Revenue Earning Equipment (Tables)

3 Months Ended

Mar. 31, 2016

Revenue Earning Equipment [Abstract]



	March 31, 2016					December 31, 2015
	Cost		Accumulated Depreciation		Net Book Value⁽¹⁾	Cost		Accumulated Depreciation		Net Book Value⁽¹⁾
	(In thousands)
Held for use:
Full service lease	$	9,093,718	(2,802,126	)	6,291,592	$	8,839,941	(2,723,605	)	6,116,336
Commercial rental	2,702,767		(893,981	)	1,808,786	2,811,715		(907,412	)	1,904,303
Held for sale	528,231		(353,516	)	174,715	496,634		(332,538	)	164,096
Total	$	12,324,716	(4,049,623	)	8,275,093	$	12,148,290	(3,963,555	)	8,184,735

————————————


(1)	Revenue earning equipment, net includes vehicles acquired under capital leases of $46.3 million, less accumulated depreciation of $22.7 million, at March 31, 2016, and $47.5 million, less accumulated depreciation of $22.2 million, at December 31, 2015.

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:



				Total Losses ⁽²⁾
	March 31			Three months ended March 31,
	2016		2015	2016		2015
	(In thousands)
Assets held for sale:
Revenue earning equipment ⁽¹⁾:
Trucks	$	11,538	5,298	$	1,744	1,228
Tractors	39,739		4,611	4,882		827
Trailers	3,153		1,231	662		316

Total assets at fair value	54,430		11,140	$	7,288	2,371

————————————


(1)	Assets held for sale in the above table only include the portion of revenue earning equipment held for sale where carrying value exceeded fair value.


(2)	Total losses represent fair value adjustments for all vehicles held for sale throughout the period for which fair value was less than carrying value.

Gain and Losses Revenue Earning Equipment

For the three months ended March 31, 2016 and 2015, the components of gains on used vehicles, net were as follows:



	March 31
	2016			2015
	(In thousands)
Gains on vehicle sales, net	$	(26,417	)	(29,579	)
Losses from fair value adjustments	7,288			2,371
Gains on used vehicles, net	$	(19,129	)	(27,208	)