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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net income (loss) $ 1,283 $ (684) $ 302
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Vehicle depreciation 1,402 1,330 1,890
Amortization of right-of-use assets 806 945 989
(Gain) loss on sale of vehicles, net (361) (157) (82)
Non-vehicle related depreciation and amortization 272 286 263
Deferred income taxes 378 (317) (103)
Stock-based compensation 30 9 22
Amortization of debt financing fees 33 33 31
Early extinguishment of debt costs 136 9 12
Net change in assets and liabilities:      
Receivables (143) 115 10
Income taxes (28) 1 (5)
Accounts payable and other current liabilities 414 (181) 84
Operating lease liabilities (801) (936) (981)
Other, net 70 238 154
Net cash provided by operating activities 3,491 691 2,586
Investing activities      
Property and equipment additions (108) (94) (250)
Proceeds received on asset sales 3 6 11
Net assets acquired (net of cash acquired) (46) (69) (77)
Other, net (3) 0 81
Net cash used in investing activities exclusive of vehicle programs (154) (157) (235)
Vehicle programs:      
Investment in vehicles (10,054) (5,401) (12,887)
Proceeds received on disposition of vehicles 4,077 8,753 10,460
Investment in debt securities of Avis Budget Rental Car Funding (AESOP)—related party (367) (286) (251)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP)—related party 192 268 161
Net Cash Used In Investing Activities Of Vehicle Programs (6,152) 3,334 (2,517)
Net cash provided by (used in) investing activities (6,306) 3,177 (2,752)
Financing activities      
Proceeds from long-term borrowings 1,100 991 402
Payments on long-term borrowings (1,354) (308) (509)
Net change in short-term borrowings 1 0 (1)
Debt financing fees (24) (26) (7)
Proceeds from issuance of common stock 0 15 0
Repurchases of common stock (1,460) (119) (67)
Contributions from non-controlling interests 38 0 0
Net cash provided by (used in) financing activities exclusive of vehicle programs (1,699) 553 (182)
Vehicle programs:      
Proceeds from borrowings 14,467 13,558 19,869
Payments on borrowings (10,056) (18,138) (19,346)
Debt financing fees (25) (18) (23)
Net cash provided by financing activities of vehicle programs 4,386 (4,598) 500
Net cash provided by (used in) financing activities 2,687 (4,045) 318
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash (11) 42 13
Net (decrease) increase in cash and cash equivalents, program and restricted cash (139) (135) 165
Cash and cash equivalents, program and restricted cash, beginning of period 765 900 735
Cash and cash equivalents, program and restricted cash, end of period 626 765 900
Supplemental disclosure      
Interest payments 509 503 509
Income tax payments, net $ 75 $ 44 $ 93