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REVENUE EARNING EQUIPMENT, NET (Tables) | 3 Months Ended
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Mar. 31, 2019
Revenue Earning Equipment [Abstract] |
Summary of revenue earning equipment |
| March 31, 2019 |  | December 31, 2018
| Cost |  | Accumulated Depreciation |  | Net Book Value (1) |  | Cost |  | Accumulated Depreciation |  | Net Book Value (1)
| (In thousands)
Held for use: |
ChoiceLease | $ | 11,331,946 |  |  | (3,743,391 | ) |  | 7,588,555 |  |  | 10,824,989 |  |  | (3,645,655 | ) |  | 7,179,334 |
Commercial rental | 3,315,660 |  |  | (1,047,437 | ) |  | 2,268,223 |  |  | 3,152,908 |  |  | (1,047,346 | ) |  | 2,105,562 |
Held for sale | 537,173 |  |  | (384,790 | ) |  | 152,383 |  |  | 467,093 |  |  | (336,028 | ) |  | 131,065 |
Total | $ | 15,184,779 |  |  | (5,175,618 | ) |  | 10,009,161 |  |  | 14,444,990 |  |  | (5,029,029 | ) |  | 9,415,961 |
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(1) | Revenue earning equipment, net includes vehicles under finance leases of $12 million, less accumulated depreciation of $6 million, at March 31, 2019, and $23 million, less accumulated depreciation of $13 million, at December 31, 2018.
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)
| March 31, |  | December 31, |  | Three months ended March 31,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (In thousands)
Assets held for sale: |  |  |  |  |  |  |
Revenue earning equipment (1): |  |  |  |  |  |  |
Trucks | $ | 41,813 |  |  | 44,325 |  |  | $ | 11,546 |  |  | 8,601 |
Tractors | 43,269 |  |  | 35,397 |  |  | 4,968 |  |  | 3,377 |
Trailers | 1,547 |  |  | 1,507 |  |  | 180 |  |  | 1,593 |
Total assets at fair value | $ | 86,629 |  |  | 81,229 |  |  | $ | 16,694 |  |  | 13,571 |
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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 that were less than fair value was $66 million and $50 million as of March 31, 2019 and December 31, 2018, 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 | The components of used vehicle sales, net were as follows:
| Three months ended March 31,
| 2019 |  | 2018
| (In thousands)
Gains on vehicle sales, net | $ | (8,477 | ) |  | (6,140 | )
Losses from fair value adjustments | 16,694 |  |  | 13,571 |
Used vehicle sales, net | $ | 8,217 |  |  | 7,431 |

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