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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2016
Investments, All Other Investments [Abstract]  
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 June 30, 2016
 
As of December 31, 2015
 
 
Carrying
Amount
 
Estimated
Fair
Value
 
Carrying
Amount
 
Estimated
Fair
Value
Corporate debt
 
 
 
 
 
 
 
 
Short-term debt and current portion of long-term debt
$
28

 
$
28

 
$
26

 
$
26

 
Long-term debt
3,502

 
3,478

 
3,435

 
3,478

 
 
 
 
 
 
 
 
 
Debt under vehicle programs
 
 
 
 
 
 
 
 
Vehicle-backed debt due to Avis Budget Rental Car Funding
$
7,987

 
$
8,070

 
$
6,796

 
$
6,836

 
Vehicle-backed debt
3,176

 
3,193

 
2,060

 
2,071

 
Interest rate swaps and interest rate caps (a)
2

 
2

 
4

 
4

 __________
(a) 
Derivatives in a liability position.
Schedule of Notional Amounts of Outstanding Derivative Positions
The Company held derivative instruments with absolute notional values as follows:
 
As of June 30, 2016
Interest rate caps (a)
$
9,608

Interest rate swaps
2,400

Foreign exchange contracts
993

 
 
Commodity contracts (millions of gallons of unleaded gasoline)
10

__________
(a) 
Represents $7.3 billion of interest rate caps sold, partially offset by approximately $2.3 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
air values (Level 2) of derivative instruments were as follows: 
 
 
As of June 30, 2016
 
As of December 31, 2015
 
 
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)
$
—

 
$
15

 
$
1

 
$
5

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

 
2

 
1

 
5

 
Foreign exchange contracts (c)
19

 
17

 
16

 
2

 
Commodity contracts (c)
—

 
—

 
—

 
1

 
Total
$
19

 
$
34

 
$
18

 
$
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 
 June 30,
 
Six Months Ended 
 June 30,
 
 
2016
 
2015
 
2016
 
2015
Derivatives designated as hedging instruments (a)
 
 
 
 
 
 
 
 
Interest rate swaps
$
(5
)
 
$
—

 
$
(8
)
 
$
(3
)
 
Euro-denominated notes
7

 
(11
)
 
(7
)
 
26

Derivatives not designated as hedging instruments (b)
 
 
 
 
 
 
 
 
Interest rate caps (c)
(1
)
 
—

 
(1
)
 
—

 
Foreign exchange contracts (d)
22

 
(19
)
 
12

 
16

 
Commodity contracts (e)
2

 
4

 
—

 
4

 
Total
$
25

 
$
(26
)
 
$
(4
)
 
$
43

__________
(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 six months ended June 30, 2016, included in operating expense.
(d) 
For the three months ended June 30, 2016, included a $26 million gain in interest expense and a $4 million loss in operating expense and for the six months ended June 30, 2016, included a $35 million gain in interest expense and a $23 million loss in operating expense. For the three months ended June 30, 2015, included a $19 million loss in interest expense and for the six months ended June 30, 2015, included a $2 million gain in interest expense and a $14 million gain in operating expense.
(e) 
Included in operating expense.