v3.25.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
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, 2025
Foreign exchange contracts$1,746 
Interest rate caps (a)
9,828 
Interest rate swaps750 
__________
(a)Represents $6.3 billion of interest rate caps sold and approximately $3.5 billion of interest rate caps purchased. These amounts exclude $3.1 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, 2025As of December 31, 2024
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)
$26 $— $41 $— 
Derivatives not designated as hedging instruments
Foreign exchange contracts (b)
20 6 5 10 
Interest rate caps (c)
1 1 3 12 
Total$47 $7 $49 $22 

__________
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 within other non-current assets or other non-current liabilities.
(b)Included within other current assets or other current liabilities.
(c)Included within assets under vehicle programs or liabilities under vehicle programs.
The effects of financial instruments recognized in our Condensed Consolidated Financial Statements are as follows:

Three Months Ended 
June 30,		Six Months Ended 
June 30,
2025202420252024
Financial instruments designated as hedging instruments (a)
Interest rate swaps (b)
$(5)$(3)$(11)$4 
Euro-denominated notes (c)
(87)8 (128)23 
Financial instruments not designated as hedging instruments (d)
Foreign exchange contracts (e)
29 (6)26 (19)
Total$(63)$(1)$(113)$8 
__________
(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)Primarily included within 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 June 30, 2025As of December 31, 2024
Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Corporate debt
Short-term debt and current portion of long-term debt$39 $39 $20 $20 
Long-term debt6,038 6,168 5,373 5,452 
Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car Funding$15,527 $15,709 $14,083 $14,154 
Vehicle-backed debt4,386 4,414 3,441 3,469 
Interest rate swaps and interest rate caps (a)
1 1 12 12 
__________
(a)Derivatives in a liability position.