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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income (loss) $ (49) $ 205
Less: Net income (loss) from discontinued operations (13) 53
Net income (loss) from continuing operations (36) 152
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities:    
Depreciation of revenue earning vehicles, net 1,887 1,803
Depreciation and amortization, non-vehicle 195 206
Amortization and write-off of deferred financing costs 31 46
Amortization and write-off of debt discount (premium) 5 (2)
Loss on extinguishment of debt 40 0
Stock-based compensation charges 16 13
Provision for receivables allowance 35 24
Deferred taxes on income 10 33
Impairment charges and asset write-downs 31 26
(Gain) loss on sale of shares in equity method investment (75) (56)
Other 1 (5)
Changes in assets and liabilities    
Non-vehicle receivables (171) (84)
Inventories, prepaid expenses and other assets (14) (16)
Non-vehicle accounts payable 25 (15)
Accrued liabilities 16 100
Accrued taxes 23 21
Public liability and property damage 32 19
Net cash provided by (used in) operating activities 2,051 2,265
Cash flows from investing activities:    
Net change in restricted cash and cash equivalents 9 278
Revenue earning vehicles expenditures (9,250) (9,478)
Proceeds from disposal of revenue earning vehicles 6,960 6,666
Capital asset expenditures, non-vehicle (99) (183)
Proceeds from disposal of property and other equipment 53 64
Acquisitions, net of cash acquired 0 (95)
Purchases of shares in equity method investment (45) 0
Sales of shares in equity method investment 233 100
Advances to Old Hertz Holdings 0 (270)
Net cash provided by (used in) investing activities (2,139) (2,918)
Cash flows from financing activities:    
Proceeds from issuance of vehicle debt 7,665 6,069
Repayments of vehicle debt (7,320) (5,223)
Proceeds from issuance of non-vehicle debt 2,427 1,457
Repayments of non-vehicle debt (3,684) (1,547)
Payment of financing costs (73) (11)
Early redemption premium payment (13) 0
Transfers (to) from discontinued entities 2,122 (42)
Advances to Hertz Global (100) 0
Other 10 0
Net cash provided by (used in) financing activities 1,034 703
Effect of foreign exchange rate changes on cash and cash equivalents from continuing operations 10 (19)
Net increase (decrease) in cash and cash equivalents during the period from continuing operations 956 31
Cash and cash equivalents at beginning of period 474 474
Cash and cash equivalents at end of period 1,430 505
Cash flows from discontinued operations:    
Cash flows provided by (used in) operating activities 207 421
Cash flows provided by (used in) investing activities (77) (466)
Cash flows provided by (used in) financing activities (94) 35
Effect of foreign exchange rate changes on cash and cash equivalents 0 (2)
Net increase (decrease) in cash and cash equivalents during the period from discontinued operations 36 (12)
Cash paid during the period for:    
Income taxes, net of refunds 35 24
Supplemental disclosures of non-cash information:    
Purchases of revenue earning vehicles included in accounts payable and accrued liabilities 138 129
Sales of revenue earning vehicles included in receivables 603 570
Purchases of property and other equipment included in accounts payable 15 47
Sales of property and other equipment included in receivables 5 28
Revenue earning equipment and property and equipment acquired through capital lease 16 11
Non-cash dividend paid to affiliate 334 0
Vehicles    
Cash flows from investing activities:    
Net change in restricted cash and cash equivalents 11 288
Cash paid during the period for:    
Interest 183 160
Non-vehicles    
Cash flows from investing activities:    
Net change in restricted cash and cash equivalents (2) (10)
Cash paid during the period for:    
Interest $ 218 $ 228