Revenue Earning Equipment (Tables)

12 Months Ended

Dec. 31, 2017

Revenue Earning Equipment [Abstract]

Summary of revenue earning equipment

	Estimated Useful Lives	December 31, 2017					December 31, 2016
		Cost		Accumulated Depreciation		Net (1)	Cost	Accumulated Depreciation		Net (1)
	(In years)	(In thousands)
Held for use:
ChoiceLease	3 — 12	$	10,002,981	(3,367,431	)	6,635,550	9,486,977	(3,031,937	)	6,455,040
Commercial rental	4.5 — 12	2,616,706		(1,001,965	)	1,614,741	2,499,010	(935,346	)	1,563,664
Held for sale		403,229		(298,258	)	104,971	494,355	(365,337	)	129,018
Total		$	13,022,916	(4,667,654	)	8,355,262	12,480,342	(4,332,620	)	8,147,722

_______________ 

(1) Revenue earning equipment, net includes vehicles under capital leases of $29 million, less accumulated depreciation of $14 million, at December 31, 2017 and $43 million, less accumulated depreciation of $22 million, at December 31, 2016.

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,
	2017		2016	2017		2016
Assets held for sale:	(In thousands)			(In thousands)
Revenue earning equipment: (1)
Trucks	$	33,208	24,178	$	30,812	14,645
Tractors	27,976		57,348	21,261		47,597
Trailers	2,100		2,532	5,992		5,173
Total assets at fair value	$	63,284	84,058	$	58,065	67,415

______________

(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 $42 million and $45 million as of December 31, 2017 and 2016, respectively. We have revised prior year amounts to reflect only the portion of revenue earning equipment held for sale where fair value adjustments were recorded.

(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 twelve months ended December 31, 2017, the components of used vehicle sales, net were as follows:

	Twelve months ended December 31,
	2017			2016		2015
	(In thousands)
Gains on vehicle sales, net	$	(40,824	)	(68,387	)	(117,809	)
Losses from fair value adjustments	58,065			67,415		17,956
Used vehicle sales, net	$	17,241		(972	)	(99,853	)