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Equipment Held for Sale
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Equipment Held for Sale Equipment Held for Sale
The Company's equipment held for sale is recorded at the lower of fair value less cost to sell, or carrying value at the time identified for sale. Fair value is measured using Level 2 inputs and is based on recent sales prices and other factors. The following table summarizes the portion of equipment held for sale in the consolidated balance sheet that have been impaired and written down to fair value less cost to sell (in thousands):
September 30, 2020December 31, 2019
Equipment held for sale$9,408 $11,797 

An impairment charge is recorded when the carrying value of the asset exceeds its fair value less cost to sell. The following table summarizes the Company's net impairment charges recorded in net gains or losses on sale of leasing equipment held for sale on the consolidated statements of operations (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Impairment (loss) reversal on equipment held for sale$(766)$(1,364)$(3,309)$(4,095)
Gain (loss) on sale of equipment, net of selling costs11,503 7,560 22,660 26,279 
Net gain on sale of leasing equipment$10,737 $6,196 $19,351 $22,184