Avis 2012 Annual Report Download - page 63

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F-7
Avis Budget Group, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In millions)
Year Ended December 31,
2012
2011
2010
Financing activities
Proceeds from long-term borrowings
1,152
682
1,046
Payments on long-term borrowings
(1,501)
(668)
(688)
Net change in short-term borrowings
10
(97)
-
Debt financing fees
(16)
(78)
(46)
Purchases of warrants
(29)
-
-
Proceeds from sale of call options
43
-
-
Other, net
1
1
10
Net cash provided by (used in) financing activities exclusive of
vehicle programs
(340)
(160)
322
Vehicle programs:
Proceeds from borrowings
12,108
10,534
9,355
Payments on borrowings
(11,490)
(9,917)
(9,152)
Net change in short-term borrowings
-
-
(110)
Debt financing fees
(28)
(33)
(35)
590
584
58
Net cash provided by financing activities
250
424
380
Effect of changes in exchange rates on cash and cash equivalents
6
(6)
12
Net increase (decrease) in cash and cash equivalents
72
(377)
429
Cash and cash equivalents, beginning of period
534
911
482
Cash and cash equivalents, end of period
$
606
$
534
$
911
Supplemental Disclosure
Interest payments
$
552
$
465
$
483
Income tax payments, net
$
65
$
51
$
142
See Notes to Consolidated Financial Statements.