Waste Management 2014 Annual Report Download - page 227

WASTE MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Continued)
WM WM Holdings Non-Guarantor Subsidiaries Eliminations Consolidated
Year Ended December 31, 2012
Cash flows from operating activities:
Consolidated net income ................... $ 817 $1,034 $ 1,089 $(2,080) $ 860
Equity in earnings of subsidiaries, net of
taxes ................................ (1,034) (1,046) — 2,080 —
Other adjustments ........................ 81 — 1,354 — 1,435
Net cash provided by (used in) operating activities . . (136) (12) 2,443 — 2,295
Cash flows from investing activities:
Acquisitions of businesses, net of cash
acquired .............................. — — (250) — (250)
Capital expenditures ...................... — — (1,510) — (1,510)
Proceeds from divestitures of businesses and
other assets (net of cash divested) .......... — — 44 — 44
Net receipts from restricted trust and escrow
accounts and other, net .................. — — (114) — (114)
Net cash provided by (used in) investing activities . . — — (1,830) — (1,830)
Cash flows from financing activities:
New borrowings ......................... 1,145 — 475 — 1,620
Debt repayments ......................... (835) — (663) — (1,498)
Common stock repurchases ................ — — — — —
Cash dividends .......................... (658) — — — (658)
Exercise of common stock options ........... 43 — — — 43
Acquisitions of and distributions paid to
noncontrolling interests and other .......... 15 — (52) — (37)
(Increase) decrease in intercompany and
investments, net ....................... 367 12 (379) — —
Net cash provided by (used in) financing activities . . 77 12 (619) — (530)
Effect of exchange rate changes on cash and cash
equivalents ............................... — — 1 — 1
Increase (decrease) in cash and cash equivalents .... (59) — (5) — (64)
Cash and cash equivalents at beginning of year ..... 119 — 139 — 258
Cash and cash equivalents at end of year .......... $ 60 $ — $ 134 $ — $ 194
24. New Accounting Standard Pending Adoption (Unaudited)
In May 2014, the FASB amended authoritative guidance associated with revenue recognition. The amended
guidance requires companies to recognize revenue to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or
services. Additionally, the amendments will require enhanced qualitative and quantitative disclosures regarding
customer contracts. The amended authoritative guidance associated with revenue recognition is effective for the
Company on January 1, 2017. The amended guidance may be applied retrospectively for all periods presented or
retrospectively with the cumulative effect of initially applying the amended guidance recognized at the date of
initial application. We are in the process of assessing the provisions of the amended guidance and have not
determined whether the adoption will have a material impact on our consolidated financial statements.
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