XML 37 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
Revenue Earning Equipment (Tables)
 9 Months Ended
Sep. 30, 2016
Revenue Earning Equipment [Abstract]  
Summary of revenue earning equipment
 
September 30, 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
$
9,460,749

 
(2,979,195
)
 
6,481,554

 
$
8,839,941

 
(2,723,605
)
 
6,116,336

Commercial rental
2,529,929

 
(893,545
)
 
1,636,384

 
2,811,715

 
(907,412
)
 
1,904,303

Held for sale
503,160

 
(346,266
)
 
156,894

 
496,634

 
(332,538
)
 
164,096

Total
$
12,493,838

 
(4,219,006
)
 
8,274,832

 
$
12,148,290

 
(3,963,555
)
 
8,184,735

 
————————————
(1)
Revenue earning equipment, net includes vehicles acquired under capital leases of $42.9 million, less accumulated depreciation of $21.6 million, at September 30, 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)
 
September 30,
 
Three months ended September 30,
 
Nine months ended September 30,
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
(In thousands)
Assets held for sale:
 
 
 
 
 
 
 
 
 
 
 
Revenue earning equipment (1):
 
 
 
 
 
 
 
 
 
 
 
Trucks
$
17,091

 
7,701

 
$
2,528

 
1,657

 
$
6,842

 
4,400

Tractors
61,480

 
10,093

 
7,985

 
2,062

 
22,073

 
3,970

Trailers
2,563

 
1,195

 
1,152

 
610

 
2,589

 
1,582

 
 
 
 
 
 
 
 
 
 
 
 
Total assets at fair value
$
81,134

 
18,989

 
$
11,665

 
4,329

 
$
31,504

 
9,952

 ————————————
(1)
Assets held for sale in the above table only include the portion of revenue earning equipment held for sale where net book values exceeded fair values and fair value adjustments were recorded. The net book value of assets held for sale not exceeding fair value was $75.8 million and $145.1 million as of September 30, 2016 and 2015, respectively.
(2)
Total losses represent fair value adjustments for all vehicles reclassified to held for sale throughout the period for which fair value was less than carrying value.
Gain and Losses Revenue Earning Equipment
For the three and nine months ended September 30, 2016 and 2015, the components of gains on used vehicles, net were as follows:
 
Three months ended September 30,
 
Nine months ended September 30,
 
2016
 
2015
 
2016
 
2015
 
(In thousands)
Gains on vehicle sales, net
$
(13,538
)
 
(29,294
)
 
$
(64,506
)
 
(92,110
)
Losses from fair value adjustments
11,665

 
4,329

 
31,504

 
9,952

Gains on used vehicles, net
$
(1,873
)
 
(24,965
)
 
$
(33,002
)
 
(82,158
)