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Revenue Earning Equipment | 12 Months Ended
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Dec. 31, 2017
Revenue Earning Equipment [Abstract] |
REVENUE EARNING EQUIPMENT | 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.
Depreciation expense was $1.16 billion, $1.10 billion and $1.04 billion in 2017, 2016 and 2015, respectively. In 2017, based on current and expected market conditions, we accelerated depreciation on certain classes of vehicles expected to be made available for sale through June 2019. The impact of the change increased depreciation by $21 million in 2017. In 2016, based on current and expected market conditions, we accelerated depreciation on certain classes of vehicles expected to be made available for sale through June 2018. The impact of the change increased depreciation by $10 million in 2016. Revenue earning equipment held for sale is stated at the lower of net book value 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 "Used vehicle sales, net" 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. For a certain population of revenue earning equipment held for sale, 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. Expected declines in market prices were also considered when valuing the vehicles held for sale. These vehicles held for sale were classified within Level 3 of the fair value hierarchy. During 2017, 2016, and 2015, we recognized losses to reflect changes in fair value of $58 million, $67 million and $18 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,
|  | 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.
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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- 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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