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Condensed Consolidated Financial Information | 9 Months Ended
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Sep. 30, 2024
Accounting Policies [Abstract] |
Condensed Consolidated Financial Information | NOTE 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION The condensed consolidated financial statements for the nine months ended September 30, 2024 and 2023 have not been audited, but in the opinion of management, all adjustments (consisting of normal recurring accruals, consolidating and eliminating entries) necessary for the fair presentation of the consolidated financial position, results of operations and cash flows of McGrath RentCorp (the “Company”) have been made. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to those rules and regulations. The consolidated results for the three and nine months ended September 30, 2024, should not be considered as necessarily indicative of the consolidated results for the entire fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s latest Annual Report on Form 10-K, filed with the SEC on February 21, 2024 for the year ended December 31, 2023 (the “2023 Annual Report”). Mutual decision to terminate Merger Agreement with WillScot Mobile Mini Holdings Corp. As previously disclosed, on January 28, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), with WillScot Mobile Mini Holdings Corp., a Delaware corporation ("WillScot Mobile Mini”), Brunello Merger Sub I, Inc., a California corporation and a direct wholly owned subsidiary of WillScot Mobile Mini, and Brunello Merger Sub II, LLC, a Delaware limited liability company and direct wholly owned subsidiary of WillScot Mobile Mini. On September 17, 2024, the Company and WillScot Mobile Mini mutually agreed to terminate the Merger Agreement, effective upon WillScot Mobile Mini's cash payment of $180.0 million to the Company, which was received on September 20, 2024. Transaction costs attributed to the Merger Agreement are reported in the Company's Corporate segment. Expenses recognized as a result of the terminated Merger Agreement during the three and nine months ended September 30, 2024, were $39.4 million and $61.2 million, respectively. The termination payment received of $180.0 million, net of transaction costs, resulted in net proceeds received of $118.8 million during the nine months ended September 30, 2024. The Company determined that the transaction costs incurred on the terminated Merger Agreement were significant and required separate presentation on the Company's condensed consolidated statements of income for the three and nine-months ended September 30, 2024. Due to this determination, the Company has excluded such transaction costs from Selling and administrative expenses. Transaction costs incurred by the Company of $21.7 million and $9.4 million for the six-months ended June 30, 2024, and three-months ended March 31, 2024, respectively, have been reclassified from Selling and administrative expenses and reported separately on the condensed consolidated statements of income as non-operating expenses.

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