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REVENUE EARNING EQUIPMENT (Tables)
 6 Months Ended
Jun. 30, 2018
Revenue Earning Equipment [Abstract]  
Summary of revenue earning equipment
 
June 30, 2018
 
December 31, 2017
 
Cost
 
Accumulated
Depreciation
 
Net  Book
Value (1)
 
Cost
 
Accumulated
Depreciation
 
Net  Book
Value (1)
 
(In thousands)
Held for use:
 
ChoiceLease
$
10,283,609

 
(3,548,389
)
 
6,735,220

 
$
10,002,981

 
(3,367,431
)
 
6,635,550

Commercial rental
3,016,416

 
(1,008,785
)
 
2,007,631

 
2,616,706

 
(1,001,965
)
 
1,614,741

Held for sale
373,267

 
(269,322
)
 
103,945

 
403,229

 
(298,258
)
 
104,971

Total
$
13,673,292

 
(4,826,496
)
 
8,846,796

 
$
13,022,916

 
(4,667,654
)
 
8,355,262

 ————————————
(1)
Revenue earning equipment, net includes vehicles under capital leases of $23 million, less accumulated depreciation of $12 million, at June 30, 2018, and $29 million, less accumulated depreciation of $14 million, at December 31, 2017.

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:
 
 
 
Total Losses (2)
 
 
 
Three months ended June 30,
 
Six months ended June 30,
 
June 30, 2018
 
December 31, 2017
 
2018
 
2017
 
2018
 
2017
 
(In thousands)
Assets held for sale:
 
 
 
 
 
 
 
 
 
 
 
Revenue earning equipment (1):
 
 
 
 
 
 
 
 
 
 
 
Trucks
$
37,895

 
33,208

 
$
10,295

 
10,927

 
$
18,896

 
16,727

Tractors
22,883

 
27,976

 
2,101

 
12,134

 
5,478

 
17,317

Trailers
1,478

 
2,100

 
1,605

 
2,605

 
3,198

 
3,173

Total assets at fair value
$
62,256

 
63,284

 
$
14,001

 
25,666

 
$
27,572

 
37,217

 ————————————
(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 that were less than fair value was $42 million as of June 30, 2018 and December 31, 2017.
(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 three and six months ended June 30, 2018 and 2017, the components of used vehicle sales, net were as follows:
 
Three months ended June 30,
 
Six months ended June 30,
 
2018
 
2017
 
2018
 
2017

(In thousands)
 
 
 
 
 
 
Gains on vehicle sales, net
$
(7,988
)
 
(10,344
)
 
$
(14,150
)
 
(22,675
)
Losses from fair value adjustments
14,001

 
25,666

 
27,572

 
37,217

Used vehicle sales, net
$
6,013

 
15,322

 
$
13,422

 
14,542