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REVENUE EARNING EQUIPMENT, NET (Tables) | 12 Months Ended
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Dec. 31, 2020
Revenue Earning Equipment [Abstract] |
Schedule of Revenue Earning Equipment |
|  | Estimated Useful Lives |  | December 31, 2020 |  | December 31, 2019
Cost |  | Accumulated Depreciation |  | Net (1) |  | Cost |  | Accumulated Depreciation |  | Net (1)
(In years) |  | (In thousands)
Held for use: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trucks |  | 3 — 7 |  | $ | 5,061,266 |  |  | $ | (1,818,594) |  |  | $ | 3,242,672 |  |  | $ | 5,432,236 |  |  | $ | (1,696,160) |  |  | $ | 3,736,076 |
Tractors |  | 4 — 7.5 |  | 7,013,595 |  |  | (2,853,591) |  |  | 4,160,004 |  |  | 7,859,371 |  |  | (2,670,234) |  |  | 5,189,137 |
Trailers and other |  | 9.5 — 12 |  | 2,046,768 |  |  | (804,006) |  |  | 1,242,762 |  |  | 2,131,975 |  |  | (808,798) |  |  | 1,323,177 |
Held for sale |  |  |  | 644,132 |  |  | (512,555) |  |  | 131,577 |  |  | 748,435 |  |  | (569,161) |  |  | 179,274 |
Total |  |  |  | $ | 14,765,761 |  |  | $ | (5,988,746) |  |  | $ | 8,777,015 |  |  | $ | 16,172,017 |  |  | $ | (5,744,353) |  |  | $ | 10,427,664 |
_______________ (1)Revenue earning equipment, net included vehicles under finance leases of $5 million, less accumulated depreciation of $4 million, at December 31, 2020 and $12 million, less accumulated depreciation of $8 million, at December 31, 2019.
Summary of Amounts that have been Recorded for Accelerated and policy Depreciation related to our Residual Value Estimate Changes | The following table provides a summary of amounts that have been recorded for accelerated and policy depreciation related to our residual value estimate changes, as well as used vehicle sales results (rounded to the closest million):
|  | Years ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | (in thousands)
Accelerated depreciation |  | $ | 236,000 |  |  | $ | 223,000 |  |  | $ | 39,000 |
Policy depreciation |  | 255,000 |  |  | 134,000 |  |  | 40,000 |
Used vehicle sales, net |  | (414) |  |  | 59,000 |  |  | 22,000 |
Schedule of Fair Value of Assets | The following table presents 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,
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2018
| (In thousands) |  | (In thousands)
Revenue earning equipment held for sale (1): |  |  |  |  |  |  |  |  |
Trucks | $ | 40,350 |  |  | $ | 39,009 |  |  | $ | 18,022 |  |  | $ | 38,701 |  |  | $ | 40,220 |
Tractors | 64,446 |  |  | 73,359 |  |  | 12,139 |  |  | 40,213 |  |  | 9,030 |
Trailers and other | 4,147 |  |  | 2,206 |  |  | 6,909 |  |  | 4,224 |  |  | 4,478 |
Total assets at fair value | $ | 108,943 |  |  | $ | 114,574 |  |  | $ | 37,070 |  |  | $ | 83,138 |  |  | $ | 53,728 |
_______________ (1)Revenue earning equipment held for sale in this table only includes the portion where net book values exceeded fair values and valuation adjustments were recorded. The net book value of assets held for sale that were less than fair value was $23 million and $65 million as of December 31, 2020 and 2019, respectively. (2)Total losses represent 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 Components of Used Vehicle Sales | The components of used vehicle sales, net were as follows:
|  |  |  |  | Years ended December 31,
|  |  |  |  | 2020 |  | 2019 |  | 2018
|  |  |  |  | (In thousands)
Losses (gains) on vehicle sales, net |  |  |  |  | $ | (37,484) |  |  | $ | (24,432) |  |  | $ | (31,403) |
Losses from valuation adjustments |  |  |  |  | 37,070 |  |  | 83,138 |  |  | 53,728 |
Used vehicle sales, net |  |  |  |  | $ | (414) |  |  | $ | 58,706 |  |  | $ | 22,325 |

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