REVENUE EARNING EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2020

Revenue Earning Equipment [Abstract]



	Estimated Useful Lives	December 31, 2020						December 31, 2019
		Cost		Accumulated Depreciation		Net (1)		Cost		Accumulated Depreciation		Net (1)
	(In years)	(In thousands)
Held for use:
Trucks	3 — 7	$	5,061,266	$	(1,818,594)	$	3,242,672	$	5,432,236	$	(1,696,160)	$	3,736,076
Tractors	4 — 7.5	7,013,595		(2,853,591)		4,160,004		7,859,371		(2,670,234)		5,189,137
Trailers and other	9.5 — 12	2,046,768		(804,006)		1,242,762		2,131,975		(808,798)		1,323,177
Held for sale		644,132		(512,555)		131,577		748,435		(569,161)		179,274
Total		$	14,765,761	$	(5,988,746)	$	8,777,015	$	16,172,017	$	(5,744,353)	$	10,427,664

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(1)Revenue earning equipment, net included vehicles under finance leases of $5 million, less accumulated depreciation of $4 million, at December 31, 2020 and $12 million, less accumulated depreciation of $8 million, at December 31, 2019.

Summary of Amounts that have been Recorded for Accelerated and policy Depreciation related to our Residual Value Estimate Changes

The following table provides a summary of amounts that have been recorded for accelerated and policy depreciation related to our residual value estimate changes, as well as used vehicle sales results (rounded to the closest million):


	Years ended December 31,
	2020		2019		2018
	(in thousands)
Accelerated depreciation	$	236,000	$	223,000	$	39,000
Policy depreciation	255,000		134,000		40,000
Used vehicle sales, net	(414)		59,000		22,000

Schedule of Fair Value of Assets

The following table presents revenue earning equipment held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement:


					Total Losses (2)
	December 31,				Years ended December 31,
	2020		2019		2020		2019		2018
	(In thousands)				(In thousands)
Revenue earning equipment held for sale (1):
Trucks	$	40,350	$	39,009	$	18,022	$	38,701	$	40,220
Tractors	64,446		73,359		12,139		40,213		9,030
Trailers and other	4,147		2,206		6,909		4,224		4,478
Total assets at fair value	$	108,943	$	114,574	$	37,070	$	83,138	$	53,728

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(1)Revenue earning equipment held for sale in this table only includes the portion where net book values exceeded fair values and valuation adjustments were recorded. The net book value of assets held for sale that were less than fair value was $23 million and $65 million as of December 31, 2020 and 2019, respectively.

(2)Total losses represent valuation adjustments for all vehicles reclassified to held for sale throughout the period for which fair value was less than net book value.

Schedule of Components of Used Vehicle Sales

The components of used vehicle sales, net were as follows:


	Years ended December 31,
	2020		2019		2018
	(In thousands)
Losses (gains) on vehicle sales, net	$	(37,484)	$	(24,432)	$	(31,403)
Losses from valuation adjustments	37,070		83,138		53,728
Used vehicle sales, net	$	(414)	$	58,706	$	22,325