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Revenue Earning Equipment (Tables)
 6 Months Ended
Jun. 30, 2017
Revenue Earning Equipment [Abstract]  
Summary of revenue earning equipment
 
June 30, 2017
 
December 31, 2016
 
Cost
 
Accumulated
Depreciation
 
Net  Book
Value(1)
 
Cost
 
Accumulated
Depreciation
 
Net  Book
Value(1)
 
(In thousands)
Held for use:
 
ChoiceLease
$
9,693,006

 
(3,200,466
)
 
6,492,540

 
$
9,486,977

 
(3,031,937
)
 
6,455,040

Commercial rental
2,532,681

 
(942,127
)
 
1,590,554

 
2,499,010

 
(935,346
)
 
1,563,664

Held for sale
495,334

 
(371,587
)
 
123,747

 
494,355

 
(365,337
)
 
129,018

Total
$
12,721,021

 
(4,514,180
)
 
8,206,841

 
$
12,480,342

 
(4,332,620
)
 
8,147,722

 ————————————
(1)
Revenue earning equipment, net includes vehicles acquired under capital leases of $36 million, less accumulated depreciation of $18 million, at June 30, 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)
 
June 30,
 
Three months ended June 30,
 
Six months ended June 30,
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
(In thousands)
Assets held for sale:
 
 
 
 
 
 
 
 
 
 
 
Revenue earning equipment (1):
 
 
 
 
 
 
 
 
 
 
 
Trucks
$
9,026

 
13,749

 
$
10,927

 
2,570

 
$
16,727

 
4,314

Tractors
23,726

 
51,795

 
12,134

 
9,206

 
17,317

 
14,088

Trailers
2,852

 
3,015

 
2,605

 
775

 
3,173

 
1,437

 
 
 
 
 
 
 
 
 
 
 
 
Total assets at fair value
$
35,604

 
68,559

 
$
25,666

 
12,551

 
$
37,217

 
19,839

 ————————————
(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 $88 million and $60 million as of June 30, 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 net book value.
Gain and losses revenue earning equipment
For the three and six months ended June 30, 2017 and 2016, the components of gains on used vehicles, net were as follows:
 
Three months ended June 30,
 
Six months ended June 30,
 
2017
 
2016
 
2017
 
2016
 
(In thousands)
Gains on vehicle sales, net
$
(10,344
)
 
(24,551
)
 
$
(22,675
)
 
(50,968
)
Losses from fair value adjustments
25,666

 
12,551

 
37,217

 
19,839

Used vehicle sales, net
$
15,322

 
(12,000
)
 
$
14,542

 
(31,129
)