Waste Management 2013 Annual Report Download - page 159

‰Proceeds from the exercise of common stock options — The exercise of common stock options and the
related excess tax benefits generated a total of $132 million of financing cash inflows during 2013
compared with $43 million during 2012 and $45 million during 2011. The increase in exercised stock
options during 2013 is primarily due to the increase in the Company’s stock price combined with
exercises in advance of stock option expiration dates.
‰Debt borrowings (repayments) — Net debt borrowings were $155 million, $122 million and $698 million
in 2013, 2012 and 2011, respectively. The following summarizes our cash borrowings and debt
repayments made during each year (in millions):
Years Ended December 31,
2013 2012 2011
Borrowings:
U.S. revolving credit facility(a) ............................. $ 325 $ 400 $ 150
Canadian credit facility(a) ................................. 897 189 137
Senior notes ............................................ — 495 893
Capital leases and other debt ............................... 85 96 21
$ 1,307 $ 1,180 $1,201
Repayments:
U.S. revolving credit facility(a) ............................. $ (305) $ (150) $ —
Canadian credit facility(a) ................................. (556) (257) (214)
Senior notes ............................................ — (400) (147)
Tax-exempt bonds ....................................... (162) (129) (55)
Capital leases and other debt ............................... (129) (122) (87)
$(1,152) $(1,058) $ (503)
Net borrowings ........................................... $ 155 $ 122 $ 698
(a) Due to the short-term maturities of the borrowings under these credit facilities, we have reported certain of
these cash flows on a net basis.
For the years ended December 31, 2013 and 2011, non-cash activities included proceeds from tax-exempt
borrowings, net of principal payments made directly from trust funds, of $99 million and $100 million,
respectively. During 2012, we did not have any significant non-cash activities.
‰Other — Net cash used in other financing activities was $3 million, $2 million and $46 million in 2013,
2012 and 2011, respectively. These activities are primarily attributable to changes in our accrued
liabilities for checks written in excess of cash balances due to the timing of cash deposits or payments.
During 2013 and 2011, the cash used for these activities included $4 million and $7 million, respectively,
of financing costs paid to amend and restate our U.S. revolving credit facility.
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