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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
We held derivative instruments with absolute notional values as follows:
As of 
June 30, 2023
Foreign exchange contracts$1,298 
Interest rate caps (a)
15,042 
Interest rate swaps1,450 
__________
(a)Represents $10.2 billion of interest rate caps sold, partially offset by approximately $4.8 billion of interest rate caps purchased. These amounts exclude $5.9 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary as it is not consolidated by us.
Schedule of Fair Value of Derivative Instruments
Estimated fair values (Level 2) of derivative instruments are as follows: 
 As of June 30, 2023As of December 31, 2022
 Fair Value,
Asset Derivatives		Fair Value,
Derivative
Liabilities		Fair Value,
Derivative
Assets		Fair Value,
Derivative
Liabilities
Derivatives designated as hedging instruments
Interest rate swaps (a)
$69 $— $61 $— 
Derivatives not designated as hedging instruments
Foreign exchange contracts (b)
2 3 4 6 
Interest rate caps (c)
57 142 46 111 
Total$128 $145 $111 $117 
__________
Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by us; 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.

The effects of derivatives recognized in our Consolidated Condensed Financial Statements are as follows:

 Three Months Ended 
June 30,		Six Months Ended 
June 30,
 2023202220232022
Derivatives designated as hedging instruments (a)
Interest rate swaps (b)
$14 $13 $7 $43 
Euro-denominated notes (c)
(5)38 (14)58 
Derivatives not designated as hedging instruments (d)
Foreign exchange contracts (e)
(8)31 (15)43 
Interest rate caps (f)
(1)(3)(1)(1)
Total$— $79 $(23)$143 
__________
(a)Recognized, net of tax, as a component of accumulated other comprehensive income (loss) within stockholders’ equity.
(b)Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 14 – Stockholders' Equity for amounts reclassified from accumulated other comprehensive income into earnings.
(c)Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss).
(d)Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.
(e)Included in interest expense.
(f)Primarily included in vehicle interest, net.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows: 

 As of June 30, 2023As of December 31, 2022
 Carrying
Amount		Estimated
Fair
Value		Carrying
Amount		Estimated
Fair
Value
Corporate debt
Short-term debt and current portion of long-term debt
$34 $33 $27 $26 
Long-term debt4,668 4,613 4,644 4,411 
Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car Funding
$14,375 $13,910 $11,275 $10,848 
Vehicle-backed debt3,257 3,257 2,423 2,422 
Interest rate swaps and interest rate caps (a)
142 142 111 111 
__________
(a)    Derivatives in a liability position.