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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
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 
March 31, 2024
Foreign exchange contracts$2,062 
Interest rate caps (a)
15,835 
Interest rate swaps750 
________
(a)Represents $10.6 billion of interest rate caps sold, partially offset by approximately $5.3 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 March 31, 2024As of December 31, 2023
 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)
$59 $— $50 $— 
Derivatives not designated as hedging instruments
Foreign exchange contracts (b)
4 6 5 4 
Interest rate caps (c)
7 48 19 74 
Total$70 $54 $74 $78 
________
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 13 – 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 
March 31,
 20242023
Derivatives designated as hedging instruments (a)
Interest rate swaps (b)
$7 $(7)
Euro-denominated notes (c)
15 (9)
Derivatives not designated as hedging instruments (d)
Foreign exchange contracts (e)
(13)(7)
Total$9 $(23)
________
(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 13 – Stockholders' Equity for amounts reclassified from accumulated other comprehensive income (loss) 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.
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 March 31, 2024As of December 31, 2023
 Carrying
Amount		Estimated
Fair
Value		Carrying
Amount		Estimated
Fair
Value
Corporate debt
Short-term debt and current portion of long-term debt
$405 $406 $32 $32 
Long-term debt5,032 5,021 4,791 4,812 
Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car Funding
$15,949 $15,817 $15,441 $15,238 
Vehicle-backed debt3,193 3,215 3,422 3,435 
Interest rate swaps and interest rate caps (a)
48 48 74 74 
________
(a)    Derivatives in a liability position.