REVENUE EARNING EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2019

Revenue Earning Equipment [Abstract]


	September 30, 2019						December 31, 2018
	Cost		Accumulated Depreciation	Net Book Value ⁽¹⁾	Cost	Accumulated Depreciation	Net Book Value ⁽¹⁾
	(In thousands)
Held for use:
ChoiceLease	$	12,041,619	(4,049,919)	7,991,700	10,824,989	(3,645,655)	7,179,334
Commercial rental	3,403,483		(1,093,663)	2,309,820	3,152,908	(1,047,346)	2,105,562
Held for sale	533,855		(406,924)	126,931	467,093	(336,028)	131,065
Total	$	15,978,957	(5,550,506)	10,428,451	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 $7 million, at September 30, 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⁾
						Three months ended September 30,				Nine months ended September 30,
	September 30, 2019		December 31, 2018	2019		2018	2019		2018
	(In thousands)
Assets held for sale:
Revenue earning equipment ⁽¹⁾:
Trucks	$	39,183	44,325	$	10,269	9,713	$	30,556	28,609
Tractors	44,285		35,397	14,430		1,317	34,451		6,795
Trailers	1,186		1,507	1,195		502	2,859		3,700
Total assets at fair value	$	84,654	81,229	$	25,894	11,532	$	67,866	39,104

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(1)Assets held for sale in the table above 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 $42 million and $50 million as of September 30, 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 September 30,					Nine months ended September 30,
	2019		2018	2019		2018
	(In thousands)
Gains on vehicle sales, net	$	(3,160)	(8,329)	$	(18,775)	(22,911)
Losses from fair value adjustments	25,894		11,532	67,866		39,104
Used vehicle sales, net	$	22,734	3,203	$	49,091	16,193