comprehensive loss | — | (17,817 | ) | — | (17,817 | ) | |||||||||||
Treasury stock, at cost | (39,300 | ) | — | — | (39,300 | ) | |||||||||||
Total stockholders’ equity | 736,792 | 235,347 | (162,620 | ) | 809,519 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,588,445 | $ | 307,505 | $ | (168,390 | ) | $ | 1,727,560 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash | $ | (190 | ) | $ | 1,446 | $ | — | $ | 1,256 | ||||||||
Receivables, net | 35,378 | 17,726 | — | 53,104 | |||||||||||||
Inventories | 16,855 | 1,889 | — | 18,744 | |||||||||||||
Lease fleet, net | 817,945 | 161,331 | — | 979,276 | |||||||||||||
Property, plant and equipment, net | 66,376 | 18,777 | — | 85,153 | |||||||||||||
Assets held for sale | 800 | 180 | — | 980 | |||||||||||||
Deposits and prepaid expenses | 4,711 | 1,405 | — | 6,116 | |||||||||||||
Other assets and intangibles, net | 12,236 | 1,287 | — | 13,523 | |||||||||||||
Goodwill | 445,131 | 74,091 | — | 519,222 | |||||||||||||
Intercompany | 153,885 | 32,560 | (186,445 | ) | — | ||||||||||||
Total assets | $ | 1,553,127 | $ | 310,692 | $ | (186,445 | ) | $ | 1,677,374 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | 10,334 | $ | 8,528 | $ | — | $ | 18,862 | |||||||||
Accrued liabilities | 58,595 | 6,713 | — | 65,308 | |||||||||||||
Lines of credit | 307,008 | 12,306 | — | 319,314 | |||||||||||||
Obligations under capital leases | 8,781 | — | — | 8,781 | |||||||||||||
Senior Notes | 200,000 | — | — | 200,000 | |||||||||||||
Deferred income taxes | 196,164 | 14,390 | (989 | ) | 209,565 | ||||||||||||
Intercompany | — | 134 | (134 | ) | — | ||||||||||||
Total liabilities | 780,882 | 42,071 | (1,123 | ) | 821,830 | ||||||||||||
Commitments and contingencies | |||||||||||||||||
Stockholders’ equity: | |||||||||||||||||
Common stock | 488 | 18,436 | (18,436 | ) | 488 | ||||||||||||
Additional paid-in capital | 550,387 | 167,730 | (167,730 | ) | 550,387 | ||||||||||||
Retained earnings | 261,039 | 97,895 | 844 | 359,778 | |||||||||||||
Accumulated other comprehensive loss | — | (15,440 | ) | — | (15,440 | ) | |||||||||||
Treasury stock, at cost | (39,669 | ) | — | — | (39,669 | ) | |||||||||||
Total stockholders’ equity | 772,245 | 268,621 | (185,322 | ) | 855,544 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,553,127 | $ | 310,692 | $ | (186,445 | ) | $ | 1,677,374 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | |||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Revenues: | |||||||||||||||||
Leasing | $ | 256,584 | $ | 58,111 | $ | — | $ | 314,695 | |||||||||
Sales | 37,632 | 4,043 | — | 41,675 | |||||||||||||
Other | 2,408 | 292 | — | 2,700 | |||||||||||||
Total revenues | 296,624 | 62,446 | — | 359,070 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales | 23,335 | 2,814 | — | 26,149 | |||||||||||||
Leasing, selling and general expenses | 159,315 | 41,924 | — | 201,239 | |||||||||||||
Merger and restructuring expenses | 1,059 | — | — | 1,059 | |||||||||||||
Depreciation and amortization | 28,240 | 7,192 | — | 35,432 | |||||||||||||
Total costs and expenses | 211,949 | 51,930 | — | 263,879 | |||||||||||||
Income from operations | 84,675 | 10,516 | — | 95,191 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 517 | — | (517 | ) | — | ||||||||||||
Interest expense | (43,676 | ) | (2,961 | ) | 517 | (46,120 | ) | ||||||||||
Dividend income | 881 | — | (881 | ) | — | ||||||||||||
Debt restructuring expense | (1,334 | ) | — | — | (1,334 | ) | |||||||||||
Foreign currency exchange | — | (6 | ) | — | (6 | ) | |||||||||||
Income from continuing operations before provision for income taxes | 41,063 | 7,549 | (881 | ) | 47,731 | ||||||||||||
Provision for income taxes | 15,703 | 934 | (59 | ) | 16,578 | ||||||||||||
Income from continuing operations | 25,360 | 6,615 | (822 | ) | 31,153 | ||||||||||||
Loss from discontinued operation, net of tax | — | (557 | ) | — | (557 | ) | |||||||||||
Net income | $ | 25,360 | $ | 6,058 | $ | (822 | ) | $ | 30,596 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Net income | $ | 25,360 | $ | 6,058 | $ | (822 | ) | $ | 30,596 | ||||||||
Other comprehensive income: | |||||||||||||||||
Fair value change in derivatives, net of income tax expense of $862 | 1,324 | — | — | 1,324 | |||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $56 | — | (832 | ) | — | (832 | ) | |||||||||||
Other comprehensive income (loss) | 1,324 | (832 | ) | — | 492 | ||||||||||||
Comprehensive income | $ | 26,684 | $ | 5,226 | $ | (822 | ) | $ | 31,088 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Revenues: | |||||||||||||||||
Leasing | $ | 272,530 | $ | 67,445 | $ | — | $ | 339,975 | |||||||||
Sales | 32,794 | 4,965 | — | 37,759 | |||||||||||||
Other | 1,871 | 291 | — | 2,162 | |||||||||||||
Total revenues | 307,195 | 72,701 | — | 379,896 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales | 19,836 | 3,342 | — | 23,178 | |||||||||||||
Leasing, selling and general expenses | 170,240 | 48,469 | — | 218,709 | |||||||||||||
Merger and restructuring expenses | 6,755 | 368 | — | 7,123 | |||||||||||||
Depreciation and amortization | 27,784 | 8,198 | — | 35,982 | |||||||||||||
Total costs and expenses | 224,615 | 60,377 | — | 284,992 | |||||||||||||
Income from operations | 82,580 | 12,324 | — | 94,904 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 591 | — | (590 | ) | 1 | ||||||||||||
Interest expense | (34,624 | ) | (3,234 | ) | 590 | (37,268 | ) | ||||||||||
Dividend income | 865 | — | (865 | ) | — | ||||||||||||
Debt restructuring expense | (2,812 | ) | — | — | (2,812 | ) | |||||||||||
Deferred financing costs write-off | (1,889 | ) | — | — | (1,889 | ) | |||||||||||
Foreign currency exchange | — | (4 | ) | — | (4 | ) | |||||||||||
Income from continuing operations before provision for income taxes | 44,711 | 9,086 | (865 | ) | 52,932 | ||||||||||||
Provision for income taxes | 17,448 | 1,153 | (92 | ) | 18,509 | ||||||||||||
Income from continuing operations | 27,263 | 7,933 | (773 | ) | 34,423 | ||||||||||||
Loss from discontinued operation, net of tax | — | (245 | ) | — | (245 | ) | |||||||||||
Net income | $ | 27,263 | $ | 7,688 | $ | (773 | ) | $ | 34,178 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Net income | $ | 27,263 | $ | 7,688 | $ | (773 | ) | $ | 34,178 | ||||||||
Other comprehensive income: | |||||||||||||||||
Foreign currency translation adjustment, net of income tax expense of $64 | — | 7,987 | — | 7,987 | |||||||||||||
Other comprehensive income | — | 7,987 | — | 7,987 | |||||||||||||
Comprehensive income | $ | 27,263 | $ | 15,675 | $ | (773 | ) | $ | 42,165 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Revenues: | |||||||||||||||||
Leasing | $ | 293,878 | $ | 72,408 | $ | — | $ | 366,286 | |||||||||
Sales | 29,310 | 8,741 | — | 38,051 | |||||||||||||
Other | 1,751 | 398 | — | 2,149 | |||||||||||||
Total revenues | 324,939 | 81,547 | — | 406,486 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales | 18,784 | 6,629 | — | 25,413 | |||||||||||||
Leasing, selling and general expenses | 185,834 | 51,733 | — | 237,567 | |||||||||||||
Merger and restructuring expenses | 2,140 | 262 | — | 2,402 | |||||||||||||
Asset impairment charge, net | 32,156 | 6,549 | — | 38,705 | |||||||||||||
Depreciation and amortization | 28,084 | 7,348 | — | 35,432 | |||||||||||||
Total costs and expenses | 266,998 | 72,521 | — | 339,519 | |||||||||||||
Income from operations | 57,941 | 9,026 | — | 66,967 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 250 | — | (249 | ) | 1 | ||||||||||||
Interest expense | (27,726 | ) | (1,990 | ) | 249 | (29,467 | ) | ||||||||||
Dividend income | 274 | — | (274 | ) | — | ||||||||||||
Foreign currency exchange | — | (2 | ) | — | (2 | ) | |||||||||||
Income from continuing operations before provision for income taxes | 30,739 | 7,034 | (274 | ) | 37,499 | ||||||||||||
Provision for income taxes | 12,355 | (35 | ) | (45 | ) | 12,275 | |||||||||||
Income from continuing operations | 18,384 | 7,069 | (229 | ) | 25,224 | ||||||||||||
Loss from discontinued operation, net of tax | (1,229 | ) | (73 | ) | — | (1,302 | ) | ||||||||||
Net income | $ | 17,155 | $ | 6,996 | $ | (229 | ) | $ | 23,922 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Net income | $ | 17,155 | $ | 6,996 | $ | (229 | ) | $ | 23,922 | ||||||||
Other comprehensive income: | |||||||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $194 | — | 2,377 | — | 2,377 | |||||||||||||
Other comprehensive income | — | 2,377 | — | 2,377 | |||||||||||||
Comprehensive income | $ | 17,155 | $ | 9,373 | $ | (229 | ) | $ | 26,299 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||
Net income | $ | 25,360 | $ | 6,058 | $ | (822 | ) | $ | 30,596 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Debt restructuring expense | 1,334 | — | — | 1,334 | |||||||||||||
Provision for doubtful accounts | 2,018 | 634 | — | 2,652 | |||||||||||||
Amortization of deferred financing costs | 4,022 | 53 | — | 4,075 | |||||||||||||
Amortization of debt issuance discount | 86 | — | — | 86 | |||||||||||||
Amortization of long-term liabilities | 213 | 17 | — | 230 | |||||||||||||
Share-based compensation expense | 5,949 | 507 | — | 6,456 | |||||||||||||
Depreciation and amortization | 28,240 | 7,425 | — | 35,665 | |||||||||||||
Gain on sale of lease fleet units | (12,680 | ) | (1,120 | ) | — | (13,800 | ) | ||||||||||
Loss on disposal of property, plant and equipment | 52 | 39 | — | 91 | |||||||||||||
Deferred income taxes | 15,294 | 816 | (43 | ) | 16,067 | ||||||||||||
Tax benefit shortfall on equity award transactions | (2 | ) | — | — | (2 | ) | |||||||||||
Foreign currency loss | — | 7 | — | 7 | |||||||||||||
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||||||||||||||||
Receivables | (4,986 | ) | (1,814 | ) | — | (6,800 | ) | ||||||||||
Inventories | (1,286 | ) | 44 | — | (1,242 | ) | |||||||||||
Deposits and prepaid expenses | 1,160 | (93 | ) | — | 1,067 | ||||||||||||
Other assets and intangibles | (4,079 | ) | 4,046 | — | (33 | ) | |||||||||||
Accounts payable | 1,454 | 5,561 | — | 7,015 | |||||||||||||
Accrued liabilities | 1,284 | 221 | — | 1,505 | |||||||||||||
Intercompany | 5,316 | (5,202 | ) | (114 | ) | — | |||||||||||
Net cash provided by operating activities | 68,749 | 17,199 | (979 | ) | 84,969 | ||||||||||||
Cash Flows From Investing Activities: | |||||||||||||||||
Cash paid for businesses acquired | (7,783 | ) | — | — | (7,783 | ) | |||||||||||
Additions to lease fleet | (13,811 | ) | (16,013 | ) | — | (29,824 | ) | ||||||||||
Proceeds from sale of lease fleet units | 32,268 | 3,933 | — | 36,201 | |||||||||||||
Additions to property, plant and equipment | (8,495 | ) | (3,003 | ) | — | (11,498 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 95 | 22 | — | 117 | |||||||||||||
Net cash provided by (used in) investing activities | 2,274 | (15,061 | ) | — | (12,787 | ) | |||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||
Net repayments under lines of credit | (51,032 | ) | (701 | ) | — | (51,733 | ) | ||||||||||
Redemption of 9.75% senior notes due 2014 | (22,272 | ) | — | — | (22,272 | ) | |||||||||||
Redemption premiums of 9.75% senior notes due 2014 | (1,086 | ) | — | — | (1,086 | ) | |||||||||||
Proceeds from issuance of notes payable | 394 | — | — | 394 | |||||||||||||
Principal payments on notes payable | (367 | ) | — | — | (367 | ) | |||||||||||
Principal payments on capital lease obligations | (1,288 | ) | — | — | (1,288 | ) | |||||||||||
Issuance of common stock | 5,289 | — | — | 5,289 | |||||||||||||
Intercompany | — | (887 | ) | 887 | — | ||||||||||||
Net cash used in financing activities | (70,362 | ) | (1,588 | ) | 887 | (71,063 | ) | ||||||||||
Effect of exchange rate changes on cash | — | 15 | 92 | 107 | |||||||||||||
Net increase in cash | 661 | 565 | — | 1,226 | |||||||||||||
Cash at beginning of year | 783 | 851 | — | 1,634 | |||||||||||||
Cash at end of year | $ | 1,444 | $ | 1,416 | $ | — | $ | 2,860 | |||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||
Net income | $ | 27,219 | $ | 7,732 | $ | (773 | ) | $ | 34,178 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Debt restructuring expense | 2,812 | — | — | 2,812 | |||||||||||||
Deferred financing costs | 1,889 | — | — | 1,889 | |||||||||||||
Provision for doubtful accounts | 1,618 | 561 | — | 2,179 | |||||||||||||
Amortization of deferred financing costs | 3,144 | 73 | — | 3,217 | |||||||||||||
Amortization of debt issuance discount | 49 | — | — | 49 | |||||||||||||
Amortization of long-term liabilities | 156 | 11 | — | 167 | |||||||||||||
Share-based compensation expense | 9,003 | 572 | — | 9,575 | |||||||||||||
Depreciation and amortization | 27,784 | 8,403 | — | 36,187 | |||||||||||||
Gain on sale of lease fleet units | (10,430 | ) | (1,351 | ) | — | (11,781 | ) | ||||||||||
Gain on disposal of property, plant and equipment | (87 | ) | (43 | ) | — | (130 | ) | ||||||||||
Deferred income taxes | 17,074 | 1,111 | (78 | ) | 18,107 | ||||||||||||
Tax benefit shortfall on equity award transactions | (3 | ) | — | — | (3 | ) | |||||||||||
Foreign currency loss | — | 5 | — | 5 | |||||||||||||
Changes in certain assets and liabilities, net of effect of business acquired: | |||||||||||||||||
Receivables | (2,369 | ) | (2,709 | ) | — | (5,078 | ) | ||||||||||
Inventories | 1,787 | (435 | ) | — | 1,352 | ||||||||||||
Deposits and prepaid expenses | 807 | (270 | ) | — | 537 | ||||||||||||
Other assets and intangibles | (10,125 | ) | 9,964 | — | (161 | ) | |||||||||||
Accounts payable | 338 | (2,222 | ) | — | (1,884 | ) | |||||||||||
Accrued liabilities | (980 | ) | 712 | — | (268 | ) | |||||||||||
Intercompany | 9,850 | (9,809 | ) | (41 | ) | — | |||||||||||
Net cash provided by operating activities | 79,536 | 12,305 | (892 | ) | 90,949 | ||||||||||||
Cash Flows From Investing Activities: | |||||||||||||||||
Cash paid for business acquired | (3,563 | ) | — | — | (3,563 | ) | |||||||||||
Additions to lease fleet | (24,967 | ) | (18,967 | ) | — | (43,934 | ) | ||||||||||
Proceeds from sale of lease fleet units | 25,310 | 4,048 | — | 29,358 | |||||||||||||
Additions to property, plant and equipment | (8,229 | ) | (4,512 | ) | — | (12,741 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 1,025 | 472 | — | 1,497 | |||||||||||||
Net cash used in investing activities | (10,424 | ) | (18,959 | ) | — | (29,383 | ) | ||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||
Net borrowings under lines of credit | 88,414 | 8,828 | — | 97,242 | |||||||||||||
Redemption of 6.875% senior notes due 2015 | (150,000 | ) | — | — | (150,000 | ) | |||||||||||
Redemption premiums of 6.875% senior notes due 2015 | (2,579 | ) | — | — | (2,579 | ) | |||||||||||
Deferred financing costs | (8,075 | ) | — | — | (8,075 | ) | |||||||||||
Proceeds from issuance of notes payable | 398 | — | — | 398 | |||||||||||||
Principal payments on notes payable | (403 | ) | — | — | (403 | ) | |||||||||||
Principal payments on capital lease obligations | (947 | ) | — | — | (947 | ) | |||||||||||
Issuance of common stock | 3,645 | — | — | 3,645 | |||||||||||||
Intercompany | — | (869 | ) | 869 | — | ||||||||||||
Net cash (used in) provided by financing activities | (69,547 | ) | 7,959 | 869 | (60,719 | ) | |||||||||||
Effect of exchange rate changes on cash | — | (1,793 | ) | 23 | (1,770 | ) | |||||||||||
Net decrease in cash | (435 | ) | (488 | ) | — | (923 | ) | ||||||||||
Cash at beginning of year | 1,444 | 1,416 | — | 2,860 | |||||||||||||
Cash at end of year | $ | 1,009 | $ | 928 | $ | — | $ | 1,937 | |||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||
Net income | $ | 17,155 | $ | 6,996 | $ | (229 | ) | $ | 23,922 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Asset impairment charge, net | 31,310 | 6,907 | — | 38,217 | |||||||||||||
Provision for doubtful accounts | 1,256 | 904 | — | 2,160 | |||||||||||||
Amortization of deferred financing costs | 2,749 | 62 | — | 2,811 | |||||||||||||
Amortization of long-term liabilities | 162 | 7 | — | 169 | |||||||||||||
Share-based compensation expense | 13,991 | 723 | — | 14,714 | |||||||||||||
Depreciation and amortization | 28,084 | 7,542 | — | 35,626 | |||||||||||||
Loss (gain) on disposal of discontinued operation | 2,042 | (94 | ) | — | 1,948 | ||||||||||||
Gain on sale of lease fleet units | (8,035 | ) | (1,647 | ) | — | (9,682 | ) | ||||||||||
Loss on disposal of property, plant and equipment | 237 | 10 | — | 247 | |||||||||||||
Deferred income taxes | 11,918 | (440 | ) | (466 | ) | 11,012 | |||||||||||
Tax benefit shortfall on equity award transactions | (837 | ) | — | — | (837 | ) | |||||||||||
Foreign currency loss | — | 1 | — | 1 | |||||||||||||
Changes in certain assets and liabilities: | |||||||||||||||||
Receivables | (1,996 | ) | (3,592 | ) | 1,948 | (3,640 | ) | ||||||||||
Inventories | (358 | ) | (35 | ) | — | (393 | ) | ||||||||||
Deposits and prepaid expenses | 572 | 81 | — | 653 | |||||||||||||
Other assets and intangibles | (364 | ) | 374 | — | 10 | ||||||||||||
Accounts payable | (212 | ) | 549 | — | 337 | ||||||||||||
Accrued liabilities | (2,321 | ) | 1,157 | — | (1,164 | ) | |||||||||||
Intercompany | (21,506 | ) | 22,440 | (934 | ) | — | |||||||||||
Net cash provided by operating activities | 73,847 | 41,945 | 319 | 116,111 | |||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Proceeds from sale of discontinued operation | — | 677 | — | 677 | |||||||||||||
Additions to lease fleet | (15,623 | ) | (13,203 | ) | — | (28,826 | ) | ||||||||||
Proceeds from sale of lease fleet units | 27,437 | 8,514 | — | 35,951 | |||||||||||||
Additions to property, plant and equipment | (12,887 | ) | (2,905 | ) | — | (15,792 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 1,900 | 70 | — | 1,970 | |||||||||||||
Net cash provided by (used in) investing activities | 827 | (6,847 | ) | — | (6,020 | ) | |||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||
Net repayments under lines of credit | (88,604 | ) | (34,472 | ) | — | (123,076 | ) | ||||||||||
Principal payments on notes payable | (310 | ) | — | — | (310 | ) | |||||||||||
Principal payments on capital lease obligations | (408 | ) | — | — | (408 | ) | |||||||||||
Issuance of common stock | 13,818 | — | — | 13,818 | |||||||||||||
Purchase of treasury stock | (369 | ) | — | — | (369 | ) | |||||||||||
Intercompany | (279 | ) | 279 | — | |||||||||||||
Net cash used in financing activities | (75,873 | ) | (34,751 | ) | 279 | (110,345 | ) | ||||||||||
Effect of exchange rate changes on cash | — | 171 | (598 | ) | (427 | ) | |||||||||||
Net (decrease) increase in cash | (1,199 | ) | 518 | — | (681 | ) | |||||||||||
Cash at beginning of year | 1,009 | 928 | — | 1,937 | |||||||||||||
Cash at end of year | $ | (190 | ) | $ | 1,446 | $ | — | $ | 1,256 |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||
SCHEDULE II | |||||||||||||
MOBILE MINI, INC. | |||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Allowance for doubtful accounts: | |||||||||||||
Balance at beginning of year | $ | 2,392 | $ | 2,509 | $ | 2,666 | |||||||
Provision charged to expense | 2,608 | 2,193 | 2,151 | ||||||||||
Write-offs | (2,491 | ) | (2,036 | ) | (2,724 | ) | |||||||
Balance at end of year | $ | 2,509 | $ | 2,666 | $ | 2,093 | |||||||
Mobile_Mini_its_Operations_and1
Mobile Mini, its Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Fair Value Disclosures [Abstract] | ' | ||
Principles of Consolidation | ' | ||
Principles of Consolidation | |||
The consolidated financial statements include the accounts of Mobile Mini and its wholly owned subsidiaries. The Company does not have any subsidiaries in which it does not own 100% of the outstanding stock. All significant intercompany balances and transactions have been eliminated. | |||
Discontinued Operation | ' | ||
Discontinued Operation | |||
In December 2013, the Company sold the subsidiary comprising its Netherlands operation. The Netherlands operation is reflected as discontinued operation for all periods presented and all prior period amounts have been recast to reflect this transaction. See Note 18. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
The Company recognizes revenue, including multiple element arrangements, in accordance with the provisions of applicable accounting guidance. The Company generates revenue from the leasing of portable storage containers and office units, as well as other services such as pickup and delivery. In most instances, the Company provides some of the above services under the terms of a single customer lease agreement. The Company also generates revenue from the sale of containers and office units. | |||
The Company’s lease arrangements typically include lease deliverables such as the lease of container or office unit and ancillary charges related to the leased container or office unit during the lease term. Arrangement consideration is allocated between lease deliverables and non-lease deliverables based on the relative estimated selling (leasing) price of each deliverable. Estimated selling (leasing) price of the lease deliverables is based on the price of those deliverables when sold separately (vendor-specific objective evidence). Because delivery and pick-up services are not sold separately by the Company, the estimated selling price of those deliverables is based on prices charged for similar services provided by other vendors (third party evidence of fair value). | |||
The arrangement consideration allocated to lease deliverables is accounted for pursuant to accounting guidance on leases. Such revenues from leases are billed in advance and recognized as earned, on a straight line basis over the lease period specified in the associated lease agreement. Lease agreement terms typically span several months or longer. Because the term of the agreements can extend across financial reporting periods, when leases are billed in advance, the Company defers recognition of revenue and records unearned leasing revenue at the end of reporting periods so that rental revenue is included in the appropriate period. Transportation revenue from container and mobile office delivery service is recognized on the delivery date and is recognized for pick-up service when the container or office unit is picked-up. | |||
The Company recognizes revenues from sales of containers and office units upon delivery when the risk of loss passes, the price is fixed and determinable and collectability is reasonably assured. The Company sells its products pursuant to sales contracts stating the fixed sales price with its customers. | |||
Cost of Sales | ' | ||
Cost of Sales | |||
Cost of sales in the Company’s consolidated statements of income includes only the costs for units it sells. Similar costs associated with the portable storage units that the Company leases are capitalized on its balance sheet under “Lease Fleet”. | |||
Advertising Costs | ' | ||
Advertising Costs | |||
All non-direct-response advertising costs are expensed as incurred. Yellow page advertising is capitalized when paid and amortized over the period in which the benefit is derived. At December 31, 2012 and 2013, prepaid advertising costs were approximately $0.6 million and $0.1 million, respectively. The amortization period of the prepaid balance never exceeds 12 months. Advertising expense was $9.5 million, $12.3 million and $5.8 million in 2011, 2012 and 2013, respectively. | |||
Receivables and Allowance for Doubtful Accounts | ' | ||
Receivables and Allowance for Doubtful Accounts | |||
Receivables primarily consist of amounts due from customers from the lease or sale of containers throughout the U.S., Canada and the U.K. Mobile Mini records an estimated provision for bad debts through a charge to operations in amounts of its estimated losses expected to be incurred in the collection of these accounts. The Company reviews the provision for adequacy monthly. The estimated losses are based on historical collection experience and evaluation of past-due account agings. Specific accounts are written off against the allowance when management determines the account is uncollectible. The Company requires a security deposit on most leased office units to cover the cost of damages or unpaid balances, if any. | |||
Concentration of Credit Risk | ' | ||
Concentration of Credit Risk | |||
Financial instruments which potentially expose the Company to concentrations of credit risk consist primarily of receivables. Concentration of credit risk with respect to receivables is limited due to the Company’s large number of customers spread over a broad geographic area in many industry sectors. No single customer accounts for more than 10.0% of our receivables at December 31, 2012 and 2013. Receivables related to its sales operations are generally secured by the product sold to the customer. Receivables related to its leasing operations are primarily small month-to-month amounts. The Company has the right to repossess leased portable storage units, including any customer goods contained in the unit, following non-payment of rent. | |||
Inventories | ' | ||
Inventories | |||
Inventories are valued at the lower of cost (principally on a standard cost basis which approximates the first-in, first-out (FIFO) method) or market. Market is the lower of replacement cost or net realizable value. Inventories primarily consist of raw materials, supplies, work-in-process and finished goods, all related to the manufacturing, remanufacturing and maintenance, primarily for the Company’s lease fleet and its units held for sale. Raw materials principally consist of raw steel, wood, glass, paint, vinyl and other assembly components used in manufacturing and remanufacturing processes. Work-in-process primarily represents units being built that are either pre-sold or being built to add to its lease fleet upon completion. Finished portable storage units primarily represent ISO (International Organization for Standardization) containers held in inventory until the containers are either sold as is, remanufactured and sold, or units in the process of being remanufactured to be compliant with the Company’s lease fleet standards before transferring the units to its lease fleet. There is no certainty when the Company purchases the containers whether they will ultimately be sold, remanufactured and sold, or remanufactured and moved into its lease fleet. Units that are determined to go into the Company’s lease fleet undergo an extensive remanufacturing process that includes installing its proprietary locking system, signage, painting and sometimes its proprietary security doors. | |||
Property, Plant and Equipment | ' | ||
Property, Plant and Equipment | |||
Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is provided using the straight-line method over the assets’ estimated useful lives. Residual values are determined when the property is constructed or acquired and range up to 25%, depending on the nature of the asset. At the end of the second quarter of 2013, management reevaluated the Company’s depreciation policies and modified the useful life and residual values on forklifts, which became effective on July 1, 2013. Estimated residual values do not cause carrying values to exceed net realizable value. The Company’s depreciation expense related to property, plant and equipment for 2011, 2012 and 2013 was $11.7 million, $12.2 million and $12.7 million, respectively. Normal repairs and maintenance to property, plant and equipment are expensed as incurred. When property or equipment is retired or sold, the net book value of the asset, reduced by any proceeds, is charged to gain or loss on the disposal of property, plant and equipment and is included in leasing, selling and general expenses in the Consolidated Statements of Income. | |||
Other Assets and Intangibles | ' | ||
Other Assets and Intangibles | |||
Other assets and intangibles primarily represent deferred financing costs and intangible assets from acquisitions of $51.4 million at December 31, 2012 and $51.6 million at December 31, 2013, excluding accumulated amortization of $33.6 million at December 31, 2012 and $38.1 million at December 31, 2013. Deferred financing costs are amortized over the term of the agreement, and intangible assets are amortized on a straight-line basis, typically from five to 20 years, depending on its useful life. Intrinsic values assigned to customer relationships and trade names are amortized on an accelerated basis, typically over 15 years. | |||
Amortization expense for deferred financing costs was approximately $4.1 million, $3.2 million and $2.8 million in 2011, 2012 and 2013, respectively. In addition, in 2012, the Company wrote off $1.9 million of deferred financing costs related to the redemption of our 6.875% senior notes due 2015 and a portion of deferred financial costs related to our prior credit agreement. The annual amortization of deferred financing costs is expected to be $2.8 million in 2014, $2.8 million in 2015, $2.8 million in 2016, $0.9 million in 2017, $0.5 million in 2018 and $1.0 million thereafter. | |||
Amortization expense for all other intangibles was approximately $3.0 million, $2.2 million and $1.6 million in 2011, 2012 and 2013, respectively. Based on the carrying value at December 31, 2013, and assuming no subsequent impairment of the underlying assets, the annual amortization expense is expected to be $1.0 million in 2014, $0.7 million in 2015, $0.5 million in 2016, $0.2 million in 2017, $0.1 million in 2018 and $0.1 million thereafter. | |||
Income Taxes | ' | ||
Income Taxes | |||
Mobile Mini utilizes the liability method of accounting for income taxes where deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Income tax expense includes both taxes payable for the period and the change during the period in deferred tax assets and liabilities. | |||
Earnings per Share | ' | ||
Earnings per Share | |||
The Company’s preferred stock, if applicable, participates in distributions of earnings on the same basis as shares of common stock. As such, the Company adopted the accounting guidance for the standards regarding the computation of earnings per share (“EPS”) for securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the Company. Earnings for the period are required to be allocated between the common and preferred stockholders based on their respective rights to receive dividends. Basic net income per share is then calculated by dividing income allocable to common stockholders by the weighted average number of common shares outstanding, net of shares subject to repurchase by the Company, during the period. The Company is not required to present basic and diluted net income per share for securities other than common stock. Accordingly, the following net income per share amounts only pertain to the Company’s common stock. The Company calculates diluted net income per share under the if-converted method unless the conversion of the preferred stock is anti-dilutive to basic net income per share. To the extent the inclusion of preferred stock is anti-dilutive, the Company calculates diluted net income per share under the two-class method. Potential common shares include restricted common stock, which is subject to risk of forfeiture and incremental shares of common stock issuable upon the exercise of stock options and upon the conversion of convertible preferred stock using the treasury stock method. | |||
Basic weighted average number of common shares outstanding does not include nonvested share-awards that had not vested of 1.2 million, 0.8 million and 0.5 million shares in 2011, 2012 and 2013, respectively. | |||
Long Lived Assets | ' | ||
Long Lived Assets | |||
Mobile Mini reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. If this review indicates the carrying value of these assets will not be recoverable, as measured based on estimated undiscounted cash flows over their remaining life, the carrying amount would be adjusted to fair value. The cash flow estimates contain management’s best estimates, using appropriate and customary assumptions and projections at the time. The Company did not recognize any impairment losses in the year ended December 31, 2012. | |||
In the second quarter of 2013, with a strategic focus on increasing return on capital and a move toward a rent-ready business model, the Company conducted an assessment of the lease fleet and rolling stock equipment. Management determined that certain of these units were either non-core to their leasing strategy or were uneconomic to repair. In connection with this evaluation, management determined to place the assets for sale, resulting in a non-cash impairment charge on long-lived assets of $37.6 million in the second quarter of 2013. (See Note 17). | |||
Goodwill | ' | ||
Goodwill | |||
Purchase prices of acquired businesses have been allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates. Based on these values, the excess purchase prices over the fair value of the net assets acquired were allocated to goodwill. Acquisitions of businesses under asset purchase agreements results in the goodwill relating to business acquisition being deductible for income tax purposes over 15 years even though goodwill is not amortized for financial reporting purposes. | |||
The Company evaluates goodwill periodically to determine whether events or circumstances have occurred that would indicate goodwill might be impaired. The Company originally had assigned its goodwill to each of its three reporting units (North America, the U.K. and The Netherlands). At December 31, 2013, only North America and the U.K. have goodwill subject to impairment testing. The Company performs an annual impairment test on goodwill at December 31. In addition, the Company will perform impairment tests during any reporting period in which events or changes in circumstances indicate that an impairment may have incurred. In assessing the fair value of the reporting units, the Company considers both the market and income approaches. Under the market approach, the fair value of the reporting unit is based on quoted market prices of companies comparable to the reporting unit being valued. Under the income approach, the fair value of the reporting unit is based on the present value of estimated cash flows. The income approach is dependent on a number of significant management assumptions, including estimated future revenue growth rates, gross margins on sales, operating margins, capital expenditure, tax payments and discount rates. Each approach was given equal weight in arriving at the fair value of the reporting unit. As of December 31, 2013, management assessed qualitative factors and determined it is more likely than not each of the Company’s reporting units assigned goodwill had estimated fair values greater than the respective reporting unit’s individual net asset carrying values; therefore, the two step impairment test was not required. | |||
If the two step impairment test is necessary, the Company is required to determine the implied fair value of the goodwill and compare it to the carrying value of the goodwill. The Company would allocate the fair value of the reporting units to the respective assets and liabilities of each reporting unit as if the reporting units had been acquired in separate and individual business combinations and the fair value of the reporting units was the price paid to acquire the reporting units. The excess of the fair value of the reporting units over the amounts assigned to their respective assets and liabilities is the implied fair value of goodwill. At December 31, 2013, $450.8 million of the goodwill relates to the North America reporting unit, and $68.4 million relates to the U.K. reporting unit. | |||
Fair Value of Financial Instruments | ' | ||
Fair Value of Financial Instruments | |||
The Company determines the estimated fair value of financial instruments using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in current market exchanges. | |||
The carrying amounts of cash, receivables, accounts payable and accrued liabilities approximate fair values based on the liquidity of these financial instruments or based on their short-term nature. The carrying amounts of the Company’s borrowings under its credit facility, notes payable and capital leases approximate fair value. The fair values of the Company’s revolving credit facility, notes payable and capital leases are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. Based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities, the fair value of the Company’s revolving credit facility debt, notes payable and capital leases at December 31, 2012 and 2013 approximated their respective book values and are considered Level 2 in the fair value hierarchy described in Note 2. | |||
The fair value of the Company’s $200.0 million aggregate principal amount of 7.875% senior notes due 2020 (the “2020 Notes” or the “Senior Notes”) is based on the latest sales price of such notes at the end of each period obtained from a third-party institution and is considered Level 2 in the fair value hierarchy described in Note 2, as there is not an active market for such notes. | |||
Deferred Financing Costs | ' | ||
Deferred Financing Costs | |||
Included in other assets and intangibles are deferred financing costs of approximately $13.6 million and $10.8 million, net of accumulated amortization of $14.5 million and $17.3 million, at December 31, 2012 and 2013, respectively. Costs of obtaining long-term financing, including the Company’s Credit Agreement (as defined below) (See Note 4), are amortized over the term of the related debt, using the straight-line method. Amortizing the deferred financing costs using the straight-line method approximates the effective interest method. | |||
Derivatives | ' | ||
Derivatives | |||
In the normal course of business, the Company’s operations are exposed to fluctuations in interest rates. The Company historically addressed a portion of these risks through a controlled program of risk management that includes the use of derivative financial instruments. The objective of controlling these risks is to limit the impact of fluctuations in interest rates on earnings. | |||
The Company’s primary interest rate risk exposure results from changes in short-term U.S. dollar interest rates. In an effort to manage interest rate exposures, the Company may enter into interest rate swap agreements that convert its floating rate debt to a fixed-rate, which are typically designated as cash flow hedges. Interest expense on the notional amounts under these agreements is accrued using the fixed rates identified in the swap agreements. At December 31, 2012 and 2013, the Company did not have any interest rate swap agreements. | |||
Share-Based Compensation | ' | ||
Share-Based Compensation | |||
At December 31, 2013, the Company had one active share-based employee compensation plan. There are two expired compensation plans, one of which still has outstanding options subject to exercise or termination. No additional options can be granted under the expired plans. Stock option awards under these plans are granted with an exercise price per share equal to the fair market value of the Company’s common stock on the date of grant. Each outstanding option must expire no more than ten years from the date it was granted, unless exercised or forfeited before the expiration date, and are granted with vesting periods ranging from three to four and a half years. The total value of the Company’s stock option awards is expensed over the related employee’s service period on a straight-line basis, or if subject to performance conditions, then the expense is recognized using the accelerated attribution method. | |||
The Company uses the modified prospective method and does not recognize a deferred tax asset for any excess tax benefit that has not been realized related to stock-based compensation deductions. The Company adopted the with-and-without approach with respect to the ordering of tax benefits realized. In the with-and-without approach, the excess tax benefit related to stock-based compensation deductions will be recognized in additional paid-in capital only if an incremental tax benefit would be realized after considering all other tax benefits presently available to us. Therefore, the Company’s net operating loss carryforward will offset current taxable income prior to the recognition of the tax benefit related to stock-based compensation deductions. In 2012 and 2013, there were $1.3 million and $4.2 million, respectively, of excess tax benefits related to stock-based compensation, which were not realized under this approach. Once the Company’s net operating loss carryforward is utilized, these aggregate excess tax benefits, totaling $14.2 million, may be recognized in additional paid-in capital. | |||
The Company also grants certain executive officers stock options and nonvested share-awards with vesting subject to performance conditions. Vesting of these grants is dependent upon the respective officers fulfilling the service period requirements as well as the Company achieving certain yearly adjusted EBITDA targets in each of the performance periods (three to four years) after the grant is awarded. EBITDA is defined as net income before discontinued operation, net of tax, interest expense, income taxes, depreciation and amortization and debt restructuring or extinguishment expense, including any write-off of deferred financing costs, and further adjusted for specific transactions, including non-cash share-based compensation expense, to arrive at adjusted EBITDA. For performance-based grants, the Company is required to assess the probability that such performance conditions will be met. If the likelihood of the performance conditions being met is deemed probable, the Company will recognize the expense using the accelerated attribution method. The accelerated attribution method could result in as much as 60% of the total value of the shares being recognized in the first year of the service period if the future performance-based targets are assessed as probable of being met. There was no adjustment in the past three years to reflect any underperformance for share-based compensation expense related to nonvested share-awards with vesting subject to performance conditions. | |||
Foreign Currency Translation and Transactions | ' | ||
Foreign Currency Translation and Transactions | |||
For Mobile Mini’s non-U.S. operations, the local currency is the functional currency. All assets and liabilities are translated into U.S. dollars at period-end exchange rates and all income statement amounts are translated at the average exchange rate for each month within the year. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the notes to those statements. Actual results could differ from those estimates. The most significant estimates included within the financial statements are the allowance for doubtful accounts, the estimated useful lives and residual values on the lease fleet and property, plant and equipment, goodwill and other asset impairments and certain accrued liabilities. | |||
Fair Value Measurements, Policy | ' | ||
The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company adopted the suggested accounting guidance for the three levels of inputs that may be used to measure fair value: | |||
Level 1 — | Observable input such as quoted prices in active markets for identical assets or liabilities; | ||
Level 2 — | Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and | ||
Level 3 — | Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||
Lease Fleet, Policy | ' | ||
Mobile Mini’s lease fleet primarily consists of remanufactured, modified and manufactured steel storage containers, steel security offices, steel combination offices and wood mobile offices that are leased to customers under short-term operating lease agreements with varying terms. Depreciation is provided using the straight-line method over the units’ estimated useful life, after the date the Company put the unit in service, and are depreciated down to their estimated residual values. The Company’s depreciation policy on its steel units uses an estimated useful life of 30 years with an estimated residual value of 55%. Wood mobile office units are depreciated over 20 years down to a 50% residual value. Van trailers, which are a small part of the Company’s fleet, are depreciated over seven years to a 20% residual value. Van trailers and other non-core assets are typically only added to the fleet in connection with acquisitions of portable storage businesses. In the opinion of management, estimated residual values do not cause carrying values to exceed net realizable value. The Company continues to evaluate these depreciation policies as more information becomes available from other comparable sources and its own historical experience. | |||
Income Tax Uncertainties, Policy | ' | ||
Mobile Mini adopted a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation process, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. | |||
Segment Reporting, Policy | ' | ||
The Company has operations in North America and the U. K. The Company’s operating segments are similarly defined geographically. Discrete financial data on each of the Company’s products is not available and it would be impractical to collect and maintain financial data in such a manner. Financial results are aggregated into two reportable segments, North America and the U.K., based on quantitative thresholds. As discussed in Note 18 below, the Company’s Netherlands operation, which was previously presented as part of the Europe segment, is now presented within discontinued operation and prior period segment results have been recast. All of the Company’s locations operate in their local currency and, although the Company is exposed to foreign exchange rate fluctuation in other foreign markets where the Company leases and sells its products, the Company does not believe such exposure will have a significant impact on its results of operations. | |||
In managing the Company’s business, management focuses on growing leasing revenues, particularly in existing markets where it can take advantage of the operating leverage inherent in its business model, EBITDA and consolidated EPS. |
Mobile_Mini_its_Operations_and2
Mobile Mini, its Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Inventories | ' | ||||||||||||||||||||||||
Inventories at December 31 consisted of the following: | |||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Raw materials and supplies | $ | 14,587 | $ | 16,586 | |||||||||||||||||||||
Work-in-process | 336 | 197 | |||||||||||||||||||||||
Finished portable storage units | 4,452 | 1,961 | |||||||||||||||||||||||
Inventories(1) | $ | 19,375 | $ | 18,744 | |||||||||||||||||||||
-1 | Includes an impairment charge of $1.2 million recorded in the second quarter of 2013. (See Note 17). | ||||||||||||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||||||||||
Property, plant and equipment at December 31 consisted of the following: | |||||||||||||||||||||||||
Estimated | 2012 | 2013 | |||||||||||||||||||||||
Useful Life in | |||||||||||||||||||||||||
Years | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Land | $ | 11,153 | $ | 11,124 | |||||||||||||||||||||
Vehicles and machinery(1) | 5 to 20 | 90,095 | 88,686 | ||||||||||||||||||||||
Buildings and improvements(2) | 30 | 18,308 | 18,477 | ||||||||||||||||||||||
Office fixtures and equipment | 3 to 5 | 30,682 | 33,017 | ||||||||||||||||||||||
Less accumulated depreciation | (69,808 | ) | (66,151 | ) | |||||||||||||||||||||
Property, plant and equipment, net | $ | 80,430 | $ | 85,153 | |||||||||||||||||||||
-1 | Includes an impairment charge of $3.9 million recorded in the second quarter of 2013. (See Note 17). | ||||||||||||||||||||||||
-2 | Improvements made to leased properties are depreciated over the lesser of the estimated remaining life or the remaining term of the respective lease. | ||||||||||||||||||||||||
Other Assets and Intangible Assets | ' | ||||||||||||||||||||||||
The following table reflects balances related to other assets and intangible assets for the years ended December 31: | |||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net Carrying | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Amount | ||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Deferred financing costs | $ | 28,072 | $ | (14,495 | ) | $ | 13,577 | $ | 28,072 | $ | (17,306 | ) | $ | 10,766 | |||||||||||
Customer relationships | 21,835 | (17,922 | ) | 3,913 | 21,988 | (19,530 | ) | 2,458 | |||||||||||||||||
Trade names/trademarks | 899 | (899 | ) | — | 917 | (917 | ) | — | |||||||||||||||||
Non-compete agreements | 175 | (97 | ) | 78 | 97 | (53 | ) | 44 | |||||||||||||||||
Patents and other | 450 | (191 | ) | 259 | 532 | (277 | ) | 255 | |||||||||||||||||
Total | $ | 51,431 | $ | (33,604 | ) | $ | 17,827 | $ | 51,606 | $ | (38,083 | ) | $ | 13,523 | |||||||||||
Reconciliation of Weighted-Average Shares of Common Stock Outstanding for Purposes of Calculating Basic and Diluted Earnings Per Share | ' | ||||||||||||||||||||||||
The following table is a reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted EPS for the years ended December 31: | |||||||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||||||
(In thousands except per share data) | |||||||||||||||||||||||||
Historical net income per share: | |||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||
Income from continuing operations | $ | 31,153 | $ | 34,423 | $ | 25,224 | |||||||||||||||||||
Loss on discontinued operation, net of tax | (557 | ) | (245 | ) | (1,302 | ) | |||||||||||||||||||
Net income | 30,596 | 34,178 | 23,922 | ||||||||||||||||||||||
Less: Earnings allocable to preferred stockholders | (966 | ) | — | — | |||||||||||||||||||||
Net income available to common stockholders | $ | 29,630 | $ | 34,178 | $ | 23,922 | |||||||||||||||||||
Basic EPS Denominator: | |||||||||||||||||||||||||
Common shares outstanding beginning of year | 35,565 | 44,432 | 45,194 | ||||||||||||||||||||||
Effect of weighting shares: | |||||||||||||||||||||||||
Weighted shares issued during the period ended December 31 | 6,001 | 225 | 287 | ||||||||||||||||||||||
Denominator for basic net income per share | 41,566 | 44,657 | 45,481 | ||||||||||||||||||||||
Diluted EPS Denominator: | |||||||||||||||||||||||||
Common shares outstanding beginning of year | 35,565 | 44,432 | 45,194 | ||||||||||||||||||||||
Effect of weighting shares: | |||||||||||||||||||||||||
Weighted shares issued during the period ended December 31 | 6,001 | 225 | 287 | ||||||||||||||||||||||
Dilutive effect of stock options and nonvested share-awards during the period ended December 31 | 663 | 445 | 615 | ||||||||||||||||||||||
Dilutive effect of convertible preferred stock assumed converted during the period ended December 31(1) | 2,340 | — | — | ||||||||||||||||||||||
Denominator for diluted net income per share | 44,569 | 45,102 | 46,096 | ||||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||
Income from continuing operations | $ | 0.72 | $ | 0.77 | $ | 0.55 | |||||||||||||||||||
Loss from discontinued operation | (0.01 | ) | — | (0.02 | ) | ||||||||||||||||||||
Net income | $ | 0.71 | $ | 0.77 | $ | 0.53 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||||
Income from continuing operations | $ | 0.7 | $ | 0.76 | $ | 0.55 | |||||||||||||||||||
Loss from discontinued operation | (0.01 | ) | — | (0.03 | ) | ||||||||||||||||||||
Net income | $ | 0.69 | $ | 0.76 | $ | 0.52 | |||||||||||||||||||
-1 | The outstanding convertible preferred stock, originally issued in connection with the Mobile Storage Group (“MSG”) acquisition, automatically converted into an aggregate of 8.2 million shares of common stock on April 14, 2011. | ||||||||||||||||||||||||
Number of Stock Options and Nonvested Share-Awards that were Issued or Outstanding but were Excluded in Calculating Diluted Earnings Per Share Because their Effect would have been Anti-Dilutive | ' | ||||||||||||||||||||||||
The following table represents the number of stock options and nonvested share-awards that were issued or outstanding but excluded in calculating diluted EPS because their effect would have been anti-dilutive for the years ended December 31: | |||||||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Stock options | 964 | 1,006 | 1,741 | ||||||||||||||||||||||
Nonvested share-awards | 12 | 228 | 1 | ||||||||||||||||||||||
976 | 1,234 | 1,742 | |||||||||||||||||||||||
Activity and Balances Related to Goodwill | ' | ||||||||||||||||||||||||
The following table shows the activity and balances related to goodwill from January 1, 2012 to December 31, 2013: | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at January 1, 2012(1) | $ | 513,918 | |||||||||||||||||||||||
Acquisitions | 1,169 | ||||||||||||||||||||||||
Foreign currency(2) | 3,061 | ||||||||||||||||||||||||
Adjustments(3) | 160 | ||||||||||||||||||||||||
Balance at December 31, 2012(1) | 518,308 | ||||||||||||||||||||||||
Adjustments | (7 | ) | |||||||||||||||||||||||
Foreign currency(2) | 921 | ||||||||||||||||||||||||
Balance at December 31, 2013(1) | $ | 519,222 | |||||||||||||||||||||||
-1 | Includes accumulated amortization of $2.0 million and accumulated impairment of $12.5 million. | ||||||||||||||||||||||||
-2 | Represents foreign currency translation adjustments related to the U.K. reporting unit. | ||||||||||||||||||||||||
-3 | Represents adjustments to the fair values originally assigned to assets and liabilities assumed for the acquired businesses in December 2011. | ||||||||||||||||||||||||
Carrying and Fair Value of Senior Notes | ' | ||||||||||||||||||||||||
The carrying value and the fair value of the Company’s Senior Notes are as follows: | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Carrying value | $ | 200,000 | $ | 200,000 | |||||||||||||||||||||
Fair value | $ | 219,000 | $ | 217,300 | |||||||||||||||||||||
Lease_Fleet_Tables
Lease Fleet (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Lease Fleet | ' | ||||||||
Lease fleet at December 31 consisted of the following: | |||||||||
2012 | 2013 | ||||||||
(In thousands) | |||||||||
Steel storage containers | $ | 628,370 | $ | 600,475 | |||||
Offices | 549,055 | 538,906 | |||||||
Van trailers | 2,973 | 2,119 | |||||||
Other | 3,290 | 3,809 | |||||||
1,183,688 | 1,145,309 | ||||||||
Accumulated depreciation | (154,915 | ) | (166,033 | ) | |||||
Lease fleet, net(1) | $ | 1,028,773 | $ | 979,276 | |||||
-1 | Includes an impairment charge of $33.7 million recorded in the second quarter of 2013. (See Note 17). |
Notes_Payable_Tables
Notes Payable (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Notes Payable | ' | ||||
Notes payable at December 31 consisted of the following: | |||||
2012 | |||||
(In thousands) | |||||
Notes payable to financial institution, interest at 3.6% payable in fixed monthly installments, matured September 2013, unsecured | $ | 310 | |||
Total | $ | 310 | |||
Obligations_Under_Capital_Leas1
Obligations Under Capital Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Future Minimum Capital Lease Payments | ' | ||||
Future minimum capital lease payments at December 31, 2013 are as follows (in thousands): | |||||
2014 | $ | 1,476 | |||
2015 | 1,209 | ||||
2016 | 1,209 | ||||
2017 | 1,079 | ||||
2018 | 1,080 | ||||
Thereafter | 3,459 | ||||
Total | 9,512 | ||||
Amount representing interest | (731 | ) | |||
Present value of minimum lease payments | $ | 8,781 | |||
Debt_Issuances_Tables
Debt Issuances (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Scheduled Maturity for Debt Obligations Under Credit Agreement, Obligations Under Capital Leases and Senior Notes | ' | ||||
The scheduled maturity for debt obligations under Mobile Mini’s Credit Agreement, obligations under capital leases and Senior Notes for balances outstanding at December 31, 2013 are as follows (in thousands): | |||||
2014 | $ | 1,298 | |||
2015 | 1,064 | ||||
2016 | 1,083 | ||||
2017 | 320,292 | ||||
2018 | 998 | ||||
Thereafter | 203,360 | ||||
Total | $ | 528,095 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Before Taxes from Continuing Operations | ' | ||||||||||||
Income before taxes from continuing operations for the years ended December 31 consisted of the following: | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(In thousands) | |||||||||||||
U.S. | $ | 40,948 | $ | 44,157 | $ | 30,528 | |||||||
Foreign | 6,783 | 8,775 | 6,971 | ||||||||||
$ | 47,731 | $ | 52,932 | $ | 37,499 | ||||||||
Provision for Income Taxes from Continuing Operations | ' | ||||||||||||
The provision for income taxes from continuing operations for the years ended December 31 consisted of the following: | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
U.S. Federal | $ | — | $ | — | $ | — | |||||||
State | 427 | 388 | 934 | ||||||||||
Foreign | — | — | — | ||||||||||
427 | 388 | 934 | |||||||||||
Deferred: | |||||||||||||
U.S. Federal | 13,894 | 15,419 | 11,483 | ||||||||||
State | 1,517 | 1,553 | 1,100 | ||||||||||
Foreign | 740 | 1,149 | (1,242 | ) | |||||||||
16,151 | 18,121 | 11,341 | |||||||||||
$ | 16,578 | $ | 18,509 | $ | 12,275 | ||||||||
Net Deferred Tax Liability | ' | ||||||||||||
The components of the net deferred tax liability at December 31 are approximately as follows: | |||||||||||||
2012 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 115,632 | $ | 94,346 | |||||||||
Deferred revenue and expenses | 10,240 | 11,280 | |||||||||||
Accrued compensation and other benefits | 1,679 | 1,411 | |||||||||||
Allowance for doubtful accounts | 894 | 615 | |||||||||||
Other | 2,954 | 4,745 | |||||||||||
Total deferred tax assets | 131,399 | 112,397 | |||||||||||
Valuation allowance | (1,126 | ) | (1,126 | ) | |||||||||
Net deferred tax assets | 130,273 | 111,271 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Accelerated tax depreciation | (313,595 | ) | (302,597 | ) | |||||||||
Accelerated tax amortization | (10,335 | ) | (13,474 | ) | |||||||||
Other | (4,389 | ) | (4,765 | ) | |||||||||
Total deferred tax liabilities | (328,319 | ) | (320,836 | ) | |||||||||
Net deferred tax liabilities | $ | (198,046 | ) | $ | (209,565 | ) | |||||||
Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate | ' | ||||||||||||
A reconciliation of the U.S. federal statutory rate to Mobile Mini’s effective tax rate for the years ended December 31 is as follows: | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 3.5 | 3.5 | 3.5 | ||||||||||
Nondeductible expenses and other | 0.2 | 1.4 | 1.4 | ||||||||||
Adjustment of net deferred tax liability for enacted tax rate change | (1.8 | ) | (2.1 | ) | (4.9 | ) | |||||||
Foreign rate differential | (2.2 | ) | (2.8 | ) | (2.3 | ) | |||||||
34.7 | % | 35 | % | 32.7 | % | ||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Summary of Share-Based Compensation Expense | ' | ||||||||||||||||||||||||
The following table summarizes the Company’s share-based compensation for the years ending December 31: | |||||||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Share-based compensation expense included in: | |||||||||||||||||||||||||
Leasing, selling and general expenses | $ | 6,438 | $ | 7,151 | $ | 13,956 | |||||||||||||||||||
Merger and restructuring expenses | — | 2,424 | 758 | ||||||||||||||||||||||
Loss from discontinued operation, net of tax | 18 | — | — | ||||||||||||||||||||||
Share-based compensation expense | 6,456 | 9,575 | 14,714 | ||||||||||||||||||||||
Amount capitalized | 159 | 223 | 326 | ||||||||||||||||||||||
Total share-based compensation | $ | 6,615 | $ | 9,798 | $ | 15,040 | |||||||||||||||||||
Stock Option Activities | ' | ||||||||||||||||||||||||
The following table summarizes the activities under the Company’s stock option plans for the years ended December 31 (share amounts in thousands): | |||||||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | ||||||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | ||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Options outstanding, beginning of year | 1,618 | $ | 17.84 | 1,394 | $ | 18.39 | 1,099 | $ | 20.02 | ||||||||||||||||
Granted | 351 | 18.17 | 65 | 21.13 | 2,214 | 31.26 | |||||||||||||||||||
Canceled/Expired | (247 | ) | 17.46 | (51 | ) | 26.61 | (147 | ) | 15.9 | ||||||||||||||||
Exercised | (328 | ) | 16.12 | (309 | ) | 11.81 | (647 | ) | 21.35 | ||||||||||||||||
Options outstanding, end of year | 1,394 | $ | 18.39 | 1,099 | $ | 20.02 | 2,519 | $ | 29.8 | ||||||||||||||||
Options exercisable, end of year | 847 | $ | 18.16 | 755 | $ | 20.42 | 193 | $ | 21.51 | ||||||||||||||||
Options and awards available for grant, end of year | 1,545 | 1,361 | 3,239 | ||||||||||||||||||||||
Nonvested Share-Awards Activity | ' | ||||||||||||||||||||||||
A summary of nonvested share-awards activity within the Company’s share-based compensation plans and changes is as follows (share amounts in thousands): | |||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Nonvested at January 1, 2011 | 1,223 | $ | 16.51 | ||||||||||||||||||||||
Awarded | 374 | 17.08 | |||||||||||||||||||||||
Released | (348 | ) | 17.22 | ||||||||||||||||||||||
Forfeited | (69 | ) | 21.24 | ||||||||||||||||||||||
Nonvested at December 31, 2011 | 1,180 | $ | 16.2 | ||||||||||||||||||||||
Awarded | 261 | 19.67 | |||||||||||||||||||||||
Released | (453 | ) | 16.05 | ||||||||||||||||||||||
Forfeited | (145 | ) | 16.77 | ||||||||||||||||||||||
Nonvested at December 31, 2012 | 843 | $ | 17.27 | ||||||||||||||||||||||
Awarded | 153 | 30.21 | |||||||||||||||||||||||
Released | (252 | ) | 19.15 | ||||||||||||||||||||||
Forfeited | (202 | ) | 15.64 | ||||||||||||||||||||||
Nonvested at December 31, 2013 | 542 | $ | 20.65 | ||||||||||||||||||||||
Fully Vested Stock Options and Stock Options Expected to Vest | ' | ||||||||||||||||||||||||
A summary of stock option activity, as of December 31, 2013, is as follows: | |||||||||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||
Term | |||||||||||||||||||||||||
(In Years) | |||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||
Outstanding | 2,519 | $ | 29.8 | 8.86 | $ | 28,672 | |||||||||||||||||||
Vested and expected to vest | 2,409 | $ | 29.75 | 8.85 | $ | 27,523 | |||||||||||||||||||
Exercisable | 193 | $ | 21.51 | 5.54 | $ | 3,793 | |||||||||||||||||||
Key Assumptions Used to Estimate Fair Value of Stock Options Award | ' | ||||||||||||||||||||||||
The fair value of each stock option award is estimated on the date of the grant using the Black-Scholes option pricing model. The following are the key assumptions used for the period noted: | |||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
Risk-free interest rate | 0.8 | % | 0.7% – 1.5% | ||||||||||||||||||||||
Expected life of the options (years) | 6 | 6.0 – 7.0 | |||||||||||||||||||||||
Expected stock price volatility | 41.8 | % | 41.1% – 46.3% | ||||||||||||||||||||||
Expected dividend rate | 0 | % | 0.0% – 1.8% |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Contractual Commitments Associated with Lease Obligations | ' | ||||||||||||||||
As of December 31, 2013, contractual commitments associated with lease obligations are as follows: | |||||||||||||||||
Operating | Restructuring | Restructuring | Total | ||||||||||||||
Lease | Related Lease | Sub-lease | |||||||||||||||
Commitments | Commitments | Income | |||||||||||||||
(In thousands) | |||||||||||||||||
2014 | $ | 16,075 | $ | 1,450 | $ | (685 | ) | $ | 16,840 | ||||||||
2015 | 10,743 | 651 | (178 | ) | 11,216 | ||||||||||||
2016 | 8,132 | 465 | (182 | ) | 8,415 | ||||||||||||
2017 | 5,355 | 417 | (155 | ) | 5,617 | ||||||||||||
2018 | 2,291 | 306 | — | 2,597 | |||||||||||||
Thereafter | 760 | 26 | — | 786 | |||||||||||||
Total | $ | 43,356 | $ | 3,315 | $ | (1,200 | ) | $ | 45,471 | ||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Allocation of Fair Value of Assets Acquired and Liabilities Assumed | ' | ||||
The fair value of the assets acquired and liabilities assumed has been allocated in the aggregate as follows at December 31, 2013 (in thousands): | |||||
Tangible assets | $ | 2,245 | |||
Intangible assets: | |||||
Customer lists | 112 | ||||
Non-compete agreements | 25 | ||||
Goodwill | 1,169 | ||||
Other | 12 | ||||
Total purchase price | $ | 3,563 | |||
Merger_and_Restructuring_Costs1
Merger and Restructuring Costs (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Accrued, Merger and Restructuring Obligations and Related Activity | ' | ||||||||||||||||
The following table details accrued merger and restructuring obligations (included in accrued liabilities in the Consolidated Balance Sheets) and related activity for the years ended December 31, 2011, 2012 and 2013: | |||||||||||||||||
Severance and | Lease | Acquisition | Total | ||||||||||||||
Benefits | Abandonment | Integration | |||||||||||||||
Costs | |||||||||||||||||
(In thousands) | |||||||||||||||||
Accrued obligations as of January 1, 2011 | $ | — | $ | 3,807 | $ | — | $ | 3,807 | |||||||||
Integration, merger and restructuring expense | 690 | — | 369 | 1,059 | |||||||||||||
Cash paid | (690 | ) | (1,678 | ) | (369 | ) | (2,737 | ) | |||||||||
Accrued obligations as of December 31, 2011 | — | 2,129 | — | 2,129 | |||||||||||||
Integration, merger and restructuring expense | 5,976 | 1,007 | 140 | 7,123 | |||||||||||||
Cash paid | (3,433 | ) | (1,566 | ) | (140 | ) | (5,139 | ) | |||||||||
Accrued obligations as of December 31, 2012 | 2,543 | 1,570 | — | 4,113 | |||||||||||||
Integration, merger and restructuring expense | 1,787 | 475 | 140 | 2,402 | |||||||||||||
Cash paid | (3,717 | ) | (982 | ) | (140 | ) | (4,839 | ) | |||||||||
Accrued obligations as of December 31, 2013 | $ | 613 | $ | 1,063 | $ | — | $ | 1,676 | |||||||||
Merger and Restructuring Expenses | ' | ||||||||||||||||
The following amounts are included in merger and restructuring expense for the year ended December 31: | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
(In thousands) | |||||||||||||||||
Severance and benefits | $ | 690 | $ | 5,976 | $ | 1,787 | |||||||||||
Lease abandonment costs | — | 1,007 | 475 | ||||||||||||||
Merger costs | 369 | 140 | 140 | ||||||||||||||
Merger and restructuring expenses | $ | 1,059 | $ | 7,123 | $ | 2,402 | |||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting | ' | ||||||||||||
The following tables set forth certain information regarding each of the Company’s segments for the years ended December 31: | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
North America: | |||||||||||||
Leasing | $ | 259,825 | $ | 278,330 | $ | 299,676 | |||||||
Sales | 37,841 | 33,845 | 29,808 | ||||||||||
Other | 2,434 | 1,901 | 1,768 | ||||||||||
Total North America (1) | 300,100 | 314,076 | 331,252 | ||||||||||
U.K.: | |||||||||||||
Leasing | 54,870 | 61,645 | 66,610 | ||||||||||
Sales | 3,835 | 3,914 | 8,242 | ||||||||||
Other | 265 | 261 | 382 | ||||||||||
Total U.K. | 58,970 | 65,820 | 75,234 | ||||||||||
Total Revenue | $ | 359,070 | $ | 379,896 | $ | 406,486 | |||||||
Depreciation and amortization: | |||||||||||||
North America | $ | 28,606 | $ | 28,359 | $ | 28,614 | |||||||
U.K. | 6,826 | 7,623 | 6,818 | ||||||||||
Total depreciation and amortization | $ | 35,432 | $ | 35,982 | $ | 35,432 | |||||||
Operating income: | |||||||||||||
North America | $ | 85,121 | $ | 82,825 | $ | 58,875 | |||||||
U.K. | 10,070 | 12,079 | 8,092 | ||||||||||
Total operating income | $ | 95,191 | $ | 94,904 | $ | 66,967 | |||||||
Interest expense: | |||||||||||||
North America | $ | 44,237 | $ | 35,423 | $ | 28,348 | |||||||
U.K. | 1,883 | 1,845 | 1,119 | ||||||||||
Total interest expense | $ | 46,120 | $ | 37,268 | $ | 29,467 | |||||||
Income tax provision: | |||||||||||||
North America | $ | 15,504 | $ | 17,234 | $ | 12,258 | |||||||
U.K. | 1,074 | 1,275 | 17 | ||||||||||
Total income tax provision | $ | 16,578 | $ | 18,509 | $ | 12,275 | |||||||
-1 | Includes revenues in the United States of $296.6 million, $307.1 million and $324.9 million for the fiscal years 2011, 2012 and 2013, respectively. | ||||||||||||
Long-lived Assets | ' | ||||||||||||
The tables below represent the Company’s long-lived assets which consist of lease fleet and property, plant and equipment. | |||||||||||||
Long-lived assets: | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(In thousands) | |||||||||||||
North America(1) | $ | 953,251 | $ | 947,074 | $ | 902,183 | |||||||
U.K. | 142,200 | 162,129 | 162,246 | ||||||||||
Total long-lived assets | $ | 1,095,451 | $ | 1,109,203 | $ | 1,064,429 | |||||||
-1 | Includes long-lived assets of $936.5 million, $928.2 million and $884.3 million in the United States for the fiscal years 2011, 2012 and 2013, respectively. |
Assets_Held_for_Sale_Tables
Assets Held for Sale (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Summary of Assets Held for Sale | ' | ||||||||||||
The following table sets forth the information on the assets classified as held for sale and the subsequent changes to the assets’ fair value for the six-month period ended December 31, 2013: | |||||||||||||
North | U.K. | Total | |||||||||||
America | |||||||||||||
Balance at June 30, 2013 | $ | 6,877 | $ | 1,434 | $ | 8,311 | |||||||
Sale proceeds | (7,339 | ) | (1,525 | ) | (8,864 | ) | |||||||
Recovery, net (1) | 1,394 | 138 | 1,532 | ||||||||||
Other changes, net | (17 | ) | 39 | 22 | |||||||||
Effect of exchange rate changes | (11 | ) | (10 | ) | (21 | ) | |||||||
Balance at December 31, 2013 | $ | 904 | $ | 76 | $ | 980 | |||||||
-1 | Net gains realized from the sale of assets held for sale. |
Discontinued_Operation_Tables
Discontinued Operation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Summary of Discontinued Operation of Assets and Liabilities | ' | ||||||||||||
The following is a summary of the assets and liabilities of The Netherlands as of December 31: | |||||||||||||
2012 | |||||||||||||
(In thousands) | |||||||||||||
Assets: | |||||||||||||
Cash | $ | 157 | |||||||||||
Accounts receivable, net | 353 | ||||||||||||
Lease fleet, net | 2,816 | ||||||||||||
Property plant and equipment, net | 392 | ||||||||||||
Other assets | 311 | ||||||||||||
Total assets of discontinued operation | $ | 4,029 | |||||||||||
Liabilities: | |||||||||||||
Accounts payable, accrued liabilities and other | $ | 181 | |||||||||||
Total liabilities of discontinued operation | $ | 181 | |||||||||||
Net assets of discontinued operation | $ | 3,848 | |||||||||||
Summary of Discontinued Operation, Results of Operations | ' | ||||||||||||
Summarized results of the Company’s Netherlands operation are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Revenues | $ | 2,244 | $ | 1,363 | $ | 1,895 | |||||||
Loss from operations, including loss on disposition of $1.9 million | (593 | ) | (216 | ) | (2,101 | ) | |||||||
Other expenses | (82 | ) | (72 | ) | (64 | ) | |||||||
Income tax benefit | 118 | 43 | 863 | ||||||||||
Loss from discontinued operation, net of tax | $ | (557 | ) | $ | (245 | ) | $ | (1,302 | ) | ||||
Summary of Discontinued Operation, Cash Flow Activities | ' | ||||||||||||
Summarized results of The Netherlands cash flow activities are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Net cash used in operating activities | $ | (157 | ) | $ | (466 | ) | $ | (861 | ) | ||||
Net cash provided by (used in) investing activities | $ | 678 | $ | (95 | ) | $ | 896 |
Selected_Consolidated_Quarterl1
Selected Consolidated Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Unaudited Selected Consolidated Financial Information | ' | ||||||||||||||||
Quarterly EPS may not total to the fiscal year EPS due to the weighted average number of shares outstanding at the end of each period reported and rounding. | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In thousands except per share data) | |||||||||||||||||
2012 | |||||||||||||||||
Leasing | $ | 78,244 | $ | 81,733 | $ | 88,585 | $ | 91,413 | |||||||||
Total revenues | 88,479 | 92,968 | 98,603 | 99,846 | |||||||||||||
Gross profit on sales | 3,889 | 4,157 | 3,619 | 2,916 | |||||||||||||
Income from operations | 19,853 | 21,932 | 27,229 | 25,890 | |||||||||||||
Income from continuing operations | 5,312 | 7,384 | 10,429 | 11,298 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | 0.12 | 0.16 | 0.23 | 0.25 | |||||||||||||
Diluted | 0.12 | 0.16 | 0.23 | 0.25 | |||||||||||||
Net income | 5,210 | 7,312 | 10,398 | 11,258 | |||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In thousands except per share data) | |||||||||||||||||
2013 | |||||||||||||||||
Leasing | $ | 84,875 | $ | 88,032 | $ | 95,559 | $ | 97,820 | |||||||||
Total revenues | 97,512 | 97,135 | 105,040 | 106,799 | |||||||||||||
Gross profit on sales | 3,745 | 3,142 | 2,977 | 2,774 | |||||||||||||
Income from operations | 27,012 | (15,006 | ) | 27,001 | 27,960 | ||||||||||||
Income from continuing operations | 12,119 | (14,319 | ) | 14,332 | 13,092 | ||||||||||||
Earnings per share: | |||||||||||||||||
Basic | 0.27 | (0.32 | ) | 0.31 | 0.29 | ||||||||||||
Diluted | 0.26 | (0.31 | ) | 0.31 | 0.28 | ||||||||||||
Net income | 12,042 | (14,381 | ) | 14,303 | 11,958 |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Condensed Consolidating Balance Sheets | ' | ||||||||||||||||
The following tables reflect the condensed consolidating financial information of the Company’s subsidiary guarantors of the Senior Notes and its non-guarantor subsidiaries. Separate financial statements of the subsidiary guarantors are not presented because the guarantee by each 100% owned subsidiary guarantor is full and unconditional, joint and several, subject to customer exceptions, and management has determined that such information is not material to investors. On December 31, 2012, the assets and liabilities of our Toronto, Canada location, which was part of the U.S. guarantor Company, were transferred to our Canadian subsidiary, Mobile Mini Canada ULC, which is a non-guarantor subsidiary of the Senior Notes. | |||||||||||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash | $ | 1,009 | $ | 771 | $ | — | $ | 1,780 | |||||||||
Receivables, net | 34,708 | 15,583 | — | 50,291 | |||||||||||||
Inventories | 17,263 | 2,161 | (49 | ) | 19,375 | ||||||||||||
Lease fleet, net | 867,295 | 161,478 | — | 1,028,773 | |||||||||||||
Property, plant and equipment, net | 60,904 | 19,526 | — | 80,430 | |||||||||||||
Deposits and prepaid expenses | 5,296 | 1,451 | — | 6,747 | |||||||||||||
Other assets and intangibles, net | 15,874 | 1,953 | — | 17,827 | |||||||||||||
Goodwill | 445,138 | 73,170 | — | 518,308 | |||||||||||||
Intercompany | 140,958 | 27,383 | (168,341 | ) | — | ||||||||||||
Assets of discontinued operation | — | 4,029 | — | 4,029 | |||||||||||||
Total assets | $ | 1,588,445 | $ | 307,505 | $ | (168,390 | ) | $ | 1,727,560 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | 10,331 | $ | 7,778 | $ | — | $ | 18,109 | |||||||||
Accrued liabilities | 52,854 | 5,508 | — | 58,362 | |||||||||||||
Lines of credit | 395,613 | 46,778 | — | 442,391 | |||||||||||||
Notes payable | 310 | — | — | 310 | |||||||||||||
Obligations under capital leases | 642 | — | — | 642 | |||||||||||||
Senior Notes | 200,000 | — | — | 200,000 | |||||||||||||
Deferred income taxes | 184,430 | 14,465 | (849 | ) | 198,046 | ||||||||||||
Intercompany | 7,473 | (2,552 | ) | (4,921 | ) | — | |||||||||||
Liabilities of discontinued operation | — | 181 | — | 181 | |||||||||||||
Total liabilities | 851,653 | 72,158 | (5,770 | ) | 918,041 | ||||||||||||
Commitments and contingencies | |||||||||||||||||
Stockholders’ equity: | |||||||||||||||||
Common stock | 482 | 18,434 | (18,434 | ) | 482 | ||||||||||||
Additional paid-in capital | 522,372 | 144,985 | (144,985 | ) | 522,372 | ||||||||||||
Retained earnings | 253,238 | 89,745 | 799 | 343,782 | |||||||||||||
Accumulated other comprehensive loss | — | (17,817 | ) | — | (17,817 | ) | |||||||||||
Treasury stock, at cost | (39,300 | ) | — | — | (39,300 | ) | |||||||||||
Total stockholders’ equity | 736,792 | 235,347 | (162,620 | ) | 809,519 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,588,445 | $ | 307,505 | $ | (168,390 | ) | $ | 1,727,560 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash | $ | (190 | ) | $ | 1,446 | $ | — | $ | 1,256 | ||||||||
Receivables, net | 35,378 | 17,726 | — | 53,104 | |||||||||||||
Inventories | 16,855 | 1,889 | — | 18,744 | |||||||||||||
Lease fleet, net | 817,945 | 161,331 | — | 979,276 | |||||||||||||
Property, plant and equipment, net | 66,376 | 18,777 | — | 85,153 | |||||||||||||
Assets held for sale | 800 | 180 | — | 980 | |||||||||||||
Deposits and prepaid expenses | 4,711 | 1,405 | — | 6,116 | |||||||||||||
Other assets and intangibles, net | 12,236 | 1,287 | — | 13,523 | |||||||||||||
Goodwill | 445,131 | 74,091 | — | 519,222 | |||||||||||||
Intercompany | 153,885 | 32,560 | (186,445 | ) | — | ||||||||||||
Total assets | $ | 1,553,127 | $ | 310,692 | $ | (186,445 | ) | $ | 1,677,374 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | 10,334 | $ | 8,528 | $ | — | $ | 18,862 | |||||||||
Accrued liabilities | 58,595 | 6,713 | — | 65,308 | |||||||||||||
Lines of credit | 307,008 | 12,306 | — | 319,314 | |||||||||||||
Obligations under capital leases | 8,781 | — | — | 8,781 | |||||||||||||
Senior Notes | 200,000 | — | — | 200,000 | |||||||||||||
Deferred income taxes | 196,164 | 14,390 | (989 | ) | 209,565 | ||||||||||||
Intercompany | — | 134 | (134 | ) | — | ||||||||||||
Total liabilities | 780,882 | 42,071 | (1,123 | ) | 821,830 | ||||||||||||
Commitments and contingencies | |||||||||||||||||
Stockholders’ equity: | |||||||||||||||||
Common stock | 488 | 18,436 | (18,436 | ) | 488 | ||||||||||||
Additional paid-in capital | 550,387 | 167,730 | (167,730 | ) | 550,387 | ||||||||||||
Retained earnings | 261,039 | 97,895 | 844 | 359,778 | |||||||||||||
Accumulated other comprehensive loss | — | (15,440 | ) | — | (15,440 | ) | |||||||||||
Treasury stock, at cost | (39,669 | ) | — | — | (39,669 | ) | |||||||||||
Total stockholders’ equity | 772,245 | 268,621 | (185,322 | ) | 855,544 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,553,127 | $ | 310,692 | $ | (186,445 | ) | $ | 1,677,374 | ||||||||
Condensed Consolidating Statements of Income | ' | ||||||||||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | |||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Revenues: | |||||||||||||||||
Leasing | $ | 256,584 | $ | 58,111 | $ | — | $ | 314,695 | |||||||||
Sales | 37,632 | 4,043 | — | 41,675 | |||||||||||||
Other | 2,408 | 292 | — | 2,700 | |||||||||||||
Total revenues | 296,624 | 62,446 | — | 359,070 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales | 23,335 | 2,814 | — | 26,149 | |||||||||||||
Leasing, selling and general expenses | 159,315 | 41,924 | — | 201,239 | |||||||||||||
Merger and restructuring expenses | 1,059 | — | — | 1,059 | |||||||||||||
Depreciation and amortization | 28,240 | 7,192 | — | 35,432 | |||||||||||||
Total costs and expenses | 211,949 | 51,930 | — | 263,879 | |||||||||||||
Income from operations | 84,675 | 10,516 | — | 95,191 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 517 | — | (517 | ) | — | ||||||||||||
Interest expense | (43,676 | ) | (2,961 | ) | 517 | (46,120 | ) | ||||||||||
Dividend income | 881 | — | (881 | ) | — | ||||||||||||
Debt restructuring expense | (1,334 | ) | — | — | (1,334 | ) | |||||||||||
Foreign currency exchange | — | (6 | ) | — | (6 | ) | |||||||||||
Income from continuing operations before provision for income taxes | 41,063 | 7,549 | (881 | ) | 47,731 | ||||||||||||
Provision for income taxes | 15,703 | 934 | (59 | ) | 16,578 | ||||||||||||
Income from continuing operations | 25,360 | 6,615 | (822 | ) | 31,153 | ||||||||||||
Loss from discontinued operation, net of tax | — | (557 | ) | — | (557 | ) | |||||||||||
Net income | $ | 25,360 | $ | 6,058 | $ | (822 | ) | $ | 30,596 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Revenues: | |||||||||||||||||
Leasing | $ | 272,530 | $ | 67,445 | $ | — | $ | 339,975 | |||||||||
Sales | 32,794 | 4,965 | — | 37,759 | |||||||||||||
Other | 1,871 | 291 | — | 2,162 | |||||||||||||
Total revenues | 307,195 | 72,701 | — | 379,896 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales | 19,836 | 3,342 | — | 23,178 | |||||||||||||
Leasing, selling and general expenses | 170,240 | 48,469 | — | 218,709 | |||||||||||||
Merger and restructuring expenses | 6,755 | 368 | — | 7,123 | |||||||||||||
Depreciation and amortization | 27,784 | 8,198 | — | 35,982 | |||||||||||||
Total costs and expenses | 224,615 | 60,377 | — | 284,992 | |||||||||||||
Income from operations | 82,580 | 12,324 | — | 94,904 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 591 | — | (590 | ) | 1 | ||||||||||||
Interest expense | (34,624 | ) | (3,234 | ) | 590 | (37,268 | ) | ||||||||||
Dividend income | 865 | — | (865 | ) | — | ||||||||||||
Debt restructuring expense | (2,812 | ) | — | — | (2,812 | ) | |||||||||||
Deferred financing costs write-off | (1,889 | ) | — | — | (1,889 | ) | |||||||||||
Foreign currency exchange | — | (4 | ) | — | (4 | ) | |||||||||||
Income from continuing operations before provision for income taxes | 44,711 | 9,086 | (865 | ) | 52,932 | ||||||||||||
Provision for income taxes | 17,448 | 1,153 | (92 | ) | 18,509 | ||||||||||||
Income from continuing operations | 27,263 | 7,933 | (773 | ) | 34,423 | ||||||||||||
Loss from discontinued operation, net of tax | — | (245 | ) | — | (245 | ) | |||||||||||
Net income | $ | 27,263 | $ | 7,688 | $ | (773 | ) | $ | 34,178 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Revenues: | |||||||||||||||||
Leasing | $ | 293,878 | $ | 72,408 | $ | — | $ | 366,286 | |||||||||
Sales | 29,310 | 8,741 | — | 38,051 | |||||||||||||
Other | 1,751 | 398 | — | 2,149 | |||||||||||||
Total revenues | 324,939 | 81,547 | — | 406,486 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales | 18,784 | 6,629 | — | 25,413 | |||||||||||||
Leasing, selling and general expenses | 185,834 | 51,733 | — | 237,567 | |||||||||||||
Merger and restructuring expenses | 2,140 | 262 | — | 2,402 | |||||||||||||
Asset impairment charge, net | 32,156 | 6,549 | — | 38,705 | |||||||||||||
Depreciation and amortization | 28,084 | 7,348 | — | 35,432 | |||||||||||||
Total costs and expenses | 266,998 | 72,521 | — | 339,519 | |||||||||||||
Income from operations | 57,941 | 9,026 | — | 66,967 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 250 | — | (249 | ) | 1 | ||||||||||||
Interest expense | (27,726 | ) | (1,990 | ) | 249 | (29,467 | ) | ||||||||||
Dividend income | 274 | — | (274 | ) | — | ||||||||||||
Foreign currency exchange | — | (2 | ) | — | (2 | ) | |||||||||||
Income from continuing operations before provision for income taxes | 30,739 | 7,034 | (274 | ) | 37,499 | ||||||||||||
Provision for income taxes | 12,355 | (35 | ) | (45 | ) | 12,275 | |||||||||||
Income from continuing operations | 18,384 | 7,069 | (229 | ) | 25,224 | ||||||||||||
Loss from discontinued operation, net of tax | (1,229 | ) | (73 | ) | — | (1,302 | ) | ||||||||||
Net income | $ | 17,155 | $ | 6,996 | $ | (229 | ) | $ | 23,922 | ||||||||
Condensed Consolidating Statements of Comprehensive Income | ' | ||||||||||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Net income | $ | 25,360 | $ | 6,058 | $ | (822 | ) | $ | 30,596 | ||||||||
Other comprehensive income: | |||||||||||||||||
Fair value change in derivatives, net of income tax expense of $862 | 1,324 | — | — | 1,324 | |||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $56 | — | (832 | ) | — | (832 | ) | |||||||||||
Other comprehensive income (loss) | 1,324 | (832 | ) | — | 492 | ||||||||||||
Comprehensive income | $ | 26,684 | $ | 5,226 | $ | (822 | ) | $ | 31,088 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Net income | $ | 27,263 | $ | 7,688 | $ | (773 | ) | $ | 34,178 | ||||||||
Other comprehensive income: | |||||||||||||||||
Foreign currency translation adjustment, net of income tax expense of $64 | — | 7,987 | — | 7,987 | |||||||||||||
Other comprehensive income | — | 7,987 | — | 7,987 | |||||||||||||
Comprehensive income | $ | 27,263 | $ | 15,675 | $ | (773 | ) | $ | 42,165 | ||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Net income | $ | 17,155 | $ | 6,996 | $ | (229 | ) | $ | 23,922 | ||||||||
Other comprehensive income: | |||||||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $194 | — | 2,377 | — | 2,377 | |||||||||||||
Other comprehensive income | — | 2,377 | — | 2,377 | |||||||||||||
Comprehensive income | $ | 17,155 | $ | 9,373 | $ | (229 | ) | $ | 26,299 | ||||||||
Condensed Consolidating Statements of Cash Flows | ' | ||||||||||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||
Net income | $ | 25,360 | $ | 6,058 | $ | (822 | ) | $ | 30,596 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Debt restructuring expense | 1,334 | — | — | 1,334 | |||||||||||||
Provision for doubtful accounts | 2,018 | 634 | — | 2,652 | |||||||||||||
Amortization of deferred financing costs | 4,022 | 53 | — | 4,075 | |||||||||||||
Amortization of debt issuance discount | 86 | — | — | 86 | |||||||||||||
Amortization of long-term liabilities | 213 | 17 | — | 230 | |||||||||||||
Share-based compensation expense | 5,949 | 507 | — | 6,456 | |||||||||||||
Depreciation and amortization | 28,240 | 7,425 | — | 35,665 | |||||||||||||
Gain on sale of lease fleet units | (12,680 | ) | (1,120 | ) | — | (13,800 | ) | ||||||||||
Loss on disposal of property, plant and equipment | 52 | 39 | — | 91 | |||||||||||||
Deferred income taxes | 15,294 | 816 | (43 | ) | 16,067 | ||||||||||||
Tax benefit shortfall on equity award transactions | (2 | ) | — | — | (2 | ) | |||||||||||
Foreign currency loss | — | 7 | — | 7 | |||||||||||||
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||||||||||||||||
Receivables | (4,986 | ) | (1,814 | ) | — | (6,800 | ) | ||||||||||
Inventories | (1,286 | ) | 44 | — | (1,242 | ) | |||||||||||
Deposits and prepaid expenses | 1,160 | (93 | ) | — | 1,067 | ||||||||||||
Other assets and intangibles | (4,079 | ) | 4,046 | — | (33 | ) | |||||||||||
Accounts payable | 1,454 | 5,561 | — | 7,015 | |||||||||||||
Accrued liabilities | 1,284 | 221 | — | 1,505 | |||||||||||||
Intercompany | 5,316 | (5,202 | ) | (114 | ) | — | |||||||||||
Net cash provided by operating activities | 68,749 | 17,199 | (979 | ) | 84,969 | ||||||||||||
Cash Flows From Investing Activities: | |||||||||||||||||
Cash paid for businesses acquired | (7,783 | ) | — | — | (7,783 | ) | |||||||||||
Additions to lease fleet | (13,811 | ) | (16,013 | ) | — | (29,824 | ) | ||||||||||
Proceeds from sale of lease fleet units | 32,268 | 3,933 | — | 36,201 | |||||||||||||
Additions to property, plant and equipment | (8,495 | ) | (3,003 | ) | — | (11,498 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 95 | 22 | — | 117 | |||||||||||||
Net cash provided by (used in) investing activities | 2,274 | (15,061 | ) | — | (12,787 | ) | |||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||
Net repayments under lines of credit | (51,032 | ) | (701 | ) | — | (51,733 | ) | ||||||||||
Redemption of 9.75% senior notes due 2014 | (22,272 | ) | — | — | (22,272 | ) | |||||||||||
Redemption premiums of 9.75% senior notes due 2014 | (1,086 | ) | — | — | (1,086 | ) | |||||||||||
Proceeds from issuance of notes payable | 394 | — | — | 394 | |||||||||||||
Principal payments on notes payable | (367 | ) | — | — | (367 | ) | |||||||||||
Principal payments on capital lease obligations | (1,288 | ) | — | — | (1,288 | ) | |||||||||||
Issuance of common stock | 5,289 | — | — | 5,289 | |||||||||||||
Intercompany | — | (887 | ) | 887 | — | ||||||||||||
Net cash used in financing activities | (70,362 | ) | (1,588 | ) | 887 | (71,063 | ) | ||||||||||
Effect of exchange rate changes on cash | — | 15 | 92 | 107 | |||||||||||||
Net increase in cash | 661 | 565 | — | 1,226 | |||||||||||||
Cash at beginning of year | 783 | 851 | — | 1,634 | |||||||||||||
Cash at end of year | $ | 1,444 | $ | 1,416 | $ | — | $ | 2,860 | |||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||
Net income | $ | 27,219 | $ | 7,732 | $ | (773 | ) | $ | 34,178 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Debt restructuring expense | 2,812 | — | — | 2,812 | |||||||||||||
Deferred financing costs | 1,889 | — | — | 1,889 | |||||||||||||
Provision for doubtful accounts | 1,618 | 561 | — | 2,179 | |||||||||||||
Amortization of deferred financing costs | 3,144 | 73 | — | 3,217 | |||||||||||||
Amortization of debt issuance discount | 49 | — | — | 49 | |||||||||||||
Amortization of long-term liabilities | 156 | 11 | — | 167 | |||||||||||||
Share-based compensation expense | 9,003 | 572 | — | 9,575 | |||||||||||||
Depreciation and amortization | 27,784 | 8,403 | — | 36,187 | |||||||||||||
Gain on sale of lease fleet units | (10,430 | ) | (1,351 | ) | — | (11,781 | ) | ||||||||||
Gain on disposal of property, plant and equipment | (87 | ) | (43 | ) | — | (130 | ) | ||||||||||
Deferred income taxes | 17,074 | 1,111 | (78 | ) | 18,107 | ||||||||||||
Tax benefit shortfall on equity award transactions | (3 | ) | — | — | (3 | ) | |||||||||||
Foreign currency loss | — | 5 | — | 5 | |||||||||||||
Changes in certain assets and liabilities, net of effect of business acquired: | |||||||||||||||||
Receivables | (2,369 | ) | (2,709 | ) | — | (5,078 | ) | ||||||||||
Inventories | 1,787 | (435 | ) | — | 1,352 | ||||||||||||
Deposits and prepaid expenses | 807 | (270 | ) | — | 537 | ||||||||||||
Other assets and intangibles | (10,125 | ) | 9,964 | — | (161 | ) | |||||||||||
Accounts payable | 338 | (2,222 | ) | — | (1,884 | ) | |||||||||||
Accrued liabilities | (980 | ) | 712 | — | (268 | ) | |||||||||||
Intercompany | 9,850 | (9,809 | ) | (41 | ) | — | |||||||||||
Net cash provided by operating activities | 79,536 | 12,305 | (892 | ) | 90,949 | ||||||||||||
Cash Flows From Investing Activities: | |||||||||||||||||
Cash paid for business acquired | (3,563 | ) | — | — | (3,563 | ) | |||||||||||
Additions to lease fleet | (24,967 | ) | (18,967 | ) | — | (43,934 | ) | ||||||||||
Proceeds from sale of lease fleet units | 25,310 | 4,048 | — | 29,358 | |||||||||||||
Additions to property, plant and equipment | (8,229 | ) | (4,512 | ) | — | (12,741 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 1,025 | 472 | — | 1,497 | |||||||||||||
Net cash used in investing activities | (10,424 | ) | (18,959 | ) | — | (29,383 | ) | ||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||
Net borrowings under lines of credit | 88,414 | 8,828 | — | 97,242 | |||||||||||||
Redemption of 6.875% senior notes due 2015 | (150,000 | ) | — | — | (150,000 | ) | |||||||||||
Redemption premiums of 6.875% senior notes due 2015 | (2,579 | ) | — | — | (2,579 | ) | |||||||||||
Deferred financing costs | (8,075 | ) | — | — | (8,075 | ) | |||||||||||
Proceeds from issuance of notes payable | 398 | — | — | 398 | |||||||||||||
Principal payments on notes payable | (403 | ) | — | — | (403 | ) | |||||||||||
Principal payments on capital lease obligations | (947 | ) | — | — | (947 | ) | |||||||||||
Issuance of common stock | 3,645 | — | — | 3,645 | |||||||||||||
Intercompany | — | (869 | ) | 869 | — | ||||||||||||
Net cash (used in) provided by financing activities | (69,547 | ) | 7,959 | 869 | (60,719 | ) | |||||||||||
Effect of exchange rate changes on cash | — | (1,793 | ) | 23 | (1,770 | ) | |||||||||||
Net decrease in cash | (435 | ) | (488 | ) | — | (923 | ) | ||||||||||
Cash at beginning of year | 1,444 | 1,416 | — | 2,860 | |||||||||||||
Cash at end of year | $ | 1,009 | $ | 928 | $ | — | $ | 1,937 | |||||||||
MOBILE MINI, INC. | |||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||
Guarantors | |||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||
Net income | $ | 17,155 | $ | 6,996 | $ | (229 | ) | $ | 23,922 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Asset impairment charge, net | 31,310 | 6,907 | — | 38,217 | |||||||||||||
Provision for doubtful accounts | 1,256 | 904 | — | 2,160 | |||||||||||||
Amortization of deferred financing costs | 2,749 | 62 | — | 2,811 | |||||||||||||
Amortization of long-term liabilities | 162 | 7 | — | 169 | |||||||||||||
Share-based compensation expense | 13,991 | 723 | — | 14,714 | |||||||||||||
Depreciation and amortization | 28,084 | 7,542 | — | 35,626 | |||||||||||||
Loss (gain) on disposal of discontinued operation | 2,042 | (94 | ) | — | 1,948 | ||||||||||||
Gain on sale of lease fleet units | (8,035 | ) | (1,647 | ) | — | (9,682 | ) | ||||||||||
Loss on disposal of property, plant and equipment | 237 | 10 | — | 247 | |||||||||||||
Deferred income taxes | 11,918 | (440 | ) | (466 | ) | 11,012 | |||||||||||
Tax benefit shortfall on equity award transactions | (837 | ) | — | — | (837 | ) | |||||||||||
Foreign currency loss | — | 1 | — | 1 | |||||||||||||
Changes in certain assets and liabilities: | |||||||||||||||||
Receivables | (1,996 | ) | (3,592 | ) | 1,948 | (3,640 | ) | ||||||||||
Inventories | (358 | ) | (35 | ) | — | (393 | ) | ||||||||||
Deposits and prepaid expenses | 572 | 81 | — | 653 | |||||||||||||
Other assets and intangibles | (364 | ) | 374 | — | 10 | ||||||||||||
Accounts payable | (212 | ) | 549 | — | 337 | ||||||||||||
Accrued liabilities | (2,321 | ) | 1,157 | — | (1,164 | ) | |||||||||||
Intercompany | (21,506 | ) | 22,440 | (934 | ) | — | |||||||||||
Net cash provided by operating activities | 73,847 | 41,945 | 319 | 116,111 | |||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Proceeds from sale of discontinued operation | — | 677 | — | 677 | |||||||||||||
Additions to lease fleet | (15,623 | ) | (13,203 | ) | — | (28,826 | ) | ||||||||||
Proceeds from sale of lease fleet units | 27,437 | 8,514 | — | 35,951 | |||||||||||||
Additions to property, plant and equipment | (12,887 | ) | (2,905 | ) | — | (15,792 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 1,900 | 70 | — | 1,970 | |||||||||||||
Net cash provided by (used in) investing activities | 827 | (6,847 | ) | — | (6,020 | ) | |||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||
Net repayments under lines of credit | (88,604 | ) | (34,472 | ) | — | (123,076 | ) | ||||||||||
Principal payments on notes payable | (310 | ) | — | — | (310 | ) | |||||||||||
Principal payments on capital lease obligations | (408 | ) | — | — | (408 | ) | |||||||||||
Issuance of common stock | 13,818 | — | — | 13,818 | |||||||||||||
Purchase of treasury stock | (369 | ) | — | — | (369 | ) | |||||||||||
Intercompany | (279 | ) | 279 | — | |||||||||||||
Net cash used in financing activities | (75,873 | ) | (34,751 | ) | 279 | (110,345 | ) | ||||||||||
Effect of exchange rate changes on cash | — | 171 | (598 | ) | (427 | ) | |||||||||||
Net (decrease) increase in cash | (1,199 | ) | 518 | — | (681 | ) | |||||||||||
Cash at beginning of year | 1,009 | 928 | — | 1,937 | |||||||||||||
Cash at end of year | $ | (190 | ) | $ | 1,446 | $ | — | $ | 1,256 | ||||||||
Mobile_Mini_its_Operations_and3
Mobile Mini, its Operations and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Share data in Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
OptionPlan | |||||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |||
Prepaid advertising costs | ' | $200,000 | $600,000 | ' | |||
Advertising expense | ' | 5,800,000 | 12,300,000 | 9,500,000 | |||
Customer accounts percentage description | ' | 'No single customer accounts for more than 10.0% of our receivables at December 31, 2012 and 2013. | ' | ' | |||
Depreciation expense | ' | 12,700,000 | 12,200,000 | 11,700,000 | |||
Finite lived intangible assets, gross carrying amount | ' | 51,606,000 | 51,431,000 | ' | |||
Finite lived intangible assets, accumulated amortization | ' | 38,083,000 | 33,604,000 | ' | |||
Debt instrument interest rate | ' | ' | 6.88% | 7.88% | |||
Debt instrument due year | ' | '2020 | '2015 | ' | |||
Nonvested share-awards not included in basic weighted average number of common shares outstanding | ' | 0.5 | 0.8 | 1.2 | |||
Non-cash impairment charge on long-lived assets | 37,600,000 | ' | ' | ' | |||
Goodwill related to business acquisition deductible for income tax purposes | ' | '15 years | ' | ' | |||
Goodwill | ' | 519,222,000 | [1] | 518,308,000 | [1] | 513,918,000 | [1] |
Senior notes fair value basis for measurement, description | ' | 'The fair value of the Company's $200.0 million aggregate principal amount of 7.875% senior notes due 2020 (the "2020 Notes" or the "Senior Notes") is based on the latest sales price of such notes at the end of each period obtained from a third-party institution and is considered Level 2 in the fair value hierarchy described in Note 2, as there is not an active market for such notes. | ' | ' | |||
Senior notes, face amount | ' | ' | ' | 200,000,000 | |||
Net Carrying Amount | ' | 13,523,000 | 17,827,000 | ' | |||
Number of active share-based employee compensation plans | ' | 1 | ' | ' | |||
Number of expired share-based employee compensation plans | ' | 2 | ' | ' | |||
Unrecognized excess tax benefits related to stock-based compensation | ' | 4,200,000 | 1,300,000 | ' | |||
Total unrecognized excess tax benefits | ' | 14,200,000 | 10,100,000 | ' | |||
Options outstanding | ' | ' | ' | ' | |||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |||
Number of expired share-based employee compensation plans subject to exercise or termination | ' | 1 | ' | ' | |||
North America | ' | ' | ' | ' | |||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |||
Goodwill | ' | 450,800,000 | ' | ' | |||
U.K. | ' | ' | ' | ' | |||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |||
Goodwill | ' | 68,400,000 | ' | ' | |||
Deferred financing costs | ' | ' | ' | ' | |||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |||
Finite lived intangible assets, gross carrying amount | ' | 28,072,000 | 28,072,000 | ' | |||
Finite lived intangible assets, accumulated amortization | ' | 17,306,000 | 14,495,000 | ' | |||
Amortization of deferred financing costs | ' | 2,800,000 | 3,200,000 | 4,100,000 | |||
Write off of deferred financing costs | ' | 1,900,000 | ' | ' | |||
Debt instrument interest rate | ' | 6.88% | ' | ' | |||
Debt instrument due year | ' | '2015 | ' | ' | |||
Expected amortization in 2014 | ' | 2,800,000 | ' | ' | |||
Expected amortization in 2015 | ' | 2,800,000 | ' | ' | |||
Expected amortization in 2016 | ' | 2,800,000 | ' | ' | |||
Expected amortization in 2017 | ' | 900,000 | ' | ' | |||
Expected amortization in 2018 | ' | 500,000 | ' | ' | |||
Expected amortization thereafter | ' | 1,000,000 | ' | ' | |||
Net Carrying Amount | ' | 10,766,000 | 13,577,000 | ' | |||
Customer relationships | ' | ' | ' | ' | |||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |||
Finite lived intangible assets, gross carrying amount | ' | 21,988,000 | 21,835,000 | ' | |||
Finite lived intangible assets, accumulated amortization | ' | 19,530,000 | 17,922,000 | ' | |||
Finite lived intangible assets, useful life | ' | '15 years | ' | ' | |||
Net Carrying Amount | ' | 2,458,000 | 3,913,000 | ' | |||
Trade names | ' | ' | ' | ' | |||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |||
Finite lived intangible assets, useful life | ' | '15 years | ' | ' | |||
All other intangibles | ' | ' | ' | ' | |||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |||
Expected amortization in 2014 | ' | 1,000,000 | ' | ' | |||
Expected amortization in 2015 | ' | 700,000 | ' | ' | |||
Expected amortization in 2016 | ' | 500,000 | ' | ' | |||
Expected amortization in 2017 | ' | 200,000 | ' | ' | |||
Expected amortization in 2018 | ' | 100,000 | ' | ' | |||
Expected amortization thereafter | ' | 100,000 | ' | ' | |||
Amortization of all other intangibles | ' | 1,600,000 | 2,200,000 | 3,000,000 | |||
Maximum | ' | ' | ' | ' | |||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |||
Property, plant and equipment, percentage of residual values | ' | 25.00% | ' | ' | |||
Finite lived intangible assets, gross carrying amount | ' | $51,600,000 | $51,400,000 | ' | |||
Share-awards outstanding, expiration period | ' | '10 years | ' | ' | |||
Maximum | Stock option awards | ' | ' | ' | ' | |||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |||
Share-awards vesting period | ' | '4 years 6 months | ' | ' | |||
Maximum | Deferred financing costs | ' | ' | ' | ' | |||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |||
Finite lived intangible assets, useful life | ' | '20 years | ' | ' | |||
Minimum | Stock option awards | ' | ' | ' | ' | |||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |||
Share-awards vesting period | ' | '3 years | ' | ' | |||
Minimum | Deferred financing costs | ' | ' | ' | ' | |||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | |||
Finite lived intangible assets, useful life | ' | '5 years | ' | ' | |||
[1] | Includes accumulated amortization of $2.0 million and accumulated impairment of $13.4 million. |
Inventories_Detail
Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Inventory Disclosure [Abstract] | ' | ' | ||
Raw materials and supplies | $16,586 | $14,587 | ||
Work-in-process | 197 | 336 | ||
Finished portable storage units | 1,961 | 4,452 | ||
Inventories | $18,744 | [1] | $19,375 | [1] |
[1] | Includes an impairment charge of $1.2 million recorded in the second quarter of 2013. (See Note 17). |
Inventories_Parenthetical_Deta
Inventories (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Inventory [Line Items] | ' | ' | ' | |
Impairment charge | $40,200 | $1,532 | [1] | $38,705 |
Inventories | ' | ' | ' | |
Inventory [Line Items] | ' | ' | ' | |
Impairment charge | $1,200 | ' | ' | |
[1] | Net gains realized from the sale of assets held for sale. |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | Vehicles and machinery | Vehicles and machinery | Building and improvements | Office fixtures and equipment | Office fixtures and equipment | ||||
Minimum | Maximum | Minimum | Maximum | ||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Estimated useful life in years | ' | ' | '5 years | '20 years | '30 years | '3 years | '5 years | ||
Land | $11,124 | $11,153 | ' | ' | ' | ' | ' | ||
Vehicles and machinery | 88,686 | [1] | 90,095 | [1] | ' | ' | ' | ' | ' |
Buildings and improvements | 18,477 | [2] | 18,308 | [2] | ' | ' | ' | ' | ' |
Office fixtures and equipment | 33,017 | 30,682 | ' | ' | ' | ' | ' | ||
Accumulated depreciation and amortization | -66,151 | -69,808 | ' | ' | ' | ' | ' | ||
Total property, plant and equipment, net | $85,153 | $80,430 | ' | ' | ' | ' | ' | ||
[1] | Includes an impairment charge of $3.9 million recorded in the second quarter of 2013. (See Note 17). | ||||||||
[2] | Improvements made to leased properties are depreciated over the lesser of the estimated remaining life or the remaining term of the respective lease. |
Property_Plant_and_Equipment_P
Property, Plant and Equipment (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | |
Impairment charges | $40,200 | $1,532 | [1] | $38,705 |
Vehicles and equipment | ' | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | |
Impairment charges | $3,900 | ' | ' | |
[1] | Net gains realized from the sale of assets held for sale. |
Other_Assets_and_Intangible_As
Other Assets and Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $51,606 | $51,431 |
Accumulated Amortization | -38,083 | -33,604 |
Net Carrying Amount | 13,523 | 17,827 |
Deferred financing costs | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 28,072 | 28,072 |
Accumulated Amortization | -17,306 | -14,495 |
Net Carrying Amount | 10,766 | 13,577 |
Customer relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 21,988 | 21,835 |
Accumulated Amortization | -19,530 | -17,922 |
Net Carrying Amount | 2,458 | 3,913 |
Trade names/trademarks | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 917 | 899 |
Accumulated Amortization | -917 | -899 |
Non-compete agreements | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 97 | 175 |
Accumulated Amortization | -53 | -97 |
Net Carrying Amount | 44 | 78 |
Patents and other | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 532 | 450 |
Accumulated Amortization | -277 | -191 |
Net Carrying Amount | $255 | $259 |
Reconciliation_of_WeightedAver
Reconciliation of Weighted-Average Shares of Common Stock Outstanding for Purposes of Calculating Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income from continuing operations | $13,092 | $14,332 | ($14,319) | $12,119 | $11,298 | $10,429 | $7,384 | $5,312 | $25,224 | $34,423 | $31,153 | |||
Loss on discontinued operation, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -1,302 | -245 | -557 | |||
Net income | 11,958 | 14,303 | -14,381 | 12,042 | 11,258 | 10,398 | 7,312 | 5,210 | 23,922 | 34,178 | 30,596 | |||
Less: Earnings allocable to preferred stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -966 | |||
Net income available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 23,922 | 34,178 | 29,630 | |||
Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $0.55 | $0.77 | $0.72 | |||
Loss from discontinued operation | ' | ' | ' | ' | ' | ' | ' | ' | ($0.02) | ' | ($0.01) | |||
Net income | $0.29 | $0.31 | ($0.32) | $0.27 | $0.25 | $0.23 | $0.16 | $0.12 | $0.53 | $0.77 | $0.71 | |||
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $0.55 | $0.76 | $0.70 | |||
Loss from discontinued operation | ' | ' | ' | ' | ' | ' | ' | ' | ($0.03) | ' | ($0.01) | |||
Net income | $0.28 | $0.31 | ($0.31) | $0.26 | $0.25 | $0.23 | $0.16 | $0.12 | $0.52 | $0.76 | $0.69 | |||
Basic EPS Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common shares outstanding beginning of year | ' | ' | ' | ' | ' | ' | ' | ' | 45,194 | 44,432 | 35,565 | |||
Effect of weighting shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted shares issued during the period | ' | ' | ' | ' | ' | ' | ' | ' | 287 | 225 | 6,001 | |||
Denominator for basic net income per share | ' | ' | ' | ' | ' | ' | ' | ' | 45,481 | 44,657 | 41,566 | |||
Diluted EPS Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common stock outstanding beginning of period | ' | ' | ' | ' | ' | ' | ' | ' | 45,194 | 44,432 | 35,565 | |||
Effect of weighting shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted shares issued during the period | ' | ' | ' | ' | ' | ' | ' | ' | 287 | 225 | 6,001 | |||
Dilutive effect of stock options and nonvested share-awards during the period | ' | ' | ' | ' | ' | ' | ' | ' | 615 | [1] | 445 | [1] | 663 | [1] |
Dilutive effect of convertible preferred stock assumed converted during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,340 | |||
Denominator for diluted net income per share | ' | ' | ' | ' | ' | ' | ' | ' | 46,096 | 45,102 | 44,569 | |||
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income from continuing operations | 13,092 | 14,332 | -14,319 | 12,119 | 11,298 | 10,429 | 7,384 | 5,312 | 25,224 | 34,423 | 31,153 | |||
Loss on discontinued operation, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -1,302 | -245 | -557 | |||
Net income | 11,958 | 14,303 | -14,381 | 12,042 | 11,258 | 10,398 | 7,312 | 5,210 | 23,922 | 34,178 | 30,596 | |||
Less: Earnings allocable to preferred stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -966 | |||
Net income available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $23,922 | $34,178 | $29,630 | |||
Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $0.55 | $0.77 | $0.72 | |||
Loss from discontinued operation | ' | ' | ' | ' | ' | ' | ' | ' | ($0.02) | ' | ($0.01) | |||
Net income | $0.29 | $0.31 | ($0.32) | $0.27 | $0.25 | $0.23 | $0.16 | $0.12 | $0.53 | $0.77 | $0.71 | |||
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $0.55 | $0.76 | $0.70 | |||
Loss from discontinued operation | ' | ' | ' | ' | ' | ' | ' | ' | ($0.03) | ' | ($0.01) | |||
Net income | $0.28 | $0.31 | ($0.31) | $0.26 | $0.25 | $0.23 | $0.16 | $0.12 | $0.52 | $0.76 | $0.69 | |||
[1] | The outstanding convertible preferred stock, originally issued in connection with the Mobile Storage Group ("MSG") acquisition, automatically converted into an aggregate of 8.2 million shares of common stock on April 14, 2011. |
Reconciliation_of_WeightedAver1
Reconciliation of Weighted-Average Shares of Common Stock Outstanding for Purposes of Calculating Basic and Diluted Earnings Per Share (Parenthetical) (Detail) | 1 Months Ended |
In Millions, unless otherwise specified | Apr. 14, 2011 |
Accounting Policies [Abstract] | ' |
Number of common shares issued upon conversions of convertible preferred stock | 8.2 |
Number_of_Stock_Options_and_No
Number of Stock Options and Nonvested Share-Awards that were Issued or Outstanding but were Excluded in Calculating Diluted Earnings Per Share Because their Effect would have been Anti-Dilutive (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities excluded from the computation of dilutive EPS | 1,742 | 1,234 | 976 |
Stock option awards | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities excluded from the computation of dilutive EPS | 1,741 | 1,006 | 964 |
Nonvested share-awards | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities excluded from the computation of dilutive EPS | 1 | 228 | 12 |
Activity_and_Balances_Related_
Activity and Balances Related to Goodwill (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Accounting Policies [Abstract] | ' | ' | ||
Goodwill Beginning Balance | $518,308 | [1] | $513,918 | [1] |
Acquisitions | ' | 1,169 | ||
Foreign currency | 921 | [2] | 3,061 | [2] |
Adjustments | -7 | 160 | [3] | |
Goodwill Ending Balance | $519,222 | [1] | $518,308 | [1] |
[1] | Includes accumulated amortization of $2.0 million and accumulated impairment of $13.4 million. | |||
[2] | Represents foreign currency translation adjustments related to the U.K. reporting unit. | |||
[3] | Represents adjustments to the fair values originally assigned to assets and liabilities assumed for the acquired businesses in December 2011. |
Activity_and_Balances_Related_1
Activity and Balances Related to Goodwill (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Accounting Policies [Abstract] | ' |
Goodwill, accumulated amortization | $2 |
Goodwill, accumulated impairment | $12.50 |
Carrying_and_Fair_Value_of_Sen
Carrying and Fair Value of Senior Notes (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Carrying value | $200,000 | $200,000 |
Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Fair value | $217,300 | $219,000 |
Lease_Fleet_Additional_Informa
Lease Fleet - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Depreciation expense | $21.20 | $21.60 | $20.90 |
Property subject to operating lease | Steel units | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Estimated useful life | '30 years | ' | ' |
Estimated residual value | 55.00% | ' | ' |
Property subject to operating lease | Wood Mobile Office Units | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Estimated useful life | '20 years | ' | ' |
Estimated residual value | 50.00% | ' | ' |
Property subject to operating lease | Van trailers | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Estimated useful life | '7 years | ' | ' |
Estimated residual value | 20.00% | ' | ' |
Lease_Fleet_Detail
Lease Fleet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ||
Lease fleet, gross | $1,145,309 | $1,183,688 | ||
Accumulated depreciation | -166,033 | -154,915 | ||
Lease fleet, net | 979,276 | [1] | 1,028,773 | [1] |
Steel storage containers | ' | ' | ||
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ||
Lease fleet, gross | 600,475 | 628,370 | ||
Offices | ' | ' | ||
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ||
Lease fleet, gross | 538,906 | 549,055 | ||
Van trailers | ' | ' | ||
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ||
Lease fleet, gross | 2,119 | 2,973 | ||
Other | ' | ' | ||
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ||
Lease fleet, gross | $3,809 | $3,290 | ||
[1] | Includes an impairment charge of $33.7 million recorded in the second quarter of 2013. (See Note 17). |
Lease_Fleet_Parenthetical_Deta
Lease Fleet (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' | |
Impairment charge | $40,200 | $1,532 | [1] | $38,705 |
Lease Fleet | ' | ' | ' | |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' | |
Impairment charge | $33,700 | ' | ' | |
[1] | Net gains realized from the sale of assets held for sale. |
Lines_of_Credit_Additional_Inf
Lines of Credit - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit, pro forma excess borrowing availability for acquisitions to occur without financial covenants | $225 | ' | ' |
Line of credit, minimum borrowing availability for financial maintenance covenants to be applicable | 90 | ' | ' |
Line of credit, covenant | 'Payment Conditions allow restricted payments and acquisitions to occur without financial covenants as long as the Company has $225.0 million of pro forma excess borrowing availability under the Credit Agreement. The Company must also comply with specified financial maintenance covenants and affirmative covenants if the Company falls below $90.0 million of borrowing availability levels with set permitted values for the Debt Ratio and Fixed Charge Coverage Ratio (each as defined in the Credit Agreement). The Company was in compliance with the terms of the Credit Agreement as of September 30, 2013 and was above the minimum borrowing availability threshold and therefore not subject to any financial maintenance covenants or restricted from paying dividends or making stock repurchases. | ' | ' |
Line of credit, weighted average interest rate | 2.20% | 2.50% | ' |
Line of credit, average balance outstanding | 386.6 | 391.4 | ' |
Senior notes redeemed amount | 150 | ' | ' |
Borrowing outstanding under credit agreement | 573.3 | ' | ' |
Additional borrowing available under credit agreement | 319.3 | ' | ' |
Debt instrument interest rate | ' | 6.88% | 7.88% |
Debt instrument due year | '2020 | '2015 | ' |
LIBOR Loans | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Revolving credit facility, applicable margin | 2.00% | ' | ' |
LIBOR Loans | Thereafter | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Revolving credit facility, applicable margin, minimum | 1.75% | ' | ' |
Revolving credit facility, applicable margin, maximum | 2.25% | ' | ' |
Base Rate Loans | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Revolving credit facility, applicable margin | 1.00% | ' | ' |
Base Rate Loans | Thereafter | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Revolving credit facility, applicable margin, minimum | 0.75% | ' | ' |
Revolving credit facility, applicable margin, maximum | 1.25% | ' | ' |
$900.0 million ABL Credit Agreement | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit Agreement, borrowing capacity | $900 | ' | ' |
Credit Agreement, maturity date | 22-Feb-17 | ' | ' |
Credit Agreement, term | '5 years | ' | ' |
Maximum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Percentage of net orderly liquidation value of lease-fleet to be included in determination of borrowing base | 90.00% | ' | ' |
Notes_Payable_Detail
Notes Payable (Detail) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
Notes payable | $310 |
Notes payable to financial institution, interest at 3.6% payable in fixed monthly installments, maturing September 2013, unsecured | ' |
Debt Instrument [Line Items] | ' |
Notes payable | $310 |
Notes_Payable_Parenthetical_De
Notes Payable (Parenthetical) (Detail) (Notes payable to financial institution, interest at 3.6% payable in fixed monthly installments, maturing September 2013, unsecured) | 12 Months Ended |
Dec. 31, 2012 | |
Notes payable to financial institution, interest at 3.6% payable in fixed monthly installments, maturing September 2013, unsecured | ' |
Debt Instrument [Line Items] | ' |
Notes payable, interest rate | 3.60% |
Note payable, maturity date | '2013-09 |
Obligations_Under_Capital_Leas2
Obligations Under Capital Leases - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Capital Lease Obligations [Line Items] | ' | ' |
Obligations under capital leases | $8,781,000 | $642,000 |
Assets recorded under capital lease obligations | 10,200,000 | 2,800,000 |
Assets recorded under capital lease obligations, accumulated amortization | $1,100,000 | $1,400,000 |
Minimum | ' | ' |
Schedule of Capital Lease Obligations [Line Items] | ' | ' |
Capitalized leases, interest rates | 1.80% | ' |
Maximum | ' | ' |
Schedule of Capital Lease Obligations [Line Items] | ' | ' |
Capitalized leases, interest rates | 8.10% | ' |
Future_Minimum_Capital_Lease_P
Future Minimum Capital Lease Payments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Leases [Abstract] | ' | ' |
2014 | $1,476 | ' |
2015 | 1,209 | ' |
2016 | 1,209 | ' |
2017 | 1,079 | ' |
2018 | 1,080 | ' |
Thereafter | 3,459 | ' |
Total | 9,512 | ' |
Amount representing interest | -731 | ' |
Present value of minimum lease payments | $8,781 | $642 |
Debt_Issuances_Additional_Info
Debt Issuances - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Nov. 23, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Nov. 23, 2010 |
Senior Notes 7.875 Percent Due 2020 | Senior Notes 7.875 Percent Due 2020 | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Proceeds from issuance of 7.875% senior notes due 2020 | $200 | ' | ' | ' | ' |
Offer price of notes issued as percentage of face value | ' | ' | ' | ' | 100.00% |
Senior Notes, interest rate | ' | 6.88% | 7.88% | 7.88% | ' |
Senior Notes, maturity term | ' | ' | ' | '10 years | ' |
Senior Notes, maturity date | ' | ' | ' | 1-Dec-20 | ' |
Senior Notes, interest payment term | ' | ' | ' | 'Interest is payable semiannually in arrears on June 1 and December 1 of each year. | ' |
Scheduled_Maturity_for_Debt_Ob
Scheduled Maturity for Debt Obligations Under Credit Agreement, Obligations Under Capital Leases and Senior Notes (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $1,298 |
2015 | 1,064 |
2016 | 1,083 |
2017 | 320,292 |
2018 | 998 |
Thereafter | 203,360 |
Total | $528,095 |
Income_Before_Taxes_from_Conti
Income Before Taxes from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | ' | ' | ' |
Income (loss) before provision for (benefit from) income taxes | $37,499 | $52,932 | $47,731 |
U.S. | ' | ' | ' |
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | ' | ' | ' |
Income (loss) before provision for (benefit from) income taxes | 30,528 | 44,157 | 40,948 |
Foreign | ' | ' | ' |
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | ' | ' | ' |
Income (loss) before provision for (benefit from) income taxes | $6,971 | $8,775 | $6,783 |
Provision_for_Income_Taxes_fro
Provision for Income Taxes from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
U.S. Federal | ' | ' | ' |
State | 934 | 388 | 427 |
Foreign | ' | ' | ' |
Current Income Tax Expense (Benefit), Total | 934 | 388 | 427 |
Deferred: | ' | ' | ' |
U.S. Federal | 11,483 | 15,419 | 13,894 |
State | 1,100 | 1,553 | 1,517 |
Foreign | -1,242 | 1,149 | 740 |
Total Deferred Income Tax Expense (Benefit), Total | 11,341 | 18,121 | 16,151 |
Provision for (benefit from) income taxes | $12,275 | $18,509 | $16,578 |
Net_Deferred_Tax_Liability_Det
Net Deferred Tax Liability (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating loss carryforwards | $94,346 | $115,632 |
Deferred revenue and expenses | 11,280 | 10,240 |
Accrued compensation and other benefits | 1,411 | 1,679 |
Allowance for doubtful accounts | 615 | 894 |
Other | 4,745 | 2,954 |
Total deferred tax assets | 112,397 | 131,399 |
Valuation allowance | -1,126 | -1,126 |
Net deferred tax assets | 111,271 | 130,273 |
Deferred tax liabilities: | ' | ' |
Accelerated tax depreciation | -302,597 | -313,595 |
Accelerated tax amortization | -13,474 | -10,335 |
Other | -4,765 | -4,389 |
Total deferred tax liabilities | -320,836 | -328,319 |
Net deferred tax liabilities | ($209,565) | ($198,046) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
U.K. | U.K. | U.K. | U.K. | U.K. | United Kingdom and the Netherlands | United Kingdom and the Netherlands | Minimum | Federal | Federal | Federal | State | State | State | ||||
Minimum | Maximum | Minimum | Maximum | ||||||||||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undistributed earnings of foreign subsidiaries intended to be permanently invested | $25,500,000 | $20,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred tax liability | ' | ' | ' | ' | ' | ' | ' | ' | 14,400,000 | 14,400,000 | ' | ' | ' | ' | ' | ' | ' |
Net operating loss carryforwards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 264,100,000 | ' | ' | 154,800,000 | ' | ' |
Net operating loss carryforwards, expiration year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2022 | '2031 | ' | '2014 | '2031 |
Total unrecognized excess tax benefits | 14,200,000 | 10,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Step two threshold to quantify uncertain tax position | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Tax year subject to tax examination for U.S. Federal return | 'For the U.S. Federal return, the Company's tax years for 2010, 2011 and 2012 are subject to tax examination by the U.S. Internal Revenue Service through September 15, 2014, 2015 and 2016, respectively. No reserves for uncertain income tax positions have been recorded. The Company does not anticipate that the total amount of unrecognized tax benefit related to any particular tax position will change significantly within the next 12 months. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earliest tax year subject to examination | '2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statutory corporate income tax rate | 35.00% | 35.00% | 35.00% | 25.00% | 20.00% | ' | 23.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction of tax liability | ' | ' | ' | ' | ' | 1,900,000 | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax paid | $1,114,000 | $831,000 | $816,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation_of_US_Federal_S
Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 3.50% | 3.50% | 3.50% |
Nondeductible expenses and other | 1.40% | 1.40% | 0.20% |
Adjustment of net deferred tax liability for enacted tax rate change | -4.90% | -2.10% | -1.80% |
Foreign rate differential | -2.30% | -2.80% | -2.20% |
Effective Income Tax Rate, Continuing Operations, Total | 32.70% | 35.00% | 34.70% |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based payment expense related to vesting of options and share-awards | $14.70 | $9.60 | $6.50 |
Fair value of share-awards vested | 4.8 | 7.3 | ' |
Aggregate intrinsic value of options exercised | 9 | 2.7 | 0.8 |
Dividend rate | ' | 0.00% | ' |
Weighted average fair value of stock options granted | $10.59 | $8.56 | $6.84 |
Nonvested share-awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation cost | 9.7 | ' | ' |
Weighted average recognition period (years) | '2 years 7 months 6 days | ' | ' |
Stock option awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation cost | $15.20 | ' | ' |
Weighted average recognition period (years) | '1 year 8 months 12 days | ' | ' |
Dividend rate | ' | 0.00% | ' |
Executive Officers | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Nonvested share-awards with vesting subject to a performance conditions | 'The accelerated attribution method could result in as much as 60% of the total value of the shares being recognized in the first year of the service period if the future performance-based targets are assessed as probable of being met. | ' | ' |
Minimum | Nonvested share-awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-awards vesting period | '4 years | ' | ' |
Minimum | Stock option awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-awards vesting period | '3 years | ' | ' |
Dividend rate | 0.00% | ' | ' |
Minimum | Executive Officers | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-awards vesting period | '3 years | ' | ' |
Maximum | Nonvested share-awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-awards vesting period | '5 years | ' | ' |
Maximum | Stock option awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-awards vesting period | '4 years 6 months | ' | ' |
Dividend rate | 1.80% | ' | ' |
Maximum | Executive Officers | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-awards vesting period | '4 years | ' | ' |
Summary_of_ShareBased_Compensa
Summary of Share-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | $14,714 | $9,575 | $6,456 |
Amount capitalized | 326 | 223 | 159 |
Total share-based compensation | 15,040 | 9,798 | 6,615 |
Included in leasing, selling and general expenses | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | 13,956 | 7,151 | 6,438 |
Included in merger and restructuring expenses | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | 758 | 2,424 | ' |
Included in loss from discontinued operation | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | ' | ' | $18 |
Stock_Option_Activities_Detail
Stock Option Activities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Number of Shares | ' | ' | ' |
Options outstanding, beginning of year | 1,099 | 1,394 | 1,618 |
Granted | 2,214 | 65 | 351 |
Canceled/Expired | -147 | -51 | -247 |
Exercised | -647 | -309 | -328 |
Options outstanding, end of year | 2,519 | 1,099 | 1,394 |
Options exercisable, end of year | 193 | 755 | 847 |
Options and awards available for grant, end of year | 3,239 | 1,361 | 1,545 |
Weighted Average Exercise Price | ' | ' | ' |
Options outstanding, beginning of year | $20.02 | $18.39 | $17.84 |
Granted | $31.26 | $21.13 | $18.17 |
Canceled/Expired | $15.90 | $26.61 | $17.46 |
Exercised | $21.35 | $11.81 | $16.12 |
Options outstanding, end of year | $29.80 | $20.02 | $18.39 |
Options exercisable, end of year | $21.51 | $20.42 | $18.16 |
Nonvested_ShareAwards_Activity
Nonvested Share-Awards Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Nonvested Stock Awards, shares | ' | ' | ' |
Nonvested at beginning of period, shares | 843 | 1,180 | 1,223 |
Awarded | 153 | 261 | 374 |
Released | -252 | -453 | -348 |
Forfeited | -202 | -145 | -69 |
Nonvested at end of period, shares | 542 | 843 | 1,180 |
Weighted Average Grant Date Fair Value | ' | ' | ' |
Nonvested at beginning of period | $17.27 | $16.20 | $16.51 |
Awarded | $30.21 | $19.67 | $17.08 |
Released | $19.15 | $16.05 | $17.22 |
Forfeited | $15.64 | $16.77 | $21.24 |
Nonvested at end of period | $20.65 | $17.27 | $16.20 |
Fully_Vested_Stock_Options_and
Fully Vested Stock Options and Stock Options Expected to Vest (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Number of Shares | ' | ' | ' | ' |
Outstanding | 2,519 | 1,099 | 1,394 | 1,618 |
Vested and expected to vest | 2,409 | ' | ' | ' |
Exercisable | 193 | 755 | 847 | ' |
Weighted Average Exercise Price | ' | ' | ' | ' |
Outstanding | $29.80 | $20.02 | $18.39 | $17.84 |
Vested and expected to vest | $29.75 | ' | ' | ' |
Exercisable | $21.51 | $20.42 | $18.16 | ' |
Weighted Average Remaining Contractual Term (in years) | ' | ' | ' | ' |
Outstanding | '8 years 10 months 10 days | ' | ' | ' |
Vested and expected to vest | '8 years 10 months 6 days | ' | ' | ' |
Exercisable | '5 years 6 months 15 days | ' | ' | ' |
Aggregate Intrinsic Values | ' | ' | ' | ' |
Outstanding | $28,672 | ' | ' | ' |
Vested and expected to vest | 27,523 | ' | ' | ' |
Exercisable | $3,793 | ' | ' | ' |
Key_Assumptions_Used_to_Estima
Key Assumptions Used to Estimate Fair Value of Stock Option Award (Detail) | 12 Months Ended | |||
Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Stock option awards | Minimum | Maximum | ||
Stock option awards | Stock option awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Risk-free interest rate | ' | 0.80% | 0.70% | 1.50% |
Expected life of the options (years) | ' | '6 years | '6 years | '7 years |
Expected stock price volatility | ' | 41.80% | 41.10% | 46.30% |
Expected dividend rate | 0.00% | 0.00% | 0.00% | 1.80% |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Minimum | Maximum | U.K. | U.K. | The Netherlands | The Netherlands | The Netherlands | Incentive stock option granted to an option beneficially owning more than 10% of the outstanding common stock | Incentive stock option granted to an option beneficially owning more than 10% of the outstanding common stock | Stock option awards | Stock option awards | Employee Stock Plan, 2006 Plan | Employee Stock Plan, 2006 Plan | Employee Stock Plan, 2006 Plan | Stock Plan 1999 | Non-Employee Director Stock Option | Chairman | |||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding stock options | 2,519,000 | 1,099,000 | 1,394,000 | 1,618,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 100,000 | ' | ' |
Additional number of shares issuable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 3,000,000 | ' | ' | ' | ' |
Shares reserved for future issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,200,000 | ' | ' | ' | ' |
Option exercise price, fair value of common stock on date of grant | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option term (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '10 years | ' | ' | ' | ' | ' | ' |
Share-awards vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '4 years 6 months | ' | ' | ' | ' | ' | ' |
Automatic award of shares of common stock | $13,818,000 | $3,645,000 | $5,289,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $82,500 | $120,000 |
Automatic award of shares of common stock, vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
401(k) Plan, employer contribution for first 4% of employees' contribution | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
401(k) Plan, employer contribution per employee | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined contribution program, percentage of annual employees' salary contributed by employer | ' | ' | ' | ' | ' | ' | 5.00% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined contribution program, annual charge on employees' fund to cover administrative costs of program, percentage | ' | ' | ' | ' | ' | ' | 0.00% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined contribution plan, contributions terms | ' | ' | ' | ' | ' | ' | ' | ' | 'The Company contributed between 3.0% and 28.1% of the employees' pensionable salary, depending on the employee's age, and employees contributed 3.0% of their pensionable salary. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer contribution to employees pensionable salary | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 28.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee contribution to pensionable salary | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined contribution plan, employer contribution | 500,000 | 400,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined contribution plan, administrative costs incurred | $27,000 | $27,500 | $30,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Loss Contingencies [Line Items] | ' | ' | ' |
Operating lease rental expense | $21,200,000 | $20,700,000 | $18,500,000 |
Accrued liabilities, reserves | 3,800,000 | 5,100,000 | ' |
Letters of credit provided for various insurance carriers | 7,400,000 | ' | ' |
Workers' Compensation | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Insurance deductible amount, per incident | 250,000 | ' | ' |
Auto | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Insurance deductible amount, per incident | 500,000 | ' | ' |
General Liability | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Insurance deductible amount, per incident | $100,000 | ' | ' |
Contractual_Commitments_Associ
Contractual Commitments Associated with Lease Obligations (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2014 | $16,840 |
2015 | 11,216 |
2016 | 8,415 |
2017 | 5,617 |
2018 | 2,597 |
Thereafter | 786 |
Total | 45,471 |
Operating Lease Commitments | ' |
Operating Leased Assets [Line Items] | ' |
2014 | 16,075 |
2015 | 10,743 |
2016 | 8,132 |
2017 | 5,355 |
2018 | 2,291 |
Thereafter | 760 |
Total | 43,356 |
Restructuring Related Lease Commitments | ' |
Operating Leased Assets [Line Items] | ' |
2014 | 1,450 |
2015 | 651 |
2016 | 465 |
2017 | 417 |
2018 | 306 |
Thereafter | 26 |
Total | 3,315 |
Restructuring Sub Lease Income | ' |
Operating Leased Assets [Line Items] | ' |
2014 | -685 |
2015 | -178 |
2016 | -182 |
2017 | -155 |
Total | ($1,200) |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Nov. 06, 2013 | Dec. 31, 2013 |
Equity [Abstract] | ' | ' |
Dividend payable | $0.17 | ' |
Dividend payable date | 20-Mar-14 | ' |
Dividend record date | 6-Mar-14 | ' |
Share repurchase program authorizing amount | $125 | ' |
Shares repurchased under repurchase program | ' | 0 |
Restricted stock, shares withheld to satisfy tax obligations | ' | 9,530 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Business Combinations [Abstract] | ' |
Aggregate purchase price of assets and operations acquired | $3,563 |
Allocation_of_Fair_Value_of_As
Allocation of Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Tangible assets | $2,245 |
Goodwill | 1,169 |
Other | 12 |
Total purchase price | 3,563 |
Customer lists | ' |
Business Acquisition [Line Items] | ' |
Intangible assets | 112 |
Non-compete agreements | ' |
Business Acquisition [Line Items] | ' |
Intangible assets | $25 |
Accrued_Merger_and_Restructuri
Accrued, Merger and Restructuring Obligations and Related Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Accrued obligations, beginning balance | $4,113 | $2,129 | $3,807 |
Integration, merger and restructuring expense | 2,402 | 7,123 | 1,059 |
Cash paid | -4,839 | -5,139 | -2,737 |
Accrued obligations, ending balance | 1,676 | 4,113 | 2,129 |
Severance and Benefits | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Accrued obligations, beginning balance | 2,543 | ' | ' |
Integration, merger and restructuring expense | 1,787 | 5,976 | 690 |
Cash paid | -3,717 | -3,433 | -690 |
Accrued obligations, ending balance | 613 | 2,543 | ' |
Lease Abandonment Costs | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Accrued obligations, beginning balance | 1,570 | 2,129 | 3,807 |
Integration, merger and restructuring expense | 475 | 1,007 | ' |
Cash paid | -982 | -1,566 | -1,678 |
Accrued obligations, ending balance | 1,063 | 1,570 | 2,129 |
Merger Costs | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Accrued obligations, beginning balance | ' | ' | ' |
Integration, merger and restructuring expense | 140 | 140 | 369 |
Cash paid | -140 | -140 | -369 |
Accrued obligations, ending balance | ' | ' | ' |
Merger_and_Restructuring_Expen
Merger and Restructuring Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Merger and restructuring expenses | $2,402 | $7,123 | $1,059 |
Severance and Benefits | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Merger and restructuring expenses | 1,787 | 5,976 | 690 |
Lease Abandonment Costs | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Merger and restructuring expenses | 475 | 1,007 | ' |
Merger Costs | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Merger and restructuring expenses | $140 | $140 | $369 |
Segment_Reporting_Detail
Segment Reporting (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Leasing | $97,820 | $95,559 | $88,032 | $84,875 | $91,413 | $88,585 | $81,733 | $78,244 | $366,286 | $339,975 | $314,695 | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 38,051 | 37,759 | 41,675 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 2,149 | 2,162 | 2,700 | |||
Revenues | 106,799 | 105,040 | 97,135 | 97,512 | 99,846 | 98,603 | 92,968 | 88,479 | 406,486 | 379,896 | 359,070 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 35,432 | 35,982 | 35,432 | |||
Operating income | 27,960 | 27,001 | -15,006 | 27,012 | 25,890 | 27,229 | 21,932 | 19,853 | 66,967 | 94,904 | 95,191 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 29,467 | 37,268 | 46,120 | |||
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 12,275 | 18,509 | 16,578 | |||
North America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Leasing | ' | ' | ' | ' | ' | ' | ' | ' | 299,676 | 278,330 | 259,825 | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 29,808 | 33,845 | 37,841 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 1,768 | 1,901 | 2,434 | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 331,252 | [1] | 314,076 | [1] | 300,100 | [1] |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 28,614 | 28,359 | 28,606 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 58,875 | 82,825 | 85,121 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 28,348 | 35,423 | 44,237 | |||
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 12,258 | 17,234 | 15,504 | |||
U.K. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Leasing | ' | ' | ' | ' | ' | ' | ' | ' | 66,610 | 61,645 | 54,870 | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 8,242 | 3,914 | 3,835 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 382 | 261 | 265 | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 75,234 | 65,820 | 58,970 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 6,818 | 7,623 | 6,826 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 8,092 | 12,079 | 10,070 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,119 | 1,845 | 1,883 | |||
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | $17 | $1,275 | $1,074 | |||
[1] | Includes revenues in the United States of $296.6 million, $307.1 million and $324.9 million for the fiscal years 2011, 2012 and 2013, respectively. |
Segment_Reporting_Parenthetica
Segment Reporting (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $106,799 | $105,040 | $97,135 | $97,512 | $99,846 | $98,603 | $92,968 | $88,479 | $406,486 | $379,896 | $359,070 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $324,900 | $307,100 | $296,600 |
Longlived_Assets_Detail
Long-lived Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Thousands, unless otherwise specified | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Long-lived assets | $1,064,429 | $1,109,203 | $1,095,451 | |||
North America | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Long-lived assets | 902,183 | [1] | 947,074 | [1] | 953,251 | [1] |
U.K. | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Long-lived assets | $162,246 | $162,129 | $142,200 | |||
[1] | Includes long-lived assets of $936.5 million, $928.2 million and $884.3 million in the United States for the fiscal years 2011, 2012 and 2013, respectively. |
Longlived_Assets_Parenthetical
Long-lived Assets (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Long-lived assets | $1,064,429 | $1,109,203 | $1,095,451 |
United States | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Long-lived assets | $884,300 | $928,200 | $936,500 |
Assets_Held_for_Sale_Additiona
Assets Held for Sale - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Assets Held For Sale [Abstract] | ' | ' | ' | |
Asset Impairment Charges | $40,200 | $1,532 | [1] | $38,705 |
Non Cash Asset impairment charge | $39,600 | ' | $38,217 | |
[1] | Net gains realized from the sale of assets held for sale. |
Summary_of_Assets_Held_for_Sal
Summary of Assets Held for Sale (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | |
Asset fair value, Beginning of period | ' | $8,311 | ' | |
Sale proceeds | ' | -8,864 | ' | |
Recovery, net | 40,200 | 1,532 | [1] | 38,705 |
Other changes, net | ' | 22 | ' | |
Effect of exchange rate changes | ' | -21 | ' | |
Asset fair value, Ending of period | 8,311 | 980 | 980 | |
North America | ' | ' | ' | |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | |
Asset fair value, Beginning of period | ' | 6,877 | ' | |
Sale proceeds | ' | -7,339 | ' | |
Recovery, net | ' | 1,394 | [1] | ' |
Other changes, net | ' | -17 | ' | |
Effect of exchange rate changes | ' | -11 | ' | |
Asset fair value, Ending of period | ' | 904 | 904 | |
U.K. | ' | ' | ' | |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | |
Asset fair value, Beginning of period | ' | 1,434 | ' | |
Sale proceeds | ' | -1,525 | ' | |
Recovery, net | ' | 138 | [1] | ' |
Other changes, net | ' | 39 | ' | |
Effect of exchange rate changes | ' | -10 | ' | |
Asset fair value, Ending of period | ' | $76 | $76 | |
[1] | Net gains realized from the sale of assets held for sale. |
Discontinued_Operation_Additio
Discontinued Operation - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Discontinued Operations And Disposal Groups [Abstract] | ' |
Loss on sale of operations, after tax | $1.20 |
Proceeds from sale of Netherlands operations | $0.70 |
Discontinued_Operation_Summary
Discontinued Operation - Summary of Discontinued Operation of Assets and Liabilities (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Assets: | ' |
Cash | $157 |
Accounts receivable, net | 353 |
Lease fleet, net | 2,816 |
Property plant and equipment, net | 392 |
Other assets | 311 |
Total assets of discontinued operation | 4,029 |
Liabilities: | ' |
Accounts payable, accrued liabilities and other | 181 |
Total liabilities of discontinued operation | 181 |
Net assets of discontinued operation | $3,848 |
Discontinued_Operation_Summary1
Discontinued Operation - Summary of Discontinued Operation, Results of Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' |
Revenues | $1,895 | $1,363 | $2,244 |
Loss from operations, including loss on disposition of $1.9 million | -2,101 | -216 | -593 |
Other expenses | -64 | -72 | -82 |
Income tax benefit | 863 | 43 | 118 |
Loss from discontinued operation, net of tax | ($1,302) | ($245) | ($557) |
Discontinued_Operation_Summary2
Discontinued Operation - Summary of Discontinued Operation, Cash Flow Activities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' |
Net cash used in operating activities | ($861) | ($466) | ($157) |
Net cash provided by (used in) investing activities | $896 | ($95) | $678 |
Unaudited_Selected_Consolidate
Unaudited Selected Consolidated Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leasing | $97,820 | $95,559 | $88,032 | $84,875 | $91,413 | $88,585 | $81,733 | $78,244 | $366,286 | $339,975 | $314,695 |
Total revenues | 106,799 | 105,040 | 97,135 | 97,512 | 99,846 | 98,603 | 92,968 | 88,479 | 406,486 | 379,896 | 359,070 |
Gross profit on sales | 2,774 | 2,977 | 3,142 | 3,745 | 2,916 | 3,619 | 4,157 | 3,889 | ' | ' | ' |
Income from operations | 27,960 | 27,001 | -15,006 | 27,012 | 25,890 | 27,229 | 21,932 | 19,853 | 66,967 | 94,904 | 95,191 |
Income from continuing operations | 13,092 | 14,332 | -14,319 | 12,119 | 11,298 | 10,429 | 7,384 | 5,312 | 25,224 | 34,423 | 31,153 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.29 | $0.31 | ($0.32) | $0.27 | $0.25 | $0.23 | $0.16 | $0.12 | $0.53 | $0.77 | $0.71 |
Diluted | $0.28 | $0.31 | ($0.31) | $0.26 | $0.25 | $0.23 | $0.16 | $0.12 | $0.52 | $0.76 | $0.69 |
Net income | $11,958 | $14,303 | ($14,381) | $12,042 | $11,258 | $10,398 | $7,312 | $5,210 | $23,922 | $34,178 | $30,596 |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
In Thousands, unless otherwise specified | ||||||||
ASSETS | ' | ' | ' | ' | ' | |||
Cash | $1,256 | ' | $1,780 | ' | ' | |||
Receivables, net | 53,104 | ' | 50,291 | ' | ' | |||
Inventories | 18,744 | [1] | ' | 19,375 | [1] | ' | ' | |
Lease fleet, net | 979,276 | [2] | ' | 1,028,773 | [2] | ' | ' | |
Property, plant and equipment, net | 85,153 | ' | 80,430 | ' | ' | |||
Assets held for sale | 980 | 8,311 | ' | ' | ' | |||
Deposits and prepaid expenses | 6,116 | ' | 6,747 | ' | ' | |||
Other assets and intangibles, net | 13,523 | ' | 17,827 | ' | ' | |||
Goodwill | 519,222 | [3] | ' | 518,308 | [3] | 513,918 | [3] | ' |
Assets of discontinued operation | ' | ' | 4,029 | ' | ' | |||
Total assets | 1,677,374 | ' | 1,727,560 | ' | ' | |||
Liabilities: | ' | ' | ' | ' | ' | |||
Accounts payable | 18,862 | ' | 18,109 | ' | ' | |||
Accrued liabilities | 65,308 | ' | 58,362 | ' | ' | |||
Lines of credit | 319,314 | ' | 442,391 | ' | ' | |||
Notes payable | ' | ' | 310 | ' | ' | |||
Obligations under capital leases | 8,781 | ' | 642 | ' | ' | |||
Senior Notes | 200,000 | ' | 200,000 | ' | ' | |||
Deferred income taxes | 209,565 | ' | 198,046 | ' | ' | |||
Liabilities of discontinued operation | ' | ' | 181 | ' | ' | |||
Total liabilities | 821,830 | ' | 918,041 | ' | ' | |||
Commitments and contingencies | ' | ' | ' | ' | ' | |||
Stockholders' equity: | ' | ' | ' | ' | ' | |||
Common stock | 488 | ' | 482 | ' | ' | |||
Additional paid-in capital | 550,387 | ' | 522,372 | ' | ' | |||
Retained earnings | 359,778 | ' | 343,782 | ' | ' | |||
Accumulated other comprehensive loss | -15,440 | ' | -17,817 | ' | ' | |||
Treasury stock, at cost | -39,669 | ' | -39,300 | ' | ' | |||
Total stockholders' equity | 855,544 | ' | 809,519 | 753,914 | 563,495 | |||
Total liabilities and stockholders' equity | 1,677,374 | ' | 1,727,560 | ' | ' | |||
Eliminations | ' | ' | ' | ' | ' | |||
ASSETS | ' | ' | ' | ' | ' | |||
Inventories | ' | ' | -49 | ' | ' | |||
Intercompany | -186,445 | ' | -168,341 | ' | ' | |||
Total assets | -186,445 | ' | -168,390 | ' | ' | |||
Liabilities: | ' | ' | ' | ' | ' | |||
Deferred income taxes | -989 | ' | -849 | ' | ' | |||
Intercompany | -134 | ' | -4,921 | ' | ' | |||
Total liabilities | -1,123 | ' | -5,770 | ' | ' | |||
Commitments and contingencies | ' | ' | ' | ' | ' | |||
Stockholders' equity: | ' | ' | ' | ' | ' | |||
Common stock | -18,436 | ' | -18,434 | ' | ' | |||
Additional paid-in capital | -167,730 | ' | -144,985 | ' | ' | |||
Retained earnings | 844 | ' | 799 | ' | ' | |||
Total stockholders' equity | -185,322 | ' | -162,620 | ' | ' | |||
Total liabilities and stockholders' equity | -186,445 | ' | -168,390 | ' | ' | |||
Guarantors | ' | ' | ' | ' | ' | |||
ASSETS | ' | ' | ' | ' | ' | |||
Cash | -190 | ' | 1,009 | ' | ' | |||
Receivables, net | 35,378 | ' | 34,708 | ' | ' | |||
Inventories | 16,855 | ' | 17,263 | ' | ' | |||
Lease fleet, net | 817,945 | ' | 867,295 | ' | ' | |||
Property, plant and equipment, net | 66,376 | ' | 60,904 | ' | ' | |||
Assets held for sale | 800 | ' | ' | ' | ' | |||
Deposits and prepaid expenses | 4,711 | ' | 5,296 | ' | ' | |||
Other assets and intangibles, net | 12,236 | ' | 15,874 | ' | ' | |||
Goodwill | 445,131 | ' | 445,138 | ' | ' | |||
Intercompany | 153,885 | ' | 140,958 | ' | ' | |||
Total assets | 1,553,127 | ' | 1,588,445 | ' | ' | |||
Liabilities: | ' | ' | ' | ' | ' | |||
Accounts payable | 10,334 | ' | 10,331 | ' | ' | |||
Accrued liabilities | 58,595 | ' | 52,854 | ' | ' | |||
Lines of credit | 307,008 | ' | 395,613 | ' | ' | |||
Notes payable | ' | ' | 310 | ' | ' | |||
Obligations under capital leases | 8,781 | ' | 642 | ' | ' | |||
Senior Notes | 200,000 | ' | 200,000 | ' | ' | |||
Deferred income taxes | 196,164 | ' | 184,430 | ' | ' | |||
Intercompany | ' | ' | 7,473 | ' | ' | |||
Total liabilities | 780,882 | ' | 851,653 | ' | ' | |||
Commitments and contingencies | ' | ' | ' | ' | ' | |||
Stockholders' equity: | ' | ' | ' | ' | ' | |||
Common stock | 488 | ' | 482 | ' | ' | |||
Additional paid-in capital | 550,387 | ' | 522,372 | ' | ' | |||
Retained earnings | 261,039 | ' | 253,238 | ' | ' | |||
Treasury stock, at cost | -39,669 | ' | -39,300 | ' | ' | |||
Total stockholders' equity | 772,245 | ' | 736,792 | ' | ' | |||
Total liabilities and stockholders' equity | 1,553,127 | ' | 1,588,445 | ' | ' | |||
Non-Guarantors | ' | ' | ' | ' | ' | |||
ASSETS | ' | ' | ' | ' | ' | |||
Cash | 1,446 | ' | 928 | ' | ' | |||
Receivables, net | 17,726 | ' | 15,583 | ' | ' | |||
Inventories | 1,889 | ' | 2,161 | ' | ' | |||
Lease fleet, net | 161,331 | ' | 161,478 | ' | ' | |||
Property, plant and equipment, net | 18,777 | ' | 19,526 | ' | ' | |||
Assets held for sale | 180 | ' | ' | ' | ' | |||
Deposits and prepaid expenses | 1,405 | ' | 1,451 | ' | ' | |||
Other assets and intangibles, net | 1,287 | ' | 1,953 | ' | ' | |||
Goodwill | 74,091 | ' | 73,170 | ' | ' | |||
Intercompany | 32,560 | ' | 27,383 | ' | ' | |||
Assets of discontinued operation | ' | ' | 4,029 | ' | ' | |||
Total assets | 310,692 | ' | 307,505 | ' | ' | |||
Liabilities: | ' | ' | ' | ' | ' | |||
Accounts payable | 8,528 | ' | 7,778 | ' | ' | |||
Accrued liabilities | 6,713 | ' | 5,508 | ' | ' | |||
Lines of credit | 12,306 | ' | 46,778 | ' | ' | |||
Deferred income taxes | 14,390 | ' | 14,465 | ' | ' | |||
Intercompany | 134 | ' | -2,552 | ' | ' | |||
Liabilities of discontinued operation | ' | ' | 181 | ' | ' | |||
Total liabilities | 42,071 | ' | 72,158 | ' | ' | |||
Commitments and contingencies | ' | ' | ' | ' | ' | |||
Stockholders' equity: | ' | ' | ' | ' | ' | |||
Common stock | 18,436 | ' | 18,434 | ' | ' | |||
Additional paid-in capital | 167,730 | ' | 144,985 | ' | ' | |||
Retained earnings | 97,895 | ' | 89,745 | ' | ' | |||
Accumulated other comprehensive loss | -15,440 | ' | -17,817 | ' | ' | |||
Total stockholders' equity | 268,621 | ' | 235,347 | ' | ' | |||
Total liabilities and stockholders' equity | $310,692 | ' | $307,505 | ' | ' | |||
[1] | Includes an impairment charge of $1.2 million recorded in the second quarter of 2013. (See Note 17). | |||||||
[2] | Includes an impairment charge of $33.7 million recorded in the second quarter of 2013. (See Note 17). | |||||||
[3] | Includes accumulated amortization of $2.0 million and accumulated impairment of $13.4 million. |
Condensed_Consolidating_Statem
Condensed Consolidating Statements of Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Leasing | $97,820 | $95,559 | $88,032 | $84,875 | $91,413 | $88,585 | $81,733 | $78,244 | ' | $366,286 | $339,975 | $314,695 | |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,051 | 37,759 | 41,675 | |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,149 | 2,162 | 2,700 | |
Total revenues | 106,799 | 105,040 | 97,135 | 97,512 | 99,846 | 98,603 | 92,968 | 88,479 | ' | 406,486 | 379,896 | 359,070 | |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,413 | 23,178 | 26,149 | |
Leasing, selling and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 237,567 | 218,709 | 201,239 | |
Merger and restructuring expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,402 | 7,123 | 1,059 | |
Asset impairment charge, net | ' | ' | 40,200 | ' | ' | ' | ' | ' | 1,532 | [1] | 38,705 | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,432 | 35,982 | 35,432 | |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 339,519 | 284,992 | 263,879 | |
Income from operations | 27,960 | 27,001 | -15,006 | 27,012 | 25,890 | 27,229 | 21,932 | 19,853 | ' | 66,967 | 94,904 | 95,191 | |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -29,467 | -37,268 | -46,120 | |
Debt restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,812 | -1,334 | |
Deferred financing costs write-off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,889 | ' | |
Foreign currency exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | -4 | -6 | |
Income from continuing operations before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,499 | 52,932 | 47,731 | |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,275 | 18,509 | 16,578 | |
Income from continuing operations | 13,092 | 14,332 | -14,319 | 12,119 | 11,298 | 10,429 | 7,384 | 5,312 | ' | 25,224 | 34,423 | 31,153 | |
Loss from discontinued operation, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,302 | -245 | -557 | |
Net income | 11,958 | 14,303 | -14,381 | 12,042 | 11,258 | 10,398 | 7,312 | 5,210 | ' | 23,922 | 34,178 | 30,596 | |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -249 | -590 | -517 | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 249 | 590 | 517 | |
Dividend income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -274 | -865 | -881 | |
Income from continuing operations before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -274 | -865 | -881 | |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -45 | -92 | -59 | |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -229 | -773 | -822 | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -229 | -773 | -822 | |
Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Leasing | ' | ' | ' | ' | ' | ' | ' | ' | ' | 293,878 | 272,530 | 256,584 | |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,310 | 32,794 | 37,632 | |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,751 | 1,871 | 2,408 | |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 324,939 | 307,195 | 296,624 | |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,784 | 19,836 | 23,335 | |
Leasing, selling and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 185,834 | 170,240 | 159,315 | |
Merger and restructuring expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,140 | 6,755 | 1,059 | |
Asset impairment charge, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,156 | ' | ' | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,084 | 27,784 | 28,240 | |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 266,998 | 224,615 | 211,949 | |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,941 | 82,580 | 84,675 | |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | 591 | 517 | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -27,726 | -34,624 | -43,676 | |
Dividend income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 274 | 865 | 881 | |
Debt restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,812 | -1,334 | |
Deferred financing costs write-off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,889 | ' | |
Income from continuing operations before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,739 | 44,711 | 41,063 | |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,355 | 17,448 | 15,703 | |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,384 | 27,263 | 25,360 | |
Loss from discontinued operation, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,229 | ' | ' | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,155 | 27,263 | 25,360 | |
Non-Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Leasing | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,408 | 67,445 | 58,111 | |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,741 | 4,965 | 4,043 | |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | 398 | 291 | 292 | |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,547 | 72,701 | 62,446 | |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,629 | 3,342 | 2,814 | |
Leasing, selling and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,733 | 48,469 | 41,924 | |
Merger and restructuring expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 262 | 368 | ' | |
Asset impairment charge, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,549 | ' | ' | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,348 | 8,198 | 7,192 | |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,521 | 60,377 | 51,930 | |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,026 | 12,324 | 10,516 | |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,990 | -3,234 | -2,961 | |
Foreign currency exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | -4 | -6 | |
Income from continuing operations before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,034 | 9,086 | 7,549 | |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -35 | 1,153 | 934 | |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,069 | 7,933 | 6,615 | |
Loss from discontinued operation, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | -73 | -245 | -557 | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,996 | $7,688 | $6,058 | |
[1] | Net gains realized from the sale of assets held for sale. |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $11,958 | $14,303 | ($14,381) | $12,042 | $11,258 | $10,398 | $7,312 | $5,210 | $23,922 | $34,178 | $30,596 |
Other comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value change in derivatives, net of income tax expense of $862 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,324 |
Foreign currency translation adjustment, net of income tax benefit of $194 | ' | ' | ' | ' | ' | ' | ' | ' | 2,377 | 7,987 | -832 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,377 | 7,987 | 492 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 26,299 | 42,165 | 31,088 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -229 | -773 | -822 |
Other comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -229 | -773 | -822 |
Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 17,155 | 27,263 | 25,360 |
Other comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value change in derivatives, net of income tax expense of $862 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,324 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,324 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 17,155 | 27,263 | 26,684 |
Non-Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 6,996 | 7,688 | 6,058 |
Other comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment, net of income tax benefit of $194 | ' | ' | ' | ' | ' | ' | ' | ' | 2,377 | 7,987 | -832 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,377 | 7,987 | -832 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $9,373 | $15,675 | $5,226 |
Condensed_Consolidating_Statem2
Condensed Consolidating Statements of Comprehensive Income (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ' | ' |
Fair value change in derivatives, income tax expense | ' | ' | $862 |
Foreign currency translation adjustment, income tax expense (benefit) | $194 | $64 | ($56) |
Condensed_Consolidating_Statem3
Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows From Operating Activities: | ' | ' | ' |
Net income | $23,922 | $34,178 | $30,596 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Asset impairment charge, net | 38,217 | ' | ' |
Debt restructuring expense | ' | 2,812 | 1,334 |
Deferred financing costs | ' | 1,889 | ' |
Provision for doubtful accounts | 2,160 | 2,179 | 2,652 |
Amortization of deferred financing costs | 2,811 | 3,217 | 4,075 |
Amortization of debt issuance discount | ' | 49 | 86 |
Amortization of long-term liabilities | 169 | 167 | 230 |
Share-based compensation expense | 14,714 | 9,575 | 6,456 |
Depreciation and amortization | 35,626 | 36,187 | 35,665 |
Loss (gain) on disposal of discontinued operation | 1,948 | ' | ' |
Gain on sale of lease fleet units | -9,682 | -11,781 | -13,800 |
(Gain) loss on disposal of property, plant and equipment | 247 | -130 | 91 |
Deferred income taxes | 11,012 | 18,107 | 16,067 |
Tax benefit shortfall on equity award transactions | -837 | -3 | -2 |
Foreign currency loss | 1 | 5 | 7 |
Changes in certain assets and liabilities, net of effect of business acquired: | ' | ' | ' |
Receivables | -3,640 | -5,078 | -6,800 |
Inventories | -393 | 1,352 | -1,242 |
Deposits and prepaid expenses | 653 | 537 | 1,067 |
Other assets and intangibles | 10 | -161 | -33 |
Accounts payable | 337 | -1,884 | 7,015 |
Accrued liabilities | -1,164 | -268 | 1,505 |
Net cash provided by operating activities | 116,111 | 90,949 | 84,969 |
Cash Flows From Investing Activities: | ' | ' | ' |
Proceeds from sale of discontinued operation | 677 | ' | ' |
Cash paid for business acquired | ' | -3,563 | -7,783 |
Additions to lease fleet | -28,826 | -43,934 | -29,824 |
Proceeds from sale of lease fleet units | 35,951 | 29,358 | 36,201 |
Additions to property, plant and equipment | -15,792 | -12,741 | -11,498 |
Proceeds from sale of property, plant and equipment | 1,970 | 1,497 | 117 |
Net cash provided by (used in) investing activities | -6,020 | -29,383 | -12,787 |
Cash Flows From Financing Activities: | ' | ' | ' |
Net (repayments) borrowings under lines of credit | -123,076 | 97,242 | -51,733 |
Principal payments on notes payable | -310 | -403 | -367 |
Principal payments on capital lease obligations | -408 | -947 | -1,288 |
Issuance of common stock | 13,818 | 3,645 | 5,289 |
Purchase of treasury stock | -369 | ' | ' |
Net cash (used in) provided by financing activities | -110,345 | -60,719 | -71,063 |
Deferred financing costs | ' | -8,075 | ' |
Proceeds from issuance of notes payable | ' | 398 | 394 |
Effect of exchange rate changes on cash | -427 | -1,770 | 107 |
Net (decrease) increase in cash | -681 | -923 | 1,226 |
Cash at beginning of year | 1,937 | 2,860 | 1,634 |
Cash at end of year | 1,256 | 1,937 | 2,860 |
Senior Notes 6.875 Percent Due 2015 | ' | ' | ' |
Cash Flows From Financing Activities: | ' | ' | ' |
Redemption of senior notes | ' | -150,000 | ' |
Redemption premiums of senior notes | ' | -2,579 | ' |
Senior Notes 9.75 Percent Due 2014 | ' | ' | ' |
Cash Flows From Financing Activities: | ' | ' | ' |
Redemption of senior notes | ' | ' | -22,272 |
Redemption premiums of senior notes | ' | ' | -1,086 |
Eliminations | ' | ' | ' |
Cash Flows From Operating Activities: | ' | ' | ' |
Net income | -229 | -773 | -822 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Deferred income taxes | -466 | -78 | -43 |
Changes in certain assets and liabilities, net of effect of business acquired: | ' | ' | ' |
Receivables | 1,948 | ' | ' |
Intercompany | -934 | -41 | -114 |
Net cash provided by operating activities | 319 | -892 | -979 |
Cash Flows From Financing Activities: | ' | ' | ' |
Intercompany | 279 | 869 | 887 |
Net cash (used in) provided by financing activities | 279 | 869 | 887 |
Effect of exchange rate changes on cash | -598 | 23 | 92 |
Guarantors | ' | ' | ' |
Cash Flows From Operating Activities: | ' | ' | ' |
Net income | 17,155 | 27,263 | 25,360 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Asset impairment charge, net | 31,310 | ' | ' |
Debt restructuring expense | ' | 2,812 | 1,334 |
Deferred financing costs | ' | 1,889 | ' |
Provision for doubtful accounts | 1,256 | 1,618 | 2,018 |
Amortization of deferred financing costs | 2,749 | 3,144 | 4,022 |
Amortization of debt issuance discount | ' | 49 | 86 |
Amortization of long-term liabilities | 162 | 156 | 213 |
Share-based compensation expense | 13,991 | 9,003 | 5,949 |
Depreciation and amortization | 28,084 | 27,784 | 28,240 |
Loss (gain) on disposal of discontinued operation | 2,042 | ' | ' |
Gain on sale of lease fleet units | -8,035 | -10,430 | -12,680 |
(Gain) loss on disposal of property, plant and equipment | 237 | -87 | 52 |
Deferred income taxes | 11,918 | 17,074 | 15,294 |
Tax benefit shortfall on equity award transactions | -837 | -3 | -2 |
Changes in certain assets and liabilities, net of effect of business acquired: | ' | ' | ' |
Receivables | -1,996 | -2,369 | -4,986 |
Inventories | -358 | 1,787 | -1,286 |
Deposits and prepaid expenses | 572 | 807 | 1,160 |
Other assets and intangibles | -364 | -10,125 | -4,079 |
Accounts payable | -212 | 338 | 1,454 |
Accrued liabilities | -2,321 | -980 | 1,284 |
Intercompany | -21,506 | 9,850 | 5,316 |
Net cash provided by operating activities | 73,847 | 79,536 | 68,749 |
Cash Flows From Investing Activities: | ' | ' | ' |
Cash paid for business acquired | ' | -3,563 | -7,783 |
Additions to lease fleet | -15,623 | -24,967 | -13,811 |
Proceeds from sale of lease fleet units | 27,437 | 25,310 | 32,268 |
Additions to property, plant and equipment | -12,887 | -8,229 | -8,495 |
Proceeds from sale of property, plant and equipment | 1,900 | 1,025 | 95 |
Net cash provided by (used in) investing activities | 827 | -10,424 | 2,274 |
Cash Flows From Financing Activities: | ' | ' | ' |
Net (repayments) borrowings under lines of credit | -88,604 | 88,414 | -51,032 |
Principal payments on notes payable | -310 | -403 | -367 |
Principal payments on capital lease obligations | -408 | -947 | -1,288 |
Issuance of common stock | 13,818 | 3,645 | 5,289 |
Purchase of treasury stock | -369 | ' | ' |
Net cash (used in) provided by financing activities | -75,873 | -69,547 | -70,362 |
Deferred financing costs | ' | -8,075 | ' |
Proceeds from issuance of notes payable | ' | 398 | 394 |
Net (decrease) increase in cash | -1,199 | -435 | 661 |
Cash at beginning of year | 1,009 | 1,444 | 783 |
Cash at end of year | -190 | 1,009 | 1,444 |
Guarantors | Senior Notes 6.875 Percent Due 2015 | ' | ' | ' |
Cash Flows From Financing Activities: | ' | ' | ' |
Redemption of senior notes | ' | -150,000 | ' |
Redemption premiums of senior notes | ' | -2,579 | ' |
Guarantors | Senior Notes 9.75 Percent Due 2014 | ' | ' | ' |
Cash Flows From Financing Activities: | ' | ' | ' |
Redemption of senior notes | ' | ' | -22,272 |
Redemption premiums of senior notes | ' | ' | -1,086 |
Non-Guarantors | ' | ' | ' |
Cash Flows From Operating Activities: | ' | ' | ' |
Net income | 6,996 | 7,688 | 6,058 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Asset impairment charge, net | 6,907 | ' | ' |
Provision for doubtful accounts | 904 | 561 | 634 |
Amortization of deferred financing costs | 62 | 73 | 53 |
Amortization of long-term liabilities | 7 | 11 | 17 |
Share-based compensation expense | 723 | 572 | 507 |
Depreciation and amortization | 7,542 | 8,403 | 7,425 |
Loss (gain) on disposal of discontinued operation | -94 | ' | ' |
Gain on sale of lease fleet units | -1,647 | -1,351 | -1,120 |
(Gain) loss on disposal of property, plant and equipment | 10 | -43 | 39 |
Deferred income taxes | -440 | 1,111 | 816 |
Foreign currency loss | 1 | 5 | 7 |
Changes in certain assets and liabilities, net of effect of business acquired: | ' | ' | ' |
Receivables | -3,592 | -2,709 | -1,814 |
Inventories | -35 | -435 | 44 |
Deposits and prepaid expenses | 81 | -270 | -93 |
Other assets and intangibles | 374 | 9,964 | 4,046 |
Accounts payable | 549 | -2,222 | 5,561 |
Accrued liabilities | 1,157 | 712 | 221 |
Intercompany | 22,440 | -9,809 | -5,202 |
Net cash provided by operating activities | 41,945 | 12,305 | 17,199 |
Cash Flows From Investing Activities: | ' | ' | ' |
Proceeds from sale of discontinued operation | 677 | ' | ' |
Additions to lease fleet | -13,203 | -18,967 | -16,013 |
Proceeds from sale of lease fleet units | 8,514 | 4,048 | 3,933 |
Additions to property, plant and equipment | -2,905 | -4,512 | -3,003 |
Proceeds from sale of property, plant and equipment | 70 | 472 | 22 |
Net cash provided by (used in) investing activities | -6,847 | -18,959 | -15,061 |
Cash Flows From Financing Activities: | ' | ' | ' |
Net (repayments) borrowings under lines of credit | -34,472 | 8,828 | -701 |
Intercompany | -279 | -869 | -887 |
Net cash (used in) provided by financing activities | -34,751 | 7,959 | -1,588 |
Effect of exchange rate changes on cash | 171 | -1,793 | 15 |
Net (decrease) increase in cash | 518 | -488 | 565 |
Cash at beginning of year | 928 | 1,416 | 851 |
Cash at end of year | $1,446 | $928 | $1,416 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for doubtful accounts: | ' | ' | ' |
Balance at beginning of year | $2,666 | $2,509 | $2,392 |
Provision charged to expense | 2,151 | 2,193 | 2,608 |
Write-offs | -2,724 | -2,036 | -2,491 |
Balance at end of year | $2,093 | $2,666 | $2,509 |