REVENUE EARNING EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2023

Revenue Earning Equipment [Abstract]

Schedule of Revenue Earning Equipment

	Estimated Useful Lives (In Years)	June 30, 2023						December 31, 2022
(Dollars in millions)		Cost		Accumulated Depreciation		Net		Cost		Accumulated Depreciation		Net
Held for use:
Trucks	3 — 7	$	5,499	$	(2,153)	$	3,346	$	5,282	$	(2,114)	$	3,168
Tractors	4 — 7.5	7,283		(2,972)		4,311		7,153		(3,153)		4,000
Trailers and other	9.5 — 12	1,679		(686)		993		1,610		(690)		920
Held for sale (1)		630		(485)		145		388		(286)		102
Total		$	15,091	$	(6,296)	$	8,795	$	14,433	$	(6,243)	$	8,190

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(1)Revenue earning equipment held for sale where net book values exceed fair values are adjusted to fair value on a nonrecurring basis and these adjustments are considered Level 3 fair value measurements. The fair value of revenue earning equipment held for sale adjusted with Level 3 fair value measurements was $3 million for both periods ending June 30, 2023, and December 31, 2022. The net book value of all other assets held for sale were below fair value.

Schedule of 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,
(In millions)	2023		2022		2023		2022
Gains on used vehicle sales, net (1)	$	(57)	$	(132)	$	(131)	$	(247)
Losses from valuation adjustments	2		2		4		4
Used vehicle sales, net	$	(55)	$	(130)	$	(127)	$	(243)

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(1)For the six months ended June 30, 2023, Gains on used vehicle sales, net includes $2 million, recorded during the first quarter of 2023, related to the exit of the FMS U.K. business and $20 million and $28 million, for the three and six months ended June 30, 2022, respectively.