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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating activities    
Net loss $ (107) $ (51)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Vehicle depreciation 437 432
(Gain) loss on sale of vehicles, net 24 (3)
Non-vehicle related depreciation and amortization 63 61
Stock-based compensation 1 7
Amortization of debt financing fees 9 10
Early extinguishment of debt 3 0
Net change in assets and liabilities:    
Receivables 30 (11)
Income taxes and deferred income taxes (70) (45)
Accounts payable and other current liabilities 63 14
Other, net (6) 58
Net cash provided by operating activities 447 472
Investing activities    
Property and equipment additions (42) (40)
Proceeds received on asset sales 2 3
Net assets acquired (net of cash acquired) 0 (1)
Other, net 0 0
Net cash used in investing activities exclusive of vehicle programs (40) (38)
Vehicle programs:    
Decrease in program cash 87 198
Investment in vehicles (3,944) (4,140)
Proceeds received on disposition of vehicles 2,958 2,776
Repayments of Related Party Debt (33) 0
Net cash used in investing activities of vehicle programs 932 1,166
Net cash used in investing activities (972) (1,204)
Financing activities    
Proceeds from long-term borrowings 590 350
Payments on long-term borrowings (143) (5)
Net change in short-term borrowings 0 1
Repurchases of common stock (61) (95)
Debt financing fees (7) (5)
Other, net 0 0
Net cash provided by financing activities exclusive of vehicle programs 379 246
Vehicle programs:    
Proceeds from borrowings 5,812 4,694
Payments on borrowings (5,236) (3,796)
Debt financing fees (5) (6)
Net cash provided by financing activities of vehicle programs 571 892
Net cash provided by financing activities 950 1,138
Effect of changes in exchange rates on cash and cash equivalents 8 18
Net increase in cash and cash equivalents 433 424
Cash and cash equivalents, beginning of period 490 452
Cash and cash equivalents, end of period $ 923 $ 876