0001647088-24-000143 | 10-Q | XBRL Viewer

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization and Nature of Operations WillScot Holdings Corporation (“WillScot” and, together with its subsidiaries, the “Company”) is a leading business services provider specializing in innovative and flexible turnkey temporary space solutions in the United States (“US”), Canada, and Mexico. The Company leases, sells, delivers and installs modular space solutions and portable storage products through an integrated network of branch locations that spans North America. On July 29, 2024, the Company amended and restated its certificate of incorporation to effect a change of the Company’s name from “WillScot Mobile Mini Holdings Corp.” to “WillScot Holdings Corporation." Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by US Generally Accepted Accounting Principles ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented. 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 the Company. All intercompany balances and transactions are eliminated. The results of operations for the six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year. For further information, refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Segment Reporting In January 2024, the Company completed the unification of its go-to market structure by integrating its modular and storage divisions under a single leadership team organized by geography, achieving local product unification within each metropolitan statistical area and the ability to consistently deliver its portfolio of solutions to its entire customer base. In connection with this change in operating model, the Company realigned the composition of its operating and reportable segments to reflect how its Chief Operating Decision Maker reviews financial information to allocate resources to and assess performance of the segments. As a result, the Company concluded that its two operating segments (US and Other North America) are aggregated into one reportable segment as the operating segments share similar economic characteristics (e.g., comparable gross margins and comparable adjusted earnings before interest, taxes, depreciation and amortization margins) and similar qualitative characteristics as the operating segments offer similar products and services to similar customers, use similar methods to distribute products and are subject to similar competitive risks. Reclassifications Certain reclassifications have been made to prior year financial statements to conform to the current year presentation. Recently Issued Accounting Standards ASU 2023-07. Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 expands the breadth and frequency of segment disclosures, requiring disclosure of (i) significant segment expenses, (ii) other segment items, (iii) the chief operating decision maker's title and position, (iv) how the chief operating decision maker uses the reported measures of a segment's profit or loss and (v) interim disclosure of all segment profit, loss and asset disclosures currently required annually. ASU 2023-07 clarifies that a public entity may report one or more measures of segment profit or loss and requires that single reportable segment entities provide all required segment disclosures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its segment disclosures. ASU 2023-09. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires entities to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. Public business entities ("PBEs") are required to provide this incremental detail in a numerical, tabular format, while all other entities will do so through enhanced qualitative disclosures. The ASU also requires entities to disclose more detailed information about income taxes paid, including by jurisdiction; pretax income (or loss) from continuing operations; and income tax expense (or benefit). ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its income tax disclosures.

Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Equity

Common Stock

In connection with the stock compensation vesting and stock option exercises described in Note 14, the Company issued 660,338 shares of Common Stock during the six months ended June 30, 2024.

Stock Repurchase Program

In May 2023, the Board of Directors approved a reset of the share repurchase program authorizing the Company to repurchase up to $1.0 billion of its outstanding shares of Common Stock. 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.

During the six months ended June 30, 2024, the Company repurchased 2,035,513 shares of Common Stock for $78.7 million, excluding excise tax. As of June 30, 2024, $419.5 million of the authorization for future repurchases of the Common Stock remained available.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the six months ended June 30, 2024 and 2023 were as follows:


	Six Months Ended June 30, 2024
(in thousands)	Foreign currency translation		Unrealized gains on hedging activities		Total
Balance at December 31, 2023	$	(56,031)	$	3,263	$	(52,768)
Other comprehensive (loss) income before reclassifications	(5,548)		18,807		13,259
Reclassifications from AOCI to income	—		(5,267)		(5,267)
Balance at March 31, 2024	(61,579)		16,803		(44,776)
Other comprehensive (loss) income before reclassifications	(4,154)		7,247		3,093
Reclassifications from AOCI to income	—		(5,623)		(5,623)
Balance at June 30, 2024	$	(65,733)	$	18,427	$	(47,306)


	Six Months Ended June 30, 2023
(in thousands)	Foreign currency translation		Unrealized gains on hedging activities		Total
Balance at December 31, 2022	$	(70,122)	$	—	$	(70,122)
Other comprehensive income before reclassifications	7,934		859		8,793
Reclassifications from AOCI to income	—		(1,526)		(1,526)
Balance at March 31, 2023	(62,188)		(667)		(62,855)
Other comprehensive income before reclassifications	5,915		15,761		21,676
Reclassifications from AOCI to income	—		(2,930)		(2,930)
Balance at June 30, 2023	$	(56,273)	$	12,164	$	(44,109)

For the three months ended June 30, 2024 and 2023, gains of $5.6 million and $2.9 million, respectively, were reclassified from AOCI into the condensed consolidated statements of operations within interest expense related to the interest rate swaps. For the six months ended June 30, 2024 and 2023, gains of $10.9 million and $4.5 million, respectively, were reclassified from AOCI into the condensed consolidated statements of operations within interest expense related to the interest rate swaps. The interest rate swaps are discussed in Note 12. Associated with these reclassifications, the Company recorded a tax benefit of $1.6 million and tax expense of $0.7 million for the three months ended June 30, 2024 and 2023, respectively, and tax expense of $3.0 million and $1.1 million for the six months ended June 30, 2024 and 2023, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: 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 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 14
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Intangible assets subject to amortization:
Accumulated amortization	$ (99,924)	$ (85,199)
Net book value	147,444
Intangible Assets, Net (Including Goodwill) [Abstract]
Gross carrying amount	372,368	504,908
Accumulated amortization	(99,924)	(85,199)
Net book value	272,444	419,709
Trade name – Mobile Mini
Intangible assets subject to amortization:
Net book value	31,500
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross carrying amount		164,000
Trade name – WillScot
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross carrying amount	$ 125,000	$ 125,000
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	4 years	4 years 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 214,408	$ 214,408
Accumulated amortization	(98,924)	(84,324)
Net book value	115,484	130,084
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (98,924)	$ (84,324)
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	2 years	2 years 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 1,500	$ 1,500
Accumulated amortization	(1,000)	(875)
Net book value	500	625
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (1,000)	$ (875)
Trade name – Mobile Mini
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	3 years 1 month 6 days
Intangible assets subject to amortization:
Gross carrying amount	$ 31,460
Accumulated amortization	0
Net book value	31,460
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ 0

Restructuring (Tables)

6 Months Ended

Jun. 30, 2024

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 the six months ended June 30, 2024:


	Six Months Ended June 30,
(in thousands)	2024
Beginning balance	$	—
Charges	6,206
Cash payments	(513)
Ending balance	$	5,693

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 5,924	$ 10,958
Trade receivables, net of allowances for credit losses at June 30, 2024 and December 31, 2023 of $89,070 and $81,656, respectively	442,205	451,130
Inventories	49,727	47,406
Prepaid expenses and other current assets	74,134	57,492
Assets held for sale – current	4,387	2,110
Total current assets	576,377	569,096
Rental equipment, net	3,402,707	3,381,315
Property, plant and equipment, net	351,513	340,887
Operating lease assets	253,913	245,647
Goodwill	1,175,701	1,176,635
Intangible assets, net	272,444	419,709
Other non-current assets	16,113	4,626
Total long-term assets	5,472,391	5,568,819
Total assets	6,048,768	6,137,915
Liabilities and equity
Accounts payable	118,890	86,123
Accrued expenses	150,203	129,621
Accrued employee benefits	44,122	45,564
Deferred revenue and customer deposits	233,555	224,518
Operating lease liabilities – current	63,884	57,408
Current portion of long-term debt	21,140	18,786
Total current liabilities	631,794	562,020
Long-term debt	3,459,255	3,538,516
Deferred tax liabilities	524,941	554,268
Operating lease liabilities - non-current	190,746	187,837
Other non-current liabilities	40,696	34,024
Long-term liabilities	4,215,638	4,314,645
Total liabilities	4,847,432	4,876,665
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at June 30, 2024 and December 31, 2023	0	0
Common Stock: $0.0001 par, 500,000,000 shares authorized and 188,591,960 and 189,967,135 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	19	20
Additional paid-in-capital	2,014,327	2,089,091
Accumulated other comprehensive loss	(47,306)	(52,768)
Accumulated deficit	(765,704)	(775,093)
Total shareholders' equity	1,201,336	1,261,250
Total liabilities and shareholders' equity	$ 6,048,768	$ 6,137,915

Stock-Based Compensation - Time-Based RSU Award Activity (Details) - Time-based RSUs - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Number of Shares
Outstanding beginning balance (in shares)	618,836	789,779
Granted (in shares)	273,524	213,388
Forfeited (in shares)	(12,906)	(43,486)
Vested (in shares)	(223,566)	(281,153)
Outstanding ending balance (in shares)	655,888	678,528
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 36.07	$ 26.16
Granted (in USD per share)	48.68	50.74
Forfeited (in USD per share)	44.47	34.67
Vested (in USD per share)	33.31	22.40
Outstanding ending balance (in USD per share)	$ 42.11	$ 34.91

Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024 (remaining)	$ 13,911
2025	553,500
2026	26,749
2027	1,391,083
2028	525,985
Thereafter	1,033,272
Total debt	$ 3,544,500

Derivatives

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

In January 2023, the Company entered into two interest rate swap agreements with financial counterparties relating to $750.0 million in aggregate notional amount of variable-rate debt under the ABL Facility. Under the terms of the agreements, the Company receives a floating rate equal to one-month term SOFR and makes payments based on a weighted average fixed interest rate of 3.44% on the notional amount.

In January 2024, the Company entered into two interest rate swap agreements with financial counterparties relating to $500.0 million in aggregate notional amount of variable-rate debt under the ABL Facility. Under the terms of the agreements, the Company receives a floating rate equal to one-month term SOFR and makes payments based on a weighted average fixed interest rate of 3.70% on the notional amount.

The swap agreements were designated and qualified as hedges of the Company's exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on the ABL Facility. The swap agreements terminate on June 30, 2027. The floating rate that the Company receives under the terms of these swap agreements was 5.35% at June 30, 2024.

The location and the fair value of derivative instruments designated as hedges were as follows:


(in thousands)	Balance Sheet Location	June 30, 2024		December 31, 2023
Cash Flow Hedges:
Interest rate swaps	Prepaid expenses and other current assets	$	17,124	$	9,145
Interest rate swaps	Other non-current assets	$	7,894	$	—
Interest rate swaps	Other non-current liabilities	$	—	$	(4,595)

The fair value of the interest rate swaps was based on dealer quotes of market forward rates, which are Level 2 inputs on the fair value hierarchy (see Note 13), and reflected the amount that the Company would receive or pay as of June 30, 2024 for contracts involving the same attributes and maturity dates.

The following table discloses the impact of the interest rate swaps, excluding the impact of income taxes, on other comprehensive income (“OCI”), AOCI and the Company’s condensed consolidated statements of operations for the six months ended June 30, 2024 and 2023:


	Six Months Ended June 30,
(in thousands)	2024		2023
Gain recognized in OCI	$	31,104	$	20,666
Location of gain recognized in income	Interest expense, net		Interest expense, net
Gain reclassified from AOCI into income	$	(10,890)	$	(4,456)

Derivatives - Location and Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet (Details) - Interest rate swaps - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Prepaid expenses and other current assets	$ 17,124	$ 9,145
Other non-current assets	7,894	0
Other non-current liabilities	$ 0	$ (4,595)

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions Asset Acquisitions During the six months ended June 30, 2024, the Company acquired certain assets and assumed certain liabilities of three local storage and modular companies, which consisted primarily of approximately 600 storage units and 800 modular units, for $70.6 million in cash, net of cash acquired. As of the acquisition dates, the fair value of rental equipment acquired was $67.7 million. Integration Costs The Company recorded $3.1 million and $2.2 million in integration costs related to business combinations, asset acquisitions, and the merger of WillScot and Mobile Mini, Inc. within selling, general and administrative expense ("SG&A") during the three months ended June 30, 2024 and 2023, respectively, and $5.9 million and $6.1 million in integration costs related to acquisitions and the merger during the six months ended June 30, 2024 and 2023, respectively. Entry into an Agreement to Acquire McGrath RentCorp On January 28, 2024, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with McGrath RentCorp ("McGrath"). Upon consummation of the merger, each outstanding share of McGrath common stock shall be converted into the right to receive either (i) $123.00 in cash or (ii) 2.8211 shares of the Company’s common stock. Under the terms of the Merger Agreement, the Company expects McGrath’s shareholders will own approximately 12.6% of the Company following the McGrath acquisition. The McGrath acquisition has been approved by the Company's and McGrath’s respective boards of directors and McGrath's shareholders. The McGrath acquisition is subject to the satisfaction or waiver of certain customary closing conditions, including receipt of regulatory approval, and is expected to close in 2024. In connection with the Merger Agreement, the Company entered into a commitment letter dated January 28, 2024, which was amended and restated on June 13, 2024 and modified by a Notice of Reduction of Bridge Commitments on June 28, 2024 (the "Commitment Letter"), pursuant to which certain financial institutions have committed to make available, in accordance with the terms of the Commitment Letter, (i) a $500 million eight-year senior secured bridge credit facility and (ii) an upsize to the existing $3.7 billion ABL Facility (as defined below) of Williams Scotsman, Inc., a subsidiary of the Company ("WSI"), by $750 million to $4.5 billion to repay McGrath's existing unsecured revolving lines of credit and notes, fund the cash portion of the consideration, and pay the fees, costs and expenses incurred in connection with the McGrath acquisition and the related transactions. The Company recorded $22.9 million and $35.2 million in legal and professional fees primarily related to the acquisition of McGrath within selling, general and administrative expense ("SG&A") during the three and six months ended June 30, 2024, respectively.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation expense includes grants of stock options, time-based restricted stock units ("Time-Based RSUs") and performance-based restricted stock units ("Performance-Based RSUs," together with Time-Based RSUs, the "RSUs"). In addition, stock-based payments to non-executive directors include grants of restricted stock awards ("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'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 RSU's 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.

Restricted Stock Awards

The following table summarizes the Company's RSA activity for the six months ended June 30, 2024 and 2023:


	2024			2023
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	28,946	$	44.44	35,244	$	37.17
Granted	32,332	$	38.20	25,483	$	44.59

Vested	(25,483)	$	44.59	(35,244)	$	37.17
Outstanding at end of period	35,795	$	38.69	25,483	$	44.59

Compensation expense for RSAs recognized in SG&A on the condensed consolidated statements of operations was $0.3 million for both the three months ended June 30, 2024 and 2023. Compensation expense for RSAs recognized in SG&A on the condensed consolidated statements of operations was $0.6 million for both the six months ended June 30, 2024 and 2023. At June 30, 2024, unrecognized compensation cost related to RSAs totaled $1.2 million and was expected to be recognized over the remaining weighted average vesting period of 0.9 years.

Time-Based RSUs

The following table summarizes the Company's Time-Based RSU activity for the six months ended June 30, 2024 and 2023:


	2024			2023
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	618,836	$	36.07	789,779	$	26.16
Granted	273,524	$	48.68	213,388	$	50.74
Forfeited	(12,906)	$	44.47	(43,486)	$	34.67
Vested	(223,566)	$	33.31	(281,153)	$	22.40
Outstanding at end of period	655,888	$	42.11	678,528	$	34.91

Compensation expense for Time-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $2.7 million and $2.2 million for the three months ended June 30, 2024 and 2023, respectively. Compensation expense for Time-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $5.0 million and $4.0 million for the six months ended June 30, 2024 and 2023, respectively. At June 30, 2024, unrecognized compensation cost related to Time-Based RSUs totaled $21.9 million and was expected to be recognized over the remaining weighted average vesting period of 2.5 years.

Performance-Based RSUs

The following table summarizes the Company's Performance-Based RSU award activity for the six months ended June 30, 2024 and 2023:


	2024			2023
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	1,939,691	$	42.95	1,894,250	$	33.67
Granted	295,833	$	66.60	376,826	$	69.52
Forfeited	(9,965)	$	46.18	(985)	$	69.52
Vested	(353,323)	$	39.10	(181,319)	$	16.82
Outstanding at end of period	1,872,236	$	47.40	2,088,772	$	41.54

Compensation expense for Performance-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $6.6 million and $6.9 million for the three months ended June 30, 2024 and 2023, respectively. Compensation expense for Performance-Based RSUs recognized in SG&A on the condensed consolidated statements of operations was $13.1 million and $12.7 million for the six months ended June 30, 2024 and 2023, respectively. At June 30, 2024, unrecognized compensation cost related to Performance-Based RSUs totaled $41.4 million and was expected to be recognized over the remaining weighted average vesting period of 1.5 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 the S&P 400 index at the grant date over the performance period of three years. The target number of RSUs may be adjusted from 0% to 200% based on the TSR attainment levels defined by the Company's 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 above the 85% percentile).

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 target payout for the 555,790 Performance-Based RSUs 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

The following table summarizes the Company's stock option activity for the six months ended June 30, 2024:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Outstanding at beginning of period	534,188	$	13.60	829,246	$	12.86

Exercised	—	$	—	(7,093)	$	17.04
Outstanding at end of period	534,188	$	13.60	822,153	$	12.82

Fully vested and exercisable options, June 30, 2024	534,188	$	13.60	822,153	$	12.82

The following table summarizes the Company's stock option activity for the six months ended June 30, 2023:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Outstanding at beginning of period	534,188	$	13.60	864,276	$	12.91
Exercised	—	$	—	(29,335)	$	14.06
Outstanding at end of period	534,188	$	13.60	834,941	$	12.87

Fully vested and exercisable options, June 30, 2023	534,188	$	13.60	834,941	$	12.87

Derivatives - Narrative (Details) - Interest rate swaps	1 Months Ended
Derivatives - Narrative (Details) - Interest rate swaps	Jan. 31, 2024 USD ($) derivativeAgreement	Jan. 31, 2023 USD ($) derivativeAgreement	Jun. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivative instruments entered into \| derivativeAgreement	2	2
Notational amount \| $	$ 500,000,000.0	$ 750,000,000.0
Fixed rate	3.70%	3.44%
Receive rate			5.35%

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		207,952,000
Beginning balance at Dec. 31, 2022	$ 1,565,300	$ 21	$ 2,886,951	$ (70,122)	$ (1,251,550)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	210,884				210,884
Other comprehensive income (loss)	7,267			7,267
Withholding taxes on net share settlement of stock-based compensation	(10,058)		(10,058)
Common Stock-based award activity (in shares)		355,000
Common Stock-based award activity	8,150		8,150
Repurchase and cancellation of Common Stock (in shares)		(4,589,000)
Repurchase and cancellation of Common Stock	(217,687)		(217,687)
Issuance of Common Stock from the exercise of options (in shares)		6,000
Issuance of Common Stock from the exercise of options	68		68
Ending balance (in shares) at Mar. 31, 2023		203,723,000
Ending balance at Mar. 31, 2023	1,563,924	$ 21	2,667,424	(62,855)	(1,040,666)
Beginning balance (in shares) at Dec. 31, 2022		207,952,000
Beginning balance at Dec. 31, 2022	1,565,300	$ 21	2,886,951	(70,122)	(1,251,550)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	298,613
Other comprehensive income (loss)	26,013
Ending balance (in shares) at Jun. 30, 2023		198,376,000
Ending balance at Jun. 30, 2023	1,438,545	$ 20	2,435,571	(44,109)	(952,937)
Beginning balance (in shares) at Mar. 31, 2023		203,723,000
Beginning balance at Mar. 31, 2023	1,563,924	$ 21	2,667,424	(62,855)	(1,040,666)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	87,729				87,729
Other comprehensive income (loss)	18,746			18,746
Common Stock-based award activity (in shares)		35,000
Common Stock-based award activity	9,348		9,348
Repurchase and cancellation of Common Stock (in shares)		(5,406,000)
Repurchase and cancellation of Common Stock	(241,546)	$ (1)	(241,545)
Issuance of Common Stock from the exercise of options (in shares)		24,000
Issuance of Common Stock from the exercise of options	344		344
Ending balance (in shares) at Jun. 30, 2023		198,376,000
Ending balance at Jun. 30, 2023	$ 1,438,545	$ 20	2,435,571	(44,109)	(952,937)
Beginning balance (in shares) at Dec. 31, 2023	189,967,135	189,967,000
Beginning balance at Dec. 31, 2023	$ 1,261,250	$ 20	2,089,091	(52,768)	(775,093)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	56,240				56,240
Other comprehensive income (loss)	7,992			7,992
Withholding taxes on net share settlement of stock-based compensation	(14,524)		(14,524)
Common Stock-based award activity (in shares)		628,000
Common Stock-based award activity	9,099		9,099
Issuance of Common Stock from the exercise of options (in shares)		3,000
Issuance of Common Stock from the exercise of options	69		69
Ending balance (in shares) at Mar. 31, 2024		190,598,000
Ending balance at Mar. 31, 2024	$ 1,320,126	$ 20	2,083,735	(44,776)	(718,853)
Beginning balance (in shares) at Dec. 31, 2023	189,967,135	189,967,000
Beginning balance at Dec. 31, 2023	$ 1,261,250	$ 20	2,089,091	(52,768)	(775,093)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	9,389
Other comprehensive income (loss)	$ 5,462
Issuance of Common Stock from the exercise of options (in shares)	660,338
Ending balance (in shares) at Jun. 30, 2024	188,591,960	188,592,000
Ending balance at Jun. 30, 2024	$ 1,201,336	$ 19	2,014,327	(47,306)	(765,704)
Beginning balance (in shares) at Mar. 31, 2024		190,598,000
Beginning balance at Mar. 31, 2024	1,320,126	$ 20	2,083,735	(44,776)	(718,853)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(46,851)				(46,851)
Other comprehensive income (loss)	(2,530)			(2,530)
Common Stock-based award activity (in shares)		26,000
Common Stock-based award activity	9,614		9,614
Repurchase and cancellation of Common Stock (in shares)		(2,036,000)
Repurchase and cancellation of Common Stock	(79,075)	$ (1)	(79,074)
Issuance of Common Stock from the exercise of options (in shares)		4,000
Issuance of Common Stock from the exercise of options	$ 52		52
Ending balance (in shares) at Jun. 30, 2024	188,591,960	188,592,000
Ending balance at Jun. 30, 2024	$ 1,201,336	$ 19	$ 2,014,327	$ (47,306)	$ (765,704)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 43,701	$ 43,071
Finished units	6,026	4,335
Inventories	$ 49,727	$ 47,406

Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Disaggregation

Geographic Areas

The Company had total revenue in the following geographic areas for the three and six months ended June 30, 2024 and 2023 as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
US	$	564,980	$	545,333	$	1,118,413	$	1,078,507
Canada	32,306		30,839		58,838		57,780
Mexico	7,304		5,917		14,520		11,270
Total revenues	$	604,590	$	582,089	$	1,191,771	$	1,147,557

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 turnkey temporary modular space and portable storage units along with value-added products and services ("VAPS"), which include furniture, steps, ramps, basic appliances, internet connectivity devices, integral tool racking, heavy duty capacity shelving, workstations, electrical and lighting products and other items used by customers in connection with the Company's products. The Company also offers its lease customers a damage waiver program that protects them in case the leased unit is damaged. 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 three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Modular space leasing revenue	$	253,725	$	236,625	$	505,872	$	461,095
Portable storage leasing revenue	86,433		93,462		177,882		190,777
VAPS and third party leasing revenues(a)	100,112		97,698		196,426		191,825
Other leasing-related revenue(b)	18,322		21,535		39,013		45,574
Leasing revenue	458,592		449,320		919,193		889,271
Delivery and installation revenue	108,147		112,754		208,509		219,384
Total leasing and services revenue	566,739		562,074		1,127,702		1,108,655
New unit sales revenue	21,378		9,004		34,877		19,661
Rental unit sales revenue	16,473		11,011		29,192		19,241
Total revenues	$	604,590	$	582,089	$	1,191,771	$	1,147,557


(a)			Includes $10.1 million and $6.1 million of service revenue for the three months ended June 30, 2024 and 2023, respectively, and $20.1 million and $11.7 million of service revenue for the six months ended June 30, 2024 and 2023, respectively.
(b)			Includes primarily damage billings, delinquent payment charges, and other processing fees.

Leasing and Services Revenue

The majority of revenue (74% and 75% for the three and six months ended June 30, 2024, respectively, and 76% for both the three and six months ended June 30, 2023) was generated by lease income subject to the guidance of Accounting Standards Update No. 2016-02, Leases (Topic 842) ("ASC 842"). The remaining revenue was generated by performance obligations in contracts with customers for services or the sale of units subject to the guidance in Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606").

Receivables and Credit Losses

The Company manages credit risk associated with its accounts receivable at the customer level. Because the same customers generate the revenues that are accounted for under both ASC 842 and ASC 606, 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. 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 in future periods.

Activity in the allowance for credit losses was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Balance at beginning of period	$	86,418	$	61,402	$	81,656	$	57,048
Provision for credit losses, net of recoveries	11,389		13,390		23,196		22,193
Write-offs	(8,605)		(6,969)		(15,659)		(11,506)
Foreign currency translation and other	(132)		273		(123)		361
Balance at end of period	$	89,070	$	68,096	$	89,070	$	68,096

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. As of June 30, 2024 and December 31, 2023, the Company had approximately $131.5 million and $124.1 million, respectively, of deferred revenue related to services billed in advance. During the three and six months ended June 30, 2024, $20.1 million and $47.7 million, respectively, of deferred revenue billed in advance was recognized as revenue.

The Company does not have material contract assets, and it did not recognize any material impairments for 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 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 market rate in place at the time those services are provided, and therefore, the Company is applying the optional expedient 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Earnings (Loss) Per Share - Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
(Loss) income from continuing operations	$ (46,851)	$ 87,729	$ 9,389	$ 164,000
Income from discontinued operations	0	0	0	134,613
Net (loss) income basic	(46,851)	87,729	9,389	298,613
Net (loss) income diluted	$ (46,851)	$ 87,729	$ 9,389	$ 298,613
Denominator:
Weighted average Common Shares outstanding - basic (in shares)	189,680,091	200,946,619	189,908,812	204,635,764
Weighted average Common Shares outstanding - dilutive (in shares)	189,680,091	204,326,162	192,409,616	208,233,141
RSAs
Denominator:
Awards (in shares)	0	16,000	19,000	21,000
Time-based RSUs
Denominator:
Awards (in shares)	0	242,000	186,000	309,000
Performance-based RSUs
Denominator:
Awards (in shares)	0	2,148,000	1,354,000	2,274,000
Stock Options
Denominator:
Awards (in shares)	0	973,000	942,000	993,000

Debt - Carrying Value of Debt Outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 28, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance Leases	$ 129,564		$ 117,099
Total debt	3,480,395		3,557,302
Less: current portion of long-term debt	21,140		18,786
Total long-term debt	$ 3,459,255		3,538,516
Senior Notes \| 2025 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.125%
Long-term debt	$ 523,988		522,735
Senior Notes \| 2028 Secured Notes
Debt Instrument [Line Items]
Interest rate	4.625%
Long-term debt	$ 495,034		494,500
Senior Notes \| 2029 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.625%	6.625%
Long-term debt	$ 493,094		0
Senior Notes \| 2031 Secured Notes
Debt Instrument [Line Items]
Interest rate	7.375%
Long-term debt	$ 494,013		493,709
Line of Credit \| ABL Facility - Multicurrency Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 1,344,702		$ 1,929,259

Revenue - Rollforward of Accounts and Notes Receivable, Allowance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 86,418	$ 61,402	$ 81,656	$ 57,048
Provision for credit losses, net of recoveries	11,389	13,390	23,196	22,193
Write-offs	(8,605)	(6,969)	(15,659)	(11,506)
Foreign currency translation and other	(132)	273	(123)	361
Balance at end of period	$ 89,070	$ 68,096	$ 89,070	$ 68,096

Debt - Narrative (Details) - USD ($)			6 Months Ended
Debt - Narrative (Details) - USD ($)	Jun. 28, 2024	Jun. 30, 2022	Jun. 30, 2024	Jun. 13, 2024	Jun. 12, 2024	Feb. 27, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Present value of lease liabilities			$ 129,564,000				$ 117,099,000
Asset Based Liability Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Credit spread		0.10%
Repayments of lines of credit	$ 495,000,000
Asset Based Liability Facility Due 2027 \| Line of Credit \| SOFR And Canadian BA Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Asset Based Liability Facility Due 2027 \| Line of Credit \| Base Rate And Canadian BA Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Debt instrument, variable rate, step down percentage		0.25%
Debt instrument, variable rate, step up percentage		0.25%
2029 Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs			$ 6,900,000
Debt, face amount	$ 500,000,000
Interest rate	6.625%		6.625%
Revolving Credit Facility \| Asset Based Liability Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility		$ 3,700,000,000	$ 3,200,000,000
Commitment fee		0.20%
Weighted average interest rate for borrowings			5.32%
Available borrowing capacity			$ 1,800,000,000
Letters of credit amount outstanding			20,800,000
Outstanding principal			1,400,000,000
Unamortized debt issuance costs			22,900,000				$ 26,800,000
Revolving Credit Facility \| Asset Based Liability Facility Due 2027 - US Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility		$ 3,300,000,000
Available borrowing capacity			1,600,000,000
Revolving Credit Facility \| Asset Based Liability Facility Due 2027 - US Facility \| Line of Credit \| McGrath RentCorp
Debt Instrument [Line Items]
Line of credit facility						$ 744,500,000
Revolving Credit Facility \| Asset Based Liability Facility Due 2027 - Multicurrency Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility		400,000,000
Line of credit facility, accordion feature amount, maximum		$ 750,000,000
Available borrowing capacity			195,100,000
Revolving Credit Facility \| Asset Based Liability Facility Due 2027 - Multicurrency Facility \| Line of Credit \| McGrath RentCorp
Debt Instrument [Line Items]
Additional borrowing capacity						5,500,000
Revolving Credit Facility \| ABL Facility \| Line of Credit \| McGrath RentCorp
Debt Instrument [Line Items]
Line of credit facility				$ 4,500,000,000	$ 3,700,000,000	$ 4,450,000,000
Additional borrowing capacity				$ 750,000,000
Letter of Credit \| Asset Based Liability Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility			$ 220,000,000
Commitment fee			1.625%
Available borrowing capacity			$ 199,200,000
Swingline Loans \| Asset Based Liability Facility Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility			220,000,000
Available borrowing capacity			$ 217,400,000

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories at the respective balance sheet dates consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Raw materials	$	43,701	$	43,071
Finished units	6,026		4,335
Inventories	$	49,727	$	47,406

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-37552
Entity Registrant Name	WILLSCOT HOLDINGS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3430194
Entity Address, Address Line One	4646 E Van Buren St.
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85008
City Area Code	480
Local Phone Number	894-6311
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	WSC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		188,490,850
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001647088
Current Fiscal Year End Date	--12-31

Discontinued Operations - Cash Flows From Discontinued Operations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$ 30,668	$ 25,254
Purchase of rental equipment and refurbishments	(137,591)	(102,709)
Proceeds from sale of property, plant and equipment	215	265
Purchase of property, plant and equipment	$ (12,801)	(11,189)
Discontinued Operations, Disposed of by Sale \| United Kingdom Storage Solutions Segment
Investing activities of discontinued operations:
Proceeds from sale of rental equipment		514
Purchase of rental equipment and refurbishments		(371)
Proceeds from sale of property, plant and equipment		8
Purchase of property, plant and equipment		$ (64)

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 39,374	$ 33,501
Operating cash outflows from finance leases	3,020	1,515
Financing cash outflows from finance leases	9,568	8,087
Right of use assets obtained in exchange for lease obligations	43,751	36,604
Assets obtained in exchange for finance leases	$ 22,077	$ 24,382

Fair Value Measures - Carrying Amounts and Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 2,006,129	$ 1,510,944
Fair Value \| Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	2,017,482	1,529,381
2025 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	523,988	522,735
2025 Secured Notes \| Fair Value \| Fair Value, Inputs, Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	526,247	527,021
2028 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	495,034	494,500
2028 Secured Notes \| Fair Value \| Fair Value, Inputs, Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	472,225	474,285
2029 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	493,094	0
2029 Secured Notes \| Fair Value \| Fair Value, Inputs, Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	504,040	0
2031 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	494,013	493,709
2031 Secured Notes \| Fair Value \| Fair Value, Inputs, Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 514,970	$ 528,075

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ (46,851)	$ 87,729	$ 9,389	$ 298,613
Other comprehensive (loss) income:
Foreign currency translation adjustment, net of income tax expense of $0.	(4,154)	5,915	(9,702)	13,849
Net gain on derivatives, net of income tax expense of $535 and $4,268 for the three months ended June 30, 2024 and 2023, respectively, and $5,050 and $4,046 for the six months ended June 30, 2024 and 2023, respectively.	1,624	12,831	15,164	12,164
Total other comprehensive (loss) income	(2,530)	18,746	5,462	26,013
Total comprehensive (loss) income	$ (49,381)	$ 106,475	$ 14,851	$ 324,626

- Definition

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

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax (benefit) expense from continuing operations	$ (13.9)	$ 31.6	$ 3.2	$ 62.1
Effective tax rate	22.90%	26.50%	25.40%	27.50%

- Definition

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

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (46,851)	$ 56,240	$ 87,729	$ 210,884	$ 9,389	$ 298,613

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded $13.9 million of income tax benefit from continuing operations and $3.2 million of income tax expense from continuing operations for the three and six months ended June 30, 2024, respectively, and $31.6 million and $62.1 million of income tax expense from continuing operations for the three and six months ended June 30, 2023, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2024 was 22.9% and 25.4%, respectively. The Company's effective tax rate for the three and six months ended June 30, 2023 was 26.5% and 27.5%, respectively. The effective tax rate for the three and six months ended June 30, 2024 differed from the US federal statutory rate of 21% primarily due to state and provincial taxes and non-deductible executive compensation, partially offset by a discrete tax benefit related to employee stock vesting. The effective tax rate for the three and six months ended June 30, 2023 differed from the US federal statutory rate of 21% primarily due to state and provincial taxes and an add-back for non-deductible executive compensation.

- Definition

The entire disclosure for income tax.

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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The Company had total revenue in the following geographic areas for the three and six months ended June 30, 2024 and 2023 as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
US	$	564,980	$	545,333	$	1,118,413	$	1,078,507
Canada	32,306		30,839		58,838		57,780
Mexico	7,304		5,917		14,520		11,270
Total revenues	$	604,590	$	582,089	$	1,191,771	$	1,147,557

The Company’s revenue by major product and service line for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Modular space leasing revenue	$	253,725	$	236,625	$	505,872	$	461,095
Portable storage leasing revenue	86,433		93,462		177,882		190,777
VAPS and third party leasing revenues(a)	100,112		97,698		196,426		191,825
Other leasing-related revenue(b)	18,322		21,535		39,013		45,574
Leasing revenue	458,592		449,320		919,193		889,271
Delivery and installation revenue	108,147		112,754		208,509		219,384
Total leasing and services revenue	566,739		562,074		1,127,702		1,108,655
New unit sales revenue	21,378		9,004		34,877		19,661
Rental unit sales revenue	16,473		11,011		29,192		19,241
Total revenues	$	604,590	$	582,089	$	1,191,771	$	1,147,557


(a)			Includes $10.1 million and $6.1 million of service revenue for the three months ended June 30, 2024 and 2023, respectively, and $20.1 million and $11.7 million of service revenue for the six months ended June 30, 2024 and 2023, respectively.
(b)			Includes primarily damage billings, delinquent payment charges, and other processing fees.

Schedule of Accounts Receivable Allowance for Credit Losses

Activity in the allowance for credit losses was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Balance at beginning of period	$	86,418	$	61,402	$	81,656	$	57,048
Provision for credit losses, net of recoveries	11,389		13,390		23,196		22,193
Write-offs	(8,605)		(6,969)		(15,659)		(11,506)
Foreign currency translation and other	(132)		273		(123)		361
Balance at end of period	$	89,070	$	68,096	$	89,070	$	68,096

Derivatives - Impact of Interest Rate Swap (Details) - Interest rate swaps - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in OCI	$ 31,104	$ 20,666
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain reclassified from AOCI into income	$ (10,890)	$ (4,456)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Derivatives (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet

The location and the fair value of derivative instruments designated as hedges were as follows:


(in thousands)	Balance Sheet Location	June 30, 2024		December 31, 2023
Cash Flow Hedges:
Interest rate swaps	Prepaid expenses and other current assets	$	17,124	$	9,145
Interest rate swaps	Other non-current assets	$	7,894	$	—
Interest rate swaps	Other non-current liabilities	$	—	$	(4,595)

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


	Six Months Ended June 30,
(in thousands)	2024		2023
Gain recognized in OCI	$	31,104	$	20,666
Location of gain recognized in income	Interest expense, net		Interest expense, net
Gain reclassified from AOCI into income	$	(10,890)	$	(4,456)

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

The following table summarizes the Company's RSA activity for the six months ended June 30, 2024 and 2023:


	2024			2023
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	28,946	$	44.44	35,244	$	37.17
Granted	32,332	$	38.20	25,483	$	44.59

Vested	(25,483)	$	44.59	(35,244)	$	37.17
Outstanding at end of period	35,795	$	38.69	25,483	$	44.59

Schedule of Restricted Stock Units

The following table summarizes the Company's Time-Based RSU activity for the six months ended June 30, 2024 and 2023:


	2024			2023
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	618,836	$	36.07	789,779	$	26.16
Granted	273,524	$	48.68	213,388	$	50.74
Forfeited	(12,906)	$	44.47	(43,486)	$	34.67
Vested	(223,566)	$	33.31	(281,153)	$	22.40
Outstanding at end of period	655,888	$	42.11	678,528	$	34.91

The following table summarizes the Company's Performance-Based RSU award activity for the six months ended June 30, 2024 and 2023:


	2024			2023
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	1,939,691	$	42.95	1,894,250	$	33.67
Granted	295,833	$	66.60	376,826	$	69.52
Forfeited	(9,965)	$	46.18	(985)	$	69.52
Vested	(353,323)	$	39.10	(181,319)	$	16.82
Outstanding at end of period	1,872,236	$	47.40	2,088,772	$	41.54

Schedule of Stock Option Awards

The following table summarizes the Company's stock option activity for the six months ended June 30, 2024:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Outstanding at beginning of period	534,188	$	13.60	829,246	$	12.86

Exercised	—	$	—	(7,093)	$	17.04
Outstanding at end of period	534,188	$	13.60	822,153	$	12.82

Fully vested and exercisable options, June 30, 2024	534,188	$	13.60	822,153	$	12.82

The following table summarizes the Company's stock option activity for the six months ended June 30, 2023:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Outstanding at beginning of period	534,188	$	13.60	864,276	$	12.91
Exercised	—	$	—	(29,335)	$	14.06
Outstanding at end of period	534,188	$	13.60	834,941	$	12.87

Fully vested and exercisable options, June 30, 2023	534,188	$	13.60	834,941	$	12.87

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories at the respective balance sheet dates consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Raw materials	$	43,701	$	43,071
Finished units	6,026		4,335
Inventories	$	49,727	$	47,406

Fair Value Measures - Narrative (Details) - Senior Notes - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
2025 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ 2.5	$ 3.8
2028 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	5.0	5.5
2029 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	6.9
2031 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ 6.0	$ 6.3

Goodwill and Intangibles

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

Goodwill

Changes in the carrying amount of goodwill were as follows:


(in thousands)
Balance at December 31, 2022	$	1,011,429
Additions from acquisitions	164,502
Effects of movements in foreign exchange rates	704
Balance at December 31, 2023	1,176,635

Effects of movements in foreign exchange rates	(934)
Balance at June 30, 2024	$	1,175,701

The Company had no goodwill impairment during the six months ended June 30, 2024 or the year ended December 31, 2023.

Intangible Assets

Intangible assets other than goodwill at the respective balance sheet dates consisted of the following:


	June 30, 2024
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	4.0	$	214,408	$	(98,924)	$	115,484
Technology	2.0	1,500		(1,000)		500
Trade name – Mobile Mini	3.1	31,460		—		31,460
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	372,368	$	(99,924)	$	272,444


	December 31, 2023
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	4.5	$	214,408	$	(84,324)	$	130,084
Technology	2.5	1,500		(875)		625
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		$	504,908	$	(85,199)	$	419,709

Amortization expense related to intangible assets was $7.3 million and $6.0 million for the three months ended June 30, 2024 and 2023, respectively, and $14.7 million and $11.9 million for the six months ended June 30, 2024 and 2023, respectively.

In the second quarter of 2024, the Company determined that a review of the carrying value of the Mobile Mini trade name was necessary based on the Company's plan to rebrand under a single WillScot brand name and discontinue the use of the Mobile Mini trade name. As of June 30, 2024, the Mobile Mini trade name was tested for impairment using the relief from royalty valuation method. This valuation represents a Level 3 asset measured at fair value on a nonrecurring basis. After determining the estimated fair value, the Company recorded an impairment charge of $132.5 million during the three months ended June 30, 2024. This non-cash charge was recorded to impairment loss on intangible asset on the consolidated statement of operations. As of June 30, 2024, the remaining net book value of the Mobile Mini trade name was $31.5 million, which will be amortized over a remaining useful life of approximately 3.1 years. The Company did not record any other impairment charges during the six months ended June 30, 2024.

As of June 30, 2024, the expected future amortization expense for intangible assets is as follows for the years ended December 31:


(in thousands)
2024 (remaining)	$	24,221
2025	42,474
2026	35,703
2027	30,426
2028	14,620

Total	$	147,444

Rental Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 4,872,594	$ 4,755,443
Less: accumulated depreciation	(1,469,887)	(1,374,128)
Rental equipment, net	3,402,707	3,381,315
Modular space units
Property, Plant and Equipment [Line Items]
Total rental equipment	3,620,534	3,541,451
Portable storage units
Property, Plant and Equipment [Line Items]
Total rental equipment	1,046,147	1,009,059
Value added products
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 205,913	$ 204,933

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The 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 June 30, 2024, 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.

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jan. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations		$ 0	$ 176,078
Tank and Pump Solutions Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on working capital adjustment	$ 400
Gain on sale of discontinued operations			176,100
Discontinued Operations, Disposed of by Sale \| United Kingdom Storage Solutions Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of business consideration amount	$ 418,100
Gain on sale of discontinued operations			$ 175,708

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2021
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 0.3	$ 0.3	$ 0.6	$ 0.6
Unrecognized compensation expense for awards	1.2		$ 1.2
Unrecognized compensation expense, period for recognition			10 months 24 days
Granted (in shares)			32,332	25,483
Time-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	2.7	2.2	$ 5.0	$ 4.0
Unrecognized compensation expense for awards	21.9		$ 21.9
Unrecognized compensation expense, period for recognition			2 years 6 months
Granted (in shares)			273,524	213,388
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	6.6	$ 6.9	$ 13.1	$ 12.7
Unrecognized compensation expense for awards	$ 41.4		$ 41.4
Unrecognized compensation expense, period for recognition			1 year 6 months
Vesting period			3 years
TSR payout percentage, minimum	0.00%		0.00%
TSR payout percentage, maximum	200.00%		200.00%
TSR payout percentage, target	100.00%		100.00%
TSR, target	50.00%		50.00%
TSR, minimum	25.00%		25.00%
TSR, maximum	85.00%		85.00%
Granted (in shares)			295,833	376,826	555,790
Stock price trigger (in USD per share)					$ 47.50
Performance-based RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years 6 months
Nonvested, target number (in shares)					0
Stock price trigger (in USD per share)					$ 42.50
Performance-based RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years 9 months 18 days
Nonvested, target number (in shares)					1,333,334
Stock price trigger (in USD per share)					$ 60.00

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

The following table reconciles the weighted average shares outstanding for the basic earnings per share calculation to the weighted average shares outstanding for the diluted earnings per share calculation:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Numerator:
(Loss) income from continuing operations	$	(46,851)	$	87,729	$	9,389	$	164,000
Income from discontinued operations	—		—		—		134,613
Net (loss) income	$	(46,851)	$	87,729	$	9,389	$	298,613

Denominator:
Weighted average Common Shares outstanding – basic	189,680		200,947		189,909		204,636
Dilutive effect of shares outstanding

RSAs	—		16		19		21
Time-based RSUs	—		242		186		309
Performance-based RSUs	—		2,148		1,354		2,274
Stock Options	—		973		942		993
Weighted average Common Shares outstanding – dilutive	189,680		204,326		192,410		208,233

The following common shares that the Company may be obligated to issue were excluded from the computation of dilutive EPS because their effect would have been anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands)	2024	2023	2024	2023
RSAs	36	—	—	—
Time-based RSUs	656	210	342	211
Performance-based RSUs	1,872	373	661	187
Stock Options	1,356	—	—	—
Total anti-dilutive shares	3,920	583	1,003	398

Goodwill and Intangibles - Goodwill Activity (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 1,176,635	$ 1,011,429
Additions from acquisitions		164,502
Effects of movements in foreign exchange rates	(934)	704
Goodwill, end of period	$ 1,175,701	$ 1,176,635

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Fair Value Measures (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Levels Used For Measurement

The Company utilizes the following 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

Carrying Amounts and Fair Values of Financial Assets and Liabilities

The following table shows the carrying amounts and fair values of these financial liabilities measured using Level 2 inputs:


	June 30, 2024		December 31, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount			Fair Value
2025 Secured Notes	$	523,988	$	526,247		$	522,735		$	527,021
2028 Secured Notes	495,034		472,225			494,500			474,285
2029 Secured Notes	493,094		504,040			—			—
2031 Secured Notes	494,013		514,970			493,709			528,075
Total	$	2,006,129	$	2,017,482		$	1,510,944		$	1,529,381

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

As of June 30, 2024, the future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2024 (remaining)	$	33,385	$	13,911
2025	72,199		27,000
2026	57,067		26,749
2027	45,506		23,504
2028	33,910		25,985
Thereafter	55,379		33,272
Total lease payments	297,446		150,421
Less: interest	(42,816)		(20,857)
Present value of lease liabilities	$	254,630	$	129,564

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

The Company’s lease activity during the six months ended June 30, 2024 and 2023 was as follows:


(in thousands)	Six Months Ended June 30,
Financial Statement Line	2024		2023
Finance Lease Expense
Amortization of finance lease assets	$	6,693	$	7,580
Interest on obligations under finance leases	2,991		1,566
Total finance lease expense	$	9,684	$	9,146

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	601	$	723
Selling, general and administrative	39,261		32,006
Lease impairment expense and other related charges	22		—
Short-term lease expense
Cost of leasing and services	14,026		12,404
Selling, general and administrative	997		883
Lease impairment expense and other related charges	—		22
Variable lease expense
Cost of leasing and services	523		1,675
Selling, general and administrative	5,359		4,847
Lease impairment expense and other related charges	701		—
Total operating lease expense	$	61,490	$	52,560

Supplemental cash flow information related to leases for the six months ended June 30, 2024 and 2023 was as follows:


(in thousands)	Six Months Ended June 30,
Supplemental Cash Flow Information	2024		2023
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	39,374	$	33,501
Operating cash outflows from finance leases	$	3,020	$	1,515
Financing cash outflows from finance leases	$	9,568	$	8,087

Right of use assets obtained in exchange for lease obligations	$	43,751	$	36,604
Assets obtained in exchange for finance leases	$	22,077	$	24,382

Weighted average remaining operating lease terms and the weighted average discount rates as of June 30, 2024 and December 31, 2023 were as follows:


Lease Terms and Discount Rates	June 30, 2024		December 31, 2023
Weighted average remaining lease term - operating leases	5.1 years		5.4 years
Weighted average discount rate - operating leases	5.9	%	5.9	%
Weighted average remaining lease term - finance leases	4.9 years		5.0 years
Weighted average discount rate - finance leases	5.0	%	4.8	%

Leases

As of June 30, 2024, the future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2024 (remaining)	$	33,385	$	13,911
2025	72,199		27,000
2026	57,067		26,749
2027	45,506		23,504
2028	33,910		25,985
Thereafter	55,379		33,272
Total lease payments	297,446		150,421
Less: interest	(42,816)		(20,857)
Present value of lease liabilities	$	254,630	$	129,564

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

The Company’s lease activity during the six months ended June 30, 2024 and 2023 was as follows:


(in thousands)	Six Months Ended June 30,
Financial Statement Line	2024		2023
Finance Lease Expense
Amortization of finance lease assets	$	6,693	$	7,580
Interest on obligations under finance leases	2,991		1,566
Total finance lease expense	$	9,684	$	9,146

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	601	$	723
Selling, general and administrative	39,261		32,006
Lease impairment expense and other related charges	22		—
Short-term lease expense
Cost of leasing and services	14,026		12,404
Selling, general and administrative	997		883
Lease impairment expense and other related charges	—		22
Variable lease expense
Cost of leasing and services	523		1,675
Selling, general and administrative	5,359		4,847
Lease impairment expense and other related charges	701		—
Total operating lease expense	$	61,490	$	52,560

Supplemental cash flow information related to leases for the six months ended June 30, 2024 and 2023 was as follows:


(in thousands)	Six Months Ended June 30,
Supplemental Cash Flow Information	2024		2023
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	39,374	$	33,501
Operating cash outflows from finance leases	$	3,020	$	1,515
Financing cash outflows from finance leases	$	9,568	$	8,087

Right of use assets obtained in exchange for lease obligations	$	43,751	$	36,604
Assets obtained in exchange for finance leases	$	22,077	$	24,382

Weighted average remaining operating lease terms and the weighted average discount rates as of June 30, 2024 and December 31, 2023 were as follows:


Lease Terms and Discount Rates	June 30, 2024		December 31, 2023
Weighted average remaining lease term - operating leases	5.1 years		5.4 years
Weighted average discount rate - operating leases	5.9	%	5.9	%
Weighted average remaining lease term - finance leases	4.9 years		5.0 years
Weighted average discount rate - finance leases	5.0	%	4.8	%

Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the six months ended June 30, 2024 and 2023 were as follows:


	Six Months Ended June 30, 2024
(in thousands)	Foreign currency translation		Unrealized gains on hedging activities		Total
Balance at December 31, 2023	$	(56,031)	$	3,263	$	(52,768)
Other comprehensive (loss) income before reclassifications	(5,548)		18,807		13,259
Reclassifications from AOCI to income	—		(5,267)		(5,267)
Balance at March 31, 2024	(61,579)		16,803		(44,776)
Other comprehensive (loss) income before reclassifications	(4,154)		7,247		3,093
Reclassifications from AOCI to income	—		(5,623)		(5,623)
Balance at June 30, 2024	$	(65,733)	$	18,427	$	(47,306)


	Six Months Ended June 30, 2023
(in thousands)	Foreign currency translation		Unrealized gains on hedging activities		Total
Balance at December 31, 2022	$	(70,122)	$	—	$	(70,122)
Other comprehensive income before reclassifications	7,934		859		8,793
Reclassifications from AOCI to income	—		(1,526)		(1,526)
Balance at March 31, 2023	(62,188)		(667)		(62,855)
Other comprehensive income before reclassifications	5,915		15,761		21,676
Reclassifications from AOCI to income	—		(2,930)		(2,930)
Balance at June 30, 2023	$	(56,273)	$	12,164	$	(44,109)

Stock-Based Compensation - Restricted Stock Award Activity (Details) - RSAs - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Number of Shares
Outstanding beginning balance (in shares)	28,946	35,244
Granted (in shares)	32,332	25,483
Vested (in shares)	(25,483)	(35,244)
Outstanding ending balance (in shares)	35,795	25,483
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 44.44	$ 37.17
Granted (in USD per share)	38.20	44.59
Vested (in USD per share)	44.59	37.17
Outstanding ending balance (in USD per share)	$ 38.69	$ 44.59

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The carrying value of debt outstanding at the respective balance sheet dates consisted of the following:


(in thousands, except rates)	Interest rate	Year of maturity	June 30, 2024		December 31, 2023
2025 Secured Notes	6.125%	2025	$	523,988	$	522,735
ABL Facility	Varies	2027	1,344,702		1,929,259
2028 Secured Notes	4.625%	2028	495,034		494,500
2029 Secured Notes	6.625%	2029	493,094		—
2031 Secured Notes	7.375%	2031	494,013		493,709
Finance Leases	Varies	Varies	129,564		117,099
Total debt			3,480,395		3,557,302
Less: current portion of long-term debt			21,140		18,786
Total long-term debt			$	3,459,255	$	3,538,516

Schedule of Maturities of Long-Term Debt

Maturities of debt, including finance leases, during the periods subsequent to June 30, 2024 are as follows:


(in thousands)
2024 (remaining)	$	13,911
2025	553,500
2026	26,749
2027	1,391,083
2028	525,985
Thereafter	1,033,272
Total	$	3,544,500

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Revenue - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 604,590	$ 582,089	$ 1,191,771	$ 1,147,557
Modular Leasing
Disaggregation of Revenue [Line Items]
Total revenues	458,592	449,320	919,193	889,271
Modular space leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	253,725	236,625	505,872	461,095
Portable storage leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	86,433	93,462	177,882	190,777
VAPS and third party leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	100,112	97,698	196,426	191,825
Other leasing-related revenue
Disaggregation of Revenue [Line Items]
Total revenues	18,322	21,535	39,013	45,574
Total leasing and services revenue
Disaggregation of Revenue [Line Items]
Total revenues	566,739	562,074	1,127,702	1,108,655
Delivery and installation revenue
Disaggregation of Revenue [Line Items]
Total revenues	108,147	112,754	208,509	219,384
New unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	21,378	9,004	34,877	19,661
Rental unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	16,473	11,011	29,192	19,241
VAPS service
Disaggregation of Revenue [Line Items]
Total revenues	10,100	6,100	20,100	11,700
US
Disaggregation of Revenue [Line Items]
Total revenues	564,980	545,333	1,118,413	1,078,507
Canada
Disaggregation of Revenue [Line Items]
Total revenues	32,306	30,839	58,838	57,780
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	$ 7,304	$ 5,917	$ 14,520	$ 11,270

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 89,070	$ 81,656
Preferred stock par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	1,000,000	1,000,000
Preferred stock issued (in shares)	0	0
Preferred stock 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)	188,591,960	189,967,135
Common stock outstanding (in shares)	188,591,960	189,967,135

Condensed Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax expense	$ 0	$ 0	$ 0	$ 0
Net gain on derivatives, net of income tax expense	$ 535	$ 4,268	$ 5,050	$ 4,046

Discontinued Operations

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Discontinued Operations

UK Storage Solutions Divestiture

On January 31, 2023, the Company sold its former UK Storage Solutions segment for $418.1 million. Exiting the UK Storage Solutions segment represented the Company’s strategic shift to concentrate its operations on its core modular and storage businesses in North America. Results for the former UK Storage Solutions segment are reported in income from discontinued operations within the 2023 condensed consolidated statement of operations.

The following table presents the results of the former UK Storage Solutions segment as reported in income from discontinued operations within the condensed consolidated statement of operations.


(in thousands)	Six Months Ended June 30, 2023
Revenues:
Leasing and services revenue:
Leasing	$	6,389
Delivery and installation	1,802
Sales revenue:
New units	54
Rental units	449
Total revenues	8,694
Costs:
Costs of leasing and services:
Leasing	1,407
Delivery and installation	1,213
Costs of sales:
New units	38
Rental units	492

Gross profit	5,544
Expenses:
Selling, general and administrative	1,486



Other income, net	(1)
Operating income	4,059
Interest expense	56
Income from discontinued operations before income tax	4,003
Gain on sale of discontinued operations	175,708
Income tax expense from discontinued operations	45,468
Income from discontinued operations	$	134,243

In January 2023, a $0.4 million adjustment was made to the gain on sale of the former Tank and Pump segment due to the final contractual working capital adjustment. Including this adjustment, the total gain on sale of discontinued operations was $176.1 million for the six months ended June 30, 2023.

For the six months ended June 30, 2023, significant investing items related to the former UK Storage Solutions segment were as follows:


(in thousands)	Six Months Ended June 30, 2023


Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	514
Purchases of rental equipment and refurbishments	$	(371)
Proceeds from sale of property, plant and equipment	$	8
Purchases of property, plant and equipment	$	(64)

Restructuring

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

In June 2024, the Company implemented a cost-reduction plan to be completed by the end of 2024. During the six months ended June 30, 2024, restructuring costs incurred under this plan included employee termination costs of $6.2 million. The following is a summary of the activity in the Company’s restructuring accruals for the six months ended June 30, 2024:


	Six Months Ended June 30,
(in thousands)	2024
Beginning balance	$	—
Charges	6,206
Cash payments	(513)
Ending balance	$	5,693

Rental Equipment (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Rental Equipment

Rental equipment, net at the respective balance sheet dates consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Modular space units	$	3,620,534	$	3,541,451
Portable storage units	1,046,147		1,009,059
Value added products	205,913		204,933
Total rental equipment	4,872,594		4,755,443
Less: accumulated depreciation	(1,469,887)		(1,374,128)
Rental equipment, net	$	3,402,707	$	3,381,315

Summary of Significant Accounting Policies (Details)	6 Months Ended
Summary of Significant Accounting Policies (Details)	Jun. 30, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	2
Number of reportable segments	1

Rental Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Rental Equipment

Rental equipment, net at the respective balance sheet dates consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Modular space units	$	3,620,534	$	3,541,451
Portable storage units	1,046,147		1,009,059
Value added products	205,913		204,933
Total rental equipment	4,872,594		4,755,443
Less: accumulated depreciation	(1,469,887)		(1,374,128)
Rental equipment, net	$	3,402,707	$	3,381,315

Goodwill and Intangibles - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment loss			$ 0		$ 0
Amortization expense for intangible assets	$ 7,300,000	$ 6,000,000.0	14,700,000	$ 11,900,000
Impairment of intangible assets	132,500,000
Finite-lived intangible assets	147,444,000		147,444,000
Trade name – Mobile Mini
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	$ 31,500,000		$ 31,500,000
Remaining useful life	3 years 1 month 6 days		3 years 1 month 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value Measures

6 Months Ended

Jun. 30, 2024

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 following 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 values of cash and short-term deposits, marketable securities, trade receivables, trade payables, and other current liabilities approximate their carrying amounts. The Company's nonfinancial assets, which are measured at fair value on a nonrecurring basis, include rental equipment, property, plant and equipment, goodwill, intangible assets and certain other assets. Based on the borrowing rates currently available for bank loans with similar terms and average maturities, the fair values of finance leases at June 30, 2024 and December 31, 2023 approximate their respective book values. The carrying value of the ABL Facility, excluding debt issuance costs, approximates fair value as the interest rates are variable and reflective of current market rates.

The fair values of the 2025 Secured Notes, the 2028 Secured Notes, the 2029 Secured Notes, and the 2031 Secured Notes are based on their last trading price at the end of each period obtained from a third party. The following table shows the carrying amounts and fair values of these financial liabilities measured using Level 2 inputs:


	June 30, 2024		December 31, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount			Fair Value
2025 Secured Notes	$	523,988	$	526,247		$	522,735		$	527,021
2028 Secured Notes	495,034		472,225			494,500			474,285
2029 Secured Notes	493,094		504,040			—			—
2031 Secured Notes	494,013		514,970			493,709			528,075
Total	$	2,006,129	$	2,017,482		$	1,510,944		$	1,529,381

As of June 30, 2024, the carrying values of the 2025 Secured Notes, the 2028 Secured Notes, the 2029 Secured Notes, and the 2031 Secured Notes included $2.5 million, $5.0 million, $6.9 million, and $6.0 million, respectively, of unamortized debt issuance costs, which were presented as a direct reduction of the corresponding liability. As of December 31, 2023, the carrying values of the 2025 Secured Notes, the 2028 Secured Notes, and the 2031 Secured Notes included $3.8 million, $5.5 million, and $6.3 million, respectively, of unamortized debt issuance costs, which were presented as a direct reduction of the corresponding liability.

The location and the fair value of derivative assets and liabilities in the condensed consolidated balance sheets are disclosed in Note 12.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Leases - Lease Cost (Details) - USD ($) $ in Thousands	6 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Finance Lease Expense
Amortization of finance lease assets	$ 6,693	$ 7,580
Interest on obligations under finance leases	2,991	1,566
Total finance lease expense	9,684	9,146
Operating Lease Expense
Total operating lease expense	61,490	52,560
Cost of leasing and services
Operating Lease Expense
Fixed lease expense	601	723
Short-term lease expense	14,026	12,404
Variable lease expense	523	1,675
Selling, general and administrative
Operating Lease Expense
Fixed lease expense	39,261	32,006
Short-term lease expense	997	883
Variable lease expense	5,359	4,847
Lease impairment expense and other related charges
Operating Lease Expense
Fixed lease expense	22	0
Short-term lease expense	0	22
Variable lease expense	$ 701	$ 0

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Options
Exercised (in shares)	(660,338)
WillScot Options
Options
Outstanding beginning balance (in shares)	534,188	534,188
Exercised (in shares)	0	0
Outstanding ending balance (in shares)	534,188	534,188
Vested and exercisable stock options (in shares)	534,188	534,188
Weighted-Average Exercise Price per Share
Outstanding beginning balance (in USD per share)	$ 13.60	$ 13.60
Exercised (in USD per share)	0	0
Outstanding ending balance (in USD per share)	13.60	13.60
Vested and exercisable stock options, weighted-average exercise price per share (in USD per share)	$ 13.60	$ 13.60
Converted Mobile Mini Options
Options
Outstanding beginning balance (in shares)	829,246	864,276
Exercised (in shares)	(7,093)	(29,335)
Outstanding ending balance (in shares)	822,153	834,941
Vested and exercisable stock options (in shares)	822,153	834,941
Weighted-Average Exercise Price per Share
Outstanding beginning balance (in USD per share)	$ 12.86	$ 12.91
Exercised (in USD per share)	17.04	14.06
Outstanding ending balance (in USD per share)	12.82	12.87
Vested and exercisable stock options, weighted-average exercise price per share (in USD per share)	$ 12.82	$ 12.87

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Operating Lease Maturities

As of June 30, 2024, the future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2024 (remaining)	$	33,385	$	13,911
2025	72,199		27,000
2026	57,067		26,749
2027	45,506		23,504
2028	33,910		25,985
Thereafter	55,379		33,272
Total lease payments	297,446		150,421
Less: interest	(42,816)		(20,857)
Present value of lease liabilities	$	254,630	$	129,564

Schedule of Finance Lease Maturities

As of June 30, 2024, the future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating		Finance
2024 (remaining)	$	33,385	$	13,911
2025	72,199		27,000
2026	57,067		26,749
2027	45,506		23,504
2028	33,910		25,985
Thereafter	55,379		33,272
Total lease payments	297,446		150,421
Less: interest	(42,816)		(20,857)
Present value of lease liabilities	$	254,630	$	129,564

Schedule of Lease Activity

The Company’s lease activity during the six months ended June 30, 2024 and 2023 was as follows:


(in thousands)	Six Months Ended June 30,
Financial Statement Line	2024		2023
Finance Lease Expense
Amortization of finance lease assets	$	6,693	$	7,580
Interest on obligations under finance leases	2,991		1,566
Total finance lease expense	$	9,684	$	9,146

Operating Lease Expense
Fixed lease expense
Cost of leasing and services	$	601	$	723
Selling, general and administrative	39,261		32,006
Lease impairment expense and other related charges	22		—
Short-term lease expense
Cost of leasing and services	14,026		12,404
Selling, general and administrative	997		883
Lease impairment expense and other related charges	—		22
Variable lease expense
Cost of leasing and services	523		1,675
Selling, general and administrative	5,359		4,847
Lease impairment expense and other related charges	701		—
Total operating lease expense	$	61,490	$	52,560

Supplemental cash flow information related to leases for the six months ended June 30, 2024 and 2023 was as follows:


(in thousands)	Six Months Ended June 30,
Supplemental Cash Flow Information	2024		2023
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	39,374	$	33,501
Operating cash outflows from finance leases	$	3,020	$	1,515
Financing cash outflows from finance leases	$	9,568	$	8,087

Right of use assets obtained in exchange for lease obligations	$	43,751	$	36,604
Assets obtained in exchange for finance leases	$	22,077	$	24,382

Weighted average remaining operating lease terms and the weighted average discount rates as of June 30, 2024 and December 31, 2023 were as follows:


Lease Terms and Discount Rates	June 30, 2024		December 31, 2023
Weighted average remaining lease term - operating leases	5.1 years		5.4 years
Weighted average discount rate - operating leases	5.9	%	5.9	%
Weighted average remaining lease term - finance leases	4.9 years		5.0 years
Weighted average discount rate - finance leases	5.0	%	4.8	%

Acquisitions (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
Acquisitions (Details) $ / shares in Units, $ in Thousands	Jun. 13, 2024 USD ($)	Jun. 30, 2024 USD ($) storageUnit blastResistantModularUnit	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) localStorageAndModularCompany storageUnit blastResistantModularUnit	Jun. 30, 2023 USD ($)	Jun. 12, 2024 USD ($)	Feb. 27, 2024 USD ($)	Jan. 28, 2024 $ / shares shares	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Assets and liabilities acquired, number of entities \| localStorageAndModularCompany				3
Rental equipment, net		$ 3,402,707		$ 3,402,707					$ 3,381,315
Transaction costs		22,900		35,200
Mobile Mini Inc and Other Asset Acquisitions
Business Acquisition [Line Items]
Integration fees		3,100	$ 2,200	5,900	$ 6,100
McGrath RentCorp
Business Acquisition [Line Items]
Amount In cash to be paid, per share (in USD per share) \| $ / shares								$ 123.00
Number of fractional shares to be converted share (in shares) \| shares								2.8211
McGrath RentCorp \| Revolving Credit Facility \| Eight Year Senior Secured Bridge Credit Facility \| Line of Credit
Business Acquisition [Line Items]
Debt, face amount	$ 500,000
Debt term	8 years
McGrath RentCorp \| Revolving Credit Facility \| ABL Facility \| Line of Credit
Business Acquisition [Line Items]
Line of credit facility	$ 4,500,000					$ 3,700,000	$ 4,450,000
Additional borrowing capacity	$ 750,000
McGrath RentCorp \| McGrath RentCorp \| McGrath Shareholders
Business Acquisition [Line Items]
Percentage ownership								12.60%
Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Payments to acquire businesses				70,600
Rental equipment, net		$ 67,700		$ 67,700
Series of Individually Immaterial Asset Acquisitions \| Storage Unit
Business Acquisition [Line Items]
Number of units in real estate property acquired (approximately) \| storageUnit		600		600
Series of Individually Immaterial Asset Acquisitions \| Modular Unit
Business Acquisition [Line Items]
Number of units in real estate property acquired (approximately) \| blastResistantModularUnit		800		800

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Discontinued Operations

The following table presents the results of the former UK Storage Solutions segment as reported in income from discontinued operations within the condensed consolidated statement of operations.


(in thousands)	Six Months Ended June 30, 2023
Revenues:
Leasing and services revenue:
Leasing	$	6,389
Delivery and installation	1,802
Sales revenue:
New units	54
Rental units	449
Total revenues	8,694
Costs:
Costs of leasing and services:
Leasing	1,407
Delivery and installation	1,213
Costs of sales:
New units	38
Rental units	492

Gross profit	5,544
Expenses:
Selling, general and administrative	1,486



Other income, net	(1)
Operating income	4,059
Interest expense	56
Income from discontinued operations before income tax	4,003
Gain on sale of discontinued operations	175,708
Income tax expense from discontinued operations	45,468
Income from discontinued operations	$	134,243

For the six months ended June 30, 2023, significant investing items related to the former UK Storage Solutions segment were as follows:


(in thousands)	Six Months Ended June 30, 2023


Investing activities of discontinued operations:
Proceeds from sale of rental equipment	$	514
Purchases of rental equipment and refurbishments	$	(371)
Proceeds from sale of property, plant and equipment	$	8
Purchases of property, plant and equipment	$	(64)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net income	$ 9,389	$ 298,613
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	186,574	158,125
Provision for credit losses	23,196	22,193
Gain on sale of discontinued operations	0	(176,078)
Impairment loss on intangible asset	132,540	0
Gain on sale of rental equipment and other property, plant and equipment	(12,523)	(11,691)
Amortization of debt discounts and debt issuance costs	5,916	5,501
Stock-based compensation expense	18,713	17,498
Deferred income tax expense	(22,995)	90,675
Loss on settlement of foreign currency forward contract	0	7,715
Unrealized currency gains, net	(25)	(1,030)
Other	2,070	2,176
Changes in operating assets and liabilities:
Trade receivables	(12,701)	(48,641)
Inventories	(2,446)	(2,273)
Prepaid expenses and other assets	(10,512)	(2,211)
Operating lease assets and liabilities	1,076	37
Accounts payable and other accrued expenses	54,721	(19,705)
Deferred revenue and customer deposits	11,294	10,016
Net cash provided by operating activities	384,287	350,920
Investing activities:
Acquisitions, net of cash acquired	(70,575)	(149,421)
Purchase of rental equipment and refurbishments	(137,591)	(102,709)
Proceeds from sale of rental equipment	30,668	25,254
Purchase of property, plant and equipment	(12,801)	(11,189)
Proceeds from sale of property, plant and equipment	215	265
Purchase of investments	(3,245)	0
Proceeds from sale of discontinued operations	0	403,992
Payment for settlement of foreign currency forward contract	0	(7,715)
Net cash (used in) provided by investing activities	(193,329)	158,477
Financing activities:
Receipts from borrowings	782,235	628,538
Repayment of borrowings	(870,028)	(674,719)
Payment of financing costs	(5,220)	0
Payments on finance lease obligations	(9,569)	(8,133)
Receipts from issuance of Common Stock from the exercise of options	121	412
Repurchase and cancellation of Common Stock	(78,677)	(456,297)
Taxes paid on employee stock awards	(14,524)	(10,058)
Net cash used in financing activities	(195,662)	(520,257)
Effect of exchange rate changes on cash and cash equivalents	(330)	746
Net change in cash and cash equivalents	(5,034)	(10,114)
Cash and cash equivalents at the beginning of the period	10,958	17,774
Cash and cash equivalents at the end of the period	5,924	7,660
Supplemental cash flow information:
Interest paid, net	109,524	86,123
Income taxes paid, net	36,062	15,055
Capital expenditures accrued or payable	$ 15,695	$ 18,740

Goodwill and Intangibles (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Activity

Changes in the carrying amount of goodwill were as follows:


(in thousands)
Balance at December 31, 2022	$	1,011,429
Additions from acquisitions	164,502
Effects of movements in foreign exchange rates	704
Balance at December 31, 2023	1,176,635

Effects of movements in foreign exchange rates	(934)
Balance at June 30, 2024	$	1,175,701

Schedule of Finite-Lived Intangible Assets

Intangible assets other than goodwill at the respective balance sheet dates consisted of the following:


	June 30, 2024
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	4.0	$	214,408	$	(98,924)	$	115,484
Technology	2.0	1,500		(1,000)		500
Trade name – Mobile Mini	3.1	31,460		—		31,460
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	372,368	$	(99,924)	$	272,444


	December 31, 2023
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	4.5	$	214,408	$	(84,324)	$	130,084
Technology	2.5	1,500		(875)		625
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		$	504,908	$	(85,199)	$	419,709

Schedule of Indefinite-Lived Intangible Assets

Intangible assets other than goodwill at the respective balance sheet dates consisted of the following:


	June 30, 2024
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	4.0	$	214,408	$	(98,924)	$	115,484
Technology	2.0	1,500		(1,000)		500
Trade name – Mobile Mini	3.1	31,460		—		31,460
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	372,368	$	(99,924)	$	272,444


	December 31, 2023
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	4.5	$	214,408	$	(84,324)	$	130,084
Technology	2.5	1,500		(875)		625
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		$	504,908	$	(85,199)	$	419,709

Schedule of Future Amortization of Intangible Assets

As of June 30, 2024, the expected future amortization expense for intangible assets is as follows for the years ended December 31:


(in thousands)
2024 (remaining)	$	24,221
2025	42,474
2026	35,703
2027	30,426
2028	14,620

Total	$	147,444

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Restructuring - Summary of Activities in the Restructuring Accruals (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Beginning Balance			$ 0
Charges	$ 6,206	$ 0	6,206	$ 0
Cash payments			(513)
Ending Balance	$ 5,693		$ 5,693

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

The carrying value of debt outstanding at the respective balance sheet dates consisted of the following:


(in thousands, except rates)	Interest rate	Year of maturity	June 30, 2024		December 31, 2023
2025 Secured Notes	6.125%	2025	$	523,988	$	522,735
ABL Facility	Varies	2027	1,344,702		1,929,259
2028 Secured Notes	4.625%	2028	495,034		494,500
2029 Secured Notes	6.625%	2029	493,094		—
2031 Secured Notes	7.375%	2031	494,013		493,709
Finance Leases	Varies	Varies	129,564		117,099
Total debt			3,480,395		3,557,302
Less: current portion of long-term debt			21,140		18,786
Total long-term debt			$	3,459,255	$	3,538,516

Maturities of debt, including finance leases, during the periods subsequent to June 30, 2024 are as follows:


(in thousands)
2024 (remaining)	$	13,911
2025	553,500
2026	26,749
2027	1,391,083
2028	525,985
Thereafter	1,033,272
Total	$	3,544,500

Asset Backed Lending Facility

On July 1, 2020, certain subsidiaries of the Company, including WSI, entered into an asset-based credit agreement. As amended on June 30, 2022, the agreement provides for revolving credit facilities in the aggregate principal amount of up to $3.7 billion, consisting of: (i) a senior secured asset-based US dollar revolving credit facility in the aggregate principal amount of $3.3 billion (the “US Facility”), (ii) a $400.0 million senior secured asset-based multicurrency revolving credit facility (the "Multicurrency Facility," and together with the US Facility, the "ABL Facility"), available to be drawn in US Dollars, Canadian Dollars, British Pounds Sterling or Euros, and (iii) an accordion feature that permits the Company to increase the lenders' commitments in an aggregate amount not to exceed the greater of $750.0 million and the amount of suppressed availability (as defined in the ABL Facility), plus any voluntary prepayments that are accompanied by permanent commitment reductions under the ABL Facility, subject to the satisfaction of customary conditions including lender approval. The ABL Facility is scheduled to mature on June 30, 2027.

The applicable margin for Canadian Bankers' Acceptance Rate, Term Secured Overnight Financing Rate ("SOFR"), British Pounds Sterling and Euro loans is 1.50%. The facility includes a credit spread adjustment of 0.10% in addition to the applicable margin. The applicable margin for base rate and Canadian Prime Rate loans is 0.50%. The applicable margins are subject to one step down of 0.25% or one step up of 0.25% based on the Company's leverage ratio and excess availability from the prior quarter. The ABL Facility requires the payment of a commitment fee on the unused available borrowings of 0.20% annually. As of June 30, 2024, the weighted average interest rate for borrowings under the ABL Facility, as adjusted for the effects of the interest rate swap agreements, was 5.32%. Refer to Note 12 for a detailed discussion of interest rate management.

On February 26, 2024, WSI entered into an amendment to the ABL Facility (the "Fifth Amendment") to, among other things, change the rate under the ABL Facility for borrowings denominated in Canadian Dollars from a Canadian Dollar Offered Rate ("CDOR")-based rate to a Canadian Overnight Repo Rate Average ("CORRA")-based rate, subject to certain adjustments specified in the ABL Facility, and to update certain other provisions regarding successor interest rates to CDOR.

In connection with the Company's pending acquisition of McGrath, on February 27, 2024, WSI and certain other subsidiaries of the Company entered into an amendment to the ABL Facility (the "Sixth Amendment") to, among other things, (i) permit the incurrences of indebtedness by WSI and certain other subsidiaries of the Company to finance the McGrath acquisition; (ii) increase the maximum revolving credit facility amount to $4.45 billion, including an increase to the US Facility of $744.5 million and an increase to the Multicurrency of $5.5 million; and (iii) modify the borrowing base, certain thresholds, basket sizes and default and notice triggers to account for the increased size of the business and new asset types of WSI and its subsidiaries following the McGrath acquisition. The amendments contemplated by the Sixth Amendment will not become effective until the closing of the McGrath acquisition.

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 June 30, 2024, the Line Cap was $3.2 billion and the Company had $1.8 billion of available borrowing capacity under the ABL Facility, including $1.6 billion under the US Facility and $195.1 million under the Multicurrency Facility. Borrowing capacity under the ABL Facility is made available for up to $220.0 million letters of credit and $220.0 million swingline loans. At June 30, 2024, the available capacity was $199.2 million of letters of credit and $217.4 million of swingline loans. At June 30, 2024, letters of credit and bank guarantees carried fees of 1.625%. The Company had issued $20.8 million of standby letters of credit under the ABL Facility at June 30, 2024.

The Company had approximately $1.4 billion of outstanding borrowings under the ABL Facility at June 30, 2024. Debt issuance costs of $22.9 million and $26.8 million were presented as direct reductions of the corresponding liabilities at June 30, 2024 and December 31, 2023, respectively.

The ABL Facility and related guarantees are secured by a first priority security interest in substantially all of the assets of WSI and the Company’s other subsidiaries that are borrowers or guarantors under the ABL Facility (collectively the “ABL Loan Parties”), subject to customary exclusions.

Senior Secured Notes

The 2025 Secured Notes mature on June 15, 2025. At June 30, 2024, the 2025 Secured Notes were classified as long-term on the Condensed Consolidated Balance Sheet because the Company has the intent and believes it has the ability to refinance this obligation on a long-term basis as demonstrated by the forecasted available capacity under the ABL Facility if other refinancing efforts are unsuccessful or uneconomical.

On June 28, 2024, WSI completed a private offering of $500.0 million in aggregate principal amount of 6.625% senior secured notes due 2029 (the "2029 Secured Notes") to qualified institutional buyers pursuant to Rule 144A. Proceeds were used to repay approximately $495.0 million of outstanding indebtedness under the ABL Facility and certain fees and expenses. The 2029 Secured Notes mature on June 15, 2029 and bear interest at a rate of 6.625% per annum. Interest is payable semi-annually on June 15 and December 15 of each year, beginning December 15, 2024. Unamortized deferred financing costs pertaining to the 2029 Secured Notes were $6.9 million as of June 30, 2024.

The 2025 Secured Notes, 2028 Secured Notes, 2029 Secured Notes and 2031 Secured Notes (collectively, “the Secured Notes”) are unconditionally guaranteed by certain subsidiaries of the Company (collectively, “the Note Guarantors”). WillScot is not a guarantor of the Secured Notes. The Note Guarantors are guarantors or borrowers under the ABL Facility. To the extent lenders under the ABL Facility release the guarantee of any Note Guarantor, such Note Guarantor will also be released from obligations under the Secured Notes. The Secured Notes and related guarantees are secured by a second priority security interest in substantially the same assets of WSI and the Note Guarantors securing the ABL Facility. Upon the repayment of the 2025 Secured Notes and the 2028 Secured Notes, if the lien associated with the ABL Facility represents the only lien outstanding on the collateral under the 2029 Secured Notes and the 2031 Secured Notes (other than certain permitted), the collateral securing the 2029 Secured Notes and the 2031 Secured Notes will be released and the 2029 Secured Notes and the 2031 Secured Notes will become unsecured subject to satisfaction of customary conditions.

Finance Leases

The Company maintains finance leases primarily related to transportation-related equipment. At June 30, 2024 and December 31, 2023, obligations under finance leases were $129.6 million and $117.1 million, respectively. Refer to Note 5 for further information.

The Company was in compliance with all debt covenants and restrictions associated with its debt instruments as of June 30, 2024.

- 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://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,320,126	$ 1,261,250	$ 1,563,924	$ 1,565,300	$ 1,261,250	$ 1,565,300
Other comprehensive (loss) income before reclassifications	3,093	13,259	21,676	8,793
Reclassifications from AOCI to income	(5,623)	(5,267)	(2,930)	(1,526)
Ending balance	1,201,336	1,320,126	1,438,545	1,563,924	1,201,336	1,438,545
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(44,776)	(52,768)	(62,855)	(70,122)	(52,768)	(70,122)
Ending balance	(47,306)	(44,776)	(44,109)	(62,855)	(47,306)	(44,109)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(61,579)	(56,031)	(62,188)	(70,122)	(56,031)	(70,122)
Other comprehensive (loss) income before reclassifications	(4,154)	(5,548)	5,915	7,934
Reclassifications from AOCI to income	0	0	0	0
Ending balance	(65,733)	(61,579)	(56,273)	(62,188)	(65,733)	(56,273)
Unrealized gains on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	16,803	3,263	(667)	0	3,263	0
Other comprehensive (loss) income before reclassifications	7,247	18,807	15,761	859
Reclassifications from AOCI to income	(5,623)	(5,267)	(2,930)	(1,526)
Ending balance	$ 18,427	$ 16,803	$ 12,164	$ (667)	$ 18,427	$ 12,164

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Goodwill and Intangibles - Future Amortization (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining)	$ 24,221
2025	42,474
2026	35,703
2027	30,426
2028	14,620
Net book value	$ 147,444

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 131.5		$ 131.5		$ 124.1
Previously deferred revenue recognized	$ 20.1		$ 47.7
Modular Leasing \| Revenues \| Revenue Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	74.00%	76.00%	75.00%	76.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Numerator:
(Loss) income from continuing operations	$	(46,851)	$	87,729	$	9,389	$	164,000
Income from discontinued operations	—		—		—		134,613
Net (loss) income	$	(46,851)	$	87,729	$	9,389	$	298,613

Denominator:
Weighted average Common Shares outstanding – basic	189,680		200,947		189,909		204,636
Dilutive effect of shares outstanding

RSAs	—		16		19		21
Time-based RSUs	—		242		186		309
Performance-based RSUs	—		2,148		1,354		2,274
Stock Options	—		973		942		993
Weighted average Common Shares outstanding – dilutive	189,680		204,326		192,410		208,233

Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share

The following common shares that the Company may be obligated to issue were excluded from the computation of dilutive EPS because their effect would have been anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands)	2024	2023	2024	2023
RSAs	36	—	—	—
Time-based RSUs	656	210	342	211
Performance-based RSUs	1,872	373	661	187
Stock Options	1,356	—	—	—
Total anti-dilutive shares	3,920	583	1,003	398

Earnings (Loss) Per Share - Schedule of Anti-dilutive securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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)	3,920,000	583,000	1,003,000	398,000
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)	36,000	0	0	0
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)	656,000	210,000	342,000	211,000
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)	1,872,000	373,000	661,000	187,000
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)	1,356,000	0	0	0

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by US Generally Accepted Accounting Principles ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot and its subsidiaries that it controls due to ownership of a majority voting interest and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented.
Principles of Consolidation	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 the Company. All intercompany balances and transactions are eliminated.
Segment Reporting	In January 2024, the Company completed the unification of its go-to market structure by integrating its modular and storage divisions under a single leadership team organized by geography, achieving local product unification within each metropolitan statistical area and the ability to consistently deliver its portfolio of solutions to its entire customer base. In connection with this change in operating model, the Company realigned the composition of its operating and reportable segments to reflect how its Chief Operating Decision Maker reviews financial information to allocate resources to and assess performance of the segments. As a result, the Company concluded that its two operating segments (US and Other North America) are aggregated into one reportable segment as the operating segments share similar economic characteristics (e.g., comparable gross margins and comparable adjusted earnings before interest, taxes, depreciation and amortization margins) and similar qualitative characteristics as the operating segments offer similar products and services to similar customers, use similar methods to distribute products and are subject to similar competitive risks.
Reclassifications	Certain reclassifications have been made to prior year financial statements to conform to the current year presentation.
Recently Issued and Adopted Accounting Standards	ASU 2023-07. Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 expands the breadth and frequency of segment disclosures, requiring disclosure of (i) significant segment expenses, (ii) other segment items, (iii) the chief operating decision maker's title and position, (iv) how the chief operating decision maker uses the reported measures of a segment's profit or loss and (v) interim disclosure of all segment profit, loss and asset disclosures currently required annually. ASU 2023-07 clarifies that a public entity may report one or more measures of segment profit or loss and requires that single reportable segment entities provide all required segment disclosures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its segment disclosures. ASU 2023-09. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires entities to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. Public business entities ("PBEs") are required to provide this incremental detail in a numerical, tabular format, while all other entities will do so through enhanced qualitative disclosures. The ASU also requires entities to disclose more detailed information about income taxes paid, including by jurisdiction; pretax income (or loss) from continuing operations; and income tax expense (or benefit). ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its income tax disclosures.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
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+ Details

Restructuring - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring costs	$ 6,206	$ 0	$ 6,206	$ 0

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 604,590	$ 582,089	$ 1,191,771	$ 1,147,557
Costs:
Depreciation of rental equipment	75,611	64,450	150,519	123,606
Gross profit	327,118	327,872	644,006	651,000
Other operating expenses:
Selling, general and administrative	174,610	146,810	342,178	297,680
Other depreciation and amortization	18,135	17,346	36,055	34,519
Impairment loss on intangible asset	132,540	0	132,540	0
Lease impairment expense and other related charges, net	(23)	0	723	22
Restructuring costs	6,206	0	6,206	0
Currency (gains) losses, net	(42)	14	35	6,789
Other expense (income), net	924	(2,838)	1,555	(6,197)
Operating (loss) income	(5,232)	166,540	124,714	318,187
Interest expense, net	55,548	47,246	112,136	92,112
(Loss) income from continuing operations before income tax	(60,780)	119,294	12,578	226,075
Income tax (benefit) expense from continuing operations	(13,929)	31,565	3,189	62,075
(Loss) income from continuing operations	(46,851)	87,729	9,389	164,000
Discontinued operations:
Income from discontinued operations before income tax	0	0	0	4,003
Gain on sale of discontinued operations	0	0	0	176,078
Income tax expense from discontinued operations	0	0	0	45,468
Income from discontinued operations	0	0	0	134,613
Net (loss) income	$ (46,851)	$ 87,729	$ 9,389	$ 298,613
(Loss) earnings per share from continuing operations:
Basic (in USD per share)	$ (0.25)	$ 0.44	$ 0.05	$ 0.80
Diluted (in USD per share)	(0.25)	0.43	0.05	0.78
Earnings per share from discontinued operations:
Basic (in USD per share)	0	0	0	0.66
Diluted (in USD per share)	0	0	0	0.65
(Loss) earnings per share:
Basic (in USD per share)	(0.25)	0.44	0.05	1.46
Diluted (in USD per share)	$ (0.25)	$ 0.43	$ 0.05	$ 1.43
Weighted average shares:
Basic (in shares)	189,680,091	200,946,619	189,908,812	204,635,764
Diluted (in shares)	189,680,091	204,326,162	192,409,616	208,233,141
Total Leasing And Product And Service Revenues/Costs
Revenues:
Total revenues	$ 604,590	$ 582,089	$ 1,191,771	$ 1,147,557
Leasing Revenue
Revenues:
Leasing	458,592	449,320	919,193	889,271
Costs:
Leasing	98,248	98,556	200,642	196,071
Delivery and installation revenue
Revenues:
Revenues	108,147	112,754	208,509	219,384
Total revenues	108,147	112,754	208,509	219,384
Costs:
Cost of sales	81,170	81,349	159,012	156,356
New units
Revenues:
Revenues	21,378	9,004	34,877	19,661
Total revenues	21,378	9,004	34,877	19,661
Costs:
Cost of sales	13,358	4,795	21,631	11,003
Rental units
Revenues:
Revenues	16,473	11,011	29,192	19,241
Total revenues	16,473	11,011	29,192	19,241
Costs:
Cost of sales	$ 9,085	$ 5,067	$ 15,961	$ 9,521

Discontinued Operations - Income From Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 604,590	$ 582,089	$ 1,191,771	$ 1,147,557
Costs of leasing and services:
Gross Profit	327,118	327,872	644,006	651,000
Other operating expenses:
Selling, general and administrative	174,610	146,810	342,178	297,680
Other income, net	924	(2,838)	1,555	(6,197)
Operating income	(5,232)	166,540	124,714	318,187
Interest expense	55,548	47,246	112,136	92,112
Gain on sale of discontinued operations			0	176,078
Income tax expense from discontinued operations	0	0	0	45,468
Income from discontinued operations	0	0	0	134,613
Total Leasing And Product And Service Revenues/Costs
Revenues:
Total revenues	604,590	582,089	1,191,771	1,147,557
Leasing Revenue
Revenues:
Leasing	458,592	449,320	919,193	889,271
Costs of leasing and services:
Leasing	98,248	98,556	200,642	196,071
New units
Revenues:
Revenues	21,378	9,004	34,877	19,661
Total revenues	21,378	9,004	34,877	19,661
Costs of leasing and services:
Cost of sales	13,358	4,795	21,631	11,003
Rental units
Revenues:
Revenues	16,473	11,011	29,192	19,241
Total revenues	16,473	11,011	29,192	19,241
Costs of leasing and services:
Cost of sales	$ 9,085	$ 5,067	$ 15,961	9,521
Discontinued Operations, Disposed of by Sale \| United Kingdom Storage Solutions Segment
Costs of leasing and services:
Gross Profit				5,544
Other operating expenses:
Selling, general and administrative				1,486
Other income, net				(1)
Operating income				4,059
Interest expense				56
Income from discontinued operations before income tax				4,003
Gain on sale of discontinued operations				175,708
Income tax expense from discontinued operations				45,468
Income from discontinued operations				134,243
Discontinued Operations, Disposed of by Sale \| Total Leasing And Product And Service Revenues/Costs \| United Kingdom Storage Solutions Segment
Revenues:
Total revenues				8,694
Discontinued Operations, Disposed of by Sale \| Leasing Revenue \| United Kingdom Storage Solutions Segment
Revenues:
Leasing				6,389
Costs of leasing and services:
Leasing				1,407
Discontinued Operations, Disposed of by Sale \| Delivery and installation \| United Kingdom Storage Solutions Segment
Revenues:
Revenues				1,802
Costs of leasing and services:
Cost of sales				1,213
Discontinued Operations, Disposed of by Sale \| New units \| United Kingdom Storage Solutions Segment
Revenues:
Revenues				54
Costs of leasing and services:
Cost of sales				38
Discontinued Operations, Disposed of by Sale \| Rental units \| United Kingdom Storage Solutions Segment
Revenues:
Revenues				449
Costs of leasing and services:
Cost of sales				$ 492

Equity - Narrative (Details) - USD ($)	3 Months Ended				6 Months Ended
Equity - Narrative (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	May 31, 2023
Subsidiary, Sale of Stock [Line Items]
Issuance of Common Stock from the exercise of options (in shares)					660,338
Authorized share repurchase program							$ 1,000,000,000
Shares repurchased (in shares)					2,035,513
Shares repurchased					$ 78,700,000
Remaining authorized share repurchase program	$ 419,500,000				419,500,000
Reclassifications to consolidated statement of operations	5,623,000	$ 5,267,000	$ 2,930,000	$ 1,526,000
Reclassifications to consolidated statement of operations, tax benefit (expense)	(1,600,000)		(700,000)		(3,000,000.0)	$ (1,100,000)
Unrealized gains on hedging activities
Subsidiary, Sale of Stock [Line Items]
Reclassifications to consolidated statement of operations	5,623,000	$ 5,267,000	2,930,000	$ 1,526,000
Interest rate swaps \| Unrealized gains on hedging activities
Subsidiary, Sale of Stock [Line Items]
Reclassifications to consolidated statement of operations	$ 5,600,000		$ 2,900,000		$ 10,900,000	$ 4,500,000

Leases - Lease Terms and Discount Rates (Details)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term - operating leases	5 years 1 month 6 days	5 years 4 months 24 days
Weighted average discount rate - operating leases	5.90%	5.90%
Weighted average remaining lease term - finance leases	4 years 10 months 24 days	5 years
Weighted average discount rate - finance leases	5.00%	4.80%

Leases - Lease Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating
2024 (remaining)	$ 33,385
2025	72,199
2026	57,067
2027	45,506
2028	33,910
Thereafter	55,379
Total lease payments	297,446
Less: interest	(42,816)
Present value of lease liabilities	254,630
Finance
2024 (remaining)	13,911
2025	27,000
2026	26,749
2027	23,504
2028	25,985
Thereafter	33,272
Total lease payments	150,421
Less: interest	(20,857)
Present value of lease liabilities	$ 129,564	$ 117,099
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total long-term debt

Stock-Based Compensation - Performance-Based RSU Award Activity (Details) - Performance-based RSUs - $ / shares	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2021
Number of Shares
Outstanding beginning balance (in shares)	1,939,691	1,894,250
Granted (in shares)	295,833	376,826	555,790
Forfeited (in shares)	(9,965)	(985)
Vested (in shares)	(353,323)	(181,319)
Outstanding ending balance (in shares)	1,872,236	2,088,772
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 42.95	$ 33.67
Granted (in USD per share)	66.60	69.52
Forfeited (in USD per share)	46.18	69.52
Vested (in USD per share)	39.10	16.82
Outstanding ending balance (in USD per share)	$ 47.40	$ 41.54