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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities    
Net income (loss) $ 205 $ 156
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation of revenue earning equipment, net 2,047 2,119
Depreciation and amortization, non-fleet 265 272
Amortization and write-off of deferred financing costs 45 41
Amortization and write-off of debt discount (premium) (2) (8)
Stock-based compensation charges 14 14
Provision for receivables allowance 54 47
Deferred taxes on income 89 33
Impairment charges and asset write-downs 26 10
(Gain) loss on sale of shares in equity method investment (56) 0
Other (7) 3
Changes in assets and liabilities    
Receivables (102) (187)
Inventories, prepaid expenses and other assets (10) (58)
Accounts payable (11) 34
Accrued liabilities 95 153
Accrued taxes 15 57
Public liability and property damage 19 47
Net cash provided by (used in) operating activities 2,686 2,733
Cash flows from investing activities    
Net change in restricted cash and cash equivalents 284 107
Revenue earning equipment expenditures (10,010) (8,442)
Proceeds from disposal of revenue earning equipment 6,788 5,316
Capital asset expenditures, non-fleet (250) (232)
Proceeds from disposal of property and other equipment 69 67
Acquisitions, net of cash acquired (95) (69)
Sales of (investment in) shares in equity method investment 100 (30)
Advances to Hertz Global Holdings, Inc. (270) (28)
Repayments from Hertz Global Holdings, Inc. 0 25
Net cash provided by (used in) investing activities (3,384) (3,286)
Cash flows from financing activities    
Proceeds from issuance of long-term debt 1,076 400
Repayments of long-term debt (1,100) (207)
Short-term borrowings:    
Proceeds 543 528
Payments (434) (537)
Proceeds under the revolving lines of credit 5,906 4,018
Payments under the revolving lines of credit (5,243) (3,405)
Payment of financing costs (11) (12)
Other 1 4
Net cash provided by (used in) financing activities 738 789
Effect of foreign exchange rate changes on cash and cash equivalents (21) (18)
Net increase (decrease) in cash and cash equivalents during the period 19 218
Cash and cash equivalents at beginning of period 490 411
Cash and cash equivalents at end of period 509 629
Cash paid during the period for:    
Interest, net of amounts capitalized 393 384
Income taxes, net of refunds 31 47
Supplemental disclosures of non-cash information:    
Purchases of revenue earning equipment included in accounts payable and accrued liabilities 203 241
Sales of revenue earning equipment included in receivables 605 464
Purchases of property and other equipment included in accounts payable 60 71
Sales of property and other equipment included in receivables 28 27
Revenue earning equipment and property and equipment acquired through capital lease $ 11 $ 16