Company: MGRC
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023116
Chunk: 21

Company: MCGRATH RENTCORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 21
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 recognized upon delivery and installation of the equipment and the unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment.  Other revenues include interest income on sales-type leases and rental income on facility leases.Non-Lease RevenuesNon-lease revenues are recognized in the period when control of the performance obligation is transferred, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services.  For portable storage container and electronic test equipment leases, rental related services revenues for delivery and return delivery are considered non-lease revenues.    Sales revenues are typically recognized at a point in time, which occurs upon the completion of delivery, installation and acceptance of the equipment by the customer.  Sales contracts that satisfy the criteria for over-time recognition are recognized as work is performed by using the ratio of costs incurred to estimated total contracts costs for each contract.  Accounting for non-lease revenues requires judgment in determining the point in time the customer gains control of the equipment and the appropriate accounting period to recognize revenue.Sales taxes charged to customers are reported on a net basis and are excluded from revenues and expenses.The following table disaggregates the Company’s revenues from continuing operations by lease (within the scope of Topic 842) and non-lease revenues (within the scope of Topic 606) and the underlying service provided for the three years ended December 31, 2024, 2023 and 2022:   

        (in thousands)
         
        MobileModular

        Portable Storage

        TRS-RenTelco

        Enviroplex

        Consolidated

        Year Ended December 31,

        2024

        Leasing
         
        $
        414,195

        $
        71,999

        $
        105,662

        $
        —

        $
        591,856

        Non-lease:

        Rental related services

        34,778

        16,565

        2,777

        —

        54,120

        Sales

        183,234

        5,695

        25,499

        45,830

        260,258

        Other

        3,159

        238

        1,311

        —

        4,708

        Total non-lease

        221,171

        22,498

        29,587