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Revenue Earning Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2019
Revenue Earning Equipment [Abstract]  
Schedule of Revenue Earning Equipment
 
 
Estimated
Useful
Lives
 
December 31, 2019
 
December 31, 2018
Cost
 
Accumulated
Depreciation
 
Net (1)
 
Cost
 
Accumulated
Depreciation
 
Net (1)
(In years)
 
(In thousands)
Held for use:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ChoiceLease
 
3 — 12
 
$
12,223,179

 
$
(4,125,342
)
 
$
8,097,837

 
$
10,824,819

 
$
(3,645,485
)
 
$
7,179,334

Commercial rental
 
4.5 — 12
 
3,200,403

 
(1,049,850
)
 
2,150,553

 
3,152,908

 
(1,047,346
)
 
2,105,562

Held for sale
 
 
 
748,435

 
(569,161
)
 
179,274

 
467,093

 
(336,028
)
 
131,065

Total
 
 
 
$
16,172,017

 
$
(5,744,353
)
 
$
10,427,664

 
$
14,444,820

 
$
(5,028,859
)
 
$
9,415,961

_______________ 
(1)
Revenue earning equipment, net includes vehicles under finance leases of $12 million, less accumulated depreciation of $8 million, at December 31, 2019 and $23 million, less accumulated depreciation of $13 million, at December 31, 2018.
Schedule of Fair Value of Assets
The following table presents the revenue earning equipment held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement:
 
 
 
 
 
 
Total Losses (2)
 
 
December 31,
 
Years ended December 31,
 
 
2019
 
2018
 
2019
 
2018
 
2017
Assets held for sale:
 
(In thousands)
 
(In thousands)
Revenue earning equipment: (1)
 
 
 
 
 
 
 
 
 
 
Trucks
 
$
39,009

 
$
44,325

 
$
38,701

 
$
40,220

 
$
30,812

Tractors
 
73,359

 
35,397

 
40,213

 
9,030

 
21,261

Trailers
 
2,206

 
1,507

 
4,224

 
4,478

 
5,992

Total assets at fair value
 
$
114,574

 
$
81,229

 
$
83,138

 
$
53,728

 
$
58,065

______________
(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. Assets held for sale where fair value was higher than net book value were $65 million and $50 million as of December 31, 2019 and 2018, respectively.
(2)
Total losses represent fair value adjustments for all vehicles held for sale throughout the period for which fair value was less than net book value.
Schedule of Components of Used Vehicle Sales
The components of used vehicle sales, net were as follows:
 
 
Years ended December 31,
 
 
2019
 
2018
 
2017
 
 
(In thousands)
Losses (gains) on vehicle sales, net
 
$
(24,432
)
 
$
(31,403
)
 
$
(41,076
)
Losses from fair value adjustments
 
83,138

 
53,728

 
58,065

Used vehicle sales, net
 
$
58,706

 
$
22,325

 
$
16,989