Avis 2010 Annual Report Download - page 70

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,
2010
2009
2008
Financing activities
Proceeds from borrowings
1,046
445
-
Principal payments on borrowings
(688
)
(111
)
(10
)
Proceeds from warrant issuance
-
62
-
Purchase of call options
-
(95
)
-
Repurchases of common stock
-
-
(33
)
Debt financing fees
(46
)
(11
)
(29
)
Other, net
10
(2
)
1
Net cash provided by (used in) financing activities exclusive of vehicle programs
322
288
(71
)
Vehicle programs:
Proceeds from borrowings
9,355
7,527
8,476
Principal payments on borrowings
(9,152
)
(9,147
)
(8,060
)
Net change in short
-
term borrowings
(110
)
(107
)
152
Debt financing fees
(35
)
(26
)
(34
)
58
(1,753
)
534
Net cash provided by (used in) financing activities
380
(1,465
)
463
Effect of changes in exchange rates on cash and cash equivalents
12
32
(27
)
Net increase in cash and cash equivalents
429
224
44
Cash and cash equivalents, beginning of period
482
258
214
Cash and cash equivalents, end of period
$
911
$
482
$
258
Supplemental Disclosure
Interest payments
$
483
$
461
$
468
Income tax payments, net
$
142
$
20
$
15