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REVENUE EARNING EQUIPMENT, NET (Tables) | 9 Months Ended
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Sep. 30, 2022
Revenue Earning Equipment [Abstract] |
Schedule of Revenue Earning Equipment |
|  | Estimated Useful Lives (In Years) |  | September 30, 2022 |  | December 31, 2021
(Dollars in thousands) |  |  | Cost |  | Accumulated Depreciation |  | Net |  | Cost |  | Accumulated Depreciation |  | Net
Held for use: |  |  |  |
Trucks |  | 3 — 7 |  | $ | 5,320,696 |  |  | $ | (2,095,515) |  |  | $ | 3,225,181 |  |  | $ | 5,223,127 |  |  | $ | (2,055,135) |  |  | $ | 3,167,992 |
Tractors |  | 4 — 7.5 |  | 7,213,401 |  |  | (3,171,471) |  |  | 4,041,930 |  |  | 7,256,002 |  |  | (3,059,206) |  |  | 4,196,796 |
Trailers and other |  | 9.5 — 12 |  | 1,566,071 |  |  | (670,291) |  |  | 895,780 |  |  | 1,780,487 |  |  | (868,820) |  |  | 911,667 |
Held for sale |  |  |  | 357,838 |  |  | (247,121) |  |  | 110,717 |  |  | 209,506 |  |  | (162,922) |  |  | 46,584 |
Total |  |  |  | $ | 14,458,006 |  |  | $ | (6,184,398) |  |  | $ | 8,273,608 |  |  | $ | 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 September 30, |  | Nine months ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Depreciation expense related to estimate changes |  | $ | 50 |  |  | $ | 76 |  |  | $ | 147 |  |  | $ | 239 |
Used vehicle sales, net (1) |  | (113) |  |  | (69) |  |  | (356) |  |  | (150) |
———————————————— (1)Used vehicle sales, net for the third quarter and nine months ended September 30, 2022, included $15 million and $43 million, respectively, 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 September 30, |  | Nine months ended September 30,
(In thousands) |  | September 30, 2022 |  | December 31, 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Revenue earning equipment held for sale (1): |  |  |  |  |  |  |  |  |  |  |  |
Trucks |  | $ | 838 |  |  | $ | 931 |  |  | $ | 925 |  |  | $ | 1,224 |  |  | $ | 1,911 |  |  | $ | 2,798 |
Tractors |  | 1,671 |  |  | 1,485 |  |  | 972 |  |  | 2,177 |  |  | 3,424 |  |  | 2,836 |
Trailers and other |  | 594 |  |  | 1,309 |  |  | 396 |  |  | 1,161 |  |  | 882 |  |  | 5,036 |
Total assets at fair value |  | $ | 3,103 |  |  | $ | 3,725 |  |  | $ | 2,293 |  |  | $ | 4,562 |  |  | $ | 6,217 |  |  | $ | 10,670 |
———————————— (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 $108 million and $43 million as of September 30, 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 September 30, |  | Nine months ended September 30,
(In thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Gains on vehicle sales, net |  | $ | (115,778) |  |  | $ | (73,865) |  |  | $ | (362,262) |  |  | $ | (160,458) |
Losses from valuation adjustments |  | 2,293 |  |  | 4,562 |  |  | 6,217 |  |  | 10,670 |
Used vehicle sales, net |  | $ | (113,485) |  |  | $ | (69,303) |  |  | $ | (356,045) |  |  | $ | (149,788) |

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