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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2017
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, 2017
Interest rate caps (a)
$
11,035

Interest rate swaps
1,100

Foreign exchange contracts
887

 
 
Commodity contracts (millions of gallons of unleaded gasoline)
4

__________
(a) 
Represents $8.0 billion of interest rate caps sold, partially offset by approximately $3.0 billion of interest rate caps purchased. These amounts exclude $5.0 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, 2017
 
As of December 31, 2016
 
 
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)
$
4

 
$
2

 
$
7

 
$
4

 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
Interest rate caps (b)
—

 
1

 
1

 
7

 
Foreign exchange contracts (c)
7

 
10

 
7

 
2

 
Total
$
11

 
$
13

 
$
15

 
$
13

__________
Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss).
(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.
Derivative Instruments, Gain (Loss) [Table Text Block]
The effects of derivatives recognized in the Company’s Consolidated Condensed Financial Statements were as follows:
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended
September 30,
 
 
2017

2016

2017

2016
Derivatives designated as hedging instruments (a)
 
 
 
 
 
 
 
 
Interest rate swaps
$
1

 
$
4

 
$
—

 
$
(4
)
 
Euro-denominated notes
(13
)
 
(3
)
 
(44
)
 
(11
)
Derivatives not designated as hedging instruments (b)
 
 
 
 
 
 
 
 
Interest rate caps (c)
(1
)
 
—

 
(1
)
 
(1
)
 
Foreign exchange contracts (d)
(11
)
 
5

 
(44
)
 
17

 
Commodity contracts (e)
1

 
—

 
(1
)
 
—

 
Total
$
(23
)
 
$
6

 
$
(90
)
 
$
1

__________
(a) 
Recognized, net of tax, as a component of other comprehensive income (loss) within stockholders’ equity.
(b) 
Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.
(c) 
For the three and nine months ended September 30, 2016 and 2017, included in vehicle interest, net.
(d) 
For the three months ended September 30, 2017, included a $7 million loss in interest expense and a $4 million loss in operating expense and for the nine months ended September 30, 2017, included a $25 million loss in interest expense and a $19 million loss in operating expense. For the three months ended September 30, 2016, included a $8 million gain in interest expense and a $3 million loss in operating expense and for the nine months ended September 30, 2016, included a $43 million gain in interest expense and a $26 million loss in operating expense.
(e) 
Included in operating expense.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows: 
 
 
As of September 30, 2017
 
As of December 31, 2016
 
 
Carrying
Amount
 
Estimated
Fair
Value
 
Carrying
Amount
 
Estimated
Fair
Value
Corporate debt
 
 
 
 
 
 
 
 
Short-term debt and current portion of long-term debt
$
26

 
$
26

 
$
279

 
$
280

 
Long-term debt
3,565

 
3,667

 
3,244

 
3,265

 
 
 
 
 
 
 
 
 
Debt under vehicle programs
 
 
 
 
 
 
 
 
Vehicle-backed debt due to Avis Budget Rental Car Funding
$
6,785

 
$
6,834

 
$
6,695

 
$
6,722

 
Vehicle-backed debt
3,780

 
3,786

 
2,176

 
2,187

 
Interest rate swaps and interest rate caps (a)
1

 
1

 
7

 
7

__________
(a) 
Derivatives in a liability position.