REVENUE EARNING EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2021

Revenue Earning Equipment [Abstract]

Schedule of Revenue Earning Equipment

	Estimated Useful Lives	June 30, 2021						December 31, 2020
		Cost		Accumulated Depreciation		Net		Cost		Accumulated Depreciation		Net
	(In years)	(In thousands)
Held for use:
Trucks	3 — 7	$	5,195,420	$	(1,945,096)	$	3,250,324	$	5,061,266	$	(1,818,594)	$	3,242,672
Tractors	4 — 7.5	7,247,325		(3,040,912)		4,206,413		7,013,595		(2,853,591)		4,160,004
Trailers and other	9.5 — 12	1,765,247		(768,590)		996,657		2,046,768		(804,006)		1,242,762
Held for sale		370,339		(292,634)		77,705		644,132		(512,555)		131,577
Total		$	14,578,331	$	(6,047,232)	$	8,531,099	$	14,765,761	$	(5,988,746)	$	8,777,015

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 and useful life estimate changes since 2019, as well as used vehicle sales results (rounded to the closest million):

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(In thousands)
Accelerated depreciation	$	12,000	$	77,000	$	42,000	$	156,000
Policy depreciation	63,000		68,000		121,000		119,000
Used vehicle sales, net	(52,000)		9,000		(80,000)		30,000

Schedule of 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:

					Valuation Adjustments
					Three months ended June 30,				Six months ended June 30,
	June 30, 2021		December 31, 2020 (2)		2021		2020		2021		2020
	(In thousands)
Revenue earning equipment held for sale (1):
Trucks	$	2,209	$	3,848	$	684	$	5,389	$	1,574	$	16,451
Tractors	1,383		2,211		575		3,035		659		11,488
Trailers and other	2,176		4,092		1,828		2,592		3,875		4,585
Total assets at fair value	$	5,768	$	10,151	$	3,087	$	11,016	$	6,108	$	32,524

 ————————————

(1)Revenue earning equipment held for sale in the table above 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 $72 million and $121 million as of June 30, 2021 and December 31, 2020, respectively.

(2)Adjusted the presentation of the vehicles held for sale that were recorded to fair value to now exclude vehicles that previously recognized accumulated accelerated depreciation.

Schedule of Gain and Losses Revenue Earning Equipment

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

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(In thousands)
Gains on vehicle sales, net	$	(54,721)	$	(1,528)	$	(86,593)	$	(2,352)
Losses from valuation adjustments	3,087		11,016		6,108		32,524
Used vehicle sales, net	$	(51,634)	$	9,488	$	(80,485)	$	30,172