Avis 2006 Annual Report Download - page 63

Table of Contents
Avis Budget Group, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In millions)
See Notes to Consolidated Financial Statements.
F
-
6
Year Ended December 31,
2006
2005
2004
Financing activities
Proceeds from borrowings
1,875
-
27
Principal payments on borrowings
(3,603
)
(38
)
(1,906
)
Net short
-
term borrowing (repayments) under revolving credit agreement
-
(650
)
650
Issuances of common stock
46
289
1,430
Repurchases of common stock
(243
)
(1,349
)
(1,323
)
Payment of dividends
(113
)
(423
)
(333
)
Other, net
(38
)
7
(28
)
Net cash used in financing activities exclusive of vehicle programs
(2,076
)
(2,164
)
(1,483
)
Vehicle programs:
Proceeds from borrowings
10,979
10,246
9,568
Principal payments on borrowings
(13,310
)
(9,149
)
(9,185
)
Net change in short
-
term borrowings
(282
)
81
81
Other, net
(15
)
(15
)
(11
)
(2,628
)
1,163
453
Net cash used in financing activities
(4,704
)
(1,001
)
(1,030
)
Effect of changes in exchange rates on cash and cash equivalents
2
-
4
Cash provided by (used in) discontinued operations
Operating activities
463
2,513
4,604
Investing activities
(742
)
(2,746
)
(3,699
)
Financing activities
1,050
641
(280
)
Effect of exchange rate changes
12
(51
)
14
Cash provided by discontinued operations
783
357
639
Net increase (decrease) in cash and cash equivalents
(374
)
383
(410
)
Cash and cash equivalents, beginning of period
546
163
573
Cash and cash equivalents, end of period
$
172
$
546
$
163
Supplemental Disclosure of Cash Flow Information
Interest payments
$
996
$
576
$
584
Income tax payments, net
$
275
$
188
$
82