Waste Management 2007 Annual Report Download - page 145
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22. Condensed Consolidating Financial Statements
WM Holdings has fully and unconditionally guaranteed all of WMI’s senior indebtedness. WMI has fully and
unconditionally guaranteed all of WM Holdings’ senior indebtedness and its 5.75% convertible subordinated notes
that matured and were repaid in January 2005. None of WMI’s other subsidiaries have guaranteed any of WMI’s or
WM Holdings’ debt. As a result of these guarantee arrangements, we are required to present the following
condensed consolidating financial information (in millions):
CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2007
WMI
WM
Holdings
Non-Guarantor
Subsidiaries Eliminations Consolidated
ASSETS
Current assets:
Cash and cash equivalents ........... $ 416 $ — $ — $ (68) $ 348
Other current assets ................ — — 2,132 — 2,132
416 — 2,132 (68) 2,480
Property and equipment, net ........... — — 11,351 — 11,351
Investments in and advances to affiliates . . 9,617 10,622 173 (20,412) —
Other assets ....................... 28 15 6,301 — 6,344
Total assets ...................... $10,061 $10,637 $19,957 $(20,480) $20,175
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt ...... $ 129 $ — $ 200 $ — $ 329
Accounts payable and other current
liabilities ...................... 79 22 2,236 (68) 2,269
208 22 2,436 (68) 2,598
Long-term debt, less current portion...... 4,034 889 3,085 — 8,008
Other liabilities ..................... 27 2 3,438 — 3,467
Total liabilities.................... 4,269 913 8,959 (68) 14,073
Minority interest in subsidiaries and
variable interest entities ............. — — 310 — 310
Stockholders’ equity ................. 5,792 9,724 10,688 (20,412) 5,792
Total liabilities and stockholders’
equity ........................ $10,061 $10,637 $19,957 $(20,480) $20,175
110
WASTE MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)