Document and Entity Information (USD $)
In Billions, except Share data, unless otherwise specified |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2010
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Apr. 26, 2010
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Jun. 30, 2009
|
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | WASTE MANAGEMENT INC | ||
Entity Central Index Key | 0000823768 | ||
Document Type | 10-Q | ||
Document Period End Date | Mar. 31, 2010 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2010 | ||
Document Fiscal Period Focus | Q1 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 13.8 | ||
Entity Common Stock, Shares Outstanding (actual number) | 483,019,919 |
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If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of the sum of short-term debt and current maturities of long-term debt and capital lease obligations, which are due within one year (or one business cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue or other forms of income in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward should be presented as a reduction of the related deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid, adjusted for any amortization recognized prior to adoption of FAS 142 and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. No definition available.
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- Definition
Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year or the normal operating cycle, if longer plus capital lease obligations due to be paid more than one year after the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of current assets not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amounts due as of the balance sheet date from parties or arising from transactions not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date of capitalized payments for supplies which will be consumed in operations within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value of common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Treasury stock is issued but is not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The estimated amount of costs required as of the balance sheet date to comply with regulatory requirements pertaining to the retirement of an asset, which will be paid after one year or beyond the normal operating cycle, if longer. Carrying value of the obligation (known or estimated) arising from requirements to perform activities to remediate one or more sites, payable after twelve months or beyond the next operating cycle if longer. No definition available.
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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
In Millions, except Share data, unless otherwise specified |
Mar. 31, 2010
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Dec. 31, 2009
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Current assets: | ||
Allowance for doubtful accounts | $ 29 | $ 31 |
Accumulated depreciation and amortization | $ 14,199 | $ 13,994 |
Waste Management, Inc. stockholders' equity: | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized (actual number) | 1,500,000,000 | 1,500,000,000 |
Common stock, shares issued (actual number) | 630,282,461 | 630,282,461 |
Treasury stock, shares (actual number) | 146,441,694 | 144,162,063 |
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- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total costs of sales and operating expenses for the period. No definition available.
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X | ||||||||||
- Definition
The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of net income (loss) attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
The net amount of other nonoperating income and expense, which does not qualify for separate disclosure on the income statement under materiality guidelines. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount charged against earnings in the period for incurred and estimated costs, excluding asset retirement obligations, associated with exit from or disposal of business activities or restructurings pursuant to a program that is planned and controlled by management, and materially changes either the scope of a business undertaken by an entity, or the manner in which that business is conducted. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Depreciation, Depletion and Amortization associated with Property Plant and Equipment and Intangible Assets. No definition available.
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X | ||||||||||
- Definition
The aggregate amount of asset impairment charges, gains and losses related to the divestiture of businesses, and unsual items incurred during an accounting period. Generally, these items are either unusual or infrequent, but not both (in which case they would be extraordinary items). No definition available.
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X | ||||||||||
- Definition
Sum of operating profit and nonoperating income (expense) before income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. No definition available.
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- Details
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X | ||||||||||
- Definition
Interest and Other Income (Expense), Total. No definition available.
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- Definition
Interest Income. No definition available.
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X | ||||||||||
- Definition
Generally recurring costs associated with normal operations excluding Selling, General and Administrative Expense, Depreciation, Depletion and Amortization Expense, Restructuring Expense, and expense from Asset Impairments and Unusual Items. No definition available.
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- Details
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element reduces net cash provided by operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net change during the reporting period in the amount due from customers for the credit sale of goods and services; includes accounts receivable and other types of receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The net change during the reporting period in the aggregate amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The net change during the reporting period in other operating obligations not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The net cash inflow (outflow) for the net change associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net cash outflow (inflow) from other investing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow from the distribution of an entity's earnings in the form of dividends to common shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow associated with security instrument that either represents a creditor or an ownership relationship with the holder of the investment security with a maturity of beyond one year or normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net cash inflow (outflow) from other financing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net cash inflow (outflow) from noncontrolled interest to increase or decrease the number of shares they have in the entity. This does not include dividends paid to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow associated with security instrument that either represents a creditor or an ownership relationship with the holder of the investment security with a maturity of beyond one year or normal operating cycle, if longer. The nature of such security interests included herein may consist of debt securities, long-term capital lease obligations, and capital securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Depreciation, Depletion and Amortization associated with Property Plant and Equipment and Intangible Assets. No definition available.
|
X | ||||||||||
- Definition
The aggregate amount of asset impairment charges, gains and losses related to the divestiture of businesses, and unsual items incurred during an accounting period. Generally, these items are either unusual or infrequent, but not both (in which case they would be extraordinary items). No definition available.
|
X | ||||||||||
- Definition
Increase (Decrease) in Other Assets, Current. No definition available.
|
X | ||||||||||
- Definition
Increase (Decrease) in Other Assets, Non-current. No definition available.
|
X | ||||||||||
- Definition
Interest accretion on and discount rate adjustments to environmental remediation liabilities and recovery assets No definition available.
|
X | ||||||||||
- Definition
Interest accretion on landfill liabilities No definition available.
|
X | ||||||||||
- Definition
This element represents the cash inflow during the period from the sale of businesses and other assets. No definition available.
|
X | ||||||||||
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Common stock cash dividend declared by an entity during the period. This element includes paid and unpaid dividends declared during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Decrease in noncontrolling interest balance from payment of dividends or other distributions to noncontrolling interest holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Gross appreciation or the gross loss in value of the total unsold securities at the end of an accounting period, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This element represents Other Comprehensive Income (Loss), Net of Tax, for the period. Includes deferred gains (losses) on qualifying hedges, unrealized holding gains (losses) on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Net of tax effect of the reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury. No definition available.
|
X | ||||||||||
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Deconsolidation of variable interests entities. No definition available.
|
X | ||||||||||
- Definition
Equity-based compensation transactions, including dividend equivalents, net of taxes. No definition available.
|
X | ||||||||||
- Definition
Equity-based compensation transactions, including dividend equivalents, net of taxes shares. No definition available.
|
X | ||||||||||
- Definition
Noncontrolling interests in acquired businesses. No definition available.
|
X | ||||||||||
- Definition
This element represents movements included in treasury stock which are not separately disclosed or provided for elsewhere in the taxonomy. No definition available.
|
X | ||||||||||
- Definition
Tax effect of the gross appreciation or the gross loss, net of reclassification adjustment, in the change in value of available for sale securities during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Tax effect on reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Tax effect on the change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Basis of Presentation
|
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2010
|
|||||
Basis of Presentation [Abstract] | |||||
Basis of Presentation |
The financial statements presented in this report represent the
consolidation of Waste Management, Inc., a Delaware corporation;
Waste Management’s wholly-owned and majority-owned
subsidiaries; and certain variable interest entities for which
Waste Management or its subsidiaries are the primary
beneficiary. Waste Management is a holding company and all
operations are conducted by its subsidiaries. When the terms
“the Company,” “we,” “us” or
“our” are used in this document, those terms refer to
Waste Management, Inc., its consolidated subsidiaries and
consolidated variable interest entities. When we use the term
“WMI,” we are referring only to Waste Management,
Inc., the parent holding company.
We manage and evaluate our principal operations through five
Groups. Our four geographic operating Groups, which include our
Eastern, Midwest, Southern and Western Groups, provide
collection, transfer, recycling and disposal services. Our fifth
operating group is the Wheelabrator Group, which provides
waste-to-energy
services. We also provide additional services that are not
managed through our five Groups, which are presented in this
report as “Other.” Additional information related to
our segments can be found in Note 10.
The Condensed Consolidated Financial Statements as of and for
the three months ended March 31, 2010 and 2009 are
unaudited. In the opinion of management, these financial
statements include all adjustments, which, unless otherwise
disclosed, are of a normal recurring nature, necessary for a
fair presentation of the financial position, results of
operations, and cash flows for the periods presented. The
results for interim periods are not necessarily indicative of
results for the entire year. The financial statements presented
herein should be read in connection with the financial
statements included in our Annual Report on
Form 10-K
for the year ended December 31, 2009.
In preparing our financial statements, we make numerous
estimates and assumptions that affect the accounting for and
recognition and disclosure of assets, liabilities, equity,
revenues and expenses. We must make these estimates and
assumptions because certain information that we use is dependent
on future events, cannot be calculated with a high degree of
precision from data available or simply cannot be readily
calculated based on generally accepted methods. In some cases,
these estimates are particularly difficult to determine and we
must exercise significant judgment. In preparing our financial
statements, the most difficult, subjective and complex estimates
and the assumptions that deal with the greatest amount of
uncertainty relate to our accounting for landfills,
environmental remediation liabilities, asset impairments, and
self-insurance reserves and recoveries. Actual results could
differ materially from the estimates and assumptions that we use
in the preparation of our financial statements.
Subsequent events have been evaluated through the date and time
the financial statements were issued. No material subsequent
events have occurred since March 31, 2010 that required
recognition or disclosure in our current period financial
statements.
Adoption
of New Accounting Standards
Consolidation of Variable Interest Entities —
In June 2009, the FASB issued revised authoritative guidance
associated with the consolidation of variable interest entities.
The revised guidance replaced the previous quantitative-based
assessment for determining which enterprise has a controlling
interest in a variable interest entity with an approach that is
now primarily qualitative. This qualitative approach focuses on
identifying the enterprise that has (i) the power to direct
the activities of the variable interest entity that can most
significantly impact the entity’s performance; and
(ii) the obligation to absorb losses and the right to
receive benefits from the entity that could potentially be
significant to the variable interest entity. The revised
guidance also requires an ongoing assessment of whether an
enterprise is the primary beneficiary of a variable interest
entity rather than a reassessment only upon the occurrence of
specific events.
As a result of our implementation of this guidance, effective
January 1, 2010, we deconsolidated certain closure,
post-closure and environmental remediation trusts for which
power over significant activities is shared. Our
financial interests in these entities are discussed below. The
deconsolidation of these trusts has not materially affected our
financial position, results of operations or cash flows during
the periods presented.
Following is a description of our financial interests in
variable interest entities that we consider significant,
including (i) those for which we have determined that we
are the primary beneficiary of the entities and, therefore, have
continued to consolidate the entities into our financial
statements; and (ii) those that represent a significant
interest in an unconsolidated entity.
Consolidated
Variable Interest Entities
Waste-to-Energy
LLCs — In June 2000, two limited liability
companies were established to purchase interests in existing
leveraged lease financings at three
waste-to-energy
facilities that we lease, operate and maintain. We own a 0.5%
interest in one of the LLCs (“LLC I”) and a 0.25%
interest in the second LLC (“LLC II”). John Hancock
Life Insurance Company owns 99.5% of LLC I and 99.75% of LLC II
is owned by LLC I and the CIT Group. In 2000, Hancock and CIT
made an initial investment of $167 million in the LLCs,
which was used to purchase the three
waste-to-energy
facilities and assume the seller’s indebtedness.
Income, losses and cash flows of the LLCs are allocated to the
members based on their initial capital account balances until
Hancock and CIT achieve targeted returns; thereafter, we will
receive 80% of the earnings of each of the LLCs and Hancock and
CIT will be allocated the remaining 20% proportionate to their
respective equity interests. All capital allocations made
through March 31, 2010 have been based on initial capital
account balances as the target returns have not yet been
achieved.
Our obligations associated with our interests in the LLCs are
primarily related to the lease of the facilities. In addition to
our minimum lease payment obligations, we are required to make
cash payments to the LLCs for differences between fair market
rents and our minimum lease payments. We may also be required
under certain circumstances to make capital contributions to the
LLCs based on differences between the fair market value of the
facilities and defined termination values as provided for in the
underlying lease agreements, although we believe the likelihood
of the occurrence of these circumstances is remote.
We have determined that we are the primary beneficiary of the
LLCs because (i) all of the equity owners of the LLCs are
considered related parties for purposes of applying this
accounting guidance; (ii) the equity owners share power
over the significant activities of the LLCs; and (iii) we
are the entity within the related party group whose activities
are most closely associated with the LLCs.
As of March 31, 2010, our Condensed Consolidated Balance
Sheet includes $328 million of net property and equipment
associated with the LLCs’
waste-to-energy
facilities and $239 million in noncontrolling interests
associated with Hancock’s and CIT’s interests in the
LLCs. As of March 31, 2010, all debt obligations of the
LLCs have been paid in full and, therefore, the LLCs have no
liabilities. We recognized expense of $13 million during
both the three months ended March 31, 2010 and the three
months ended March 31, 2009 for Hancock’s and
CIT’s noncontrolling interests in the LLCs’ earnings.
The LLCs’ earnings relate to the rental income generated
from leasing the facilities to our subsidiaries, reduced by
depreciation expense. The LLCs’ rental income is eliminated
in WMI’s consolidation.
Significant
Unconsolidated Variable Interest Entities
Trusts for Closure, Post-Closure or Environmental Remediation
Obligations — We have significant financial
interests in trust funds that were created to settle certain of
our closure, post-closure or environmental remediation
obligations. We have determined that, under the current
guidance, we are not the primary beneficiary of certain of these
trust funds because power over the trusts’ significant
activities is shared.
The deconsolidation of these variable interest entities as of
January 1, 2010 reduced our restricted trust and escrow
accounts by $109 million; our long-term receivables by
$27 million; and noncontrolling interests by
$31 million. Beginning in 2010, our interests in these
trust funds have been accounted for as investments in
unconsolidated entities, which had a fair value of
$105 million as of January 1, 2010 and
$107 million as of March 31, 2010. We continue to
reflect our interests in the unrealized gains and losses on
marketable securities held by these trusts as a component of
accumulated other comprehensive income. The deconsolidation of
these variable interest entities has not materially affected our
financial position or results of operations for the periods
presented.
As the party with primary responsibility to fund the related
closure, post-closure or environmental remediation activities,
we are exposed to risk of loss as a result of potential changes
in the fair value of the trusts assets. The fair value of trust
assets can fluctuate due to (i) changes in the market value
of the investments held by the trusts; and (ii) credit risk
associated with trust receivables. Although we are exposed to
changes in the fair value of the trust assets, we currently
expect the trust funds to continue to meet the statutory
requirements for which they were established.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Describes the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings). Disclosures about the nature of operations need not be quantified; relative importance could be conveyed by use of terms such as "predominately", "about equally", or "major and other". This element is also referred to as "Business Description". Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Landfill and Environmental Remediation Liabilities
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2010
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Landfill and Environmental Remediation Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Landfill and Environmental Remediation Liabilities |
Liabilities for landfill and environmental remediation costs are
presented in the table below (in millions):
The changes to landfill and environmental remediation
liabilities for the year ended December 31, 2009 and the
three months ended March 31, 2010 are reflected in the
table below (in millions):
At several of our landfills, we provide financial assurance by
depositing cash into restricted trust funds or escrow accounts
for purposes of settling closure, post-closure and environmental
remediation obligations. Generally, these trust funds are
established to comply with statutory requirements and operating
agreements and we are the sole beneficiary of the restricted
balances. However, certain of the funds have been established
for the benefit of both the Company and the host community in
which we operate.
The fair value of trust funds and escrow accounts for which we
are the sole beneficiary was $123 million at March 31,
2010. As discussed in Note 1, effective January 1,
2010, we deconsolidated the trusts for which power over
significant activities of the trust is shared, which reduced our
restricted trust and escrow accounts by $109 million as of
January 1, 2010. Beginning in 2010, our interest in these
trust funds has been accounted for as investments in
unconsolidated entities. The fair value of our investment in
these entities was $107 million as of March 31, 2010.
These amounts are included as long-term “Other assets”
in our Condensed Consolidated Balance Sheet.
|
X | ||||||||||
- Definition
Description of the asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. This element may be used for all the disclosures related to asset retirement obligations. Disclosures of environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies. This element may be used as a single block of text to encapsulate the entire inventory disclosure including data and tables. No definition available.
|
X | ||||||||||
- Details
|
Debt
|
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2010
|
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Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt |
The following table summarizes the major components of debt at
each balance sheet date (in millions) and provides the
maturities and interest rate ranges of each major category as of
March 31, 2010:
Debt
Classification
As of March 31, 2010, we had $1,108 million of debt
maturing within twelve months. We have classified
$476 million of these borrowings as long-term as of
March 31, 2010 based on our intent and ability to refinance
these borrowings on a long-term basis.
Net
Debt Repayments
During the three months ended March 31, 2010, we repaid
$35 million of our tax-exempt bonds, $9 million of
advances outstanding under our Canadian credit facility and
$11 million of capital leases and other debt with available
cash.
Letter
of Credit Facilities
In addition to our $2.4 billion revolving credit facility,
we had an aggregate capacity of $580 million for letters of
credit under a $175 million letter of credit facility
expiring June 2010; a $105 million letter of credit
facility expiring June 2013; a $100 million letter of
credit facility expiring December 2014; and a $200 million
letter of credit facility expiring June 2015. These facilities
provide for commitments from counterparties to issue letters of
credit at our request. To the extent there are any unreimbursed
draws on letters of credit under these facilities, the
drawn amounts convert to term loans under the respective
facility. Through March 31, 2010, we had not experienced
any unreimbursed draws on letters of credit under these
facilities.
As of March 31, 2010, no borrowings were outstanding under
our revolving credit facility or these letter of credit
facilities. We currently have $1,447 million of letters of
credit outstanding under our revolving credit facility and an
aggregate of $572 million of letters of credit outstanding
under our letter of credit facilities.
|
X | ||||||||||
- Definition
Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
Derivative Instruments and Hedging Activities
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Mar. 31, 2010
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Derivative Instruments and Hedging Activities |
The following table summarizes the fair values of derivative
instruments recorded in our Condensed Consolidated Balance Sheet
as of March 31, 2010 (in millions):
The following table summarizes the fair values of derivative
instruments recorded in our Condensed Consolidated Balance Sheet
as of December 31, 2009 (in millions):
For information related to the methods used to measure our
derivative assets and liabilities at fair value, refer to
Note 12.
Interest
Rate Derivatives
Interest
Rate Swaps
We use interest rate swaps to maintain a portion of our debt
obligations at variable market interest rates. As of
March 31, 2010, the outstanding principal of our fixed-rate
senior notes was approximately $5.4 billion. The interest
payments on $1.1 billion, or 20%, of these senior notes
have been swapped to variable interest rates to protect the debt
against changes in fair value due to changes in benchmark
interest rates.
We have designated our interest rate swaps as fair value hedges
of our fixed-rate senior notes. Fair value hedge accounting for
interest rate swap contracts increased the carrying value of
debt instruments by $87 million as of March 31, 2010
and $91 million as of December 31, 2009.
Gains or losses on the derivatives as well as the offsetting
losses or gains on the hedged items attributable to our interest
rate swaps are recognized in current earnings. We include gains
and losses on our interest rate swaps as adjustments to interest
expense, which is the same financial statement line item where
offsetting gains and losses on
the related hedged items are recorded. The following table
summarizes the impact of changes in the fair value of our
interest rate swaps and the underlying hedged items on our
results of operations (in millions):
We also recognize the impacts of (i) net periodic
settlements of current interest on our active interest rate
swaps and (ii) the amortization of previously terminated
interest rate swap agreements as adjustments to interest
expense. The following table summarizes the impact of periodic
settlements of active swap agreements and the impact of
terminated swap agreements on our results of operations (in
millions):
Treasury
Rate Locks
During the third quarter of 2009, we entered into Treasury rate
locks with a total notional amount of $200 million to hedge
the risk of changes in semi-annual interest payments for a
portion of the senior notes that the Company plans to issue late
in the second quarter of 2010. We have designated our Treasury
rate lock derivatives as cash flow hedges. As of March 31,
2010, the fair value of these interest rate derivatives is
comprised of $1 million of current assets. We recognized
pre-tax and after-tax losses of $3 million and
$2 million, respectively, to other comprehensive income for
changes in their fair value during the three months ended
March 31, 2010. There was no significant ineffectiveness
associated with these hedges during the three months ended
March 31, 2010.
Our “Accumulated other comprehensive income” also
includes deferred losses, net of taxes, of $15 million as
of March 31, 2010 and $16 million as of
December 31, 2009 related to Treasury rate locks that had
been executed in previous years in anticipation of senior note
issuances. As these instruments also were designated as cash
flow hedges, the deferred losses are being reclassified to
earnings over the term of the hedged cash flows, which extend
through 2032.
Forward-Starting
Interest Rate Swaps
The Company currently expects to issue fixed-rate debt in March
2011, November 2012 and March 2014 and has executed
forward-starting interest rate swaps for these anticipated debt
issuances with notional amounts of $150 million,
$200 million and $175 million, respectively. We
entered into the forward-starting interest rate swaps during the
fourth quarter of 2009 to hedge the risk of changes in the
anticipated semi-annual interest payments due to fluctuations in
the forward ten-year LIBOR swap rate. Each of the
forward-starting swaps has an effective date of the anticipated
date of debt issuance and a term of ten years.
We have designated our forward-starting interest rate swaps as
cash flow hedges. As of March 31, 2010, the fair value of
these interest rate derivatives is comprised of $4 million
of long-term assets. We recognized pre-tax and after-tax losses
of $5 million and $3 million, respectively, to other
comprehensive income for changes in the fair value of our
forward-starting interest rate swaps during the three months
ended March 31, 2010. There was no significant
ineffectiveness associated with these hedges during the three
months ended March 31, 2010.
Credit-Risk
Features
Certain of our interest rate derivative instruments contain
provisions related to the Company’s credit ratings. If the
Company’s credit rating were to fall below investment
grade, the counterparties have the ability to cancel the
derivative agreements and request immediate payment of any net
liability positions. We do not have any derivative instruments
with credit-risk-related contingent features that are in a net
liability position at March 31, 2010.
Foreign
Exchange Derivatives
We use foreign currency exchange rate derivatives to hedge our
exposure to changes in exchange rates for anticipated
intercompany cash transactions between WM Holdings and its
Canadian subsidiaries. As of March 31, 2010, we have
foreign currency forward contracts outstanding for all of the
anticipated cash flows associated with a debt arrangement
between these wholly-owned subsidiaries. The hedged cash flows
include C$370 million of principal, which is scheduled for
repayment on December 31, 2010, and C$22 million of
interest payments scheduled for December 31, 2010. We have
designated our foreign currency derivatives as cash flow hedges.
Gains or losses on the derivatives and the offsetting losses or
gains on the hedged items attributable to foreign currency
exchange risk are recognized in current earnings. We include
gains and losses on our foreign currency forward contracts as
adjustments to other income and expense, which is the same
financial statement line item where offsetting gains and losses
on the related hedged items are recorded. The following table
summarizes the pre-tax impacts of our foreign currency cash flow
derivatives on our results of operations and comprehensive
income (in millions):
The above table represents the impacts of our foreign exchange
contracts on a pre-tax basis. Amounts reported in other
comprehensive income and accumulated other comprehensive income
are reported net of tax. Adjustments to other comprehensive
income for changes in the fair value of our foreign currency
cash flow hedges resulted in the recognition of an after-tax
loss of $7 million during the three months ended
March 31, 2010 and an after-tax gain of $8 million
during the three months ended March 31, 2009. Adjustments
for the reclassification of gains or (losses) from accumulated
other comprehensive income into income were $(8) million
during the three months ended March 31, 2010 and
$7 million during the three months ended March 31,
2009. There was no significant ineffectiveness associated with
these hedges during the three months ended March 31, 2010
or 2009.
Electricity
Commodity Derivatives
During the first quarter of 2010, we entered into “receive
fixed, pay variable” electricity swaps to mitigate the
variability in our revenues and cash flows caused by
fluctuations in the market prices for electricity. The swaps
collectively hedge 568,200 megawatt hours over either two- or
nine-month periods. The electricity swaps in place are expected
to hedge approximately 40% of our Wheelabrator Group’s 2010
merchant electricity sales. We have designated our electricity
swaps as cash flow hedges. As of March 31, 2010, the fair
value of these derivatives is
comprised of $1 million of current assets. We recognized
pre-tax and after-tax gains of approximately $1 million to
other comprehensive income for changes in their fair value
during the three months ended March 31, 2010. There was no
significant ineffectiveness associated with these hedges during
the three months ended March 31, 2010.
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This element can be used to disclose the entity's entire derivative instruments and hedging activities disclosure as a single block of text. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, and the amounts of and methodologies and assumptions used in determining the amounts of such items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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Mar. 31, 2010
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Income Taxes [Abstract] | |||||
Income Taxes |
Our effective tax rate for the three months ended March 31,
2010 was 36.6% compared with 37.2% for the comparable prior-year
period. The differences between federal income taxes computed at
the federal statutory rate and reported income taxes for the
three-month periods ended March 31, 2010 and 2009 were
primarily due to the unfavorable impact of state and local
income taxes. We evaluate our effective tax rate at each interim
period and adjust it accordingly as facts and circumstances
warrant.
The Patient Protection and Affordable Care Act, which was signed
into law in March 2010, includes a provision that eliminates the
tax deductibility of retiree health care costs to the extent
that retiree prescription drug benefits are reimbursed under
Medicare Part D coverage. Although this provision of the
Act does not take effect until 2013, we were required to
recognize the full accounting impact of the change in law on our
deferred tax assets during the first quarter of 2010, the period
in which the law was enacted. The remeasurement of our deferred
tax assets did not affect our financial position or results of
operations as of and for the three months ended March 31,
2010.
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Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Comprehensive Income
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Mar. 31, 2010
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Comprehensive Income |
Comprehensive income was as follows (in millions):
The components of accumulated other comprehensive income, which
is included as a component of Waste Management, Inc.
stockholders’ equity, were as follows (in millions):
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This label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains and losses on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains and losses on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains and losses on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain or loss and net prior service cost or credit for pension plans and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings Per Share
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Mar. 31, 2010
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Earnings Per Share |
Basic and diluted earnings per share were computed using the
following common share data (shares in millions):
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Commitments and Contingencies
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Commitments and Contingencies [Abstract] | |||||
Commitments and Contingencies |
Financial instruments — We have obtained
letters of credit, performance bonds and insurance policies and
have established trust funds and issued financial guarantees to
support tax-exempt bonds, contracts, performance of landfill
closure and post-closure requirements, environmental
remediation, and other obligations. Letters of credit generally
are supported by our revolving credit facility and other credit
facilities established for that purpose. We obtain surety bonds
and insurance policies from an entity in which we have a
noncontrolling financial interest. We also obtain insurance from
a wholly-owned insurance company, the sole business of which is
to issue policies for us. In those instances where our use of
financial assurance from entities we own or have financial
interests in is not allowed, we generally have available
alternative financial assurance mechanisms.
Management does not expect that any claims against or draws on
these instruments would have a material adverse effect on our
consolidated financial statements. We have not experienced any
unmanageable difficulty in obtaining the required financial
assurance instruments for our current operations. In an ongoing
effort to mitigate risks of future cost increases and reductions
in available capacity, we continue to evaluate various options
to access cost-effective sources of financial assurance.
Insurance — We carry insurance coverage for
protection of our assets and operations from certain risks
including automobile liability, general liability, real and
personal property, workers’ compensation, directors’
and officers’ liability, pollution legal liability and
other coverages we believe are customary to the industry. Our
exposure to loss for insurance claims is generally limited to
the per incident deductible under the related insurance policy.
Our exposure, however, could increase if our insurers were
unable to meet their commitments on a timely basis.
We have retained a significant portion of the risks related to
our automobile, general liability and workers’ compensation
insurance programs. For our self-insured retentions, the
exposure for unpaid claims and associated expenses, including
incurred but not reported losses, is based on an actuarial
valuation and internal estimates. The estimated accruals for
these liabilities could be affected if future occurrences or
loss development significantly differ from the assumptions used.
We do not expect the impact of any known casualty, property,
environmental or other contingency to have a material impact on
our financial condition, results of operations or cash flows.
Purchase Commitments — We continue to focus on
the expansion of our
waste-to-energy
business and are actively pursuing various projects in the
United States and internationally. As of December 31, 2009,
we had a commitment to purchase a 40% equity investment in
Shanghai Environment Group (“SEG”), a subsidiary of
Shanghai Chengtou Holding Co., Ltd. During the first quarter of
2010, the Ministry of Commerce of the People’s Republic of
China approved the transaction and we paid $142 million for
our investment. As a joint venture partner in SEG, we will
participate in the operation and management of
waste-to-energy
and other waste services in the Chinese market. SEG will also
focus on building new
waste-to-energy
facilities in China.
Additionally, our acquisition of a
waste-to-energy
facility in Portsmouth, Virginia has been approved by both the
Southeastern Public Service Authority of Virginia, or SPSA, and
the Virginia Resources Authority. We currently expect the
acquisition to be completed in April of 2010. The expected
purchase price for the facility is approximately $150 million.
Guarantees — In the ordinary course of our
business, WMI and WM Holdings enter into guarantee
agreements associated with their subsidiaries’ operations.
Additionally, WMI and WM Holdings have each guaranteed all
of the senior debt of the other entity. No additional
liabilities have been recorded for these intercompany guarantees
because all of the underlying obligations are reflected in our
Condensed Consolidated Balance Sheets.
We also have guaranteed the obligations of, and provided
indemnification to, third parties in the ordinary course of
business. Guarantee agreements outstanding as of March 31,
2010 include (i) guarantees of unconsolidated
entities’ financial obligations maturing through 2020 for
maximum future payments of $9 million; and
(ii) agreements guaranteeing the market value of
homeowners’ properties adjacent to or near certain of our
landfills. Our indemnification obligations generally arise in
divestitures and provide that we will be responsible for
liabilities associated with our operations for events that
occurred prior to the sale of the operations. Additionally,
under certain of our acquisition agreements, we have provided
for additional consideration to be paid to the sellers if
established financial targets are achieved post-closing. We have
recognized liabilities for these contingent obligations based on
an estimate of the fair value of these contingencies at the time
of acquisition. Contingent obligations related to
indemnifications arising from our divestitures and contingent
consideration provided for by our acquisitions are not expected
to be material to our financial position, results of operations
or cash flows.
Environmental matters — A significant portion
of our operating costs and capital expenditures could be
characterized as costs of environmental protection, as we are
subject to an array of laws and regulations relating to the
protection of the environment. Under current laws and
regulations, we may have liabilities for environmental damage
caused by our operations, or for damage caused by conditions
that existed before we acquired a site. In addition to
remediation activity required by state or local authorities,
such liabilities include potentially responsible party, or PRP,
investigations. The costs associated with these liabilities can
include settlements, certain legal and consultant fees, as well
as incremental internal and external costs directly associated
with site investigation and
clean-up.
Estimating our degree of responsibility for remediation is
inherently difficult. Determining the method and ultimate cost
of remediation requires that a number of assumptions be made.
There can sometimes be a range of reasonable estimates of the
costs associated with the likely remedy of a site. In these
cases, we use the amount
within the range that constitutes our best estimate. If no
amount within a range appears to be a better estimate than any
other, we use the amount that is the low end of such range. If
we used the high ends of such ranges, our aggregate potential
liability would be approximately $150 million higher than
the $257 million recorded in the Condensed Consolidated
Financial Statements as of March 31, 2010. Our ongoing
review of our remediation liabilities could result in revisions
to our accruals that could cause upward or downward adjustments
to income from operations. These adjustments could be material
in any given period.
As of March 31, 2010, we had been notified that we are a
PRP in connection with 74 locations listed on the EPA’s
National Priorities List, or NPL. Of the 74 sites at which
claims have been made against us, 16 are sites we own. Each of
the NPL sites we own was initially developed by others as a
landfill disposal facility. At each of these facilities, we are
working in conjunction with the government to characterize or
remediate identified site problems, and we have either agreed
with other legally liable parties on an arrangement for sharing
the costs of remediation or are working toward a cost-sharing
agreement. We generally expect to receive any amounts due from
other participating parties at or near the time that we make the
remedial expenditures. The other 58 NPL sites, which we do not
own, are at various procedural stages under the Comprehensive
Environmental Response, Compensation and Liability Act of 1980,
as amended, known as CERCLA or Superfund.
The majority of these proceedings involve allegations that
certain of our subsidiaries (or their predecessors) transported
hazardous substances to the sites, often prior to our
acquisition of these subsidiaries. CERCLA generally provides for
liability for those parties owning, operating, transporting to
or disposing at the sites. Proceedings arising under Superfund
typically involve numerous waste generators and other waste
transportation and disposal companies and seek to allocate or
recover costs associated with site investigation and
remediation, which costs could be substantial and could have a
material adverse effect on our consolidated financial
statements. At some of the sites at which we have been
identified as a PRP, our liability is well defined as a
consequence of a governmental decision and an agreement among
liable parties as to the share each will pay for implementing
that remedy. At other sites, where no remedy has been selected
or the liable parties have been unable to agree on an
appropriate allocation, our future costs are uncertain.
Litigation — In April 2002, two former
participants in the ERISA plans of Waste Management Holdings,
Inc., a wholly-owned subsidiary we acquired in 1998
(“WM Holdings”), filed a lawsuit in the
U.S. District Court for the District of Columbia in a case
entitled William S. Harris, et al. v. James E. Koenig,
et al. The lawsuit named as defendants WM Holdings; the
members of WM Holdings’ Board of Directors prior to
July 1998; the administrative and investment committees of
WM Holdings’ ERISA plans and their individual members;
WMI’s retirement savings plan; the investment committees of
WMI’s plan and its individual members; and State Street
Bank & Trust, the trustee and investment manager of
the ERISA plans. The lawsuit attempts to increase the recovery
of a class of ERISA plan participants based on allegations
related to both the events alleged in, and the settlements
relating to, the securities class action against
WM Holdings that was settled in 1998 and the securities
class action against WMI that was settled in 2001. The
defendants filed motions to dismiss the complaints on the
pleadings, and the Court granted in part and denied in part the
defendants’ motions in the first quarter of 2009. However,
in December 2009, the Court granted the plaintiffs’ motion
for leave to file a fourth amended complaint to overcome the
dismissal of certain complaints and motion for leave to file a
substitute fourth amended complaint to add two new claims. Each
of Mr. Pope, Mr. Rothmeier and Ms. San Juan
Cafferty, members of our Board of Directors, was a member of the
WM Holdings’ Board of Directors and therefore is a
named defendant in these actions, as is Mr. Simpson, our
Chief Financial Officer, by virtue of his membership on the WMI
ERISA plan Investment Committee at that time. All of the
defendants intend to continue to defend themselves vigorously.
There are two separate wage and hour lawsuits pending against
certain of our subsidiaries in California, each seeking class
certification. The actions were coordinated to proceed in
San Diego County. Both lawsuits make the same general
allegations that the defendants failed to comply with certain
California wage and hour laws, including allegedly failing to
provide meal and rest periods, and failing to properly pay
hourly and overtime wages. We deny
the claims and intend to continue to vigorously defend these
matters. Given the inherent uncertainties of litigation, the
ultimate outcome cannot be predicted at this time, nor can
possible damages, if any, be reasonably estimated.
From time to time, we also are named as defendants in personal
injury and property damage lawsuits, including purported class
actions, on the basis of having owned, operated or transported
waste to a disposal facility that is alleged to have
contaminated the environment or, in certain cases, on the basis
of having conducted environmental remediation activities at
sites. Some of the lawsuits may seek to have us pay the costs of
monitoring of allegedly affected sites and health care
examinations of allegedly affected persons for a substantial
period of time even where no actual damage is proven. While we
believe we have meritorious defenses to these lawsuits, the
ultimate resolution is often substantially uncertain due to the
difficulty of determining the cause, extent and impact of
alleged contamination (which may have occurred over a long
period of time), the potential for successive groups of
complainants to emerge, the diversity of the individual
plaintiffs’ circumstances, and the potential contribution
or indemnification obligations of co-defendants or other third
parties, among other factors.
As a large company with operations across the United States and
Canada, we are subject to various proceedings, lawsuits,
disputes and claims arising in the ordinary course of our
business. Many of these actions raise complex factual and legal
issues and are subject to uncertainties. Actions filed against
us include commercial, customer, and employment-related claims,
including purported class action lawsuits related to our
customer service agreements and purported class actions
involving federal and state wage and hour and other laws. The
plaintiffs in some actions seek unspecified damages or
injunctive relief, or both. These actions are in various
procedural stages, and some are covered in part by insurance. We
currently do not believe that any such actions will ultimately
have a material adverse impact on our consolidated financial
statements.
WMI’s charter and bylaws require indemnification of its
officers and directors if statutory standards of conduct have
been met and allow the advancement of expenses to these
individuals upon receipt of an undertaking by the individuals to
repay all expenses if it is ultimately determined that they did
not meet the required standards of conduct. Additionally, WMI
has entered into separate indemnification agreements with each
of the members of its Board of Directors as well as its Chief
Executive Officer, its President and its Chief Financial
Officer. The Company may incur substantial expenses in
connection with the fulfillment of its advancement of costs and
indemnification obligations in connection with current actions
involving former officers of the Company or its subsidiaries,
including the Harris lawsuit mentioned above, or other
actions or proceedings that may be brought against its former or
current officers, directors and employees.
In March 2008, we filed a lawsuit in state district court in
Harris County, Texas against SAP AG and SAP America, Inc. The
lawsuit related to our 2005 software license from SAP for a
waste and recycling revenue management system and SAP’s
implementation of the software. In April 2010, we settled the
lawsuit, receiving a one-time cash payment, and all
parties dismissed their claims with prejudice.
Item 103 of the SEC’s
Regulation S-K
requires disclosure of certain environmental matters when a
governmental authority is a party to the proceedings and the
proceedings involve potential monetary sanctions that we
reasonably believe could exceed $100,000. The following matter
pending as of March 31, 2010 is disclosed in accordance
with that requirement:
On April 4, 2006, the EPA issued a Finding and Notice of
Violation (“FNOV”) to Waste Management of Hawaii,
Inc., an indirect wholly-owned subsidiary of WMI, and to the
City and County of Honolulu for alleged violations of the
federal Clean Air Act, based on alleged failure to submit
certain reports and design plans required by the EPA, and the
failure to begin and timely complete the installation of a gas
collection and control system for the Waimanalo Gulch Sanitary
Landfill on Oahu. The FNOV did not propose a penalty amount and
the parties have been in confidential settlement negotiations.
Pursuant to an indemnity agreement, any penalty assessed will be
paid by the Company, and not by the City and County of Honolulu.
Multi-Employer, Defined Benefit Pension Plans —
Over 20% of our workforce is covered by collective bargaining
agreements, which are with various union locals across the
United States. As a result of some of these
agreements, certain of our subsidiaries are participating
employers in a number of trustee-managed multi-employer, defined
benefit pension plans for the affected employees. One of the
multi-employer pension plans in which we participate is the
Central States Southeast and Southwest Areas Pension Plan
(“Central States Pension Plan”), which has reported
that it adopted a rehabilitation plan as a result of its
actuarial certification for the plan year beginning
January 1, 2008. The Central States Pension Plan is in
“critical status,” as defined by the Pension
Protection Act of 2006.
In connection with our ongoing re-negotiation of various
collective bargaining agreements, we may discuss and negotiate
for the complete or partial withdrawal from one or more of these
pension plans. In the first quarter of 2010, we recognized a
$28 million charge to “Operating” expenses for
the
agreed-upon
withdrawals of three bargaining units from the Central States
Pension Plan in connection with our negotiations of those
units’ agreements. We do not believe that our withdrawals
from multi-employer plans, individually or in the aggregate,
will have a material adverse effect on our financial condition
or liquidity. However, depending on the number of employees
withdrawn in any future period and the financial condition of
the multi-employer plans at the time of withdrawal, such
withdrawals could materially affect our results of operations in
the period of the withdrawal.
Tax Matters — We are currently in the
examination phase of IRS audits for the tax years 2009 and 2010
and expect these audits to be completed within the next nine and
21 months, respectively. We participate in the IRS’s
Compliance Assurance Program, which means we work with the IRS
throughout the year in order to resolve any material issues
prior to the filing of our year-end tax return. We are also
currently undergoing audits by various state and local
jurisdictions that date back to 1999 and examinations associated
with Canada that date back to 1998. To provide for certain
potential tax exposures, we maintain a liability for
unrecognized tax benefits, the balance of which management
believes is adequate. Results of audit assessments by taxing
authorities are not currently expected to have a material
adverse impact on our results of operations or cash flows.
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- Definition
Includes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Restructuring
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Mar. 31, 2010
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Restructuring [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring |
In January 2009, we took steps to streamline our organization by
(i) consolidating many of our Market Areas;
(ii) integrating the management of our recycling operations
with the remainder of our solid waste business; and
(iii) realigning our corporate organization with this new
structure in order to provide support functions more efficiently.
This reorganization eliminated over 1,500 employee
positions throughout the Company. During the three months ended
March 31, 2009, we recognized $38 million of pre-tax
restructuring charges associated with this reorganization, of
which $36 million were related to employee severance and
benefit costs. During the remainder of 2009, we incurred an
additional $12 million of pre-tax restructuring charges
associated with this reorganization, of which $5 million
were related to employee severance and benefit costs. The
remaining charges were primarily related to operating lease
obligations for property that will no longer be utilized. The
following table summarizes the charges recognized for this
restructuring by each of our current reportable segments and our
Corporate and Other organizations for the three months ended
March 31, 2009 (in millions):
Through March 31, 2010, we had paid approximately
$37 million of the employee severance and benefit costs
incurred as a result of this restructuring. The length of time
we are obligated to make severance payments varies, with the
longest obligation continuing through the fourth quarter of 2010.
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- Definition
Description of restructuring activities including exit and disposal activities, which should include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. This description does not include restructuring costs in connection with a business combination or discontinued operations and long-lived assets (disposal groups) sold or classified as held for sale. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Segment and Related Information
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Mar. 31, 2010
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Segment and Related Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Related Information |
We currently manage and evaluate our operations primarily
through our Eastern, Midwest, Southern, Western and Wheelabrator
Groups. These five Groups are presented below as our reportable
segments. Our segments provide integrated waste management
services consisting of collection, disposal (solid waste and
hazardous waste landfills), transfer,
waste-to-energy
facilities and independent power production plants that are
managed by Wheelabrator, recycling services and other services
to commercial, industrial, municipal and residential customers
throughout the United States and in Puerto Rico and Canada. The
operations not managed through our five operating Groups are
presented herein as “Other.”
Summarized financial information concerning our reportable
segments for the three months ended March 31 is shown in the
following tables (in millions):
Fluctuations in our operating results may be caused by many
factors, including
period-to-period
changes in the relative contribution of revenue by each line of
business and operating segment and by general economic
conditions. In addition, our revenues and income from operations
typically reflect seasonal patterns. Our operating revenues tend
to be somewhat higher in the summer months, primarily due to the
traditional seasonal increase in the volume of construction and
demolition waste. The volumes of industrial and residential
waste in certain regions
where we operate also tend to increase during the summer months.
Our second and third quarter revenues and results of operations
typically reflect these seasonal trends.
Additionally, certain destructive weather conditions that tend
to occur during the second half of the year, such as hurricanes
typically experienced by our Southern Group, can actually
increase our revenues in the areas affected. However, for
several reasons, including significant mobilization costs, such
revenue often generates earnings at comparatively lower margins.
Certain weather conditions, including severe winter storms, may
result in the temporary suspension of our operations, which can
significantly affect the operating results of the affected
regions. The operating results of our first quarter also often
reflect higher repair and maintenance expenses because we rely
on the slower winter months, when waste flows are generally
lower, to perform scheduled maintenance at our
waste-to-energy
facilities.
From time to time, the operating results of our reportable
segments are significantly affected by unusual or infrequent
transactions or events. During the first quarter of 2010, our
Midwest Group recognized a $28 million charge as a result
of bargaining unit employees in Michigan and Ohio agreeing to
our proposal to withdraw them from an under-funded
multi-employer pension plan. Refer to Note 8 for additional
information related to our participation in multi-employer
pension plans. Further, as disclosed in Note 9, the income
from operations of each of our geographic Groups for the three
months ended March 31, 2009 was affected by our January
2009 reorganization.
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- Definition
This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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(Income) Expense from Divestitures, Asset Impairments and Unusual Items
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3 Months Ended | ||||
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Mar. 31, 2010
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(Income) Expense from Divestitures, Asset Impairments and Unusual Items [Abstract] | |||||
(Income) Expense from Divestitures, Asset Impairments and Unusual Items |
Through December 31, 2008, we had capitalized
$70 million of accumulated costs associated with the
development of a new waste and recycling revenue management
system. A significant portion of these costs was specifically
associated with the purchase of a license for waste and
recycling revenue management software and the efforts required
to develop and configure that software for our use. After a
failed pilot implementation of the software in one of our
smallest Market Areas, the development efforts associated with
the revenue management system were suspended in 2007. During
2009, we determined to enhance and improve our existing revenue
management system and not pursue alternatives associated with
the development and implementation of the licensed software.
Accordingly, in 2009, we recognized a non-cash charge of
$51 million, $49 million of which was recognized
during the first quarter of 2009 and $2 million of which
was recognized during the fourth quarter of 2009 for the
abandonment of the licensed software. Refer to Note 8 for
additional information related to the licensed software.
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- Definition
Any additional information related to the determination or classification of material events or transactions that are abnormal or significantly different from typical activities or are not reasonably expect to recur in the foreseeable future; but not both, and therefore does not meet both criteria for classification as an extraordinary item. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. No definition available.
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Fair Value Measurements
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Mar. 31, 2010
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Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements |
Assets
and Liabilities Accounted for at Fair Value
As of March 31, 2010, our assets and liabilities that are
measured at fair value on a recurring basis include the
following (in millions):
Fair
Value of Debt
At March 31, 2010, the carrying value of our debt was
approximately $8.8 billion compared with $8.9 billion
at December 31, 2009. The carrying value of our debt
includes adjustments for both the unamortized fair value
adjustments related to terminated hedge arrangements and fair
value adjustments of debt instruments that are currently hedged.
The estimated fair value of our debt was approximately
$9.1 billion at March 31, 2010 and approximately
$9.3 billion at December 31, 2009. The estimated fair
value of our senior notes is based on quoted market prices. The
carrying value of remarketable debt approximates fair value due
to the short-term nature of the attached interest rates. The
fair value of our other debt is estimated using discounted cash
flow analysis, based on rates we would currently pay for similar
types of instruments.
Although we have determined the estimated fair value amounts
using available market information and commonly accepted
valuation methodologies, considerable judgment is required in
interpreting market data to develop the estimates of fair value.
Accordingly, our estimates are not necessarily indicative of the
amounts that we, or holders of the instruments, could realize in
a current market exchange. The use of different assumptions
and/or
estimation methodologies could have a material effect on the
estimated fair values. The fair value estimates are based on
information available as of March 31, 2010 and
December 31, 2009. These amounts have not been revalued
since those dates, and current estimates of fair value could
differ significantly from the amounts presented.
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- Definition
This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Condensed Consolidating Financial Statements
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Mar. 31, 2010
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Condensed Consolidating Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Statements |
WM Holdings has fully and unconditionally guaranteed all of
WMI’s senior indebtedness. WMI has fully and
unconditionally guaranteed all of WM Holdings’ senior
indebtedness. None of WMI’s other subsidiaries have
guaranteed any of WMI’s or WM Holdings’ debt. As
a result of these guarantee arrangements, we are required to
present the following condensed consolidating financial
information (in millions):
CONDENSED
CONSOLIDATING BALANCE SHEETS
March 31,
2010
(Unaudited)
December 31,
2009
CONDENSED
CONSOLIDATING STATEMENTS OF OPERATIONS
Three
Months Ended March 31, 2010
(Unaudited)
Three
Months Ended March 31, 2009
(Unaudited)
CONDENSED
CONSOLIDATING STATEMENTS OF CASH FLOWS
Three
Months Ended March 31, 2010
(Unaudited)
Three
Months Ended March 31, 2009
(Unaudited)
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X | ||||||||||
- Definition
Text block that encapsulates the detailed table comprising the condensed financial statements (balance sheet, income statement and statement of cash flows), normally using the registrant (parent) as the sole domain member. If condensed consolidating financial statements are being presented, other domain members (in addition to parent) such as guarantor subsidiaries, non-guarantor subsidiaries, and the consolidation eliminations, will be included in order that the respective monetary amounts for each of the domains will aggregate to the respective amounts on the consolidated financial statements. The line items are the various captions used to compile the condensed financial statements. Using extensions, most, if not all, of the elements representing condensed financial statement captions will be the same as those used for the consolidated financial statements captions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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New Accounting Standards Pending Adoption
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3 Months Ended | ||||
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Mar. 31, 2010
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New Accounting Standards Pending Adoption [Abstract] | |||||
New Accounting Standards Pending Adoption |
Multiple-Deliverable Revenue Arrangements — In
September 2009, the FASB amended authoritative guidance
associated with multiple-deliverable revenue arrangements. This
amended guidance addresses the determination of when individual
deliverables within an arrangement may be treated as separate
units of accounting and modifies the manner in which
consideration is allocated across the separately identifiable
deliverables. The amendments to authoritative guidance
associated with multiple-deliverable revenue arrangements are
effective for the Company on January 1, 2011, although the
FASB does permit early adoption of the guidance provided that it
is retroactively applied to the beginning of the year of
adoption. The new accounting standard may be applied either
retrospectively for all periods presented or prospectively to
arrangements entered into or materially modified after the date
of adoption. We are in the process of assessing the provisions
of this new guidance and currently do not expect that the
adoption will have a material impact on our consolidated
financial statements. However, our adoption of this guidance may
significantly impact our accounting and reporting for future
revenue arrangements to the extent they are material.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
New Accounting Standards Pending Adoption. No definition available.
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