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REVENUE EARNING EQUIPMENT (Tables)
 3 Months Ended
Mar. 31, 2017
Revenue Earning Equipment [Abstract]  
Summary of revenue earning equipment
 
March 31, 2017
 
December 31, 2016
 
Cost
 
Accumulated
Depreciation
 
Net  Book
Value (1)
 
Cost
 
Accumulated
Depreciation
 
Net  Book
Value (1)
 
(In thousands)
Held for use:
 
ChoiceLease
$
9,664,962

 
(3,159,228
)
 
6,505,734

 
$
9,486,977

 
(3,031,937
)
 
6,455,040

Commercial rental
2,492,992

 
(942,309
)
 
1,550,683

 
2,499,010

 
(935,346
)
 
1,563,664

Held for sale
439,022

 
(324,263
)
 
114,759

 
494,355

 
(365,337
)
 
129,018

Total
$
12,596,976

 
(4,425,800
)
 
8,171,176

 
$
12,480,342

 
(4,332,620
)
 
8,147,722

 
————————————
(1)
Revenue earning equipment, net book value includes vehicles acquired under capital leases of $37 million, less accumulated depreciation of $17 million, at March 31, 2017, and $43 million, less accumulated depreciation of $22 million, at December 31, 2016.

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,
 
2017
 
2016
 
2017
 
2016
 
(In thousands)
Assets held for sale:
 
 
 
 
 
 
 
Revenue earning equipment (1):
 
 
 
 
 
 
 
Trucks
$
12,228

 
11,538

 
$
5,800

 
1,744

Tractors
38,383

 
39,739

 
5,183

 
4,882

Trailers
2,303

 
3,153

 
568

 
662

Total assets at fair value
$
52,914

 
54,430

 
$
11,551

 
7,288

 ————————————
(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 $62 million and $120 million as of March 31, 2017 and 2016, 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 months ended March 31, 2017 and 2016, the components of used vehicle sales, net were as follows:
 
Three months ended March 31,
 
2017
 
2016

(In thousands)
Gains on vehicle sales, net
$
(12,331
)
 
(26,417
)
Losses from fair value adjustments
11,551

 
7,288

Used vehicle sales, net
$
(780
)
 
(19,129
)