Waste Management 2011 Annual Report Download - page 232
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Non-GAAP Measure
Our letter to Shareholders, Customers, Employees and Communities included in this 2011 Annual Report
presents adjusted earnings per diluted share (adjusted EPS), which excludes certain items affecting comparability
of our results. Adjusted EPS is not defined by generally accepted accounting principles (GAAP). Please see
below for a reconciliation of the differences between adjusted EPS and earnings per diluted share calculated in
accordance with GAAP. We believe that non-GAAP measures provide useful information to investors by
excluding items that the Company does not believe reflect its fundamental business performance and/or are not
representative or indicative of our results of operations. Non-GAAP measures should be viewed in addition to,
and not in lieu of, the comparable GAAP measure.
Year Ended
December 31, 2011
(Dollars in Millions, Except
Per Share Amounts)
(Unaudited)
Adjusted Earnings Per Diluted Share
After-tax
Amount (a)
Per Share
Amount
Net Income and Earnings Per Diluted Share, as reported $ 961 $2.04
Adjustments to Net Income and Earnings Per Diluted Share:
Litigation ..................................................... 16
Restructuring .................................................. 11
Expense from divestitures, asset impairments and unusual items, net ...... 7
Results of the acquired Oakleaf operations and related integration costs .... 7
Landfill operating costs (b) ....................................... 5
46 0.10
Adjusted Net Income and Earnings Per Diluted Share $1,007 $2.14
(a) Tax expense attributable to each adjustment was as follows: Litigation- $8 million; Restructuring- $6
million; Expense from divestitures, asset impairments and unusual items, net- $3 million; Results of the
acquired Oakleaf operations and related integration costs- $4 million; and Landfill operating costs- $3
million.
(b) Adjustments in 2011 consisted of after-tax charges of $11 million due to the changes in risk-free interest
rates offset by an after-tax benefit of $6 million due to decreases in environmental remediation reserves and
closure and post-closure costs.