Waste Management 2008 Annual Report Download - page 110
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Please find page 110 of the 2008 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.The changes to landfill and environmental remediation liabilities for the years ended December 31, 2007 and
2008 are as follows (in millions):
Landfill
Environmental
Remediation
December 31, 2006 .......................................... $1,121 $268
Obligations incurred and capitalized .............................. 54 —
Obligations settled ........................................... (64) (33)
Interest accretion ............................................ 74 9
Revisions in cost estimates and interest rate assumptions ............... (13) 35
Acquisitions, divestitures and other adjustments ..................... 6 5
December 31, 2007 .......................................... 1,178 284
Obligations incurred and capitalized .............................. 51 —
Obligations settled ........................................... (72) (38)
Interest accretion ............................................ 77 8
Revisions in cost estimates and interest rate assumptions ............... (13) 49
Acquisitions, divestitures and other adjustments ..................... (3) (4)
December 31, 2008 .......................................... $1,218 $299
Our recorded liabilities as of December 31, 2008 include the impacts of inflating certain of these costs based on
our expectations for the timing of cash settlement and of discounting certain of these costs to present value.
Anticipated payments of currently identified environmental remediation liabilities as measured in current dollars
are $49 million in 2009; $35 million in 2010; $24 million in 2011; $18 million in 2012; $15 million in 2013; and
$152 million thereafter.
At several of our landfills, we provide financial assurance by depositing cash into restricted trust funds or
escrow accounts for purposes of settling closure, post-closure and environmental remediation obligations. The fair
value of these escrow accounts and trust funds was $213 million at December 31, 2008 and $231 million at
December 31, 2007, and is primarily included as long-term “Other assets” in our Consolidated Balance Sheets.
5. Property and Equipment
Property and equipment at December 31 consisted of the following (in millions):
2008 2007
Land ....................................................... $ 606 $ 598
Landfills ..................................................... 11,716 11,549
Vehicles ..................................................... 3,683 3,646
Machinery and equipment ........................................ 3,079 2,929
Containers ................................................... 2,272 2,291
Buildings and improvements . . . ................................... 2,635 2,541
Furniture, fixtures and office equipment.............................. 684 641
24,675 24,195
Less accumulated depreciation on tangible property and equipment ......... (7,220) (7,010)
Less accumulated landfill airspace amortization ........................ (6,053) (5,834)
$11,402 $11,351
76
WASTE MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)