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Revenue Recognition
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
Note 4 – Revenue Recognition

Disaggregation of Revenue

The Company’s revenue is primarily comprised of product sales to customers. The Company has disaggregated revenue by geographic area and by segment as it most reasonably depicts the amount, timing and uncertainty of revenue and cash flows generated from our contracts with customers. Disaggregated consolidated revenue by geographic area (based on the location to which the product is shipped to):
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
United States$357,164 $344,920 $1,041,059 $936,289 
Canada55,912 35,727 116,278 108,380 
Europe13,853 20,805 44,700 55,261 
Pacific Rim4,958 2,477 13,447 5,468 
Latin America33,560 31,971 100,740 52,839 
Other2,987 3,009 8,895 6,926 
Intersegment revenue elimination(415)— (1,478)— 
Total revenue$468,019 $438,909 $1,323,641 $1,165,163 

See Note 16 – Segment Information for disaggregation of revenue by segment.

Rental Revenue

TestEquity rents new and used electronic test and measurement equipment to customers in multiple industries. Lawson leases parts washer machines to customers. This leased equipment is included in Rental equipment, net in the Unaudited Condensed Consolidated Balance Sheets, and rental revenue is included in Revenue in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The unearned rental revenue related to customer prepayments on equipment leases was nominal at September 30, 2024 and December 31, 2023.

Rental revenue from operating leases:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
Revenue from operating leases$4,115 $4,323 $12,525 $12,831