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Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2015
Financial Instruments  
Summary of financial assets and liabilities measured at fair value on a recurring basis
The following table summarizes the estimated fair value of financial instruments:
 
Fair Value of Financial Instruments
 
Asset Derivatives(a)
 
Liability Derivatives(a)
 
Years Ended December 31,
 
Years Ended December 31,
(In millions)
2015
 
2014
 
2015
 
2014
Interest rate caps
$
9

 
$
25

 
$
9

 
$
25

Foreign currency forward contracts
3

 
6

 
1

 
2

Total
$
12

 
$
31

 
$
10

 
$
27


(a)    All asset derivatives are recorded in "Prepaid expenses and other assets" and all liability derivatives are recorded in "Accrued liabilities" in the Company's consolidated balance sheets.
Schedule of gain (loss) on derivative instruments not designated as hedges recognized in income
The following table summarizes the gains and (losses) on financial instruments for the period indicated:
 
Location of Gain or (Loss)
Recognized on Derivatives
 
Amount of Gain or
(Loss) Recognized in
Income on Derivatives
 
 
 
Years Ended December 31,
(In millions)
 
 
2015
 
2014
 
2013
Gasoline swaps
Direct operating
 
$

 
$

 
$
2

Interest rate caps
Selling, general and administrative
 

 
(2
)
 
(1
)
Foreign currency forward contracts
Selling, general and administrative
 
(20
)
 
(1
)
 
(22
)
Total
 
 
$
(20
)
 
$
(3
)
 
$
(21
)
Offsetting Assets
The impact of offsetting derivative instruments is depicted below as of December 31, 2015:
Prepaid Expenses and Other Assets:
(In millions)
Gross assets
 
Gross assets offset in Balance Sheet
 
Net recognized assets in Balance Sheet
 
Gross Financial Instruments not offset in Balance Sheet
 
Net Amount
Interest rate caps
$
9

 
$

 
$
9

 
$

 
$
9

Foreign currency forward contracts
3

 

 
3

 

 
3

Total
$
12

 
$

 
$
12

 
$

 
$
12

The impact of offsetting derivative instruments is depicted below as of December 31, 2014:
Prepaid Expenses and Other Assets:
(In millions)
Gross assets
 
Gross assets offset in Balance Sheet
 
Net recognized assets in Balance Sheet
 
Gross Financial Instruments not offset in Balance Sheet
 
Net Amount
Interest rate caps
$
25

 
$

 
$
25

 
$

 
$
25

Foreign currency forward contracts
6

 

 
6

 
(3
)
 
3

Total
$
31

 
$

 
$
31

 
$
(3
)
 
$
28

Offsetting Liabilities
Accrued Liabilities:
(In millions)
Gross liabilities
 
Gross liabilities offset in Balance Sheet
 
Net recognized liabilities in Balance Sheet
 
Gross Financial Instruments not offset in Balance Sheet
 
Net Amount
Interest rate caps
$
25

 
$

 
$
25

 
$
(1
)
 
$
24

Foreign currency forward contracts
2

 

 
2

 
(2
)
 

Total
$
27

 
$

 
$
27

 
$
(3
)
 
$
24

Accrued Liabilities:
(In millions)
Gross liabilities
 
Gross liabilities offset in Balance Sheet
 
Net recognized liabilities in Balance Sheet
 
Gross Financial Instruments not offset in Balance Sheet
 
Net Amount
Interest rate caps
$
9

 
$

 
$
9

 
$

 
$
9

Foreign currency forward contracts
1

 

 
1

 

 
1

Total
$
10

 
$

 
$
10

 
$

 
$
10