Waste Management 2015 Annual Report Download - page 138

WASTE MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Millions, Except per Share Amounts)
Years Ended December 31,
2015 2014 2013
Operating revenues:
Service revenues .................................................... $11,887 $12,646 $12,566
Tangible product revenues ............................................. 1,074 1,350 1,417
Total operating revenues .......................................... 12,961 13,996 13,983
Costs and expenses:
Operating costs:
Cost of services ................................................. 7,281 7,856 7,880
Cost of tangible products .......................................... 950 1,146 1,232
Total operating costs ......................................... 8,231 9,002 9,112
Selling, general and administrative ...................................... 1,343 1,481 1,468
Depreciation and amortization .......................................... 1,245 1,292 1,333
Restructuring ....................................................... 15 82 18
Goodwill impairments ................................................ — 10 509
(Income) expense from divestitures, asset impairments (other than goodwill) and
unusual items ..................................................... 82 (170) 464
10,916 11,697 12,904
Income from operations ................................................... 2,045 2,299 1,079
Other income (expense):
Interest expense, net .................................................. (385) (466) (477)
Loss on early extinguishment of debt .................................... (555) — —
Equity in net losses of unconsolidated entities ............................. (38) (53) (34)
Other, net .......................................................... (7) (29) (74)
(985) (548) (585)
Income before income taxes ............................................... 1,060 1,751 494
Provision for income taxes ................................................ 308 413 364
Consolidated net income .................................................. 752 1,338 130
Less: Net income (loss) attributable to noncontrolling interests ................ (1) 40 32
Net income attributable to Waste Management, Inc. ............................ $ 753 $ 1,298 $ 98
Basic earnings per common share ........................................... $ 1.66 $ 2.80 $ 0.21
Diluted earnings per common share ......................................... $ 1.65 $ 2.79 $ 0.21
Cash dividends declared per common share ................................... $ 1.54 $ 1.50 $ 1.46
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Millions)
Years Ended December 31,
2015 2014 2013
Consolidated net income .................................................... $752 $1,338 $130
Other comprehensive income (loss), net of taxes:
Derivative instruments, net .............................................. 9 1 12
Available-for-sale securities, net ......................................... (2) 4 2
Foreign currency translation adjustments ................................... (159) (124) (68)
Post-retirement benefit obligation, net ..................................... 2 (12) 15
Other comprehensive income (loss), net of taxes ................................. (150) (131) (39)
Comprehensive income ..................................................... 602 1,207 91
Less: Comprehensive income (loss) attributable to noncontrolling interests ............ (1) 40 32
Comprehensive income attributable to Waste Management, Inc. .................... $603 $1,167 $ 59
See notes to Consolidated Financial Statements.
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