Waste Management 2015 Annual Report Download - page 207

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, 2013
Cash flows from operating activities:
Consolidated net income (loss) .............. $ 98 $313 $ 364 $(645) $ 130
Equity in earnings of subsidiaries, net of
taxes ................................ (313) (332) — 645 —
Other adjustments ........................ (2) — 2,327 — 2,325
Net cash provided by (used in) operating activities . . (217) (19) 2,691 — 2,455
Cash flows from investing activities:
Acquisitions of businesses, net of cash
acquired .............................. — — (724) — (724)
Capital expenditures ...................... — — (1,271) — (1,271)
Proceeds from divestitures of businesses and
other assets (net of cash divested) .......... — — 138 — 138
Net receipts from restricted trust and escrow
accounts and other, net .................. — — (43) — (43)
Net cash provided by (used in) investing activities . . — — (1,900) — (1,900)
Cash flows from financing activities:
New borrowings ......................... 1,140 — 1,092 — 2,232
Debt repayments ......................... (1,120) — (957) — (2,077)
Common stock repurchases ................ (239) — — — (239)
Cash dividends .......................... (683) — — — (683)
Exercise of common stock options ........... 132 — — — 132
Acquisitions of and distributions paid to
noncontrolling interests and other .......... 14 — (66) — (52)
(Increase) decrease in intercompany and
investments, net ....................... 913 19 (932) — —
Net cash provided by (used in) financing activities . . 157 19 (863) — (687)
Effect of exchange rate changes on cash and cash
equivalents ............................... — — (4) — (4)
Increase (decrease) in cash and cash equivalents .... (60) — (76) — (136)
Cash and cash equivalents at beginning of year ..... 60 — 134 — 194
Cash and cash equivalents at end of year .......... $ — $— $ 58 $— $ 58
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, 2018. 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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