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Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue
Note 3: Revenue
Revenue Disaggregation
Geographic Areas
The Company had total revenue in the following geographic areas:
Year Ended December 31,
(in $000s)202420232022
United States$1,755,222 $1,816,471 $1,529,165 
Canada47,058 48,629 43,921 
Total Revenue$1,802,280 $1,865,100 $1,573,086 
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 are presented in the tables below.
Year Ended December 31,Year Ended December 31,Year Ended December 31,
202420232022
(in $000s)Topic 842Topic 606TotalTopic 842Topic 606TotalTopic 842Topic 606Total
Rental:
Rental$422,295 $— $422,295 $453,696 $— $453,696 $444,155 $— $444,155 
Shipping and handling— 20,658 20,658 — 25,214 25,214 — 19,884 19,884 
Total rental revenue422,295 20,658 442,953 453,696 25,214 478,910 444,155 19,884 464,039 
Sales and services:
Equipment sales9,849 1,213,187 1,223,036 58,064 1,195,389 1,253,453 30,547 951,794 982,341 
Parts and services10,125 126,166 136,291 22,124 110,613 132,737 13,402 113,304 126,706 
Total sales and services19,974 1,339,353 1,359,327 80,188 1,306,002 1,386,190 43,949 1,065,098 1,109,047 
Total revenue$442,269 $1,360,011 $1,802,280 $533,884 $1,331,216 $1,865,100 $488,104 $1,084,982 $1,573,086 
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. Parts and services revenue includes $27.2 million, $30.0 million and $26.1 million related to services provided to customers for the years ended December 31, 2024, 2023, and 2022, respectively.
Receivables, Contract Assets and Liabilities
As of December 31, 2024 and 2023, the Company had receivables related to contracts with customers of $119.9 million and $112.1 million, respectively. As of December 31, 2024 and 2023, the Company had receivables related to rental contracts and other of $95.9 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. Concentration of credit risk with respect to the Company's receivables is limited because of a large number of geographically diverse customers who operate in a variety of end user markets. The Company manages credit risk through credit approvals, credit limits, and other monitoring procedures.
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. See Note 2: Summary of Significant Accounting Policies for further information regarding allowance for credit losses.
When customers are billed for rentals in advance of the rental period, the Company defers recognition of revenue. As of December 31, 2024 and 2023, the Company had approximately $4.8 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 $21.5 million and $25.9 million in deposits as of December 31, 2024 and 2023, respectively. Of the $25.9 million deposit liability balance as of December 31, 2023, $25.9 million was recorded as revenue during the year ended December 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 it did not recognize any material impairments of any contract assets.
The primary costs to obtain contracts for new and rental unit sales with the Company's customers are commissions. The Company pays its sales force commissions related to the sale and rental of new and used units. For new unit and rental unit sales, the period benefited by each commission is less than one year. As a result, the Company expenses commissions as incurred.