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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities    
Net income (loss) $ (15) $ 134
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Vehicle depreciation 931 913
Gain on sale of vehicles, net (12) (51)
Non-vehicle related depreciation and amortization 126 105
Stock-based compensation 14 13
Amortization of debt financing fees 20 23
Early extinguishment of debt 10 23
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:    
Receivables (106) (68)
Income taxes and deferred income taxes (43) (72)
Accounts payable and other current liabilities 42 (72)
Other, net 103 79
Net cash provided by operating activities 1,070 1,027
Investing activities    
Property and equipment additions (89) (80)
Proceeds received on asset sales 7 6
Net assets acquired (net of cash acquired) (3) (222)
Other, net 4 (1)
Net cash used in investing activities exclusive of vehicle programs (81) (297)
Vehicle programs:    
Decrease (increase) in program cash 82 (30)
Investment in vehicles (8,500) (7,939)
Proceeds received on disposition of vehicles 5,418 4,549
Net cash used in investing activities of vehicle programs 3,000 3,420
Net cash used in investing activities (3,081) (3,717)
Financing activities    
Proceeds from long-term borrowings 558 376
Payments on long-term borrowings (520) (281)
Net change in short-term borrowings 0 (13)
Repurchases of common stock (174) (114)
Debt financing fees (10) (7)
Other, net 0 0
Net cash used in financing activities exclusive of vehicle programs (146) (39)
Vehicle programs:    
Proceeds from borrowings 9,850 9,018
Payments on borrowings (7,614) (6,347)
Debt financing fees (17) (17)
Net cash provided by financing activities of vehicle programs 2,219 2,654
Net cash provided by financing activities 2,073 2,615
Effect of changes in exchange rates on cash and cash equivalents 13 (20)
Net increase (decrease) in cash and cash equivalents 75 (95)
Cash and cash equivalents, beginning of period 452 624
Cash and cash equivalents, end of period $ 527 $ 529