Waste Management 2007 Annual Report Download - page 110

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5. Property and Equipment
Property and equipment at December 31 consisted of the following (in millions):
2007 2006
Land ....................................................... $ 598 $ 528
Landfills ..................................................... 11,549 10,866
Vehicles ..................................................... 3,646 3,671
Machinery and equipment ........................................ 2,929 2,840
Containers ................................................... 2,291 2,272
Buildings and improvements . . . ................................... 2,541 2,385
Furniture, fixtures and office equipment.............................. 641 610
24,195 23,172
Less accumulated depreciation on tangible property and equipment ......... (7,010) (6,645)
Less accumulated landfill airspace amortization ........................ (5,834) (5,348)
$11,351 $11,179
Depreciation and amortization expense, including amortization expense for assets recorded as capital leases,
was comprised of the following for the years ended December 31 (in millions):
2007 2006 2005
Depreciation of tangible property and equipment ................. $ 796 $ 829 $ 847
Amortization of landfill airspace ............................. 440 479 483
Depreciation and amortization expense ........................ $1,236 $1,308 $1,330
6. Goodwill and Other Intangible Assets
We incurred no impairment of goodwill as a result of our annual goodwill impairment tests in 2007, 2006 or
2005. Additionally, we did not encounter any events or changes in circumstances that indicated that an impairment
was more likely than not during interim periods in 2007, 2006 or 2005. However, there can be no assurance that
goodwill will not be impaired at any time in the future.
Refer to Note 20 for a summary of changes in our goodwill during 2007 and 2006 by reportable segment.
Our other intangible assets as of December 31, 2007 and 2006 were comprised of the following (in millions):
Customer
Contracts and
Customer
Lists
Covenants
Not-to-
Compete
Licenses,
Permits
and Other Total
December 31, 2007
Intangible assets ......................... $109 $ 55 $ 60 $ 224
Less accumulated amortization............... (52) (34) (14) (100)
$ 57 $ 21 $ 46 $ 124
December 31, 2006
Intangible assets ......................... $ 97 $61 $58 $216
Less accumulated amortization............... (46) (36) (13) (95)
$ 51 $ 25 $ 45 $ 121
75
WASTE MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)