Avis 2013 Annual Report Download - page 79
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F-7
Avis Budget Group, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In millions)
Year Ended December 31,
2013 2012 2011
Vehicle programs:
Proceeds from borrowings 12,953 12,108 10,534
Payments on borrowings (13,115) (11,490) (9,917)
Debt financing fees (34) (28) (33)
(196) 590 584
Net cash provided by financing activities 76 250 424
Effect of changes in exchange rates on cash and cash equivalents (8) 6 (6)
Net increase (decrease) in cash and cash equivalents 87 72 (377)
Cash and cash equivalents, beginning of period 606 534 911
Cash and cash equivalents, end of period $ 693 $ 606 $ 534
Supplemental disclosure
Interest payments $ 457 $ 552 $ 465
Income tax payments, net $ 58 $ 65 $ 51
See Notes to Consolidated Financial Statements.