Waste Management 2006 Annual Report Download - page 93
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WASTE MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
2006 2005 2004
Years Ended December 31,
Operating revenues............................................ $13,363 $13,074 $12,516
Costs and expenses:
Operating ................................................. 8,587 8,631 8,228
Selling, general and administrative . ............................. 1,388 1,276 1,267
Depreciation and amortization .................................. 1,334 1,361 1,336
Restructuring .............................................. — 28 (1)
(Income) expense from divestitures, asset impairments and unusual items. . 25 68 (13)
11,334 11,364 10,817
Income from operations ........................................ 2,029 1,710 1,699
Other income (expense):
Interest expense ............................................ (545) (496) (455)
Interest income ............................................. 69 31 70
Equity in net losses of unconsolidated entities ...................... (36) (107) (98)
Minority interest............................................ (44) (48) (36)
Other, net ................................................. 1 2 (2)
(555) (618) (521)
Income before income taxes and cumulative effect of change in accounting
principle.................................................. 1,474 1,092 1,178
Provision for (benefit from) income taxes ........................... 325 (90) 247
Income before cumulative effect of change in accounting principle ........ 1,149 1,182 931
Cumulative effect of change in accounting principle, net of income tax
expense of $5 .............................................. — — 8
Net income ................................................. $ 1,149 $ 1,182 $ 939
Basic income per common share:
Income before cumulative effect of change in accounting principle ...... $ 2.13 $ 2.11 $ 1.62
Cumulative effect of change in accounting principle ................. — — 0.01
Net income ............................................... $ 2.13 $ 2.11 $ 1.63
Diluted income per common share:
Income before cumulative effect of change in accounting principle ...... $ 2.10 $ 2.09 $ 1.60
Cumulative effect of change in accounting principle ................. — — 0.01
Net income ............................................... $ 2.10 $ 2.09 $ 1.61
Cash dividends declared per common share (2005 includes $0.22 paid in
2006) .................................................... $ 0.66 $ 1.02 $ 0.75
See notes to Consolidated Financial Statements.
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