| Schedule of Activity in Allowance for Credit Losses |
Activity in the allowance for credit losses for the years ended December 31 was as follows: | | | | | | | | | | | | | | | | | | | (in thousands) | 2024 | | 2023 | | 2022 | | Balance at beginning of period | $ | 81,656 | | | $ | 57,048 | | | $ | 45,773 | | | Provision for credit losses, net of recoveries | 55,437 | | | 49,650 | | | 34,881 | | | | | | | | | Write-offs recorded as a reduction to revenue | (35,025) | | | (25,182) | | | (23,705) | | | Foreign currency translation and other | (375) | | | 140 | | | 99 | | | Balance at end of period | $ | 101,693 | | | $ | 81,656 | | | $ | 57,048 | |
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| Schedule of Property, Plant and Equipment, net |
Depreciation is computed using the straight-line method over estimated useful lives, as follows: | | | | | | | | | | | | | Estimated Useful Life | | Residual Value | | Modular space units | 5 - 30 years | | 0 - 55% | | Portable storage units | 7 - 30 years | | 20 - 55% | | VAPS and other related rental equipment | 1 - 10 years | | 0% |
Depreciation is computed using the straight-line method over estimated useful lives as follows: | | | | | | | Estimated Useful Life | | Buildings and leasehold improvements | 10 - 40 years | | Vehicles, machinery, and equipment | 3 - 30 years | | Furniture and fixtures | 3 - 10 years | | Software | 3 - 10 years |
Rental equipment, net at December 31 consisted of the following: | | | | | | | | | | | | | (in thousands) | 2024 | | 2023 | | Modular space units | $ | 3,658,086 | | | $ | 3,541,451 | | | Portable storage units | 1,070,025 | | | 1,009,059 | | | Value-added products | 220,205 | | | 204,933 | | | Total rental equipment | 4,948,316 | | | 4,755,443 | | | Less: accumulated depreciation | (1,570,377) | | | (1,374,128) | | | Rental equipment, net | $ | 3,377,939 | | | $ | 3,381,315 | |
The Company had rental equipment in the following geographic areas at December 31: | | | | | | | | | | | | | (in thousands) | 2024 | | 2023 | | US | $ | 4,532,692 | | | $ | 4,311,256 | | | Canada | 374,446 | | | 396,127 | | | Mexico | 41,178 | | | 48,060 | | | Total rental equipment | 4,948,316 | | | 4,755,443 | | | Less: accumulated depreciation | (1,570,377) | | | (1,374,128) | | | Rental equipment, net | $ | 3,377,939 | | | $ | 3,381,315 | |
Property, plant and equipment, net at December 31 consisted of the following: | | | | | | | | | | | | | (in thousands) | 2024 | | 2023 | | Land, buildings, and leasehold improvements | $ | 184,475 | | | $ | 178,117 | | | Vehicles and equipment | 272,587 | | | 233,793 | | | Office furniture, fixtures and software | 119,622 | | | 109,460 | | | Total property, plant and equipment | 576,684 | | | 521,370 | | | Less: accumulated depreciation | (213,611) | | | (180,483) | | | Property, plant and equipment, net | $ | 363,073 | | | $ | 340,887 | |
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