Avis 2015 Annual Report Download - page 118
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F-49
For the Year Ended December 31, 2014
Parent Subsidiary
Issuers Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations Total
Net cash provided by (used in)
operating activities $ — $ 469 $340 $1,840 $(70) $ 2,579
Investing activities
Property and equipment additions — (20)(84)(78) — (182)
Proceeds received on asset sales — 7 8 6 — 21
Net assets acquired (net of cash acquired) — — (263)(153) — (416)
Other, net 285 (9) (2) — (285)(11)
Net cash provided by (used in)
investing activities exclusive of
vehicle programs 285 (22)(341)(225)(285)(588)
Vehicle programs:
Increase in program cash — — — (10) — (10)
Investment in vehicles — (9) (90) (11,776) — (11,875)
Proceeds received on disposition of
vehicles — 8 — 9,658 —9,666
— (1) (90) (2,128) — (2,219)
Net cash provided by (used in)
investing activities 285 (23)(431) (2,353) (285)(2,807)
Financing activities
Proceeds from long-term borrowings — 575 —296 —871
Payments on long-term borrowings — (756) (5) (1) — (762)
Net change in short-term borrowings — — — 5 — 5
Debt financing fees — (12) — (5) — (17)
Repurchases of common stock (297)————(297)
Other, net — (285) — (70)355 —
Net cash provided by (used in)
financing activities exclusive of
vehicle programs (297)(478) (5) 225 355 (200)
Vehicle programs:
Proceeds from borrowings — — 88 14,285 —14,373
Payments on borrowings — — (3) (13,960) — (13,963)
Debt financing fees — — (1) (27) — (28)
— — 84 298 —382
Net cash provided by (used in)
financing activities (297)(478) 79 523 355 182
Effect of changes in exchange rates on
cash and cash equivalents ———(23) — (23)
Net decrease in cash and cash equivalents (12) (32)(12)(13) — (69)
Cash and cash equivalents, beginning of
period 14 242 12 425 —693
Cash and cash equivalents, end of
period $ 2 $ 210 $ — $ 412 $ — $ 624