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Revenue Earning Equipment (Tables) | 12 Months Ended
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Dec. 31, 2017
Revenue Earning Equipment [Abstract] |
Summary of revenue earning equipment |
|  | Estimated Useful Lives |  | December 31, 2017 |  | December 31, 2016
Cost |  | Accumulated Depreciation |  | Net (1) |  | Cost |  | Accumulated Depreciation |  | Net (1)
(In years) |  | (In thousands)
Held for use: |  |  |  |  |  |  |  |  |  |  |  |  |  |
ChoiceLease |  | 3 — 12 |  | $ | 10,002,981 |  |  | (3,367,431 | ) |  | 6,635,550 |  |  | 9,486,977 |  |  | (3,031,937 | ) |  | 6,455,040 |
Commercial rental |  | 4.5 — 12 |  | 2,616,706 |  |  | (1,001,965 | ) |  | 1,614,741 |  |  | 2,499,010 |  |  | (935,346 | ) |  | 1,563,664 |
Held for sale |  |  |  | 403,229 |  |  | (298,258 | ) |  | 104,971 |  |  | 494,355 |  |  | (365,337 | ) |  | 129,018 |
Total |  |  |  | $ | 13,022,916 |  |  | (4,667,654 | ) |  | 8,355,262 |  |  | 12,480,342 |  |  | (4,332,620 | ) |  | 8,147,722 |
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(1) | Revenue earning equipment, net includes vehicles under capital leases of $29 million, less accumulated depreciation of $14 million, at December 31, 2017 and $43 million, less accumulated depreciation of $22 million, at December 31, 2016.
Fair value, assets measured on recurring and nonrecurring basis | 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,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Assets held for sale: |  | (In thousands) |  | (In thousands)
Revenue earning equipment: (1) |  |  |  |  |  |  |  |
Trucks |  | $ | 33,208 |  |  | 24,178 |  |  | $ | 30,812 |  |  | 14,645 |
Tractors |  | 27,976 |  |  | 57,348 |  |  | 21,261 |  |  | 47,597 |
Trailers |  | 2,100 |  |  | 2,532 |  |  | 5,992 |  |  | 5,173 |
Total assets at fair value |  | $ | 63,284 |  |  | 84,058 |  |  | $ | 58,065 |  |  | 67,415 |
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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 not exceeding fair value was $42 million and $45 million as of December 31, 2017 and 2016, respectively. We have revised prior year amounts to reflect only the portion of revenue earning equipment held for sale where fair value adjustments were recorded.
(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 twelve months ended December 31, 2017, the components of used vehicle sales, net were as follows:
| Twelve months ended December 31,
| 2017 |  | 2016 |  | 2015
| (In thousands)
Gains on vehicle sales, net | $ | (40,824 | ) |  | (68,387 | ) |  | (117,809 | )
Losses from fair value adjustments | 58,065 |  |  | 67,415 |  |  | 17,956 |
Used vehicle sales, net | $ | 17,241 |  |  | (972 | ) |  | (99,853 | )

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