Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 25, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MINI | ||
Entity Registrant Name | MOBILE MINI INC | ||
Entity Central Index Key | 911,109 | ||
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 Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 44,683,551 | ||
Entity Public Float | $ 2 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
ASSETS | |||
Cash and cash equivalents | $ 5,605 | $ 13,451 | |
Receivables, net of allowance for doubtful accounts of $4,599 and $6,250 at December 31, 2018 and December 31, 2017, respectively | 130,233 | 111,562 | |
Inventories | 11,725 | 15,671 | |
Rental fleet, net | 929,090 | 989,154 | |
Property, plant and equipment, net | 154,254 | 157,304 | |
Other assets | 13,398 | 15,334 | |
Intangibles, net | 55,542 | 62,024 | |
Goodwill | [1] | 705,217 | 708,907 |
Total assets | 2,005,064 | 2,073,407 | |
Liabilities: | |||
Accounts payable | 33,177 | 26,955 | |
Accrued liabilities | 88,136 | 78,084 | |
Lines of credit | 593,495 | 634,285 | |
Obligations under capital leases | 63,359 | 52,791 | |
Senior notes, net of deferred financing costs of $3,511 and $4,150 at December 31, 2018 and December 31, 2017, respectively | 246,489 | 245,850 | |
Deferred income taxes | 170,139 | 173,754 | |
Total liabilities | 1,194,795 | 1,211,719 | |
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, 49,986 issued and 44,690 outstanding at December 31, 2018 and 49,658 issued and 44,380 outstanding at December 31, 2017 | 500 | 497 | |
Additional paid-in capital | 619,850 | 605,369 | |
Retained earnings | 410,641 | 463,322 | |
Accumulated other comprehensive loss | (72,861) | (60,334) | |
Treasury stock, at cost, 5,296 and 5,278 shares at December 31, 2018 and December 31, 2017, respectively | (147,861) | (147,166) | |
Total stockholders' equity | 810,269 | 861,688 | |
Total liabilities and stockholders' equity | $ 2,005,064 | $ 2,073,407 | |
[1] | Includes accumulated amortization of $2.0 million and accumulated impairment of $12.5 million. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Receivables, allowance for doubtful accounts | $ 4,599 | $ 6,250 |
Deferred financing costs | $ 6,293 | |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 95,000,000 | 95,000,000 |
Common stock, issued | 49,986,000 | 49,658,000 |
Common stock, outstanding | 44,690,000 | 44,380,000 |
Treasury stock, shares | 5,296,000 | 5,278,000 |
Senior Notes | ||
Deferred financing costs | $ 3,511 | $ 4,150 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||||||||||
Revenues | $ 160,869 | $ 149,707 | $ 141,999 | $ 140,654 | $ 146,696 | $ 136,636 | $ 126,690 | $ 123,527 | $ 593,229 | $ 533,549 | $ 508,622 |
Costs and expenses: | |||||||||||
Restructuring expenses | 2,006 | 2,886 | 6,020 | ||||||||
Asset impairment charge and loss on divestiture, net | 98,300 | 102,140 | |||||||||
Depreciation and amortization | 67,000 | 63,372 | 63,734 | ||||||||
Total costs and expenses | 557,706 | 423,697 | 395,519 | ||||||||
Income from operations | 38,911 | (61,296) | 28,577 | 29,331 | 36,995 | 26,812 | 22,152 | 23,893 | 35,523 | 109,852 | 113,103 |
Other income (expense): | |||||||||||
Interest income | 6 | 25 | 2 | ||||||||
Interest expense | (40,904) | (35,728) | (32,726) | ||||||||
Debt extinguishment expense | (9,192) | ||||||||||
Deferred financing costs write-off | (2,271) | ||||||||||
Foreign currency exchange | 64 | (25) | (18) | ||||||||
(Loss) income from operations before income tax provision (benefit) | (5,311) | 74,124 | 68,898 | ||||||||
Income tax provision (benefit) | 2,751 | (48,104) | 21,650 | ||||||||
Net (loss) income | $ 14,248 | $ (52,165) | $ 15,000 | $ 14,855 | $ 92,071 | $ 11,228 | $ 8,777 | $ 10,152 | $ (8,062) | $ 122,228 | $ 47,248 |
(Loss) earnings per share: | |||||||||||
Basic | $ 0.32 | $ (1.18) | $ 0.34 | $ 0.34 | $ 2.09 | $ 0.25 | $ 0.20 | $ 0.23 | $ (0.18) | $ 2.77 | $ 1.07 |
Diluted | $ 0.32 | $ (1.18) | $ 0.33 | $ 0.33 | $ 2.07 | $ 0.25 | $ 0.20 | $ 0.23 | $ (0.18) | $ 2.76 | $ 1.06 |
Weighted average number of common and common share equivalents outstanding | |||||||||||
Basic | 44,295 | 44,055 | 44,145 | ||||||||
Diluted | 44,295 | 44,254 | 44,390 | ||||||||
Cash dividends declared per share | $ 1 | $ 0.91 | $ 0.82 | ||||||||
Rental | |||||||||||
Revenues: | |||||||||||
Revenues | $ 152,048 | $ 140,924 | $ 132,887 | $ 132,338 | $ 138,537 | $ 127,695 | $ 117,851 | $ 114,742 | $ 558,197 | $ 498,825 | $ 480,083 |
Sales | |||||||||||
Revenues: | |||||||||||
Revenues | 34,354 | 32,440 | 26,499 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales | 22,437 | 21,001 | 16,471 | ||||||||
Other | |||||||||||
Revenues: | |||||||||||
Revenues | 678 | 2,284 | 2,040 | ||||||||
Rental Selling and General Expenses | |||||||||||
Costs and expenses: | |||||||||||
Cost of sales | $ 364,123 | $ 336,438 | $ 309,294 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||||||||||
Net (loss) income | $ 14,248 | $ (52,165) | $ 15,000 | $ 14,855 | $ 92,071 | $ 11,228 | $ 8,777 | $ 10,152 | $ (8,062) | $ 122,228 | $ 47,248 |
Other comprehensive (loss) income : | |||||||||||
Foreign currency translation adjustment, net of income tax provision of $88, $30 and $106 in 2018, 2017 and 2016, respectively | (12,527) | 20,713 | (36,885) | ||||||||
Other comprehensive (loss) income | (12,527) | 20,713 | (36,885) | ||||||||
Comprehensive (loss) income | $ (20,589) | $ 142,941 | $ 10,363 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Foreign currency translation adjustment, income tax provision (benefit) | $ 88 | $ 30 | $ 106 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning Balance at Dec. 31, 2015 | $ 765,529 | $ 491 | $ 584,447 | $ 352,262 | $ (44,162) | $ (127,509) |
Beginning Balance (Shares) at Dec. 31, 2015 | 44,594 | 4,551 | ||||
Net income | 47,248 | 47,248 | ||||
Common stock dividends declared | (36,614) | (36,614) | ||||
Other comprehensive income (loss) | (36,885) | (36,885) | ||||
Exercise of stock options | $ 468 | $ 1 | 467 | |||
Exercise of stock options (Shares) | 17 | 17 | ||||
Tax shortfall on equity award transactions | $ (242) | (242) | ||||
Purchase of treasury stock | (11,290) | $ (11,290) | ||||
Purchase of treasury stock (Shares) | (446) | 446 | ||||
Restricted stock grants, net | 1 | $ 1 | ||||
Restricted stock grants (Shares) | 130 | |||||
Share-based compensation | 7,399 | 7,399 | ||||
Ending Balance at Dec. 31, 2016 | 735,614 | $ 493 | 592,071 | 362,896 | (81,047) | $ (138,799) |
Ending Balance (Shares) at Dec. 31, 2016 | 44,295 | 4,997 | ||||
Net income | 122,228 | 122,228 | ||||
Common stock dividends declared | (40,214) | (40,214) | ||||
Other comprehensive income (loss) | 20,713 | 20,713 | ||||
Exercise of stock options | $ 5,800 | $ 3 | 5,797 | |||
Exercise of stock options (Shares) | 233 | 233 | ||||
Purchase of treasury stock | $ (8,367) | $ (8,367) | ||||
Purchase of treasury stock (Shares) | (281) | 281 | ||||
Restricted stock grants, net | $ 1 | (1) | ||||
Restricted stock grants (Shares) | 133 | |||||
Share-based compensation | 7,373 | 7,373 | ||||
Cumulative effect of adoption of accounting pronouncement | 18,541 | 129 | 18,412 | |||
Ending Balance at Dec. 31, 2017 | 861,688 | $ 497 | 605,369 | 463,322 | (60,334) | $ (147,166) |
Ending Balance (Shares) at Dec. 31, 2017 | 44,380 | 5,278 | ||||
Net income | (8,062) | (8,062) | ||||
Common stock dividends declared | (44,619) | (44,619) | ||||
Other comprehensive income (loss) | (12,527) | (12,527) | ||||
Exercise of stock options | $ 3,617 | $ 1 | 3,616 | |||
Exercise of stock options (Shares) | 118 | 118 | ||||
Purchase of treasury stock | $ (695) | $ (695) | ||||
Purchase of treasury stock (Shares) | (18) | 18 | ||||
Restricted stock grants, net | $ 2 | (2) | ||||
Restricted stock grants (Shares) | 210 | |||||
Share-based compensation | 10,867 | 10,867 | ||||
Ending Balance at Dec. 31, 2018 | $ 810,269 | $ 500 | $ 619,850 | $ 410,641 | $ (72,861) | $ (147,861) |
Ending Balance (Shares) at Dec. 31, 2018 | 44,690 | 5,296 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | |||
Net (loss) income | $ (8,062) | $ 122,228 | $ 47,248 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Debt extinguishment expense | 9,192 | ||
Deferred financing costs write-off | 2,271 | ||
Asset impairment charge and loss on divestiture, net | 102,140 | ||
Provision for doubtful accounts | 2,412 | 5,037 | 6,162 |
Amortization of deferred financing costs | 2,060 | 2,060 | 1,976 |
Amortization of long-term liabilities | 145 | 130 | 116 |
Share-based compensation expense | 10,867 | 7,373 | 7,399 |
Depreciation and amortization | 67,000 | 63,372 | 63,734 |
Gain on sale of rental fleet | (6,055) | (5,657) | (5,472) |
Loss on disposal of property, plant and equipment | 600 | 517 | 1,285 |
Deferred income taxes | (2,523) | (49,980) | 21,634 |
Tax shortfall on equity award transactions | (242) | ||
Foreign currency transaction loss | (64) | 25 | 18 |
Changes in certain assets and liabilities, net of effect of businesses acquired: | |||
Receivables | (22,011) | (15,677) | (27,321) |
Inventories | (406) | (90) | 598 |
Other assets | 826 | (635) | 60 |
Accounts payable | 2,909 | (4,985) | 239 |
Accrued liabilities | 10,260 | 11,928 | 7,347 |
Net cash provided by operating activities | 160,098 | 135,646 | 136,244 |
Cash Flows from Investing Activities: | |||
Proceeds from sale of assets held for sale | 10,153 | ||
Cash paid for businesses acquired, net of cash acquired | (16,565) | ||
Additions to rental fleet, excluding acquisitions | (85,961) | (63,688) | (57,372) |
Proceeds from sale of rental fleet | 14,993 | 12,953 | 13,679 |
Additions to property, plant and equipment, excluding acquisitions | (16,931) | (20,122) | (30,659) |
Proceeds from sale of property, plant and equipment | 683 | 851 | 2,764 |
Net cash used in investing activities | (77,063) | (70,006) | (88,153) |
Cash Flows from Financing Activities: | |||
Net repayments under lines of credit | (40,790) | (6,875) | (26,548) |
Proceeds from issuance of 5.875% senior notes due 2024 | 250,000 | ||
Redemption of 7.875% senior notes due 2020 | (200,000) | ||
Debt extinguishment expense | (9,192) | ||
Deferred financing costs | (12) | (5,369) | |
Principal payments on capital lease obligations | (9,746) | (7,418) | (6,520) |
Issuance of common stock | 3,617 | 5,800 | 468 |
Dividend payments | (44,530) | (40,171) | (36,402) |
Purchase of treasury stock | (695) | (8,367) | (11,290) |
Net cash used in financing activities | (92,144) | (57,043) | (44,853) |
Effect of exchange rate changes on cash | 1,263 | 717 | (714) |
Net (decrease) increase in cash | (7,846) | 9,314 | 2,524 |
Cash and cash equivalents at beginning of year | 13,451 | 4,137 | 1,613 |
Cash and cash equivalents at end of year | 5,605 | 13,451 | 4,137 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash paid during the year for interest | 37,979 | 35,029 | 21,546 |
Cash paid during the year for income and franchise taxes | 4,012 | 2,607 | 1,772 |
Equipment and other acquired through capital lease obligations | 20,314 | 9,501 | 18,951 |
Capital expenditures accrued or payable | $ 10,752 | $ 7,270 | $ 3,230 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2018 | May 09, 2016 | |
Senior Notes 5.875 Percent Due 2024 | |||
Debt instrument interest rate | 5.875% | 5.875% | |
Debt instrument due year | 2,024 | ||
Senior Notes 7.875 Percent Due 2020 | |||
Debt instrument interest rate | 7.875% | 7.875% | |
Debt instrument due year | 2,020 |
Mobile Mini, Organization and D
Mobile Mini, Organization and Description of Business | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Mobile Mini, Organization and Description of Business | (1) Mobile Mini, Organization and Description of Business Mobile Mini, Inc., a Delaware corporation, is a leading provider of portable storage and specialty containment solutions. In these notes, the terms “Mobile Mini,” the “Company,” “we,” “us,” and “our” refer to Mobile Mini, Inc. At December 31, 2018, we have a fleet of portable storage and office units operating throughout the U.S., Canada and the U.K. serving a diversified customer base, including construction companies, large and small retailers, medical centers, schools, utilities, distributors, the military, hotels, restaurants, entertainment complexes and households. These customers use our products for a wide variety of applications, including the storage of construction materials and equipment, retail and manufacturing inventory, documents and records and other goods. We also have a fleet of specialty containment products, concentrated in the Gulf Coast region of the U.S., including liquid and solid containment units, serving a specialty sector in the industry. Specialty products are leased primarily to chemical, refinery, oil and natural gas drilling, mining and environmental service customers. Basis of Presentation and Consolidation The consolidated financial statements include the accounts of Mobile Mini and our wholly owned subsidiaries. We do not have any subsidiaries in which we do not own 100% of the outstanding stock. All significant intercompany balances and transactions have been eliminated. 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. Significant estimates affect the calculation of depreciation and amortization, the calculation of the allowance for doubtful accounts, the analysis of goodwill and long-lived assets for potential impairment and certain accrued liabilities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies Cash Equivalents We consider all highly liquid instruments with insignificant interest rate risk and with maturities of three months or less at purchase to be cash equivalents. Receivables and Allowance for Doubtful Accounts Receivables are stated net of an allowance for doubtful accounts. We estimate the amount of customer receivables that are uncollectible and record an estimated provision for bad debts through a charge to operations. The provision is based on historical collection experience and evaluation of past-due accounts. Specific accounts are written off against the allowance when management determines the account is uncollectible. We require a security deposit on most leased office units to cover the cost of damages or unpaid balances, if any. Our provision for doubtful accounts was less than 1.5% of total revenues in the years ended December 31, 2018, 2017 and 2016. The information presented in the table below reflects the activity in the allowance for doubtful accounts during the periods presented. For the Years Ended December 31, 2018 2017 2016 (In thousands) Balance at beginning of year $ 6,250 $ 4,886 $ 2,162 Provision charged to expense 2,412 5,037 6,162 Write-offs and other (4,063 ) (3,673 ) (3,438 ) Balance at end of year $ 4,599 $ 6,250 $ 4,886 Concentration of Credit Risk Financial instruments which potentially expose us to concentrations of credit risk consist primarily of receivables. Concentration of credit risk with respect to receivables is limited due to our large number of customers spread over a broad geographic area in many industry sectors. We typically have the right to repossess rented portable storage units, including any customer goods contained in the unit, following non-payment of rent. Receivables related to sold units are generally secured by the product sold to the customer. Our largest customer accounted for approximately 6.0% of our consolidated rental revenue for the year ended December 31, 2018, and 17.6% of our total receivables at December 31, 2018. These receivables generally fluctuate throughout the year depending upon seasonal demand but are typically higher at year end following the seasonal holiday business. Inventories Inventories are valued at the lower of cost (principally on a standard cost basis which approximates the first-in, first-out method) or net realizable value. Raw materials and supplies principally consist of raw steel, glass, paint, vinyl and other assembly components used in manufacturing and remanufacturing processes and, to a lesser extent, parts used for internal maintenance and ancillary items held for sale in our Tank & Pump Solutions segment. Work-in-process primarily represents partially assembled units. Finished units primarily represent purchased or assembled containers held in inventory until the container is either sold as is, remanufactured and sold, or remanufactured and deployed as rental fleet. Inventories at December 31 consisted of the following: 2018 2017 (In thousands) Raw materials and supplies $ 8,078 $ 11,732 Work-in-process — 50 Finished units 3,647 3,889 Inventories $ 11,725 $ 15,671 Rental fleet Rental fleet is capitalized at cost and depreciated over the estimated useful life of the unit using the straight-line method. Rental fleet is depreciated whether or not it is out on rent. Capitalized cost of rental fleet includes the price paid to acquire the unit and freight charges to the location when the unit is first placed in service, and when applicable, the cost of manufacturing or remanufacturing, which includes the cost of customizing units. Ordinary repair and maintenance costs are charged to operations as incurred. We periodically review depreciable lives and residual values against various factors, including the results of our lenders’ independent appraisal of our rental fleet, practices of our competitors in comparable industries and profit margins achieved on sales of depreciated units. Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the assets’ estimated useful lives. Our depreciation expense related to property, plant and equipment for 2018, 2017 and 2016 was $28.8 million, $25.9 million and $25.1 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 rental, selling and general expenses in the consolidated statements of operations. Property, plant and equipment at December 31 consisted of the following: Residual Value as Percentage of Original Cost Useful Life in Years 2018 2017 (In thousands) Land $ 1,638 $ 2,970 Vehicles and machinery 0 - 55% 5 - 30 156,195 151,937 Buildings and improvements (1) 0 - 25 3 - 30 27,614 25,079 Computer equipment and software 0 3 - 10 70,903 66,505 Furniture and office equipment 0 3 - 10 6,680 6,911 Property, plant and equipment 263,030 253,402 Accumulated depreciation and amortization (108,776 ) (96,098 ) Property, plant and equipment, net $ 154,254 $ 157,304 (1) Improvements made to leased properties are depreciated over the lesser of the estimated useful life or the remaining term of the respective lease Capitalized Software Development Costs We capitalize qualifying computer software costs incurred during the application development stage for internally developed software. Additionally, we capitalize qualifying costs incurred for upgrades and enhancements that result in additional functionality to existing software. Costs related to preliminary project planning activities, post-implementation activities, maintenance and minor modifications are expensed as incurred. Internal-use software is amortized on a straight line basis over its estimated useful life. Deferred Financing Costs Deferred financing costs consist of the costs of obtaining long-term financing. Deferred financing costs related to our lines of credit are included in other assets in the consolidated balance sheets, while the Senior Notes are presented on the balance sheet net of deferred financing costs. These costs are amortized and included in interest expense over the term of the related debt, using the straight-line method, which approximates the effective interest method. Amortization expense for deferred financing costs was approximately $2.1 million, $2.1 million and $2.0 million in 2018, 2017 and 2016, respectively. As of December 31, 2018, $3.5 million and $2.8 million of the total $6.3 million unamortized deferred financing costs, related to the 2024 Notes and the Credit Agreement, respectively. The annual amortization of deferred financing costs is expected to be as follows (in thousands): 2019 $ 2,060 2020 2,000 2021 638 2022 638 2023 638 Thereafter 319 Total $ 6,293 Goodwill For acquired businesses, we record assets acquired and liabilities assumed at their 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 is recorded as goodwill. Of the $705.2 million total goodwill at December 31, 2018, $468.4 million related to the North America Storage Solutions segment, $55.6 million related to the U.K. Storage Solutions segment and $181.2 million related to the Tank & Pump Solutions segment. Goodwill impairment testing requires judgment, including: the identification of the reporting units; determination of the fair value of each reporting unit; the assignment of assets, liabilities and goodwill to each reporting unit; estimates and assumptions regarding future cash flows and discount rates; and an assumption regarding the form of the transaction in which the reporting unit would be acquired by a market participant. Management assesses potential impairment of goodwill on an annual basis at December 31, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. We have determined that the reporting units are consistent with our identified segments. Some factors management considers important which could indicate an impairment review include the following: • significant under-performance relative to historical, expected or projected future operating results; • significant changes in the manner of our use of the acquired assets or the strategy for the overall business; • market capitalization relative to net book value; and • significant negative industry or general economic trends. Management may choose to assess qualitative factors to determine if it is more-likely-than-not that goodwill might be impaired and whether or not to perform the two-step goodwill impairment test. When we review goodwill for impairment utilizing a two-step process, the first step of the impairment test requires a comparison of the fair value of each of our reporting unit’s net assets to the respective carrying value of net assets. If the carrying value of a reporting unit’s net assets is less than its fair value, no indication of impairment exists and a second step is not performed. If the carrying amount of a reporting unit’s net assets is higher than its fair value, there is an indication that an impairment may exist and a second step must be performed. If the second step is necessary, management is required to determine the implied fair value of the goodwill and compare it to the carrying value of the goodwill. The fair value of the reporting units would be assigned 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. If the carrying amount of the reporting unit’s goodwill is greater than the implied fair value of its goodwill, an impairment loss must be recognized for the difference. When assessing the fair value of the reporting units under the two-step impairment test, management considers both the market approach and the income approach. 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 and discount rates. Other estimates relate to tax payments, operating margins and capital expenditures. Each approach is given equal weight in arriving at the fair value of the reporting unit. As of December 31, 2018, 2017 and 2016, management assessed qualitative factors and determined it is more-likely-than-not each of the reporting unit’s 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 performed. The following table shows the activity and balances related to goodwill from January 1, 2017 to December 31, 2018: (In thousands) Balance at January 1, 2017 (1) $ 703,558 Adjustments 18 Foreign currency (2) 5,331 Balance at December 31, 2017 (1) 708,907 Foreign currency (2) (3,690 ) Balance at December 31, 2018 (1) $ 705,217 (1) Includes accumulated amortization of $2.0 million and accumulated impairment of $12.5 million. (2) Represents foreign currency translation adjustments primarily related to the U.K. storage solutions reporting unit. Intangibles Intangible assets are amortized over the estimated useful life of the asset utilizing a method which reflects the estimated pattern in which the economic benefits will be consumed. Customer relationships are amortized based on the estimated attrition rates of the underlying customer base, other intangibles are amortized using the straight-line method. The following table reflects balances related to intangible assets for the years ended December 31: 2018 2017 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) Customer relationships 15 - 20 $ 92,751 $ (39,472 ) $ 53,279 $ 93,235 $ (34,660 ) $ 58,575 Trade names/trademarks 5 - 10 5,913 (4,014 ) 1,899 5,954 (3,312 ) 2,642 Non-compete agreements 5 1,886 (1,549 ) 337 1,890 (1,114 ) 776 Other 20 59 (32 ) 27 60 (29 ) 31 Total $ 100,609 $ (45,067 ) $ 55,542 $ 101,139 $ (39,115 ) $ 62,024 Amortization expense for amortizable intangibles was approximately $6.5 million, $6.5 million and $6.4 million in 2018, 2017 and 2016, respectively. See information regarding intangibles acquired in conjunction with company acquisitions in Note 3. Based on the carrying value at December 31, 2018, future amortization of intangible assets is expected to be as follows for the years ended December 31 (in thousands): 2019 $ 6,291 2020 5,141 2021 4,905 2022 4,605 2023 4,324 Thereafter 30,276 Total $ 55,542 Impairment of Long-Lived Assets (Other than Goodwill) Our rental fleet, property, plant and equipment, and finite-lived intangibles are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may be impaired. (See potential impairment indicators under “Goodwill” above). 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 of evaluation. See Note 4 for discussion of an impairment and divestiture loss during 2018 related primarily to long-lived assets. There were no indicators of impairment for long-lived assets held for use at December 31, 2018 or at December 31, 2017. Purchase Accounting We account for acquisitions under the acquisition method. Under the acquisition method of accounting, we record assets acquired and liabilities assumed at their estimated fair market value on the date of acquisition. Goodwill is measured as the excess of the fair value of the consideration transferred over the fair value of the identifiable net assets. Estimated fair values of acquired assets and liabilities is provisional and could change as additional information is received. We finalize valuations as soon as practicable, but not later than one-year from the acquisition date. Any subsequent changes to purchase price allocations results in a corresponding adjustment to goodwill. The determination of the fair value of intangible assets requires the use of significant judgment with regard to (i) the fair value; and (ii) whether such intangibles are amortizable or non-amortizable and, if amortizable, the period and the method by which the intangible asset will be amortized. We estimate the fair value of acquisition-related intangible assets principally based on projections of cash flows that will arise from identifiable intangible assets of acquired businesses. The projected cash flows are discounted to determine the present value of the assets at the dates of acquisition. Revenue Recognition A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Rental contracts with our customers may have multiple performance obligations including the direct rental of fleet to our customers, fleet delivery and pickup. Also included in rental revenues are ancillary fees including late charges and charges for damages. For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using the contractually stated price as our best estimate of the standalone selling price of each distinct promise in the contract. Our prices are determined using methods and assumptions developed consistently across similar customers and markets. We enter into contracts with our customers to rent equipment generally based on a 28-day rate for our Storage Solutions fleet and a daily, weekly or monthly rate for our Tank & Pump Solutions fleet. Revenues from renting are recognized ratably over the rental period under lessor accounting. The rental continues until cancelled by the customer or the Company. If equipment is returned prior to the end of the contractually obligated period, the excess, if any, between the amount the customer is contractually required to pay, over the cumulative amount of revenue recognized to date, is recognized as incremental revenue upon return. Customers may utilize our equipment delivery and pick-up services in conjunction with the rental of equipment, but it is not required. Revenue pursuant to the delivery or pick up of a rented unit is recognized in rental revenue upon completion of the service. Sales revenue is primarily generated by the sale of new and used units, and to a lesser extent, parts and supplies sold to Tank & Pump Solutions customers. Sales contracts generally have a single performance obligation that is satisfied at the time of delivery. Sales revenue is measured based on the consideration specified in the contract and recognized when the customer takes possession of the unit or other sale items. Our Storage Solutions rental customers are generally billed in advance. Additionally, we may bill our customers in advance for fleet pickup. Tank & Pump Solutions rental customers are typically billed in arrears, a minimum of once per month. Sales transactions are generally billed in advance or upon transfer of the sold items. Payments from customers are generally due upon receipt of the invoice. Certain customers have extended terms for payment, but no terms are greater than one year following the invoice date. Taxes assessed by a governmental authority that are both imposed and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. We adopted new guidance related to revenue from contracts with customers. The adoption did not have a significant impact on our revenue, nor did it result in a cumulative effect adjustment as of January 1, 2018. We have consistently applied our accounting policies to all periods presented in these consolidated financial statements. Contract Costs and Liabilities We incur commission costs to obtain rental contracts and for sales of fleet inventory. We expect the period benefitted by each commission to be less than one year. As a result, we have applied the practical expedient for incremental costs of obtaining a contract and expense commissions as incurred. When customers are billed in advance, we defer recognition of revenue and reflect unearned rental revenue at the end of the period. As of December 31, 2018 and 2017, we had approximately $41.0 million and $38.3 million, respectively, of unearned rental revenue included in accrued liabilities in the condensed consolidated balance sheets for December 31, 2018 and 2017. We expect to perform the remaining performance obligations and recognize the unearned rental revenue within the next twelve months. Accordingly, we have applied the practical expedient available, under which we do not disclose the amount of consideration allocable to different performance obligations. Cost of Sales Cost of sales in our consolidated statements of operations includes the net book value of the units that were sold during the reported period and includes both our cost to buy, transport, remanufacture and modify used containers and our cost to manufacture Storage Solutions units and other structures, and to a lesser extent the costs of parts and supplies sold to customers. Advertising Costs Advertising expense was $3.4 million, $4.0 million and $3.9 million in 2018, 2017 and 2016, respectively. The balance of prepaid advertising costs, which are never amortized more than twelve months, was less than $0.1 million at both December 31, 2018 and 2017. Income Taxes In preparing our consolidated financial statements, we recognize income taxes in each of the jurisdictions in which we operate. For each jurisdiction, we estimate the actual amount of taxes currently payable or receivable as well as deferred tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for those deferred tax assets for which it is more-likely-than-not that the related benefits will not be realized. In determining the amount of the valuation allowance, we consider estimated future taxable income as well as feasible tax planning strategies in each jurisdiction. If we determine that we will not realize all or a portion of our deferred tax assets, we will increase our valuation allowance with a charge to income tax expense. Conversely, if we determine that we will ultimately be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced with a credit to income tax expense. We record uncertain tax positions using a two-step process, whereby (1) we determine whether it is more-likely-than-not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within the interest expense line and other expense line, respectively, in the accompanying consolidated statements of operations. Accrued interest and penalties are included within the related liability lines in the consolidated balance sheets. The Tax Act enacted a new a minimum tax on U.S. companies’ foreign operations called Global Intangible Low Tax Income (“GILTI”). The Company has made a policy election to account for any impacts of GILTI tax in the period in which it is incurred. In the current year, the Company finalized its analysis of the impact of U.S. tax reform passed in December 2017 and has recorded a reduction to provisional amounts recorded in the fourth quarter of 2017. See additional information regarding income taxes in Note 8. (Loss) Earnings per Share Basic (loss) earnings per share (“EPS”) is calculated by dividing net loss or income by the weighted average number of common shares outstanding during the period. Restricted stock awards are subject to the risk of forfeiture and are not included in the calculation of basic weighted average number of common shares outstanding until vested. Diluted EPS is calculated under the treasury stock method. Potential common shares included restricted common stock and incremental shares of common stock issuable upon the exercise of stock options. The following table is a reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted EPS for the years ended December 31: For the Years Ended December 31, 2018 2017 2016 (In thousands, except per share data) Numerator: Net (loss) income $ (8,062 ) $ 122,228 $ 47,248 Denominator: Weighted average shares outstanding - basic 44,295 44,055 44,145 Dilutive effect of share-based awards — 199 245 Weighted average shares outstanding - diluted 44,295 44,254 44,390 Earnings per share: Basic $ (0.18 ) $ 2.77 $ 1.07 Diluted (0.18 ) 2.76 1.06 There are approximately 0.7 million of common stock equivalents that would have been included in the diluted EPS denominator for the year ended December 31, 2018 had there not been a net loss. These common stock equivalents were excluded because their inclusion would reduce the net loss per share. In addition, the following table represents the number of stock options and restricted stock awards that were issued or outstanding but excluded in calculating diluted EPS because their effect would have been anti-dilutive, or the underlying performance criteria has not been met, for the years ended December 31: For the Years Ended December 31, 2018 2017 2016 (In thousands) Stock options 915 2,078 2,076 Restricted stock awards 33 2 5 Total 948 2,080 2,081 Fair Value Measurements Fair value is 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 determined by assumptions that market participants would use in pricing an asset or liability. We categorize each of our fair value measurements in one of the following three levels based on the lowest level of input that is significant to the fair value measurement: Level 1 — Observable inputs 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, 2018 and 2017, we did not have any financial instruments required to be recorded at fair value on a recurring basis. The carrying amounts of cash, cash equivalents, receivables, accounts payable and accrued liabilities approximate fair values based on their short-term nature. The fair values of our revolving credit facility and capital leases are estimated using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangements. Based on the borrowing rates currently available to us for bank loans with similar terms and average maturities, the fair value of our revolving credit facility debt and capital leases, which are measured using Level 2 inputs, at December 31, 2018 and 2017 approximated their respective book values. The fair value of our $250 million aggregate principal amount of 5.875% senior notes due July 1, 2024 (the “Senior Notes” or “2024 Notes”) is based on their latest sales price at the end of each period obtained from a third-party institution and is Level 2 in the fair value hierarchy as there is not an active market for these Senior Notes. The Senior Notes are presented on the balance sheet net of deferred financing costs. The gross carrying value and the fair value of the Senior Notes are as follows: 2018 2017 (In thousands) Carrying value $ 250,000 $ 250,000 Fair value 247,028 262,500 Derivatives In the normal course of business, our operations are exposed to fluctuations in interest rates. We have in the past, and may again in the future, address 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. At December 31, 2018 and 2017, we did not have any derivative financial instruments. Share-Based Compensation We calculate the fair value of stock options using the Black-Scholes-Merton option pricing valuation model, which incorporates various assumptions including volatility, expected life and risk-free interest rates. The fair value of restricted stock awards is estimated as the closing price of our common stock on the date of grant. Compensation related to service-based awards are recognized on a straight-line basis over the vesting period, which is generally three to five years. Compensation expense related to performance-based awards is recognized over the implicit service period of the award based on management’s estimate of the probability of the performance criteria being satisfied, adjusted at each balance sheet date. Expense related to performance-based awards that have multiple vesting dates, is recognized using the accelerated attribution approach, whereby each vesting tranche is treated as a separate award for purposes of determining the implicit service period. Share-based compensation expense is reduced for forfeitures when they occur. Foreign Currency Translation and Transactions For our 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. Impact of Recently Issued Accounting Standards Tax Reform. During December 2017, the Financial Accounting Standards Board (“FASB”) released Staff Accounting Bulletin No. 118 (“the Bulletin”) which provides accounting guidance regarding accounting for income taxes for the reporting period that includes the enactment of the Tax Cuts and Jobs Act (the “Tax Act”) enacted on December 22, 2017. The bulletin provides guidance in those situations where the accounting for certain income tax effects of the Tax Act will be incomplete by the time financial statements are issued for the reporting period that includes the enactment date. For those elements of the Tax Act that cannot be reasonable estimated, no effect will be recorded. The staff has provided in the Bulletin that in situations where the accounting is incomplete for certain effects of the Tax Act, a measurement period is provided in order to complete the accounting. The measurement period begins in the reporting period that includes the enactment of the Tax Act and ends when the entity has obtained, prepared and analyzed the information needed in order to complete the accounting requirements, but no later than one year from enactment. The measurement period therefore ended in December 2018. The Company finalized its analysis of the impact of the Tax Act in the current year. Please refer to the significant accounting policies for income taxes above in this footnote, as well as Note 8 for additional information. Share-Based Compensation – Modifications . In May 2017, the FASB issued a standard which clarifies what constitutes a modification of a share-based payment award. This standard is effective for annual and interim periods beginning after December 15, 2017. We implemented this standard on January 1, 2018 and will apply the guidance prospectively to modifications, if any. Business Combinations . In January 2017, the FASB issued a standard which clarifies the definition of a business and provides a new framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This standard is effective for annual and interim periods beginning after December 15, 2017. We implemented this standard on January 1, 2018 and will apply the guidance prospectively to future transactions. Intangibles – Goodwill and Other. In January 2017, the FASB issued a standard requiring an entity to no longer perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, impairment will be measured using the difference between the carrying amount and the fair value of the reporting unit. This standard is effective for annual and interim periods beginning after December 15, 2019. Entities may early adopt the guidance for goodwill impairment tests with measurement dates after January 1, 2017. We have not determined an adoption date and do not expect the adoption of this standard to have a material effect on our consolidated financial statements. Share-Based Compensation. In March 2016, the FASB issued a standard intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | (3) Acquisitions During the year ended December 31, 2016, we completed three acquisitions of portable storage businesses. One acquisition expanded our business in Dallas, Texas. The other two were in the United Kingdom. The accompanying consolidated financial statements include the operations of the acquired businesses from the dates of acquisition. The aggregate purchase price for the assets acquired were recorded based on their estimated fair values at the date of the acquisitions. We have not disclosed the pro-forma impact of the acquisitions on operations as they were immaterial to our financial position or results of operations in the aggregate. The components of the purchase price and net assets acquired during the year ended December 31, 2016 (as adjusted in 2017) are as follows (in thousands): Net Assets Acquired: Cash $ 1,562 Rental fleet 10,054 Property, plant and equipment 285 Intangible assets: Customer relationships 1,616 Non-compete agreements 50 Goodwill 6,467 Other assets 1,218 Other liabilities (3,125 ) Total $ 18,127 Total, less cash acquired $ 16,565 We did not make any acquisitions during the years ended December 31, 2018 and 2017. |
Held for Sale Assets
Held for Sale Assets | 12 Months Ended |
Dec. 31, 2018 | |
Assets Held For Sale Not Part Of Disposal Group [Abstract] | |
Held for Sale Assets | (4) Held for Sale Assets Consistent with our strategy to focus on high returning assets, during the second quarter of 2018 we initiated an organization-wide project to assess the economic and operational status of our fleet and other assets as well as an in-depth analysis of our fleet management process to identify inefficiencies. The task encompassed an intensive review of underperforming assets throughout North America and the United Kingdom using our recently implemented enterprise resource planning system and sophisticated work order system that allows specific identification of the status of each unit and facilitates deeper analysis of repair and maintenance costs. The result of this review was the identification of specific assets over which a further determination as to the economics of continued retention and repair could be made. In July 2018, management presented a proposed plan of sale for certain identified assets to the Board of Directors, and on July 24, 2018 the Board of Directors made the strategic decision to approve the plan and authorized management to begin actively marketing the assets for sale. As a result, we placed these assets as held for sale and recognized a $98.3 million loss on divestiture in the third quarter of 2018. In the fourth quarter of 2018, additional assets were identified and placed as held for sale, resulting in a full-year loss of $102.1 million, which consisted primarily of a non-cash loss of $111.4 million. The majority of the assets have been sold as scrap metal. In addition to rental fleet, we also identified and placed for sale, property, plant and equipment and inventory that were not being used efficiently. The assets represent a subset of larger asset groups held by the Company. As of December 31, 2018, the sale was completed. In conjunction with this project, we evaluated the assigned depreciable lives and salvage values of our fleet. We believe that the assigned lives and salvage values discussed in Note 6 continue to be appropriate for our fleet. Related to this activity, the Company has recognized exit costs as positions were eliminated and yards, or portions of yards were exited. The estimated loss as adjusted is set forth below: Net Book Value Units (In thousands) North America Storage Solutions Fleet: Steel storage containers $ 57,579 20,072 Steel ground level offices 30,806 3,543 Other 363 286 United Kingdom Storage Solutions Fleet 8,152 1,525 Tank & Pump Solutions Fleet 1,654 622 Other 12,875 n/a Total 111,429 26,048 Proceeds, net of disposal costs (9,289 ) Net loss on impairment and divestiture $ 102,140 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | (5) Revenue from Contracts with Customers In the following table, rental revenue is disaggregated by the nature of the underlying service provided and for the periods indicated. The table also includes a reconciliation of the disaggregated rental revenue to our reportable segments. For the Twelve Months Ended December 31, 2018 Storage Solutions North America United Kingdom Total Tank & Pump Solutions Consolidated (In thousands) Direct rental revenue $ 273,232 $ 56,516 $ 329,748 $ 78,163 $ 407,911 Delivery, pickup and similar revenue 82,325 19,456 101,781 30,330 132,111 Ancillary rental revenue 11,156 4,779 15,935 2,240 18,175 Total rental revenues $ 366,713 $ 80,751 $ 447,464 $ 110,733 $ 558,197 For the Twelve Months Ended December 31, 2017 Storage Solutions North America United Kingdom Total Tank & Pump Solutions Consolidated (In thousands) Direct rental revenue $ 247,014 $ 54,102 $ 301,116 $ 66,204 $ 367,320 Delivery, pickup and similar revenue 70,478 18,698 89,176 23,889 113,065 Ancillary rental revenue 11,756 4,542 16,298 2,142 18,440 Total rental revenues $ 329,248 $ 77,342 $ 406,590 $ 92,235 $ 498,825 For the Twelve Months Ended December 31, 2016 Storage Solutions North America United Kingdom Total Tank & Pump Solutions Consolidated (In thousands) Direct rental revenue $ 233,273 $ 54,068 $ 287,341 $ 65,874 $ 353,215 Delivery, pickup and similar revenue 65,216 19,275 84,491 24,340 108,831 Ancillary rental revenue 10,732 4,581 15,313 2,724 18,037 Total rental revenues $ 309,221 $ 77,924 $ 387,145 $ 92,938 $ 480,083 |
Rental Fleet
Rental Fleet | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Rental Fleet | (6) Rental Fleet Depreciation expense related to our rental fleet for 2018, 2017 and 2016 was $31.7 million, $31.0 million and $32.3 million, respectively. At December 31, 2018 and 2017, all rental fleet units were pledged as collateral under the Credit Agreement. Appraisals on our rental fleet are required by our lenders on a regular basis. The appraisal typically reports no difference in the value of the unit due to the age or length of time it has been in our fleet. Based in part upon our lender’s third-party appraiser who evaluated our fleet as of September 30, 2018, management estimates that the net orderly liquidation appraisal value of our rental fleet as of December 31, 2018 was approximately $1.1 billion. Our net book value for this fleet as of December 31, 2018 was $929.1 million. Rental fleet at December 31 consisted of the following: Residual Value as Percentage of Original Cost (1) Useful Life in Years 2018 2017 (In thousands) Storage Solutions: Steel storage containers 55% 30 $ 601,127 $ 655,553 Steel ground level offices 55% 30 341,385 374,836 Other 7,249 8,290 Total 949,761 1,038,679 Accumulated depreciation (151,666 ) (168,112 ) Total Storage Solutions fleet, net $ 798,095 $ 870,567 Tank & Pump Solutions: Steel tanks 25 $ 72,770 $ 64,254 Roll-off boxes 15 - 20 34,205 29,897 Stainless steel tank trailers 25 28,764 28,871 Vacuum boxes 20 17,005 12,700 De-watering boxes 20 8,429 6,361 Pumps and filtration equipment 7 13,984 12,680 Other 8,475 7,088 Total 183,632 161,851 Accumulated depreciation (52,637 ) (43,264 ) Total Tank & Pump Solutions fleet, net $ 130,995 $ 118,587 Total rental fleet, net $ 929,090 $ 989,154 (1) Tank & Pump Solutions fleet has been assigned zero residual value. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | (7) Debt Lines of Credit On December 14, 2015, we entered into the Credit Agreement with Deutsche Bank AG New York Branch, as administrative agent, and other lenders party thereto. The Credit Agreement provides for a five-year, $1.0 billion first lien senior secured revolving credit facility maturing on or before the earlier of (i) December 14, 2020 and (ii) the date that is 90 days prior to the final maturity date of the Senior Notes, if such Senior Notes remain outstanding on such date. The Credit Agreement also provides for the issuance of irrevocable standby letters of credit by U.S.-based lenders in amounts totaling up to $50.0 million, by U.K.-based lenders in amounts totaling up to $20.0 million, and by Canadian-based lenders in amounts totaling up to $20.0 million. The obligations of Mobile Mini and its subsidiary guarantors under the Credit Agreement are secured by a blanket lien on substantially all of our 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 our option at either: (i) the London interbank offered rate (“LIBOR”) plus an applicable margin (“LIBOR Loans”), or (ii) the prime rate plus an applicable margin (“Base Rate Loans”). The applicable margin for each type of loan is based on an availability-based pricing grid and ranges from 1.25% to 1.75% for LIBOR Loans and 0.25% to 0.75% for Base Rate Loans at each measurement date. As of December 31, 2018, the applicable margins are 1.50% for LIBOR Loans and 0.50% for Base Rate Loans. 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 rental 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 British pounds 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’s or its subsidiaries’ assets, (ii) repurchase or pay dividends or make certain other restricted payments on capital stock and certain other securities, or prepay certain indebtedness, (iii) incur additional indebtedness or engage in certain other types of financing transactions, and (iv) make acquisitions or other investments. In addition, we must comply with a minimum fixed charge coverage ratio of 1.00 to 1.00 as of the last day of each quarter, upon the minimum availability amount under the Credit Agreement falling below the greater of (y) $90 million and (z) 10% of the lesser of the then total revolving loan commitment and aggregate borrowing base. As of December 31, 2018, we were in compliance with the minimum borrowing availability threshold set forth in the Credit Agreement and, therefore, are not subject to any financial maintenance covenants. The weighted average interest rate under the lines of credit was approximately 3.5% in 2018 and 2.6% in 2017. The average outstanding balance was approximately $613.8 million and $637.9 million during 2018 and 2017, respectively. At December 31, 2018, the Company had approximately $593.5 million of borrowings outstanding and $403.4 million of additional borrowing availability under the Credit Agreement, based upon borrowing base calculations as of such date. Senior Notes On May 9, 2016, we issued $250.0 million aggregate principal amount of the 2024 Notes at an initial offering price of 100% of their face value. The net proceeds from the sale of the 2024 Notes were used to (i) redeem all $200.0 million aggregate principal amount of our outstanding 7.875% senior notes due December 1, 2020 (the “2020 Notes”) at a redemption price of 103.938% of the principal amount thereof plus accrued and unpaid interest to, but not including, the redemption date of June 8, 2016, (ii) repay a portion of the indebtedness outstanding under our asset-based revolving credit facility, and (iii) pay fees and expenses related to the offering of the 2024 Notes. As a result of the redemption of the 2020 Notes during 2016, we recognized $9.2 million in debt extinguishment expense, consisting of $7.9 million in debt redemption premiums and $1.3 million in contractually required interest above the amount payable prior to the redemption. Additionally, we wrote off $2.3 million of previously deferred financing costs associated with the 2020 Notes that had not yet been amortized. The 2024 Notes bear interest at a rate of 5.875% per year, accruing from May 9, 2016, have an eight-year term and mature on July 1, 2024. The 2024 Notes are senior unsecured obligations of the Company and are unconditionally guaranteed on a senior unsecured basis by certain of our existing and future domestic subsidiaries. Obligations Under Capital Leases At December 31, 2018 and 2017, obligations under capital leases for certain real property, transportation, technology and office related equipment were $63.4 million and $52.8 million, respectively. Certain of the lease agreements provide us with a purchase option at the end of the lease term. The leases have been capitalized using interest rates primarily ranging from approximately 1.7% to 4.1% and are secured by the property and equipment under lease. Assets recorded under capital lease obligations totaled approximately $90.3 million as of December 31, 2018 and $71.6 million as of December 31, 2017. Related accumulated amortization totaled approximately $35.7 million as of December 31, 2018 and $25.4 million as of December 31, 2017. The assets acquired under capital leases and related accumulated amortization are 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 operations. Future minimum capital lease payments at December 31, 2018 are as follows (in thousands): 2019 $ 12,055 2020 12,869 2021 12,434 2022 11,060 2023 9,331 Thereafter 11,029 Total 68,778 Amount representing interest (5,419 ) Present value of minimum lease payments $ 63,359 Future Debt Obligations The scheduled maturity for debt obligations for balances outstanding at December 31, 2018 are as follows: Lines of Credit Senior Notes Capital Lease Obligations Total (In thousands) 2019 $ — $ — $ 10,472 $ 10,472 2020 593,495 — 11,567 605,062 2021 — — 11,440 11,440 2022 — — 10,356 10,356 2023 — — 8,886 8,886 Thereafter — 250,000 10,638 260,638 Total $ 593,495 $ 250,000 $ 63,359 $ 906,854 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (8) Income Taxes (Loss) income from operations before income tax for the years ended December 31 consisted of the following: For the Years Ended December 31, 2018 2017 2016 (In thousands) U.S. $ (16,784 ) $ 52,609 $ 45,430 Foreign 11,473 21,515 23,468 Total $ (5,311 ) $ 74,124 $ 68,898 The provision for income taxes from continuing operations for the years ended December 31 consisted of the following: For the Years Ended December 31, 2018 2017 2016 (In thousands) Current: U.S. federal $ — $ — $ (1,124 ) State 2,340 990 1,093 Foreign 2,934 886 — Total current 5,274 1,876 (31 ) Deferred: U.S. federal 158 (59,257 ) 16,628 State (1,796 ) 7,000 1,215 Foreign (885 ) 2,277 3,838 Total deferred (2,523 ) (49,980 ) 21,681 Total (benefit) provision for income taxes $ 2,751 $ (48,104 ) $ 21,650 A reconciliation of the U.S. federal statutory rate to our effective tax rate for the years ended December 31 is as follows: For the Years Ended December 31, 2018 2017 2016 U.S. federal statutory rate 21.0 % 35.0 % 35.0 % State taxes, net of federal benefit 6.3 4.5 1.6 Nondeductible expenses and other (0.7 ) 0.1 1.1 U.S. mandatory repatriation 47.5 4.2 — Executive compensation (15.2 ) — — Adjustment of deferred tax asset for nondeductible share-based compensation (109.5 ) — — Global intangible low tax income (14.3 ) — — Adjustment of net deferred tax liability for enacted tax rate change 7.7 (104.7 ) 0.2 Foreign rate differential 5.4 (4.0 ) (6.5 ) Effective tax rate (51.8 ) % (64.9 ) % 31.4 % The effective income tax (benefit) rate of (51.8%) for the year ended December 31, 2018 was impacted by the $102.1 million asset impairment charge and loss on divestiture which resulted in a $5.3 million loss before income taxes. As a result of the low pre-tax loss, the permanent differences between actual income and taxable income are having a meaningful effect on the tax rate. The nondeductible items include $5.8 million in tax expense related to share-based compensation, offset by a $2.6 million reduction in our provisional tax expense related to the repatriation of foreign earnings for the impact of the Tax Act enacted in December 2017. The $5.8 million tax expense from share-based compensation resulted from an out-of-period adjustment recorded in the fourth quarter of 2018 to correct deferred tax assets that had been established in error in previous years based on the expectation that the compensation would be deductible. In the fourth quarter of 2018 we determined the share-based compensation to be nondeductible and reversed the $5.8 million of deferred tax assets. We determined that the error is immaterial to all prior period financial statements. Further, the out-of-period correction is immaterial to the consolidated financial statements for the quarter and year ended December 31, 2018. The effective income tax (benefit) rate of (64.9%) for the year ended December 31, 2017 was primarily impacted by the accounting for the U.S. tax reform enacted in December 2017 which reduced the federal income tax rate from 35% to 21%. The Company recognized a net benefit of $77.6 million related to the remeasurement of its net deferred tax liabilities for this rate change, affecting the rate by (104.7%). Additionally, the Company recorded a provisional expense of $3.1 million for the mandatory repatriation of foreign earnings, affecting the rate by 4.2%.The effective income tax rate of 31.4% for the year ended December 31, 2016 was primarily impacted by enacted rate changes to the U.K. income tax rate from 18% to 17%, which resulted in a $0.9 million benefit. The components of the net deferred tax liability at December 31 are approximately as follows: 2018 2017 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 38,693 $ 44,228 Deferred revenue and expenses 8,999 8,435 Accrued compensation and other benefits 4,552 4,118 Allowance for doubtful accounts 1,307 1,532 Equity compensation 2,573 7,092 Capital leases 14,008 12,999 Other 1,177 1,456 Total deferred tax assets 71,309 79,860 Valuation allowance (1,037 ) (1,126 ) Net deferred tax assets 70,272 78,734 Deferred tax liabilities: Fixed assets (204,394 ) (218,605 ) Intangibles and goodwill (35,051 ) (33,165 ) Other (966 ) (718 ) Total deferred tax liabilities (240,411 ) (252,488 ) Net deferred tax liabilities $ (170,139 ) $ (173,754 ) A net deferred tax liability of approximately $17.6 million and $19.3 million related to our U.K. operations has been combined with the net deferred tax liabilities of our U.S. operations in the consolidated balance sheets at December 31, 2018 and 2017, respectively. At December 31, 2018, we had U.S. federal net operating loss carryforwards on our federal tax return of approximately $150.5 million, which expire if unused from 2029 to 2034. At December 31, 2018, we had net operating loss carryforwards on the various states’ tax returns in which we operate totaling $100.6 million, which expire if unused from 2019 to 2038. Management evaluates the ability to realize our deferred tax assets on a quarterly basis and adjusts the amount of our valuation allowance if necessary. Over the past three years, we have generated $113.5 million of federal taxable income. Management currently believes that the ability to generate adequate future taxable income through operations and the reversal of taxable temporary differences are adequate to recover the unreserved portion of these deferred tax assets. For income tax purposes, deductible compensation related to share-based awards is based on the value of the award when realized, which may be different than the compensation expense recognized by us in our financial statements, which is based on the award value on the date of grant. The difference between the value of the award upon grant, and the value of the award when ultimately realized, creates either additional tax expense or benefit. As our stock is publicly traded, it is possible that we have undergone a change in ownership for federal income tax purposes, which can limit the amount of net operating loss currently available as a deduction. We have 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. We paid income and franchise taxes of approximately $4.0 million in 2018, $2.6 million in 2017 and $1.8 million in 2016. These amounts are lower than the recorded expense in some years due to net operating loss carryforwards and general business credit utilization. We are subject to taxation in the U.S. federal jurisdiction, as well as various U.S. state and foreign jurisdictions. We have identified our U.S. federal tax return as our “major” tax jurisdiction. As of December 31, 2018, we are no longer subject to examination by U.S. federal tax authorities for years prior to 2015, to examination for any U.S. state taxing authority prior to 2013, or to examination for any foreign jurisdictions prior to 2014. All subsequent periods remain open to examination. Uncertain tax positions are recognized and measured using a two-step approach. 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. As of December 31, 2018, we no longer have unrecognized tax benefits. The reduction to our unrecognized tax benefits had no effect on our effective tax rate. Gross Position Tax Effect (In thousands) Balance December 31, 2017 $ 14,140 $ 3,521 Additions based on tax positions related to the current year — — Additions for tax positions in prior years — — Reductions for settlements (14,140 ) (3,521 ) Balance December 31, 2018 $ — $ — Our policy for recording interest and penalties associated with uncertain tax positions is to record such items as a component of income before taxes. Penalties and associated interest costs, if any, are recorded in rental, selling and general expenses in our consolidated statements of operations. |
Transactions with Related Perso
Transactions with Related Persons | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Transactions with Related Persons | (9) Transactions with Related Persons With the acquisition of Evergreen Tank Solutions, Inc. (“ETS”) in December 2014 (the “ETS Acquisition”), we acquired its wholly owned subsidiary, Water Movers, Inc. which has two real property leases with an entity partly owned by Michael Watts, a member of our Board. These leases began in 2013, prior to the ETS Acquisition, and expire in 2023. Rental payments under these leases are currently approximately $19,000 per month. Any future renewals of these leases will be approved by the Board as related party transactions. Mr. Watts is also an investor in a digital marketing and strategy company with which Mobile Mini conducts business. During 2018 and 2017, Mobile Mini made approximately $0.4 million and $0.7 million, respectively, in payments to this company. There was no payable due at December 31, 2018. Prior to becoming Senior Vice President – Chief Human Resources Officer on November 30, 2017, Mark Krivoruchka was president and owner of a management consultant company that provided human resources consulting and staffing services to Mobile Mini. For the year ended December 31, 2017, Mobile Mini expensed approximately $1.0 million related to this agreement, including reimbursement for expenses incurred. No expenses were incurred under this agreement in 2018. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | (10) Share-Based Compensation We have historically awarded stock options and restricted stock awards for employees and non-employee directors as a means of attracting and retaining quality personnel and to align employee performance with stockholder value. Stock option plans are approved by our stockholders and administered by the compensation committee of the Board. The current plan allows for a variety of equity programs designed to provide flexibility in implementing equity and cash awards, including incentive stock options, nonqualified stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance stock, performance units and other stock-based awards. Participants may be granted any one of the equity awards or any combination. We do not award stock options with an exercise price below the market price of the underlying securities on the date of award. As of December 31, 2018, 1.6 million shares are available for future grants assuming performance-based options vest at their target amounts. Generally stock options have contractual terms of ten years. Service-based awards. We grant share-based compensation awards that vest over time subject to the employee rendering service over the vesting period. The majority of the service–based awards vest in equal annual installments over a period of three to four years. The expense for service-based awards is expensed ratably over the full service period of the grant. Performance-based awards . All performance-based awards granted in 2018, 2017 and 2016 vest contingently over a three-year period assuming a target number of options or restricted share awards. However, the terms of these awards provide that the number of options or restricted share awards that ultimate vest may vary between 50% and 200% of the target amount, or may be zero. The targets were set at the time of grant. For 2018, 2017 and 2016, vesting conditions were related to the Company’s return on capital employed. Expense related to performance-based awards that have multiple vesting dates, is recognized using the accelerated attribution approach, whereby each vesting tranche is treated as a separate award for purposes of determining the implicit service period. The accelerated attribution approach results in a higher expense during the earlier years of vesting. Non-employee director awards . Each non-employee director serving on the Board receives an automatic award of shares of Mobile Mini’s common stock annually. These awards vest 100% when granted. For each of the years ended December 31, 2018, 2017 and 2016, $0.8 million of expense was recognized related to these grants. Share-based compensation expense . The following table summarizes our share-based compensation for the years ended December 31: For the Years Ended December 31, 2018 2017 2016 (In thousands) Share-based compensation expense included in: Rental, selling and general expenses $ 10,504 $ 7,255 $ 7,220 Restructuring expenses 363 118 179 Total share-based compensation $ 10,867 $ 7,373 $ 7,399 As of December 31, 2018, total unrecognized compensation cost related to stock option awards assuming achievement at target was approximately $0.5 million and the related weighted-average period over which it is expected to be recognized is approximately 0.5 years. As of December 31, 2018, the unrecognized compensation cost related to restricted stock awards assuming achievement at target was approximately $6.6 million, which is expected to be recognized over a weighted-average period of approximately 1.6 years. Stock options . The fair value of each stock option award is estimated on the date of the grant using the Black-Scholes-Merton option pricing model which requires the input of assumptions. We estimate the risk-free interest rate based on the U.S. Treasury security rate in effect at the time of the grant. The expected life of the options, volatility and dividend rates are estimated based on our historical data. No new stock options were issued in 2018 2017 2016 Risk-free interest rate 1.7% - 2.1% 1.1% - 1.5% Expected life of the options (years) 5.0 5.0 Expected stock price volatility 32.9% - 35.3% - Expected dividend rate 2.5% - 3.1% 2.2% - 3.1% The following table summarizes stock option activity for the years ended December 31 (share amounts in thousands): Number of Options Performance-Based Options Service- Based Options Total Options Weighted Average Exercise Price Outstanding options at January 1, 2016 — 2,870 2,870 $ 33.40 Granted 594 — 594 26.54 Canceled/Expired (59 ) (96 ) (155 ) 36.07 Exercised (7 ) (10 ) (17 ) 28.50 Outstanding options at December 31, 2016 528 2,764 3,292 32.06 Granted 462 — 462 32.44 Canceled/Expired (233 ) (119 ) (352 ) 33.43 Exercised (96 ) (137 ) (233 ) 24.88 Outstanding options at December 31, 2017 661 2,508 3,169 32.49 Additional options granted based upon achievement of specified performance criteria 81 — 81 32.42 Canceled/Expired (146 ) (32 ) (178 ) 27.82 Exercised (63 ) (55 ) (118 ) 30.86 Outstanding options at December 31, 2018 533 2,421 2,954 32.71 Unvested target options that vest based upon 2018 performance conditions 232 Unvested target options that vest based upon 2019 performance conditions 116 Grants of performance-based stock options are shown in the table at the target award. Due to actual performance exceeding targets, the shares granted in 2017 that contingently vested based upon 2017 performance criteria vested above target resulting in additional grants. Shares granted in 2016 and contingently vesting based upon both 2016 and 2017 criteria did not achieve the minimum vesting target criteria, which resulted in the forfeiture of shares in 2018. The shares granted in both 2017 and 2016 that contingently vest based upon 2018 performance will vest above target. As a result, in the first quarter of 2019, in addition to the target options included in the table above, we expect approximately 0.2 million options will be granted and vest. A summary of stock options outstanding as of December 31, 2018, is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Terms Aggregate Intrinsic Value (In thousands) (In years) (In thousands) Outstanding 2,954 $ 32.71 5.02 $ 4,919 Exercisable 2,606 33.00 4.64 4,249 The aggregate intrinsic value of options exercised during the period ended December 31, 2018, 2017 and 2016 was $1.4 million, $1.6 million and $0.1 million, respectively. The weighted average fair value of stock options granted was $8.23 and $6.64 for the years ended December 31, 2017 and 2016, respectively. Restricted Stock Awards . The fair value of restricted stock awards is estimated as the closing price of our common stock on the date of grant. A summary of restricted stock activity is as follows (share amounts in thousands): Number of Shares Performance-Based Awards Service- Based Awards Total Awards Weighted Average Grant Date Fair Value Restricted stock awards at January 1, 2016 — 242 242 $ 31.70 Awarded — 172 172 27.39 Released — (130 ) (130 ) 29.75 Forfeited — (41 ) (41 ) 28.36 Restricted stock awards at December 31, 2016 — 243 243 30.27 Awarded — 163 163 32.25 Released — (142 ) (142 ) 30.39 Forfeited — (30 ) (30 ) 31.53 Restricted stock awards at December 31, 2017 — 234 234 31.42 Awarded 103 123 226 38.47 Released (2 ) (115 ) (117 ) 34.26 Forfeited (7 ) (9 ) (16 ) 36.38 Restricted stock awards at December 31, 2018 94 233 327 35.06 Restricted target stock awards that vest based upon 2018 performance conditions 32 Restricted target stock awards that vest based upon 2019 performance conditions 31 Restricted target stock awards that vest based upon 2020 performance conditions 31 The table presents the granted awards at their targeted amount. Due to actual performance exceeding targets, the restricted stock awards granted in 2018 that contingently vest based upon 2018 will vest above target. As a result, in the first quarter of 2019, in addition to the target shares included in the table above, we expect approximately 32,000 shares will be granted and vest. The total fair value of restricted stock awards that vested in 2018, 2017 and 2016 were $4.0 million, $4.3 million and $3.8 million, respectively. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | (11) Benefit Plans In the U.S. we sponsor 401(k) retirement plans designed to provide tax-deferred retirement benefits to employees in accordance with the provisions of Section 401(k) of the Internal Revenue Code. We also sponsor defined contribution programs in the U.K., and have a Registered Retirement Savings Plan regulated by Canadian law. Under the U.S. and Canadian plans we match a percentage of the participants’ contributions up to a specified amount. Under the U.K. plan, we contribute a percentage of each participant’s annual salary to the plan and, depending on the plan, employees may also be required to contribute a percentage of their annual salary into the plan. For the U.S. plans Company matches vest over a period of five years, while Company matches for U.K. and Canadian employees are immediately vested. Company contributions to all these benefit plans totaled approximately $1.2 million, $0.9 million and $0.9 million in 2018, 2017 and 2016, respectively. In each of the three years ending December 31, 2018, 2017 and 2016, we incurred less than $0.1 million for administrative costs for these programs. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (12) Commitments and Contingencies Operating Leases We lease our corporate offices and other properties and operating equipment from third parties under noncancelable operating leases. Expense under these agreements was approximately $25.3 million, $23.9 million and $22.3 million for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, contractual commitments associated with lease obligations are as follows: Operating Lease Commitments Restructuring Related Lease Commitments Sub-Lease Income Total (In thousands) 2019 $ 18,852 $ 74 $ (99 ) $ 18,827 2020 15,609 — (99 ) 15,510 2021 13,357 — (33 ) 13,324 2022 12,205 — — 12,205 2023 10,402 — — 10,402 Thereafter 33,440 — — 33,440 Total $ 103,865 $ 74 $ (231 ) $ 103,708 Future minimum lease payments under restructured non-cancelable operating leases as of December 31, 2018, are included in accrued liabilities in the consolidated balance sheet. See Note 14 for a further discussion on restructuring related commitments. Purchase Obligations As of December 31, 2018, we had commitments to purchase $10.8 million of rental fleet related to our North American Storage Solutions business for delivery in 2019. Insurance Reserves We maintain insurance coverage for our operations and employees with appropriate aggregate, per occurrence and deductible limits as we reasonably determine is necessary or prudent considering current operations and historical experience. The majority of these coverages have large deductible programs which allow for potential improved cash flow benefits based on our loss control efforts, while guaranteeing a maximum premium liability. Our 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. Actual results may vary from estimates based on our actual experience at the end of the plan policy periods based on the carrier’s loss predictions and our historical claims data. We expense the deductible portion of the individual claims. However, we generally do not know the full amount of our exposure to a deductible in connection with any particular claim during the fiscal period in which the claim is incurred and for which we must make an accrual for the deductible expense. We make these accruals based on a combination of the claims development experience of our staff and our 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, our assumptions will change as our loss experience is developed. All of these factors have the potential for significantly impacting the amounts previously reserved in respect of anticipated deductible expenses and we may be required in the future to increase or decrease amounts previously accrued. Our worker’s compensation, auto and general liability insurance are purchased under large deductible programs. Our worker’s compensation insurance has a deductible of $500,000 on the first claim in a policy year and a deductible of $250,000 on any subsequent claims. Auto and general liability insurance per incident deductibles are $500,000 and $50,000, respectively. Under our various insurance programs, we have collective reserves recorded in accrued liabilities of $3.6 million and $3.9 million at December 31, 2018 and 2017, respectively. In connection with the issuance of our insurance policies, we have provided our various insurance carriers $3.1 million in letters of credit as of December 31, 2018. General Litigation We are a party to various claims and litigation in the normal course of business. Our current estimated range of liability related to various claims and pending litigation is based on claims for which our management can determine that it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Because of the uncertainties related to both the probability of incurred and possible range of loss on pending claims and litigation, management must use considerable judgment in making reasonable determination of the liability that could result from an unfavorable outcome. As additional information becomes available, we will assess the potential liability related to our pending litigation and revise our estimates. Such revisions in our estimates of the potential liability could materially impact our results of operation. We do not anticipate the resolution of such matters known at this time will have a material adverse effect on our business or consolidated financial position. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | (13) Stockholders’ Equity Dividends During the twelve months ended December 31, 2018 we declared cash dividends of $1.00 per share for a total of $44.6 million. Each future quarterly dividend payment is subject to review and approval by the Board. In addition, our Credit Agreement contains restrictions on the declaration and payment of dividends. Declaration Date Payment Date Record Date (close of business) Dividend Amount Per Share of Common Stock January 31, 2018 March 14, 2018 February 28, 2018 $ 0.250 April 19, 2018 May 30, 2018 May 16, 2018 0.250 July 18, 2018 August 29, 2018 August 15, 2018 0.250 October 17, 2018 November 28, 2018 November 14, 2018 0.250 Treasury stock On November 6, 2013, the Board approved a share repurchase program authorizing up to $125.0 million of our outstanding shares of common stock to be repurchased. On April 17, 2015, the Board authorized up to an additional $50.0 million of our outstanding shares of common stock to be repurchased, for a total of $175.0 million under the share repurchase program. 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. All shares repurchased are held in treasury. The following table presents share repurchase activities during the years ended December 31, 2018, 2017 and 2016: For the Years Ended December 31, 2018 2017 2016 Shares repurchased under share repurchase program: Number of shares repurchased 400 248,072 429,205 Average price per repurchased share (1) $ 29.99 $ 29.58 $ 25.20 Aggregate purchase price, in thousands $ 12 $ 7,338 $ 10,815 Other shares repurchased (2) Number of shares repurchased 17,217 34 16 Average price per repurchased share (1) $ 39.65 $ 30.40 $ 29.41 Aggregate purchase price, in thousands $ 683 $ 1,024 $ 467 (1) The weighted average price paid per share of common stock does not include the cost of commissions. (2) Shares not purchased as part of a publicly announced plan or program represent shares withheld from employees to satisfy minimum tax withholding obligations upon the vesting of restricted stock. Approximately $70.8 million is available for repurchase under our authorized repurchase program as of December 31, 2018. |
Restructuring Costs
Restructuring Costs | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Costs | (14) Restructuring Costs We have undergone restructuring actions to align our business operations, resulting in expense of $2.0 million, $2.9 million and $6.0 million for the years ended December 31, 2018, 2017 and 2016, respectively. The $2.0 million of restructuring expenses recognized in the twelve months ended December 31, 2018, consisted primarily of expense related to the restructuring of our corporate service center, including the severance of an executive, and expense incurred with the restructuring of our business in conjunction with the divestiture of certain assets as discussed in Note 4. Additionally in 2018, we recognized expenses related to projects initiated in prior years that were not accruable during such periods. For the twelve months ended December 31, 2017 and 2016, we recognized $1.3 million and $2.0 million, respectively, in expenses related to activities associated with the integration of ETS into the existing Mobile Mini infrastructure. In addition, we recognized $0.9 million and $3.3 million during the twelve months ended December 31, 2017 and 2016, respectively, related to the abandonment of yards, or portions of yards, as well as other costs due to our move away from the wood mobile office business. The remaining costs in 2017 and 2016 related largely to divisional and corporate departmental restructurings. The following table details accrued restructuring obligations (included in accrued liabilities in the consolidated balance sheets) and related activity for the years ended December 31, 2018, 2017 and 2016: Severance and Benefits Lease Abandonment Costs Other Costs Total (In thousands) Accrued obligations as of January 1, 2016 $ 1,245 $ 495 $ 2 $ 1,742 Restructuring expense 1,006 3,453 1,561 6,020 Settlement of obligations (1,856 ) (3,580 ) (1,563 ) (6,999 ) Accrued obligations as of December 31, 2016 395 368 — 763 Restructuring expense 931 900 1,055 2,886 Settlement of obligations (787 ) (1,086 ) (1,019 ) (2,892 ) Accrued obligations as of December 31, 2017 539 182 36 757 Restructuring expense 1,338 482 186 2,006 Settlement of obligations (1,473 ) (578 ) (209 ) (2,260 ) Accrued obligations as of December 31, 2018 $ 404 $ 86 $ 13 $ 503 The following amounts are included in restructuring expense for the years ended December 31: 2018 2017 2016 (In thousands) Severance and benefits $ 1,338 $ 931 $ 1,006 Lease abandonment costs 482 900 3,453 Other costs 186 1,055 1,561 Restructuring expenses $ 2,006 $ 2,886 $ 6,020 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | (15) Segment Reporting Our operations are comprised of three reportable segments: Storage Solutions North America, Storage Solutions United Kingdom and Tank & Pump Solutions. Discrete financial data on each of our products is not available and it would be impractical to collect and maintain financial data in such a manner. The results for each segment are reviewed discretely by our chief operating decision maker. We operate in the U.S., U.K. and Canada. All of our locations operate in their local currency and, although we are exposed to foreign exchange rate fluctuation in foreign markets where we rent and sell our products, we do not believe such exposure will have a significant impact on our results of operations. Revenues recognized by our U.S. locations were $499.8 million, $444.7 million and $424.4 million for the twelve months ended December 31, 2018, 2017 and 2016, respectively. The following tables set forth certain information regarding each of our reportable segments for the years ended December 31, 2018, 2017 and 2016: For the Year Ended December 31, 2018 Storage Solutions North America United Kingdom Total Tank & Pump Solutions Consolidated (In thousands) Revenues: Rental $ 366,713 $ 80,751 $ 447,464 $ 110,733 $ 558,197 Sales 20,008 9,024 29,032 5,322 34,354 Other 304 224 528 150 678 Total revenues 387,025 89,999 477,024 116,205 593,229 Costs and expenses: Rental, selling and general expenses 233,764 53,884 287,648 76,475 364,123 Cost of sales 12,263 7,176 19,439 2,998 22,437 Restructuring expenses 1,934 — 1,934 72 2,006 Asset impairment charge and loss on divestiture, net 91,230 8,652 99,882 2,258 102,140 Depreciation and amortization 33,591 7,891 41,482 25,518 67,000 Total costs and expenses 372,782 77,603 450,385 107,321 557,706 Income from operations $ 14,243 $ 12,396 $ 26,639 $ 8,884 $ 35,523 Interest expense, net of interest income $ 29,305 $ 801 $ 30,106 $ 10,792 $ 40,898 Income tax provision 258 2,381 2,639 112 2,751 Capital expenditures for additions to rental fleet, excluding acquisitions 52,654 6,893 59,547 26,414 85,961 For the Year Ended December 31, 2017 Storage Solutions North America United Kingdom Total Tank & Pump Solutions Consolidated (In thousands) Revenues: Rental $ 329,248 $ 77,342 $ 406,590 $ 92,235 $ 498,825 Sales 19,016 7,973 26,989 5,451 32,440 Other 1,430 445 1,875 409 2,284 Total revenues 349,694 85,760 435,454 98,095 533,549 Costs and expenses: Rental, selling and general expenses 217,718 50,295 268,013 68,425 336,438 Cost of sales 11,534 6,396 17,930 3,071 21,001 Restructuring expenses 2,674 — 2,674 212 2,886 Depreciation and amortization 31,735 7,057 38,792 24,580 63,372 Total costs and expenses 263,661 63,748 327,409 96,288 423,697 Income from operations $ 86,033 $ 22,012 $ 108,045 $ 1,807 $ 109,852 Interest expense, net of interest income $ 24,385 $ 501 $ 24,886 $ 10,817 $ 35,703 Income tax (benefit) provision (52,886 ) 2,045 (50,841 ) 2,737 (48,104 ) Capital expenditures for additions to rental fleet, excluding acquisitions 45,043 11,405 56,448 7,240 63,688 For the Year Ended December 31, 2016 Storage Solutions North America United Kingdom Total Tank & Pump Solutions Consolidated (In thousands) Revenues: Rental $ 309,221 $ 77,924 $ 387,145 $ 92,938 $ 480,083 Sales 18,852 2,724 21,576 4,923 26,499 Other 1,530 310 1,840 200 2,040 Total revenues 329,603 80,958 410,561 98,061 508,622 Costs and expenses: Rental, selling and general expenses 197,440 48,096 245,536 63,758 309,294 Cost of sales 11,248 2,071 13,319 3,152 16,471 Restructuring expenses 5,419 — 5,419 601 6,020 Depreciation and amortization 28,722 6,787 35,509 28,225 63,734 Total costs and expenses 242,829 56,954 299,783 95,736 395,519 Income from operations $ 86,774 $ 24,004 $ 110,778 $ 2,325 $ 113,103 Interest expense, net of interest income $ 20,920 $ 536 $ 21,456 $ 11,268 $ 32,724 Income tax provision (benefit) 22,687 2,921 25,608 (3,958 ) 21,650 Capital expenditures for additions to rental fleet, excluding acquisitions 32,270 10,851 43,121 14,251 57,372 Assets related to our reportable segments include the following: Storage Solutions North America United Kingdom Total Tank & Pump Solutions Consolidated (In thousands) As of December 31, 2018: Goodwill $ 468,400 $ 55,601 $ 524,001 $ 181,216 $ 705,217 Intangibles, net 859 341 1,200 54,342 55,542 Rental fleet, net 657,459 140,636 798,095 130,995 929,090 As of December 31, 2017: Goodwill $ 468,785 $ 58,906 $ 527,691 $ 181,216 $ 708,907 Intangibles, net 1,314 642 1,956 60,068 62,024 Rental fleet, net 714,154 156,413 870,567 118,587 989,154 Included in the consolidated balance sheets are long-lived assets other than property, plant and equipment in the U.S. of $1.5 billion as of both December 31, 2018 and 2017. |
Selected Consolidated Quarterly
Selected Consolidated Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Consolidated Quarterly Financial Data | (16) 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, 2018 and 2017. 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. We believe these comparisons of consolidated quarterly selected financial data are not necessarily indicative of future performance. 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 Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) 2018 Rental revenue $ 132,338 $ 132,887 $ 140,924 $ 152,048 Total revenues 140,654 141,999 149,707 160,869 Income (loss) from operations 29,331 28,577 (61,296 ) 38,911 Net income (loss) 14,855 15,000 (52,165 ) 14,248 Earnings (loss) per share: Basic 0.34 0.34 (1.18 ) 0.32 Diluted 0.33 0.33 (1.18 ) 0.32 First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) 2017 Rental revenue $ 114,742 $ 117,851 $ 127,695 $ 138,537 Total revenues 123,527 126,690 136,636 146,696 Income from operations 23,893 22,152 26,812 36,995 Net income 10,152 8,777 11,228 92,071 Earnings per share: Basic 0.23 0.20 0.25 2.09 Diluted 0.23 0.20 0.25 2.07 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information for Guarantors | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Financial Information for Guarantors | (17) Condensed Consolidating Financial Information for Guarantors The following tables reflect the condensed consolidating financial information of our subsidiary guarantors of the Senior Notes and our 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. CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2018 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ 1,483 $ 4,122 $ — $ 5,605 Receivables, net 114,702 15,531 — 130,233 Inventories 9,811 1,914 — 11,725 Rental fleet, net 781,588 147,502 — 929,090 Property, plant and equipment, net 130,351 23,903 — 154,254 Other assets 11,341 2,057 — 13,398 Intangibles, net 55,189 353 — 55,542 Goodwill 645,126 60,091 — 705,217 Intercompany receivables 148,811 34,449 (183,260 ) — Total assets $ 1,898,402 $ 289,922 $ (183,260 ) $ 2,005,064 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable $ 27,271 $ 5,906 $ — $ 33,177 Accrued liabilities 79,537 8,599 — 88,136 Lines of credit 589,310 4,185 — 593,495 Obligations under capital leases 63,253 106 — 63,359 Senior Notes 246,489 — — 246,489 Deferred income taxes 151,758 18,381 — 170,139 Intercompany payables 29,586 5,675 (35,261 ) — Total liabilities 1,187,204 42,852 (35,261 ) 1,194,795 Commitments and contingencies Stockholders' equity: Common stock 500 — — 500 Additional paid-in capital 619,850 147,999 (147,999 ) 619,850 Retained earnings 238,709 171,932 — 410,641 Accumulated other comprehensive loss — (72,861 ) — (72,861 ) Treasury stock, at cost (147,861 ) — — (147,861 ) Total stockholders' equity 711,198 247,070 (147,999 ) 810,269 Total liabilities and stockholders' equity $ 1,898,402 $ 289,922 $ (183,260 ) $ 2,005,064 CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2017 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ 803 $ 12,648 $ — $ 13,451 Receivables, net 91,624 19,938 — 111,562 Inventories 13,471 2,200 — 15,671 Rental fleet, net 823,997 165,157 — 989,154 Property, plant and equipment, net 133,919 23,385 — 157,304 Other assets 13,324 2,010 — 15,334 Intangibles, net 61,360 664 — 62,024 Goodwill 645,126 63,781 — 708,907 Intercompany receivables 145,855 4,806 (150,661 ) — Total assets $ 1,929,479 $ 294,589 $ (150,661 ) $ 2,073,407 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable $ 21,004 $ 5,951 $ — $ 26,955 Accrued liabilities 71,298 6,786 — 78,084 Lines of credit 634,285 — — 634,285 Obligations under capital leases 52,648 143 — 52,791 Senior Notes 245,850 — — 245,850 Deferred income taxes 153,345 20,409 — 173,754 Intercompany payables 1,437 1,225 (2,662 ) — Total liabilities 1,179,867 34,514 (2,662 ) 1,211,719 Commitments and contingencies Stockholders' equity: Common stock 497 — — 497 Additional paid-in capital 605,369 147,999 (147,999 ) 605,369 Retained earnings 290,912 172,410 — 463,322 Accumulated other comprehensive loss — (60,334 ) — (60,334 ) Treasury stock, at cost (147,166 ) — — (147,166 ) Total stockholders' equity 749,612 260,075 (147,999 ) 861,688 Total liabilities and stockholders' equity $ 1,929,479 $ 294,589 $ (150,661 ) $ 2,073,407 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Year Ended December 31, 2018 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Revenues: Rental $ 474,347 $ 83,850 $ — $ 558,197 Sales 24,988 9,366 — 34,354 Other 445 233 — 678 Total revenues 499,780 93,449 — 593,229 Costs and expenses: Rental, selling and general expenses 307,374 56,749 — 364,123 Cost of sales 15,028 7,409 — 22,437 Restructuring expenses 2,006 — — 2,006 Asset impairment charge and loss on divestiture, net 92,441 9,699 — 102,140 Depreciation and amortization 58,769 8,231 — 67,000 Total costs and expenses 475,618 82,088 — 557,706 Income from operations 24,162 11,361 — 35,523 Other income (expense): Interest income 3 3 — 6 Dividend income 8,983 — (8,983 ) — Interest expense (40,101 ) (803 ) — (40,904 ) Foreign currency exchange 47 17 — 64 (Loss) income before income tax provision (6,906 ) 10,578 (8,983 ) (5,311 ) Income tax provision 677 2,074 2,751 Net (loss) income $ (7,583 ) $ 8,504 $ (8,983 ) $ (8,062 ) CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS For the Year Ended December 31, 2018 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Net (loss) income $ (7,583 ) $ 8,504 $ (8,983 ) $ (8,062 ) Other comprehensive loss: Foreign currency translation adjustment, net of income tax provision of $88 — (12,527 ) — (12,527 ) Other comprehensive loss — (12,527 ) — (12,527 ) Comprehensive loss $ (7,583 ) $ (4,023 ) $ (8,983 ) $ (20,589 ) CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Year Ended December 31, 2017 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Revenues: Rental $ 418,590 $ 80,235 $ — $ 498,825 Sales 24,265 8,175 — 32,440 Other 1,829 455 — 2,284 Total revenues 444,684 88,865 — 533,549 Costs and expenses: Rental, selling and general expenses 283,490 52,948 — 336,438 Cost of sales 14,464 6,537 — 21,001 Restructuring expenses 2,886 — — 2,886 Depreciation and amortization 55,976 7,396 — 63,372 Total costs and expenses 356,816 66,881 — 423,697 Income from operations 87,868 21,984 — 109,852 Other income (expense): Interest income 10,616 9 (10,600 ) 25 Interest expense (45,819 ) (509 ) 10,600 (35,728 ) Foreign currency exchange — (25 ) — (25 ) Income before income tax (benefit) provision 52,665 21,459 — 74,124 Income tax (benefit) provision (51,256 ) 3,152 (48,104 ) Net income $ 103,921 $ 18,307 $ — $ 122,228 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Year Ended December 31, 2017 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Net income $ 103,921 $ 18,307 $ — $ 122,228 Other comprehensive income: Foreign currency translation adjustment, net of income tax provision of $30 — 20,713 — 20,713 Other comprehensive income — 20,713 — 20,713 Comprehensive income $ 103,921 $ 39,020 $ — $ 142,941 CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Year Ended December 31, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Revenues: Rental $ 399,200 $ 80,883 $ — $ 480,083 Sales 23,509 2,990 — 26,499 Other 1,718 322 — 2,040 Total revenues 424,427 84,195 — 508,622 Costs and expenses: Rental, selling and general expenses 258,799 50,495 — 309,294 Cost of sales 14,228 2,243 — 16,471 Restructuring expenses 6,015 5 — 6,020 Depreciation and amortization 56,548 7,186 — 63,734 Total costs and expenses 335,590 59,929 — 395,519 Income from operations 88,837 24,266 — 113,103 Other income (expense): Interest income 10,613 2 (10,613 ) 2 Interest expense (42,662 ) (677 ) 10,613 (32,726 ) Debt extinguishment expense (9,192 ) — — (9,192 ) Deferred financing costs write-off (2,271 ) — — (2,271 ) Foreign currency exchange — (18 ) — (18 ) Income from continuing operations before income tax provision 45,325 23,573 — 68,898 Income tax provision 18,729 2,921 — 21,650 Net income $ 26,596 $ 20,652 $ — $ 47,248 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) For the Year Ended December 31, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Net income $ 26,596 $ 20,652 $ — $ 47,248 Other comprehensive loss: Foreign currency translation adjustment, net of income tax benefit of $106 — (36,885 ) — (36,885 ) Other comprehensive loss — (36,885 ) — (36,885 ) Comprehensive income (loss) $ 26,596 $ (16,233 ) $ — $ 10,363 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2018 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Cash Flows from Operating Activities: Net (loss) income $ (7,583 ) $ 8,504 $ (8,983 ) $ (8,062 ) Adjustments to reconcile net (loss) income to net cash provided by operating activities: Asset impairment charge and loss on divestiture, net 92,441 9,699 102,140 Provision for doubtful accounts 2,193 219 — 2,412 Amortization of deferred financing costs 2,060 — — 2,060 Amortization of long-term liabilities 145 — — 145 Share-based compensation expense 10,642 225 — 10,867 Depreciation and amortization 58,769 8,231 — 67,000 Gain on sale of rental fleet (5,307 ) (748 ) — (6,055 ) Loss on disposal of property, plant and equipment 569 31 — 600 Deferred income taxes (1,782 ) (741 ) — (2,523 ) Foreign currency transaction loss (47 ) (17 ) — (64 ) Changes in certain assets and liabilities, net of effect of businesses acquired: Receivables (25,271 ) 3,260 — (22,011 ) Inventories (128 ) (278 ) — (406 ) Other assets 1,030 (204 ) — 826 Accounts payable 3,332 (423 ) — 2,909 Accrued liabilities 7,885 2,375 — 10,260 Intercompany 25,345 (25,345 ) — — Net cash provided by operating activities 164,293 4,788 (8,983 ) 160,098 Cash Flows from Investing Activities: Proceeds from sale of assets held for sale 9,468 685 — 10,153 Additions to rental fleet, excluding acquisitions (78,694 ) (7,267 ) — (85,961 ) Proceeds from sale of rental fleet 11,835 3,158 — 14,993 Additions to property, plant and equipment, excluding acquisitions (10,541 ) (6,390 ) — (16,931 ) Proceeds from sale of property, plant and equipment 611 72 — 683 Net cash used in investing activities (67,321 ) (9,742 ) — (77,063 ) Cash Flows from Financing Activities: Net (repayments) borrowings under lines of credit (44,975 ) 4,185 — (40,790 ) Principal payments on capital lease obligations (9,709 ) (37 ) — (9,746 ) Issuance of common stock 3,617 — — 3,617 Dividend payments (44,530 ) — — (44,530 ) Purchase of treasury stock (695 ) — — (695 ) Intercompany — (8,983 ) 8,983 — Net cash used in financing activities (96,292 ) (4,835 ) 8,983 (92,144 ) Effect of exchange rate changes on cash — 1,263 — 1,263 Net increase (decrease) in cash 680 (8,526 ) — (7,846 ) Cash and cash equivalents at beginning of year 803 12,648 — 13,451 Cash and cash equivalents at end of year $ 1,483 $ 4,122 $ — $ 5,605 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2017 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Cash Flows from Operating Activities: Net income $ 103,921 $ 18,307 $ — $ 122,228 Adjustments to reconcile net income to net cash provided by operating activities: Provision for doubtful accounts 4,446 591 — 5,037 Amortization of deferred financing costs 2,060 — — 2,060 Amortization of long-term liabilities 130 — — 130 Share-based compensation expense 7,083 290 — 7,373 Depreciation and amortization 55,976 7,396 — 63,372 Gain on sale of rental fleet (5,319 ) (338 ) — (5,657 ) Loss on disposal of property, plant and equipment 140 377 — 517 Deferred income taxes (52,248 ) 2,268 — (49,980 ) Foreign currency transaction loss — 25 — 25 Changes in certain assets and liabilities, net of effect of businesses acquired: Receivables (15,595 ) (82 ) — (15,677 ) Inventories 1,056 (1,146 ) — (90 ) Other assets (578 ) (57 ) — (635 ) Accounts payable (2,939 ) (2,046 ) — (4,985 ) Accrued liabilities 12,917 (989 ) — 11,928 Intercompany 503 (503 ) — — Net cash provided by operating activities 111,553 24,093 — 135,646 Cash Flows from Investing Activities: Additions to rental fleet, excluding acquisitions (52,115 ) (11,573 ) — (63,688 ) Proceeds from sale of rental fleet 11,432 1,521 — 12,953 Additions to property, plant and equipment, excluding acquisitions (14,672 ) (5,450 ) — (20,122 ) Proceeds from sale of property, plant and equipment 149 702 — 851 Net cash used in investing activities (55,206 ) (14,800 ) — (70,006 ) Cash Flows from Financing Activities: Net repayments under lines of credit (6,690 ) (185 ) — (6,875 ) Deferred financing costs (12 ) — — (12 ) Principal payments on capital lease obligations (7,364 ) (54 ) — (7,418 ) Issuance of common stock 5,800 — — 5,800 Dividend payments (40,171 ) — — (40,171 ) Purchase of treasury stock (8,367 ) — — (8,367 ) Net cash used in financing activities (56,804 ) (239 ) — (57,043 ) Effect of exchange rate changes on cash — 717 — 717 Net (decrease) increase in cash (457 ) 9,771 — 9,314 Cash and cash equivalents at beginning of year 1,260 2,877 — 4,137 Cash and cash equivalents at end of year $ 803 $ 12,648 $ — $ 13,451 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Cash Flows from Operating Activities: Net income 26,596 20,652 — $ 47,248 Adjustments to reconcile net income to net cash provided by operating activities: Debt extinguishment expense 9,192 — — 9,192 Deferred financing costs write-off 2,271 — 2,271 Provision for doubtful accounts 5,498 664 — 6,162 Amortization of deferred financing costs 1,968 8 — 1,976 Amortization of long-term liabilities 116 — — 116 Share-based compensation expense 7,126 273 — 7,399 Depreciation and amortization 56,548 7,186 — 63,734 Gain on sale of rental fleet (5,014 ) (458 ) — (5,472 ) Loss on disposal of property, plant and equipment 1,131 154 — 1,285 Deferred income taxes 18,713 2,921 — 21,634 Tax shortfall on equity award transactions (242 ) — — (242 ) Foreign currency transaction loss — 18 — 18 Changes in certain assets and liabilities, net of effect of businesses acquired: Receivables (23,543 ) (3,778 ) — (27,321 ) Inventories (302 ) 900 — 598 Other assets 105 (45 ) — 60 Accounts payable (930 ) 1,169 — 239 Accrued liabilities 7,227 120 — 7,347 Intercompany 776 (776 ) — — Net cash provided by operating activities 107,236 29,008 — 136,244 Cash Flows from Investing Activities: Cash paid for businesses acquired, net of cash acquired (9,206 ) (7,359 ) — (16,565 ) Additions to rental fleet, excluding acquisitions (46,471 ) (10,901 ) — (57,372 ) Proceeds from sale of rental fleet 11,976 1,703 — 13,679 Additions to property, plant and equipment, excluding acquisitions (22,402 ) (8,257 ) — (30,659 ) Proceeds from sale of property, plant and equipment 2,053 711 — 2,764 Net cash used in investing activities (64,050 ) (24,103 ) — (88,153 ) Cash Flows from Financing Activities: Net repayments under lines of credit (24,775 ) (1,773 ) — (26,548 ) Proceeds from issuance of 5.875% senior notes due 2024 250,000 — — 250,000 Redemption of 7.875% senior notes due 2020 (200,000 ) — — (200,000 ) Debt extinguishment expense (9,192 ) — — (9,192 ) Deferred financing costs (5,369 ) — — (5,369 ) Principal payments on capital lease obligations (6,399 ) (121 ) — (6,520 ) Issuance of common stock 468 — — 468 Dividend payments (36,402 ) — — (36,402 ) Purchase of treasury stock (11,290 ) — — (11,290 ) Net cash used in financing activities (42,959 ) (1,894 ) — (44,853 ) Effect of exchange rate changes on cash — (714 ) — (714 ) Net increase in cash 227 2,297 — 2,524 Cash and cash equivalents at beginning of year 1,033 580 — 1,613 Cash and cash equivalents at end of year $ 1,260 $ 2,877 $ — $ 4,137 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | (18) Subsequent Events On January 30, 2019, the Board authorized and declared a cash dividend to all our common stockholders of $0.275 per share of common stock, payable on March 13, 2019 to stockholders of record as of the close of business February 27, 2019. Each future quarterly dividend payment is subject to review and approval by the Board. |
Mobile Mini, Organization and_2
Mobile Mini, Organization and Description of Business (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The consolidated financial statements include the accounts of Mobile Mini and our wholly owned subsidiaries. We do not have any subsidiaries in which we do not own 100% of the outstanding stock. All significant intercompany balances and transactions have been eliminated. |
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. Significant estimates affect the calculation of depreciation and amortization, the calculation of the allowance for doubtful accounts, the analysis of goodwill and long-lived assets for potential impairment and certain accrued liabilities. |
Cash Equivalents | Cash Equivalents We consider all highly liquid instruments with insignificant interest rate risk and with maturities of three months or less at purchase to be cash equivalents. |
Receivables and Allowance for Doubtful Accounts | Receivables and Allowance for Doubtful Accounts Receivables are stated net of an allowance for doubtful accounts. We estimate the amount of customer receivables that are uncollectible and record an estimated provision for bad debts through a charge to operations. The provision is based on historical collection experience and evaluation of past-due accounts. Specific accounts are written off against the allowance when management determines the account is uncollectible. We require a security deposit on most leased office units to cover the cost of damages or unpaid balances, if any. Our provision for doubtful accounts was less than 1.5% of total revenues in the years ended December 31, 2018, 2017 and 2016. The information presented in the table below reflects the activity in the allowance for doubtful accounts during the periods presented. For the Years Ended December 31, 2018 2017 2016 (In thousands) Balance at beginning of year $ 6,250 $ 4,886 $ 2,162 Provision charged to expense 2,412 5,037 6,162 Write-offs and other (4,063 ) (3,673 ) (3,438 ) Balance at end of year $ 4,599 $ 6,250 $ 4,886 |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments which potentially expose us to concentrations of credit risk consist primarily of receivables. Concentration of credit risk with respect to receivables is limited due to our large number of customers spread over a broad geographic area in many industry sectors. We typically have the right to repossess rented portable storage units, including any customer goods contained in the unit, following non-payment of rent. Receivables related to sold units are generally secured by the product sold to the customer. Our largest customer accounted for approximately 6.0% of our consolidated rental revenue for the year ended December 31, 2018, and 17.6% of our total receivables at December 31, 2018. These receivables generally fluctuate throughout the year depending upon seasonal demand but are typically higher at year end following the seasonal holiday business. |
Inventories | Inventories Inventories are valued at the lower of cost (principally on a standard cost basis which approximates the first-in, first-out method) or net realizable value. Raw materials and supplies principally consist of raw steel, glass, paint, vinyl and other assembly components used in manufacturing and remanufacturing processes and, to a lesser extent, parts used for internal maintenance and ancillary items held for sale in our Tank & Pump Solutions segment. Work-in-process primarily represents partially assembled units. Finished units primarily represent purchased or assembled containers held in inventory until the container is either sold as is, remanufactured and sold, or remanufactured and deployed as rental fleet. Inventories at December 31 consisted of the following: 2018 2017 (In thousands) Raw materials and supplies $ 8,078 $ 11,732 Work-in-process — 50 Finished units 3,647 3,889 Inventories $ 11,725 $ 15,671 |
Rental fleet | Rental fleet Rental fleet is capitalized at cost and depreciated over the estimated useful life of the unit using the straight-line method. Rental fleet is depreciated whether or not it is out on rent. Capitalized cost of rental fleet includes the price paid to acquire the unit and freight charges to the location when the unit is first placed in service, and when applicable, the cost of manufacturing or remanufacturing, which includes the cost of customizing units. Ordinary repair and maintenance costs are charged to operations as incurred. We periodically review depreciable lives and residual values against various factors, including the results of our lenders’ independent appraisal of our rental fleet, practices of our competitors in comparable industries and profit margins achieved on sales of depreciated units. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the assets’ estimated useful lives. Our depreciation expense related to property, plant and equipment for 2018, 2017 and 2016 was $28.8 million, $25.9 million and $25.1 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 rental, selling and general expenses in the consolidated statements of operations. Property, plant and equipment at December 31 consisted of the following: Residual Value as Percentage of Original Cost Useful Life in Years 2018 2017 (In thousands) Land $ 1,638 $ 2,970 Vehicles and machinery 0 - 55% 5 - 30 156,195 151,937 Buildings and improvements (1) 0 - 25 3 - 30 27,614 25,079 Computer equipment and software 0 3 - 10 70,903 66,505 Furniture and office equipment 0 3 - 10 6,680 6,911 Property, plant and equipment 263,030 253,402 Accumulated depreciation and amortization (108,776 ) (96,098 ) Property, plant and equipment, net $ 154,254 $ 157,304 (1) Improvements made to leased properties are depreciated over the lesser of the estimated useful life or the remaining term of the respective lease |
Capitalized Software Development Costs | Capitalized Software Development Costs We capitalize qualifying computer software costs incurred during the application development stage for internally developed software. Additionally, we capitalize qualifying costs incurred for upgrades and enhancements that result in additional functionality to existing software. Costs related to preliminary project planning activities, post-implementation activities, maintenance and minor modifications are expensed as incurred. Internal-use software is amortized on a straight line basis over its estimated useful life. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs consist of the costs of obtaining long-term financing. Deferred financing costs related to our lines of credit are included in other assets in the consolidated balance sheets, while the Senior Notes are presented on the balance sheet net of deferred financing costs. These costs are amortized and included in interest expense over the term of the related debt, using the straight-line method, which approximates the effective interest method. Amortization expense for deferred financing costs was approximately $2.1 million, $2.1 million and $2.0 million in 2018, 2017 and 2016, respectively. As of December 31, 2018, $3.5 million and $2.8 million of the total $6.3 million unamortized deferred financing costs, related to the 2024 Notes and the Credit Agreement, respectively. The annual amortization of deferred financing costs is expected to be as follows (in thousands): 2019 $ 2,060 2020 2,000 2021 638 2022 638 2023 638 Thereafter 319 Total $ 6,293 |
Goodwill | Goodwill For acquired businesses, we record assets acquired and liabilities assumed at their 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 is recorded as goodwill. Of the $705.2 million total goodwill at December 31, 2018, $468.4 million related to the North America Storage Solutions segment, $55.6 million related to the U.K. Storage Solutions segment and $181.2 million related to the Tank & Pump Solutions segment. Goodwill impairment testing requires judgment, including: the identification of the reporting units; determination of the fair value of each reporting unit; the assignment of assets, liabilities and goodwill to each reporting unit; estimates and assumptions regarding future cash flows and discount rates; and an assumption regarding the form of the transaction in which the reporting unit would be acquired by a market participant. Management assesses potential impairment of goodwill on an annual basis at December 31, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. We have determined that the reporting units are consistent with our identified segments. Some factors management considers important which could indicate an impairment review include the following: • significant under-performance relative to historical, expected or projected future operating results; • significant changes in the manner of our use of the acquired assets or the strategy for the overall business; • market capitalization relative to net book value; and • significant negative industry or general economic trends. Management may choose to assess qualitative factors to determine if it is more-likely-than-not that goodwill might be impaired and whether or not to perform the two-step goodwill impairment test. When we review goodwill for impairment utilizing a two-step process, the first step of the impairment test requires a comparison of the fair value of each of our reporting unit’s net assets to the respective carrying value of net assets. If the carrying value of a reporting unit’s net assets is less than its fair value, no indication of impairment exists and a second step is not performed. If the carrying amount of a reporting unit’s net assets is higher than its fair value, there is an indication that an impairment may exist and a second step must be performed. If the second step is necessary, management is required to determine the implied fair value of the goodwill and compare it to the carrying value of the goodwill. The fair value of the reporting units would be assigned 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. If the carrying amount of the reporting unit’s goodwill is greater than the implied fair value of its goodwill, an impairment loss must be recognized for the difference. When assessing the fair value of the reporting units under the two-step impairment test, management considers both the market approach and the income approach. 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 and discount rates. Other estimates relate to tax payments, operating margins and capital expenditures. Each approach is given equal weight in arriving at the fair value of the reporting unit. As of December 31, 2018, 2017 and 2016, management assessed qualitative factors and determined it is more-likely-than-not each of the reporting unit’s 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 performed. The following table shows the activity and balances related to goodwill from January 1, 2017 to December 31, 2018: (In thousands) Balance at January 1, 2017 (1) $ 703,558 Adjustments 18 Foreign currency (2) 5,331 Balance at December 31, 2017 (1) 708,907 Foreign currency (2) (3,690 ) Balance at December 31, 2018 (1) $ 705,217 (1) Includes accumulated amortization of $2.0 million and accumulated impairment of $12.5 million. (2) Represents foreign currency translation adjustments primarily related to the U.K. storage solutions reporting unit. |
Intangibles | Intangibles Intangible assets are amortized over the estimated useful life of the asset utilizing a method which reflects the estimated pattern in which the economic benefits will be consumed. Customer relationships are amortized based on the estimated attrition rates of the underlying customer base, other intangibles are amortized using the straight-line method. The following table reflects balances related to intangible assets for the years ended December 31: 2018 2017 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) Customer relationships 15 - 20 $ 92,751 $ (39,472 ) $ 53,279 $ 93,235 $ (34,660 ) $ 58,575 Trade names/trademarks 5 - 10 5,913 (4,014 ) 1,899 5,954 (3,312 ) 2,642 Non-compete agreements 5 1,886 (1,549 ) 337 1,890 (1,114 ) 776 Other 20 59 (32 ) 27 60 (29 ) 31 Total $ 100,609 $ (45,067 ) $ 55,542 $ 101,139 $ (39,115 ) $ 62,024 Amortization expense for amortizable intangibles was approximately $6.5 million, $6.5 million and $6.4 million in 2018, 2017 and 2016, respectively. See information regarding intangibles acquired in conjunction with company acquisitions in Note 3. Based on the carrying value at December 31, 2018, future amortization of intangible assets is expected to be as follows for the years ended December 31 (in thousands): 2019 $ 6,291 2020 5,141 2021 4,905 2022 4,605 2023 4,324 Thereafter 30,276 Total $ 55,542 |
Impairment of Long-Lived Assets (Other than Goodwill) | Impairment of Long-Lived Assets (Other than Goodwill) Our rental fleet, property, plant and equipment, and finite-lived intangibles are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may be impaired. (See potential impairment indicators under “Goodwill” above). 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 of evaluation. See Note 4 for discussion of an impairment and divestiture loss during 2018 related primarily to long-lived assets. There were no indicators of impairment for long-lived assets held for use at December 31, 2018 or at December 31, 2017. |
Purchase Accounting | Purchase Accounting We account for acquisitions under the acquisition method. Under the acquisition method of accounting, we record assets acquired and liabilities assumed at their estimated fair market value on the date of acquisition. Goodwill is measured as the excess of the fair value of the consideration transferred over the fair value of the identifiable net assets. Estimated fair values of acquired assets and liabilities is provisional and could change as additional information is received. We finalize valuations as soon as practicable, but not later than one-year from the acquisition date. Any subsequent changes to purchase price allocations results in a corresponding adjustment to goodwill. The determination of the fair value of intangible assets requires the use of significant judgment with regard to (i) the fair value; and (ii) whether such intangibles are amortizable or non-amortizable and, if amortizable, the period and the method by which the intangible asset will be amortized. We estimate the fair value of acquisition-related intangible assets principally based on projections of cash flows that will arise from identifiable intangible assets of acquired businesses. The projected cash flows are discounted to determine the present value of the assets at the dates of acquisition. |
Revenue Recognition | Revenue Recognition A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Rental contracts with our customers may have multiple performance obligations including the direct rental of fleet to our customers, fleet delivery and pickup. Also included in rental revenues are ancillary fees including late charges and charges for damages. For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using the contractually stated price as our best estimate of the standalone selling price of each distinct promise in the contract. Our prices are determined using methods and assumptions developed consistently across similar customers and markets. We enter into contracts with our customers to rent equipment generally based on a 28-day rate for our Storage Solutions fleet and a daily, weekly or monthly rate for our Tank & Pump Solutions fleet. Revenues from renting are recognized ratably over the rental period under lessor accounting. The rental continues until cancelled by the customer or the Company. If equipment is returned prior to the end of the contractually obligated period, the excess, if any, between the amount the customer is contractually required to pay, over the cumulative amount of revenue recognized to date, is recognized as incremental revenue upon return. Customers may utilize our equipment delivery and pick-up services in conjunction with the rental of equipment, but it is not required. Revenue pursuant to the delivery or pick up of a rented unit is recognized in rental revenue upon completion of the service. Sales revenue is primarily generated by the sale of new and used units, and to a lesser extent, parts and supplies sold to Tank & Pump Solutions customers. Sales contracts generally have a single performance obligation that is satisfied at the time of delivery. Sales revenue is measured based on the consideration specified in the contract and recognized when the customer takes possession of the unit or other sale items. Our Storage Solutions rental customers are generally billed in advance. Additionally, we may bill our customers in advance for fleet pickup. Tank & Pump Solutions rental customers are typically billed in arrears, a minimum of once per month. Sales transactions are generally billed in advance or upon transfer of the sold items. Payments from customers are generally due upon receipt of the invoice. Certain customers have extended terms for payment, but no terms are greater than one year following the invoice date. Taxes assessed by a governmental authority that are both imposed and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. We adopted new guidance related to revenue from contracts with customers. The adoption did not have a significant impact on our revenue, nor did it result in a cumulative effect adjustment as of January 1, 2018. We have consistently applied our accounting policies to all periods presented in these consolidated financial statements. |
Contract Costs and Liabilities | Contract Costs and Liabilities We incur commission costs to obtain rental contracts and for sales of fleet inventory. We expect the period benefitted by each commission to be less than one year. As a result, we have applied the practical expedient for incremental costs of obtaining a contract and expense commissions as incurred. When customers are billed in advance, we defer recognition of revenue and reflect unearned rental revenue at the end of the period. As of December 31, 2018 and 2017, we had approximately $41.0 million and $38.3 million, respectively, of unearned rental revenue included in accrued liabilities in the condensed consolidated balance sheets for December 31, 2018 and 2017. We expect to perform the remaining performance obligations and recognize the unearned rental revenue within the next twelve months. Accordingly, we have applied the practical expedient available, under which we do not disclose the amount of consideration allocable to different performance obligations. |
Cost of Sales | Cost of Sales Cost of sales in our consolidated statements of operations includes the net book value of the units that were sold during the reported period and includes both our cost to buy, transport, remanufacture and modify used containers and our cost to manufacture Storage Solutions units and other structures, and to a lesser extent the costs of parts and supplies sold to customers. |
Advertising Costs | Advertising Costs Advertising expense was $3.4 million, $4.0 million and $3.9 million in 2018, 2017 and 2016, respectively. The balance of prepaid advertising costs, which are never amortized more than twelve months, was less than $0.1 million at both December 31, 2018 and 2017. |
Income Taxes | Income Taxes In preparing our consolidated financial statements, we recognize income taxes in each of the jurisdictions in which we operate. For each jurisdiction, we estimate the actual amount of taxes currently payable or receivable as well as deferred tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for those deferred tax assets for which it is more-likely-than-not that the related benefits will not be realized. In determining the amount of the valuation allowance, we consider estimated future taxable income as well as feasible tax planning strategies in each jurisdiction. If we determine that we will not realize all or a portion of our deferred tax assets, we will increase our valuation allowance with a charge to income tax expense. Conversely, if we determine that we will ultimately be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced with a credit to income tax expense. We record uncertain tax positions using a two-step process, whereby (1) we determine whether it is more-likely-than-not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within the interest expense line and other expense line, respectively, in the accompanying consolidated statements of operations. Accrued interest and penalties are included within the related liability lines in the consolidated balance sheets. The Tax Act enacted a new a minimum tax on U.S. companies’ foreign operations called Global Intangible Low Tax Income (“GILTI”). The Company has made a policy election to account for any impacts of GILTI tax in the period in which it is incurred. In the current year, the Company finalized its analysis of the impact of U.S. tax reform passed in December 2017 and has recorded a reduction to provisional amounts recorded in the fourth quarter of 2017. See additional information regarding income taxes in Note 8. |
(Loss) Earnings per Share | (Loss) Earnings per Share Basic (loss) earnings per share (“EPS”) is calculated by dividing net loss or income by the weighted average number of common shares outstanding during the period. Restricted stock awards are subject to the risk of forfeiture and are not included in the calculation of basic weighted average number of common shares outstanding until vested. Diluted EPS is calculated under the treasury stock method. Potential common shares included restricted common stock and incremental shares of common stock issuable upon the exercise of stock options. The following table is a reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted EPS for the years ended December 31: For the Years Ended December 31, 2018 2017 2016 (In thousands, except per share data) Numerator: Net (loss) income $ (8,062 ) $ 122,228 $ 47,248 Denominator: Weighted average shares outstanding - basic 44,295 44,055 44,145 Dilutive effect of share-based awards — 199 245 Weighted average shares outstanding - diluted 44,295 44,254 44,390 Earnings per share: Basic $ (0.18 ) $ 2.77 $ 1.07 Diluted (0.18 ) 2.76 1.06 There are approximately 0.7 million of common stock equivalents that would have been included in the diluted EPS denominator for the year ended December 31, 2018 had there not been a net loss. These common stock equivalents were excluded because their inclusion would reduce the net loss per share. In addition, the following table represents the number of stock options and restricted stock awards that were issued or outstanding but excluded in calculating diluted EPS because their effect would have been anti-dilutive, or the underlying performance criteria has not been met, for the years ended December 31: For the Years Ended December 31, 2018 2017 2016 (In thousands) Stock options 915 2,078 2,076 Restricted stock awards 33 2 5 Total 948 2,080 2,081 |
Fair Value Measurements | Fair Value Measurements Fair value is 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 determined by assumptions that market participants would use in pricing an asset or liability. We categorize each of our fair value measurements in one of the following three levels based on the lowest level of input that is significant to the fair value measurement: Level 1 — Observable inputs 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, 2018 and 2017, we did not have any financial instruments required to be recorded at fair value on a recurring basis. The carrying amounts of cash, cash equivalents, receivables, accounts payable and accrued liabilities approximate fair values based on their short-term nature. The fair values of our revolving credit facility and capital leases are estimated using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangements. Based on the borrowing rates currently available to us for bank loans with similar terms and average maturities, the fair value of our revolving credit facility debt and capital leases, which are measured using Level 2 inputs, at December 31, 2018 and 2017 approximated their respective book values. The fair value of our $250 million aggregate principal amount of 5.875% senior notes due July 1, 2024 (the “Senior Notes” or “2024 Notes”) is based on their latest sales price at the end of each period obtained from a third-party institution and is Level 2 in the fair value hierarchy as there is not an active market for these Senior Notes. The Senior Notes are presented on the balance sheet net of deferred financing costs. The gross carrying value and the fair value of the Senior Notes are as follows: 2018 2017 (In thousands) Carrying value $ 250,000 $ 250,000 Fair value 247,028 262,500 |
Derivatives | Derivatives In the normal course of business, our operations are exposed to fluctuations in interest rates. We have in the past, and may again in the future, address 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. At December 31, 2018 and 2017, we did not have any derivative financial instruments. |
Share-Based Compensation | Share-Based Compensation We calculate the fair value of stock options using the Black-Scholes-Merton option pricing valuation model, which incorporates various assumptions including volatility, expected life and risk-free interest rates. The fair value of restricted stock awards is estimated as the closing price of our common stock on the date of grant. Compensation related to service-based awards are recognized on a straight-line basis over the vesting period, which is generally three to five years. Compensation expense related to performance-based awards is recognized over the implicit service period of the award based on management’s estimate of the probability of the performance criteria being satisfied, adjusted at each balance sheet date. Expense related to performance-based awards that have multiple vesting dates, is recognized using the accelerated attribution approach, whereby each vesting tranche is treated as a separate award for purposes of determining the implicit service period. Share-based compensation expense is reduced for forfeitures when they occur. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions For our 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. |
Impact of Recently Issued Accounting Standards | Impact of Recently Issued Accounting Standards Tax Reform. During December 2017, the Financial Accounting Standards Board (“FASB”) released Staff Accounting Bulletin No. 118 (“the Bulletin”) which provides accounting guidance regarding accounting for income taxes for the reporting period that includes the enactment of the Tax Cuts and Jobs Act (the “Tax Act”) enacted on December 22, 2017. The bulletin provides guidance in those situations where the accounting for certain income tax effects of the Tax Act will be incomplete by the time financial statements are issued for the reporting period that includes the enactment date. For those elements of the Tax Act that cannot be reasonable estimated, no effect will be recorded. The staff has provided in the Bulletin that in situations where the accounting is incomplete for certain effects of the Tax Act, a measurement period is provided in order to complete the accounting. The measurement period begins in the reporting period that includes the enactment of the Tax Act and ends when the entity has obtained, prepared and analyzed the information needed in order to complete the accounting requirements, but no later than one year from enactment. The measurement period therefore ended in December 2018. The Company finalized its analysis of the impact of the Tax Act in the current year. Please refer to the significant accounting policies for income taxes above in this footnote, as well as Note 8 for additional information. Share-Based Compensation – Modifications . In May 2017, the FASB issued a standard which clarifies what constitutes a modification of a share-based payment award. This standard is effective for annual and interim periods beginning after December 15, 2017. We implemented this standard on January 1, 2018 and will apply the guidance prospectively to modifications, if any. Business Combinations . In January 2017, the FASB issued a standard which clarifies the definition of a business and provides a new framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This standard is effective for annual and interim periods beginning after December 15, 2017. We implemented this standard on January 1, 2018 and will apply the guidance prospectively to future transactions. Intangibles – Goodwill and Other. In January 2017, the FASB issued a standard requiring an entity to no longer perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, impairment will be measured using the difference between the carrying amount and the fair value of the reporting unit. This standard is effective for annual and interim periods beginning after December 15, 2019. Entities may early adopt the guidance for goodwill impairment tests with measurement dates after January 1, 2017. We have not determined an adoption date and do not expect the adoption of this standard to have a material effect on our consolidated financial statements. Share-Based Compensation. In March 2016, the FASB issued a standard intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. We implemented this standard on January 1, 2017. This standard eliminates the requirement that excess tax benefits be realized before companies can recognize them. As a result, utilizing the modified retrospective method, we recorded a cumulative-effect adjustment for previously unrecognized excess tax benefits of $18.5 million in the opening balance sheet for 2017, with an offsetting increase to retained earnings. In addition, the standard allows us to make a policy election to either continue to reduce share-based compensation expense for forfeitures in future periods, or to recognize forfeitures as they occur. We have chosen to record forfeitures as they occur and recorded an immaterial adjustment to reflect a cumulative-effect adjustment to the opening balance sheet for 2017 to reflect the difference between the fair value estimate of awards historically expected to be forfeited and the fair value estimate of awards actually forfeited. This standard also requires all excess tax benefits and tax deficiencies associated with the exercise of stock options and vesting of restricted stock to be recorded as income tax expense or benefit. Increases and decreases in the aggregate intrinsic value (or negative value) of such activity could introduce volatility in our effective tax rate. The remaining provisions of the new guidance did not have a material effect on our consolidated financial statements. Leases . In February 2016, the FASB issued a standard on lease accounting requiring a lessee to recognize assets and liabilities on the balance sheet for leases with lease terms greater than 12 months. This standard is effective for annual and interim periods beginning after December 15, 2018. We will adopt this standard effective January 1, 2019. A modified retrospective transition approach is required. Entities may choose between applying the new standard as of the date of initial application, or applying the standard to all leases existing as of the earliest comparative period and recasting its comparative period financial statements. We expect to use the effective date as our date of initial application. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The standard includes optional transition practical expedients intended to simplify its adoption. We intend to elect to use certain of these expedients including, among other things, the ability to retain lease classification determined under legacy GAAP as well as a relief from reviewing expired or existing contracts to determine if they contain leases. We anticipate the lessee accounting for operating leases under the standard will have a material effect on our statement of financial position. When we enter contractual arrangements as lessor, we expect the period of each rental to be less than one year. As such, we do not believe the accounting for our contractual rental revenue for contracts in which we are the lessor will be materially affected by the adoption of this standard. Upon adoption, we currently expect to recognize additional operating liabilities for contracts in which we are the lessee totaling between $90 million to $95 million, with corresponding right of use assets. The liabilities will be calculated as the present value of the remaining minimum rental payments for existing operating leases. Revenue from Contracts with Customers. In May 2014, the FASB issued an accounting standard on revenue from contracts with customers. The standard provides a single model for revenue arising from contracts with customers and supersedes previous revenue recognition guidance. The standard requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of goods or services and is effective for annual and interim periods beginning after December 15, 2017. We adopted this guidance with a date of initial application of January 1, 2018. The majority of our revenue, as it relates to contractual rental revenue, is excluded from the scope of this standard, and the accounting for the remaining revenue streams were not affected. We utilized the modified retrospective adoption and there was no impact on our consolidated financial statements, nor was there a cumulative effect of initially applying the standard. For more information regarding our revenue from contracts with customers, see the disclosure in Note 5. |
Income Tax Uncertainties, Policy | Uncertain tax positions are recognized and measured using a two-step approach. 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 | Our operations are comprised of three reportable segments: Storage Solutions North America, Storage Solutions United Kingdom and Tank & Pump Solutions. Discrete financial data on each of our products is not available and it would be impractical to collect and maintain financial data in such a manner. The results for each segment are reviewed discretely by our chief operating decision maker. We operate in the U.S., U.K. and Canada. All of our locations operate in their local currency and, although we are exposed to foreign exchange rate fluctuation in foreign markets where we rent and sell our products, we do not believe such exposure will have a significant impact on our results of operations. Revenues recognized by our U.S. locations were $499.8 million, $444.7 million and $424.4 million for the twelve months ended December 31, 2018, 2017 and 2016, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Allowance for Doubtful Accounts | The information presented in the table below reflects the activity in the allowance for doubtful accounts during the periods presented. For the Years Ended December 31, 2018 2017 2016 (In thousands) Balance at beginning of year $ 6,250 $ 4,886 $ 2,162 Provision charged to expense 2,412 5,037 6,162 Write-offs and other (4,063 ) (3,673 ) (3,438 ) Balance at end of year $ 4,599 $ 6,250 $ 4,886 |
Inventories | Inventories at December 31 consisted of the following: 2018 2017 (In thousands) Raw materials and supplies $ 8,078 $ 11,732 Work-in-process — 50 Finished units 3,647 3,889 Inventories $ 11,725 $ 15,671 |
Property, Plant and Equipment | Property, plant and equipment at December 31 consisted of the following: Residual Value as Percentage of Original Cost Useful Life in Years 2018 2017 (In thousands) Land $ 1,638 $ 2,970 Vehicles and machinery 0 - 55% 5 - 30 156,195 151,937 Buildings and improvements (1) 0 - 25 3 - 30 27,614 25,079 Computer equipment and software 0 3 - 10 70,903 66,505 Furniture and office equipment 0 3 - 10 6,680 6,911 Property, plant and equipment 263,030 253,402 Accumulated depreciation and amortization (108,776 ) (96,098 ) Property, plant and equipment, net $ 154,254 $ 157,304 (1) Improvements made to leased properties are depreciated over the lesser of the estimated useful life or the remaining term of the respective lease |
Schedule of Expected Annual Amortization of Deferred Financing Cost | The annual amortization of deferred financing costs is expected to be as follows (in thousands): 2019 $ 2,060 2020 2,000 2021 638 2022 638 2023 638 Thereafter 319 Total $ 6,293 |
Activity and Balances Relating to Goodwill | The following table shows the activity and balances related to goodwill from January 1, 2017 to December 31, 2018: (In thousands) Balance at January 1, 2017 (1) $ 703,558 Adjustments 18 Foreign currency (2) 5,331 Balance at December 31, 2017 (1) 708,907 Foreign currency (2) (3,690 ) Balance at December 31, 2018 (1) $ 705,217 (1) Includes accumulated amortization of $2.0 million and accumulated impairment of $12.5 million. (2) Represents foreign currency translation adjustments primarily related to the U.K. storage solutions reporting unit. |
Balances Related to Intangible Assets | The following table reflects balances related to intangible assets for the years ended December 31: 2018 2017 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In thousands) Customer relationships 15 - 20 $ 92,751 $ (39,472 ) $ 53,279 $ 93,235 $ (34,660 ) $ 58,575 Trade names/trademarks 5 - 10 5,913 (4,014 ) 1,899 5,954 (3,312 ) 2,642 Non-compete agreements 5 1,886 (1,549 ) 337 1,890 (1,114 ) 776 Other 20 59 (32 ) 27 60 (29 ) 31 Total $ 100,609 $ (45,067 ) $ 55,542 $ 101,139 $ (39,115 ) $ 62,024 |
Schedule of Expected Future Amortization of Intangible Assets | Based on the carrying value at December 31, 2018, future amortization of intangible assets is expected to be as follows for the years ended December 31 (in thousands): 2019 $ 6,291 2020 5,141 2021 4,905 2022 4,605 2023 4,324 Thereafter 30,276 Total $ 55,542 |
Reconciliation of Net (Loss) Income and 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 (loss) income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted EPS for the years ended December 31: For the Years Ended December 31, 2018 2017 2016 (In thousands, except per share data) Numerator: Net (loss) income $ (8,062 ) $ 122,228 $ 47,248 Denominator: Weighted average shares outstanding - basic 44,295 44,055 44,145 Dilutive effect of share-based awards — 199 245 Weighted average shares outstanding - diluted 44,295 44,254 44,390 Earnings per share: Basic $ (0.18 ) $ 2.77 $ 1.07 Diluted (0.18 ) 2.76 1.06 |
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 | In addition, the following table represents the number of stock options and restricted stock awards that were issued or outstanding but excluded in calculating diluted EPS because their effect would have been anti-dilutive, or the underlying performance criteria has not been met, for the years ended December 31: For the Years Ended December 31, 2018 2017 2016 (In thousands) Stock options 915 2,078 2,076 Restricted stock awards 33 2 5 Total 948 2,080 2,081 |
Gross Carrying and Fair Value of Senior Notes | The Senior Notes are presented on the balance sheet net of deferred financing costs. The gross carrying value and the fair value of the Senior Notes are as follows: 2018 2017 (In thousands) Carrying value $ 250,000 $ 250,000 Fair value 247,028 262,500 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Components of Purchase Price and Net Assets Acquired | Error extracting Word content The components of the purchase price and net assets acquired during the year ended December 31, 2016 (as adjusted in 2017) are as follows (in thousands): Net Assets Acquired: Cash $ 1,562 Rental fleet 10,054 Property, plant and equipment 285 Intangible assets: Customer relationships 1,616 Non-compete agreements 50 Goodwill 6,467 Other assets 1,218 Other liabilities (3,125 ) Total $ 18,127 Total, less cash acquired $ 16,565 |
Held for Sale Assets (Tables)
Held for Sale Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Assets Held For Sale Not Part Of Disposal Group [Abstract] | |
Schedule of Disposal of Assets | The estimated loss as adjusted is set forth below: Net Book Value Units (In thousands) North America Storage Solutions Fleet: Steel storage containers $ 57,579 20,072 Steel ground level offices 30,806 3,543 Other 363 286 United Kingdom Storage Solutions Fleet 8,152 1,525 Tank & Pump Solutions Fleet 1,654 622 Other 12,875 n/a Total 111,429 26,048 Proceeds, net of disposal costs (9,289 ) Net loss on impairment and divestiture $ 102,140 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregated Rental Revenue | In the following table, rental revenue is disaggregated by the nature of the underlying service provided and for the periods indicated. The table also includes a reconciliation of the disaggregated rental revenue to our reportable segments. For the Twelve Months Ended December 31, 2018 Storage Solutions North America United Kingdom Total Tank & Pump Solutions Consolidated (In thousands) Direct rental revenue $ 273,232 $ 56,516 $ 329,748 $ 78,163 $ 407,911 Delivery, pickup and similar revenue 82,325 19,456 101,781 30,330 132,111 Ancillary rental revenue 11,156 4,779 15,935 2,240 18,175 Total rental revenues $ 366,713 $ 80,751 $ 447,464 $ 110,733 $ 558,197 For the Twelve Months Ended December 31, 2017 Storage Solutions North America United Kingdom Total Tank & Pump Solutions Consolidated (In thousands) Direct rental revenue $ 247,014 $ 54,102 $ 301,116 $ 66,204 $ 367,320 Delivery, pickup and similar revenue 70,478 18,698 89,176 23,889 113,065 Ancillary rental revenue 11,756 4,542 16,298 2,142 18,440 Total rental revenues $ 329,248 $ 77,342 $ 406,590 $ 92,235 $ 498,825 For the Twelve Months Ended December 31, 2016 Storage Solutions North America United Kingdom Total Tank & Pump Solutions Consolidated (In thousands) Direct rental revenue $ 233,273 $ 54,068 $ 287,341 $ 65,874 $ 353,215 Delivery, pickup and similar revenue 65,216 19,275 84,491 24,340 108,831 Ancillary rental revenue 10,732 4,581 15,313 2,724 18,037 Total rental revenues $ 309,221 $ 77,924 $ 387,145 $ 92,938 $ 480,083 |
Rental Fleet (Tables)
Rental Fleet (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Rental Fleet | Rental fleet at December 31 consisted of the following: Residual Value as Percentage of Original Cost (1) Useful Life in Years 2018 2017 (In thousands) Storage Solutions: Steel storage containers 55% 30 $ 601,127 $ 655,553 Steel ground level offices 55% 30 341,385 374,836 Other 7,249 8,290 Total 949,761 1,038,679 Accumulated depreciation (151,666 ) (168,112 ) Total Storage Solutions fleet, net $ 798,095 $ 870,567 Tank & Pump Solutions: Steel tanks 25 $ 72,770 $ 64,254 Roll-off boxes 15 - 20 34,205 29,897 Stainless steel tank trailers 25 28,764 28,871 Vacuum boxes 20 17,005 12,700 De-watering boxes 20 8,429 6,361 Pumps and filtration equipment 7 13,984 12,680 Other 8,475 7,088 Total 183,632 161,851 Accumulated depreciation (52,637 ) (43,264 ) Total Tank & Pump Solutions fleet, net $ 130,995 $ 118,587 Total rental fleet, net $ 929,090 $ 989,154 (1) Tank & Pump Solutions fleet has been assigned zero residual value. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Future Minimum Capital Lease Payments | Future minimum capital lease payments at December 31, 2018 are as follows (in thousands): 2019 $ 12,055 2020 12,869 2021 12,434 2022 11,060 2023 9,331 Thereafter 11,029 Total 68,778 Amount representing interest (5,419 ) Present value of minimum lease payments $ 63,359 |
Scheduled Maturity for Debt Obligations | The scheduled maturity for debt obligations for balances outstanding at December 31, 2018 are as follows: Lines of Credit Senior Notes Capital Lease Obligations Total (In thousands) 2019 $ — $ — $ 10,472 $ 10,472 2020 593,495 — 11,567 605,062 2021 — — 11,440 11,440 2022 — — 10,356 10,356 2023 — — 8,886 8,886 Thereafter — 250,000 10,638 260,638 Total $ 593,495 $ 250,000 $ 63,359 $ 906,854 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
(Loss) Income from Operations Before Income Tax | (Loss) income from operations before income tax for the years ended December 31 consisted of the following: For the Years Ended December 31, 2018 2017 2016 (In thousands) U.S. $ (16,784 ) $ 52,609 $ 45,430 Foreign 11,473 21,515 23,468 Total $ (5,311 ) $ 74,124 $ 68,898 |
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: For the Years Ended December 31, 2018 2017 2016 (In thousands) Current: U.S. federal $ — $ — $ (1,124 ) State 2,340 990 1,093 Foreign 2,934 886 — Total current 5,274 1,876 (31 ) Deferred: U.S. federal 158 (59,257 ) 16,628 State (1,796 ) 7,000 1,215 Foreign (885 ) 2,277 3,838 Total deferred (2,523 ) (49,980 ) 21,681 Total (benefit) provision for income taxes $ 2,751 $ (48,104 ) $ 21,650 |
Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate | A reconciliation of the U.S. federal statutory rate to our effective tax rate for the years ended December 31 is as follows: For the Years Ended December 31, 2018 2017 2016 U.S. federal statutory rate 21.0 % 35.0 % 35.0 % State taxes, net of federal benefit 6.3 4.5 1.6 Nondeductible expenses and other (0.7 ) 0.1 1.1 U.S. mandatory repatriation 47.5 4.2 — Executive compensation (15.2 ) — — Adjustment of deferred tax asset for nondeductible share-based compensation (109.5 ) — — Global intangible low tax income (14.3 ) — — Adjustment of net deferred tax liability for enacted tax rate change 7.7 (104.7 ) 0.2 Foreign rate differential 5.4 (4.0 ) (6.5 ) Effective tax rate (51.8 ) % (64.9 ) % 31.4 % |
Net Deferred Tax Liability | The components of the net deferred tax liability at December 31 are approximately as follows: 2018 2017 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 38,693 $ 44,228 Deferred revenue and expenses 8,999 8,435 Accrued compensation and other benefits 4,552 4,118 Allowance for doubtful accounts 1,307 1,532 Equity compensation 2,573 7,092 Capital leases 14,008 12,999 Other 1,177 1,456 Total deferred tax assets 71,309 79,860 Valuation allowance (1,037 ) (1,126 ) Net deferred tax assets 70,272 78,734 Deferred tax liabilities: Fixed assets (204,394 ) (218,605 ) Intangibles and goodwill (35,051 ) (33,165 ) Other (966 ) (718 ) Total deferred tax liabilities (240,411 ) (252,488 ) Net deferred tax liabilities $ (170,139 ) $ (173,754 ) |
Summary of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows: Gross Position Tax Effect (In thousands) Balance December 31, 2017 $ 14,140 $ 3,521 Additions based on tax positions related to the current year — — Additions for tax positions in prior years — — Reductions for settlements (14,140 ) (3,521 ) Balance December 31, 2018 $ — $ — |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Share-Based Compensation Expense | The following table summarizes our share-based compensation for the years ended December 31: For the Years Ended December 31, 2018 2017 2016 (In thousands) Share-based compensation expense included in: Rental, selling and general expenses $ 10,504 $ 7,255 $ 7,220 Restructuring expenses 363 118 179 Total share-based compensation $ 10,867 $ 7,373 $ 7,399 |
Key Assumptions Used to Estimate Fair Value of Stock Options Granted | The following are the key assumptions used for the period noted: 2017 2016 Risk-free interest rate 1.7% - 2.1% 1.1% - 1.5% Expected life of the options (years) 5.0 5.0 Expected stock price volatility 32.9% - 35.3% - Expected dividend rate 2.5% - 3.1% 2.2% - 3.1% |
Stock Option Activity | The following table summarizes stock option activity for the years ended December 31 (share amounts in thousands): Number of Options Performance-Based Options Service- Based Options Total Options Weighted Average Exercise Price Outstanding options at January 1, 2016 — 2,870 2,870 $ 33.40 Granted 594 — 594 26.54 Canceled/Expired (59 ) (96 ) (155 ) 36.07 Exercised (7 ) (10 ) (17 ) 28.50 Outstanding options at December 31, 2016 528 2,764 3,292 32.06 Granted 462 — 462 32.44 Canceled/Expired (233 ) (119 ) (352 ) 33.43 Exercised (96 ) (137 ) (233 ) 24.88 Outstanding options at December 31, 2017 661 2,508 3,169 32.49 Additional options granted based upon achievement of specified performance criteria 81 — 81 32.42 Canceled/Expired (146 ) (32 ) (178 ) 27.82 Exercised (63 ) (55 ) (118 ) 30.86 Outstanding options at December 31, 2018 533 2,421 2,954 32.71 Unvested target options that vest based upon 2018 performance conditions 232 Unvested target options that vest based upon 2019 performance conditions 116 |
Fully Vested Stock Options and Stock Options Expected to Vest | A summary of stock options outstanding as of December 31, 2018, is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Terms Aggregate Intrinsic Value (In thousands) (In years) (In thousands) Outstanding 2,954 $ 32.71 5.02 $ 4,919 Exercisable 2,606 33.00 4.64 4,249 |
Restricted Stock Award Activity | A summary of restricted stock activity is as follows (share amounts in thousands): Number of Shares Performance-Based Awards Service- Based Awards Total Awards Weighted Average Grant Date Fair Value Restricted stock awards at January 1, 2016 — 242 242 $ 31.70 Awarded — 172 172 27.39 Released — (130 ) (130 ) 29.75 Forfeited — (41 ) (41 ) 28.36 Restricted stock awards at December 31, 2016 — 243 243 30.27 Awarded — 163 163 32.25 Released — (142 ) (142 ) 30.39 Forfeited — (30 ) (30 ) 31.53 Restricted stock awards at December 31, 2017 — 234 234 31.42 Awarded 103 123 226 38.47 Released (2 ) (115 ) (117 ) 34.26 Forfeited (7 ) (9 ) (16 ) 36.38 Restricted stock awards at December 31, 2018 94 233 327 35.06 Restricted target stock awards that vest based upon 2018 performance conditions 32 Restricted target stock awards that vest based upon 2019 performance conditions 31 Restricted target stock awards that vest based upon 2020 performance conditions 31 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contractual Commitments Associated with Lease Obligations | As of December 31, 2018, contractual commitments associated with lease obligations are as follows: Operating Lease Commitments Restructuring Related Lease Commitments Sub-Lease Income Total (In thousands) 2019 $ 18,852 $ 74 $ (99 ) $ 18,827 2020 15,609 — (99 ) 15,510 2021 13,357 — (33 ) 13,324 2022 12,205 — — 12,205 2023 10,402 — — 10,402 Thereafter 33,440 — — 33,440 Total $ 103,865 $ 74 $ (231 ) $ 103,708 |
Stockholders' Equity (Table)
Stockholders' Equity (Table) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Dividends Authorized and Declared Cash Dividends to Common Stockholders | During the twelve months ended December 31, 2018 we declared cash dividends of $1.00 per share for a total of $44.6 million. Each future quarterly dividend payment is subject to review and approval by the Board. In addition, our Credit Agreement contains restrictions on the declaration and payment of dividends. Declaration Date Payment Date Record Date (close of business) Dividend Amount Per Share of Common Stock January 31, 2018 March 14, 2018 February 28, 2018 $ 0.250 April 19, 2018 May 30, 2018 May 16, 2018 0.250 July 18, 2018 August 29, 2018 August 15, 2018 0.250 October 17, 2018 November 28, 2018 November 14, 2018 0.250 |
Schedule of Share Repurchase Activities | The following table presents share repurchase activities during the years ended December 31, 2018, 2017 and 2016: For the Years Ended December 31, 2018 2017 2016 Shares repurchased under share repurchase program: Number of shares repurchased 400 248,072 429,205 Average price per repurchased share (1) $ 29.99 $ 29.58 $ 25.20 Aggregate purchase price, in thousands $ 12 $ 7,338 $ 10,815 Other shares repurchased (2) Number of shares repurchased 17,217 34 16 Average price per repurchased share (1) $ 39.65 $ 30.40 $ 29.41 Aggregate purchase price, in thousands $ 683 $ 1,024 $ 467 (1) The weighted average price paid per share of common stock does not include the cost of commissions. (2) Shares not purchased as part of a publicly announced plan or program represent shares withheld from employees to satisfy minimum tax withholding obligations upon the vesting of restricted stock. |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Accrued Restructuring Obligations and Related Activity | The following table details accrued restructuring obligations (included in accrued liabilities in the consolidated balance sheets) and related activity for the years ended December 31, 2018, 2017 and 2016: Severance and Benefits Lease Abandonment Costs Other Costs Total (In thousands) Accrued obligations as of January 1, 2016 $ 1,245 $ 495 $ 2 $ 1,742 Restructuring expense 1,006 3,453 1,561 6,020 Settlement of obligations (1,856 ) (3,580 ) (1,563 ) (6,999 ) Accrued obligations as of December 31, 2016 395 368 — 763 Restructuring expense 931 900 1,055 2,886 Settlement of obligations (787 ) (1,086 ) (1,019 ) (2,892 ) Accrued obligations as of December 31, 2017 539 182 36 757 Restructuring expense 1,338 482 186 2,006 Settlement of obligations (1,473 ) (578 ) (209 ) (2,260 ) Accrued obligations as of December 31, 2018 $ 404 $ 86 $ 13 $ 503 |
Restructuring Expense | The following amounts are included in restructuring expense for the years ended December 31: 2018 2017 2016 (In thousands) Severance and benefits $ 1,338 $ 931 $ 1,006 Lease abandonment costs 482 900 3,453 Other costs 186 1,055 1,561 Restructuring expenses $ 2,006 $ 2,886 $ 6,020 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | The following tables set forth certain information regarding each of our reportable segments for the years ended December 31, 2018, 2017 and 2016: For the Year Ended December 31, 2018 Storage Solutions North America United Kingdom Total Tank & Pump Solutions Consolidated (In thousands) Revenues: Rental $ 366,713 $ 80,751 $ 447,464 $ 110,733 $ 558,197 Sales 20,008 9,024 29,032 5,322 34,354 Other 304 224 528 150 678 Total revenues 387,025 89,999 477,024 116,205 593,229 Costs and expenses: Rental, selling and general expenses 233,764 53,884 287,648 76,475 364,123 Cost of sales 12,263 7,176 19,439 2,998 22,437 Restructuring expenses 1,934 — 1,934 72 2,006 Asset impairment charge and loss on divestiture, net 91,230 8,652 99,882 2,258 102,140 Depreciation and amortization 33,591 7,891 41,482 25,518 67,000 Total costs and expenses 372,782 77,603 450,385 107,321 557,706 Income from operations $ 14,243 $ 12,396 $ 26,639 $ 8,884 $ 35,523 Interest expense, net of interest income $ 29,305 $ 801 $ 30,106 $ 10,792 $ 40,898 Income tax provision 258 2,381 2,639 112 2,751 Capital expenditures for additions to rental fleet, excluding acquisitions 52,654 6,893 59,547 26,414 85,961 For the Year Ended December 31, 2017 Storage Solutions North America United Kingdom Total Tank & Pump Solutions Consolidated (In thousands) Revenues: Rental $ 329,248 $ 77,342 $ 406,590 $ 92,235 $ 498,825 Sales 19,016 7,973 26,989 5,451 32,440 Other 1,430 445 1,875 409 2,284 Total revenues 349,694 85,760 435,454 98,095 533,549 Costs and expenses: Rental, selling and general expenses 217,718 50,295 268,013 68,425 336,438 Cost of sales 11,534 6,396 17,930 3,071 21,001 Restructuring expenses 2,674 — 2,674 212 2,886 Depreciation and amortization 31,735 7,057 38,792 24,580 63,372 Total costs and expenses 263,661 63,748 327,409 96,288 423,697 Income from operations $ 86,033 $ 22,012 $ 108,045 $ 1,807 $ 109,852 Interest expense, net of interest income $ 24,385 $ 501 $ 24,886 $ 10,817 $ 35,703 Income tax (benefit) provision (52,886 ) 2,045 (50,841 ) 2,737 (48,104 ) Capital expenditures for additions to rental fleet, excluding acquisitions 45,043 11,405 56,448 7,240 63,688 For the Year Ended December 31, 2016 Storage Solutions North America United Kingdom Total Tank & Pump Solutions Consolidated (In thousands) Revenues: Rental $ 309,221 $ 77,924 $ 387,145 $ 92,938 $ 480,083 Sales 18,852 2,724 21,576 4,923 26,499 Other 1,530 310 1,840 200 2,040 Total revenues 329,603 80,958 410,561 98,061 508,622 Costs and expenses: Rental, selling and general expenses 197,440 48,096 245,536 63,758 309,294 Cost of sales 11,248 2,071 13,319 3,152 16,471 Restructuring expenses 5,419 — 5,419 601 6,020 Depreciation and amortization 28,722 6,787 35,509 28,225 63,734 Total costs and expenses 242,829 56,954 299,783 95,736 395,519 Income from operations $ 86,774 $ 24,004 $ 110,778 $ 2,325 $ 113,103 Interest expense, net of interest income $ 20,920 $ 536 $ 21,456 $ 11,268 $ 32,724 Income tax provision (benefit) 22,687 2,921 25,608 (3,958 ) 21,650 Capital expenditures for additions to rental fleet, excluding acquisitions 32,270 10,851 43,121 14,251 57,372 |
Assets Segments | Assets related to our reportable segments include the following: Storage Solutions North America United Kingdom Total Tank & Pump Solutions Consolidated (In thousands) As of December 31, 2018: Goodwill $ 468,400 $ 55,601 $ 524,001 $ 181,216 $ 705,217 Intangibles, net 859 341 1,200 54,342 55,542 Rental fleet, net 657,459 140,636 798,095 130,995 929,090 As of December 31, 2017: Goodwill $ 468,785 $ 58,906 $ 527,691 $ 181,216 $ 708,907 Intangibles, net 1,314 642 1,956 60,068 62,024 Rental fleet, net 714,154 156,413 870,567 118,587 989,154 |
Selected Consolidated Quarter_2
Selected Consolidated Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) 2018 Rental revenue $ 132,338 $ 132,887 $ 140,924 $ 152,048 Total revenues 140,654 141,999 149,707 160,869 Income (loss) from operations 29,331 28,577 (61,296 ) 38,911 Net income (loss) 14,855 15,000 (52,165 ) 14,248 Earnings (loss) per share: Basic 0.34 0.34 (1.18 ) 0.32 Diluted 0.33 0.33 (1.18 ) 0.32 First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) 2017 Rental revenue $ 114,742 $ 117,851 $ 127,695 $ 138,537 Total revenues 123,527 126,690 136,636 146,696 Income from operations 23,893 22,152 26,812 36,995 Net income 10,152 8,777 11,228 92,071 Earnings per share: Basic 0.23 0.20 0.25 2.09 Diluted 0.23 0.20 0.25 2.07 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information for Guarantors (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheets | The following tables reflect the condensed consolidating financial information of our subsidiary guarantors of the Senior Notes and our 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. CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2018 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ 1,483 $ 4,122 $ — $ 5,605 Receivables, net 114,702 15,531 — 130,233 Inventories 9,811 1,914 — 11,725 Rental fleet, net 781,588 147,502 — 929,090 Property, plant and equipment, net 130,351 23,903 — 154,254 Other assets 11,341 2,057 — 13,398 Intangibles, net 55,189 353 — 55,542 Goodwill 645,126 60,091 — 705,217 Intercompany receivables 148,811 34,449 (183,260 ) — Total assets $ 1,898,402 $ 289,922 $ (183,260 ) $ 2,005,064 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable $ 27,271 $ 5,906 $ — $ 33,177 Accrued liabilities 79,537 8,599 — 88,136 Lines of credit 589,310 4,185 — 593,495 Obligations under capital leases 63,253 106 — 63,359 Senior Notes 246,489 — — 246,489 Deferred income taxes 151,758 18,381 — 170,139 Intercompany payables 29,586 5,675 (35,261 ) — Total liabilities 1,187,204 42,852 (35,261 ) 1,194,795 Commitments and contingencies Stockholders' equity: Common stock 500 — — 500 Additional paid-in capital 619,850 147,999 (147,999 ) 619,850 Retained earnings 238,709 171,932 — 410,641 Accumulated other comprehensive loss — (72,861 ) — (72,861 ) Treasury stock, at cost (147,861 ) — — (147,861 ) Total stockholders' equity 711,198 247,070 (147,999 ) 810,269 Total liabilities and stockholders' equity $ 1,898,402 $ 289,922 $ (183,260 ) $ 2,005,064 CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2017 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ 803 $ 12,648 $ — $ 13,451 Receivables, net 91,624 19,938 — 111,562 Inventories 13,471 2,200 — 15,671 Rental fleet, net 823,997 165,157 — 989,154 Property, plant and equipment, net 133,919 23,385 — 157,304 Other assets 13,324 2,010 — 15,334 Intangibles, net 61,360 664 — 62,024 Goodwill 645,126 63,781 — 708,907 Intercompany receivables 145,855 4,806 (150,661 ) — Total assets $ 1,929,479 $ 294,589 $ (150,661 ) $ 2,073,407 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable $ 21,004 $ 5,951 $ — $ 26,955 Accrued liabilities 71,298 6,786 — 78,084 Lines of credit 634,285 — — 634,285 Obligations under capital leases 52,648 143 — 52,791 Senior Notes 245,850 — — 245,850 Deferred income taxes 153,345 20,409 — 173,754 Intercompany payables 1,437 1,225 (2,662 ) — Total liabilities 1,179,867 34,514 (2,662 ) 1,211,719 Commitments and contingencies Stockholders' equity: Common stock 497 — — 497 Additional paid-in capital 605,369 147,999 (147,999 ) 605,369 Retained earnings 290,912 172,410 — 463,322 Accumulated other comprehensive loss — (60,334 ) — (60,334 ) Treasury stock, at cost (147,166 ) — — (147,166 ) Total stockholders' equity 749,612 260,075 (147,999 ) 861,688 Total liabilities and stockholders' equity $ 1,929,479 $ 294,589 $ (150,661 ) $ 2,073,407 |
Condensed Consolidating Statements of Income | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Year Ended December 31, 2018 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Revenues: Rental $ 474,347 $ 83,850 $ — $ 558,197 Sales 24,988 9,366 — 34,354 Other 445 233 — 678 Total revenues 499,780 93,449 — 593,229 Costs and expenses: Rental, selling and general expenses 307,374 56,749 — 364,123 Cost of sales 15,028 7,409 — 22,437 Restructuring expenses 2,006 — — 2,006 Asset impairment charge and loss on divestiture, net 92,441 9,699 — 102,140 Depreciation and amortization 58,769 8,231 — 67,000 Total costs and expenses 475,618 82,088 — 557,706 Income from operations 24,162 11,361 — 35,523 Other income (expense): Interest income 3 3 — 6 Dividend income 8,983 — (8,983 ) — Interest expense (40,101 ) (803 ) — (40,904 ) Foreign currency exchange 47 17 — 64 (Loss) income before income tax provision (6,906 ) 10,578 (8,983 ) (5,311 ) Income tax provision 677 2,074 2,751 Net (loss) income $ (7,583 ) $ 8,504 $ (8,983 ) $ (8,062 ) CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Year Ended December 31, 2017 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Revenues: Rental $ 418,590 $ 80,235 $ — $ 498,825 Sales 24,265 8,175 — 32,440 Other 1,829 455 — 2,284 Total revenues 444,684 88,865 — 533,549 Costs and expenses: Rental, selling and general expenses 283,490 52,948 — 336,438 Cost of sales 14,464 6,537 — 21,001 Restructuring expenses 2,886 — — 2,886 Depreciation and amortization 55,976 7,396 — 63,372 Total costs and expenses 356,816 66,881 — 423,697 Income from operations 87,868 21,984 — 109,852 Other income (expense): Interest income 10,616 9 (10,600 ) 25 Interest expense (45,819 ) (509 ) 10,600 (35,728 ) Foreign currency exchange — (25 ) — (25 ) Income before income tax (benefit) provision 52,665 21,459 — 74,124 Income tax (benefit) provision (51,256 ) 3,152 (48,104 ) Net income $ 103,921 $ 18,307 $ — $ 122,228 CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Year Ended December 31, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Revenues: Rental $ 399,200 $ 80,883 $ — $ 480,083 Sales 23,509 2,990 — 26,499 Other 1,718 322 — 2,040 Total revenues 424,427 84,195 — 508,622 Costs and expenses: Rental, selling and general expenses 258,799 50,495 — 309,294 Cost of sales 14,228 2,243 — 16,471 Restructuring expenses 6,015 5 — 6,020 Depreciation and amortization 56,548 7,186 — 63,734 Total costs and expenses 335,590 59,929 — 395,519 Income from operations 88,837 24,266 — 113,103 Other income (expense): Interest income 10,613 2 (10,613 ) 2 Interest expense (42,662 ) (677 ) 10,613 (32,726 ) Debt extinguishment expense (9,192 ) — — (9,192 ) Deferred financing costs write-off (2,271 ) — — (2,271 ) Foreign currency exchange — (18 ) — (18 ) Income from continuing operations before income tax provision 45,325 23,573 — 68,898 Income tax provision 18,729 2,921 — 21,650 Net income $ 26,596 $ 20,652 $ — $ 47,248 |
Condensed Consolidating Statements of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS For the Year Ended December 31, 2018 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Net (loss) income $ (7,583 ) $ 8,504 $ (8,983 ) $ (8,062 ) Other comprehensive loss: Foreign currency translation adjustment, net of income tax provision of $88 — (12,527 ) — (12,527 ) Other comprehensive loss — (12,527 ) — (12,527 ) Comprehensive loss $ (7,583 ) $ (4,023 ) $ (8,983 ) $ (20,589 ) CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Year Ended December 31, 2017 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Net income $ 103,921 $ 18,307 $ — $ 122,228 Other comprehensive income: Foreign currency translation adjustment, net of income tax provision of $30 — 20,713 — 20,713 Other comprehensive income — 20,713 — 20,713 Comprehensive income $ 103,921 $ 39,020 $ — $ 142,941 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) For the Year Ended December 31, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Net income $ 26,596 $ 20,652 $ — $ 47,248 Other comprehensive loss: Foreign currency translation adjustment, net of income tax benefit of $106 — (36,885 ) — (36,885 ) Other comprehensive loss — (36,885 ) — (36,885 ) Comprehensive income (loss) $ 26,596 $ (16,233 ) $ — $ 10,363 |
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2018 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Cash Flows from Operating Activities: Net (loss) income $ (7,583 ) $ 8,504 $ (8,983 ) $ (8,062 ) Adjustments to reconcile net (loss) income to net cash provided by operating activities: Asset impairment charge and loss on divestiture, net 92,441 9,699 102,140 Provision for doubtful accounts 2,193 219 — 2,412 Amortization of deferred financing costs 2,060 — — 2,060 Amortization of long-term liabilities 145 — — 145 Share-based compensation expense 10,642 225 — 10,867 Depreciation and amortization 58,769 8,231 — 67,000 Gain on sale of rental fleet (5,307 ) (748 ) — (6,055 ) Loss on disposal of property, plant and equipment 569 31 — 600 Deferred income taxes (1,782 ) (741 ) — (2,523 ) Foreign currency transaction loss (47 ) (17 ) — (64 ) Changes in certain assets and liabilities, net of effect of businesses acquired: Receivables (25,271 ) 3,260 — (22,011 ) Inventories (128 ) (278 ) — (406 ) Other assets 1,030 (204 ) — 826 Accounts payable 3,332 (423 ) — 2,909 Accrued liabilities 7,885 2,375 — 10,260 Intercompany 25,345 (25,345 ) — — Net cash provided by operating activities 164,293 4,788 (8,983 ) 160,098 Cash Flows from Investing Activities: Proceeds from sale of assets held for sale 9,468 685 — 10,153 Additions to rental fleet, excluding acquisitions (78,694 ) (7,267 ) — (85,961 ) Proceeds from sale of rental fleet 11,835 3,158 — 14,993 Additions to property, plant and equipment, excluding acquisitions (10,541 ) (6,390 ) — (16,931 ) Proceeds from sale of property, plant and equipment 611 72 — 683 Net cash used in investing activities (67,321 ) (9,742 ) — (77,063 ) Cash Flows from Financing Activities: Net (repayments) borrowings under lines of credit (44,975 ) 4,185 — (40,790 ) Principal payments on capital lease obligations (9,709 ) (37 ) — (9,746 ) Issuance of common stock 3,617 — — 3,617 Dividend payments (44,530 ) — — (44,530 ) Purchase of treasury stock (695 ) — — (695 ) Intercompany — (8,983 ) 8,983 — Net cash used in financing activities (96,292 ) (4,835 ) 8,983 (92,144 ) Effect of exchange rate changes on cash — 1,263 — 1,263 Net increase (decrease) in cash 680 (8,526 ) — (7,846 ) Cash and cash equivalents at beginning of year 803 12,648 — 13,451 Cash and cash equivalents at end of year $ 1,483 $ 4,122 $ — $ 5,605 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2017 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Cash Flows from Operating Activities: Net income $ 103,921 $ 18,307 $ — $ 122,228 Adjustments to reconcile net income to net cash provided by operating activities: Provision for doubtful accounts 4,446 591 — 5,037 Amortization of deferred financing costs 2,060 — — 2,060 Amortization of long-term liabilities 130 — — 130 Share-based compensation expense 7,083 290 — 7,373 Depreciation and amortization 55,976 7,396 — 63,372 Gain on sale of rental fleet (5,319 ) (338 ) — (5,657 ) Loss on disposal of property, plant and equipment 140 377 — 517 Deferred income taxes (52,248 ) 2,268 — (49,980 ) Foreign currency transaction loss — 25 — 25 Changes in certain assets and liabilities, net of effect of businesses acquired: Receivables (15,595 ) (82 ) — (15,677 ) Inventories 1,056 (1,146 ) — (90 ) Other assets (578 ) (57 ) — (635 ) Accounts payable (2,939 ) (2,046 ) — (4,985 ) Accrued liabilities 12,917 (989 ) — 11,928 Intercompany 503 (503 ) — — Net cash provided by operating activities 111,553 24,093 — 135,646 Cash Flows from Investing Activities: Additions to rental fleet, excluding acquisitions (52,115 ) (11,573 ) — (63,688 ) Proceeds from sale of rental fleet 11,432 1,521 — 12,953 Additions to property, plant and equipment, excluding acquisitions (14,672 ) (5,450 ) — (20,122 ) Proceeds from sale of property, plant and equipment 149 702 — 851 Net cash used in investing activities (55,206 ) (14,800 ) — (70,006 ) Cash Flows from Financing Activities: Net repayments under lines of credit (6,690 ) (185 ) — (6,875 ) Deferred financing costs (12 ) — — (12 ) Principal payments on capital lease obligations (7,364 ) (54 ) — (7,418 ) Issuance of common stock 5,800 — — 5,800 Dividend payments (40,171 ) — — (40,171 ) Purchase of treasury stock (8,367 ) — — (8,367 ) Net cash used in financing activities (56,804 ) (239 ) — (57,043 ) Effect of exchange rate changes on cash — 717 — 717 Net (decrease) increase in cash (457 ) 9,771 — 9,314 Cash and cash equivalents at beginning of year 1,260 2,877 — 4,137 Cash and cash equivalents at end of year $ 803 $ 12,648 $ — $ 13,451 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2016 (In thousands) Guarantors Non- Guarantors Eliminations Consolidated Cash Flows from Operating Activities: Net income 26,596 20,652 — $ 47,248 Adjustments to reconcile net income to net cash provided by operating activities: Debt extinguishment expense 9,192 — — 9,192 Deferred financing costs write-off 2,271 — 2,271 Provision for doubtful accounts 5,498 664 — 6,162 Amortization of deferred financing costs 1,968 8 — 1,976 Amortization of long-term liabilities 116 — — 116 Share-based compensation expense 7,126 273 — 7,399 Depreciation and amortization 56,548 7,186 — 63,734 Gain on sale of rental fleet (5,014 ) (458 ) — (5,472 ) Loss on disposal of property, plant and equipment 1,131 154 — 1,285 Deferred income taxes 18,713 2,921 — 21,634 Tax shortfall on equity award transactions (242 ) — — (242 ) Foreign currency transaction loss — 18 — 18 Changes in certain assets and liabilities, net of effect of businesses acquired: Receivables (23,543 ) (3,778 ) — (27,321 ) Inventories (302 ) 900 — 598 Other assets 105 (45 ) — 60 Accounts payable (930 ) 1,169 — 239 Accrued liabilities 7,227 120 — 7,347 Intercompany 776 (776 ) — — Net cash provided by operating activities 107,236 29,008 — 136,244 Cash Flows from Investing Activities: Cash paid for businesses acquired, net of cash acquired (9,206 ) (7,359 ) — (16,565 ) Additions to rental fleet, excluding acquisitions (46,471 ) (10,901 ) — (57,372 ) Proceeds from sale of rental fleet 11,976 1,703 — 13,679 Additions to property, plant and equipment, excluding acquisitions (22,402 ) (8,257 ) — (30,659 ) Proceeds from sale of property, plant and equipment 2,053 711 — 2,764 Net cash used in investing activities (64,050 ) (24,103 ) — (88,153 ) Cash Flows from Financing Activities: Net repayments under lines of credit (24,775 ) (1,773 ) — (26,548 ) Proceeds from issuance of 5.875% senior notes due 2024 250,000 — — 250,000 Redemption of 7.875% senior notes due 2020 (200,000 ) — — (200,000 ) Debt extinguishment expense (9,192 ) — — (9,192 ) Deferred financing costs (5,369 ) — — (5,369 ) Principal payments on capital lease obligations (6,399 ) (121 ) — (6,520 ) Issuance of common stock 468 — — 468 Dividend payments (36,402 ) — — (36,402 ) Purchase of treasury stock (11,290 ) — — (11,290 ) Net cash used in financing activities (42,959 ) (1,894 ) — (44,853 ) Effect of exchange rate changes on cash — (714 ) — (714 ) Net increase in cash 227 2,297 — 2,524 Cash and cash equivalents at beginning of year 1,033 580 — 1,613 Cash and cash equivalents at end of year $ 1,260 $ 2,877 $ — $ 4,137 |
Mobile Mini, Organization and_3
Mobile Mini, Organization and Description of Business - Additional Information (Detail) | Dec. 31, 2018 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Percentage of ownership owned | 100.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 09, 2016 | ||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Customer accounts percentage description | Our largest customer accounted for approximately 6.0% of our consolidated rental revenue for the year ended December 31, 2018, and 17.6% of our total receivables at December 31, 2018 | ||||
Depreciation expense | $ 28,800,000 | $ 25,900,000 | $ 25,100,000 | ||
Amortization of deferred financing costs | 2,060,000 | 2,060,000 | 1,976,000 | ||
Deferred financing costs | 6,293,000 | ||||
Goodwill | [1] | 705,217,000 | 708,907,000 | 703,558,000 | |
Amortization of all other intangibles | 6,500,000 | 6,500,000 | 6,400,000 | ||
Advertising expense | $ 3,400,000 | $ 4,000,000 | $ 3,900,000 | ||
Common stock equivalents would have included in diluted EPS denominator | 948 | 2,080 | 2,081 | ||
Senior notes fair value basis for measurement, description | The fair value of our $250 million aggregate principal amount of 5.875% senior notes due July 1, 2024 (the “Senior Notes” or “2024 Notes”) is based on their latest sales price at the end of each period obtained from a third-party institution and is Level 2 in the fair value hierarchy as there is not an active market for these Senior Notes. | ||||
March 2016 | Retained Earnings (Deficit) | |||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
New accounting pronouncement or change in accounting principle, effect of adoption, quantification | $ 18,500,000 | ||||
Common Stock Equivalents | |||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Common stock equivalents would have included in diluted EPS denominator | 700 | ||||
Maximum | |||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Prepaid advertising costs | $ 100,000 | 100,000 | |||
Maximum | Accounting Standards Update 2016-02 | |||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Additional operating lease liabilities | 95,000,000 | ||||
Right of use assets | 95,000,000 | ||||
Minimum | Accounting Standards Update 2016-02 | |||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Additional operating lease liabilities | 90,000,000 | ||||
Right of use assets | 90,000,000 | ||||
Accrued Liabilities | |||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Unearned rental revenue | 41,000,000 | 38,300,000 | |||
Storage Solutions | |||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill | 524,001,000 | 527,691,000 | |||
Storage Solutions | North America | |||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill | 468,400,000 | 468,785,000 | |||
Storage Solutions | United Kingdom | |||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill | 55,601,000 | 58,906,000 | |||
Tank & Pump Solutions Segment | |||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill | 181,216,000 | $ 181,216,000 | |||
$1.0 billion ABL Credit Agreement | |||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Unamortized deferred financing cost | 2,800,000 | ||||
Senior Notes 5.875 Percent Due 2024 | |||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Unamortized deferred financing cost | 3,500,000 | ||||
Senior notes, face amount | $ 250,000,000 | $ 250,000,000 | |||
Debt instrument interest rate | 5.875% | 5.875% | |||
Senior notes due, date | Jul. 1, 2024 | ||||
Accounts Receivable | Customer Concentration Risk | |||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration Risk, Percentage | 1.50% | 1.50% | 1.50% | ||
Accounts Receivable | Credit Concentration Risk | |||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration Risk, Percentage | 17.60% | ||||
Rental Revenue | Customer Concentration Risk | |||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration Risk, Percentage | 6.00% | ||||
[1] | Includes accumulated amortization of $2.0 million and accumulated impairment of $12.5 million. |
Schedule of Allowance for Doubt
Schedule of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Receivables [Abstract] | |||
Balance at beginning of year | $ 6,250 | $ 4,886 | $ 2,162 |
Provision charged to expense | 2,412 | 5,037 | 6,162 |
Write-offs and other | (4,063) | (3,673) | (3,438) |
Balance at end of year | $ 4,599 | $ 6,250 | $ 4,886 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 8,078 | $ 11,732 |
Work-in-process | 50 | |
Finished units | 3,647 | 3,889 |
Inventories | $ 11,725 | $ 15,671 |
Property, Plant and Equipment (
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Property Plant And Equipment [Line Items] | |||
Land | $ 1,638 | $ 2,970 | |
Vehicles and machinery | 156,195 | 151,937 | |
Buildings and improvements | [1] | 27,614 | 25,079 |
Computer equipment and software | 70,903 | 66,505 | |
Furniture and office equipment | 6,680 | 6,911 | |
Property, plant and equipment | 263,030 | 253,402 | |
Accumulated depreciation and amortization | (108,776) | (96,098) | |
Property, plant and equipment, net | $ 154,254 | $ 157,304 | |
Vehicles and machinery | Minimum | |||
Property Plant And Equipment [Line Items] | |||
Residual Value as Percentage of Original Cost | 0.00% | ||
Useful Life in Years | 5 years | ||
Vehicles and machinery | Maximum | |||
Property Plant And Equipment [Line Items] | |||
Residual Value as Percentage of Original Cost | 55.00% | ||
Useful Life in Years | 30 years | ||
Buildings and improvements | Minimum | |||
Property Plant And Equipment [Line Items] | |||
Residual Value as Percentage of Original Cost | [1] | 0.00% | |
Useful Life in Years | [1] | 3 years | |
Buildings and improvements | Maximum | |||
Property Plant And Equipment [Line Items] | |||
Residual Value as Percentage of Original Cost | [1] | 25.00% | |
Useful Life in Years | [1] | 30 years | |
Computer equipment and software | |||
Property Plant And Equipment [Line Items] | |||
Residual Value as Percentage of Original Cost | 0.00% | ||
Computer equipment and software | Minimum | |||
Property Plant And Equipment [Line Items] | |||
Useful Life in Years | 3 years | ||
Computer equipment and software | Maximum | |||
Property Plant And Equipment [Line Items] | |||
Useful Life in Years | 10 years | ||
Furniture and office equipment | |||
Property Plant And Equipment [Line Items] | |||
Residual Value as Percentage of Original Cost | 0.00% | ||
Furniture and office equipment | Minimum | |||
Property Plant And Equipment [Line Items] | |||
Useful Life in Years | 3 years | ||
Furniture and office equipment | Maximum | |||
Property Plant And Equipment [Line Items] | |||
Useful Life in Years | 10 years | ||
[1] | Improvements made to leased properties are depreciated over the lesser of the estimated useful life or the remaining term of the respective lease |
Schedule of Expected Annual Amo
Schedule of Expected Annual Amortization of Deferred Financing Cost (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Accounting Policies [Abstract] | |
2,019 | $ 2,060 |
2,020 | 2,000 |
2,021 | 638 |
2,022 | 638 |
2,023 | 638 |
Thereafter | 319 |
Total | $ 6,293 |
Activity and Balances Relating
Activity and Balances Relating to Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Goodwill Beginning Balance | [1] | $ 708,907 | $ 703,558 |
Adjustments | 18 | ||
Foreign currency | [2] | (3,690) | 5,331 |
Goodwill Ending Balance | [1] | $ 705,217 | $ 708,907 |
[1] | Includes accumulated amortization of $2.0 million and accumulated impairment of $12.5 million. | ||
[2] | Represents foreign currency translation adjustments primarily related to the U.K. storage solutions reporting unit. |
Activity and Balances Relatin_2
Activity and Balances Relating to Goodwill (Parenthetical) (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill, accumulated amortization | $ 2 |
Goodwill, accumulated impairment | $ 12.5 |
Balances Related to Intangible
Balances Related to Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 100,609 | $ 101,139 |
Accumulated Amortization | (45,067) | (39,115) |
Net Carrying Amount | 55,542 | 62,024 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 92,751 | 93,235 |
Accumulated Amortization | (39,472) | (34,660) |
Net Carrying Amount | $ 53,279 | 58,575 |
Customer relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 15 years | |
Customer relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 20 years | |
Trade names/trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 5,913 | 5,954 |
Accumulated Amortization | (4,014) | (3,312) |
Net Carrying Amount | $ 1,899 | 2,642 |
Trade names/trademarks | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 5 years | |
Trade names/trademarks | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 10 years | |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 5 years | |
Gross Carrying Amount | $ 1,886 | 1,890 |
Accumulated Amortization | (1,549) | (1,114) |
Net Carrying Amount | $ 337 | 776 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 20 years | |
Gross Carrying Amount | $ 59 | 60 |
Accumulated Amortization | (32) | (29) |
Net Carrying Amount | $ 27 | $ 31 |
Schedule of Expected Future Amo
Schedule of Expected Future Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
2,019 | $ 6,291 | |
2,020 | 5,141 | |
2,021 | 4,905 | |
2,022 | 4,605 | |
2,023 | 4,324 | |
Thereafter | 30,276 | |
Net Carrying Amount | $ 55,542 | $ 62,024 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information 1 (Detail) | Dec. 31, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | |
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |
Expected remaining performance obligation recognition period | 12 months |
Reconciliation of Net (Loss) In
Reconciliation of Net (Loss) Income and Weighted-Average Shares of Common Stock Outstanding for Purposes of Calculating Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Net (loss) income | $ 14,248 | $ (52,165) | $ 15,000 | $ 14,855 | $ 92,071 | $ 11,228 | $ 8,777 | $ 10,152 | $ (8,062) | $ 122,228 | $ 47,248 |
Denominator: | |||||||||||
Weighted average shares outstanding - basic | 44,295 | 44,055 | 44,145 | ||||||||
Dilutive effect of share-based awards | 199 | 245 | |||||||||
Weighted average shares outstanding - diluted | 44,295 | 44,254 | 44,390 | ||||||||
Earnings per share: | |||||||||||
Basic | $ 0.32 | $ (1.18) | $ 0.34 | $ 0.34 | $ 2.09 | $ 0.25 | $ 0.20 | $ 0.23 | $ (0.18) | $ 2.77 | $ 1.07 |
Diluted | $ 0.32 | $ (1.18) | $ 0.33 | $ 0.33 | $ 2.07 | $ 0.25 | $ 0.20 | $ 0.23 | $ (0.18) | $ 2.76 | $ 1.06 |
Number of Stock Options and Res
Number of Stock Options and Restricted Awards that were Issued or Outstanding but were Excluded in Calculating Diluted Earnings Per Share Because their Effect would have been Anti-Dilutive (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the computation of dilutive EPS | 948 | 2,080 | 2,081 |
Stock options | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the computation of dilutive EPS | 915 | 2,078 | 2,076 |
Restricted stock awards | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the computation of dilutive EPS | 33 | 2 | 5 |
Gross Carrying and Fair Value o
Gross Carrying and Fair Value of Senior Notes (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Carrying value | $ 246,489 | $ 245,850 |
Senior Notes 5.875 Percent Due 2024 | ||
Debt Instrument [Line Items] | ||
Carrying value | 250,000 | 250,000 |
Fair value | $ 247,028 | $ 262,500 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - Entity | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||
Number of business acquired | 0 | 0 | |
Portable Storage Businesses | |||
Business Acquisition [Line Items] | |||
Number of business acquired | 3 |
Schedule of Components of Purch
Schedule of Components of Purchase Price and Net Assets Acquired (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Net Assets Acquired: | |
Cash | $ 1,562 |
Rental fleet | 10,054 |
Property, plant and equipment | 285 |
Intangible assets: | |
Goodwill | 6,467 |
Other assets | 1,218 |
Other liabilities | (3,125) |
Total | 18,127 |
Total, less cash acquired | 16,565 |
Customer relationships | |
Intangible assets: | |
Intangible assets | 1,616 |
Non-compete agreements | |
Intangible assets: | |
Intangible assets | $ 50 |
Held for Sale Assets - Addition
Held for Sale Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2018 | |
Assets Held For Sale Not Part Of Disposal Group [Abstract] | ||
Asset impairment charge and loss on divestiture, net | $ 98,300 | $ 102,140 |
Non-cash loss | $ 111,429 |
Schedule of Disposal of Assets
Schedule of Disposal of Assets (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)Fleet | |
Long Lived Assets Held For Sale [Line Items] | ||
Net book value | $ 111,429 | |
Proceeds, net of disposal costs | (9,289) | |
Net loss on impairment and divestiture | $ 98,300 | $ 102,140 |
Units | Fleet | 26,048 | |
Tank & Pump Solutions | ||
Long Lived Assets Held For Sale [Line Items] | ||
Net book value | $ 1,654 | |
Units | Fleet | 622 | |
Other | ||
Long Lived Assets Held For Sale [Line Items] | ||
Net book value | $ 12,875 | |
North America | Storage Solutions | Steel storage containers | ||
Long Lived Assets Held For Sale [Line Items] | ||
Net book value | $ 57,579 | |
Units | Fleet | 20,072 | |
North America | Storage Solutions | Steel ground level offices | ||
Long Lived Assets Held For Sale [Line Items] | ||
Net book value | $ 30,806 | |
Units | Fleet | 3,543 | |
North America | Storage Solutions | Other | ||
Long Lived Assets Held For Sale [Line Items] | ||
Net book value | $ 363 | |
Units | Fleet | 286 | |
United Kingdom | Storage Solutions | ||
Long Lived Assets Held For Sale [Line Items] | ||
Net book value | $ 8,152 | |
Units | Fleet | 1,525 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Schedule of Disaggregated Rental Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | $ 160,869 | $ 149,707 | $ 141,999 | $ 140,654 | $ 146,696 | $ 136,636 | $ 126,690 | $ 123,527 | $ 593,229 | $ 533,549 | $ 508,622 |
Storage Solutions | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 477,024 | 435,454 | 410,561 | ||||||||
Tank & Pump Solutions Segment | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 116,205 | 98,095 | 98,061 | ||||||||
North America | Storage Solutions | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 387,025 | 349,694 | 329,603 | ||||||||
United Kingdom | Storage Solutions | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 89,999 | 85,760 | 80,958 | ||||||||
Rental | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | $ 152,048 | $ 140,924 | $ 132,887 | $ 132,338 | $ 138,537 | $ 127,695 | $ 117,851 | $ 114,742 | 558,197 | 498,825 | 480,083 |
Rental | Direct rental revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 407,911 | 367,320 | 353,215 | ||||||||
Rental | Delivery, pickup and similar revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 132,111 | 113,065 | 108,831 | ||||||||
Rental | Ancillary rental revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 18,175 | 18,440 | 18,037 | ||||||||
Rental | Storage Solutions | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 447,464 | 406,590 | 387,145 | ||||||||
Rental | Storage Solutions | Direct rental revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 329,748 | 301,116 | 287,341 | ||||||||
Rental | Storage Solutions | Delivery, pickup and similar revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 101,781 | 89,176 | 84,491 | ||||||||
Rental | Storage Solutions | Ancillary rental revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 15,935 | 16,298 | 15,313 | ||||||||
Rental | Tank & Pump Solutions Segment | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 110,733 | 92,235 | 92,938 | ||||||||
Rental | Tank & Pump Solutions Segment | Direct rental revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 78,163 | 66,204 | 65,874 | ||||||||
Rental | Tank & Pump Solutions Segment | Delivery, pickup and similar revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 30,330 | 23,889 | 24,340 | ||||||||
Rental | Tank & Pump Solutions Segment | Ancillary rental revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 2,240 | 2,142 | 2,724 | ||||||||
Rental | North America | Storage Solutions | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 366,713 | 329,248 | 309,221 | ||||||||
Rental | North America | Storage Solutions | Direct rental revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 273,232 | 247,014 | 233,273 | ||||||||
Rental | North America | Storage Solutions | Delivery, pickup and similar revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 82,325 | 70,478 | 65,216 | ||||||||
Rental | North America | Storage Solutions | Ancillary rental revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 11,156 | 11,756 | 10,732 | ||||||||
Rental | United Kingdom | Storage Solutions | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 80,751 | 77,342 | 77,924 | ||||||||
Rental | United Kingdom | Storage Solutions | Direct rental revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 56,516 | 54,102 | 54,068 | ||||||||
Rental | United Kingdom | Storage Solutions | Delivery, pickup and similar revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | 19,456 | 18,698 | 19,275 | ||||||||
Rental | United Kingdom | Storage Solutions | Ancillary rental revenue | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues | $ 4,779 | $ 4,542 | $ 4,581 |
Rental Fleet - Additional Infor
Rental Fleet - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, net | $ 929,090 | $ 989,154 | |
Portable Storage | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Depreciation expense | 31,700 | $ 31,000 | $ 32,300 |
Net orderly liquidation appraisal value of rental fleet | $ 1,100,000 |
Rental Fleet (Detail)
Rental Fleet (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Property Subject to or Available for Operating Lease [Line Items] | |||
Total fleet, net | $ 929,090 | $ 989,154 | |
Storage Solutions | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, gross | 949,761 | 1,038,679 | |
Accumulated depreciation | (151,666) | (168,112) | |
Total fleet, net | $ 798,095 | 870,567 | |
Storage Solutions | Steel storage containers | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Residual Value as Percentage of Original Cost | [1] | 55.00% | |
Useful Life in Years | 30 years | ||
Rental fleet, gross | $ 601,127 | 655,553 | |
Storage Solutions | Steel ground level offices | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Residual Value as Percentage of Original Cost | [1] | 55.00% | |
Useful Life in Years | 30 years | ||
Rental fleet, gross | $ 341,385 | 374,836 | |
Storage Solutions | Other | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, gross | 7,249 | 8,290 | |
Tank & Pump Solutions | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, gross | 183,632 | 161,851 | |
Accumulated depreciation | (52,637) | (43,264) | |
Total fleet, net | $ 130,995 | 118,587 | |
Tank & Pump Solutions | Steel tanks | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 25 years | ||
Rental fleet, gross | $ 72,770 | 64,254 | |
Tank & Pump Solutions | Roll-off boxes | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, gross | $ 34,205 | 29,897 | |
Tank & Pump Solutions | Roll-off boxes | Minimum | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 15 years | ||
Tank & Pump Solutions | Roll-off boxes | Maximum | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 20 years | ||
Tank & Pump Solutions | Stainless steel tank trailers | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 25 years | ||
Rental fleet, gross | $ 28,764 | 28,871 | |
Tank & Pump Solutions | Vacuum Boxes | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 20 years | ||
Rental fleet, gross | $ 17,005 | 12,700 | |
Tank & Pump Solutions | De-watering boxes | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 20 years | ||
Rental fleet, gross | $ 8,429 | 6,361 | |
Tank & Pump Solutions | Pumps and filtration equipment | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Useful Life in Years | 7 years | ||
Rental fleet, gross | $ 13,984 | 12,680 | |
Tank & Pump Solutions | Other | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Rental fleet, gross | $ 8,475 | $ 7,088 | |
[1] | Tank & Pump Solutions fleet has been assigned zero residual value. |
Rental Fleet (Parenthetical) (D
Rental Fleet (Parenthetical) (Detail) | Dec. 31, 2018USD ($) |
Tank & Pump Solutions | |
Property Subject to or Available for Operating Lease [Line Items] | |
Residual value | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | May 09, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 14, 2015 |
Debt Instrument [Line Items] | |||||
Credit Agreement, interest rate terms | Outstanding amounts under the Credit Agreement bear interest at our option at either: (i) the London interbank offered rate (“LIBOR”) plus an applicable margin (“LIBOR Loans”), or (ii) the prime rate plus an applicable margin (“Base Rate Loans”). | ||||
Line of credit, covenant | 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’s or its subsidiaries’ assets, (ii) repurchase or pay dividends or make certain other restricted payments on capital stock and certain other securities, or prepay certain indebtedness, (iii) incur additional indebtedness or engage in certain other types of financing transactions, and (iv) make acquisitions or other investments. | ||||
Line of credit facility, covenant compliance | In addition, we must comply with a minimum fixed charge coverage ratio of 1.00 to 1.00 as of the last day of each quarter, upon the minimum availability amount under the Credit Agreement falling below the greater of (y) $90 million and (z) 10% of the lesser of the then total revolving loan commitment and aggregate borrowing base. | ||||
Minimum fixed charges coverage ratio | 100.00% | ||||
Line of credit, minimum borrowing availability for financial maintenance covenants to be applicable | $ 90,000,000 | ||||
Applicable percentage of revolving loan commitment and aggregate borrowing base | 10.00% | ||||
Lines of credit, weighted average interest rate | 3.50% | 2.60% | |||
Lines of credit, average balance outstanding | $ 613,800,000 | $ 637,900,000 | |||
Lines of credit, borrowings outstanding | 593,495,000 | 634,285,000 | |||
Additional borrowing available under credit agreement | 403,400,000 | ||||
Deferred financing costs write-off | $ 2,271,000 | ||||
Obligations under capital leases | 63,359,000 | 52,791,000 | |||
Assets recorded under capital lease obligations | 90,300,000 | 71,600,000 | |||
Assets recorded under capital lease obligations, accumulated amortization | $ 35,700,000 | $ 25,400,000 | |||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Capitalized leases, interest rates | 1.70% | ||||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Percentage of net orderly liquidation value of rental-fleet to be included in determination of borrowing base | 90.00% | ||||
Capitalized leases, interest rates | 4.10% | ||||
LIBOR Loans | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, margin rate | 1.50% | ||||
LIBOR Loans | Minimum | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, margin rate | 1.25% | ||||
LIBOR Loans | Maximum | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, margin rate | 1.75% | ||||
Base Rate Loans | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, margin rate | 0.50% | ||||
Base Rate Loans | Minimum | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, margin rate | 0.25% | ||||
Base Rate Loans | Maximum | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, margin rate | 0.75% | ||||
$1 billion ABL Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Credit Agreement, term | 5 years | ||||
$1 billion ABL Credit Agreement | First Lien Senior Secured Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Credit Agreement, borrowing capacity | $ 1,000,000,000 | ||||
Credit Agreement, maturity date | Dec. 14, 2020 | ||||
U.S. Based Lenders | $1 billion ABL Credit Agreement | Standby Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Credit Agreement, borrowing capacity | 50,000,000 | ||||
U.K. Based Lenders | $1 billion ABL Credit Agreement | Standby Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Credit Agreement, borrowing capacity | 20,000,000 | ||||
Canadian Based Lenders | $1 billion ABL Credit Agreement | Standby Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Credit Agreement, borrowing capacity | $ 20,000,000 | ||||
Senior Notes 5.875 Percent Due 2024 | |||||
Debt Instrument [Line Items] | |||||
Senior notes, face amount | $ 250,000,000 | $ 250,000,000 | |||
Offering price percentage of face value | 100.00% | ||||
Senior notes, interest rate | 5.875% | 5.875% | |||
Senior notes, maturity term | 8 years | ||||
Senior notes, maturity date | Jul. 1, 2024 | ||||
Senior Notes 7.875 Percent Due 2020 | |||||
Debt Instrument [Line Items] | |||||
Redeemed senior notes, face amount | $ 200,000,000 | ||||
Senior notes, interest rate | 7.875% | 7.875% | |||
Debt instrument redemption price, percentage | 103.938% | ||||
Debt instrument, redemption date | Jun. 8, 2016 | ||||
Debt extinguishment expense | $ 9,200,000 | ||||
Debt redemption premiums | 7,900,000 | ||||
Interest expense prior to the redemption | 1,300,000 | ||||
Deferred financing costs write-off | $ 2,300,000 |
Future Minimum Capital Lease Pa
Future Minimum Capital Lease Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Leases [Abstract] | ||
2,019 | $ 12,055 | |
2,020 | 12,869 | |
2,021 | 12,434 | |
2,022 | 11,060 | |
2,023 | 9,331 | |
Thereafter | 11,029 | |
Total | 68,778 | |
Amount representing interest | (5,419) | |
Present value of minimum lease payments | $ 63,359 | $ 52,791 |
Scheduled Maturity for Debt Obl
Scheduled Maturity for Debt Obligations (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
2,019 | $ 10,472 |
2,020 | 605,062 |
2,021 | 11,440 |
2,022 | 10,356 |
2,023 | 8,886 |
Thereafter | 260,638 |
Total | 906,854 |
Lines of Credit | |
Debt Instrument [Line Items] | |
2,020 | 593,495 |
Total | 593,495 |
Senior Notes | |
Debt Instrument [Line Items] | |
Thereafter | 250,000 |
Total | 250,000 |
Capital Lease Obligations | |
Debt Instrument [Line Items] | |
2,019 | 10,472 |
2,020 | 11,567 |
2,021 | 11,440 |
2,022 | 10,356 |
2,023 | 8,886 |
Thereafter | 10,638 |
Total | $ 63,359 |
(Loss) Income from Operations B
(Loss) Income from Operations Before Income Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | |||
Income (loss) before provision for (benefit from) income taxes | $ (5,311) | $ 74,124 | $ 68,898 |
U.S. | |||
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | |||
Income (loss) before provision for (benefit from) income taxes | (16,784) | 52,609 | 45,430 |
Foreign | |||
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | |||
Income (loss) before provision for (benefit from) income taxes | $ 11,473 | $ 21,515 | $ 23,468 |
Provision for Income Taxes from
Provision for Income Taxes from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
U.S. federal | $ (1,124) | ||
State | $ 2,340 | $ 990 | 1,093 |
Foreign | 2,934 | 886 | |
Total current | 5,274 | 1,876 | (31) |
Deferred: | |||
U.S. federal | 158 | (59,257) | 16,628 |
State | (1,796) | 7,000 | 1,215 |
Foreign | (885) | 2,277 | 3,838 |
Total deferred | (2,523) | (49,980) | 21,681 |
Total (benefit) provision for income taxes | $ 2,751 | $ (48,104) | $ 21,650 |
Reconciliation of U.S. Federal
Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory rate | 21.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 6.30% | 4.50% | 1.60% |
Nondeductible expenses and other | (0.70%) | 0.10% | 1.10% |
U.S. mandatory repatriation | 47.50% | 4.20% | |
Executive compensation | (15.20%) | ||
Adjustment of deferred tax asset for nondeductible share-based compensation | (109.50%) | ||
Global intangible low tax income | (14.30%) | ||
Adjustment of net deferred tax liability for enacted tax rate change | 7.70% | (104.70%) | 0.20% |
Foreign rate differential | 5.40% | (4.00%) | (6.50%) |
Effective tax rate | (51.80%) | (64.90%) | 31.40% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||||||
Effective income tax (benefit) rate, percent | (51.80%) | (64.90%) | 31.40% | ||||
Reduction in Provisional income tax benefit related to repatriation of foreign earnings | $ 2,600 | ||||||
Asset impairment charge and loss on divestiture, net | $ 98,300 | 102,140 | |||||
Loss before income taxes | $ 5,311 | $ (74,124) | $ (68,898) | ||||
Nondeductible tax expense related to share-based compensation | $ 5,800 | ||||||
Reversal of deferred tax assets due to determination of share-based compensation to be nondeductible | 5,800 | ||||||
Federal income tax rate | 21.00% | 35.00% | 35.00% | ||||
Net benefit recognized on deferred tax liabilities as a result of change in tax rate | $ 77,600 | ||||||
Change in effective tax rate as a result of enacted tax rate change | 7.70% | (104.70%) | 0.20% | ||||
Provisional income tax expense related to repatriation of foreign earnings | $ 3,100 | ||||||
Mandatory repatriation of foreign earnings affected tax rate | 47.50% | 4.20% | |||||
Income tax paid | $ 4,000 | $ 2,600 | $ 1,800 | ||||
Tax year subject to tax examination for U.S. Federal return | As of December 31, 2018, we are no longer subject to examination by U.S. federal tax authorities for years prior to 2015, to examination for any U.S. state taxing authority prior to 2013, or to examination for any foreign jurisdictions prior to 2014. All subsequent periods remain open to examination. | ||||||
Unrecognized excess tax benefits | 0 | $ 0 | 14,140 | $ 0 | |||
Minimum | |||||||
Income Tax Contingency [Line Items] | |||||||
Step two threshold to quantify uncertain tax position | 50.00% | ||||||
US and UK | |||||||
Income Tax Contingency [Line Items] | |||||||
Net deferred tax liability | 17,600 | $ 17,600 | 19,300 | 17,600 | |||
U.S. | |||||||
Income Tax Contingency [Line Items] | |||||||
Loss before income taxes | 16,784 | $ (52,609) | $ (45,430) | ||||
Net operating loss carryforwards | 150,500 | $ 150,500 | 150,500 | ||||
Federal taxable income | 113,500 | ||||||
U.S. | Minimum | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating loss carryforwards, expiration year | 2,029 | ||||||
U.S. | Maximum | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating loss carryforwards, expiration year | 2,034 | ||||||
State | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating loss carryforwards | $ 100,600 | $ 100,600 | $ 100,600 | ||||
State | Minimum | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating loss carryforwards, expiration year | 2,019 | ||||||
State | Maximum | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating loss carryforwards, expiration year | 2,038 | ||||||
United Kingdom | |||||||
Income Tax Contingency [Line Items] | |||||||
Federal income tax rate | 17.00% | 18.00% | |||||
Changes in U.K. income tax rate resulted in tax benefit | $ 900 |
Net Deferred Tax Liability (Det
Net Deferred Tax Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 38,693 | $ 44,228 |
Deferred revenue and expenses | 8,999 | 8,435 |
Accrued compensation and other benefits | 4,552 | 4,118 |
Allowance for doubtful accounts | 1,307 | 1,532 |
Equity compensation | 2,573 | 7,092 |
Capital leases | 14,008 | 12,999 |
Other | 1,177 | 1,456 |
Total deferred tax assets | 71,309 | 79,860 |
Valuation allowance | (1,037) | (1,126) |
Net deferred tax assets | 70,272 | 78,734 |
Deferred tax liabilities: | ||
Fixed assets | (204,394) | (218,605) |
Intangibles and goodwill | (35,051) | (33,165) |
Other | (966) | (718) |
Total deferred tax liabilities | (240,411) | (252,488) |
Net deferred tax liabilities | $ (170,139) | $ (173,754) |
Summary of Reconciliation of Un
Summary of Reconciliation of Unrecognized Tax Benefits (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Gross Position | |
Balance December 31, 2017 | $ 14,140 |
Reductions for settlements | (14,140) |
Balance December 31, 2018 | 0 |
Tax Effect | |
Balance December 31, 2017 | 3,521 |
Reductions for settlements | (3,521) |
Balance December 31, 2018 | $ 0 |
Transactions with Related Per_2
Transactions with Related Persons - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2018USD ($)Property | Dec. 31, 2017USD ($) | |
Digital Marketing and Strategy Company | ||
Related Party Transaction [Line Items] | ||
Payments to related party | $ 400,000 | $ 700,000 |
Due/owed to related party | 0 | |
Management Consultant Company | ||
Related Party Transaction [Line Items] | ||
Amount expensed related to agreement, including reimbursement for expenses incurred | 0 | $ 1,000,000 |
Water Movers, Inc. | ||
Related Party Transaction [Line Items] | ||
Monthly rental payment under leases | $ 19,000 | |
Number of properties | Property | 2 | |
Lease expiration year | 2,023 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share available for future grants | 1,600,000 | |||
Stock options contractual terms | 10 years | |||
Stock options issued | 0 | 462,000 | 594,000 | |
Aggregate intrinsic value of options exercised | $ 1.4 | $ 1.6 | $ 0.1 | |
Weighted average fair value of stock options granted | $ 8.23 | $ 6.64 | ||
Fair value of restricted stock awards vested | $ 4 | $ 4.3 | $ 3.8 | |
Performance Based Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-awards vesting period | 3 years | |||
Percentage of number of options vested | 0.00% | 0.00% | ||
Performance Based Awards | Scenario, Forecast | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options issued | 200,000 | |||
Number of shares expected to vest | 200,000 | |||
Non Employee Director Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of number of options vested | 100.00% | |||
Share-based compensation expense | $ 0.8 | $ 0.8 | $ 0.8 | |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 0.5 | |||
Weighted average recognition period (years) | 6 months | |||
Restricted stock awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 6.6 | |||
Weighted average recognition period (years) | 1 year 7 months 6 days | |||
Restricted stock awards, Granted | 226,000 | 163,000 | 172,000 | |
Restricted stock awards | Scenario, Forecast | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awards, Granted | 32,000 | |||
Number of restricted shares expected to vest | 32,000 | |||
Minimum | Nonvested share-awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-awards vesting period | 3 years | |||
Minimum | Performance Based Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of number of options vested | 50.00% | |||
Maximum | Nonvested share-awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-awards vesting period | 4 years | |||
Maximum | Performance Based Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of number of options vested | 200.00% |
Summary of Share-Based Compensa
Summary of Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation | $ 10,867 | $ 7,373 | $ 7,399 |
Rental Selling and General Expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation | 10,504 | 7,255 | 7,220 |
Restructuring expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation | $ 363 | $ 118 | $ 179 |
Key Assumptions Used to Estimat
Key Assumptions Used to Estimate Fair Value of Stock Options Granted (Detail) - Stock options | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate, minimum | 1.70% | 1.10% |
Risk-free interest rate, maximum | 2.10% | 1.50% |
Expected life of the options (years) | 5 years | 5 years |
Expected stock price volatility, minimum | 32.90% | 35.30% |
Expected stock price volatility, maximum | 35.40% | 36.90% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend rate | 2.50% | 2.20% |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend rate | 3.10% | 3.10% |
Stock Option Activity (Detail)
Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Options | |||
Outstanding options, beginning of year | 3,169,000 | 3,292,000 | 2,870,000 |
Granted | 0 | 462,000 | 594,000 |
Additional options granted based upon achievement of specified performance criteria | 81,000 | ||
Canceled/Expired | (178,000) | (352,000) | (155,000) |
Exercised | (118,000) | (233,000) | (17,000) |
Outstanding options, ending of year | 2,954,000 | 3,169,000 | 3,292,000 |
Weighted Average Exercise Price | |||
Outstanding options, beginning of year | $ 32.49 | $ 32.06 | $ 33.40 |
Granted | 32.44 | 26.54 | |
Additional options granted based upon achievement of specified performance criteria | 32.42 | ||
Canceled/Expired | 27.82 | 33.43 | 36.07 |
Exercised | 30.86 | 24.88 | 28.50 |
Outstanding options, ending of year | $ 32.71 | $ 32.49 | $ 32.06 |
Performance-Based Options | |||
Number of Options | |||
Outstanding options, beginning of year | 661,000 | 528,000 | |
Granted | 462,000 | 594,000 | |
Additional options granted based upon achievement of specified performance criteria | 81,000 | ||
Canceled/Expired | (146,000) | (233,000) | (59,000) |
Exercised | (63,000) | (96,000) | (7,000) |
Outstanding options, ending of year | 533,000 | 661,000 | 528,000 |
Performance-Based Options | Vest Based Upon 2018 Performance Conditions | |||
Number of Options | |||
Unvested target options | 232,000 | ||
Performance-Based Options | Vest Based Upon 2019 Performance Conditions | |||
Number of Options | |||
Unvested target options | 116,000 | ||
Service-Based Options | |||
Number of Options | |||
Outstanding options, beginning of year | 2,508,000 | 2,764,000 | 2,870,000 |
Canceled/Expired | (32,000) | (119,000) | (96,000) |
Exercised | (55,000) | (137,000) | (10,000) |
Outstanding options, ending of year | 2,421,000 | 2,508,000 | 2,764,000 |
Fully Vested Stock Options and
Fully Vested Stock Options and Stock Options Expected to Vest (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Shares | ||||
Outstanding | 2,954 | 3,169 | 3,292 | 2,870 |
Exercisable | 2,606 | |||
Weighted Average Exercise Price | ||||
Outstanding | $ 32.71 | $ 32.49 | $ 32.06 | $ 33.40 |
Exercisable | $ 33 | |||
Weighted Average Remaining Contractual Term (In years) | ||||
Outstanding | 5 years 7 days | |||
Exercisable | 4 years 7 months 20 days | |||
Aggregate Intrinsic Value | ||||
Outstanding | $ 4,919 | |||
Exercisable | $ 4,249 |
Restricted Stock Award Activity
Restricted Stock Award Activity (Detail) - Restricted stock awards - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares | |||
Restricted stock awards at beginning of period | 234 | 243 | 242 |
Awarded | 226 | 163 | 172 |
Released | (117) | (142) | (130) |
Forfeited | (16) | (30) | (41) |
Restricted stock awards at end of period | 327 | 234 | 243 |
Weighted Average Grant Date Fair Value | |||
Restricted stock awards at beginning of period | $ 31.42 | $ 30.27 | $ 31.70 |
Awarded | 38.47 | 32.25 | 27.39 |
Released | 34.26 | 30.39 | 29.75 |
Forfeited | 36.38 | 31.53 | 28.36 |
Restricted stock awards at end of period | $ 35.06 | $ 31.42 | $ 30.27 |
Performance-Based Awards | |||
Number of Shares | |||
Restricted stock awards at beginning of period | |||
Awarded | 103 | ||
Released | (2) | ||
Forfeited | (7) | ||
Restricted stock awards at end of period | 94 | ||
Performance-Based Awards | Vest Based Upon 2018 Performance Conditions | |||
Number of Shares | |||
Restricted target stock awards | 32 | ||
Performance-Based Awards | Vest Based Upon 2019 Performance Conditions | |||
Number of Shares | |||
Restricted target stock awards | 31 | ||
Performance-Based Awards | Vest Based Upon 2020 Performance Conditions | |||
Number of Shares | |||
Restricted target stock awards | 31 | ||
Service-Based Awards | |||
Number of Shares | |||
Restricted stock awards at beginning of period | 234 | 243 | 242 |
Awarded | 123 | 163 | 172 |
Released | (115) | (142) | (130) |
Forfeited | (9) | (30) | (41) |
Restricted stock awards at end of period | 233 | 234 | 243 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Benefit plan vesting period | 5 years | ||
Defined contribution program, percentage of annual employees' salary contributed by employer | $ 1,200,000 | $ 900,000 | $ 900,000 |
Maximum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution program, annual charge on employees' fund to cover administrative costs of program, percentage | $ 100,000 | $ 100,000 | $ 100,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | |||
Operating lease expense | $ 25,300,000 | $ 23,900,000 | $ 22,300,000 |
Accrued liabilities, reserves | 3,600,000 | $ 3,900,000 | |
Letters of credit provided for various insurance carriers | 3,100,000 | ||
General Liability | |||
Loss Contingencies [Line Items] | |||
Insurance deductible amount, per incident | 50,000 | ||
Workers' Compensation | First Claim | |||
Loss Contingencies [Line Items] | |||
Insurance deductible amount, per incident | 500,000 | ||
Workers' Compensation | Subsequent Claims | |||
Loss Contingencies [Line Items] | |||
Insurance deductible amount, per incident | 250,000 | ||
Auto | |||
Loss Contingencies [Line Items] | |||
Insurance deductible amount, per incident | 500,000 | ||
Rental Fleet | North America | Storage Solutions | |||
Loss Contingencies [Line Items] | |||
Purchase Obligations | $ 10,800,000 |
Contractual Commitments Associa
Contractual Commitments Associated with Lease Obligations (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
Sub-Lease Income, 2019 | $ (99) |
Sub-Lease Income, 2020 | (99) |
Sub-Lease Income, 2021 | (33) |
Sub-Lease Income, Total | (231) |
Future minimum lease payments net, 2019 | 18,827 |
Future minimum lease payments net, 2020 | 15,510 |
Future minimum lease payments net, 2021 | 13,324 |
Future minimum lease payments net, 2022 | 12,205 |
Future minimum lease payments net, 2023 | 10,402 |
Future minimum lease payments net, Thereafter | 33,440 |
Future minimum lease payments net, Total | 103,708 |
Operating Lease Commitments | |
Operating Leased Assets [Line Items] | |
Future minimum lease payments, 2019 | 18,852 |
Future minimum lease payments, 2020 | 15,609 |
Future minimum lease payments, 2021 | 13,357 |
Future minimum lease payments, 2022 | 12,205 |
Future minimum lease payments, 2023 | 10,402 |
Future minimum lease payments, Thereafter | 33,440 |
Future minimum lease payments, Total | 103,865 |
Restructuring Related Lease Commitments | |
Operating Leased Assets [Line Items] | |
Future minimum lease payments, 2019 | 74 |
Future minimum lease payments, Total | $ 74 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 17, 2015 | Nov. 06, 2013 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Cash dividends declared per share | $ 1 | $ 0.91 | $ 0.82 | ||
Total cash dividend declared | $ 44,600,000 | ||||
Share repurchase program authorized amount | $ 175,000,000 | $ 125,000,000 | |||
Share repurchase program additional authorized amount | $ 50,000,000 | ||||
Share Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock available for repurchase | $ 70,800,000 |
Schedule of Dividends Authorize
Schedule of Dividends Authorized and Declared Cash Dividends to Common Stockholders (Detail) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2018 | Oct. 17, 2018 | Jul. 18, 2018 | Apr. 19, 2018 | Jan. 31, 2018 | |
Dividends Payable [Line Items] | |||||
Dividend Amount Per Share of Common Stock | $ 0.250 | $ 0.250 | $ 0.250 | $ 0.250 | |
Installment First Quarter Of Fiscal Year | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | Jan. 31, 2018 | ||||
Payment Date | Mar. 14, 2018 | ||||
Record Date (close of business) | Feb. 28, 2018 | ||||
Installment Second Quarter Of Fiscal Year | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | Apr. 19, 2018 | ||||
Payment Date | May 30, 2018 | ||||
Record Date (close of business) | May 16, 2018 | ||||
Installment Third Quarter Of Fiscal Year | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | Jul. 18, 2018 | ||||
Payment Date | Aug. 29, 2018 | ||||
Record Date (close of business) | Aug. 15, 2018 | ||||
Installment Fourth Quarter Of Fiscal Year | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | Oct. 17, 2018 | ||||
Payment Date | Nov. 28, 2018 | ||||
Record Date (close of business) | Nov. 14, 2018 |
Schedule of Share Repurchase Ac
Schedule of Share Repurchase Activities (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Shares repurchased under share repurchase program: | ||||
Aggregate purchase price, in thousands | $ 695 | $ 8,367 | $ 11,290 | |
Other shares repurchased | ||||
Aggregate purchase price, in thousands | $ 695 | $ 8,367 | $ 11,290 | |
Share Repurchase Program | ||||
Shares repurchased under share repurchase program: | ||||
Number of shares repurchased | 400 | 248,072 | 429,205 | |
Average price per repurchased share | [1] | $ 29.99 | $ 29.58 | $ 25.20 |
Aggregate purchase price, in thousands | $ 12 | $ 7,338 | $ 10,815 | |
Other shares repurchased | ||||
Number of shares repurchased | 400 | 248,072 | 429,205 | |
Average price per repurchased share | [1] | $ 29.99 | $ 29.58 | $ 25.20 |
Aggregate purchase price, in thousands | $ 12 | $ 7,338 | $ 10,815 | |
Minimum tax withholding obligations | ||||
Shares repurchased under share repurchase program: | ||||
Number of shares repurchased | 17,217 | 34 | 16 | |
Average price per repurchased share | [1] | $ 39.65 | $ 30.40 | $ 29.41 |
Aggregate purchase price, in thousands | $ 683 | $ 1,024 | $ 467 | |
Other shares repurchased | ||||
Number of shares repurchased | 17,217 | 34 | 16 | |
Average price per repurchased share | [1] | $ 39.65 | $ 30.40 | $ 29.41 |
Aggregate purchase price, in thousands | $ 683 | $ 1,024 | $ 467 | |
[1] | The weighted average price paid per share of common stock does not include the cost of commissions. |
Restructuring Costs - Additiona
Restructuring Costs - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | $ 2,006 | $ 2,886 | $ 6,020 |
Evergreen Tank Solutions Integration | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 1,300 | 2,000 | |
Wood Mobile Office Business Divesture | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | $ 900 | $ 3,300 |
Accrued Restructuring Obligatio
Accrued Restructuring Obligations and Related Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Accrued obligations, beginning balance | $ 757 | $ 763 | $ 1,742 |
Restructuring expense | 2,006 | 2,886 | 6,020 |
Settlement of obligations | (2,260) | (2,892) | (6,999) |
Accrued obligations, ending balance | 503 | 757 | 763 |
Severance and Benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued obligations, beginning balance | 539 | 395 | 1,245 |
Restructuring expense | 1,338 | 931 | 1,006 |
Settlement of obligations | (1,473) | (787) | (1,856) |
Accrued obligations, ending balance | 404 | 539 | 395 |
Lease Abandonment Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued obligations, beginning balance | 182 | 368 | 495 |
Restructuring expense | 482 | 900 | 3,453 |
Settlement of obligations | (578) | (1,086) | (3,580) |
Accrued obligations, ending balance | 86 | 182 | 368 |
Other Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued obligations, beginning balance | 36 | 2 | |
Restructuring expense | 186 | 1,055 | 1,561 |
Settlement of obligations | (209) | (1,019) | $ (1,563) |
Accrued obligations, ending balance | $ 13 | $ 36 |
Restructuring Expenses (Detail)
Restructuring Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | $ 2,006 | $ 2,886 | $ 6,020 |
Severance and Benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 1,338 | 931 | 1,006 |
Lease Abandonment Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 482 | 900 | 3,453 |
Other Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | $ 186 | $ 1,055 | $ 1,561 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | Segment | 3 | ||||||||||
Revenues | $ 160,869 | $ 149,707 | $ 141,999 | $ 140,654 | $ 146,696 | $ 136,636 | $ 126,690 | $ 123,527 | $ 593,229 | $ 533,549 | $ 508,622 |
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 499,800 | 444,700 | $ 424,400 | ||||||||
Long-lived assets other than property, plant and equipment | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 |
Segment Reporting (Detail)
Segment Reporting (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||||||||||
Revenues | $ 160,869 | $ 149,707 | $ 141,999 | $ 140,654 | $ 146,696 | $ 136,636 | $ 126,690 | $ 123,527 | $ 593,229 | $ 533,549 | $ 508,622 |
Costs and expenses: | |||||||||||
Restructuring expenses | 2,006 | 2,886 | 6,020 | ||||||||
Asset impairment charge and loss on divestiture, net | 98,300 | 102,140 | |||||||||
Depreciation and amortization | 67,000 | 63,372 | 63,734 | ||||||||
Total costs and expenses | 557,706 | 423,697 | 395,519 | ||||||||
Income from operations | 38,911 | (61,296) | 28,577 | 29,331 | 36,995 | 26,812 | 22,152 | 23,893 | 35,523 | 109,852 | 113,103 |
Interest expense, net of interest income | 40,898 | 35,703 | 32,724 | ||||||||
Income tax (benefit) provision | 2,751 | (48,104) | 21,650 | ||||||||
Capital expenditures for additions to rental fleet, excluding acquisitions | 85,961 | 63,688 | 57,372 | ||||||||
Rental | |||||||||||
Revenues: | |||||||||||
Revenues | $ 152,048 | $ 140,924 | $ 132,887 | $ 132,338 | $ 138,537 | $ 127,695 | $ 117,851 | $ 114,742 | 558,197 | 498,825 | 480,083 |
Sales | |||||||||||
Revenues: | |||||||||||
Revenues | 34,354 | 32,440 | 26,499 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales | 22,437 | 21,001 | 16,471 | ||||||||
Other | |||||||||||
Revenues: | |||||||||||
Revenues | 678 | 2,284 | 2,040 | ||||||||
Rental Selling and General Expenses | |||||||||||
Costs and expenses: | |||||||||||
Cost of sales | 364,123 | 336,438 | 309,294 | ||||||||
Storage Solutions | |||||||||||
Revenues: | |||||||||||
Revenues | 477,024 | 435,454 | 410,561 | ||||||||
Costs and expenses: | |||||||||||
Restructuring expenses | 1,934 | 2,674 | 5,419 | ||||||||
Asset impairment charge and loss on divestiture, net | 99,882 | ||||||||||
Depreciation and amortization | 41,482 | 38,792 | 35,509 | ||||||||
Total costs and expenses | 450,385 | 327,409 | 299,783 | ||||||||
Income from operations | 26,639 | 108,045 | 110,778 | ||||||||
Interest expense, net of interest income | 30,106 | 24,886 | 21,456 | ||||||||
Income tax (benefit) provision | 2,639 | (50,841) | 25,608 | ||||||||
Capital expenditures for additions to rental fleet, excluding acquisitions | 59,547 | 56,448 | 43,121 | ||||||||
Storage Solutions | North America | |||||||||||
Revenues: | |||||||||||
Revenues | 387,025 | 349,694 | 329,603 | ||||||||
Costs and expenses: | |||||||||||
Restructuring expenses | 1,934 | 2,674 | 5,419 | ||||||||
Asset impairment charge and loss on divestiture, net | 91,230 | ||||||||||
Depreciation and amortization | 33,591 | 31,735 | 28,722 | ||||||||
Total costs and expenses | 372,782 | 263,661 | 242,829 | ||||||||
Income from operations | 14,243 | 86,033 | 86,774 | ||||||||
Interest expense, net of interest income | 29,305 | 24,385 | 20,920 | ||||||||
Income tax (benefit) provision | 258 | (52,886) | 22,687 | ||||||||
Capital expenditures for additions to rental fleet, excluding acquisitions | 52,654 | 45,043 | 32,270 | ||||||||
Storage Solutions | United Kingdom | |||||||||||
Revenues: | |||||||||||
Revenues | 89,999 | 85,760 | 80,958 | ||||||||
Costs and expenses: | |||||||||||
Asset impairment charge and loss on divestiture, net | 8,652 | ||||||||||
Depreciation and amortization | 7,891 | 7,057 | 6,787 | ||||||||
Total costs and expenses | 77,603 | 63,748 | 56,954 | ||||||||
Income from operations | 12,396 | 22,012 | 24,004 | ||||||||
Interest expense, net of interest income | 801 | 501 | 536 | ||||||||
Income tax (benefit) provision | 2,381 | 2,045 | 2,921 | ||||||||
Capital expenditures for additions to rental fleet, excluding acquisitions | 6,893 | 11,405 | 10,851 | ||||||||
Storage Solutions | Rental | |||||||||||
Revenues: | |||||||||||
Revenues | 447,464 | 406,590 | 387,145 | ||||||||
Storage Solutions | Rental | North America | |||||||||||
Revenues: | |||||||||||
Revenues | 366,713 | 329,248 | 309,221 | ||||||||
Storage Solutions | Rental | United Kingdom | |||||||||||
Revenues: | |||||||||||
Revenues | 80,751 | 77,342 | 77,924 | ||||||||
Storage Solutions | Sales | |||||||||||
Revenues: | |||||||||||
Revenues | 29,032 | 26,989 | 21,576 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales | 19,439 | 17,930 | 13,319 | ||||||||
Storage Solutions | Sales | North America | |||||||||||
Revenues: | |||||||||||
Revenues | 20,008 | 19,016 | 18,852 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales | 12,263 | 11,534 | 11,248 | ||||||||
Storage Solutions | Sales | United Kingdom | |||||||||||
Revenues: | |||||||||||
Revenues | 9,024 | 7,973 | 2,724 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales | 7,176 | 6,396 | 2,071 | ||||||||
Storage Solutions | Other | |||||||||||
Revenues: | |||||||||||
Revenues | 528 | 1,875 | 1,840 | ||||||||
Storage Solutions | Other | North America | |||||||||||
Revenues: | |||||||||||
Revenues | 304 | 1,430 | 1,530 | ||||||||
Storage Solutions | Other | United Kingdom | |||||||||||
Revenues: | |||||||||||
Revenues | 224 | 445 | 310 | ||||||||
Storage Solutions | Rental Selling and General Expenses | |||||||||||
Costs and expenses: | |||||||||||
Cost of sales | 287,648 | 268,013 | 245,536 | ||||||||
Storage Solutions | Rental Selling and General Expenses | North America | |||||||||||
Costs and expenses: | |||||||||||
Cost of sales | 233,764 | 217,718 | 197,440 | ||||||||
Storage Solutions | Rental Selling and General Expenses | United Kingdom | |||||||||||
Costs and expenses: | |||||||||||
Cost of sales | 53,884 | 50,295 | 48,096 | ||||||||
Tank & Pump Solutions Segment | |||||||||||
Revenues: | |||||||||||
Revenues | 116,205 | 98,095 | 98,061 | ||||||||
Costs and expenses: | |||||||||||
Restructuring expenses | 72 | 212 | 601 | ||||||||
Asset impairment charge and loss on divestiture, net | 2,258 | ||||||||||
Depreciation and amortization | 25,518 | 24,580 | 28,225 | ||||||||
Total costs and expenses | 107,321 | 96,288 | 95,736 | ||||||||
Income from operations | 8,884 | 1,807 | 2,325 | ||||||||
Interest expense, net of interest income | 10,792 | 10,817 | 11,268 | ||||||||
Income tax (benefit) provision | 112 | 2,737 | (3,958) | ||||||||
Capital expenditures for additions to rental fleet, excluding acquisitions | 26,414 | 7,240 | 14,251 | ||||||||
Tank & Pump Solutions Segment | Rental | |||||||||||
Revenues: | |||||||||||
Revenues | 110,733 | 92,235 | 92,938 | ||||||||
Tank & Pump Solutions Segment | Sales | |||||||||||
Revenues: | |||||||||||
Revenues | 5,322 | 5,451 | 4,923 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales | 2,998 | 3,071 | 3,152 | ||||||||
Tank & Pump Solutions Segment | Other | |||||||||||
Revenues: | |||||||||||
Revenues | 150 | 409 | 200 | ||||||||
Tank & Pump Solutions Segment | Rental Selling and General Expenses | |||||||||||
Costs and expenses: | |||||||||||
Cost of sales | $ 76,475 | $ 68,425 | $ 63,758 |
Assets Segments (Detail)
Assets Segments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Goodwill | [1] | $ 705,217 | $ 708,907 | $ 703,558 |
Intangibles, net | 55,542 | 62,024 | ||
Rental fleet, net | 929,090 | 989,154 | ||
Storage Solutions | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Goodwill | 524,001 | 527,691 | ||
Intangibles, net | 1,200 | 1,956 | ||
Rental fleet, net | 798,095 | 870,567 | ||
Storage Solutions | North America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Goodwill | 468,400 | 468,785 | ||
Intangibles, net | 859 | 1,314 | ||
Rental fleet, net | 657,459 | 714,154 | ||
Storage Solutions | United Kingdom | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Goodwill | 55,601 | 58,906 | ||
Intangibles, net | 341 | 642 | ||
Rental fleet, net | 140,636 | 156,413 | ||
Tank & Pump Solutions Segment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Goodwill | 181,216 | 181,216 | ||
Intangibles, net | 54,342 | 60,068 | ||
Rental fleet, net | $ 130,995 | $ 118,587 | ||
[1] | Includes accumulated amortization of $2.0 million and accumulated impairment of $12.5 million. |
Unaudited Selected Consolidated
Unaudited Selected Consolidated Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | $ 160,869 | $ 149,707 | $ 141,999 | $ 140,654 | $ 146,696 | $ 136,636 | $ 126,690 | $ 123,527 | $ 593,229 | $ 533,549 | $ 508,622 |
Income (loss) from operations | 38,911 | (61,296) | 28,577 | 29,331 | 36,995 | 26,812 | 22,152 | 23,893 | 35,523 | 109,852 | 113,103 |
Net (loss) income | $ 14,248 | $ (52,165) | $ 15,000 | $ 14,855 | $ 92,071 | $ 11,228 | $ 8,777 | $ 10,152 | $ (8,062) | $ 122,228 | $ 47,248 |
(Loss) earnings per share: | |||||||||||
Basic | $ 0.32 | $ (1.18) | $ 0.34 | $ 0.34 | $ 2.09 | $ 0.25 | $ 0.20 | $ 0.23 | $ (0.18) | $ 2.77 | $ 1.07 |
Diluted | $ 0.32 | $ (1.18) | $ 0.33 | $ 0.33 | $ 2.07 | $ 0.25 | $ 0.20 | $ 0.23 | $ (0.18) | $ 2.76 | $ 1.06 |
Rental | |||||||||||
Revenues | $ 152,048 | $ 140,924 | $ 132,887 | $ 132,338 | $ 138,537 | $ 127,695 | $ 117,851 | $ 114,742 | $ 558,197 | $ 498,825 | $ 480,083 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information for Guarantors - Additional Information (Detail) | Dec. 31, 2018 |
Equity Method Investments And Joint Ventures [Abstract] | |
Percentage of ownership owned | 100.00% |
Condensed Consolidating Balance
Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
ASSETS | |||||
Cash and cash equivalents | $ 5,605 | $ 13,451 | $ 4,137 | $ 1,613 | |
Receivables, net | 130,233 | 111,562 | |||
Inventories | 11,725 | 15,671 | |||
Rental fleet, net | 929,090 | 989,154 | |||
Property, plant and equipment, net | 154,254 | 157,304 | |||
Other assets | 13,398 | 15,334 | |||
Intangibles, net | 55,542 | 62,024 | |||
Goodwill | [1] | 705,217 | 708,907 | 703,558 | |
Total assets | 2,005,064 | 2,073,407 | |||
Liabilities: | |||||
Accounts payable | 33,177 | 26,955 | |||
Accrued liabilities | 88,136 | 78,084 | |||
Lines of credit | 593,495 | 634,285 | |||
Obligations under capital leases | 63,359 | 52,791 | |||
Senior Notes | 246,489 | 245,850 | |||
Deferred income taxes | 170,139 | 173,754 | |||
Total liabilities | 1,194,795 | 1,211,719 | |||
Commitments and contingencies | |||||
Stockholders' equity: | |||||
Common stock | 500 | 497 | |||
Additional paid-in capital | 619,850 | 605,369 | |||
Retained earnings | 410,641 | 463,322 | |||
Accumulated other comprehensive loss | (72,861) | (60,334) | |||
Treasury stock, at cost | (147,861) | (147,166) | |||
Total stockholders' equity | 810,269 | 861,688 | 735,614 | 765,529 | |
Total liabilities and stockholders' equity | 2,005,064 | 2,073,407 | |||
Eliminations | |||||
ASSETS | |||||
Intercompany receivables | (183,260) | (150,661) | |||
Total assets | (183,260) | (150,661) | |||
Liabilities: | |||||
Intercompany payables | (35,261) | (2,662) | |||
Total liabilities | (35,261) | (2,662) | |||
Commitments and contingencies | |||||
Stockholders' equity: | |||||
Additional paid-in capital | (147,999) | (147,999) | |||
Total stockholders' equity | (147,999) | (147,999) | |||
Total liabilities and stockholders' equity | (183,260) | (150,661) | |||
Guarantors | |||||
ASSETS | |||||
Cash and cash equivalents | 1,483 | 803 | 1,260 | 1,033 | |
Receivables, net | 114,702 | 91,624 | |||
Inventories | 9,811 | 13,471 | |||
Rental fleet, net | 781,588 | 823,997 | |||
Property, plant and equipment, net | 130,351 | 133,919 | |||
Other assets | 11,341 | 13,324 | |||
Intangibles, net | 55,189 | 61,360 | |||
Goodwill | 645,126 | 645,126 | |||
Intercompany receivables | 148,811 | 145,855 | |||
Total assets | 1,898,402 | 1,929,479 | |||
Liabilities: | |||||
Accounts payable | 27,271 | 21,004 | |||
Accrued liabilities | 79,537 | 71,298 | |||
Lines of credit | 589,310 | 634,285 | |||
Obligations under capital leases | 63,253 | 52,648 | |||
Senior Notes | 246,489 | 245,850 | |||
Deferred income taxes | 151,758 | 153,345 | |||
Intercompany payables | 29,586 | 1,437 | |||
Total liabilities | 1,187,204 | 1,179,867 | |||
Commitments and contingencies | |||||
Stockholders' equity: | |||||
Common stock | 500 | 497 | |||
Additional paid-in capital | 619,850 | 605,369 | |||
Retained earnings | 238,709 | 290,912 | |||
Treasury stock, at cost | (147,861) | (147,166) | |||
Total stockholders' equity | 711,198 | 749,612 | |||
Total liabilities and stockholders' equity | 1,898,402 | 1,929,479 | |||
Non-Guarantors | |||||
ASSETS | |||||
Cash and cash equivalents | 4,122 | 12,648 | $ 2,877 | $ 580 | |
Receivables, net | 15,531 | 19,938 | |||
Inventories | 1,914 | 2,200 | |||
Rental fleet, net | 147,502 | 165,157 | |||
Property, plant and equipment, net | 23,903 | 23,385 | |||
Other assets | 2,057 | 2,010 | |||
Intangibles, net | 353 | 664 | |||
Goodwill | 60,091 | 63,781 | |||
Intercompany receivables | 34,449 | 4,806 | |||
Total assets | 289,922 | 294,589 | |||
Liabilities: | |||||
Accounts payable | 5,906 | 5,951 | |||
Accrued liabilities | 8,599 | 6,786 | |||
Lines of credit | 4,185 | ||||
Obligations under capital leases | 106 | 143 | |||
Deferred income taxes | 18,381 | 20,409 | |||
Intercompany payables | 5,675 | 1,225 | |||
Total liabilities | 42,852 | 34,514 | |||
Commitments and contingencies | |||||
Stockholders' equity: | |||||
Additional paid-in capital | 147,999 | 147,999 | |||
Retained earnings | 171,932 | 172,410 | |||
Accumulated other comprehensive loss | (72,861) | (60,334) | |||
Total stockholders' equity | 247,070 | 260,075 | |||
Total liabilities and stockholders' equity | $ 289,922 | $ 294,589 | |||
[1] | Includes accumulated amortization of $2.0 million and accumulated impairment of $12.5 million. |
Condensed Consolidating Stateme
Condensed Consolidating Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||||||||||
Revenues | $ 160,869 | $ 149,707 | $ 141,999 | $ 140,654 | $ 146,696 | $ 136,636 | $ 126,690 | $ 123,527 | $ 593,229 | $ 533,549 | $ 508,622 |
Costs and expenses: | |||||||||||
Restructuring expenses | 2,006 | 2,886 | 6,020 | ||||||||
Asset impairment charge and loss on divestiture, net | 98,300 | 102,140 | |||||||||
Depreciation and amortization | 67,000 | 63,372 | 63,734 | ||||||||
Total costs and expenses | 557,706 | 423,697 | 395,519 | ||||||||
Income from operations | 38,911 | (61,296) | 28,577 | 29,331 | 36,995 | 26,812 | 22,152 | 23,893 | 35,523 | 109,852 | 113,103 |
Other income (expense): | |||||||||||
Interest income | 6 | 25 | 2 | ||||||||
Interest expense | (40,904) | (35,728) | (32,726) | ||||||||
Debt extinguishment expense | (9,192) | ||||||||||
Deferred financing costs write-off | (2,271) | ||||||||||
Foreign currency exchange | 64 | (25) | (18) | ||||||||
(Loss) income from operations before income tax provision (benefit) | (5,311) | 74,124 | 68,898 | ||||||||
Income tax (benefit) provision | 2,751 | (48,104) | 21,650 | ||||||||
Net (loss) income | $ 14,248 | $ (52,165) | $ 15,000 | $ 14,855 | $ 92,071 | $ 11,228 | $ 8,777 | $ 10,152 | (8,062) | 122,228 | 47,248 |
Eliminations | |||||||||||
Other income (expense): | |||||||||||
Interest income | (10,600) | (10,613) | |||||||||
Dividend income | (8,983) | ||||||||||
Interest expense | 10,600 | 10,613 | |||||||||
(Loss) income from operations before income tax provision (benefit) | (8,983) | ||||||||||
Net (loss) income | (8,983) | ||||||||||
Guarantors | |||||||||||
Revenues: | |||||||||||
Revenues | 499,780 | 444,684 | 424,427 | ||||||||
Costs and expenses: | |||||||||||
Restructuring expenses | 2,006 | 2,886 | 6,015 | ||||||||
Asset impairment charge and loss on divestiture, net | 92,441 | ||||||||||
Depreciation and amortization | 58,769 | 55,976 | 56,548 | ||||||||
Total costs and expenses | 475,618 | 356,816 | 335,590 | ||||||||
Income from operations | 24,162 | 87,868 | 88,837 | ||||||||
Other income (expense): | |||||||||||
Interest income | 3 | 10,616 | 10,613 | ||||||||
Dividend income | 8,983 | ||||||||||
Interest expense | (40,101) | (45,819) | (42,662) | ||||||||
Debt extinguishment expense | (9,192) | ||||||||||
Deferred financing costs write-off | (2,271) | ||||||||||
Foreign currency exchange | 47 | ||||||||||
(Loss) income from operations before income tax provision (benefit) | (6,906) | 52,665 | 45,325 | ||||||||
Income tax (benefit) provision | 677 | (51,256) | 18,729 | ||||||||
Net (loss) income | (7,583) | 103,921 | 26,596 | ||||||||
Non-Guarantors | |||||||||||
Revenues: | |||||||||||
Revenues | 93,449 | 88,865 | 84,195 | ||||||||
Costs and expenses: | |||||||||||
Restructuring expenses | 5 | ||||||||||
Asset impairment charge and loss on divestiture, net | 9,699 | ||||||||||
Depreciation and amortization | 8,231 | 7,396 | 7,186 | ||||||||
Total costs and expenses | 82,088 | 66,881 | 59,929 | ||||||||
Income from operations | 11,361 | 21,984 | 24,266 | ||||||||
Other income (expense): | |||||||||||
Interest income | 3 | 9 | 2 | ||||||||
Interest expense | (803) | (509) | (677) | ||||||||
Foreign currency exchange | 17 | (25) | (18) | ||||||||
(Loss) income from operations before income tax provision (benefit) | 10,578 | 21,459 | 23,573 | ||||||||
Income tax (benefit) provision | 2,074 | 3,152 | 2,921 | ||||||||
Net (loss) income | 8,504 | 18,307 | 20,652 | ||||||||
Rental | |||||||||||
Revenues: | |||||||||||
Revenues | 558,197 | 498,825 | 480,083 | ||||||||
Rental | Guarantors | |||||||||||
Revenues: | |||||||||||
Revenues | 474,347 | 418,590 | 399,200 | ||||||||
Rental | Non-Guarantors | |||||||||||
Revenues: | |||||||||||
Revenues | 83,850 | 80,235 | 80,883 | ||||||||
Sales | |||||||||||
Revenues: | |||||||||||
Revenues | 34,354 | 32,440 | 26,499 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales | 22,437 | 21,001 | 16,471 | ||||||||
Sales | Guarantors | |||||||||||
Revenues: | |||||||||||
Revenues | 24,988 | 24,265 | 23,509 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales | 15,028 | 14,464 | 14,228 | ||||||||
Sales | Non-Guarantors | |||||||||||
Revenues: | |||||||||||
Revenues | 9,366 | 8,175 | 2,990 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales | 7,409 | 6,537 | 2,243 | ||||||||
Other | |||||||||||
Revenues: | |||||||||||
Revenues | 678 | 2,284 | 2,040 | ||||||||
Other | Guarantors | |||||||||||
Revenues: | |||||||||||
Revenues | 445 | 1,829 | 1,718 | ||||||||
Other | Non-Guarantors | |||||||||||
Revenues: | |||||||||||
Revenues | 233 | 455 | 322 | ||||||||
Rental Selling and General Expenses | |||||||||||
Costs and expenses: | |||||||||||
Cost of sales | 364,123 | 336,438 | 309,294 | ||||||||
Rental Selling and General Expenses | Guarantors | |||||||||||
Costs and expenses: | |||||||||||
Cost of sales | 307,374 | 283,490 | 258,799 | ||||||||
Rental Selling and General Expenses | Non-Guarantors | |||||||||||
Costs and expenses: | |||||||||||
Cost of sales | $ 56,749 | $ 52,948 | $ 50,495 |
Condensed Consolidating State_2
Condensed Consolidating Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Statement Of Income Captions [Line Items] | |||||||||||
Net (loss) income | $ 14,248 | $ (52,165) | $ 15,000 | $ 14,855 | $ 92,071 | $ 11,228 | $ 8,777 | $ 10,152 | $ (8,062) | $ 122,228 | $ 47,248 |
Other comprehensive (loss) income : | |||||||||||
Foreign currency translation adjustment, net of income tax provision of $88, $30 and $106 in 2018, 2017 and 2016, respectively | (12,527) | 20,713 | (36,885) | ||||||||
Other comprehensive (loss) income | (12,527) | 20,713 | (36,885) | ||||||||
Comprehensive (loss) income | (20,589) | 142,941 | 10,363 | ||||||||
Eliminations | |||||||||||
Condensed Statement Of Income Captions [Line Items] | |||||||||||
Net (loss) income | (8,983) | ||||||||||
Other comprehensive (loss) income : | |||||||||||
Comprehensive (loss) income | (8,983) | ||||||||||
Guarantors | |||||||||||
Condensed Statement Of Income Captions [Line Items] | |||||||||||
Net (loss) income | (7,583) | 103,921 | 26,596 | ||||||||
Other comprehensive (loss) income : | |||||||||||
Comprehensive (loss) income | (7,583) | 103,921 | 26,596 | ||||||||
Non-Guarantors | |||||||||||
Condensed Statement Of Income Captions [Line Items] | |||||||||||
Net (loss) income | 8,504 | 18,307 | 20,652 | ||||||||
Other comprehensive (loss) income : | |||||||||||
Foreign currency translation adjustment, net of income tax provision of $88, $30 and $106 in 2018, 2017 and 2016, respectively | (12,527) | 20,713 | (36,885) | ||||||||
Other comprehensive (loss) income | (12,527) | 20,713 | (36,885) | ||||||||
Comprehensive (loss) income | $ (4,023) | $ 39,020 | $ (16,233) |
Condensed Consolidating State_3
Condensed Consolidating Statements of Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||
Foreign currency translation adjustment, income tax provision (benefit) | $ 88 | $ 30 | $ 106 |
Condensed Consolidating State_4
Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | ||||
Net (loss) income | $ (8,062) | $ 122,228 | $ 47,248 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||
Asset impairment charge and loss on divestiture, net | $ 98,300 | 102,140 | ||
Debt extinguishment expense | 9,192 | |||
Deferred financing costs write-off | 2,271 | |||
Provision for doubtful accounts | 2,412 | 5,037 | 6,162 | |
Amortization of deferred financing costs | 2,060 | 2,060 | 1,976 | |
Amortization of long-term liabilities | 145 | 130 | 116 | |
Share-based compensation expense | 10,867 | 7,373 | 7,399 | |
Depreciation and amortization | 67,000 | 63,372 | 63,734 | |
Gain on sale of rental fleet | (6,055) | (5,657) | (5,472) | |
Loss on disposal of property, plant and equipment | 600 | 517 | 1,285 | |
Deferred income taxes | (2,523) | (49,980) | 21,634 | |
Tax shortfall on equity award transactions | (242) | |||
Foreign currency transaction loss | (64) | 25 | 18 | |
Changes in certain assets and liabilities, net of effect of businesses acquired: | ||||
Receivables | (22,011) | (15,677) | (27,321) | |
Inventories | (406) | (90) | 598 | |
Other assets | 826 | (635) | 60 | |
Accounts payable | 2,909 | (4,985) | 239 | |
Accrued liabilities | 10,260 | 11,928 | 7,347 | |
Net cash provided by operating activities | 160,098 | 135,646 | 136,244 | |
Cash Flows from Investing Activities: | ||||
Proceeds from sale of assets held for sale | 10,153 | |||
Cash paid for businesses acquired, net of cash acquired | (16,565) | |||
Additions to rental fleet, excluding acquisitions | (85,961) | (63,688) | (57,372) | |
Proceeds from sale of rental fleet | 14,993 | 12,953 | 13,679 | |
Additions to property, plant and equipment, excluding acquisitions | (16,931) | (20,122) | (30,659) | |
Proceeds from sale of property, plant and equipment | 683 | 851 | 2,764 | |
Net cash used in investing activities | (77,063) | (70,006) | (88,153) | |
Cash Flows from Financing Activities: | ||||
Net repayments under lines of credit | (40,790) | (6,875) | (26,548) | |
Proceeds from issuance of 5.875% senior notes due 2024 | 250,000 | |||
Redemption of 7.875% senior notes due 2020 | (200,000) | |||
Debt extinguishment expense | (9,192) | |||
Deferred financing costs | (12) | (5,369) | ||
Principal payments on capital lease obligations | (9,746) | (7,418) | (6,520) | |
Issuance of common stock | 3,617 | 5,800 | 468 | |
Dividend payments | (44,530) | (40,171) | (36,402) | |
Purchase of treasury stock | (695) | (8,367) | (11,290) | |
Net cash used in financing activities | (92,144) | (57,043) | (44,853) | |
Effect of exchange rate changes on cash | 1,263 | 717 | (714) | |
Net (decrease) increase in cash | (7,846) | 9,314 | 2,524 | |
Cash and cash equivalents at beginning of year | 13,451 | 4,137 | 1,613 | |
Cash and cash equivalents at end of year | 5,605 | 13,451 | 4,137 | |
Eliminations | ||||
Cash Flows from Operating Activities: | ||||
Net (loss) income | (8,983) | |||
Changes in certain assets and liabilities, net of effect of businesses acquired: | ||||
Net cash provided by operating activities | (8,983) | |||
Cash Flows from Financing Activities: | ||||
Net cash used in financing activities | 8,983 | |||
Intercompany | 8,983 | |||
Guarantors | ||||
Cash Flows from Operating Activities: | ||||
Net (loss) income | (7,583) | 103,921 | 26,596 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||
Asset impairment charge and loss on divestiture, net | 92,441 | |||
Debt extinguishment expense | 9,192 | |||
Deferred financing costs write-off | 2,271 | |||
Provision for doubtful accounts | 2,193 | 4,446 | 5,498 | |
Amortization of deferred financing costs | 2,060 | 2,060 | 1,968 | |
Amortization of long-term liabilities | 145 | 130 | 116 | |
Share-based compensation expense | 10,642 | 7,083 | 7,126 | |
Depreciation and amortization | 58,769 | 55,976 | 56,548 | |
Gain on sale of rental fleet | (5,307) | (5,319) | (5,014) | |
Loss on disposal of property, plant and equipment | 569 | 140 | 1,131 | |
Deferred income taxes | (1,782) | (52,248) | 18,713 | |
Tax shortfall on equity award transactions | (242) | |||
Foreign currency transaction loss | (47) | |||
Changes in certain assets and liabilities, net of effect of businesses acquired: | ||||
Receivables | (25,271) | (15,595) | (23,543) | |
Inventories | (128) | 1,056 | (302) | |
Other assets | 1,030 | (578) | 105 | |
Accounts payable | 3,332 | (2,939) | (930) | |
Accrued liabilities | 7,885 | 12,917 | 7,227 | |
Intercompany | 25,345 | 503 | 776 | |
Net cash provided by operating activities | 164,293 | 111,553 | 107,236 | |
Cash Flows from Investing Activities: | ||||
Proceeds from sale of assets held for sale | 9,468 | |||
Cash paid for businesses acquired, net of cash acquired | (9,206) | |||
Additions to rental fleet, excluding acquisitions | (78,694) | (52,115) | (46,471) | |
Proceeds from sale of rental fleet | 11,835 | 11,432 | 11,976 | |
Additions to property, plant and equipment, excluding acquisitions | (10,541) | (14,672) | (22,402) | |
Proceeds from sale of property, plant and equipment | 611 | 149 | 2,053 | |
Net cash used in investing activities | (67,321) | (55,206) | (64,050) | |
Cash Flows from Financing Activities: | ||||
Net repayments under lines of credit | (44,975) | (6,690) | (24,775) | |
Proceeds from issuance of 5.875% senior notes due 2024 | 250,000 | |||
Redemption of 7.875% senior notes due 2020 | (200,000) | |||
Debt extinguishment expense | (9,192) | |||
Deferred financing costs | (12) | (5,369) | ||
Principal payments on capital lease obligations | (9,709) | (7,364) | (6,399) | |
Issuance of common stock | 3,617 | 5,800 | 468 | |
Dividend payments | (44,530) | (40,171) | (36,402) | |
Purchase of treasury stock | (695) | (8,367) | (11,290) | |
Net cash used in financing activities | (96,292) | (56,804) | (42,959) | |
Net (decrease) increase in cash | 680 | (457) | 227 | |
Cash and cash equivalents at beginning of year | 803 | 1,260 | 1,033 | |
Cash and cash equivalents at end of year | 1,483 | 803 | 1,260 | |
Non-Guarantors | ||||
Cash Flows from Operating Activities: | ||||
Net (loss) income | 8,504 | 18,307 | 20,652 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||
Asset impairment charge and loss on divestiture, net | 9,699 | |||
Provision for doubtful accounts | 219 | 591 | 664 | |
Amortization of deferred financing costs | 8 | |||
Share-based compensation expense | 225 | 290 | 273 | |
Depreciation and amortization | 8,231 | 7,396 | 7,186 | |
Gain on sale of rental fleet | (748) | (338) | (458) | |
Loss on disposal of property, plant and equipment | 31 | 377 | 154 | |
Deferred income taxes | (741) | 2,268 | 2,921 | |
Foreign currency transaction loss | (17) | 25 | 18 | |
Changes in certain assets and liabilities, net of effect of businesses acquired: | ||||
Receivables | 3,260 | (82) | (3,778) | |
Inventories | (278) | (1,146) | 900 | |
Other assets | (204) | (57) | (45) | |
Accounts payable | (423) | (2,046) | 1,169 | |
Accrued liabilities | 2,375 | (989) | 120 | |
Intercompany | (25,345) | (503) | (776) | |
Net cash provided by operating activities | 4,788 | 24,093 | 29,008 | |
Cash Flows from Investing Activities: | ||||
Proceeds from sale of assets held for sale | 685 | |||
Cash paid for businesses acquired, net of cash acquired | (7,359) | |||
Additions to rental fleet, excluding acquisitions | (7,267) | (11,573) | (10,901) | |
Proceeds from sale of rental fleet | 3,158 | 1,521 | 1,703 | |
Additions to property, plant and equipment, excluding acquisitions | (6,390) | (5,450) | (8,257) | |
Proceeds from sale of property, plant and equipment | 72 | 702 | 711 | |
Net cash used in investing activities | (9,742) | (14,800) | (24,103) | |
Cash Flows from Financing Activities: | ||||
Net repayments under lines of credit | 4,185 | (185) | (1,773) | |
Principal payments on capital lease obligations | (37) | (54) | (121) | |
Net cash used in financing activities | (4,835) | (239) | (1,894) | |
Intercompany | (8,983) | |||
Effect of exchange rate changes on cash | 1,263 | 717 | (714) | |
Net (decrease) increase in cash | (8,526) | 9,771 | 2,297 | |
Cash and cash equivalents at beginning of year | 12,648 | 2,877 | 580 | |
Cash and cash equivalents at end of year | $ 4,122 | $ 12,648 | $ 2,877 |
Condensed Consolidating State_5
Condensed Consolidating Statements of Cash Flows (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2018 | May 09, 2016 | |
Senior Notes 5.875 Percent Due 2024 | |||
Condensed Cash Flow Statements Captions [Line Items] | |||
Debt instrument interest rate | 5.875% | 5.875% | |
Debt instrument due year | 2,024 | ||
Senior Notes 7.875 Percent Due 2020 | |||
Condensed Cash Flow Statements Captions [Line Items] | |||
Debt instrument interest rate | 7.875% | 7.875% | |
Debt instrument due year | 2,020 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | Jan. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||||
Cash dividend declared | $ 1 | $ 0.91 | $ 0.82 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividend declared date | Jan. 30, 2019 | |||
Cash dividend declared | $ 0.275 | |||
Dividend payable date | Mar. 13, 2019 | |||
Closing date of stockholders on record for dividend entitlement | Feb. 27, 2019 |