0001647088-22-000009 | 10-K | XBRL Viewer | Willscot Mobile Mini Holdings Corp

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 12,699	$ 24,937
Trade receivables, net of allowance for credit losses at December 31, 2021 and December 31, 2020 of $47,629 and $29,258, respectively	399,887	330,942
Inventories	32,739	23,731
Prepaid expenses and other current assets	36,761	29,954
Assets held for sale	954	12,004
Total current assets	483,040	421,568
Rental equipment, net	3,080,981	2,931,646
Property, plant and equipment, net	312,178	303,650
Operating lease assets	247,064	232,094
Goodwill	1,178,806	1,171,219
Intangible assets, net	460,678	495,947
Other non-current assets	10,852	16,081
Total long-term assets	5,290,559	5,150,637
Total assets	5,773,599	5,572,205
Liabilities and equity
Accounts payable	118,271	106,926
Accrued expenses	100,195	91,381
Accrued employee benefits	68,414	50,291
Deferred revenue and customer deposits	159,639	135,485
Operating lease liabilities - current	53,005	48,063
Current portion of long-term debt	18,121	16,521
Total current liabilities	517,645	448,667
Long-term debt	2,694,319	2,453,809
Deferred tax liabilities	354,879	307,541
Operating lease liabilities - non-current	194,256	183,761
Common stock warrant liabilities	0	77,404
Other non-current liabilities	15,737	37,150
Long-term liabilities	3,259,191	3,059,665
Total liabilities	3,776,836	3,508,332
Commitments and contingencies
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at December 31, 2021 and 2020	0	0
Common Stock: $0.0001 par, 500,000,000 shares authorized and 223,939,527 and 229,038,158 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	22	23
Additional paid-in-capital	3,616,902	3,852,291
Accumulated other comprehensive loss	(29,071)	(37,207)
Accumulated deficit	(1,591,090)	(1,751,234)
Total shareholders' equity	1,996,763	2,063,873
Total liabilities and shareholders' equity	$ 5,773,599	$ 5,572,205

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Trade receivables, allowance	$ 47,629	$ 29,258
Preferred share par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred shares authorized (in shares)	1,000,000	1,000,000
Preferred shares issued (in shares)	0	0
Preferred shares outstanding (in shares)	0	0
Common stock par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	223,939,527	229,038,158
Common stock outstanding (in shares)	223,939,527	229,038,158

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Leasing	$ 1,412,123	$ 1,001,447	$ 744,185
Total revenues	1,894,897	284,240	620,018
Costs:
Leasing	317,061	227,376	213,151
Depreciation of rental equipment	237,537	200,581	174,679
Gross profit	968,208	659,973	413,313
Expenses:
Selling, general and administrative	511,446	360,626	271,004
Transaction costs	1,375	64,053	0
Other depreciation and amortization	78,030	43,249	12,395
Impairment losses on long-lived assets	0	0	2,848
Lease impairment expense and other related charges	2,888	4,876	8,674
Restructuring costs	11,868	6,527	3,755
Currency losses (gains), net	548	(355)	(688)
Other expense (income), net	1,780	(1,718)	(2,200)
Operating income	360,273	182,715	117,525
Interest expense	117,987	119,886	122,504
Fair value loss (gain) on common stock warrant liabilities	26,597	(3,461)	109,622
Loss on extinguishment of debt	5,999	42,401	8,755
Income (loss) before income tax	209,690	23,889	(123,356)
Income tax expense (benefit)	49,546	(51,451)	(2,191)
Net income (loss)	160,144	75,340	(121,165)
Net income (loss) attributable to non-controlling interest, net of tax	0	1,213	(421)
Net income (loss) attributable to WillScot Mobile Mini common shareholders	$ 160,144	$ 74,127	$ (120,744)
Earnings (loss) per share attributable to WillScot Mobile Mini common shareholders:
Basic (in USD per share)	$ 0.71	$ 0.44	$ (1.11)
Diluted (in USD per share)	$ 0.69	$ 0.25	$ (1.11)
Weighted average shares:
Basic (in shares)	226,518,931	169,230,177	108,683,620
Diluted (in shares)	232,793,902	177,268,383	108,683,620
Total Leasing And Product And Service Revenues/Costs
Revenues:
Total revenues	$ 1,894,897	$ 1,367,645	$ 1,063,665
Leasing Revenue
Revenues:
Leasing	1,412,123	1,001,447	744,185
Costs:
Leasing	317,061	227,376	213,151
Delivery and installation
Revenues:
Revenues	374,682	274,156	220,057
Costs:
Cost of sales	306,861	220,102	194,107
New units
Revenues:
Revenues	52,882	53,093	59,085
Total revenues	52,882	53,093	59,085
Costs:
Cost of sales	35,377	34,841	42,160
Rental units
Revenues:
Revenues	55,210	38,949	40,338
Total revenues	55,210	38,949	40,338
Costs:
Cost of sales	$ 29,853	$ 24,772	$ 26,255

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 160,144	$ 75,340	$ (121,165)
Other comprehensive income:
Foreign currency translation adjustment, net of income tax (benefit) of $(60), $(685) and $0 for the years ended December 31, 2021, 2020 and 2019, respectively	(880)	28,404	10,586
Net gain (loss) on derivatives, net of income tax expense (benefit) of $2,661, $(539) and $(1,471) for the years ended December 31, 2021, 2020 and 2019, respectively	9,016	(1,749)	(4,809)
Total other comprehensive income	8,136	26,655	5,777
Comprehensive income (loss)	168,280	101,995	(115,388)
Comprehensive (loss) income attributable to non-controlling interest	0	(672)	105
Total comprehensive income (loss) attributable to WillScot Mobile Mini	$ 168,280	$ 102,667	$ (115,493)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax (expense) benefit	$ (60)	$ (685)	$ 0
Net Income (loss) on derivatives, tax (expense) benefit	$ 2,661	$ (539)	$ (1,471)

Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands

Total

Cumulative Effect, Period of Adoption, Adjustment

Total Shareholders' Equity

Cumulative Effect, Period of Adoption, Adjustment

Common Stock

Class A Common Stock

Common Stock

Class B Common Stock

Additional Paid-in Capital

Accumulated Other Comprehensive Income (Loss)

Accumulated Deficit

Cumulative Effect, Period of Adoption, Adjustment

Non-Controlling Interest

Cumulative Effect, Period of Adoption, Adjustment

Beginning balance (in shares) at Dec. 31, 2018

108,509,000

^[1]

8,024,000

Beginning balance at Dec. 31, 2018

$ 657,647

$ 5,570

$ 593,665

$ 5,067

$ 11

^[1]

$ 1

$ 2,371,363

$ (68,026)

$ (1,709,684)

$ 5,067

$ 63,982

$ 503

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(121,165)

(120,744)

(421)

Other comprehensive income

5,777

5,251

526

Stock-based compensation and issuance of common stock from vesting (in shares)

^[1]

229,000

Stock-based compensation and issuance of Common Stock from vesting

6,032

Issuance of common stock from the exercise of options and warrants (in shares)

^[1]

81,000

Issuance of Common Stock from the exercise of options and warrants

1,338

Ending balance (in shares) at Dec. 31, 2019

108,819,000

^[1]

8,024,000

Ending balance at Dec. 31, 2019

555,199

490,609

$ 11

^[1]

$ 1

2,378,733

(62,775)

(1,825,361)

64,590

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

75,340

74,127

1,213

Other comprehensive income

26,655

28,540

(1,885)

Mobile mini merger (in shares)

^[1]

106,427,000

Mobile Mini Merger

1,348,630

$ 11

^[1]

1,348,619

Sapphire Exchange (in shares)

10,641,000

^[1]

(8,024,000)

Sapphire Exchange

$ 0

63,918

$ 1

^[1]

$ (1)

66,890

(2,972)

(63,918)

Stock-based compensation and issuance of common stock from vesting (in shares)

13,792,582

315,000

^[1]

Stock-based compensation and issuance of Common Stock from vesting

$ 9,879

9,879

Repurchase and cancellation of options and warrants

(300)

Issuance of common stock from the exercise of options and warrants (in shares)

^[1]

2,836,000

Issuance of Common Stock from the exercise of options and warrants

35,727

Withholding taxes on net share settlement of stock-based compensation and option exercises

(13,473)

Reclassification of 2018 Warrants

$ 26,216

26,216

Ending balance (in shares) at Dec. 31, 2020

229,038,158

229,038,000

^[1]

Ending balance at Dec. 31, 2020

$ 2,063,873

2,063,873

$ 23

^[1]

$ 0

3,852,291

(37,207)

(1,751,234)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

160,144

Other comprehensive income

$ 8,136

8,136

Stock-based compensation and issuance of common stock from vesting (in shares)

6,752,647

485,000

Stock-based compensation and issuance of Common Stock from vesting

$ 26,184

26,184

Repurchase and cancellation of Common Stock and warrants (in shares)

(11,851,000)

Repurchase and cancellation of Common Stock and warrants

(340,376)

$ (1)

(340,375)

Issuance of common stock from the exercise of options and warrants (in shares)

6,268,000

Issuance of Common Stock from the exercise of options and warrants

85,979

Withholding taxes on net share settlement of stock-based compensation and option exercises

$ (7,177)

(7,177)

Ending balance (in shares) at Dec. 31, 2021

223,939,527

223,940,000

^[1]

Ending balance at Dec. 31, 2021

$ 1,996,763

$ 22

^[1]

$ 0

$ 3,616,902

$ (29,071)

$ (1,591,090)

$ 0

[1]	See Note 1 for information regarding the Company's conversion of Class A Common Stock to Common Stock on July 1, 2020 concurrent with the Merger

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Operating activities:

Net income (loss)

$ 160,144

$ 75,340

$ (121,165)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

318,202

246,948

189,436

Provision for credit losses

38,191

32,593

14,496

Impairment losses on long-lived assets

2,848

Impairment losses on right of use assets

4,160

Gain on sale of rental equipment and other property, plant and equipment

(26,175)

(14,124)

(11,660)

Amortization of debt discounts and debt issuance costs

14,033

13,085

11,450

Fair value loss (gain) on common stock warrant liabilities

26,597

(3,461)

109,622

Loss on extinguishment of debt

5,999

42,401

8,755

Stock-based compensation expense

26,184

9,879

6,686

Deferred income tax expense (benefit)

36,563

(55,155)

(2,624)

Unrealized currency losses (gains), net

295

424

(745)

Changes in operating assets and liabilities, net of effect of businesses acquired:

Trade receivables

(105,053)

(26,723)

(63,648)

Inventories

(9,083)

2,775

869

Prepaid expenses and other assets

3,324

(4,547)

8,237

Operating lease assets and liabilities

473

789

(438)

Accrued interest

217

(11,877)

(4,217)

Accounts payable and other accrued expenses

27,308

(16,046)

4,865

Deferred revenue and customer deposits

22,683

12,454

15,639

Net cash provided by operating activities

539,902

304,812

172,566

Investing activities:

Acquisitions, net of cash acquired

(147,172)

17,173

Proceeds from sale of rental equipment

55,210

38,949

42,101

Purchase of rental equipment and refurbishments

(278,498)

(172,383)

(205,106)

Proceeds from the sale of property, plant and equipment

16,911

7,355

18,763

Purchase of property, plant and equipment

(30,498)

(16,454)

(8,340)

Net cash used in investing activities

(384,047)

(125,360)

(152,582)

Financing activities:

Receipts from issuance of Common Stock from the exercise of options

7,484

10,616

921

Repurchase and cancellation of Common Stock and warrants

(363,586)

(21,777)

Payment of Common Stock issuance costs

(4,222)

Receipts from borrowings

728,677

2,786,793

552,230

Payment of financing costs

(65,475)

(2,623)

Repayment of borrowings

(512,181)

(2,808,370)

(568,686)

Payment of debt extinguishment premium costs

(3,705)

(34,610)

(7,152)

Principal payments on finance lease obligations

(17,399)

(8,440)

(99)

Taxes paid on employee stock awards

(7,177)

(13,473)

(654)

Net cash used in financing activities

(167,887)

(158,958)

(26,063)

Effect of exchange rate changes on cash and cash equivalents

(206)

1,398

166

Net change in cash and cash equivalents

(12,238)

21,892

(5,913)

Cash and cash equivalents at the beginning of the period

24,937

3,045

8,958

Cash and cash equivalents at the end of the period

12,699

24,937

3,045

Supplemental cash flow information:

Interest paid

^[1]

103,795

118,519

118,726

Income taxes paid (refunded), net

9,855

4,234

(1,148)

Capital expenditures accrued or payable

$ 27,667

$ 23,553

$ 23,946

[1]	1 Includes $11,992, $9,779 and $3,143 of payments related to the interest rate swap for the years ended December 31, 2021, 2020 and 2019, respectively.

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Interest paid

^[1]

$ 103,795

$ 118,519

$ 118,726

Interest rate swap

Interest paid

$ 11,992

$ 9,779

$ 3,143

[1]	1 Includes $11,992, $9,779 and $3,143 of payments related to the interest rate swap for the years ended December 31, 2021, 2020 and 2019, respectively.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Organization and Nature of Operations

WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” and, together with its subsidiaries, the “Company”) is a leading business services provider specializing in innovative flexible work space and portable storage solutions in the United States (“US”), Canada, Mexico and the United Kingdom ("UK"). The Company also maintains a fleet of specialty containment products, including liquid and solid containment solutions. The Company leases, sells, delivers and installs mobile solutions and storage products through an integrated network of branch locations that spans North America and the UK.

WillScot Corporation, a Delaware corporation (“WillScot”), entered into an Agreement and Plan of Merger, dated as of March 1, 2020, as amended on May 28, 2020 (as so amended, the “Merger Agreement”), by and among WillScot, Mobile Mini, Inc. (“Mobile Mini”), and Picasso Merger Sub, Inc., a wholly-owned subsidiary of WillScot (“Merger Sub”). On July 1, 2020, Merger Sub merged with and into Mobile Mini (the “Merger”). At the effective time of the Merger, the separate corporate existence of Merger Sub ceased, and Mobile Mini continued its existence as the surviving corporation in the Merger and a wholly-owned subsidiary of WillScot. As a result of the Merger, each issued and outstanding share of Mobile Mini Common Stock, par value $0.01 per share (other than treasury shares held by Mobile Mini), was converted automatically into the right to receive 2.405 shares of WillScot’s Class A Common Stock, par value $0.0001 per share (the “WillScot Class A Common Stock”), and cash in lieu of any fractional shares. Immediately following the Merger, WillScot changed its name to “WillScot Mobile Mini Holdings Corp.” and filed an amended and restated certificate of incorporation (the “A&R Charter”), which reclassified all outstanding shares of WillScot Class A Common Stock and converted such shares into shares of Common Stock, par value $0.0001 per share, of WillScot Mobile Mini (“WillScot Mobile Mini Common Stock”). The WillScot Class A Common Stock was listed on the Nasdaq Capital Market (Nasdaq: WSC) up until the Merger, and the WillScot Mobile Mini Common Stock has been listed on the Nasdaq Capital Market (Nasdaq: WSC) since the Merger. As used herein, the term “Common Stock” or “the Company’s Common Stock” refers to WillScot Class A Common Stock prior to filing of the A&R Charter on July 1, 2020 and to WillScot Mobile Mini Common Stock as of and following the filing of the A&R Charter on July 1, 2020.

As the Merger closed on July 1, 2020 the preparation of financial statements in accordance with US Generally Accepted Accounting Principles (“GAAP”) requires that our consolidated financial statements and most of the disclosures in these Notes be presented on a historical basis. Unless the context otherwise requires, the terms “Company” and “WillScot Mobile Mini” as used in these financial statements mean WillScot and its subsidiaries when referring to periods prior to July 1, 2020 (prior to the Merger) and to WillScot Mobile Mini, when referring to periods on or after July 1, 2020 (after the Merger).

Basis of Presentation

The consolidated financial statements were prepared in conformity with GAAP.

Principles of Consolidation

The consolidated financial statements comprise the financial statements of WillScot Mobile Mini and its subsidiaries that it controls due to ownership of a majority voting interest. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as WillScot Mobile Mini. All intercompany balances and transactions are eliminated.

Reclassifications

Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.

Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents.

Trade Receivables and Allowance for Credit Losses

The Company is exposed to credit losses from trade receivables. The Company assesses each customer’s ability to pay for the products it leases or sells by conducting a credit review. The credit review considers expected billing exposure and

timing for payment and the customer’s established credit rating. The Company performs its credit review of new customers at inception of the customer relationship and for existing customers when the customer transacts after a defined period of dormancy. The Company also considers contract terms and conditions, country risk and business strategy in the evaluation.

The Company monitors ongoing credit exposure through an active review of customer balances against contract terms and due dates. The Company may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. The allowances for credit losses reflect the estimate of the amount of receivables that the Company will be unable to collect based on historical write-off experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectability. This estimate is sensitive to changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, the Company may be required to increase or decrease its allowances.

In accordance with the adoption of ASC 842, effective January 1, 2019, and the adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) ("ASC 326"), effective January 1, 2020, specifically identifiable lease revenue receivables and sales receivables not deemed probable of collection are recorded as a reduction of revenue. The remaining provision for credit losses is recorded as selling, general and administrative expenses.

Activity in the allowance for credit losses for the years ended December 31 was as follows:


(in thousands)	2021		2020		2019
Balance at beginning of period	$	29,258	$	15,828	$	9,340
Provision for credit losses, net of recoveries(a)	38,191		31,386		14,496
Write-offs	(19,791)		(18,034)		(7,945)
Foreign currency translation and other	(29)		78		(63)
Balance at end of period	$	47,629	$	29,258	$	15,828

(a) For the years ended December 31, 2021, 2020 and 2019, the provision for credit losses includes $19.8 million, $18.0 million and $10.0 million, respectively, recorded as a reduction to revenue for the provision of specific receivables whose collection is not considered probable.

The Company’s trade accounts receivable subject the Company to potential concentrations of credit risk. The Company performs on-going credit evaluations of its customers. Receivables related to sales are generally secured by the product sold to the customer. The Company generally has the right to repossess its rental units in the event of non-payment of receivables relating to the Company’s leasing operations.

Inventories

Inventories consist of raw materials, supplies, and finished units for sale. Inventories are measured at the lower of cost or net realizable value based on the weighted-average cost. The cost includes expenditures incurred in acquiring the inventories, production or conversion costs, and other costs incurred in bringing them to their existing location and condition.

Rental Equipment

Rental equipment is comprised of modular space and portable storage units held for rent or on rent to customers, tank and pump solutions products, which consist primarily of liquid and solid containment units, pumps and filtration equipment, and value-added products and services (“VAPS”) which are in use or available to be used by customers. Rental equipment is measured at cost less accumulated depreciation and impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Costs of improvements and conversions of rental equipment are capitalized when such costs extend the useful life of the equipment or increase the rental value of the unit. Costs incurred for equipment to meet a particular customer specification are capitalized and depreciated over the lease term taking in consideration the residual value of the asset. Maintenance and repair costs are expensed as incurred.

Depreciation is generally computed using the straight-line method over estimated useful lives, as follows:


	Estimated Useful Life	Residual Value
Modular space units	10 - 30 years	20 - 55%
Portable storage units	30 years	55%
Tank and pump equipment	7 - 25 years	—%
VAPS and other related rental equipment	1 - 8 years	—%

Property, Plant and Equipment

Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses.

The Company capitalizes external costs and directly attributable internal costs to acquire or create internal use software incurred subsequent to the completion of the preliminary project stage. Costs associated with post-implementation activities are expensed as incurred. The Company evaluates implementation costs incurred in a cloud computing arrangement that is a service contract as described in Cloud Computing Arrangements below.

Land is not depreciated. Leasehold improvements are amortized over the lease term. Assets leased under capital leases are depreciated over the shorter of the lease term or their useful life, unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. Maintenance and repair costs are expensed as incurred.

Depreciation is generally computed using the straight-line method over estimated useful lives as follows:


			Estimated Useful Life
Buildings and leasehold improvements			10 - 40 years
Vehicles, machinery, and equipment			3 - 30 years
Furniture and fixtures			3 - 10 years
Software			3 - 10 years

Impairment of Long-Lived Assets

When circumstances indicate the carrying amount of long-lived assets in a held-for-use asset group may not be recoverable, the Company evaluates the assets for potential impairment using internal projections of undiscounted cash flows resulting from the use and eventual disposal of the assets. Events or changes in circumstances that may necessitate a recoverability evaluation include, but are not limited to, adverse changes in the regulatory environment or an expectation it is more likely than not that the asset will be disposed of before the end of its previously estimated useful life. If the carrying amount of the assets exceeds the undiscounted cash flows, an impairment expense is recognized for the amount by which the carrying amount of the asset group exceeds its fair value (subject to the carrying amount not being reduced below fair value for any individual long-lived asset that is determinable without undue cost and effort).

Consistent with the provisions of ASC 842, the Company assesses whether any operating lease asset impairment exists in accordance with the measurement guidance in Accounting Standard Codification ("ASC") 360, Property Plant and Equipment.

Cloud Computing Arrangements

In accordance with ASU 2018-15, Goodwill and Other – Internal-Use Software (Subtopic 350-40) (“ASC 350-40"), the Company evaluates implementation costs incurred in a cloud computing arrangement that is a service contract under the internal-use software framework. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Costs incurred in the development stage are generally capitalized as other assets. Amortization expense is calculated on a straight-line basis over the contractual term of the cloud computing arrangement and recorded as selling, general and administrative expense.

Goodwill and Annual Goodwill Impairment Test

For acquired businesses, the Company records assets acquired and liabilities assumed at their estimated fair values on the respective acquisition dates. Based on these values, the excess purchase price over the fair value of the net assets acquired is recorded as goodwill. Generally, reporting units are at the operating segment level or one level below the operating segment (the component level), if discrete financial information is prepared and regularly reviewed by segment management. Goodwill acquired in a business combination is assigned to each of the Company’s reporting units that are expected to benefit from the combination.

The Company performs its annual impairment test of goodwill as of October 1 at the reporting unit level, as well as during any reporting period in which events or changes in circumstances occur that, in management’s judgment, may constitute triggering events under ASC 350-20, Intangibles – Goodwill and Other, Testing Goodwill for Impairment. The Company performs its assessment of goodwill utilizing either a qualitative or quantitative impairment test. The qualitative impairment test assesses company-specific, industry, market and general economic factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company concludes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, or elects not to use the qualitative impairment test, a quantitative impairment test is performed. The quantitative impairment test involves a comparison of the estimated fair value of a reporting unit to its carrying amount. The Company uses an independent valuation specialist for its quantitative impairment tests to assist in the valuation.

Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, value of net operating losses, future economic and market conditions and determination of appropriate market comparables. Management bases fair value estimates on assumptions it believes to be reasonable but that are unpredictable and inherently uncertain. Actual future results may differ from these estimates.

If the carrying amount of the reporting unit exceeds the calculated fair value of the reporting unit, an impairment charge would be recognized for the excess, not to exceed the amount of goodwill allocated to that reporting unit.

Intangible Assets Other than Goodwill

Intangible assets that are acquired by the Company and determined to have an indefinite useful life are not amortized but are tested for impairment at least annually. The Company’s indefinite-lived intangible assets consist of the Williams Scotsman and Mobile Mini trade names. The Company performs its assessment of indefinite-lived intangible assets utilizing

either a qualitative or quantitative impairment test. When utilizing a quantitative impairment test, the Company calculates fair value using a relief-from-royalty method. This method is used to estimate the cost savings that accrue to the owner of an intangible asset who would otherwise have to pay royalties or license fees on revenues earned through the use of the asset. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment charge would be recorded to the extent the recorded indefinite-lived intangible asset exceeds the fair value.

Other intangible assets that have finite useful lives are measured at cost less accumulated amortization and impairment losses, if any. Amortization is recognized in profit or loss over the estimated useful lives of the intangible asset.

Purchase Accounting

The Company accounts for acquisitions of businesses under the acquisition method. Under the acquisition method of accounting, the Company records assets acquired and liabilities assumed at their estimated fair 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. When appropriate, our estimates of the fair values of assets and liabilities acquired include assistance from independent third-party valuation firms. Valuations are finalized as soon as practicable, but not later than one year from the acquisition date. Any subsequent changes to purchase price allocations result in a corresponding adjustment to goodwill. Transaction costs are expensed in the acquisition of a business.

Long-lived assets (principally rental equipment), goodwill and other intangible assets generally represent the largest components of our acquisitions. Rental equipment is valued utilizing a replacement cost approach. Intangible assets are recognized at their estimated fair values as of the date of acquisition and generally consist of customer relationships and trade names. Determination of the estimated fair value of intangible assets requires judgment. The estimated fair value of customer relationships is determined based on estimates and judgments regarding discounted future after-tax earnings and cash flows arising from lease renewals and new lease arrangements expected from customer relationships. The fair value of trade name intangible assets is determined utilizing the relief from royalty method. Under this form of the income approach, a royalty rate based on observed market royalties is applied to projected revenue supporting the trade name and discounted to present value.

Acquisitions that do not meet the definition of a business are accounted for as asset acquisitions. An asset acquisition is accounted for by allocating the cost of the acquisition to the individual assets acquired and liabilities assumed on a relative fair value basis. Goodwill is not recognized in an asset acquisition. Any consideration in excess of net assets acquired is allocated to acquired assets on a relative fair value basis. The Company measures the fair value of assets acquired utilizing observable market transaction data for comparable assets or recent purchase prices. Transaction costs are considered a component of the cost of the acquisition in an asset acquisition.

Retirement Benefit Obligation

The Company provides benefits to certain of its employees under defined contribution benefit plans. The Company’s contributions to these plans are generally based on a percentage of employee compensation or employee contributions. These plans are funded on a current basis. For its US and Canada employees, the Company sponsors defined contribution benefit plans that have discretionary matching contribution and profit-sharing features. For the years ended December 31, 2021, 2020 and 2019, the Company made matching contributions of $11.7 million, $7.1 million and $5.4 million to these plans, respectively.

Stock-Based Compensation

Prior to the Merger, stock awards were granted under the WillScot Corporation 2017 Incentive Award Plan (the "2017 Incentive Plan"), which included Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs"). On June 24, 2020, WillScot's stockholders approved the WillScot Mobile Mini 2020 Incentive Award Plan ("2020 Incentive Plan") to take effect pending completion of the Merger and, as a result, all future incentive awards are granted under the 2020 Incentive Plan. The 2020 Incentive Plan is administered by the Compensation Committee. Under the 2020 Incentive Plan, the Compensation Committee may grant an aggregate of 6,488,988 shares of Common Stock in the form of non-qualified stock options, incentive stock options, stock appreciation rights, RSAs, RSUs, performance compensation awards and stock bonus awards. Stock-based payments, including the grant of stock options, RSAs and RSUs, are subject to service-based vesting requirements, and expense is recognized on a straight-line basis over the vesting period. Forfeitures are accounted for as they occur.

Stock-based compensation expense includes grants of stock options, time-based RSUs ("Time-Based RSUs") and performance-based RSUs ("Performance-Based RSUs", together with Time-Based RSUs, the "RSUs"). RSUs are recognized in the financial statements based on their fair value. In addition, stock-based payments to non-executive directors include grants of RSAs. Time-Based RSUs and RSAs are valued based on the intrinsic value of the difference between the exercise price, if any, of the award and the fair market value of WillScot Mobile Mini's Common Stock on the grant date. Performance-Based RSUs are valued based on a Monte Carlo simulation model to reflect the impact of the Performance-Based RSUs market condition. The probability of satisfying a market condition is considered in the estimation of the grant-date fair value for Performance-Based RSUs and the compensation cost is not reversed if the market condition is not achieved, provided the requisite service has been provided.

RSAs cliff vest in a one year period. Time-Based RSUs vest ratably over a period of four years. Certain Performance-Based RSUs cliff vest based on achievement of the relative total stockholder return ("TSR") of the Company's Common Stock as compared to the TSR of the constituents in an Index at the grant date over the performance period of three years. For

certain 2021 grants, the TSR of the Company's Common Stock is compared to the TSR of the constituents in the S&P 400 index. The target number of RSUs may be adjusted from 0% to 200% based on the TSR attainment levels defined by the Compensation Committee. The 100% target payout is tied to performance at the 50% percentile, with a payout curve ranging from 0% (for performance less than the 25% percentile) to 200% (for performance at or above the 85% percentile). For grants in 2020 and prior, the TSR of the Company's Common Stock is compared to the TSR of constituents in the Russell 3000 index. The target number of RSUs may be adjusted from 0% to 150% based on the TSR attainment levels defined by the Compensation Committee. The 100% target payout is tied to performance at the 50% percentile, with a payout curve ranging from 0% (for performance less than the 25% percentile) to 150% (for performance at or above the 75% percentile). Vesting is also subject to continued service requirements through the vesting date.

For 555,790 Performance-Based RSUs granted in 2021, the awards cliff vest based on achievement of specified share prices of the Company's Common Stock at annual measurement dates over performance periods of 4.5 years to 4.8 years. The target number of RSUs may be adjusted from 0 to 1,333,334 based on the stock price attainment levels defined by the Company's Compensation Committee. The 555,790 RSU target payout is tied to a stock price of $47.50, with a payout ranging from 0 RSUs (for a stock price less than $42.50) to 1,333,334 RSUs (for a stock price of $60.00 or greater).

Stock options vest in tranches over a period of four years and expire ten years from the grant date. The fair value of each stock option award on the grant date is estimated using the Black-Scholes option-pricing model with the following assumptions: expected dividend yield, expected stock price volatility, weighted-average risk-free interest rate and weighted-average expected term of the options. The volatility assumption used in the Black-Scholes option-pricing model was based on a blend of peer group volatility and Company trading history as the Company did not have a sufficient trading history as a stand-alone public company to rely exclusively on its own trading history. Future calculations may use the Company trading history. Additionally, due to an insufficient history with respect to stock option activity and post-vesting cancellations, the expected term assumption is based on the simplified method under GAAP, which is based on the vesting period and contractual term for each tranche of awards. The mid-point between the weighted-average vesting term and the expiration date is used as the expected term under this method. The risk-free interest rate used in the Black-Scholes model is based on the implied US Treasury bill yield curve at the date of grant with a remaining term equal to the Company’s expected term assumption. WillScot Mobile Mini has never declared or paid a cash dividend on common shares.

Foreign Currency Translation and Transactions

The Company’s reporting currency is the US Dollar (“USD”). Exchange rate adjustments resulting from foreign currency transactions are recognized in profit or loss, whereas effects resulting from the translation of financial statements are reflected as a component of accumulated other comprehensive loss, which is a component of shareholders’ equity.

The assets and liabilities of subsidiaries whose functional currency is different from the USD are translated into USD at exchange rates at the reporting date and income and expenses are translated using average exchange rates for the respective period.

Exchange rate adjustments resulting from transactions in foreign currencies (currencies other than the Company entities’ functional currencies) are remeasured to the respective functional currencies using exchange rates at the dates of the transactions and are recognized in currency (gains) losses on the consolidated statements of operations.

Foreign exchange gains and losses arising from a receivable or payable to a consolidated Company entity, the settlement of which is neither planned nor anticipated in the foreseeable future, are considered to form part of a net investment in the Company entity and are included within accumulated other comprehensive loss.

Derivative Instruments and Hedging Activities

The Company utilizes derivative financial instruments, specifically interest rate swaps, to manage its exposure to fluctuations in interest rates on variable rate debt. The Company does not use derivatives for trading or speculative purposes.

The Company records derivatives on the balance sheet at fair value within prepaid expenses and other current assets and other non-current assets (if in an unrealized gain position) or within accrued liabilities and other non-current liabilities (if in an unrealized loss position). If a derivative is designated as a cash flow hedge and meets the highly effective threshold, the changes in the fair value of derivatives are recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to the cash flow hedges are reclassified to earnings within interest expense when the hedged item impacts earnings. For any derivative instruments not designated as hedging instruments, changes in fair value would be recognized in earnings within interest expense in the period that the change occurs. Cash flows from derivative instruments are presented within net cash provided by operating activities in the consolidated statements of cash flows. The Company assesses, both at the inception of the hedge and on an ongoing quarterly basis, whether the derivatives designated as cash flow hedges are highly effective in offsetting the changes in cash flows of the hedged items.

The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions. The Company does not anticipate that any of the counterparties will fail to meet their obligations.

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.

Leasing and Services Revenue

The majority of revenue is generated by rental income subject to the guidance of Accounting Standard Update ("ASU") 2016-2, Leases (Topic 842) ("ASC 842"). The remaining revenue is generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606").

Leasing Revenue

Income from operating leases is recognized on a straight-line basis over the lease term. The Company's lease arrangements can include multiple lease and non-lease components. Examples of lease components include, but are not limited to, the lease of modular space, portable storage units and VAPS. Examples of non-lease components include, but are not limited to, the delivery, installation, maintenance, and removal services commonly provided in a bundled transaction with the lease components. Arrangement consideration is allocated between lease deliverables and non-lease components based on the relative estimated selling (leasing) price of each deliverable. Estimated selling (leasing) price of the lease deliverables is based upon the estimated stand-alone selling price of the related performance obligations using an adjusted market approach.

When leases and services are billed in advance, recognition of revenue is deferred until services are rendered. If equipment is returned prior to 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.

Rental equipment is leased primarily under operating leases. Operating lease minimum contractual terms within the NA Modular segment, as defined in Note 18, generally range from 1 month to 60 months and averaged approximately 10 months across this segment's rental fleet for the year ended December 31, 2021. Rental contracts with customers within the NA Storage, UK Storage, and Tank & Pump segments are generally based on a 28-day rate and billing cycle. The rental continues until cancelled by the Company or the customer. The Company records changes in estimated collectability directly against leasing revenue.

The Company may use third parties to satisfy its performance obligations, including both the provision of VAPS and other services. To determine whether it is the principal or agent in the arrangement, the Company reviews each third-party relationship on a contract-by-contract basis. The Company is considered an agent when its role is to arrange for another entity to provide the VAPS and other services to the customer. In these instances, the Company does not control the rental unit or service before it is provided and the risk of performance is held by the third party. The Company is considered the principal when it controls the VAPS or other services prior to transferring control to the customer and retains the risk of performance. WillScot Mobile Mini may be a principal in the fulfillment of some leasing contracts and services elements and an agent for other elements within the same contract. Revenue is recognized on a gross basis when the Company is the principal in the arrangement and on a net basis when it is the agent.

Services Revenue

The Company generally has three non-lease service-related performance obligations in its contracts with customers:

•Delivery and installation of the modular or portable storage unit;

•Maintenance and other ad hoc services performed during the lease term; and

•Removal services that occur at the end of the lease term.

Consideration is allocated to each of these performance obligations within the contract based upon their estimated relative standalone selling prices using the estimated cost plus a margin approach. Revenue from these activities is recognized as the services are performed.

Sales Revenue

Sales revenue is generated by the sale of new and rental units. Revenue from the sale of new and rental units is generally recognized at a point in time upon the transfer of control to the customer, which occurs when the unit is delivered and installed in accordance with the contract. Sales transactions constitute a single performance obligation.

Other Matters

The Company's non-lease revenues do not include material amounts of variable consideration, other than the variability noted for services arrangements expected to be performed beyond a twelve-month period.

The Company's payment terms vary by the type and location of its customer and the product or services offered. The time between invoicing and when payment is due is not significant. While the Company may bill certain customers in advance, its contracts do not contain a significant financing component based on the short length of time between upfront billings and the performance of contracted services. For certain products, services, or customer types, the Company requires payment before the products or services are delivered to the customer. At December 31, 2021, current deferred revenue and customer

deposits included deferred revenue of $156.9 million and customer deposits of $2.7 million, respectively. At December 31, 2020, current deferred revenue and customer deposits included deferred revenue of $133.2 million and customer deposits of $2.3 million, respectively.

Revenue is recognized net of sales tax billed to customers, which is subsequently remitted to governmental authorities.

Leases as Lessee

The Company leases real estate for certain of its branch offices, administrative offices, rental equipment storage properties, vehicles and equipment, and administrative operations. The Company determines if an arrangement is or contains a lease at inception. Leases are classified as either finance or operating at inception of the lease, with classification affecting the pattern of expense recognition in the income statement. Short-term leases, defined as leases with an initial term of 12 months or less, are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight-line basis over the lease term.

The Company has leases that contain both lease and non-lease components and has elected, as an accounting policy, to not separate lease components and non-lease components. Operating and finance lease right of use ("ROU") assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The lease liability is calculated as the present value of the remaining minimum rental payments for existing leases using either the rate implicit in the lease or, if none exists, the Company's incremental borrowing rate, as the discount rate. The Company uses its incremental borrowing rate at commencement date in determining the present value of lease payments for those leases where the implicit rate is not known. The Company's incremental borrowing rate is a hypothetical rate based on its understanding of what would be the Company's secured credit rating. Variable lease payments are expensed in the period in which the obligation for those payments is incurred. Variable lease payments include payments for common area maintenance, real estate taxes, management fees and insurance.

Many of the Company’s real estate lease agreements include options to extend the lease, which are not included in the minimum lease terms unless the Company is reasonably certain it will exercise the option. Many of these leases include one or more options to renew. Additionally, the Company’s leases do not generally include options to terminate the lease prior to the end of the lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Advertising and Promotion

Advertising and promotion costs, which are expensed as incurred, were $8.1 million, $7.3 million and $4.0 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Shipping Costs

The Company includes third-party costs to deliver rental equipment to customers in costs of leasing and services, and cost of sales.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company records deferred tax assets to the extent it believes that it is more likely than not that these assets will be realized. In making such determination, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent results of operations. Valuation allowances are recorded to reduce the deferred tax assets to an amount that will more likely than not be realized.

The Company assesses the likelihood that each of the deferred tax assets will be realized. To the extent management concludes the realization of any deferred tax assets is not more likely than not, the Company establishes a valuation allowance. When a valuation allowance is established or there is an increase in an allowance in a reporting period, tax expense is generally recorded in the Company’s consolidated statement of operations. Conversely, to the extent circumstances indicate that a valuation allowance is no longer necessary, that portion of the valuation allowance is reversed, which generally reduces the Company’s income tax expense.

Deferred tax liabilities are recognized for the income taxes on the undistributed earnings of wholly-owned foreign subsidiaries unless such earnings are indefinitely reinvested, or will only be repatriated when possible to do so at minimal additional tax cost. Current income tax relating to items recognized directly in equity is recognized in equity and not in profit (loss) for the year.

In accordance with applicable authoritative guidance, the Company accounts for uncertain income tax positions using a benefit recognition model with a two-step approach; a more-likely-than-not recognition criterion; and a measurement

approach that measures the position as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement. If it is not more-likely-than-not that the benefit of the tax position will be sustained on its technical merits, no benefit is recorded. Uncertain tax positions that relate only to timing of when an item is included on a tax return are considered to have met the recognition threshold. The Company classifies interest on tax deficiencies and income tax penalties within income tax expense.

The Company accounts for any impacts of the Global Intangible Low-Taxed Income ("GILTI") in the period in which they are incurred.

Fair Value Measurements

The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The inputs are prioritized into three levels that may be used to measure fair value. See further discussion of the levels in Note 14.

Warrants

The Company accounts for warrants in accordance with applicable accounting guidance provided in ASC 815-40, Contracts in Entity's Own Equity, as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreements. In periods subsequent to issuance, warrants classified as liabilities are subject to remeasurement at each balance sheet date and transaction date with changes in the estimated fair values of the common stock warrant liabilities and gains and losses on extinguishment of common stock warrant liabilities reported in the consolidated statements of operations.

Recently Issued and Adopted Accounting Standards

Recently Issued Accounting Standards

ASU 2020-04. Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting

In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This update is intended to ease the potential burden in accounting for and recognizing the effects of reference rate reform. It provides optional practical expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform, if certain criteria are met. This update became effective on March 12, 2020 and is available for use through December 31, 2022. The Company is currently evaluating the impact of reference rate reform and potential impact of adoption of these elective practical expedients on its consolidated financial statements and does not expect the impact to be material.

ASU 2021-08. Business Combinations (Topic 815): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This standard is effective for annual periods beginning after December 15, 2022, including interim periods therein, with early adoption permitted. The guidance will be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the contract assets and liabilities acquired in future business combinations.

Recently Adopted Accounting Standards

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date.

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles for income taxes and also improves consistent application of accounting by clarifying or amending existing guidance. On January 1, 2021, the Company adopted ASU 2019-12 and the impact of adoption was not material to the Company's consolidated financial statements. The Company applied the standard prospectively for intraperiod tax allocation, year-to-date losses that exceed anticipated annual losses and enacted changes in tax laws.

Business Combinations and Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Business Combinations and Acquisitions

Business Combination and Acquisitions

Mobile Mini Merger

On March 1, 2020, the Company, along with its newly formed subsidiary, Merger Sub, entered into the Merger Agreement with Mobile Mini, hereby referred to as the “Merger.” The Merger was completed on July 1, 2020 and Merger Sub merged with and into Mobile Mini and the separate corporate existence of Merger Sub ceased, and Mobile Mini continued its existence as the surviving corporation in the Merger and a wholly-owned subsidiary of the Company. Mobile Mini is a leading provider of portable storage solutions in North America and the UK and a leading provider of specialty containment solutions in the US.

Purchase Price

Upon completion of the Merger, each issued and outstanding share of Mobile Mini Common Stock, par value $0.01 per share, converted to 2.405 shares of WillScot Class A Common Stock, par value $0.0001 per share, and cash in lieu of any fractional shares. The Company issued 106,426,721 shares of Class A Common Stock to Mobile Mini stockholders as consideration for the Merger. The trading price of the Class A Common Stock was $12.53 per share on the closing date. In addition, Mobile Mini stock options converted into WillScot Mobile Mini stock options.

The purchase price has been determined to be as follows:


(in thousands, except share and per share data)
Mobile Mini Common Stock outstanding	44,252,275
Share conversion ratio	2.405
Common Stock issued	106,426,721
Common Stock per share price as of July 1, 2020	$	12.53
Fair value of shares of WillScot Class A Common Stock issued	$	1,333,527
Cash paid for fractional shares	30
Fair value of Mobile Mini Options converted to WillScot Mobile Mini Options	19,279
Total purchase price	$	1,352,836

The Merger was accounted for using the acquisition method of accounting, and WillScot is considered the accounting acquirer. Under the acquisition method of accounting, the Company assigned the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values at the closing date. The excess of the purchase price over those fair values is recorded as goodwill. The Company's acquisition of Mobile Mini represented a non-cash investing outflow activity of $1,352,836 and the related issuance of equity including stock options represented a non-cash financing inflow activity of $1,352,836.

The Company recorded the fair values based on independent valuations, discounted cash flow analyses, quoted market prices, contributory asset charges, and estimates made by management. The following table summarizes the July 1, 2020 fair values of the assets acquired and liabilities assumed.

Opening Balance Sheet


(in thousands)	July 1, 2020
Cash and cash equivalents	$	17,203
Trade receivables	87,492
Inventories	8,987
Prepaid expenses and other current assets	13,717
Rental equipment	1,032,672
Property, plant and equipment, net	160,729
Operating lease assets	92,054
Intangible assets	374,500
Goodwill identified	937,135
Other non-current assets	2,520
Total identifiable assets acquired	2,727,009
Accounts payable	(29,797)
Accrued liabilities and interest	(40,335)
Deferred revenue and customer deposits	(38,846)
Operating lease liabilities	(89,968)
Debt and finance lease liabilities	(897,244)
Deferred tax liabilities	(276,555)
Other long-term liabilities	(1,428)
Total liabilities assumed	(1,374,173)
Net assets acquired (purchase price)	$	1,352,836

The goodwill is reflective of Mobile Mini's going concern value and operational synergies that would not be available to other market participants. Goodwill from the Mobile Mini acquisition is not deductible for income tax purposes.

Mobile Mini generated $730.7 million of revenue and $147.3 million of pre-tax income in the year ended December 31, 2021, which is included in the consolidated statement of operations. Mobile Mini generated $316.5 million of revenue and $23.1 million of pre-tax income from the acquisition date to December 31, 2020, which is included in the consolidated statement of operations for the year ended December 31, 2020.

Pro Forma Information

The below pro forma results give effect to the following as if they occurred on January 1, 2019, (i) the Merger, (ii) borrowings under the Company's 2025 Secured Notes and 2020 ABL Facility (terms as defined in Note 9) used to repay certain debt in connection with the Merger, (iii) extinguishment of the Mobile Mini revolving credit facility and senior notes assumed in the Merger and immediately repaid, (iv) extinguishment of WillScot's 2017 ABL Facility and WillScot's 2022 Secured Notes (terms as defined in Note 9) repaid in connection with the Merger and (v) elimination of WillScot's non-controlling interest and WillScot's Class B Common Stock in connection with the Merger. See Note 10 for further details. The pro forma information is not necessarily indicative of the Company’s results of operations had the Merger been completed on January 1, 2019, nor is it necessarily indicative of the Company’s future results. The pro forma information does not reflect any cost savings from operating efficiencies, synergies, or revenue opportunities that could result from the Merger.

The tables below present unaudited pro forma combined statements of operations information for the years ended December 31, 2020 and 2019:


(unaudited, in thousands)	Year Ended December 31, 2020		Year Ended December 31, 2019
WillScot revenues	$	1,367,645	$	1,063,665
Mobile Mini revenues	284,240		620,018
Pro forma revenues	$	1,651,885	$	1,683,683

WillScot Mobile Mini pretax income (loss)	$	23,889	$	(123,356)	(a)
Mobile Mini pretax income	37,875		111,705
Pro forma pretax income (loss)	61,764		(11,651)
Pro forma adjustments to combined pretax income (loss):
Elimination of Merger transaction costs	80,852		—		(b)
Impact of fair value mark-ups on rental fleet depreciation	(2,334)		(4,667)		(c)
Other depreciation expense and intangible asset amortization	(11,397)		(22,399)		(d)
Interest expense	(6,113)		(1,916)		(e)
Elimination of Mobile Mini interest	15,921		39,672		(f)
Elimination of loss on extinguishment of debt	19,682		1,512		(g)
Pro forma pretax income	158,375		551
Income tax expense	(34,549)		(28,892)		(h)
Pro forma net income	$	123,826	$	(28,341)


(a)			Excludes impact of non-controlling interest which was eliminated as part of the Sapphire Exchange. See Note 10.
(b)			Eliminates discrete Merger transaction costs incurred as a result of the Mobile Mini Merger.
(c)			Depreciation on rental equipment and property, plant and equipment were adjusted for the determination of the fair value of equipment acquired in the Mobile Mini Merger.
(d)			Represents the differential in other depreciation and amortization expense related to the fair value purchase accounting adjustments as a result of the Merger, principally the amortization of the Mobile Mini customer relationship valued at $209.0 million.
(e)			In connection with the Merger, the Company entered into a new ABL Facility and drew $1.47 billion at close with an estimated interest rate of 2.046%, issued the 2025 Secured Notes at 6.125%, repaid the 2022 Secured Notes and repaid the 2017 ABL Facility. Interest and amortization of deferred financing fees for the 2020 ABL Facility and the 2025 Secured Notes has been included offset by the removal of interest and amortization of deferred financing fees attributable to the 2022 Secured Notes and the 2017 ABL Facility. See Note 9 for definitions of terms.
(f)			Interest and amortization of deferred financing fees on the senior notes and line of credit maintained by Mobile Mini which were assumed at acquisition and repaid immediately using proceeds from the 2020 ABL Facility and 2025 Secured Notes was eliminated. See Note 9 for definition of terms.
(g)			Elimination of loss on extinguishment of debt in connection with the redemption premium on the 2022 Secured Notes and unamortized deferred financing costs on the 2022 Secured Notes and 2017 ABL Facility. See Note 9 for definitions of terms.
(h)			Reflects the recorded income tax provision plus the adjustment to recognize the income tax impacts of the unaudited pro forma adjustments for which a tax expense is recognized using a US federal and state statutory tax rate of 25.5%. This rate may vary from the effective tax rates of the historical and combined businesses. In addition, eliminates the 2020 reversal of $54.6 million of valuation allowance as a result of reassessment of the realizability of deferred tax assets as a result of the Merger. See Note 12.

Asset Acquisitions

During 2021, the Company acquired certain assets and liabilities of several smaller entities, which consisted primarily of 15,700 storage units and 5,800 modular units for $147.2 million in cash. The accompanying consolidated financial statements include $142.1 million of rental equipment as a result of these acquisitions.

Transaction and Integration Costs

The Company recorded $1.4 million and $64.1 million in transaction costs in the years ended December 31, 2021 and 2020, respectively. The Company records integration costs within selling, general and administrative ("SG&A") expense. The Company incurred $28.4 million and $16.6 million in integration costs related to the other acquisitions and the Merger for the years ended December 31, 2021 and 2020, respectively. The Company incurred $26.6 million in integration costs related to the ModSpace acquisition for the year ended December 31, 2019.

Revenue

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Disaggregation

Geographic Areas

The Company had total revenue in the following geographic areas for the years ended December 31, as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
US	$	1,652,967	$	1,227,465	$	966,766
Canada	116,070		79,630		80,514
Mexico	14,834		14,190		16,385
UK	111,026		46,360		—
Total revenues	$	1,894,897	$	1,367,645	$	1,063,665

Major Product and Service Lines

Equipment leasing is the Company's core business and the primary driver of the Company's revenue and cash flows. This includes rental modular space, portable space and tank and pump units along with VAPS, which include furniture, steps, ramps, basic appliances, internet connectivity devices, and other items used by customers in connection with the Company's products. Leasing is complemented by new unit sales and sales of rental units. In connection with its leasing and sales activities, the Company provides services including delivery and installation, maintenance and ad hoc services and removal services at the end of lease transactions. The Company’s revenue by major product and service line for the years ended December 31, was as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Modular space leasing revenue	$	736,066	$	596,880	$	516,299
Portable storage leasing revenue	259,308		125,216		24,277
Tank and pump leasing revenue	71,404		29,798		—
VAPS and third party leasing revenues(a)	284,901		202,938		159,327
Other leasing-related revenue(b)	60,444		46,615		44,282
Leasing revenue	1,412,123		1,001,447		744,185
Delivery and installation revenue	374,682		274,156		220,057
Total leasing and services revenue	1,786,805		1,275,603		964,242
New unit sales revenue	52,882		53,093		59,085
Rental unit sales revenue	55,210		38,949		40,338
Total revenues	$	1,894,897	$	1,367,645	$	1,063,665

(a) Includes $28.5 million, $18.8 million, and $15.9 million of VAPS service revenue for the years ended December 31, 2021, 2020 and 2019, respectively.

(b) Includes primarily damage billings, delinquent payment charges, and other processing fees.

Leasing and Services Revenue

The majority of revenue (73%, 72%, and 68% for the years ended December 31, 2021, 2020 and 2019, respectively) is generated by lease income subject to the guidance ASC 842. The remaining revenue is generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASC 606.

Future committed leasing revenues under non-cancelable operating leases with the Company’s customers at December 31, 2021 for the years ended December 31, 2022 through 2026 and thereafter were as follows:


(in thousands)	Operating Leases
2022	$	284,137
2023	117,363
2024	42,646
2025	16,778
2026	8,260
Thereafter	5,431
Total	$	474,615

Receivables

The Company manages credit risk associated with its accounts receivables at the customer level. Because the same customers generate the revenues that are accounted for under both ASC 606 and ASC 842, the discussions below on credit risk and the Company's allowance for credit losses address the Company's total revenues.

Concentration of credit risk with respect to the Company's receivables is limited because of a large number of geographically diverse customers who operate in a variety of end user markets. No single customer accounted for more than 1.5% and 1.2% of the Company’s receivables at December 31, 2021 and 2020, respectively. The Company's top five customers with the largest open receivables balances represented 5.0% and 4.9% of the total receivables balance as of December 31, 2021 and 2020, respectively. The Company manages credit risk through credit approvals, credit limits, and other monitoring procedures.

The Company's allowance for credit losses reflects its estimate of the amount of receivables that it will be unable to collect. The estimated losses are calculated using the loss rate method based upon a review of outstanding receivables, related aging, and historical collection experience. The Company's estimates reflect changing circumstances, and the Company may be required to increase or decrease its allowance. During the years ended December 31, 2021, 2020, and 2019, the Company recognized bad debt expense to reflect changes in the allowance for credit losses of $17.5 million, $13.4 million, and $4.5 million, respectively, within SG&A expense in its consolidated statements of operations.

Contract Assets and Liabilities

When customers are billed in advance for services, the Company defers recognition of revenue until the related services are performed, which generally occurs at the end of the contract. The balance sheet classification of deferred revenue is determined based on the contractual lease term. For contracts that continue beyond their initial contractual lease term, revenue continues to be deferred until the services are performed. During the years ended December 31, 2021 and 2020, $40.8 million and $37.5 million, respectively, of deferred revenue relating to these services, was recognized as revenue. At December 31, 2021 and 2020, the Company had approximately $79.4 million and $74.1 million, respectively, of deferred revenue related to these services.

The Company does not have material contract assets, and it did not recognize any material impairments of any contract assets.

The Company's uncompleted contracts with customers have unsatisfied (or partially satisfied) performance obligations. For the future services revenues that are expected to be recognized within twelve months, the Company has elected to utilize the optional disclosure exemption made available regarding transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations. The transaction price for performance obligations that will be completed in greater than twelve months is variable based on the costs ultimately incurred to provide those services and therefore the Company is applying the optional exemption to omit disclosure of such amounts.

The primary costs to obtain contracts for new and rental unit sales with the Company's customers are commissions. The Company pays its sales force commissions on the sale of new and rental units. For new and rental unit sales, the period benefited by each commission is less than one year. As a result, the Company has applied the practical expedient for incremental costs of obtaining a sales contract and expenses commissions as incurred.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

As of December 31, 2021, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2022	$	63,679	$	21,842
2023	52,893		17,665
2024	44,859		14,743
2025	37,850		14,851
2026	27,853		12,839
Thereafter	63,181		14,202
Total lease payments	290,315		96,142
Less: interest	(43,054)		(7,092)
Present value of lease liabilities	$	247,261	$	89,050

As of December 31, 2020, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2021	$	60,120	$	18,252
2022	51,184		17,158
2023	41,074		13,707
2024	33,336		10,786
2025	26,542		10,893
Thereafter	67,421		13,410
Total lease payments	279,677		84,206
Less: interest	(47,853)		(6,332)
Present value of lease liabilities	$	231,824	$	77,874

Finance lease liabilities are included within long-term debt and current portion of long-term debt on the consolidated balance sheets.

The Company’s lease activity during the years ended December 31, 2021 and 2020 was as follows:


	Year Ended December 31,
Financial Statement Line (in thousands)	2021		2020
Finance Lease Expense
Amortization of finance lease assets	$	19,102	$	9,556
Interest on obligations under finance leases	2,283		1,081
Total finance lease expense	$	21,385	$	10,637

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	3,979	$	5,723
Selling, general and administrative	60,253		43,482
Lease impairment expense and other related charges	2,028		2,800
Short-term lease expense
Cost of leasing and services	22,335		25,576
Selling, general and administrative	894		2,067
Lease impairment expense and other related charges	—		471
Variable lease expense
Cost of leasing and services	7,794		6,981
Selling, general and administrative	6,355		5,436
Lease impairment expense and other related charges	492		855
Total operating lease expense	$	104,130	$	93,391

The Company initiated certain restructuring plans associated with the 2018 acquisition of Modular Space Holdings, Inc. ("ModSpace") and the Merger in order to capture operating synergies as a result of integrating these entities. The restructuring activities primarily included the termination of leases for duplicative branches, equipment, and other facilities. As part of these plans, certain of its leased locations were vacated and leases were terminated or impaired.

During the year ended December 31, 2021, the Company recorded $2.9 million in lease impairment expense and other related charges which is comprised of $0.3 million loss on lease exit and impairment charges and $2.6 million in closed location rent expense. During the year ended December 31, 2020, the Company recorded $4.9 million in lease impairment expense and other related charges which is comprised of $0.7 million loss on lease exit and $4.2 million in closed location rent expense. During the year ended December 31, 2019, the Company recorded $8.7 million in lease impairment expense and other related charges which is comprised of $4.2 million in ROU asset impairment on leased locations no longer used in operations, $1.9 million loss on lease exit and $2.6 million in closed location rent expense.

Supplemental cash flow information related to leases for the years ended December 31, 2021 and 2020 were as follows:


	Year Ended December 31,
Supplemental Cash Flow Information (in thousands)	2021		2020
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	65,101	$	45,883
Operating cash outflows from finance leases	$	2,309	$	1,058
Financing cash outflows from finance leases	$	17,399	$	8,510

Right of use assets obtained in exchange for lease obligations	$	70,439	$	33,576
Assets obtained in exchange for finance leases	$	27,835	$	9,089

Weighted-average remaining operating lease terms and the weighted average discount rates as of December 31 were as follows:


Lease Terms and Discount Rates	2021		2020
Weighted-average remaining lease term - operating leases	6.1 years		6.4 years
Weighted-average discount rate - operating leases	5.0	%	5.7	%
Weighted-average remaining lease term - finance leases	4.5 years		4.6 years
Weighted-average discount rate - finance leases	2.9	%	2.9	%

Leases

As of December 31, 2021, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2022	$	63,679	$	21,842
2023	52,893		17,665
2024	44,859		14,743
2025	37,850		14,851
2026	27,853		12,839
Thereafter	63,181		14,202
Total lease payments	290,315		96,142
Less: interest	(43,054)		(7,092)
Present value of lease liabilities	$	247,261	$	89,050

As of December 31, 2020, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2021	$	60,120	$	18,252
2022	51,184		17,158
2023	41,074		13,707
2024	33,336		10,786
2025	26,542		10,893
Thereafter	67,421		13,410
Total lease payments	279,677		84,206
Less: interest	(47,853)		(6,332)
Present value of lease liabilities	$	231,824	$	77,874

Finance lease liabilities are included within long-term debt and current portion of long-term debt on the consolidated balance sheets.

The Company’s lease activity during the years ended December 31, 2021 and 2020 was as follows:


	Year Ended December 31,
Financial Statement Line (in thousands)	2021		2020
Finance Lease Expense
Amortization of finance lease assets	$	19,102	$	9,556
Interest on obligations under finance leases	2,283		1,081
Total finance lease expense	$	21,385	$	10,637

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	3,979	$	5,723
Selling, general and administrative	60,253		43,482
Lease impairment expense and other related charges	2,028		2,800
Short-term lease expense
Cost of leasing and services	22,335		25,576
Selling, general and administrative	894		2,067
Lease impairment expense and other related charges	—		471
Variable lease expense
Cost of leasing and services	7,794		6,981
Selling, general and administrative	6,355		5,436
Lease impairment expense and other related charges	492		855
Total operating lease expense	$	104,130	$	93,391

Supplemental cash flow information related to leases for the years ended December 31, 2021 and 2020 were as follows:


	Year Ended December 31,
Supplemental Cash Flow Information (in thousands)	2021		2020
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	65,101	$	45,883
Operating cash outflows from finance leases	$	2,309	$	1,058
Financing cash outflows from finance leases	$	17,399	$	8,510

Right of use assets obtained in exchange for lease obligations	$	70,439	$	33,576
Assets obtained in exchange for finance leases	$	27,835	$	9,089

Weighted-average remaining operating lease terms and the weighted average discount rates as of December 31 were as follows:


Lease Terms and Discount Rates	2021		2020
Weighted-average remaining lease term - operating leases	6.1 years		6.4 years
Weighted-average discount rate - operating leases	5.0	%	5.7	%
Weighted-average remaining lease term - finance leases	4.5 years		4.6 years
Weighted-average discount rate - finance leases	2.9	%	2.9	%

Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

InventoriesInventories at December 31, consisted of the following:


(in thousands)	2021		2020
Raw materials	$	26,854	$	19,560
Finished units	5,885		4,171
Inventories	$	32,739	$	23,731

Rental Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Rental Equipment, Net

Rental Equipment, net

Rental equipment, net at December 31 consisted of the following:


(in thousands)	2021		2020
Modular space units	$	3,005,195	$	2,796,284
Portable storage units	758,619		653,707
Tank and pump products	156,112		132,071
Value added products	168,419		143,652
Total rental equipment	4,088,345		3,725,714
Less: accumulated depreciation	(1,007,364)		(794,068)
Rental equipment, net	$	3,080,981	$	2,931,646

In 2021, certain of the Company’s rental equipment in Louisiana was adversely impacted by Hurricane Ida. The Company maintains insurance on its rental equipment, generally in the form of replacement cost policies. Such policies are subject to varying deductibles and other conditions. Based on management’s preliminary estimates of potential losses net of insurance recoveries, the estimated impact to our consolidated financial statements will be immaterial.

Property, Plant and Equipment, net

Property, plant and equipment, net at December 31 consisted of the following:


(in thousands)	2021		2020
Land, buildings, and leasehold improvements	$	167,132	$	154,210
Vehicles and equipment	185,918		171,881
Office furniture, fixtures and software	87,613		75,928
Total property, plant and equipment	440,663		402,019
Less: accumulated depreciation	(128,485)		(98,369)
Property, plant and equipment, net	$	312,178	$	303,650

Depreciation expense related to property, plant and equipment was $50.8 million, $28.9 million, and $11.4 million for the years ended December 31, 2021, 2020 and 2019, respectively.

As of December 31, 2021 and 2020, the gross cost of property, plant and equipment assets under finance leases was $98.6 million and $78.7 million, respectively, with related accumulated depreciation of $27.4 million and $9.5 million, respectively. The depreciation expense for these assets is presented in other depreciation and amortization in the consolidated statements of operations.

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Rental Equipment, net

Rental equipment, net at December 31 consisted of the following:


(in thousands)	2021		2020
Modular space units	$	3,005,195	$	2,796,284
Portable storage units	758,619		653,707
Tank and pump products	156,112		132,071
Value added products	168,419		143,652
Total rental equipment	4,088,345		3,725,714
Less: accumulated depreciation	(1,007,364)		(794,068)
Rental equipment, net	$	3,080,981	$	2,931,646

Property, Plant and Equipment, net

Property, plant and equipment, net at December 31 consisted of the following:


(in thousands)	2021		2020
Land, buildings, and leasehold improvements	$	167,132	$	154,210
Vehicles and equipment	185,918		171,881
Office furniture, fixtures and software	87,613		75,928
Total property, plant and equipment	440,663		402,019
Less: accumulated depreciation	(128,485)		(98,369)
Property, plant and equipment, net	$	312,178	$	303,650

Depreciation expense related to property, plant and equipment was $50.8 million, $28.9 million, and $11.4 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

Changes in the carrying amount of goodwill were as follows:


(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Total
Balance at December 31, 2019	$	235,177	$	—	$	—	$	—	$	235,177
Acquisition of Mobile Mini	—		726,529		59,183		143,262		928,974
Effects of movements in foreign exchange rates	651		—		6,417		—		7,068
Balance at December 31, 2020	235,828		726,529		65,600		143,262		1,171,219
Changes to Mobile Mini purchase accounting	285,000		(233,666)		—		(43,173)		8,161
Effects of movements in foreign exchange rates	221		(311)		(502)		18		(574)
Balance at December 31, 2021	$	521,049	$	492,552	$	65,098	$	100,107	$	1,178,806

The Company conducted its annual impairment test of goodwill as of October 1, 2021 and determined that there was no impairment of goodwill identified as a result of the annual impairment analysis. Accumulated historical goodwill impairment losses were $792.8 million and pertain to the NA Modular segment prior to Double Eagle Acquisition Corporation's ("DEAC") acquisition of Williams Scotsman International, Inc. ("WSII") from Algeco Scotsman Global S.à r.l. in 2017. There were no goodwill impairments recorded for the years ended December 31, 2021, 2020 and 2019.

Changes to Mobile Mini purchase accounting are largely the result of the finalization of the assignment of goodwill to the reporting units during the measurement period.

Intangible Assets

Intangible assets other than goodwill at December 31, consisted of the following:


	December 31, 2021
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Mobile Mini customer relationships	6.6	$	209,000	$	(38,447)	$	170,553
Technology	4.5	1,500		(375)		1,125
Indefinite-lived intangible assets:
Trade name - Mobile Mini		164,000		—		164,000
Trade name - WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	499,500	$	(38,822)	$	460,678


	December 31, 2020
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Trade name - ModSpace	0.7	$	3,000	$	(2,375)	$	625
Mobile Mini customer relationships	8.0	217,000		(12,053)		204,947
Technology	5.5	1,500		(125)		1,375
Indefinite-lived intangible assets:
Trade name - Mobile Mini		164,000		—		164,000
Trade name - WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	510,500	$	(14,553)	$	495,947

As discussed further in Note 2, the Company acquired Mobile Mini on July 1, 2020. The Company recorded $164.0 million of indefinite-lived intangible assets and $210.5 million of intangibles subject to amortization, related to Mobile Mini customer relationships and technology.

For the years ended December 31, 2021 and 2020, the aggregate amount recorded to depreciation and amortization expense for intangible assets subject to amortization was $27.3 million and $14.4 million, respectively.

As of December 31, 2021, the expected future amortization expense for intangible assets is as follows:


(in thousands)	Amortization Expense
2022	$	26,416
2023	26,416
2024	26,416
2025	26,416
2026	26,179
Thereafter	39,835
Total	$	171,678

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

The carrying value of debt outstanding at December 31 consisted of the following:


(in thousands, except rates)	Interest rate	Year of maturity	2021		2020


2025 Secured Notes	6.125%	2025	$	518,117	$	637,068
ABL Facility(a)	Varies	2025	1,612,783		1,263,833
2028 Secured Notes	4.625%	2028	492,490		491,555
Finance Leases	Varies	Varies	89,050		77,874
Total debt			2,712,440		2,470,330
Less: current portion of long-term debt			18,121		16,521
Total long-term debt			$	2,694,319	$	2,453,809

(a) As of December 31, 2021 and 2020, the Company had no outstanding principal borrowings on the Multicurrency Facility (defined below) and $6.2 million and $7.9 million, respectively, of related debt issuance costs. No related debt issuance costs were recorded as a direct offset against the principal borrowings on the Multicurrency Facility, and the $6.2 million and $7.9 million in excess of principal was included in other non-current assets on the consolidated balance sheets as of December 31, 2021 and 2020, respectively.

Maturities of debt, including finance leases, during the years subsequent to December 31, 2021 are as follows:


(in thousands)
2022	$	21,842
2023	17,665
2024	14,743
2025	2,185,851
2026	12,839
Thereafter	514,202
Total	$	2,767,142

The Company has debt issuance costs recorded as offsets against the carrying value of the related debt. These debt costs will be amortized and included as part of interest expense over the remaining contractual terms of those debt instruments for each of the next five years as follows:


(in thousands)	Debt issuance cost amortization
2022	$	14,012
2023	$	14,214
2024	$	14,429
2025	$	7,753
2026	$	1,193
Thereafter	$	2,173

2020 Asset Backed Lending Facility

On July 1, 2020, in connection with the completion of the Merger, Williams Scotsman Holdings Corp ("Holdings"), WSII, and certain of its subsidiaries, entered into a new asset-based credit agreement that provides for revolving credit facilities in the aggregate principal amount of up to $2.4 billion, consisting of: (i) a senior secured asset-based US dollar revolving credit facility in the aggregate principal amount of $2.0 billion (the "US Facility"), available to WSII and certain of its subsidiaries (collectively, the "US Borrowers"), and (ii) a $400.0 million senior secured asset-based multicurrency revolving credit facility (the "Multicurrency Facility," together with the US Facility, the "2020 ABL Facility"), available to be drawn in US Dollars, Canadian Dollars, British Pounds Sterling or Euros by the US Borrowers and certain of WSII's wholly-owned subsidiaries organized in Canada and in the UK. On July 1, 2020, in connection with the completion of the Merger, approximately $1.47 billion of proceeds from the 2020 ABL Facility were used to repay an ABL credit agreement entered into by the Company in 2017 (the "2017 ABL Facility") and the asset-backed lending facility assumed in the transaction with Mobile Mini, as well as, to pay fees and expense related to the Merger and the related financing transactions. In connection with the repayment of the 2017 ABL facility, the Company wrote off $4.4 million of deferred financing costs to loss on extinguishment of debt. The 2020 ABL Facility matures on July 1, 2025.

Borrowings under the 2020 ABL Facility initially bore interest at (i) in the case of US Dollars, at WSII's option, either an adjusted LIBOR rate plus 1.875% or an alternative base rate plus 0.875%, (ii) in the case of Canadian Dollars, at WSII's option, either a Canadian BA rate plus 1.875% or Canadian prime rate plus 0.875%, and (iii) in the case of Euros and British Pounds Sterling, an adjusted LIBOR rate plus 1.875%.

On December 13, 2021, due to the upcoming transition of LIBOR, the 2020 ABL Facility was amended to adjust the rate for borrowings denominated in Euros from a LIBOR-based rate to the EURIBOR (Euro Interbank Offered Rate) rate plus 1.875% and to adjust the rate of borrowings denominated in British Pounds Sterling from a LIBOR-based rate to the SONIA (Sterling Overnight Index Average) rate plus 1.9076%.

On December 16, 2021, the 2020 ABL Facility was amended to permit (i) the merger of WSII with and into Williams Scotsman, Inc. ("WSI") and (ii) WSI to assume the duties and obligations of WSII, the administrative borrower of the 2020 ABL Facility.

At December 31, 2021, the weighted average interest rate for borrowings under the 2020 ABL Facility was 1.99%. The weighted average interest rate on the balance outstanding at December 31, 2021, as adjusted for the effects of the interest rate swap agreements was 2.71%. Refer to Note 13 for a more detailed discussion on interest rate management.

Borrowing availability under the US Facility and the Multicurrency Facility is equal to the lesser of (i) the aggregate Revolver Commitments and (ii) the Borrowing Base ("Line Cap"). At December 31, 2021, the Line Cap was $2.4 billion and the Borrowers had $743.6 million of available borrowing capacity under the 2020 ABL Facility, including $343.6 million under the US ABL Facility and $400.0 million under the Multicurrency Facility. Borrowing capacity under the 2020 ABL Facility is made available for up to $208.1 million of letters of credit and up to $168.5 million of swingline loans. At December 31, 2021, letters of credit and bank guarantees carried fees of 2.0%. The Company had issued $11.9 million of standby letters of credit under the 2020 ABL Facility at December 31, 2021. The 2020 ABL Facility requires the payment of an annual commitment fee on the unused available borrowings of 0.225% per annum.

The Company had $1.6 billion outstanding principal under the 2020 ABL Facility at December 31, 2021. Debt issuance costs of $31.7 million were included in the carrying value of the 2020 ABL Facility at December 31, 2021.

The obligations of the US Borrowers are unconditionally guaranteed by Holdings and each existing and subsequently acquired or organized direct or indirect wholly-owned US organized restricted subsidiary of Holdings, other than excluded subsidiaries (together with Holdings, the "US Guarantors"). The obligations of the Multicurrency Borrowers are unconditionally guaranteed by the US Borrowers and the US Guarantors, and each existing and subsequently acquired or organized direct or indirect wholly-owned Canadian organized restricted subsidiary of Holdings other than certain excluded subsidiaries (together with the US Guarantors, the "ABL Guarantors").

2022 Senior Secured Notes

In 2017, WSII issued $300.0 million aggregate principal amount of 7.875% senior secured notes due December 15, 2022 (the “2022 Secured Notes”) under an indenture dated November 29, 2017. Interest was payable semi-annually on June 15 and December 15 beginning June 15, 2018.

On December 13, 2019, the Company completed a partial redemption of $30.0 million of the 2022 Secured Notes at a redemption price of 103% using proceeds from its 2017 ABL Facility. The Company recorded a loss on extinguishment of debt of $1.5 million, which included $0.9 million of an early redemption premium and $0.6 million related to the write-off of unamortized deferred financing fees.

In connection with the Merger and related financing transactions in the third quarter of 2020, using proceeds from the 2025 Secured Notes discussed below, the Company redeemed all of its 2022 Secured Notes and recorded a loss on extinguishment of debt in the consolidated statements of operations of $15.2 million comprised of a redemption premium of $10.6 million and write off of unamortized deferred financing fees of $4.6 million.

2023 Senior Secured Notes

In 2018, WSII issued $300.0 million in aggregate principal amount of 6.875% senior secured notes due August 15, 2023 (the “2023 Secured Notes”). Interest was payable semi-annually on February 15 and August 15 of each year, beginning February 15, 2019.

On May 14, 2019, a tack-on offering of $190.0 million in aggregate principal amount to the initial 2023 Secured Notes (the "Tack-On Notes") was completed. The Tack-On Notes were issued as additional securities under the 2023 Secured Notes indenture. The Tack-On Notes had identical terms to the initial 2023 Secured Notes, other than with respect to the issue date and issue price. WSII incurred a total of $3.0 million in debt issuance costs in connection with the tack-on offering, which were deferred and were being amortized through the August 15, 2023 maturity date. Subsequent to the Tack-On Notes, the Company had $490.0 million of 6.875% 2023 Secured Notes. On August 11, 2020, using borrowings under the Company's 2020 ABL Facility, 10% of the outstanding principal amount of the 2023 Secured Notes, $49.0 million, at a redemption price of 103% plus accrued interest and unpaid interest was redeemed.

On August 25, 2020, the Company completed a private offering of its 2028 Secured Notes, discussed below, and used the offering proceeds to repay, along with expenses, the $441.0 million outstanding principal amount of its 2023 Secured Notes at a redemption price of 103.438% plus accrued interest and unpaid interest. The Company recorded a loss on extinguishment of debt in the consolidated statements of operations of $22.7 million comprised of a redemption premium of $16.6 million and a write off of unamortized deferred financing fees of $6.1 million.

2025 Senior Secured Notes

In anticipation of the Merger, on June 15, 2020, Picasso Finance Sub, Inc., a newly-formed indirect finance subsidiary (the "Finance Sub") of the Company completed a private offering of $650.0 million in aggregate principal amount of its 6.125% senior secured notes due 2025 (the "2025 Secured Notes") to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended ("Rule 144A"). The 2025 Secured Notes contained provisions requiring repayment, without penalty, in the event the Merger was not consummated. The offering proceeds from the 2025 Secured Notes of $650.0 million and $5.1 million of interest due through August 1, 2020 were deposited into an escrow account, pending the closing of the Merger. In connection with the completion of the Merger, on July 1, 2020, the offering proceeds were released and the proceeds were used to repay the 2022 Secured Notes, repay Mobile Mini senior notes assumed in the acquisition and pay certain fees and expenses related to the Merger and the related financing transactions. In addition, Finance Sub was merged into WSII on July 1, 2020. The Company recorded $14.3 million in deferred financing fees related to the 2025 Secured Notes.

The 2025 Secured Notes mature on June 15, 2025 and bear interest at a rate of 6.125% per annum. Interest is payable semi-annually on June 15 and December 15 of each year, beginning December 15, 2020. Unamortized deferred financing costs pertaining to the 2025 Secured Notes were $8.4 million as of December 31, 2021.

The Company may redeem the 2025 Secured Notes at any time before June 15, 2022 at a redemption price equal to 100% of the principal amount thereof, plus a customary make whole premium for the 2025 Secured Notes being redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date. Before June 15, 2022, the Company may redeem up to 40% of the aggregate principal amount of the 2025 Secured Notes at a price equal to 106.125% of the principal amount of the 2025 Secured Notes being redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date with the net proceeds of certain equity offerings. At any time prior to June 15, 2022, the Company may also redeem up to 10% of the aggregate principal amount of the 2025 Secured Notes at a redemption price equal to 103% of the principal amount of the 2025 Secured Notes being redeemed during each twelve-month period commencing with the issue date, plus accrued and unpaid interest, if any, to but not including the redemption date. If the Company undergoes a change of control or sells certain of its assets, the Company may be required to offer to repurchase the 2025 Secured Notes.

On March 26, 2021, using cash on hand and borrowings on the 2020 ABL Facility, the Company redeemed 10% of the outstanding principal, or $65.0 million, of its 2025 Secured Notes and recorded a loss on extinguishment of debt in the consolidated statement of operations of $3.2 million comprised of a redemption premium of $1.9 million and write- off of unamortized deferred financing fees of $1.3 million in the first quarter of 2021.

On June 16, 2021, using cash on hand and borrowings on the 2020 ABL Facility, the Company redeemed 10% of the outstanding principal, or $58.5 million, of its 2025 Secured Notes and recorded a loss on extinguishment of debt in the

consolidated statement of operations of $2.8 million comprised of a redemption premium of $1.8 million and write-off of unamortized deferred financing fees of $1.0 million in the second quarter of 2021.

On and after June 15, 2022, the Company may redeem the 2025 Secured Notes, in whole or in part, at the redemption prices expressed as percentages of principal amount set forth below plus accrued and unpaid interest to but not including the applicable redemption date, subject to the holders' right to receive interest due on an interest payment date falling on or prior to the redemption date, if redeemed during the twelve-month period beginning on June 15 of each of the years set forth below.


Year	Redemption Price
2022	103.063	%
2023	101.531	%
2024 and thereafter	100.000	%

The 2025 Secured Notes are unconditionally guaranteed by each of WSII's direct and indirect domestic subsidiaries and WSII's parent, Holdings (collectively, "the Note Guarantors"). WillScot Mobile Mini is not a guarantor of the 2025 Secured Notes. The Note Guarantors, as well as certain of the Company’s non-US subsidiaries, are guarantors or borrowers under the 2020 ABL Facility. To the extent lenders under the 2020 ABL Facility release the guarantee of any Note Guarantor, such Note Guarantor will also be released from obligations under the 2025 Secured Notes. These guarantees are secured by a second priority security interest in substantially all of the assets of WSII and the Note Guarantors, subject to customary exclusions. The guarantees of the 2025 Secured Notes by WillScot Equipment II, LLC, a Delaware limited liability company which holds certain of WSII’s assets in the US, will be subordinated to its obligations under the 2020 ABL Facility. On December 23, 2021, in connection with the merger of WSII with and into WSI, WSI entered into the 2025 Notes Supplemental Indenture, pursuant to which WSI assumed all of WSII's obligations and rights related to the 2025 Secured Notes.

2028 Senior Secured Notes

On August 25, 2020, the Company completed a private offering of $500.0 million in aggregate principal amount of 4.625% senior secured notes due 2028 (the "2028 Secured Notes") to qualified institutional buyers pursuant to Rule 144A. The 2028 Secured Notes mature on August 15, 2028. They bear interest at a rate of 4.625% per annum. Interest is payable semi-annually on August 15 and February 15 of each year, beginning February 15, 2021. Unamortized deferred financing costs pertaining to the 2028 Secured Notes were $7.5 million as of December 31, 2021.

The Company may redeem the 2028 Secured Notes at any time before August 15, 2023 at a redemption price equal to 100% of the principal amount thereof, plus a customary make whole premium for the 2028 Secured Notes being redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date. Before August 15, 2023, the Company may redeem up to 40% of the aggregate principal amount of the 2028 Secured Notes at a price equal to 104.625% of the principal amount of the 2028 Secured Notes being redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date with the net proceeds of certain equity offerings. At any time prior to August 15, 2023, the Company may also redeem up to 10% of the aggregate principal amount at a redemption price equal to 103% of the principal amount of the 2028 Secured Notes being redeemed during each twelve-month period commencing with the issue date, plus accrued and unpaid interest, if any, to but not including the redemption date. If the Company undergoes a change of control or sells certain of its assets, the Company may be required to offer to repurchase the 2028 Secured Notes.

On and after August 15, 2023, the Company may redeem the 2028 Secured Notes, in whole or in part, at the redemption prices expressed as percentages of principal amount set forth below plus accrued and unpaid interest to but not including the applicable redemption date, subject to the holders' right to receive interest due on an interest payment date falling on or prior to the redemption date, if redeemed during the twelve-month period beginning on August 15 of each of the years set forth below.


Year	Redemption Price
2023	102.313	%
2024	101.156	%
2025 and thereafter	100.000	%

The 2028 Secured Notes are unconditionally guaranteed by the Note Guarantors. WillScot Mobile Mini is not a guarantor of the 2028 Secured Notes. The Note Guarantors, as well as certain of the Company’s non-US subsidiaries, are guarantors or borrowers under the 2020 ABL Facility. To the extent lenders under the 2020 ABL Facility release the guarantee of any Note Guarantor, such Note Guarantor will also be released from obligations under the 2025 Secured Notes. These guarantees are secured by a second priority security interest in substantially all of the assets of WSII and the Note Guarantors, subject to customary exclusions. The guarantees of the 2028 Secured Notes by WillScot Equipment II, LLC, a Delaware limited liability company which holds certain of WSII’s assets in the US, will be subordinated to its obligations under the 2020 ABL Facility. On December 23, 2021, in connection with the merger of WSII with and into WSI, WSI entered into the 2028

Notes Supplemental Indenture, pursuant to which WSI assumed all of WSII's obligations and rights related to the 2028 Secured Notes.

2023 Senior Unsecured Notes

The Company had $200.0 million in aggregate principal amount of senior unsecured notes due November 15, 2023. On June 19, 2019 (the "Redemption Date"), WSII used proceeds from its US ABL Facility to redeem all $200.0 million in aggregate outstanding principal amount of the unsecured notes at a redemption price of 102.0%, plus a make-whole premium of 1.126% and any accrued and unpaid interest to, but not including, the Redemption Date. The Company recorded a loss on extinguishment of $7.2 million, which included $6.2 million of make-whole premiums and $1.0 million related to the write-off of unamortized deferred financing fees.

Finance Leases

The Company maintains finance leases primarily related to transportation equipment. At December 31, 2021 and December 31, 2020, obligations under the finance leases for certain real property and transportation related equipment were $89.1 million and $77.9 million, respectively.

The Company is in compliance with all debt covenants and restrictions for the aforementioned debt instruments for the year ended December 31, 2021.

Mobile Mini Debt

Mobile Mini had $250.0 million in aggregate principal amount of 5.875% senior notes outstanding prior to the Merger. In connection with the Merger, these notes were assumed by WillScot Mobile Mini and subsequently redeemed using proceeds from the 2025 Secured Notes discussed above.

Mobile Mini had a $1.0 billion first lien senior secured revolving credit facility. At June 30, 2020, Mobile Mini had $563.2 million of outstanding principal on the credit facility. In connection with the Merger, this line of credit was assumed by WillScot Mobile Mini and subsequently repaid in full using proceeds from the 2020 ABL Facility discussed above.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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+ Details

Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

Preferred Stock

WillScot Mobile Mini's certificate of incorporation authorizes the issuance of 1,000,000 shares of Preferred Stock with a par value of $0.0001 per share. As of December 31, 2021, the Company has zero shares of Preferred Stock issued and outstanding.

Common Stock

WillScot Mobile Mini's certificate of incorporation authorizes the issuance of 500,000,000 shares of Common Stock with a par value of $0.0001 per share. The Company has 223,939,527 shares of Common Stock issued and outstanding as of December 31, 2021. The outstanding shares of the Company's Common Stock are duly authorized, validly issued, fully paid and non-assessable.

On June 30, 2020, as contemplated by the Merger Agreement, Sapphire Holdings exchanged each of its shares of common stock of Holdings for 1.3261 shares of newly issued WillScot Class A Common Stock (the "Sapphire Exchange"). As a result of the Sapphire Exchange, all issued and outstanding shares of WillScot's Class B Common Stock, par value $0.0001 per share, were automatically canceled for no consideration and the existing exchange agreement was automatically terminated. As a result of the Sapphire Exchange, Sapphire Holdings became a wholly-owned subsidiary of WillScot. Sapphire Holdings received 10,641,182 shares of Common Stock of WillScot in the Sapphire Exchange. Prior to the Sapphire Exchange, Sapphire Holdings' ownership of Holdings was recorded as a non-controlling interest in the consolidated financial statements. Subsequent to the Sapphire Exchange, the Company's subsidiaries are each wholly owned and there is no non-controlling interest. As a result of the Sapphire Exchange, non-controlling interest of $63.9 million was reclassified to $66.9 million of additional paid-in-capital and $3.0 million to accumulated other comprehensive loss, on the consolidated balance sheet.

In connection with the Merger on July 1, 2020, the Company issued 106,426,722 shares of Class A Common Stock in exchange for Mobile Mini Common Stock outstanding and subsequently filed an amended and restated certificate of incorporation, which reclassified all outstanding shares of the Class A Common Stock and converted such shares into shares of Common Stock, par value of $0.0001 per share, of WillScot Mobile Mini.

In connection with the Sapphire Exchange described above, stock compensation vesting and stock option exercises described in Note 16, and the warrant exercises described below, the Company issued 6,752,647 and 13,792,582 shares of Common Stock during the years ended December 31, 2021 and 2020, respectively.

Stock Repurchase Program

On August 7, 2020, the Company's Board of Directors approved a stock repurchase program that authorizes the Company to repurchase up to $250 million of its outstanding shares of Common Stock and equivalents. On April 29, 2021, the Board of Directors approved an increase in repurchase authority to $500 million. Subsequently, in October of 2021, the Company's Board of Directors replaced the existing share repurchase program with a new share repurchase program that

authorizes the Company to repurchase up to $1.0 billion of its outstanding shares of Common Stock and equivalents. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and the timing and exact amount of any repurchases will depend on various factors, including market pricing, business, legal, accounting, and other considerations. The Company may repurchase its shares in open market transactions or through privately negotiated transactions in accordance with federal securities laws, at the Company's discretion. The repurchase program, which has no expiration date, may be increased, suspended, or terminated at any time. The program is expected to be implemented over the course of several years and will be conducted subject to the covenants in the agreements governing indebtedness.

During the year ended December 31, 2021, the Company repurchased 12,878,490 shares of Common Stock and stock equivalents for $365.9 million. During the year ended December 31, 2020, no shares of Common Stock were repurchased, and 1,728,177 shares of stock equivalents were repurchased for $35.3 million. As of December 31, 2021, $956.7 million of the approved repurchase pool remained available.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss ("AOCI"), net of tax, for the years ended December 31, 2021, 2020 and 2019, were as follows:


(in thousands)	Foreign Currency Translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2018	$	(62,608)	$	(5,418)	$	(68,026)
Other comprehensive income (loss) before reclassifications	10,586		(7,930)		2,656
Reclassifications from AOCI to income (a)	—		3,121		3,121
Less other comprehensive (loss) income attributable to non-controlling interest	(960)		434		(526)
Balance at December 31, 2019	(52,982)		(9,793)		(62,775)
Other comprehensive income (loss) before reclassifications	28,404		(11,874)		16,530
Reclassifications from AOCI to income (a)	—		10,125		10,125
Less other comprehensive income attributable to non-controlling interest	1,183		702		1,885
Impact of elimination of non-controlling interest on accumulated other comprehensive income	(1,299)		(1,673)		(2,972)
Balance at December 31, 2020	(24,694)		(12,513)		(37,207)
Other comprehensive loss before reclassifications	(880)		(2,985)		(3,865)
Reclassifications from AOCI to income (a)	—		12,001		12,001
Balance at December 31, 2021	$	(25,574)	$	(3,497)	$	(29,071)

(a) For the years ended December 31, 2021, 2020 and 2019, $12.0 million, $10.1 million and $3.3 million, respectively, was reclassified from AOCI into the consolidated statements of operations within interest expense related to the interest rate swaps discussed in Note 13. For the years ended December 31, 2021, 2020 and 2019, the Company recorded tax benefits of $3.0 million, $2.4 million and $0.8 million, respectively, associated with this reclassification.

Warrants

2015 Public Warrants

WillScot was incorporated under the name DEAC on June 26, 2015. On November 29, 2017, DEAC acquired WSII from Algeco Scotsman Global S.à r.l., which was majority owned by an investment fund managed by TDR Capital. DEAC domesticated to Delaware and changed its name to WillScot Corporation.

As part of its initial public offering, the Company issued warrants (the “2015 Public Warrants”). Each 2015 Public Warrant entitled the holder to purchase one-half of one share of WillScot Class A Common Stock at a price of $5.75 per half share (or $11.50 per whole share), subject to adjustment. The Company was able to redeem the 2015 Public Warrants for $0.01 per warrant if the closing price of WillScot’s Class A shares equaled or exceeded $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date the Company sent a notice of redemption to the warrant holders, providing for a 30-day notice period.

The Company's share price performance target was achieved on January 21, 2020 and, on January 24, 2020, the Company delivered a notice (the "Redemption Notice") to redeem all of its 2015 Public Warrants that remained unexercised on February 24, 2020. As further described in the Redemption Notice and permitted under the warrant agreement, holders of these warrants who exercised them following the date of the Redemption Notice were required to do so on a cashless basis. From January 1, 2020 through January 24, 2020, 796,610 warrants were exercised for cash, resulting in the Company receiving cash proceeds of $4.6 million and the Company issuing 398,305 shares of the Company's Class A Common Stock. After January 24, 2020 through February 24, 2020, 5,836,048 warrants were exercised on a cashless basis. An aggregate of 1,097,162 shares of the Company's Class A Common Stock was issued in connection with these cashless exercises. On February 24, 2020, the Company completed the redemption of 38,509 remaining warrants under the Redemption Notice for $0.01 per warrant. At December 31, 2021, no 2015 Public Warrants were outstanding.

2015 Private Warrants

DEAC also issued warrants to purchase its Common Stock in a private placement concurrently with its initial public offering (the “2015 Private Warrants,” and together with the 2015 Public Warrants, the "2015 Warrants"). The 2015 Private Warrants were purchased at a price of $0.50 per unit for an aggregate purchase price of $9.75 million. The 2015 Private Warrants were identical to the 2015 Public Warrants, except that, if held by certain original investors (or their permitted assignees), the 2015 Private Warrants could be exercised on a cashless basis and were not subject to redemption.

During the year ended December 31, 2020, 4,781,700 of the 2015 Private Warrants were repurchased for $21.6 million and cancelled. Additionally, 70,000 of the 2015 Private Warrants were exercised, resulting in the Company receiving cash proceeds of $0.4 million and issuing 35,000 shares of Common Stock. During the year ended December 31, 2021, 3,055,000 of the 2015 Private Warrants were repurchased for $25.5 million and cancelled. In addition, during the year ended December 31, 2021, 9,655,000 warrants were exercised on a cashless basis, resulting in the issuance of 2,939,898 shares of Common Stock. As a result of these transactions, at December 31, 2021 no 2015 Private Warrants were outstanding.

2018 Warrants

In connection with the ModSpace acquisition in 2018, WillScot issued warrants to purchase approximately 10.0 million shares of WillScot Class A Common Stock (the "2018 Warrants") to former shareholders of ModSpace. Each 2018 Warrant entitles the holder thereof to purchase one share of WillScot Class A Common Stock at an exercise price of $15.50 per share, subject to potential adjustment. The 2018 Warrants expire on November 29, 2022.

During the year ended December 31, 2020, 195,410 of the 2018 warrants were exercised, on a cashless basis, and 38,802 shares of the Company's Common Stock were issued. Also, during the year ended December 31, 2020, the Company repurchased and subsequently cancelled 51,865 of the 2018 warrants for approximately $0.3 million.

During the year ended December 31, 2021, 254,373 of the 2018 Warrants were repurchased for $2.9 million and cancelled. In addition, during the year ended December 31, 2021, 5,397,695 of the 2018 Warrants were exercised on a cashless basis, resulting in the issuance of 2,835,968 shares of common stock. At December 31, 2021, 4,078,173 of the 2018 Warrants were outstanding.

The Company accounted for its warrants in the following ways: (i) the 2015 Public Warrants as liabilities through their final redemption in February 2020, (ii) the 2015 Private Warrants as liabilities through their final repurchase or exercise in May 2021, and (iii) the 2018 Warrants as liabilities until June 30, 2020, the date all issued and outstanding shares of the Company's Class B Common Stock were cancelled. Subsequent to June 30, 2020, the 2018 Warrants were equity classified.

The Company determined the following fair values for outstanding warrants recorded as liabilities at December 31:


(in thousands)	December 31, 2021	December 31, 2020
2015 Private Warrants	N/A	$	77,404

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Warrants

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Warrants

Equity

Preferred Stock

Common Stock

Stock Repurchase Program

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss ("AOCI"), net of tax, for the years ended December 31, 2021, 2020 and 2019, were as follows:


(in thousands)	Foreign Currency Translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2018	$	(62,608)	$	(5,418)	$	(68,026)
Other comprehensive income (loss) before reclassifications	10,586		(7,930)		2,656
Reclassifications from AOCI to income (a)	—		3,121		3,121
Less other comprehensive (loss) income attributable to non-controlling interest	(960)		434		(526)
Balance at December 31, 2019	(52,982)		(9,793)		(62,775)
Other comprehensive income (loss) before reclassifications	28,404		(11,874)		16,530
Reclassifications from AOCI to income (a)	—		10,125		10,125
Less other comprehensive income attributable to non-controlling interest	1,183		702		1,885
Impact of elimination of non-controlling interest on accumulated other comprehensive income	(1,299)		(1,673)		(2,972)
Balance at December 31, 2020	(24,694)		(12,513)		(37,207)
Other comprehensive loss before reclassifications	(880)		(2,985)		(3,865)
Reclassifications from AOCI to income (a)	—		12,001		12,001
Balance at December 31, 2021	$	(25,574)	$	(3,497)	$	(29,071)

Warrants

2015 Public Warrants

2015 Private Warrants

2018 Warrants

The Company determined the following fair values for outstanding warrants recorded as liabilities at December 31:


(in thousands)	December 31, 2021	December 31, 2020
2015 Private Warrants	N/A	$	77,404

- Definition

+ References

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The components of income tax expense (benefit) for the years ended December 31, 2021, 2020 and 2019 are comprised of the following:


(in thousands)	2021		2020		2019
Current
Federal	$	—	$	—	$	—
State	4,645		1,601		827
Foreign	8,338		2,104		(395)
Deferred
Federal	31,255		(52,822)		242
State	(4,144)		(5,204)		1,662
Foreign	9,452		2,870		(4,527)
Total income tax expense (benefit)	$	49,546	$	(51,451)	$	(2,191)

Income tax results differed from the amount computed by applying the US statutory income tax rate of 21% to the income (loss) before income taxes for the following reasons for the years ended December 31, 2021, 2020 and 2019:


(in thousands)	2021			2020			2019
Income (loss) before income tax
US	$	161,040		$	6,597		$	(119,099)
Foreign	48,650			17,292			(4,257)
Total income (loss) before income tax	$	209,690		$	23,889		$	(123,356)

US Federal statutory income tax expense (benefit)	$	44,035		$	5,017		$	(25,905)
Effect of tax rates in foreign jurisdictions	40			128			(207)
State income tax expense, net of federal benefit	2,602			3,962			1,829

Valuation allowances	(3,089)			(56,479)			961
(Non-taxable) non-deductible items	(269)			187			(233)
Non-deductible executive compensation	2,309			1,449			490
Non-deductible transaction costs	33			4,425			(12)
Non-deductible (non-taxable) remeasurement of common stock warrant liabilities	5,585			(727)			23,021
Uncertain tax positions	(11,748)			(11,166)			—
Tax law changes (excluding valuation allowance) (a)	8,410			2,523			(2,785)
Other	1,638			(770)			650
Reported income tax expense (benefit)	$	49,546		$	(51,451)		$	(2,191)
Effective income tax rate	23.63		%	(215.38)		%	1.78		%


(a)			Tax law changes primarily represents changes in tax law in foreign jurisdictions.

Deferred Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as from net operating loss and carryforwards. Significant components of the Company’s deferred tax assets and liabilities are as follows:


(in thousands)	2021		2020
Deferred tax assets
Deferred interest expense	$	116,339	$	128,346
Employee benefit plans	4,167		3,532
Accrued liabilities	9,362		10,692
Deferred revenue	37,852		32,412
Operating lease liability	62,502		58,044
Other	18,315		13,628
Tax loss carryforwards	286,470		295,326
Deferred tax assets, gross	535,007		541,980
Valuation allowance	(10,323)		(25,158)
Net deferred income tax asset	$	524,684	$	516,822

Deferred tax liabilities
Rental equipment and other property, plant and equipment	$	(710,372)	$	(648,966)
Intangible assets	(107,033)		(117,403)
ROU asset	(62,158)		(57,820)
Deferred tax liability	(879,563)		(824,189)
Net deferred income tax liability	$	(354,879)	$	(307,367)

In general, FASB ASC Topic 740, “Income Taxes” (“ASC 740”) requires us to evaluate the realizability of our deferred tax assets and reduce the deferred tax assets by valuation allowances to the extent we determine some or all of our deferred tax assets are not more likely than not realizable. To determine the realizability, ASC 740 requires consideration of sources of available taxable income of the proper character and within the time period before which our deferred tax assets, if any, expire due to the passage of time.

The Company's valuation allowance decreased by $14.8 million from 2020. An increase of $0.1 million was recorded in purchase accounting for the Merger in relation to state net operating losses deemed not more likely than not to be realized and a decrease of $14.7 million is primarily related to unused capital losses with a corresponding reduction of the related deferred tax asset of $12.3 million. The net tax benefit of $2.2 million is reflected in the rate reconciliation table above under valuation allowances.

Tax loss carryforwards as of December 31, 2021 are outlined in the table below and include US Federal, US State and foreign (Canada and Mexico). The availability of these tax losses to offset future income varies by jurisdiction. Furthermore, the ability to utilize the tax losses may be subject to additional limitations upon the occurrence of certain events, such as a change in the ownership of the Company. Some of the Company’s tax attributes are subject to annual limitations due to historical changes in ownership from acquisitions, mergers or other related ownership shift events; however, the Company anticipates that our remaining available net operating losses will be consumed prior to their expiration.

The Company’s tax loss carryforwards are as follows at December 31, 2021:


(in thousands)	Loss Carryforward		Deferred Tax		Expiration
Jurisdiction:
US - Federal	$	1,232,717	$	250,920	2022 – 2037, Indefinite
US - State	632,922		34,332		2022 –2041, Indefinite
Foreign - Canada and Mexico	3,892		1,218		2026 – 2037
Total	$	1,869,531	$	286,470

As of December 31, 2021, the total amount of the basis difference in investments outside the US, which are indefinitely reinvested and for which deferred taxes have not been provided, is approximately $357.9 million. The tax, if any, associated with the recovery of the basis difference is dependent on the manner in which it is recovered and is not readily determinable.

Unrecognized Tax Positions

The Company is subject to taxation in US, Canada, Mexico, UK, and state jurisdictions. The Company’s tax returns are subject to examination by the applicable tax authorities prior to the expiration of statute of limitations for assessing additional taxes, which generally ranges from two to five years after the end of the applicable tax year. As of December 31, 2021, generally, tax years for 2014 through 2021 remain subject to examination by the tax authorities. In addition, in certain taxing jurisdictions, in the case of carryover tax attributes to years open for assessment, such attributes may be subject to reduction by taxing authorities.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in thousands)	2021		2020		2019
Unrecognized tax benefits – January 1,	$	54,494	$	63,747	$	64,444
Increases based on tax positions related to current period	—		1,211		—
Increases based on tax positions related to prior period	9		—		268
Decreases based on tax positions related to prior period	—		—		(287)
Decrease from expiration of statute of limitations	(10,189)		(10,464)		(678)
Unrecognized tax benefits – December 31,	$	44,314	$	54,494	$	63,747

At December 31, 2021, 2020 and 2019, respectively, there were $43.3 million, $53.2 million and $59.3 million of unrecognized tax benefits that, if recognized, would affect the annual effective tax rate.

The Company classifies interest on tax deficiencies and income tax penalties within income tax expense. During the years ended December 31, 2021, 2020 and 2019, the Company recognized approximately $(1.0) million, $(0.9) million, and $0.8 million in interest and penalties, respectively. The Company accrued approximately $0.6 million and $1.5 million for the payment of interest and penalties at December 31, 2021 and 2020, respectively.

Future tax settlements or statute of limitation expirations could result in a change to the Company’s uncertain tax positions. The Company believes that it is reasonably possible that approximately $0.9 million of unrecognized tax benefits, as of December 31, 2021, could decrease in the next twelve months as a result of the expiration of statutes of limitation, audit settlements or resolution of tax uncertainties.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Derivatives

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

On November 6, 2018, the Company entered into an interest rate swap agreement (the “Swap Agreement”) with a financial counterparty that effectively converts $400.0 million in aggregate notional amount of variable-rate debt under the Company’s ABL Facility into fixed-rate debt. The Swap Agreement will terminate on May 29, 2022. Under the terms of the Swap Agreement, the Company receives a floating rate equal to one-month LIBOR and makes payments based on a fixed rate of 3.06% on the notional amount. The receive rate under the terms of the Swap Agreement was 0.11% and 0.15% at December 31, 2021 and 2020, respectively.

The Swap Agreement was designated and qualified as a hedge of the Company’s exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on the ABL Facility.

The location and the fair value of derivative instruments designated as hedges in the consolidated balance sheets as of December 31 was as follows:


(in thousands)	Balance Sheet Location	2021		2020
Cash Flow Hedges:
Interest rate swap	Accrued liabilities	$	5,259	$	11,619
Interest rate swap	Other non-current liabilities	$	—	$	5,308

The fair value of the interest rate swap is based on dealer quotes of market forward rates, a Level 2 input on the fair value hierarchy, and reflects the amount that the Company would receive or pay as of December 31, 2021 for contracts involving the same attributes and maturity dates.

The following table discloses the impact of the interest rate swap, excluding the impact of income taxes, on other comprehensive income (“OCI”), AOCI and the Company’s statement of operations for the years ended December 31:


(in thousands)	2021		2020		2019
Gain (loss) recognized in OCI	$	11,677	$	(2,288)	$	(6,280)
Location of loss recognized in income	Interest expense, net		Interest expense, net		Interest expense, net
Loss reclassified from AOCI into income (effective portion)	$	(12,001)	$	(10,125)	$	(3,254)

Fair Value Measures

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measures

The fair value of financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The Company utilizes the suggested accounting guidance for the three levels of inputs that may be used to measure fair value:


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

The Company has assessed that the fair value of cash and short-term deposits, trade receivables, trade payables, capital lease and other financing obligations, and other current liabilities approximate their carrying amounts.

The following table shows the carrying amounts and fair values of financial assets and liabilities, including their levels in the fair value hierarchy:


	December 31, 2021								December 31, 2020
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
(in thousands)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
US ABL Facility(a)	$	1,612,783	$	—	$	1,644,500	$	—	$	1,263,833	$	—	$	1,304,612	$	—



2025 Secured Notes(a)	518,117		—		551,835		—		637,068		—		694,876		—
2028 Secured Notes(a)	492,490		—		515,635		—		491,555		—		518,820		—
Total	$	2,623,390	$	—	$	2,711,970	$	—	$	2,392,456	$	—	$	2,518,308	$	—

(a) The carrying values of the US ABL Facility, the 2025 Secured Notes, and the 2028 Secured Notes included $31.7 million, $8.4 million, and $7.5 million of unamortized debt issuance costs as of December 31, 2021, which were presented as a direct reduction of the corresponding liability. As of December 31, 2020, the carrying values of the US ABL Facility, the 2025 Secured Notes, and the 2028 Secured Notes included $40.8 million, $12.9 million, and $8.4 million of unamortized debt issuance which were presented as a direct reduction of the corresponding liability.

There were no transfers of financial instruments between the three levels of the fair value hierarchy during the years ended December 31, 2021 and 2020. The carrying value of the ABL Facility, excluding debt issuance costs, approximates fair value as the interest rates are variable and reflective of market rates. The fair value of the 2025 Secured Notes and the 2028 Secured Notes is based on their last trading price at the end of each period obtained from a third party. The location and the fair value of derivative assets and liabilities designated as hedges in the consolidated balance sheet are disclosed in Note 13.

As part of the Merger, on July 2, 2020, the Company converted Mobile Mini's outstanding fully vested stock options to 7,361,516 WillScot Mobile Mini stock options using a conversion ratio of 2.405 as set by the Merger Agreement. The fair value of these options was valued at $19.3 million and is part of the purchase consideration. The value of the Mobile Mini stock options converted to WillScot Mobile Mini stock options in connection with the Merger, was determined utilizing the Black-Scholes option-pricing model and is affected by several variables, the most significant of which are the expected life of the equity award, the exercise price of the stock option as compared to the fair market value of the Common Stock on the Merger date, and the estimated volatility of the Common Stock over the term of the equity award. The volatility assumption was based on a blend of peer group volatility and Company trading history as the Company did not have a sufficient trading history as a stand-alone public company to rely exclusively on its own trading history. The risk-free interest rate is based on the US Treasury yield curve in effect at the time of the Merger. The key inputs utilized to determine the fair value of the stock options converted included within the purchase price were expected volatility of 51.92%, risk free rate of interest 0.17%, dividend yield of zero and expected life of 2 years.

Prior to their redemption, the Company's 2015 Public Warrants traded in active markets. When classified as liabilities, warrants traded in active markets with sufficient trading volume represent Level 1 financial instruments as they were publicly traded in active markets and thus had observable market prices which were used to estimate the fair value adjustments for the related common stock warrant liabilities. When classified as liabilities, warrants not traded in active markets, or traded with insufficient volume, represent Level 3 financial instruments that are valued using a Black-Scholes option-pricing model to estimate the fair value adjustments for the related common stock warrant liabilities.

The following table shows the carrying amounts and fair values of financial liabilities for which are measured at fair value:

December 31, 2021

December 31, 2020

Carrying Amount

Fair Value

Carrying Amount

Fair Value

(in thousands)

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

2015 Private Warrants

N/A

77,404

—

77,404

Level 3 Disclosures

When the 2015 Private Warrants and 2018 Warrants were classified as liabilities, the Company utilized a Black Scholes option-pricing model to value the warrants at each reporting period and transaction date, with changes in fair value recognized in the statements of operations. The estimated fair value of the common stock warrant liability was determined using Level 3 inputs. Inherent in the pricing model were assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The volatility assumption was based on a blend of peer group volatility and Company trading history that matched the expected remaining life of the warrants as the Company did not have a sufficient trading history as a stand-alone public company to rely exclusively on its own trading history. The risk-free interest rate was based on the US Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants was assumed to be equivalent to their remaining contractual term. The dividend rate was based on the historical rate, which the Company anticipated to remain at zero.

The 2018 Warrants were reclassified to equity at June 30, 2020, the date all issued and outstanding shares of the Company's Class B Common Stock were cancelled.

The following table provides quantitative information regarding Level 3 fair value measurements:


	December 31, 2020
(in thousands)	2015 Private Warrants
Stock Price	$	23.17
Strike Price	$	11.50
Expected Life	1.91
Volatility	41.2		%
Risk Free rate	0.13		%
Dividend yield	—
Fair value of warrants	$	12.17

The following table presents changes in Level 3 liabilities measured at fair value for the year ended December 31, 2021:


(in thousands)	2015 Private Warrants
Balance - beginning of year	$	77,404
Exercise or conversion	(78,495)
Measurement adjustment	25,486
Repurchases	(24,395)
Balance - end of year	$	—

The following table presents changes in Level 3 liabilities measured at fair value for the year ended December 31, 2020:


(in thousands)	2015 Private Warrants		2018 Warrants
Balance- beginning of year	$	72,705	$	58,369
Exercise or conversion	(359)		(416)
Repurchase	(24,970)		—
Measurement adjustment	30,028		(31,737)
Reclassification to equity at June 30, 2020	—		(26,216)
Balance- end of year	$	77,404	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Restructuring

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring costs include charges associated with exit or disposal activities that meet the definition of restructuring under FASB ASC Topic 420, Exit or Disposal Cost Obligations (“ASC 420”). The Company's restructuring plans are generally country or region specific and are typically completed within a one-year period. Restructuring costs incurred under these plans include (i) one-time termination benefits related to employee separations, (ii) contract termination costs, and (iii) other non-lease related costs associated with exit or disposal activities. Lease exit costs related to the termination of leases for duplicative branches and corporate facilities are recorded in operating lease liabilities and are not part of the restructuring liabilities. Costs related to the integration of acquired businesses that do not meet the definition of restructuring under ASC 420, such as employee training costs, duplicate facility costs, and professional services expenses, are included within SG&A expense.

The Company incurred costs associated with restructuring plans designed to streamline operations and reduce costs of $11.9 million, $6.5 million, and $3.8 million net of reversals, during the years ended December 31, 2021, 2020 and 2019, respectively. The following is a summary of the activity in the Company’s restructuring accruals for years ended December 31:


(in thousands)	Year Ended December 31,
	2021				2020						2019
	Employee Costs		Total		Employee Costs		Facility Exit Costs		Total		Employee Costs		Facility Exit Costs		Total
Beginning balance	$	1,750	$	1,750	$	447	$	—	$	447	$	4,544	$	972	$	5,516
Reclassification of liability to operating lease asset at the adoption of ASC 842(a)	—		—		—		—		—		—		(972)		(972)
Charges	11,868		11,868		6,510		17		6,527		1,955		1,800		3,755
Cash payments	(5,943)		(5,943)		(5,356)		—		(5,356)		(5,694)		—		(5,694)
Foreign currency translation	—		—		30		—		30		(136)		—		(136)
Non-cash movements	(7,200)		(7,200)		119		(17)		102		(222)		(1,800)		(2,022)
Ending balance	$	475	$	475	$	1,750	$	—	$	1,750	$	447	$	—	$	447

(a) As a result of the adoption of ASC 842, the January 1, 2019 restructuring liability attributable to “cease-use” locations was reclassified to operating lease assets and 2019 costs related to the termination of leases for duplicative branches and corporate facilities are now recorded in lease impairment charges and other related costs.

The restructuring charges for the year ended December 31, 2021 are driven by employee termination costs as a result of the elimination of positions due to the Merger. The restructuring charges for the year ended December 31, 2020, are driven by termination costs as a result of elimination of positions due to the Merger and reductions in force as a result of COVID-19. The restructuring charges in 2019 relate to the Company initiating certain restructuring plans associated with previous acquisitions in order to capture operating synergies as a result of integrating the acquirees into WillScot. The restructuring activities primarily include the termination of employees in connection with the consolidation of overlapping facilities and functions within our existing business.

The restructuring non-cash movements for the year ended December 31, 2021 primarily represent stock compensation costs recognized as a result of the modification of certain equity awards associated with the Transition, Separation and Release Agreement entered into on February 25, 2021 with the Company's former President and Chief Operating Officer.

Segments (as defined in Note 18)

The $11.9 million of restructuring charges for the year ended December 31, 2021 included: $1.4 million of charges pertaining to the NA Modular segment; $3.3 million of charges related to the NA Storage segment; and $7.2 million of unallocated charges.

The $6.5 million of restructuring charges for the year ended December 31, 2020 included: $2.1 million of charges pertaining to the NA Modular Segment; $4.0 million of charges related to the NA Storage Segment; and $0.4 million of charges related to the UK Storage Segment.

The $3.8 million of restructuring charges for the year ended December 31, 2019 included charges pertaining to the NA Modular segment.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Restricted Stock Awards

The following table summarizes the Company's RSA activity during the years ended December 31, 2021, 2020 and 2019:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance, December 31, 2018	72,053	$	15.57
Granted	52,755	$	14.69
Vested	(72,053)	$	15.57
Balance December 31, 2019	52,755	$	14.69
Granted	65,959	$	11.75
Vested	(61,266)	$	14.28
Balance December 31, 2020	57,448	$	11.75
Granted	44,708	$	29.30
Forfeited	(8,532)	$	29.30
Vested	(57,448)	$	11.75
Balance December 31, 2021	36,176	$	29.30

Compensation expense for RSAs recognized in SG&A expense in the consolidated statements of operations was $0.8 million, $0.9 million, and $1.0 million for the years ended December 31, 2021, 2020, and 2019, respectively. At December 31, 2021, there was $0.5 million of unrecognized compensation cost related to RSAs that was expected to be recognized over the remaining weighted average vesting period of 0.4 years. The total fair value of RSA's vested in 2021, 2020, and 2019 was $1.6 million, $0.9 million, and $0.9 million, respectively.

Time-Based RSUs

The following table summarizes the Company's Time-Based RSU activity during the years ended December 31, 2021, 2020 and 2019:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance, December 31, 2018	852,733	$	13.60
Granted	478,400	$	11.69
Forfeited	(52,648)	$	12.78
Vested	(213,180)	$	12.78
Balance December 31, 2019	1,065,305	$	12.78
Granted	632,864	$	14.37
Forfeited	(33,558)	$	13.28
Vested	(338,749)	$	13.02
Balance December 31, 2020	1,325,862	$	13.46
Granted	415,737	$	27.25
Forfeited	(72,505)	$	17.80
Vested	(671,643)	$	13.99
Balance December 31, 2021	997,451	$	18.54

Compensation expense for Time-Based RSUs recognized in SG&A expense in the consolidated statements of operations was $9.0 million, $5.6 million, and $3.9 million for the years ended December 31, 2021, 2020, and 2019, respectively. At December 31, 2021, unrecognized compensation cost related to Time-Based RSUs totaled $11.7 million and was expected to be recognized over the remaining weighted average vesting period of 2.0 years. The total fair value of RSU's vested in 2021, 2020, and 2019 was $18.5 million, $2.9 million, and $2.5 million, respectively.

Included in restructuring costs for the year ended December 31, 2021, was expense of approximately $5.9 million recognized as a result of the modification of certain RSUs with the Transition, Separation and Release Agreement entered into on February 25, 2021, with the Company's former President and Chief Operating Officer.

Performance-Based RSUs

The following table summarizes the Company's Performance-Based RSU award activity during the years ended December 31, 2021 and 2020 and 2019:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31, 2018	—	$	—
Granted	302,182	$	13.22
Forfeited	(13,901)	$	13.22
Balance December 31, 2019	288,281	$	13.22
Granted	325,256	$	16.35
Forfeited	(12,700)	$	14.70
Vested	(7,449)	$	16.82
Balance December 31, 2020	593,388	$	14.88
Granted	977,645	$	33.21
Forfeited	(23,753)	$	27.92
Vested	(10,886)	$	14.70
Balance December 31, 2021	1,536,394	$	26.34

Compensation expense for Performance-Based RSUs recognized in SG&A expense in the consolidated statements of operations was $8.3 million, $2.5 million and $1.0 million for the years ended December 31, 2021, 2020, and 2019, respectively. At December 31, 2021, unrecognized compensation cost related to Performance-Based RSUs totaled $27.6 million and was expected to be recognized over the remaining vesting period of 2.5 years.

The total fair value of Performance-Based RSU's vested in 2021 and 2020 was $0.3 million and $0.2 million, respectively. No Performance-Based RSUs vested in 2019. Refer to Note 1 for the details of conditions required for the performance-based RSUs to vest.

Included in restructuring costs for the year ended December 31, 2021, was expense of approximately $1.3 million recognized as a result of the modification of certain Performance-Based RSUs with the Transition, Separation and Release Agreement entered into on February 25, 2021, with the Company's former President and Chief Operating Officer.

Stock Options

The following table summarizes the Company's stock option activity during the years ended December 31, 2021, 2020 and 2019:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Balance December 31, 2018	589,257	$	13.60	—	$	—
Forfeited	(41,302)	$	13.60	—	$	—
Exercised	(13,767)	$	13.60	—	$	—
Balance December 31, 2019	534,188	$	13.60	—	$	—
Converted at Merger	—	$	—	7,361,516	$	13.52
Exercised	—	$	—	(428,653)	$	13.07
Cancelled in settlement, net of taxes	—	$	—	(4,901,408)	$	13.04
Balance December 31, 2020	534,188	$	13.60	2,031,455	$	14.78
Forfeited	—	$	—	(6,240)	$	12.19
Exercised	—	$	—	(497,572)	$	15.21
Balance at December 31, 2021	534,188	$	13.60	1,527,643	$	14.66





Fully vested and exercisable options, December 31, 2021	400,641	$	13.60	1,527,643	$	14.66

Under our stock option plans, the Company may issue shares on a net basis at the request of the option holder. This occurs by netting the option costs in shares from the shares exercised. No options were granted in the years ended December 31, 2021, 2020, or 2019.

At December 31, 2021, the intrinsic value of stock options outstanding and stock options fully vested and currently exercisable was $54.5 million and $50.9 million, respectively. At December 31, 2021, the weighted-average remaining contractual term of options outstanding was 6.2 years for WillScot options and 4.3 years for converted Mobile Mini options. The total pre-tax intrinsic value of stock options exercised during the years ended December 31, 2021, 2020, and 2019 were $6.2 million, $30.7 million and less than $0.1 million, respectively.

Compensation expense for stock option awards, recognized in SG&A expense in the consolidated statements of operations was $0.7 million, $0.7 million, and $0.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. At December 31, 2021, unrecognized compensation cost related to stock option awards totaled $0.2 million and is expected to be recognized over the remaining vesting period of 0.2 years.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company is involved in various lawsuits, claims and legal proceedings that arise in the ordinary course of business. The Company assesses these matters on a case-by-case basis as they arise and establishes reserves as required. As of December 31, 2021, with respect to these outstanding matters, the Company believes that the amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on the consolidated financial position, results of operations, or cash flows. However, the outcome of such matters is inherently unpredictable and subject to significant uncertainties.

Segment Reporting

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Reporting

The Company operates in four reportable segments as follows: North America Modular Solutions ("NA Modular"), North America Storage Solutions ("NA Storage"), United Kingdom Storage Solutions ("UK Storage") and Tank and Pump Solutions ("Tank and Pump"). In connection with the Merger, the Company determined its reportable segments and retrospectively adjusted prior year's presentation to conform to the current presentation of reportable segments.

Prior to the third quarter of 2021, the NA Modular segment represented the activities of WillScot historical segments prior to the Merger, and the NA Storage, UK Storage and Tank and Pump segments represented the segments reported by Mobile Mini prior to the Merger. During the third quarter of 2021, the majority of the portable storage product business within the NA Modular segment was transitioned to the NA Storage segment, and associated revenues, expenses, and operating metrics beginning in the third quarter of 2021 were transferred to the NA Storage segment, representing a shift of approximately $5.0 million of revenue and gross margin per quarter from the NA Modular segment to the NA Storage segment. This adjustment was not made to the historical segment results of prior periods, as the Company believes such adjustments to be immaterial.

Total assets for each reportable segment are not available because the Company utilizes a centralized approach to working capital management.

The Company defines EBITDA as net income (loss) plus interest (income) expense, income tax (benefit) expense, depreciation and amortization. The Company reflects the further adjustments to EBITDA (“Adjusted EBITDA”) to exclude certain non-cash items and the effect of what the Company considers transactions or events not related to its core and ongoing business operations. In addition, the Chief Operating Decision Maker ("CODM") evaluates business segment performance utilizing Adjusted EBITDA as shown in the reconciliation of the Company’s consolidated net income (loss) to Adjusted EBITDA below. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to the intrinsic and ongoing operating results of the Company. The Company also regularly evaluates gross profit by segment to assist in the assessment of its operational performance. The Company considers Adjusted EBITDA to be the more important metric because it more fully captures the business performance of the segments, inclusive of indirect costs.

Reportable Segments

The following tables set forth certain information regarding each of the Company’s reportable segments for the years ended December 31, 2021, 2020, and 2019, respectively. Consistent with the financial statements, the segment results only include results from Mobile Mini's operations after July 1, 2020, the Merger date. Please refer to the Management Discussion and Analysis of Financial Condition and Results of Operations included in this document, for pro forma results inclusive of Mobile Mini's financial results for periods prior to the Merger date.


	Year Ended December 31, 2021
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	864,923	$	387,567	$	82,106	$	77,527			$	1,412,123
Delivery and installation	219,385		101,744		24,023		29,530				374,682
Sales revenue:
New units	40,366		6,628		3,533		2,355				52,882
Rental units	39,505		12,863		1,363		1,479				55,210
Total revenues	1,164,179		508,802		111,025		110,891				1,894,897

Costs:
Cost of leasing and services:
Leasing	229,129		53,447		17,440		17,045				317,061
Delivery and installation	196,137		71,396		14,271		25,057				306,861
Cost of sales:
New units	27,415		3,933		2,357		1,672				35,377
Rental units	20,592		7,438		1,287		536				29,853
Depreciation of rental equipment	194,461		24,329		4,428		14,319				237,537
Gross profit	$	496,445	$	348,259	$	71,242	$	52,262			$	968,208
Other selected data:
Adjusted EBITDA	$	423,004	$	226,600	$	49,039	$	41,750	$	—	$	740,393
Selling, general and administrative expense (a)	$	266,187	$	145,988	$	26,630	$	24,831	$	49,185	$	512,821
Purchases of rental equipment and refurbishments	$	187,495	$	45,426	$	27,830	$	17,747	$	—	$	278,498

(a) Includes both SG&A expense and Transaction costs from the consolidated statement of operations.


	Year Ended December 31, 2020
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	770,330	$	166,128	$	32,633	$	32,356			$	1,001,447
Delivery and installation	208,079		42,655		9,409		14,013				274,156
Sales revenue:
New units	41,858		6,976		3,124		1,135				53,093
Rental units	30,895		6,070		1,195		789				38,949
Total Revenues	1,051,162		221,829		46,361		48,293				1,367,645

Costs:
Cost of leasing and services:
Leasing	194,442		19,925		7,391		5,618				227,376
Delivery and installation	175,705		27,029		6,353		11,015				220,102
Cost of sales:
New units	27,555		4,244		2,301		741				34,841
Rental units	19,213		4,261		1,026		272				24,772
Depreciation of rental equipment	182,605		9,585		1,648		6,743				200,581
Gross profit	$	451,642	$	156,785	$	27,642	$	23,904			$	659,973
Other selected data:
Adjusted EBITDA	$	394,805	$	99,837	$	17,822	$	17,843	$	—	$	530,307
Selling, general and administrative expense	$	242,010	$	66,533	$	11,468	$	12,804	$	91,864	$	424,679
Purchases of rental equipment and refurbishments	$	153,327	$	14,969	$	1,693	$	2,394	$	—	$	172,383

(a) Includes both SG&A expense and Transaction costs from the consolidated statement of operations.


	Year Ended December 31, 2019
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	744,185	$	—	$	—	$	—			$	744,185
Delivery and installation	220,057		—		—		—				220,057
Sales revenue:
New units	59,085		—		—		—				59,085
Rental units	40,338		—		—		—				40,338
Total revenues	1,063,665		—		—		—				1,063,665

Costs:
Cost of leasing and services:
Leasing	213,151		—		—		—				213,151
Delivery and installation	194,107		—		—		—				194,107
Cost of sales:
New units	42,160		—		—		—				42,160
Rental units	26,255		—		—		—				26,255
Depreciation of rental equipment	174,679		—		—		—				174,679
Gross profit	$	413,313	$	—	$	—	$	—			$	413,313
Other selected data:
Adjusted EBITDA	$	356,548	$	—	$	—	$	—	$	—	$	356,548
Selling, general and administrative expense	$	235,228	$	—	$	—	$	—	$	35,776	$	271,004
Purchase of rental equipment and refurbishments	$	205,106	$	—	$	—	$	—	$	—	$	205,106

The following tables present a reconciliation of the Company’s Net Income (Loss) to Adjusted EBITDA for the years ended December 31, 2021, 2020, and 2019, respectively:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Net income (loss) attributable to WillScot Mobile Mini	$	160,144	$	74,127	$	(120,744)
Net income (loss) attributable to non-controlling interest, net of tax	—		1,213		(421)
Loss on extinguishment of debt	5,999		42,401		8,755
Income tax expense (benefit)	49,546		(51,451)		(2,191)
Interest expense	117,987		119,886		122,504
Depreciation and amortization	315,567		243,830		187,074
Fair value loss (gain) on common stock warrant liabilities	26,597		(3,461)		109,622
Currency losses (gains), net	548		(355)		(688)
Impairment losses on long-lived assets	—		—		2,848
Restructuring costs, lease impairment expense and other related charges	14,756		11,403		12,429
Transaction costs	1,375		64,053		—
Integration costs	28,424		18,338		26,607
Stock compensation expense	18,989		9,879		6,686
Other	461		444		4,067
Adjusted EBITDA	$	740,393	$	530,307	$	356,548

Included in restructuring costs for the year ended December 31, 2021 was expense of approximately $7.2 million recognized as a result of the modification of certain equity awards associated with the Transition, Separation and Release Agreement entered into on February 25, 2021 with the Company's former President and Chief Operating Officer. For the year ended December 31, 2021, stock-based compensation expense reported in the Statement of Cash Flows included these charges.

Assets

As discussed further in Note 2, the Company acquired Mobile Mini on July 1, 2020. Assets related to the Company’s reportable segments include the following:


(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Total
As of December 31, 2021:
Goodwill	$	521,049	$	492,552	$	65,098	$	100,107	$	1,178,806
Intangible assets, net	$	125,000	$	317,875	$	9,053	$	8,750	$	460,678
Rental equipment, net	$	1,877,978	$	899,881	$	168,208	$	134,914	$	3,080,981
As of December 31, 2020:
Goodwill	$	235,828	$	726,529	$	65,600	$	143,262	$	1,171,219
Intangible assets, net	$	125,625	$	329,437	$	11,177	$	29,708	$	495,947
Rental equipment, net	$	1,886,211	$	772,356	$	147,720	$	125,359	$	2,931,646

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Parties

12 Months Ended

Dec. 31, 2021

Related Parties

Related party balances included in the Company’s consolidated balance sheets at December 31, consisted of the following:


(in thousands)	Financial statement line Item	2021		2020
Receivables due from affiliates	Trade receivables, net of allowances for credit losses	$	10	$	30
Amounts due to affiliates	Accrued liabilities	(49)		(461)
Total related party liabilities, net		$	(39)	$	(431)

Related party transactions included in the Company’s consolidated statements of operations for the years ended December 31, consisted of the following:


(in thousands)	Financial statement line item	2021		2020		2019
Leasing revenue from related parties	Leasing revenue	$	737	$	1,066	$	316
Rental unit sales to related parties	Rental unit sales	—		380		—
Consulting expense to related party (a)	Selling, general & administrative expense	(4,187)		(5,194)		(1,029)
Total related party expense, net		$	(3,450)	$	(3,748)	$	(713)

(a) Two of the Company's directors also serve on the Board of Directors of a consulting firm from which the Company incurs professional fees.

On June 30, 2020, the Company completed the Sapphire Exchange, whereby Sapphire Holdings, an affiliate of TDR Capital, exchanged shares of Class B Common Stock for 10,641,182 shares of Class A Common Stock. As a result of the Sapphire Exchange, all issued and outstanding shares of WillScot’s Class B Common Stock were automatically canceled for no consideration and the existing exchange agreement was automatically terminated.

On August 22, 2018, WillScot’s principal stockholder, Sapphire Holdings, entered into a margin loan (the "Margin Loan") under which all of its shares of WillScot Mobile Mini Common Stock were pledged to secure borrowings of up to $125.0 million under the loan agreement. WillScot Mobile Mini was not a party to the loan agreement and had no obligations thereunder. On June 29, 2021, Sapphire Holdings repaid all outstanding amounts under the Margin Loan with proceeds from the sale of certain shares of WillScot Mobile Mini and no WillScot Mobile Mini shares remain pledged thereunder.

On March 1, 2021, the Company repurchased from Sapphire Holdings and cancelled 2,750,000 shares of its Common Stock. On June 29, 2021, the Company repurchased from Sapphire Holdings and cancelled an additional 3,900,000 shares of its Common Stock. Following the reduction in Sapphire Holdings’ beneficial ownership of Common Stock resulting from the foregoing repurchases and the underwritten secondary offering by Sapphire Holdings of 16,100,000 shares of Common Stock on June 25, 2021, Gary Lindsay resigned his position as a member of the WillScot Mobile Mini board of directors pursuant to the terms of that certain Shareholders Agreement dated July 1, 2020 between Sapphire Holdings, TDR Capital II Holdings L.P., TDR Capital, L.L.P. and WillScot Mobile Mini (the "Shareholders Agreement").

On September 9, 2021, the Company repurchased from Sapphire Holdings and cancelled an additional 2,379,839 shares of its common stock, and Sapphire Holdings sold its remaining 21,410,019 shares through an underwritten secondary offering. Following the reduction in Sapphire Holdings' beneficial ownership of Common Stock resulting from the foregoing repurchase and secondary offering, Stephen Robertson resigned his position as a member of the Willscot Mobile Mini board of directors pursuant to the terms of the Shareholder Agreement.

The Company purchased rental equipment from related party affiliates of $2.5 million, $3.1 million, and $4.7 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) attributable to WillScot Mobile Mini by the weighted average number of shares of Common Stock outstanding during the period. The shares of Common Stock issued as a result of the vesting of RSUs and RSAs as well as the exercise of stock options or redemption of warrants are included in EPS based on the weighted average number of days in which they were outstanding during the period.

Prior to June 30, 2020, the Company had shares of Class B Common Stock which had no rights to dividends or distributions made by the Company and, in turn, were excluded from the EPS calculation. On June 30, 2020, the Sapphire Exchange was completed, and all shares of Class B Common Stock were cancelled, and Sapphire Holdings received 10,641,182 shares of Common Stock.

Diluted EPS is computed similarly to basic EPS, except that it includes the potential dilution that could occur if dilutive securities were exercised. Effects of potentially dilutive securities are presented only in periods in which they are dilutive. When liability-classified warrants are in the money and the impact of their inclusion on diluted EPS is dilutive, diluted EPS also assumes share settlement of such instruments through an adjustment to net income available to common stockholders for the fair value (gain) loss on common stock warrant liabilities and inclusion of the number of dilutive shares in the denominator.

The following table reconciles net income (loss) attributable to WillScot Mobile Mini common shareholders and the weighted average shares outstanding for the basic calculation to the weighted average shares outstanding for the diluted calculation for the years ended December 31:


(in thousands)	2021		2020		2019
Numerator:
Net income (loss) attributable to common shareholders - basic	$	160,144	$	74,127	$	(120,744)
Fair value gain on common stock warrant liabilities	—		(30,524)		—
Net income (loss) attributable to common shareholders - dilutive	$	160,144	$	43,603	$	(120,744)

Denominator:
Weighted average Common Shares outstanding - basic	226,519		169,230		108,684
Dilutive effect of outstanding securities:
Warrants	3,589		752		—
RSAs	24		39		—
Time-Based RSUs	594		778		—
Performance-Based and Market-Based RSUs	955		544		—
Stock Options	1,113		634		—
Class B common shares	N/A		5,291		—
Weighted average Common Shares outstanding - dilutive	232,794		177,268		108,684

The following potential common shares were excluded from the computation of dilutive EPS because their effect would have been anti-dilutive:


(in thousands)	2021	2020	2019
Warrants	—	2,366	2,320
RSAs	—	—	12
Time-based RSUs	—	—	323
Performance-based RSUs	375	—	274
Stock Options	—	—	534
Class B common shares	N/A	—	10,641

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements were prepared in conformity with GAAP.

Principles of Consolidation

Reclassification

Reclassifications

Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.

Accounting Estimates

Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents.

Trade Receivables and Allowance for Credit Losses

Concentration of Credit Risk

Inventories

Rental Equipment and Property, Plant and Equipment

Rental Equipment

Depreciation is generally computed using the straight-line method over estimated useful lives, as follows:


	Estimated Useful Life	Residual Value
Modular space units	10 - 30 years	20 - 55%
Portable storage units	30 years	55%
Tank and pump equipment	7 - 25 years	—%
VAPS and other related rental equipment	1 - 8 years	—%

Property, Plant and Equipment

Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses.

Depreciation is generally computed using the straight-line method over estimated useful lives as follows:


			Estimated Useful Life
Buildings and leasehold improvements			10 - 40 years
Vehicles, machinery, and equipment			3 - 30 years
Furniture and fixtures			3 - 10 years
Software			3 - 10 years

Impairment of Long-Lived Assets

Cloud Computing Arrangements

Cloud Computing ArrangementsIn accordance with ASU 2018-15, Goodwill and Other – Internal-Use Software (Subtopic 350-40) (“ASC 350-40"), the Company evaluates implementation costs incurred in a cloud computing arrangement that is a service contract under the internal-use software framework. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Costs incurred in the development stage are generally capitalized as other assets. Amortization expense is calculated on a straight-line basis over the contractual term of the cloud computing arrangement and recorded as selling, general and administrative expense.

Goodwill and Annual Goodwill Impairment Test

Intangible Assets Other than Goodwill

Purchase Accounting

Retirement Benefit Obligation

Retirement Benefit ObligationThe Company provides benefits to certain of its employees under defined contribution benefit plans. The Company’s contributions to these plans are generally based on a percentage of employee compensation or employee contributions. These plans are funded on a current basis. For its US and Canada employees, the Company sponsors defined contribution benefit plans that have discretionary matching contribution and profit-sharing features.

Stock-Based Compensation

Foreign Currency Translation and Transactions

Derivative Instruments and Hedging Activities

Revenue Recognition and Shipping Costs

Revenue Recognition

Leasing and Services Revenue

Leasing Revenue

Services Revenue

The Company generally has three non-lease service-related performance obligations in its contracts with customers:

•Delivery and installation of the modular or portable storage unit;

•Maintenance and other ad hoc services performed during the lease term; and

•Removal services that occur at the end of the lease term.

Sales Revenue

Other Matters

Revenue is recognized net of sales tax billed to customers, which is subsequently remitted to governmental authorities.

Shipping Costs

The Company includes third-party costs to deliver rental equipment to customers in costs of leasing and services, and cost of sales.

Leases as Lessee

Advertising and Promotion

Advertising and promotion costs, which are expensed as incurred, were $8.1 million, $7.3 million and $4.0 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Income Taxes

The Company accounts for any impacts of the Global Intangible Low-Taxed Income ("GILTI") in the period in which they are incurred.

Fair Value Measurements

Warrants

WarrantsThe Company accounts for warrants in accordance with applicable accounting guidance provided in ASC 815-40, Contracts in Entity's Own Equity, as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreements. In periods subsequent to issuance, warrants classified as liabilities are subject to remeasurement at each balance sheet date and transaction date with changes in the estimated fair values of the common stock warrant liabilities and gains and losses on extinguishment of common stock warrant liabilities reported in the consolidated statements of operations.

Recently Issued and Adopted Accounting Standards

Recently Issued Accounting Standards

ASU 2020-04. Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting

ASU 2021-08. Business Combinations (Topic 815): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

Recently Adopted Accounting Standards

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date.

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Activity in Allowance for Credit Losses

Activity in the allowance for credit losses for the years ended December 31 was as follows:


(in thousands)	2021		2020		2019
Balance at beginning of period	$	29,258	$	15,828	$	9,340
Provision for credit losses, net of recoveries(a)	38,191		31,386		14,496
Write-offs	(19,791)		(18,034)		(7,945)
Foreign currency translation and other	(29)		78		(63)
Balance at end of period	$	47,629	$	29,258	$	15,828

Schedule of Property, Plant and Equipment

Depreciation is generally computed using the straight-line method over estimated useful lives, as follows:


	Estimated Useful Life	Residual Value
Modular space units	10 - 30 years	20 - 55%
Portable storage units	30 years	55%
Tank and pump equipment	7 - 25 years	—%
VAPS and other related rental equipment	1 - 8 years	—%

Depreciation is generally computed using the straight-line method over estimated useful lives as follows:


			Estimated Useful Life
Buildings and leasehold improvements			10 - 40 years
Vehicles, machinery, and equipment			3 - 30 years
Furniture and fixtures			3 - 10 years
Software			3 - 10 years

Rental equipment, net at December 31 consisted of the following:


(in thousands)	2021		2020
Modular space units	$	3,005,195	$	2,796,284
Portable storage units	758,619		653,707
Tank and pump products	156,112		132,071
Value added products	168,419		143,652
Total rental equipment	4,088,345		3,725,714
Less: accumulated depreciation	(1,007,364)		(794,068)
Rental equipment, net	$	3,080,981	$	2,931,646

Property, plant and equipment, net at December 31 consisted of the following:


(in thousands)	2021		2020
Land, buildings, and leasehold improvements	$	167,132	$	154,210
Vehicles and equipment	185,918		171,881
Office furniture, fixtures and software	87,613		75,928
Total property, plant and equipment	440,663		402,019
Less: accumulated depreciation	(128,485)		(98,369)
Property, plant and equipment, net	$	312,178	$	303,650

Business Combinations and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Combination

The purchase price has been determined to be as follows:


(in thousands, except share and per share data)
Mobile Mini Common Stock outstanding	44,252,275
Share conversion ratio	2.405
Common Stock issued	106,426,721
Common Stock per share price as of July 1, 2020	$	12.53
Fair value of shares of WillScot Class A Common Stock issued	$	1,333,527
Cash paid for fractional shares	30
Fair value of Mobile Mini Options converted to WillScot Mobile Mini Options	19,279
Total purchase price	$	1,352,836

The following table summarizes the July 1, 2020 fair values of the assets acquired and liabilities assumed.

Opening Balance Sheet


(in thousands)	July 1, 2020
Cash and cash equivalents	$	17,203
Trade receivables	87,492
Inventories	8,987
Prepaid expenses and other current assets	13,717
Rental equipment	1,032,672
Property, plant and equipment, net	160,729
Operating lease assets	92,054
Intangible assets	374,500
Goodwill identified	937,135
Other non-current assets	2,520
Total identifiable assets acquired	2,727,009
Accounts payable	(29,797)
Accrued liabilities and interest	(40,335)
Deferred revenue and customer deposits	(38,846)
Operating lease liabilities	(89,968)
Debt and finance lease liabilities	(897,244)
Deferred tax liabilities	(276,555)
Other long-term liabilities	(1,428)
Total liabilities assumed	(1,374,173)
Net assets acquired (purchase price)	$	1,352,836

Business Combination, Pro Forma Information

The tables below present unaudited pro forma combined statements of operations information for the years ended December 31, 2020 and 2019:


(unaudited, in thousands)	Year Ended December 31, 2020		Year Ended December 31, 2019
WillScot revenues	$	1,367,645	$	1,063,665
Mobile Mini revenues	284,240		620,018
Pro forma revenues	$	1,651,885	$	1,683,683

WillScot Mobile Mini pretax income (loss)	$	23,889	$	(123,356)	(a)
Mobile Mini pretax income	37,875		111,705
Pro forma pretax income (loss)	61,764		(11,651)
Pro forma adjustments to combined pretax income (loss):
Elimination of Merger transaction costs	80,852		—		(b)
Impact of fair value mark-ups on rental fleet depreciation	(2,334)		(4,667)		(c)
Other depreciation expense and intangible asset amortization	(11,397)		(22,399)		(d)
Interest expense	(6,113)		(1,916)		(e)
Elimination of Mobile Mini interest	15,921		39,672		(f)
Elimination of loss on extinguishment of debt	19,682		1,512		(g)
Pro forma pretax income	158,375		551
Income tax expense	(34,549)		(28,892)		(h)
Pro forma net income	$	123,826	$	(28,341)


(a)			Excludes impact of non-controlling interest which was eliminated as part of the Sapphire Exchange. See Note 10.
(b)			Eliminates discrete Merger transaction costs incurred as a result of the Mobile Mini Merger.
(c)			Depreciation on rental equipment and property, plant and equipment were adjusted for the determination of the fair value of equipment acquired in the Mobile Mini Merger.
(d)			Represents the differential in other depreciation and amortization expense related to the fair value purchase accounting adjustments as a result of the Merger, principally the amortization of the Mobile Mini customer relationship valued at $209.0 million.
(e)			In connection with the Merger, the Company entered into a new ABL Facility and drew $1.47 billion at close with an estimated interest rate of 2.046%, issued the 2025 Secured Notes at 6.125%, repaid the 2022 Secured Notes and repaid the 2017 ABL Facility. Interest and amortization of deferred financing fees for the 2020 ABL Facility and the 2025 Secured Notes has been included offset by the removal of interest and amortization of deferred financing fees attributable to the 2022 Secured Notes and the 2017 ABL Facility. See Note 9 for definitions of terms.
(f)			Interest and amortization of deferred financing fees on the senior notes and line of credit maintained by Mobile Mini which were assumed at acquisition and repaid immediately using proceeds from the 2020 ABL Facility and 2025 Secured Notes was eliminated. See Note 9 for definition of terms.
(g)			Elimination of loss on extinguishment of debt in connection with the redemption premium on the 2022 Secured Notes and unamortized deferred financing costs on the 2022 Secured Notes and 2017 ABL Facility. See Note 9 for definitions of terms.
(h)			Reflects the recorded income tax provision plus the adjustment to recognize the income tax impacts of the unaudited pro forma adjustments for which a tax expense is recognized using a US federal and state statutory tax rate of 25.5%. This rate may vary from the effective tax rates of the historical and combined businesses. In addition, eliminates the 2020 reversal of $54.6 million of valuation allowance as a result of reassessment of the realizability of deferred tax assets as a result of the Merger. See Note 12.

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The Company had total revenue in the following geographic areas for the years ended December 31, as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
US	$	1,652,967	$	1,227,465	$	966,766
Canada	116,070		79,630		80,514
Mexico	14,834		14,190		16,385
UK	111,026		46,360		—
Total revenues	$	1,894,897	$	1,367,645	$	1,063,665

The Company’s revenue by major product and service line for the years ended December 31, was as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Modular space leasing revenue	$	736,066	$	596,880	$	516,299
Portable storage leasing revenue	259,308		125,216		24,277
Tank and pump leasing revenue	71,404		29,798		—
VAPS and third party leasing revenues(a)	284,901		202,938		159,327
Other leasing-related revenue(b)	60,444		46,615		44,282
Leasing revenue	1,412,123		1,001,447		744,185
Delivery and installation revenue	374,682		274,156		220,057
Total leasing and services revenue	1,786,805		1,275,603		964,242
New unit sales revenue	52,882		53,093		59,085
Rental unit sales revenue	55,210		38,949		40,338
Total revenues	$	1,894,897	$	1,367,645	$	1,063,665

(a) Includes $28.5 million, $18.8 million, and $15.9 million of VAPS service revenue for the years ended December 31, 2021, 2020 and 2019, respectively.

(b) Includes primarily damage billings, delinquent payment charges, and other processing fees.

Future Commited Modular Leasing Revenues


(in thousands)	Operating Leases
2022	$	284,137
2023	117,363
2024	42,646
2025	16,778
2026	8,260
Thereafter	5,431
Total	$	474,615

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity

As of December 31, 2021, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2022	$	63,679	$	21,842
2023	52,893		17,665
2024	44,859		14,743
2025	37,850		14,851
2026	27,853		12,839
Thereafter	63,181		14,202
Total lease payments	290,315		96,142
Less: interest	(43,054)		(7,092)
Present value of lease liabilities	$	247,261	$	89,050

As of December 31, 2020, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2021	$	60,120	$	18,252
2022	51,184		17,158
2023	41,074		13,707
2024	33,336		10,786
2025	26,542		10,893
Thereafter	67,421		13,410
Total lease payments	279,677		84,206
Less: interest	(47,853)		(6,332)
Present value of lease liabilities	$	231,824	$	77,874

Finance Lease, Liability, Fiscal Year Maturity

As of December 31, 2021, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2022	$	63,679	$	21,842
2023	52,893		17,665
2024	44,859		14,743
2025	37,850		14,851
2026	27,853		12,839
Thereafter	63,181		14,202
Total lease payments	290,315		96,142
Less: interest	(43,054)		(7,092)
Present value of lease liabilities	$	247,261	$	89,050

As of December 31, 2020, the undiscounted future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2021	$	60,120	$	18,252
2022	51,184		17,158
2023	41,074		13,707
2024	33,336		10,786
2025	26,542		10,893
Thereafter	67,421		13,410
Total lease payments	279,677		84,206
Less: interest	(47,853)		(6,332)
Present value of lease liabilities	$	231,824	$	77,874

Lease Activity

The Company’s lease activity during the years ended December 31, 2021 and 2020 was as follows:


	Year Ended December 31,
Financial Statement Line (in thousands)	2021		2020
Finance Lease Expense
Amortization of finance lease assets	$	19,102	$	9,556
Interest on obligations under finance leases	2,283		1,081
Total finance lease expense	$	21,385	$	10,637

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	3,979	$	5,723
Selling, general and administrative	60,253		43,482
Lease impairment expense and other related charges	2,028		2,800
Short-term lease expense
Cost of leasing and services	22,335		25,576
Selling, general and administrative	894		2,067
Lease impairment expense and other related charges	—		471
Variable lease expense
Cost of leasing and services	7,794		6,981
Selling, general and administrative	6,355		5,436
Lease impairment expense and other related charges	492		855
Total operating lease expense	$	104,130	$	93,391

Supplemental cash flow information related to leases for the years ended December 31, 2021 and 2020 were as follows:


	Year Ended December 31,
Supplemental Cash Flow Information (in thousands)	2021		2020
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	65,101	$	45,883
Operating cash outflows from finance leases	$	2,309	$	1,058
Financing cash outflows from finance leases	$	17,399	$	8,510

Right of use assets obtained in exchange for lease obligations	$	70,439	$	33,576
Assets obtained in exchange for finance leases	$	27,835	$	9,089

Weighted-Average Remaining Operating Lease Term and Weighted Average Discount Rate

Weighted-average remaining operating lease terms and the weighted average discount rates as of December 31 were as follows:


Lease Terms and Discount Rates	2021		2020
Weighted-average remaining lease term - operating leases	6.1 years		6.4 years
Weighted-average discount rate - operating leases	5.0	%	5.7	%
Weighted-average remaining lease term - finance leases	4.5 years		4.6 years
Weighted-average discount rate - finance leases	2.9	%	2.9	%

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories at December 31, consisted of the following:


(in thousands)	2021		2020
Raw materials	$	26,854	$	19,560
Finished units	5,885		4,171
Inventories	$	32,739	$	23,731

Rental Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Rental Equipment, Net

Depreciation is generally computed using the straight-line method over estimated useful lives, as follows:


	Estimated Useful Life	Residual Value
Modular space units	10 - 30 years	20 - 55%
Portable storage units	30 years	55%
Tank and pump equipment	7 - 25 years	—%
VAPS and other related rental equipment	1 - 8 years	—%

Depreciation is generally computed using the straight-line method over estimated useful lives as follows:


			Estimated Useful Life
Buildings and leasehold improvements			10 - 40 years
Vehicles, machinery, and equipment			3 - 30 years
Furniture and fixtures			3 - 10 years
Software			3 - 10 years

Rental equipment, net at December 31 consisted of the following:


(in thousands)	2021		2020
Modular space units	$	3,005,195	$	2,796,284
Portable storage units	758,619		653,707
Tank and pump products	156,112		132,071
Value added products	168,419		143,652
Total rental equipment	4,088,345		3,725,714
Less: accumulated depreciation	(1,007,364)		(794,068)
Rental equipment, net	$	3,080,981	$	2,931,646

Property, plant and equipment, net at December 31 consisted of the following:


(in thousands)	2021		2020
Land, buildings, and leasehold improvements	$	167,132	$	154,210
Vehicles and equipment	185,918		171,881
Office furniture, fixtures and software	87,613		75,928
Total property, plant and equipment	440,663		402,019
Less: accumulated depreciation	(128,485)		(98,369)
Property, plant and equipment, net	$	312,178	$	303,650

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Depreciation is generally computed using the straight-line method over estimated useful lives, as follows:


	Estimated Useful Life	Residual Value
Modular space units	10 - 30 years	20 - 55%
Portable storage units	30 years	55%
Tank and pump equipment	7 - 25 years	—%
VAPS and other related rental equipment	1 - 8 years	—%

Depreciation is generally computed using the straight-line method over estimated useful lives as follows:


			Estimated Useful Life
Buildings and leasehold improvements			10 - 40 years
Vehicles, machinery, and equipment			3 - 30 years
Furniture and fixtures			3 - 10 years
Software			3 - 10 years

Rental equipment, net at December 31 consisted of the following:


(in thousands)	2021		2020
Modular space units	$	3,005,195	$	2,796,284
Portable storage units	758,619		653,707
Tank and pump products	156,112		132,071
Value added products	168,419		143,652
Total rental equipment	4,088,345		3,725,714
Less: accumulated depreciation	(1,007,364)		(794,068)
Rental equipment, net	$	3,080,981	$	2,931,646

Property, plant and equipment, net at December 31 consisted of the following:


(in thousands)	2021		2020
Land, buildings, and leasehold improvements	$	167,132	$	154,210
Vehicles and equipment	185,918		171,881
Office furniture, fixtures and software	87,613		75,928
Total property, plant and equipment	440,663		402,019
Less: accumulated depreciation	(128,485)		(98,369)
Property, plant and equipment, net	$	312,178	$	303,650

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Activity

Changes in the carrying amount of goodwill were as follows:


(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Total
Balance at December 31, 2019	$	235,177	$	—	$	—	$	—	$	235,177
Acquisition of Mobile Mini	—		726,529		59,183		143,262		928,974
Effects of movements in foreign exchange rates	651		—		6,417		—		7,068
Balance at December 31, 2020	235,828		726,529		65,600		143,262		1,171,219
Changes to Mobile Mini purchase accounting	285,000		(233,666)		—		(43,173)		8,161
Effects of movements in foreign exchange rates	221		(311)		(502)		18		(574)
Balance at December 31, 2021	$	521,049	$	492,552	$	65,098	$	100,107	$	1,178,806

Schedule of Finite Lived Intangible Assets

Intangible assets other than goodwill at December 31, consisted of the following:


	December 31, 2021
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Mobile Mini customer relationships	6.6	$	209,000	$	(38,447)	$	170,553
Technology	4.5	1,500		(375)		1,125
Indefinite-lived intangible assets:
Trade name - Mobile Mini		164,000		—		164,000
Trade name - WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	499,500	$	(38,822)	$	460,678


	December 31, 2020
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Trade name - ModSpace	0.7	$	3,000	$	(2,375)	$	625
Mobile Mini customer relationships	8.0	217,000		(12,053)		204,947
Technology	5.5	1,500		(125)		1,375
Indefinite-lived intangible assets:
Trade name - Mobile Mini		164,000		—		164,000
Trade name - WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	510,500	$	(14,553)	$	495,947

Schedule of Indefinite Lived Intangible Assets

Intangible assets other than goodwill at December 31, consisted of the following:


	December 31, 2021
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Mobile Mini customer relationships	6.6	$	209,000	$	(38,447)	$	170,553
Technology	4.5	1,500		(375)		1,125
Indefinite-lived intangible assets:
Trade name - Mobile Mini		164,000		—		164,000
Trade name - WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	499,500	$	(38,822)	$	460,678


	December 31, 2020
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Trade name - ModSpace	0.7	$	3,000	$	(2,375)	$	625
Mobile Mini customer relationships	8.0	217,000		(12,053)		204,947
Technology	5.5	1,500		(125)		1,375
Indefinite-lived intangible assets:
Trade name - Mobile Mini		164,000		—		164,000
Trade name - WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	510,500	$	(14,553)	$	495,947

Finite-Lived Intangible Assets Amortization Expense

As of December 31, 2021, the expected future amortization expense for intangible assets is as follows:


(in thousands)	Amortization Expense
2022	$	26,416
2023	26,416
2024	26,416
2025	26,416
2026	26,179
Thereafter	39,835
Total	$	171,678

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The carrying value of debt outstanding at December 31 consisted of the following:


(in thousands, except rates)	Interest rate	Year of maturity	2021		2020


2025 Secured Notes	6.125%	2025	$	518,117	$	637,068
ABL Facility(a)	Varies	2025	1,612,783		1,263,833
2028 Secured Notes	4.625%	2028	492,490		491,555
Finance Leases	Varies	Varies	89,050		77,874
Total debt			2,712,440		2,470,330
Less: current portion of long-term debt			18,121		16,521
Total long-term debt			$	2,694,319	$	2,453,809

Schedule of Maturities of Debt and Lease Obligation

Maturities of debt, including finance leases, during the years subsequent to December 31, 2021 are as follows:


(in thousands)
2022	$	21,842
2023	17,665
2024	14,743
2025	2,185,851
2026	12,839
Thereafter	514,202
Total	$	2,767,142

Schedule of Amortization of Deferred Debt Issuance Costs

These debt costs will be amortized and included as part of interest expense over the remaining contractual terms of those debt instruments for each of the next five years as follows:


(in thousands)	Debt issuance cost amortization
2022	$	14,012
2023	$	14,214
2024	$	14,429
2025	$	7,753
2026	$	1,193
Thereafter	$	2,173

Debt Redemption


Year	Redemption Price
2022	103.063	%
2023	101.531	%
2024 and thereafter	100.000	%


Year	Redemption Price
2023	102.313	%
2024	101.156	%
2025 and thereafter	100.000	%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss ("AOCI"), net of tax, for the years ended December 31, 2021, 2020 and 2019, were as follows:


(in thousands)	Foreign Currency Translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2018	$	(62,608)	$	(5,418)	$	(68,026)
Other comprehensive income (loss) before reclassifications	10,586		(7,930)		2,656
Reclassifications from AOCI to income (a)	—		3,121		3,121
Less other comprehensive (loss) income attributable to non-controlling interest	(960)		434		(526)
Balance at December 31, 2019	(52,982)		(9,793)		(62,775)
Other comprehensive income (loss) before reclassifications	28,404		(11,874)		16,530
Reclassifications from AOCI to income (a)	—		10,125		10,125
Less other comprehensive income attributable to non-controlling interest	1,183		702		1,885
Impact of elimination of non-controlling interest on accumulated other comprehensive income	(1,299)		(1,673)		(2,972)
Balance at December 31, 2020	(24,694)		(12,513)		(37,207)
Other comprehensive loss before reclassifications	(880)		(2,985)		(3,865)
Reclassifications from AOCI to income (a)	—		12,001		12,001
Balance at December 31, 2021	$	(25,574)	$	(3,497)	$	(29,071)

Warrants (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Fair Value of Outstanding Warrants Recorded as Liabilities

The Company determined the following fair values for outstanding warrants recorded as liabilities at December 31:


(in thousands)	December 31, 2021	December 31, 2020
2015 Private Warrants	N/A	$	77,404

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax (Benefit) Expense

The components of income tax expense (benefit) for the years ended December 31, 2021, 2020 and 2019 are comprised of the following:


(in thousands)	2021		2020		2019
Current
Federal	$	—	$	—	$	—
State	4,645		1,601		827
Foreign	8,338		2,104		(395)
Deferred
Federal	31,255		(52,822)		242
State	(4,144)		(5,204)		1,662
Foreign	9,452		2,870		(4,527)
Total income tax expense (benefit)	$	49,546	$	(51,451)	$	(2,191)

Schedule of Effective Income Tax Rate Reconciliation


(in thousands)	2021			2020			2019
Income (loss) before income tax
US	$	161,040		$	6,597		$	(119,099)
Foreign	48,650			17,292			(4,257)
Total income (loss) before income tax	$	209,690		$	23,889		$	(123,356)

US Federal statutory income tax expense (benefit)	$	44,035		$	5,017		$	(25,905)
Effect of tax rates in foreign jurisdictions	40			128			(207)
State income tax expense, net of federal benefit	2,602			3,962			1,829

Valuation allowances	(3,089)			(56,479)			961
(Non-taxable) non-deductible items	(269)			187			(233)
Non-deductible executive compensation	2,309			1,449			490
Non-deductible transaction costs	33			4,425			(12)
Non-deductible (non-taxable) remeasurement of common stock warrant liabilities	5,585			(727)			23,021
Uncertain tax positions	(11,748)			(11,166)			—
Tax law changes (excluding valuation allowance) (a)	8,410			2,523			(2,785)
Other	1,638			(770)			650
Reported income tax expense (benefit)	$	49,546		$	(51,451)		$	(2,191)
Effective income tax rate	23.63		%	(215.38)		%	1.78		%


(a)			Tax law changes primarily represents changes in tax law in foreign jurisdictions.

Schedule of Deferred Income Taxes

Significant components of the Company’s deferred tax assets and liabilities are as follows:


(in thousands)	2021		2020
Deferred tax assets
Deferred interest expense	$	116,339	$	128,346
Employee benefit plans	4,167		3,532
Accrued liabilities	9,362		10,692
Deferred revenue	37,852		32,412
Operating lease liability	62,502		58,044
Other	18,315		13,628
Tax loss carryforwards	286,470		295,326
Deferred tax assets, gross	535,007		541,980
Valuation allowance	(10,323)		(25,158)
Net deferred income tax asset	$	524,684	$	516,822

Deferred tax liabilities
Rental equipment and other property, plant and equipment	$	(710,372)	$	(648,966)
Intangible assets	(107,033)		(117,403)
ROU asset	(62,158)		(57,820)
Deferred tax liability	(879,563)		(824,189)
Net deferred income tax liability	$	(354,879)	$	(307,367)

Summary of Tax Loss Carryforwards

The Company’s tax loss carryforwards are as follows at December 31, 2021:


(in thousands)	Loss Carryforward		Deferred Tax		Expiration
Jurisdiction:
US - Federal	$	1,232,717	$	250,920	2022 – 2037, Indefinite
US - State	632,922		34,332		2022 –2041, Indefinite
Foreign - Canada and Mexico	3,892		1,218		2026 – 2037
Total	$	1,869,531	$	286,470

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in thousands)	2021		2020		2019
Unrecognized tax benefits – January 1,	$	54,494	$	63,747	$	64,444
Increases based on tax positions related to current period	—		1,211		—
Increases based on tax positions related to prior period	9		—		268
Decreases based on tax positions related to prior period	—		—		(287)
Decrease from expiration of statute of limitations	(10,189)		(10,464)		(678)
Unrecognized tax benefits – December 31,	$	44,314	$	54,494	$	63,747

Derivatives (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Agreements

The location and the fair value of derivative instruments designated as hedges in the consolidated balance sheets as of December 31 was as follows:


(in thousands)	Balance Sheet Location	2021		2020
Cash Flow Hedges:
Interest rate swap	Accrued liabilities	$	5,259	$	11,619
Interest rate swap	Other non-current liabilities	$	—	$	5,308

Schedule of Impact of Interest Rate Swap on Other Comprehensive Income, AOCI, and Statement of Operations


(in thousands)	2021		2020		2019
Gain (loss) recognized in OCI	$	11,677	$	(2,288)	$	(6,280)
Location of loss recognized in income	Interest expense, net		Interest expense, net		Interest expense, net
Loss reclassified from AOCI into income (effective portion)	$	(12,001)	$	(10,125)	$	(3,254)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Fair Value Measures (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Carrying Amounts and Fair Values of Financial Assets and Liabilities

The following table shows the carrying amounts and fair values of financial assets and liabilities, including their levels in the fair value hierarchy:


	December 31, 2021								December 31, 2020
	Carrying Amount		Fair Value						Carrying Amount		Fair Value
(in thousands)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
US ABL Facility(a)	$	1,612,783	$	—	$	1,644,500	$	—	$	1,263,833	$	—	$	1,304,612	$	—



2025 Secured Notes(a)	518,117		—		551,835		—		637,068		—		694,876		—
2028 Secured Notes(a)	492,490		—		515,635		—		491,555		—		518,820		—
Total	$	2,623,390	$	—	$	2,711,970	$	—	$	2,392,456	$	—	$	2,518,308	$	—

The following table shows the carrying amounts and fair values of financial liabilities for which are measured at fair value:

December 31, 2021

December 31, 2020

Carrying Amount

Fair Value

Carrying Amount

Fair Value

(in thousands)

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

2015 Private Warrants

N/A

77,404

—

77,404

Quantitative Information Regarding Level 3 Fair Value Measurements

The following table provides quantitative information regarding Level 3 fair value measurements:


	December 31, 2020
(in thousands)	2015 Private Warrants
Stock Price	$	23.17
Strike Price	$	11.50
Expected Life	1.91
Volatility	41.2		%
Risk Free rate	0.13		%
Dividend yield	—
Fair value of warrants	$	12.17

Changes in Level 3 Liabilities Measured at Fair Value

The following table presents changes in Level 3 liabilities measured at fair value for the year ended December 31, 2021:


(in thousands)	2015 Private Warrants
Balance - beginning of year	$	77,404
Exercise or conversion	(78,495)
Measurement adjustment	25,486
Repurchases	(24,395)
Balance - end of year	$	—

The following table presents changes in Level 3 liabilities measured at fair value for the year ended December 31, 2020:


(in thousands)	2015 Private Warrants		2018 Warrants
Balance- beginning of year	$	72,705	$	58,369
Exercise or conversion	(359)		(416)
Repurchase	(24,970)		—
Measurement adjustment	30,028		(31,737)
Reclassification to equity at June 30, 2020	—		(26,216)
Balance- end of year	$	77,404	$	—

Restructuring (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Summary of Activities in the Restructuring Accruals

The following is a summary of the activity in the Company’s restructuring accruals for years ended December 31:


(in thousands)	Year Ended December 31,
	2021				2020						2019
	Employee Costs		Total		Employee Costs		Facility Exit Costs		Total		Employee Costs		Facility Exit Costs		Total
Beginning balance	$	1,750	$	1,750	$	447	$	—	$	447	$	4,544	$	972	$	5,516
Reclassification of liability to operating lease asset at the adoption of ASC 842(a)	—		—		—		—		—		—		(972)		(972)
Charges	11,868		11,868		6,510		17		6,527		1,955		1,800		3,755
Cash payments	(5,943)		(5,943)		(5,356)		—		(5,356)		(5,694)		—		(5,694)
Foreign currency translation	—		—		30		—		30		(136)		—		(136)
Non-cash movements	(7,200)		(7,200)		119		(17)		102		(222)		(1,800)		(2,022)
Ending balance	$	475	$	475	$	1,750	$	—	$	1,750	$	447	$	—	$	447

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Restricted Stock Awards

The following table summarizes the Company's RSA activity during the years ended December 31, 2021, 2020 and 2019:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance, December 31, 2018	72,053	$	15.57
Granted	52,755	$	14.69
Vested	(72,053)	$	15.57
Balance December 31, 2019	52,755	$	14.69
Granted	65,959	$	11.75
Vested	(61,266)	$	14.28
Balance December 31, 2020	57,448	$	11.75
Granted	44,708	$	29.30
Forfeited	(8,532)	$	29.30
Vested	(57,448)	$	11.75
Balance December 31, 2021	36,176	$	29.30

Restricted Stock Units

The following table summarizes the Company's Time-Based RSU activity during the years ended December 31, 2021, 2020 and 2019:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance, December 31, 2018	852,733	$	13.60
Granted	478,400	$	11.69
Forfeited	(52,648)	$	12.78
Vested	(213,180)	$	12.78
Balance December 31, 2019	1,065,305	$	12.78
Granted	632,864	$	14.37
Forfeited	(33,558)	$	13.28
Vested	(338,749)	$	13.02
Balance December 31, 2020	1,325,862	$	13.46
Granted	415,737	$	27.25
Forfeited	(72,505)	$	17.80
Vested	(671,643)	$	13.99
Balance December 31, 2021	997,451	$	18.54

The following table summarizes the Company's Performance-Based RSU award activity during the years ended December 31, 2021 and 2020 and 2019:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31, 2018	—	$	—
Granted	302,182	$	13.22
Forfeited	(13,901)	$	13.22
Balance December 31, 2019	288,281	$	13.22
Granted	325,256	$	16.35
Forfeited	(12,700)	$	14.70
Vested	(7,449)	$	16.82
Balance December 31, 2020	593,388	$	14.88
Granted	977,645	$	33.21
Forfeited	(23,753)	$	27.92
Vested	(10,886)	$	14.70
Balance December 31, 2021	1,536,394	$	26.34

Stock Option Awards

The following table summarizes the Company's stock option activity during the years ended December 31, 2021, 2020 and 2019:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Balance December 31, 2018	589,257	$	13.60	—	$	—
Forfeited	(41,302)	$	13.60	—	$	—
Exercised	(13,767)	$	13.60	—	$	—
Balance December 31, 2019	534,188	$	13.60	—	$	—
Converted at Merger	—	$	—	7,361,516	$	13.52
Exercised	—	$	—	(428,653)	$	13.07
Cancelled in settlement, net of taxes	—	$	—	(4,901,408)	$	13.04
Balance December 31, 2020	534,188	$	13.60	2,031,455	$	14.78
Forfeited	—	$	—	(6,240)	$	12.19
Exercised	—	$	—	(497,572)	$	15.21
Balance at December 31, 2021	534,188	$	13.60	1,527,643	$	14.66





Fully vested and exercisable options, December 31, 2021	400,641	$	13.60	1,527,643	$	14.66

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Year Ended December 31, 2021
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	864,923	$	387,567	$	82,106	$	77,527			$	1,412,123
Delivery and installation	219,385		101,744		24,023		29,530				374,682
Sales revenue:
New units	40,366		6,628		3,533		2,355				52,882
Rental units	39,505		12,863		1,363		1,479				55,210
Total revenues	1,164,179		508,802		111,025		110,891				1,894,897

Costs:
Cost of leasing and services:
Leasing	229,129		53,447		17,440		17,045				317,061
Delivery and installation	196,137		71,396		14,271		25,057				306,861
Cost of sales:
New units	27,415		3,933		2,357		1,672				35,377
Rental units	20,592		7,438		1,287		536				29,853
Depreciation of rental equipment	194,461		24,329		4,428		14,319				237,537
Gross profit	$	496,445	$	348,259	$	71,242	$	52,262			$	968,208
Other selected data:
Adjusted EBITDA	$	423,004	$	226,600	$	49,039	$	41,750	$	—	$	740,393
Selling, general and administrative expense (a)	$	266,187	$	145,988	$	26,630	$	24,831	$	49,185	$	512,821
Purchases of rental equipment and refurbishments	$	187,495	$	45,426	$	27,830	$	17,747	$	—	$	278,498

(a) Includes both SG&A expense and Transaction costs from the consolidated statement of operations.


	Year Ended December 31, 2020
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	770,330	$	166,128	$	32,633	$	32,356			$	1,001,447
Delivery and installation	208,079		42,655		9,409		14,013				274,156
Sales revenue:
New units	41,858		6,976		3,124		1,135				53,093
Rental units	30,895		6,070		1,195		789				38,949
Total Revenues	1,051,162		221,829		46,361		48,293				1,367,645

Costs:
Cost of leasing and services:
Leasing	194,442		19,925		7,391		5,618				227,376
Delivery and installation	175,705		27,029		6,353		11,015				220,102
Cost of sales:
New units	27,555		4,244		2,301		741				34,841
Rental units	19,213		4,261		1,026		272				24,772
Depreciation of rental equipment	182,605		9,585		1,648		6,743				200,581
Gross profit	$	451,642	$	156,785	$	27,642	$	23,904			$	659,973
Other selected data:
Adjusted EBITDA	$	394,805	$	99,837	$	17,822	$	17,843	$	—	$	530,307
Selling, general and administrative expense	$	242,010	$	66,533	$	11,468	$	12,804	$	91,864	$	424,679
Purchases of rental equipment and refurbishments	$	153,327	$	14,969	$	1,693	$	2,394	$	—	$	172,383

(a) Includes both SG&A expense and Transaction costs from the consolidated statement of operations.


	Year Ended December 31, 2019
(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Unallocated Costs		Total
Revenues:
Leasing and services revenue:
Leasing	$	744,185	$	—	$	—	$	—			$	744,185
Delivery and installation	220,057		—		—		—				220,057
Sales revenue:
New units	59,085		—		—		—				59,085
Rental units	40,338		—		—		—				40,338
Total revenues	1,063,665		—		—		—				1,063,665

Costs:
Cost of leasing and services:
Leasing	213,151		—		—		—				213,151
Delivery and installation	194,107		—		—		—				194,107
Cost of sales:
New units	42,160		—		—		—				42,160
Rental units	26,255		—		—		—				26,255
Depreciation of rental equipment	174,679		—		—		—				174,679
Gross profit	$	413,313	$	—	$	—	$	—			$	413,313
Other selected data:
Adjusted EBITDA	$	356,548	$	—	$	—	$	—	$	—	$	356,548
Selling, general and administrative expense	$	235,228	$	—	$	—	$	—	$	35,776	$	271,004
Purchase of rental equipment and refurbishments	$	205,106	$	—	$	—	$	—	$	—	$	205,106

The following tables present a reconciliation of the Company’s Net Income (Loss) to Adjusted EBITDA for the years ended December 31, 2021, 2020, and 2019, respectively:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Net income (loss) attributable to WillScot Mobile Mini	$	160,144	$	74,127	$	(120,744)
Net income (loss) attributable to non-controlling interest, net of tax	—		1,213		(421)
Loss on extinguishment of debt	5,999		42,401		8,755
Income tax expense (benefit)	49,546		(51,451)		(2,191)
Interest expense	117,987		119,886		122,504
Depreciation and amortization	315,567		243,830		187,074
Fair value loss (gain) on common stock warrant liabilities	26,597		(3,461)		109,622
Currency losses (gains), net	548		(355)		(688)
Impairment losses on long-lived assets	—		—		2,848
Restructuring costs, lease impairment expense and other related charges	14,756		11,403		12,429
Transaction costs	1,375		64,053		—
Integration costs	28,424		18,338		26,607
Stock compensation expense	18,989		9,879		6,686
Other	461		444		4,067
Adjusted EBITDA	$	740,393	$	530,307	$	356,548

Reconciliation of Assets from Segment to Consolidated

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


(in thousands)	NA Modular		NA Storage		UK Storage		Tank and Pump		Total
As of December 31, 2021:
Goodwill	$	521,049	$	492,552	$	65,098	$	100,107	$	1,178,806
Intangible assets, net	$	125,000	$	317,875	$	9,053	$	8,750	$	460,678
Rental equipment, net	$	1,877,978	$	899,881	$	168,208	$	134,914	$	3,080,981
As of December 31, 2020:
Goodwill	$	235,828	$	726,529	$	65,600	$	143,262	$	1,171,219
Intangible assets, net	$	125,625	$	329,437	$	11,177	$	29,708	$	495,947
Rental equipment, net	$	1,886,211	$	772,356	$	147,720	$	125,359	$	2,931,646

Related Parties (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Related Parties

Related party balances included in the Company’s consolidated balance sheets at December 31, consisted of the following:


(in thousands)	Financial statement line Item	2021		2020
Receivables due from affiliates	Trade receivables, net of allowances for credit losses	$	10	$	30
Amounts due to affiliates	Accrued liabilities	(49)		(461)
Total related party liabilities, net		$	(39)	$	(431)

Related party transactions included in the Company’s consolidated statements of operations for the years ended December 31, consisted of the following:


(in thousands)	Financial statement line item	2021		2020		2019
Leasing revenue from related parties	Leasing revenue	$	737	$	1,066	$	316
Rental unit sales to related parties	Rental unit sales	—		380		—
Consulting expense to related party (a)	Selling, general & administrative expense	(4,187)		(5,194)		(1,029)
Total related party expense, net		$	(3,450)	$	(3,748)	$	(713)

(a) Two of the Company's directors also serve on the Board of Directors of a consulting firm from which the Company incurs professional fees.

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares


(in thousands)	2021		2020		2019
Numerator:
Net income (loss) attributable to common shareholders - basic	$	160,144	$	74,127	$	(120,744)
Fair value gain on common stock warrant liabilities	—		(30,524)		—
Net income (loss) attributable to common shareholders - dilutive	$	160,144	$	43,603	$	(120,744)

Denominator:
Weighted average Common Shares outstanding - basic	226,519		169,230		108,684
Dilutive effect of outstanding securities:
Warrants	3,589		752		—
RSAs	24		39		—
Time-Based RSUs	594		778		—
Performance-Based and Market-Based RSUs	955		544		—
Stock Options	1,113		634		—
Class B common shares	N/A		5,291		—
Weighted average Common Shares outstanding - dilutive	232,794		177,268		108,684

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potential common shares were excluded from the computation of dilutive EPS because their effect would have been anti-dilutive:


(in thousands)	2021	2020	2019
Warrants	—	2,366	2,320
RSAs	—	—	12
Time-based RSUs	—	—	323
Performance-based RSUs	375	—	274
Stock Options	—	—	534
Class B common shares	N/A	—	10,641

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Jul. 02, 2020	Jul. 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Par value (in USD per share)		$ 0.0001	$ 0.0001	$ 0.0001
Matching contributions to defined contribution plans			$ 11.7	$ 7.1	$ 5.4
Shares authorized under plan (in shares)			6,488,988
Billing period term			28 days
Deferred revenue			$ 156.9	133.2
Customer deposits			2.7	2.3
Advertising and promotion expense			$ 8.1	$ 7.3	$ 4.0
Minimum
Business Acquisition [Line Items]
Operating lease term			1 month
Maximum
Business Acquisition [Line Items]
Operating lease term			60 months
Average
Business Acquisition [Line Items]
Operating lease term			10 months
RSAs
Business Acquisition [Line Items]
Vesting period			1 year
Granted (in shares)			44,708	65,959	52,755
Vested (in shares)			57,448	61,266	72,053
Time-Based Restricted Stock Units
Business Acquisition [Line Items]
Vesting period			4 years
Granted (in shares)			415,737	632,864	478,400
Vested (in shares)			671,643	338,749	213,180
Performance-Based RSUs
Business Acquisition [Line Items]
Performance period			3 years
Granted (in shares)			977,645	325,256	302,182
Vested (in shares)			10,886	7,449
Performance-Based RSUs \| Awards Granted 2021
Business Acquisition [Line Items]
TSR payout percentage, minimum			0.00%
TSR payout percentage, maximum			200.00%
TSR payout percentage, target			100.00%
TSR, target			50.00%
TSR, minimum			25.00%
TSR, maximum			85.00%
Granted (in shares)			555,790
Share price (in USD per share)			$ 47.5
Performance-Based RSUs \| Awards Granted in 2020 and Prior
Business Acquisition [Line Items]
TSR payout percentage, minimum			0.00%
TSR payout percentage, maximum			150.00%
TSR payout percentage, target			100.00%
TSR, target			50.00%
TSR, minimum			25.00%
TSR, maximum			75.00%
Performance-Based RSUs \| Minimum \| Awards Granted 2021
Business Acquisition [Line Items]
Performance period			4 years 6 months
Performance-Based RSUs \| Maximum \| Awards Granted 2021
Business Acquisition [Line Items]
Performance period			4 years 9 months 18 days
Unrestricted Stock \| Minimum \| Awards Granted 2021
Business Acquisition [Line Items]
Vested (in shares)			0
Share price (in USD per share)			$ 42.5
Unrestricted Stock \| Maximum \| Awards Granted 2021
Business Acquisition [Line Items]
Vested (in shares)			1,333,334
Share price (in USD per share)			$ 60
Stock Options
Business Acquisition [Line Items]
Vesting period			4 years
Expiration period			10 years
Class A Common Stock
Business Acquisition [Line Items]
Par value (in USD per share)		$ 0.0001
Mobile Mini, Inc.
Business Acquisition [Line Items]
Number of shares exchanged (in shares)	2.405	2.405

Summary of Significant Accounting Policies - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 29,258	$ 15,828	$ 9,340
Provision for credit losses, net of recoveries	38,191	31,386	14,496
Write-offs	(19,791)	(18,034)	(7,945)
Foreign currency translation and other	(29)	78	(63)
Balance at end of period	47,629	29,258	15,828
Provision for credit losses recorded as a reduction to revenue for the provision of specific receivables whole collection is not considered probable	$ 19,800	$ 18,000	$ 10,000

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Summary of Significant Accounting Policies - Rental Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Portable storage units
Property, Plant and Equipment [Line Items]
Estimated Useful Life	30 years
Residual Value	55000.00%
Tank and pump equipment
Property, Plant and Equipment [Line Items]
Residual Value	0.00%
VAPS and other related rental equipment
Property, Plant and Equipment [Line Items]
Residual Value	0.00%
Minimum \| Modular space units
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Residual Value	20000.00%
Minimum \| Tank and pump equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Minimum \| VAPS and other related rental equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	1 year
Maximum \| Modular space units
Property, Plant and Equipment [Line Items]
Estimated Useful Life	30 years
Residual Value	55.00%
Maximum \| Tank and pump equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	25 years
Maximum \| VAPS and other related rental equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	8 years

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Minimum \| Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Minimum \| Vehicles, machinery, and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Minimum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Minimum \| Software
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Maximum \| Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life	40 years
Maximum \| Vehicles, machinery, and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	30 years
Maximum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Maximum \| Software
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years

Business Combinations and Acquisitions - Mobile Mini Narrative (Details) - USD ($)			6 Months Ended	12 Months Ended
	Jul. 02, 2020	Jul. 01, 2020	Dec. 31, 2020	Dec. 31, 2021
Business Acquisition [Line Items]
Par value (in USD per share)		$ 0.0001	$ 0.0001	$ 0.0001
Mobile Mini, Inc.
Business Acquisition [Line Items]
Number of shares exchanged (in shares)	2.405	2.405
Common stock issued (in shares)		106,426,721
Value of shares converted from acquiree's shares (in USD per share)		$ 12.53
Non-cash investing outflow		$ 1,352,836
Non-cash financing inflow activity		$ 1,352,836
Revenue since acquisition date			$ 316,500,000	$ 730,700,000
Net income since acquisition date			$ 23,100,000	$ 147,300,000

Business Combinations and Acquisitions - Mobile Mini, Schedule of Consideration Transferred and Purchase Price Allocation (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 02, 2020	Jul. 01, 2020	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Mobile Mini Common Stock outstanding (in shares)		44,252,275	223,939,527	229,038,158
Mobile Mini, Inc.
Business Acquisition [Line Items]
Share conversion ratio (in shares)	2.405	2.405
Common stock issued (in shares)		106,426,721
Common Stock per share price as of July 1, 2020 (in USD per share)		$ 12.53
Cash paid for fractional shares		$ 30
Total purchase price		$ 1,352,836
Mobile Mini, Inc. \| Common Stock
Business Acquisition [Line Items]
Common stock issued (in shares)		106,426,721
Common Stock per share price as of July 1, 2020 (in USD per share)		$ 12.53
Fair value of shares issued and converted		$ 1,333,527
Mobile Mini, Inc. \| Stock Options
Business Acquisition [Line Items]
Common stock issued (in shares)	7,361,516
Fair value of shares issued and converted	$ 19,300	$ 19,279

Business Combinations and Acquisitions - Mobile Mini, Inc., Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jul. 01, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill identified	$ 1,178,806	$ 1,171,219		$ 235,177
Mobile Mini, Inc.
Business Acquisition [Line Items]
Cash and cash equivalents			$ 17,203
Trade receivables			87,492
Inventories			8,987
Prepaid expenses and other current assets			13,717
Rental equipment			1,032,672
Property, plant and equipment, net			160,729
Operating lease assets			92,054
Intangible assets			374,500
Goodwill identified			937,135
Other non-current assets			2,520
Total identifiable assets acquired			2,727,009
Accounts payable			(29,797)
Accrued liabilities and interest			(40,335)
Deferred revenue and customer deposits			(38,846)
Operating lease liabilities			(89,968)
Debt and finance lease liabilities			(897,244)
Deferred tax liabilities			(276,555)
Other long-term liabilities			(1,428)
Total liabilities assumed			(1,374,173)
Net assets acquired (purchase price)			$ 1,352,836

Business Combinations and Acquisitions - Mobile Mini, Pro Forma Information (Details) - USD ($) $ in Thousands		12 Months Ended			24 Months Ended
	Jul. 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Jun. 15, 2020
Business Acquisition [Line Items]
Revenues		$ 1,894,897	$ 284,240	$ 620,018
Income (loss) before income tax		$ 209,690	$ 23,889	(123,356)
State and federal income taxes, percent			25.50%		25.50%
Elimination of reversal of valuation allowance due to reassessment					$ 54,600
2025 Secured Notes \| Senior Notes
Business Acquisition [Line Items]
Interest rate	6.125%	6.125%				6.125%
Revolving Credit Facility \| 2020 ABL Facility \| Line of Credit
Business Acquisition [Line Items]
Amounts drawn on debt	$ 1,470,000
Implicit interest rate	2.046%
Mobile Mini, Inc.
Business Acquisition [Line Items]
Pro forma revenues			$ 1,651,885	1,683,683
Income (loss) before income tax			158,375	551
Pro forma pretax income (loss)			61,764	(11,651)
Income tax expense			(34,549)	(28,892)
Pro forma net income			123,826	(28,341)
Intangible assets	$ 374,500
Mobile Mini, Inc. \| Mobile Mini customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 209,000
Mobile Mini, Inc. \| Elimination of Merger transaction costs
Business Acquisition [Line Items]
Income (loss) before income tax			80,852	0
Mobile Mini, Inc. \| Impact of fair value mark-ups on rental fleet depreciation
Business Acquisition [Line Items]
Income (loss) before income tax			(2,334)	(4,667)
Mobile Mini, Inc. \| Other depreciation expense and intangible asset amortization
Business Acquisition [Line Items]
Income (loss) before income tax			(11,397)	(22,399)
Mobile Mini, Inc. \| Interest expense
Business Acquisition [Line Items]
Income (loss) before income tax			(6,113)	(1,916)
Mobile Mini, Inc. \| Elimination of Mobile Mini interest
Business Acquisition [Line Items]
Income (loss) before income tax			15,921	39,672
Mobile Mini, Inc. \| Elimination of loss on extinguishment of debt
Business Acquisition [Line Items]
Income (loss) before income tax			$ 19,682	$ 1,512

Business Combinations and Acquisitions - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) storageUnit	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Rental equipment, net	$ 3,080,981	$ 2,931,646
Transaction costs	1,375	64,053	$ 0
Integration costs	28,424	18,338	26,607
Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Cash paid for asset acquisitions	147,200
Rental equipment, net	$ 142,100
Storage Unit \| Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Number of units in real estate property acquired \| storageUnit	15,700
Modular Unit \| Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Number of units in real estate property acquired \| storageUnit	5,800
Mobile Mini, Inc.
Business Acquisition [Line Items]
Transaction costs	$ 1,400	64,100
Mobile Mini Inc and Other Asset Acquisitions
Business Acquisition [Line Items]
Integration costs	$ 28,400	$ 16,600
ModSpace
Business Acquisition [Line Items]
Integration costs			$ 26,600

Revenue - Revenue Disaggregation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,894,897	$ 284,240	$ 620,018
Leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	1,412,123	1,001,447	744,185
Modular space leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	736,066	596,880	516,299
Portable storage leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	259,308	125,216	24,277
Tank and pump leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	71,404	29,798	0
VAPS and third party leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	284,901	202,938	159,327
Other leasing-related revenue
Disaggregation of Revenue [Line Items]
Total revenues	60,444	46,615	44,282
Total leasing and services revenue
Disaggregation of Revenue [Line Items]
Total revenues	1,786,805	1,275,603	964,242
Delivery and installation revenue
Disaggregation of Revenue [Line Items]
Total revenues	374,682	274,156	220,057
New unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	52,882	53,093	59,085
Rental unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	55,210	38,949	40,338
VAPS service revenue
Disaggregation of Revenue [Line Items]
Total revenues	28,500	18,800	15,900
US
Disaggregation of Revenue [Line Items]
Total revenues	1,652,967	1,227,465	966,766
Canada
Disaggregation of Revenue [Line Items]
Total revenues	116,070	79,630	80,514
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	14,834	14,190	16,385
UK
Disaggregation of Revenue [Line Items]
Total revenues	$ 111,026	$ 46,360	$ 0

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Provision for credit losses, net of recoveries	$ 17.5	$ 13.4	$ 4.5
Recognition of previously deferred revenue for removal services for lease transactions and advance billings for sale transactions	40.8	37.5
Deferred revenue for removal services for lease transactions and advance billings for sale transactions	$ 79.4	$ 74.1
Leasing revenue \| Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	73.00%	72.00%	68.00%
Top Five Customers \| Trade receivables, net of allowances for credit losses \| Credit Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	5.00%	4.90%

Revenue - Future Commited Modular Leasing Revenues (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
2022	$ 284,137
2023	117,363
2024	42,646
2025	16,778
2026	8,260
Thereafter	5,431
Total	$ 474,615

Leases - Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating
Year one	$ 63,679	$ 60,120
Year two	52,893	51,184
Year three	44,859	41,074
Year four	37,850	33,336
Year five	27,853	26,542
Thereafter	63,181	67,421
Total lease payments	290,315	279,677
Less: interest	(43,054)	(47,853)
Present value of lease liabilities	$ 247,261	$ 231,824
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total long-term debt	Total long-term debt
Finance
Year one	$ 21,842	$ 18,252
Year two	17,665	17,158
Year three	14,743	13,707
Year four	14,851	10,786
Year five	12,839	10,893
Thereafter	14,202	13,410
Total lease payments	96,142	84,206
Less: interest	(7,092)	(6,332)
Present value of lease liabilities	$ 89,050	$ 77,874

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finance Lease Expense
Amortization of finance lease assets	$ 19,102	$ 9,556
Interest on obligations under finance leases	2,283	1,081
Total finance lease expense	21,385	10,637
Operating Lease Expense
Total operating lease expense	104,130	93,391
Cost of leasing and services
Operating Lease Expense
Fixed lease expense	3,979	5,723
Short-term lease expense	22,335	25,576
Variable lease expense	7,794	6,981
Selling, general and administrative
Operating Lease Expense
Fixed lease expense	60,253	43,482
Short-term lease expense	894	2,067
Variable lease expense	6,355	5,436
Lease impairment expense and other related charges
Operating Lease Expense
Fixed lease expense	2,028	2,800
Short-term lease expense	0	471
Variable lease expense	$ 492	$ 855

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Lease impairment expense and other related charges	$ 2,888	$ 4,876	$ 8,674
Loss on lease exit and impairment charges	300
Closed location rent expense	2,600	4,200	2,600
Loss on lease exit		700	1,900
ROU asset impairment	$ 0	$ 57	$ 4,160

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 65,101	$ 45,883
Operating cash outflows from finance leases	2,309	1,058
Financing cash outflows from finance leases	17,399	8,510
Right of use assets obtained in exchange for lease obligations	70,439	33,576
Assets obtained in exchange for finance leases	$ 27,835	$ 9,089

Leases - Lease Terms and Discount Rates (Details)	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term - operating leases	6 years 1 month 6 days	6 years 4 months 24 days
Weighted-average discount rate - operating leases	5.00%	5.70%
Weighted-average remaining lease term - finance leases	4 years 6 months	4 years 7 months 6 days
Weighted-average discount rate - finance leases	2.90%	2.90%

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 26,854	$ 19,560
Finished units	5,885	4,171
Inventories	$ 32,739	$ 23,731

Rental Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 4,088,345	$ 3,725,714
Less: accumulated depreciation	(1,007,364)	(794,068)
Rental equipment, net	3,080,981	2,931,646
Modular space units
Property, Plant and Equipment [Line Items]
Total rental equipment	3,005,195	2,796,284
Portable storage units
Property, Plant and Equipment [Line Items]
Total rental equipment	758,619	653,707
Tank and pump equipment
Property, Plant and Equipment [Line Items]
Total rental equipment	156,112	132,071
Value added products
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 168,419	$ 143,652

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 440,663	$ 402,019
Less: accumulated depreciation	(128,485)	(98,369)
Property, plant and equipment, net	312,178	303,650
Land, buildings, and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	167,132	154,210
Vehicles and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	185,918	171,881
Office furniture, fixtures and software
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 87,613	$ 75,928

Property, Plant and Equipment, Net - Narrative (Details) - Property, Plant and Equipment - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 50.8	$ 28.9	$ 11.4
Gross cost of property, plant and equipment assets under finance leases	98.6	78.7
Accumulated depreciation of property, plant and equipment assets under finance leases	$ 27.4	$ 9.5

Goodwill and Intangible Assets - Goodwill Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 1,171,219	$ 235,177
Acquisition of Mobile Mini		928,974
Changes to Mobile Mini purchase accounting	8,161
Effects of movements in foreign exchange rates	(574)	7,068
Goodwill, end of period	1,178,806	1,171,219
NA Modular
Goodwill [Roll Forward]
Goodwill, beginning of period	235,828	235,177
Acquisition of Mobile Mini		0
Changes to Mobile Mini purchase accounting	285,000
Effects of movements in foreign exchange rates	221	651
Goodwill, end of period	521,049	235,828
NA Storage
Goodwill [Roll Forward]
Goodwill, beginning of period	726,529	0
Acquisition of Mobile Mini		726,529
Changes to Mobile Mini purchase accounting	(233,666)
Effects of movements in foreign exchange rates	(311)	0
Goodwill, end of period	492,552	726,529
UK Storage
Goodwill [Roll Forward]
Goodwill, beginning of period	65,600	0
Acquisition of Mobile Mini		59,183
Changes to Mobile Mini purchase accounting	0
Effects of movements in foreign exchange rates	(502)	6,417
Goodwill, end of period	65,098	65,600
Tank and Pump
Goodwill [Roll Forward]
Goodwill, beginning of period	143,262	0
Acquisition of Mobile Mini		143,262
Changes to Mobile Mini purchase accounting	(43,173)
Effects of movements in foreign exchange rates	18	0
Goodwill, end of period	$ 100,107	$ 143,262

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 01, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 0	$ 0	$ 0
Amortization expense	27,300,000	14,400,000
Mobile Mini, Inc.
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets acquired				$ 164,000,000
Mobile Mini, Inc. \| Customer Relationships And Technology Based Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets acquired				$ 210,500,000
NA Modular
Finite-Lived Intangible Assets [Line Items]
Accumulated impairment loss	$ 792,800,000	$ 792,800,000	$ 792,800,000

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible assets subject to amortization:
Accumulated amortization	$ (38,822)	$ (14,553)
Net book value	171,678
Intangible Assets, Net (Including Goodwill) [Abstract]
Gross carrying amount	499,500	510,500
Accumulated amortization	(38,822)	(14,553)
Net book value	460,678	495,947
Trade name - Mobile Mini
Indefinite-lived intangible assets:
Gross carrying amount	164,000	164,000
Trade name - WillScot
Indefinite-lived intangible assets:
Gross carrying amount	$ 125,000	$ 125,000
Trade name - ModSpace
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)		8 months 12 days
Intangible assets subject to amortization:
Gross carrying amount		$ 3,000
Accumulated amortization		(2,375)
Net book value		625
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization		$ (2,375)
Mobile Mini customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	6 years 7 months 6 days	8 years
Intangible assets subject to amortization:
Gross carrying amount	$ 209,000	$ 217,000
Accumulated amortization	(38,447)	(12,053)
Net book value	170,553	204,947
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (38,447)	$ (12,053)
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	4 years 6 months	5 years 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 1,500	$ 1,500
Accumulated amortization	(375)	(125)
Net book value	1,125	1,375
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (375)	$ (125)

Goodwill and Intangible Assets - Future Amortization (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 26,416
2023	26,416
2024	26,416
2025	26,416
2026	26,179
Thereafter	39,835
Net book value	$ 171,678

Debt - Carrying Value of Debt Outstanding (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Aug. 25, 2020	Jul. 01, 2020	Jun. 15, 2020
Debt Instrument [Line Items]
Finance Leases	$ 89,050,000	$ 77,874,000
Total debt	2,712,440,000	2,470,330,000
Less: current portion of long-term debt	18,121,000	16,521,000
Total long-term debt	$ 2,694,319,000	2,453,809,000
Senior Notes \| 2025 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.125%			6.125%	6.125%
Debt	$ 518,117,000	637,068,000
Debt issuance costs	$ 8,400,000	12,900,000			$ 14,300,000
Senior Notes \| 2028 Secured Notes
Debt Instrument [Line Items]
Interest rate	4.625%		4.625%
Debt	$ 492,490,000	491,555,000
Debt issuance costs	7,500,000	8,400,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal borrowings on the credit facility	0	0
Line of Credit \| ABL Facility - Multicurrency Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt	1,612,783,000	1,263,833,000
Debt issuance costs	$ 6,200,000	$ 7,900,000

Debt - Maturities of Debt and Lease Obligation (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 21,842
2023	17,665
2024	14,743
2025	2,185,851
2026	12,839
Thereafter	514,202
Total	$ 2,767,142

Debt - Debt Discount Amortization (Details) $ in Thousands	12 Months Ended
Debt - Debt Discount Amortization (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 14,012,000
2023	14,214,000
2024	14,429,000
2025	7,753,000
2026	1,193,000
Thereafter	$ 2,173,000

Debt - 2020 ABL Facilities (Details) - Line of Credit - USD ($)			12 Months Ended
	Dec. 13, 2021	Jul. 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility					$ 1,000,000,000
Outstanding principal borrowings on the credit facility			$ 0	$ 0
Revolving Credit Facility \| 2020 ABL Facility
Line of Credit Facility [Line Items]
Line of credit facility		$ 2,400,000,000	$ 2,400,000,000
Weighted-average interest rate for borrowings			1.99%
Available borrowing capacity			$ 743,600,000
Commitment fee			0.225%
Letters of credit amount outstanding			$ 11,900,000
Outstanding principal borrowings on the credit facility			1,600,000,000
Debt issuance costs and discounts			$ 31,700,000
Revolving Credit Facility \| 2020 ABL Facility \| Interest rate swap
Line of Credit Facility [Line Items]
Weighted-average interest rate for borrowings after derivative instruments			2.71%
Revolving Credit Facility \| 2020 ABL Facility \| US Dollars \| LIBOR
Line of Credit Facility [Line Items]
Applicable margin		1.875%
Revolving Credit Facility \| 2020 ABL Facility \| US Dollars \| Base Rate
Line of Credit Facility [Line Items]
Applicable margin		0.875%
Revolving Credit Facility \| 2020 ABL Facility \| Canadian Dollars \| BA Rate
Line of Credit Facility [Line Items]
Applicable margin		1.875%
Revolving Credit Facility \| 2020 ABL Facility \| Canadian Dollars \| Prime Rate
Line of Credit Facility [Line Items]
Applicable margin		0.875%
Revolving Credit Facility \| 2020 ABL Facility \| British Pounds Sterling \| BA Rate
Line of Credit Facility [Line Items]
Applicable margin		1.875%
Revolving Credit Facility \| 2020 ABL Facility \| British Pounds Sterling \| SONIA
Line of Credit Facility [Line Items]
Applicable margin	1.9076%
Revolving Credit Facility \| 2020 ABL Facility \| Euro \| BA Rate
Line of Credit Facility [Line Items]
Applicable margin		1.875%
Revolving Credit Facility \| 2020 ABL Facility \| Euro \| EURIBOR
Line of Credit Facility [Line Items]
Applicable margin	1.875%
Revolving Credit Facility \| 2020 US ABL Facility
Line of Credit Facility [Line Items]
Line of credit facility		$ 2,000,000,000
Available borrowing capacity			$ 343,600,000
Revolving Credit Facility \| 2020 Multicurrency ABL Facility
Line of Credit Facility [Line Items]
Line of credit facility		400,000,000
Available borrowing capacity			400,000,000
Revolving Credit Facility \| 2017 ABL Facility
Line of Credit Facility [Line Items]
Repayments of debt		1,470,000,000
Write off of debt issuance costs		$ 4,400,000
Letter of Credit \| 2020 ABL Facility
Line of Credit Facility [Line Items]
Line of credit facility			$ 208,100,000
Letter of Credit \| 2017 ABL Facility
Line of Credit Facility [Line Items]
Commitment fee			2.00%
Swingline Loans \| 2020 ABL Facility
Line of Credit Facility [Line Items]
Line of credit facility			$ 168,500,000

Debt - 2022 Senior Secured Notes (Details) - USD ($)		3 Months Ended	12 Months Ended
Debt - 2022 Senior Secured Notes (Details) - USD ($)	Dec. 13, 2019	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 5,999,000	$ 42,401,000	$ 8,755,000
2022 Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount						$ 300,000,000
Interest rate						7.875%
Repayments of debt	$ 30,000,000
Redemption Price	103.00%
Loss on extinguishment of debt	$ 1,500,000	$ 15,200,000
Early redemption premium	900,000	10,600,000
Write off of debt issuance costs	$ 600,000	$ 4,600,000

Debt - 2023 Senior Secured Notes (Details) - USD ($)			12 Months Ended
Debt - 2023 Senior Secured Notes (Details) - USD ($)	Aug. 25, 2020	Aug. 11, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 14, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 5,999,000	$ 42,401,000	$ 8,755,000
2023 Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount						$ 490,000,000	$ 300,000,000
Interest rate						6.875%	6.875%
Redemption percentage of aggregate principal amount		10.00%
Repayments of debt	$ 441,000,000	$ 49,000,000
Redemption Price	103.438%	103.00%
Loss on extinguishment of debt	$ 22,700,000
Early redemption premium	16,600,000
Write off of debt issuance costs	$ 6,100,000
2023 Secured Notes, Tack-on Offering \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount						$ 190,000,000
Debt issuance costs						$ 3,000,000

Debt - 2025 Senior Secured Notes (Details) - USD ($)				2 Months Ended	3 Months Ended		12 Months Ended
Debt - 2025 Senior Secured Notes (Details) - USD ($)	Jun. 16, 2021	Mar. 26, 2021	Jun. 15, 2020	Aug. 01, 2020	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 01, 2020
Debt Instrument [Line Items]
Loss on extinguishment of debt							$ 5,999,000	$ 42,401,000	$ 8,755,000
2025 Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount			$ 650,000,000
Interest rate			6.125%				6.125%			6.125%
Interest expense				$ 5,100,000
Debt issuance costs			$ 14,300,000				$ 8,400,000	$ 12,900,000
Redemption percentage of aggregate principal amount	10.00%	10.00%
Repayments of debt		$ 65,000,000
Loss on extinguishment of debt					$ 2,800,000	$ 3,200,000
Make-whole premiums					1,800,000	1,900,000
Write off of debt issuance costs					$ 1,000,000	$ 1,300,000
Extinguishment of debt, amount	$ 58,500,000
2025 Secured Notes \| Senior Notes \| Redemption Period One \| 100% of Principal
Debt Instrument [Line Items]
Redemption Price			100.00%
2025 Secured Notes \| Senior Notes \| Redemption Period One \| 40% of Principal
Debt Instrument [Line Items]
Redemption Price			106.125%
Redemption percentage of aggregate principal amount			40.00%
2025 Secured Notes \| Senior Notes \| Redemption Period One \| 10% of Principal
Debt Instrument [Line Items]
Redemption Price			103.00%
Redemption percentage of aggregate principal amount			10.00%

Debt - Redemption Price Percentage (Details) - Senior Notes	12 Months Ended
	Dec. 31, 2021
2025 Secured Notes \| Redemption Period Two
Debt Instrument [Line Items]
Redemption Price	103.063%
2025 Secured Notes \| Redemption Period Three
Debt Instrument [Line Items]
Redemption Price	101.531%
2025 Secured Notes \| Redemption Period Four
Debt Instrument [Line Items]
Redemption Price	100.00%
2028 Secured Notes \| Redemption Period Two
Debt Instrument [Line Items]
Redemption Price	102.313%
2028 Secured Notes \| Redemption Period Three
Debt Instrument [Line Items]
Redemption Price	101.156%
2028 Secured Notes \| Redemption Period Four
Debt Instrument [Line Items]
Redemption Price	100.00%

Debt - 2028 Senior Secured Notes, Additional Information (Details) - 2028 Secured Notes - Senior Notes - USD ($)	Aug. 25, 2020	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt, face amount	$ 500,000,000
Interest rate	4.625%	4.625%
Debt issuance costs		$ 7,500,000	$ 8,400,000
100% of Principal \| Redemption Period One
Debt Instrument [Line Items]
Redemption Price	100.00%
40% of Principal \| Redemption Period One
Debt Instrument [Line Items]
Redemption Price	104.625%
Redemption percentage of aggregate principal amount	40.00%
10% of Principal \| Redemption Period One
Debt Instrument [Line Items]
Redemption Price	103.00%
Redemption percentage of aggregate principal amount	10.00%

Debt - 2023 Senior Unsecured Notes (Details) - USD ($)		12 Months Ended
Debt - 2023 Senior Unsecured Notes (Details) - USD ($)	Jun. 19, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 18, 2019
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 5,999,000	$ 42,401,000	$ 8,755,000
Senior Notes \| 2023 Senior Unsecured Notes
Debt Instrument [Line Items]
Debt, face amount	$ 200,000,000				$ 200,000,000
Redemption Price	102.00%
Make-whole premium	1.126%
Loss on extinguishment of debt	$ 7,200,000
Early redemption premium	6,200,000
Write off of debt issuance costs	$ 1,000,000

Debt - Finance Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Finance Leases	$ 89,050	$ 77,874

Debt - Mobile Mini Debt (Details)	Jun. 30, 2020 USD ($)
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility	$ 1,000,000,000
Outstanding principal	563,200,000
5.875% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount	$ 250,000,000
Interest rate	5.875%

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Equity - Narrative (Details) - USD ($)			12 Months Ended
Equity - Narrative (Details) - USD ($)	Jul. 01, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Oct. 31, 2021	Apr. 29, 2021	Aug. 07, 2020
Class of Stock [Line Items]
Preferred shares authorized (in shares)			1,000,000	1,000,000
Preferred share par value (in USD per share)			$ 0.0001	$ 0.0001
Preferred shares issued (in shares)			0	0
Preferred shares outstanding (in shares)			0	0
Common stock authorized (in shares)			500,000,000	500,000,000
Common stock par value (in USD per share)	$ 0.0001		$ 0.0001	$ 0.0001
Common stock issued (in shares)			223,939,527	229,038,158
Common stock outstanding (in shares)	44,252,275		223,939,527	229,038,158
Shares issued for each share converted (in shares)		1.3261
Shares issued for conversion (in shares)		10,641,182
Shares issued for conversion				$ 0
Stock-based compensation and issuance of common stock from vesting (in shares)			6,752,647	13,792,582
Authorized share repurchase program					$ 1,000,000,000	$ 500,000,000	$ 250,000,000
Shares repurchased (in shares)			12,878,490	0
Shares repurchased			$ 365,900,000	$ 35,300,000
Shares of stock equivalents repurchased (in shares)				1,728,177
Remaining authorized share repurchase program			$ 956,700,000
Mobile Mini, Inc.
Class of Stock [Line Items]
Shares issued as part of consideration for acquisition (in shares)	106,426,722
Non-Controlling Interest
Class of Stock [Line Items]
Shares issued for conversion		$ 63,900,000		$ (63,918,000)
Additional Paid-in Capital
Class of Stock [Line Items]
Shares issued for conversion		66,900,000		66,890,000
Accumulated Other Comprehensive Income (Loss)
Class of Stock [Line Items]
Shares issued for conversion		$ (3,000,000)		$ (2,972,000)
Class B Common Stock
Class of Stock [Line Items]
Common stock par value (in USD per share)		$ 0.0001

Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,063,873
Other comprehensive income (loss) before reclassifications	(3,865)	$ 16,530	$ 2,656
Reclassifications from AOCI to income	12,001	10,125	3,121
Less other comprehensive (loss) income attributable to non-controlling interest		1,885	(526)
Impact of elimination of non-controlling interest on accumulated other comprehensive income		(2,972)
Ending balance	1,996,763	2,063,873
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(37,207)	(62,775)	(68,026)
Ending balance	(29,071)	(37,207)	(62,775)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(24,694)	(52,982)	(62,608)
Other comprehensive income (loss) before reclassifications	(880)	28,404	10,586
Reclassifications from AOCI to income	0	0	0
Less other comprehensive (loss) income attributable to non-controlling interest		1,183	(960)
Impact of elimination of non-controlling interest on accumulated other comprehensive income		(1,299)
Ending balance	(25,574)	(24,694)	(52,982)
Unrealized losses on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(12,513)	(9,793)	(5,418)
Other comprehensive income (loss) before reclassifications	(2,985)	(11,874)	(7,930)
Reclassifications from AOCI to income	12,001	10,125	3,121
Less other comprehensive (loss) income attributable to non-controlling interest		702	434
Impact of elimination of non-controlling interest on accumulated other comprehensive income		(1,673)
Ending balance	(3,497)	(12,513)	(9,793)
Interest rate swap \| Unrealized losses on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassifications from AOCI to income	12,000	10,100	3,300
Tax benefit from reclassification from AOCI to income	$ 3,000	$ 2,400	$ 800

Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended		12 Months Ended
	Jul. 01, 2020	Feb. 24, 2020	Aug. 15, 2018	Feb. 24, 2020	Jan. 24, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2015
ModSpace \| Warrants \| Class A Common Stock
Class of Warrant or Right [Line Items]
Purchase price paid in stock (in shares)			10,000,000
2015 Public Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price per half share (in USD per share)	$ 5.75
Warrant exercise price (in USD per share)	11.5
Warrant redemption price (in USD per share)	0.01	$ 0.01		$ 0.01
Minimum share price for warrant redemption (in USD per share)	$ 18
Threshold trading days for warrant redemption	20 days
Threshold consecutive trading days for warrant redemption	30 days
Notice period for redemption of warrants	30 days
Warrants exercised (in shares)		38,509		5,836,048	796,610
Proceeds from warrant exercises					$ 4,600
Receipts from issuance of common stock from the exercise of options (in shares)				1,097,162	398,305
Warrants outstanding (in shares)						0
2015 Private Warrants
Class of Warrant or Right [Line Items]
Warrants exercised (in shares)						9,655,000	70,000
Proceeds from warrant exercises							$ 400
Receipts from issuance of common stock from the exercise of options (in shares)						2,939,898	35,000
Warrants outstanding (in shares)						0
Purchase price for warrants (in USD per share)								$ 0.5
Purchase price for warrants								$ 9,750
Warrants repurchased and canceled (in shares)						3,055,000	4,781,700
Warrants repurchased and canceled						$ 25,500	$ 21,600
2018 Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in USD per share)			$ 15.5
Warrants exercised (in shares)						5,397,695	195,410
Receipts from issuance of common stock from the exercise of options (in shares)						2,835,968	38,802
Warrants outstanding (in shares)						4,078,173
Warrants repurchased and canceled (in shares)						254,373	51,865
Warrants repurchased and canceled						$ 2,900	$ 300
Number of shares which can be exchanged per warrant (in shares)			1

Warrant - Schedule of Fair Value of Outstanding Warrants Recorded as Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Common stock warrant liabilities	$ 0	$ 77,404

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ 0	$ 0	$ 0
State	4,645	1,601	827
Foreign	8,338	2,104	(395)
Deferred
Federal	31,255	(52,822)	242
State	(4,144)	(5,204)	1,662
Foreign	9,452	2,870	(4,527)
Total income tax expense (benefit)	$ 49,546	$ (51,451)	$ (2,191)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income (loss) before income tax
US	$ 161,040	$ 6,597	$ (119,099)
Foreign	48,650	17,292	(4,257)
Income (loss) before income tax	209,690	23,889	(123,356)
US Federal statutory income tax expense (benefit)	44,035	5,017	(25,905)
Effect of tax rates in foreign jurisdictions	40	128	(207)
State income tax expense, net of federal benefit	2,602	3,962	1,829
Valuation allowances	(3,089)	(56,479)	961
(Non-taxable) non-deductible items	(269)	187	(233)
Non-deductible executive compensation	2,309	1,449	490
Non-deductible transaction costs	33	4,425	(12)
Non-deductible (non-taxable) remeasurement of common stock warrant liabilities	5,585	(727)	23,021
Uncertain tax positions	(11,748)	(11,166)	0
Tax law changes (excluding valuation allowance)	8,410	2,523	(2,785)
Other	1,638	(770)	650
Total income tax expense (benefit)	$ 49,546	$ (51,451)	$ (2,191)
Effective income tax rate	23.63%	(215.38%)	1.78%

Income Taxes - Components of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Deferred interest expense	$ 116,339	$ 128,346
Employee benefit plans	4,167	3,532
Accrued liabilities	9,362	10,692
Deferred revenue	37,852	32,412
Operating lease liability	62,502	58,044
Other	18,315	13,628
Tax loss carryforwards	286,470	295,326
Deferred tax assets, gross	535,007	541,980
Valuation allowance	(10,323)	(25,158)
Net deferred income tax asset	524,684	516,822
Deferred tax liabilities
Rental equipment and other property, plant and equipment	(710,372)	(648,966)
Intangible assets	(107,033)	(117,403)
ROU asset	(62,158)	(57,820)
Deferred tax liability	(879,563)	(824,189)
Net deferred income tax liability	$ (354,879)	$ (307,367)

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Decrease in deferred tax asset valuation allowance		$ (14.8)
Change in valuation allowance from business combination	$ 0.1
Decrease in valuation allowance from change in estimate in realizability	14.7
Deferred tax assets decrease	12.3
Deferred tax assets valuation allowance, net tax benefit	2.2
Undistributed foreign earnings	357.9
Unrecognized tax benefits that, if recognized, would affect the annual effective tax rate	43.3	53.2	$ 59.3
Income tax interest and penalties	(1.0)	(0.9)	$ 0.8
Income tax interest and penalties accrued	0.6	$ 1.5
Decrease in unrecognized tax benefits that are reasonably possible could decrease in next twelve months	$ 0.9

Income Taxes - Income Loss Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Loss Carryforward	$ 1,869,531
Deferred Tax	286,470	$ 295,326
US - Federal
Operating Loss Carryforwards [Line Items]
Loss Carryforward	1,232,717
Deferred Tax	250,920
US - State
Operating Loss Carryforwards [Line Items]
Loss Carryforward	632,922
Deferred Tax	34,332
Foreign - Canada and Mexico
Operating Loss Carryforwards [Line Items]
Loss Carryforward	3,892
Deferred Tax	$ 1,218

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits – January 1,	$ 54,494	$ 63,747	$ 64,444
Increases based on tax positions related to current period	0	1,211	0
Increases based on tax positions related to prior period	9	0	268
Decreases based on tax positions related to prior period	0	0	(287)
Decrease from expiration of statute of limitations	(10,189)	(10,464)	(678)
Unrecognized tax benefits – December 31,	$ 44,314	$ 54,494	$ 63,747

Derivatives - Narrative (Details) - Interest rate swap - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Nov. 06, 2018
Derivative [Line Items]
Notational amount			$ 400,000,000
Pay rate			3.06%
Receive rate	0.11%	0.15%

Derivatives - Location and Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet (Details) - Interest rate swap - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Accrued liabilities	$ 5,259	$ 11,619
Other non-current liabilities	$ 0	$ 5,308

Derivative Instruments and Hedging Activities - Impact of Interest Rate Swap (Details) - Interest rate swap - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	$ 11,677	$ (2,288)	$ (6,280)
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from AOCI into income (effective portion)	$ (12,001)	$ (10,125)	$ (3,254)

Fair Value Measures - Carrying Amounts and Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jun. 15, 2020
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 2,623,390	$ 2,392,456
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	0	0
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	2,711,970	2,518,308
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	0	0
US ABL Facilities \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt issuance costs	31,700	40,800
US ABL Facilities \| Carrying Amount \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,612,783	1,263,833
US ABL Facilities \| Fair Value \| Level 1 \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
US ABL Facilities \| Fair Value \| Level 2 \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,644,500	1,304,612
US ABL Facilities \| Fair Value \| Level 3 \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2025 Secured Notes \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt issuance costs	8,400	12,900	$ 14,300
2025 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	518,117	637,068
2025 Secured Notes \| Fair Value \| Level 1 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2025 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	551,835	694,876
2025 Secured Notes \| Fair Value \| Level 3 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2028 Secured Notes \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt issuance costs	7,500	8,400
2028 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	492,490	491,555
2028 Secured Notes \| Fair Value \| Level 1 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
2028 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	515,635	518,820
2028 Secured Notes \| Fair Value \| Level 3 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 0	$ 0

Fair Value Measures - Narrative (Details) - Mobile Mini, Inc. $ in Thousands	Jul. 02, 2020 USD ($) year shares	Jul. 01, 2020 USD ($) shares
Business Acquisition [Line Items]
Purchase price paid in stock (in shares)		106,426,721
Number of shares exchanged (in shares)	2.405	2.405
Volatility
Business Acquisition [Line Items]
Purchase price paid in stock, measurement input	0.5192
Risk Free rate
Business Acquisition [Line Items]
Purchase price paid in stock, measurement input	0.0017
Dividend yield
Business Acquisition [Line Items]
Purchase price paid in stock, measurement input	0
Expected Life
Business Acquisition [Line Items]
Purchase price paid in stock, measurement input \| year	2
Stock Options
Business Acquisition [Line Items]
Purchase price paid in stock (in shares)	7,361,516
Purchase price paid in stock \| $	$ 19,300	$ 19,279

Fair Value Measures - Warrant Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities	$ 0	$ 77,404
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities		77,404
Carrying Amount \| 2015 Private Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities		77,404
Fair Value \| 2015 Private Warrants \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities		0
Fair Value \| 2015 Private Warrants \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities		0
Fair Value \| 2015 Private Warrants \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrant liabilities		$ 77,404

Fair Value Measures - Quantitative Information Regarding Level 3 Fair Value Measurments (Details) - 2015 Private Warrants	Dec. 31, 2020
Stock Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants valuation input	23.17
Strike Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants valuation input	11.50
Expected Life
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants valuation input	1.91
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants valuation input	0.412
Risk Free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants valuation input	0.0013
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants valuation input	0
Fair value of warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants valuation input	12.17

Fair Value Measures - Changes in Level 3 Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
2015 Private Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 77,404	$ 72,705
Exercise or conversion	(78,495)	(359)
Measurement adjustment	25,486	30,028
Repurchase	(24,395)	(24,970)
Reclassification to equity at June 30, 2020		0
Ending balance	0	77,404
2018 Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	58,369
Exercise or conversion		(416)
Measurement adjustment		(31,737)
Repurchase		0
Reclassification to equity at June 30, 2020		(26,216)
Ending balance		$ 0

Restructuring - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 11,868	$ 6,527	$ 3,755
Unallocated Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	7,200
NA Modular
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,400	2,100
NA Storage
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 3,300	4,000
UK Storage
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 400

Restructuring - Summary of Activities in the Restructuring Accruals (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Beginning balance	$ 1,750	$ 447	$ 5,516
Reclassification of liability to operating lease asset at the adoption of ASC 842	0	0	(972)
Charges	11,868	6,527	3,755
Cash payments	(5,943)	(5,356)	(5,694)
Foreign currency translation	0	30	(136)
Non-cash movements	(7,200)	102	(2,022)
Ending balance	475	1,750	447
Employee Costs
Restructuring Reserve [Roll Forward]
Beginning balance	1,750	447	4,544
Reclassification of liability to operating lease asset at the adoption of ASC 842	0	0	0
Charges	11,868	6,510	1,955
Cash payments	(5,943)	(5,356)	(5,694)
Foreign currency translation	0	30	(136)
Non-cash movements	(7,200)	119	(222)
Ending balance	475	1,750	447
Facility Exit Costs
Restructuring Reserve [Roll Forward]
Beginning balance	$ 0	0	972
Reclassification of liability to operating lease asset at the adoption of ASC 842		0	(972)
Charges		17	1,800
Cash payments		0	0
Foreign currency translation		0	0
Non-cash movements		(17)	(1,800)
Ending balance		$ 0	$ 0

Stock-Based Compensation - Restricted Stock Award Activity (Details) - RSAs - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Beginning Balance (in shares)	57,448	52,755	72,053
Granted (in shares)	44,708	65,959	52,755
Forfeited (in shares)	(8,532)
Vested (in shares)	(57,448)	(61,266)	(72,053)
Ending Balance (in shares)	36,176	57,448	52,755
Weighted-Average Grant Date Fair Value
Beginning Balance (in USD per share)	$ 11.75	$ 14.69	$ 15.57
Granted (in USD per share)	29.30	11.75	14.69
Forfeited (in USD per share)	29.30
Vested (in USD per share)	11.75	14.28	15.57
Ending Balance (in USD per share)	$ 29.30	$ 11.75	$ 14.69

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 18,989	$ 9,879	$ 6,686
Weighted-average grant date fair value (in USD per share)	$ 0	$ 0	$ 0
Options outstanding, intrinsic value	$ 54,500
Options exercisable, intrinsic value	50,900
Options exercised, intrinsic value	6,200	$ 30,700	$ 100
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	800	900	1,000
Unrecognized compensation expense for non-option awards	$ 500
Weighted average remaining vesting period	4 months 24 days
Share-based compensation vested in period, fair value	$ 1,600	900	900
Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	9,000	5,600	3,900
Unrecognized compensation expense for non-option awards	$ 11,700
Weighted average remaining vesting period	2 years
Share-based compensation vested in period, fair value	$ 18,500	2,900	2,500
Modification of awards	5,900
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	8,300	2,500	1,000
Unrecognized compensation expense for non-option awards	$ 27,600
Weighted average remaining vesting period	2 years 6 months
Share-based compensation vested in period, fair value	$ 300	200	0
Modification of awards	1,300
WillScot Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 700	$ 700	$ 800
Weighted average remaining vesting period	2 months 12 days
Weighted average remaining contractual term	6 years 2 months 12 days
Unrecognized compensation expense for options	$ 200
Converted Mobile Mini Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual term	4 years 3 months 18 days

Stock-Based Compensation - Time-Based RSU Award Activity (Details) - Time-Based Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Beginning Balance (in shares)	1,325,862	1,065,305	852,733
Granted (in shares)	415,737	632,864	478,400
Forfeited (in shares)	(72,505)	(33,558)	(52,648)
Vested (in shares)	(671,643)	(338,749)	(213,180)
Ending Balance (in shares)	997,451	1,325,862	1,065,305
Weighted-Average Grant Date Fair Value
Beginning Balance (in USD per share)	$ 13.46	$ 12.78	$ 13.60
Granted (in USD per share)	27.25	14.37	11.69
Forfeited (in USD per share)	17.80	13.28	12.78
Vested (in USD per share)	13.99	13.02	12.78
Ending Balance (in USD per share)	$ 18.54	$ 13.46	$ 12.78

Stock-Based Compensation - Performance-Based RSU Award Activity (Details) - Performance-Based RSUs - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Beginning Balance (in shares)	593,388	288,281	0
Granted (in shares)	977,645	325,256	302,182
Forfeited (in shares)	(23,753)	(12,700)	(13,901)
Vested (in shares)	(10,886)	(7,449)
Ending Balance (in shares)	1,536,394	593,388	288,281
Weighted-Average Grant Date Fair Value
Beginning Balance (in USD per share)	$ 14.88	$ 13.22	$ 0
Granted (in USD per share)	33.21	16.35	13.22
Forfeited (in USD per share)	27.92	14.70	13.22
Vested (in USD per share)	14.70	16.82
Ending Balance (in USD per share)	$ 26.34	$ 14.88	$ 13.22

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
WillScot Options
Options
Beginning balance (in shares)	534,188	534,188	589,257
Forfeited (in shares)	0		(41,302)
Converted at merger (in shares)		0
Exercised (in shares)	0	0	(13,767)
Cancelled in settlement, net of taxes (in shares)		0
Ending balance (in shares)	534,188	534,188	534,188
Weighted-Average Exercise Price per Share
Beginning balance (in USD per share)	$ 13.60	$ 13.60	$ 13.60
Forfeited (in USD per share)	0		13.60
Converted at merger (in USD per share)		0
Exercised (in USD per share)	0	0	13.60
Cancelled in settlement, net of taxes (in USD per share)		0
Ending balance (in USD per share)	$ 13.60	$ 13.60	$ 13.60
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Fully vested and exercisable options (in shares)	400,641
Fully vested and exercisable options, weighted-average exercise price per share (in USD per share)	$ 13.60
Converted Mobile Mini Options
Options
Beginning balance (in shares)	2,031,455	0	0
Forfeited (in shares)	(6,240)		0
Converted at merger (in shares)		7,361,516
Exercised (in shares)	(497,572)	(428,653)	0
Cancelled in settlement, net of taxes (in shares)		(4,901,408)
Ending balance (in shares)	1,527,643	2,031,455	0
Weighted-Average Exercise Price per Share
Beginning balance (in USD per share)	$ 14.78	$ 0	$ 0
Forfeited (in USD per share)	12.19		0
Converted at merger (in USD per share)		13.52
Exercised (in USD per share)	15.21	13.07	0
Cancelled in settlement, net of taxes (in USD per share)		13.04
Ending balance (in USD per share)	$ 14.66	$ 14.78	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Fully vested and exercisable options (in shares)	1,527,643
Fully vested and exercisable options, weighted-average exercise price per share (in USD per share)	$ 14.66

Segment Reporting - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
Segment Reporting - Narrative (Details) $ in Thousands	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment		4
Revenues		$ 1,894,897	$ 284,240	$ 620,018
Gross profit		968,208	659,973	413,313
Stock compensation expense		18,989	$ 9,879	$ 6,686
Transition Of Majority Of Portable Storage Product Business \| NA Modular
Segment Reporting Information [Line Items]
Revenues	$ (5,000)
Gross profit	(5,000)
Transition Of Majority Of Portable Storage Product Business \| NA Storage
Segment Reporting Information [Line Items]
Revenues	5,000
Gross profit	$ 5,000
Transition Separation And Release Agreement
Segment Reporting Information [Line Items]
Stock compensation expense		$ 7,200

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Segment Reporting - Segment Reporting and Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Leasing		$ 1,412,123	$ 1,001,447	$ 744,185
Total revenues		(1,894,897)	(284,240)	(620,018)
Costs:
Leasing		317,061	227,376	213,151
Depreciation of rental equipment		237,537	200,581	174,679
Gross profit		968,208	659,973	413,313
Other selected data:
Adjusted EBITDA		740,393	530,307	356,548
Selling, general and administrative expense		512,821	424,679	271,004
Purchases of rental equipment and refurbishments		278,498	172,383	205,106
Delivery and installation
Revenues:
Revenues		374,682	274,156	220,057
Costs:
Cost of sales		306,861	220,102	194,107
New units
Revenues:
Revenues		52,882	53,093	59,085
Total revenues		(52,882)	(53,093)	(59,085)
Costs:
Cost of sales		35,377	34,841	42,160
Rental units
Revenues:
Revenues		55,210	38,949	40,338
Total revenues		(55,210)	(38,949)	(40,338)
Costs:
Cost of sales		29,853	24,772	26,255
Unallocated Costs
Other selected data:
Adjusted EBITDA		0	0	0
Selling, general and administrative expense		49,185	91,864	35,776
Purchases of rental equipment and refurbishments		0	0	0
NA Modular \| Transition Of Majority Of Portable Storage Product Business
Revenues:
Total revenues	$ 5,000
Costs:
Gross profit	(5,000)
NA Modular \| Operating Segments
Revenues:
Leasing		864,923	770,330	744,185
Total revenues		(1,164,179)	(1,051,162)	(1,063,665)
Costs:
Leasing		229,129	194,442	213,151
Depreciation of rental equipment		194,461	182,605	174,679
Gross profit		496,445	451,642	413,313
Other selected data:
Adjusted EBITDA		423,004	394,805	356,548
Selling, general and administrative expense		266,187	242,010	235,228
Purchases of rental equipment and refurbishments		187,495	153,327	205,106
NA Modular \| Operating Segments \| Delivery and installation
Revenues:
Revenues		219,385	208,079	220,057
Costs:
Cost of sales		196,137	175,705	194,107
NA Modular \| Operating Segments \| New units
Revenues:
Revenues		40,366	41,858	59,085
Costs:
Cost of sales		27,415	27,555	42,160
NA Modular \| Operating Segments \| Rental units
Revenues:
Revenues		39,505	30,895	40,338
Costs:
Cost of sales		20,592	19,213	26,255
NA Storage \| Transition Of Majority Of Portable Storage Product Business
Revenues:
Total revenues	(5,000)
Costs:
Gross profit	$ 5,000
NA Storage \| Operating Segments
Revenues:
Leasing		387,567	166,128	0
Total revenues		(508,802)	(221,829)	0
Costs:
Leasing		53,447	19,925	0
Depreciation of rental equipment		24,329	9,585	0
Gross profit		348,259	156,785	0
Other selected data:
Adjusted EBITDA		226,600	99,837	0
Selling, general and administrative expense		145,988	66,533	0
Purchases of rental equipment and refurbishments		45,426	14,969	0
NA Storage \| Operating Segments \| Delivery and installation
Revenues:
Revenues		101,744	42,655	0
Costs:
Cost of sales		71,396	27,029	0
NA Storage \| Operating Segments \| New units
Revenues:
Revenues		6,628	6,976	0
Costs:
Cost of sales		3,933	4,244	0
NA Storage \| Operating Segments \| Rental units
Revenues:
Revenues		12,863	6,070	0
Costs:
Cost of sales		7,438	4,261	0
UK Storage \| Operating Segments
Revenues:
Leasing		82,106	32,633	0
Total revenues		(111,025)	(46,361)	0
Costs:
Leasing		17,440	7,391	0
Depreciation of rental equipment		4,428	1,648	0
Gross profit		71,242	27,642	0
Other selected data:
Adjusted EBITDA		49,039	17,822	0
Selling, general and administrative expense		26,630	11,468	0
Purchases of rental equipment and refurbishments		27,830	1,693	0
UK Storage \| Operating Segments \| Delivery and installation
Revenues:
Revenues		24,023	9,409	0
Costs:
Cost of sales		14,271	6,353	0
UK Storage \| Operating Segments \| New units
Revenues:
Revenues		3,533	3,124	0
Costs:
Cost of sales		2,357	2,301	0
UK Storage \| Operating Segments \| Rental units
Revenues:
Revenues		1,363	1,195	0
Costs:
Cost of sales		1,287	1,026	0
Tank and Pump \| Operating Segments
Revenues:
Leasing		77,527	32,356	0
Total revenues		(110,891)	(48,293)	0
Costs:
Leasing		17,045	5,618	0
Depreciation of rental equipment		14,319	6,743	0
Gross profit		52,262	23,904	0
Other selected data:
Adjusted EBITDA		41,750	17,843	0
Selling, general and administrative expense		24,831	12,804	0
Purchases of rental equipment and refurbishments		17,747	2,394	0
Tank and Pump \| Operating Segments \| Delivery and installation
Revenues:
Revenues		29,530	14,013	0
Costs:
Cost of sales		25,057	11,015	0
Tank and Pump \| Operating Segments \| New units
Revenues:
Revenues		2,355	1,135	0
Costs:
Cost of sales		1,672	741	0
Tank and Pump \| Operating Segments \| Rental units
Revenues:
Revenues		1,479	789	0
Costs:
Cost of sales		$ 536	$ 272	$ 0

Segment Reporting - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Net income (loss) attributable to WillScot Mobile Mini common shareholders	$ 160,144	$ 74,127	$ (120,744)
Net income (loss) attributable to non-controlling interest, net of tax	0	1,213	(421)
Loss on extinguishment of debt	5,999	42,401	8,755
Income tax expense (benefit)	49,546	(51,451)	(2,191)
Interest expense	117,987	119,886	122,504
Depreciation and amortization	315,567	243,830	187,074
Fair value loss (gain) on common stock warrant liabilities	26,597	(3,461)	109,622
Currency losses (gains), net	548	(355)	(688)
Impairment losses on long-lived assets	0	0	2,848
Restructuring costs, lease impairment expense and other related charges	14,756	11,403	12,429
Transaction costs	1,375	64,053	0
Integration costs	28,424	18,338	26,607
Stock compensation expense	18,989	9,879	6,686
Other	461	444	4,067
Adjusted EBITDA	$ 740,393	$ 530,307	$ 356,548

Segment Reporting - Assets Related to Reportable Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Goodwill	$ 1,178,806	$ 1,171,219	$ 235,177
Intangible assets, net	460,678	495,947
Rental equipment, net	3,080,981	2,931,646
NA Modular
Segment Reporting Information [Line Items]
Goodwill	521,049	235,828	235,177
Intangible assets, net	125,000	125,625
Rental equipment, net	1,877,978	1,886,211
NA Storage
Segment Reporting Information [Line Items]
Goodwill	492,552	726,529	0
Intangible assets, net	317,875	329,437
Rental equipment, net	899,881	772,356
UK Storage
Segment Reporting Information [Line Items]
Goodwill	65,098	65,600	0
Intangible assets, net	9,053	11,177
Rental equipment, net	168,208	147,720
Tank and Pump
Segment Reporting Information [Line Items]
Goodwill	100,107	143,262	$ 0
Intangible assets, net	8,750	29,708
Rental equipment, net	$ 134,914	$ 125,359

Related Parties - Related Party Balances Included in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Total related party liabilities, net	$ (39)	$ (431)
Trade receivables, net of allowances for credit losses
Related Party Transaction [Line Items]
Receivables due from affiliates	10	30
Accrued liabilities
Related Party Transaction [Line Items]
Amounts due to affiliates	$ (49)	$ (461)

- Definition

Receivables to be collected from (obligations owed to) related parties, net as of the balance sheet date where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Related Parties - Related Party Transactions in Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Leasing revenue from related parties	$ 737	$ 1,066	$ 316
Consulting expense to related party	(4,187)	(5,194)	(1,029)
Total related party expense, net	(3,450)	(3,748)	(713)
Rental units
Related Party Transaction [Line Items]
Rental unit sales to related parties	$ 0	$ 380	$ 0

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
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+ Details

Related Parties - Narrative (Details) - USD ($)						12 Months Ended
Related Parties - Narrative (Details) - USD ($)	Sep. 09, 2021	Jun. 29, 2021	Jun. 25, 2021	Mar. 01, 2021	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 22, 2018
Related Party Transaction [Line Items]
Shares issued for conversion (in shares)					10,641,182
Shares repurchased (in shares)						12,878,490	0
Sapphire Holdings Sale of Stock
Related Party Transaction [Line Items]
Shares repurchased (in shares)	2,379,839	3,900,000		2,750,000
Underwritten Secondary Offering
Related Party Transaction [Line Items]
Common shares issued (in shares)			16,100,000
Number of shares sold (in shares)	21,410,019
Margin Loan
Related Party Transaction [Line Items]
Debt, face amount									$ 125,000,000
Affiliates
Related Party Transaction [Line Items]
Purchases from affiliates						$ 2,500,000	$ 3,100,000	$ 4,700,000

Earnings (Loss) Per Share - Narrative (Details)	Jun. 30, 2020 shares
Earnings Per Share [Abstract]
Shares issued for conversion (in shares)	10,641,182

Earnings (Loss) Per Share - Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income (loss) attributable to common shareholders - basic	$ 160,144	$ 74,127	$ (120,744)
Fair value gain on common stock warrant liabilities	0	(30,524)	0
Net income (loss) attributable to common shareholders - dilutive	$ 160,144	$ 43,603	$ (120,744)
Denominator:
Weighted average Common Shares outstanding - basic (in shares)	226,518,931	169,230,177	108,683,620
Warrants (in shares)	3,589,000	752,000	0
Diluted (in shares)	232,793,902	177,268,383	108,683,620
RSAs
Denominator:
Awards (in shares)	24,000	39,000	0
Time-based RSUs
Denominator:
Awards (in shares)	594,000	778,000	0
Performance-Based And Market-Based RSUs
Denominator:
Awards (in shares)	955,000	544,000	0
Stock Options
Denominator:
Awards (in shares)	1,113,000	634,000	0
Common Stock \| Class B Common Stock
Denominator:
Awards (in shares)		5,291,000	0

Earnings (Loss) Per Share - Schedule of Anti-dilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	0	2,366	2,320
RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	0	0	12
Time-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	0	0	323
Performance-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	375	0	274
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	0	0	534
Common Stock \| Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)		0	10,641