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Revenue
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue
Note 2: Revenue
Revenue Disaggregation
Geographic Areas
The Company had total revenue in the following geographic areas:
Three Months Ended March 31,
(in $000s)20242023
United States$397,697 $438,278 
Canada13,610 13,885 
Total Revenue$411,307 $452,163 
Major Product Lines and Services
Equipment leasing and equipment sales are the core businesses of the Company, with leasing complemented by the sale of rental units from the rental fleet. The Company’s revenue by major product and service line for the three months ended March 31, 2024 and 2023 are presented in the table below.
Three Months Ended March 31,Three Months Ended March 31,
20242023
(in $000s)Topic 842Topic 606TotalTopic 842Topic 606Total
Rental:
Rental$101,510 $— $101,510 $112,903 $— $112,903 
Shipping and handling— 4,661 4,661 — 5,385 5,385 
Total rental revenue101,510 4,661 106,171 112,903 5,385 118,288 
Sales and services:
Equipment sales3,018 269,584 272,602 17,708 283,582 301,290 
Parts and services3,244 29,290 32,534 4,815 27,770 32,585 
Total sales and services6,262 298,874 305,136 22,523 311,352 333,875 
Total revenue$107,772 $303,535 $411,307 $135,426 $316,737 $452,163 
Rental revenue is primarily comprised of revenues from rental agreements and freight charges billed to customers. Equipment sales recognized pursuant to sales-type leases are recorded within equipment sales revenue. Charges to customers for damaged rental equipment are recorded within parts and services revenue.
Receivables, Contract Assets and Liabilities
As of March 31, 2024 and December 31, 2023, the Company had net receivables related to contracts with customers of $82.3 million and $112.1 million, respectively. As of March 31, 2024 and December 31, 2023, the Company had net receivables related to rental contracts and other of $87.0 million and $103.0 million, respectively.
The Company manages credit risk associated with its accounts receivable at the customer level. Because the same customers generate the revenues that are accounted for under both Topic 606 and Topic 842, the discussions below on credit risk and the Company's allowance for credit losses address the Company's total revenues.
The Company’s allowance for credit losses reflects its estimate of the amount of receivables that it will be unable to collect. The estimated losses are based upon a review of outstanding receivables, the related aging, including specific accounts if deemed necessary, and on the Company’s historical collection experience. The estimated losses are calculated using the loss rate method based
upon a review of outstanding receivables, related aging, and historical collection experience. The Company's estimates reflect changing circumstances, including changes in the economy or in the particular circumstances of individual customers, and, as a result, the Company may be required to increase or decrease its allowance.
Accounts receivable, net consisted of the following:
(in $000s)March 31, 2024December 31, 2023
Accounts receivable$186,700 $232,592 
Less: allowance for doubtful accounts(17,396)(17,503)
Accounts receivable, net$169,304 $215,089 
When customers are billed for rentals in advance of the rental period, the Company defers recognition of revenue. As of March 31, 2024 and December 31, 2023, the Company had approximately $2.7 million and $2.9 million, respectively, of deferred rental revenue. Additionally, the Company collects deposits from customers for orders placed for equipment and rentals. The Company had approximately $23.8 million and $25.9 million in deposits as of March 31, 2024 and December 31, 2023, respectively. Of the $25.9 million deposit liability balance as of December 31, 2023, $6.7 million was recorded as revenue during the three months ended March 31, 2024 due to performance obligations being satisfied. The Company’s remaining performance obligations on its equipment deposit liabilities have original expected durations of one year or less.
The Company does not have material contract assets, and as such, did not recognize any material impairments of any contract assets.