REVENUE EARNING EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2022

Revenue Earning Equipment [Abstract]

Schedule of Revenue Earning Equipment

	Estimated Useful Lives (In Years)	September 30, 2022						December 31, 2021
(Dollars in thousands)		Cost		Accumulated Depreciation		Net		Cost		Accumulated Depreciation		Net
Held for use:
Trucks	3 — 7	$	5,320,696	$	(2,095,515)	$	3,225,181	$	5,223,127	$	(2,055,135)	$	3,167,992
Tractors	4 — 7.5	7,213,401		(3,171,471)		4,041,930		7,256,002		(3,059,206)		4,196,796
Trailers and other	9.5 — 12	1,566,071		(670,291)		895,780		1,780,487		(868,820)		911,667
Held for sale		357,838		(247,121)		110,717		209,506		(162,922)		46,584
Total		$	14,458,006	$	(6,184,398)	$	8,273,608	$	14,469,122	$	(6,146,083)	$	8,323,039

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 incremental depreciation expense that has been recorded related to our previous residual value estimate changes as well as used vehicle sales results (rounded to the closest million):

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Depreciation expense related to estimate changes	$	50	$	76	$	147	$	239
Used vehicle sales, net (1)	(113)		(69)		(356)		(150)

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(1)Used vehicle sales, net for the third quarter and nine months ended September 30, 2022, included $15 million and $43 million, respectively, of gains on sales of vehicles in the U.K. Refer to Note 15, "Other Items Impacting Comparability"

Schedule of Fair Value, 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:

					Losses from Valuation Adjustments
					Three months ended September 30,				Nine months ended September 30,
(In thousands)	September 30, 2022		December 31, 2021		2022		2021		2022		2021
Revenue earning equipment held for sale (1):
Trucks	$	838	$	931	$	925	$	1,224	$	1,911	$	2,798
Tractors	1,671		1,485		972		2,177		3,424		2,836
Trailers and other	594		1,309		396		1,161		882		5,036
Total assets at fair value	$	3,103	$	3,725	$	2,293	$	4,562	$	6,217	$	10,670

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(1)Reflects only 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 $108 million and $43 million as of September 30, 2022 and December 31, 2021, respectively.

Schedule of Gain and Losses Revenue Earning Equipment

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

	Three months ended September 30,				Nine months ended September 30,
(In thousands)	2022		2021		2022		2021
Gains on vehicle sales, net	$	(115,778)	$	(73,865)	$	(362,262)	$	(160,458)
Losses from valuation adjustments	2,293		4,562		6,217		10,670
Used vehicle sales, net	$	(113,485)	$	(69,303)	$	(356,045)	$	(149,788)