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Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2019
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, 2019
Foreign exchange contracts | $ | 1,393 |
Interest rate caps (a) | 8,398 |
Interest rate swaps | 1,500 |
Commodity contracts (millions of gallons of unleaded gasoline) | 9 |
__________ (a) Represents $5.7 billion of interest rate caps sold, partially offset by approximately $2.7 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, 2019 |  | As of December 31, 2018
|  | Fair Value, Derivative Assets |  | Fair Value, Derivative Liabilities |  | Fair Value, Derivative Assets |  | Fair Value, Derivative Liabilities
Derivatives designated as hedging instruments |  |  |  |  |  |  |
| Interest rate swaps (a) | $ | 1 |  |  | $ | 26 |  |  | $ | 12 |  |  | $ | 8 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
| Foreign exchange contracts (b) | 5 |  |  | 8 |  |  | 5 |  |  | 11 |
| Interest rate caps (c) | — |  |  | — |  |  | — |  |  | 2 |
| Commodity contracts (b) | 2 |  |  | — |  |  | — |  |  | 1 |
| Total | $ | 8 |  |  | $ | 34 |  |  | $ | 17 |  |  | $ | 22 |
__________ 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 14-Stockholders’ Equity.
(a) | Included in other non-current assets or other non-current liabilities.
(b) | Included in other current assets or other current liabilities.
(c) | Included in assets under vehicle programs or liabilities under vehicle programs.
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,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Derivatives designated as hedging instruments (a) |  |  |  |  |  |  |
| Interest rate swaps (b) | $ | (13 | ) |  | $ | 2 |  |  | $ | (21 | ) |  | $ | 8 |
| Euro-denominated notes (c) | (11 | ) |  | 26 |  |  | 5 |  |  | 13 |
Derivatives not designated as hedging instruments (d) |  |  |  |  |  |  |
| Foreign exchange contracts (e) | 10 |  |  | 28 |  |  | 11 |  |  | 19 |
| Interest rate caps (f) | — |  |  | (1 | ) |  | — |  |  | (1 | )
| Commodity contracts (g) | 1 |  |  | 1 |  |  | 4 |  |  | 1 |
| Total | $ | (13 | ) |  | $ | 56 |  |  | $ | (1 | ) |  | $ | 40 |
__________
(a) | Recognized, net of tax, as a component of other comprehensive income (loss) within stockholders’ equity.
(b) | Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 14–Stockholders’ Equity for amounts reclassified from accumulated other comprehensive income into earnings.
(c) | Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss).
(d) | Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.
(e) | For the three months ended June 30, 2019, included a $15 million gain in interest expense and a $5 million loss in operating expense and for the six months ended June 30, 2019, included a $11 million gain in interest expense. For the three months ended June 30, 2018, included $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.
(f) | Included primarily in vehicle interest, net.
(g) 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, 2019 |  | As of December 31, 2018
|  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Corporate debt |  |  |  |  |  |  |
| Short-term debt and current portion of long-term debt | $ | 420 |  |  | $ | 431 |  |  | $ | 23 |  |  | $ | 23 |
| Long-term debt | 3,115 |  |  | 3,233 |  |  | 3,528 |  |  | 3,462 |
Debt under vehicle programs |  |  |  |  |  |  |
| Vehicle-backed debt due to Avis Budget Rental Car Funding | $ | 8,913 |  |  | $ | 9,067 |  |  | $ | 7,358 |  |  | $ | 7,383 |
| Vehicle-backed debt | 3,540 |  |  | 3,557 |  |  | 2,871 |  |  | 2,881 |
| Interest rate swaps and interest rate caps (a) | 3 |  |  | 3 |  |  | 3 |  |  | 3 |
__________ (a) Derivatives in a liability position.

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