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Revenue | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | NOTE 4. REVENUE Revenue is recognized as, or when, the performance obligations are satisfied. The Company generates revenue primarily from three revenue streams: (i) product revenues, (ii) service revenues; and (iii) rental revenues. We sell or rent our products and provide services primarily in onshore U.S. and Canadian (“NAM”) markets and in international and offshore (“International and Offshore”) markets. We attribute rental and service revenue to the country in which the rental or service was performed, while we attribute product sales revenue to the country to which the product was shipped. The Company has elected the practical expedient to expense commissions as the amortization period associated with the asset that would have been recognized for each order is one year or less. Rental revenue as presented in the table below is accounted for under the lease guidance according to Accounting Standards Codification Topic 842 Leases and recognized ratably over the term of the lease. The following tables present our revenues disaggregated by category and by geography:
|  | Three Months Ended September 30, 2024 |  |  | Three Months Ended September 30, 2023 |
(in thousands) |  | NAM |  |  | INTL & Offshore |  |  | Total |  |  | NAM |  |  | INTL & Offshore |  |  | Total |
Product revenues |  | $ | 79,668 |  |  | $ | 46,975 |  |  | $ | 126,643 |  |  | $ | 76,050 |  |  | $ | 39,751 |  |  | $ | 115,801 |
Service revenues |  |  | 13,411 |  |  |  | 2,363 |  |  |  | 15,774 |  |  |  | 13,891 |  |  |  | 1,109 |  |  |  | 15,000 |
Rental revenues |  |  | 5,228 |  |  |  | 4,172 |  |  |  | 9,400 |  |  |  | 2,389 |  |  |  | 5,896 |  |  |  | 8,285 |
Total revenues |  | $ | 98,307 |  |  | $ | 53,510 |  |  | $ | 151,817 |  |  | $ | 92,330 |  |  | $ | 46,756 |  |  | $ | 139,086 |
|  | Nine Months Ended September 30, 2024 |  |  | Nine Months Ended September 30, 2023 |
(in thousands) |  | NAM |  |  | INTL & Offshore |  |  | Total |  |  | NAM |  |  | INTL & Offshore |  |  | Total |
Product revenues |  | $ | 211,405 |  |  | $ | 131,917 |  |  | $ | 343,322 |  |  | $ | 228,901 |  |  | $ | 124,263 |  |  | $ | 353,164 |
Service revenues |  |  | 37,698 |  |  |  | 5,976 |  |  |  | 43,674 |  |  |  | 43,177 |  |  |  | 3,426 |  |  |  | 46,603 |
Rental revenues |  |  | 9,182 |  |  |  | 13,938 |  |  |  | 23,120 |  |  |  | 8,689 |  |  |  | 13,893 |  |  |  | 22,582 |
Total revenues |  | $ | 258,285 |  |  | $ | 151,831 |  |  | $ | 410,116 |  |  | $ | 280,767 |  |  | $ | 141,582 |  |  | $ | 422,349 |
Trade Receivables are stated at the historical carrying amount net of allowances for credit losses. We evaluate our global trade receivable through a continuous process of assessing our portfolio on an individual customer and overall basis. Based on our review, we establish or adjust allowances for specific customers. Past due balances are written-off against allowance for credit losses when the accounts are deemed to be no longer collectible. The changes in allowance for credit losses during the nine months ended September 30, 2024 and 2023 were as follows:
|  | September 30, |
(in thousands) |  | 2024 |  |  | 2023 |
Balance at January 1 |  | $ | 5,015 |  |  | $ | 3,136 |
Allowance pertaining to the receivables acquired as part of the Merger |  |  | 72,685 |  |  |  | - |
Provision for credit losses |  |  | 1,323 |  |  |  | 3,797 |
Write-offs charged against allowance |  |  | (2,434 | ) |  |  | (1,576 | )
Balance at September 30 |  | $ | 76,589 |  |  | $ | 5,357 |
Contract Balances Based upon the terms of the specific contract, billings may be in excess of the revenue recognized, in which case the amounts are included in contract liabilities as a liability on the Condensed Consolidated Balance Sheets. Likewise, revenue recognized may exceed customer billings, in which case the amounts are reported in contract assets. Contract assets are recognized for revenue related to products accounted for using the over time method of accounting and are earned on completion of the performance obligation, for which consideration to be received is conditional on something other than the passage of time. The amounts recognized as contract assets are reclassified to trade receivable upon billing, as at that point, consideration is conditional only upon the passage of time. Contract liabilities represent the Company’s obligations to transfer goods or services to customers for which the Company has received consideration, in full or part, from the customer. Balances related to contracts with customers consisted of the following: Contract Assets (amounts shown in thousands)
Contract assets at December 31, 2023 |  | $ | - |
Additions |  |  | 8,896 |
Transfers to Trade receivables, net |  |  | (749 | )
Contract assets at September 30, 2024 |  | $ | 8,147 |
Contract liabilities (amounts shown in thousands)
Contract liabilities at December 31, 2023 |  | $ | - |
Additions |  |  | 14,979 |
Revenue recognized |  |  | (889 | )
Contract liabilities at September 30, 2024 |  | $ | 14,090 |
Obligations for returns and refunds were considered immaterial as of September 30, 2024. Remaining Performance Obligations The aggregate amount of the transaction price allocated to remaining performance obligations from our over time product lines was $2.4 million as of September 30, 2024. The Company expects to recognize revenue on all of the remaining performance obligations over the next twelve months. The Company applies the practical expedient available under Accounting Standards Codification 606, which permits us not to disclose information about remaining performance obligations that have original expected durations of one year or less.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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