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REVENUE EARNING EQUIPMENT, NET (Tables) | 6 Months Ended
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Jun. 30, 2020
Revenue Earning Equipment [Abstract] |
Schedule of Revenue Earning Equipment |
| June 30, 2020 |  |  |  |  |  | December 31, 2019 |  |  |  |
| Cost |  | Accumulated Depreciation |  | Net Book Value (1) |  | Cost |  | Accumulated Depreciation |  | Net Book Value (1)
| (In thousands) |  |  |  |  |  |  |  |  |  |
Held for use: |  |  |  |  |  |  |  |  |  |  |
ChoiceLease | $ | 11,681,853 |  |  | $ | (4,188,226) |  |  | $ | 7,493,627 |  |  | $ | 12,223,179 |  |  | $ | (4,125,342) |  |  | $ | 8,097,837 |
Commercial rental | 2,795,894 |  |  | (954,648) |  |  | 1,841,246 |  |  | 3,200,403 |  |  | (1,049,850) |  |  | 2,150,553 |
Held for sale | 1,136,016 |  |  | (901,050) |  |  | 234,966 |  |  | 748,435 |  |  | (569,161) |  |  | 179,274 |
Total | $ | 15,613,763 |  |  | $ | (6,043,924) |  |  | $ | 9,569,839 |  |  | $ | 16,172,017 |  |  | $ | (5,744,353) |  |  | $ | 10,427,664 |
———————————— (1)Revenue earning equipment, net includes vehicles under finance leases of $10 million, less accumulated depreciation of $8 million, as of June 30, 2020, and $12 million, less accumulated depreciation of $8 million, as of December 31, 2019.
Schedule of Negative Impacts | The first quarter and second quarter changes in our residual value estimates and resulting increase in depreciation expense and impact on used vehicle results in 2020 resulted in the following negative impacts on our Condensed Consolidated Statement of Operations:
| Three months ended June 30, 2020 |  | Six months ended June 30, 2020
| (In millions, except for per share data) |  |
Pre-tax earnings (loss) from continuing operations | $ | 80 |  |  | $ | 128 |
Net earnings (loss) | $ | 59 |  |  | $ | 95 |
Diluted EPS | $ | 1.13 |  |  | $ | 1.81 |
Schedule of 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 June 30, |  |  |  | Six months ended June 30, |  |
| June 30, 2020 |  | December 31, 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
| (In thousands) |  |  |  |  |  |  |  |  |  |
Revenue earning equipment held for sale (1): |  |  |  |  |  |  |  |  |  |  |
Trucks | $ | 48,744 |  |  | $ | 39,009 |  |  | $ | 5,389 |  |  | $ | 8,740 |  |  | $ | 16,451 |  |  | $ | 20,287 |
Tractors | 84,707 |  |  | 73,359 |  |  | 3,035 |  |  | 14,053 |  |  | 11,488 |  |  | 19,021 |
Trailers | 3,256 |  |  | 2,206 |  |  | 2,592 |  |  | 1,485 |  |  | 4,585 |  |  | 1,664 |
Total assets at fair value | $ | 136,707 |  |  | $ | 114,574 |  |  | $ | 11,016 |  |  | $ | 24,278 |  |  | $ | 32,524 |  |  | $ | 40,972 |
———————————— (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 valuation adjustments were recorded. The net book value of assets held for sale that were less than fair value was $98 million and $65 million as of June 30, 2020 and December 31, 2019, respectively. (2)Total losses represent fair value valuation adjustments for all vehicles reclassified to held for sale throughout the period for which fair value was less than net book value.
Schedule of Gain and Losses Revenue Earning Equipment | The components of used vehicle sales, net were as follows:
| Three months ended June 30, |  |  |  | Six months ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
| (In thousands) |  |  |  |  |  |
Losses (gains) on vehicle sales, net | $ | (1,528) |  |  | $ | (6,138) |  |  | $ | (2,352) |  |  | $ | (14,615) |
Losses from valuation adjustments | 11,016 |  |  | 24,278 |  |  | 32,524 |  |  | 40,972 |
Used vehicle sales, net | $ | 9,488 |  |  | $ | 18,140 |  |  | $ | 30,172 |  |  | $ | 26,357 |

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