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REVENUE EARNING EQUIPMENT, NET (Tables) | 12 Months Ended
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Dec. 31, 2021
Revenue Earning Equipment [Abstract] |
Schedule of Revenue Earning Equipment |
|  | Estimated Useful Lives |  | December 31, 2021 |  | December 31, 2020
Cost |  | Accumulated Depreciation |  | Net |  | Cost |  | Accumulated Depreciation |  | Net
(In years) |  | (In thousands)
Held for use: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trucks |  | 3 — 7 |  | $ | 5,223,127 |  |  | $ | (2,055,135) |  |  | $ | 3,167,992 |  |  | $ | 5,061,266 |  |  | $ | (1,818,594) |  |  | $ | 3,242,672 |
Tractors |  | 4 — 7.5 |  | 7,256,002 |  |  | (3,059,206) |  |  | 4,196,796 |  |  | 7,013,595 |  |  | (2,853,591) |  |  | 4,160,004 |
Trailers and other |  | 9.5 — 12 |  | 1,780,487 |  |  | (868,820) |  |  | 911,667 |  |  | 2,046,768 |  |  | (804,006) |  |  | 1,242,762 |
Held for sale |  |  |  | 209,506 |  |  | (162,922) |  |  | 46,584 |  |  | 644,132 |  |  | (512,555) |  |  | 131,577 |
Total |  |  |  | $ | 14,469,122 |  |  | $ | (6,146,083) |  |  | $ | 8,323,039 |  |  | $ | 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 incremental depreciation expense that has been recorded related to our residual value estimate changes since 2019, as well as used vehicle sales results (rounded to the closest million):
|  | Years ended December31,
|  | 2021 |  | 2020 |  | 2019
|  | (in thousands)
Depreciation expense related to estimate changes |  | $ | 309,000 |  |  | $ | 491,000 |  |  | $ | 357,000 |
Used vehicle sales, net |  | (257,000) |  |  | — |  |  | 59,000 |
2021 During the second quarter of 2021, we completed a review of the residual values and useful lives of revenue earning equipment. Based on the results of our analysis, we primarily adjusted our residual value estimates for certain tractors and useful lives of certain classes of our revenue earning equipment, which impacted approximately 15% of our total fleet. The increase in depreciation expense in 2021 as a result of residual value estimate changes was not material to our results of operations.
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:
|  |  |  |  | Losses from Valuation Adjustments
| December 31, |  | Years ended December 31,
| 2021 |  | 2020 (2) |  | 2021 |  | 2020 |  | 2019
| (In thousands) |  | (In thousands)
Revenue earning equipment held for sale (1): |  |  |  |  |  |  |  |  |
Trucks | $ | 931 |  |  | $ | 3,848 |  |  | $ | 3,390 |  |  | $ | 18,022 |  |  | $ | 38,701 |
Tractors | 1,485 |  |  | 2,211 |  |  | 4,179 |  |  | 12,139 |  |  | 40,213 |
Trailers and other | 1,309 |  |  | 4,092 |  |  | 6,005 |  |  | 6,909 |  |  | 4,224 |
Total assets at fair value | $ | 3,725 |  |  | $ | 10,151 |  |  | $ | 13,574 |  |  | $ | 37,070 |  |  | $ | 83,138 |
_______________ (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 $43 million and $121 million as of December 31, 2021 and 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 depreciation.
Schedule of Components of Used Vehicle Sales | The components of used vehicle sales, net were as follows:
|  |  |  |  | Years ended December 31,
|  |  |  |  | 2021 |  | 2020 |  | 2019
|  |  |  |  | (In thousands)
Gains on vehicle sales, net |  |  |  |  | $ | (270,976) |  |  | $ | (37,484) |  |  | $ | (24,432) |
Losses from valuation adjustments |  |  |  |  | 13,574 |  |  | 37,070 |  |  | 83,138 |
Used vehicle sales, net |  |  |  |  | $ | (257,402) |  |  | $ | (414) |  |  | $ | 58,706 |

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