v3.25.0.1
Discontinued Operations
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Discontinued Operations Discontinued Operations
Tank and Pump Divestiture
On September 30, 2022, the Company sold its former Tank and Pump segment for $321.9 million. Exiting the former Tank and Pump segment represented the Company’s strategic shift to concentrate its operations on its core modular and storage businesses. Results for the former Tank and Pump segment are reported in income from discontinued operations within the consolidated statements of operations for the year ended December 31, 2022.
UK Storage Solutions Divestiture
On January 31, 2023, the Company sold its former UK Storage Solutions segment for $418.1 million. Exiting the UK Storage Solutions segment represented the Company’s strategic shift to concentrate its operations on its core modular and storage businesses in North America. Results for the former UK Storage Solutions segment are reported in income from discontinued operations within the consolidated statements of operations for the years ended December 31, 2023 and 2022.
The following tables present the results of the former Tank and Pump segment and the former UK Storage Solutions segment as reported in income from discontinued operations within the consolidated statements of operations. The 2022 results for the former Tank and Pump segment represent results for the nine months ended September 30, 2022 as the Company sold the former Tank and Pump segment on September 30, 2022. The 2023 results for the former UK Storage Solutions segment represent results for one month as the Company sold the former UK Storage Solutions segment on January 31, 2023.
Year Ended December 31, 2023
(in thousands)UK Storage Solutions
Revenues:
Leasing and services revenue:
Leasing$6,389 
Delivery and installation1,802 
Sales revenue:
New units54 
Rental units449 
Total revenues8,694 
Costs:
Costs of leasing and services:
Leasing1,407 
Delivery and installation1,213 
Costs of sales:
New units38 
Rental units492 
Gross profit5,544 
Expenses:
Selling, general and administrative1,486 
Other income, net(1)
Operating income4,059 
Interest expense56 
Income from discontinued operations before income tax4,003 
Gain on sale of discontinued operations 175,708 
Income tax expense from discontinued operations45,468 
Income from discontinued operations$134,243 
In January 2023, a $0.4 million adjustment was made to the gain on sale of the former Tank and Pump segment due to the final contractual working capital adjustment. Including this adjustment, the total gain on sale of discontinued operations was $176.1 million for the year ended December 31, 2023.
Year Ended December 31, 2022
(in thousands)Tank and PumpUK Storage SolutionsTotal
Revenues:
Leasing and services revenue:
Leasing$65,572 $79,772 $145,344 
Delivery and installation27,665 22,876 50,541 
Sales revenue:
New units2,202 1,106 3,308 
Rental units917 1,455 2,372 
Total revenues96,356 105,209 201,565 
Costs:
Costs of leasing and services:
Leasing13,828 16,737 30,565 
Delivery and installation23,285 14,867 38,152 
Costs of sales:
New units1,636 738 2,374 
Rental units310 1,012 1,322 
Depreciation of rental equipment8,145 4,254 12,399 
Gross profit49,152 67,601 116,753 
Expenses:
Selling, general and administrative18,045 21,795 39,840 
Other depreciation and amortization6,103 5,906 12,009 
Currency losses, net— 138 138 
Other expense (income), net4 (7)(3)
Operating income25,000 39,769 64,769 
Interest expense512 789 1,301 
Income from discontinued operations before income tax24,488 38,980 63,468 
Income tax expense from discontinued operations843 34,882 35,725 
Gain on sale of discontinued operations35,456 — 35,456 
Income from discontinued operations$59,101 $4,098 $63,199 
For the year ended December 31, 2022, significant operating and investing items related to the former Tank and Pump segment were as follows:
Years Ended December 31,
(in thousands)
2022
Operating activities of discontinued operations:
Depreciation and amortization$14,248 
Investing activities of discontinued operations:
Proceeds from sale of rental equipment$918 
Purchases of rental equipment and refurbishments$(21,831)
Purchases of property, plant and equipment$(525)
For the years ended December 31, 2023 and 2022, significant operating and investing items related to the UK Storage Solutions segment were as follows:
Years Ended December 31,
(in thousands)
20232022
Operating activities of discontinued operations:
Depreciation and amortization$— $10,160 
Investing activities of discontinued operations:
Proceeds from sale of rental equipment$514 $1,455 
Purchases of rental equipment and refurbishments$(371)$(23,931)
Proceeds from sale of property, plant and equipment$8 $504 
Purchases of property, plant and equipment$(64)$(3,752)