Segment Reporting

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Reporting

(16) Segment Reporting

Our operations are comprised of three reportable segments: North American Storage Solutions, U.K. Storage Solutions 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., the U.K. and Canada.  All of our locations operate in their local currency. 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 $117.7 million and $102.6 million for the three months ended March 31, 2018 and 2017, respectively.

The following tables set forth certain information regarding each of the Company’s segments for the three-month periods indicated:

	For the Three Months Ended March 31, 2018
	Storage Solutions
	North America		United Kingdom		Total		Tank & Pump Solutions			Consolidated
	(In thousands)
Revenues:
Rental	$	86,598	$	20,266	$	106,864	$	25,474		$	132,338
Sales		4,876		1,863		6,739		1,364			8,103
Other		129		40		169		44			213
Total revenues		91,603		22,169		113,772		26,882			140,654
Costs and expenses:
Rental, selling and general expenses		57,018		13,806		70,824		18,174			88,998
Cost of sales		3,024		1,545		4,569		822			5,391
Restructuring expenses		111		—		111		—			111
Depreciation and amortization		8,682		2,050		10,732		6,091			16,823
Total costs and expenses		68,835		17,401		86,236		25,087			111,323
Income from operations	$	22,768	$	4,768	$	27,536	$	1,795		$	29,331
Interest expense, net of interest income	$	6,686	$	206	$	6,892	$	2,701		$	9,593
Income tax provision (benefit)		4,597		818		5,415		(466	)		4,949
Capital expenditures for additions to rental fleet,    excluding acquisitions		8,279		3,574		11,853		3,536			15,389

	For the Three Months Ended March 31, 2017
	Storage Solutions
	North America		United Kingdom		Total		Tank & Pump Solutions			Consolidated
	(In thousands)
Revenues:
Rental	$	75,566	$	18,240	$	93,806	$	20,936		$	114,742
Sales		4,877		1,987		6,864		1,114			7,978
Other		564		109		673		134			807
Total revenues		81,007		20,336		101,343		22,184			123,527
Costs and expenses:
Rental, selling and general expenses		50,000		12,225		62,225		16,134			78,359
Cost of sales		3,008		1,593		4,601		511			5,112
Restructuring expenses		901		—		901		(2	)		899
Depreciation and amortization		7,513		1,670		9,183		6,081			15,264
Total costs and expenses		61,422		15,488		76,910		22,724			99,634
Income (loss) from operations	$	19,585	$	4,848	$	24,433	$	(540	)	$	23,893
Interest expense, net of interest income	$	5,568	$	126	$	5,694	$	2,708		$	8,402
Income tax provision (benefit)		5,608		737		6,345		(1,015	)		5,330
Capital expenditures for additions to rental fleet,    excluding acquisitions		4,865		3,429		8,294		1,712			10,006

Assets related to the Company’s reportable segments include the following:

	Storage Solutions
	North America		United Kingdom		Total		Tank & Pump Solutions		Consolidated
	(In thousands)
As of March 31, 2018:
Goodwill	$	468,656	$	61,191	$	529,847	$	181,216	$	711,063
Intangibles, net		1,213		592		1,805		58,637		60,442
Rental fleet, net		715,333		164,385		879,718		119,497		999,215
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 table above are assets in the U.S. of $1.5 billion as of both March 31, 2018 and December 31, 2017.