Waste Management 2006 Annual Report Download - page 56

Download and view the complete annual report

Please find page 56 of the 2006 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 164

  • 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
  • 163
  • 164

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.
2006(a) 2005(a) 2004(a) 2003(b) 2002
Years Ended December 31,
(In millions, except per share amounts)
Statement of Operations Data:
Operating revenues(c) ........................ $13,363 $13,074 $12,516 $11,648 $11,211
Costs and expenses:
Operating(c) ............................. 8,587 8,631 8,228 7,591 6,949
Selling, general and administrative ............. 1,388 1,276 1,267 1,216 1,392
Depreciation and amortization ................ 1,334 1,361 1,336 1,265 1,222
Restructuring ............................. — 28 (1) 44 38
(Income) expense from divestitures, asset
impairments and unusual items .............. 25 68 (13) (8) (34)
11,334 11,364 10,817 10,108 9,567
Income from operations ....................... 2,029 1,710 1,699 1,540 1,644
Other expense, net ........................... (555) (618) (521) (417) (402)
Income before income taxes and accounting
changes ................................. 1,474 1,092 1,178 1,123 1,242
Provision for (benefit from) income taxes .......... 325 (90) 247 404 422
Income before accounting changes ............... 1,149 1,182 931 719 820
Accounting changes, net of taxes ................ — — 8 (89) 2
Net income ................................ $ 1,149 $ 1,182 $ 939 $ 630 $ 822
Basic earnings per common share:
Income before accounting changes ............. $ 2.13 $ 2.11 $ 1.62 $ 1.22 $ 1.34
Accounting changes, net of taxes .............. — — 0.01 (0.15) —
Net income .............................. $ 2.13 $ 2.11 $ 1.63 $ 1.07 $ 1.34
Diluted earnings per common share:
Income before accounting changes ............. $ 2.10 $ 2.09 $ 1.60 $ 1.21 $ 1.33
Accounting changes, net of taxes .............. — — 0.01 (0.15) —
Net income .............................. $ 2.10 $ 2.09 $ 1.61 $ 1.06 $ 1.33
Cash dividends declared per common share (2005
includes $0.22 paid in 2006) ................. $ 0.66 $ 1.02 $ 0.75 $ 0.01 $ 0.01
Balance Sheet Data (at end of period):
Working capital (deficit) ...................... $ (86) $ 194 $ (386) $ (1,015) $ (471)
Goodwill and other intangible assets, net .......... 5,413 5,514 5,453 5,376 5,184
Total assets ................................ 20,600 21,135 20,905 20,382 19,951
Debt, including current portion.................. 8,317 8,687 8,566 8,511 8,293
Stockholders’ equity ......................... 6,222 6,121 5,971 5,602 5,310
22