REVENUE EARNING EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2019

Revenue Earning Equipment [Abstract]

Summary of revenue earning equipment

	June 30, 2019					December 31, 2018
	Cost		Accumulated Depreciation		Net  Book Value (1)	Cost	Accumulated Depreciation		Net  Book Value (1)
	(In thousands)
Held for use:
ChoiceLease	$	11,791,913	(3,833,796	)	7,958,117	10,824,989	(3,645,655	)	7,179,334
Commercial rental	3,475,933		(1,041,299	)	2,434,634	3,152,908	(1,047,346	)	2,105,562
Held for sale	615,699		(447,439	)	168,260	467,093	(336,028	)	131,065
Total	$	15,883,545	(5,322,534	)	10,561,011	14,444,990	(5,029,029	)	9,415,961

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(1) Revenue earning equipment, net includes vehicles under finance leases of $13 million, less accumulated depreciation of $7 million, at June 30, 2019, and $23 million, less accumulated depreciation of $13 million, at December 31, 2018.

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, 2019		December 31, 2018	2019		2018	2019		2018
	(In thousands)
Assets held for sale:
Revenue earning equipment (1):
Trucks	$	44,059	44,325	$	8,740	10,295	$	20,287	18,896
Tractors	52,620		35,397	14,053		2,101	19,021		5,478
Trailers	1,691		1,507	1,485		1,605	1,664		3,198
Total assets at fair value	$	98,370	81,229	$	24,278	14,001	$	40,972	27,572

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(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 $70 million and $50 million as of June 30, 2019 and December 31, 2018, respectively.

(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

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

	Three months ended June 30,					Six months ended June 30,
	2019			2018		2019			2018
	(In thousands)
Gains on vehicle sales, net	$	(6,138	)	(8,442	)	$	(14,615	)	(14,582	)
Losses from fair value adjustments	24,278			14,001		40,972			27,572
Used vehicle sales, net	$	18,140		5,559		$	26,357		12,990