REVENUE EARNING EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2020

Revenue Earning Equipment [Abstract]


	September 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	$	11,436,263	$	(4,271,752)	$	7,164,511	$	12,223,179	$	(4,125,342)	$	8,097,837
Commercial rental	2,721,200		(981,959)		1,739,241		3,200,403		(1,049,850)		2,150,553
Held for sale	885,325		(706,497)		178,828		748,435		(569,161)		179,274
Total	$	15,042,788	$	(5,960,208)	$	9,082,580	$	16,172,017	$	(5,744,353)	$	10,427,664

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(1)Revenue earning equipment, net includes vehicles under finance leases of $10 million, less accumulated depreciation of $8 million, as of September 30, 2020, and $12 million, less accumulated depreciation of $8 million, as of December 31, 2019.

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 September 30,				Nine months ended September 30,
	September 30, 2020		December 31, 2019		2020		2019		2020		2019
	(In thousands)
Revenue earning equipment held for sale (1):

Trucks	$	53,736	$	39,009	$	511	$	10,269	$	16,962	$	30,556
Tractors	82,593		73,359		603		14,430		12,091		34,451
Trailers	2,480		2,206		819		1,195		5,404		2,859
Total assets at fair value	$	138,809	$	114,574	$	1,933	$	25,894	$	34,457	$	67,866

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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 valuation adjustments were recorded. The net book value of assets held for sale that were less than fair value was $40 million and $65 million as of September 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 September 30,				Nine months ended September 30,
	2020		2019		2020		2019
	(In thousands)
Losses (gains) on vehicle sales, net	$	(14,852)	$	(3,160)	$	(17,204)	$	(18,775)
Losses from valuation adjustments	1,933		25,894		34,457		67,866
Used vehicle sales, net	$	(12,919)	$	22,734	$	17,253	$	49,091