Waste Management 2008 Annual Report Download - page 94
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CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
2008 2007 2006
Years Ended December 31,
Cash flows from operating activities:
Net income ................................................ $1,087 $ 1,163 $ 1,149
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ................................. 1,238 1,259 1,334
Deferred income tax provision ................................ 150 70 (23)
Interest accretion on landfill liabilities ........................... 77 74 70
Interest accretion on and discount rate adjustments to environmental
remediation liabilities and recovery assets ...................... 41 17 3
Provision for bad debts ...................................... 50 43 43
Equity-based compensation expense ............................ 48 37 28
Minority interest ........................................... 41 46 44
Equity in net losses of unconsolidated entities, net of distributions ...... 1 39 47
Net gain from disposal of assets ............................... (33) (27) (15)
Effect of (income) expense from divestitures, asset impairments and
unusual items ........................................... (29) (47) 25
Excess tax benefits associated with equity-based transactions .......... (7) (26) (45)
Change in operating assets and liabilities, net of effects of acquisitions
and divestitures:
Receivables............................................. 216 (22) 12
Other current assets....................................... (9) 6 (1)
Other assets ............................................ 5 5 (9)
Accounts payable and accrued liabilities ....................... (183) (88) (73)
Deferred revenues and other liabilities ......................... (118) (110) (49)
Net cash provided by operating activities ............................ 2,575 2,439 2,540
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired ..................... (280) (90) (32)
Capital expenditures . . . ....................................... (1,221) (1,211) (1,329)
Proceeds from divestitures of businesses (net of cash divested) and other
sales of assets ............................................. 112 278 240
Purchases of short-term investments .............................. — (1,220) (3,001)
Proceeds from sales of short-term investments ....................... — 1,404 3,123
Net receipts from restricted trust and escrow accounts ................. 178 120 253
Other ..................................................... 28 (42) (42)
Net cash used in investing activities ................................ (1,183) (761) (788)
Cash flows from financing activities:
New borrowings ............................................. 1,525 944 432
Debt repayments ............................................ (1,785) (1,200) (932)
Common stock repurchases..................................... (410) (1,421) (1,072)
Cash dividends .............................................. (531) (495) (476)
Exercise of common stock options and warrants ..................... 37 142 295
Excess tax benefits associated with equity-based transactions ............ 7 26 45
Minority interest distributions paid ............................... (56) (20) (22)
Other ..................................................... (43) 78 (73)
Net cash used in financing activities ................................ (1,256) (1,946) (1,803)
Effect of exchange rate changes on cash and cash equivalents ............. (4) 2 (1)
Increase (decrease) in cash and cash equivalents ....................... 132 (266) (52)
Cash and cash equivalents at beginning of year ........................ 348 614 666
Cash and cash equivalents at end of year ............................ $ 480 $ 348 $ 614
See notes to Consolidated Financial Statements.
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