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REVENUE EARNING EQUIPMENT, NET | 9 Months Ended
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Sep. 30, 2025
Revenue Earning Equipment [Abstract] |
REVENUE EARNING EQUIPMENT, NET | REVENUE EARNING EQUIPMENT, NET
|  | Estimated Useful Lives (In Years) |  | September 30, 2025 |  | December 31, 2024
(Dollars in millions) |  |  | Cost |  | Accumulated Depreciation |  | Net |  | Cost |  | Accumulated Depreciation |  | Net
Held for use: |  |  |  |
Trucks |  | 3 — 7 |  | $ | 6,217 |  |  | $ | (2,196) |  |  | $ | 4,021 |  |  | $ | 6,252 |  |  | $ | (2,210) |  |  | $ | 4,042 |
Tractors |  | 4 — 7.5 |  | 6,670 |  |  | (2,841) |  |  | 3,829 |  |  | 6,721 |  |  | (2,739) |  |  | 3,982 |
Trailers and other |  | 9.5 — 12 |  | 1,687 |  |  | (692) |  |  | 995 |  |  | 1,695 |  |  | (671) |  |  | 1,024 |
Held for sale |  |  |  | 741 |  |  | (583) |  |  | 158 |  |  | 781 |  |  | (623) |  |  | 158 |
Total |  |  |  | $ | 15,315 |  |  | $ | (6,312) |  |  | $ | 9,003 |  |  | $ | 15,449 |  |  | $ | (6,243) |  |  | $ | 9,206 |
Residual Value Estimate Changes We periodically review and adjust, as appropriate, the estimated residual values of existing revenue earning equipment for the purposes of recording depreciation expense. Reductions in estimated residual values will increase depreciation expense over the remaining useful life of the vehicle. Conversely, an increase in estimated residual values will decrease depreciation expense over the remaining useful life of the vehicle. Our review of the estimated residual values of revenue earning equipment is based on vehicle class (i.e., generally subcategories of trucks, tractors and trailers by weight and usage), historical and current market prices, third-party expected future market prices, expected lives of vehicles, and expected sales in the wholesale or retail markets, among other factors. A variety of factors, many of which are outside of our control, could cause residual value estimates to differ from actual used vehicle sales pricing, such as changes in supply and demand of used vehicles; volatility in market conditions; changes in vehicle technology; competitor pricing; regulatory requirements; wholesale market prices; customer requirements and preferences; and changes in underlying assumption factors. We have disciplines related to the management and maintenance of our vehicles designed to manage the risk associated with the residual values of our revenue earning equipment. Effective January 1, 2025, we made an immaterial adjustment to certain vehicles' estimated residual values based on this review. Used Vehicle S ales and Valuation Adjustments Revenue earning equipment held for sale is stated at the lower of carrying amount or fair value less costs to sell. Losses on vehicles held for sale for which carrying values exceeded fair value, which we refer to as "valuation adjustments," are recognized at the time they are deemed to meet the held-for-sale criteria and are presented within "Used vehicle sales, net" in the Condensed Consolidated Statements of Earnings. For revenue earning equipment held for sale, we stratify our fleet by vehicle type (trucks, tractors and trailers), weight class, age and other relevant characteristics and create classes of similar assets for analysis purposes. For revenue earning equipment held for sale, fair value was determined based upon recent market prices obtained from our own sales experience for each class of similar assets and vehicle condition, if available, or third-party market pricing. In addition, we also consider expected declines in market prices, as well as forecasted sales channel mix (retail/wholesale) when valuing the vehicles held for sale. 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
|  | September 30, 2025 |  | December 31, 2024 |  | Three months ended September 30, |  | Nine months ended September 30,
(In millions) |  |  |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue earning equipment held for sale: |  |  |  |  |  |  |  |  |  |  |  |
Trucks |  | $ | 24 |  |  | $ | 10 |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | 18 |  |  | $ | 9 |
Tractors |  | 26 |  |  | 27 |  |  | 5 |  |  | 4 |  |  | 17 |  |  | 13 |
Trailers and other |  | 5 |  |  | 3 |  |  | 1 |  |  | 1 |  |  | 6 |  |  | 3 |
Total assets at fair value |  | $ | 55 |  |  | $ | 40 |  |  | $ | 11 |  |  | $ | 8 |  |  | $ | 41 |  |  | $ | 25 |
The table above reflects only the portion where net book values of revenue earnings equipment held for sale exceeded fair values and valuation adjustments were recorded. The net book value of assets held for sale that were less than fair value was $103 million and $118 million as of September 30, 2025 and December 31, 2024, respectively. The components of "Used vehicle sales, net" were as follows:
|  | Three months ended September 30, |  | Nine months ended September 30,
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Gains on used vehicle sales, net |  | $ | (14) |  |  | $ | (23) |  |  | $ | (51) |  |  | $ | (79) |
Losses from valuation adjustments |  | 11 |  |  | 8 |  |  | 41 |  |  | 25 |
Used vehicle sales, net |  | $ | (3) |  |  | $ | (15) |  |  | $ | (10) |  |  | $ | (54) |

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- Definition Revenue Earning Equipment. + References No definition available. + Details
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- Definition Disclosure of revenue earning equipment used in the normal conduct of the vehicle leasing and commercial rental business, not otherwise defined in the taxonomy. This disclosure may include accounting policies and methodology and impact of changes thereto, a schedule of revenue earning equipment cost, accumulated depreciation, net book value, useful lives, assets held for sale. In addition, this disclosure includes vehicles acquired under capital leases and accumulated amortization included within revenue earning equipment. This element may be used as a single block of text to include the entire revenue earning equipment disclosure, including data and tables. + References No definition available. + Details
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