REVENUE EARNING EQUIPMENT (Tables)

9 Months Ended

Sep. 30, 2018

Revenue Earning Equipment [Abstract]

Summary of revenue earning equipment

	September 30, 2018					December 31, 2017
	Cost		Accumulated Depreciation		Net  Book Value (1)	Cost	Accumulated Depreciation		Net  Book Value (1)
	(In thousands)
Held for use:
ChoiceLease	$	10,559,956	(3,623,781	)	6,936,175	10,002,981	(3,367,431	)	6,635,550
Commercial rental	3,163,603		(1,030,908	)	2,132,695	2,616,706	(1,001,965	)	1,614,741
Held for sale	413,677		(295,720	)	117,957	403,229	(298,258	)	104,971
Total	$	14,137,236	(4,950,409	)	9,186,827	13,022,916	(4,667,654	)	8,355,262

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(1) Revenue earning equipment, net includes vehicles under capital leases of $19 million, less accumulated depreciation of $10 million, at September 30, 2018, and $29 million, less accumulated depreciation of $14 million, at December 31, 2017.

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,		December 31,	Three months ended September 30,			Nine months ended September 30,
	2018		2017	2018		2017	2018		2017
	(In thousands)
Assets held for sale:
Revenue earning equipment (1):
Trucks	$	40,950	33,208	$	9,713	6,215	$	28,609	22,942
Tractors	24,897		27,976	1,317		1,127	6,795		18,444
Trailers	1,770		2,100	502		1,871	3,700		5,044
Total assets at fair value	$	67,617	63,284	$	11,532	9,213	$	39,104	46,430

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(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 that were less than fair value was $50 million and $42 million as of September 30, 2018 and December 31, 2017, 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, 2018 and 2017, the components of used vehicle sales, net were as follows:

	Three months ended September 30,					Nine months ended September 30,
	2018			2017		2018			2017
	(In thousands)
Gains on vehicle sales, net	$	(8,520	)	(11,940	)	$	(22,670	)	(34,615	)
Losses from fair value adjustments	11,532			9,213		39,104			46,430
Used vehicle sales, net	$	3,012		(2,727	)	$	16,434		11,815