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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:  
Net income$ 166,222$ 11,694
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation of revenue earning equipment1,306,6611,359,878
Depreciation of property and equipment117,837116,238
Amortization of other intangible assets51,17548,990
Amortization and write-off of deferred financing costs75,89155,001
Amortization and write-off of debt discount13,91416,693
Stock-based compensation charges24,43828,011
(Gain) loss on derivatives(14,330)16,406
Amortization of cash flow hedges 56,836
Provision for losses on doubtful accounts21,21115,203
Asset writedowns22,78219,523
Deferred taxes on income42,268(15,125)
Gain on sale of property and equipment(5,199)(2,660)
Changes in assets and liabilities, net of effects of acquisition:  
Receivables(150,212)(93,506)
Inventories, prepaid expenses and other assets(12,547)(47,589)
Accounts payable66,808206,023
Accrued liabilities(130,558)(72,945)
Accrued taxes56,26814,952
Public liability and property damage8,62812,720
Net cash provided by operating activities1,661,2571,746,343
Cash flows from investing activities:  
Net change in restricted cash and cash equivalents(123,511)(378,796)
Revenue earning equipment expenditures(7,864,609)(7,113,678)
Proceeds from disposal of revenue earning equipment4,932,4105,146,068
Property and equipment expenditures(202,276)(134,269)
Proceeds from disposal of property and equipment48,13325,459
Acquisitions, net of cash acquired(222,988)(12,074)
(Purchase) sale of short-term investments, net(32,891)3,171
Other investing activities7601,694
Net cash used in investing activities(3,464,972)(2,462,425)
Cash flows from financing activities:  
Proceeds from issuance of long-term debt3,058,3952,133,958
Payment of long-term debt(3,641,281)(2,074,930)
Short-term borrowings:  
Proceeds371,994392,187
Payments(814,894)(528,333)
Proceeds (payments) under the revolving lines of credit, net934,3641,406,666
Distributions to noncontrolling interest(10,500)(12,600)
Proceeds from employee stock purchase plan2,6901,857
Loan with Hertz affiliate317(6,567)
Payment of financing costs(87,640)(51,515)
Dividends paid(12,450)(12,500)
Net cash provided by (used in) financing activities(199,005)1,248,223
Effect of foreign exchange rate changes on cash and cash equivalents13,987(34,339)
Net change in cash and cash equivalents during the period(1,988,733)497,802
Cash and cash equivalents at beginning of period2,374,006985,467
Cash and cash equivalents at end of period385,2731,483,269
Cash paid during the period for:  
Interest (net of amounts capitalized)475,521436,461
Income taxes32,54441,451
Supplemental disclosures of non-cash flow information:  
Purchases of revenue earning equipment included in accounts payable and accrued liabilities217,675172,188
Sales of revenue earning equipment included in receivables949,824751,130
Purchases of property and equipment included in accounts payable52,78726,251
Sales of property and equipment included in receivables$ 10,777$ 8,352