Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015
Interest rate caps (a)	$	8,096
Interest rate swaps	1,663
Foreign exchange contracts	1,062
Commodity contracts (millions of gallons of unleaded gasoline)	17

__________

^(a)  Represents $6.1 billion of interest rate caps sold, partially offset by approximately $2.0 billion of interest rate caps purchased. These amounts exclude $4.1 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

Fair values (Level 2) of derivative instruments were as follows: 

		As of March 31, 2015				As of December 31, 2014
		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)	$	—	$	8	$	1	$	3
Derivatives not designated as hedging instruments
	Interest rate caps (b)	—		5		—		10
	Interest rate swaps	—		—		—		—
	Foreign exchange contracts (c)	17		8		5		2
	Commodity contracts (c)	1		—		—		1
	Total	$	18	$	21	$	6	$	16

__________

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.

^(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.