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Segment Reporting | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Reporting | NOTE 15. SEGMENT REPORTING During the quarter ended December 31, 2023, the Company determined that its Portable Storage business segment met the criteria for separate recognition as defined in the Accounting Standards Codification ("ASC") Topic 280, Segment Reporting. The guidance under this topic requires a public business entity to evaluate both quantitative and qualitative thresholds to determine the significance of a business segment and whether the separate reporting of a business segment enhances the users understanding of the reporting entity's performance, future net cash flows and judgments. The Company evaluated the guidance within Topic 280 and made its determination to separately report the Portable Storage segment primarily due to the Company's continued growth in container fleet purchases and related increased revenues and improved profitability performance when compared to previously reported periods. FASB guidelines establish annual and interim reporting standards for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. In accordance with these guidelines the Company’s four reportable segments are Mobile Modular, Portable Storage, TRS-RenTelco and Enviroplex. Management focuses on several key measures to evaluate and assess each segment’s performance including rental revenue growth, gross margin and income before provision for income taxes. Excluding interest expense, allocations of revenue and expense not directly associated with one of these segments are generally allocated to Mobile Modular, Portable Storage and TRS-RenTelco, based on their pro-rata share of direct revenues. Interest expense is allocated amongst Mobile Modular, Portable Storage and TRS-RenTelco based on their pro-rata share of average rental equipment at cost, goodwill, intangible assets, accounts receivable, deferred income and customer security deposits. The Company does not report total assets by business segment. Summarized financial information from continuing operations for the years ended December 31, 2023, 2022 and 2021, for the Company’s reportable segments is shown in the following tables:
(dollar amounts in thousands) |  | Mobile Modular |  |  | Portable Storage |  |  | TRS- RenTelco |  |  | Enviroplex 1 |  |  | Consolidated |
Year Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 285,553 |  |  | $ | 74,536 |  |  | $ | 114,247 |  |  | $ | — |  |  | $ | 474,336 |
Rental related services revenues |  |  | 114,511 |  |  |  | 20,510 |  |  |  | 3,139 |  |  | — |  |  |  | 138,160 |
Sales and other revenues |  |  | 162,172 |  |  |  | 6,091 |  |  |  | 30,891 |  |  |  | 20,192 |  |  |  | 219,346 |
Total revenues |  |  | 562,236 |  |  |  | 101,137 |  |  |  | 148,277 |  |  |  | 20,192 |  |  |  | 831,842 |
Depreciation of rental equipment |  |  | 36,921 |  |  |  | 3,514 |  |  |  | 48,477 |  |  | — |  |  |  | 88,912 |
Gross profit |  |  | 257,921 |  |  |  | 68,880 |  |  |  | 62,604 |  |  |  | 4,228 |  |  |  | 393,633 |
Selling and administrative expenses |  |  | (138,574 | ) |  |  | (31,537 | ) |  |  | (30,962 | ) |  |  | (6,466 | ) |  |  | (207,539 | )
Other income |  |  | 2,329 |  |  |  | 457 |  |  |  | 832 |  |  |  | — |  |  |  | 3,618 |
Income (loss) from operations |  |  | 121,676 |  |  |  | 37,800 |  |  |  | 32,474 |  |  |  | (2,238 | ) |  |  | 189,712 |
Interest expense (income) allocation |  |  | 29,724 |  |  |  | 4,950 |  |  |  | 8,146 |  |  |  | (2,260 | ) |  |  | 40,560 |
Income before provision for income taxes |  |  | 91,952 |  |  |  | 32,850 |  |  |  | 24,638 |  |  |  | 22 |  |  |  | 149,462 |
Rental equipment acquisitions |  |  | 176,200 |  |  |  | 27,967 |  |  |  | 28,945 |  |  | — |  |  |  | 233,112 |
Accounts receivable, net (period end) |  |  | 175,360 |  |  |  | 16,057 |  |  |  | 25,511 |  |  |  | 10,440 |  |  |  | 227,368 |
Rental equipment, at cost (period end) |  |  | 1,291,093 |  |  |  | 236,123 |  |  |  | 377,587 |  |  | — |  |  |  | 1,904,803 |
Rental equipment, net book value (period end) |  |  | 967,712 |  |  |  | 217,315 |  |  |  | 144,296 |  |  | — |  |  |  | 1,329,323 |
Utilization (period end) 2 |  |  | 79.4 | % |  |  | 71.5 | % |  |  | 55.9 | % |  |  |  |  |  |
Average utilization 2 |  |  | 79.7 | % |  |  | 77.3 | % |  |  | 58.9 | % |  |  |  |  |  |
Segment Data (Continued) (dollar amounts in thousands) |  | Mobile Modular |  |  | Portable Storage |  |  | TRS- RenTelco |  |  | Enviroplex 1 |  |  | Consolidated |
Year Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 206,070 |  |  | $ | 62,218 |  |  | $ | 121,375 |  |  | $ | — |  |  | $ | 389,663 |
Rental related services revenues |  |  | 74,756 |  |  |  | 17,095 |  |  |  | 3,112 |  |  | — |  |  |  | 94,963 |
Sales and other revenues |  |  | 98,385 |  |  |  | 3,193 |  |  |  | 26,291 |  |  |  | 23,170 |  |  |  | 151,039 |
Total revenues |  |  | 379,211 |  |  |  | 82,506 |  |  |  | 150,778 |  |  |  | 23,170 |  |  |  | 635,665 |
Depreciation of rental equipment |  |  | 28,373 |  |  |  | 2,799 |  |  |  | 49,253 |  |  | — |  |  |  | 80,425 |
Gross profit |  |  | 161,885 |  |  |  | 55,302 |  |  |  | 67,899 |  |  |  | 5,122 |  |  |  | 290,208 |
Selling and administrative expenses |  |  | (85,769 | ) |  |  | (24,465 | ) |  |  | (27,245 | ) |  |  | (5,435 | ) |  |  | (142,914 | )
Income (loss) from operations |  |  | 76,116 |  |  |  | 30,837 |  |  |  | 40,654 |  |  |  | (313 | ) |  |  | 147,294 |
Interest expense (income) allocation |  |  | 8,657 |  |  |  | 1,518 |  |  |  | 3,294 |  |  |  | (1,239 | ) |  |  | 12,230 |
Income before provision for income taxes |  |  | 67,459 |  |  |  | 29,319 |  |  |  | 36,982 |  |  |  | 926 |  |  |  | 134,686 |
Rental equipment acquisitions |  |  | 87,535 |  |  |  | 34,072 |  |  |  | 69,928 |  |  | — |  |  |  | 191,535 |
Accounts receivable, net (period end) |  |  | 124,184 |  |  |  | 14,923 |  |  |  | 26,442 |  |  |  | 4,302 |  |  |  | 169,851 |
Rental equipment, at cost (period end) |  |  | 929,636 |  |  |  | 193,632 |  |  |  | 398,267 |  |  | — |  |  |  | 1,521,535 |
Rental equipment, net book value (period end) |  |  | 637,151 |  |  |  | 178,241 |  |  |  | 174,924 |  |  | — |  |  |  | 990,316 |
Utilization (period end) 2 |  |  | 80.3 | % |  |  | 82.6 | % |  |  | 59.4 | % |  |  |  |  |  |
Average utilization 2 |  |  | 78.0 | % |  |  | 84.8 | % |  |  | 64.2 | % |  |  |  |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 175,626 |  |  | $ | 44,943 |  |  | $ | 113,419 |  |  | $ | — |  |  | $ | 333,988 |
Rental related services revenues |  |  | 59,756 |  |  |  | 12,574 |  |  |  | 2,880 |  |  | — |  |  |  | 75,210 |
Sales and other revenues |  |  | 65,983 |  |  |  | 4,434 |  |  |  | 23,895 |  |  |  | 31,081 |  |  |  | 125,393 |
Total revenues |  |  | 301,365 |  |  |  | 61,951 |  |  |  | 140,194 |  |  |  | 31,081 |  |  |  | 534,591 |
Depreciation of rental equipment |  |  | 25,852 |  |  |  | 2,219 |  |  |  | 47,374 |  |  | — |  |  |  | 75,445 |
Gross profit |  |  | 136,618 |  |  |  | 39,422 |  |  |  | 61,394 |  |  |  | 9,888 |  |  |  | 247,322 |
Selling and administrative expenses |  |  | (72,091 | ) |  |  | (20,512 | ) |  |  | (25,152 | ) |  |  | (5,303 | ) |  |  | (123,058 | )
Income from operations |  |  | 64,526 |  |  |  | 18,910 |  |  |  | 36,243 |  |  |  | 4,585 |  |  |  | 124,264 |
Interest expense (income) allocation |  |  | 5,553 |  |  |  | 880 |  |  |  | 2,270 |  |  |  | (459 | ) |  |  | 8,244 |
Income before benefit for income taxes |  |  | 58,973 |  |  |  | 18,030 |  |  |  | 33,763 |  |  |  | 5,044 |  |  |  | 115,810 |
Rental equipment acquisitions |  |  | 151,625 |  |  |  | 36,767 |  |  |  | 61,097 |  |  | — |  |  |  | 249,489 |
Accounts receivable, net (period end) |  |  | 101,839 |  |  |  | 10,456 |  |  |  | 22,115 |  |  |  | 8,711 |  |  |  | 143,121 |
Rental equipment, at cost (period end) |  |  | 879,272 |  |  |  | 160,822 |  |  |  | 361,391 |  |  | — |  |  |  | 1,401,485 |
Rental equipment, net book value (period end) |  |  | 603,497 |  |  |  | 148,040 |  |  |  | 161,900 |  |  | — |  |  |  | 913,437 |
Utilization (period end) 2 |  |  | 75.3 | % |  |  | 82.5 | % |  |  | 62.9 | % |  |  |  |  |  |
Average utilization 2 |  |  | 75.4 | % |  |  | 81.0 | % |  |  | 67.0 | % |  |  |  |  |  |
1. Gross Enviroplex sales revenues were $22,615, $24,162 and $32,095 in 2022, 2021 and 2020, respectively. There were $2,422, $992 and $969 inter-segment sales to Mobile Modular in 2023, 2022 and 2021, respectively, which have been eliminated in consolidation. 2. Utilization is calculated each month by dividing the cost of rental equipment on rent by the total cost of rental equipment excluding new equipment inventory and accessory equipment. The average utilization for the period is calculated using the average costs of rental equipment. No single customer accounted for more than 10% of total revenues during 2023, 2022 and 2021. Revenue from foreign country customers accounted for 3% of the Company’s total revenues for 2023 and 4% for years 2022 and 2021.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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