Waste Management 2014 Annual Report Download - page 219

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WASTE MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
addition, we incurred $32 million of tax charges to repatriate accumulated cash prior to the divestment.
These charges had a negative impact of $0.12 on our diluted earnings per share.
• The recognition of other net pre-tax charges of $16 million, primarily as a result of a $12 million
impairment charge due to the decision to close a waste processing facility. These charges had a
negative impact of $0.03 on our diluted earnings per share.
Third Quarter 2014
• The recognition of $67 million of pre-tax restructuring charges primarily related to our August 2014
restructuring. These items had a negative impact of $0.09 on our diluted earnings per share.
• The recognition of pre-tax charges aggregating $20 million comprised of (i) litigation reserves and
(ii) the write down of an investment in a waste diversion technology company, partially offset by a gain
on the sale of certain landfill and collection operations in our Eastern Canada Area. These items had a
negative impact of $0.05 on our diluted earnings per share.
Fourth Quarter 2014
• The recognition of a pre-tax gain of $519 million on the sale of our Wheelabrator business, which
positively affected our diluted earnings per share by $1.12.
• Net income was negatively impacted by the recognition of net pre-tax charges aggregating $364
million comprised of (i) $270 million of charges to impair our oil and gas producing properties; (ii) $25
million of charges to write down assets related to waste diversion technology companies; (iii) $20
million of other-than-temporary declines in the value of investments in waste diversion technology
companies accounted for under the cost method; (iv) $10 million of goodwill impairment charges
associated with our recycling operations and (v) other charges to write down the carrying value of
assets to their estimated fair values related to certain of our operations. These items had a negative
impact of $0.49 on our diluted earnings per share.
• Income from operations was negatively impacted by pre-tax restructuring charges of $13 million,
which negatively affected our diluted earnings per share by $0.02.
First Quarter 2013
• Net income was negatively impacted by pre-tax impairment charges aggregating $15 million
attributable to investments in waste diversion technology companies and goodwill related to certain of
our operations. These items had a negative impact of $0.03 on our diluted earnings per share.
• Income from operations was negatively impacted by $8 million of pre-tax restructuring charges related
to our acquisition of Greenstar and our July 2012 restructuring. These items had a negative impact of
$0.01 on our diluted earnings per share.
• Income from operations was negatively impacted by bad debt expense associated with collection issues
in our Puerto Rico operations, which negatively affected our diluted earnings per share by $0.01.
Second Quarter 2013
• Income from operations was negatively impacted by the recognition of pre-tax impairment and
restructuring charges primarily related to an impairment of a waste-to-energy facility as result of
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