Waste Management 2007 Annual Report Download - page 57

Download and view the complete annual report

Please find page 57 of the 2007 Waste Management annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 162

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162

Item 6. Selected Financial Data.
The information below was derived from the audited Consolidated Financial Statements included in this report
and in previous annual reports we filed with the SEC. This information should be read together with those
Consolidated Financial Statements and the notes thereto. The adoption of new accounting pronouncements,
changes in certain accounting policies and certain reclassifications impact the comparability of the financial
information presented below. These historical results are not necessarily indicative of the results to be expected in
the future.
2007(a) 2006(a) 2005(a) 2004 2003(b)
Years Ended December 31,
(In millions, except per share amounts)
Statement of Operations Data:
Operating revenues(c) ........................ $13,310 $13,363 $13,074 $12,516 $11,648
Costs and expenses:
Operating(c) ............................. 8,402 8,587 8,631 8,228 7,591
Selling, general and administrative ............. 1,432 1,388 1,276 1,267 1,216
Depreciation and amortization ................ 1,259 1,334 1,361 1,336 1,265
Restructuring ............................. 10 — 28 (1) 44
(Income) expense from divestitures, asset
impairments and unusual items .............. (47) 25 68 (13) (8)
11,056 11,334 11,364 10,817 10,108
Income from operations ....................... 2,254 2,029 1,710 1,699 1,540
Other expense, net ........................... (551) (555) (618) (521) (417)
Income before income taxes and accounting
changes ................................. 1,703 1,474 1,092 1,178 1,123
Provision for (benefit from) income taxes .......... 540 325 (90) 247 404
Income before accounting changes ............... 1,163 1,149 1,182 931 719
Accounting changes, net of taxes ................ — — — 8 (89)
Net income ................................ $ 1,163 $ 1,149 $ 1,182 $ 939 $ 630
Basic earnings per common share:
Income before accounting changes ............. $ 2.25 $ 2.13 $ 2.11 $ 1.62 $ 1.22
Accounting changes, net of taxes .............. — — — 0.01 (0.15)
Net income .............................. $ 2.25 $ 2.13 $ 2.11 $ 1.63 $ 1.07
Diluted earnings per common share:
Income before accounting changes ............. $ 2.23 $ 2.10 $ 2.09 $ 1.60 $ 1.21
Accounting changes, net of taxes .............. — — — 0.01 (0.15)
Net income .............................. $ 2.23 $ 2.10 $ 2.09 $ 1.61 $ 1.06
Cash dividends declared per common share (2005
includes $0.22 paid in 2006) ................. $ 0.96 $ 0.66 $ 1.02 $ 0.75 $ 0.01
Cash dividends paid.......................... $ 0.96 $ 0.88 $ 0.80 $ 0.75 $ 0.01
Balance Sheet Data (at end of period):
Working capital (deficit) ...................... $ (118) $ (86) $ 194 $ (386) $ (1,015)
Goodwill and other intangible assets, net .......... 5,530 5,413 5,514 5,453 5,376
Total assets ................................ 20,175 20,600 21,135 20,905 20,382
Debt, including current portion.................. 8,337 8,317 8,687 8,566 8,511
Stockholders’ equity ......................... 5,792 6,222 6,121 5,971 5,602
22