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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net income (loss) $ (91) $ (33)
Less: Net income (loss) from discontinued operations (11) 32
Net income (loss) from continuing operations (80) (65)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities:    
Depreciation of revenue earning vehicles, net 1,212 1,191
Depreciation and amortization, non-vehicle 128 131
Amortization and write-off of deferred financing costs 22 29
Amortization and write-off of debt discount (premium) 3 (2)
Loss on extinguishment of debt 20 0
Stock-based compensation charges 12 8
Provision for receivables allowance 24 16
Deferred taxes on income (49) 8
Impairment charges and asset write-downs 3 20
(Gain) loss on sale of shares in equity method investment (75) 0
Other (4) (6)
Changes in assets and liabilities    
Non-vehicle receivables (214) (168)
Inventories, prepaid expenses and other assets (48) (61)
Non-vehicle accounts payable 43 36
Accrued liabilities (15) 21
Accrued taxes 14 (8)
Public liability and property damage 18 11
Net cash provided by (used in) operating activities 1,014 1,161
Cash flows from investing activities:    
Net change in restricted cash and cash equivalents 16 133
Revenue earning vehicles expenditures (7,268) (7,639)
Proceeds from disposal of revenue earning vehicles 5,168 4,816
Capital asset expenditures, non-vehicle (72) (121)
Proceeds from disposal of property and other equipment 39 44
Acquisitions, net of cash acquired 0 (95)
Purchases of shares in equity method investment (45) 0
Sales of shares in equity method investment 233 0
Advances to Old Hertz Holdings 0 (6)
Net cash provided by (used in) investing activities (1,929) (2,868)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 2,185 1,069
Repayments of long-term debt (2,404) (1,032)
Short-term borrowings:    
Proceeds 312 383
Payments (263) (258)
Proceeds under the revolving lines of credit 5,058 5,307
Payments under the revolving lines of credit (5,253) (3,683)
Payment of financing costs (51) (8)
Transfers from discontinued entities 2,122 0
Other 12 (1)
Net cash provided by (used in) financing activities 1,718 1,777
Effect of foreign exchange rate changes on cash and cash equivalents from continuing operations 8 (16)
Net increase (decrease) in cash and cash equivalents during the period from continuing operations 811 54
Cash and cash equivalents at beginning of period 474 474
Cash and cash equivalents at end of period 1,285 528
Cash flows from discontinued operations:    
Cash flows provided by operating activities 207 292
Cash flows used in investing activities (77) (295)
Cash flows used in financing activities (94) (3)
Effect of foreign exchange rate changes on cash and cash equivalents 0 (1)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations 36 (7)
Cash paid during the period for:    
Income taxes, net of refunds 25 12
Supplemental disclosures of non-cash information:    
Purchases of revenue earning vehicles included in accounts payable and accrued liabilities 560 386
Sales of revenue earning vehicles included in receivables 392 150
Purchases of property and other equipment included in accounts payable 19 47
Sales of property and other equipment included in receivables 17 5
Non-cash dividend paid to affiliate 334 0
Vehicles    
Cash flows from investing activities:    
Net change in restricted cash and cash equivalents 18 137
Cash paid during the period for:    
Interest 115 93
Non-vehicles    
Cash flows from investing activities:    
Net change in restricted cash and cash equivalents (2) (4)
Cash paid during the period for:    
Interest $ 167 $ 188