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REVENUE EARNING EQUIPMENT, NET (Tables) | 3 Months Ended
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Mar. 31, 2023
Revenue Earning Equipment [Abstract] |
Schedule of Revenue Earning Equipment |
|  | Estimated Useful Lives (In Years) |  | March 31, 2023 |  | December 31, 2022
(Dollars in millions) |  |  | Cost |  | Accumulated Depreciation |  | Net |  | Cost |  | Accumulated Depreciation |  | Net
Held for use: |  |  |  |
Trucks |  | 3 — 7 |  | $ | 5,303 |  |  | $ | (2,133) |  |  | $ | 3,170 |  |  | $ | 5,282 |  |  | $ | (2,114) |  |  | $ | 3,168 |
Tractors |  | 4 — 7.5 |  | 7,142 |  |  | (3,096) |  |  | 4,046 |  |  | 7,153 |  |  | (3,153) |  |  | 4,000 |
Trailers and other |  | 9.5 — 12 |  | 1,615 |  |  | (693) |  |  | 922 |  |  | 1,610 |  |  | (690) |  |  | 920 |
Held for sale (1) |  |  |  | 463 |  |  | (348) |  |  | 115 |  |  | 388 |  |  | (286) |  |  | 102 |
Total |  |  |  | $ | 14,523 |  |  | $ | (6,270) |  |  | $ | 8,253 |  |  | $ | 14,433 |  |  | $ | (6,243) |  |  | $ | 8,190 |
———————————— (1)Revenue earning equipment held for sale where net book values exceed fair values are adjusted to fair value on a nonrecurring basis and these adjustments are considered Level 3 fair value measurements. The fair value of revenue earning equipment held for sale adjusted with Level 3 fair value measurements were $4 million and $3 million as of March 31, 2023, and December 31, 2022, respectively. The net book value of all other assets held for sale were below fair value.
Schedule of Gain and Losses Revenue Earning Equipment | The components of "Used vehicle sales, net" were as follows:
|  | Three months ended March 31, |  |
(In millions) |  | 2023 |  | 2022 |  |  |  |
Gains on vehicle sales, net (1) |  | $ | (75) |  |  | $ | (115) |  |  |  |  |
Losses from valuation adjustments |  | 3 |  |  | 2 |  |  |  |  |
Used vehicle sales, net |  | $ | (72) |  |  | $ | (113) |  |  |  |  |
———————————— (1)For the three months ended March 31, 2023 and 2022, gains on vehicle sales, net includes $2 million and $8 million, respectively, related to the exit of the FMS U.K.business.

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