Avis 2015 Annual Report Download - page 76
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F-7
Avis Budget Group, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In millions)
Year Ended December 31,
2015 2014 2013
Vehicle programs:
Proceeds from borrowings 14,138 14,373 12,953
Payments on borrowings (13,648) (13,963) (13,115)
Debt financing fees (22) (28) (34)
468 382 (196)
Net cash provided by financing activities 115 182 76
Effect of changes in exchange rates on cash and cash equivalents (41) (23) (8)
Net (decrease) increase in cash and cash equivalents (172) (69) 87
Cash and cash equivalents, beginning of period 624 693 606
Cash and cash equivalents, end of period $ 452 $ 624 $ 693
Supplemental disclosure
Interest payments $ 454 $ 474 $ 457
Income tax payments, net $ 29 $ 45 $ 58
See Notes to Consolidated Financial Statements.