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REVENUE EARNING EQUIPMENT, NET | 3 Months Ended
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Mar. 31, 2019
Revenue Earning Equipment [Abstract] |
REVENUE EARNING EQUIPMENT, NET | REVENUE EARNING EQUIPMENT, NET
| 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.
Revenue earning equipment held for sale is stated at the lower of carrying amount 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 sales centers and are presented within “Used vehicle sales, net” in the Consolidated Condensed 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 our 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. 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.
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 |
We own the majority of our revenue earning equipment. Revenue earning equipment that we lease as a lessee are immaterial, and are therefore not separately disclosed from owned revenue earning equipment.

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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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