REVENUE EARNING EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2022

Revenue Earning Equipment [Abstract]

Schedule of Revenue Earning Equipment

(In millions)	Estimated Useful Lives	December 31, 2022						December 31, 2021
		Cost		Accumulated Depreciation		Net		Cost		Accumulated Depreciation		Net
Held for use:	(In years)
Trucks	3 — 7	$	5,282	$	(2,114)	$	3,168	$	5,223	$	(2,055)	$	3,168
Tractors	4 — 7.5	7,153		(3,153)		4,000		7,256		(3,059)		4,197
Trailers and other	9.5 — 12	1,610		(690)		920		1,780		(869)		911
Held for sale		388		(286)		102		210		(163)		47
Total		$	14,433	$	(6,243)	$	8,190	$	14,469	$	(6,146)	$	8,323

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 residual value estimate changes since 2019, as well as used vehicle sales results (rounded to the closest million):

	Years ended December31,
(In millions)	2022		2021		2020
Depreciation expense related to estimate changes	$	193	$	309	$	491
Used vehicle sales, net	(450)		(257)		—

Schedule of Fair Value of 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
	December 31,				Years ended December 31,
(In millions)	2022		2021		2022		2021		2020
Revenue earning equipment held for sale (1):
Trucks	$	1	$	1	$	3	$	4	$	18
Tractors	2		2		5		4		12
Trailers and other	—		1		1		6		7
Total assets at fair value	$	3	$	4	$	9	$	14	$	37

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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 $99 million and $43 million as of December 31, 2022 and 2021, respectively.

Schedule of Components of Used Vehicle Sales

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

	Years ended December 31,
(In millions)	2022		2021		2020
Gains on vehicle sales, net (1)	$	(459)	$	(271)	$	(37)
Losses from valuation adjustments	9		14		37
Used vehicle sales, net	$	(450)	$	(257)	$	—

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(1) In 2022, Gains on vehicle sales, net includes $49 million related to the exit of the FMS U.K.business.