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REVENUE EARNING EQUIPMENT, NET (Tables)
 3 Months Ended
Mar. 31, 2022
Revenue Earning Equipment [Abstract]  
Schedule of Revenue Earning Equipment
 Estimated Useful LivesMarch 31, 2022December 31, 2021
 CostAccumulated
Depreciation
Net
CostAccumulated
Depreciation
Net
 (In years)(In thousands)
Held for use:
Trucks
3 — 7
$5,288,297 $(2,089,227)$3,199,070 $5,223,127 $(2,055,135)$3,167,992 
Tractors
   4 — 7.5
7,247,049 (3,071,862)4,175,187 7,256,002 (3,059,206)4,196,796 
Trailers and other
9.5 — 12
1,839,053 (894,753)944,300 1,780,487 (868,820)911,667 
Held for sale273,321 (201,172)72,149 209,506 (162,922)46,584 
Total$14,647,720 $(6,257,014)$8,390,706 $14,469,122 $(6,146,083)$8,323,039 
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 previous residual value estimate changes as well as used vehicle sales results (rounded to the closest million):
Three months ended March 31,
20222021
(In thousands)
Depreciation expense related to estimate changes$49,000 $88,000 
Used vehicle sales, net (1)
(113,000)(29,000)
(1)Used vehicle sales, net in the first quarter of 2022 included $8M of gains on sales of vehicles in the U.K. Refer to Note 15, "Other Items Impacting Comparability,"
Schedule of Fair Value, 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
 Three months ended March 31,
March 31, 2022December 31, 202120222021
 (In thousands)
Revenue earning equipment held for sale (1):
Trucks$507 $931 $526 $890 
Tractors590 1,485 690 84 
Trailers and other263 1,309 280 2,047 
Total assets at fair value$1,360 $3,725 $1,496 $3,021 
 ————————————
(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 $71 million and $43 million as of March 31, 2022 and December 31, 2021, respectively.
Schedule of Gain and Losses Revenue Earning Equipment
The components of used vehicle sales, net were as follows:
 Three months ended March 31,
20222021
(In thousands)
Gains on vehicle sales, net$(114,490)$(31,872)
Losses from valuation adjustments1,496 3,021 
Used vehicle sales, net$(112,994)$(28,851)