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Revenue
 6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue Disaggregation
Geographic Areas
The Company had total revenue in the following geographic areas for the three and six months ended June 30, 2020 as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2021202020212020
US$399,280 $237,613 $770,549 $472,941 
Canada29,543 16,279 53,127 32,985 
Mexico3,848 2,970 7,311 6,757 
UK28,431 — 55,438 — 
Total revenues$461,102 $256,862 $886,425 $512,683 
Major Product and Service Lines
Equipment leasing is the Company's core business. This includes rental modular space, portable space and tank and pump units along with value added products and services ("VAPS"), which include furniture, steps, ramps, basic appliances, internet connectivity devices, and other items used by customers in connection with the Company's products. Leasing is complemented by new unit sales and sales of rental units. In connection with its leasing and sales activities, the Company provides services including delivery and installation, maintenance and ad hoc services and removal services at the end of lease transactions.
The Company’s revenue by major product and service line for the three and six months ended June 30, 2021 was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2021202020212020
Modular space leasing revenue$181,376 $132,377 $351,328 $263,775 
Portable storage leasing revenue58,848 5,716 113,461 11,565 
Tank and pump leasing revenue17,109 — 32,869 — 
VAPS and third party leasing revenues(a)
70,880 42,421 133,306 83,423 
Other leasing-related revenue(b)
14,966 9,629 27,877 19,732 
Leasing revenue343,179 190,143 658,841 378,495 
Delivery and installation revenue91,680 51,640 175,184 102,710 
Total leasing and services revenue434,859 241,783 834,025 481,205 
New unit sales revenue11,008 9,763 21,963 19,376 
Rental unit sales revenue15,235 5,316 30,437 12,102 
Total revenues$461,102 $256,862 $886,425 $512,683 
(a)
Includes $7.8 million and $4.3 million of service revenue for the three months ended June 30, 2021 and 2020, respectively, and $14.0 million and $8.3 million of service revenue for the six months ended June 30, 2021 and 2020 , respectively.
(b)Includes primarily damage billings, delinquent payment charges, and other processing fees.
Leasing and Services Revenue
The majority of revenue (73% for the three and six months ended June 30 2021 and 72% for the three and six months ended June 30, 2020) is generated by rental income subject to the guidance of ASU 2018-11, Leases (Topic 842) ("ASC 842"). The remaining revenue for the three and six months ended June 30, 2021 and 2020 is generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606").
Receivables, Contract Assets and Liabilities
As reflected above, approximately 73% of the Company's rental revenue is generated by lease revenue subject to the guidance in ASC 842. The customers that are responsible for the remaining revenue accounted for under ASC 606 are generally the same customers that rent the Company's equipment. The Company manages credit risk associated with its accounts receivables at the customer level. As the same customers generate the revenues that are accounted for under both
ASC 606 and ASC 842, the discussions below on credit risk and the Company's allowance for credit losses address its total revenues. The Company's top five customers with the largest open receivables balances represented 4.4% of the total receivables balance as of June 30, 2021.
As of June 30, 2021 and December 31, 2020, the Company had approximately $74.7 million and $74.1 million, respectively, of deferred revenue that relates to removal services for lease transactions and advance billings for sale transactions, which are within the scope of ASC 606 and are included in deferred revenue and customer deposits in the condensed consolidated balance sheets. During the three months ended June 30, 2021, $18.1 million of previously deferred revenue relating to removal services for lease transactions and advance billings for sale transactions was recognized as revenue.
The Company does not have material contract assets and it did not recognize any material impairments of contract assets.
The Company's uncompleted contracts with customers have unsatisfied (or partially satisfied) performance obligations. For the future services revenues that are expected to be recognized within twelve months, the Company has elected to utilize the optional disclosure exemption made available regarding transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations. The transaction price for performance obligations that will be completed in greater than twelve months is variable based on the costs ultimately incurred to provide those services.
The primary costs to obtain contracts for new and rental unit sales with the Company's customers are commissions paid to its sales force. The Company pays its sales force commissions on the sale of new and rental units. For new and rental unit sales, the period benefited by each commission is less than one year, therefore the commissions are expensed as incurred.
Credit Losses
The Company is exposed to credit losses from trade receivables generated through its leasing and sales business. The Company assesses each customer’s ability to pay for the products it leases or sells by conducting a credit review. The credit review considers expected billing exposure and timing for payment and the customer’s established credit rating. The Company performs its credit review of new customers at inception of the customer relationship and for existing customers when the customer transacts new leases after a defined period of dormancy. The Company also considers contract terms and conditions, country risk and business strategy in the evaluation.
The Company monitors ongoing credit exposure through an active review of customer balances against contract terms and due dates. The Company may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. The allowances for credit losses reflect the estimate of the amount of receivables that the Company will be unable to collect based on historical write-off experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectability. This estimate could require change based on changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, the Company may be required to increase or decrease its allowances.
Activity in the allowance for credit losses was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2021202020212020
Balance at beginning of period$31,630 $16,471 $29,258 $15,828 
Net charges to bad debt expense and revenue8,390 5,730 16,910 9,122 
Write-offs(4,058)(2,829)(9,872)(5,573)
Foreign currency translation and other823 (189)489 (194)
Balance at end of period$36,785 $19,183 $36,785 $19,183