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Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2020
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 September 30, 2020
Foreign exchange contracts | $ | 1,309 |
Interest rate caps (a) | 8,552 |
Interest rate swaps | 1,950 |
Commodity contracts (millions of gallons of unleaded gasoline) | 5 |
__________ (a)Represents $5.8 billion of interest rate caps sold, partially offset by approximately $2.8 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 September 30, 2020 |  | As of December 31, 2019
|  | 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) | $ | — |  |  | $ | 72 |  |  | $ | — |  |  | $ | 27 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
| Foreign exchange contracts (b) | 2 |  |  | 4 |  |  | 5 |  |  | 10 |
| Interest rate caps (c) | — |  |  | — |  |  | — |  |  | 1 |
| Commodity contracts (b) | — |  |  | 1 |  |  | — |  |  | — |
| Total | $ | 2 |  |  | $ | 77 |  |  | $ | 5 |  |  | $ | 38 |
__________ 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.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows:
|  | As of September 30, 2020 |  | As of December 31, 2019
|  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Corporate debt |  |  |  |  |  |  |
| Short-term debt and current portion of long-term debt | $ | 19 |  |  | $ | 17 |  |  | $ | 19 |  |  | $ | 19 |
| Long-term debt | 4,145 |  |  | 3,920 |  |  | 3,416 |  |  | 3,572 |
Debt under vehicle programs |  |  |  |  |  |  |
| Vehicle-backed debt due to Avis Budget Rental Car Funding | $ | 6,105 |  |  | $ | 6,312 |  |  | $ | 7,936 |  |  | $ | 8,077 |
| Vehicle-backed debt | 2,231 |  |  | 2,240 |  |  | 3,129 |  |  | 3,142 |
| Interest rate swaps and interest rate caps (a) | 3 |  |  | 3 |  |  | 3 |  |  | 3 |
__________ (a) Derivatives in a liability position.

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