XML 91 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities:      
Net income (loss) $ (78) $ 350 $ 217
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation of revenue earning equipment, net 2,954 2,452 2,048
Depreciation and amortization, non-fleet assets 366 339 261
Amortization and write-off of deferred financing costs 56 54 52
Amortization and write-off of debt discount (premium) (13) (6) 4
Stock-based compensation charges 11 35 30
Loss on disposal of business 0 4 46
Loss on extinguishment of debt 0 7 0
Provision for receivables allowance 62 71 58
Deferred taxes on income 8 255 110
Impairment charges and asset write-downs 47 40 0
Other (18) (6) (9)
Changes in assets and liabilities, net of effects of acquisition:      
Receivables (90) (53) (125)
Inventories, prepaid expenses and other assets (64) (35) (18)
Accounts payable 23 54 52
Accrued liabilities 140 28 (20)
Accrued taxes (3) 27 41
Public liability and property damage 56 (1) (4)
Net cash provided by operating activities 3,457 3,615 2,743
Cash flows from investing activities:      
Net change in restricted cash and cash equivalents 283 (315) (237)
Revenue earning equipment expenditures (11,289) (10,289) (9,611)
Proceeds from disposal of revenue earning equipment 8,209 7,256 7,123
Capital asset expenditures, non-fleet (374) (327) (298)
Proceeds from disposal of property and equipment 93 81 125
Acquisitions, net of cash acquired (75) (41) (1,905)
Proceeds from disposal of business 0 0 84
Equity method investment (30) (213) 0
Repayments of loans with Hertz Global Holdings, Inc. (28) (129) (25)
Proceeds from loans with Hertz Global Holdings, Inc. 25 49 12
Other investing activities 0 (2) (2)
Net cash used in investing activities (3,186) (3,930) (4,734)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 400 2,275 2,237
Repayments of long-term debt (1,183) (1,045) (952)
Short-term borrowings:      
Proceeds 626 596 438
Payments (726) (1,018) (1,280)
Proceeds under the revolving lines of credit 5,864 9,012 6,464
Payments under the revolving lines of credit (5,081) (9,104) (5,190)
Purchase of noncontrolling interest 0 0 (38)
Payment of financing costs (63) (54) (49)
Dividend paid to Hertz Global Holdings, Inc. 0 (482) (25)
Other 2 5 3
Net cash provided by (used in) financing activities (161) 185 1,608
Effect of foreign exchange rate changes on cash and cash equivalents (31) 0 6
Net change in cash and cash equivalents during the period 79 (130) (377)
Cash and cash equivalents at beginning of period 411 541 918
Cash and cash equivalents at end of period 490 411 541
Cash paid during the period for:      
Interest (net of amounts capitalized) 557 632 535
Income taxes, net of refunds 64 71 72
Supplemental disclosures of non-cash flow information:      
Purchases of revenue earning equipment included in accounts payable and accrued liabilities 198 289 250
Sales of revenue earning equipment included in receivables 544 357 617
Purchases of property and equipment included in accounts payable 69 56 51
Sales of property and equipment included in receivables 4 17 17
Consideration for investment in equity method investee 130 23 0
Revenue earning equipment and property and equipment acquired through capital lease $ 22 $ 52 $ 130