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REVENUE EARNING EQUIPMENT, NET (Tables) | 3 Months Ended
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Mar. 31, 2024
Revenue Earning Equipment [Abstract] |
Schedule of Revenue Earning Equipment |
|  | Estimated Useful Lives (In Years) |  | March 31, 2024 |  | December 31, 2023
(Dollars in millions) |  |  | Cost |  | Accumulated Depreciation |  | Net |  | Cost |  | Accumulated Depreciation |  | Net
Held for use: |  |  |  |
Trucks |  | 3 — 7 |  | $ | 5,705 |  |  | $ | (2,183) |  |  | $ | 3,522 |  |  | $ | 5,630 |  |  | $ | (2,192) |  |  | $ | 3,438 |
Tractors |  | 4 — 7.5 |  | 6,862 |  |  | (2,638) |  |  | 4,224 |  |  | 6,995 |  |  | (2,712) |  |  | 4,283 |
Trailers and other |  | 9.5 — 12 |  | 1,725 |  |  | (675) |  |  | 1,050 |  |  | 1,686 |  |  | (683) |  |  | 1,003 |
Held for sale |  |  |  | 805 |  |  | (624) |  |  | 181 |  |  | 732 |  |  | (564) |  |  | 168 |
Total |  |  |  | $ | 15,097 |  |  | $ | (6,120) |  |  | $ | 8,977 |  |  | $ | 15,043 |  |  | $ | (6,151) |  |  | $ | 8,892 |
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
|  | March 31, 2024 |  | December 31, 2023 |  | Three months ended March 31,
(In millions) |  |  |  | 2024 |  | 2023
Revenue earning equipment held for sale: |  |  |  |  |  |  |  |
Trucks |  | $ | 7 |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | 1 |
Tractors |  | 36 |  |  | 38 |  |  | 6 |  |  | 1 |
Trailers and other |  | 4 |  |  | 4 |  |  | 1 |  |  | 1 |
Total assets at fair value |  | $ | 47 |  |  | $ | 47 |  |  | $ | 10 |  |  | $ | 3 |
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) |  | 2024 |  | 2023 |  |  |  |
Gains on used vehicle sales, net |  | $ | (30) |  |  | $ | (75) |  |  |  |  |
Losses from valuation adjustments |  | 10 |  |  | 3 |  |  |  |  |
Used vehicle sales, net |  | $ | (20) |  |  | $ | (72) |  |  |  |  |

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