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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities    
Net income $ 141 $ 194
Adjustments to reconcile net income to net cash provided by operating activities:    
Vehicle depreciation 1,500 1,453
(Gain) loss on sale of vehicles, net 53 (15)
Non-vehicle related depreciation and amortization 194 189
Stock-based compensation 8 21
Amortization of debt financing fees 25 29
Early extinguishment of debt 3 10
Net change in assets and liabilities:    
Receivables (112) (149)
Income taxes and deferred income taxes 16 80
Accounts payable and other current liabilities 74 43
Other, net 139 256
Net cash provided by operating activities 2,041 2,111
Investing activities    
Property and equipment additions (138) (125)
Proceeds received on asset sales 6 10
Net assets acquired (net of cash acquired) (17) (4)
Other, net 5 4
Net cash used in investing activities exclusive of vehicle programs (144) (115)
Vehicle programs:    
Decrease in program cash 53 138
Investment in vehicles (9,672) (10,151)
Proceeds received on disposition of vehicles 6,872 7,373
Repayments of Related Party Debt (33) 0
Net cash used in investing activities of vehicle programs 2,780 2,640
Net cash used in investing activities (2,924) (2,755)
Financing activities    
Proceeds from long-term borrowings 589 896
Payments on long-term borrowings (596) (527)
Proceeds from (Repayments of) Short-term Debt (3) 1
Repurchases of common stock (144) (299)
Debt financing fees (9) (15)
Other, net 0 0
Net cash (used in) provided by financing activities exclusive of vehicle programs (163) 56
Vehicle programs:    
Proceeds from borrowings 14,276 11,879
Payments on borrowings (12,930) (10,752)
Debt financing fees (8) (20)
Net cash provided by financing activities of vehicle programs 1,338 1,107
Net cash provided by financing activities 1,175 1,163
Effect of changes in exchange rates on cash and cash equivalents 32 14
Net increase in cash and cash equivalents 324 533
Cash and cash equivalents, beginning of period 490 452
Cash and cash equivalents, end of period $ 814 $ 985