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Document and Entity Information Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 05, 2019	Jun. 30, 2018
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Period End Date	Dec. 31, 2018
Document Fiscal Period Focus	FY
Entity Registrant Name	WillScot Corp
Entity Central Index Key	0001647088
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	false
Entity Shell Company	false
Entity Public Float			$ 490,771,670
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		108,508,997
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,024,419

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and Cash Equivalents	$ 8,958	$ 9,185
Trade receivables, net of allowances for doubtful accounts at December 31, 2018 and December 31, 2017 of $9,340 and $4,845, respectively	206,502	94,820
Inventories	16,218	10,082
Prepaid expenses and other current assets	21,828	13,696
Assets held for sale	2,841	0
Total current assets	256,347	127,783
Rental equipment, net	1,929,290	1,040,146
Property, plant and equipment, net	183,750	83,666
Goodwill	247,017	28,609
Intangible assets, net	131,801	126,259
Other non-current assets	4,280	4,279
Total long-term assets	2,496,138	1,282,959
Total assets	2,752,485	1,410,742
Liabilities and equity
Accounts payable	90,353	57,051
Accrued liabilities	84,696	48,912
Accrued interest	20,237	2,704
Deferred revenue and customer deposits	71,778	45,182
Current portion of long-term debt	1,959	1,881
Total current liabilities	269,023	155,730
Long-term debt	1,674,540	624,865
Deferred tax liabilities	67,384	120,865
Deferred revenue and customer deposits	7,723	5,377
Other non-current liabilities	31,618	19,355
Long-term liabilities	1,781,265	770,462
Total liabilities	2,050,288	926,192
Commitments and contingencies (see Note 13)
Additional paid-in-capital	2,389,548	2,121,926
Accumulated other comprehensive loss	(68,026)	(49,497)
Accumulated deficit	(1,683,319)	(1,636,819)
Total shareholders' equity	638,215	435,619
Non-controlling interest	63,982	48,931
Total equity	702,197	484,550
Total liabilities and equity	2,752,485	1,410,742
Class A Common Stock
Liabilities and equity
Common stock	11	8
Class B Common Stock
Liabilities and equity
Common stock	$ 1	$ 1

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Nov. 29, 2017	Dec. 31, 2016	Dec. 31, 2015
Trade receivables, allowance	$ 9,340	$ 4,845		$ 4,167	$ 2,036
Class A Common Stock
Common stock par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	400,000,000	400,000,000
Common stock issued (in shares)	108,508,997	84,644,774
Common stock outstanding (in shares)	108,508,997	84,644,774	84,644,774
Class B Common Stock
Common stock par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock issued (in shares)	8,024,419.00	8,024,419
Common stock outstanding (in shares)	8,024,419.00	8,024,419	8,024,419

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Modular leasing	$ 518,235	$ 297,821	$ 283,550
Total revenues	751,412	445,942	426,612
Costs:
Modular leasing	143,120	83,588	75,516
Modular delivery and installation		85,477	75,359
Depreciation of rental equipment	121,436	72,639	68,981
Gross profit	289,384	165,570	168,193
Expenses:
Selling, general and administrative	254,871	162,351	139,093
Other depreciation and amortization	13,304	8,653	9,019
Impairment losses on goodwill	0	60,743	5,532
Impairment losses on property, plant and equipment	1,600	0	0
Restructuring costs	15,468	2,196	2,810
Currency (gains) losses, net	2,454	(12,878)	13,098
Other (income) expense, net	(4,574)	2,827	1,831
Operating income (loss)	6,261	(58,322)	(3,190)
Interest expense	98,433	119,308	94,671
Interest income	0	(12,232)	(10,228)
Loss from continuing operations before income tax	(92,172)	(165,398)	(87,633)
Income tax benefit	(38,600)	(936)	(24,502)
Loss from continuing operations	(53,572)	(164,462)	(63,131)
Income from discontinued operations, net of tax	0	14,650	32,195
Net loss	(53,572)	(149,812)	(30,936)
Net loss attributable to non-controlling interest, net of tax	(4,532)	(2,110)	0
Net loss attributable to WillScot	(49,040)	(147,702)	(30,936)
Non-cash deemed dividend related to warrant exchange	(2,135)	0	0
Net loss attributable to WillScot common shareholders	$ (51,175)	$ (147,702)	$ (30,936)
Net (loss) income per share attributable to WillScot common shareholders - basic and diluted
Continuing operations (in USD per share)	$ (0.59)	$ (8.21)	$ (4.34)
Discontinued operations (in USD per share)	0	0.74	2.21
Net (loss) income per share attributable to WillScot common shareholders - basic and diluted (in USD per share)	$ (0.59)	$ (7.47)	$ (2.13)
Weighted average shares: basic & diluted (in shares)	87,209,605	19,760,189	14,545,833
Modular delivery and installation
Revenues:
Total revenues	$ 154,557	$ 89,850	$ 81,892
Costs:
Modular delivery and installation	143,950	85,477	75,359
New units
Revenues:
Total revenues	53,603	36,371	39,228
Costs:
Cost of sales	36,863	26,025	27,669
Rental units
Revenues:
Total revenues	25,017	21,900	21,942
Costs:
Cost of sales	$ 16,659	$ 12,643	$ 10,894

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (53,572)	$ (149,812)	$ (30,936)
Other comprehensive income (loss) income:
Foreign currency translation adjustment, net of income tax expense (benefit) of $80, $698, $(161) and $1,316 for the three and nine months ended September 30, 2018 and 2017, respectively	(11,639)	6,768	(1,283)
Net losses on derivatives, net of income tax benefit of $1,822, $0, and $0 for the years ended December 31, 2018, 2017 and 2016, respectively	(5,955)	0	0
Comprehensive loss	(71,166)	(143,044)	(32,219)
Comprehensive loss attributable to non-controlling interest	(6,137)	(2,118)	0
Total comprehensive loss attributable to WillScot	$ (65,029)	$ (140,926)	$ (32,219)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax expense (benefit)	$ (161)	$ 1,153	$ 565

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total Shareholders' Equity	Non Controlling Interest
Beginning balance at Dec. 31, 2015	$ 55,350			$ 1	$ 0	$ 1,569,175	$ (55,645)	$ (1,458,181)	$ 55,350	$ 0
Beginning balance (in shares) at Dec. 31, 2015				14,546,000	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(30,936)							(30,936)	(30,936)
Other comprehensive income (loss)	(1,283)						(1,283)		(1,283)
Ending balance (in shares) at Dec. 31, 2016				14,546,000	0
Ending balance at Dec. 31, 2016	23,131			$ 1	$ 0	1,569,175	(56,928)	(1,489,117)	23,131	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(149,812)							(147,702)	(147,702)	(2,110)
Other comprehensive income (loss)	6,760						6,768		6,768	(8)
Capital contribution	6,192					6,192			6,192
Stock-based compensation	2,970					2,970			2,970
Issuance of common stock and contribution of proceeds to WSII										0
Acquisition transaction	595,309			$ 7	$ 1	543,589	663	0	544,260	51,049
Acquisition transaction (in shares)				70,099,000	8,024,000
Ending balance (in shares) at Dec. 31, 2017		84,644,774	8,024,419	84,645,000	8,024,000
Ending balance at Dec. 31, 2017	484,550			$ 8	$ 1	2,121,926	(49,497)	(1,636,819)	435,619	48,931
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock and contribution of proceeds to WSII (in shares)		43,568,901	0
Acquisition transaction (in shares)		0	8,024,419
Ending balance (in shares) at Nov. 29, 2017		84,644,774	8,024,419
Beginning balance (in shares) at Dec. 31, 2017		84,644,774	8,024,419	84,645,000	8,024,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(53,572)							(49,040)	(49,040)	(4,532)
Other comprehensive income (loss)	(17,594)						(15,989)		(15,989)	(1,605)
Adoption of ASU 2018-02	0						(2,540)	2,540
Stock-based compensation	3,439					3,439			3,439
Issuance of common stock and contribution of proceeds to WSII	139,035			$ 1		131,460			131,461	7,574
Issuance of common stock and contribution of proceeds to WSII (in shares)				9,200,000
Acquisition transaction	148,108			$ 1		134,493			134,494	13,614
Acquisition transaction (in shares)				6,458,000
Common stock issued in warrant exchange	(1,769)			$ 1		1,770			(1,769)
Common stock issued in warrant exchange (in shares)				8,206,000
Ending balance (in shares) at Dec. 31, 2018		108,508,997	8,024,419.00	108,509,000	8,024,000
Ending balance at Dec. 31, 2018	$ 702,197			$ 11	$ 1	$ 2,389,548	$ (68,026)	$ (1,683,319)	$ 638,215	$ 63,982

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Activities:
Net loss	$ (53,572)	$ (149,812)	$ (30,936)
Adjustments for non-cash items:
Depreciation and amortization	136,467	107,876	119,329
Provision for doubtful accounts	7,656	5,062	5,000
Impairment losses on goodwill and intangibles	0		5,532
Impairment losses on property, plant and equipment	1,600	0	0
Gain on sale of rental equipment and other property, plant and equipment	(12,878)	(9,310)	(10,527)
Interest receivable capitalized into notes due from affiliates	0	(3,915)	(7,663)
Amortization of debt discounts and debt issuance costs	7,652	21,887	10,916
Change in fair value of contingent consideration	0		(4,581)
Share based compensation expense	3,439	2,970	0
Deferred income tax benefit	(40,192)	12,959	(10,360)
Unrealized currency losses (gains)	1,982	(26,342)	12,189
Changes in operating assets and liabilities, net of effect of businesses acquired:
Trade receivables	(36,452)	(20,563)	(4,581)
Inventories	(1,241)	682	550
Prepaid and other assets	8,416	(11,925)	3,564
Accrued interest receivable	0	(7,725)	475
Accrued interest payable	17,526	(20,631)	3,893
Accounts payable and other accrued liabilities	(14,462)	39,771	(24,153)
Deferred revenue and customer deposits	11,208	(3,089)	(9,916)
Net cash provided by operating activities	37,149	(1,362)	58,731
Investing Activities:
Acquisition of a business	(1,083,146)	(237,148)	0
Proceeds from sale of rental equipment	30,761	28,041	26,636
Purchase of rental equipment and refurbishments	(160,883)	(111,701)	(69,070)
Lending on notes due from affiliates	0	(69,939)	(35,477)
Repayments on notes due from affiliates	0	2,151	47,670
Proceeds from the sale of property, plant and equipment	688	392	2,365
Purchase of property, plant and equipment	(4,622)	(4,446)	(2,360)
Net cash used in investing activities	(1,217,202)	(392,650)	(30,236)
Financing Activities:
Receipts from issuance of common stock	147,201	571,778	0
Receipts from borrowings	1,212,629	1,155,651	151,761
Receipts on borrowings from notes due to affiliates	0	75,000	20,000
Payment of financing costs	(36,579)	(31,316)	(2,000)
Repayment of borrowings	(143,094)	(1,179,340)	(191,431)
Repayment of notes due to affiliates	0	(198,896)	(8,294)
Principal payments on capital lease obligations	(120)	(2,236)	(1,430)
Contribution from Algeco Group	0	6,192	0
Net cash provided by (used in) financing activities	1,180,037	396,833	(31,394)
Effect of exchange rate changes on cash and cash equivalents	(211)	202	(241)
Net change in cash and cash equivalents	(227)	3,023	(3,140)
Cash and cash equivalents at the beginning of the period	9,185	6,162	9,302
Cash and cash equivalents at the end of the period	8,958	9,185	6,162
Supplemental Cash Flow Information:
Interest paid	51,986	115,756	81,938
Income taxes paid, net of refunds received	2,617	(1,389)	(1,410)
Assets acquired under capital leases	0	0	63
Capital expenditures accrued or payable	20,785	11,919	7,716
Non-cash settlements of notes due to/from affiliates and accrued interest	0	216,278	0
Non-cash deemed dividend related to warrant exchange	2,135	0	0
Non-cash acquisition of a business	$ 148,108	$ 0	$ 0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Organization and Nature of Operations

WillScot Corporation (“WillScot” and, together with its subsidiaries, the “Company”), is a provider of modular space and portable storage solutions in the United States (“US”), Canada and Mexico. The Company leases, sells, delivers and installs mobile offices, modular buildings and storage products through an integrated network of branch locations that spans North America.

WillScot, whose Class A common shares are listed on the Nasdaq Capital Market (Nasdaq: WSC), serves as the holding company for the Williams Scotsman family of companies. All of WillScot's assets and operations are owned through Williams Scotsman Holdings Corp. (“WS Holdings”). WillScot operates and owns 91.0% of WS Holdings, and Sapphire Holding S.a r.l (“Sapphire”), an affiliate of TDR Capital LLR (“TDR Capital”), owns the remaining 9.0%.

WillScot was incorporated as a Cayman Islands exempt company, under the name Double Eagle Acquisition Corporation (“Double Eagle”), on June 26, 2015. Prior to November 29, 2017, Double Eagle was a Nasdaq-listed special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. On November 29, 2017, Double Eagle indirectly acquired Williams Scotsman International, Inc. (“WSII”) from Algeco Scotsman S.a r.l., (together with its subsidiaries, the “Algeco Group”), which is majority owned by an investment fund managed by TDR Capital. As part of the transaction (the “Business Combination”), Double Eagle domesticated to Delaware and changed its name to WillScot Corporation.

Basis of Presentation

The consolidated financial statements were prepared in conformity with accounting principles generally accepted in the US (“GAAP”).

Principles of Consolidation

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

The Business Combination was accounted for as a reverse recapitalization in accordance with Accounting Standard Codification (“ASC”) 805, Business Combinations. Although WillScot was the indirect acquirer of WSII for legal purposes, WSII was considered the acquirer for accounting and financial reporting purposes. As a result of WSII being the accounting acquirer, the financial reports filed with the US Securities and Exchange Commission ("SEC") by the Company subsequent to the Business Combination are prepared “as if” WSII is the predecessor and legal successor to the Company. The historical operations of WSII are deemed to be those of the Company. Thus, the financial statements included in this report reflect (i) the historical operating results of WSII prior to the Business Combination; (ii) the combined results of the Company and WSII following the Business Combination on November 29, 2017; (iii) the assets and liabilities of WSII at their historical cost; and (iv) WillScot’s equity structure for all periods presented. The recapitalization of the number of shares of common stock attributable to the purchase of WSII in connection with the Business Combination is reflected retroactively to January 1, 2016 and will be utilized for calculating earnings per share in all prior periods presented. No step-up basis of intangible assets or goodwill was recorded in the Business Combination transaction consistent with the treatment of the transaction as a reverse capitalization of WSII.

As described in further detail in Notes 2 and 3, WSII’s remote accommodations business (the “Remote Accommodations Business”) was transferred to other Algeco Group members on November 28, 2017 in a transaction under common control and was not included as part of the Business Combination. The operating results of the Remote Accommodations Business, net of tax, have been reported as discontinued operations in the consolidated financial statements. Amounts previously reported have been reclassified to conform to this presentation in accordance with ASC 205, Presentation of Financial Statements, to allow for meaningful comparison of continuing operations.

Accounting Estimates

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

Cash and Cash Equivalents

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

Trade Receivables and Allowance for Doubtful Accounts

Trade receivables primarily consist of amounts due from customers from the lease or sale of rental equipment and their delivery and installation. Trade accounts receivable are recorded net of an allowance for doubtful accounts. The allowance for doubtful accounts is based upon the amount of losses expected to be incurred in the collection of these accounts. The estimated losses are based upon a review of outstanding receivables, including specific accounts and the related aging, and of historical collection experience. The Company reviews the adequacy of the allowance on a quarterly basis. Specific accounts are written off against the allowance when management determines the account is uncollectible.

Activity in the allowance for doubtful accounts for the years ended December 31 was as follows:


(in thousands)	2018		2017		2016
Balance at beginning of year	$	4,845	$	4,167	$	2,036
Net charges to bad debt expense	7,656		4,715		4,929
Write-offs	(3,089)		(3,984)		(2,760)
Foreign currency translation and other	(72)		(53)		(38)
Balance at end of year	$	9,340	$	4,845	$	4,167

Occasionally, the Company will have insurance proceeds receivables for damaged or destroyed rental equipment and property, plant, and equipment included in trade receivables. The Company had insurance proceeds receivables of $1.5 million and $5.9 million as of December 31, 2018 and 2017, respectively.

Concentration of Credit Risk

The Company’s trade accounts receivable subject the Company to potential concentrations of credit risk. The Company performs on-going credit evaluations of its customers. Receivables related to sales are generally secured by the product sold to the customer. The Company generally has the right to repossess its rental units in the event of non-payment of receivables relating to the Company’s leasing operations. The Company’s large number of customers in diverse geographic areas and end-markets mitigates the concentration of credit risk. No single customer accounted for more than 1.2% and 4.0% of the Company’s receivables at December 31, 2018 and 2017, respectively. The Company’s top five customers accounted for 3.6% and 10.5% of the receivables at December 31, 2018 and 2017, respectively.

Inventories

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

Rental Equipment

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

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


	Estimated Useful Life	Residual Value
Modular space and portable storage units	10 – 20 years	20 – 50%
VAPS and other related rental equipment	2 – 8 years	0%

Property, Plant and Equipment

Property, plant and equipment is stated at cost, net of accumulated depreciation and impairment losses. Assets leased under capital leases are depreciated over the shorter of the lease term or their useful life, unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. Land is not depreciated. Maintenance and repair costs are expensed as incurred.

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


Type			Estimated Useful Life
Buildings and leasehold improvements			10 – 40 years
Machinery and equipment			3 – 10 years
Furniture and fixtures			7 – 10 years
Software			3 – 5 years

Land improvements for owned properties are amortized over 15 years, and are amortized over the lease term for our leased properties.

Held for Sale

Property, plant and equipment to be sold is classified as held for sale in the period in which: (i) the Company has approved and committed to a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, (iii) an active program to locate a buyer and other actions required to sell the asset have been initiated, (iv) the sale of the asset is probable, (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Assets held for sale are initially measured at the lower of the carrying value or the fair value less cost to sell. Losses resulting from this measurement are recognized in the period in which the held for sale criteria are met while gains are not recognized until the date of sale. Once designated as held for sale, the Company stops recording depreciation expense on the asset. The Company assess the fair value less cost to sell of long-lived assets held for sale at each reporting period until it no longer meets this classification.

Impairment of Property, Plant and Equipment

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

Goodwill and Goodwill Impairment

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

The Company performs its annual impairment test of goodwill at October 1 at the reporting unit level, as well as during any reporting period in which events or changes in circumstances indicate that impairment may have occurred.

When assessing the fair value of the reporting units under the impairment test, management considers both the market approach and the income approach. Under the market approach, the fair value of the reporting unit is based on earnings multiples of comparable companies. Under the income approach, the fair value of the reporting unit is based on the present value of estimated cash flows. The income approach is dependent on a number of significant management assumptions, including estimated future revenue growth rates and discount rates. Other estimates relate to tax rates, operating margins and capital expenditures. Each approach is weighted, based on the circumstances and conditions of the market the reporting units operate in, in arriving at the fair value of the reporting unit.

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

Intangible Assets Other than Goodwill

Intangible assets that are acquired by the Company and determined to have an indefinite useful life are not amortized, but are tested for impairment at least annually. The Company’s indefinite-lived intangible assets consist of the Williams Scotsman trade name. The Company calculates fair value using a relief-from-royalty method. This method is used to estimate the cost savings that accrue to the owner of an intangible asset who would otherwise have to pay royalties or license fees on revenues earned through the use of the asset. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment charge would be recorded to the extent the recorded indefinite-lived intangible asset exceeds the fair value.

Other intangible assets that have finite useful lives are measured at cost less accumulated amortization and impairment losses, if any, and are amortized over their useful lives. The Company's finite-lived intangible assets consist of the Acton and ModSpace trade names and the value of favorable lease rights, which were acquired through the acquisitions discussed in Note 2. Subsequent expenditures for intangible assets are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. Amortization is recognized in profit or loss on an accelerated basis or a straight-line basis over the estimated useful lives of intangible assets. The Acton trade name has a useful life of one year, and the ModSpace trade name has a useful life of three years. The Company has fully integrated Acton as of December 31, 2018, and will not use the Acton trade name for new business going forward. The favorable lease is

amortized over the life of the lease. Amortization of intangible assets is included in other depreciation and amortization in the consolidated statements of operations.

Purchase Accounting

The Company accounts for acquisitions of businesses under the acquisition method. Under the acquisition method of accounting, the Company records assets acquired and liabilities assumed at their estimated fair value on the date of acquisition. Goodwill is measured as the excess of the fair value of the consideration transferred over the fair value of the identifiable net assets. Estimated fair values of acquired assets and liabilities are provisional and could change as additional information is received. Valuations are finalized as soon as practicable, but not later than one year from the acquisition date. Any subsequent changes to purchase price allocations result in a corresponding adjustment to goodwill.

The determination of the fair value of intangible assets requires the use of significant judgment with regard to (i) the fair value; and (ii) whether such intangibles are amortizable or non-amortizable and, if amortizable, the period and the method by which the intangible asset will be amortized. Management estimates the fair value of acquisition-related intangible assets principally based on projections of cash flows that will arise from identifiable intangible assets of acquired businesses. The projected cash flows are discounted to determine the present value of the assets at the dates of acquisition.

Debt Issuance Costs and Debt Discounts

Debt issuance costs and debt discounts are recorded as direct deductions to the corresponding debt in current portion of long-term debt, long-term debt, and notes due to affiliates on the consolidated balance sheets. If no amounts are outstanding under the Company’s ABL facility (see Note 10) as of a period end, the related debt issuance costs are recorded in other non-current assets in the consolidated balance sheets. Debt issuance costs and debt discounts related to the Company’s ABL facility and all other debts and notes are deferred and amortized over the term of the debt, respectively, based on the straight-line method. Debt issuance costs and debt discounts related to all other debts and notes are deferred and amortized over the term of the debt, respectively, based on the effective interest rate method.

Retirement Benefit Obligation

The Company provides benefits to certain of its employees under defined contribution benefit plans. The Company’s contributions to these plans are generally based on a percentage of employee compensation or employee contributions. These plans are funded on a current basis. For its US and Canada employees, the Company sponsors defined contribution benefit plans that have discretionary matching contribution and profit-sharing features. For the years ended December 31, 2018, 2017 and 2016, the Company made matching contributions of $3.8 million, $2.7 million and $2.4 million to these plans, respectively. In 2016, the employer contribution match on the US plan increased from a maximum of 2.5% to 4.5% of an employee’s base salary. The Company did not contribute under the profit-sharing feature during 2018, 2017 and 2016.

Share-Based Payments

For periods prior to the Business Combination, WSII maintained certain share-based payment plans as part of the Algeco Group. The terms of those plans resulted in the awards being treated as liability plans. When the liability was dependent on a performance condition outside of WSII’s control, no accrual was made unless the performance condition was probable. The cost of awards under these plans was measured initially at fair value at the grant date, which was the date at which WSII and the participants had a shared understanding of the terms and conditions of the arrangement. The fair value of awards for which the performance obligation was probable was expensed over the applicable service period with recognition of a corresponding liability. The liability was remeasured to fair value at each reporting date with changes in fair value attributed to vested awards recognized as expense in the period.

On November 16, 2017, the Company’s shareholders approved a new long-term incentive award plan (the “Plan”). The Plan is administered by the Compensation Committee of WillScot's Board of Directors. Under the Plan, the Committee may grant an aggregate of 4,000,000 shares of Class A common stock in the form of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock awards ("RSAs"), restricted stock units ("RSUs"), and performance compensation awards and stock bonus awards. Stock-based payments including the grant of stock options, RSUs, and RSAs are subject to service-based vesting requirements, and expense is recognized on a straight-line basis over the vesting period. Forfeitures are accounted for as they occur.

At December 31, 2018, stock-based payments to employees include grants of stock options and RSUs, which are recognized in the financial statements based on their fair value, and stock-based payments to non-executive directors include grants of RSAs. 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. RSAs vest over a one-year period and RSUs vest over a four-year period.

Stock options vest in tranches over a period of four years and expire ten years from the grant date. The fair value of each stock option award on the grant date is estimated using the Black-Scholes option-pricing model with the following assumptions: expected dividend yield, expected stock price volatility, weighted-average risk-free interest rate and weighted-average expected term of the options. The volatility assumption used in the Black-Scholes option-pricing model is based on peer group volatility as the Company does not have a sufficient trading history as a stand-alone public company. Additionally,

due to an insufficient history with respect to stock option activity and post-vesting cancellations, the expected term assumption is based on the simplified method under GAAP, which is based on the vesting period and contractual term for each tranche of awards. The mid-point between the weighted-average vesting term and the expiration date is used as the expected term under this method. The risk-free interest rate used in the Black-Scholes model is based on the implied US Treasury bill yield curve at the date of grant with a remaining term equal to the Company’s expected term assumption. WillScot has never declared or paid a cash dividend on common shares.

Foreign Currency Translation and Transactions

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

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

Exchange rate adjustments resulting from transactions in foreign currencies (currencies other than the Company entities’ functional currencies) are remeasured to the respective functional currencies using exchange rates at the dates of the transactions and are recognized in profit or loss.

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

Derivative Instruments and Hedging Activities

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

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

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

Revenue Recognition

The Company generates revenue from leasing, selling, delivering, installing, maintaining and removing new and used units. The Company enters into arrangements with a single deliverable as well as multiple deliverables. Revenue under arrangements with multiple deliverables is recognized separately for each unit of accounting with the arrangement consideration allocated based on the relative selling price method. To the extent that multiple contracts with a single counterparty are entered into, management considers whether they should be considered as one contract for accounting purposes.

Modular leasing and services revenue

Income from operating leases is recognized on a straight-line basis over the lease term. Delivery, installation, maintenance and removal services associated with rental activities are recognized upon completion of the related services.

The Company’s lease arrangements typically include lease deliverables, such as the lease of modular space or portable storage units and VAPS, and related non-lease services including delivery, installation, maintenance and removal services. Arrangement consideration is allocated between lease deliverables and non-lease deliverables based on the relative estimated selling (leasing) price of each deliverable. Estimated selling (leasing) price of the lease deliverables and non-lease deliverables is based upon the best estimate of selling price method. Lease agreements typically do not include an option for the lessee to purchase the assets.

When leases and services are billed in advance, recognition of revenue is deferred until services are rendered. If equipment is returned prior to the contractually obligated period, the excess, if any, between the amount the customer is contractually required to pay over the cumulative amount of revenue recognized to date, is recognized as incremental revenue upon return.

Rental equipment is primarily leased under operating leases. Operating lease minimum contractual terms generally range from 1 month to 60 months, and averaged approximately 10 months for the year ended December 31, 2018.

Future committed modular leasing revenues under non-cancelable operating leases with the Company’s customers at December 31, 2018 for the years ended December 31, 2019 - 2023 and thereafter were as follows:


(in thousands)	Operating Leases
2019	$	240,498
2020	78,399
2021	29,372
2022	13,950
2023	5,927
Thereafter	2,570

Leases are often extended or go beyond initial lease periods as month-to-month arrangements and typically include contractural obligations to pay for the dismantle and return of the unit, as well as any billable damages, all of which are not considered in the committed lease revenues presented above.

Sales revenue

Sales revenue is primarily generated by the sale of new and used units. Revenue from the sale of new and used units is recognized upon delivery when there is evidence of an arrangement, the significant risks and rewards of ownership have been transferred to the buyer, the price is fixed or determinable and collectability is reasonably assured.

A portion of the Company's sales revenue is derived from certain contracts primarily with customers inherited from ModSpace where revenue is recognized using percentage of completion ("POC") accounting. POC accounting is used when reasonably dependable estimates can be made regarding the outcome of the contract. For all other sales contracts, the Company uses the completed-contract method. Under POC accounting, income is recognized in proportion to the costs incurred to date under the contract compared to estimated total costs of the project. If a contract is expected to result in a loss, it will be recognized in profit or loss in the period in which that determination is made. For each POC contract in progress, an asset (costs in excess of billings included in prepaid and other current assets) or a liability (billings in excess of costs in accrued liabilities) is recognized.

Advertising and Promotion

Advertising and promotion expense, which is expensed as incurred, was $4.4 million, $3.3 million and $2.9 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Shipping Costs

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

Income Taxes

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

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

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

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

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

Fair Value Measurements

The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The inputs are prioritized into three levels that may be used to measure fair value. See further discussion of the levels in Note 15.

Recently Issued and Adopted Accounting Standards

The Company qualifies as an emerging growth company (“EGC”) as defined under the Jumpstart Our Business Startups Act (the “JOBS Act”). Using exemptions provided under the JOBS Act, the Company has elected to defer compliance with new or revised financial accounting standards until a company that is not an issuer (as defined under section 2(a) of the Sarbanes-Oxley Act) is required to comply with such standards. As such, compliance dates included below pertain to non-issuers, and as permitted, early adoption dates for non-issuers are indicated.

Subject to limited exception, WillScot will cease to be EGC on the earlier of (i) the last day of the fiscal year in which WillScot’s annual gross revenues exceed $1.07 billion, (ii) the date on which the Company issues more than $1.0 billion in nonconvertible debt securities during the preceding three-year period, and (iii) the date on which WillScot is deemed to be a large accelerated filer under the SEC’s rules. WillScot will be deemed to be a large accelerated filer at December 31, 2019 if the value of its Class A common stock held by non-affiliates at June 30, 2019 exceeds $700 million.

Recently Issued Accounting Standards

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), which prescribes a single comprehensive model for entities to use in the accounting for revenue arising from contracts with customers. The new guidance will supersede virtually all existing revenue guidance under GAAP and is effective for annual reporting periods beginning after December 15, 2018. Early adoption for non-public entities was permitted starting with annual reporting periods beginning after December 15, 2016. The core principle contemplated by this new standard was that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount reflecting the consideration to which the entity expects to be entitled in exchange for those goods or services. New disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. In April and May 2016, the FASB also issued clarifying updates to the new standard specifically to address certain core principles including the identification of performance obligations, licensing guidance, the assessment of the collectability criterion, the presentation of taxes collected from customers, non-cash considerations, contract modifications and completed contracts at transition.

The Company has finalized its evaluation of the impact that the updated guidance will have on the Company’s financial statements and related disclosures. Based on the Company’s procedures performed, the Company has concluded that the adoption of Topic 606 will not have a material impact on the Company’s financial statements. From a financial statement disclosure perspective, the Company will provide additional disclosures and details regarding the disaggregation of revenue and contract balances. The Company is required to adopt the standard as of January 1, 2019 and plans to first present financial statements that reflect the adoption in the first quarter of 2019 under the modified retrospective transition approach.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This guidance revises existing practice related to accounting for leases under ASC Topic 840, Leases (“ASC 840”) for both lessees and lessors. The new guidance requires lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The lease liability will be equal to the present value of lease payments and the right-of-use asset will be based on the lease liability, subject to adjustment such as for initial direct costs. For income statement purposes, the new standard retains a dual model similar to ASC 840, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current accounting by lessees for operating leases under ASC 840) while finance leases will result in a front-loaded expense pattern (similar to current accounting by lessees for capital leases under ASC 840). While the new standard maintains similar accounting for lessors as under ASC 840, the new standard reflects updates to, among other things, align with certain changes to the lessee model.

The new standard is effective for non-public entities for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted for all entities. However, based on WillScot's expectation that it will cease to be an EGC as of December 31, 2019, the Company plans to adopt the new standard in the fourth quarter of 2019. Adoption of the new standard would be required sooner if WillScot loses EGC eligibility earlier than anticipated.

The guidance includes a number of practical expedients that the Company is evaluating and may elect to apply. The adoption of the new standard will require the Company to recognize right-of-use assets and lease liabilities that will be significant to its consolidated balance sheet. The Company will continue to evaluate the impact of this guidance on its financial position, results of operations, and cash flows. The Company plans to update its systems, processes and internal controls to meet the new reporting and disclosure requirements.

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326), which prescribes that financial assets (or a group of financial assets) should be measured at amortized cost basis to be presented at the net amount expected to be collected. Credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. The new standard is effective for non-public entities for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Early adoption is permitted for all entities for the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.

Recently Adopted Accounting Standards

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

In December 2017, shortly after the Tax Cuts and Jobs Act (the “Tax Act”) was enacted, the SEC issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”) which provides guidance on accounting for the Tax Act’s impact. SAB 118 provides a measurement period, which in no case should extend beyond one year from the Tax Act enactment date, during which a company acting in good faith may complete the accounting for the impacts of the Tax Act under ASC Topic 740. Per SAB 118, companies must reflect the income tax effects of the Tax Act in the reporting period in which the accounting under ASC Topic 740 is complete. To the extent the accounting for certain income tax effects of the Tax Act is incomplete, companies can determine a reasonable estimate for those effects and record a provisional estimate in the financial statements in the first reporting period in which a reasonable estimate can be determined. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 based on the provisions of the tax laws that were in effect immediately prior to the Tax Act being enacted. If a company is unable to provide a reasonable estimate of the impacts of the Tax Act in a reporting period, a provisional amount must be recorded in the first reporting period in which a reasonable estimate can be determined. As a result of the Tax Act, in 2017, the Company remeasured its net deferred tax liabilities and recognized a provisional net benefit of $28.1 million. In addition, the Company recorded a provisional income tax expense of $2.4 million in 2017 related to the deemed repatriation of foreign earnings and a $50.5 million valuation allowance on the Company's deferred tax assets. The Company completed its analysis of the impact of the US tax reform in the fourth quarter of 2018 and recognized a tax benefit of approximately $20.7 million in 2018 to the provisional amounts recorded in its financial statements for the year ended December 31, 2017 (mainly due to a reduction in the valuation allowance - See Note 13),

The Tax Act also enacted Global Intangible Low-Tax Income (“GILTI”), which imposes tax on certain of the Company's foreign subsidiaries' earnings. The Company is required to make an accounting policy election on the treatment of GILTI as a period cost for current period expense or to consider its implications in measuring deferred taxes. The Company elected to apply the period cost method. The Company did not have a current period expense for GILTI in 2018.

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging. ASU 2017-12 expands derivative strategies that quality for hedge accounting and amends presentation and disclosure requirements. The guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company elected to early-adopt ASU 2017-12 in the fourth quarter of fiscal year 2018. As there were no outstanding hedges prior to adoption, there was no impact from adopting ASU 2017-12 on the Company's consolidated financial statements.

In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging. ASU 2018-16 expands the permissible benchmark interest rates to include the Secured Overnight Financing Rate ("SOFR") to be eligible as a US benchmark interest rate for purposes of applying hedge accounting under Topic 815, Derivatives and Hedging. This ASU is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with early adoption permitted if an entity already has adopted Update 2017-12. The amendments should be adopted on a prospective basis for qualifying new or redesignated hedging relationship entered into on or after the date of adoption. As we are adopting the amendments in ASU 2017-12 in the fourth quarter of 2018, we are adopting the amendments in ASU 2018-16 concurrently. There is no impact on the Company's consolidated financial statements because the benchmark rate on the Company's hedged debt does not utilize the SOFR.

Business Combinations and Acquisitions

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Business Combinations and Acquisitions

2017 Business Combination

Background and Summary

On November 29, 2017, the legal predecessor company consummated the Business Combination pursuant to the terms of the Stock Purchase Agreement, dated as of August 21, 2017, as amended on September 6, 2017 and November 6, 2017 (the “Stock Purchase Agreement”), by and among Double Eagle, WS Holdings, Algeco Group and Algeco Scotsman Holdings Kft., a Hungarian limited liability company (“Algeco Holdings” and, together with Algeco Group, the “Sellers”). Double Eagle, through its wholly-owned subsidiary, WS Holdings, acquired all of the issued and outstanding shares of the common stock of WSII from the Sellers.

Under the Stock Purchase Agreement, WS Holdings purchased WSII for $1.1 billion, of which (A) $1.0215 billion was paid in cash (the “Cash Consideration”) and (B) the remaining $78.5 million was paid to the Sellers, on a pro rata basis, in the form of (i) 8,024,419 shares of common stock, par value $0.0001 per share of WS Holdings, which shares are exchangeable for shares of WillScot’s Class A common stock and (ii) 8,024,419 shares of WillScot’s Class B common stock, par value $0.0001 per share representing a non-economic voting interest in WillScot. The Class B common stock shares can only be held by the Sellers or their permitted transferee. Upon conversion or cancellation of any WS Holdings shares, the corresponding shares of Class B common stock of WillScot are automatically canceled for no consideration. The Class B common stock shares of WillScot have voting rights, but are not entitled to share in dividends or other distributions.

The shares of WillScot Class B common stock issued to the Sellers represented an initial 10% of the issued and outstanding WS Holdings common stock for the year ended December 31, 2017, which is presented in the consolidated balance sheets and statement of changes in equity as a non-controlling interest. For the year ended December 31, 2018, the non-controlling interest has been diluted to 9% as a result of common stock transactions detailed in Note 12. Further, the portion of net loss attributable to the non-controlling interest is separately stated on the consolidated statement of operations, net of tax.

The net proceeds from the Business Combination, as reported in the consolidated statements of cash flows for the year ended December 31, 2017 within the financing section are summarized below:


(in thousands)	Net proceeds
Cash in Double Eagle's Trust (net of redemptions)	$	288,381
Cash from private placement of common stock to TDR affiliate	418,261
Gross cash received by WillScot from Business Combination	706,642
Less: purchase of WSII's outstanding equity	(125,676)
Less: fees to underwriters	(9,188)
Net cash received by WillScot in Recapitalization Transaction	$	571,778

An additional $300.0 million obtained through WSII’s offering of senior secured notes and $190.0 million through WSII’s entry into a new ABL facility are aggregated in receipts from borrowings in the consolidated statements of cash flows.

Prior to the Business Combination, Double Eagle had 49,704,329 of Class A common stock shares outstanding and $500.8 million held in a trust account. In connection with the Business Combination, 21,128,456 shares of Double Eagle’s common stock were redeemed resulting in a total payment to redeeming shareholders of $212.4 million.

The number of shares of Class A and Class B common stock of WillScot issued and outstanding immediately following the consummation of the Business Combination is summarized as follows:


	Number of Shares of Class A Common Stock of WillScot	Number of Shares of Class B Common Stock of WillScot
Double Eagle public shares outstanding prior to the Business Combination	49,704,329	—
Less: Redemption of Double Eagle public shares	21,128,456	—
Plus: Conversion of Double Eagle Class B shares to Double Eagle Class A shares (a)	12,500,000	—
Total Double Eagle shares outstanding immediately prior to the effective date of the Business Combination	41,075,873	—
Class B shares issued as part of consideration for WSII purchase	—	8,024,419
Common shares issued through private placement to TDR affiliate	43,568,901	—
Total shares of common stock of WillScot outstanding at closing, November 29, 2017	84,644,774	8,024,419

(a) 12,425,000 of the converted Class B ordinary shares were placed into escrow as of the Business Combination date and were subject to the earnout arrangement described below. All of the escrowed shares were released to shareholders in 2018.

Upon completion of the Business Combination and the other transactions contemplated by the Stock Purchase Agreement, WSII became an indirect subsidiary of WillScot.

The Company incurred transaction costs related to the Business Combination of $22.1 million, which are included in selling, general and administrative expenses on the consolidated statement of operations for the year ended December 31, 2017.

Algeco Group Restructuring Impact on WillScot

Prior to the effective date of the Business Combination, WSII was a wholly owned subsidiary of the Algeco Group, which is majority owned by an investment fund managed by TDR Capital. Subsequent to the Business Combination, a TDR affiliate is the controlling shareholder of the Company’s common stock. Certain transactions between the Algeco Group and the Company are treated as transfers between entities under common control.

Prior to the Business Combination, the Algeco Group performed an internal restructuring. As part of this reorganization, WSII’s Remote Accommodations Business, which consisted of Target Logistics Management LLC (“Target”) and its subsidiaries and Chard Camp Catering Services (“Chard”), were transferred to another entity within the Algeco Group. As a result, the operating results of the Remote Accommodations Business have been reported as discontinued operations in the Company’s consolidated financial statements (See Note 3).

Prior to the internal restructuring, WSII owned 100% of the equity in Target and Chard. In the internal restructuring, WSII transferred to Algeco Group entities (a) 100% of the equity and assets in Target and Chard, (b) the outstanding notes due from affiliates and related accrued interest receivable, and (c) intercompany receivables with Algeco Group entities, in exchange for the partial settlement of outstanding notes due to affiliates and related accrued interest and the settlement of intercompany liabilities. The notes due to affiliates and the corresponding accrued interest amounts were fully repaid between the internal restructuring non-cash offsetting transfers and the $226.3 million cash payment made in connection with the Business Combination. As a result of the settlement of notes due to affiliates and the transfer of Target and Chard, there was a $19.9 million difference between book value and fair value of transferred amounts. The Company has recorded these amounts to additional paid-in capital in the consolidated balance sheets and statements of changes in equity in accordance with the guidance in ASC 805, Business Combinations, which states that any difference between the fair value of the proceeds and the book value of the related assets in connection with transfers between two entities under common control should be recognized as an equity transaction.

The fair value of Target and Chard were determined using the using the income approach. The estimate of fair value required the Company to use significant unobservable inputs, representative of a Level 3 fair value measurement, including assumptions related to the future performance of reporting units and the markets in which they operate. The Company used discount rates of 16.0% and 14.5% and terminal growth rates of 3.0% and 3.0% to calculate the present value of estimated future cash flows for Chard and Target, respectively. The fair value of the notes due from affiliates and other intercompany amounts was primarily calculated using the pricing of Algeco Global’s publicly traded senior notes assuming that the credit quality of each obligor was equal to that of its parent. The estimate is representative of a Level 2 fair value measurement.

As part of the internal restructuring, WSII also transferred certain employees in corporate functions to another entity in the Algeco Group, as they primarily supported the Algeco Group. Liabilities associated with these employees, primarily pertaining to compensation and benefits, of $7.8 million, were transferred to the Algeco Group as part of this transaction. These amounts were also recorded to additional paid-in capital as a deemed capital contribution as the transfer occurred between two entities under common control.

Private Placement

On November 29, 2017, in connection with the closing of the Business Combination, Sapphire purchased 43,568,901 shares of WillScot’s Class A common stock at a price of $9.60 per share, for a total purchase price of $418.3 million. The proceeds from the private placement, together with other funds, were used by WillScot to effectuate the transactions contemplated by the Business Combination.

In connection with the private placement, the Company, Sapphire and certain other parties entered into a registration rights agreement that amended and restated a 2015 registration rights agreement between Double Eagle and certain of its initial investors. Under the amended and restated registration rights agreement, WillScot provided to Sapphire and the Double Eagle investors customary demand, shelf and piggyback registration rights for unregistered securities held by the shareholders.

Earnout Arrangement

On November 29, 2017, in connection with the closing of the Business Combination, WillScot, Sapphire, Double Eagle Acquisition LLC (“DEAL”) and Harry E. Sloan (together with DEAL, the “Founders”) entered into an earnout agreement (the “Earnout Agreement”), pursuant to which 12,425,000 shares of WillScot Class A common stock held by the Founders were placed in escrow and 14,550,000 warrants to purchase shares of WillScot Class A common stock owned by the Founders were restricted. The escrowed shares and warrant restrictions were subject to release upon the occurrence of certain triggering events set forth in the Earnout Agreement and associated escrow agreement.

On January 19, 2018, 3,106,250 escrowed shares were released to each of the Founders and Sapphire. The release was triggered when the closing price of WillScot’s Class A shares exceeded $12.50 per share for a period of 20 out of 30 trading days.

On August 21, 2018, the remaining escrowed shares were released to the Founders and Sapphire, the Founders transferred 4,850,000 warrants to Sapphire, and the restrictions on the Founders’ warrants lapsed. The releases and warrant transfer were triggered when the Company completed the ModSpace acquisition, which constituted a “Qualifying Acquisition” under the Earnout Agreement. The Earnout Agreement and escrow agreement were effectively terminated upon the release of the escrowed shares and warrant restrictions.

Shareholders Agreement

On November 29, 2017, in connection with the closing of the Business Combination, WillScot and the Sellers entered into a shareholders agreement (the “Shareholders Agreement”) that governs the ownership and operation of WS Holdings. The agreement contains, among other things, (i) preemptive rights that permit Sapphire (to whom the Sellers’ interest was assigned in 2017) to avoid dilution and maintain its ownership percentage in WS Holdings on a fully diluted basis upon any future issuance of shares of WS Holdings or WillScot; (ii) customary tag along and drag along provisions; (iii) protective provisions designed to protect Sapphire from changes to WS Holdings’ organizational documents that would have a materially disproportionate effect on Sapphire; and (iv) transfer restrictions on the shares of WillScot Class B common stock held by Sapphire. The Shareholder Agreement also provides to WillScot a right of first refusal to purchase Sapphire’s shares of WS Holdings, and provides that acquisitions of businesses similar to WSII’s business must be consummated by WS Holdings or one of its wholly-owned subsidiaries.

Exchange Agreement

On November 29, 2017, in connection with the closing of the Business Combination, WillScot, the Sellers and WS Holdings entered into an exchange agreement (the “Exchange Agreement”). Under the agreement, Sapphire (to whom the Sellers’ interest was assigned in 2017) acquired the right at any time prior to November 29, 2022, to exchange all, but not less than all, of its WS Holdings shares into new shares of WillScot Class A common stock in a private placement.

Subject to potential adjustment, Sapphire’s common shares of WS Holdings (representing Sapphire’s then-current ownership percentage of WS Holdings) are exchangeable into new WillScot Class A shares representing an equal ownership percentage of WillScot Class A common stock. The exchange ratio is subject to adjustment based on, among other things, (i) Sapphire’s election to exercise, or to refrain from exercising, its preemptive rights under the Shareholders Agreement and (ii) the dilutive effect of certain issuances of equity securities and derivatives by WS Holdings or WillScot that do not trigger such preemptive rights. Upon Sapphire’s exercise of its exchange right, WillScot will automatically redeem for no consideration all of its Class B common shares owned by Sapphire.

Acton Acquisition

On December 20, 2017, the Company acquired 100% of the issued and outstanding ownership interests of Acton Mobile Holdings LLC (“Acton”) for a cash purchase price of $237.1 million, subject to certain adjustments. Acton owned New Acton Mobile Industries, which provided modular space and portable storage rental services across the US. The acquisition was funded by cash on hand and borrowings under the ABL Facility.

The Company finalized its allocation of fair value for the Acton acquisition in the fourth quarter of 2018. Through December 31, 2018 the Company recorded adjustments to the Acton opening balance sheet, which increased accrued liabilities, deferred revenue, receivables, and deferred tax assets by $2.4 million, $0.6 million, $1.9 million, and $2.6 million respectively, and decreased rental equipment by $2.4 million. The offset of these adjustments was recorded to goodwill as detailed in Note 8.

Pro forma results are presented in aggregate with the ModSpace acquisition below.

Tyson Acquisition

On January 3, 2018, the Company acquired all of the issued and outstanding membership interests of Onsite Space LLC (d/b/a Tyson Onsite (“Tyson”)). Tyson provided modular space rental services in the Midwest, primarily in Indiana, Illinois and Missouri. The acquisition date fair value of the consideration transferred consisted of $24.0 million in cash consideration, net of cash acquired. The transaction was funded by borrowings under the ABL Facility.

The Company finalized its allocation of fair value for the Tyson acquisition in the fourth quarter of 2018 and recorded goodwill of $3.1 million as a result of the Tyson acquisition.

Tyson results were immaterial to the condensed consolidated statements of operations for the year ended December 31, 2018, and as a result, the Company is not presenting pro forma information.

ModSpace Acquisition

On August 15, 2018, the Company acquired ModSpace, a privately-owned national provider of office trailers, portable storage units and modular buildings. The acquisition was consummated by merging a special purpose subsidiary of the Company with and into ModSpace, with ModSpace surviving the merger as a subsidiary of WSII. The Company acquired ModSpace to create long-term shareholder value driven by, among other things, economies of scale, cost synergies and

revenue opportunities unique to a combination of WillScot's and ModSpace's operations, and other benefits associated with being an industry-leading specialty rental services provider.

The aggregate purchase price for ModSpace was $1.2 billion and consisted of (i) $1.1 billion in cash, (ii) 6,458,229 shares of WillScot's Class A common stock with a fair market value of $95.8 million, (iii) warrants to purchase an aggregate of 10,000,000 shares of WillScot’s Class A common stock at an exercise price of $15.50 per share (the "2018 Warrants") with a fair market value of $52.3 million, and (iv) a working capital adjustment of $4.7 million. Of the cash consideration, $3.0 million was deposited into an escrow account to fund any post-closing adjustments from differences between the estimated working capital and the actual working capital of ModSpace at closing. During the fourth quarter, the working capital adjustment was finalized pursuant to the terms of the purchase agreement and the Company received $1.0 million of the escrowed $3.0 million. As a result, the purchase price was reduced by $1.0 million. The acquisition was funded by the net proceeds of WillScot's issuance of 9,200,000 shares of Class A common stock (see Note 12), the net proceeds of WSII’s issuance of $300.0 million in senior secured notes and $200.0 million in senior unsecured notes (see Note 10), and borrowings under the ABL Facility (see Note 10).

The purchase price has been determined to be as follows:


(in thousands, expect for per share amounts)	Price
Cash	$	1,054,416
Stock consideration (a)	95,796
2018 Warrants (b)	52,310
Working capital adjustment (c)	4,724
Total purchase price	$	1,207,246

(a) The fair market value of the Class A shares issued as consideration was determined using the closing price on August 15, 2018 of $15.78 per share less a discount of 6.0%, based on lock-up restrictions contemplated by the merger agreement.

(b) Warrants were valued assuming a fair market value of $5.23 as estimated using a Black-Scholes valuation model as of August 15, 2018.

The acquisition date fair value of the stock consideration was estimated using a Black-Scholes valuation model. The estimated fair value of the shares is a Level 3 fair value measurement, as defined in Note 15. The fair value of each share is estimated using the Black-Scholes option pricing model with the following assumptions: expected dividend yield, expected stock price volatility, weighted-average risk-free interest rate and average expected term of the lock-up period on the shares. The volatility assumption used in the Black-Scholes option-pricing model is derived from the historical daily change in the market price of the WillScot's common stock, as well as the historical daily changes in the market price of its peer group, based on weighting, as determined by the Company, and over a time period equivalent to the lock-up restriction. The risk-free interest rate used in the Black-Scholes model is based on the implied US Treasury bill yield curve at the date of grant with a remaining term equal to the Company’s expected term assumption. WillScot has never declared or paid a cash dividend on common shares.


Expected volatility	28.6	%
Risk-free rate of interest	2.2	%
Dividend Yield	—	%
Expected life (years)	0.5

The acquisition date fair value of the 2018 Warrants was estimated using a Black-Scholes valuation model. The estimated fair value of the warrants is a level 3 fair value measurement. The fair value of each warrant is estimated using the Black-Scholes option-pricing model with the following assumptions: expected dividend yield, expected stock price volatility, weighted-average risk-free interest rate and weighted-average expected term of the warrants. The volatility assumption used in the Black-Scholes option-pricing model is derived from the historical daily change in the market price of WillScot's common stock, as well as the historical daily changes in the market price of its peer group, based on weighting, as determined by the Company, and over a time period equivalent to the warrant term. The risk-free interest rate used in the Black-Scholes model is based on the implied US Treasury bill yield curve at the date of grant with a remaining term equal to the Company’s expected term assumption. WillScot has never declared or paid a cash dividend on common shares.


Expected volatility	35.0	%
Risk-free rate of interest	2.7	%
Dividend Yield	—	%
Expected life (years)	4.3

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date, August 15, 2018. The Company’s estimated fair value of ModSpace’s assets acquired and liabilities assumed

on the acquisition date are determined based on preliminary valuations and analyses. Accordingly, the Company has made provisional estimates for the assets acquired and liabilities assumed. The valuation of intangible assets acquired is based on certain valuation assumptions yet to be finalized, including cash flow projections, discount rates, contributory asset charges and other valuation model inputs. The valuation of tangible long-lived assets acquired is dependent upon, among other things, refinement of the inputs in the valuation model and an analysis of the condition and estimated remaining useful lives of the assets acquired. In addition to finalizing the valuation of acquired assets, the Company is analyzing complex provisions of tax law regarding treatment of tax attributes upon ModSpace's March 2017 emergence from bankruptcy, implications of the Tax Act as well as scheduling the reversal of deferred tax balances thereof. The Company established valuation allowance on acquired deferred tax assets in the amount of $23.6 million for the amount that is not more likely than not realizable as part of business combination accounting resulting in a net deferred tax asset as of the acquisition date of $1.9 million. The final allocation of the fair value of the ModSpace acquisition, including the final allocation of goodwill to our reporting units was not complete as of December 31, 2018, but will be finalized within the allowable measurement period.

Purchase Price


(in thousands)	Value
Trade receivables, net (a)	$	81,320
Prepaid expenses and other current assets	17,342
Inventories	4,757
Rental equipment	853,986
Property, plant and equipment	110,413
Intangible assets:
Favorable leases (b)	3,976
Trade name (b)	3,000
Deferred tax assets, net	1,855
Total identifiable assets acquired	$	1,076,649

Accrued liabilities	$	31,551
Accounts payable	37,678
Deferred revenue and customer deposits	15,938
Total liabilities assumed	$	85,167

Total goodwill (c)	$	215,764

(a) The fair value of accounts receivable was $81.3 million and the gross contractual amount was $86.5 million. The Company estimated that $5.2 million is uncollectible.

(b) The trade name has an estimated useful life of 3 years. The favorable lease asset has an estimated useful life of 6 years.

(c) The goodwill is reflective of ModSpace’s going concern value and operational synergies that the Company expects to achieve that would not be available to other market participants. The goodwill represented on the balance sheet is not deductible for income tax purposes. The goodwill is allocated to the Modular – US and Modular – Other North America segments, defined in Note 19, in the amounts of $180.6 million and $35.1 million, respectively.

Since the acquisition date, significant amounts of fleet have been moved between legacy WillScot locations and the acquired ModSpace locations, and it is not practicable to reasonably estimate the revenue and earnings of ModSpace separately since the acquisition date.

The unaudited pro forma information below has been prepared using the purchase method of accounting, giving effect to the Acton and ModSpace acquisitions as if they had been completed on January 1, 2017. The pro forma information is not necessarily indicative of the Company’s results of operations had the acquisitions been completed on the above dates, nor is it necessarily indicative of the Company’s future results. The pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisitions, and also does not reflect additional revenue opportunities following the acquisitions.


	Year Ended December 31,
(in thousands)	2018 (a) (unaudited)			2017 (a) (unaudited)
WillScot revenues	$	751,412		$	445,942	(b)
Acton and ModSpace revenues	312,609			537,393		(c)
Pro forma revenues	$	1,064,021		$	983,335

WillScot pre-tax loss	$	(92,172)		$	(165,398)	(d)
Acton and ModSpace pre-tax loss	(7,457)			(111,319)		(c)
Pre-tax loss before pro forma adjustments	(99,629)			(276,717)
Pro forma adjustments to combined pre-tax loss:
Impact of fair value mark-ups/useful life changes on depreciation	10,135			13,557		(e)
Intangible asset amortization	(625)		(f)	(1,708)		(f)
Interest expense	(41,178)		(g)	(75,031)		(h)
Elimination of ModSpace interest	20,279		(i)	45,461		(i)
Pro forma pre-tax loss	(111,018)		(j)	(294,438)
Income tax benefit	(43,462)		(k)	(34,228)		(k)
Income from discontinued operations	—			14,650
Pro forma net loss	$	(67,556)		$	(245,560)

(a) Pro forma results for the year ended December 31, 2017 reflects both Acton and ModSpace historic activity. Pro forma results for the year ended December 31, 2018 include ModSpace historic activity, but do not reflect any adjustments for Acton, as they were included in WillScot results for the entire year. Post-acquisition ModSpace and Acton revenues and pre-tax income are reflected in WillScot's historic revenue and pre-tax income amounts.

(b) Excludes historic revenues and pre-tax income from discontinued operations.

(c) Historic Acton revenues were $93.9 million and historic ModSpace revenues were $443.5 million, respectively, for the year ended December 31, 2017. Historic Acton pre-tax loss was $3.2 million and historic ModSpace pre-tax loss was $108.1 million, respectively, for the year ended December 31, 2017.

(d) Excludes historic revenues and pre-tax income from discontinued operations. Includes historic Corporate and other selling, general and administrative expenses ("SG&A") related to Algeco Group costs, which were $45.1 million for the year ended December 31, 2017.

(e) Depreciation of rental equipment and non-rental depreciation were adjusted for the fair value mark-ups of equipment acquired in the Acton and ModSpace acquisitions. For the year ended December 31, 2017, Acton had additional depreciation expense of $5.3 million and ModSpace had a reduction of $18.9 million.

(f) Amortization of the trade names acquired. A value of $0.7 million was assigned to the Acton tradename, which was amortized over one year. The ModSpace tradename was assigned a value of $3.0 million and will be amortized over three years.

(g) In connection with the ModSpace acquisition, the Company drew an incremental $419.0 million on the ABL Facility and issued $300.0 million of 2023 Secured Notes and $200.0 million of Unsecured Notes (see Note 10). As of December 31, 2018 the weighted-average interest rate for the aforementioned borrowings was 6.54%. Interest expense includes amortization of related deferred financing fees on debt incurred in conjunction with the ModSpace acquisition.

(h) In connection with the Acton acquisition, the Company drew $237.1 million on the ABL Facility. The weighted-average interest rate of ABL borrowings was 4.02%. In connection with the ModSpace acquisition, the Company drew an incremental $419.0 million on the ABL Facility and issued $300.0 million of secured notes and $200.0 million of unsecured notes. The weighted-average interest rate of all ModSpace acquisition borrowings was 6.54%. Interest expense includes amortization of related deferred financing fees on debt incurred in conjunction with ModSpace acquisition.

(i) Interest on Acton and ModSpace historic debt was eliminated. Historic Acton interest was $5.1 million and historic ModSpace interest was $40.4 million, respectively, for the year ended December 31, 2017.

(j) Pro forma pre-tax loss includes $15.5 million of restructuring expense, $30.0 million of integration costs, and $20.1 million of transaction costs incurred by WillScot for the year ended December 31, 2018. Additionally, pro forma pre-tax loss for the year ended December 31, 2018 also includes $20.5 million of interest expense associated with bridge financing fees incurred in connection with the acquisition of ModSpace.

(k) As the combined pro forma company was in a tax loss position in 2018 and 2017, all pro forma adjustments for US tax effects are at the federal and state US statutory tax rate of 25.8% since the adjustments represent future deductible or taxable temporary differences.

Transaction and Integration Costs

The Company incurred $30.0 million in integration costs associated with the Tyson, Acton, and ModSpace acquisitions within SG&A expenses, as well as $20.1 million in transaction costs related to its acquisition activity in the year ended December 31, 2018. The Company incurred $1.8 million in transaction costs as part of the Acton acquisition and $22.1 million in transaction costs as part of the Business Combination during the year ended December 31, 2017.

Discontinued Operations

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

WSII’s Remote Accommodations Business was transferred to another entity included in the Algeco Group prior to the Business Combination.

Historically, the Remote Accommodations Business leased rental equipment from WSII. After the Business Combination, several lease agreements for rental equipment still exist between the Company and Target. The lease revenue associated with these agreements is disclosed in Note 20. The Company also had rental unit sales to Target during the year ended December 31, 2018, which is disclosed in Note 20.

As a result of the transactions discussed above, the Remote Accommodations segment has been reported as discontinued operations in the condensed consolidated statements of operations for the years ended December 31, 2017 and 2016, and has no impact on the financial statements in 2018.

Significant Accounting Policies Related to Discontinued Operations

Revenue Recognition - Remote Accommodations

Revenue related to the Remote Accommodations Business, such as lodging and related ancillary services, was recognized pursuant to the terms of the contractual relationships with customers in the period in which services were provided. In some contracts, rates varied over the contract term. In these cases, revenue was generally recognized on a straight-line basis over the contract. Certain of the remote accommodations arrangements contained a lease of the lodging facilities and other non-lease services. Arrangement consideration was allocated between lodging and services based on the relative estimated selling price of each deliverable. The estimated price of the lodging and services deliverables was based on the price of lodging and services when sold separately, or based upon the best estimate of selling price method.

Remote Accommodations Business revenue pertained entirely to the Remote Accommodations segment (see Note 19). There were no revenues or costs related to the Remote Accommodations segment for the year ended December 31, 2018. Revenues and costs related to the Remote Accommodations Business for the period ended November 28, 2017, and the year ended December 31, 2016, were as follows:


(in thousands)	Period Ended November 28, 2017		Year Ended December 31, 2016
Remote accommodations revenue:
Lease revenue	$	53,571	$	79,957
Service revenue	67,282		69,510
Total remote accommodations revenue	$	120,853	$	149,467

Remote accommodation costs:
Cost of leases	$	7,837	$	9,562
Cost of services	46,134		41,583
Total remote accommodations costs	$	53,971	$	51,145

Rental Equipment - Remote Accommodations

Remote accommodations rental equipment was measured at cost less accumulated depreciation and impairment losses. Cost included expenditures that were directly attributable to the acquisition of the asset. Costs of improvements and betterments to remote accommodations rental equipment were capitalized when such costs extended the useful life of the equipment or increased the rental value of the unit. Costs incurred for remote accommodations equipment to meet a particular customer specification were capitalized and depreciated over the lease term, taking in consideration the residual value of the asset. Maintenance and repair costs were expensed as incurred.

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


	Estimated Useful Life	Residual Value
Remote accommodations	15 years	0 - 25%

Results from Discontinued Operations

There was no income (loss) from discontinued operations, net of tax, for the year ended December 31, 2018. Income from discontinued operations, net of tax, for the period ended November 28, 2017, and the year ended December 31, 2016, were as follows:


(in thousands)	Period Ended November 28, 2017		Year Ended December 31, 2016
Remote accommodations revenue	$	120,853	$	149,467
Rental unit sales	1,522		—
Remote accommodations costs of leasing and services	53,971		51,145
Rental unit cost of sales	901		—
Depreciation of rental equipment	21,995		36,300
Gross profit	45,508		62,022
Selling, general and administrative expenses	11,513		13,883
Other depreciation and amortization	4,589		5,029
Restructuring costs	1,714		—
Change in fair value of contingent considerations	—		(4,581)
Other income	(52)		(394)
Operating profit	27,744		48,085
Interest expense	2,444		2,346
Income from discontinued operations, before income tax	25,300		45,739
Income tax expense	10,650		13,544
Income from discontinued operations, net of tax	$	14,650	$	32,195

There were no assets and liabilities remaining related to discontinued operations on the Company’s consolidated balance sheet at December 31, 2018 or 2017.

Cash flows from the Company’s discontinued operations are included in the consolidated statements of cash flows. There were no cash flows from discontinued operations for the year ended December 31, 2018. The significant cash flow items from discontinued operations for the years ended December 31, 2017 and 2016 were as follows:


(in thousands)	2017		2016
Depreciation and amortization	$	26,584	$	41,329
Capital expenditures	$	9,890	$	5,125
Change in fair value of contingent consideration	$	—	$	(4,581)

Inventories

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Inventories

Inventories at December 31, consisted of the following:


(in thousands)	2018		2017
Raw materials and consumables	$	16,022	$	10,082
Work in process	196		—
Total inventories	$	16,218	$	10,082

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2018

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets at December 31 consisted of the following:


(in thousands)	2018		2017
Prepaid expenses	$	9,200	$	4,829
Other current assets	12,506		6,004
Receivables due from affiliates	122		2,863
Total prepaid expenses and other current assets	$	21,828	$	13,696

Rental Equipment, Net

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Rental Equipment, Net

Rental Equipment, net

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


(in thousands)	2018		2017
Modular units and portable storage	$	2,333,776	$	1,385,901
Value added products	90,526		59,566
Total rental equipment	2,424,302		1,445,467
Less: accumulated depreciation	(495,012)		(405,321)
Rental equipment, net	$	1,929,290	$	1,040,146

During the year ended December 31, 2018, the Company received $9.3 million in insurance proceeds related to assets damaged during Hurricane Harvey. The insurance proceeds exceeded the book value of damaged assets, and the Company recorded gains of $4.8 million which are reflected in other (income) expense, net, on the consolidated statements of operations for the year ended December 31, 2018.

Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

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


(in thousands)	2018		2017
Land, buildings and leasehold improvements	$	185,870	$	89,941
Manufacturing and office equipment	58,481		47,882
Software and other	29,632		26,598
Total other property, plant and equipment	273,983		164,421
Less: accumulated depreciation	(90,233)		(80,755)
Property, plant and equipment, net	$	183,750	$	83,666

Depreciation expense related to property, plant and equipment was $12.2 million, $8.7 million and $9.0 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Included in property, plant and equipment are certain assets under capital leases. The gross cost of property, plant and equipment assets under capital leases was $0.8 million and $3.4 million as of December 31, 2018 and 2017, respectively. The accumulated depreciation related to property, plant and equipment assets under capital leases was $0.7 million and $3.2 million as of December 31, 2018 and 2017, respectively. The depreciation expense for these assets is presented in other depreciation and amortization in the consolidated statement of operations. As more fully disclosed in Note 10, the Company has entered into various sale leaseback transactions associated with several of its branches in North America. The net book value of the assets under sale leaseback transactions that are included in property, plant and equipment was $31.3 million and $33.1 million as of December 31, 2018 and 2017, respectively.

In the fourth quarter of 2018, the Company reclassified certain branch facilities from property, plant and equipment to held for sale. As the fair value less cost to sell was less than the carrying value of these assets, we recognized an impairment charge of $1.6 million. The fair value of the assets held for sale is a Level 2 investment and was measured using current sales prices for comparable assets in the market.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

Changes in the carrying amount of goodwill were as follows:


	Modular – US		Modular – Other North America		Total
Balance at December 31, 2016	$	—	$	56,811	$	56,811
Acquisition of a business	28,609		—		28,609
Effects of movements in foreign exchange rates	—		3,932		3,932
Impairment losses	—		(60,743)		(60,743)
Balance at December 31, 2017	28,609		—		28,609
Acquisition of businesses	183,711		35,128		218,839
Changes to preliminary purchase price allocations	944		—		944
Effects of movements in foreign exchange rates	—		(1,375)		(1,375)
Balance at December 31, 2018	$	213,264	$	33,753	$	247,017

As discussed in further detail in Note 2, the Company acquired ModSpace in August 2018. A preliminary valuation of the acquired net assets of ModSpace resulted in the recognition of $180.6 million and $35.1 million of goodwill in the Modular - US segment and Modular - Other North America segment, defined in Note 19, which the Company expects will be non-deductible for income tax purposes. The Company expects to finalize the valuation of the acquired net assets of ModSpace within the one-year measurement period from the date of acquisition.

As described in Note 2, the Company acquired Tyson in January 2018. The Company concluded the valuation of the acquired net assets of Tyson in the fourth quarter of 2018, resulting in the recognition of $3.1 million of goodwill in the US segment.

As discussed in further detail in Note 2, the Company acquired Acton in December 2017. A preliminary valuation of the acquired net assets of Acton resulted in the recognition of $28.6 million of goodwill to the Modular - US segment, as defined in Note 19, for the year ended December 31, 2017. During the year ended December 31, 2018, the Company made net adjustments of $0.9 million that decreased the acquired net assets of Acton, due to further evaluation of rental equipment and non-indemnified liabilities partially offset by changes in insurance-related receivables and deferred tax assets.

Annual Goodwill Impairment Analysis

The Company had $28.6 million and $247.0 million of goodwill as of December 31, 2017 and 2018, respectively. Through the acquisition of ModSpace in August 2018, the Company recorded $215.7 million of goodwill, which was allocated to the Company’s US and Canadian reporting units based on preliminary fair values of the assets acquired and liabilities assumed on the acquisition date.

The Company conducted its annual goodwill impairment test by performing a quantitative assessment as of October 1, 2018. After conducting an analysis of the fair value of each reporting unit as of October 1, 2018, the Company determined that there was no impairment of goodwill identified as a result of the annual impairment analysis. The US reporting unit was determined to have a fair value in excess of carrying value of over 100.0% as of October 1, 2018. The Canadian reporting unit was determined to have a fair value in excess of its carrying value of approximately 2.0% as of October 1, 2018.

In December 2018, there was a significant decline in the debt and equity capital markets, including the Company’s stock price, which constituted an indicator of potential impairment in management's judgment. As a result, the Company performed an interim goodwill impairment test as of December 31, 2018. The interim impairment analysis determined that there was no impairment of goodwill for either the US and Canadian reporting units as of December 31, 2018. As of December 31, 2018, the US reporting unit continued to have a fair in excess of carrying value of over 100.0%. The Canadian reporting unit was determined to have a fair value in excess of carrying value of less than 1.0% as of December 31, 2018.

The fair value of the reporting units at October 1, 2018 and December 31, 2018 were determined based on the income approach. The income approach requires management to make certain estimates and judgments. To estimate its projected cash flows, management uses estimates of economic and market information, including growth rates in revenues and costs, working capital and capital expenditure requirements, operating margins, and projected foreign exchange rates and tax rates where applicable. Several of the assumptions used in the discounted cash flow analysis are based upon a multi-year financial plan. The annual planning process takes into consideration many factors including: historical results and operating performance, related industry trends, pricing and other commercial strategies, operational considerations, and market data, among other things. Assumptions are also made for periods beyond the multi-year financial plan period.

The discount rate used in the income approach is determined using a weighted-average cost of capital and reflects the risks and uncertainties in the cash flow estimates for the Company’s reporting units. The weighted-average cost of capital includes a cost of debt and equity. The cost of equity is estimated using the capital asset pricing model, which includes inputs for a long-term risk-free rate, equity risk premium, company/small stock risk premium, an asset beta appropriate for the assets in the reporting unit, as well as Company-specific premiums or discounts that may be applied based on management’s judgment.

There are inherent uncertainties and judgments involved when determining the fair value of the reporting units for purposes of the Company’s annual goodwill impairment testing. The success of the reporting unit depends on the achievement of certain key assumptions developed by management that are used in the discounted cash flow analyses. These are contingent upon various factors including, but not limited to (i) achieving revenue growth through pricing, increased units on rent, increased penetration of value added products and services, and other commercial strategies, (ii) efficient management of our operations and our fleet through maintenance and capital investment, and, (iii) achieving margin expectations, including integration synergies with acquired companies. In addition, some of the estimates and assumptions used in determining fair value of the reporting units including the discount rate, foreign currency rates, and growth rates utilize inputs that are outside the control of management and dependent on market and economic conditions These assumptions are inherently uncertain and deterioration of market and economic conditions would adversely impact the Company's ability to meet its projected results and would affect the fair value of the reporting units.

The estimates of fair value are sensitive to the aforementioned inputs to the valuation approach. If any one of the above inputs changes, it could reduce or increase the estimated fair value of the affected reporting unit. A reduction in the fair value of a reporting unit could result in an impairment charge up to the full amount of goodwill reported. Some of the inputs, such as forecasts of revenue and earnings growth, are subject to change given their operational uncertainty. Other inputs, such as the discount rate and foreign currency rates, are subject to change as they are outside of our control.

At December 31, 2018, there was $33.8 million of goodwill allocated to the Canadian reporting unit. If all assumptions were held constant, a 1% increase in the discount rate would result in a $30.9 million decrease in the estimated fair value of the Canadian reporting unit and would result in impairment of a portion of the Company’s goodwill. A 1% decrease in the discount rate would result in a $41.1 million increase in the estimated fair value of the Canadian reporting unit. We continue to monitor actual results versus forecasted results and external factors that may impact the enterprise value of the reporting unit.

Although the Company believes that it has sufficient historical and projected information available to test for goodwill impairment, it is possible that actual results could differ from the estimates used in its impairment tests. Of the key assumptions that impact the goodwill impairment test, the expected future cash flows, discount rate and foreign exchange rates are among the most sensitive and are considered to be critical assumptions. Changes to these estimates could have an effect on the estimated fair value of each of the Company’s reporting units.

The Company recognized a goodwill impairment charge in 2017 of $60.7 million, equal to the difference between the carrying value and estimated fair value of the Canadian reporting unit, limited to the value of the Canadian goodwill at the impairment assessment date, during the fourth quarter of 2017. The impairment was primarily driven by a longer expected recovery period in the estimated future cash flows for the reporting unit, specifically as it related to customers in the oil and gas industry. The Canadian reporting unit had seen an increase in lease volume, but had continued to see declines in pricing and margin.

The Company recognized a goodwill impairment charge in 2016 of $5.5 million, associated with the Mexico reporting unit, which is included in the Modular - Other North America segment. The impairment was the result of a decline in the operating results and a re-evaluation of future growth.

Accumulated goodwill impairment losses were $792.8 million, $792.8 million and $732.0 million as of December 31, 2018, 2017 and 2016, respectively. The $792.8 million of accumulated impairment losses as of December 31, 2018 includes: $726.5 million of losses pertaining to the Modular - US segment and $66.3 million of losses pertaining to the Modular - Other North America segment, respectively.

Intangibles

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


	December 31, 2018
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Favorable lease rights	6.7	$	4,523	$	(347)	$	4,176
ModSpace trade name	2.7	3,000		(375)		2,625
Total intangible assets subject to amortization		7,523		(722)		6,801

Indefinite-lived intangible assets:
Trade names		125,000		—		125,000
Total intangible assets other than goodwill		$	132,523	$	(722)	$	131,801


	December 31, 2017
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Favorable lease rights	7.8	$	551	$	—	$	551
Acton trade name	1.0	708		—		708
Total intangible assets subject to amortization		1,259		—		1,259

Indefinite-lived intangible assets:
Trade names		125,000		—		125,000
Total intangible assets other than goodwill		$	126,259	$	—	$	126,259

As discussed in further detail in Note 2, the Company acquired Acton in December 2017. A valuation of the acquired net assets of Acton resulted in the allocation of $1.3 million to definite-lived intangible assets to the Modular - US segment, defined in Note 19.

As described in Note 2, the Company acquired Tyson in January 2018. A valuation of the acquired net assets of Tyson resulted in the recognition of $3.1 million of goodwill in the Modular - US segment, defined in Note 19.

As described in Note 2, the Company acquired ModSpace in August 2018, and preliminarily allocated $3.0 million and $3.9 million to definite-lived intangible assets, related to the ModSpace trade name and favorable lease rights, to the Modular - US segment and $0.1 million of definite-lived intangible assets to the Modular - Other North America segment, defined in Note 19. The trade name has an estimated useful life of three years and the favorable lease asset has an estimated useful life of six years. The Company expects to finalize the valuation of the acquired net assets of ModSpace, including the related intangible assets, within the one-year measurement period from the date of acquisition.

The aggregate amortization expense for intangible assets subject to amortization was $1.4 million for the year ended December 31, 2018, of which $1.1 million was recorded in depreciation and amortization expense, and $0.3 million related to the favorable lease rights was recorded in SG&A. There was no amortization expense for intangible assets subject to amortization for the years ended December 31, 2017 and 2016.

As of December 31, 2018, the expected future amortization expense for intangible assets is as follows:


(in thousands)	Amortization Expense
2019	$	1,785
2020	1,649
2021	1,253
2022	628
2023	628
Thereafter	858
Total	$	6,801

Deferred Revenue and Customer Deposits

12 Months Ended

Dec. 31, 2018

Other Liabilities Disclosure [Abstract]

Deferred Revenue and Customer Deposits

Deferred revenue and customer deposits at December 31 consisted of the following:


(in thousands)	2018		2017
Current:
Deferred revenue	$	68,398	$	37,041
Customer deposits	3,380		8,141
Total current deferred revenue and customer deposits	$	71,778	$	45,182

Long-term:
Deferred revenue	$	7,723	$	4,847
Customer deposits	—		530
Total long-term deferred revenue and customer deposits	$	7,723	$	5,377

Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Debt

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


(in thousands, except rates)	Interest rate	Year of maturity	2018		2017
2022 Secured Notes	7.875%	2022	$	292,258	$	290,687
2023 Secured Notes	6.875%	2023	293,918		—
Unsecured Notes	10.00%	2023	198,931		—
US ABL Facility	Varies	2022	853,409		297,323
Canadian ABL Facility (a)	Varies	2022	—		—
Capital lease and other financing obligations			37,983		38,736
Total debt			1,676,499		626,746
Less: current portion of long-term debt			(1,959)		(1,881)
Total long-term debt			$	1,674,540	$	624,865

(a) As of December 31, 2018, the Company had $0.9 million of outstanding principal borrowings on the Canadian ABL Facility and $2.9 million of related debt issuance costs. $0.9 million of the related debt issuance costs are recorded as a direct offset against the principal of the Canadian ABL Facility and the remaining $2.0 million, in excess of principal, has been included in other non-current assets on the condensed consolidated balance sheet. As there were no principal borrowings outstanding on the Canadian ABL Facility as of December 31, 2017, $1.8 million of debt issuance costs and debt discounts related to the facility are included in other non-current assets on the consolidated balance sheet.

As of December 31, 2018, the aggregate annual principal maturities of debt and capital lease obligations for each of the next five years are as follows:


(in thousands)	Debt		Capital leases and other financing obligations		Total
2019	$	—	$	1,959	$	1,959
2020	—		204		204
2021	—		5,019		5,019
2022	1,179,418		235		1,179,653
2023	500,000		252		500,252
Thereafter	—		31,873		31,873

The Company has debt discount and debt issuance costs recorded as offsets against the carrying value of the ABL Facility, the 2022 Secured Notes, the 2023 Secured Notes, the Unsecured Notes and other financing obligations as discussed in further detail below.

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


(in thousands)	Debt discount and debt issuance cost amortization
2019	$	11,482
2020	11,746
2021	11,999
2022	7,380
2023	1,291
Thereafter	506

ABL Facilities

Former Algeco Group Revolver

Prior to the Business Combination, WSII depended on the Algeco Group for financing, which centrally managed all cash management. In October 2012, the Algeco Group entered into a multicurrency asset-based revolving credit facility (the “Algeco Group Revolver”), which had a maximum aggregate availability of the equivalent of $1.355 billion. The maximum borrowing availability to WSII in US dollars and Canadian dollars (“CAD”) was $760.0 million and $175.0 million, respectively. Borrowings under the Algeco Group Revolver bore interest payable on the first day of each quarter for the preceding quarter at

a variable rate based on LIBOR or another applicable regional bank rate plus a margin. The margin varied based on the amount of total borrowings under the Algeco Group Revolver with the margin increasing as borrowings increased.

On March 31, 2017, the Algeco Group Revolver was amended (the “Amended Algeco Group Revolver”) to provide for a maximum availability of the equivalent of $1.1 billion, with a maturity date of July 10, 2018. As amended, the maximum USD and CAD availability to WSII was reduced to $740.0 million and $100.0 million, respectively. WSII incurred $10.2 million in debt issuance costs in connection with the amendment, which were deferred and amortized through the new maturity date.

Borrowings under the Amended Algeco Group Revolver bore interest payable on the first day of each quarter for the preceding quarter at a variable rate based on LIBOR or another applicable regional bank rate plus a margin of 3.75%. Borrowings were secured by a first lien on tangible assets which comprised substantially all Algeco Group rental equipment, property, plant and equipment and trade receivables in the US, Canada, the United Kingdom, Australia and New Zealand.

On November 29, 2017, the $669.5 million that had been drawn by WSII on the Amended Algeco Group Revolver under the direction of the Algeco Group’s centralized treasury function was repaid in full, using the proceeds from the Business Combination (see Note 2), and WSII’s properties were released from all liens related to the Amended Algeco Group Revolver.

Interest expense of $0.0 million, $29.2 million and $23.8 million related to the Algeco Group Revolver and the Amended Algeco Group Revolver was included in the interest expense for the years ended December 31, 2018, 2017 and 2016, respectively.

ABL Facility

On November 29, 2017, WS Holdings, WSII and certain of its subsidiaries entered into an ABL credit agreement (the “ABL Facility”) that provided a senior secured revolving credit facility in the initial aggregate principal amount of up to $600.0 million.

For accounting purposes, the ABL Facility is treated as a modification of the Amended Algeco Group Revolver. Certain of the lenders under the Amended Algeco Group Revolver are also lenders under the ABL Facility. As the borrowing capacity of each of the continuing lenders in the ABL Facility was greater than the borrowing capacity of the Amended Algeco Group Revolver, any unamortized debt issuance costs of continuing lenders were deferred and amortized through the maturity date of the ABL Facility. The amount of unamortized debt issuance costs pertaining to continuing ABL lenders was $3.5 million as of the date of the modification. Any debt issuance costs from the Amended Algeco Group Revolver that pertain to non-continuing lenders were expensed through interest expense on the consolidated statement of operations as of the modification date. The Company recognized a charge of $2.8 million in interest expense related to the write-off of debt issuance costs pertaining to non-continuing lenders for the year ended December 31, 2017. As a result of entering into the ABL Facility, the Company incurred debt issuance and discounts costs of $11.2 million that will be deferred and amortized through the maturity date of the ABL Facility

In July and August 2018, the Company entered into three amendments (the "ABL Amendments") to the ABL Facility that, among other things, (i) permitted the ModSpace acquisition and the Company’s financing thereof, (ii) increased the ABL Facility limit to $1.425 billion in the aggregate, with an accordion feature allowing up to $1.8 billion of capacity, and (iii) increased certain thresholds, basket sizes and default and notice triggers to account for the Company’s increased scale following the ModSpace acquisition.

After giving effect to the ABL Amendments, the ABL Facility, which matures on May 29, 2022, consists of (i) a $1.285 billion asset-backed revolving credit facility (the “US ABL Facility”) for WSII and certain of its domestic subsidiaries (the “US Borrowers”), (ii) a $140.0 million asset-based revolving credit facility (the “Canadian ABL Facility”) for certain Canadian subsidiaries of WSII (the “Canadian Borrower,” and together with the US Borrowers, the “Borrowers”), and (iii) an accordion feature that permits the Borrowers to increase the lenders’ commitments in an aggregate amount not to exceed $375.0 million, subject to the satisfaction of customary conditions, plus any voluntary prepayments that are accompanied by permanent commitment reductions under the ABL Facility.

Borrowings under the ABL Facility, at the Borrower’s option, bear interest at an adjusted LIBOR or base rate, in each case plus an applicable margin. The initial applicable margin was 2.50% for LIBOR borrowings and 1.50% for base rate borrowings. Commencing on March 31, 2018, the applicable margins were subject to one step-down of 0.25% or one step-up of 0.25%, based on excess availability levels with respect to the ABL Facility. The ABL Facility requires the payment of an annual commitment fee on the unused available borrowings of between 0.375% and 0.5% per annum. At December 31, 2018, the weighted average interest rate for borrowings under the ABL Facility was 4.95%. The weighted average interest rate on the balance outstanding as of year end, as adjusted for the effects of the interest rate swap agreements was 5.23%. Refer to Note 14 for a more detailed discussion on interest rate management.

Borrowing availability under the US ABL Facility and the Canadian ABL Facility is equal to the lesser of (i) with respect to US Borrowers, $1.285 billion and the US Borrowing Base (defined below) (the “US Line Cap”), and (ii) with respect to the Canadian Borrower, $140.0 million and the Canadian Borrowing Base (defined below) (the “Canadian Line Cap,” together with the US Line Cap, the “Line Cap”).

The US Borrowing Base is, at any time of determination, an amount (net of reserves) equal to the sum of:

◦85% of the net book value of the US Borrowers’ eligible accounts receivable, plus

◦the lesser of (i) 95% of the net book value of the US Borrowers’ eligible rental equipment and (ii) 85% of the net orderly liquidation value of the US Borrowers’ eligible rental equipment, minus

◦customary reserves.

The Canadian Borrowing Base is, at any time of determination, an amount (net of reserves) equal to the sum of:

◦85% of the net book value of the Canadian Borrower’s eligible accounts receivable, plus

◦the lesser of (i) 95% of the net book value of the Canadian Borrower's eligible rental equipment and (ii) 85% of the net orderly liquidation value of the Canadian Borrower's eligible rental equipment, plus

◦portions of the US Borrowing Base that have been allocated to the Canadian Borrowing Base, minus

◦customary reserves.

At December 31, 2018, the Line Cap was $1.425 billion and the Borrowers had $532.6 million of available borrowing capacity under the ABL Facility, including $393.5 million under the US ABL Facility and $139.1 million under the Canadian ABL Facility. At December 31, 2017, prior to the ABL Amendments, the Line Cap was $600.0 million and the Borrowers had $281.1 million of available borrowing capacity under the ABL Facility, including $211.1 million under the US ABL Facility and $70.0 million under the Canadian ABL Facility.

Borrowing capacity under the US ABL Facility is made available for up to $75.0 million of letters of credit and up to $75.0 million of swingline loans, and borrowing capacity under the Canadian ABL Facility is made available for up to $60.0 million of letters of credit, and $50.0 million of swingline loans. At December 31, 2018, letters of credit and bank guarantees carried fees of 2.625%. The Company had issued $13.0 million and $8.9 million of standby letters of credit under the ABL Facility at December 31, 2018 and December 31, 2017, respectively.

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

The ABL Facility requires the Borrowers to maintain a (i) minimum interest coverage ratio of 2.00:1.00 and (ii) maximum total net leverage ratio of 5.50:1.00, in each case, at any time when the excess availability under the ABL Facility is less than the greater of (a) $135.0 million and (b) an amount equal to 10% of the Line Cap.

The ABL Facility also contains a number of customary negative covenants. Such covenants, among other things, limit or restrict the ability of each of the Borrowers, their restricted subsidiaries, and where applicable, WS Holdings, to: incur additional indebtedness, issue disqualified stock and make guarantees; incur liens; engage in mergers or consolidations or fundamental changes; sell assets; pay dividends and repurchase capital stock; make investments, loans and advances, including acquisitions; amend organizational documents and master lease documents; enter into certain agreements that would restrict the ability to pay dividends or incur liens on assets; repay certain junior indebtedness; enter into sale and leaseback transactions; and change the conduct of its business.

The aforementioned restrictions are subject to certain exceptions including (i) the ability to incur additional indebtedness, liens, investments, dividends, and prepayments of junior indebtedness subject, in each case, to compliance with certain financial metrics and certain other conditions and (ii) a number of other traditional exceptions that grant the Borrowers continued flexibility to operate and develop their businesses. The ABL Facility also contains customary representations and warranties, affirmative covenants and events of default. The Company is in compliance with these covenants and restrictions as of December 31, 2018.

The Company had $879.4 million and $310.0 million in outstanding principal under the ABL Facility at December 31, 2018 and December 31, 2017, respectively.

The ABL Amendments were treated as a debt modification to the ABL Facility for accounting purposes. All ABL Facility lenders prior to the ABL Amendments are continuing lenders after giving effect to the ABL Amendments. The Company incurred an additional $19.0 million in debt issuance costs and discounts associated with the ABL Amendments that have been deferred and will be amortized through the remaining period until the maturity date of the ABL Facility. Debt issuance costs and discounts of $26.0 million and $12.7 million are included in the carrying value of the ABL Facility at December 31, 2018 and December 31, 2017, respectively.

Interest expense of $27.1 million and $0.8 million related to the ABL Facility was included in interest expense for the years ended December 31, 2018 and December 31, 2017, respectively.

2022 Senior Secured Notes

In connection with the closing of the Business Combination, WSII issued $300.0 million aggregate principal amount of 7.875% senior secured notes due December 15, 2022 (the “2022 Secured Notes”) under an indenture dated November 29, 2017 (the “Indenture”). The Indenture was entered into by and among WSII, the guarantors named therein (the “Note Guarantors”), and Deutsche Bank Trust Company Americas, as trustee and as collateral agent. Interest is payable semi-annually on June 15 and December 15 beginning June 15, 2018.

Before December 15, 2019, WSII may redeem the 2022 Secured Notes at a redemption price equal to 100% of the principal amount thereof, plus a customary make whole premium for the 2022 Secured Notes being redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date.

The customary make whole premium, with respect to any 2022 Secured Note on any applicable redemption date, as calculated by the Company, is the greater of (i) 1.00% of the then outstanding principal amount of the 2022 Secured Note; and (ii) the excess of (a) the present value at such redemption date of (i) the redemption price set on or after December 15, 2019 plus (ii) all required interest payments due on the 2022 Secured Note through December 15, 2019, excluding accrued but unpaid interest to the redemption date, in each case, computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over (b) the then outstanding principal amount of the 2022 Secured Note.

Before December 15, 2019, WSII may redeem up to 40% of the aggregate principal amount of the 2022 Secured Notes at a price equal to 107.875% of the principal amount of the 2022 Secured Notes being redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date with the net proceeds of certain equity offerings. At any time prior to November 29, 2019, WSII may also redeem up to 10% of the aggregate principal amount of the 2022 Secured Notes at a redemption price equal to 103% of the principal amount of the 2022 Secured Notes being redeemed during each twelve-month period commencing with the closing date, plus accrued and unpaid interest, if any, to but not including the redemption date. If WSII undergoes a change of control or sells certain of its assets, WSII may be required to offer to repurchase the Notes.

On or after December 15, 2019, WSII, at its option, may redeem the 2022 Secured Notes, in whole or in part, at the redemption prices expressed as percentages of principal amount set forth below, plus accrued and unpaid interest to, but not including, the applicable redemption date (subject to the right of 2022 Secured Note holders on the relevant record date to receive interest due on an interest payment date falling on or prior to the redemption date), if redeemed during the twelve-month period beginning on December 15 of each of the years set forth below:


Year	Redemption Price
2019	103.938	%
2020	101.969	%
2021 and thereafter	100.000	%

The 2022 Secured Notes are unconditionally guaranteed by the Note Guarantors. WillScot is not a guarantor of the 2022 Secured Notes. The Note Guarantors, as well as certain of the Company’s non-US subsidiaries, are guarantors or borrowers under the ABL Facility. To the extent that lenders under the ABL Facility release the guarantee of any Note Guarantor, such Note Guarantor will also be released from obligations under the 2022 Secured Notes. These guarantees are secured by a second priority security interest in substantially all of the assets of WSII and the Note Guarantors, subject to customary exclusions. The guarantees of the 2022 Secured Notes by WillScot Equipment II, LLC, a Delaware limited liability company which holds certain of WSII’s assets in the US, will be subordinated to its obligations under the ABL Facility.

The 2022 Secured Notes contain certain negative covenants, including limitations that restrict WSII’s ability and the ability of certain of its subsidiaries, to directly or indirectly, create additional financial obligations. With certain specified exceptions, these negative covenants prohibit WSII and certain of its subsidiaries from: creating or incurring additional debt; paying dividends or making any other distributions with respect to its capital stock; making loans or advances to WillScot or any restricted subsidiary of WSII; selling, leasing or transferring any of its property or assets to WillScot or any restricted subsidiary of WSII; directly or indirectly creating, incurring or assuming any lien of any kind securing debt on the collateral; or entering into any sale and leaseback transaction. On August 15, 2018, in conjunction with the ModSpace acquisition and related debt issuances, WSII entered a supplemental indenture to, among other things, join ModSpace and its domestic subsidiaries as guarantors of the 2022 Secured Notes.

The aforementioned restrictions are subject to certain exceptions including (i) the ability to incur additional indebtedness, liens, investments, dividends and distributions, and prepayments of junior indebtedness subject, in each case, to compliance with certain financial metrics and certain other conditions and (ii) a number of other traditional exceptions that grant the US Borrowers continued flexibility to operate and develop their businesses. The Company is in compliance with these covenants and restrictions as of December 31, 2018.

The Company incurred and deferred $9.4 million of debt issuance and discount costs in connection with the issuance of the 2022 Secured Notes in 2017, which are included in the carrying value as of the 2022 Secured Notes as of December 31, 2018. These will be amortized through the maturity date of the 2022 Secured Notes. As a result of entering into the 2022 Secured Notes, in 2017, the Company also incurred bridge financing fees of $3.8 million, which are recorded in interest expense on the consolidated statements of operations. As of December 31, 2018 and 2017, unamortized debt issuance costs pertaining to the 2022 Secured Notes were $7.7 million and $9.3 million, respectively.

2023 Senior Secured Notes

On August 6, 2018, a special purpose subsidiary of WSII completed a private offering of $300 million in aggregate principal amount of its 6.875% senior secured notes due August 15, 2023 (the “2023 Secured Notes,” and together with the 2022 Secured Notes, the "Senior Secured Notes"). The issuer entered into an indenture dated August 6, 2018 with Deutsche Bank Trust Company Americas, as trustee (“2023 Secured Notes Indenture”), which governs the terms of the 2023 Secured

Notes. In connection with the ModSpace acquisition, the issuer merged with and into WSII and WSII assumed the 2023 Secured Notes. Interest is payable semi-annually on February 15 and August 15 of each year, beginning February 15, 2019.

WSII may redeem the 2023 Secured Notes at any time before August 15, 2020 at a redemption price equal to 100% of the principal amount thereof, plus a customary make whole premium for the 2023 Secured Notes being redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date. Before August 15, 2020, WSII may redeem up to 40% of the aggregate principal amount of the 2023 Secured Notes at a price equal to 106.875% of the principal amount of the 2023 Secured Notes being redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date with the net proceeds of certain equity offerings. WSII may also redeem up to 10% of the aggregate principal amount of the 2023 Secured Notes at any time prior to the second anniversary of the closing date of this offering at a redemption price equal to 103% of the principal amount of the 2023 Secured Notes being redeemed during each twelve-month period commencing with the issue date, plus accrued and unpaid interest, if any, to but not including the redemption date. If WSII undergoes a change of control or sells certain of its assets, WSII may be required to offer to repurchase the 2023 Secured Notes.

On and after August 15, 2020, WSII may redeem the 2023 Secured Notes, in whole or in part, at the redemption prices expressed as percentages of principal amount set forth below plus accrued and unpaid interest to but not including the applicable redemption date (subject to the holders' right to receive interest due on an interest payment date falling on or prior to the redemption date), if redeemed during the twelve-month period beginning on August 15 of each of the years set forth below.


Year	Redemption Price
2020	103.438	%
2021	101.719	%
2022 and thereafter	100.000	%

The 2023 Secured Notes are unconditionally guaranteed by the Note Guarantors. WillScot is not a guarantor of the 2023 Secured Notes. The Note Guarantors and certain of the Company's non-US subsidiaries are guarantors or borrowers under the ABL Facility. These guarantees are secured by a second priority security interest in substantially all of the assets of WSII and the Guarantors (subject to customary exclusions) and are subordinated to the Company's obligations under the ABL Facility.

The 2023 Secured Notes contain certain negative covenants, including limitations that may restrict WSII’s ability and the ability of certain of its subsidiaries, to directly or indirectly, create additional financial obligations. With certain specified exceptions, these negative covenants prohibit WSII and certain of its subsidiaries from: creating or incurring additional debt; paying dividends or making any other distributions with respect to its capital stock; making loans or advances to WillScot or any restricted subsidiary of WSII; selling, leasing or transferring any of its property or assets to WillScot or any restricted subsidiary of WSII; directly or indirectly creating, incurring or assuming any lien of any kind securing debt on the collateral; or entering into any sale and leaseback transaction.

The Company incurred debt issuance costs and discounts of $6.5 million in connection with the 2023 Secured Notes. Debt issuance costs and discounts of $6.1 million are included in the carrying value of the debt at December 31, 2018.

2023 Senior Unsecured Notes

On August 3, 2018, a special purpose subsidiary of WSII completed a private offering of $200.0 million in aggregate principal amount of its senior unsecured notes due November 15, 2023 (the “Unsecured Notes”). The issuer entered into an indenture with Deutsche Bank Trust Company Americas, as trustee (the “Unsecured Notes Indenture”), which governs the terms and conditions of the Unsecured Notes. In connection with the ModSpace acquisition, the issuer merged with and into WSII and WSII assumed the Unsecured Notes.

If paid in cash, the Unsecured Notes bear interest at a rate of 10% per annum, on or before February 15, 2021, and at an increased rate per annum of 12.5% thereafter. Interest on the Unsecured Notes can also be paid in kind ("PIK") at 11.25% per annum on or before February 15, 2021. Interest is payable semi-annually on February 15 and August 15 of each year, beginning February 15, 2019.

The Unsecured Notes are not prepayable until February 15, 2019. From time to time during the period from February 15, 2019 through August 14, 2019, WSII may redeem the Unsecured Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Unsecured Notes, plus the Applicable Premium (as defined in the Unsecured Notes Indenture) as of, and accrued and unpaid interest to, but not including the redemption date (subject to the holders' right to receive interest due on an interest payment date falling on or prior to the redemption date); provided, that if the Unsecured Notes are being redeemed in part, such redemption will not reduce the aggregate principal amount of the Unsecured Notes

outstanding below $50.0 million (together with any PIK Interest in respect thereof). If WSII undergoes a change of control or sells certain of its assets, WSII may be required to offer to repurchase the Unsecured Notes.

At any time and from time to time on and after August 15, 2019, WSII, at its option, may redeem the Unsecured Notes, in whole or in part, at the redemption prices expressed as percentages of principal amount set forth below plus accrued and unpaid interest to but not including the applicable redemption date (subject to the right of Holders (as defined therein) on the relevant record date to receive interest due on an interest payment date falling on or prior to the redemption date), if redeemed during the periods referred to below, beginning on August 15, 2019; provided however, that if the Unsecured Notes are being redeemed in part, such redemption will not reduce the aggregate principal amount of the Unsecured Notes outstanding below $50.0 million (together with any PIK Interest in respect thereof).


Year	Redemption Price
August 15, 2019 to February 14, 2020	102.000	%
February 15, 2020 to February 14, 2021	104.000	%
February 15, 2021 and thereafter	106.000	%

The Unsecured Notes are unconditionally guaranteed by each Note Guarantor. These guarantees are senior, unsecured obligations of the Note Guarantors (except that the guarantee of the Unsecured Notes provided by WillScot Equipment II, LLC, which holds certain of WSII’s uncertificated assets in the US, are subordinated to its obligations under the ABL Facility).

The Unsecured Notes contain certain negative covenants, including limitations that may restrict WSII’s ability and the ability of certain of its subsidiaries, to directly or indirectly, create additional financial obligations. With certain specified exceptions, these negative covenants prohibit WSII and certain of its subsidiaries from: creating or incurring additional debt; paying dividends or making any other distributions with respect to its capital stock; making loans or advances to WillScot or any restricted subsidiary of WSII; selling, leasing or transferring any of its property or assets to WillScot or any restricted subsidiary of WSII; directly or indirectly creating, incurring or assuming any lien of any kind securing debt on the collateral; or entering into any sale and leaseback transaction.

The Company incurred debt issuance costs and discounts of $1.1 million in connection with the issuance of the Unsecured Notes. Debt issuance costs and discounts of $1.1 million are included in the carrying value of the Unsecured Notes at December 31, 2018.

Capital Lease and Other Financing Obligations

The Company’s capital lease and financing obligations primarily consisted of $37.9 million and $38.5 million under sale-leaseback transactions and $0.1 million and $0.2 million of capital leases at December 31, 2018 and 2017. The Company’s capital lease and financing obligations are presented net of $1.6 million and $1.8 million of debt issuance costs for the year ended December 31, 2018 and December 31, 2017, respectively. The Company’s capital leases primarily relate to real estate, equipment and vehicles and have interest rates ranging from 1.2% to 11.9%.

The Company has entered into several arrangements in which they have sold branch locations and simultaneously leased the associated properties back from the various purchasers. Due to the terms of the lease agreements, these transactions are treated as financing arrangements. These transactions contain non-recourse financing which is a form of continuing involvement and precludes the use of sale-leaseback accounting. The terms of the financing arrangements range from approximately eighteen months to ten years. The interest rates implicit in these financing arrangements is approximately 8.0%.

Interest Expense

As discussed above, in the third quarter of 2018, the Company issued $1,097.1 million of new debt to fund cash consideration and transaction costs related to the ModSpace acquisition. As a result, increased interest expense in the third quarter is driven by the portion of the quarter in which these new facilities were outstanding and interest expense in the fourth quarter represents a full quarter of expense related to the new facilities.


	Quarter Ended (unaudited)
2018		March 31,		June 30,		September 30,		December 31,		YTD
Interest expense, net		$	10,471	$	10,880	$	20,668	$	28,262	$	70,281
Debt issuance costs amortization		1,248		1,274		2,279		2,851		7,652
Bridge financing fees		—		—		20,500		—		20,500
Total interest expense		$	11,719	$	12,154	$	43,447	$	31,113	$	98,433

Notes Due to and From Affiliates

In conjunction with the Business Combination, all notes due to and from affiliates were settled, and there is no related interest expense or interest income related to the notes due to or from affiliates for the year ended December 31, 2018.

Prior to the Business Combination, the Algeco Group distributed borrowings from its third party notes to entities within the Algeco Group, including WSII, through intercompany loans. WSII previously recorded these intercompany loans as notes due to affiliates with fixed maturity dates.

Interest expense of $58.4 million and $58.8 million associated with the notes due to affiliates is reflected in interest expense in the consolidated statement of operations for the years ended December 31, 2017 and 2016, respectively. Interest on the notes due to affiliates was payable on a semi-annual basis.

Conversely, WSII also distributed borrowings to other entities within the Algeco Group through intercompany loans, and earned interest income on the principal. There was no interest income associated with the notes due from affiliates for the year ended December 31, 2018. For the years ended December 31, 2017 and 2016, the Company recognized $12.2 million and $10.2 million, respectively, of interest income related to the loans.

Notes Due to Affiliates

12 Months Ended

Dec. 31, 2018

Related Parties

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


(in thousands)	Financial statement line Item	2018		2017
Receivables due from affiliates	Prepaid expenses and other current assets	$	122	$	2,863
Amounts due to affiliates	Accrued liabilities	(1,379)		(1,235)
	Total related party (liabilities) assets, net	$	(1,257)	$	1,628

On November 29, 2017, in connection with the closing of the Business Combination, the Company, WSII, WS Holdings and Algeco Global entered into a transition services agreement (the “TSA”). Pursuant to the TSA, each party will provide or cause to be provided to the other party or its affiliates certain services, use of facilities and other assistance on a transitional basis. The services period under the TSA ranges from six months to three years based on the services, but includes early termination clauses. The Company had $0.1 million and $2.9 million in receivables due from affiliates pertaining to the TSA for the years ended December 31, 2018 and 2017, respectively.

The Company had accrued expenses of $1.2 million and $1.2 million at December 31, 2018 and December 31, 2017 respectively, included in amounts due to affiliates, related to rental equipment purchases from an entity within the Algeco Group.

Related party transactions included in the Company’s consolidated statement of operations for the year ended December 31, 2018, 2017 and 2016, respectively, consisted of the following:


(in thousands)	Financial statement line item	2018		2017			2016
Leasing revenue from related parties	Modular leasing revenue	$	(720)	$	—		$	—
Rental unit sales to related parties	Rental unit sales	(1,548)		—			—
Management fees and recharge income on transactions with affiliates	Selling, general & administrative expenses	—		(1,309)			3,894
Interest income on notes due from affiliates	Interest income	—		(12,177)			(10,228)
Interest expense on notes due to affiliates	Interest expense	—		58,448			58,756
	Total related party (income) expense, net	$	(2,268)	$	44,962	—	$	52,422

The leasing and rental unit sales included above for the year ended December 31, 2018 all pertain to transactions with Target.

On August 22, 2018, WillScot’s majority stockholder, Sapphire, entered into a margin loan (the "Margin Loan ") under which all of its WillScot Class A common stock was pledged to secure $125.0 million of borrowings under the loan agreement. WillScot is not a party to the loan agreement and has no obligations thereunder, but WillScot delivered an issuer agreement to the lenders under which WillScot has agreed to certain obligations relating to the shares pledged by Sapphire and, subject to applicable law and stock exchange rules, not to take any actions that are intended to materially hinder or delay the exercise of any remedies with respect to the pledged shares. In connection with the Margin Loan, on August 24, 2018, WSII entered into a two-year supply agreement with Target, an affiliate controlled by Sapphire, under which, subject to limited exception, WSII acquired the exclusive right to supply modular units, portable storage units, and other ancillary products ordered by the affiliate in the US. As of December 31, 2018, the 49,041,906 shares of WillScot Class A common stock pledged by Sapphire represented approximately 45.2% of WillScot’s issued and outstanding Class A shares.

The Company had capital expenditures of rental equipment purchased from related party affiliates of $4.3 million, $2.1 million and $0.5 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Two of the Company's directors serve on the board of directors of a consulting firm to which the Company paid $2.1 million, $1.0 million, and $0.9 million in professional fees for the years ended December 31, 2018, 2017 and 2016, respectively.

Other Non-Current Liabilities	12 Months Ended
Other Non-Current Liabilities	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Other Non-Current Liabilities	Other Non-Current LiabilitiesOther non-current liabilities at December 31 consisted of the following:

Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Equity

Common Stock

WillScot's certificate of incorporation authorizes the issuance of 400,000,000 shares of Class A common stock with a par value of $.0001 per share, 100,000,000 shares of Class B common stock with a par value of $.0001 per share and 1,000,000 shares of preferred stock, par value $.0001 per share. The common shareholders possess the same voting rights, but only Class A shareholders are entitled to dividends or other distributions made by the Company.

On July 30, 2018, WillScot closed a public offering of 8,000,000 shares of its Class A common stock at an offering price of $16.00 per share. On August 10, 2018, the underwriters exercised their right to purchase an additional 1,200,000 shares at the public offering price. The net offering proceeds, including the exercise of the over-allotment option, were $139.0 million, after deducting discount and offering expenses of $8.2 million. The Company used the proceeds to fund the ModSpace acquisition and to pay related fees and expenses.

On August 15, 2018, WillScot issued 6,458,229 unregistered shares of its Class A common stock to former ModSpace shareholders as part of the consideration paid for ModSpace. In connection with the private placement, WillScot entered into a registration rights agreement dated July 26, 2018, under which WillScot granted customary registration rights to the holders of the unregistered common shares. Subject to limited exception, the unregistered shares issued to former ModSpace shareholders could not be sold or otherwise transferred prior to February 15, 2019.

On December 11, 2018 pursuant to the terms of the Warrant Exchange discussed in more detail below, the Company issued 8,205,841 registered Class A common shares.

The Company has 108,508,997 shares of Class A common stock and 8,024,419 shares of Class B common stock issued and outstanding as of December 31, 2018. The outstanding shares of the Company’s common stock are duly authorized, validly issued, fully paid and non-assessable.

Warrants

2015 Warrants

Double Eagle issued warrants to purchase its common stock as components of units sold in its initial public offering (the “Public Warrants”). Each Public Warrant entitles the holder to purchase one-half of one share of WillScot Class A common stock at a price of $5.75 per half share (or $11.50 per whole share), subject to adjustment. Public Warrants may be exercised only for a whole number of WillScot Class A shares and they expire on November 29, 2022. The Company may redeem the Public Warrants for $0.01 per warrant if the closing price of WillScot’s Class A shares equals or exceeds $18.00 per share for

any 20 trading days within a 30-trading day period ending on the third trading day prior to the date the Company sends a notice of redemption to the warrant holders, providing for a 30 day notice period.

Double Eagle also issued warrants to purchase its common stock in a private placement concurrently with its initial public offering (the “Private Warrants,” and together with the Public Warrants, the "2015 Warrants"). The Private Warrants were purchased at a price of $0.50 per unit for an aggregate purchase price of $9.75 million. The Private Warrants are identical to the Public Warrants, except that, if held by Double Eagle’s sponsor or founders (or their permitted assignees), the Private Warrants may be exercised on a cashless basis and are not subject to redemption.

On July 12, 2018, the Public Warrants were suspended from trading on the Nasdaq Capital Market (“Nasdaq”) based on WillScot's failure to satisfy a minimum holder requirement applicable to the warrants. The Public Warrants were delisted on October 8, 2018.

2018 Warrants

On August 15, 2018, WillScot issued warrants to purchase approximately 10.0 million WillScot Class A common shares (the "2018 Warrants"), to the former shareholders as part of the ModSpace acquisition. Each ModSpace Warrant entitles the holder thereof to purchase one share of WillScot Class A common stock at an exercise price of $15.50 per share, subject to potential adjustment. Subject to limited exception, the 2018 Warrants were not exercisable or transferable until February 11, 2019. The 2018 Warrants expire on November 29, 2022. Under a registration rights agreement dated July 26, 2018, WillScot agreed to file a registration statement, and to use its reasonable best efforts to cause the registration statement to become effective, by the six-month anniversary of the issuance date.

Warrant Exchange

On November 8, 2018, WillScot commenced an offer to exchange the 2015 Warrants for shares of its Class A common stock in a cashless transaction (the “Warrant Exchange”). The 2018 Warrants were not subject to the Warrant Exchange offer. In the tender offer, each warrant holder had the opportunity to receive 0.18182 registered share of Class A common stock in exchange for each of warrant tendered by the holder and exchanged pursuant to the offer.

The Warrant Exchange offer expired on December 7, 2018 and a total of 45,131,827 of the outstanding 69,499,694 warrants were tendered and accepted for exchange. Pursuant to the terms of the Warrant Exchange, WillScot issued 8,205,841 shares of Class A common stock on December 11, 2018. In lieu of issuing fractional shares of common stock, WillScot paid $347 in cash to holders of warrants who would otherwise have been entitled to receive fractional shares, after aggregating all such fractional shares of such holder, in an amount equal to such fractional part of a share multiplied by the last sale price of a share of WillScot common stock on December 7, 2018. In connection with the Warrant Exchange, the Company capitalized $1.8 million of offering expenses within additional paid-in capital in December 2018.

As the fair value of the warrants exchanged in the Warrant Exchange offer was less than the fair value of the common stock issued, the Company recorded a non-cash deemed dividend of $2.1 million for the incremental fair value provided to the warrant holders. The fair value of the warrants was determined using the over-the-counter market price on December 7, 2018, a Level 2 fair value input. The fair value of the common stock was determined using the closing market price of the Company's common stock on December 7, 2018, a Level 1 fair value input.

At December 31, 2018, 24,367,867 of the 2015 Warrants and 9,999,579 2018 Warrants were outstanding.

Registration Statements

On November 28, 2018, a registration statement filed by WillScot with the SEC became effective. Under the shelf registration statement, 61,865,946 shares of WillScot Class A common stock issued in private placements to the Founders and certain of their transferees, Sapphire and certain of its transferees, and the former ModSpace shareholders were registered for resale.

On February 12, 2019, a registration statement filed by WillScot with the SEC became effective. Under the shelf registration statement, 562,542 shares of WillScot Class A common stock issued to the former ModSpace shareholders, 8,914,969 2018 Warrants and up to 9,999,579 new WillScot Class A shares issuable upon the exercise of the 2018 Warrants were registered for resale.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss ("AOCI"), net of tax, for the years ended December 31, 2018, 2017 and 2016, were as follows:


(in thousands)	Foreign Currency Translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2015	$	(55,645)	$	—	$	(55,645)
Other comprehensive loss before reclassifications	(1,283)		—		(1,283)
Reclassifications from AOCI to income	—		—		—
Balance at December 31, 2016	(56,928)		—		(56,928)
Other comprehensive income before reclassifications	6,760		—		6,760
Reclassifications from AOCI to income	—		—		—
Reclassifications from AOCI to additional paid-in capital (a)	663		—		663
Less other comprehensive income (loss) attributable to non-controlling interest	8		—		8
Balance at December 31, 2017	(49,497)		—		(49,497)
Other comprehensive loss before reclassifications	(11,639)		(6,240)		(17,879)
Reclassifications from AOCI to income (b)	—		285		285
Reclassifications from AOCI to retained earnings (c)	(2,540)		—		(2,540)
Less other comprehensive income attributable to non-controlling interest	1,068		537		1,605
Balance at December 31, 2018	$	(62,608)	$	(5,418)	$	(68,026)

(a) In connection with the transfer of WSII’s equity interest in Chard as part of the Algeco Group internal restructuring that occurred prior to the Business Combination, $0.6 million was reclassified from accumulated other comprehensive loss into additional paid-in capital in the fourth quarter of 2017.

(b) For the year ended December 31, 2018, $0.4 million was reclassified from AOCI into the consolidated statement of operations within interest expense related to the interest rate swaps discussed in Note 14. The Company recorded a tax benefit of $0.1 million associated with this reclassification.

(c) In the first quarter of 2018, the Company elected to early adopt ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which resulted in a discrete reclassification of $2.5 million from accumulated other comprehensive loss to accumulated deficit effective January 1, 2018.

Non-Controlling Interest

The changes in non-controlling interest for the years ended December 31, 2018 and 2017 were as follows:


(in thousands)	2018		2017
Balance at beginning of period	$	48,931	$	—
Net loss attributable to non-controlling interest	(4,532)		(2,110)
Other comprehensive loss	(1,605)		(8)
Issuance of common stock and contribution of proceeds to WSII	7,574		—
Acquisition of ModSpace and the related financing transactions including stock and warrants	13,614		—
Recapitalization transaction	—		51,049
Balance at end of period	$	63,982	$	48,931

As disclosed above, during the year ended December 31, 2018, WillScot issued 9,200,000 shares of Class A common stock through an underwritten public offering, the proceeds of which were immediately contributed down through WS Holdings to WSII for purposes of funding part of the ModSpace acquisition. Sapphire waived its preemptive right to participate in the public offering under the shareholders agreement and Sapphire's ownership interest in WS Holdings was adjusted from 10% to 9% accordingly. As disclosed in Note 2, the Company closed on the ModSpace Acquisition that resulted in the contribution of ModSpace's net assets of $991.5 million to WSII. The net impact of the transactions above, resulted in a non-recurring adjustment of $21.2 million to additional paid-in capital and non-controlling interest on the condensed consolidated balance sheets. Despite the dilution in the non-controlling interest ownership in WS Holdings, the adjustment increases the non-controlling interest equity as a result of the significant increase in net assets from the ModSpace acquisition.

Under the Exchange Agreement, the non-controlling interest can be exchanged for a 9% interest in WillScot, subject to certain anti-dilution adjustments contemplated by the Exchange Agreement.

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

On December 22, 2017, President Trump signed the Tax Act into legislation. As a result of the Tax Act, the Company remeasured its net deferred tax liabilities and recognized a provisional net benefit of $28.1 million at December 31, 2017. In addition, based on information currently available, the Company recorded a provisional income tax expense of $2.4 million related to the deemed repatriation of foreign earnings ("Mandatory Inclusion"). The Tax Act limits all companies’ interest deduction to 30% of adjusted EBITDA, i.e., taxable income less interest and depreciation. The Company reassessed the need for a valuation allowance on its deferred tax asset (“DTA”) and established a valuation allowance of $50.5 million through income from continuing operations. The Company completed its analysis and assessment of the Tax Act in the fourth quarter of 2018. The Company also submitted its 2017 tax return in the fourth quarter of 2018. As a result of tax guidance and the Company’s final determination of tax positions and completion of its 2017 tax return, the following adjustments which amount to a net tax benefit of $20.7 million were recorded in relation to SAB 118 through income from continuing operations to complete its accounting for the Tax Act: (1) Remeasurement of deferred tax assets and liabilities tax expense of $0.4 million; (2) Reduction of valuation allowance in the amount $13.8 million; (3) Reversal of deferred tax liability for remittance of foreign earnings in the amount of $7.0 million; and (4) Reduction of the tax expense for the Mandatory Inclusion by an amount of $0.3 million. The Mandatory Inclusion was fully offset by the Company’s net operating losses.

The Tax Act also enacted GILTI which imposes tax on certain of the Company’s foreign subsidiaries' earnings. The Company is required to make an accounting policy election on the treatment of GILTI as a period cost for current period expense or to consider its implications in measuring deferred taxes. The Company elected to apply the period cost method. The Company did not have a current period expense for GILTI for 2018.

The components of income tax (benefit) expense from continuing operations for the years ended December 31, 2018, 2017 and 2016 are comprised of the following:


(in thousands)	2018		2017		2016
US Federal and State
Current	$	668	$	(1,817)	$	623
Deferred	(36,149)		3,450		(23,272)
Outside of US
Current	924		(1,422)		(1,794)
Deferred	(4,043)		(1,147)		(59)
Total income tax (benefit) expense	$	(38,600)	$	(936)	$	(24,502)

Income tax results from continuing operations differed from the amount computed by applying the US statutory income tax rate of 21%, 35%, and 35% to the loss from continuing operations before income taxes for the following reasons for the years ended December 31, 2018, 2017 and 2016:


(in thousands)	2018			2017			2016
Loss from continuing operations before income tax
US	$	(80,824)		$	(97,009)		$	(78,358)
Non-US	(11,348)			(68,389)			(9,275)
Total loss from continuing operations before income tax	$	(92,172)		$	(165,398)		$	(87,633)

US Federal statutory income tax benefit	$	(19,356)		$	(57,889)		$	(30,672)
Effect of tax rates in foreign jurisdictions	(626)			5,626			532
State income tax (benefit) expense, net of federal benefit	(2,478)			(5,188)			282
Unremitted foreign earnings	(6,793)			(2,493)			(1,585)
Valuation allowances	(11,871)			59,679			1,719
Non-deductible transaction costs	1,134			1,297			—
Non-deductible goodwill impairment	—			15,849			1,920
Non-deductible deferred financing fees	—			2,715			1,465
Non-deductible stewardship (a)	—			1,658			1,855
Non-deductible monitoring fee (b)	—			422			1,938
Tax reform (excluding valuation allowance)	64			(23,115)			—
Other	1,326			503			(1,956)
Reported income benefit	$	(38,600)		$	(936)		$	(24,502)
Effective income tax rate	41.88		%	0.56		%	27.96		%

(a) Under the Internal Revenue Code Section 482, shareholder or duplicative activities are non-deductible. Prior to the Business Combination, WSII employed management and consolidation for the Algeco Group for which a portion was non-deductible.

(b) Prior to the Business Combination, TDR Capital would charge a quarterly fee to WSII that was deemed non-deductible.

Deferred Income Taxes

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


(in thousands)	2018		2017
Deferred tax assets
Loans and borrowings	$	122,456	$	114,071
Employee benefit plans	3,395		1,175
Accrued liabilities	8,715		4,834
Currency losses, net	408		95
Deferred revenue	16,310		11,679
Other	4,724		2,144
Tax loss carryforwards	243,057		69,391
Deferred tax assets, gross	399,065		203,389
Valuation allowance	(82,907)		(73,534)
Net deferred income tax asset	$	316,158	$	129,855

Deferred tax liabilities
Rental equipment and other property, plant and equipment	$	(360,766)	$	(214,052)
Intangible assets	(22,654)		(29,615)
Foreign earnings	—		(6,955)
Deferred tax liability	(383,420)		(250,622)
Net deferred income tax liability	$	(67,262)	$	(120,767)

Our valuation allowance increased by $9.4 million from the preceding year amount of $73.5 million. The Company established $23.6 million of valuation allowance in purchase accounting for ModSpace. The remaining movement in valuation allowance was through income from continuing operations resulting from completion of SAB 118 and change in judgment about the realizability of deferred tax assets after the acquisition of ModSpace for a total amount of $14.2 million tax benefit.

Tax loss carryforwards at December 31, 2018 are outlined in the table below and include US Federal, US State and non-US (Mexico & Canada). The availability of these tax losses to offset future income varies by jurisdiction. Furthermore, the ability to utilize the tax losses may be subject to additional limitations upon the occurrence of certain events, such as a change in the ownership of the Company.

The Company’s tax loss carryforwards are as follows at December 31, 2018 (in millions):


Jurisdiction	Loss Carryforward		Expiration
US - Federal	$	935.9	2021 – 2037, Indefinite
US - State	633.3		2019 –2038, Indefinite
Foreign - Mexico & Canada	19.0		2020 – 2038
Total	$	1,588.2

As of December 31, 2018, the total amount of the basis difference in investments outside the US for which deferred taxes have not been provided is approximately $112.5 million. The tax, if any, associated with the recovery of the basis difference is dependent on the manner in which it is recovered and is not readily determinable.

Unrecognized Tax Positions

The Company is subject to taxation in US, Canada, Mexico and state jurisdictions. The Company’s tax returns are subject to examination by the applicable tax authorities prior to the expiration of statute of limitations for assessing additional taxes, which generally ranges from two to five years after the end of the applicable tax year. Therefore, as of December 31, 2018, tax years for 2012 through 2018 generally remain subject to examination by the tax authorities. In addition, in the case of certain tax jurisdictions in which the Company has loss carryforwards, the tax authority in some of these jurisdictions may examine the amount of the tax loss carryforward based on when the loss is utilized rather than when it arises.

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


(in thousands)	2018		2017		2016
Unrecognized tax benefits – January 1,	$	72,660	$	64,974	$	68,601
Increases based on tax positions related to current period	1,545		7,895		957
Increases based on tax positions related to prior period	—		355		32
Decreases based on tax positions related to prior period	(9,016)		(564)		(4,616)
Decrease from expiration of statute of limitations	(745)		—		—
Unrecognized tax benefits – December 31,	$	64,444	$	72,660	$	64,974

At December 31, 2018, 2017 and 2016, respectively, there were $60.0 million, $67.2 million and $59.3 million of unrecognized tax benefits that, if recognized, would affect the annual effective tax rate.

The Company classifies interest on tax deficiencies and income tax penalties within income tax expense. During the years ended December 31, 2018, 2017 and 2016, the Company recognized approximately $997, $351 and $96 in interest and penalties, respectively. The Company had approximately $1,550 and $611 for the payment of interest and penalties accrued at December 31, 2018 and 2017, respectively.

Future tax settlements or statute of limitation expirations could result in a change to the Company’s uncertain tax positions. The Company believes, that the reasonably possible total amount of unrecognized tax benefits, as of December 31, 2018, that could increase or decrease in the next twelve months as a result of various statute expirations, audit closures and/or tax settlements would not be material.

Derivatives

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivative Financial Instruments

On November 6, 2018, WSII entered into an interest rate swap agreement (the “Swap Agreement”) with a financial counterparty that effectively converts $400.0 million in aggregate notional amount of variable-rate debt under the Company’s ABL Facility into fixed-rate debt. The Swap Agreement will terminate on May 29, 2022, at the same time the Company’s ABL Facility matures. The Swap Agreement contains customary representations, warranties and covenants and may be terminated prior to its expiration.

The Swap Agreement was designated and qualified as a hedge of the Company’s exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on the ABL Facility. Although no significant ineffectiveness

is expected with this hedging strategy, the effectiveness of the interest rate swaps is evaluated on a quarterly basis. The Company did not have any derivative financial instruments for the years ended December 31, 2017 and 2016.

The following table summarizes the outstanding interest rate swap arrangement as of December 31, 2018:


	Aggregate Notional Amount (in millions)		Receive Rate	Receive Rate as of December 31, 2018		Pay Rate
US ABL Facility	$	400.0	1 month LIBOR	2.44	%	3.06	%

The location and the fair value of derivative instruments designated as hedges in the consolidated balance sheet as of December 31, 2018 as follows:


(in thousands)	Balance Sheet Location	2018
Cash Flow Hedges:
Interest rate swap	Accrued liabilities	$	1,709
Interest rate swap	Other long-term liabilities	$	6,192

Cash flows from derivative instruments are presented within net cash provided by operating activities in the consolidated statements of cash flows.

The fair value of the interest rate swap is based on dealer quotes of market forward rates, a Level 2 input on the fair value hierarchy, and reflects the amount that the Company would receive or pay as of December 31, 2018 for contracts involving the same attributes and maturity dates.

The following table discloses the impact of the interest rate swap, excluding the impact of income taxes, on other comprehensive income (“OCI”), AOCI and the Company’s statement of operations for the year ended December 31, 2018.


(in thousands)	(Loss) Gain Recognized in OCI		Location of Gain (Loss) Recognized in Income	(Loss) Gain Reclassified from AOCI into Income (Effective Portion)		(Loss) Gain Recognized in Income (Ineffective Portion)
Interest rate swap	$	(7,777)	Interest expense	$	(373)	$	—

Fair Value Measures

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measures

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

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


Level 1 -			Observable inputs such as quoted prices in active markets for identical assets or liabilities;
Level 2 -			Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and
Level 3 -			Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions

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

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


	December 31, 2018														December 31, 2017
			Fair Value												Fair Value
(in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Carrying Amount		Level 1		Level 2		Level 3
Financial liabilities not measured at fair value
US ABL Facility (a)	$	853,409	$	—	$	878,500	$	—	$	297,323	$	—	$	310,000	$	—
Canadian ABL Facility (a)	—		—		918		—		—		—		—		—
2022 Secured Notes (a)	292,258		—		297,027		—		290,687		—		310,410		—
2023 Secured Notes (a)	293,918		—		288,633		—		—		—		—		—
Unsecured Notes (a)	198,931		—		197,462		—		—		—		—		—
Total	$	1,638,516	$	—	$	1,662,540	$	—	$	588,010	$	—	$	620,410	$	—

(a) The carrying value of the US ABL Facility, the Canadian ABL Facility, the 2022 Secured Notes, the 2023 Secured Notes and the Unsecured Notes includes $25.1 million, $0.9 million, $7.7 million, $6.1 million, and $1.1 million of unamortized debt issuance costs for the year ended December 31, 2018, which are presented as a direct reduction of the corresponding liability. The carrying value of the US ABL Facility, the Canadian ABL Facility and the 2022 Secured Notes includes $12.7 million, $0.0 million and $9.3 million of unamortized debt issuance costs for the year ended December 31, 2017, which are presented as a direct reduction of the corresponding liability.

There were no transfers of financial instruments between the three levels of the fair value hierarchy during the years ended December 31, 2018 and 2017. The carrying value of the ABL Facility, excluding debt issuance costs, approximates fair value as the interest rates are variable and reflective of market rates. The fair value of the 2022 Secured Notes, the 2023 Secured Notes and the Unsecured Notes is based on their last trading price at the end of each period obtained from a third party. The location and the fair value of derivative assets and liabilities designated as hedges in the consolidated balance sheet are disclosed in Note 14.

- Definition

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

+ References + Details

Restructuring

12 Months Ended

Dec. 31, 2018

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring costs include charges associated with exit or disposal activities that meet the definition of restructuring under FASB ASC Topic 420, “Exit or Disposal Cost Obligations” (“ASC 420”). Our restructuring plans are generally country or region specific and are typically completed within a one year period. Restructuring costs incurred under these plans include (i) one-time termination benefits related to employee separations, (ii) contract termination costs and, (iii) other related costs associated with exit or disposal activities including, but not limited to, costs for consolidating or closing facilities. The restructuring costs incurred in 2018 primarily related to the integrations of Acton, Tyson and ModSpace. Costs related to the integration of acquired businesses that do not meet the definition of restructuring under ASC 420, such as employee training costs, duplicate facility costs, and professional services expenses, are included within selling, general and administrative expenses.

The Company incurred costs associated with restructuring plans designed to streamline operations and reduce costs of $15.5 million, $2.2 million and $2.8 million net of reversals, during the years ended December 31, 2018, 2017 and 2016, respectively. The following is a summary of the activity in the Company’s restructuring accruals for years ended December 31, 2018, 2017 and 2016:


(in thousands)	Year Ended December 31,
			2018										2017							2016
			Employee Costs		Facility Exit Costs		Total		Employee Costs		Facility Exit Costs		Total		Employee Costs		Facility Exit Costs		Total
Beginning balance	$	227	$	—	$	227	$	1,793	$	—	$	1,793	$	2,055	$	—	$	2,055
Charges	10,182		5,286		15,468		2,196		—		2,196		2,810		—		2,810
Cash payments	(5,806)		(4,314)		(10,120)		(1,806)		—		(1,806)		(3,092)		—		(3,092)
Foreign currency translation	(59)		—		(59)		12		—		12		20		—		20
Non-cash movements	—		—		—		(1,968)		—		(1,968)		—		—		—
Ending balance	$	4,544	$	972	$	5,516	$	227	$	—	$	227	$	1,793	$	—	$	1,793

During 2018, the Company initiated certain restructuring plans associated with the Acton, Tyson, and ModSpace acquisitions in order to capture operating synergies as a result of integrating these businesses into WillScot. The restructuring activities under these plans primarily include the termination of leases for 26 duplicative branch and corporate facilities and the termination of employees in connection with the consolidation of these overlapping facilities and functions within our existing

business. The Company is still in the process of evaluating all acquired facilities. The Company anticipates that the remaining actions contemplated under the accruals of $4.5 million and $1.0 million for employee termination costs and facility exit costs, as of December 31, 2018, will be substantially completed by the end of the second quarter of 2019 and the end of the fourth quarter of 2023, respectively.

The 2017 restructuring charges relate primarily to a reduction of corporate employees which resulted in employee termination costs. As part of the corporate restructuring plan, certain employees were required to render future service in order to receive their termination benefits. The termination costs associated with these employees was recognized over the period from the date of communication of termination to the employee to the earlier of the actual date of termination or the Business Combination date. As part of the Algeco Group internal restructuring that occurred prior to the Business Combination, $2.0 million of WSII’s restructuring liability, related to employees that were transferred, was transferred to other entities within the Algeco Group. The Company has no remaining liability associated with these employees and does not anticipate incurring future charges under the corporate restructuring plan. The remaining restructuring 2017 charges are employee termination costs related to the Company’s US and Canadian operations.

The 2016 restructuring charges relate to employee termination costs.

Segments

The $15.5 million of restructuring charges for the year ended December 31, 2018 includes: $14.0 million of charges pertaining to the Modular - US segment; and $1.5 million of charges pertaining to the Modular - Other North America segment.

The $2.2 million of restructuring charges for the year ended December 31, 2017 includes: $0.3 million of charges pertaining to the Modular - US segment; and $1.9 million of charges pertaining to Corporate.

The $2.8 million of restructuring charges for the year ended December 31, 2016 includes: $0.2 million of charges pertaining to the Modular - US segment; $0.4 million of charges pertaining to the Modular - Other North America segment; and $2.2 million of charges pertaining to Corporate.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Former Algeco LTIP

Prior to the Business Combination, certain WSII employees participated in the Algeco Group’s long-term cash incentive plan and equity incentive plans (collectively, the “Algeco LTIP”). In connection with the Business Combination, the participating WSII Employees (i) forfeited their rights to participate in the Algeco LTIP and assigned those rights back to the Algeco Group and (ii) transferred any shares they owned in the Algeco LTIP. In exchange, the WSII employees received $4.2 million in cash, which was paid by WSII and reimbursed by the Algeco Group.

Prior to the Business Combination, WillScot’s non-executive Chairman of the Board served as the non-executive Chairman of WSII and the Algeco Group and participated in the Algeco LTIP. In connection with the Business Combination, he resigned from those positions and entered into a transaction similar to the ones entered into by the participating WSII employees. He received $2.0 million in cash, which was paid by WSII and reimbursed by the Algeco Group, and 300,000 shares of WillScot Class A stock from Sapphire on the closing date of the Business Combination. The fair value of the shares at the time of the award was $9.90 per share or approximately $3.0 million.

The $4.2 million and $2.0 million paid to the participating WSII employees and the non-executive Chairman, respectively, and the $3.0 million of stock compensation are presented in selling, general and administrative expense on the consolidated statement of operations for the year ended December 31, 2017. The corresponding amounts are reflected as a capital contribution and as share-based compensation expense in the changes to additional paid-in capital in the consolidated statements of changes in shareholders’ equity.

WillScot Incentive Stock Plan

On November 16, 2017, the Company’s shareholders approved a long-term incentive award plan (the “Plan”). The Plan is administered by the Compensation Committee of WillScot's Board of Directors. Under the Plan, the Committee may grant an aggregate of 4,000,000 shares of Class A common stock in the form of non-qualified stock options, incentive stock options, stock appreciation rights, RSAs, RSUs, performance compensation awards and stock bonus awards. As of December 31, 2018, none of the granted RSAs, RSUs or stock options had vested.

Restricted Stock Awards

The following table summarizes the Company’s RSA activity as of December 31, 2018:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance, December 31, 2017	—	$	—
Granted	72,053	15.57
Forfeited	—	—
Balance, December 31, 2018	72,053	$	15.57

Compensation expense for RSAs recognized in SG&A expense on the condensed consolidated statements of operations was $0.5 million for the year ended December 31, 2018, with an associated tax benefit of $0.1 million. At December 31, 2018 unrecognized compensation expense related to RSAs totaled $0.6 million and is expected to be recognized over the weighted average remaining vesting period of 0.7 years.

There was no compensation expense for RSAs for the years ended December 31, 2017 and 2016.

Restricted Stock Units

The following table summarizes the Company's RSU award activity as of December 31, 2018:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance, December 31, 2017	—	$	—
Granted	921,730	13.60
Forfeited	(68,997)	13.60
Balance, December 31, 2018	852,733	$	13.60

Compensation expense for RSUs recognized in SG&A expense on the condensed consolidated statements of operations was $2.3 million for the year ended December 31, 2018, with an associated tax benefit of $0.5 million. At December 31, 2018, unrecognized compensation expense related to RSUs totaled $9.3 million and is expected to be recognized over a remaining period of 3.25 years.

There was no compensation expense for RSUs for the years ended December 31, 2017 and 2016.

Stock Option Awards

The following table summarizes the Company's stock option activity as of December 31, 2018:


	Number Of Options	Weighted - Average Exercise Price per Share ($)
Outstanding options, December 31, 2017	—	$	—
Granted	589,257	13.60
Exercised	—	—
Forfeited	—	—
Outstanding options, December 31 , 2018	589,257	$	13.60
Fully Vested and exercisable options, end of period	—	—

Compensation expense for stock option awards recognized in SG&A expense on the condensed consolidated statements of operations, was $0.6 million for the year ended December 31, 2018, with an associated tax benefit of $0.1 million. At December 31, 2018, unrecognized compensation expense related to stock option awards totaled $2.6 million and is expected to be recognized over a remaining period of 3.25 years.

There was no compensation expense for stock options for the years ended December 31, 2017 and 2016.

The fair value of each option award at grant date was estimated using the Black-Scholes option-pricing model with the following assumptions:


	Assumptions
Expected volatility	36.0		%
Expected dividend yield	—
Risk-free interest rate	2.7		%
Expected term (in years)	6.25
Exercise price	$	13.60
Weighted-average grant date fair value	$	5.51

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

The Company leases certain equipment, vehicles and real estate under non-cancelable operating leases, the terms of which vary and generally contain renewal options. Total rent expense under these leases is recognized ratably over the initial term of the lease. Any difference between the rent payment and the straight-line expense is recorded as a liability.

Rent expense included in the consolidated statements of operations for cancellable and non-cancelable leases was $31.0 million, $22.0 million and $21.8 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Future minimum lease payments at December 31, 2018, by year and in the aggregate, under non-cancelable operating leases are as follows:


(in thousands)	Operating Leases
2019	$	38,876
2020	29,797
2021	24,627
2022	18,879
2023	13,467
Thereafter	25,055
Total	$	150,701

At December 31, 2018 and 2017, commitments for the acquisition of rental equipment and property, plant and equipment were $10.0 million and $8.2 million, respectively.

Contingencies

Legal claims

The Company is involved in various lawsuits or claims in the ordinary course of business. Management is of the opinion that there is no pending claim or lawsuit which, if adversely determined, would have a material impact on the Company’s financial condition, results of operations or cash flows.

Segment Reporting and Geographic Areas

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Segment Reporting and Geographic Areas

The Company has historically operated in two principal lines of business: modular leasing and sales and remote accommodations, which were managed separately. The Remote Accommodations Business was considered a single operating segment. Following the Business Combination, the Remote Accommodations segment is no longer owned by the Company and is reported as discontinued operations in the consolidated financial statements. As such, the segment was excluded from the segment information below.

Modular leasing and sales is comprised of two operating segments: US and other North America. The US modular operating segment (“Modular - US”) consists of the contiguous 48 states and Hawaii. The Other North America operating segment (“Modular - Other North America”) consists of Alaska, Canada and Mexico. Corporate and other includes eliminations of costs and revenue between segments and Algeco Group corporate costs not directly attributable to the underlying segments. Following the Business Combination, no additional Algeco Group corporate costs were incurred and the Company's ongoing corporate costs are included within the Modular - US segment. Total assets for each reportable segment are not available because the Company utilizes a centralized approach to working capital management. Transactions between reportable segments are not significant.

As discussed in Note 8, the net assets acquired from ModSpace were allocated to both the Modular - US and Modular - Other North America segments. The US operations of ModSpace are included in the Modular - US segment and the Canadian operations of ModSpace are included in the Modular - Other North America segment. The operations and net assets acquired from Acton and Tyson are both included in the Modular - US segment.

The Company evaluates business segment performance on Adjusted EBITDA, which excludes certain items as shown in the reconciliation of the Company’s consolidated net loss before tax to Adjusted EBITDA below. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company.

The Company also regularly evaluates gross profit by segment to assist in the assessment of its operational performance. The Company considers Adjusted EBITDA to be the more important metric because it more fully captures the business performance of the segments, inclusive of indirect costs.

Reportable Segments

The following tables set forth certain information regarding each of the Company’s reportable segments for the years ended December 31, 2018, 2017 and 2016, respectively:


	Year Ended December 31, 2018
(in thousands)	Modular - US		Modular - Other North America		Corporate and Other		Total
Revenues
Leasing and services revenue:
Modular space leasing	$	469,302	$	48,933	$	—	$	518,235
Modular space delivery and installation	138,181		16,376		—		154,557
Sales:
New units	48,984		4,619		—		53,603
Rental units	21,123		3,894		—		25,017
Total Revenues	677,590		73,822		—		751,412

Costs
Cost of leasing and services:
Modular space leasing	131,846		11,274		—		143,120
Modular space delivery and installation	127,936		16,014		—		143,950
Cost of sales:
New units	33,484		3,379		—		36,863
Rental units	13,650		3,009		—		16,659
Depreciation of rental equipment	106,354		15,082		—		121,436
Gross profit (loss)	$	264,320	$	25,064	$	—	$	289,384
Adjusted EBITDA	$	196,410	$	19,123	$	—	$	215,533
Other selected data
Selling, general and administrative expense	$	232,754	$	22,117	$	—	$	254,871
Other depreciation and amortization	$	12,201	$	1,103	$	—	$	13,304
Capital expenditures for rental fleet	$	151,407	$	9,476	$	—	$	160,883


	Year Ended December 31, 2017
(in thousands)	Modular - US		Modular - Other North America		Corporate and Other		Total
Revenues
Leasing and services revenue:
Modular space leasing	$	264,351	$	34,036	$	(566)	$	297,821
Modular space delivery and installation	81,036		8,814		—		89,850
Sales:
New units	29,275		7,096		—		36,371
Rental units	18,271		3,710		(81)		21,900
Total Revenues	392,933		53,656		(647)		445,942

Costs
Cost of leasing and services:
Modular space leasing	75,615		7,973		—		83,588
Modular space delivery and installation	77,303		8,174		—		85,477
Cost of sales:
New units	20,919		5,106		—		26,025
Rental units	10,099		2,544		—		12,643
Depreciation of rental equipment	60,312		12,327		—		72,639
Gross profit (loss)	$	148,685	$	17,532	$	(647)	$	165,570
Adjusted EBITDA	$	110,822	$	13,099	$	(15,112)	$	108,809
Other selected data
Selling, general and administrative expense	$	100,427	$	16,790	$	45,134	$	162,351
Other depreciation and amortization	$	5,333	$	1,014	$	2,306	$	8,653
Capital expenditures for rental fleet	$	96,378	$	5,832	$	—	$	102,210


	Year Ended December 31, 2016
(in thousands)	Modular - US		Modular - Other North America		Corporate and Other		Total
Revenues
Leasing and services revenue:
Modular space leasing	$	238,159	$	45,984	$	(593)	$	283,550
Modular space delivery and installation	74,410		7,635		(153)		81,892
Sales:
New units	34,812		4,416		—		39,228
Rental units	18,115		3,969		(142)		21,942
Total Revenues	365,496		62,004		(888)		426,612

Costs
Cost of leasing and services:
Modular space leasing	68,477		7,039		—		75,516
Modular space delivery and installation	68,718		6,641		—		75,359
Cost of sales:
New units	24,427		3,245		(3)		27,669
Rental units	7,995		2,899		—		10,894
Depreciation of rental equipment	56,883		12,098		—		68,981
Gross profit (loss)	$	138,996	$	30,082	$	(885)	$	168,193
Adjusted EBITDA	$	103,798	$	24,360	$	(21,644)	$	106,514
Other selected data
Selling, general and administrative expense	$	92,074	$	17,841	$	29,178	$	139,093
Other depreciation and amortization	$	6,235	$	1,115	$	1,669	$	9,019
Capital expenditures for rental fleet	$	60,418	$	3,550	$	—	$	63,968

The following table presents a reconciliation of the Company’s loss before income tax by segment to Adjusted EBITDA by segment:


(in thousands)	Modular - US		Modular - Other North America		Corporate and Other		Total
2018
Loss from continuing operations before income taxes	$	(88,206)	$	(3,966)	$	—	$	(92,172)
Interest expense, net (a)	96,108		2,325		—		98,433
Depreciation and amortization	118,555		16,185		—		134,740
Currency losses, net	509		1,945		—		2,454
Restructuring costs	13,930		1,538		—		15,468
Goodwill and other impairments	1,600		—		—		1,600
Integration costs	29,260		746		—		30,006
Stock compensation expense	3,439		—		—		3,439
Transaction costs	19,780		271		—		20,051
Other expense	1,435		79		—		1,514
Adjusted EBITDA	$	196,410	$	19,123	$	—	$	215,533

2017
Loss from continuing operations before income taxes	$	(12,345)	$	(64,580)	$	(88,473)	$	(165,398)
Interest expense, net	65,709		4,603		36,764		107,076
Depreciation and amortization	65,645		13,341		2,306		81,292
Currency gains, net	(10,942)		(1,040)		(896)		(12,878)
Goodwill and other impairments	—		60,743		—		60,743
Restructuring costs	326		10		1,860		2,196
Transaction costs	1,841		—		22,040		23,881
Algeco LTIP expense	115		—		9,267		9,382
Other expense	473		22		2,020		2,515
Adjusted EBITDA	$	110,822	$	13,099	$	(15,112)	$	108,809

2016
Loss from continuing operations before income taxes	$	(30,669)	$	(369)	$	(56,595)	$	(87,633)
Interest expense, net	60,475		4,726		19,242		84,443
Depreciation and amortization	63,118		13,213		1,669		78,000
Currency losses, net	9,722		835		2,541		13,098
Goodwill and other impairments	—		5,532		—		5,532
Restructuring costs	246		400		2,164		2,810
Transaction costs	—		—		8,419		8,419
Other expense	906		23		916		1,845
Adjusted EBITDA	$	103,798	$	24,360	$	(21,644)	$	106,514

(a) In connection with the ModSpace acquisition, the Company incurred bridge financing fees and upfront commitment fees of $20.5 million, included within interest expense, during the year ended December 31, 2018.

Assets

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


(in thousands)	Modular - US		Modular - Other North America		Corporate and Other		Total
As of December 31, 2018:
Goodwill	$	213,264	$	33,753	$	—	$	247,017
Intangible assets, net	$	6,707	$	94	$	125,000	$	131,801
Rental equipment, net	$	1,635,014	$	294,276	$	—	$	1,929,290
As of December 31, 2017:
Goodwill	$	28,609	$	—	$	—	$	28,609
Intangible assets, net	$	1,259	$	—	$	125,000	$	126,259
Rental equipment, net	$	857,349	$	182,797	$	—	$	1,040,146

Geographic Areas

The Company has net sales and long-lived assets in the following geographic areas for the year ended December 31:


(in thousands)	US		Canada		Mexico		Total
2018
Total revenue	$	685,350	$	50,144	$	15,918	$	751,412
Long-lived assets (a)	$	1,835,035	$	261,235	$	16,770	$	2,113,040
2017
Total revenue	$	396,039	$	36,357	$	13,546	$	445,942
Long-lived assets (a)	$	973,751	$	132,093	$	17,968	$	1,123,812
2016
Total revenue	$	378,129	$	35,401	$	13,082	$	426,612
Long-lived assets (a)	$	751,254	$	129,848	$	18,022	$	899,124

(a) Long-lived assets include rental equipment, property, plant and equipment, net of accumulated depreciation.

Major Product and Service Lines

The following table presents revenue by major product and service line for the year ended December 31:


(in thousands)	2018		2017		2016
Modular space leasing revenue (a)	$	486,774	$	265,644	$	256,123
Portable storage leasing revenue	21,682		17,480		18,439
Other leasing-related revenue	9,779		14,697		8,988
Modular leasing revenue	518,235		297,821		283,550
Modular delivery and installation revenue	154,557		89,850		81,892
Total leasing and services revenue	672,792		387,671		365,442
New units	53,603		36,371		39,228
Rental units	25,017		21,900		21,942
Total revenues	$	751,412	$	445,942	$	426,612

(a) Includes leasing revenue for VAPS

Related Parties

12 Months Ended

Dec. 31, 2018

Related Parties

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


(in thousands)	Financial statement line Item	2018		2017
Receivables due from affiliates	Prepaid expenses and other current assets	$	122	$	2,863
Amounts due to affiliates	Accrued liabilities	(1,379)		(1,235)
	Total related party (liabilities) assets, net	$	(1,257)	$	1,628

Related party transactions included in the Company’s consolidated statement of operations for the year ended December 31, 2018, 2017 and 2016, respectively, consisted of the following:


(in thousands)	Financial statement line item	2018		2017			2016
Leasing revenue from related parties	Modular leasing revenue	$	(720)	$	—		$	—
Rental unit sales to related parties	Rental unit sales	(1,548)		—			—
Management fees and recharge income on transactions with affiliates	Selling, general & administrative expenses	—		(1,309)			3,894
Interest income on notes due from affiliates	Interest income	—		(12,177)			(10,228)
Interest expense on notes due to affiliates	Interest expense	—		58,448			58,756
	Total related party (income) expense, net	$	(2,268)	$	44,962	—	$	52,422

The leasing and rental unit sales included above for the year ended December 31, 2018 all pertain to transactions with Target.

Quarterly Financial Data

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

The following tables present certain unaudited consolidated quarterly financial information for each of the eight quarters ended December 31, 2018. This quarterly information has been prepared on the same basis as the consolidated financial statements and includes all adjustments necessary to state fairly the information for the periods presented.


	Quarter Ended (unaudited, except per share amounts)
2018	March 31,		June 30,		September 30,		December 31,
Leasing and services revenue	$	123,512	$	132,662	$	188,437	$	228,181
Total revenue	$	134,751	$	140,333	$	218,924	$	257,404
Gross profit	$	50,921	$	54,640	$	80,946	$	102,877
Operating income (loss) (a)	$	4,464	$	5,889	$	211	$	(4,303)
Net (loss) income (a)	$	(6,835)	$	379	$	(36,729)	$	(10,387)
Net loss attributable to WillScot common shareholders (a) (b)	$	(6,187)	$	236	$	(33,519)	$	(11,705)

Net (loss) income per share attributable to WillScot – basic and diluted
Continuing operations	$	(0.08)	$	0.00	$	(0.37)	$	(0.11)
Discontinued operations	$	0.00	$	0.00	$	0.00	$	0.00
Net loss	$	(0.08)	$	0.00	$	(0.37)	$	(0.11)

Average number of common shares outstanding - basic & diluted	77,189,774		78,432,274		90,726,921		102,176,225


	Quarter Ended (unaudited, except per share amounts)
2017	March 31,		June 30,		September 30,		December 31,
Leasing and services revenue	$	87,991	$	95,903	$	99,947	$	103,830
Total revenue	$	99,321	$	110,077	$	116,162	$	120,382
Gross profit	$	37,938	$	39,583	$	41,269	$	46,780
Operating income (loss) (a)	$	4,824	$	11,393	$	5,380	$	(79,919)
Income from discontinued operations	$	2,205	$	3,840	$	5,078	$	3,527
Net loss (a)	$	(10,179)	$	(5,896)	$	(8,357)	$	(125,380)
Net loss attributable to WillScot (a)	$	(10,179)	$	(5,896)	$	(8,357)	$	(123,270)

Net (loss) income per share attributable to WillScot – basic and diluted
Continuing operations	$	(0.85)	$	(0.67)	$	(0.92)	$	(3.60)
Discontinued operations	$	0.15	$	0.26	$	0.35	$	0.10
Net (loss) income	$	(0.70)	$	(0.41)	$	(0.57)	$	(3.50)

Average number of common shares outstanding - basic & diluted	14,545,833		14,545,833		14,545,833		35,233,225

(a) As discussed in Note 8, the Company recognized a goodwill impairment charge of $60.7 million during the fourth quarter of 2017. Additionally, as discussed in Note 7, the Company recognized a property, plant and equipment impairment charge of $1.6 million during the fourth quarter of 2018.

(b) As discussed in Note 12, the Company had a $2.1 million deemed dividend as a result of the Warrant Exchange.

Loss Per Share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Loss Per Share

Loss Per ShareBasic loss per share (“LPS”) is calculated by dividing net loss attributable to WillScot common shareholders by the weighted average number of Class A common shares outstanding during the period. Concurrently with the Business Combination, 12,425,000 of WillScot's Class A common shares were placed into escrow by shareholders and became ineligible to vote or participate in the economic rewards available to other Class A shareholders. Escrowed shares were therefore excluded from the EPS calculation while deposited in the escrow account. 6,212,500 of the escrowed shares were released to shareholders on January 19, 2018, and the remaining escrowed shares were released to shareholders on

August 21, 2018.

Class B common shares have no rights to dividends or distributions made by the Company and, in turn, are excluded from the LPS calculation

Diluted LPS is computed similarly to basic net loss per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. Effects of potentially dilutive securities are presented only in periods in which they are dilutive. Stock options, RSUs and RSAs, representing 589,257, 852,733 and 72,053 shares of Class A common stock outstanding for the year ended December 31, 2018, were excluded from the computation of diluted loss per share because their effect would have been anti-dilutive. Warrants representing 22,183,513 and 34,750,000 shares of Class A shares for the years ended December 31, 2018 and 2017, were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive.

Pursuant to the exchange agreement entered into by WS Holding's shareholders, Sapphire has the right, but not the obligation, to exchange all, but not less than all, of its shares of WS Holdings into newly issued shares of WillScot’s Class A common stock in a private placement transaction. The impact of this exchange has been excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive.

The following table is a reconciliation of net loss and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted LPS for the years ended December 31:


(in thousands, except per share numbers)	2018		2017		2016
Numerator
Loss from continuing operations	$	(53,572)	$	(164,462)	$	(63,131)
Income from discontinued operations, net of tax	—		14,650		32,195
Net loss	(53,572)		(149,812)		(30,936)
Net loss attributable to non-controlling interest, net of tax	(4,532)		(2,110)		—
Net loss attributable to WillScot	(49,040)		(147,702)		(30,936)
Non-cash deemed dividend related to warrant exchange	(2,135)		$	—	—
Net loss attributable to WillScot common shareholders	$	(51,175)	$	(147,702)	$	(30,936)

Denominator
Average shares outstanding - basic and diluted	87,209,605		19,760,189		14,545,833

(Loss) income per share attributable to WillScot common shareholders - basic and diluted
Continuing operations	$	(0.59)	$	(8.21)	$	(4.34)
Discontinued operations	$	—	$	0.74	$	2.21
Net loss per share attributable to WillScot common shareholders	$	(0.59)	$	(7.47)	$	(2.13)

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements were prepared in conformity with accounting principles generally accepted in the US (“GAAP”).

Principles of Consolidation

Accounting Estimates

Cash and Cash Equivalents

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

Trade Receivables and Allowance for Doubtful Accounts

Trade Receivables and Allowance for Doubtful AccountsTrade receivables primarily consist of amounts due from customers from the lease or sale of rental equipment and their delivery and installation. Trade accounts receivable are recorded net of an allowance for doubtful accounts. The allowance for doubtful accounts is based upon the amount of losses expected to be incurred in the collection of these accounts. The estimated losses are based upon a review of outstanding receivables, including specific accounts and the related aging, and of historical collection experience. The Company reviews the adequacy of the allowance on a quarterly basis. Specific accounts are written off against the allowance when management determines the account is uncollectible.

Concentration of Credit Risk

Concentration of Credit RiskThe Company’s trade accounts receivable subject the Company to potential concentrations of credit risk. The Company performs on-going credit evaluations of its customers. Receivables related to sales are generally secured by the product sold to the customer. The Company generally has the right to repossess its rental units in the event of non-payment of receivables relating to the Company’s leasing operations. The Company’s large number of customers in diverse geographic areas and end-markets mitigates the concentration of credit risk.

Inventories

Property, Plant and Equipment

Rental Equipment

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


	Estimated Useful Life	Residual Value
Modular space and portable storage units	10 – 20 years	20 – 50%
VAPS and other related rental equipment	2 – 8 years	0%

Property, Plant and Equipment

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


Type			Estimated Useful Life
Buildings and leasehold improvements			10 – 40 years
Machinery and equipment			3 – 10 years
Furniture and fixtures			7 – 10 years
Software			3 – 5 years

Land improvements for owned properties are amortized over 15 years, and are amortized over the lease term for our leased properties.

Held for Sale

Impairment of Property, Plant and Equipment

Goodwill and Goodwill Impairment

Intangible Assets Other than Goodwill

amortized over the life of the lease. Amortization of intangible assets is included in other depreciation and amortization in the consolidated statements of operations.

Purchase Accounting

Debt Issuance Costs and Debt Discounts

Retirement Benefit Obligation

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

Share-Based Payments

Foreign Currency Translation and Transactions

Derivative Instruments and Hedging Activities

Revenue Recognition

Modular leasing and services revenue


(in thousands)	Operating Leases
2019	$	240,498
2020	78,399
2021	29,372
2022	13,950
2023	5,927
Thereafter	2,570

Sales revenue

Advertising and Promotion

Advertising and promotion expense, which is expensed as incurred, was $4.4 million, $3.3 million and $2.9 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Shipping Costs

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

Income Taxes

Fair Value Measurements

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

Recently Issued and Adopted Accounting Standards

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

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

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Activity in Allowance for Doubtful Accounts

Activity in the allowance for doubtful accounts for the years ended December 31 was as follows:


(in thousands)	2018		2017		2016
Balance at beginning of year	$	4,845	$	4,167	$	2,036
Net charges to bad debt expense	7,656		4,715		4,929
Write-offs	(3,089)		(3,984)		(2,760)
Foreign currency translation and other	(72)		(53)		(38)
Balance at end of year	$	9,340	$	4,845	$	4,167

Depreciation of Rental Equipment

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


	Estimated Useful Life	Residual Value
Modular space and portable storage units	10 – 20 years	20 – 50%
VAPS and other related rental equipment	2 – 8 years	0%

Property, Plant and Equipment, Estimated Useful Lives

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


Type			Estimated Useful Life
Buildings and leasehold improvements			10 – 40 years
Machinery and equipment			3 – 10 years
Furniture and fixtures			7 – 10 years
Software			3 – 5 years

Operating Lease, Payments to be Received


(in thousands)	Operating Leases
2019	$	240,498
2020	78,399
2021	29,372
2022	13,950
2023	5,927
Thereafter	2,570

Business Combinations and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Schedule of Business Combination

The net proceeds from the Business Combination, as reported in the consolidated statements of cash flows for the year ended December 31, 2017 within the financing section are summarized below:


(in thousands)	Net proceeds
Cash in Double Eagle's Trust (net of redemptions)	$	288,381
Cash from private placement of common stock to TDR affiliate	418,261
Gross cash received by WillScot from Business Combination	706,642
Less: purchase of WSII's outstanding equity	(125,676)
Less: fees to underwriters	(9,188)
Net cash received by WillScot in Recapitalization Transaction	$	571,778

An additional

Schedule of Business Combination

The number of shares of Class A and Class B common stock of WillScot issued and outstanding immediately following the consummation of the Business Combination is summarized as follows:


	Number of Shares of Class A Common Stock of WillScot	Number of Shares of Class B Common Stock of WillScot
Double Eagle public shares outstanding prior to the Business Combination	49,704,329	—
Less: Redemption of Double Eagle public shares	21,128,456	—
Plus: Conversion of Double Eagle Class B shares to Double Eagle Class A shares (a)	12,500,000	—
Total Double Eagle shares outstanding immediately prior to the effective date of the Business Combination	41,075,873	—
Class B shares issued as part of consideration for WSII purchase	—	8,024,419
Common shares issued through private placement to TDR affiliate	43,568,901	—
Total shares of common stock of WillScot outstanding at closing, November 29, 2017	84,644,774	8,024,419

Schedule of Business Combination

The purchase price has been determined to be as follows:


(in thousands, expect for per share amounts)	Price
Cash	$	1,054,416
Stock consideration (a)	95,796
2018 Warrants (b)	52,310
Working capital adjustment (c)	4,724
Total purchase price	$	1,207,246

(b) Warrants were valued assuming a fair market value of $5.23 as estimated using a Black-Scholes valuation model as of August 15, 2018.

Schedule of Business Combination


Expected volatility	28.6	%
Risk-free rate of interest	2.2	%
Dividend Yield	—	%
Expected life (years)	0.5

Schedule of Business Combination


Expected volatility	35.0	%
Risk-free rate of interest	2.7	%
Dividend Yield	—	%
Expected life (years)	4.3

Schedule of Business Combination

Purchase Price


(in thousands)	Value
Trade receivables, net (a)	$	81,320
Prepaid expenses and other current assets	17,342
Inventories	4,757
Rental equipment	853,986
Property, plant and equipment	110,413
Intangible assets:
Favorable leases (b)	3,976
Trade name (b)	3,000
Deferred tax assets, net	1,855
Total identifiable assets acquired	$	1,076,649

Accrued liabilities	$	31,551
Accounts payable	37,678
Deferred revenue and customer deposits	15,938
Total liabilities assumed	$	85,167

Total goodwill (c)	$	215,764

(a) The fair value of accounts receivable was $81.3 million and the gross contractual amount was $86.5 million. The Company estimated that $5.2 million is uncollectible.

(b) The trade name has an estimated useful life of 3 years. The favorable lease asset has an estimated useful life of 6 years.

Business Combination, Pro Forma Information


	Year Ended December 31,
(in thousands)	2018 (a) (unaudited)			2017 (a) (unaudited)
WillScot revenues	$	751,412		$	445,942	(b)
Acton and ModSpace revenues	312,609			537,393		(c)
Pro forma revenues	$	1,064,021		$	983,335

WillScot pre-tax loss	$	(92,172)		$	(165,398)	(d)
Acton and ModSpace pre-tax loss	(7,457)			(111,319)		(c)
Pre-tax loss before pro forma adjustments	(99,629)			(276,717)
Pro forma adjustments to combined pre-tax loss:
Impact of fair value mark-ups/useful life changes on depreciation	10,135			13,557		(e)
Intangible asset amortization	(625)		(f)	(1,708)		(f)
Interest expense	(41,178)		(g)	(75,031)		(h)
Elimination of ModSpace interest	20,279		(i)	45,461		(i)
Pro forma pre-tax loss	(111,018)		(j)	(294,438)
Income tax benefit	(43,462)		(k)	(34,228)		(k)
Income from discontinued operations	—			14,650
Pro forma net loss	$	(67,556)		$	(245,560)

(b) Excludes historic revenues and pre-tax income from discontinued operations.

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Revenues and costs related to the Remote Accommodations Business for the period ended November 28, 2017, and the year ended December 31, 2016, were as follows:


(in thousands)	Period Ended November 28, 2017		Year Ended December 31, 2016
Remote accommodations revenue:
Lease revenue	$	53,571	$	79,957
Service revenue	67,282		69,510
Total remote accommodations revenue	$	120,853	$	149,467

Remote accommodation costs:
Cost of leases	$	7,837	$	9,562
Cost of services	46,134		41,583
Total remote accommodations costs	$	53,971	$	51,145

Discontinued Operations

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


	Estimated Useful Life	Residual Value
Remote accommodations	15 years	0 - 25%

Discontinued Operations

Income from discontinued operations, net of tax, for the period ended November 28, 2017, and the year ended December 31, 2016, were as follows:


(in thousands)	Period Ended November 28, 2017		Year Ended December 31, 2016
Remote accommodations revenue	$	120,853	$	149,467
Rental unit sales	1,522		—
Remote accommodations costs of leasing and services	53,971		51,145
Rental unit cost of sales	901		—
Depreciation of rental equipment	21,995		36,300
Gross profit	45,508		62,022
Selling, general and administrative expenses	11,513		13,883
Other depreciation and amortization	4,589		5,029
Restructuring costs	1,714		—
Change in fair value of contingent considerations	—		(4,581)
Other income	(52)		(394)
Operating profit	27,744		48,085
Interest expense	2,444		2,346
Income from discontinued operations, before income tax	25,300		45,739
Income tax expense	10,650		13,544
Income from discontinued operations, net of tax	$	14,650	$	32,195

Discontinued Operations

The significant cash flow items from discontinued operations for the years ended December 31, 2017 and 2016 were as follows:


(in thousands)	2017		2016
Depreciation and amortization	$	26,584	$	41,329
Capital expenditures	$	9,890	$	5,125
Change in fair value of contingent consideration	$	—	$	(4,581)

- 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.

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+ Details

Inventories (Tables)

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories at December 31, consisted of the following:


(in thousands)	2018		2017
Raw materials and consumables	$	16,022	$	10,082
Work in process	196		—
Total inventories	$	16,218	$	10,082

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2018

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets at December 31 consisted of the following:


(in thousands)	2018		2017
Prepaid expenses	$	9,200	$	4,829
Other current assets	12,506		6,004
Receivables due from affiliates	122		2,863
Total prepaid expenses and other current assets	$	21,828	$	13,696

Rental Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Schedule of Rental Equipment, Net

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


(in thousands)	2018		2017
Modular units and portable storage	$	2,333,776	$	1,385,901
Value added products	90,526		59,566
Total rental equipment	2,424,302		1,445,467
Less: accumulated depreciation	(495,012)		(405,321)
Rental equipment, net	$	1,929,290	$	1,040,146

Property, Plant and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


(in thousands)	2018		2017
Land, buildings and leasehold improvements	$	185,870	$	89,941
Manufacturing and office equipment	58,481		47,882
Software and other	29,632		26,598
Total other property, plant and equipment	273,983		164,421
Less: accumulated depreciation	(90,233)		(80,755)
Property, plant and equipment, net	$	183,750	$	83,666

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill activity

Changes in the carrying amount of goodwill were as follows:


	Modular – US		Modular – Other North America		Total
Balance at December 31, 2016	$	—	$	56,811	$	56,811
Acquisition of a business	28,609		—		28,609
Effects of movements in foreign exchange rates	—		3,932		3,932
Impairment losses	—		(60,743)		(60,743)
Balance at December 31, 2017	28,609		—		28,609
Acquisition of businesses	183,711		35,128		218,839
Changes to preliminary purchase price allocations	944		—		944
Effects of movements in foreign exchange rates	—		(1,375)		(1,375)
Balance at December 31, 2018	$	213,264	$	33,753	$	247,017

Schedule of finite lived intangible assets

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


	December 31, 2018
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Favorable lease rights	6.7	$	4,523	$	(347)	$	4,176
ModSpace trade name	2.7	3,000		(375)		2,625
Total intangible assets subject to amortization		7,523		(722)		6,801

Indefinite-lived intangible assets:
Trade names		125,000		—		125,000
Total intangible assets other than goodwill		$	132,523	$	(722)	$	131,801


	December 31, 2017
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Favorable lease rights	7.8	$	551	$	—	$	551
Acton trade name	1.0	708		—		708
Total intangible assets subject to amortization		1,259		—		1,259

Indefinite-lived intangible assets:
Trade names		125,000		—		125,000
Total intangible assets other than goodwill		$	126,259	$	—	$	126,259

Schedule of indefinite lived intangible assets

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


	December 31, 2018
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Favorable lease rights	6.7	$	4,523	$	(347)	$	4,176
ModSpace trade name	2.7	3,000		(375)		2,625
Total intangible assets subject to amortization		7,523		(722)		6,801

Indefinite-lived intangible assets:
Trade names		125,000		—		125,000
Total intangible assets other than goodwill		$	132,523	$	(722)	$	131,801


	December 31, 2017
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Favorable lease rights	7.8	$	551	$	—	$	551
Acton trade name	1.0	708		—		708
Total intangible assets subject to amortization		1,259		—		1,259

Indefinite-lived intangible assets:
Trade names		125,000		—		125,000
Total intangible assets other than goodwill		$	126,259	$	—	$	126,259

Schedule of intangible asset amortization

As of December 31, 2018, the expected future amortization expense for intangible assets is as follows:


(in thousands)	Amortization Expense
2019	$	1,785
2020	1,649
2021	1,253
2022	628
2023	628
Thereafter	858
Total	$	6,801

Deferred Revenue and Customer Deposits (Tables)

12 Months Ended

Dec. 31, 2018

Other Liabilities Disclosure [Abstract]

Schedule of deferred revenue and customer deposits

Deferred revenue and customer deposits at December 31 consisted of the following:


(in thousands)	2018		2017
Current:
Deferred revenue	$	68,398	$	37,041
Customer deposits	3,380		8,141
Total current deferred revenue and customer deposits	$	71,778	$	45,182

Long-term:
Deferred revenue	$	7,723	$	4,847
Customer deposits	—		530
Total long-term deferred revenue and customer deposits	$	7,723	$	5,377

Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

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


(in thousands, except rates)	Interest rate	Year of maturity	2018		2017
2022 Secured Notes	7.875%	2022	$	292,258	$	290,687
2023 Secured Notes	6.875%	2023	293,918		—
Unsecured Notes	10.00%	2023	198,931		—
US ABL Facility	Varies	2022	853,409		297,323
Canadian ABL Facility (a)	Varies	2022	—		—
Capital lease and other financing obligations			37,983		38,736
Total debt			1,676,499		626,746
Less: current portion of long-term debt			(1,959)		(1,881)
Total long-term debt			$	1,674,540	$	624,865

Schedule of Maturities of Debt

As of December 31, 2018, the aggregate annual principal maturities of debt and capital lease obligations for each of the next five years are as follows:


(in thousands)	Debt		Capital leases and other financing obligations		Total
2019	$	—	$	1,959	$	1,959
2020	—		204		204
2021	—		5,019		5,019
2022	1,179,418		235		1,179,653
2023	500,000		252		500,252
Thereafter	—		31,873		31,873

Schedule of Maturities of Debt


(in thousands)	Debt discount and debt issuance cost amortization
2019	$	11,482
2020	11,746
2021	11,999
2022	7,380
2023	1,291
Thereafter	506

Debt Redemption


Year	Redemption Price
2019	103.938	%
2020	101.969	%
2021 and thereafter	100.000	%

Debt Redemption


Year	Redemption Price
2020	103.438	%
2021	101.719	%
2022 and thereafter	100.000	%

Debt Redemption


Year	Redemption Price
August 15, 2019 to February 14, 2020	102.000	%
February 15, 2020 to February 14, 2021	104.000	%
February 15, 2021 and thereafter	106.000	%

Schedule of Interest Expense


	Quarter Ended (unaudited)
2018		March 31,		June 30,		September 30,		December 31,		YTD
Interest expense, net		$	10,471	$	10,880	$	20,668	$	28,262	$	70,281
Debt issuance costs amortization		1,248		1,274		2,279		2,851		7,652
Bridge financing fees		—		—		20,500		—		20,500
Total interest expense		$	11,719	$	12,154	$	43,447	$	31,113	$	98,433

- Definition

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

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+ Details

Notes Due to Affiliates (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Related Parties

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


(in thousands)	Financial statement line Item	2018		2017
Receivables due from affiliates	Prepaid expenses and other current assets	$	122	$	2,863
Amounts due to affiliates	Accrued liabilities	(1,379)		(1,235)
	Total related party (liabilities) assets, net	$	(1,257)	$	1,628

Other Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Other Liabilities Disclosure [Abstract]

Other Non-Current Liabilities

Other non-current liabilities at December 31 consisted of the following:


(in thousands)	2018		2017
Reserve for uncertain tax positions - non-current	$	23,561	$	18,982
Other provisions - non-current	1,640		264
Restructuring liabilities	225		109
Interest rate swap liability (a)	6,192		—
Total other non-current liabilities	$	31,618	$	19,355

(a) See Note 14 for additional information on the interest rate swap.

Equity (Tables)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss ("AOCI"), net of tax, for the years ended December 31, 2018, 2017 and 2016, were as follows:


(in thousands)	Foreign Currency Translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2015	$	(55,645)	$	—	$	(55,645)
Other comprehensive loss before reclassifications	(1,283)		—		(1,283)
Reclassifications from AOCI to income	—		—		—
Balance at December 31, 2016	(56,928)		—		(56,928)
Other comprehensive income before reclassifications	6,760		—		6,760
Reclassifications from AOCI to income	—		—		—
Reclassifications from AOCI to additional paid-in capital (a)	663		—		663
Less other comprehensive income (loss) attributable to non-controlling interest	8		—		8
Balance at December 31, 2017	(49,497)		—		(49,497)
Other comprehensive loss before reclassifications	(11,639)		(6,240)		(17,879)
Reclassifications from AOCI to income (b)	—		285		285
Reclassifications from AOCI to retained earnings (c)	(2,540)		—		(2,540)
Less other comprehensive income attributable to non-controlling interest	1,068		537		1,605
Balance at December 31, 2018	$	(62,608)	$	(5,418)	$	(68,026)

Schedule of Non-Controlling Interest

The changes in non-controlling interest for the years ended December 31, 2018 and 2017 were as follows:


(in thousands)	2018		2017
Balance at beginning of period	$	48,931	$	—
Net loss attributable to non-controlling interest	(4,532)		(2,110)
Other comprehensive loss	(1,605)		(8)
Issuance of common stock and contribution of proceeds to WSII	7,574		—
Acquisition of ModSpace and the related financing transactions including stock and warrants	13,614		—
Recapitalization transaction	—		51,049
Balance at end of period	$	63,982	$	48,931

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Benefit (Expense)

The components of income tax (benefit) expense from continuing operations for the years ended December 31, 2018, 2017 and 2016 are comprised of the following:


(in thousands)	2018		2017		2016
US Federal and State
Current	$	668	$	(1,817)	$	623
Deferred	(36,149)		3,450		(23,272)
Outside of US
Current	924		(1,422)		(1,794)
Deferred	(4,043)		(1,147)		(59)
Total income tax (benefit) expense	$	(38,600)	$	(936)	$	(24,502)

Schedule of Effective Income Tax Rate Reconciliation


(in thousands)	2018			2017			2016
Loss from continuing operations before income tax
US	$	(80,824)		$	(97,009)		$	(78,358)
Non-US	(11,348)			(68,389)			(9,275)
Total loss from continuing operations before income tax	$	(92,172)		$	(165,398)		$	(87,633)

US Federal statutory income tax benefit	$	(19,356)		$	(57,889)		$	(30,672)
Effect of tax rates in foreign jurisdictions	(626)			5,626			532
State income tax (benefit) expense, net of federal benefit	(2,478)			(5,188)			282
Unremitted foreign earnings	(6,793)			(2,493)			(1,585)
Valuation allowances	(11,871)			59,679			1,719
Non-deductible transaction costs	1,134			1,297			—
Non-deductible goodwill impairment	—			15,849			1,920
Non-deductible deferred financing fees	—			2,715			1,465
Non-deductible stewardship (a)	—			1,658			1,855
Non-deductible monitoring fee (b)	—			422			1,938
Tax reform (excluding valuation allowance)	64			(23,115)			—
Other	1,326			503			(1,956)
Reported income benefit	$	(38,600)		$	(936)		$	(24,502)
Effective income tax rate	41.88		%	0.56		%	27.96		%

(b) Prior to the Business Combination, TDR Capital would charge a quarterly fee to WSII that was deemed non-deductible.

Schedule of Deferred Income Taxes

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


(in thousands)	2018		2017
Deferred tax assets
Loans and borrowings	$	122,456	$	114,071
Employee benefit plans	3,395		1,175
Accrued liabilities	8,715		4,834
Currency losses, net	408		95
Deferred revenue	16,310		11,679
Other	4,724		2,144
Tax loss carryforwards	243,057		69,391
Deferred tax assets, gross	399,065		203,389
Valuation allowance	(82,907)		(73,534)
Net deferred income tax asset	$	316,158	$	129,855

Deferred tax liabilities
Rental equipment and other property, plant and equipment	$	(360,766)	$	(214,052)
Intangible assets	(22,654)		(29,615)
Foreign earnings	—		(6,955)
Deferred tax liability	(383,420)		(250,622)
Net deferred income tax liability	$	(67,262)	$	(120,767)

Summary of Tax Loss Carryforwards

The Company’s tax loss carryforwards are as follows at December 31, 2018 (in millions):


Jurisdiction	Loss Carryforward		Expiration
US - Federal	$	935.9	2021 – 2037, Indefinite
US - State	633.3		2019 –2038, Indefinite
Foreign - Mexico & Canada	19.0		2020 – 2038
Total	$	1,588.2

Schedule of Unrecognized Tax Benefits

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


(in thousands)	2018		2017		2016
Unrecognized tax benefits – January 1,	$	72,660	$	64,974	$	68,601
Increases based on tax positions related to current period	1,545		7,895		957
Increases based on tax positions related to prior period	—		355		32
Decreases based on tax positions related to prior period	(9,016)		(564)		(4,616)
Decrease from expiration of statute of limitations	(745)		—		—
Unrecognized tax benefits – December 31,	$	64,444	$	72,660	$	64,974

Derivatives (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Agreements

The following table summarizes the outstanding interest rate swap arrangement as of December 31, 2018:


	Aggregate Notional Amount (in millions)		Receive Rate	Receive Rate as of December 31, 2018		Pay Rate
US ABL Facility	$	400.0	1 month LIBOR	2.44	%	3.06	%

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 in the consolidated balance sheet as of December 31, 2018 as follows:


(in thousands)	Balance Sheet Location	2018
Cash Flow Hedges:
Interest rate swap	Accrued liabilities	$	1,709
Interest rate swap	Other long-term liabilities	$	6,192

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


(in thousands)	(Loss) Gain Recognized in OCI		Location of Gain (Loss) Recognized in Income	(Loss) Gain Reclassified from AOCI into Income (Effective Portion)		(Loss) Gain Recognized in Income (Ineffective Portion)
Interest rate swap	$	(7,777)	Interest expense	$	(373)	$	—

- Definition

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

+ References

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+ Details

Fair Value Measures (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Carrying Amounts and Fair Values of Financial Assets and Liabilities

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


	December 31, 2018														December 31, 2017
			Fair Value												Fair Value
(in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Carrying Amount		Level 1		Level 2		Level 3
Financial liabilities not measured at fair value
US ABL Facility (a)	$	853,409	$	—	$	878,500	$	—	$	297,323	$	—	$	310,000	$	—
Canadian ABL Facility (a)	—		—		918		—		—		—		—		—
2022 Secured Notes (a)	292,258		—		297,027		—		290,687		—		310,410		—
2023 Secured Notes (a)	293,918		—		288,633		—		—		—		—		—
Unsecured Notes (a)	198,931		—		197,462		—		—		—		—		—
Total	$	1,638,516	$	—	$	1,662,540	$	—	$	588,010	$	—	$	620,410	$	—

Restructuring (Tables)

12 Months Ended

Dec. 31, 2018

Restructuring and Related Activities [Abstract]

Summary of Activities in the Restructuring Accruals

The following is a summary of the activity in the Company’s restructuring accruals for years ended December 31, 2018, 2017 and 2016:


(in thousands)	Year Ended December 31,
			2018										2017							2016
			Employee Costs		Facility Exit Costs		Total		Employee Costs		Facility Exit Costs		Total		Employee Costs		Facility Exit Costs		Total
Beginning balance	$	227	$	—	$	227	$	1,793	$	—	$	1,793	$	2,055	$	—	$	2,055
Charges	10,182		5,286		15,468		2,196		—		2,196		2,810		—		2,810
Cash payments	(5,806)		(4,314)		(10,120)		(1,806)		—		(1,806)		(3,092)		—		(3,092)
Foreign currency translation	(59)		—		(59)		12		—		12		20		—		20
Non-cash movements	—		—		—		(1,968)		—		(1,968)		—		—		—
Ending balance	$	4,544	$	972	$	5,516	$	227	$	—	$	227	$	1,793	$	—	$	1,793

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Restricted Stock Awards

The following table summarizes the Company’s RSA activity as of December 31, 2018:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance, December 31, 2017	—	$	—
Granted	72,053	15.57
Forfeited	—	—
Balance, December 31, 2018	72,053	$	15.57

Restricted Stock Units

The following table summarizes the Company's RSU award activity as of December 31, 2018:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance, December 31, 2017	—	$	—
Granted	921,730	13.60
Forfeited	(68,997)	13.60
Balance, December 31, 2018	852,733	$	13.60

Stock Option Awards

The following table summarizes the Company's stock option activity as of December 31, 2018:


	Number Of Options	Weighted - Average Exercise Price per Share ($)
Outstanding options, December 31, 2017	—	$	—
Granted	589,257	13.60
Exercised	—	—
Forfeited	—	—
Outstanding options, December 31 , 2018	589,257	$	13.60
Fully Vested and exercisable options, end of period	—	—

Assumptions Made for the Valuation of Stock Options

The fair value of each option award at grant date was estimated using the Black-Scholes option-pricing model with the following assumptions:


	Assumptions
Expected volatility	36.0		%
Expected dividend yield	—
Risk-free interest rate	2.7		%
Expected term (in years)	6.25
Exercise price	$	13.60
Weighted-average grant date fair value	$	5.51

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments at December 31, 2018, by year and in the aggregate, under non-cancelable operating leases are as follows:


(in thousands)	Operating Leases
2019	$	38,876
2020	29,797
2021	24,627
2022	18,879
2023	13,467
Thereafter	25,055
Total	$	150,701

Segment Reporting and Geographic Areas (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables set forth certain information regarding each of the Company’s reportable segments for the years ended December 31, 2018, 2017 and 2016, respectively:


	Year Ended December 31, 2018
(in thousands)	Modular - US		Modular - Other North America		Corporate and Other		Total
Revenues
Leasing and services revenue:
Modular space leasing	$	469,302	$	48,933	$	—	$	518,235
Modular space delivery and installation	138,181		16,376		—		154,557
Sales:
New units	48,984		4,619		—		53,603
Rental units	21,123		3,894		—		25,017
Total Revenues	677,590		73,822		—		751,412

Costs
Cost of leasing and services:
Modular space leasing	131,846		11,274		—		143,120
Modular space delivery and installation	127,936		16,014		—		143,950
Cost of sales:
New units	33,484		3,379		—		36,863
Rental units	13,650		3,009		—		16,659
Depreciation of rental equipment	106,354		15,082		—		121,436
Gross profit (loss)	$	264,320	$	25,064	$	—	$	289,384
Adjusted EBITDA	$	196,410	$	19,123	$	—	$	215,533
Other selected data
Selling, general and administrative expense	$	232,754	$	22,117	$	—	$	254,871
Other depreciation and amortization	$	12,201	$	1,103	$	—	$	13,304
Capital expenditures for rental fleet	$	151,407	$	9,476	$	—	$	160,883


	Year Ended December 31, 2017
(in thousands)	Modular - US		Modular - Other North America		Corporate and Other		Total
Revenues
Leasing and services revenue:
Modular space leasing	$	264,351	$	34,036	$	(566)	$	297,821
Modular space delivery and installation	81,036		8,814		—		89,850
Sales:
New units	29,275		7,096		—		36,371
Rental units	18,271		3,710		(81)		21,900
Total Revenues	392,933		53,656		(647)		445,942

Costs
Cost of leasing and services:
Modular space leasing	75,615		7,973		—		83,588
Modular space delivery and installation	77,303		8,174		—		85,477
Cost of sales:
New units	20,919		5,106		—		26,025
Rental units	10,099		2,544		—		12,643
Depreciation of rental equipment	60,312		12,327		—		72,639
Gross profit (loss)	$	148,685	$	17,532	$	(647)	$	165,570
Adjusted EBITDA	$	110,822	$	13,099	$	(15,112)	$	108,809
Other selected data
Selling, general and administrative expense	$	100,427	$	16,790	$	45,134	$	162,351
Other depreciation and amortization	$	5,333	$	1,014	$	2,306	$	8,653
Capital expenditures for rental fleet	$	96,378	$	5,832	$	—	$	102,210


	Year Ended December 31, 2016
(in thousands)	Modular - US		Modular - Other North America		Corporate and Other		Total
Revenues
Leasing and services revenue:
Modular space leasing	$	238,159	$	45,984	$	(593)	$	283,550
Modular space delivery and installation	74,410		7,635		(153)		81,892
Sales:
New units	34,812		4,416		—		39,228
Rental units	18,115		3,969		(142)		21,942
Total Revenues	365,496		62,004		(888)		426,612

Costs
Cost of leasing and services:
Modular space leasing	68,477		7,039		—		75,516
Modular space delivery and installation	68,718		6,641		—		75,359
Cost of sales:
New units	24,427		3,245		(3)		27,669
Rental units	7,995		2,899		—		10,894
Depreciation of rental equipment	56,883		12,098		—		68,981
Gross profit (loss)	$	138,996	$	30,082	$	(885)	$	168,193
Adjusted EBITDA	$	103,798	$	24,360	$	(21,644)	$	106,514
Other selected data
Selling, general and administrative expense	$	92,074	$	17,841	$	29,178	$	139,093
Other depreciation and amortization	$	6,235	$	1,115	$	1,669	$	9,019
Capital expenditures for rental fleet	$	60,418	$	3,550	$	—	$	63,968

The following table presents a reconciliation of the Company’s loss before income tax by segment to Adjusted EBITDA by segment:


(in thousands)	Modular - US		Modular - Other North America		Corporate and Other		Total
2018
Loss from continuing operations before income taxes	$	(88,206)	$	(3,966)	$	—	$	(92,172)
Interest expense, net (a)	96,108		2,325		—		98,433
Depreciation and amortization	118,555		16,185		—		134,740
Currency losses, net	509		1,945		—		2,454
Restructuring costs	13,930		1,538		—		15,468
Goodwill and other impairments	1,600		—		—		1,600
Integration costs	29,260		746		—		30,006
Stock compensation expense	3,439		—		—		3,439
Transaction costs	19,780		271		—		20,051
Other expense	1,435		79		—		1,514
Adjusted EBITDA	$	196,410	$	19,123	$	—	$	215,533

2017
Loss from continuing operations before income taxes	$	(12,345)	$	(64,580)	$	(88,473)	$	(165,398)
Interest expense, net	65,709		4,603		36,764		107,076
Depreciation and amortization	65,645		13,341		2,306		81,292
Currency gains, net	(10,942)		(1,040)		(896)		(12,878)
Goodwill and other impairments	—		60,743		—		60,743
Restructuring costs	326		10		1,860		2,196
Transaction costs	1,841		—		22,040		23,881
Algeco LTIP expense	115		—		9,267		9,382
Other expense	473		22		2,020		2,515
Adjusted EBITDA	$	110,822	$	13,099	$	(15,112)	$	108,809

2016
Loss from continuing operations before income taxes	$	(30,669)	$	(369)	$	(56,595)	$	(87,633)
Interest expense, net	60,475		4,726		19,242		84,443
Depreciation and amortization	63,118		13,213		1,669		78,000
Currency losses, net	9,722		835		2,541		13,098
Goodwill and other impairments	—		5,532		—		5,532
Restructuring costs	246		400		2,164		2,810
Transaction costs	—		—		8,419		8,419
Other expense	906		23		916		1,845
Adjusted EBITDA	$	103,798	$	24,360	$	(21,644)	$	106,514

Reconciliation of Assets from Segment to Consolidated

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


(in thousands)	Modular - US		Modular - Other North America		Corporate and Other		Total
As of December 31, 2018:
Goodwill	$	213,264	$	33,753	$	—	$	247,017
Intangible assets, net	$	6,707	$	94	$	125,000	$	131,801
Rental equipment, net	$	1,635,014	$	294,276	$	—	$	1,929,290
As of December 31, 2017:
Goodwill	$	28,609	$	—	$	—	$	28,609
Intangible assets, net	$	1,259	$	—	$	125,000	$	126,259
Rental equipment, net	$	857,349	$	182,797	$	—	$	1,040,146

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The Company has net sales and long-lived assets in the following geographic areas for the year ended December 31:


(in thousands)	US		Canada		Mexico		Total
2018
Total revenue	$	685,350	$	50,144	$	15,918	$	751,412
Long-lived assets (a)	$	1,835,035	$	261,235	$	16,770	$	2,113,040
2017
Total revenue	$	396,039	$	36,357	$	13,546	$	445,942
Long-lived assets (a)	$	973,751	$	132,093	$	17,968	$	1,123,812
2016
Total revenue	$	378,129	$	35,401	$	13,082	$	426,612
Long-lived assets (a)	$	751,254	$	129,848	$	18,022	$	899,124

(a) Long-lived assets include rental equipment, property, plant and equipment, net of accumulated depreciation.

Schedule of Revenue by Major Product and Service Line

The following table presents revenue by major product and service line for the year ended December 31:


(in thousands)	2018		2017		2016
Modular space leasing revenue (a)	$	486,774	$	265,644	$	256,123
Portable storage leasing revenue	21,682		17,480		18,439
Other leasing-related revenue	9,779		14,697		8,988
Modular leasing revenue	518,235		297,821		283,550
Modular delivery and installation revenue	154,557		89,850		81,892
Total leasing and services revenue	672,792		387,671		365,442
New units	53,603		36,371		39,228
Rental units	25,017		21,900		21,942
Total revenues	$	751,412	$	445,942	$	426,612

(a) Includes leasing revenue for VAPS

Related Parties (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Related Parties

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


(in thousands)	Financial statement line Item	2018		2017
Receivables due from affiliates	Prepaid expenses and other current assets	$	122	$	2,863
Amounts due to affiliates	Accrued liabilities	(1,379)		(1,235)
	Total related party (liabilities) assets, net	$	(1,257)	$	1,628

Schedule of Related Parties

Related party transactions included in the Company’s consolidated statement of operations for the year ended December 31, 2018, 2017 and 2016, respectively, consisted of the following:


(in thousands)	Financial statement line item	2018		2017			2016
Leasing revenue from related parties	Modular leasing revenue	$	(720)	$	—		$	—
Rental unit sales to related parties	Rental unit sales	(1,548)		—			—
Management fees and recharge income on transactions with affiliates	Selling, general & administrative expenses	—		(1,309)			3,894
Interest income on notes due from affiliates	Interest income	—		(12,177)			(10,228)
Interest expense on notes due to affiliates	Interest expense	—		58,448			58,756
	Total related party (income) expense, net	$	(2,268)	$	44,962	—	$	52,422

Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data


	Quarter Ended (unaudited, except per share amounts)
2018	March 31,		June 30,		September 30,		December 31,
Leasing and services revenue	$	123,512	$	132,662	$	188,437	$	228,181
Total revenue	$	134,751	$	140,333	$	218,924	$	257,404
Gross profit	$	50,921	$	54,640	$	80,946	$	102,877
Operating income (loss) (a)	$	4,464	$	5,889	$	211	$	(4,303)
Net (loss) income (a)	$	(6,835)	$	379	$	(36,729)	$	(10,387)
Net loss attributable to WillScot common shareholders (a) (b)	$	(6,187)	$	236	$	(33,519)	$	(11,705)

Net (loss) income per share attributable to WillScot – basic and diluted
Continuing operations	$	(0.08)	$	0.00	$	(0.37)	$	(0.11)
Discontinued operations	$	0.00	$	0.00	$	0.00	$	0.00
Net loss	$	(0.08)	$	0.00	$	(0.37)	$	(0.11)

Average number of common shares outstanding - basic & diluted	77,189,774		78,432,274		90,726,921		102,176,225


	Quarter Ended (unaudited, except per share amounts)
2017	March 31,		June 30,		September 30,		December 31,
Leasing and services revenue	$	87,991	$	95,903	$	99,947	$	103,830
Total revenue	$	99,321	$	110,077	$	116,162	$	120,382
Gross profit	$	37,938	$	39,583	$	41,269	$	46,780
Operating income (loss) (a)	$	4,824	$	11,393	$	5,380	$	(79,919)
Income from discontinued operations	$	2,205	$	3,840	$	5,078	$	3,527
Net loss (a)	$	(10,179)	$	(5,896)	$	(8,357)	$	(125,380)
Net loss attributable to WillScot (a)	$	(10,179)	$	(5,896)	$	(8,357)	$	(123,270)

Net (loss) income per share attributable to WillScot – basic and diluted
Continuing operations	$	(0.85)	$	(0.67)	$	(0.92)	$	(3.60)
Discontinued operations	$	0.15	$	0.26	$	0.35	$	0.10
Net (loss) income	$	(0.70)	$	(0.41)	$	(0.57)	$	(3.50)

Average number of common shares outstanding - basic & diluted	14,545,833		14,545,833		14,545,833		35,233,225

(b) As discussed in Note 12, the Company had a $2.1 million deemed dividend as a result of the Warrant Exchange.

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table is a reconciliation of net loss and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted LPS for the years ended December 31:


(in thousands, except per share numbers)	2018		2017		2016
Numerator
Loss from continuing operations	$	(53,572)	$	(164,462)	$	(63,131)
Income from discontinued operations, net of tax	—		14,650		32,195
Net loss	(53,572)		(149,812)		(30,936)
Net loss attributable to non-controlling interest, net of tax	(4,532)		(2,110)		—
Net loss attributable to WillScot	(49,040)		(147,702)		(30,936)
Non-cash deemed dividend related to warrant exchange	(2,135)		$	—	—
Net loss attributable to WillScot common shareholders	$	(51,175)	$	(147,702)	$	(30,936)

Denominator
Average shares outstanding - basic and diluted	87,209,605		19,760,189		14,545,833

(Loss) income per share attributable to WillScot common shareholders - basic and diluted
Continuing operations	$	(0.59)	$	(8.21)	$	(4.34)
Discontinued operations	$	—	$	0.74	$	2.21
Net loss per share attributable to WillScot common shareholders	$	(0.59)	$	(7.47)	$	(2.13)

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 22, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Nov. 16, 2017
Business Acquisition [Line Items]
Insurance proceeds receivable		$ 1.5	$ 5.9
Matching contributions to defined contribution plans		3.8	2.7	$ 2.4
Advertising and promotion expense		4.4	3.3	$ 2.9
Provisional net tax benefit from remeasurement of deferred tax liabilities	$ (28.1)		28.1
Provisional tax expense related to deemed repatriation of foreign earnings	2.4		2.4
Provisional tax expense related to revaluation of allowance on deferred tax assets	$ 50.5		$ 50.5
U.S. Plan
Business Acquisition [Line Items]
Employer contribution match to US plan		4.50%	2.50%
Top Five Customers \| Receivables \| Credit Concentration Risk
Business Acquisition [Line Items]
Concentration risk, percentage		3.60%	10.50%
The Plan
Business Acquisition [Line Items]
Shares authorized under plan (in shares)					4,000,000
Land Improvements
Business Acquisition [Line Items]
Amortization period		15 years
RSA
Business Acquisition [Line Items]
Vesting period		1 year
RSU
Business Acquisition [Line Items]
Vesting period		4 years
Stock Option Awards
Business Acquisition [Line Items]
Vesting period		10 years
Minimum
Business Acquisition [Line Items]
Operating lease term		1 month
Maximum
Business Acquisition [Line Items]
Operating lease term		60 months
Average
Business Acquisition [Line Items]
Operating lease term		10 months
WS Holdings
Business Acquisition [Line Items]
Percentage ownership by company		91.00%
Sapphire Holding
Business Acquisition [Line Items]
Noncontrolling ownership interest		9.00%

Summary of Significant Accounting Policies - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at beginning of year	$ 4,845	$ 4,167	$ 2,036
Net charges to bad debt expense	7,656	4,715	4,929
Write-offs	(3,089)	(3,984)	(2,760)
Foreign currency translation and other	(72)	(53)	(38)
Balance at end of year	$ 9,340	$ 4,845	$ 4,167

Summary of Significant Accounting Policies - Rental Equipment (Details)	12 Months Ended
	Dec. 31, 2018
Modular space and portable storage units \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Residual Value	20.00%
Modular space and portable storage units \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	20 years
Residual Value	50.00%
VAPS and other related rental equipment
Property, Plant and Equipment [Line Items]
Residual Value	0.00%
VAPS and other related rental equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	2 years
VAPS and other related rental equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	8 years

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2018
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	40 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years

Summary of Significant Accounting Policies - Future Committed Modular Leasing Revenues (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Accounting Policies [Abstract]
2019	$ 240,498
2020	78,399
2021	29,372
2022	13,950
2023	5,927
Thereafter	$ 2,570

Business Combinations and Acquisitions - Background and Summary, Additional Information (Details) - USD ($)			12 Months Ended
	Aug. 15, 2018	Nov. 29, 2017	Dec. 31, 2018	Dec. 31, 2017	Nov. 28, 2017
Class A Common Stock
Business Acquisition [Line Items]
Par value (in USD per share)			$ 0.0001	$ 0.0001
Common stock outstanding (in shares)		84,644,774	108,508,997	84,644,774
Class B Common Stock
Business Acquisition [Line Items]
Par value (in USD per share)			$ 0.0001	$ 0.0001
Common stock outstanding (in shares)		8,024,419	8,024,419.00	8,024,419
2022 Secured Notes \| Senior Notes
Business Acquisition [Line Items]
Debt, face amount		$ 300,000,000.0
ABL Facility \| Revolving Credit Facility \| Line of Credit
Business Acquisition [Line Items]
Amounts drawn on debt	$ 419,000,000.0	190,000,000.0
WS Holdings \| WSII
Business Acquisition [Line Items]
Purchase price		1,100,000,000
Purchase price paid in cash		1,021,500,000.0000
Purchase price paid in stock		78,500,000
Purchase price paid in stock, percentage of issued and outstanding shares			9.00%	10.00%
Transaction costs		$ 22,100,000
WS Holdings \| WSII \| Class A Common Stock
Business Acquisition [Line Items]
Purchase price paid in stock (in shares)		8,024,419
Par value (in USD per share)		$ 0.0001
WS Holdings \| WSII \| Class B Common Stock
Business Acquisition [Line Items]
Purchase price paid in stock (in shares)		8,024,419
Par value (in USD per share)		$ 0.0001
Double Eagle
Business Acquisition [Line Items]
Cash held in trust account					$ 500,800,000
Double Eagle \| Class A Common Stock
Business Acquisition [Line Items]
Common stock outstanding (in shares)		41,075,873			49,704,329
Shares redeemed (in shares)		21,128,456
Proceeds to redeeming shareholders		$ 212,400,000
Double Eagle \| Class B Common Stock
Business Acquisition [Line Items]
Common stock outstanding (in shares)		0			0
Shares redeemed (in shares)		0

Business Combinations and Acquisitions - Net Proceeds from Business Combination (Details) - USD ($) $ in Thousands	Dec. 07, 2018	Nov. 29, 2017
Business Combinations [Abstract]
Cash in Double Eagle’s Trust (net of redemptions)		$ 288,381
Cash from private placement of common stock to TDR affiliate		418,261
Gross cash received by WSC from Business Combination		706,642
Less: purchase of WSII’s outstanding equity		(125,676)
Less: fees to underwriters	$ (1,800)	(9,188)
Net cash received by WSC in Recapitalization Transaction		$ 571,778

Business Combinations and Acquisitions - Shares Outstanding (Details) - shares			12 Months Ended
	Jan. 19, 2018	Nov. 29, 2017	Dec. 31, 2018
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			84,644,774
Shares issued as part of consideration for acquisition (in shares)		0
Common shares issued (in shares)		43,568,901
Ending balance (in shares)		84,644,774	108,508,997
Converted shares held in escrow (in shares)		12,425,000
Shares released from escrow (in shares)	6,212,500
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			8,024,419
Shares issued as part of consideration for acquisition (in shares)		8,024,419
Common shares issued (in shares)		0
Ending balance (in shares)		8,024,419	8,024,419.00
Double Eagle \| Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		49,704,329
Less: Redemption of Double Eagle public shares (in shares)		21,128,456
Conversion of Double Eagle Class B shares to Class A WSC shares (in shares)		12,500,000
Ending balance (in shares)		41,075,873
Double Eagle \| Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		0
Less: Redemption of Double Eagle public shares (in shares)		0
Conversion of Double Eagle Class B shares to Class A WSC shares (in shares)		0
Ending balance (in shares)		0

Business Combinations and Acquisitions - Algeco Group Restructuring Impact on WSC, Additional Information (Details) - Discontinued Operations - Remote accommodations $ in Millions	Nov. 28, 2017 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	100.00%
Payments for settlement of notes due to affiliates	$ 226.3
Book and fair value difference recorded in APIC	19.9
Employee associated liabilities transferred	$ 7.8
Discount Rate \| Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discount rate	0.160
Discount Rate \| Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discount rate	0.145
Terminal Growth Rate \| Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discount rate	0.030
Terminal Growth Rate \| Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discount rate	0.030

Business Combinations and Acquisitions - Private Placement, Additional Information (Details) - Class A Common Stock - Private Placement $ / shares in Units, $ in Millions	Nov. 29, 2017 USD ($) $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares) \| shares	43,568,901
Share price (in USD per share) \| $ / shares	$ 9.60
Purchase price of shares sold \| $	$ 418.3

Business Combinations and Acquisitions - Earnout Agreement, Additional Information (Details) - $ / shares	Jan. 19, 2018	Nov. 29, 2017	Aug. 21, 2018
Class A Common Stock
Business Acquisition [Line Items]
Converted shares held in escrow (in shares)		12,425,000
Shares released from escrow (in shares)	6,212,500
Earnout Agreement
Business Acquisition [Line Items]
Shares released from escrow (in shares)	3,106,250
Share price for earnout agreement (in USD per share)	$ 12.50
Trading days for earnout period	20 days
Consecutive trading days for earnout period	30 days
Private Placement Warrants
Business Acquisition [Line Items]
Warrants restricted (in shares)		14,550,000
Sapphire Holding \| Private Placement Warrants \| Earnout Agreement
Business Acquisition [Line Items]
Warrants outstanding (in shares)			4,850,000

Business Combinations and Acquisitions - Acton Resources Holding Acquisition, Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 20, 2017	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Cash consideration				$ 1,083,146	$ 237,148	$ 0
Acton Mobile Holdings LLC
Business Acquisition [Line Items]
Percentage ownership	100.00%
Cash consideration	$ 237,100
Increase in accrued liabilities		$ 2,400	$ 2,400
Increase in deferred revenue		600	600
Increase in receivables		1,900
Increase in deferred tax assets		2,600
Decrease in rental equipment		$ 2,400	$ 2,400

Business Combinations and Acquisitions - Acton Acquisition (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 20, 2017	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Cash consideration				$ 1,083,146	$ 237,148	$ 0
Acton
Business Acquisition [Line Items]
Percentage ownership	100.00%
Cash consideration	$ 237,100
Increase in accrued liabilities		$ 2,400	$ 2,400
Increase in deferred revenue		600	600
Increase in deferred tax assets		2,600
Decrease in rental equipment		$ 2,400	$ 2,400

Business Combinations and Acquisitions - Tyson Acquisition, Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 03, 2018	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill recognized from acquisition of business			$ 218,839	$ 28,609
Tyson
Business Acquisition [Line Items]
Purchase price	$ 24,000
Goodwill recognized from acquisition of business		$ 3,100

Business Combinations and Acquisitions - ModSpace Acquisition, Additional Information (Details) - USD ($)			3 Months Ended	12 Months Ended
	Aug. 15, 2018	Jul. 30, 2018	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 03, 2018
Business Acquisition [Line Items]
Cash consideration				$ 1,083,146,000	$ 237,148,000	$ 0
ModSpace
Business Acquisition [Line Items]
Purchase price	$ 1,207,246,000
Cash consideration	1,054,416,000
Working capital adjustment	4,724,000
Cash consideration deposited into escrow account	3,000,000.0
Escrow reimbursements			$ 1,000,000.0
Change in purchase price			$ 1,000,000.0
Common Stock \| ModSpace
Business Acquisition [Line Items]
Purchase price paid in stock	95,796,000
Warrants \| ModSpace
Business Acquisition [Line Items]
Purchase price paid in stock	$ 52,310,000
Class A Common Stock \| ModSpace
Business Acquisition [Line Items]
Warrant exercise price (in USD per share)	$ 15.50
Class A Common Stock \| Common Stock \| ModSpace
Business Acquisition [Line Items]
Purchase price paid in stock (in shares)	6,458,229
Purchase price paid in stock	$ 95,800,000
Class A Common Stock \| Warrants \| ModSpace
Business Acquisition [Line Items]
Purchase price paid in stock (in shares)	10,000,000
Purchase price paid in stock	$ 52,300,000
Public Offering \| Class A Common Stock
Business Acquisition [Line Items]
Number of shares sold (in shares)		9,200,000
Senior Secured Notes \| Senior Notes
Business Acquisition [Line Items]
Proceeds from debt used to fund acquisition	300,000,000.0
Senior Unsecured Notes \| Senior Notes
Business Acquisition [Line Items]
Proceeds from debt used to fund acquisition	200,000,000.0						$ 200,000,000.0
Previously Reported \| ModSpace
Business Acquisition [Line Items]
Deferred tax assets valuation allowance	23,600,000
Deferred tax liabilities	$ 1,900,000

Business Combinations and Acquisitions - Modspace Consideration Paid (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 15, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Cash consideration		$ 1,083,146	$ 237,148	$ 0
Closing price (in dollars per share)	$ 15.78
ModSpace
Business Acquisition [Line Items]
Cash consideration	$ 1,054,416
Working capital adjustment	4,724
Purchase price	$ 1,207,246
Discount rate	6.00%
Fair market value of warrants (in dollars per share)	$ 5.23
Common Stock \| ModSpace
Business Acquisition [Line Items]
Purchase price paid in stock	$ 95,796
Warrants \| ModSpace
Business Acquisition [Line Items]
Purchase price paid in stock	$ 52,310

Business Combinations and Acquisitions - Stock Consideration Valuation (Details) - ModSpace	Aug. 15, 2018
Expected volatility
Business Acquisition [Line Items]
Measurement input	0.286
Risk-free rate of interest
Business Acquisition [Line Items]
Measurement input	0.022
Dividend Yield
Business Acquisition [Line Items]
Measurement input	0
Expected life
Business Acquisition [Line Items]
Measurement input	0.5

Business Combinations and Acquisitions - Warrants Valuation (Details) - ModSpace	Aug. 15, 2018
Expected volatility
Business Acquisition [Line Items]
Measurement input	0.350
Risk-free rate of interest
Business Acquisition [Line Items]
Measurement input	0.027
Dividend Yield
Business Acquisition [Line Items]
Measurement input	0
Expected life
Business Acquisition [Line Items]
Measurement input	4.3

Business Combinations and Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Aug. 15, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Total goodwill		$ 247,017	$ 28,609	$ 56,811
ModSpace
Business Acquisition [Line Items]
Trade receivables, net	$ 81,320
Prepaid expenses and other current assets	17,342
Inventories	4,757
Rental equipment	853,986
Property, plant and equipment	110,413
Total identifiable assets acquired	1,076,649
Accrued liabilities	31,551
Accounts payable	37,678
Deferred revenue and customer deposits	15,938
Total liabilities assumed	85,167
Total goodwill	215,764
Fair value of accounts receivable	81,300
Gross contractual amount of accounts receivable	86,500
Estimated uncollectible amount	5,200
Favorable leases \| ModSpace
Business Acquisition [Line Items]
Intangible assets	$ 3,976
Estimated useful life	6 years
Trade names \| ModSpace
Business Acquisition [Line Items]
Intangible assets	$ 3,000
Deferred tax assets, net	$ 1,855
Estimated useful life	3 years
Modular – US
Business Acquisition [Line Items]
Total goodwill		213,264	28,609	0
Modular – US \| ModSpace
Business Acquisition [Line Items]
Total goodwill	$ 180,600
Modular – US \| Favorable leases \| ModSpace
Business Acquisition [Line Items]
Estimated useful life	6 years
Modular – US \| Trade names \| ModSpace
Business Acquisition [Line Items]
Estimated useful life	3 years
Modular – Other North America
Business Acquisition [Line Items]
Total goodwill		$ 33,753	$ 0	$ 56,811
Modular – Other North America \| ModSpace
Business Acquisition [Line Items]
Total goodwill	$ 35,100

Business Combinations and Acquisitions - Unaudited Pro Forma Information (Details) - USD ($)			3 Months Ended								12 Months Ended
	Aug. 15, 2018	Nov. 29, 2017	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 03, 2018
Business Acquisition [Line Items]
Revenues			$ 257,404,000	$ 218,924,000	$ 140,333,000	$ 134,751,000	$ 120,382,000	$ 116,162,000	$ 110,077,000	$ 99,321,000	$ 751,412,000	$ 445,942,000	$ 426,612,000
Pretax loss											(92,172,000)	(165,398,000)	(87,633,000)
Selling, general and administrative expense											254,871,000	162,351,000	139,093,000
Restructuring expenses											15,468,000	2,196,000	2,810,000
Integration costs											30,006,000
Transaction costs												$ 23,881,000	$ 8,419,000
Interest expense from bridge financing			$ 0	$ 20,500,000	$ 0	$ 0					$ 20,500,000
Statutory tax rate											25.80%	25.80%
Acton and ModSpace
Business Acquisition [Line Items]
Pro forma revenues											$ 1,064,021,000	$ 983,335,000
Pre-tax loss before pro forma adjustments											(99,629,000)	(276,717,000)
Pre-tax loss											(111,018,000)	(294,438,000)
Income tax benefit											(43,462,000)	(34,228,000)
Income from discontinued operations											0	14,650,000
Pro-forma net loss											(67,556,000)	(245,560,000)
Impact of fair value mark-ups/useful life changes on depreciation \| Acton and ModSpace
Business Acquisition [Line Items]
Pretax loss											10,135,000	13,557,000
Intangible asset amortization \| Acton and ModSpace
Business Acquisition [Line Items]
Pretax loss											(625,000)	(1,708,000)
Interest expense \| Acton and ModSpace
Business Acquisition [Line Items]
Pretax loss											(41,178,000)	(75,031,000)
Elimination of ModSpace interest \| Acton and ModSpace
Business Acquisition [Line Items]
Pretax loss											20,279,000	45,461,000
Acton and ModSpace
Business Acquisition [Line Items]
Revenues											312,609,000	537,393,000
Pretax loss											$ (7,457,000)	(111,319,000)
Acton
Business Acquisition [Line Items]
Revenues												93,900,000
Pretax loss												3,200,000
ModSpace
Business Acquisition [Line Items]
Revenues												443,500,000
Pretax loss												108,100,000
Alegco Group
Business Acquisition [Line Items]
Selling, general and administrative expense												$ 45,100,000
Senior Secured Notes \| Senior Notes
Business Acquisition [Line Items]
Debt, face amount	$ 300,000,000.0
Senior Unsecured Notes \| Senior Notes
Business Acquisition [Line Items]
Debt, face amount	200,000,000.0													$ 200,000,000.0
Revolving Credit Facility \| ABL Facility \| Line of Credit
Business Acquisition [Line Items]
Amounts drawn on debt	$ 419,000,000.0	$ 190,000,000.0
Weighted-average interest rate for borrowings			4.95%								4.95%

Business Combinations and Acquisitions - Transaction and Integration Costs, Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Integration costs	$ 30,006
Tyson, Acton, and ModSpace acquisitions
Business Acquisition [Line Items]
Integration costs	30,000
Transaction costs	$ 20,100
Acton
Business Acquisition [Line Items]
Transaction costs		$ 1,800

Discontinued Operations - Revenues and Costs Related to Remote Accommodations Business (Details) - Remote accommodations - Discontinued Operations - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 28, 2017	Dec. 31, 2016
Remote accommodations revenue:
Lease revenue	$ 53,571	$ 79,957
Service revenue	67,282	69,510
Total remote accommodations revenue	120,853	149,467
Remote accommodation costs:
Cost of leases	7,837	9,562
Cost of services	46,134	41,583
Total remote accommodations costs	$ 53,971	$ 51,145

Discontinued Operations - Rental Equipment (Details) - Remote accommodations - Discontinued Operations	11 Months Ended
	Nov. 28, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated Useful Life	15 years
Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Residual Value	0.00%
Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Residual Value	25.00%

Discontinued Operations - Income (Loss) from Discontinued Operations, Net of Tax (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 28, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations, net of tax		$ 4,532	$ 2,110	$ 0
Remote accommodations \| Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Remote accommodations revenue	$ 120,853			149,467
Rental unit sales	1,522			0
Remote accommodations costs of leasing and services	53,971			51,145
Rental unit cost of sales	901			0
Depreciation of rental equipment	21,995			36,300
Gross profit	45,508			62,022
Selling, general and administrative expenses	11,513			13,883
Other depreciation and amortization	4,589			5,029
Restructuring costs	1,714			0
Change in fair value of contingent considerations	0		$ 0	(4,581)
Other income	(52)			(394)
Operating profit (loss)	27,744			48,085
Interest expense	2,444			2,346
Income from discontinued operations, before income tax	25,300			45,739
Income tax expense	10,650			13,544
Income from discontinued operations, net of tax	$ 14,650			$ 32,195

Discontinued Operations - Narrative (Details) - Remote accommodations - Discontinued Operations - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets from discontinued operations	$ 0
Liabilities from discontinued operations	$ 0	$ 0

Discontinued Operations - Cash Flows from Discontinued Operations (Details) - Remote accommodations - Discontinued Operations - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 28, 2017	Dec. 31, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization		$ 26,584	$ 41,329
Capital expenditures		9,890	5,125
Change in fair value of contingent considerations	$ 0	$ 0	$ (4,581)

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials and consumables	$ 16,022	$ 10,082
Work in process	196	0
Total inventories	$ 16,218	$ 10,082

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 9,200	$ 4,829
Other current assets	12,506	6,004
Receivables due from affiliates	122	2,863
Total prepaid expenses and other current assets	$ 21,828	$ 13,696

Rental Equipment, Net - Rental Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 2,424,302	$ 1,445,467
Less: accumulated depreciation	(495,012)	(405,321)
Rental equipment, net	1,929,290	1,040,146
Modular units and portable storage
Property, Plant and Equipment [Line Items]
Total rental equipment	2,333,776	1,385,901
Value added products
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 90,526	$ 59,566

Rental Equipment, Net - Narrative (Details) $ in Millions	12 Months Ended
Rental Equipment, Net - Narrative (Details) $ in Millions	Dec. 31, 2018 USD ($)
Property, Plant and Equipment [Abstract]
Insurance proceeds	$ 9.3
Gain on insurance proceeds	$ 4.8

Property, Plant and Equipment, net - Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Total other property, plant and equipment	$ 273,983	$ 164,421
Less: accumulated depreciation	(90,233)	(80,755)
Property, plant and equipment, net	183,750	83,666
Land, buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total other property, plant and equipment	185,870	89,941
Manufacturing and office equipment
Property, Plant and Equipment [Line Items]
Total other property, plant and equipment	58,481	47,882
Software and other
Property, Plant and Equipment [Line Items]
Total other property, plant and equipment	$ 29,632	$ 26,598

Property, Plant and Equipment, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Depreciation expense		$ 12.2	$ 8.7	$ 9.0
Gross cost of property, plant and equipment under capital leases	$ 0.8	0.8	3.4
Accumulated deprecation of property, plant and equipment under capital lease	0.7	0.7	3.2
Net book value of assets under sale leaseback transactions	31.3	$ 31.3	$ 33.1
Impairement of property, plant and equipment to be sold	$ 1.6

Goodwill and Intangible Assets - Goodwill Activity (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Aug. 15, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill [Roll Forward]
Goodwill, beginning of period				$ 28,609	$ 56,811
Acquisition of businesses				218,839	28,609
Effects of movements in foreign exchange rates				(1,375)	3,932
Impairment losses		$ (60,700)	$ (60,700)	0	(60,743)	$ (5,532)
Changes to preliminary purchase price allocations				944
Goodwill, end of period		28,609	56,811	247,017	28,609	56,811
Modular – US
Goodwill [Roll Forward]
Goodwill, beginning of period				28,609	0
Acquisition of businesses	$ 180,600			183,711	28,609
Effects of movements in foreign exchange rates				0	0
Impairment losses					0
Changes to preliminary purchase price allocations				944
Goodwill, end of period		28,609	0	213,264	28,609	0
Modular – Other North America
Goodwill [Roll Forward]
Goodwill, beginning of period				0	56,811
Acquisition of businesses	$ 35,100			35,128	0
Effects of movements in foreign exchange rates				(1,375)	3,932
Impairment losses					(60,743)
Changes to preliminary purchase price allocations				0
Goodwill, end of period		$ 0	$ 56,811	$ 33,753	$ 0	$ 56,811

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		12 Months Ended
	Aug. 15, 2018	Dec. 20, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Oct. 01, 2018
intangible Assets And Goodwill [Line Items]
Goodwill recognized from acquisition of business						$ 218,839	$ 28,609
Goodwill			$ 28,609	$ 56,811	$ 247,017	247,017	28,609	$ 56,811
Change in fair value from a 1% decrease in discount rate					30,900	30,900
Change in fair value from a 1% increase in discount rate					41,100	41,100
Impairment losses on goodwill			60,700	60,700		0	60,743	5,532
Accumulated impairment loss			792,800	732,000	792,800	792,800	792,800	732,000
Amortization expense						1,400	0
Modular – US
intangible Assets And Goodwill [Line Items]
Goodwill recognized from acquisition of business	$ 180,600					183,711	28,609
Goodwill			28,609	0	213,264	213,264	28,609	0
Impairment losses on goodwill							0
Accumulated impairment loss					726,500	726,500
Modular – Other North America
intangible Assets And Goodwill [Line Items]
Goodwill recognized from acquisition of business	35,100					35,128	0
Goodwill			$ 0	$ 56,811	33,753	33,753	0	$ 56,811
Impairment losses on goodwill							$ 60,743
Accumulated impairment loss					66,300	66,300
ModSpace
intangible Assets And Goodwill [Line Items]
Goodwill recognized from acquisition of business	215,700
Goodwill	215,764
ModSpace \| Modular – US
intangible Assets And Goodwill [Line Items]
Goodwill	180,600
ModSpace \| Modular – Other North America
intangible Assets And Goodwill [Line Items]
Goodwill	35,100
Acquired definite-lived intangible assets	$ 100
Tyson
intangible Assets And Goodwill [Line Items]
Goodwill recognized from acquisition of business					$ 3,100
Acton
intangible Assets And Goodwill [Line Items]
Net adjustments to acquired net assets						$ 900
Acton \| Modular – US
intangible Assets And Goodwill [Line Items]
Goodwill recognized from acquisition of business		$ 28,600
Acquired definite-lived intangible assets		$ 1,300
Trade names \| ModSpace
intangible Assets And Goodwill [Line Items]
Estimated useful lives	3 years
Trade names \| ModSpace \| Modular – US
intangible Assets And Goodwill [Line Items]
Acquired definite-lived intangible assets	$ 3,000
Estimated useful lives	3 years
Trade names \| Acton
intangible Assets And Goodwill [Line Items]
Estimated useful lives		1 year
Favorable leases \| ModSpace
intangible Assets And Goodwill [Line Items]
Estimated useful lives	6 years
Favorable leases \| ModSpace \| Modular – US
intangible Assets And Goodwill [Line Items]
Acquired definite-lived intangible assets	$ 3,900
Estimated useful lives	6 years
US Reporting Unit
intangible Assets And Goodwill [Line Items]
Percentage of fair value in excess of carrying value					100.00%	100.00%			100.00%
Canadian Reporting Unit
intangible Assets And Goodwill [Line Items]
Percentage of fair value in excess of carrying value					1.00%	1.00%			2.00%
Depreciation and Amortization
intangible Assets And Goodwill [Line Items]
Amortization expense						$ 1,100
SGA
intangible Assets And Goodwill [Line Items]
Amortization expense						$ 300

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 7,523	$ 1,259
Accumulated amortization	(722)	0
Net book value	6,801	1,259
Indefinite-lived Intangible Assets [Line Items]
Total intangible assets other than goodwill, gross	132,523	126,259
Total intangible assets other than goodwill, net	131,801	126,259
Trade names
Indefinite-lived Intangible Assets [Line Items]
Net book value	$ 125,000	$ 125,000
Favorable lease rights
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life in years	6 years 8 months 12 days	7 years 9 months 18 days
Gross carrying amount	$ 4,523	$ 551
Accumulated amortization	(347)	0
Net book value	$ 4,176	$ 551
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life in years	2 years 8 months 12 days	1 year
Gross carrying amount	$ 3,000	$ 708
Accumulated amortization	(375)	0
Net book value	$ 2,625	$ 708

Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
2019	$ 1,785
2020	1,649
2021	1,253
2022	628
2023	628
Thereafter	858
Net book value	$ 6,801	$ 1,259

Deferred Revenue and Customer Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current:
Deferred revenue	$ 68,398	$ 37,041
Customer deposits	3,380	8,141
Total current deferred revenue and customer deposits	71,778	45,182
Long-term:
Deferred revenue	7,723	4,847
Customer deposits	0	530
Total long-term deferred revenue and customer deposits	$ 7,723	$ 5,377

Debt - Carrying Value of Debt Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Nov. 29, 2017
Debt Instrument [Line Items]
Capital lease and other financing obligations	$ 37,983	$ 38,736
Total debt	1,676,499	626,746
Less: current portion of long-term debt	(1,959)	(1,881)
Total long-term debt	1,674,540	624,865
Senior Notes \| 2022 Secured Notes
Debt Instrument [Line Items]
Debt	$ 292,258	290,687
Interest rate	7.875%		7.875%
Debt issuance costs	$ 7,700	9,300
Senior Notes \| 2023 Secured Notes
Debt Instrument [Line Items]
Debt	$ 293,918	0
Interest rate	6.875%
Debt issuance costs	$ 6,100
Senior Notes \| Unsecured Notes
Debt Instrument [Line Items]
Debt	$ 198,931	0
Interest rate	10.00%
Debt issuance costs	$ 1,100
Line of Credit \| US ABL Facility
Debt Instrument [Line Items]
Debt issuance costs	25,100	12,700
Line of Credit \| US ABL Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt	853,409	297,323
Line of Credit \| Canadian ABL Facility
Debt Instrument [Line Items]
Debt issuance costs	900	0
Line of Credit \| Canadian ABL Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt	0	0
Outstanding principal borrowings on the credit facility	900
Debt issuance costs	2,900
Line of Credit \| Canadian ABL Facility \| Revolving Credit Facility \| Other Non-current Assets
Debt Instrument [Line Items]
Debt issuance costs	2,000	$ 1,800
Line of Credit \| Canadian ABL Facility \| Revolving Credit Facility \| Long-Term Debt and Capital Lease Obligations
Debt Instrument [Line Items]
Debt issuance costs	$ 900

Debt - Maturities of Long-term Debt and Capital Lease Obligations (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Debt
2019	$ 0
2020	0
2021	0
2022	1,179,418
2023	500,000
Thereafter	0
Capital leases and other financing obligations
2019	1,959
2020	204
2021	5,019
2022	235
2023	252
Thereafter	31,873
Total
2019	1,959
2020	204
2021	5,019
2022	1,179,653
2023	500,252
Thereafter	$ 31,873

Debt - Debt Discount and Debt Issuance Cost Amortization (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Debt Disclosure [Abstract]
2019	$ 11,482
2020	11,746
2021	11,999
2022	7,380
2023	1,291
Thereafter	$ 506

Debt - ABL Facilities, Additional Information (Details) - Line of Credit - USD ($)			12 Months Ended
	Nov. 29, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Oct. 31, 2012
ABL Facility
Line of Credit Facility [Line Items]
Letters of credit amount outstanding			$ 13,000,000.0	$ 8,900,000
Revolving Credit Facility \| Algeco Group Revolver
Line of Credit Facility [Line Items]
Line of credit facility						$ 1,355,000,000
Revolving Credit Facility \| Algeco Group Revolver - USD
Line of Credit Facility [Line Items]
Line of credit facility			1,285,000,000			760,000,000.0
Revolving Credit Facility \| Algeco Group Revolver - CAD
Line of Credit Facility [Line Items]
Line of credit facility						$ 175,000,000.0
Revolving Credit Facility \| Amended Algeco Group Facility
Line of Credit Facility [Line Items]
Line of credit facility		$ 1,100,000,000
Debt issuance costs incurred		10,200,000
Repayments of debt	$ 669,500,000
Revolving Credit Facility \| Amended Algeco Group Facility Denominated in USD
Line of Credit Facility [Line Items]
Line of credit facility		740,000,000.0
Revolving Credit Facility \| Amended Algeco Group Facility Denominated in CAD
Line of Credit Facility [Line Items]
Line of credit facility		$ 100,000,000.0
Revolving Credit Facility \| Algeco Group Revolver and Amended Algeco Group Revolver
Line of Credit Facility [Line Items]
Interest expense			0.0	29,200,000	$ 23,800,000
Revolving Credit Facility \| ABL Facility
Line of Credit Facility [Line Items]
Line of credit facility	600,000,000.0		1,425,000,000	600,000,000.0
Debt issuance costs incurred	11,200,000
Interest expense			27,100,000	800,000
Debt issuance costs and discounts	$ 3,500,000		26,000,000.0	12,700,000
Write off of debt issuance costs				2,800,000
Line of credit facility after accordion feature			1,800,000,000
Accordion feature			$ 375,000,000.0
Applicable margin, step up			0.25%
Applicable margin, step down			0.25%
Weighted-average interest rate for borrowings			4.95%
Weighted-average interest rate for borrowings after derivative instruments			5.23%
Available borrowing capacity			$ 532,600,000	281,100,000
Minimum fixed charge ratio			2.00
Maximum total net leverage ratio			5.50
Excess availability under facility to trigger covenant			$ 135,000,000.0
Excess availability as a percentage of the line cap to trigger covenant			10.00%
Outstanding principal borrowings on the credit facility			$ 879,400,000	310,000,000.0
Additional debt issuance costs and discounts			19,000,000.0
Revolving Credit Facility \| US ABL Facility
Line of Credit Facility [Line Items]
Line of credit facility			$ 1,285,000,000
Percentage of net book value of eligible accounts receivable used in determing borrowing base			85.00%
Percentage of net book value of eligible rental equipment used in determining borrowing base			95.00%
Percentage of net orderly liquidation value of eligible rental equipment used in determining borrowing base			85.00%
Available borrowing capacity			$ 393,500,000	211,100,000
Revolving Credit Facility \| Canadian ABL Facility
Line of Credit Facility [Line Items]
Line of credit facility			$ 140,000,000.0
Percentage of net book value of eligible accounts receivable used in determing borrowing base			85.00%
Percentage of net book value of eligible rental equipment used in determining borrowing base			95.00%
Available borrowing capacity			$ 139,100,000	$ 70,000,000.0
Outstanding principal borrowings on the credit facility			$ 900,000
Letter of Credit \| ABL Facility
Line of Credit Facility [Line Items]
Commitment fee			2.625%
Letter of Credit \| US ABL Facility
Line of Credit Facility [Line Items]
Line of credit facility			$ 75,000,000.0
Letter of Credit \| Canadian ABL Facility
Line of Credit Facility [Line Items]
Line of credit facility			60,000,000.0
Swingline Loans \| US ABL Facility
Line of Credit Facility [Line Items]
Line of credit facility			75,000,000.0
Swingline Loans \| Canadian ABL Facility
Line of Credit Facility [Line Items]
Line of credit facility			$ 50,000,000.0
LIBOR \| Revolving Credit Facility \| Amended Algeco Group Facility
Line of Credit Facility [Line Items]
Applicable margin		3.75%
LIBOR \| Revolving Credit Facility \| ABL Facility
Line of Credit Facility [Line Items]
Applicable margin			2.50%
Base Rate \| Revolving Credit Facility \| ABL Facility
Line of Credit Facility [Line Items]
Applicable margin			1.50%
Minimum \| Revolving Credit Facility \| ABL Facility
Line of Credit Facility [Line Items]
Commitment fee			0.375%
Maximum \| Revolving Credit Facility \| ABL Facility
Line of Credit Facility [Line Items]
Commitment fee			0.50%

Debt - 2022 Senior Secured Notes, Additional Information (Details) - 2022 Secured Notes - Senior Notes - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Nov. 29, 2017
Debt Instrument [Line Items]
Debt, face amount			$ 300,000,000.0
Interest rate	7.875%		7.875%
Debt issuance costs and discounts	$ 9,400,000
Bridge financing fees		$ 3,800,000
Unamortized debt issuance costs	$ 7,700,000	$ 9,300,000
Redemption Period One \| 100% of Principal
Debt Instrument [Line Items]
Redemption price (as a percent)	100.00%
Make whole premium percentage of outstanding principal	1.00%
Make whole premium basis spread on variable rate	0.50%
Redemption Period One \| 40% of Principal
Debt Instrument [Line Items]
Redemption price (as a percent)	107.875%
Redemption percentage of aggregate principal amount	40.00%
Redemption Period One \| 10% of Principal
Debt Instrument [Line Items]
Redemption price (as a percent)	103.00%
Redemption percentage of aggregate principal amount	10.00%

Debt - Redemption Price Percentage (Details) - Senior Notes	12 Months Ended
	Dec. 31, 2018
2022 Secured Notes \| Redemption Period Two
Debt Instrument [Line Items]
Redemption Price	103.938%
2022 Secured Notes \| Redemption Period Three
Debt Instrument [Line Items]
Redemption Price	101.969%
2022 Secured Notes \| Redemption Period Four
Debt Instrument [Line Items]
Redemption Price	100.00%
2023 Secured Notes \| Redemption Period Two
Debt Instrument [Line Items]
Redemption Price	103.438%
2023 Secured Notes \| Redemption Period Three
Debt Instrument [Line Items]
Redemption Price	101.719%
2023 Secured Notes \| Redemption Period Four
Debt Instrument [Line Items]
Redemption Price	100.00%
2023 Unsecured Notes \| Redemption Period Three
Debt Instrument [Line Items]
Redemption Price	102.00%
2023 Unsecured Notes \| Redemption Period Four
Debt Instrument [Line Items]
Redemption Price	104.00%
2023 Unsecured Notes \| Redemption Period Five
Debt Instrument [Line Items]
Redemption Price	106.00%

Debt - 2023 Senior Secured Notes, Additional Information (Details) - 2023 Secured Notes - Senior Notes - USD ($)	12 Months Ended
	Dec. 31, 2018	Aug. 15, 2018	Aug. 06, 2018
Debt Instrument [Line Items]
Debt, face amount		$ 300,000,000.0	$ 300,000,000
Interest rate			6.875%
Debt issuance costs and discounts	$ 6,100,000		$ 6,500,000
100% of Principal \| Redemption Period One
Debt Instrument [Line Items]
Redemption price (as a percent)	100.00%
40% of Principal \| Redemption Period One
Debt Instrument [Line Items]
Redemption price (as a percent)	106.875%
Redemption percentage of aggregate principal amount	40.00%
10% of Principal \| Redemption Period One
Debt Instrument [Line Items]
Redemption price (as a percent)	103.00%
Redemption percentage of aggregate principal amount	10.00%

Debt - 2023 Senior Unsecured Notes, Additional Information (Details) - 2023 Unsecured Notes - Senior Notes - USD ($)	12 Months Ended
	Dec. 31, 2018	Aug. 15, 2018	Aug. 03, 2018
Debt Instrument [Line Items]
Debt, face amount		$ 200,000,000.0
Debt issuance costs and discounts	$ 1,100,000		$ 1,100,000
Redemption Period One
Debt Instrument [Line Items]
Redemption price (as a percent)	100.00%
Redemption Period Two
Debt Instrument [Line Items]
Minimum principal amount to be left outstanding after debt redemption	$ 50,000,000.0
Minimum \| Redemption Period One
Debt Instrument [Line Items]
Minimum principal amount to be left outstanding after debt redemption	$ 50,000,000.0
On or before February 15, 2021
Debt Instrument [Line Items]
Interest rate per annum if paid in cash			10.00%
PIK interest rate per annum	11.25%
Thereafter
Debt Instrument [Line Items]
Interest rate per annum if paid in cash	12.50%

Debt - Capital Lease and Other Financing Obligations, Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Capital lease and other financing obligations	$ 37,983	$ 38,736
Sale-leaseback transactions
Debt Instrument [Line Items]
Capital lease and other financing obligations	$ 37,900	38,500
Implicit interest rate	8.00%
Capital leases
Debt Instrument [Line Items]
Capital lease and other financing obligations	$ 100	200
Capital lease and financing obligations
Debt Instrument [Line Items]
Debt issuance costs	$ 1,600	$ 1,800
Minimum
Debt Instrument [Line Items]
Interest rate	1.20%
Minimum \| Sale-leaseback transactions
Debt Instrument [Line Items]
Agreement term	18 months
Maximum
Debt Instrument [Line Items]
Interest rate	11.90%
Maximum \| Sale-leaseback transactions
Debt Instrument [Line Items]
Agreement term	10 years

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
Debt - Interest Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt issued		$ 1,097,100
Interest expense, net	$ 28,262	20,668	$ 10,880	$ 10,471	$ 70,281
Debt issuance costs amortization	2,851	2,279	1,274	1,248	7,652
Bridge financing fees	0	20,500	0	0	20,500
Total interest expense	$ 31,113	$ 43,447	$ 12,154	$ 11,719	$ 98,433

Debt - Notes Due to and From Affiliates, Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Interest expense on notes due to affiliates	$ 0	$ 58,448,000	$ 58,756,000
Interest income related to the loans	0	12,177,000	10,228,000
Affiliates
Related Party Transaction [Line Items]
Interest expense on notes due to affiliates	0	58,400,000	58,800,000
Interest income related to the loans	$ 0	$ 12,200,000	$ 10,200,000

Notes Due to Affiliates - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Interest expense on notes due to affiliates	$ 0	$ 58,448,000	$ 58,756,000
Affiliates
Related Party Transaction [Line Items]
Interest expense on notes due to affiliates	$ 0	$ 58,400,000	$ 58,800,000

Other Non-Current Liabilities - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Other Liabilities Disclosure [Abstract]
Reserve for uncertain tax positions - non-current	$ 23,561	$ 18,982
Other provisions - non-current	1,640	264
Restructuring severance	225	109
Interest swap liability	6,192	0
Total other non-current liabilities	$ 31,618	$ 19,355

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands									12 Months Ended
	Feb. 12, 2019	Dec. 11, 2018	Dec. 07, 2018	Nov. 28, 2018	Aug. 15, 2018	Aug. 10, 2018	Jul. 30, 2018	Nov. 29, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Nov. 08, 2018	Dec. 31, 2015
Class of Stock [Line Items]
Preferred shares authorized (in shares)									1,000,000
Preferred share par value (in USD per share)									$ 0.0001
Discounts and offering expenses			$ 1,800					$ 9,188
Shares issued for warrant exchange (in shares)		8,205,841
Payments for warrants settlement									$ 347
Non-cash deemed dividend related to warrant exchange									2,135	$ 0	$ 0
Equity									$ 702,197	$ 484,550	$ 23,131		$ 55,350
ModSpace
Class of Stock [Line Items]
Net assets acquired					$ 991,500
Public Warrants
Class of Stock [Line Items]
Number of shares warrant holders are entitled to purchase (in shares)									0.5
Warrant exercise price per half share (in USD per share)									$ 5.75
Warrant exercise price (in USD per share)									11.50
Warrant redemption price (in USD per share)									0.01
Minimum share price for warrant redemption (in USD per share)									$ 18.00
Threshold trading days for warrant redemption									20 days
Threshold consecutive trading days for warrant redemption									30 days
Notice period for redemption of warrants									30 days
Private Placement Warrants
Class of Stock [Line Items]
Purchase price for warrants (in USD per share)									$ 0.50
Purchase price for warrants									$ 9,750
2018 Warrants
Class of Stock [Line Items]
Number of shares warrant holders are entitled to purchase (in shares)					1
Warrant exercise price (in USD per share)					$ 15.50
Warrants outstanding (in shares)									9,999,579
2015 Warrants
Class of Stock [Line Items]
Number of shares warrant holders are entitled to purchase (in shares)												0.18182
Number of warrants exchanged (in shares)			45,131,827
Warrants outstanding (in shares)			69,499,694						24,367,867
Class A Common Stock
Class of Stock [Line Items]
Common stock authorized (in shares)									400,000,000	400,000,000
Common stock par value (in USD per share)									$ 0.0001	$ 0.0001
Shares issued as part of consideration for acquisition (in shares)								0
Common stock issued (in shares)									108,508,997	84,644,774
Common stock outstanding (in shares)								84,644,774	108,508,997	84,644,774
Class A Common Stock \| ModSpace
Class of Stock [Line Items]
Warrant exercise price (in USD per share)					$ 15.50
Class A Common Stock \| 2018 Warrants
Class of Stock [Line Items]
Number of shares registered (in shares)				61,865,946
Class B Common Stock
Class of Stock [Line Items]
Common stock authorized (in shares)									100,000,000	100,000,000
Common stock par value (in USD per share)									$ 0.0001	$ 0.0001
Shares issued as part of consideration for acquisition (in shares)								8,024,419
Common stock issued (in shares)									8,024,419.00	8,024,419
Common stock outstanding (in shares)								8,024,419	8,024,419.00	8,024,419
Equity Offering
Class of Stock [Line Items]
Number of shares sold (in shares)							8,000,000		9,200,000
Share price (in USD per share)							$ 16.00
Purchase price of shares sold							$ 139,000
Discounts and offering expenses							$ 8,200
Underwriter's Option
Class of Stock [Line Items]
Number of shares sold (in shares)						1,200,000
Common Stock \| ModSpace
Class of Stock [Line Items]
Shares issued as part of consideration for acquisition (in shares)					6,458,229
Common Stock \| Class A Common Stock \| ModSpace
Class of Stock [Line Items]
Purchase price paid in stock (in shares)					6,458,229
Warrants \| Class A Common Stock \| ModSpace
Class of Stock [Line Items]
Purchase price paid in stock (in shares)					10,000,000
Subsequent Event \| 2018 Warrants
Class of Stock [Line Items]
Number of warrants registered (in shares)	8,914,969
Subsequent Event \| Class A Common Stock
Class of Stock [Line Items]
Number of shares registered (in shares)	562,542
Number of shares issuable upon warrants registered (in shares)	9,999,579
Sapphire Holding
Class of Stock [Line Items]
Noncontrolling ownership interest									9.00%
Sapphire Holding \| ModSpace
Class of Stock [Line Items]
Noncontrolling ownership interest									9.00%	10.00%
Sapphire Holding \| Class A Common Stock
Class of Stock [Line Items]
Noncontrolling ownership interest									45.20%
Merger related costs \| ModSpace
Class of Stock [Line Items]
Equity									$ 21,200

Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 435,619		$ 435,619
Reclassifications from AOCI to retained earnings	2,500		0
Ending balance		$ 435,619	638,215	$ 435,619
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(49,497)		(49,497)	(56,928)	$ (55,645)
Other comprehensive loss before reclassifications			(11,639)	6,760	(1,283)
Reclassifications from AOCI to income			0	0	0
Reclassifcations from AOCI to additional paid-in capital		(600)		663
Reclassifications from AOCI to retained earnings			(2,540)
Less other comprehensive income attributable to non-controlling interest			1,068	8
Ending balance		(49,497)	(62,608)	(49,497)	(56,928)
Unrealized losses on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0		0	0	0
Other comprehensive loss before reclassifications			(6,240)	0	0
Reclassifications from AOCI to income			285	0	0
Reclassifcations from AOCI to additional paid-in capital				0
Reclassifications from AOCI to retained earnings			0
Less other comprehensive income attributable to non-controlling interest			537	0
Ending balance		0	(5,418)	0	0
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (49,497)		(49,497)	(56,928)	(55,645)
Other comprehensive loss before reclassifications			(17,879)	6,760	(1,283)
Reclassifications from AOCI to income			285	0	0
Reclassifcations from AOCI to additional paid-in capital				663
Reclassifications from AOCI to retained earnings			(2,540)
Less other comprehensive income attributable to non-controlling interest			1,605	8
Ending balance		$ (49,497)	(68,026)	$ (49,497)	$ (56,928)
Interest Rate Swap \| Unrealized losses on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassifications from AOCI to income			400
Tax benefit from reclassification from AOCI to income			$ 100

Equity - Non-Controlling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Noncontrolling Interest [Line Items]
Beginning balance	$ 484,550	$ 23,131	$ 55,350
Net loss attributable to non-controlling interest	(4,532)	(2,110)	0
Issuance of common stock and contribution of proceeds to WSII	139,035
Acquisition transaction	148,108	595,309
Ending balance	702,197	484,550	23,131
Non Controlling Interest
Noncontrolling Interest [Line Items]
Beginning balance	48,931	0	0
Net loss attributable to non-controlling interest	(4,532)	(2,110)
Other comprehensive loss	(1,605)	(8)
Issuance of common stock and contribution of proceeds to WSII	7,574	0
Acquisition transaction	13,614	51,049
Ending balance	63,982	48,931	$ 0
ModSpace \| Non Controlling Interest
Noncontrolling Interest [Line Items]
Acquisition transaction	13,614	0
WSII \| Non Controlling Interest
Noncontrolling Interest [Line Items]
Acquisition transaction	$ 0	$ 51,049

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Dec. 22, 2017	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Provisional net tax benefit from remeasurement of deferred tax liabilities	$ 28,100			$ (28,100)
Provisional tax expense related to deemed repatriation of foreign earnings	2,400			2,400
Provisional tax expense related to revaluation of allowance on deferred tax assets	$ 50,500			$ 50,500
Net tax benefit from Tax Act		$ 20,700
Tax expense from remeasurement of deferred tax assets and liabilities		400
Reduction in tax expense from revaluation of allowance on deferred tax assets		13,800
Reduction in tax expense related to deemed repatriation of foreign earnings		7,000
Reduction tax expense from mandatory inclusion		300
US statutory income tax rate			21.00%	35.00%	35.00%
Change in deferred tax asset valuation allowance			$ 9,400
Deferred tax asset valuation allowance		82,907	82,907	$ 73,534
Change in deferred tax asset valuation allowance from Modspace acquisition			23,600
Change in deferred tax asset valuation allowance from other than Modspace acquisition			(14,200)
Undistributed foreign earnings		112,500	112,500
Unrecognized tax benefits that, if recognized, would affect the annual effective tax rate		60,000	60,000	67,200	$ 59,300
Income tax interest and penalties			997	351	$ 96
Income tax interest and penalties accrued		$ 1,550	$ 1,550	$ 611

Income Taxes - Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
US Federal and State
Current	$ 668	$ (1,817)	$ 623
Deferred	(36,149)	3,450	(23,272)
Outside of US
Current	924	(1,422)	(1,794)
Deferred	(4,043)	(1,147)	(59)
Total income tax expense (benefit)	$ (38,600)	$ (936)	$ (24,502)

Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Loss from continuing operations before income tax
US	$ (80,824)	$ (97,009)	$ (78,358)
Non-US	(11,348)	(68,389)	(9,275)
Loss from continuing operations before income tax	(92,172)	(165,398)	(87,633)
US Federal statutory income tax benefit
US Federal statutory income tax benefit	(19,356)	(57,889)	(30,672)
Effect of tax rates in foreign jurisdictions	(626)	5,626	532
State income (benefit) expense, net of federal benefit	(2,478)	(5,188)	282
Unremitted foreign earnings	(6,793)	(2,493)	(1,585)
Valuation allowances	(11,871)	59,679	1,719
Non-deductible transaction costs	1,134	1,297	0
Non-deductible goodwill impairment	0	15,849	1,920
Non-deductible deferred financing fees	0	2,715	1,465
Non-deductible stewardship	0	1,658	1,855
Non-deductible monitoring fee	0	422	1,938
Tax reform (excluding valuation allowance)	64	(23,115)	0
Other	1,326	503	(1,956)
Total income tax expense (benefit)	$ (38,600)	$ (936)	$ (24,502)
Effective income tax rate	41.88%	0.56%	27.96%

Income Taxes - Components of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets
Loans and borrowings	$ 122,456	$ 114,071
Employee benefit plans	3,395	1,175
Accrued liabilities	8,715	4,834
Currency losses, net	408	95
Deferred revenue	16,310	11,679
Other – net	4,724	2,144
Tax loss carryforwards	243,057	69,391
Deferred tax assets, gross	399,065	203,389
Valuation allowance	(82,907)	(73,534)
Net deferred income tax asset	316,158	129,855
Deferred tax liabilities
Rental equipment and other property, plant and equipment	(360,766)	(214,052)
Intangible assets	(22,654)	(29,615)
Foreign earnings	0	(6,955)
Deferred tax liability	(383,420)	(250,622)
Net deferred income tax liability	$ (67,262)	$ (120,767)

Income Taxes - Income Loss Carryforwards (Details) $ in Millions	Dec. 31, 2018 USD ($)
Operating Loss Carryforwards [Line Items]
Loss Carryforward	$ 1,588.2
US - Federal
Operating Loss Carryforwards [Line Items]
Loss Carryforward	935.9
US - State
Operating Loss Carryforwards [Line Items]
Loss Carryforward	633.3
Foreign - Mexico & Canada
Operating Loss Carryforwards [Line Items]
Loss Carryforward	$ 19.0

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits – January 1,	$ 72,660	$ 64,974	$ 68,601
Increases based on tax positions related to current period	1,545	7,895	957
Increases based on tax positions related to prior period	0	355	32
Decreases based on tax positions related to prior period	(9,016)	(564)	(4,616)
Decrease from expiration of statue of limitations	(745)	0	0
Unrecognized tax benefits – December 31,	$ 64,444	$ 72,660	$ 64,974

Derivatives - Narrative (Details) - USD ($)	Dec. 31, 2018	Nov. 06, 2018
Interest Rate Swap
Derivative [Line Items]
Notational amount	$ 400,000,000.0	$ 400,000,000.0

Derivatives - Outstanding Interest Rate Swap Agreement (Details) - Interest Rate Swap - USD ($)	Dec. 31, 2018	Nov. 06, 2018
Derivative [Line Items]
Aggregate Notational Amount	$ 400,000,000.0	$ 400,000,000.0
Receive Rate	2.44%
Pay Rate	3.06%

Derivatives - Location and Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Other long-term liabilities	$ 6,192	$ 0
Interest Rate Swap
Derivative [Line Items]
Accrued liabilities	1,709
Other long-term liabilities	$ 6,192

Derivatives - Impact of Interest Rate Swap on Other Comprehensive Income, AOCI, and Statement of Operations (Details) - Interest Rate Swap $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) Gain Recognized in OCI	$ (7,777)
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) Gain Reclassified from AOCI into Income (Effective Portion)	(373)
Interest Expense \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) Gain Recognized in Income (Ineffective Portion)	$ 0

Fair Value Measures - Carrying Amounts and Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
US ABL Facility \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt issuance costs	$ 25,100	$ 12,700
Canadian ABL Facility \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt issuance costs	900	0
2022 Secured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt issuance costs	7,700	9,300
2023 Secured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt issuance costs	6,100
Unsecured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt issuance costs	1,100
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	0	0
Fair Value \| Level 1 \| US ABL Facility \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Fair Value \| Level 1 \| Canadian ABL Facility \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Fair Value \| Level 1 \| 2022 Secured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Fair Value \| Level 1 \| 2023 Secured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Fair Value \| Level 1 \| Unsecured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	1,662,540	620,410
Fair Value \| Level 2 \| US ABL Facility \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	878,500	310,000
Fair Value \| Level 2 \| Canadian ABL Facility \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	918	0
Fair Value \| Level 2 \| 2022 Secured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	297,027	310,410
Fair Value \| Level 2 \| 2023 Secured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	288,633	0
Fair Value \| Level 2 \| Unsecured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	197,462	0
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	0	0
Fair Value \| Level 3 \| US ABL Facility \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Fair Value \| Level 3 \| Canadian ABL Facility \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Fair Value \| Level 3 \| 2022 Secured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Fair Value \| Level 3 \| 2023 Secured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Fair Value \| Level 3 \| Unsecured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	1,638,516	588,010
Carrying Amount \| US ABL Facility \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	853,409	297,323
Carrying Amount \| Canadian ABL Facility \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	0
Carrying Amount \| 2022 Secured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	292,258	290,687
Carrying Amount \| 2023 Secured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	293,918	0
Carrying Amount \| Unsecured Notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 198,931	$ 0

Restructuring - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 28, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 15,468	$ 2,196	$ 2,810
Restructuring accrual		5,516	227	1,793	$ 2,055
Employee Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs		10,182	2,196	2,810
Restructuring accrual		4,544	227	1,793	2,055
Facility Exit Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs		5,286	0	0
Restructuring accrual		972	0	0	$ 0
Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs		0	1,860	2,164
Operating Segments \| Modular – US
Restructuring Cost and Reserve [Line Items]
Restructuring costs		13,930	326	246
Operating Segments \| Modular – Other North America
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 1,538	$ 10	$ 400
Remote accommodations \| Discontinued Operations
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities transferred	$ 2,000

Restructuring - Summary of Activities in the Restructuring Accruals (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restructuring Reserve [Roll Forward]
Beginning balance	$ 227	$ 1,793	$ 2,055
Charges	15,468	2,196	2,810
Cash payments	(10,120)	(1,806)	(3,092)
Foreign currency translation	(59)	12	20
Non-cash movements	0	(1,968)	0
Ending balance	5,516	227	1,793
Employee Costs
Restructuring Reserve [Roll Forward]
Beginning balance	227	1,793	2,055
Charges	10,182	2,196	2,810
Cash payments	(5,806)	(1,806)	(3,092)
Foreign currency translation	(59)	12	20
Non-cash movements	0	(1,968)	0
Ending balance	4,544	227	1,793
Facility Exit Costs
Restructuring Reserve [Roll Forward]
Beginning balance	0	0	0
Charges	5,286	0	0
Cash payments	(4,314)	0	0
Foreign currency translation	0	0	0
Non-cash movements	0	0	0
Ending balance	$ 972	$ 0	$ 0

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 29, 2017	Dec. 31, 2018	Dec. 31, 2017	Nov. 16, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 3,439	$ 9,382
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		500
Associated tax benefit		100
Unrecognized compensation expense for non-option awards		$ 600
Weighted average remaining vesting period		8 months 12 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 2,300
Associated tax benefit		500
Unrecognized compensation expense for non-option awards		$ 9,300
Weighted average remaining vesting period		3 years 3 months
Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 600
Associated tax benefit		$ 100
Weighted average remaining vesting period		3 years 3 months
Unrecognized compensation expense for options		$ 2,600
WSII Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for long-term incentive plans	$ 4,200
WSII Non-Executive Chairman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for long-term incentive plans	$ 2,000
Shares received by non-executive Chairman of the board (in shares)	300,000
Fair value of shares received by non-executive Chairman of the board (in USD per share)	$ 9.90
Fair value of shares received by non-executive Chairman of the board	$ 3,000
The Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized under plan (in shares)				4,000,000

Share-Based Compensation - Restricted Stock Award Activity (Details) - Restricted Stock Awards	12 Months Ended
	Dec. 31, 2018 $ / shares shares
Number of Shares
Granted (in shares) \| shares	72,053
Forfeited (in shares) \| shares	0
Ending Balance (in shares) \| shares	72,053
Weighted-Average Grant Date Fair Value
Granted (in USD per share) \| $ / shares	$ 15.57
Forfeited (in USD per share) \| $ / shares	0
Ending Balance (in USD per share) \| $ / shares	$ 15.57

Share-Based Compensation - RSU Award Activity (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 2018 $ / shares shares
Number of Shares
Beginning Balance (in shares) \| shares	0
Granted (in shares) \| shares	921,730
Forfeited (in shares) \| shares	(68,997)
Ending Balance (in shares) \| shares	852,733
Weighted-Average Grant Date Fair Value
Beginning Balance (in USD per share) \| $ / shares	$ 0
Granted (in USD per share) \| $ / shares	13.60
Forfeited (in USD per share) \| $ / shares	13.60
Ending Balance (in USD per share) \| $ / shares	$ 13.60

Share-Based Compensation - Schedule of Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2018 $ / shares shares
Number Of Options
Beginning Balance (in shares) \| shares	0
Granted (in shares) \| shares	589,257
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Ending Balance (in shares) \| shares	589,257
Fully Vested and exercisable options, end of period (in shares) \| shares	0
Weighted - Average Exercise Price per Share ($)
Beginning Balance (in USD per share) \| $ / shares	$ 0
Granted (in USD per share) \| $ / shares	13.60
Exercised (in USD per share) \| $ / shares	0
Forfeited (in USD per share) \| $ / shares	0
Ending Balance (in USD per share) \| $ / shares	13.60
Fully Vested and exercisable options, end of period (in USD per share) \| $ / shares	$ 0

Share-Based Compensation - Fair Value Inputs (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected volatility (as a percent)		36.00%
Expected dividend yield (as a percent)		0.00%
Risk-free interest rate	2.70%
Expected term		6 years 3 months
Exercise price (in USD per share)		$ 13.60	$ 0
Weighted-average grant date fair value (in USD per share)		$ 5.51

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 31.0	$ 22.0	$ 21.8
Commitments for the acquisition of rental equipment and property, plant, and equipment	$ 10.0	$ 8.2

Commitments and Contingencies - Summary of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 38,876
2020	29,797
2021	24,627
2022	18,879
2023	13,467
Thereafter	25,055
Total	$ 150,701

Segment Reporting and Geographic Areas - Narrative (Details)	12 Months Ended
	Dec. 31, 2018 business_line segment
Segment Reporting [Abstract]
Number of business lines \| business_line	2
Number of operating segments \| segment	2

Segment Reporting and Geographic Areas - Segment Reporting and Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Modular leasing									$ 518,235	$ 297,821	$ 283,550
Total revenues	$ 257,404	$ 218,924	$ 140,333	$ 134,751	$ 120,382	$ 116,162	$ 110,077	$ 99,321	751,412	445,942	426,612
Costs
Modular space leasing									143,120	83,588	75,516
Modular delivery and installation										85,477	75,359
Depreciation of rental equipment									121,436	72,639	68,981
Gross profit	$ 102,877	$ 80,946	$ 54,640	$ 50,921	$ 46,780	$ 41,269	$ 39,583	$ 37,938	289,384	165,570	168,193
Adjusted EBITDA									215,533	108,809	106,514
Other selected data
Selling, general and administrative expense									254,871	162,351	139,093
Other depreciation and amortization									13,304	8,653	9,019
Capital expenditures for rental fleet									160,883	102,210	63,968
Modular delivery and installation
Revenues:
Total revenues									154,557	89,850	81,892
Costs
Modular delivery and installation									143,950	85,477	75,359
New units
Revenues:
Total revenues									53,603	36,371	39,228
Costs
Cost of sales									36,863	26,025	27,669
Rental units
Revenues:
Total revenues									25,017	21,900	21,942
Costs
Cost of sales									16,659	12,643	10,894
Corporate & Other
Revenues:
Modular leasing									0	(566)	(593)
Total revenues									0	(647)	(888)
Costs
Modular space leasing									0	0	0
Modular delivery and installation										0	0
Depreciation of rental equipment									0	0	0
Gross profit									0	(647)	(885)
Adjusted EBITDA									0	(15,112)	(21,644)
Other selected data
Selling, general and administrative expense									0	45,134	29,178
Other depreciation and amortization									0	2,306	1,669
Capital expenditures for rental fleet									0	0	0
Corporate & Other \| Modular delivery and installation
Revenues:
Total revenues									0	0	(153)
Costs
Modular delivery and installation									0
Corporate & Other \| New units
Revenues:
Total revenues									0	0	0
Costs
Cost of sales									0	0	(3)
Corporate & Other \| Rental units
Revenues:
Total revenues									0	(81)	(142)
Costs
Cost of sales									0	0	0
Modular – US \| Operating Segments
Revenues:
Modular leasing									469,302	264,351	238,159
Total revenues									677,590	392,933	365,496
Costs
Modular space leasing									131,846	75,615	68,477
Modular delivery and installation										77,303	68,718
Depreciation of rental equipment									106,354	60,312	56,883
Gross profit									264,320	148,685	138,996
Adjusted EBITDA									196,410	110,822	103,798
Other selected data
Selling, general and administrative expense									232,754	100,427	92,074
Other depreciation and amortization									12,201	5,333	6,235
Capital expenditures for rental fleet									151,407	96,378	60,418
Modular – US \| Operating Segments \| Modular delivery and installation
Revenues:
Total revenues									138,181	81,036	74,410
Costs
Modular delivery and installation									127,936
Modular – US \| Operating Segments \| New units
Revenues:
Total revenues									48,984	29,275	34,812
Costs
Cost of sales									33,484	20,919	24,427
Modular – US \| Operating Segments \| Rental units
Revenues:
Total revenues									21,123	18,271	18,115
Costs
Cost of sales									13,650	10,099	7,995
Modular – Other North America \| Operating Segments
Revenues:
Modular leasing									48,933	34,036	45,984
Total revenues									73,822	53,656	62,004
Costs
Modular space leasing									11,274	7,973	7,039
Modular delivery and installation										8,174	6,641
Depreciation of rental equipment									15,082	12,327	12,098
Gross profit									25,064	17,532	30,082
Adjusted EBITDA									19,123	13,099	24,360
Other selected data
Selling, general and administrative expense									22,117	16,790	17,841
Other depreciation and amortization									1,103	1,014	1,115
Capital expenditures for rental fleet									9,476	5,832	3,550
Modular – Other North America \| Operating Segments \| Modular delivery and installation
Revenues:
Total revenues									16,376	8,814	7,635
Costs
Modular delivery and installation									16,014
Modular – Other North America \| Operating Segments \| New units
Revenues:
Total revenues									4,619	7,096	4,416
Costs
Cost of sales									3,379	5,106	3,245
Modular – Other North America \| Operating Segments \| Rental units
Revenues:
Total revenues									3,894	3,710	3,969
Costs
Cost of sales									$ 3,009	$ 2,544	$ 2,899

Segment Reporting and Geographic Areas - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Loss from continuing operations before income tax					$ (92,172)	$ (165,398)	$ (87,633)
Interest expense, net					98,433	107,076	84,443
Depreciation and amortization					134,740	81,292	78,000
Currency (gains) losses, net					2,454	(12,878)	13,098
Restructuring costs					15,468	2,196	2,810
Goodwill and other impairments					1,600	60,743	5,532
Integration costs					30,006
Stock compensation expense					3,439	9,382
Transaction costs						23,881	8,419
Other expense					1,514	2,515	1,845
Adjusted EBITDA					215,533	108,809	106,514
Interest expense from bridge financing	$ 0	$ 20,500	$ 0	$ 0	20,500
Operating Segments \| Modular – US
Segment Reporting Information [Line Items]
Loss from continuing operations before income tax					(88,206)	(12,345)	(30,669)
Interest expense, net					96,108	65,709	60,475
Depreciation and amortization					118,555	65,645	63,118
Currency (gains) losses, net					509	(10,942)	9,722
Restructuring costs					13,930	326	246
Goodwill and other impairments					1,600	0	0
Integration costs					29,260
Stock compensation expense					3,439	115
Transaction costs					19,780	1,841	0
Other expense					1,435	473	906
Adjusted EBITDA					196,410	110,822	103,798
Operating Segments \| Modular – Other North America
Segment Reporting Information [Line Items]
Loss from continuing operations before income tax					(3,966)	(64,580)	(369)
Interest expense, net					2,325	4,603	4,726
Depreciation and amortization					16,185	13,341	13,213
Currency (gains) losses, net					1,945	(1,040)	835
Restructuring costs					1,538	10	400
Goodwill and other impairments					0	60,743	5,532
Integration costs					746
Stock compensation expense					0	0
Transaction costs					271	0	0
Other expense					79	22	23
Adjusted EBITDA					19,123	13,099	24,360
Corporate & Other
Segment Reporting Information [Line Items]
Loss from continuing operations before income tax					0	(88,473)	(56,595)
Interest expense, net					0	36,764	19,242
Depreciation and amortization					0	2,306	1,669
Currency (gains) losses, net					0	(896)	2,541
Restructuring costs					0	1,860	2,164
Goodwill and other impairments					0	0	0
Integration costs					0
Stock compensation expense					0	9,267
Transaction costs					0	22,040	8,419
Other expense					0	2,020	916
Adjusted EBITDA					0	$ (15,112)	$ (21,644)
ModSpace
Segment Reporting Information [Line Items]
Restructuring costs					15,500
Integration costs					30,000
Interest expense from bridge financing					$ 20,500

Segment Reporting and Geographic Areas - Assets Related to Reportable Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Goodwill	$ 247,017	$ 28,609	$ 56,811
Intangible assets, net	131,801	126,259
Rental equipment, net	1,929,290	1,040,146
Modular – US
Segment Reporting Information [Line Items]
Goodwill	213,264	28,609	0
Modular – Other North America
Segment Reporting Information [Line Items]
Goodwill	33,753	0	$ 56,811
Operating Segments \| Modular – US
Segment Reporting Information [Line Items]
Goodwill	213,264	28,609
Intangible assets, net	6,707	1,259
Rental equipment, net	1,635,014	857,349
Operating Segments \| Modular – Other North America
Segment Reporting Information [Line Items]
Goodwill	33,753	0
Intangible assets, net	94	0
Rental equipment, net	294,276	182,797
Corporate & Other
Segment Reporting Information [Line Items]
Goodwill	0	0
Intangible assets, net	125,000	125,000
Rental equipment, net	$ 0	$ 0

Segment Reporting and Geographic Areas - Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 257,404	$ 218,924	$ 140,333	$ 134,751	$ 120,382	$ 116,162	$ 110,077	$ 99,321	$ 751,412	$ 445,942	$ 426,612
Long-lived assets	2,113,040				1,123,812				2,113,040	1,123,812	899,124
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									685,350	396,039	378,129
Long-lived assets	1,835,035				973,751				1,835,035	973,751	751,254
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									50,144	36,357	35,401
Long-lived assets	261,235				132,093				261,235	132,093	129,848
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues									15,918	13,546	13,082
Long-lived assets	$ 16,770				$ 17,968				$ 16,770	$ 17,968	$ 18,022

Segment Reporting and Geographic Areas - Major Product and Service Lines (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Products and Services [Line Items]
Modular leasing									$ 518,235	$ 297,821	$ 283,550
Total leasing and services revenue	$ 228,181	$ 188,437	$ 132,662	$ 123,512	$ 103,830	$ 99,947	$ 95,903	$ 87,991	672,792	387,671	365,442
Total revenues	$ 257,404	$ 218,924	$ 140,333	$ 134,751	$ 120,382	$ 116,162	$ 110,077	$ 99,321	751,412	445,942	426,612
Modular space leasing revenue
Products and Services [Line Items]
Modular leasing									486,774	265,644	256,123
Portable storage leasing revenue
Products and Services [Line Items]
Modular leasing									21,682	17,480	18,439
Other leasing-related revenue
Products and Services [Line Items]
Modular leasing									9,779	14,697	8,988
Modular delivery and installation
Products and Services [Line Items]
Total revenues									154,557	89,850	81,892
New units
Products and Services [Line Items]
Total revenues									53,603	36,371	39,228
Rental units
Products and Services [Line Items]
Total revenues									$ 25,017	$ 21,900	$ 21,942

Related Parties - Related Party Balances Included in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Related Party Transactions [Abstract]
Receivables due from affiliates	$ 122	$ 2,863
Amounts due to affiliates	(1,379)	(1,235)
Total related party (liabilities) assets, net	$ (1,257)	$ 1,628

Related Parties - Narrative (Details) - USD ($)		12 Months Ended
Related Parties - Narrative (Details) - USD ($)	Nov. 29, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 22, 2018
Related Party Transaction [Line Items]
Receivables due from affiliates		$ 122,000	$ 2,863,000
Amounts due to affiliates		1,379,000	1,235,000
Capital expenditures for rental fleet		4,300,000	2,100,000	$ 500,000
Affiliates
Related Party Transaction [Line Items]
Receivables due from affiliates		100,000	2,900,000
Amounts due to affiliates		1,200,000	1,200,000
Director
Related Party Transaction [Line Items]
Professional fees		$ 2,100,000	$ 1,000,000.0	$ 900,000
Minimum \| Affiliates
Related Party Transaction [Line Items]
Agreement period	6 months
Maximum \| Affiliates
Related Party Transaction [Line Items]
Agreement period	3 years
Sapphire Holding \| Margin Loan
Related Party Transaction [Line Items]
Debt, face amount					$ 125,000,000.0
Class A Common Stock \| Sapphire Holding \| Margin Loan
Related Party Transaction [Line Items]
Number of shares pledged for collateral (in shares)		49,041,906
Sapphire Holding
Related Party Transaction [Line Items]
Percentage ownership pledged		9.00%
Sapphire Holding \| Class A Common Stock
Related Party Transaction [Line Items]
Percentage ownership pledged		45.20%

Related Parties - Related Party Transactions in Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Leasing revenue from related parties		$ (720)	$ 0	$ 0
Management fees and recharge income on transactions with affiliates		0	(1,309)	3,894
Interest income on notes due from affiliates		0	(12,177)	(10,228)
Interest expense on notes due to affiliates		0	58,448	58,756
Total related party (income) expense, net	$ 44,962	(2,268)		52,422
Rental units
Related Party Transaction [Line Items]
Sales to related parties		$ (1,548)	$ 0	$ 0

Quarterly Financial Data - Summary of Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Leasing and services revenue	$ 228,181	$ 188,437	$ 132,662	$ 123,512	$ 103,830	$ 99,947	$ 95,903	$ 87,991		$ 672,792	$ 387,671	$ 365,442
Total revenues	257,404	218,924	140,333	134,751	120,382	116,162	110,077	99,321		751,412	445,942	426,612
Gross profit	102,877	80,946	54,640	50,921	46,780	41,269	39,583	37,938		289,384	165,570	168,193
Operating income (loss)	(4,303)	211	5,889	4,464	(79,919)	5,380	11,393	4,824		6,261	(58,322)	(3,190)
Income from discontinued operations					3,527	5,078	3,840	2,205		0	14,650	32,195
Net (loss) income	(10,387)	(36,729)	379	(6,835)	(125,380)	(8,357)	(5,896)	(10,179)		(53,572)	(149,812)	(30,936)
Net loss attributable to WillScot	$ (11,705)	$ (33,519)	$ 236	$ (6,187)	$ (123,270)	$ (8,357)	$ (5,896)	$ (10,179)		$ (49,040)	$ (147,702)	$ (30,936)
Net (loss) income per share attributable to WillScot common shareholders - basic and diluted
Continuing operations (in USD per share)	$ (0.11)	$ (0.37)	$ 0.00	$ (0.08)	$ (3.60)	$ (0.92)	$ (0.67)	$ (0.85)		$ (0.59)	$ (8.21)	$ (4.34)
Discontinued operations (in USD per share)	0.00	0.00	0.00	0.00	0.10	0.35	0.26	0.15		0	0.74	2.21
Net (loss) income per share attributable to WillScot common shareholders - basic and diluted (in USD per share)	$ (0.11)	$ (0.37)	$ 0.00	$ (0.08)	$ (3.50)	$ (0.57)	$ (0.41)	$ (0.70)		$ (0.59)	$ (7.47)	$ (2.13)
Average shares outstanding - basic & diluted (in shares)	102,176,225	90,726,921	78,432,274	77,189,774	35,233,225	14,545,833	14,545,833	14,545,833		87,209,605	19,760,189	14,545,833
Goodwill impairment loss					$ 60,700				$ 60,700	$ 0	$ 60,743	$ 5,532
Impairment losses on property, plant and equipment	$ 1,600									1,600	0	0
Non-cash deemed dividend related to warrant exchange										$ 2,135	$ 0	$ 0

Loss Per Share - Narrative (Details) - shares			12 Months Ended
Loss Per Share - Narrative (Details) - shares	Jan. 19, 2018	Nov. 29, 2017	Dec. 31, 2018	Dec. 31, 2017
Stock Option Awards
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)			589,257
RSU
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)			852,733
RSA
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)			72,053
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)			22,183,513	34,750,000
Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Converted shares held in escrow (in shares)		12,425,000
Shares released from escrow (in shares)	6,212,500

Loss Per Share - Reconciliation of Basis and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator
Loss from continuing operations									$ (53,572)	$ (164,462)	$ (63,131)
Income from discontinued operations, net of tax									0	14,650	32,195
Net loss									(53,572)	(149,812)	(30,936)
Net loss attributable to non-controlling interest, net of tax									(4,532)	(2,110)	0
Net loss attributable to WillScot	$ (11,705)	$ (33,519)	$ 236	$ (6,187)	$ (123,270)	$ (8,357)	$ (5,896)	$ (10,179)	$ (49,040)	$ (147,702)	$ (30,936)
Denominator
Average shares outstanding - basic & diluted (in shares)	102,176,225	90,726,921	78,432,274	77,189,774	35,233,225	14,545,833	14,545,833	14,545,833	87,209,605	19,760,189	14,545,833
(Loss) income per share attributable to WillScot common shareholders - basic and diluted
Continuing operations (in USD per share)	$ (0.11)	$ (0.37)	$ 0.00	$ (0.08)	$ (3.60)	$ (0.92)	$ (0.67)	$ (0.85)	$ (0.59)	$ (8.21)	$ (4.34)
Discontinued operations (in USD per share)	0.00	0.00	0.00	0.00	0.10	0.35	0.26	0.15	0	0.74	2.21
Net (loss) income per share attributable to WillScot common shareholders - basic and diluted (in USD per share)	$ (0.11)	$ (0.37)	$ 0.00	$ (0.08)	$ (3.50)	$ (0.57)	$ (0.41)	$ (0.70)	$ (0.59)	$ (7.47)	$ (2.13)

Label	Element	Value
Goodwill and Intangible Asset Impairment	us-gaap_GoodwillAndIntangibleAssetImpairment	$ 60,743,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1	$ 0
Modular Space Holdings, Inc. [Member]
Debt, Weighted Average Interest Rate	us-gaap_DebtWeightedAverageInterestRate	6.54%
Modular Space Holdings, Inc. [Member] \| Fair Value and Useful Lives Impact on Depreciation [Member]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	$ (18,900,000)
Modular Space Holdings, Inc. [Member] \| Interest Expense Adjustment [Member]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	40,400,000
Modular Space Holdings, Inc. [Member] \| Revolving Credit Facility [Member] \| Asset Based Lending Facility Due 2022 [Member] \| Line of Credit [Member]
Proceeds from Issuance of Debt	us-gaap_ProceedsFromIssuanceOfDebt	419,000,000.0
Acton Mobile Holdings LLC [Member] \| Fair Value and Useful Lives Impact on Depreciation [Member]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	5,300,000
Acton Mobile Holdings LLC [Member] \| Interest Expense Adjustment [Member]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	5,100,000
Acton Mobile Holdings LLC [Member] \| Trade Names [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles	$ 700,000
Acton Mobile Holdings LLC [Member] \| Revolving Credit Facility [Member] \| Asset Based Lending Facility Due 2022 [Member] \| Line of Credit [Member]
Debt, Weighted Average Interest Rate	us-gaap_DebtWeightedAverageInterestRate	4.02%
Proceeds from Issuance of Debt	us-gaap_ProceedsFromIssuanceOfDebt	$ 237,100,000