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REVENUE EARNING EQUIPMENT, NET (Tables) | 6 Months Ended
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Jun. 30, 2024
Revenue Earning Equipment [Abstract] |
Schedule of Revenue Earning Equipment |
|  | Estimated Useful Lives (In Years) |  | June 30, 2024 |  | December 31, 2023
(Dollars in millions) |  |  | Cost |  | Accumulated Depreciation |  | Net |  | Cost |  | Accumulated Depreciation |  | Net
Held for use: |  |  |  |
Trucks |  | 3 — 7 |  | $ | 5,821 |  |  | $ | (2,182) |  |  | $ | 3,639 |  |  | $ | 5,630 |  |  | $ | (2,192) |  |  | $ | 3,438 |
Tractors |  | 4 — 7.5 |  | 6,737 |  |  | (2,641) |  |  | 4,096 |  |  | 6,995 |  |  | (2,712) |  |  | 4,283 |
Trailers and other |  | 9.5 — 12 |  | 1,709 |  |  | (665) |  |  | 1,044 |  |  | 1,686 |  |  | (683) |  |  | 1,003 |
Held for sale |  |  |  | 840 |  |  | (651) |  |  | 189 |  |  | 732 |  |  | (564) |  |  | 168 |
Total |  |  |  | $ | 15,107 |  |  | $ | (6,139) |  |  | $ | 8,968 |  |  | $ | 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:
|  |  |  | Losses from Valuation Adjustments
|  | June 30, 2024 |  | December 31, 2023 |  | Three months ended June 30, |  | Six months ended June 30,
(In millions) |  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Revenue earning equipment held for sale: |  |  |  |  |  |  |  |  |  |  |  |
Trucks |  | $ | 9 |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 6 |  |  | $ | 3 |
Tractors |  | 32 |  |  | 38 |  |  | 3 |  |  | — |  |  | 9 |  |  | — |
Trailers and other |  | 3 |  |  | 4 |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 1 |
Total assets at fair value |  | $ | 44 |  |  | $ | 47 |  |  | $ | 7 |  |  | $ | 2 |  |  | $ | 17 |  |  | $ | 4 |
Schedule of Gain and Losses Revenue Earning Equipment | The components of "Used vehicle sales, net" were as follows:
|  | Three months ended June 30, |  | Six months ended June 30,
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Gains on used vehicle sales, net |  | $ | (26) |  |  | $ | (57) |  |  | $ | (56) |  |  | $ | (131) |
Losses from valuation adjustments |  | 7 |  |  | 2 |  |  | 17 |  |  | 4 |
Used vehicle sales, net |  | $ | (19) |  |  | $ | (55) |  |  | $ | (39) |  |  | $ | (127) |

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