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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating activities    
Net income $ 194 $ 318
Adjustments to reconcile net income to net cash provided by operating activities:    
Vehicle depreciation 1,453 1,423
Gain on sale of vehicles, net (15) (58)
Non-vehicle related depreciation and amortization 189 161
Stock-based compensation 21 22
Amortization of debt financing fees 29 31
Early extinguishment of debt 10 23
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:    
Receivables (149) (131)
Income taxes and deferred income taxes 80 43
Accounts payable and other current liabilities 33 (28)
Other, net 256 234
Net cash provided by operating activities 2,101 2,038
Investing activities    
Property and equipment additions (125) (126)
Proceeds received on asset sales 10 8
Net assets acquired (net of cash acquired) (4) (225)
Other, net 4 3
Net cash used in investing activities exclusive of vehicle programs (115) (340)
Vehicle programs:    
Decrease (increase) in program cash 138 (71)
Investment in vehicles (10,151) (9,762)
Proceeds received on disposition of vehicles 7,373 6,756
Net cash used in investing activities of vehicle programs 2,640 3,077
Net cash used in investing activities (2,755) (3,417)
Financing activities    
Proceeds from long-term borrowings 896 377
Payments on long-term borrowings (527) (290)
Net change in short-term borrowings 1 (23)
Repurchases of common stock (289) (270)
Debt financing fees (15) (7)
Other, net 0 0
Net cash provided by (used in) financing activities exclusive of vehicle programs 66 (213)
Vehicle programs:    
Proceeds from borrowings 11,879 11,532
Payments on borrowings (10,752) (9,933)
Debt financing fees (20) (17)
Net cash provided by financing activities of vehicle programs 1,107 1,582
Net cash provided by financing activities 1,173 1,369
Effect of changes in exchange rates on cash and cash equivalents 14 (29)
Net increase (decrease) in cash and cash equivalents 533 (39)
Cash and cash equivalents, beginning of period 452 624
Cash and cash equivalents, end of period $ 985 $ 585