Waste Management 2015 Annual Report Download - page 181

WASTE MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The significant amounts reclassified out of each component of accumulated other comprehensive income
are as follows (in millions, with amounts in parentheses representing debits to the statement of operations
classification):
Years Ended December 31, Statement of
Operations Classification2015 2014 2013
Gains and losses on cash flow hedges:
Forward-starting interest rate swaps .................. $(12) $(10) $ (7) Interest expense, net
Treasury rate locks ............................... (4) (1) (2) Interest expense, net
Foreign currency derivatives ........................ 51 27 21 Other, net
Electricity commodity derivatives ................... — (8) (9) Operating revenues
35 8 3 Total before tax
(14) (3) (1) Tax (expense) benefit
Total reclassifications for the period .............. $ 21 $ 5 $ 2 Netoftax
15. Capital Stock, Dividends and Share Repurchases
Capital Stock
We have 1.5 billion shares of authorized common stock with a par value of $0.01 per common share. As of
December 31, 2015, we had 447.2 million shares of common stock issued and outstanding. The Board of
Directors is authorized to issue preferred stock in series, and with respect to each series, to fix its designation,
relative rights (including voting, dividend, conversion, sinking fund, and redemption rights), preferences
(including dividends and liquidation) and limitations. We have 10 million shares of authorized preferred stock,
$0.01 par value, none of which is currently outstanding.
Dividends
Our quarterly dividends have been declared and paid in accordance with financial plans approved by our
Board of Directors. Cash dividends declared and paid were $695 million in 2015, or $1.54 per common share,
$693 million in 2014, or $1.50 per common share, and $683 million in 2013, or $1.46 per common share.
In December 2015, we announced that our Board of Directors expects to increase the quarterly dividend
from $0.385 to $0.41 per share for dividends declared in 2016. However, all future dividend declarations are at
the discretion of the Board of Directors and depend on various factors, including our net earnings, financial
condition, cash required for future business plans and other factors the Board may deem relevant.
Share Repurchases
Our share repurchases have been made in accordance with financial plans approved by our Board of
Directors. The following is a summary of our share repurchases for the periods presented:
Years Ended December 31,
2015(a) 2014(a) 2013(c)
Shares repurchased (in thousands) .......... 14,823(b) 9,569(b) 5,368
Weighted average per share purchase price . . . $49.83 $43.89(b) $43.48 - $45.95
Total repurchases (in millions) ............. $600 $600 $239
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