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Revenue Earning Equipment (Tables) | 9 Months Ended
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Sep. 30, 2017
Revenue Earning Equipment [Abstract] |
Summary of revenue earning equipment |
| September 30, 2017 |  | December 31, 2016
| Cost |  | Accumulated Depreciation |  | Net Book Value(1) |  | Cost |  | Accumulated Depreciation |  | Net Book Value(1)
| (In thousands)
Held for use: |
ChoiceLease | $ | 9,799,028 |  |  | (3,284,267 | ) |  | 6,514,761 |  |  | $ | 9,486,977 |  |  | (3,031,937 | ) |  | 6,455,040 |
Commercial rental | 2,599,043 |  |  | (973,126 | ) |  | 1,625,917 |  |  | 2,499,010 |  |  | (935,346 | ) |  | 1,563,664 |
Held for sale | 417,771 |  |  | (309,132 | ) |  | 108,639 |  |  | 494,355 |  |  | (365,337 | ) |  | 129,018 |
Total | $ | 12,815,842 |  |  | (4,566,525 | ) |  | 8,249,317 |  |  | $ | 12,480,342 |  |  | (4,332,620 | ) |  | 8,147,722 |
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(1) | Revenue earning equipment, net includes vehicles acquired under capital leases of $29 million, less accumulated depreciation of $14 million, at September 30, 2017, and $43 million, less accumulated depreciation of $22 million, at December 31, 2016.
Fair value, assets | The following table presents our assets held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement:
|  |  | Total Losses (2)
| September 30, |  | Three months ended September 30, |  | Nine months ended September 30,
| 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016
| (In thousands)
Assets held for sale: |  |  |  |  |  |  |  |  |  |  |
Revenue earning equipment (1): |  |  |  |  |  |  |  |  |  |  |
Trucks | $ | 14,081 |  |  | 17,091 |  |  | $ | 6,215 |  |  | 2,528 |  |  | $ | 22,942 |  |  | 6,842 |
Tractors | 15,448 |  |  | 61,480 |  |  | 1,127 |  |  | 7,985 |  |  | 18,444 |  |  | 22,073 |
Trailers | 2,279 |  |  | 2,563 |  |  | 1,871 |  |  | 1,152 |  |  | 5,044 |  |  | 2,589 |
Total assets at fair value | $ | 31,808 |  |  | 81,134 |  |  | $ | 9,213 |  |  | 11,665 |  |  | $ | 46,430 |  |  | 31,504 |
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(1) | Assets held for sale in the above table only include the portion of revenue earning equipment held for sale where net book values exceeded fair values and fair value adjustments were recorded. The net book value of assets held for sale which were less than fair value was $77 million and $76 million as of September 30, 2017 and 2016, respectively.
(2) | Total losses represent fair value adjustments for all vehicles reclassified to held for sale throughout the period for which fair value was less than net book value.
Gain and losses revenue earning equipment | For the three and nine months ended September 30, 2017 and 2016, the components of gains on used vehicles, net were as follows:
| Three months ended September 30, |  | Nine months ended September 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
| (In thousands)
Gains on vehicle sales, net | $ | (11,940 | ) |  | (13,538 | ) |  | $ | (34,615 | ) |  | (64,506 | )
Losses from fair value adjustments | 9,213 |  |  | 11,665 |  |  | 46,430 |  |  | 31,504 |
Used vehicle sales, net | $ | (2,727 | ) |  | (1,873 | ) |  | $ | 11,815 |  |  | (33,002 | )

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