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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net income (loss) $ (594,000,000) $ 160,000,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Vehicle depreciation 1,063,000,000 1,457,000,000
Amortization of right-of-use assets 710,000,000 752,000,000
(Gain) loss on sale of vehicles, net (123,000,000) (69,000,000)
Non-vehicle related depreciation and amortization 214,000,000 195,000,000
Stock-based compensation 6,000,000 18,000,000
Amortization of debt financing fees 24,000,000 23,000,000
Early extinguishment of debt 9,000,000 10,000,000
Net change in assets and liabilities:    
Receivables 156,000,000 (65,000,000)
Income taxes and deferred income taxes (239,000,000) 40,000,000
Accounts payable and other current liabilities (59,000,000) 41,000,000
Operating lease liabilities (707,000,000) (746,000,000)
Other, net 172,000,000 115,000,000
Net cash provided by operating activities 632,000,000 1,931,000,000
Investing activities    
Property and equipment additions (75,000,000) (178,000,000)
Proceeds received on asset sales 5,000,000 7,000,000
Net assets acquired (net of cash acquired) 63,000,000 68,000,000
Other, net 0 80,000,000
Net cash used in investing activities exclusive of vehicle programs (133,000,000) (159,000,000)
Vehicle programs:    
Investment in vehicles (4,749,000,000) (10,621,000,000)
Proceeds received on disposition of vehicles 7,386,000,000 7,826,000,000
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party (243,000,000) (221,000,000)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party 222,000,000 137,000,000
Net cash used in investing activities of vehicle programs (2,616,000,000) 2,879,000,000
Net cash provided by (used in) investing activities 2,483,000,000 (3,038,000,000)
Financing activities    
Proceeds from long-term borrowings 991,000,000 402,000,000
Payments on long-term borrowings (303,000,000) (427,000,000)
Proceeds from Issuance of Common Stock 15,000,000 0
Repurchases of common stock (119,000,000) (65,000,000)
Debt financing fees (24,000,000) (6,000,000)
Net cash provided by (used in) financing activities exclusive of vehicle programs 560,000,000 (96,000,000)
Vehicle programs:    
Proceeds from borrowings 12,349,000,000 16,042,000,000
Payments on borrowings (15,280,000,000) (14,838,000,000)
Debt financing fees (12,000,000) (18,000,000)
Net cash provided by financing activities of vehicle programs (2,943,000,000) 1,186,000,000
Net cash provided by (used in) financing activities (2,383,000,000) 1,090,000,000
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash 28,000,000 (10,000,000)
Net increase (decrease) in cash and cash equivalents, program and restricted cash 760,000,000 (27,000,000)
Cash and cash equivalents, program and restricted cash, beginning of period 900,000,000 735,000,000
Cash and cash equivalents, program and restricted cash, end of period $ 1,660,000,000 $ 708,000,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent   21.00%