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Revenue Earning Equipment (Tables)
 9 Months Ended
Sep. 30, 2017
Revenue Earning Equipment [Abstract]  
Summary of revenue earning equipment
 
September 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
$
9,799,028

 
(3,284,267
)
 
6,514,761

 
$
9,486,977

 
(3,031,937
)
 
6,455,040

Commercial rental
2,599,043

 
(973,126
)
 
1,625,917

 
2,499,010

 
(935,346
)
 
1,563,664

Held for sale
417,771

 
(309,132
)
 
108,639

 
494,355

 
(365,337
)
 
129,018

Total
$
12,815,842

 
(4,566,525
)
 
8,249,317

 
$
12,480,342

 
(4,332,620
)
 
8,147,722

 ————————————
(1)
Revenue earning equipment, net includes vehicles acquired under capital leases of $29 million, less accumulated depreciation of $14 million, at September 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)
 
September 30,
 
Three months ended September 30,
 
Nine months ended September 30,
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
(In thousands)
Assets held for sale:
 
 
 
 
 
 
 
 
 
 
 
Revenue earning equipment (1):
 
 
 
 
 
 
 
 
 
 
 
Trucks
$
14,081

 
17,091

 
$
6,215

 
2,528

 
$
22,942

 
6,842

Tractors
15,448

 
61,480

 
1,127

 
7,985

 
18,444

 
22,073

Trailers
2,279

 
2,563

 
1,871

 
1,152

 
5,044

 
2,589

 
 
 
 
 
 
 
 
 
 
 
 
Total assets at fair value
$
31,808

 
81,134

 
$
9,213

 
11,665

 
$
46,430

 
31,504

 ————————————
(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 which were less than fair value was $77 million and $76 million as of September 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 nine months ended September 30, 2017 and 2016, the components of gains on used vehicles, net were as follows:
 
Three months ended September 30,
 
Nine months ended September 30,
 
2017
 
2016
 
2017
 
2016
 
(In thousands)
Gains on vehicle sales, net
$
(11,940
)
 
(13,538
)
 
$
(34,615
)
 
(64,506
)
Losses from fair value adjustments
9,213

 
11,665

 
46,430

 
31,504

Used vehicle sales, net
$
(2,727
)
 
(1,873
)
 
$
11,815

 
(33,002
)