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Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2018
Investments, All Other Investments [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | The Company held derivative instruments with absolute notional values as follows:
| As of June 30, 2018
Interest rate caps (a) | $ | 8,934 |
Interest rate swaps | 1,000 |
Foreign exchange contracts | 1,276 |
Commodity contracts (millions of gallons of unleaded gasoline) | 9 |
__________
(a) | Represents $5.9 billion of interest rate caps sold, partially offset by approximately $3.0 billion of interest rate caps purchased. These amounts exclude $3.0 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary as it is not consolidated by the Company.
Fair Value Of Derivative Instruments | Estimated fair values (Level 2) of derivative instruments were as follows:
|  | As of June 30, 2018 |  | As of December 31, 2017
|  | 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) | $ | 19 |  |  | $ | — |  |  | $ | 8 |  |  | $ | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
| Interest rate caps (b) | 1 |  |  | 5 |  |  | — |  |  | 1 |
| Foreign exchange contracts (c) | 14 |  |  | 5 |  |  | 3 |  |  | 7 |
| Commodity contracts (c) | 1 |  |  | — |  |  | — |  |  | — |
| Total | $ | 35 |  |  | $ | 10 |  |  | $ | 11 |  |  | $ | 8 |
__________ Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss).
(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.
Derivative Instruments, Gain (Loss) [Table Text Block] | The effects of derivatives recognized in the Company’s Consolidated Condensed Financial Statements were as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Derivatives designated as hedging instruments (a) |  |  |  |  |  |  |
| Interest rate swaps | $ | 2 |  |  | $ | (2 | ) |  | $ | 8 |  |  | $ | (1 | )
| Euro-denominated notes | 26 |  |  | (26 | ) |  | 13 |  |  | (31 | )
Derivatives not designated as hedging instruments (b) |  |  |  |  |  |  |
| Interest rate caps (c) | (1 | ) |  | — |  |  | (1 | ) |  | — |
| Foreign exchange contracts (d) | 28 |  |  | (21 | ) |  | 19 |  |  | (33 | )
| Commodity contracts (e) | 1 |  |  | (1 | ) |  | 1 |  |  | (2 | )
| Total | $ | 56 |  |  | $ | (50 | ) |  | $ | 40 |  |  | $ | (67 | )
__________
(a) | Recognized, net of tax, as a component of other comprehensive income (loss) 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) | Included primarily in vehicle interest, net.
(d) | For the three months ended June 30, 2018, included a $20 million gain in interest expense and a $8 million gain in operating expense and for the six months ended June 30, 2018, included a $7 million gain in interest expense and a $12 million gain in operating expense. For the three months ended June 30, 2017, included a $11 million loss in interest expense and a $10 million loss in operating expense and for the six months ended June 30, 2017, included a $18 million loss in interest expense and a $15 million loss in operating expense.
(e) | Included in operating expense.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows:
|  | As of June 30, 2018 |  | As of December 31, 2017
|  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Corporate debt |  |  |  |  |  |  |
| Short-term debt and current portion of long-term debt | $ | 24 |  |  | $ | 24 |  |  | $ | 26 |  |  | $ | 26 |
| Long-term debt | 3,544 |  |  | 3,539 |  |  | 3,573 |  |  | 3,677 |
Debt under vehicle programs |  |  |  |  |  |  |
| Vehicle-backed debt due to Avis Budget Rental Car Funding | $ | 8,265 |  |  | $ | 8,270 |  |  | $ | 6,480 |  |  | $ | 6,537 |
| Vehicle-backed debt | 3,506 |  |  | 3,520 |  |  | 2,740 |  |  | 2,745 |
| Interest rate swaps and interest rate caps (a) | 5 |  |  | 5 |  |  | 1 |  |  | 1 |
__________
(a) | Derivatives in a liability position.

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