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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating activities    
Net income (loss) $ (104) $ (15)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Vehicle depreciation 953 931
(Gain) loss on sale of vehicles, net 51 (12)
Non-vehicle related depreciation and amortization 128 126
Stock-based compensation 7 14
Amortization of debt financing fees 17 20
Early extinguishment of debt 3 10
Net change in assets and liabilities:    
Receivables (36) (106)
Income taxes and deferred income taxes (91) (43)
Accounts payable and other current liabilities 112 51
Other, net 99 103
Net cash provided by operating activities 1,139 1,079
Investing activities    
Property and equipment additions (86) (89)
Proceeds received on asset sales 4 7
Net assets acquired (net of cash acquired) (14) (3)
Other, net (1) 4
Net cash used in investing activities exclusive of vehicle programs (97) (81)
Vehicle programs:    
Decrease in program cash 168 82
Investment in vehicles (8,116) (8,500)
Proceeds received on disposition of vehicles 5,059 5,418
Repayments of Related Party Debt (33) 0
Net cash used in investing activities of vehicle programs 2,922 3,000
Net cash used in investing activities (3,019) (3,081)
Financing activities    
Proceeds from long-term borrowings 589 558
Payments on long-term borrowings (591) (520)
Net change in short-term borrowings (1) 0
Repurchases of common stock (109) (183)
Debt financing fees (8) (10)
Other, net 0 0
Net cash used in financing activities exclusive of vehicle programs (120) (155)
Vehicle programs:    
Proceeds from borrowings 11,255 9,850
Payments on borrowings (8,988) (7,614)
Debt financing fees (8) (17)
Net cash provided by financing activities of vehicle programs 2,259 2,219
Net cash provided by financing activities 2,139 2,064
Effect of changes in exchange rates on cash and cash equivalents 27 13
Net increase in cash and cash equivalents 286 75
Cash and cash equivalents, beginning of period 490 452
Cash and cash equivalents, end of period $ 776 $ 527