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Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | We held derivative instruments with absolute notional values as follows:
| As of March 31, 2022
Foreign exchange contracts | $ | 1,914 |
Interest rate caps (a) | 11,724 |
Interest rate swaps | 1,450 |
__________ (a)Repres ents $7.1 billion of interest rate caps sold, partially offset by approximately $4.6 billion of interest rate caps purchased. These amounts exclude $3.0 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary as it is not consolidated by us.
Fair Value Of Derivative Instruments | Estimated fair values (Level 2) of derivative instruments were as follows:
|  | As of March 31, 2022 |  | As of December 31, 2021
|  | 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) | $ | 24 |  |  | $ | 9 |  |  | $ | 2 |  |  | $ | 27 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
| Foreign exchange contracts (b) | 5 |  |  | 7 |  |  | 7 |  |  | 10 |
| Interest rate caps (c) | 30 |  |  | 48 |  |  | 11 |  |  | 15 |
| Total | $ | 59 |  |  | $ | 64 |  |  | $ | 20 |  |  | $ | 52 |
__________ Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by us; however, certain amounts related to the deriv atives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 13–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. The effects of derivatives recognized in our Consolidated Condensed Financial Statements were as follows:
|  | Three Months Ended March 31,
|  | 2022 |  | 2021
Derivatives designated as hedging instruments (a) |  |  |
| Interest rate swaps (b) | $ | 30 |  |  | $ | 35 |
| Euro-denominated notes (c) | 20 |  |  | 33 |
Derivatives not designated as hedging instruments (d) |  |  |
| Foreign exchange contracts (e) | 12 |  |  | (8) |
| Interest rate caps (f) | 2 |  |  | (1) |
| Total | $ | 64 |  |  | $ | 59 |
__________ (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 13–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 March 31, 2022, included a $12 million gain in interest expense. For the three months ended March 31, 2021, included a $7 million loss in interest expense and a $1 million loss in operating expense.(f)Included primarily in vehicle interest, net.
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 March 31, 2022 |  | As of December 31, 2021
|  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Corporate debt |  |  |  |  |  |  |
| Short-term debt and current portion of long-term debt | $ | 27 |  |  | $ | 26 |  |  | $ | 19 |  |  | $ | 18 |
| Long-term debt | 4,678 |  |  | 4,701 |  |  | 3,990 |  |  | 4,153 |
Debt under vehicle programs |  |  |  |  |  |  |
| Vehicle-backed debt due to Avis Budget Rental Car Funding | $ | 9,743 |  |  | $ | 9,610 |  |  | $ | 8,848 |  |  | $ | 9,009 |
| Vehicle-backed debt | 2,308 |  |  | 2,313 |  |  | 2,528 |  |  | 2,559 |
| Interest rate swaps and interest rate caps (a) | 48 |  |  | 48 |  |  | 14 |  |  | 14 |
__________ (a) Derivatives in a liability position.

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