0001558370-24-005734 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 27	$ 30
Allowance for other receivables	5	4
Accumulated depreciation and amortization	$ 23,144	$ 22,826
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common stock, shares issued	630,282,461	630,282,461
Treasury stock, shares	228,979,512	228,827,218

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share

Earnings Per Share

5. Earnings Per Share

Basic and diluted earnings per share for the three months ended March 31 were computed using the following common share data (shares in millions):


	2024	2023
Number of common shares outstanding at end of period	401.3	406.8
Effect of using weighted average common shares outstanding	0.4	0.6
Weighted average basic common shares outstanding	401.7	407.4
Dilutive effect of equity-based compensation awards and other contingently issuable shares	1.8	1.6
Weighted average diluted common shares outstanding	403.5	409.0
Potentially issuable shares	4.9	5.6
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	1.6	1.8

Refer to the Condensed Consolidated Statements of Operations for net income attributable to Waste Management, Inc.

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Measurements

Fair Value Measurements

10. Fair Value Measurements

Assets and Liabilities Accounted for at Fair Value

Our assets and liabilities that are measured at fair value on a recurring basis include the following (in millions):


	March 31,		December 31,
	2024		2023
Quoted prices in active markets (Level 1):
Cash equivalents and money market funds	$	221	$	327
Equity securities		67		61
Significant other observable inputs (Level 2):
Available-for-sale securities (a)		525		431
Total Assets	$	813	$	819

(a)	Our available-for-sale securities primarily relate to debt securities with maturities over the next ten years.

Fair Value of Debt

As of March 31, 2024 and December 31, 2023, the carrying value of our debt was $16.1 billion and $16.2 billion, respectively. The estimated fair value of our debt was approximately $15.1 billion and $15.6 billion as of March 31, 2024 and December 31, 2023, respectively.

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 or estimation methodologies could have a material effect on the estimated fair values. The fair value estimates are based on Level 2 inputs of the fair value hierarchy available as of March 31, 2024 and December 31, 2023. These amounts have not been revalued since those dates, and current estimates of fair value could differ significantly from the amounts presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial 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 entity 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 risks 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.

+ References + Details

Basis of Presentation (Detail)	3 Months Ended
Basis of Presentation (Detail)	Mar. 31, 2024 segment
Basis of Presentation
Number of reportable segments	4

Debt - Borrowings and Repayments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt
New borrowings	$ 4,412	$ 6,885
Debt repayments	4,570	$ 6,548
Commercial Paper Program [Member]
Debt
Commercial paper repayments	4,500
Commercial paper borrowings	4,400
Financing leases and other [Member]
Debt
Debt repayments	42
Non-cash financing lease incurred	$ 25

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Debt - Components (Detail) $ in Millions, $ in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)
Debt
Debt	$ 16,098		$ 16,229
Debt issuance costs, discounts and other	(118)		(123)
Current portion of long-term debt	336		334
Long-term debt, less current portion	15,762		15,895
Commercial Paper Program [Member]
Debt
Debt	$ 750		$ 860
Weighted average interest rate	5.50%	5.50%	5.60%	5.60%
Senior Notes, Aggregate [Member]
Debt
Debt	$ 11,376		$ 11,376
Weighted average interest rate	3.70%	3.70%	3.70%	3.70%
Senior Notes, Aggregate [Member] \| Minimum [Member]
Debt
Interest rate (as a percent)	0.75%	0.75%	0.75%	0.75%
Senior Notes, Aggregate [Member] \| Maximum [Member]
Debt
Interest rate (as a percent)	7.75%	7.75%	7.75%	7.75%
Canadian Senior Notes [Member]
Debt
Debt	$ 369	$ 500	$ 378	$ 500
Interest rate (as a percent)	2.60%	2.60%	2.60%	2.60%
Tax Exempt Bonds [Member]
Debt
Debt	$ 2,883		$ 2,883
Weighted average interest rate	3.20%	3.20%	3.30%	3.30%
Tax Exempt Bonds [Member] \| Minimum [Member]
Debt
Interest rate (as a percent)	0.55%	0.55%	0.55%	0.55%
Tax Exempt Bonds [Member] \| Maximum [Member]
Debt
Interest rate (as a percent)	5.00%	5.00%	5.00%	5.00%
Financing leases and other [Member]
Debt
Debt	$ 838		$ 855
Weighted average interest rate	4.90%	4.90%	5.00%	5.00%

Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI roll forward
Beginning balance	$ 6,896	$ 6,864
Other comprehensive income (loss), net of tax	(23)	12
Ending balance	7,078	6,808
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI roll forward
Beginning balance	(37)	(69)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)	(24)
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit	1
Other comprehensive income (loss), net of tax	(23)	12
Ending balance	(60)	$ (57)
Derivative Instruments [Member]
AOCI roll forward
Beginning balance	17
Ending balance	17
Other comprehensive income (loss) before reclassifications, tax	0
Amounts reclassified from accumulated other comprehensive (income) loss, tax	0
Available-for-Sale Securities [Member]
AOCI roll forward
Beginning balance	8
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit	1
Other comprehensive income (loss), net of tax	1
Ending balance	9
Other comprehensive income (loss) before reclassifications, tax	0
Amounts reclassified from accumulated other comprehensive (income) loss, tax	0
Foreign Currency Translation Adjustments [Member]
AOCI roll forward
Beginning balance	(68)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)	(24)
Other comprehensive income (loss), net of tax	(24)
Ending balance	(92)
Other comprehensive income (loss) before reclassifications, tax	0
Amounts reclassified from accumulated other comprehensive (income) loss, tax	0
Post - Retirement Benefit Obligations [Member]
AOCI roll forward
Beginning balance	6
Ending balance	6
Other comprehensive income (loss) before reclassifications, tax	0
Amounts reclassified from accumulated other comprehensive (income) loss, tax	$ 0

Common Stock Repurchase Program

3 Months Ended

Mar. 31, 2024

Capital Stock, Dividends and Common Stock Repurchase Program

Common Stock Repurchase Program

9. Common Stock Repurchase Program

The Company repurchases shares of its common stock as part of capital allocation programs authorized by our Board of Directors.

In February 2024, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $250 million of our common stock. At the beginning of the repurchase period, we delivered $250 million cash and initially received 1.0 million shares based on a stock price of $199.16, exclusive of the applicable 1% excise tax. The ASR agreement completed in April 2024 and we received 0.2 million additional shares based on a final weighted average price of $206.23.

As of March 31, 2024, the Company has authorization for $1.25 billion of future share repurchases. Any future share repurchases pursuant to this authorization of our Board of Directors will be made at the discretion of management and will depend on factors similar to those considered by the Board of Directors in making dividend declarations, including our net earnings, financial condition and cash required for future business plans, growth and acquisitions.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Operating revenues	$ 5,159	$ 4,892
Costs and expenses:
Operating	3,140	3,086
Selling, general and administrative	491	476
Depreciation, depletion and amortization	514	505
Restructuring		3
(Gain) loss from divestitures, asset impairments and unusual items, net	(2)	(3)
Total costs and expenses	4,143	4,067
Income from operations	1,016	825
Other income (expense):
Interest expense, net	(130)	(120)
Equity in net losses of unconsolidated entities	(19)	(11)
Other, net	2	2
Total other income (expense)	(147)	(129)
Income before income taxes	869	696
Income tax expense	162	164
Consolidated net income	707	532
Less: Net income (loss) attributable to noncontrolling interests	(1)	(1)
Net income attributable to Waste Management, Inc.	$ 708	$ 533
Basic earnings per common share	$ 1.76	$ 1.31
Diluted earnings per common share	$ 1.75	$ 1.30

Common Stock Repurchase Program - Repurchases (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended		3 Months Ended
	Apr. 30, 2024	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023
Capital Stock, Dividends and Common Stock Repurchase Program
Cash paid for repurchase of common stock			$ 250	$ 350
Authorized share repurchases			$ 1,250
Accelerated Share Repurchase Agreement (ASR) [Member]
Capital Stock, Dividends and Common Stock Repurchase Program
Shares repurchased (in shares)	0.2	1.0
Cash paid for repurchase of common stock		$ 250
Initial stock repurchase price (in dollars per share)		$ 199.16
Weighted average final purchase price (in dollars per share)	$ 206.23

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies

Commitments and Contingencies

6. Commitments and Contingencies

Financial Instruments — We have obtained letters of credit, surety bonds and insurance policies and have established trust funds and issued financial guarantees to support tax-exempt bonds, contracts, performance of landfill final capping, closure and post-closure requirements, environmental remediation and other obligations. Letters of credit generally are supported by our $3.5 billion revolving credit facility and other credit lines established for that purpose. These facilities are discussed further in Note 3. Surety bonds and insurance policies are supported by (i) a diverse group of third-party surety and insurance companies; (ii) an entity in which we have a noncontrolling financial interest or (iii) a wholly-owned insurance captive, the sole business of which is to issue surety bonds and/or insurance policies on our behalf.

Management does not expect that any claims against or draws on these instruments would have a material adverse effect on our financial condition, results of operations or cash flows. 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 general liability, automobile liability, workers’ compensation, real and personal property, directors’ and officers’ liability, pollution legal liability, cyber incident 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 and any amounts that exceed our insured limits. Our exposure could increase if our insurers are unable to meet their commitments on a timely basis.

We have retained a significant portion of the risks related to our health and welfare, general liability, automobile liability and workers’ compensation claims programs. “General liability” refers to the self-insured portion of specific third-party claims made against us that may be covered under our commercial general liability insurance policy. For our self-insured portions, the exposure for unpaid claims and associated expenses, including incurred but not reported losses, is based on an actuarial valuation or internal estimates. The accruals for these liabilities could be revised if future

occurrences or loss development significantly differ from such valuations and estimates. We use a wholly-owned insurance captive to insure the deductibles for our general liability, automobile liability and workers’ compensation claims programs.

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.

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.

As of March 31, 2024, we have guaranteed the obligations and certain performance requirements of third parties in connection with both consolidated and unconsolidated entities, including guarantees to cover the difference, if any, between the sale value and the guaranteed market or contractually-determined value of certain homeowner’s properties that are adjacent to or near 19 of our landfills. We have also agreed to indemnify certain third-party purchasers against liabilities associated with divested operations prior to such sale. We do not believe that the remaining contingent obligations will have a material adverse effect on the Company’s business, financial condition, 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. The nature of our operations, particularly with respect to the construction, operation and maintenance of our landfills, subjects us 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 (“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. We recognize and accrue for an estimated remediation liability when we determine that such liability is both probable and reasonably estimable. 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 site remediation alternatives identified in the environmental impact investigation. In these cases, we use the amount within the range that is 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 (where estimable), our aggregate potential liability would be approximately $18 million higher than the $211 million recorded in the Condensed Consolidated Balance Sheet as of March 31, 2024. Our ultimate responsibility may differ materially from current estimates. It is possible that technological, regulatory or enforcement developments, the results of environmental studies, the inability to identify other PRPs, the inability of other PRPs to contribute to the settlements of such liabilities, or other factors could require us to record additional liabilities. Our ongoing review of our remediation liabilities, in light of relevant internal and external facts and circumstances, could result in revisions to our accruals that could cause upward or downward adjustments to our balance sheet and income from operations. These adjustments could be material in any given period.

As of March 31, 2024, we had been notified by the government that we are a PRP in connection with 73 locations listed on the Environmental Protection Agency’s (“EPA’s”) Superfund National Priorities List, or NPL. Of the 73 sites at which claims have been made against us, 14 are sites we own. Each of the NPL sites we own were 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 59 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 proceedings involving NPL sites that we do not own are based on 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.

In 2018, both of McGinnes Industrial Maintenance Corporation (“MIMC”), a subsidiary of Waste Management of Texas, Inc., and International Paper Company (“IPC”) entered into an Administrative Order on Consent with the EPA as PRPs to develop a remedial design for the San Jacinto River Waste Pits Superfund Site in Harris County, Texas. We recorded a liability for MIMC’s estimated potential share of the EPA’s proposed remedy and related costs, although allocation of responsibility among the PRPs for the proposed remedy has not been established. MIMC and IPC have continued to work on a remedial design to support the EPA’s proposed remedy; however, in the first quarter of 2024, the EPA publicly issued a letter alleging that the remedial design has serious deficiencies. MIMC and IPC have engaged with the EPA and provided responses to the EPA letter. Due to increases in the estimated cost of the remedy, we recorded an additional $17 million liability for MIMC’s estimated potential share of such costs in 2023. As of March 31, 2024 and December 31, 2023, the recorded liability was $85 million. MIMC’s ultimate liability could be materially different from current estimates, including potential increases resulting from MIMC’s continued engagement with the EPA regarding a final remedial design for the site.

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, or such proceedings are known to be contemplated, unless we reasonably believe that the matter will result in no monetary sanctions, or in monetary sanctions, exclusive of interest and costs, below a stated threshold. In accordance with this SEC regulation, the Company uses a threshold of $1 million for purposes of determining whether disclosure of any such environmental proceedings is required. As of the date of this filing, we are not aware of any matters that are required to be disclosed pursuant to this standard.

From time to time, we are also 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. Additionally, we often enter into agreements with landowners imposing obligations on us to meet certain regulatory or contractual conditions upon site closure or upon termination of the agreements. Compliance with these agreements inherently involves subjective determinations and may result in disputes, including litigation.

Litigation — 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 that have been filed against us, and that may be filed against us in the future, include personal injury, property damage,

commercial, customer, and employment-related claims, including purported state and national class action lawsuits related to: alleged environmental contamination, including releases of hazardous material and odors; sales and marketing practices, customer service agreements and prices and fees; and 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 the eventual outcome of any such actions will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

In June 2022, we and certain of our officers were named as defendants in a complaint alleging violation of the federal securities laws and seeking certification as a class action in the U.S. District Court for the Southern District of New York. A lead plaintiff has been appointed and an amended complaint was filed in January 2023. The amended complaint seeks damages on behalf of a putative class of secondary market purchasers of our senior notes with a special mandatory redemption feature issued in May 2019, asserting claims under the Securities Exchange Act based on alleged misrepresentations and omissions concerning the time for completion of our acquisition of Advanced Disposal. On March 27, 2024, the Court denied our motion to dismiss except as to one of our officers, and the case will proceed to discovery. We intend to vigorously defend against this pending suit. We believe any potential recovery by the plaintiffs, in excess of applicable deductibles, will be covered by insurance, and we do not believe that the eventual outcome of this suit will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

WMI’s charter and bylaws provide that WMI shall indemnify against all liabilities and expenses, and upon request shall advance expenses to any person, who is subject to a pending or threatened proceeding because such person is or was a director or officer of the Company. Such indemnification is required to the maximum extent permitted under Delaware law. Accordingly, the director or officer must execute an undertaking to reimburse the Company for any fees advanced if it is later determined that the director or officer was not permitted to have such fees advanced under Delaware law. Additionally, the Company has direct contractual obligations to provide indemnification to each of the members of WMI’s Board of Directors and each of WMI’s executive officers. The Company may incur substantial expenses in connection with the fulfillment of its advancement of costs and indemnification obligations in connection with actions or proceedings that may be brought against its former or current officers, directors and employees.

Multiemployer Defined Benefit Pension Plans — About 20% of our workforce is covered by collective bargaining agreements with various local unions across the U.S. and Canada. As a result of some of these agreements, certain of our subsidiaries are participating employers in a number of trustee-managed multiemployer defined benefit pension plans (“Multiemployer Pension Plans”) for the covered employees. A complete or partial withdrawal from a Multiemployer Pension Plan may also occur if employees covered by a collective bargaining agreement vote to decertify a union from continuing to represent them. Any other circumstance resulting in a decline in Company contributions to a Multiemployer Pension Plan through a reduction in the labor force, whether through attrition over time or through a business event (such as the discontinuation or nonrenewal of a customer contract, the decertification of a union, or relocation, reduction or discontinuance of certain operations) may also trigger a complete or partial withdrawal from one or more of these pension plans.

We do not believe that any future liability relating to our past or current participation in, or withdrawals from, the Multiemployer Pension Plans to which we contribute will have a material adverse effect on our business, financial condition or liquidity. However, liability for future withdrawals could have a material adverse effect on our results of operations or cash flows for a particular reporting period, depending on the number of employees withdrawn and the financial condition of the Multiemployer Pension Plan(s) at the time of such withdrawal(s).

Tax Matters — We maintain a liability for uncertain tax positions, the balance of which management believes is adequate. Results of audit assessments by taxing authorities are not currently expected to have a material adverse effect on our financial condition, results of operations or cash flows. We participate in the IRS’s Compliance Assurance Process, which means we work with the IRS throughout the year towards resolving any material issues prior to the filing of our

annual tax return. Any unresolved issues as of the tax return filing date are subject to routine examination procedures. In the fourth quarter of 2022, the Company received a notice of tax due for the 2017 tax year related to a remaining disagreement with the IRS. In response to the notice, the Company made a deposit of approximately $103 million with the IRS. The Company expects to seek a refund of the entire amount deposited with the IRS and litigate any denial of the claim for refund. As of March 31, 2024 and December 31, 2023, the IRS deposit, net of reserve for uncertain tax positions, is classified as a component of other long-term assets in the Company’s Condensed Consolidated Balance Sheets.

Commitments and Contingencies (Detail) $ in Millions	3 Months Ended	12 Months Ended
Commitments and Contingencies (Detail) $ in Millions	Mar. 31, 2024 USD ($) site	Dec. 31, 2023 USD ($)
Commitments and Contingencies
Number of landfills adjacent to or near homeowners' properties with agreements guaranteeing market value \| site	19
Aggregate increase potential liability	$ 18
Environmental remediation liabilities	$ 211
Number of sites listed on the EPA's NPL for which we have been notified we are a PRP \| site	73
Number of owned sites listed on the EPA's NPL for which we have been notified we are a PRP \| site	14
Number of non-owned sites listed on the EPA's NPL for which we have been notified we are a PRP \| site	59
Workforce covered by collective bargaining (as a percent)	20.00%
San Jacinto Waste Pits [Member]
Commitments and Contingencies
Revisions in estimate		$ 17
Environmental remediation liabilities	$ 85	$ 85
Revolving Credit Facility [Member]
Commitments and Contingencies
Credit Facility, aggregate capacity	$ 3,500

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents at end of period:
Cash and cash equivalents	$ 322	$ 257
Restricted cash and cash equivalents included in other current assets	$ 34	$ 62
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Restricted cash and cash equivalents included in restricted funds	$ 69	$ 73
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Restricted Cash and Investments, Noncurrent	Restricted Cash and Investments, Noncurrent
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$ 425	$ 392

Landfill and Environmental Remediation Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Landfill and Environmental Remediation Liabilities

Liabilities for Landfill and Environmental Remediation Costs

Liabilities for landfill and environmental remediation costs are presented in the table below (in millions):


	March 31, 2024						December 31, 2023
			Environmental						Environmental
	Landfill		Remediation		Total		Landfill		Remediation		Total
Current (in accrued liabilities)	$	142	$	32	$	174	$	143	$	31	$	174
Long-term		2,733		179		2,912		2,710		178		2,888
	$	2,875	$	211	$	3,086	$	2,853	$	209	$	3,062

Changes to Landfill and Environmental Remediation Liabilities

The changes to landfill and environmental remediation liabilities for the three months ended March 31, 2024 are reflected in the table below (in millions):


			Environmental
	Landfill		Remediation
December 31, 2023	$	2,853	$	209
Obligations incurred and capitalized		20		—
Obligations settled		(20)		(6)
Interest accretion		33		—
Revisions in estimates		(10)		8
Acquisitions, divestitures and other adjustments		(1)		—
March 31, 2024	$	2,875	$	211

Landfill and Environmental Remediation Liabilities - Summary (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Landfill and Environmental Remediation Liabilities
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term	Long-term
Total, Environmental Remediation	$ 211
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Long-term, Accrued Liabilities, Current	Long-term, Accrued Liabilities, Current
Current (in accrued liabilities)	$ 174	$ 174
Long-term	2,912	2,888
Total	3,086	3,062
Landfill [Member]
Landfill and Environmental Remediation Liabilities
Current (in accrued liabilities), Landfill	142	143
Long-term, Landfill	2,733	2,710
Total, Landfill	2,875	2,853
Environmental Remediation Liabilities [Member]
Landfill and Environmental Remediation Liabilities
Current (in accrued liabilities), Environmental Remediation	32	31
Long-term, Environmental Remediation	179	178
Total, Environmental Remediation	$ 211	$ 209

Variable Interest Entities

3 Months Ended

Mar. 31, 2024

Variable Interest Entities

Variable Interest Entities

11. Variable Interest Entities

The following is a description of our financial interests in unconsolidated and consolidated variable interest entities that we consider significant:

Low-Income Housing Properties

We do not consolidate our investments in entities established to manage low-income housing properties because we are not the primary beneficiary of these entities as we do not have the power to individually direct the activities of these entities. Accordingly, we account for these investments under the equity method of accounting. Our aggregate investment balance in these entities was $438 million and $458 million as of March 31, 2024 and December 31, 2023, respectively. The debt balance related to our investments in low-income housing properties was $395 million and $408 million as of March 31, 2024 and December 31, 2023, respectively. Additional information related to these investments is discussed in Note 4.

Trust Funds for Final Capping, Closure, Post-Closure or Environmental Remediation Obligations

Unconsolidated Variable Interest Entities — Trust funds that are established for both the benefit of the Company and the host community in which we operate are not consolidated because we are not the primary beneficiary of these entities as (i) we do not have the power to direct the significant activities of the trusts or (ii) power over the trusts’ significant activities is shared. Our interests in these trusts are accounted for as investments in unconsolidated entities and receivables. These amounts are recorded in other receivables, investments in unconsolidated entities and long-term other assets in our Condensed Consolidated Balance Sheets, as appropriate. We also reflect our share of the unrealized gains and losses on available-for-sale securities held by these trusts as a component of our accumulated other comprehensive income (loss). Our investments and receivables related to these trusts had an aggregate carrying value of $107 million and $104 million as of March 31, 2024 and December 31, 2023, respectively.

Consolidated Variable Interest Entities — Trust funds for which we are the sole beneficiary are consolidated because we are the primary beneficiary. These trust funds are recorded in restricted funds in our Condensed Consolidated Balance Sheets. Unrealized gains and losses on available-for-sale securities held by these trusts are recorded as a component of accumulated other comprehensive income (loss). These trusts had a fair value of $120 million and $119 million as of March 31, 2024 and December 31, 2023, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Cash dividends declared per common share	$ 0.75	$ 0.70

Segment and Related Information

3 Months Ended

Mar. 31, 2024

Segment and Related Information

Segment and Related Information

7. Segment and Related Information

Our senior management evaluates, oversees and manages the financial performance of our business through four reportable segments, referred to as (i) East Tier; (ii) West Tier; (iii) Recycling Processing and Sales and (iv) WM Renewable Energy. Our East Tier and West Tier, combined with certain “Other Ancillary” services that are not managed through the Tier segments, but that support our collection and disposal operations, form our Collection and Disposal businesses. We also provide additional services not managed through our four reportable segments, which are presented as Corporate and Other.

Summarized financial information concerning our reportable segments for the three months ended March 31 is shown in the following table (in millions):


	Gross		Intercompany		Net		Income
	Operating		Operating		Operating		from
	Revenues		Revenues(a)		Revenues		Operations(b)
2024
Collection and Disposal:
East Tier	$	2,616	$	(535)	$	2,081	$	654
West Tier		2,497		(504)		1,993		627
Other Ancillary		686		(44)		642		(2)
Collection and Disposal		5,799		(1,083)		4,716		1,279
Recycling Processing and Sales		436		(68)		368		19
WM Renewable Energy		70		(1)		69		21
Corporate and Other		12		(6)		6		(303)
Total	$	6,317	$	(1,158)	$	5,159	$	1,016

2023
Collection and Disposal:
East Tier	$	2,561	$	(516)	$	2,045	$	531
West Tier		2,392		(495)		1,897		531
Other Ancillary		625		(44)		581		2
Collection and Disposal		5,578		(1,055)		4,523		1,064
Recycling Processing and Sales		374		(80)		294		13
WM Renewable Energy		70		(1)		69		20
Corporate and Other		12		(6)		6		(272)
Total	$	6,034	$	(1,142)	$	4,892	$	825

(a)	Intercompany operating revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.

(b)	For those items included in the determination of income from operations, the accounting policies of the segments are the same as those described in Note 1.

The mix of operating revenues from our major lines of business for the three months ended March 31 are as follows (in millions):


	Gross		Intercompany		Net
	Operating		Operating		Operating
	Revenues		Revenues		Revenues

2024
Commercial	$	1,501	$	(185)	$	1,316
Industrial		934		(187)		747
Residential		876		(22)		854
Other collection		751		(53)		698
Total collection		4,062		(447)		3,615
Landfill		1,177		(385)		792
Transfer		560		(251)		309
Total Collection and Disposal		5,799		(1,083)		4,716
Recycling Processing and Sales		436		(68)		368
WM Renewable Energy		70		(1)		69
Corporate and Other		12		(6)		6
Total	$	6,317	$	(1,158)	$	5,159

2023
Commercial	$	1,412	$	(161)	$	1,251
Industrial		933		(177)		756
Residential		854		(25)		829
Other collection		689		(50)		639
Total collection		3,888		(413)		3,475
Landfill		1,150		(391)		759
Transfer		540		(251)		289
Total Collection and Disposal		5,578		(1,055)		4,523
Recycling Processing and Sales		374		(80)		294
WM Renewable Energy		70		(1)		69
Corporate and Other		12		(6)		6
Total	$	6,034	$	(1,142)	$	4,892

Our financial and operating results may fluctuate for many reasons, including period-to-period changes in the relative contribution of revenue by each line of business, changes in commodity prices and general economic conditions. Our operating revenues and volumes typically experience seasonal increases in the summer months that are reflected in second and third quarter revenues and results of operations.

Service or operational disruptions caused by severe storms, extended periods of inclement weather or climate events can significantly affect the operating results of the geographic areas affected. Extreme weather events may also lead to supply chain disruption and delayed project development, or disruption of our customers’ businesses, reducing the amount of waste generated by their operations.

Conversely, certain destructive weather and climate conditions, such as wildfires in the Western U.S. and hurricanes that most often impact our operations in the Southern and Eastern U.S. during the second half of the year, can increase our revenues in the geographic areas affected as a result of the waste volumes generated by these events. While weather-related and other event-driven special projects can boost revenues through additional work for a limited time, due to significant start-up costs and other factors, such revenue can generate earnings at comparatively lower margins.

- Definition

The entire disclosure for 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 percent 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 31
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt

Components of Debt

The following table summarizes the major components of debt at principal amounts as of each balance sheet date (in millions) and provides the maturities and interest rate ranges of each major category as of March 31, 2024:


	March 31,		December 31,
	2024		2023
Commercial paper program (weighted average interest rate of 5.5% as of March 31, 2024 and 5.6% as of December 31, 2023)	$	750	$	860
Senior notes, maturing through 2050, interest rates ranging from 0.75% to 7.75% (weighted average interest rate of 3.7% as of March 31, 2024 and 3.7% as of December 31, 2023)		11,376		11,376
Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6%		369		378
Tax-exempt bonds, maturing through 2053, fixed and variable interest rates ranging from 0.55% to 5.0% (weighted average interest rate of 3.2% as of March 31, 2024 and 3.3% as of December 31, 2023)		2,883		2,883
Financing leases and other, maturing through 2082 (weighted average interest rate of 4.9% as of March 31, 2024 and 5.0% as of December 31, 2023) (a)		838		855
Debt issuance costs, discounts and other		(118)		(123)
		16,098		16,229
Current portion of long-term debt		336		334
Long-term debt, less current portion	$	15,762	$	15,895

(a)	Excluding our landfill financing leases, the maturities of our financing leases and other debt obligations extend through 2059.

Debt

3 Months Ended

Mar. 31, 2024

Debt

Debt

3. Debt


	March 31,		December 31,
	2024		2023
Commercial paper program (weighted average interest rate of 5.5% as of March 31, 2024 and 5.6% as of December 31, 2023)	$	750	$	860
Senior notes, maturing through 2050, interest rates ranging from 0.75% to 7.75% (weighted average interest rate of 3.7% as of March 31, 2024 and 3.7% as of December 31, 2023)		11,376		11,376
Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6%		369		378
Tax-exempt bonds, maturing through 2053, fixed and variable interest rates ranging from 0.55% to 5.0% (weighted average interest rate of 3.2% as of March 31, 2024 and 3.3% as of December 31, 2023)		2,883		2,883
Financing leases and other, maturing through 2082 (weighted average interest rate of 4.9% as of March 31, 2024 and 5.0% as of December 31, 2023) (a)		838		855
Debt issuance costs, discounts and other		(118)		(123)
		16,098		16,229
Current portion of long-term debt		336		334
Long-term debt, less current portion	$	15,762	$	15,895

(a)	Excluding our landfill financing leases, the maturities of our financing leases and other debt obligations extend through 2059.

Debt Classification

As of March 31, 2024, we had approximately $3.1 billion of debt maturing within the next 12 months, including (i) $750 million of short-term borrowings under our commercial paper program (net of related discount on issuance); (ii) $1.6 billion of tax-exempt bonds with term interest rate periods that expire within the next 12 months, which is prior to their scheduled maturities; (iii) $156 million of 3.5% senior notes that mature in May 2024; (iv) $422 million of 3.125% senior notes that mature in March 2025 and (v) $180 million of other debt with scheduled maturities within the next 12 months, including $60 million of tax-exempt bonds. As of March 31, 2024, we have classified $2.8 billion of debt maturing in the next 12 months as long-term because we have the intent and ability to refinance these borrowings on a long-term basis as supported by the forecasted available capacity under our $3.5 billion long-term U.S. and Canadian revolving credit facility (“$3.5 billion revolving credit facility”), as discussed below. The remaining $336 million of debt maturing in the next 12 months is classified as current obligations.

Access to and Utilization of Credit Facilities and Commercial Paper Program

$3.5 Billion Revolving Credit Facility — Our $3.5 billion revolving credit facility, maturing May 2027, provides us with credit capacity to be used for cash borrowings, to support letters of credit and to support our commercial paper program. The interest rates we pay on outstanding U.S. or Canadian loans are based on the Secured Overnight Financing Rate (“SOFR”) administered by the Federal Reserve Bank of New York or the Canadian Dollar Offered Rate (“CDOR”), respectively, plus a spread depending on WMI’s senior public debt rating assigned by Moody’s Investors Service, Inc. and Standard and Poor’s Global Ratings. As of March 31, 2024, we had no outstanding borrowings under this facility. We had $181 million of letters of credit issued and $750 million of outstanding borrowings (net of related discount on issuance) under our commercial paper program, both supported by the facility, leaving unused and available credit capacity of $2.6 billion as of March 31, 2024. WM Holdings, a wholly-owned subsidiary of WMI, guarantees all of the obligations under the $3.5 billion revolving credit facility.

Commercial Paper Program — We have a commercial paper program that enables us to borrow funds for up to 397 days at competitive interest rates. The rates we pay for outstanding borrowings are based on the term of the notes. The commercial paper program is fully supported by our $3.5 billion revolving credit facility. As of March 31, 2024, we had $750 million of outstanding borrowings (net of related discount on issuance) under our commercial paper program.

Other Letter of Credit Lines — As of March 31, 2024, we had utilized $846 million of other uncommitted letter of credit lines, with terms maturing through December 2027.

Debt Borrowings and Repayments

Commercial Paper Program — During the three months ended March 31, 2024, we made cash repayments of $4.5 billion, which were partially offset by $4.4 billion of cash borrowings (net of related discount on issuance).

Financing Leases and Other — The decrease in our financing leases and other debt obligations during the three months ended March 31, 2024 is due to $42 million of cash repayments at debt maturity, partially offset by an increase of $25 million primarily related to non-cash financing leases.

- Definition

The entire disclosure for 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, own-share lending arrangements 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Variable Interest Entities (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity
Carrying value of debt	$ 16,098	$ 16,229
Assets	32,666	32,823
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity
Assets	120	119
Low income housing investments [Member] \| Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity
Aggregate investment balance	438	458
Carrying value of debt	395	408
Trust For Final Capping, Closure, Post-closure Or Environmental Remediation Obligations [Member] \| Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity
Aggregate investment balance	$ 107	$ 104

- 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.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment and Related Information - Summary (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Reporting
Number of reportable segments \| segment	4
Operating revenues	$ (5,159)	$ (4,892)
Net Operating Revenues	1,016	825
Collection and Disposal [Member]
Segment Reporting
Operating revenues	(4,716)	(4,523)
Net Operating Revenues	1,279	1,064
Collection and Disposal [Member] \| East Tier {Member]
Segment Reporting
Operating revenues	(2,081)	(2,045)
Net Operating Revenues	654	531
Collection and Disposal [Member] \| West Tier [Member]
Segment Reporting
Operating revenues	(1,993)	(1,897)
Net Operating Revenues	627	531
Collection and Disposal [Member] \| Other Ancillary [Member]
Segment Reporting
Operating revenues	(642)	(581)
Net Operating Revenues	(2)	2
Recycling Processing and Sales [Member]
Segment Reporting
Operating revenues	(368)	(294)
Net Operating Revenues	19	13
WM Renewable Energy [Member]
Segment Reporting
Operating revenues	(69)	(69)
Net Operating Revenues	21	20
Corporate and Other [Member]
Segment Reporting
Operating revenues	(6)	(6)
Net Operating Revenues	(303)	(272)
Operating Segments [Member]
Segment Reporting
Operating revenues	(6,317)	(6,034)
Operating Segments [Member] \| Collection and Disposal [Member]
Segment Reporting
Operating revenues	(5,799)	(5,578)
Operating Segments [Member] \| Collection and Disposal [Member] \| East Tier {Member]
Segment Reporting
Operating revenues	(2,616)	(2,561)
Operating Segments [Member] \| Collection and Disposal [Member] \| West Tier [Member]
Segment Reporting
Operating revenues	(2,497)	(2,392)
Operating Segments [Member] \| Collection and Disposal [Member] \| Other Ancillary [Member]
Segment Reporting
Operating revenues	(686)	(625)
Operating Segments [Member] \| Recycling Processing and Sales [Member]
Segment Reporting
Operating revenues	(436)	(374)
Operating Segments [Member] \| WM Renewable Energy [Member]
Segment Reporting
Operating revenues	(70)	(70)
Operating Segments [Member] \| Corporate and Other [Member]
Segment Reporting
Operating revenues	(12)	(12)
Intercompany Operating Revenues [Member]
Segment Reporting
Operating revenues	1,158	1,142
Intercompany Operating Revenues [Member] \| Collection and Disposal [Member]
Segment Reporting
Operating revenues	1,083	1,055
Intercompany Operating Revenues [Member] \| Collection and Disposal [Member] \| East Tier {Member]
Segment Reporting
Operating revenues	535	516
Intercompany Operating Revenues [Member] \| Collection and Disposal [Member] \| West Tier [Member]
Segment Reporting
Operating revenues	504	495
Intercompany Operating Revenues [Member] \| Collection and Disposal [Member] \| Other Ancillary [Member]
Segment Reporting
Operating revenues	44	44
Intercompany Operating Revenues [Member] \| Recycling Processing and Sales [Member]
Segment Reporting
Operating revenues	68	80
Intercompany Operating Revenues [Member] \| WM Renewable Energy [Member]
Segment Reporting
Operating revenues	1	1
Intercompany Operating Revenues [Member] \| Corporate and Other [Member]
Segment Reporting
Operating revenues	$ 6	$ 6

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
James C Fish, Jr [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 20, 2024, James C. Fish, Jr., President, Chief Executive Officer and member of our Board of Directors, adopted a written net share settlement instruction, which provided that automatically upon the vesting of 32,850 stock options on February 23, 2024, the Company would exercise the options and withhold shares of common stock necessary to cover tax requirements and the exercise price. All remaining shares of common stock resulting from the option exercise after the net share settlement process were delivered to Mr. Fish. The net share settlement instruction was not intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. On March 2, 2024, Mr. Fish adopted a stock trading plan (the “Fish Trading Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Fish Trading Plan will commence on June 3, 2024 and will automatically terminate on the earlier of June 3, 2025 and the completion of all of the contemplated transactions set forth therein. The Fish Trading Plan provides for the potential sale of up to 86,209 shares of our common stock upon our common stock reaching specified market prices.
Title	President, Chief Executive Officer
Michael Watson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 6, 2024, Mr. Michael J. Watson, Senior Vice President and Chief Customer Officer, adopted a stock trading plan (the “Watson Trading Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Watson Trading Plan will commence on June 6, 2024 and will automatically terminate on the earlier of October 31, 2024 and the completion of all of the contemplated stock sales set forth therein. The Watson Trading Plan provides for the potential sale of up to 8,708 shares of our common stock upon our common stock reaching specified market prices.
Name	Michael J. Watson
Title	Senior Vice President and Chief Customer Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 6, 2024
Aggregate Available	8,708
Charles Boettcher [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 7, 2024, Mr. Charles C. Boettcher, Executive Vice President, Corporate Development and Chief Legal Officer, adopted a stock trading plan (the “Boettcher Trading Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Boettcher Trading Plan will commence on June 5, 2024 and will automatically terminate on the earlier of October 30, 2024 and the completion of all of the contemplated transactions set forth therein. The Boettcher Trading Plan provides for the potential cashless exercise of 10,639 vested stock options, upon our common stock reaching specified market prices, pursuant to which the Company would withhold shares of common stock necessary to cover tax requirements and the exercise price. All remaining shares of common stock resulting from the option exercise after the net share settlement process will be delivered to Mr. Boettcher.
Name	Charles C. Boettcher
Title	Executive Vice President, Corporate Development and Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 7, 2024
Aggregate Available	10,639
Trading plan one \| James C Fish, Jr [Member]
Trading Arrangements, by Individual
Name	James C. Fish, Jr
Non-Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 20, 2024
Aggregate Available	32,850
Trading plan two \| James C Fish, Jr [Member]
Trading Arrangements, by Individual
Name	Mr. Fish
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 2, 2024
Aggregate Available	86,209

Basis of Presentation - Revenue Recognition (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Capitalized Costs
Deferred contract costs	$ 209	$ 207
Deferred sales incentives	$ 150	$ 148
Minimum [Member]
Capitalized Costs
Deferred revenue recognition period	1 month
Contract amortization period	5 years
Maximum [Member]
Capitalized Costs
Deferred revenue recognition period	3 months
Contract amortization period	13 years

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share

Computing Basic and Diluted Earnings Per Share


	2024	2023
Number of common shares outstanding at end of period	401.3	406.8
Effect of using weighted average common shares outstanding	0.4	0.6
Weighted average basic common shares outstanding	401.7	407.4
Dilutive effect of equity-based compensation awards and other contingently issuable shares	1.8	1.6
Weighted average diluted common shares outstanding	403.5	409.0
Potentially issuable shares	4.9	5.6
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	1.6	1.8

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2024
Basis of Presentation
Basis of Presentation	The financial statements presented in this report represent the consolidation of Waste Management, Inc., a Delaware corporation; its wholly-owned and majority-owned subsidiaries; and certain variable interest entities for which Waste Management, Inc. or its subsidiaries are the primary beneficiaries as described in Note 11. Waste Management, Inc. 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., together with 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 are North America’s leading provider of comprehensive environmental solutions, providing services throughout the United States (“U.S.”) and Canada. We partner with our customers and the communities we serve to manage and reduce waste at each stage from collection to disposal, while recovering valuable resources and creating clean, renewable energy. Our business is operated and managed locally by our subsidiaries that focus on distinct geographic areas and provide collection, transfer, disposal, and recycling and resource recovery services. Through our subsidiaries including Waste Management Renewable Energy (“WM Renewable Energy”) business, we are also a leading developer, operator and owner of landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and renewable natural gas (“RNG”), which is a significant source of fuel that we allocate to our natural gas fleet. Our senior management evaluates, oversees and manages the financial performance of our business through four reportable segments, referred to as (i) Collection and Disposal - East Tier (“East Tier”); (ii) Collection and Disposal - West Tier (“West Tier”); (iii) Recycling Processing and Sales and (iv) WM Renewable Energy. Our East and West Tier, along with certain ancillary services (“Other Ancillary”) not managed through our Tier segments, but that support our collection and disposal operations, form our “Collection and Disposal” businesses. We also provide additional services not managed through our four reportable segments, which are presented as Corporate and Other. Refer to Note 7 for further discussion. The Condensed Consolidated Financial Statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 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, comprehensive income, cash flows, and changes in equity 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 conjunction with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. 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 precision from available data or simply cannot be calculated. In some cases, these estimates are 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 present the greatest amount of uncertainty relate to our accounting for landfills, environmental remediation liabilities, long-lived asset impairments, intangible asset impairments and the fair value of assets and liabilities acquired in business combinations. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements.
Revenue Recognition	Revenue Recognition We generally recognize revenue as services are performed or products are delivered. For example, revenue typically is recognized as waste is collected, tons are received at our landfills or transfer stations, or recycling and other commodities, such as RNG, electricity and capacity, Renewable Identification Numbers (“RINs”) and Renewable Energy Credits (“RECs”), are sold. We also bill for certain services prior to performance. Such services include, among others, certain commercial and residential contracts, and equipment rentals. These advanced billings are included in deferred revenues and recognized as revenue in the period service is provided. Substantially all our deferred revenues during the reported periods are realized as revenues within one to three months, when the related services are performed. Contract Acquisition Costs Our incremental direct costs of obtaining a contract, which consist primarily of sales incentives, are generally deferred and amortized to selling, general and administrative expense over the estimated life of the relevant customer relationship, ranging from five to 13 years. Contract acquisition costs that are paid to the customer are deferred and amortized as a reduction in revenue over the contract life. Our contract acquisition costs are classified as current or noncurrent based on the timing of when we expect to recognize amortization and are included in other assets in our Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, we had $209 million and $207 million, respectively, of deferred contract costs, of which $150 million and $148 million, respectively, were related to deferred sales incentives.
Leases	Leases Amounts for our operating lease right-of-use assets are recorded in long-term other assets and the current and long-term portion of our operating lease liabilities are reflected in accrued liabilities and other long-term liabilities, respectively, in our Condensed Consolidated Balance Sheets. Amounts for our financing leases are recorded in property and equipment, net of accumulated depreciation and depletion, and current or long-term debt in our Condensed Consolidated Balance Sheets, as appropriate.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments held within restricted funds, and accounts receivable. We make efforts to control our exposure to credit risk associated with these instruments by (i) placing our assets and other financial interests with a diverse group of credit-worthy financial institutions; (ii) holding high-quality financial instruments while limiting investments in any one instrument and (iii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures, although generally we do not have collateral requirements for credit extensions. We also control our exposure associated with trade receivables by discontinuing service, to the extent allowable, to non-paying customers. However, our overall credit risk associated with trade receivables is limited due to the large number and diversity of customers we serve.
Reclassifications	Reclassifications When necessary, reclassifications have been made to our prior period financial information to conform to the current year presentation and are not material to our consolidated financial statements.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Taxes

Income Taxes

4. Income Taxes

Our effective income tax rate was 18.6% and 23.6% for the three months ended March 31, 2024 and 2023, respectively. The decrease in our effective income tax rate when comparing the three months ended March 31, 2024 and 2023 was primarily driven by (i) an increase in federal tax credits and (ii) an increase in the excess tax benefits associated with equity-based compensation; partially offset by an increase in pre-tax income in the current period. We evaluate our effective income tax rate at each interim period and adjust it as facts and circumstances warrant.

Investments Qualifying for Federal Tax Credits

Renewable Natural Gas — Through our subsidiaries including our WM Renewable Energy segment, we have invested in building landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and RNG. We expect our new RNG facilities to qualify for federal tax credits and to realize those credits through 2027 under Sections 48 and 45Z of the Internal Revenue Code.

During the three months ended March 31, 2024 and 2023, we recognized a reduction in our income tax expense of $37 million and $2 million, respectively due to federal tax credits expected to be realized from our RNG investments.

Low-Income Housing — We have significant financial interests in entities established to invest in and manage low-income housing properties. We support the operations of these entities in exchange for a pro-rata share of the tax credits they generate. The low-income housing investments qualify for federal tax credits that we expect to realize through 2033 under Section 42 or Section 45D of the Internal Revenue Code.

We account for our investments in these entities using the equity method of accounting, recognizing our share of each entity’s results of operations and other reductions in the value of our investments in equity in net losses of unconsolidated entities, within our Condensed Consolidated Statements of Operations.

During the three months ended March 31, 2024 and 2023, we recognized $20 million and $13 million of net losses, respectively, and a reduction in our income tax expense of $28 million and $22 million, respectively, primarily due to federal tax credits realized from these investments as well as the tax benefits from the pre-tax losses realized. In addition, during the three months ended March 31, 2024 and 2023, we recognized interest expense of $6 million and $4 million, respectively, associated with our investments in low-income housing properties. See Note 11 for additional information related to these unconsolidated variable interest entities.

Equity-Based Compensation — During the three months ended March 31, 2024 and 2023, we recognized a reduction in our income tax expense of $21 million and $7 million, respectively, for excess tax benefits related to the vesting or exercise of equity-based compensation awards.

- Definition

The entire disclosure for income taxes. Disclosures may 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements - Recurring (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Available-for-sale securities [Member]
Fair Value
Investment maturity	10 years
Fair Value, Measurements, Recurring [Member]
Fair Value
Total assets	$ 813	$ 819
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member]
Fair Value
Cash equivalents and money market funds	221	327
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| Equity securities [Member]
Fair Value
Available-for-sale securities	67	61
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Available-for-sale securities [Member]
Fair Value
Available-for-sale securities	$ 525	$ 431

Debt - Classification and Utilization (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Debt
Debt maturing or subject to remarketing within twelve months	$ 3,100
Debt classified as long-term due to intent and ability to refinance on long-term basis	2,800
Commercial Paper Program [Member]
Debt
Debt maturing or subject to remarketing within twelve months	$ 750
Debt term	397 days
Commercial paper borrowings	$ 750
Tax Exempt Bonds [Member]
Debt
Debt maturing or subject to remarketing within twelve months	60
Debt with interest rate periods that expire in the next 12 months	1,600
3.5% senior notes due 2024 [Member]
Debt
Debt maturing or subject to remarketing within twelve months	$ 156
Interest rate (as a percent)	3.50%
3.125% senior notes due 2025 [Member]
Debt
Debt maturing or subject to remarketing within twelve months	$ 422
Interest rate (as a percent)	3.125%
Financing leases and other [Member]
Debt
Debt maturing or subject to remarketing within twelve months	$ 180
Revolving Credit Facility [Member]
Debt
Maximum capacity	3,500
Outstanding borrowings under credit facility	0
Letters of credit outstanding	181
Unused and available credit capacity	2,600
Other Letter Of Credit Lines [Member]
Debt
Letters of credit outstanding	$ 846

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]	Total
Beginning balance at Dec. 31, 2022	$ 6,000	$ 5,314,000	$ 13,167,000	$ (69,000)	$ (11,569,000)	$ 15,000	$ 6,864,000
Beginning balance, common shares at Dec. 31, 2022	630,282,000
Beginning balance, treasury shares at Dec. 31, 2022					(222,396,000)
Equity roll forward
Consolidated net income			533,000			(1,000)	532,000
Other comprehensive income (loss), net of tax				12,000			12,000
Cash dividends declared			(289,000)				(289,000)
Equity-based compensation transactions, net			3,000		$ 39,000		42,000
Equity-based compensation transactions, net, shares					766,000
Common stock repurchase program		(70,000)			$ (283,000)		(353,000)
Common stock repurchase program, shares					(1,862,000)
other, net, shares					1,000
Ending balance at Mar. 31, 2023	$ 6,000	5,244,000	13,414,000	(57,000)	$ (11,813,000)	14,000	$ 6,808,000
Ending balance, common shares at Mar. 31, 2023	630,282,000						406,800,000
Ending balance, treasury shares at Mar. 31, 2023					(223,491,000)
Beginning balance at Dec. 31, 2023	$ 6,000	5,351,000	14,334,000	(37,000)	$ (12,751,000)	(7,000)	$ 6,896,000
Beginning balance, common shares at Dec. 31, 2023	630,282,000
Beginning balance, treasury shares at Dec. 31, 2023					(228,827,000)		(228,827,218)
Equity roll forward
Consolidated net income	$ 0	0	708,000	0	$ 0	(1,000)	$ 707,000
Other comprehensive income (loss), net of tax				(23,000)			(23,000)
Cash dividends declared			(307,000)				(307,000)
Equity-based compensation transactions, net		(12,000)	3,000		$ 60,000		51,000
Equity-based compensation transactions, net, shares					1,075,000
Common stock repurchase program		10,000			$ (263,000)		(253,000)
Common stock repurchase program, shares					(1,228,000)
other, net		3,000				4,000	7,000
Ending balance at Mar. 31, 2024	$ 6,000	$ 5,352,000	$ 14,738,000	$ (60,000)	$ (12,954,000)	$ (4,000)	$ 7,078,000
Ending balance, common shares at Mar. 31, 2024	630,282,000						401,300,000
Ending balance, treasury shares at Mar. 31, 2024					(228,980,000)		(228,979,512)

Landfill and Environmental Remediation Liabilities

3 Months Ended

Mar. 31, 2024

Landfill and Environmental Remediation Liabilities

Landfill and Environmental Remediation Liabilities

2. Landfill and Environmental Remediation Liabilities

Liabilities for landfill and environmental remediation costs are presented in the table below (in millions):


	March 31, 2024						December 31, 2023
			Environmental						Environmental
	Landfill		Remediation		Total		Landfill		Remediation		Total
Current (in accrued liabilities)	$	142	$	32	$	174	$	143	$	31	$	174
Long-term		2,733		179		2,912		2,710		178		2,888
	$	2,875	$	211	$	3,086	$	2,853	$	209	$	3,062

The changes to landfill and environmental remediation liabilities for the three months ended March 31, 2024 are reflected in the table below (in millions):


			Environmental
	Landfill		Remediation
December 31, 2023	$	2,853	$	209
Obligations incurred and capitalized		20		—
Obligations settled		(20)		(6)
Interest accretion		33		—
Revisions in estimates		(10)		8
Acquisitions, divestitures and other adjustments		(1)		—
March 31, 2024	$	2,875	$	211

At several of our landfills, we provide financial assurance by depositing cash into restricted trust funds for purposes of settling final capping, closure, post-closure and environmental remediation obligations. Generally, these trust funds are established to comply with statutory requirements and operating agreements. See Note 11 for additional information related to these trusts.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Consolidated net income	$ 707	$ 532
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation, depletion and amortization	514	505
Deferred income tax expense (benefit)	57	42
Interest accretion on landfill and environmental remediation liabilities	33	32
Provision for bad debts	10	9
Equity-based compensation expense	30	26
Net gain on disposal of assets	(10)	(10)
(Gain) loss from divestitures, asset impairments and other, net	(2)	(3)
Equity in net losses of unconsolidated entities, net of dividends	19	11
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Receivables	176	138
Other current assets	(45)	(51)
Other assets	(4)	22
Accounts payable and accrued liabilities	(102)	(145)
Deferred revenues and other liabilities	(16)	(64)
Net cash provided by operating activities	1,367	1,044
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(11)	(34)
Capital expenditures	(668)	(660)
Proceeds from divestitures of businesses and other assets, net of cash divested	15	11
Other, net	(91)	(95)
Net cash used in investing activities	(755)	(778)
Cash flows from financing activities:
New borrowings	4,412	6,885
Debt repayments	(4,570)	(6,548)
Common stock repurchase program	(250)	(350)
Cash dividends	(307)	(289)
Exercise of common stock options	32	12
Tax payments associated with equity-based compensation transactions	(48)	(28)
Other, net	(6)	(1)
Net cash used in financing activities	(737)	(319)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents	(2)
(Decrease) increase in cash, cash equivalents and restricted cash and cash equivalents	(127)	(53)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	552	445
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$ 425	$ 392

Accumulated Other Comprehensive (Loss) Income (Tables)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive (Loss) Income

Components of Accumulated Other Comprehensive Income (Loss), net of tax

The changes in the balances of each component of accumulated other comprehensive (loss) income, net of tax, which is included as a component of Waste Management, Inc. stockholders’ equity, are as follows (in millions, with amounts in parentheses representing decreases to accumulated other comprehensive income):


					Foreign		Post-
			Available-		Currency		Retirement
	Derivative		for-Sale		Translation		Benefit
	Instruments		Securities		Adjustments		Obligations		Total
Balance, December 31, 2023	$	17	$	8	$	(68)	$	6	$	(37)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $0, $0, $0 and $0, respectively		—		—		(24)		—		(24)
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $0, $0, $0 and $0, respectively		—		1		—		—		1
Net current period other comprehensive income (loss)		—		1		(24)		—		(23)
Balance, March 31, 2024	$	17	$	9	$	(92)	$	6	$	(60)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Measurements

Fair Value of Assets and Liabilities Measured on Recurring Basis

Our assets and liabilities that are measured at fair value on a recurring basis include the following (in millions):


	March 31,		December 31,
	2024		2023
Quoted prices in active markets (Level 1):
Cash equivalents and money market funds	$	221	$	327
Equity securities		67		61
Significant other observable inputs (Level 2):
Available-for-sale securities (a)		525		431
Total Assets	$	813	$	819

(a)	Our available-for-sale securities primarily relate to debt securities with maturities over the next ten years.

Earnings Per Share (Detail) - shares shares in Millions	3 Months Ended
Earnings Per Share (Detail) - shares shares in Millions	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share
Number of common shares outstanding at end of period	401.3	406.8
Effect of using weighted average common shares outstanding	0.4	0.6
Weighted average basic common shares outstanding	401.7	407.4
Dilutive effect of equity-based compensation awards and other contingently issuable shares	1.8	1.6
Weighted average diluted common shares outstanding	403.5	409.0
Potentially issuable shares	4.9	5.6
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	1.6	1.8

- Definition

Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of contingently issuable shares. Contingently issuable shares are those shares that are issuable for little or no cash contingent on certain conditions being met.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-26

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-44

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 48
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-48

+ Details

Segment and Related Information - Revenues mix (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment revenue
Operating revenues	$ 5,159	$ 4,892
Collection and Disposal [Member]
Segment revenue
Operating revenues	4,716	4,523
Collection and Disposal [Member] \| Collection [Member]
Segment revenue
Operating revenues	3,615	3,475
Collection and Disposal [Member] \| Commercial [Member]
Segment revenue
Operating revenues	1,316	1,251
Collection and Disposal [Member] \| Industrial [Member]
Segment revenue
Operating revenues	747	756
Collection and Disposal [Member] \| Residential [Member]
Segment revenue
Operating revenues	854	829
Collection and Disposal [Member] \| Other Collection [Member]
Segment revenue
Operating revenues	698	639
Collection and Disposal [Member] \| Landfill [Member]
Segment revenue
Operating revenues	792	759
Collection and Disposal [Member] \| Transfer [Member]
Segment revenue
Operating revenues	309	289
Recycling Processing and Sales [Member]
Segment revenue
Operating revenues	368	294
WM Renewable Energy [Member]
Segment revenue
Operating revenues	69	69
Corporate and Other [Member]
Segment revenue
Operating revenues	6	6
Operating Segments [Member]
Segment revenue
Operating revenues	6,317	6,034
Operating Segments [Member] \| Collection and Disposal [Member]
Segment revenue
Operating revenues	5,799	5,578
Operating Segments [Member] \| Collection and Disposal [Member] \| Collection [Member]
Segment revenue
Operating revenues	4,062	3,888
Operating Segments [Member] \| Collection and Disposal [Member] \| Commercial [Member]
Segment revenue
Operating revenues	1,501	1,412
Operating Segments [Member] \| Collection and Disposal [Member] \| Industrial [Member]
Segment revenue
Operating revenues	934	933
Operating Segments [Member] \| Collection and Disposal [Member] \| Residential [Member]
Segment revenue
Operating revenues	876	854
Operating Segments [Member] \| Collection and Disposal [Member] \| Other Collection [Member]
Segment revenue
Operating revenues	751	689
Operating Segments [Member] \| Collection and Disposal [Member] \| Landfill [Member]
Segment revenue
Operating revenues	1,177	1,150
Operating Segments [Member] \| Collection and Disposal [Member] \| Transfer [Member]
Segment revenue
Operating revenues	560	540
Operating Segments [Member] \| Recycling Processing and Sales [Member]
Segment revenue
Operating revenues	436	374
Operating Segments [Member] \| WM Renewable Energy [Member]
Segment revenue
Operating revenues	70	70
Operating Segments [Member] \| Corporate and Other [Member]
Segment revenue
Operating revenues	12	12
Intercompany [Member]
Segment revenue
Operating revenues	(1,158)	(1,142)
Intercompany [Member] \| Collection and Disposal [Member]
Segment revenue
Operating revenues	(1,083)	(1,055)
Intercompany [Member] \| Collection and Disposal [Member] \| Collection [Member]
Segment revenue
Operating revenues	(447)	(413)
Intercompany [Member] \| Collection and Disposal [Member] \| Commercial [Member]
Segment revenue
Operating revenues	(185)	(161)
Intercompany [Member] \| Collection and Disposal [Member] \| Industrial [Member]
Segment revenue
Operating revenues	(187)	(177)
Intercompany [Member] \| Collection and Disposal [Member] \| Residential [Member]
Segment revenue
Operating revenues	(22)	(25)
Intercompany [Member] \| Collection and Disposal [Member] \| Other Collection [Member]
Segment revenue
Operating revenues	(53)	(50)
Intercompany [Member] \| Collection and Disposal [Member] \| Landfill [Member]
Segment revenue
Operating revenues	(385)	(391)
Intercompany [Member] \| Collection and Disposal [Member] \| Transfer [Member]
Segment revenue
Operating revenues	(251)	(251)
Intercompany [Member] \| Recycling Processing and Sales [Member]
Segment revenue
Operating revenues	(68)	(80)
Intercompany [Member] \| WM Renewable Energy [Member]
Segment revenue
Operating revenues	(1)	(1)
Intercompany [Member] \| Corporate and Other [Member]
Segment revenue
Operating revenues	$ (6)	$ (6)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Consolidated net income	$ 707	$ 532
Other comprehensive income (loss), net of tax:
Derivative instruments, net		5
Available-for-sale securities, net	1	5
Foreign currency translation adjustments	(24)	2
Other comprehensive income (loss), net of tax	(23)	12
Comprehensive income	684	544
Less: Comprehensive income (loss) attributable to noncontrolling interests	(1)	(1)
Comprehensive income attributable to Waste Management, Inc.	$ 685	$ 545

Landfill and Environmental Remediation Liabilities - Changes (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Landfill and Environmental Remediation Liabilities
Ending balance, environmental remediation	$ 211
Landfill [Member]
Landfill and Environmental Remediation Liabilities
Beginning balance, landfill	2,853
Obligations incurred and capitalized	20
Obligations settled	(20)
Interest accretion	33
Revisions in estimates	(10)
Acquisitions, divestitures and other adjustments	(1)
Ending balance, landfill	2,875
Environmental Remediation Liabilities [Member]
Landfill and Environmental Remediation Liabilities
Beginning balance, environmental remediation	209
Obligations settled	(6)
Revisions in estimates and interest rate assumptions	8
Ending balance, environmental remediation	$ 211

Accumulated Other Comprehensive (Loss) Income

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive (Loss) Income

Accumulated Other Comprehensive (Loss) Income

8. Accumulated Other Comprehensive (Loss) Income


					Foreign		Post-
			Available-		Currency		Retirement
	Derivative		for-Sale		Translation		Benefit
	Instruments		Securities		Adjustments		Obligations		Total
Balance, December 31, 2023	$	17	$	8	$	(68)	$	6	$	(37)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $0, $0, $0 and $0, respectively		—		—		(24)		—		(24)
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $0, $0, $0 and $0, respectively		—		1		—		—		1
Net current period other comprehensive income (loss)		—		1		(24)		—		(23)
Balance, March 31, 2024	$	17	$	9	$	(92)	$	6	$	(60)

Fair Value Measurements - Debt (Detail) - USD ($) $ in Billions	Mar. 31, 2024	Dec. 31, 2023
Reported Value Measurement [Member]
Fair Value
Fair value of debt	$ 16.1	$ 16.2
Significant Other Observable Inputs (Level 2) [Member] \| Estimate of Fair Value Measurement [Member]
Fair Value
Fair value of debt	$ 15.1	$ 15.6

Basis of Presentation

3 Months Ended

Mar. 31, 2024

Basis of Presentation

Basis of Presentation

1. Basis of Presentation

The financial statements presented in this report represent the consolidation of Waste Management, Inc., a Delaware corporation; its wholly-owned and majority-owned subsidiaries; and certain variable interest entities for which Waste Management, Inc. or its subsidiaries are the primary beneficiaries as described in Note 11. Waste Management, Inc. 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., together with 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 are North America’s leading provider of comprehensive environmental solutions, providing services throughout the United States (“U.S.”) and Canada. We partner with our customers and the communities we serve to manage and reduce waste at each stage from collection to disposal, while recovering valuable resources and creating clean, renewable energy. Our business is operated and managed locally by our subsidiaries that focus on distinct geographic areas and provide collection, transfer, disposal, and recycling and resource recovery services. Through our subsidiaries including Waste Management Renewable Energy (“WM Renewable Energy”) business, we are also a leading developer, operator and owner of landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and renewable natural gas (“RNG”), which is a significant source of fuel that we allocate to our natural gas fleet.

Our senior management evaluates, oversees and manages the financial performance of our business through four reportable segments, referred to as (i) Collection and Disposal - East Tier (“East Tier”); (ii) Collection and Disposal - West Tier (“West Tier”); (iii) Recycling Processing and Sales and (iv) WM Renewable Energy. Our East and West Tier, along with certain ancillary services (“Other Ancillary”) not managed through our Tier segments, but that support our collection and disposal operations, form our “Collection and Disposal” businesses. We also provide additional services not managed through our four reportable segments, which are presented as Corporate and Other. Refer to Note 7 for further discussion.

The Condensed Consolidated Financial Statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 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, comprehensive income, cash flows, and changes in equity 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 conjunction with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023.

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 precision from available data or simply cannot be calculated. In some cases, these estimates are 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 present the greatest amount of uncertainty relate to our accounting for landfills, environmental remediation liabilities, long-lived asset impairments, intangible asset impairments and the fair value of assets and liabilities acquired in business combinations. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements.

Revenue Recognition

We generally recognize revenue as services are performed or products are delivered. For example, revenue typically is recognized as waste is collected, tons are received at our landfills or transfer stations, or recycling and other commodities,

such as RNG, electricity and capacity, Renewable Identification Numbers (“RINs”) and Renewable Energy Credits (“RECs”), are sold.

We also bill for certain services prior to performance. Such services include, among others, certain commercial and residential contracts, and equipment rentals. These advanced billings are included in deferred revenues and recognized as revenue in the period service is provided. Substantially all our deferred revenues during the reported periods are realized as revenues within one to three months, when the related services are performed.

Contract Acquisition Costs

Our incremental direct costs of obtaining a contract, which consist primarily of sales incentives, are generally deferred and amortized to selling, general and administrative expense over the estimated life of the relevant customer relationship, ranging from five to 13 years. Contract acquisition costs that are paid to the customer are deferred and amortized as a reduction in revenue over the contract life. Our contract acquisition costs are classified as current or noncurrent based on the timing of when we expect to recognize amortization and are included in other assets in our Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, we had $209 million and $207 million, respectively, of deferred contract costs, of which $150 million and $148 million, respectively, were related to deferred sales incentives.

Leases

Amounts for our operating lease right-of-use assets are recorded in long-term other assets and the current and long-term portion of our operating lease liabilities are reflected in accrued liabilities and other long-term liabilities, respectively, in our Condensed Consolidated Balance Sheets. Amounts for our financing leases are recorded in property and equipment, net of accumulated depreciation and depletion, and current or long-term debt in our Condensed Consolidated Balance Sheets, as appropriate.

Concentrations of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments held within restricted funds, and accounts receivable. We make efforts to control our exposure to credit risk associated with these instruments by (i) placing our assets and other financial interests with a diverse group of credit-worthy financial institutions; (ii) holding high-quality financial instruments while limiting investments in any one instrument and (iii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures, although generally we do not have collateral requirements for credit extensions. We also control our exposure associated with trade receivables by discontinuing service, to the extent allowable, to non-paying customers. However, our overall credit risk associated with trade receivables is limited due to the large number and diversity of customers we serve.

Reclassifications

When necessary, reclassifications have been made to our prior period financial information to conform to the current year presentation and are not material to our consolidated financial statements.

Segment and Related Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment and Related Information

Reportable Segments

Summarized financial information concerning our reportable segments for the three months ended March 31 is shown in the following table (in millions):


	Gross		Intercompany		Net		Income
	Operating		Operating		Operating		from
	Revenues		Revenues(a)		Revenues		Operations(b)
2024
Collection and Disposal:
East Tier	$	2,616	$	(535)	$	2,081	$	654
West Tier		2,497		(504)		1,993		627
Other Ancillary		686		(44)		642		(2)
Collection and Disposal		5,799		(1,083)		4,716		1,279
Recycling Processing and Sales		436		(68)		368		19
WM Renewable Energy		70		(1)		69		21
Corporate and Other		12		(6)		6		(303)
Total	$	6,317	$	(1,158)	$	5,159	$	1,016

2023
Collection and Disposal:
East Tier	$	2,561	$	(516)	$	2,045	$	531
West Tier		2,392		(495)		1,897		531
Other Ancillary		625		(44)		581		2
Collection and Disposal		5,578		(1,055)		4,523		1,064
Recycling Processing and Sales		374		(80)		294		13
WM Renewable Energy		70		(1)		69		20
Corporate and Other		12		(6)		6		(272)
Total	$	6,034	$	(1,142)	$	4,892	$	825

(a)	Intercompany operating revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.

(b)	For those items included in the determination of income from operations, the accounting policies of the segments are the same as those described in Note 1.

Summary of operating revenues mix

The mix of operating revenues from our major lines of business for the three months ended March 31 are as follows (in millions):


	Gross		Intercompany		Net
	Operating		Operating		Operating
	Revenues		Revenues		Revenues

2024
Commercial	$	1,501	$	(185)	$	1,316
Industrial		934		(187)		747
Residential		876		(22)		854
Other collection		751		(53)		698
Total collection		4,062		(447)		3,615
Landfill		1,177		(385)		792
Transfer		560		(251)		309
Total Collection and Disposal		5,799		(1,083)		4,716
Recycling Processing and Sales		436		(68)		368
WM Renewable Energy		70		(1)		69
Corporate and Other		12		(6)		6
Total	$	6,317	$	(1,158)	$	5,159

2023
Commercial	$	1,412	$	(161)	$	1,251
Industrial		933		(177)		756
Residential		854		(25)		829
Other collection		689		(50)		639
Total collection		3,888		(413)		3,475
Landfill		1,150		(391)		759
Transfer		540		(251)		289
Total Collection and Disposal		5,578		(1,055)		4,523
Recycling Processing and Sales		374		(80)		294
WM Renewable Energy		70		(1)		69
Corporate and Other		12		(6)		6
Total	$	6,034	$	(1,142)	$	4,892

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 22, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Entity File Number	1-12154
Entity Registrant Name	Waste Management, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1309529
Entity Address, Address Line One	800 Capitol Street
Entity Address, Address Line Two	Suite 3000
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	512-6200
Title of 12(b) Security	Common Stock
Trading Symbol	WM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		401,083,098
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000823768
Amendment Flag	false

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 708	$ 533

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Taxes
Effective tax rate of income (loss) before income taxes	18.60%	23.60%
Excess tax benefits associated with equity-based compensation	$ 21	$ 7
Equity in net losses of unconsolidated entities	19	11
Alternative fuel tax credits	37	2
Low income housing investments [Member]
Income Taxes
Equity in net losses of unconsolidated entities	20	13
Income tax benefit from low-income housing investments	28	22
Interest expense	$ 6	$ 4

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 322	$ 458
Accounts receivable, net of allowance for doubtful accounts of $27 and $30, respectively	2,530	2,633
Other receivables, net of allowance for doubtful accounts of $5 and $4 respectively	155	237
Parts and supplies	189	173
Other assets	333	303
Total current assets	3,529	3,804
Property and equipment, net of accumulated depreciation and depletion of $23,144 and $22,826, respectively	17,044	16,968
Goodwill	9,246	9,254
Other intangible assets, net	728	759
Restricted funds	524	422
Investments in unconsolidated entities	589	606
Other assets	1,006	1,010
Total assets	32,666	32,823
Current liabilities:
Accounts payable	1,617	1,709
Accrued liabilities	1,410	1,605
Deferred revenues	586	578
Current portion of long-term debt	336	334
Total current liabilities	3,949	4,226
Long-term debt, less current portion	15,762	15,895
Deferred income taxes	1,880	1,826
Landfill and environmental remediation liabilities	2,912	2,888
Other liabilities	1,085	1,092
Total liabilities	25,588	25,927
Commitments and contingencies (Note 6)
Waste Management, Inc. stockholders' equity:
Common stock, $0.01 par value; 1,500,000,000 shares authorized; 630,282,461 shares issued	6	6
Additional paid-in capital	5,352	5,351
Retained earnings	14,738	14,334
Accumulated other comprehensive (loss) income	(60)	(37)
Treasury stock at cost 228,979,512 and 228,827,218 shares, respectively	(12,954)	(12,751)
Total Waste Management, Inc. stockholders' equity	7,082	6,903
Noncontrolling interests	(4)	(7)
Total equity	7,078	6,896
Total liabilities and equity	$ 32,666	$ 32,823