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REVENUE EARNING EQUIPMENT, NET (Tables) | 9 Months Ended
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Sep. 30, 2021
Revenue Earning Equipment [Abstract] |
Schedule of Revenue Earning Equipment |
|  | Estimated Useful Lives |  | September 30, 2021 |  | December 31, 2020
|  |  | Cost |  | Accumulated Depreciation |  | Net |  | Cost |  | Accumulated Depreciation |  | Net
|  | (In years) |  | (In thousands)
Held for use: |  |  |  |
Trucks |  | 3 — 7 |  | $ | 5,151,634 |  |  | $ | (1,993,329) |  |  | $ | 3,158,305 |  |  | $ | 5,061,266 |  |  | $ | (1,818,594) |  |  | $ | 3,242,672 |
Tractors |  | 4 — 7.5 |  | 7,266,726 |  |  | (3,032,901) |  |  | 4,233,825 |  |  | 7,013,595 |  |  | (2,853,591) |  |  | 4,160,004 |
Trailers and other |  | 9.5 — 12 |  | 1,816,896 |  |  | (839,048) |  |  | 977,848 |  |  | 2,046,768 |  |  | (804,006) |  |  | 1,242,762 |
Held for sale |  |  |  | 304,079 |  |  | (239,026) |  |  | 65,053 |  |  | 644,132 |  |  | (512,555) |  |  | 131,577 |
Total |  |  |  | $ | 14,539,335 |  |  | $ | (6,104,304) |  |  | $ | 8,435,031 |  |  | $ | 14,765,761 |  |  | $ | (5,988,746) |  |  | $ | 8,777,015 |
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 and useful life estimate changes since 2019, as well as used vehicle sales results (rounded to the closest million):
|  | Three months ended September 30, |  | Nine months ended September 30, |  |
|  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |
|  | (In thousands)
Accelerated depreciation |  | $ | 10,000 |  |  | $ | 46,000 |  |  | $ | 52,000 |  |  | $ | 202,000 |  |  |
Policy depreciation |  | 66,000 |  |  | 67,000 |  |  | 187,000 |  |  | 186,000 |  |  |
Used vehicle sales, net |  | (69,000) |  |  | (13,000) |  |  | (150,000) |  |  | 17,000 |  |  |
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:
|  |  | Valuation Adjustments
|  |  | Three months ended September 30, |  | Nine months ended September 30,
| September 30, 2021 |  | December 31, 2020 (2) |  | 2021 |  | 2020 |  | 2021 |  | 2020
| (In thousands)
Revenue earning equipment held for sale (1): |  |  |  |  |  |  |  |  |  |  |
Trucks | $ | 1,140 |  |  | $ | 3,848 |  |  | $ | 1,224 |  |  | $ | 511 |  |  | $ | 2,798 |  |  | $ | 16,962 |
Tractors | 446 |  |  | 2,211 |  |  | 2,177 |  |  | 603 |  |  | 2,836 |  |  | 12,091 |
Trailers and other | 560 |  |  | 4,092 |  |  | 1,161 |  |  | 819 |  |  | 5,036 |  |  | 5,404 |
Total assets at fair value | $ | 2,146 |  |  | $ | 10,151 |  |  | $ | 4,562 |  |  | $ | 1,933 |  |  | $ | 10,670 |  |  | $ | 34,457 |
———————————— (1)Reflects only 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 $63 million and $121 million as of September 30, 2021 and December 31, 2020, respectively. (2)Adjusted the presentation of the vehicles held for sale that were recorded to fair value to now exclude vehicles that previously recognized accumulated accelerated depreciation.
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,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (In thousands)
Gains on vehicle sales, net | $ | (73,865) |  |  | $ | (14,852) |  |  | $ | (160,458) |  |  | $ | (17,204) |
Losses from valuation adjustments | 4,562 |  |  | 1,933 |  |  | 10,670 |  |  | 34,457 |
Used vehicle sales, net | $ | (69,303) |  |  | $ | (12,919) |  |  | $ | (149,788) |  |  | $ | 17,253 |

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