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REVENUE EARNING EQUIPMENT (Tables)
 3 Months Ended
Mar. 31, 2018
Revenue Earning Equipment [Abstract]  
Summary of revenue earning equipment
 
March 31, 2018
 
December 31, 2017
 
Cost
 
Accumulated
Depreciation
 
Net  Book
Value (1)
 
Cost
 
Accumulated
Depreciation
 
Net  Book
Value (1)
 
(In thousands)
Held for use:
 
ChoiceLease
$
10,182,353

 
(3,486,416
)
 
6,695,937

 
$
10,002,981

 
(3,367,431
)
 
6,635,550

Commercial rental
2,790,551

 
(999,632
)
 
1,790,919

 
2,616,706

 
(1,001,965
)
 
1,614,741

Held for sale
401,555

 
(292,828
)
 
108,727

 
403,229

 
(298,258
)
 
104,971

Total
$
13,374,459

 
(4,778,876
)
 
8,595,583

 
$
13,022,916

 
(4,667,654
)
 
8,355,262

 ————————————
(1)
Revenue earning equipment, net includes vehicles under capital leases of $24 million, less accumulated depreciation of $12 million, at March 31, 2018, and $29 million, less accumulated depreciation of $14 million, at December 31, 2017.

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)
 
 
 
 
 
Three months ended March 31,
 
March 31, 2018
 
December 31, 2017
 
2018
 
2017
 
(In thousands)
Assets held for sale:
 
 
 
 
 
 
 
Revenue earning equipment (1):
 
 
 
 
 
 
 
Trucks
$
35,636

 
33,208

 
$
8,601

 
5,800

Tractors
26,547

 
27,976

 
3,377

 
5,183

Trailers
2,041

 
2,100

 
1,593

 
568

Total assets at fair value
$
64,224

 
63,284

 
$
13,571

 
11,551

 ————————————
(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 that were less than fair value was $45 million and $42 million as of March 31, 2018 and December 31, 2017, 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 months ended March 31, 2018 and 2017, the components of used vehicle sales, net were as follows:
 
Three months ended March 31,
 
2018
 
2017

(In thousands)
Gains on vehicle sales, net
$
(6,162
)
 
(12,331
)
Losses from fair value adjustments
13,571

 
11,551

Used vehicle sales, net
$
7,409

 
(780
)