Waste Management 2015 Annual Report Download - page 203

WASTE MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
WM WM Holdings Non-Guarantor Subsidiaries Eliminations Consolidated
Year Ended December 31, 2015
Operating revenues ...................................... $ — $ — $12,961 $ — $12,961
Costs and expenses(a) .................................... — (1) 10,917 — 10,916
Income from operations .................................. — 1 2,044 — 2,045
Other income (expense):
Interest expense, net ................................. (298) (22) (65) — (385)
Loss on early extinguishment of debt .................... (500) (52) (3) — (555)
Equity in earnings of subsidiaries, net of taxes ............. 1,245 1,289 — (2,534) —
Other, net .......................................... — — (45) — (45)
447 1,215 (113) (2,534) (985)
Income before income taxes ............................... 447 1,216 1,931 (2,534) 1,060
Provision for (benefit from) income taxes .................... (306) (29) 643 — 308
Consolidated net income .................................. 753 1,245 1,288 (2,534) 752
Less: Net income (loss) attributable to noncontrolling interests .... — — (1) — (1)
Net income attributable to Waste Management, Inc. ............ $ 753 $1,245 $ 1,289 $(2,534) $ 753
Year Ended December 31, 2014
Operating revenues ...................................... $ — $ — $13,996 $ — $13,996
Costs and expenses(a) .................................... — (459) 12,156 — 11,697
Income from operations .................................. — 459 1,840 — 2,299
Other income (expense):
Interest expense, net ................................. (351) (31) (84) — (466)
Equity in earnings of subsidiaries, net of taxes ............. 1,510 1,070 — (2,580) —
Other, net .......................................... — — (82) — (82)
1,159 1,039 (166) (2,580) (548)
Income before income taxes ............................... 1,159 1,498 1,674 (2,580) 1,751
Provision for (benefit from) income taxes .................... (139) (12) 564 — 413
Consolidated net income .................................. 1,298 1,510 1,110 (2,580) 1,338
Less: Net income (loss) attributable to noncontrolling interests .... — — 40 — 40
Net income attributable to Waste Management, Inc. ............ $1,298 $1,510 $ 1,070 $(2,580) $ 1,298
Year Ended December 31, 2013
Operating revenues ...................................... $ — $ — $13,983 $ — $13,983
Costs and expenses(a) .................................... — — 12,904 — 12,904
Income from operations .................................. — — 1,079 — 1,079
Other income (expense):
Interest expense, net ................................. (355) (32) (90) — (477)
Equity in earnings of subsidiaries, net of taxes ............. 313 332 — (645) —
Other, net .......................................... — — (108) — (108)
(42) 300 (198) (645) (585)
Income before income taxes ............................... (42) 300 881 (645) 494
Provision for (benefit from) income taxes .................... (140) (13) 517 — 364
Consolidated net income .................................. 98 313 364 (645) 130
Less: Net income (loss) attributable to noncontrolling interests .... — — 32 — 32
Net income attributable to Waste Management, Inc. ............ $ 98 $ 313 $ 332 $ (645) $ 98
(a) Includes “Goodwill impairments” and “(Income) expense from divestitures, asset impairments (other than goodwill) and unusual
items” as reported in our Consolidated Statements of Operations.
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