v3.22.4
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, 2022December 31, 2021
CostAccumulated
Depreciation		NetCostAccumulated
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 sale388 (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)202220212020
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)20222021202220212020
Revenue earning equipment held for sale (1):
Trucks$1 $1 $3 $4 $18 
Tractors2 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)202220212020
Gains on vehicle sales, net (1)
$(459)$(271)$(37)
Losses from valuation adjustments9 14 37 
Used vehicle sales, net$(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.