You can rename feature classes after they've been imported into a geodatabase. In the ArcCatalog tree, navigate to and click the laterals_arc feature class. Press the F2 key, and type “Laterals” to rename the feature class.

The names of feature classes and tables in a geodatabase are the same as the names of the physical tables in the relational database management system (RDBMS) in which they are stored. When you store data in an RDBMS, the names for tables and fields are often unclear, and you need a detailed data dictionary to keep track of what data each table stores and what each field in those tables represents.

The geodatabase lets you create aliases for fields, tables, and feature classes. An alias is an alternative name to refer to those items. Unlike true names, aliases can contain special characters, such as spaces, because they don’t have to adhere to the database’s limitations. When you use data with aliases in ArcMap, the alias name is automatically used for feature classes, tables, and fields. However, in ArcCatalog these items are always represented by their true names.