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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
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 December 31,
| 2024 |  | 2023
Foreign exchange contracts | $ | 1,704 |  |  | $ | 1,407 |
Interest rate caps (a) | 12,014 |  |  | 15,146 |
Interest rate swaps | 750 |  |  | 750 |
__________ (a)Represents $8.9 billion of interest rate caps sold and approximately $3.1 billion of interest rate caps purchased at December 31, 2024 and $10.3 billion of interest rate caps sold and approximately $4.9 billion of interest rate caps purchased at December 31, 2023. These amounts exclude $5.8 billion and $5.9 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary at December 31, 2024 and 2023, respectively, as it is not consolidated by us.
Schedule of Fair Value of Derivative Instruments | Estimated fair values (Level 2) of derivative instruments are as follows:
| As of December 31, 2024 |  | As of December 31, 2023
| 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) | $ | 41 |  |  | $ | — |  |  | $ | 50 |  |  | $ | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Foreign exchange contracts (b) | 5 |  |  | 10 |  |  | 5 |  |  | 4 |
Interest rate caps (c) | 3 |  |  | 12 |  |  | 19 |  |  | 74 |
Total | $ | 49 |  |  | $ | 22 |  |  | $ | 74 |  |  | $ | 78 |
__________ 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 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 other current assets or other current liabilities. (c)Included in assets under vehicle programs or liabilities under vehicle programs.
Schedule of Effect of Derivatives Recognized | The effects of derivatives recognized in our Consolidated Financial Statements are as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Financial instruments designated as hedging instruments (a) |  |  |  |  |
Interest rate swaps (b) | $ | (6) |  |  | $ | (8) |  |  | $ | 64 |
Euro-denominated notes (c) | 55 |  |  | (21) |  |  | 44 |
Financial instruments not designated as hedging instruments (d) |  |  |  |  |
Foreign exchange contracts (e) | (47) |  |  | (12) |  |  | 36 |
Interest rate caps (f) | — |  |  | (1) |  |  | (1) |
Total | $ | 2 |  |  | $ | (42) |  |  | $ | 143 |
__________ (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 adjustments 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, 2024, included a $47 million loss in interest expense. For the year ended December 31, 2023, included a $14 million loss in interest expense and a $2 million gain in operating expenses. For the year ended December 31, 2022, included a $39 million gain in interest expense and a $3 million loss in operating expenses. (f)Primarily included in vehicle interest, net.
Schedule of Carrying Amounts and Estimated Fair Values | The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows:
| As of December 31, 2024 |  | As of December 31, 2023
| Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Corporate debt |  |  |  |  |  |  |
Short-term debt and current portion of long-term debt | $ | 20 |  |  | $ | 20 |  |  | $ | 32 |  |  | $ | 32 |
Long-term debt | 5,373 |  |  | 5,452 |  |  | 4,791 |  |  | 4,812 |
Debt under vehicle programs |  |  |  |  |  |  |
Vehicle-backed debt due to Avis Budget Rental Car Funding | $ | 14,083 |  |  | $ | 14,154 |  |  | $ | 15,441 |  |  | $ | 15,238 |
Vehicle-backed debt | 3,441 |  |  | 3,469 |  |  | 3,422 |  |  | 3,435 |
Interest rate swaps and interest rate caps (a) | 12 |  |  | 12 |  |  | 74 |  |  | 74 |
___________ (a)Derivatives in a liability position.

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