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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2019
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,
| 2019 |  | 2018
Foreign exchange contracts | $ | 1,518 |  |  | $ | 1,235 |
Interest rate caps (a) | 8,625 |  |  | 8,431 |
Interest rate swaps | 1,500 |  |  | 1,500 |
__________ (a) Represents $5.9 billion of interest rate caps sold, partially offset by approximately $2.7 billion of interest rate caps purchased at December 31, 2019 and $5.7 billion of interest rate caps sold, partially offset by approximately $2.7 billion of interest rate caps purchased at December 31, 2018. These amounts exclude $3.2 billion and $3.0 billion of interest rate caps purchased by the Company’s Avis Budget Rental Car Funding subsidiary at December 31, 2019 and 2018, respectively.
Fair Value of Derivative Instruments | Fair values (Level 2) of derivative instruments are as follows:
|  | As of December 31, 2019 |  | As of December 31, 2018
|  | 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) | $ | — |  |  | $ | 27 |  |  | $ | 12 |  |  | $ | 8 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
| Interest rate caps (b) | — |  |  | 1 |  |  | — |  |  | 2 |
| Foreign exchange contracts (c) | 5 |  |  | 10 |  |  | 5 |  |  | 11 |
| Commodity contracts (c) | — |  |  | — |  |  | — |  |  | 1 |
| Total | $ | 5 |  |  | $ | 38 |  |  | $ | 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 16-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,
|  | 2019 |  | 2018 |  | 2017
Financial instruments designated as hedging instruments (a) |  |  |  |  |
| Interest rate swaps (b) | $ | (23 | ) |  | $ | (4 | ) |  | $ | 3 |
| Euro-denominated notes (c) | 17 |  |  | 24 |  |  | (50 | )
Financial instruments not designated as hedging instruments (d) |  |  |  |  |
| Foreign exchange contracts (e) | (7 | ) |  | 31 |  |  | (42 | )
| Interest rate caps (f) | (1 | ) |  | (3 | ) |  | (1 | )
| Commodity contracts (g) | 3 |  |  | — |  |  | (1 | )
Total | $ | (11 | ) |  | $ | 48 |  |  | $ | (91 | )
__________
(a) | Recognized, net of tax, as a component of accumulated 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 16-Stockholders’ Equity for amounts reclassified from accumulated other comprehensive income (loss) 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 year ended December 31, 2019, included an $11 million loss included in interest expense and a $4 million gain included in operating expenses. For the year ended December 31, 2018, included a $19 million gain included in interest expense and a $12 million gain included in operating expenses. For the year ended December 31, 2017, included a $23 million loss in interest expense and a $19 million loss included in operating expenses.
(f) | Primarily included in vehicle interest, net.
(g) Included in operating expenses.
Schedule of Carrying Amounts and Estimated Fair Values | Debt Instruments The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows:
|  | As of December 31, 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 | $ | 19 |  |  | $ | 19 |  |  | $ | 23 |  |  | $ | 23 |
| Long-term debt | 3,416 |  |  | 3,572 |  |  | 3,528 |  |  | 3,462 |
Debt under vehicle programs |  |  |  |  |  |  |
| Vehicle-backed debt due to Avis Budget Rental Car Funding | $ | 7,936 |  |  | $ | 8,077 |  |  | $ | 7,358 |  |  | $ | 7,383 |
| Vehicle-backed debt | 3,129 |  |  | 3,142 |  |  | 2,871 |  |  | 2,881 |
| Interest rate swaps and interest rate caps (a) | 3 |  |  | 3 |  |  | 3 |  |  | 3 |
___________ (a) Derivatives in liability position.

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