Waste Management 2008 Annual Report Download - page 146
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Please find page 146 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.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. 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, 2008
WMI
WM
Holdings
Non-Guarantor
Subsidiaries Eliminations Consolidated
ASSETS
Current assets:
Cash and cash equivalents ........... $ 450 $ — $ 30 $ — $ 480
Other current assets ................ 6 — 1,849 — 1,855
456 — 1,879 — 2,335
Property and equipment, net ........... — — 11,402 — 11,402
Investments and advances to affiliates .... 9,851 11,615 1,334 (22,800) —
Other assets ....................... 109 18 6,363 — 6,490
Total assets ...................... $10,416 $11,633 $20,978 $(22,800) $20,227
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt ...... $ 507 $ — $ 328 $ — $ 835
Accounts payable and other current
liabilities ...................... 76 17 2,108 — 2,201
583 17 2,436 — 3,036
Long-term debt, less current portion...... 3,931 638 2,922 — 7,491
Other liabilities ..................... — — 3,515 — 3,515
Total liabilities.................... 4,514 655 8,873 — 14,042
Minority interest in subsidiaries and
variable interest entities ............. — — 283 — 283
Stockholders’ equity ................. 5,902 10,978 11,822 (22,800) 5,902
Total liabilities and stockholders’
equity ........................ $10,416 $11,633 $20,978 $(22,800) $20,227
112
WASTE MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)