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Rental Equipment, Net

Rental Equipment, net

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



(in thousands)	2017			2016
Modular units and portable storage	$	1,385,901		$	1,124,050
Value added products and services	59,566			47,746
Total rental equipment	1,445,467			1,171,796
Less: accumulated depreciation	(405,321		)	(356,898		)
Rental equipment, net	$	1,040,146		$	814,898

Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment, net

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



(in thousands)	2017			2016
Buildings and leasehold improvements	$	89,941		$	87,084
Manufacturing and office equipment	47,882			47,233
Software and other	26,598			32,959
Total other property, plant and equipment	164,421			167,276
Less: accumulated depreciation	(80,755		)	(83,050		)
Property, plant and equipment, net	$	83,666		$	84,226

Depreciation expense related to property, plant and equipment was $8.7 million, $9.0 million and $9.2 million for the years ended December 31, 2017, 2016 and 2015, 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 $3.4 million and $4.8 million as of December 31, 2017 and 2016, respectively. The accumulated depreciation related to property, plant and equipment assets under capital leases was $3.2 million and $4.6 million as of December 31, 2017 and 2016, 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 11, 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 $33.1 million and $29.7 million as of December 31, 2017 and 2016, respectively.

Notes Due From Affiliates

12 Months Ended

Dec. 31, 2017

Related Parties

Notes Due From Affiliates

The Company records interest income on notes due from affiliates based on the stated interest rate in the loan agreement. Interest income of $12.2 million, $10.2 million and $9.8 million associated with notes due from affiliates is reflected in interest income on the consolidated statement of operations for the years ended December 31, 2017, 2016 and 2015, respectively. The Company does not charge, and therefore does not defer and amortize, loan origination costs on notes due from affiliates. Interest receivable of $0.0 and $10.0 million, associated with these notes due from affiliates is reflected in prepaid expenses and other current assets in the consolidated balance sheet at December 31, 2017 and 2016, respectively.

Prior to the Business Combination, WSII had $337.8 million of notes due from affiliates of the Algeco Group and $18.6 million of related accrued interest receivable. As discussed further in Note 2, the notes due from affiliates of the Algeco Group and related accrued interest receivable amounts were settled in a non-cash transaction as part of the Algeco Group restructuring that occurred prior to the Business Combination. As such, there was no remaining balance on notes due from affiliates as of December 31, 2017.

Notes due from affiliates at December 31 consisted of the following:



(in thousands)	Interest rate	Years of maturity	2017		2016
Notes due from affiliates	1.1 – 5.0%	2018 – 2021	$	—	$	256,625

Notes Due to Affiliates

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 maturity dates of June 30, 2018 and October 15, 2019.

Prior to the Business Combination, WSII had $762.3 million of notes due to affiliates of the Algeco Group and $36.7 million of related accrued interest. As discussed further in Note 2, the notes due to affiliates and related accrued interest were settled in full in connection with the Algeco Group restructuring that occurred prior to the Business Combination. The notes due to affiliates and accrued interest settlement included both a cash payment of $226.3 million and a non-cash amount of $572.7 million. As the notes were extinguished, the Company charged the corresponding unamortized debt issuance and discount costs of $4.7 million to interest expense in the consolidated statements of operations. As such, there is no remaining balance due to affiliates at December 31, 2017.

The carrying value of amounts due to affiliates at December 31, 2016 included unamortized debt issuance and discount costs of $10.0 million. The carrying value of the Company’s notes due to affiliates at December 31, 2017 and 2016, respectively, were as follows:



(in thousands)	Interest rate	2017		2016
Note due to affiliate	8.6%	$	—	$	565,501
Note due to affiliate	8.6%	—		121,782
Debt issuance costs		—		(10,043		)
Total notes due to affiliates		$	—	$	677,240

Interest expense of $58.4 million, $58.8 million and $58.1 million associated with these notes due to affiliates is reflected in interest expense in the consolidated statement of operations for the years ended December 31, 2017, 2016 and 2015, respectively. Interest on the notes due to affiliates was payable on a semi-annual basis. Accrued interest of $24.7 million associated with these notes payable is reflected in accrued interest in the consolidated balance sheet at December 31, 2016. Classification in the consolidated balance sheets was based on the expectation of when payments were to be made.

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	2017			2016
Receivables due from affiliates	Prepaid Expenses and other current assets	$	2,863		$	19,950
Interest receivable on notes due from affiliates	Prepaid Expenses and other current assets	—			10,042
Notes due from affiliates	Notes due from affiliates	—			256,625
Amounts due to affiliates	Accrued liabilities	(1,235		)	(961		)
Accrued interest on notes due to affiliates	Accrued interest	—			(24,682		)
Long-term notes due to affiliates	Long-term notes due to affiliates	—			(677,240		)
	Total related party liabilities, net	$	1,628		$	(416,266	)

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”). The purpose of the TSA is to ensure an orderly transition of WSII’s business and effectuate the Business Combination. 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. As of December 31, 2017, the Company had $2.9 million in receivables due from affiliates pertaining to the Transition Services Agreement.

The $1.2 million in amounts due to affiliates included in accrued liabilities at December 31, 2017, pertain 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 years ended December 31, 2017, 2016 and 2015, respectively, consisted of the following:



(in thousands)	Financial statement line item	2017			2016			2015
Management fees and recharge (income) expense on transactions with affiliates	Selling, general & administrative expenses	$	(1,309	)	$	3,894		$	(436	)
Interest income on notes due from affiliates	Interest income	(12,177		)	(10,228		)	(9,778		)
Interest expense on notes due to affiliates	Interest expense	58,448			58,756			58,148
	Total related party expenses, net	$	44,962		$	52,422		$	47,934

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

The Company paid $1.0 million, $0.9 million, and $0.2 million in professional fees to an entity, that one of the Company’s Directors also served in the same role for that entity, during the years ended December 31, 2017, 2016 and 2015, respectively.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Changes in the carrying amount of goodwill were as follows:



(in thousands)	Modular – US		Modular – Other North America			Total
Balance at January 1, 2016	$	—	$	61,776		$	61,776
Impairment losses	—		(5,532		)	(5,532		)
Effect of movements in foreign exchange rates	—		567			567
Balance at December 31, 2016	—		56,811			56,811
Acquisition of a business	28,609		—			28,609
Effect 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

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, defined in Note 20. The Company expects to finalize the valuation of the acquired net assets of Acton, including the related goodwill, within the one-year measurement period from the date of acquisition.

During the fourth quarter of 2017, in conjunction with the Company’s annual impairment testing, the Company adopted ASU 2017-04, Simplifying the Test for Goodwill Impairment. As of the test date, the Canadian reporting unit, included within the Modular - Other North America segment, was the only reporting unit with goodwill remaining. The Company considered both the income and market approaches in determining the fair value of the reporting unit, but ultimately assigned 100% weighting to the income approach because management did not believe the market conditions would provide a meaningful indication of value. 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 the reporting unit and the markets in which it operates. The Company used a discount rate and terminal growth rate of 10.0% and 3.0%, respectively, to calculate the present value of estimated future cash flows for the reporting unit. The estimated fair value of the Canadian reporting unit was compared to the historical carrying value and it was determined that the fair value of the Canadian reporting unit was less than the carrying value as of the impairment assessment date. The Company recognized an impairment charge of $60.7 million, equal to the difference between the carrying value and estimated fair value of the reporting unit 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 relates to customers in the oil and gas industry. The Canadian reporting unit has seen an increase in lease volume, but has continued to see declines in pricing and margin. There is no goodwill remaining in the Modular - Other North America segment as of December 31, 2017.

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, $732.0 million and $726.5 million as of December 31, 2017, 2016 and 2015, respectively. The $792.8 million of accumulated impairment losses as of December 31, 2017 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.

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



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



	2016
(in thousands)	Weighted average remaining life in years	Gross carrying amount		Accumulated amortization		Net book value
Indefinite-lived intangible assets:
Trade names		$	125,000	$	—	$	125,000
Total intangible assets other than goodwill		$	125,000	$	—	$	125,000

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 allocation of $1.3 million to definite-lived intangible assets to the Modular - US segment. The Company expects to finalize the valuation of the acquired net assets of Acton, 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 $0, $0 and $13.5 million for the years ended December 31, 2017, 2016 and 2015, respectively.

As of December 31, 2017, the expected future amortization expense for intangible assets is as follows:



(in thousands)	Amortization Expense
2018	$	778
2019	70
2020	70
2021	70
2022	70
Thereafter	201
Total	$	1,259

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

Deferred Revenue and Customer Deposits

12 Months Ended

Dec. 31, 2017

Deferred Revenue and Customer Deposits

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



(in thousands)	2017		2016
Current:
Deferred revenue	$	37,041	$	28,699
Customer deposits	8,141		1,275
Total current deferred revenue and customer deposits	$	45,182	$	29,974

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

Debt

12 Months Ended

Dec. 31, 2017

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	2017			2016
Senior secured notes	7.875%	2022	$	290,687		$	—
US ABL Facility	Varies	2022	297,323			—
Canadian ABL Facility (a)	Varies	2022	—			—
Algeco Group Revolver - USD	Varies	2018	—			585,978
Algeco Group Revolver - CAD	Varies	2018	—			37,737
Capital lease and other financing obligations			38,736			33,868
Total debt			626,746			657,583
Less: current portion of long-term debt			(1,881		)	(1,889		)
Total long-term debt			$	624,865		$	655,694


(a)	As there is no carrying value of debt outstanding on the Canadian ABL facility as of December 31, 2017, $1.8 million of debt issuance costs and debt discounts related to that facility are included in other non-current assets on the consolidated balance sheet.

As of December 31, 2017, 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
2018	$	—	$	1,881	$	1,881
2019	—		159		159
2020	—		220		220
2021	—		237		237
2022	610,000		5,055		615,055
Thereafter	—		32,986		32,986

The Company has debt discount and debt issuance costs recorded as offsets against the carrying value of the ABL Facility, senior secured 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
2018	$	5,084
2019	5,225
2020	5,379
2021	5,535
2022	3,654
Thereafter	675

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 USD 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.

WSII had $628.1 million of principal outstanding and $4.4 million of debt issuance costs related to the Algeco Group Revolver at December 31, 2016.

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.

New ABL Facility

On November 29, 2017, in connection with the Business Combination, WS Holdings, WSII and certain of its subsidiaries entered into an ABL credit agreement (the “ABL Facility”) that provides a senior secured revolving credit facility in the aggregate principal amount of up to $600.0 million. The ABL Facility, which matures on May 29, 2022, consists of (i) a $530.0 million asset-backed revolving credit facility (the “US ABL Facility”) for WSII and certain of its domestic subsidiaries (the “US Borrowers”), (ii) a $70.0 million asset-based revolving credit facility (the “Canadian ABL Facility”) for Williams Scotsman of Canada, Inc. (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 $300.0 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 applicable margin is 2.50% for LIBOR borrowings and 1.50% for base rate borrowings. Commencing on March 31, 2018, the applicable margins are 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, 2017, the weighted average interest rate for borrowings under the ABL Facility was 4.02%.

Borrowing availability under the US ABL Facility and the Canadian ABL Facility is equal to the lesser of (i) with respect to US Borrowers, $530.0 million and the US Borrowing Base (defined below) (the “US Line Cap”), and (ii) with respect to the Canadian Borrower, $70.0 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 Borrowers’ eligible accounts receivable, plus


•	the lesser of (i) 95% of the net book value of the Canadian Borrowers’ eligible rental equipment and (ii) 85% of the net orderly liquidation value of the Canadian Borrowers’ 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, 2017, 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 $60.0 million of standby letters of credit and up to $50.0 million of swingline loans, and borrowing capacity under the Canadian ABL Facility is made available for up to $30.0 million of standby letters of credit, and $25.0 million of “swingline” loans. At December 31, 2017, letters of credit and bank guarantees carried fees of 2.625%. At December 31, 2017, the Company had issued $8.9 million of standby letters of credit under the ABL Facility.

Subject to certain exclusions, the obligations of the US Borrowers are unconditionally guaranteed by WS Holdings and each wholly-owned domestic subsidiary of WSII (the “US Guarantors”). Subject to certain exclusions, the obligations of the Canadian Borrower are unconditionally guaranteed by the US Borrowers and the US Guarantors, and each Canadian restricted subsidiary of WSII (the “Canadian Guarantors,” and together with the US Guarantors, the “ABL Guarantors”).

Subject to customary exceptions, the ABL Facility is secured by (i) a first priority pledge of the equity interests of the Borrowers and of each direct, wholly-owned restricted subsidiary of any Borrower or any ABL Guarantor and (ii) a first priority security interest in substantially all of the assets of the Borrowers and the ABL Guarantors, provided that the obligations under the US ABL Facility are not secured by assets of any Canadian Borrower or any Canadian Guarantor.

The ABL Facility requires the Borrowers to maintain a (i) minimum fixed charge coverage ratio of 1.00:1.00 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) $50.0 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, 2017.

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 is greater than the borrowing capacity of the Amended Algeco Group Revolver, any unamortized debt issuance costs of continuing lenders are 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 consolidation 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.

At December 31, 2017, the Company had $310.0 million in outstanding principal under the ABL Facility. Debt issuance costs and discounts of $12.7 million are included in the carrying value of debt.

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 “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 Notes at a redemption price equal to 100% of the principal amount thereof, plus a customary make whole premium for the 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 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 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 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 Note.

Before December 15, 2019, WSII may redeem up to 40% of the aggregate principal amount of the Notes at a price equal to 107.875% of the principal amount of the 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 Notes at a redemption price equal to 103% of the principal amount of the 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 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 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 12 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 obligations of the US Borrowers are unconditionally guaranteed by the WS Holdings and each existing and subsequently acquired or organized direct or indirect wholly-owned US organized restricted subsidiary of WS Holdings, other than certain 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 “Note Guarantors”).

The Notes are unconditionally guaranteed by the Note Guarantors. WSC is not a guarantor of the 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 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 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 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 WSC or any restricted subsidiary of WSII; selling, leasing or transferring any of its property or assets to WSC 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 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, 2017.

The Company incurred and deferred $9.4 million of debt issuance and discount costs in connection with the issuance of the Notes, which are included in the carrying value as of the Notes as of December 31, 2017. These will be amortized through the maturity date of the Notes. As a result of entering into the 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, 2017, unamortized debt issuance costs pertaining to the Notes was $9.3 million.

Capital Lease and Other Financing Obligations

The Company’s capital lease and financing obligations at December 31, 2017 primarily consisted of $38.5 million under sale-leaseback transactions and $0.2 million of capital leases. The Company’s capital lease and financing obligations are presented net of $1.8 million of debt issuance costs. 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-lease back 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%.

Notes Due to Affiliates

12 Months Ended

Dec. 31, 2017

Related Parties

Notes Due From Affiliates

Notes due from affiliates at December 31 consisted of the following:



(in thousands)	Interest rate	Years of maturity	2017		2016
Notes due from affiliates	1.1 – 5.0%	2018 – 2021	$	—	$	256,625

Notes Due to Affiliates



(in thousands)	Interest rate	2017		2016
Note due to affiliate	8.6%	$	—	$	565,501
Note due to affiliate	8.6%	—		121,782
Debt issuance costs		—		(10,043		)
Total notes due to affiliates		$	—	$	677,240

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	2017			2016
Receivables due from affiliates	Prepaid Expenses and other current assets	$	2,863		$	19,950
Interest receivable on notes due from affiliates	Prepaid Expenses and other current assets	—			10,042
Notes due from affiliates	Notes due from affiliates	—			256,625
Amounts due to affiliates	Accrued liabilities	(1,235		)	(961		)
Accrued interest on notes due to affiliates	Accrued interest	—			(24,682		)
Long-term notes due to affiliates	Long-term notes due to affiliates	—			(677,240		)
	Total related party liabilities, net	$	1,628		$	(416,266	)

The $1.2 million in amounts due to affiliates included in accrued liabilities at December 31, 2017, pertain 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 years ended December 31, 2017, 2016 and 2015, respectively, consisted of the following:



(in thousands)	Financial statement line item	2017			2016			2015
Management fees and recharge (income) expense on transactions with affiliates	Selling, general & administrative expenses	$	(1,309	)	$	3,894		$	(436	)
Interest income on notes due from affiliates	Interest income	(12,177		)	(10,228		)	(9,778		)
Interest expense on notes due to affiliates	Interest expense	58,448			58,756			58,148
	Total related party expenses, net	$	44,962		$	52,422		$	47,934

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

Other Non-Current Liabilities

12 Months Ended

Dec. 31, 2017

Other Non-Current Liabilities

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



(in thousands)	2017		2016
Reserve for uncertain tax positions - non-current	$	18,982	$	10,802
Other provisions - non-current	264		402
Restructuring severance	109		—
Total other non-current liabilities	$	19,355	$	11,204

Equity

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Equity

Common Stock

The Company’s certificate of incorporation authorizes the issuance of 400,000,000 shares of Class A common stock with a par value of $0.0001 per share,100,000,000 shares of Class B common stock with a par value of $0.0001 per share and 1,000,000 shares of preferred stock, par value $0.0001 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 November 29, 2017, the Company issued 43,568,901 shares of Class A common stock at $9.60 per share in a private placement. Proceeds from the sale were part of the consideration received by the Company as part of a recapitalization and reverse acquisition completed in the Business Combination. The Company also issued 8,024,419 shares of Class B common stock to the Sellers upon consummation of the Business Combination. Please see Note 2 for further discussion.

The Company has 84,644,774 shares of Class A common stock and 8,024,419 shares of Class B common stock issued and outstanding as of December 31, 2017. The outstanding shares of the Company’s common stock are duly authorized, validly issued, fully paid and non-assessable.

Public Warrants

The Company has issued warrants to purchase its common stock which were issued as components of units sold in Double Eagle’s initial public offering (the “Public Warrants”). The Company has 50,000,000 Public Warrants outstanding as of December 31, 2017. Each Public Warrant entitles the holder to purchase one-half of one share of WSC 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 WSC Class A shares and the warrants expire on November 29, 2022. The Company may redeem the Public Warrants for $0.01 per warrant if the closing price of WSC’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. The Public Warrants are traded on Nasdaq under the symbol “WSCWW.”

Private Placement Warrants

The Company has issued warrants to purchase its common stock in a private placement which occurred concurrently with Double Eagle’s initial public offering (the “Private Placement Warrants”). The warrants were purchased at a price of $0.50 per unit for an aggregate purchase price of $9.75 million. The Private Placement Warrants are identical to the Public Warrants, except that, if held by Double Eagle’s sponsor or founders (or their permitted assignees), the Private Placement Warrants (i) may be exercised upon payment of cash or on a cashless basis; and (ii) are not subject to redemption. Each such warrant entitles the holder to purchase one-half of one share of WSC Class A common stock at a price of $5.75 per half share (or $11.50 per whole share), subject to adjustment. The Company has 4,950,000 outstanding Private Placement Warrants (excluding the Founders’ Warrants, defined below) as of December 31, 2017.

On November 29, 2017, in connection with the closing of the Business Combination, Double Eagle’s sponsor (DEAL) and co-founder (Harry Sloan) agreed to place restrictions upon 14,550,000 of the Private Placement Warrants (the Founders’ Warrants), restricting the transfer of shares for up to one year from the Business Combination date, pursuant to the Earnout Agreement.

Under the Earnout Agreement, the Founders’ Warrants will be restricted until the earlier of (i) November 29, 2018, or (ii) the closing of a Qualifying Acquisition. If the Company consummates a Qualifying Acquisition during this lock-up period, then one third (1/3) of the warrants will be transferred to Sapphire and the Founders will retain ownership of the remaining two thirds (2/3) of the warrants. The Company has 14,550,000 outstanding Founders’ Warrants as of December 31, 2017.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss at December 31 consisted of the following:



(in thousands)	2017			2016
Accumulated other comprehensive loss, net of tax:
Foreign currency translation adjustment	$	(49,497	)	$	(56,928	)

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. For further information on the transfer of the Chard and the corresponding accounting, refer to Note 2. There were no significant amounts reclassified from accumulated other comprehensive loss and into consolidated net loss for the years ended December 31, 2017, 2016 and 2015.

Non-Controlling Interest

As described in Note 2, WS Holdings issued to the Sellers 8,024,419 shares of common stock, with a par value of $0.0001 per share. The issuance represents a 10% non-controlling equity interest in WS Holdings. The WS Holdings shares were transferred to Sapphire on December 6, 2017.

The Company recorded the initial measurement of the non-controlling interest based on the historical carrying amounts of the net assets of WS Holdings on November 29, 2017. As WS Holdings did not have any assets at the parent entity level, the non-controlling interest was calculated based on the historical carrying amounts of the net assets of WS Holdings’ wholly owned subsidiary, WSII. The non-controlling interest is separately reported in the consolidated balance sheets and the consolidated statement of shareholder’s equity. Additionally, the activity attributable to the non-controlling interest is separately reported in the consolidated statement of operations.

In accordance with the Exchange Agreement, the non-controlling interest can be exchanged for a 10% interest in WSC.

Income Taxes

12 Months Ended

Dec. 31, 2017

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. 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. The Tax Act’s Internal Revenue Code 163(j) new provision, limits all companies’ interest deduction to 30% of adjusted EBITDA, i.e., taxable income less interest and depreciation, from 50% under the old rules. The Company reassessed the need for a valuation allowance on its deferred tax asset (“DTA”) and concluded that a partial valuation allowance was prudent based on the analysis and accordingly recorded a valuation allowance on the 163(j) DTA of $50.5 million through income tax expense. The Company will continue to obtain and analyze information related to the Company’s provisional calculations, which could potentially impact the measurement of its tax balances, and will finalize the provision within one year of the enactment date. Additionally, there is currently uncertainty as to what portions, if any, of the Tax Act will be adopted by the US state and local taxing authorities which the Company will monitor and record upon receipt of further guidance from state tax authorities.

The components of income tax (benefit) expense from continuing operations for the years ended December 31, 2017, 2016 and 2015 are comprised of the following:



(in thousands)	2017			2016			2015
US Federal and State
Current	$	(1,817	)	$	623		$	1,220
Deferred	3,450			(23,272		)	(36,633		)
Outside of US
Current	(1,422		)	(1,794		)	313
Deferred	(1,147		)	(59		)	1,031
Total income tax expense (benefit)	$	(936	)	$	(24,502	)	$	(34,069	)

/* Income tax results from continuing operations differed from the amount computed by applying the US statutory income tax rate of 35% to the loss from continuing operations before income taxes for the following reasons for the years ended December 31, 2017, 2016 and 2015:



(in thousands)	2017			2016			2015
Loss from continuing operations before income tax
US	$	(97,009	)	$	(78,358	)	$	(95,887	)
Non-US	(68,389		)	(9,275		)	(7,135		)
Total loss from continuing operations before income tax	$	(165,398	)	$	(87,633	)	$	(103,022	)

US Federal statutory income tax benefit	$	(57,889	)	$	(30,672	)	$	(36,058	)
Effect of tax rates in foreign jurisdictions	5,626			532			188
State income tax benefit (expense), net of federal benefit	(5,188		)	282			(6,155		)
Unremitted foreign earnings	(2,493		)	(1,585		)	291
Valuation allowances	59,679			1,719			1,463
Non-deductible goodwill impairment	15,849			1,920			—
Non-deductible deferred financing fees	2,715			1,465			1,541
Non-deductible stewardship (a)	1,658			1,855			2,256
Non-deductible monitoring fee (b)	422			1,938			906
Tax reform (excluding valuation allowance)	(23,115		)	—			—
Other	1,800			(1,956		)	1,499
Reported income expense (benefit)	$	(936	)	$	(24,502	)	$	(34,069	)
Effective income tax rate	0.56		%	27.96		%	33.07		%

(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)	2017			2016
Deferred tax assets
Loans and borrowings	$	114,071		$	138,451
Employee benefit plans	1,175			2,818
Other liabilities	4,834			3,781
Currency losses, net	95			12,936
Deferred revenue	11,679			9,819
Other – net	2,144			14,848
Tax loss carryforwards	69,391			6,883
Deferred tax assets, gross	203,389			189,536
Valuation allowance	(73,534		)	(13,354		)
Net deferred income tax asset	$	129,855		$	176,182

Deferred tax liabilities
Rental equipment and other property, plant and equipment	(214,052		)	(240,621		)
Intangible assets	(29,615		)	(36,790		)
Foreign earnings	(6,955		)	(16,943		)
Deferred tax liability	(250,622		)	(294,354		)
Net deferred income tax liability	$	(120,767	)	$	(118,172	)

Tax loss carryforwards totaled $279.8 million at December 31, 2017. All tax loss carryforwards expire between 2020 and 2037. 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. A valuation allowance has been established against the deferred tax assets of certain of the Company’s tax loss carryforwards to the extent it is not more likely than not they will be realized.

The Company’s tax loss carryforwards are as follows at December 31, 2017 (in millions):



Jurisdiction	Loss Carryforward		Expiration	Valuation Allowance
United States	$	269.9	2028 – 2037	None
Mexico	9.9		2020 – 2027	None
Total	$	279.8

Undistributed earnings of certain of the Company’s foreign subsidiaries amount to approximately $47.7 million at December 31, 2017. $25.4 million of those undistributed earnings are not considered indefinitely reinvested or have already been subject to tax at the applicable Company parent, and as a result the Company has recorded $6.3 million of deferred taxes at December 31, 2017. The remaining $22.3 million of those earnings are considered indefinitely reinvested and accordingly, no income taxes have been provided thereon. Upon repatriation of those earnings the Company could be subject to potential additional income taxes. Determination of the amount of unrecognized deferred income taxes on such earnings is not practicable due to the complexities associated with its hypothetical calculation.

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, 2017, tax years for 2010 through 2017 generally remain subject to possible 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)	2017			2016			2015
Unrecognized tax benefits – January 1,	$	64,974		$	68,601		$	65,851
Increases based on tax positions related to current period	7,895			831			1,211
Change to positions that only affect timing	(535		)	126			95
Increases based on tax positions related to prior period	355			32			1,655
Decreases based on tax positions related to prior period	(29		)	(4,616		)	(211		)
Unrecognized tax benefits – December 31,	$	72,660		$	64,974		$	68,601

At December 31, 2017, 2016 and 2015, respectively, there were $67.2 million, $59.3 million and $62.5 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, 2017, 2016 and 2015, respectively, the Company recognized approximately $351, $96 and $71 in interest and penalties, respectively. The Company had approximately $611 and $245 for the payment of interest and penalties accrued at December 31, 2017 and 2016, 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, 2017, 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.

Fair Value Measures

12 Months Ended

Dec. 31, 2017

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 largely due to the short-term maturities of these instruments.

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, 2017										December 31, 2016
				Fair Value										Fair Value
(in thousands)	Carrying Amount			Level 1		Level 2			Level 3		Carrying Amount			Level 1		Level 2			Level 3
Financial assets (liabilities) not measured at fair value
ABL Facility (see Note 11)	$	(297,323	)	$	—	$	(310,000	)	$	—	$	—		$	—	$	—		$	—
Notes (see Note 11)	(290,687		)	—		(310,410		)	—		—			—		—			—
Algeco Group Revolver (see Note 11)	—			—		—			—		(623,715		)	—		(628,074		)	—
Notes due from affiliates (see Note 8)	—			—		—			—		256,625			—		247,400			—
Notes due to affiliates (see Note 12)	—			—		—			—		(677,240		)	—		(581,800		)	—
Total	$	(588,010	)	$	—	$	(620,410	)	$	—	$	(1,044,330	)	$	—	$	(962,474	)	$	—

There were no transfers of financial instruments between the three levels of the fair value hierarchy during the years ended December 31, 2017 and 2016. The fair value of the Company’s ABL Facility and Algeco Group Revolver is primarily based upon observable market data such as market interest rates. The fair value of the Company’s Notes is based on their last trading price at the end of each period obtained from a third party. The fair value of the notes due to and notes due from affiliates are based on similar publicly-traded instruments with a readily-available market value as a proxy.

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.

Restructuring and Related Activities [Abstract]

Restructuring

12 Months Ended

Dec. 31, 2017

Restructuring

The Company incurred costs associated with restructuring plans designed to streamline operations and reduce costs of $2.2 million, $2.8 million and $9.2 million net of reversals, during the years ended December 31, 2017, 2016 and 2015, respectively. The following is a summary of the activity in the Company’s restructuring accruals for years ended December 31, 2017, 2016 and 2015:



(in thousands)	Employee Termination Costs
Balance at December 31, 2014	$	—
Charges during the period	9,185
Cash payments during the period	(5,204		)
Non-cash	(1,882		)
Currency	(44		)
Balance at December 31, 2015	2,055
Charges during the period	2,810
Cash payments during the period	(3,092		)
Currency	20
Balance at December 31, 2016	1,793
Charges during the period	2,196
Cash payments during the period	(1,806		)
Non-cash	(1,968		)
Currency	12
Balance at December 31, 2017	$	227

The 2017 restructuring charges relate primarily to a downsize in corporate employees which consists of 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. As part of the 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 actual date of termination.

Segments

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.

The $9.2 million of restructuring charges for the year ended December 31, 2015 includes: $5.5 million of charges pertaining to the Modular - US segment; $1.8 million of charges pertaining to the Modular - Other North America segment; and $1.8 million of charges pertaining to Corporate.

Long-term Incentive Plans	12 Months Ended
Long-term Incentive Plans	Dec. 31, 2017
Compensation Related Costs [Abstract]
Long-term Incentive Plans	Long-term Incentive Plans Prior to the Business Combination, certain WSII employees were participants (“WSII Employees”) in the Algeco Group’s long-term cash incentive plan (“LTCIP”) and long-term equity incentive plan (“LTEIP,” and together with the LTCIP, the “Algeco LTIP”). In connection with the Business Combination, the WSII Employees (i) forfeited their rights to participate in the LTCIP and assigned those rights back to the Algeco Group and (ii) transferred any shares they owned in the LTEIP. 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, WSC’s non-executive Chairman of the Board served as the non-executive Chairman of WSII and A/S Holding 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 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 WSC 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 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. 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.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

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 cancelable and non-cancelable leases was $22.0 million, $21.8 million and $21.3 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Future minimum lease payments at December 31, 2017, by year and in the aggregate, under non-cancelable operating leases are as follows:



(in thousands)	Operating Leases
2018	$	19,849
2019	16,122
2020	13,034
2021	10,766
2022	7,908
Thereafter	38,686
Total	$	106,365

At December 31, 2017 and 2016, commitments for the acquisition of rental equipment and property, plant and equipment were $8.2 million and $5.3 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, 2017

Segment Reporting [Abstract]

Segment Reporting and Geographic Areas

The Company historically has 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. As detailed in Notes 2 and Note 3, 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 US (excluding Alaska). The other North America operating segment (“Modular - Other North America”) consists of: Canada, including Alaska, and Mexico. Corporate and other includes eliminations of costs and revenue between segments and the costs of certain corporate functions not directly attributable to the underlying segments. 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.

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, 2017, 2016 and 2015, respectively:



	Year Ended December 31, 2017
(in thousands)	Modular - US		Modular - Other North America		Corporate & 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 & 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



	Year Ended December 31, 2015
(in thousands)	Modular - US		Modular - Other North America		Corporate & Other			Total
Revenues
Leasing and services revenue:
Modular space leasing	$	225,301	$	75,612	$	(701	)	$	300,212
Modular space delivery and installation	71,986		11,117		—			83,103
Sales:
New units	43,193		11,166		—			54,359
Rental units	12,168		3,493		—			15,661
Total Revenues	$	352,648	$	101,388	$	(701	)	$	453,335

Costs
Cost of leasing and services:
Modular space leasing	69,226		10,855		—			80,081
Modular space delivery and installation	67,836		10,124		—			77,960
Cost of sales:
New units	34,733		8,952		(59		)	43,626
Rental units	7,716		2,539		—			10,255
Depreciation of rental equipment	64,894		13,199		380			78,473
Gross profit (loss)	$	108,243	$	55,719	$	(1,022	)	$	162,940
Adjusted EBITDA	$	85,448	$	45,495	$	(22,419	)	$	108,524
Other selected data
Selling, general and administrative expense	$	88,088	$	23,561	$	27,706		$	139,355
Other depreciation and amortization	$	6,457	$	1,248	$	14,970		$	22,675
Capital expenditures for rental fleet	$	98,135	$	16,285	$	—		$	114,420

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 & Other			Total
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 Fees	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 Fees	—			—			8,419			8,419
Other expense	906			23			916			1,845
Adjusted EBITDA	$	103,798		$	24,360		$	(21,644	)	$	106,514

2015
Loss from continuing operations before income taxes	$	(76,041	)	$	23,276		$	(50,257	)	$	(103,022	)
Interest expense, net	74,414			5,106			2,730			82,250
Depreciation and amortization	71,351			14,447			15,350			101,148
Currency losses, net	9,816			593			899			11,308
Restructuring costs	5,532			1,816			1,837			9,185
Other expense	376			257			7,022			7,655
Adjusted EBITDA	$	85,448		$	45,495		$	(22,419	)	$	108,524

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



(in thousands)	Modular - US		Modular - Other North America		Corporate & Other		Total
As of December, 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
As of December 31, 2016:
Goodwill	$	—	$	56,811	$	—	$	56,811
Intangible assets, net	$	—	$	—	$	125,000	$	125,000
Rental equipment, net	$	631,643	$	183,255	$	—	$	814,898

Geographic Areas

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



(in thousands)	United States		Canada		Mexico		Total
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
2015
Total Revenue	$	373,845	$	61,953	$	17,537	$	453,335
Long-lived assets (a)	$	770,312	$	132,434	$	22,970	$	925,716

(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)	2017		2016		2015
Modular space leasing revenue (a)	$	265,644	$	256,123	$	273,763
Portable storage leasing revenue	17,480		18,439		19,224
Other leasing-related revenue	14,697		8,988		7,225
Modular leasing revenue	297,821		283,550		300,212
Modular delivery and installation revenue	89,850		81,892		83,103
Total leasing and services revenue	387,671		365,442		383,315
New units	36,371		39,228		54,359
Rental units	21,900		21,942		15,661
Total revenues	$	445,942	$	426,612	$	453,335

(a) Includes leasing revenue for VAPS

Related Parties

12 Months Ended

Dec. 31, 2017

Related Parties

Notes Due From Affiliates

Notes due from affiliates at December 31 consisted of the following:



(in thousands)	Interest rate	Years of maturity	2017		2016
Notes due from affiliates	1.1 – 5.0%	2018 – 2021	$	—	$	256,625

Notes Due to Affiliates



(in thousands)	Interest rate	2017		2016
Note due to affiliate	8.6%	$	—	$	565,501
Note due to affiliate	8.6%	—		121,782
Debt issuance costs		—		(10,043		)
Total notes due to affiliates		$	—	$	677,240

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	2017			2016
Receivables due from affiliates	Prepaid Expenses and other current assets	$	2,863		$	19,950
Interest receivable on notes due from affiliates	Prepaid Expenses and other current assets	—			10,042
Notes due from affiliates	Notes due from affiliates	—			256,625
Amounts due to affiliates	Accrued liabilities	(1,235		)	(961		)
Accrued interest on notes due to affiliates	Accrued interest	—			(24,682		)
Long-term notes due to affiliates	Long-term notes due to affiliates	—			(677,240		)
	Total related party liabilities, net	$	1,628		$	(416,266	)

The $1.2 million in amounts due to affiliates included in accrued liabilities at December 31, 2017, pertain 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 years ended December 31, 2017, 2016 and 2015, respectively, consisted of the following:



(in thousands)	Financial statement line item	2017			2016			2015
Management fees and recharge (income) expense on transactions with affiliates	Selling, general & administrative expenses	$	(1,309	)	$	3,894		$	(436	)
Interest income on notes due from affiliates	Interest income	(12,177		)	(10,228		)	(9,778		)
Interest expense on notes due to affiliates	Interest expense	58,448			58,756			58,148
	Total related party expenses, net	$	44,962		$	52,422		$	47,934

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

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 3, 2018, the Company acquired Onsite Space LLC, known by consumers as Tyson Onsite (“Tyson”). The acquisition was financed with borrowings on the Company’s ABL Facility. The acquisition expands the Company’s Ready to Work services to existing and incremental customers in the Midwest, most notably in Indiana, Illinois and Missouri. The acquisition increases the Company’s rental equipment by approximately 1,750 units. Tyson will be included in the Company’s Modular - US segment. The Company is currently assessing the fair value of the net identifiable assets acquired in the transaction, and has not finalized the accounting. On January 19, 2018, 6,212,500 shares of WSC Class A common stock were released from an escrow account with 3,106,250 shares released to the Founders and 3,106,250 shares released to Sapphire in accordance with the Earnout Agreement and Escrow Agreement. See further discussion in Note 2.

Quarterly Financial Data

12 Months Ended

Dec. 31, 2017

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, 2017. 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)
(in thousands)	March 31,			June 30,			September 30,			December 31,
2017
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)	$	4,824		$	11,393		$	5,380		$	(79,919	)
Income from discontinued operations	$	2,205		$	3,840		$	5,078		$	3,527
Net loss	$	(10,179	)	$	(5,896	)	$	(8,357	)	$	(125,380	)
Net loss attributable to WSC	$	(10,179	)	$	(5,896	)	$	(8,357	)	$	(123,270	)

Net income (loss) per share attributable to WSC – 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	$	(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



	Quarter Ended (unaudited, except per share amounts)
(in thousands)	March 31,			June 30,			September 30,			December 31,
2016
Leasing and services revenue	$	90,084		$	92,645		$	95,334		$	87,379
Total revenue	$	102,668		$	110,278		$	110,611		$	103,055
Gross profit	$	40,380		$	46,959		$	42,547		$	38,307
Operating (loss) income	$	(193	)	$	6,024		$	7,025		$	(16,046	)
Income from discontinued operations	$	8,692		$	7,912		$	10,726		$	4,865
Net (loss) income	$	(7,045	)	$	(933	)	$	2,325		$	(25,283	)
Net (loss) income attributable to WSC	$	(7,045	)	$	(933	)	$	2,325		$	(25,283	)

Net income (loss) per share attributable to WSC – basic and diluted
Continuing operations	$	(1.08	)	$	(0.60	)	$	(0.58	)	$	(2.07	)
Discontinued operations	$	0.60		$	0.54		$	0.74		$	0.33
Net (loss) income	$	(0.48	)	$	(0.06	)	$	0.16		$	(1.74	)

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

As discussed in Note 9, the Company recognized goodwill impairment charges of $60.7 million and $5.5 million during the fourth quarter of 2017 and 2016, respectively.

Loss Per Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Loss Per Share

Basic loss per share (“LPS”) is calculated by dividing net loss attributable to WSC by the weighted average number of Class A common stock shares outstanding during the period. As discussed in further detail in Note 2, 12,425,000 of Class A common stock shares held by the Founders, were placed into escrow concurrently with the Business Combination. Upon being placed into escrow, the voting and economic rights of the shares were suspended for the period they are in escrow. Given that they are not entitled to vote or participate in the economic rewards available to the other Class A shareholders, these shares are not included in the LPS calculation. Class B common shares also 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. 34,750,000 Class A shares of underlying warrants outstanding were excluded from the computation of diluted earnings per share because their 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)	2017			2016			2015
Numerator
Loss from continuing operations	$	(164,462	)	$	(63,131	)	$	(68,953	)
Less net loss attributable to non-controlling interest, net of tax	(2,110		)	—			—
Loss attributable to WSC from continuing operations	(162,352		)	(63,131		)	(68,953		)
Income (loss) attributable to WSC from discontinued operations	14,650			32,195			(2,634		)
Net loss attributable to WSC	$	(147,702	)	$	(30,936	)	$	(71,587	)

Denominator
Average shares outstanding - basic & diluted	19,760,189			14,545,833			14,545,833

Loss per share
Continuing operations	$	(8.21	)	$	(4.34	)	$	(4.74	)
Discontinued operations	$	0.74		$	2.21		$	(0.18	)
Net loss	$	(7.47	)	$	(2.13	)	$	(4.92	)

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of Presentation

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

Principles of Consolidation


•	WSII’s operations comprise the ongoing operations of the combined entity;


•	The officers of the newly combined company consist of WSII executives, including the Chief Executive Officer, Chief Financial Officer and General Counsel;


•	WSII’s preexisting ultimate parent, TDR Capital, owns a majority voting interest in the combined entity.

Accounting Estimates

Common Control Transactions

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

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 – 7 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	10 – 40 years
Machinery and equipment	3 – 10 years
Furniture and fixtures	7 – 10 years
Software	3 – 5 years

Goodwill and Goodwill Impairment

Intangible Assets Other than Goodwill

Purchase Accounting

Debt Issuance Costs and Debt Discounts

Retirement Benefit Obligation

Share-Based Payments

Foreign Currency Translation and Transactions

Revenue Recognition

Modular leasing and services revenue



(in thousands)	Operating Leases
2018	$	104,657
2019	32,334
2020	11,680
2021	5,086
2022	2,091
Thereafter	2,250

Leases are often extended or go beyond initial lease periods as month-to-month arrangements and are not considered in the committed lease revenues presented above.

Sales revenue

Advertising and Promotion

Advertising and promotion expense, which is expensed as incurred, was $3.3 million, $2.9 million and $3.8 million for the years ended December 31, 2017, 2016 and 2015, 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

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, 2017

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)	2017			2016			2015
Balance at beginning of year	$	4,167		$	2,036		$	2,324
Net charges to bad debt expense	4,715			4,929			2,521
Write-offs	(3,984		)	(2,760		)	(2,669		)
Foreign currency translation and other	(53		)	(38		)	(140		)
Balance at end of year	$	4,845		$	4,167		$	2,036

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 – 7 years	0	%

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



(in thousands)	2017			2016
Modular units and portable storage	$	1,385,901		$	1,124,050
Value added products and services	59,566			47,746
Total rental equipment	1,445,467			1,171,796
Less: accumulated depreciation	(405,321		)	(356,898		)
Rental equipment, net	$	1,040,146		$	814,898

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	10 – 40 years
Machinery and equipment	3 – 10 years
Furniture and fixtures	7 – 10 years
Software	3 – 5 years

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



(in thousands)	2017			2016
Buildings and leasehold improvements	$	89,941		$	87,084
Manufacturing and office equipment	47,882			47,233
Software and other	26,598			32,959
Total other property, plant and equipment	164,421			167,276
Less: accumulated depreciation	(80,755		)	(83,050		)
Property, plant and equipment, net	$	83,666		$	84,226

Operating Lease, Payments to be Received



(in thousands)	Operating Leases
2018	$	104,657
2019	32,334
2020	11,680
2021	5,086
2022	2,091
Thereafter	2,250

Business Combinations and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Schedule of Business Combination

The net proceeds from the Business Combination, as reported in the consolidated statements of cash flows 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 WSC from Business Combination	706,642
Less: purchase of WSII’s outstanding equity	(125,676		)
Less: fees to underwriters	(9,188		)
Net cash received by WSC in Recapitalization Transaction	$	571,778

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



	Number of Shares of Class A Common Stock of WSC	Number of Shares of Class B Common Stock of WSC
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 WSC 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 are subject to Earnout and Escrow Agreements discussed below.

Schedule of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date, December 20, 2017:



(in thousands)	December 20, 2017
Accounts receivable, net of allowance for doubtful accounts (a)	$	13,249
Rental equipment	203,103
Property and equipment	2,838
Deferred taxes	4,214
Other assets	3,297
Intangible assets:
Trade name (b)	708
Favorable lease (b)	553
Total identifiable assets acquired	227,962
Current liabilities	(18,893		)
Non-current liabilities	(530		)
Net identifiable assets acquired	208,539
Goodwill (c)	28,609
Net assets acquired	$	237,148

(a) The fair value of accounts receivable acquired was $13.2 million and the gross contractual amount was $13.8 million. The Company

estimated that $0.6 million would be uncollectible.

(b) The trade name has an estimated useful life of one year. The favorable lease asset will be amortized over approximately eight

years.

Business Combination, Pro Forma Information

The table below presents unaudited pro-forma consolidated income statement information as if Acton had been included in the Company’s consolidated results for the years ended December 31:



(in thousands, unaudited)	2017			2016
WSC historic revenues (a)	$	445,942		$	426,612
Acton historic revenues	93,914			89,100
Pro-forma revenues	$	539,856		$	515,712

WSC historic pretax loss (a)	$	(165,398	)	$	(87,633	)
Acton historic pretax loss	(3,251		)	(199		)
Pro-forma pretax loss	(168,649		)	(87,832		)
Pro-forma adjustments to combined pretax loss:
Impact of fair value mark-ups/useful life changes on depreciation (b)	(5,255		)	(5,330		)
Intangible asset amortization (c)	(63		)	(779		)
Interest expense (d)	(9,248		)	(9,536		)
Elimination of historic Acton interest (e)	4,789			4,288
Pro-forma pretax loss (f)	(178,426		)	(99,189		)
Income tax benefit	(4,353		)	(27,733		)
Proforma loss from continuing operations	(174,073		)	(71,456		)
Income from discontinued operations	14,650			32,195
Net loss	$	(159,423	)	$	(39,261	)

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

(b) Depreciation of rental equipment and non-rental depreciation were adjusted for the fair value mark-ups of equipment acquired in

the Acton acquisition. The useful lives assigned to such equipment didn’t change significantly from the useful lives used by Acton.

(d) In connection with the Acton acquisition, the Company drew $237.1 million on the ABL Facility. As of December 2017,

the weighted-average interest rate of ABL borrowings was 4.02%.

(e) Interest on Acton historic debt was eliminated.

(f) 2017 pro-forma pretax income includes $7.0 million of merger related costs.

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Assets and liabilities of discontinued operations at December 31, 2016 were as follows:



(in thousands)	2016
Assets of discontinued operations
Cash and cash equivalents	$	3,810
Trade receivables, net of allowances for doubtful accounts at December 31, 2016 of $781	9,839
Inventories	357
Prepaid expenses and other current assets	875
Current assets - discontinued operations	14,881
Rental equipment, net	189,619
Property, plant and equipment, net	4,288
Intangible assets, net	28,523
Non-current assets - Discontinued Operations	222,430
Total assets - discontinued operations	$	237,311
Liabilities of discontinued operations
Accounts payable	$	2,641
Accrued liabilities	3,708
Accrued interest	2
Deferred revenue and customer deposits	19,281
Current portion of long-term debt	10,262
Current liabilities - discontinued operations	35,894
Long-term debt	17,591
Deferred tax liabilities (a)	(31,904		)
Deferred revenue and customer deposits	53,753
Other non-current liabilities	1,913
Non-current liabilities - discontinued operations	41,353
Total liabilities - discontinued operations	$	77,247



(in thousands)	2017		2016			2015
Depreciation and amortization	$	26,584	$	41,329		$	35,744
Capital expenditures	$	9,890	$	5,125		$	62,761
Change in fair value of contingent consideration	$	—	$	(4,581	)	$	(50,500	)
Impairment losses on goodwill and intangibles	$	—	$	—		$	118,840

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



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

Income (loss) from discontinued operations, net of tax, for the period ended November 29, 2017 and the years ended December 31, 2016, and 2015 were as follows:



(in thousands)	2017			2016			2015
Remote accommodations revenue	$	120,853		$	149,467		$	181,692
Rental unit sales	1,522			—			—
Remote accommodations costs of leasing and services	53,971			51,145			73,106
Used unit cost of sales	901			—			—
Depreciation of rental equipment	21,995			36,300			29,551
Gross profit	45,508			62,022			79,035
Selling, general and administrative expenses	11,513			13,883			13,097
Other depreciation and amortization	4,589			5,029			6,193
Impairment losses on goodwill and intangibles	—			—			118,840
Restructuring costs	1,714			—			—
Change in fair value of contingent considerations	—			(4,581		)	(50,500		)
Other (income) and expense items	(52		)	(394		)	785
Operating profit (loss)	27,744			48,085			(9,380		)
Interest expense	2,444			2,346			789
Income (loss) from discontinued operations, before income tax	25,300			45,739			(10,169		)
Income tax expense (benefit)	10,650			13,544			(7,535		)
Income (loss) from discontinued operations, net of tax	$	14,650		$	32,195		$	(2,634	)

Revenues and costs related to the Remote Accommodations Business for the eleven months ended November 30, 2017, and the years ended December 31, 2016, and 2015, respectively, are as follows:



	11 Months Ended November 30,		Year Ended December 31,
(in thousands)	2017		2016		2015
Remote accommodations revenue:
Lease revenue	$	53,571	$	79,957	$	97,533
Service revenue	67,282		69,510		84,159
Total remote accommodations revenue	$	120,853	$	149,467	$	181,692

Remote accommodation costs:
Cost of leases	$	7,837	$	9,562	$	13,059
Cost of services	46,134		41,583		60,047
Total remote accommodations costs	$	53,971	$	51,145	$	73,106

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

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 205
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 205
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

Inventories (Tables)

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories at December 31 consisted of the following:



(in thousands)	2017		2016
Raw materials and consumables	$	10,082	$	8,938
Total Inventories	$	10,082	$	8,938

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2017

Prepaid Expenses and Other Current Assets

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



(in thousands)	2017		2016
Other current assets	$	6,004	$	5,049
Prepaid expenses	4,829		4,862
Interest receivable on notes due from affiliates	—		10,042
Receivables due from affiliates	2,863		19,950
Total prepaid expenses and other current assets	$	13,696	$	39,903

Rental Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Rental Equipment, Net

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



	Estimated Useful Life	Residual Value
Modular space and portable storage units	10 – 20 years	20 – 50%
VAPS and other related rental equipment	2 – 7 years	0	%

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



(in thousands)	2017			2016
Modular units and portable storage	$	1,385,901		$	1,124,050
Value added products and services	59,566			47,746
Total rental equipment	1,445,467			1,171,796
Less: accumulated depreciation	(405,321		)	(356,898		)
Rental equipment, net	$	1,040,146		$	814,898

Property, Plant and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Property, Plant and Equipment

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



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

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



(in thousands)	2017			2016
Buildings and leasehold improvements	$	89,941		$	87,084
Manufacturing and office equipment	47,882			47,233
Software and other	26,598			32,959
Total other property, plant and equipment	164,421			167,276
Less: accumulated depreciation	(80,755		)	(83,050		)
Property, plant and equipment, net	$	83,666		$	84,226

Notes Due From Affiliates (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Related Parties

Notes due from affiliates at December 31 consisted of the following:



(in thousands)	Interest rate	Years of maturity	2017		2016
Notes due from affiliates	1.1 – 5.0%	2018 – 2021	$	—	$	256,625

The carrying value of the Company’s notes due to affiliates at December 31, 2017 and 2016, respectively, were as follows:



(in thousands)	Interest rate	2017		2016
Note due to affiliate	8.6%	$	—	$	565,501
Note due to affiliate	8.6%	—		121,782
Debt issuance costs		—		(10,043		)
Total notes due to affiliates		$	—	$	677,240

Related party transactions included in the Company’s consolidated statement of operations for the years ended December 31, 2017, 2016 and 2015, respectively, consisted of the following:



(in thousands)	Financial statement line item	2017			2016			2015
Management fees and recharge (income) expense on transactions with affiliates	Selling, general & administrative expenses	$	(1,309	)	$	3,894		$	(436	)
Interest income on notes due from affiliates	Interest income	(12,177		)	(10,228		)	(9,778		)
Interest expense on notes due to affiliates	Interest expense	58,448			58,756			58,148
	Total related party expenses, net	$	44,962		$	52,422		$	47,934

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



(in thousands)	Financial statement Line Item	2017			2016
Receivables due from affiliates	Prepaid Expenses and other current assets	$	2,863		$	19,950
Interest receivable on notes due from affiliates	Prepaid Expenses and other current assets	—			10,042
Notes due from affiliates	Notes due from affiliates	—			256,625
Amounts due to affiliates	Accrued liabilities	(1,235		)	(961		)
Accrued interest on notes due to affiliates	Accrued interest	—			(24,682		)
Long-term notes due to affiliates	Long-term notes due to affiliates	—			(677,240		)
	Total related party liabilities, net	$	1,628		$	(416,266	)

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill activity

Changes in the carrying amount of goodwill were as follows:



(in thousands)	Modular – US		Modular – Other North America			Total
Balance at January 1, 2016	$	—	$	61,776		$	61,776
Impairment losses	—		(5,532		)	(5,532		)
Effect of movements in foreign exchange rates	—		567			567
Balance at December 31, 2016	—		56,811			56,811
Acquisition of a business	28,609		—			28,609
Effect 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

Schedule of finite lived intangible assets

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



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



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



	2016
(in thousands)	Weighted average remaining life in years	Gross carrying amount		Accumulated amortization		Net book value
Indefinite-lived intangible assets:
Trade names		$	125,000	$	—	$	125,000
Total intangible assets other than goodwill		$	125,000	$	—	$	125,000

Schedule of intangible asset amortization

As of December 31, 2017, the expected future amortization expense for intangible assets is as follows:



(in thousands)	Amortization Expense
2018	$	778
2019	70
2020	70
2021	70
2022	70
Thereafter	201
Total	$	1,259

Deferred Revenue and Customer Deposits (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of deferred revenue and customer deposits

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



(in thousands)	2017		2016
Current:
Deferred revenue	$	37,041	$	28,699
Customer deposits	8,141		1,275
Total current deferred revenue and customer deposits	$	45,182	$	29,974

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

Debt (Tables)

12 Months Ended

Dec. 31, 2017

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	2017			2016
Senior secured notes	7.875%	2022	$	290,687		$	—
US ABL Facility	Varies	2022	297,323			—
Canadian ABL Facility (a)	Varies	2022	—			—
Algeco Group Revolver - USD	Varies	2018	—			585,978
Algeco Group Revolver - CAD	Varies	2018	—			37,737
Capital lease and other financing obligations			38,736			33,868
Total debt			626,746			657,583
Less: current portion of long-term debt			(1,881		)	(1,889		)
Total long-term debt			$	624,865		$	655,694


(a)	As there is no carrying value of debt outstanding on the Canadian ABL facility as of December 31, 2017, $1.8 million of debt issuance costs and debt discounts related to that facility are included in other non-current assets on the consolidated balance sheet.

Schedule of Maturities of Debt

As of December 31, 2017, 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
2018	$	—	$	1,881	$	1,881
2019	—		159		159
2020	—		220		220
2021	—		237		237
2022	610,000		5,055		615,055
Thereafter	—		32,986		32,986

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
2018	$	5,084
2019	5,225
2020	5,379
2021	5,535
2022	3,654
Thereafter	675

Debt Redemption



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

Schedule of Related Parties

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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+ Details

Notes Due to Affiliates (Tables)

12 Months Ended

Dec. 31, 2017

Notes due from affiliates at December 31 consisted of the following:



(in thousands)	Interest rate	Years of maturity	2017		2016
Notes due from affiliates	1.1 – 5.0%	2018 – 2021	$	—	$	256,625

The carrying value of the Company’s notes due to affiliates at December 31, 2017 and 2016, respectively, were as follows:



(in thousands)	Interest rate	2017		2016
Note due to affiliate	8.6%	$	—	$	565,501
Note due to affiliate	8.6%	—		121,782
Debt issuance costs		—		(10,043		)
Total notes due to affiliates		$	—	$	677,240

Related party transactions included in the Company’s consolidated statement of operations for the years ended December 31, 2017, 2016 and 2015, respectively, consisted of the following:



(in thousands)	Financial statement line item	2017			2016			2015
Management fees and recharge (income) expense on transactions with affiliates	Selling, general & administrative expenses	$	(1,309	)	$	3,894		$	(436	)
Interest income on notes due from affiliates	Interest income	(12,177		)	(10,228		)	(9,778		)
Interest expense on notes due to affiliates	Interest expense	58,448			58,756			58,148
	Total related party expenses, net	$	44,962		$	52,422		$	47,934

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



(in thousands)	Financial statement Line Item	2017			2016
Receivables due from affiliates	Prepaid Expenses and other current assets	$	2,863		$	19,950
Interest receivable on notes due from affiliates	Prepaid Expenses and other current assets	—			10,042
Notes due from affiliates	Notes due from affiliates	—			256,625
Amounts due to affiliates	Accrued liabilities	(1,235		)	(961		)
Accrued interest on notes due to affiliates	Accrued interest	—			(24,682		)
Long-term notes due to affiliates	Long-term notes due to affiliates	—			(677,240		)
	Total related party liabilities, net	$	1,628		$	(416,266	)

Other Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Other Non-Current Liabilities

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



(in thousands)	2017		2016
Reserve for uncertain tax positions - non-current	$	18,982	$	10,802
Other provisions - non-current	264		402
Restructuring severance	109		—
Total other non-current liabilities	$	19,355	$	11,204

Equity (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss at December 31 consisted of the following:



(in thousands)	2017			2016
Accumulated other comprehensive loss, net of tax:
Foreign currency translation adjustment	$	(49,497	)	$	(56,928	)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017, 2016 and 2015 are comprised of the following:



(in thousands)	2017			2016			2015
US Federal and State
Current	$	(1,817	)	$	623		$	1,220
Deferred	3,450			(23,272		)	(36,633		)
Outside of US
Current	(1,422		)	(1,794		)	313
Deferred	(1,147		)	(59		)	1,031
Total income tax expense (benefit)	$	(936	)	$	(24,502	)	$	(34,069	)

Schedule of Effective Income Tax Rate Reconciliation

Income tax results from continuing operations differed from the amount computed by applying the US statutory income tax rate of 35% to the loss from continuing operations before income taxes for the following reasons for the years ended December 31, 2017, 2016 and 2015:



(in thousands)	2017			2016			2015
Loss from continuing operations before income tax
US	$	(97,009	)	$	(78,358	)	$	(95,887	)
Non-US	(68,389		)	(9,275		)	(7,135		)
Total loss from continuing operations before income tax	$	(165,398	)	$	(87,633	)	$	(103,022	)

US Federal statutory income tax benefit	$	(57,889	)	$	(30,672	)	$	(36,058	)
Effect of tax rates in foreign jurisdictions	5,626			532			188
State income tax benefit (expense), net of federal benefit	(5,188		)	282			(6,155		)
Unremitted foreign earnings	(2,493		)	(1,585		)	291
Valuation allowances	59,679			1,719			1,463
Non-deductible goodwill impairment	15,849			1,920			—
Non-deductible deferred financing fees	2,715			1,465			1,541
Non-deductible stewardship (a)	1,658			1,855			2,256
Non-deductible monitoring fee (b)	422			1,938			906
Tax reform (excluding valuation allowance)	(23,115		)	—			—
Other	1,800			(1,956		)	1,499
Reported income expense (benefit)	$	(936	)	$	(24,502	)	$	(34,069	)
Effective income tax rate	0.56		%	27.96		%	33.07		%

(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)	2017			2016
Deferred tax assets
Loans and borrowings	$	114,071		$	138,451
Employee benefit plans	1,175			2,818
Other liabilities	4,834			3,781
Currency losses, net	95			12,936
Deferred revenue	11,679			9,819
Other – net	2,144			14,848
Tax loss carryforwards	69,391			6,883
Deferred tax assets, gross	203,389			189,536
Valuation allowance	(73,534		)	(13,354		)
Net deferred income tax asset	$	129,855		$	176,182

Deferred tax liabilities
Rental equipment and other property, plant and equipment	(214,052		)	(240,621		)
Intangible assets	(29,615		)	(36,790		)
Foreign earnings	(6,955		)	(16,943		)
Deferred tax liability	(250,622		)	(294,354		)
Net deferred income tax liability	$	(120,767	)	$	(118,172	)

Summary of Tax Loss Carryforwards

The Company’s tax loss carryforwards are as follows at December 31, 2017 (in millions):



Jurisdiction	Loss Carryforward		Expiration	Valuation Allowance
United States	$	269.9	2028 – 2037	None
Mexico	9.9		2020 – 2027	None
Total	$	279.8

Schedule of Unrecognized Tax Benefits

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



(in thousands)	2017			2016			2015
Unrecognized tax benefits – January 1,	$	64,974		$	68,601		$	65,851
Increases based on tax positions related to current period	7,895			831			1,211
Change to positions that only affect timing	(535		)	126			95
Increases based on tax positions related to prior period	355			32			1,655
Decreases based on tax positions related to prior period	(29		)	(4,616		)	(211		)
Unrecognized tax benefits – December 31,	$	72,660		$	64,974		$	68,601

Fair Value Measures (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017										December 31, 2016
				Fair Value										Fair Value
(in thousands)	Carrying Amount			Level 1		Level 2			Level 3		Carrying Amount			Level 1		Level 2			Level 3
Financial assets (liabilities) not measured at fair value
ABL Facility (see Note 11)	$	(297,323	)	$	—	$	(310,000	)	$	—	$	—		$	—	$	—		$	—
Notes (see Note 11)	(290,687		)	—		(310,410		)	—		—			—		—			—
Algeco Group Revolver (see Note 11)	—			—		—			—		(623,715		)	—		(628,074		)	—
Notes due from affiliates (see Note 8)	—			—		—			—		256,625			—		247,400			—
Notes due to affiliates (see Note 12)	—			—		—			—		(677,240		)	—		(581,800		)	—
Total	$	(588,010	)	$	—	$	(620,410	)	$	—	$	(1,044,330	)	$	—	$	(962,474	)	$	—

Restructuring (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017, 2016 and 2015:



(in thousands)	Employee Termination Costs
Balance at December 31, 2014	$	—
Charges during the period	9,185
Cash payments during the period	(5,204		)
Non-cash	(1,882		)
Currency	(44		)
Balance at December 31, 2015	2,055
Charges during the period	2,810
Cash payments during the period	(3,092		)
Currency	20
Balance at December 31, 2016	1,793
Charges during the period	2,196
Cash payments during the period	(1,806		)
Non-cash	(1,968		)
Currency	12
Balance at December 31, 2017	$	227

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments at December 31, 2017, by year and in the aggregate, under non-cancelable operating leases are as follows:



(in thousands)	Operating Leases
2018	$	19,849
2019	16,122
2020	13,034
2021	10,766
2022	7,908
Thereafter	38,686
Total	$	106,365

Segment Reporting and Geographic Areas (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017, 2016 and 2015, respectively:



	Year Ended December 31, 2017
(in thousands)	Modular - US		Modular - Other North America		Corporate & 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 & 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



	Year Ended December 31, 2015
(in thousands)	Modular - US		Modular - Other North America		Corporate & Other			Total
Revenues
Leasing and services revenue:
Modular space leasing	$	225,301	$	75,612	$	(701	)	$	300,212
Modular space delivery and installation	71,986		11,117		—			83,103
Sales:
New units	43,193		11,166		—			54,359
Rental units	12,168		3,493		—			15,661
Total Revenues	$	352,648	$	101,388	$	(701	)	$	453,335

Costs
Cost of leasing and services:
Modular space leasing	69,226		10,855		—			80,081
Modular space delivery and installation	67,836		10,124		—			77,960
Cost of sales:
New units	34,733		8,952		(59		)	43,626
Rental units	7,716		2,539		—			10,255
Depreciation of rental equipment	64,894		13,199		380			78,473
Gross profit (loss)	$	108,243	$	55,719	$	(1,022	)	$	162,940
Adjusted EBITDA	$	85,448	$	45,495	$	(22,419	)	$	108,524
Other selected data
Selling, general and administrative expense	$	88,088	$	23,561	$	27,706		$	139,355
Other depreciation and amortization	$	6,457	$	1,248	$	14,970		$	22,675
Capital expenditures for rental fleet	$	98,135	$	16,285	$	—		$	114,420

Reconciliation of Assets from Segment to Consolidated

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 & Other			Total
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 Fees	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 Fees	—			—			8,419			8,419
Other expense	906			23			916			1,845
Adjusted EBITDA	$	103,798		$	24,360		$	(21,644	)	$	106,514

2015
Loss from continuing operations before income taxes	$	(76,041	)	$	23,276		$	(50,257	)	$	(103,022	)
Interest expense, net	74,414			5,106			2,730			82,250
Depreciation and amortization	71,351			14,447			15,350			101,148
Currency losses, net	9,816			593			899			11,308
Restructuring costs	5,532			1,816			1,837			9,185
Other expense	376			257			7,022			7,655
Adjusted EBITDA	$	85,448		$	45,495		$	(22,419	)	$	108,524

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



(in thousands)	Modular - US		Modular - Other North America		Corporate & Other		Total
As of December, 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
As of December 31, 2016:
Goodwill	$	—	$	56,811	$	—	$	56,811
Intangible assets, net	$	—	$	—	$	125,000	$	125,000
Rental equipment, net	$	631,643	$	183,255	$	—	$	814,898

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)	United States		Canada		Mexico		Total
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
2015
Total Revenue	$	373,845	$	61,953	$	17,537	$	453,335
Long-lived assets (a)	$	770,312	$	132,434	$	22,970	$	925,716

(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)	2017		2016		2015
Modular space leasing revenue (a)	$	265,644	$	256,123	$	273,763
Portable storage leasing revenue	17,480		18,439		19,224
Other leasing-related revenue	14,697		8,988		7,225
Modular leasing revenue	297,821		283,550		300,212
Modular delivery and installation revenue	89,850		81,892		83,103
Total leasing and services revenue	387,671		365,442		383,315
New units	36,371		39,228		54,359
Rental units	21,900		21,942		15,661
Total revenues	$	445,942	$	426,612	$	453,335

(a) Includes leasing revenue for VAPS

Related Parties (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Related Parties

Notes due from affiliates at December 31 consisted of the following:



(in thousands)	Interest rate	Years of maturity	2017		2016
Notes due from affiliates	1.1 – 5.0%	2018 – 2021	$	—	$	256,625

The carrying value of the Company’s notes due to affiliates at December 31, 2017 and 2016, respectively, were as follows:



(in thousands)	Interest rate	2017		2016
Note due to affiliate	8.6%	$	—	$	565,501
Note due to affiliate	8.6%	—		121,782
Debt issuance costs		—		(10,043		)
Total notes due to affiliates		$	—	$	677,240

Related party transactions included in the Company’s consolidated statement of operations for the years ended December 31, 2017, 2016 and 2015, respectively, consisted of the following:



(in thousands)	Financial statement line item	2017			2016			2015
Management fees and recharge (income) expense on transactions with affiliates	Selling, general & administrative expenses	$	(1,309	)	$	3,894		$	(436	)
Interest income on notes due from affiliates	Interest income	(12,177		)	(10,228		)	(9,778		)
Interest expense on notes due to affiliates	Interest expense	58,448			58,756			58,148
	Total related party expenses, net	$	44,962		$	52,422		$	47,934

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



(in thousands)	Financial statement Line Item	2017			2016
Receivables due from affiliates	Prepaid Expenses and other current assets	$	2,863		$	19,950
Interest receivable on notes due from affiliates	Prepaid Expenses and other current assets	—			10,042
Notes due from affiliates	Notes due from affiliates	—			256,625
Amounts due to affiliates	Accrued liabilities	(1,235		)	(961		)
Accrued interest on notes due to affiliates	Accrued interest	—			(24,682		)
Long-term notes due to affiliates	Long-term notes due to affiliates	—			(677,240		)
	Total related party liabilities, net	$	1,628		$	(416,266	)

Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data



	Quarter Ended (unaudited, except per share amounts)
(in thousands)	March 31,			June 30,			September 30,			December 31,
2017
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)	$	4,824		$	11,393		$	5,380		$	(79,919	)
Income from discontinued operations	$	2,205		$	3,840		$	5,078		$	3,527
Net loss	$	(10,179	)	$	(5,896	)	$	(8,357	)	$	(125,380	)
Net loss attributable to WSC	$	(10,179	)	$	(5,896	)	$	(8,357	)	$	(123,270	)

Net income (loss) per share attributable to WSC – 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	$	(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



	Quarter Ended (unaudited, except per share amounts)
(in thousands)	March 31,			June 30,			September 30,			December 31,
2016
Leasing and services revenue	$	90,084		$	92,645		$	95,334		$	87,379
Total revenue	$	102,668		$	110,278		$	110,611		$	103,055
Gross profit	$	40,380		$	46,959		$	42,547		$	38,307
Operating (loss) income	$	(193	)	$	6,024		$	7,025		$	(16,046	)
Income from discontinued operations	$	8,692		$	7,912		$	10,726		$	4,865
Net (loss) income	$	(7,045	)	$	(933	)	$	2,325		$	(25,283	)
Net (loss) income attributable to WSC	$	(7,045	)	$	(933	)	$	2,325		$	(25,283	)

Net income (loss) per share attributable to WSC – basic and diluted
Continuing operations	$	(1.08	)	$	(0.60	)	$	(0.58	)	$	(2.07	)
Discontinued operations	$	0.60		$	0.54		$	0.74		$	0.33
Net (loss) income	$	(0.48	)	$	(0.06	)	$	0.16		$	(1.74	)

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

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2017

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)	2017			2016			2015
Numerator
Loss from continuing operations	$	(164,462	)	$	(63,131	)	$	(68,953	)
Less net loss attributable to non-controlling interest, net of tax	(2,110		)	—			—
Loss attributable to WSC from continuing operations	(162,352		)	(63,131		)	(68,953		)
Income (loss) attributable to WSC from discontinued operations	14,650			32,195			(2,634		)
Net loss attributable to WSC	$	(147,702	)	$	(30,936	)	$	(71,587	)

Denominator
Average shares outstanding - basic & diluted	19,760,189			14,545,833			14,545,833

Loss per share
Continuing operations	$	(8.21	)	$	(4.34	)	$	(4.74	)
Discontinued operations	$	0.74		$	2.21		$	(0.18	)
Net loss	$	(7.47	)	$	(2.13	)	$	(4.92	)

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)		12 Months Ended
	Dec. 20, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 29, 2017	Nov. 16, 2017
Business Acquisition [Line Items]
Insurance proceeds receivable		$ 5,900,000	$ 0
Matching contributions to defined contribution plans		2,700,000	2,400,000	$ 2,500,000
Advertising and promotion expense		$ 3,300,000	$ 2,900,000	$ 3,800,000
U.S. Plan
Business Acquisition [Line Items]
Employer contribution match to US plan				4.50%	2.50%
Maximum
Business Acquisition [Line Items]
Operating lease term		60 months
Minimum
Business Acquisition [Line Items]
Operating lease term		1 month
Average
Business Acquisition [Line Items]
Operating lease term		10 months
Top Five Customers \| Receivables \| Credit Concentration Risk
Business Acquisition [Line Items]
Concentration risk, percentage		10.50%
WSII
Business Acquisition [Line Items]
Percentage ownership						90.00%
Acton trade name \| Acton Mobile Holdings LLC
Business Acquisition [Line Items]
Estimated useful lives	1 year
The Plan
Business Acquisition [Line Items]
Shares authorized under plan (in shares)							4,000,000

Summary of Significant Accounting Policies - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at beginning of year	$ 4,167	$ 2,036	$ 2,324
Net charges to bad debt expense	4,715	4,929	2,521
Write-offs	(3,984)	(2,760)	(2,669)
Foreign currency translation and other	(53)	(38)	(140)
Balance at end of year	$ 4,845	$ 4,167	$ 2,036

Summary of Significant Accounting Policies - Rental Equipment (Details)	12 Months Ended
	Dec. 31, 2017
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	7 years

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2017
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, 2017 USD ($)
Accounting Policies [Abstract]
2018	$ 104,657
2019	32,334
2020	11,680
2021	5,086
2022	2,091
Thereafter	$ 2,250

Business Combinations and Acquisitions - Background and Summary, Additional Information (Details) - USD ($)	Nov. 29, 2017	Dec. 31, 2017	Nov. 28, 2017	Dec. 31, 2016	Oct. 31, 2012
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	84,644,774		14,545,833
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		0
Private Placement
Business Acquisition [Line Items]
Par value (in USD per share)	$ 0.0001
Senior secured notes \| Senior Notes
Business Acquisition [Line Items]
Debt, face amount	$ 300,000,000
ABL Facility \| Revolving Credit Facility \| Line of Credit
Business Acquisition [Line Items]
Amounts drawn on debt	190,000,000
Line of credit facility	$ 600,000,000.0	$ 600,000,000.0
Algeco Group Revolver \| Revolving Credit Facility \| Line of Credit
Business Acquisition [Line Items]
Line of credit facility					$ 1,355,000,000.000
WSII
Business Acquisition [Line Items]
Percentage ownership	90.00%
WS Holdings \| WSII
Business Acquisition [Line Items]
Purchase price	$ 1,100,000,000
Purchase price paid in cash	1,021,500,000
Purchase price paid in stock	$ 78,500,000
Purchase price paid in stock, percentage of issued and outstanding shares	10.00%
Percentage ownership	100.00%
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
WS Holdings \| WSII \| Notes Payable, Affiliates
Business Acquisition [Line Items]
Repayments of debt	$ 226,300,000
WS Holdings \| WSII \| WSII Sellers
Business Acquisition [Line Items]
Purchase price paid in cash	125,700,000
WS Holdings \| WSII \| Redemption of Shares
Business Acquisition [Line Items]
Purchase price paid in cash	288,400,000
WS Holdings \| WSII \| Private Placement
Business Acquisition [Line Items]
Purchase price paid in cash	$ 418,300,000
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		12 Months Ended
	Nov. 29, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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	(9,188)
Net cash received by WSC in Recapitalization Transaction	$ 571,778	$ 571,778	$ 0	$ 0

Business Combinations and Acquisitions - Shares Outstanding (Details) - shares		12 Months Ended
	Nov. 29, 2017	Dec. 31, 2017
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		14,545,833
Shares issued as part of consideration for WSII purchase (in shares)	0
Common shares issued through private placement to TDR affiliate (in shares)	43,568,901
Ending balance (in shares)	84,644,774	84,644,774
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		0
Shares issued as part of consideration for WSII purchase (in shares)	8,024,419
Common shares issued through private placement to TDR affiliate (in shares)	0
Ending balance (in shares)	8,024,419	8,024,419
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
Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discount rate	16.00%
Terminal growth rate	3.00%
Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discount rate	14.50%
Terminal growth rate	3.00%

Business Combinations and Acquisitions - Subscription Agreement, Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 29, 2017	Dec. 31, 2017	Dec. 31, 2016
Private Placement
Subsidiary, Sale of Stock [Line Items]
Par value (in USD per share)	$ 0.0001
Purchase price of shares sold	$ 418.3
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Par value (in USD per share)		$ 0.0001	$ 0.0001
Class A Common Stock \| Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)	43,568,901
Share price (in USD per share)	$ 9.6

Business Combinations and Acquisitions - Earnout Agreement, Additional Information (Details) - USD ($)	Jan. 19, 2018	Nov. 29, 2017	Dec. 31, 2017
Founders \| Class A Common Stock
Business Acquisition [Line Items]
Converted shares held in escrow (in shares)		12,425,000
Earnout Agreement
Business Acquisition [Line Items]
Earnout agreement term		3 years
Earnout Agreement, Share Price Exceeding $12.50
Business Acquisition [Line Items]
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
Shares potentially released under earnout agreement (in shares)		6,212,500
Earnout Agreement, Share Price Exceeding $12.50 \| Founders
Business Acquisition [Line Items]
Shares potentially released under earnout agreement (in shares)		3,106,250
Earnout Agreement, Share Price Exceeding $12.50 \| Sapphire
Business Acquisition [Line Items]
Shares released from escrow (in shares)		3,106,250
Earnout Agreement, Share Price Exceeding $15.00
Business Acquisition [Line Items]
Share price for earnout agreement (in USD per share)		$ 15.00
Trading days for earnout period		20 days
Consecutive trading days for earnout period		30 days
Shares potentially released under earnout agreement (in shares)		6,212,500
Earnout Agreement, Share Price Exceeding $15.00 \| Founders
Business Acquisition [Line Items]
Shares potentially released under earnout agreement (in shares)		3,106,250
Earnout Agreement, Share Price Exceeding $15.00 \| Sapphire
Business Acquisition [Line Items]
Shares potentially released under earnout agreement (in shares)		3,106,250
Earnout Agreement, Business Combination Within 12 Months
Business Acquisition [Line Items]
Business combination enterprise value for earnout provision		$ 750,000,000
Earnout Agreement, Business Combination Within 12 Months \| Founders
Business Acquisition [Line Items]
Shares potentially released under earnout agreement (in shares)		4,000,000
Earnout Agreement, Business Combination Within 12 Months, Share Price Exceeding $12.50
Business Acquisition [Line Items]
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
Shares potentially released under earnout agreement (in shares)		5,616,667
Earnout Agreement, Business Combination Within 12 Months, Share Price Exceeding $12.50 \| Founders
Business Acquisition [Line Items]
Shares potentially released under earnout agreement (in shares)		1,872,223
Earnout Agreement, Business Combination Within 12 Months, Share Price Exceeding $12.50 \| Sapphire
Business Acquisition [Line Items]
Shares potentially released under earnout agreement (in shares)		3,744,444
Earnout Agreement, Business Combination Within 12 Months, Share Price Exceeding $15.00
Business Acquisition [Line Items]
Share price for earnout agreement (in USD per share)		$ 15.00
Trading days for earnout period		20 days
Consecutive trading days for earnout period		30 days
Shares potentially released under earnout agreement (in shares)		2,808,333
Earnout Agreement, Business Combination Within 12 Months, Share Price Exceeding $15.00 \| Founders
Business Acquisition [Line Items]
Shares potentially released under earnout agreement (in shares)		936,111
Earnout Agreement, Business Combination Within 12 Months, Share Price Exceeding $15.00 \| Sapphire
Business Acquisition [Line Items]
Shares potentially released under earnout agreement (in shares)		1,872,222
Private Placement Warrants
Business Acquisition [Line Items]
Warrants outstanding (in shares)			4,950,000
Warrants restricted (in shares)		14,550,000	14,550,000
Restricted warrant period		1 year
Subsequent Event \| Earnout Agreement, Share Price Exceeding $12.50
Business Acquisition [Line Items]
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
Shares released from escrow (in shares)	6,212,500
Subsequent Event \| Earnout Agreement, Share Price Exceeding $12.50 \| Founders
Business Acquisition [Line Items]
Shares released from escrow (in shares)	3,106,250
Subsequent Event \| Earnout Agreement, Share Price Exceeding $12.50 \| Sapphire
Business Acquisition [Line Items]
Shares released from escrow (in shares)	3,106,250

Business Combinations and Acquisitions - WS Holding Exchange Agreement (Details)	Nov. 29, 2017
WS Holdings \| WSII
Business Acquisition [Line Items]
Trading period	20 days

Business Combinations and Acquisitions - Acton Resources Holding Acquisition, Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Cash consideration	$ 237,148	$ 0	$ 0
Acton Mobile Holdings LLC
Business Acquisition [Line Items]
Revenue included in company's consolidated statements of operations	2,600
Loss included in company's consolidated statements of operations	1,200
Transaction costs	$ 1,800

Business Combinations and Acquisitions - Acton Resources Holding Acquisition, Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 20, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Goodwill		$ 28,609	$ 56,811	$ 61,776
Acton Mobile Holdings LLC
Business Acquisition [Line Items]
Accounts receivable, net of allowance for doubtful accounts	$ 13,249
Rental equipment	203,103
Property and equipment	2,838
Deferred taxes	4,214
Other assets	3,297
Total identifiable assets acquired	227,962
Current liabilities	(18,893)
Non-current liabilities	(530)
Net identifiable assets acquired	208,539
Goodwill	28,609
Net assets acquired	237,148
Accounts receivable, gross of allowance for doubtful accounts	13,800
Allowance for doubtful accounts	600
Trade names \| Acton Mobile Holdings LLC
Business Acquisition [Line Items]
Intangible assets	$ 708
Estimated useful lives	1 year
Favorable lease rights \| Acton Mobile Holdings LLC
Business Acquisition [Line Items]
Intangible assets	$ 553
Estimated useful lives	8 years

Business Combinations and Acquisitions - Acton Resources Holding Acquisition, Pro Forma Information (Details) - USD ($) $ in Thousands			3 Months Ended								12 Months Ended
	Dec. 20, 2017	Nov. 29, 2017	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Revenues			$ 120,382	$ 116,162	$ 110,077	$ 99,321	$ 103,055	$ 110,611	$ 110,278	$ 102,668	$ 445,942	$ 426,612	$ 453,335
Pretax loss											$ (165,398)	(87,633)	$ (103,022)
ABL Facility \| Revolving Credit Facility \| Line of Credit
Business Acquisition [Line Items]
Amounts drawn on debt		$ 190,000
Weighted average interest rate for borrowings		4.02%	4.02%								4.02%
Acton Mobile Holdings LLC
Business Acquisition [Line Items]
Pro-forma revenues											$ 539,856	515,712
Pretax loss											(178,426)	(99,189)
Pro-forma pretax loss, before adjustments											(168,649)	(87,832)
Income tax benefit											(4,353)	(27,733)
Proforma loss from continuing operations											(174,073)	(71,456)
Income from discontinued operations											14,650	32,195
Net loss											(159,423)	(39,261)
Amounts drawn on debt	$ 237,100
Acton Mobile Holdings LLC \| Impact of fair value mark-ups/useful life changes on depreciation
Business Acquisition [Line Items]
Pretax loss											(5,255)	(5,330)
Acton Mobile Holdings LLC \| Intangible asset amortization
Business Acquisition [Line Items]
Pretax loss											(63)	(779)
Acton Mobile Holdings LLC \| Interest expense
Business Acquisition [Line Items]
Pretax loss											(9,248)	(9,536)
Acton Mobile Holdings LLC \| Elimination of historic Acton interest
Business Acquisition [Line Items]
Pretax loss											4,789	4,288
Acton Mobile Holdings LLC \| Merger related costs
Business Acquisition [Line Items]
Pretax loss											7,000
Acton Mobile Holdings LLC
Business Acquisition [Line Items]
Revenues											93,914	89,100
Pretax loss											$ (3,251)	$ (199)

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. 30, 2017	Dec. 31, 2016	Dec. 31, 2015
Remote accommodations revenue:
Lease revenue	$ 53,571	$ 79,957	$ 97,533
Service revenue	67,282	69,510	84,159
Total remote accommodations revenue	120,853	149,467	181,692
Remote accommodation costs:
Cost of leases	7,837	9,562	13,059
Cost of services	46,134	41,583	60,047
Total remote accommodations costs	$ 53,971	$ 51,145	$ 73,106

Discontinued Operations - Rental Equipment (Details) - Remote accommodations - Discontinued Operations	11 Months Ended
	Nov. 30, 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. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax		$ 14,650	$ 32,195	$ (2,634)
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	181,692
Rental unit sales	1,522		0	0
Remote accommodations costs of leasing and services	53,971		51,145	73,106
Used unit cost of sales	901		0	0
Depreciation of rental equipment	21,995		36,300	29,551
Gross profit	45,508		62,022	79,035
Selling, general and administrative expenses	11,513		13,883	13,097
Other depreciation and amortization	4,589		5,029	6,193
Impairment losses on goodwill and intangibles	0		0	118,840
Restructuring costs	1,714		0	0
Change in fair value of contingent considerations	0		(4,581)	(50,500)
Other expense items				785
Other (income) items	(52)		(394)
Operating profit (loss)	27,744		48,085	(9,380)
Interest expense	2,444		2,346	789
Income (loss) from discontinued operations, before income tax	25,300		45,739	(10,169)
Income tax expense (benefit)	10,650		13,544	(7,535)
Income (loss) from discontinued operations, net of tax	$ 14,650		$ 32,195	(2,634)
Goodwill impairment				115,900
Intangible asset impairment				$ 2,900

Discontinued Operations - Assets and Liabilities Related to Discontinued Operations (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets of discontinued operations
Current assets - discontinued operations	$ 0	$ 14,881
Non-current assets - Discontinued Operations	0	222,430
Liabilities of discontinued operations
Current liabilities - discontinued operations	0	35,894
Non-current liabilities - discontinued operations	$ 0	41,353
Remote accommodations \| Discontinued Operations
Assets of discontinued operations
Cash and cash equivalents		3,810
Trade receivables, net of allowances for doubtful accounts at December 31, 2016 of $781		9,839
Allowance for doubtful accounts		781
Inventories		357
Prepaid expenses and other current assets		875
Current assets - discontinued operations		14,881
Rental equipment, net		189,619
Property, plant and equipment, net		4,288
Intangible assets, net		28,523
Non-current assets - Discontinued Operations		222,430
Total assets - discontinued operations		237,311
Liabilities of discontinued operations
Accounts payable		2,641
Accrued liabilities		3,708
Accrued interest		2
Deferred revenue and customer deposits		19,281
Current portion of long-term debt		10,262
Current liabilities - discontinued operations		35,894
Long-term debt		17,591
Deferred tax liabilities		(31,904)
Deferred revenue and customer deposits		53,753
Other non-current liabilities		1,913
Non-current liabilities - discontinued operations		41,353
Total liabilities - discontinued operations		$ 77,247

Discontinued Operations - Cash Flows from Discontinued Operations (Details) - Remote accommodations - Discontinued Operations - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ 26,584	$ 41,329	$ 35,744
Capital expenditures	9,890	5,125	62,761
Change in fair value of contingent considerations	0	(4,581)	(50,500)
Impairment losses on goodwill and intangibles	$ 0	$ 0	$ 118,840

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Raw materials and consumables	$ 10,082	$ 8,938
Total Inventories	$ 10,082	$ 8,938

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other current assets	$ 6,004	$ 5,049
Prepaid expenses	4,829	4,862
Interest receivable on notes due from affiliates	0	10,042
Receivables due from affiliates	2,863	19,950
Total prepaid expenses and other current assets	$ 13,696	$ 39,903

Rental Equipment, Net - Rental Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 1,445,467	$ 1,171,796
Less: accumulated depreciation	(405,321)	(356,898)
Rental equipment, net	1,040,146	814,898
Modular units and portable storage
Property, Plant and Equipment [Line Items]
Total rental equipment	1,385,901	1,124,050
Value added products and services
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 59,566	$ 47,746

Property, Plant and Equipment, net - Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Total other property, plant and equipment	$ 164,421	$ 167,276
Less: accumulated depreciation	(80,755)	(83,050)
Property, plant and equipment, net	83,666	84,226
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total other property, plant and equipment	89,941	87,084
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total other property, plant and equipment	47,882	47,233
Software
Property, Plant and Equipment [Line Items]
Total other property, plant and equipment	$ 26,598	$ 32,959

Property, Plant and Equipment, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 8.7	$ 9.0	$ 9.2
Gross cost of property, plant and equipment under capital leases	3.4	4.8
Accumulated deprecation of property, plant and equipment under capital lease	3.2	4.6
Net book value of assets under sale leaseback transactions	$ 33.1	$ 29.7

Notes Due From Affiliates - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Nov. 28, 2017
Related Party Transaction [Line Items]
Interest income on notes due from affiliates	$ 12,177,000	$ 10,228,000	$ 9,778,000
Interest receivable on notes due from affiliates	0	10,042,000
Notes due from affiliates	0	256,625,000
Affiliates
Related Party Transaction [Line Items]
Interest income on notes due from affiliates	12,200,000	10,200,000	$ 9,800,000
Interest receivable on notes due from affiliates	0	10,000,000		$ 18,600,000
Notes due from affiliates	$ 0	$ 256,625,000		$ 337,800,000

Notes Due From Affiliates - Schedule of Notes Due From Affiliates (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Nov. 28, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Notes due from affiliates	$ 0		$ 256,625,000
Affiliates
Related Party Transaction [Line Items]
Notes due from affiliates	$ 0	$ 337,800,000	$ 256,625,000
Minimum \| Affiliates
Related Party Transaction [Line Items]
Interest rate	1.10%
Maximum \| Affiliates
Related Party Transaction [Line Items]
Interest rate	5.00%

Goodwill and Intangible Assets - Goodwill Activity (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Goodwill, beginning of period				$ 56,811	$ 61,776
Acquisition of a business				28,609
Effect of movements in foreign exchange rates				3,932	567
Impairment losses		$ (60,700)	$ (5,500)	(60,743)	(5,532)	$ 0
Goodwill, end of period	$ 28,609	28,609	56,811	28,609	56,811	61,776
Modular – US
Goodwill [Roll Forward]
Goodwill, beginning of period				0	0
Acquisition of a business	28,600			28,609
Effect of movements in foreign exchange rates				0	0
Impairment losses				0	0
Goodwill, end of period	28,609	28,609	0	28,609	0	0
Modular – Other North America
Goodwill [Roll Forward]
Goodwill, beginning of period				56,811	61,776
Acquisition of a business				0
Effect of movements in foreign exchange rates				3,932	567
Impairment losses		(60,700)	(5,500)	(60,743)	(5,532)
Goodwill, end of period	$ 0	$ 0	$ 56,811	$ 0	$ 56,811	$ 61,776

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 20, 2017
intangible Assets And Goodwill [Line Items]
Acquisition of a business				$ 28,609
Impairment losses on goodwill		$ 60,700	$ 5,500	60,743	$ 5,532	$ 0
Goodwill	$ 28,609	28,609	56,811	28,609	56,811	61,776
Accumulated impairment loss	792,800	792,800	732,000	792,800	732,000	726,500
Amortization expense				0	0	13,500
Modular – US
intangible Assets And Goodwill [Line Items]
Acquisition of a business	28,600			28,609
Impairment losses on goodwill				0	0
Goodwill	28,609	28,609	0	28,609	0	0
Accumulated impairment loss	726,500	$ 726,500		726,500
Modular – Other North America
intangible Assets And Goodwill [Line Items]
Acquisition of a business				0
Discount rate		10.00%
Terminal growth rate		3.00%
Impairment losses on goodwill		$ 60,700	5,500	60,743	5,532
Goodwill	0	0	$ 56,811	0	$ 56,811	$ 61,776
Accumulated impairment loss	$ 66,300	$ 66,300		66,300
Acton
intangible Assets And Goodwill [Line Items]
Goodwill							$ 28,609
Acton \| Modular – US
intangible Assets And Goodwill [Line Items]
Acquired definite-lived intangible assets				$ 1,300

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,259
Accumulated amortization	0
Net book value	1,259
Indefinite-lived Intangible Assets [Line Items]
Total intangible assets other than goodwill, gross	126,259	$ 125,000
Total intangible assets other than goodwill, net	126,259	125,000
Trade names
Indefinite-lived Intangible Assets [Line Items]
Net book value	125,000	$ 125,000
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	708
Accumulated amortization	0
Net book value	$ 708
Weighted average remaining life in years	1 year
Favorable lease rights
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 551
Accumulated amortization	0
Net book value	$ 551
Weighted average remaining life in years	7 years 9 months 18 days

Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2018	$ 778
2019	70
2020	70
2021	70
2022	70
Thereafter	201
Net book value	$ 1,259

Deferred Revenue and Customer Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current:
Deferred revenue	$ 37,041	$ 28,699
Customer deposits	8,141	1,275
Total current deferred revenue and customer deposits	45,182	29,974
Long-term:
Deferred revenue	4,847	0
Customer deposits	530	0
Total long-term deferred revenue and customer deposits	$ 5,377	$ 0

The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.

The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.