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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating activities    
Net income $ 318 $ 222
Adjustments to reconcile net income to net cash provided by operating activities:    
Vehicle depreciation 1,423 1,417
Gain on sale of vehicles, net (58) (12)
Non-vehicle related depreciation and amortization 161 132
Amortization of debt financing fees 31 31
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:    
Receivables (131) (102)
Income taxes and deferred income taxes 43 109
Accounts payable and other current liabilities (28) 52
Other, net 279 218
Net cash provided by operating activities 2,038 2,067
Investing activities    
Property and equipment additions (126) (127)
Proceeds received on asset sales 8 9
Net assets acquired (net of cash acquired) (225) (149)
Other, net 3 (9)
Net cash used in investing activities exclusive of vehicle programs (340) (276)
Vehicle programs:    
(Increase) decrease in program cash (71) 23
Investment in vehicles (9,762) (9,835)
Proceeds received on disposition of vehicles 6,756 6,535
Net cash used in investing activities of vehicle programs (3,077) (3,277)
Net cash used in investing activities (3,417) (3,553)
Financing activities    
Proceeds from long-term borrowings 377 696
Payments on long-term borrowings (290) (751)
Net change in short-term borrowings (23) (3)
Repurchases of common stock (270) (204)
Debt financing fees (7) (12)
Other, net 0 (1)
Net cash used in financing activities exclusive of vehicle programs (213) (275)
Vehicle programs:    
Proceeds from borrowings 11,532 11,862
Payments on borrowings (9,933) (10,050)
Debt financing fees (17) (17)
Net cash provided by financing activities of vehicle programs 1,582 1,795
Net cash provided by financing activities 1,369 1,520
Effect of changes in exchange rates on cash and cash equivalents (29) (14)
Net (decrease) increase in cash and cash equivalents (39) 20
Cash and cash equivalents, beginning of period 624 693
Cash and cash equivalents, end of period $ 585 $ 713