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Revenue Earning Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2018
Revenue Earning Equipment [Abstract]  
Summary of revenue earning equipment
 
 
Estimated
Useful
Lives
 
December 31, 2018
 
December 31, 2017
Cost
 
Accumulated
Depreciation
 
Net (1)
 
Cost
 
Accumulated
Depreciation
 
Net (1)
(In years)
 
(In thousands)
Held for use:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ChoiceLease
 
3 — 12
 
$
10,955,447

 
(3,694,104
)
 
7,261,343

 
10,002,981

 
(3,367,431
)
 
6,635,550

Commercial rental
 
4.5 — 12
 
3,152,908

 
(1,047,346
)
 
2,105,562

 
2,616,706

 
(1,001,965
)
 
1,614,741

Held for sale
 
 
 
467,093

 
(336,028
)
 
131,065

 
403,229

 
(298,258
)
 
104,971

Total
 
 
 
$
14,575,448

 
(5,077,478
)
 
9,497,970

 
13,022,916

 
(4,667,654
)
 
8,355,262

_______________ 
(1)
Revenue earning equipment, net includes vehicles under capital leases of $18 million, less accumulated depreciation of $10 million, at December 31, 2018 and $29 million, less accumulated depreciation of $14 million, at December 31, 2017.
Fair value, assets measured on recurring and nonrecurring basis
The following table presents our assets that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement:
 
 
 
 
 
 
Total Losses (2)
 
 
December 31,
 
Year ended December 31,
 
 
2018
 
2017
 
2018
 
2017
Assets held for sale:
 
(In thousands)
 
(In thousands)
Revenue earning equipment: (1)
 
 
 
 
 
 
 
 
Trucks
 
$
44,325

 
33,208

 
$
40,220

 
30,812

Tractors
 
35,397

 
27,976

 
9,030

 
21,261

Trailers
 
1,507

 
2,100

 
4,478

 
5,992

Total assets at fair value
 
$
81,229

 
63,284

 
$
53,728

 
58,065

______________
(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 $50 million and $42 million as of December 31, 2018 and 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
he components of used vehicle sales, net were as follows:
 
Twelve months ended December 31,
 
2018
 
2017
 
2016
 
(In thousands)
Gains on vehicle sales, net
$
(31,989
)
 
(40,824
)
 
(68,387
)
Losses from fair value adjustments
53,728

 
58,065

 
67,415

Used vehicle sales, net
$
21,739

 
17,241

 
(972
)