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Acquisition
12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
Acquisition

NOTE 11.  ACQUISITION

On August 15, 2019, the Company completed the purchase of the container rental business of ATP Containers LLC, dba TuffBox Container (“TuffBox”) for $7.8 million.  The Company accounted for this transaction as a business combination and the initial assessment of the fair value of the purchased assets was allocated primarily to rental equipment totaling $5.5 million and intangible assets totaling $1.3 million, which included $0.4 million allocated to goodwill.  The goodwill represents the future economic benefits to be derived from the geographic market expansion of the Company’s portable storage division.  The goodwill was recorded in the Mobile Modular segment and is fully deductible for income tax purposes.  

 

The TuffBox operating results are included in the Mobile Modular segment results since the date of acquisition.  Supplemental pro forma prior year information has not been provided as the historical financial results of TuffBox were not significant.  Incremental transaction costs associated with the acquisition were not significant.