Waste Management 2014 Annual Report Download - page 154

WASTE MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Millions, Except per Share Amounts)
Years Ended December 31,
2014 2013 2012
Operating revenues:
Service revenues ................................................... $12,646 $12,566 $12,327
Tangible product revenues ........................................... 1,350 1,417 1,322
Total operating revenues ........................................ 13,996 13,983 13,649
Costs and expenses:
Operating costs:
Cost of services ............................................... 7,856 7,880 7,765
Cost of tangible products ........................................ 1,146 1,232 1,114
Total operating costs ....................................... 9,002 9,112 8,879
Selling, general and administrative .................................... 1,481 1,468 1,472
Depreciation and amortization ........................................ 1,292 1,333 1,297
Restructuring ..................................................... 82 18 67
Goodwill impairments .............................................. 10 509 4
(Income) expense from divestitures, asset impairments (other than goodwill)
and unusual items ................................................ (170) 464 79
11,697 12,904 11,798
Income from operations ................................................. 2,299 1,079 1,851
Other income (expense):
Interest expense, net ................................................ (466) (477) (484)
Equity in net losses of unconsolidated entities ........................... (53) (34) (46)
Other, net ........................................................ (29) (74) (18)
(548) (585) (548)
Income before income taxes .............................................. 1,751 494 1,303
Provision for income taxes ............................................... 413 364 443
Consolidated net income ................................................ 1,338 130 860
Less: Net income attributable to noncontrolling interests ................... 40 32 43
Net income attributable to Waste Management, Inc. ........................... $ 1,298 $ 98 $ 817
Basic earnings per common share ......................................... $ 2.80 $ 0.21 $ 1.76
Diluted earnings per common share ........................................ $ 2.79 $ 0.21 $ 1.76
Cash dividends declared per common share ................................. $ 1.50 $ 1.46 $ 1.42
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Millions)
Years Ended December 31,
2014 2013 2012
Consolidated net income ................................................ $ 1,338 $ 130 $ 860
Other comprehensive income (loss), net of taxes:
Derivative instruments, net .......................................... 1 12 (12)
Available-for-sale securities, net ......................................422
Foreign currency translation adjustments ............................... (124) (68) 33
Post-retirement benefit obligation, net .................................. (12) 15 (2)
Other comprehensive income (loss), net of taxes ............................. (131) (39) 21
Comprehensive income ................................................. 1,207 91 881
Less: Comprehensive income attributable to noncontrolling interests ............. 40 32 43
Comprehensive income attributable to Waste Management, Inc. ................. $ 1,167 $ 59 $ 838
See notes to Consolidated Financial statements.
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