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Revenue Earning Equipment | 12 Months Ended
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Dec. 31, 2015
Revenue Earning Equipment [Abstract] |
REVENUE EARNING EQUIPMENT | REVENUE EARNING EQUIPMENT
|  | Estimated Useful Lives |  | December 31, 2015 |  | December 31, 2014
Cost |  | Accumulated Depreciation |  | Net Book Value (1) |  | Cost |  | Accumulated Depreciation |  | Net Book Value (1)
(In years) |  | (In thousands)
Held for use: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Full service lease |  | 3 — 12 |  | $ | 8,839,941 |  |  | (2,723,605 | ) |  | 6,116,336 |  |  | 8,008,123 |  |  | (2,598,140 | ) |  | 5,409,983 |
Commercial rental |  | 4.5 — 12 |  | 2,811,715 |  |  | (907,412 | ) |  | 1,904,303 |  |  | 2,570,081 |  |  | (864,543 | ) |  | 1,705,538 |
Held for sale |  |  |  | 496,634 |  |  | (332,538 | ) |  | 164,096 |  |  | 312,698 |  |  | (226,333 | ) |  | 86,365 |
Total |  |  |  | $ | 12,148,290 |  |  | (3,963,555 | ) |  | 8,184,735 |  |  | 10,890,902 |  |  | (3,689,016 | ) |  | 7,201,886 |
_______________
(1) | Revenue earning equipment, net includes vehicles under capital leases of $47 million, less accumulated depreciation of $22 million, at December 31, 2015 and $48 million, less accumulated depreciation of $22 million, at December 31, 2014.
Depreciation expense was $1.06 billion, $979 million and $910 million in 2015, 2014 and 2013, respectively. Revenue earning equipment held for sale is stated at the lower of carrying amount or fair value less costs to sell. Losses on vehicles held for sale for which carrying values exceeded fair value are recognized at the time they arrive at our used truck centers and are presented within "Other operating expenses" in the Consolidated Statements of Earnings. For revenue earning equipment held for sale, we stratify our fleet by vehicle type (trucks, tractors and trailers), weight class, age and other relevant characteristics and create classes of similar assets for analysis purposes. Fair value was determined based upon recent market prices obtained from our own sales experience for sales of each class of similar assets and vehicle condition. Therefore, our revenue earning equipment held for sale was classified within Level 3 of the fair value hierarchy. During 2015, 2014, and 2013, we recognized losses to reflect changes in fair value of $18 million, $11 million and $16 million, respectively. The following table presents our assets that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement:
|  |  |  |  |  | Total Losses (2)
|  | December 31, |  | Year ended December 31,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Assets held for sale: |  |  |  |  |  |  |  |
Revenue earning equipment: (1) |  |  |  |  |  |  |  |
Trucks |  | $ | 11,469 |  |  | 6,135 |  |  | $ | 7,660 |  |  | 6,274 |
Tractors |  | 19,479 |  |  | 4,054 |  |  | 7,620 |  |  | 3,450 |
Trailers |  | 2,475 |  |  | 789 |  |  | 2,676 |  |  | 1,040 |
Total assets at fair value |  | $ | 33,423 |  |  | 10,978 |  |  | $ | 17,956 |  |  | 10,764 |
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(1) | Represents the portion of all revenue earning equipment held for sale that is recorded at fair value, less costs to sell.
(2) | Total losses represent fair value adjustments for all vehicles held for sale throughout the period for which fair value less costs to sell was less than carrying value.

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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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