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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | The Company held derivative instruments with absolute notional values as follows:
| As of December 31,
| 2015 |  | 2014
Interest rate caps (a) | $ | 10,179 |  |  | $ | 8,333 |
Interest rate swaps | 900 |  |  | 1,592 |
Foreign exchange contracts | 811 |  |  | 493 |
__________
(a) | Represents $8.2 billion of interest rate caps sold, partially offset by approximately $2.0 billion of interest rate caps purchased at December 31, 2015 and $6.2 billion of interest rate caps sold, partially offset by approximately $2.1 billion of interest rate caps purchased at December 31, 2014. These amounts exclude $6.2 billion and $4.2 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary at December 31, 2015 and 2014, respectively.
Fair Value of Derivative Instruments | Fair values (Level 2) of derivative instruments are as follows:
|  | As of December 31, 2015 |  | As of December 31, 2014
|  | Fair Value, Asset Derivatives |  | Fair Value, Liability Derivatives |  | Fair Value, Asset Derivatives |  | Fair Value, Liability Derivatives
Derivatives designated as hedging instruments |  |  |  |  |  |  |
| Interest rate swaps (a) | $ | 1 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 3 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
| Interest rate caps (b) | 1 |  |  | 5 |  |  | — |  |  | 10 |
| Foreign exchange contracts (c) | 16 |  |  | 2 |  |  | 5 |  |  | 2 |
| Commodity contracts (c) | — |  |  | 1 |  |  | — |  |  | 1 |
| Total | $ | 18 |  |  | $ | 13 |  |  | $ | 6 |  |  | $ | 16 |
__________ Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by the Company; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 15-Stockholders’ Equity.
(a) | Included in other non-current assets or other non-current liabilities.
(b) | Included in assets under vehicle programs or liabilities under vehicle programs.
(c) | Included in other current assets or other current liabilities.
Schedule of Effect of Derivatives Recognized | The effects of derivatives recognized in the Company’s Consolidated Financial Statements are as follows:
|  | Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
Financial instruments designated as hedging instruments (a) |  |  |  |  |
| Interest rate swaps | $ | (1 | ) |  | $ | (2 | ) |  | $ | 1 |
| Euro-denominated notes | 34 |  |  | 46 |  |  | (11 | )
Financial instruments not designated as hedging instruments (b) |  |  |  |  |
| Foreign exchange contracts (c) | 48 |  |  | 8 |  |  | 27 |
| Interest rate caps (d) | (2 | ) |  | (3 | ) |  | 4 |
| Commodity contracts (e) | — |  |  | (3 | ) |  | 1 |
Total | $ | 79 |  |  | $ | 46 |  |  | $ | 22 |
__________
(a) | Recognized, net of tax, as a component of accumulated other comprehensive income within stockholders’ equity.
(b) | Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.
(c) | For the year ended December 31, 2015, included a $32 million gain included in interest expense and a $16 million gain included in operating expenses. For the year ended December 31, 2014, included a $10 million gain in interest expense and a $2 million loss included in operating expenses. For the year ended December 31, 2013, included a $20 million gain in interest expense and a $7 million gain included in operating expenses.
(d) | For the years ended December 31, 2015 and 2014, amounts are included in vehicle interest, net. For the year ended December 31, 2013, $1 million of expense is included in vehicle interest, net and a $5 million gain is included in interest expense.
(e) | Included in operating expenses.
Schedule of Carrying Amounts and Estimated Fair Values | The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows:
|  | As of December 31, 2015 |  | As of December 31, 2014
|  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Corporate debt |  |  |  |  |  |  |
| Short-term debt and current portion of long-term debt | $ | 26 |  |  | $ | 26 |  |  | $ | 28 |  |  | $ | 28 |
| Long-term debt | 3,435 |  |  | 3,478 |  |  | 3,325 |  |  | 3,439 |
Debt under vehicle programs |  |  |  |  |  |  |
| Vehicle-backed debt due to Avis Budget Rental Car Funding | $ | 6,796 |  |  | $ | 6,836 |  |  | $ | 6,296 |  |  | $ | 6,407 |
| Vehicle-backed debt | 2,060 |  |  | 2,071 |  |  | 1,750 |  |  | 1,771 |
| Interest rate swaps and interest rate caps (a) | 4 |  |  | 4 |  |  | 10 |  |  | 10 |
___________ The carrying values of long-term debt, vehicle-backed debt due to Avis Budget Rental Car Funding and vehicle-backed debt as of December 31, 2014 have been retrospectively adjusted by $67 million, $44 million and $16 million, respectively, to include debt issuance costs, which are presented as a reduction of the corresponding liability.
(a) | Derivatives in liability position.

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