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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities    
Net income (loss) $ (46) $ 6
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation of revenue earning equipment, net 1,367 1,393
Depreciation and amortization, non-fleet 169 180
Amortization and write-off of deferred financing costs 31 27
Amortization and write-off of debt discount (premium) (2) (4)
Stock-based compensation charges 9 13
Provision for receivables allowance 35 32
Deferred taxes on income 11 23
Impairment charges and asset write-downs 20 10
Other (4) (4)
Changes in assets and liabilities    
Receivables (164) (284)
Inventories, prepaid expenses and other assets (42) (51)
Accounts payable 57 32
Accrued liabilities 25 (2)
Accrued taxes (23) 7
Public liability and property damage 10 28
Net cash provided by (used in) operating activities 1,453 1,406
Cash flows from investing activities    
Net change in restricted cash and cash equivalents 144 143
Revenue earning equipment expenditures (7,991) (5,996)
Proceeds from disposal of revenue earning equipment 4,909 3,717
Capital asset expenditures, non-fleet (170) (151)
Proceeds from disposal of property and other equipment 47 45
Acquisitions, net of cash acquired (95) (6)
Advances to Hertz Global Holdings, Inc. (6) (27)
Repayments from Hertz Global Holdings, Inc. 0 25
Net cash provided by (used in) investing activities (3,162) (2,250)
Cash flows from financing activities    
Proceeds from issuance of long-term debt 1,069 414
Repayments of long-term debt (1,032) (97)
Short-term borrowings:    
Proceeds 383 269
Payments (258) (369)
Proceeds under the revolving lines of credit 5,307 2,779
Payments under the revolving lines of credit (3,688) (2,017)
Payment of financing costs (8) (6)
Other 0 2
Net cash provided by (used in) financing activities 1,773 975
Effect of foreign exchange rate changes on cash and cash equivalents (17) (2)
Net increase (decrease) in cash and cash equivalents during the period 47 129
Cash and cash equivalents at beginning of period 490 411
Cash and cash equivalents at end of period 537 540
Cash paid during the period for:    
Interest, net of amounts capitalized 290 272
Income taxes, net of refunds 18 33
Supplemental disclosures of non-cash information:    
Purchases of revenue earning equipment included in accounts payable and accrued liabilities 533 865
Sales of revenue earning equipment included in receivables 189 156
Purchases of property and other equipment included in accounts payable 63 52
Sales of property and other equipment included in receivables $ 16 $ 8