Waste Management 2007 Annual Report Download - page 148

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CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
WMI
WM
Holdings
Non-Guarantor
Subsidiaries Eliminations Consolidated
Year Ended December 31, 2007
Cash flows from operating activities:
Net income ............................ $1,163 $ 1,347 $ 1,389 $(2,736) $ 1,163
Equity in earnings of subsidiaries, net of taxes . . . (1,347) (1,389) — 2,736 —
Other adjustments. ....................... (53) (3) 1,332 — 1,276
Net cash provided by (used in) operating activities . . (237) (45) 2,721 — 2,439
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired . . . — — (90) — (90)
Capital expenditures ...................... — — (1,211) — (1,211)
Proceeds from divestitures of businesses (net of
cash divested) and
other sales of assets ...................... — — 278 — 278
Purchases of short-term investments........... (1,220) — — — (1,220)
Proceeds from sales of short-term investments . . . 1,404 — — — 1,404
Net receipts from restricted trust and escrow
accounts and other, net . ................. — (4) 82 — 78
Net cash provided by (used in) investing activities . . 184 (4) (941) — (761)
Cash flows from financing activities:
New borrowings . . ....................... 300 — 644 — 944
Debt repayments . ....................... (352) — (848) — (1,200)
Common stock repurchases ................. (1,421) — — — (1,421)
Cash dividends . . . ....................... (495) — — — (495)
Exercise of common stock options and warrants . . 142 — — — 142
Minority interest distributions paid and other . . . . 26 — 58 — 84
(Increase) decrease in intercompany and
investments, net ....................... 1,594 49 (1,636) (7) —
Net cash provided by (used in) financing activities . . (206) 49 (1,782) (7) (1,946)
Effect of exchange rate changes on cash and cash
equivalents. ............................ — — 2 — 2
Increase in cash and cash equivalents ........... (259) — — (7) (266)
Cash and cash equivalents at beginning of period . . . 675 — — (61) 614
Cash and cash equivalents at end of period . ...... $ 416 $ — $ — $ (68) $ 348
Year Ended December 31, 2006
Cash flows from operating activities:
Net income ............................ $1,149 $ 1,331 $ 1,381 $(2,712) $ 1,149
Equity in earnings of subsidiaries, net of taxes . . . (1,331) (1,381) — 2,712 —
Other adjustments. ....................... (52) (9) 1,452 — 1,391
Net cash provided by (used in) operating activities . . (234) (59) 2,833 — 2,540
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired . . — — (32) — (32)
Capital expenditures ...................... — — (1,329) — (1,329)
Proceeds from divestitures of businesses (net of
cash divested) and other sales of assets. ...... — — 240 — 240
Purchases of short-term investments........... (3,001) — — — (3,001)
Proceeds from sales of short-term investments . . . 3,117 — 6 — 3,123
Net receipts from restricted trust and escrow
accounts and other, net . ................. — — 211 — 211
Net cash used in investing activities ........... 116 — (904) — (788)
113
WASTE MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)