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REVENUE EARNING EQUIPMENT, NET (Tables)
 9 Months Ended
Sep. 30, 2021
Revenue Earning Equipment [Abstract]  
Schedule of Revenue Earning Equipment
 Estimated Useful LivesSeptember 30, 2021December 31, 2020
 CostAccumulated
Depreciation
Net
CostAccumulated
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 sale304,079 (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,
2021202020212020
(In thousands)
Accelerated depreciation$10,000 $46,000 $52,000 $202,000 
Policy depreciation66,000 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)
2021202020212020
 (In thousands)
Revenue earning equipment held for sale (1):
Trucks$1,140 $3,848 $1,224 $511 $2,798 $16,962 
Tractors446 2,211 2,177 603 2,836 12,091 
Trailers and other560 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 $121 million as of September 30, 2021 and December 31, 2020, respectively.
(2)Adjusted the presentation of the vehicles held for sale that were recorded to fair value to now exclude vehicles that previously recognized accumulated accelerated depreciation.
Schedule of Gain and Losses Revenue Earning Equipment
The components of used vehicle sales, net were as follows:
 Three months ended September 30,Nine months ended September 30,
2021202020212020
(In thousands)
Gains on vehicle sales, net$(73,865)$(14,852)$(160,458)$(17,204)
Losses from valuation adjustments4,562 1,933 10,670 34,457 
Used vehicle sales, net$(69,303)$(12,919)$(149,788)$17,253