Avis 2011 Annual Report Download - page 60

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F-6
Avis Budget Group, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In millions)
Year Ended December 31,
2011 2010 2009
Financing activities
Proceeds from long-term borrowings 682 1,046 445
Principal payments on long-term borrowings (668) (688) (111)
Net change in short-term borrowings (97) - -
Proceeds from warrant issuance - - 62
Purchase of call options - - (95)
Debt financing fees (78) (46) (11)
Other, net 1 10 (2)
Net cash provided by (used in) financing activities exclusive of vehicle programs (160) 322 288
Vehicle programs:
Proceeds from borrowings 10,534 9,355 7,527
Principal payments on borrowings (9,917) (9,152) (9,147)
Net change in short-term borrowings - (110) (107)
Debt financing fees (33) (35) (26)
584 58 (1,753)
Net cash provided by (used in) financing activities 424 380 (1,465)
Effect of changes in exchange rates on cash and cash equivalents (6) 12 32
Net increase (decrease) in cash and cash equivalents (377) 429 224
Cash and cash equivalents, beginning of period 911 482 258
Cash and cash equivalents, end of period $ 534 $ 911 $ 482
Supplemental Disclosure
Interest payments $ 465 $ 483 $ 461
Income tax payments, net $ 51 $ 142 $ 20
See Notes to Consolidated Financial Statements.