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Revenue Earning Equipment | 9 Months Ended
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Sep. 30, 2015
Revenue Earning Equipment [Abstract] |
REVENUE EARNING EQUIPMENT | REVENUE EARNING EQUIPMENT
| September 30, 2015 |  | December 31, 2014
| Cost |  | Accumulated Depreciation |  | Net Book Value(1) |  | Cost |  | Accumulated Depreciation |  | Net Book Value(1)
| (In thousands)
Held for use: |
Full service lease | $ | 8,612,790 |  |  | (2,699,055 | ) |  | 5,913,735 |  |  | $ | 8,008,122 |  |  | (2,598,140 | ) |  | 5,409,982 |
Commercial rental | 2,932,196 |  |  | (924,004 | ) |  | 2,008,192 |  |  | 2,570,081 |  |  | (864,543 | ) |  | 1,705,538 |
Held for sale | 368,406 |  |  | (253,623 | ) |  | 114,783 |  |  | 312,699 |  |  | (226,333 | ) |  | 86,366 |
Total | $ | 11,913,392 |  |  | (3,876,682 | ) |  | 8,036,710 |  |  | $ | 10,890,902 |  |  | (3,689,016 | ) |  | 7,201,886 |
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(1) | Revenue earning equipment, net includes vehicles acquired under capital leases of $47.5 million, less accumulated depreciation of $21.0 million, at September 30, 2015, and $47.8 million, less accumulated depreciation of $22.5 million, at December 31, 2014.
At the end of 2014, we completed our annual review of residual values and useful lives of revenue earning equipment. Based on the results of our analysis, we adjusted the estimated residual values of certain classes of revenue earning equipment effective January 1, 2015. The change in estimated residual values and useful lives increased pre-tax earnings for the three and nine months ended September 30, 2015 by approximately $10.0 million and $30.0 million, respectively. We lease revenue earning equipment to customers for periods typically ranging from three to seven years for trucks and tractors and up to ten years for trailers. The majority of our leases are classified as operating leases. However, some of our revenue earning equipment leases are classified as direct financing leases and, to a lesser extent, sales-type leases. As of September 30, 2015 and December 31, 2014, the net investment in direct financing and sales-type leases was $442.6 million and $417.0 million, respectively. Our direct financing lease customers operate in a wide variety of industries, and we have no significant customer concentrations in any one industry. We assess credit risk for all of our customers including those who lease equipment under direct financing leases upon signing of a full service lease contract. For those customers who are designated as high risk, we typically require deposits to be paid in advance in order to mitigate our credit risk. Additionally, our receivables are collateralized by the vehicles, based on their estimated fair values, which further mitigates our credit risk. As of September 30, 2015 and December 31, 2014, the amount of direct financing lease receivables past due was not significant, and there were no impaired receivables. Accordingly, we do not believe there is a material risk of default with respect to the direct financing lease receivables. The allowance for credit losses was $0.3 million as of September 30, 2015 and December 31, 2014.

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- Definition Revenue Earning Equipment. + References No definition available. + Details
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- Definition Disclosure of revenue earning equipment used in the normal conduct of the vehicle leasing and commercial rental business, not otherwise defined in the taxonomy. This disclosure may include accounting policies and methodology and impact of changes thereto, a schedule of revenue earning equipment cost, accumulated depreciation, net book value, useful lives, assets held for sale. In addition, this disclosure includes vehicles acquired under capital leases and accumulated amortization included within revenue earning equipment. This element may be used as a single block of text to include the entire revenue earning equipment disclosure, including data and tables. + References No definition available. + Details
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