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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2020
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, 2020
Foreign exchange contracts$1,309 
Interest rate caps (a)
8,552 
Interest rate swaps1,950 
Commodity contracts (millions of gallons of unleaded gasoline)5 
__________
(a)Represents $5.8 billion of interest rate caps sold, partially offset by approximately $2.8 billion of interest rate caps purchased. These amounts exclude $3.0 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, 2020As of December 31, 2019
 Fair Value,
Derivative
Assets		Fair Value,
Derivative
Liabilities		Fair Value,
Derivative
Assets		Fair Value,
Derivative
Liabilities
Derivatives designated as hedging instruments
Interest rate swaps (a)
$— $72 $— $27 
Derivatives not designated as hedging instruments
Foreign exchange contracts (b)
2 4 5 10 
Interest rate caps (c)
— — — 1 
Commodity contracts (b)
— 1 — — 
Total$2 $77 $5 $38 
__________
Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by the Company; 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 14–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 Carrying Values and Estimated Fair Values of Debt Instruments The carrying amounts and estimated fair values (Level 2) of debt instruments were as follows: 
 As of September 30, 2020As of December 31, 2019
 Carrying
Amount		Estimated
Fair
Value		Carrying
Amount		Estimated
Fair
Value
Corporate debt
Short-term debt and current portion of long-term debt
$19 $17 $19 $19 
Long-term debt4,145 3,920 3,416 3,572 
Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car Funding
$6,105 $6,312 $7,936 $8,077 
Vehicle-backed debt2,231 2,240 3,129 3,142 
Interest rate swaps and interest rate caps (a)
3 3 3 3 
__________
(a)    Derivatives in a liability position.