Waste Management 2006 Annual Report Download - page 149

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CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
WMI
WM
Holdings
Non-
Guarantor
Subsidiaries Eliminations Consolidated
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 and changes . . .............. (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 sales of other 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)
Cash flows from financing activities:
New borrowings . . . ........................ — — 432 — 432
Debt repayments . . . ........................ — (300) (632) — (932)
Common stock repurchases ................... (1,072) — — — (1,072)
Cash dividends ............................ (476) — — — (476)
Exercise of common stock options and warrants . . . . 295 — — — 295
Minority interest distributions paid and other . . . . . . 44 — (94) — (50)
(Increase) decrease in intercompany and
investments, net ........................ 1,304 359 (1,634) (29) —
Net cash provided by (used in) financing activities . . . . 95 59 (1,928) (29) (1,803)
Effect of exchange rate changes on cash and cash
equivalents . .............................. — — (1) — (1)
Decrease in cash and cash equivalents ............. (23) — — (29) (52)
Cash and cash equivalents at beginning of period . . . . . 698 — — (32) 666
Cash and cash equivalents at end of period. . ........ $ 675 $ — $ — $ (61) $ 614
Year Ended December 31, 2005
Cash flows from operating activities:
Net income .............................. $1,182 $ 1,355 $ 1,408 $(2,763) $ 1,182
Equity in earnings of subsidiaries, net of taxes . . . . . (1,355) (1,408) — 2,763 —
Other adjustments and changes . . .............. (17) (8) 1,234 — 1,209
Net cash provided by (used in) operating activities . . . . (190) (61) 2,642 — 2,391
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired . . . . . — — (142) — (142)
Capital expenditures ........................ — — (1,180) — (1,180)
Proceeds from divestitures of businesses (net of cash
divested) and sales of other assets............. — — 194 — 194
Purchases of short-term investments ............. (1,017) — (62) — (1,079)
Proceeds from sales of short-term investments . . . . . 737 — 47 — 784
Net receipts from restricted trust and escrow
accounts and other, net . ................... — — 361 — 361
Net cash used in investing activities ............. (280) — (782) — (1,062)
115
WASTE MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)