Waste Management (WM) 10-Q26 Jul 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 21, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
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		405,059,457
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000823768
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 144	$ 351
Accounts receivable, net of allowance for doubtful accounts of $25 and $26, respectively	2,576	2,461
Other receivables, net of allowance for doubtful accounts of $5 and $7, respectively	270	291
Parts and supplies	170	164
Other assets	320	284
Total current assets	3,480	3,551
Property and equipment, net of accumulated depreciation and depletion of $22,400 and $21,627, respectively	15,917	15,719
Goodwill	9,399	9,323
Other intangible assets, net	809	827
Restricted funds	459	348
Investments in unconsolidated entities	564	578
Other assets	986	1,021
Total assets	31,614	31,367
Current liabilities:
Accounts payable	1,626	1,766
Accrued liabilities	1,544	1,625
Deferred revenues	568	589
Current portion of long-term debt	513	414
Total current liabilities	4,251	4,394
Long-term debt, less current portion	14,855	14,570
Deferred income taxes	1,778	1,733
Landfill and environmental remediation liabilities	2,734	2,700
Other liabilities	1,068	1,106
Total liabilities	24,686	24,503
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	5,341	5,314
Retained earnings	13,744	13,167
Accumulated other comprehensive (loss) income	(32)	(69)
Treasury stock at cost, 225,407,474 and 222,396,166 shares, respectively	(12,150)	(11,569)
Total Waste Management, Inc. stockholders' equity	6,909	6,849
Noncontrolling interests	19	15
Total equity	6,928	6,864
Total liabilities and equity	$ 31,614	$ 31,367

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 25	$ 26
Allowance for other receivables	5	7
Accumulated depreciation and amortization	$ 22,400	$ 21,627
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	225,407,474	222,396,166

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Operating revenues	$ 5,119	$ 5,027	$ 10,011	$ 9,688
Costs and expenses:
Operating	3,186	3,142	6,272	6,045
Selling, general and administrative	467	487	943	978
Depreciation, depletion and amortization	521	508	1,026	990
Restructuring	1		4
(Gain) loss from divestitures, asset impairments and unusual items, net			(3)	17
Total costs and expenses	4,175	4,137	8,242	8,030
Income from operations	944	890	1,769	1,658
Other income (expense):
Interest expense, net	(125)	(93)	(245)	(178)
Equity in net losses of unconsolidated entities	(12)	(17)	(23)	(32)
Other, net	2	(4)	4	(1)
Total other income (expense)	(135)	(114)	(264)	(211)
Income before income taxes	809	776	1,505	1,447
Income tax expense	196	189	360	346
Consolidated net income	613	587	1,145	1,101
Less: Net income (loss) attributable to noncontrolling interests	(2)		(3)	1
Net income attributable to Waste Management, Inc. .	$ 615	$ 587	$ 1,148	$ 1,100
Basic earnings per common share	$ 1.52	$ 1.42	$ 2.82	$ 2.65
Diluted earnings per common share	$ 1.51	$ 1.41	$ 2.81	$ 2.64

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Consolidated net income	$ 613	$ 587	$ 1,145	$ 1,101
Other comprehensive income (loss), net of tax:
Derivative instruments, net	6	2	11	3
Available-for-sale securities, net		(7)	5	(20)
Foreign currency translation adjustments	20	(27)	22	(17)
Post-retirement benefit obligations, net	(1)		(1)
Other comprehensive income (loss), net of tax	25	(32)	37	(34)
Comprehensive income	638	555	1,182	1,067
Less: Comprehensive income (loss) attributable to noncontrolling interests	(2)		(3)	1
Comprehensive income attributable to Waste Management, Inc.	$ 640	$ 555	$ 1,185	$ 1,066

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Consolidated net income	$ 1,145	$ 1,101
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,026	990
Deferred income tax expense (benefit)	31	(64)
Interest accretion on landfill and environmental remediation liabilities	65	55
Provision for bad debts	20	24
Equity-based compensation expense	47	51
Net gain on disposal of assets	(20)	(10)
(Gain) loss from divestitures, asset impairments and other, net	(3)	17
Equity in net losses of unconsolidated entities, net of dividends	23	32
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Receivables	(105)	(88)
Other current assets	(29)	(26)
Other assets	43	36
Accounts payable and accrued liabilities	(22)	250
Deferred revenues and other liabilities	(147)	(63)
Net cash provided by operating activities	2,074	2,305
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(118)	(10)
Capital expenditures	(1,180)	(968)
Proceeds from divestitures of businesses and other assets, net of cash divested	46	11
Other, net	(87)	(133)
Net cash used in investing activities	(1,339)	(1,100)
Cash flows from financing activities:
New borrowings	11,356	5,360
Debt repayments	(11,074)	(4,683)
Common stock repurchase program	(620)	(520)
Cash dividends	(572)	(544)
Exercise of common stock options	25	21
Tax payments associated with equity-based compensation transactions	(28)	(35)
Other, net	(6)	(6)
Net cash used in financing activities	(919)	(407)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents	2	1
(Decrease) increase in cash, cash equivalents and restricted cash and cash equivalents	(182)	799
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	445	194
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$ 263	$ 993

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents at end of period:
Cash and cash equivalents	$ 144	$ 894
Restricted cash and cash equivalents included in other current assets	$ 43	$ 30
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	$ 76	$ 69
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	$ 263	$ 993

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]	Total
Beginning balance at Dec. 31, 2021	$ 6	$ 5,169	$ 12,004	$ 17	$ (10,072)	$ 2	$ 7,126
Beginning balance, common shares at Dec. 31, 2021	630,282,000
Beginning balance, treasury shares at Dec. 31, 2021					(214,159,000)
Equity roll forward
Consolidated net income			1,100			1	1,101
Other comprehensive income (loss), net of tax				(34)			(34)
Cash dividends declared			(544)				(544)
Equity-based compensation transactions, net		18	3		$ 47		68
Equity-based compensation transactions, net, shares					1,003,000
Common stock repurchase program		70			$ (594)		(524)
Common stock repurchase program, shares					(3,852,000)
Other, net						(1)	(1)
Other, net, shares					2,000
Ending balance at Jun. 30, 2022	$ 6	5,257	12,563	(17)	$ (10,619)	2	$ 7,192
Ending balance, common shares at Jun. 30, 2022	630,282,000						413,300,000
Ending balance, treasury shares at Jun. 30, 2022					(217,006,000)
Beginning balance at Mar. 31, 2022	$ 6	5,178	12,247	15	$ (10,302)	2	$ 7,146
Beginning balance, common shares at Mar. 31, 2022	630,282,000
Beginning balance, treasury shares at Mar. 31, 2022					(215,102,000)
Equity roll forward
Consolidated net income			587				587
Other comprehensive income (loss), net of tax				(32)			(32)
Cash dividends declared			(269)				(269)
Equity-based compensation transactions, net		29	(2)		$ 7		34
Equity-based compensation transactions, net, shares					141,000
Common stock repurchase program		50			$ (324)		(274)
Common stock repurchase program, shares					(2,046,000)
Other, net, shares					1,000
Ending balance at Jun. 30, 2022	$ 6	5,257	12,563	(17)	$ (10,619)	2	$ 7,192
Ending balance, common shares at Jun. 30, 2022	630,282,000						413,300,000
Ending balance, treasury shares at Jun. 30, 2022					(217,006,000)
Beginning balance at Dec. 31, 2022	$ 6	5,314	13,167	(69)	$ (11,569)	15	$ 6,864
Beginning balance, common shares at Dec. 31, 2022	630,282,000
Beginning balance, treasury shares at Dec. 31, 2022					(222,396,000)		(222,396,166)
Ending balance at Mar. 31, 2023	$ 6	5,244	13,414	(57)	$ (11,813)	14	$ 6,808
Ending balance, common shares at Mar. 31, 2023	630,282,000
Ending balance, treasury shares at Mar. 31, 2023					(223,491,000)
Beginning balance at Dec. 31, 2022	$ 6	5,314	13,167	(69)	$ (11,569)	15	$ 6,864
Beginning balance, common shares at Dec. 31, 2022	630,282,000
Beginning balance, treasury shares at Dec. 31, 2022					(222,396,000)		(222,396,166)
Equity roll forward
Consolidated net income			1,148			(3)	$ 1,145
Other comprehensive income (loss), net of tax				37			37
Cash dividends declared			(572)				(572)
Equity-based compensation transactions, net		27	1		$ 47		75
Equity-based compensation transactions, net, shares					923,000
Common stock repurchase program					$ (628)		(628)
Common stock repurchase program, shares					(3,936,000)
Other, net						7	7
Other, net, shares					2,000
Ending balance at Jun. 30, 2023	$ 6	5,341	13,744	(32)	$ (12,150)	19	$ 6,928
Ending balance, common shares at Jun. 30, 2023	630,282,000						404,900,000
Ending balance, treasury shares at Jun. 30, 2023					(225,407,000)		(225,407,474)
Beginning balance at Mar. 31, 2023	$ 6	5,244	13,414	(57)	$ (11,813)	14	$ 6,808
Beginning balance, common shares at Mar. 31, 2023	630,282,000
Beginning balance, treasury shares at Mar. 31, 2023					(223,491,000)
Equity roll forward
Consolidated net income			615			(2)	613
Other comprehensive income (loss), net of tax				25			25
Cash dividends declared			(283)				(283)
Equity-based compensation transactions, net		27	(2)		$ 8		33
Equity-based compensation transactions, net, shares					157,000
Common stock repurchase program		70			$ (345)		(275)
Common stock repurchase program, shares					(2,074,000)
Other, net						7	7
Other, net, shares					1,000
Ending balance at Jun. 30, 2023	$ 6	$ 5,341	$ 13,744	$ (32)	$ (12,150)	$ 19	$ 6,928
Ending balance, common shares at Jun. 30, 2023	630,282,000						404,900,000
Ending balance, treasury shares at Jun. 30, 2023					(225,407,000)		(225,407,474)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Cash dividends declared per common share	$ 0.70	$ 0.65	$ 1.40	$ 1.30

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2023
Basis of Presentation
Basis of Presentation	1. 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 13. 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 “Solid Waste” 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 our 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, 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 Solid Waste operations through two operating segments. Our East Tier primarily consists of geographic areas located in the Eastern U.S., the Great Lakes region and substantially all of Canada. Our West Tier primarily includes geographic areas located in the Western U.S., including the upper Midwest region, and British Columbia, Canada. Each of our Solid Waste operating segments provides integrated environmental services, including collection, transfer, recycling, and disposal. The East and West Tiers are presented in this report and constitute our existing Solid Waste business. We also provide additional services that are not managed through our Solid Waste business, which are presented in this report as “Other.” Additional information related to our segments is included in Note 7. The Condensed Consolidated Financial Statements as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 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, 2022. 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 commodities are collected or delivered as product. We 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 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 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.

Landfill and Environmental Reme

Landfill and Environmental Remediation Liabilities	6 Months Ended
Landfill and Environmental Remediation Liabilities	Jun. 30, 2023
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): June 30, 2023 December 31, 2022 Environmental Environmental Landfill Remediation Total Landfill Remediation Total Current (in accrued liabilities) $ 140 $ 31 $ 171 $ 137 $ 31 $ 168 Long-term 2,569 165 2,734 2,527 173 2,700 $ 2,709 $ 196 $ 2,905 $ 2,664 $ 204 $ 2,868 The changes to landfill and environmental remediation liabilities for the six months ended June 30, 2023 are reflected in the table below (in millions): Environmental Landfill Remediation December 31, 2022 $ 2,664 $ 204 Obligations incurred and capitalized 40 — Obligations settled (63) (12) Interest accretion 62 3 Revisions in estimates and interest rate assumptions 4 2 Acquisitions, divestitures and other adjustments 2 (1) June 30, 2023 $ 2,709 $ 196 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 13 for additional information related to these trusts.

Debt and Derivatives

Debt and Derivatives	6 Months Ended
Debt and Derivatives	Jun. 30, 2023
Debt and Derivatives
Debt and Derivatives	3. Debt and Derivatives 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 June 30, 2023: June 30, December 31, 2023 2022 Commercial paper program (weighted average interest rate of 5.4% as of June 30, 2023 and 4.9% as of December 31, 2022) $ 1,345 $ 1,730 Senior notes, maturing through 2050, interest rates ranging from 0.75% to 7.75% (weighted average interest rate of 3.5% as of June 30, 2023 and 3.2% as of December 31, 2022) 9,376 8,626 Term Loan maturing May 2024, interest rate of 5.9% as of June 30, 2023 and 5.1% as of December 31, 2022 1,000 1,000 Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6% 378 369 Tax-exempt bonds, maturing through 2048, fixed and variable interest rates ranging from 0.4% to 4.4% (weighted average interest rate of 2.9% as of June 30, 2023 and 2.7% as of December 31, 2022) 2,658 2,648 Financing leases and other, maturing through 2071 (weighted average interest rate of 4.8% as of June 30, 2023 and 4.7% as of December 31, 2022) (a) 702 699 Debt issuance costs, discounts and other (91) (88) 15,368 14,984 Current portion of long-term debt 513 414 Long-term debt, less current portion $ 14,855 $ 14,570 (a) Excluding our landfill financing leases, the maturities of our financing leases and other debt obligations extend through 2059 . Debt Classification As of June 30, 2023, we had approximately $3.6 billion of debt maturing within the next 12 months, including (i) $1.3 billion of short-term borrowings under our commercial paper program (net of related discount on issuance); (ii) our $1.0 billion, two-year, U.S. term credit agreement maturing May 2024 (“Term Loan”); (iii) $983 million of tax-exempt bonds with term interest rate periods that expire within the next 12 months, which is prior to their scheduled maturities; (iv) $156 million of 3.5% senior notes that mature in May 2024 and (v) $172 million of other debt with scheduled maturities within the next 12 months, including $55 million of tax-exempt bonds. As of June 30, 2023, we have classified $3.1 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 $513 million of debt maturing in the next 12 months is classified as current obligations. Access to and Utilization of Credit Facilities, Commercial Paper Program and Term Loan $3.5 Billion Revolving Credit Facility — $2.0 billion as of June 30, 2023.WM Holdings, a wholly-owned subsidiary of WMI, guarantees all the obligations under the $3.5 billion revolving credit facility. Commercial Paper Program Term Loan — Other Letter of Credit Lines — Debt Borrowings and Repayments Commercial Paper Program Senior Notes Tax-Exempt Bonds Financing Leases and Other Interest Rate Derivatives During the second quarter of 2023, we entered into treasury rate locks with a notional value of $200 million to secure an underlying interest rate of a debt issuance that is currently being evaluated for the second half of 2023, subject to market conditions and other considerations. We designated our treasury rate locks as cash flow hedges. As of June 30, 2023, the fair value of these active interest rate derivatives was an asset of $8 million, classified as other current assets in our Condensed Consolidated Balance Sheet.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Taxes
Income Taxes	4. Income Taxes Our effective income tax rate was 24.2% and 23.9% for the three and six months ended June 30, 2023, respectively, compared with 24.3% and 23.9% for the three and six months ended June 30, 2022, respectively. 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 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 and six months ended June 30, 2023, we recognized $12 million and $25 million of net losses, respectively, and a reduction in our income tax expense of $26 million and $48 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 and six months ended June 30, 2023, we recognized interest expense of $3 million and $7 million, respectively, associated with our investments in low-income housing properties. During the three and six months ended June 30, 2022, we recognized $17 million and $31 million of net losses, respectively, and a reduction in our income tax expense of $25 million and $48 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 and six months ended June 30, 2022, we recognized interest expense of $4 million and $6 million, respectively, associated with our investments in low-income housing properties. See Note 13 for additional information related to these unconsolidated variable interest entities. Equity-Based Compensation

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2023
Earnings Per Share
Earnings Per Share	5. Earnings Per Share Basic and diluted earnings per share were computed using the following common share data (shares in millions): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Number of common shares outstanding at end of period 404.9 413.3 404.9 413.3 Effect of using weighted average common shares outstanding 1.0 1.1 2.5 1.7 Weighted average basic common shares outstanding 405.9 414.4 407.4 415.0 Dilutive effect of equity-based compensation awards and other contingently issuable shares 1.8 2.0 1.7 2.0 Weighted average diluted common shares outstanding 407.7 416.4 409.1 417.0 Potentially issuable shares 5.4 5.8 5.4 5.8 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 1.3 1.4 1.7 1.8 Refer to the Condensed Consolidated Statements of Operations for net income attributable to Waste Management, Inc.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies.
Commitments and Contingencies	6. Commitments and Contingencies Financial Instruments — 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 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 — As of June 30, 2023, 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 — 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, our aggregate potential liability would be approximately $125 million higher than the $196 million recorded in the Condensed Consolidated Balance Sheet as of June 30, 2023. 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 June 30, 2023, we have 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 (“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 was initially developed by others as a landfill disposal facility. At each of these facilities, we are working in conjunction with the government to characterize or remediate identified site problems, and we have either agreed with other legally liable parties on an arrangement for sharing the costs of remediation or are working toward a cost-sharing agreement. We generally expect to receive any amounts due from other participating parties at or near the time that we make the remedial expenditures. The other 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. On October 11, 2017, the EPA issued its Record of Decision (“ROD”) with respect to the previously proposed remediation plan for the San Jacinto River Waste Pits Site in Harris County, Texas. McGinnes Industrial Maintenance Corporation (“MIMC”), a subsidiary of Waste Management of Texas, Inc., operated some of the waste pits from 1965 to 1966 and has been named as a site PRP. In 1998, WMI acquired the stock of the parent entity of MIMC. MIMC has been working with the EPA and other named PRPs as the process of addressing the site proceeds. On April 9, 2018, MIMC and International Paper Company entered into an Administrative Order on Consent agreement with the EPA to develop a remedial design for the EPA’s proposed remedy for the site, and 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 International Paper Company have continued to work on a remedial design to support the EPA’s proposed remedy; however, design investigations indicate that fundamental changes are required to the proposed remedy and MIMC maintains its prior position that the remedy set forth in the ROD is not the best solution to protect the environment and public health. Due to further increases in the estimated cost of the remedy set forth in the ROD, we recorded an additional liability of $17 million as of March 31, 2022 for MIMC’s estimated potential share of such costs. As of June 30, 2023 and December 31, 2022, the recorded liability for MIMC’s estimated potential share of the EPA’s proposed remedy was $69 million and $68 million, respectively. MIMC’s ultimate liability could be materially different from current estimates and MIMC will continue to engage the EPA regarding its proposed remedy. 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 — 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. Our motion to dismiss is pending. We will 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 — 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 — In addition, we are in the examination phase of IRS audits for the 2022 and 2023 tax years and expect the audits to be completed within the next 21 months. We are also currently undergoing audits by various state and local jurisdictions for tax years that date back to 2014. 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.

Segment and Related Information

Segment and Related Information	6 Months Ended
Segment and Related Information	Jun. 30, 2023
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 Solid Waste operations through two operating segments. Our East Tier primarily consists of geographic areas located in the Eastern U.S., the Great Lakes region and substantially all of Canada. Our West Tier primarily includes geographic areas located in the Western U.S., including the upper Midwest region, and British Columbia, Canada. Each of our Solid Waste operating segments provides integrated environmental services, including collection, transfer, recycling, and disposal. The East and West Tiers are presented in this report and constitute our existing Solid Waste business. The operating segments not evaluated and overseen through our East and West Tiers are presented herein as “Other” as these operating segments do not meet the criteria to be aggregated with other operating segments and do not meet the quantitative criteria to be separately reported. Summarized financial information concerning our reportable segments is shown in the following table (in millions): Gross Intercompany Net Income Operating Operating Operating from Revenues Revenues(d) Revenues Operations Three Months Ended June 30: 2023 Solid Waste: East Tier $ 2,761 $ (569) $ 2,192 $ 625 West Tier 2,666 (582) 2,084 618 Solid Waste (a) 5,427 (1,151) 4,276 1,243 Other (b) 901 (58) 843 (13) 6,328 (1,209) 5,119 1,230 Corporate and Other (c) — — — (286) Total $ 6,328 $ (1,209) $ 5,119 $ 944 2022 Solid Waste: East Tier $ 2,609 $ (496) $ 2,113 $ 581 West Tier 2,612 (540) 2,072 608 Solid Waste (a) 5,221 (1,036) 4,185 1,189 Other (b) 901 (59) 842 18 6,122 (1,095) 5,027 1,207 Corporate and Other (c) — — — (317) Total $ 6,122 $ (1,095) $ 5,027 $ 890 Gross Intercompany Net Income Operating Operating Operating from Revenues Revenues(d) Revenues Operations Six Months Ended June 30: 2023 Solid Waste: East Tier $ 5,403 $ (1,103) $ 4,300 $ 1,175 West Tier 5,203 (1,136) 4,067 1,190 Solid Waste (a) 10,606 (2,239) 8,367 2,365 Other (b) 1,756 (112) 1,644 (17) 12,362 (2,351) 10,011 2,348 Corporate and Other (c) — — — (579) Total $ 12,362 $ (2,351) $ 10,011 $ 1,769 2022 Solid Waste: East Tier $ 4,992 $ (941) $ 4,051 $ 1,112 West Tier 5,018 (1,030) 3,988 1,157 Solid Waste (a) 10,010 (1,971) 8,039 2,269 Other (b) 1,758 (109) 1,649 19 11,768 (2,080) 9,688 2,288 Corporate and Other (c) — — — (630) Total $ 11,768 $ (2,080) $ 9,688 $ 1,658 (a) Income from operations provided by our Solid Waste business is generally indicative of the margins provided by our collection, landfill, transfer and recycling lines of business. From time to time, the operating results of our reportable segments are significantly affected by certain transactions or events that management believes are not indicative or representative of our results. Income from operations in our Solid Waste business increased primarily due to (i) revenue growth in our collection and disposal business driven by yield and (ii) fuel tax credits recognized in the current year which were nominal in the prior year period as the majority of our fuel tax credits were not recognized until August 2022 due to the timing of the Inflation Reduction Act of 2022 (“IRA”). These increases were partially offset by (i) inflationary cost pressures; (ii) labor cost increases from frontline employee wage adjustments and annual merit increases and (iii) reduced profitability in our recycling business from the decline in recycling commodity prices and lower volumes. (b) “Other” includes (i) elements of our Strategic Business Solutions (“WMSBS”) business that are not included in the operations of our reportable segments; (ii) elements of our sustainability business that includes landfill gas-to-energy operations managed by our WM Renewable Energy business, our Sustainability and Environmental Solutions business and recycling brokerage services and not included in the operations of our reportable segments; (iii) certain other expanded service offerings and solutions and (iv) the results of non-operating entities that provide financial assurance and self-insurance support for our Solid Waste business, net of intercompany activity. The decrease in income from operations was due to (i) reduced profitability in our WM Renewable Energy business due to lower market values for renewable fuel standard credits and lower electricity and natural gas prices and (ii) the decline in recycling brokerage commodity prices affecting profitability in our recycling business. (c) “Corporate and Other” operating results reflect certain costs incurred for various support services that are not allocated to our reportable segments. These support services include, among other things, treasury, legal, digital, tax, insurance, centralized service center processes, other administrative functions and the maintenance of our closed landfills. Income from operations for “Corporate and Other” also includes costs associated with our long-term incentive program. The improvement in income from operations was primarily driven by (i) lower annual incentive compensation costs; (ii) lower professional fees in connection with investments in our digital program, as certain strategic projects have now been implemented and (iii) a charge during the first quarter of 2022 to adjust an indirect wholly-owned subsidiary’s estimated potential share of the liability for a proposed environmental remediation plan at a closed site. These lower costs were partially offset by annual merit increases and market adjustments for deferred compensation plans related to investment performance. (d) 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 . The mix of operating revenues from our major lines of business are as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Commercial $ 1,424 $ 1,355 $ 2,836 $ 2,642 Industrial 974 942 1,907 1,778 Residential 866 832 1,720 1,637 Other collection 191 181 363 334 Total collection 3,455 3,310 6,826 6,391 Landfill 1,265 1,194 2,417 2,245 Transfer 585 554 1,125 1,040 Recycling 370 468 728 921 Other (a) 653 596 1,266 1,171 Intercompany (b) (1,209) (1,095) (2,351) (2,080) Total $ 5,119 $ 5,027 $ 10,011 $ 9,688 (a) The “Other” line of business includes (i) certain services provided by our WMSBS business; (ii) certain services within our sustainability business including our landfill gas-to-energy operations managed by our WM Renewable Energy business; (iii) certain other expanded service offerings and solutions and (iv) the results of non-operating entities that provide financial assurance and self-insurance support for our Solid Waste business, net of intercompany activity. Revenue attributable to collection, landfill, transfer and recycling services provided by our “Other” businesses has been reflected as a component of the relevant line of business for purposes of presentation in this table. (b) Intercompany revenues between lines of business are eliminated in the Condensed Consolidated Financial Statements included within this report. Fluctuations in our operating results may be caused by many factors, including period-to-period changes in the relative contribution of revenue by each line of business, changes in commodity prices and general economic conditions. Our revenues and income from operations typically reflect seasonal patterns. Our operating revenues tend to be somewhat higher in summer months, primarily due to the higher construction and demolition waste volumes. The volumes of industrial and residential waste in certain regions where we operate also tend to increase during the summer months. Our second and third quarter revenues and results of operations typically reflect these seasonal trends. 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.

Acquisitions

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2023
Acquisitions
Acquisitions	8. Acquisitions During the six months ended June 30, 2023, we completed solid waste and recycling acquisitions with total consideration of $118 million, which included $111 million in cash paid and $7 million of other consideration, specifically purchase price holdbacks. In addition, we paid $7 million of holdbacks, primarily related to prior year acquisitions. Total consideration for our 2023 acquisitions was allocated to $17 million of property and equipment, $43 million of other intangible assets, primarily customer relationships, and $67 million of goodwill with the remaining allocated to liabilities assumed from the ordinary course of business. We remain in the measurement period for most of our acquisitions, and adjustments to our preliminary purchase price allocation may occur. The goodwill was primarily a result of expected synergies from combining the acquired businesses with our existing operations and substantially all was tax deductible.

(Gain) Loss from Divestitures,

(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net	6 Months Ended
	Jun. 30, 2023
(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net
(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net	9. (Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net (Gain) loss from divestitures, asset impairments and unusual items, net for the first half of 2023 were nominal. During the first quarter of 2022, we recognized a $17 million charge pertaining to reserves for loss contingencies in our Corporate and Other segment to adjust an indirect wholly-owned subsidiary’s estimated potential share of the liability for a proposed environmental remediation plan at a closed site, as discussed in Note 6.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	6 Months Ended
Accumulated Other Comprehensive (Loss) Income	Jun. 30, 2023
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income	10. Accumulated Other Comprehensive (Loss) Income 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, 2022 $ 3 $ 19 $ (94) $ 3 $ (69) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $4, $1, $0 and $0, respectively 11 5 22 (1) 37 Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $0, $0, $0 and $0, respectively — — — — — Net current period other comprehensive income (loss) 11 5 22 (1) 37 Balance, June 30, 2023 $ 14 $ 24 $ (72) $ 2 $ (32)

Common Stock Repurchase Program

Common Stock Repurchase Program	6 Months Ended
Common Stock Repurchase Program	Jun. 30, 2023
Common Stock Repurchase Program
Common Stock Repurchase Program	11. 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 the first quarter of 2023, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $350 million of our common stock. At the beginning of the repurchase period, we delivered $350 million cash and received 1.9 million shares based on a stock price of $150.34. The ASR agreement completed in May 2023 and we received 0.4 million additional shares based on a final weighted average price of $153.90. In the second quarter of 2023, we entered into an ASR agreement to repurchase $250 million of our common stock and received 1.5 million shares based on a final weighted average stock price of $163.62. Subsequent to the completion of the ASR, we repurchased 0.1 million shares of our common stock in open market transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act for $22 million, inclusive of per-share commissions, at a weighted average price of $164.79, of which $2 million was paid in July 2023. The IRA, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. We reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased. The discussion of the results of our common stock repurchase program in the prior two paragraphs is exclusive of the 1% excise tax. As of June 30, 2023, the Company has authorization for $878 million of future share repurchases, exclusive of the 1% excise tax discussed above. 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.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2023
Fair Value Measurements
Fair Value Measurements	12. 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): June 30, December 31, 2023 2022 Quoted prices in active markets (Level 1): Cash equivalents and money market funds $ 79 $ 240 Equity securities 44 37 Significant other observable inputs (Level 2): Available-for-sale securities (a) 440 360 Interest rate derivatives 8 — Significant unobservable inputs (Level 3): Redeemable preferred stock (b) 56 56 Total Assets $ 627 $ 693 (a) Our available-for-sale securities primarily relate to debt securities with maturities over the next ten years . (b) Our investment, which is classified as an available-for-sale debt security, has been measured based on third-party investors’ recent or pending transactions in these securities, which are considered the best evidence of fair value. When this evidence is not available, we use other valuation techniques as appropriate and available. These valuation methodologies may include transactions in similar instruments, discounted cash flow techniques, third-party appraisals or industry multiples and public company comparable transactions. Fair Value of Debt As of June 30, 2023 and December 31, 2022, the carrying value of our debt was $15.4 billion and $15.0 billion, respectively. The estimated fair value of our debt was approximately $14.2 billion and $13.8 billion as of June 30, 2023 and December 31, 2022, 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 June 30, 2023 and December 31, 2022. These amounts have not been revalued since those dates, and current estimates of fair value could differ significantly from the amounts presented.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
Variable Interest Entities	Jun. 30, 2023
Variable Interest Entities
Variable Interest Entities	13. 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 $296 million and $321 million as of June 30, 2023 and December 31, 2022, respectively. The debt balance related to our investments in low-income housing properties was $260 million and $295 million as of June 30, 2023 and December 31, 2022, 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 — Consolidated Variable Interest Entities —

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2023
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 13. 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 “Solid Waste” 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 our 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, 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 Solid Waste operations through two operating segments. Our East Tier primarily consists of geographic areas located in the Eastern U.S., the Great Lakes region and substantially all of Canada. Our West Tier primarily includes geographic areas located in the Western U.S., including the upper Midwest region, and British Columbia, Canada. Each of our Solid Waste operating segments provides integrated environmental services, including collection, transfer, recycling, and disposal. The East and West Tiers are presented in this report and constitute our existing Solid Waste business. We also provide additional services that are not managed through our Solid Waste business, which are presented in this report as “Other.” Additional information related to our segments is included in Note 7. The Condensed Consolidated Financial Statements as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 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, 2022. 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 commodities are collected or delivered as product. We 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 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
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.

Landfill and Environmental Re_2

Landfill and Environmental Remediation Liabilities (Tables)	6 Months Ended
Landfill and Environmental Remediation Liabilities (Tables)	Jun. 30, 2023
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): June 30, 2023 December 31, 2022 Environmental Environmental Landfill Remediation Total Landfill Remediation Total Current (in accrued liabilities) $ 140 $ 31 $ 171 $ 137 $ 31 $ 168 Long-term 2,569 165 2,734 2,527 173 2,700 $ 2,709 $ 196 $ 2,905 $ 2,664 $ 204 $ 2,868
Changes to Landfill and Environmental Remediation Liabilities	The changes to landfill and environmental remediation liabilities for the six months ended June 30, 2023 are reflected in the table below (in millions): Environmental Landfill Remediation December 31, 2022 $ 2,664 $ 204 Obligations incurred and capitalized 40 — Obligations settled (63) (12) Interest accretion 62 3 Revisions in estimates and interest rate assumptions 4 2 Acquisitions, divestitures and other adjustments 2 (1) June 30, 2023 $ 2,709 $ 196

Debt and Derivatives (Tables)

Debt and Derivatives (Tables)	6 Months Ended
Debt and Derivatives (Tables)	Jun. 30, 2023
Debt and Derivatives
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 June 30, 2023: June 30, December 31, 2023 2022 Commercial paper program (weighted average interest rate of 5.4% as of June 30, 2023 and 4.9% as of December 31, 2022) $ 1,345 $ 1,730 Senior notes, maturing through 2050, interest rates ranging from 0.75% to 7.75% (weighted average interest rate of 3.5% as of June 30, 2023 and 3.2% as of December 31, 2022) 9,376 8,626 Term Loan maturing May 2024, interest rate of 5.9% as of June 30, 2023 and 5.1% as of December 31, 2022 1,000 1,000 Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6% 378 369 Tax-exempt bonds, maturing through 2048, fixed and variable interest rates ranging from 0.4% to 4.4% (weighted average interest rate of 2.9% as of June 30, 2023 and 2.7% as of December 31, 2022) 2,658 2,648 Financing leases and other, maturing through 2071 (weighted average interest rate of 4.8% as of June 30, 2023 and 4.7% as of December 31, 2022) (a) 702 699 Debt issuance costs, discounts and other (91) (88) 15,368 14,984 Current portion of long-term debt 513 414 Long-term debt, less current portion $ 14,855 $ 14,570 (a) Excluding our landfill financing leases, the maturities of our financing leases and other debt obligations extend through 2059 .

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2023
Earnings Per Share
Computing Basic and Diluted Earnings Per Share	Basic and diluted earnings per share were computed using the following common share data (shares in millions): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Number of common shares outstanding at end of period 404.9 413.3 404.9 413.3 Effect of using weighted average common shares outstanding 1.0 1.1 2.5 1.7 Weighted average basic common shares outstanding 405.9 414.4 407.4 415.0 Dilutive effect of equity-based compensation awards and other contingently issuable shares 1.8 2.0 1.7 2.0 Weighted average diluted common shares outstanding 407.7 416.4 409.1 417.0 Potentially issuable shares 5.4 5.8 5.4 5.8 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 1.3 1.4 1.7 1.8

Segment and Related Informati_2

Segment and Related Information (Tables)	6 Months Ended
Segment and Related Information (Tables)	Jun. 30, 2023
Segment and Related Information
Reportable Segments	Summarized financial information concerning our reportable segments is shown in the following table (in millions): Gross Intercompany Net Income Operating Operating Operating from Revenues Revenues(d) Revenues Operations Three Months Ended June 30: 2023 Solid Waste: East Tier $ 2,761 $ (569) $ 2,192 $ 625 West Tier 2,666 (582) 2,084 618 Solid Waste (a) 5,427 (1,151) 4,276 1,243 Other (b) 901 (58) 843 (13) 6,328 (1,209) 5,119 1,230 Corporate and Other (c) — — — (286) Total $ 6,328 $ (1,209) $ 5,119 $ 944 2022 Solid Waste: East Tier $ 2,609 $ (496) $ 2,113 $ 581 West Tier 2,612 (540) 2,072 608 Solid Waste (a) 5,221 (1,036) 4,185 1,189 Other (b) 901 (59) 842 18 6,122 (1,095) 5,027 1,207 Corporate and Other (c) — — — (317) Total $ 6,122 $ (1,095) $ 5,027 $ 890 Gross Intercompany Net Income Operating Operating Operating from Revenues Revenues(d) Revenues Operations Six Months Ended June 30: 2023 Solid Waste: East Tier $ 5,403 $ (1,103) $ 4,300 $ 1,175 West Tier 5,203 (1,136) 4,067 1,190 Solid Waste (a) 10,606 (2,239) 8,367 2,365 Other (b) 1,756 (112) 1,644 (17) 12,362 (2,351) 10,011 2,348 Corporate and Other (c) — — — (579) Total $ 12,362 $ (2,351) $ 10,011 $ 1,769 2022 Solid Waste: East Tier $ 4,992 $ (941) $ 4,051 $ 1,112 West Tier 5,018 (1,030) 3,988 1,157 Solid Waste (a) 10,010 (1,971) 8,039 2,269 Other (b) 1,758 (109) 1,649 19 11,768 (2,080) 9,688 2,288 Corporate and Other (c) — — — (630) Total $ 11,768 $ (2,080) $ 9,688 $ 1,658 (a) Income from operations provided by our Solid Waste business is generally indicative of the margins provided by our collection, landfill, transfer and recycling lines of business. From time to time, the operating results of our reportable segments are significantly affected by certain transactions or events that management believes are not indicative or representative of our results. Income from operations in our Solid Waste business increased primarily due to (i) revenue growth in our collection and disposal business driven by yield and (ii) fuel tax credits recognized in the current year which were nominal in the prior year period as the majority of our fuel tax credits were not recognized until August 2022 due to the timing of the Inflation Reduction Act of 2022 (“IRA”). These increases were partially offset by (i) inflationary cost pressures; (ii) labor cost increases from frontline employee wage adjustments and annual merit increases and (iii) reduced profitability in our recycling business from the decline in recycling commodity prices and lower volumes. (b) “Other” includes (i) elements of our Strategic Business Solutions (“WMSBS”) business that are not included in the operations of our reportable segments; (ii) elements of our sustainability business that includes landfill gas-to-energy operations managed by our WM Renewable Energy business, our Sustainability and Environmental Solutions business and recycling brokerage services and not included in the operations of our reportable segments; (iii) certain other expanded service offerings and solutions and (iv) the results of non-operating entities that provide financial assurance and self-insurance support for our Solid Waste business, net of intercompany activity. The decrease in income from operations was due to (i) reduced profitability in our WM Renewable Energy business due to lower market values for renewable fuel standard credits and lower electricity and natural gas prices and (ii) the decline in recycling brokerage commodity prices affecting profitability in our recycling business. (c) “Corporate and Other” operating results reflect certain costs incurred for various support services that are not allocated to our reportable segments. These support services include, among other things, treasury, legal, digital, tax, insurance, centralized service center processes, other administrative functions and the maintenance of our closed landfills. Income from operations for “Corporate and Other” also includes costs associated with our long-term incentive program. The improvement in income from operations was primarily driven by (i) lower annual incentive compensation costs; (ii) lower professional fees in connection with investments in our digital program, as certain strategic projects have now been implemented and (iii) a charge during the first quarter of 2022 to adjust an indirect wholly-owned subsidiary’s estimated potential share of the liability for a proposed environmental remediation plan at a closed site. These lower costs were partially offset by annual merit increases and market adjustments for deferred compensation plans related to investment performance. (d) 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 .
Summary of operating revenues mix	The mix of operating revenues from our major lines of business are as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Commercial $ 1,424 $ 1,355 $ 2,836 $ 2,642 Industrial 974 942 1,907 1,778 Residential 866 832 1,720 1,637 Other collection 191 181 363 334 Total collection 3,455 3,310 6,826 6,391 Landfill 1,265 1,194 2,417 2,245 Transfer 585 554 1,125 1,040 Recycling 370 468 728 921 Other (a) 653 596 1,266 1,171 Intercompany (b) (1,209) (1,095) (2,351) (2,080) Total $ 5,119 $ 5,027 $ 10,011 $ 9,688 (a) The “Other” line of business includes (i) certain services provided by our WMSBS business; (ii) certain services within our sustainability business including our landfill gas-to-energy operations managed by our WM Renewable Energy business; (iii) certain other expanded service offerings and solutions and (iv) the results of non-operating entities that provide financial assurance and self-insurance support for our Solid Waste business, net of intercompany activity. Revenue attributable to collection, landfill, transfer and recycling services provided by our “Other” businesses has been reflected as a component of the relevant line of business for purposes of presentation in this table. (b) Intercompany revenues between lines of business are eliminated in the Condensed Consolidated Financial Statements included within this report.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	6 Months Ended
Accumulated Other Comprehensive (Loss) Income (Tables)	Jun. 30, 2023
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, 2022 $ 3 $ 19 $ (94) $ 3 $ (69) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $4, $1, $0 and $0, respectively 11 5 22 (1) 37 Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $0, $0, $0 and $0, respectively — — — — — Net current period other comprehensive income (loss) 11 5 22 (1) 37 Balance, June 30, 2023 $ 14 $ 24 $ (72) $ 2 $ (32)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2023
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): June 30, December 31, 2023 2022 Quoted prices in active markets (Level 1): Cash equivalents and money market funds $ 79 $ 240 Equity securities 44 37 Significant other observable inputs (Level 2): Available-for-sale securities (a) 440 360 Interest rate derivatives 8 — Significant unobservable inputs (Level 3): Redeemable preferred stock (b) 56 56 Total Assets $ 627 $ 693 (a) Our available-for-sale securities primarily relate to debt securities with maturities over the next ten years . (b) Our investment, which is classified as an available-for-sale debt security, has been measured based on third-party investors’ recent or pending transactions in these securities, which are considered the best evidence of fair value. When this evidence is not available, we use other valuation techniques as appropriate and available. These valuation methodologies may include transactions in similar instruments, discounted cash flow techniques, third-party appraisals or industry multiples and public company comparable transactions.

Basis of Presentation (Detail)

Basis of Presentation (Detail)	6 Months Ended
Basis of Presentation (Detail)	Jun. 30, 2023 segment
Basis of Presentation
Number of segments	2

Basis of Presentation - Revenue

Basis of Presentation - Revenue Recognition (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Capitalized Costs
Deferred contract costs	$ 202	$ 192
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
Deferred Sales Incentives [Member]
Capitalized Costs
Deferred contract costs	$ 142	$ 137

Landfill and Environmental Re_3

Landfill and Environmental Remediation Liabilities - Summary (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
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	$ 196
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Long-term, Accrued Liabilities, Current	Long-term, Accrued Liabilities, Current
Current (in accrued liabilities)	$ 171	$ 168
Long-term	2,734	2,700
Total	2,905	2,868
Landfill [Member]
Landfill and environmental remediation liabilities
Current (in accrued liabilities), Landfill	140	137
Long-term, Landfill	2,569	2,527
Total, Landfill	2,709	2,664
Environmental Remediation Liabilities [Member]
Landfill and environmental remediation liabilities
Current (in accrued liabilities), Environmental Remediation	31	31
Long-term, Environmental Remediation	165	173
Total, Environmental Remediation	$ 196	$ 204

Landfill and Environmental Re_4

Landfill and Environmental Remediation Liabilities - Changes (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2023
Landfill and environmental remediation liabilities
Revisions in estimates and interest rate assumptions	$ 17
Ending balance, environmental remediation		$ 196
San Jacinto Waste Pits [Member]
Landfill and environmental remediation liabilities
Beginning balance, environmental remediation		68
Revisions in estimates and interest rate assumptions	$ 17
Ending balance, environmental remediation		69
Landfill [Member]
Landfill and environmental remediation liabilities
Beginning balance, landfill		2,664
Obligations incurred and capitalized		40
Obligations settled		(63)
Interest accretion		62
Revisions in estimates and interest rate assumptions		4
Acquisitions, divestitures and other adjustments		2
Ending balance, landfill		2,709
Environmental Remediation Liabilities [Member]
Landfill and environmental remediation liabilities
Beginning balance, environmental remediation		204
Obligations settled		(12)
Interest accretion		3
Revisions in estimates and interest rate assumptions		2
Acquisitions, divestitures and other adjustments		(1)
Ending balance, environmental remediation		$ 196

Debt and Derivatives - Componen

Debt and Derivatives - Components (Detail) $ in Millions, $ in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)
Debt
Debt	$ 15,368		$ 14,984
Debt issuance costs, discounts and other	(91)		(88)
Current portion of long-term debt	513		414
Long-term debt, less current portion	14,855		14,570
Commercial Paper Program [Member]
Debt
Debt	$ 1,345		$ 1,730
Weighted average interest rate	5.40%	5.40%	4.90%	4.90%
Senior Notes, Aggregate [Member]
Debt
Debt	$ 9,376		$ 8,626
Weighted average interest rate	3.50%	3.50%	3.20%	3.20%
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%
Term Loan maturing May 2024 [Member]
Debt
Debt	$ 1,000		$ 1,000
Effective interest rate (as a percent)	5.90%	5.90%	5.10%	5.10%
Canadian Senior Notes [Member]
Debt
Debt	$ 378	$ 500	$ 369	$ 500
Interest rate (as a percent)	2.60%	2.60%	2.60%	2.60%
Tax Exempt Bonds [Member]
Debt
Debt	$ 2,658		$ 2,648
Weighted average interest rate	2.90%	2.90%	2.70%	2.70%
Tax Exempt Bonds [Member] \| Minimum [Member]
Debt
Interest rate (as a percent)	0.40%	0.40%	0.40%	0.40%
Tax Exempt Bonds [Member] \| Maximum [Member]
Debt
Interest rate (as a percent)	4.40%	4.40%	4.40%	4.40%
Financing leases and other [Member]
Debt
Debt	$ 702		$ 699
Weighted average interest rate	4.80%	4.80%	4.70%	4.70%

Debt and Derivatives - Classifi

Debt and Derivatives - Classification and Utilization (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	May 31, 2022
Debt
Debt maturing or subject to remarketing within twelve months	$ 3,600
Current portion of long-term debt	513	$ 414
Debt classified as long-term due to intent and ability to refinance on long-term basis	3,100
Carrying value of debt	15,368	14,984
Revolving Credit Facility [Member]
Debt
Maximum capacity	3,500
Outstanding borrowings under credit facility	0
Letters of credit outstanding	179
Unused and available credit capacity	2,000
Term Loan maturing May 2024 [Member]
Debt
Debt maturing or subject to remarketing within twelve months	1,000
Maximum capacity			$ 1,000
Carrying value of debt	1,000	1,000
Commercial Paper Program [Member]
Debt
Debt maturing or subject to remarketing within twelve months	$ 1,300
Debt term	397 days
Carrying value of debt	$ 1,345	1,730
Commercial paper borrowings	1,300
Tax Exempt Bonds [Member]
Debt
Debt maturing or subject to remarketing within twelve months	55
Debt with interest rate periods that expire in the next 12 months	983
Carrying value of debt	$ 2,658	$ 2,648
Tax Exempt Bonds [Member] \| Minimum [Member]
Debt
Interest rate (as a percent)	0.40%	0.40%
Tax Exempt Bonds [Member] \| Maximum [Member]
Debt
Interest rate (as a percent)	4.40%	4.40%
Senior Notes 3.5 % Due 2024 Member
Debt
Debt maturing or subject to remarketing within twelve months	$ 156
Interest rate (as a percent)	3.50%
Other Letter Of Credit Lines [Member]
Debt
Letters of credit outstanding	$ 802
Financing leases and other [Member]
Debt
Debt maturing or subject to remarketing within twelve months	172
Carrying value of debt	$ 702	$ 699

Debt and Derivatives - Borrowin

Debt and Derivatives - Borrowings and Repayments (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 28, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Debt
New borrowings			$ 11,356	$ 5,360
Debt repayments			11,074	$ 4,683
Commercial Paper Program [Member]
Debt
Commercial paper repayments			10,500
Commercial paper borrowings			10,100
4.625% senior notes due 2030 and 2033 [Member]
Debt
Interest rate (as a percent)	4.625%
New borrowings	$ 1,240
4.625% senior notes due 2030 [Member]
Debt
Debt instrument face amount	750
4.625% senior notes due 2033 [Member]
Debt
Debt instrument face amount	$ 500
Tax Exempt Bonds [Member]
Debt
New borrowings			50
Debt repayments			40
Financing leases and other [Member]
Debt
Debt repayments			58
Non-cash financing lease incurred			$ 61
Senior Notes 2.4 Percent Due May 2023 [Member]
Debt
Interest rate (as a percent)		2.40%	2.40%
Debt repayments		$ 500

Debt and Derivatives - Derivati

Debt and Derivatives - Derivatives (Detail) - Treasury Lock [Member] $ in Millions	Jun. 30, 2023 USD ($)
Debt
Derivative notional value	$ 200
Interest rate derivatives fair value	$ 8

Income Taxes (Detail)

Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
Income Taxes (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes
Effective tax rate of income (loss) before income taxes	24.20%		24.30%	23.90%	23.90%
Excess tax benefits associated with equity-based compensation	$ 3		$ 2	$ 10	$ 12
Equity in net losses of unconsolidated entities	12		17	23	32
2017 Audit [Member]
Income Taxes
Income tax deposit paid		$ 103
Low income housing investments [Member]
Income Taxes
Equity in net losses of unconsolidated entities	12		17	25	31
Income tax benefit from low-income housing investments	26		25	48	48
Interest expense	$ 3		$ 4	$ 7	$ 6

Earnings Per Share (Detail)

Earnings Per Share (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
Earnings Per Share (Detail) - shares shares in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share
Number of common shares outstanding at end of period	404.9	413.3	404.9	413.3
Effect of using weighted average common shares outstanding	1	1.1	2.5	1.7
Weighted average basic common shares outstanding	405.9	414.4	407.4	415
Dilutive effect of equity-based compensation awards and other contingently issuable shares	1.8	2	1.7	2
Weighted average diluted common shares outstanding	407.7	416.4	409.1	417
Potentially issuable shares	5.4	5.8	5.4	5.8
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	1.3	1.4	1.7	1.8

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended		6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) site
Commitments And Contingencies [Line Items]
Number of landfills adjacent to or near homeowners' properties with agreements guaranteeing market value \| site			19
Environmental remediation reasonably possible additional losses high estimate			$ 125
Revisions in estimate		$ 17
Environmental remediation liabilities			$ 196
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
Dollar threshold for environmental matters requiring disclosure under item 103 of the SEC's Regulation S-K			$ 1
Workforce covered by collective bargaining (as a percent)			20%
Expected time of completion of IRS audits			21 months
2017 Audit [Member]
Commitments And Contingencies [Line Items]
Income tax deposit paid	$ 103
San Jacinto Waste Pits [Member]
Commitments And Contingencies [Line Items]
Revisions in estimate		$ 17
Environmental remediation liabilities	$ 68		$ 69
Revolving Credit Facility [Member]
Commitments And Contingencies [Line Items]
Credit Facility, aggregate capacity			$ 3,500

Segment and Related Informati_3

Segment and Related Information - Summary (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of segments \| segment			2
Operating revenues	$ 5,119	$ 5,027	$ 10,011	$ 9,688
Income from operations	944	890	1,769	1,658
Solid Waste [Member]
Segment Reporting Information [Line Items]
Operating revenues	4,276	4,185	8,367	8,039
Solid Waste [Member] \| East Tier Region Areas {Member]
Segment Reporting Information [Line Items]
Operating revenues	2,192	2,113	4,300	4,051
Solid Waste [Member] \| West Tier Region Areas [Member]
Segment Reporting Information [Line Items]
Operating revenues	2,084	2,072	4,067	3,988
Other [Member]
Segment Reporting Information [Line Items]
Operating revenues	843	842	1,644	1,649
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating revenues	6,328	6,122	12,362	11,768
Income from operations	1,230	1,207	2,348	2,288
Operating Segments [Member] \| Solid Waste [Member]
Segment Reporting Information [Line Items]
Operating revenues	5,427	5,221	10,606	10,010
Income from operations	1,243	1,189	2,365	2,269
Operating Segments [Member] \| Solid Waste [Member] \| East Tier Region Areas {Member]
Segment Reporting Information [Line Items]
Operating revenues	2,761	2,609	5,403	4,992
Income from operations	625	581	1,175	1,112
Operating Segments [Member] \| Solid Waste [Member] \| West Tier Region Areas [Member]
Segment Reporting Information [Line Items]
Operating revenues	2,666	2,612	5,203	5,018
Income from operations	618	608	1,190	1,157
Operating Segments [Member] \| Other [Member]
Segment Reporting Information [Line Items]
Operating revenues	901	901	1,756	1,758
Income from operations	(13)	18	(17)	19
Intercompany Operating Revenues [Member]
Segment Reporting Information [Line Items]
Operating revenues	(1,209)	(1,095)	(2,351)	(2,080)
Intercompany Operating Revenues [Member] \| Solid Waste [Member]
Segment Reporting Information [Line Items]
Operating revenues	(1,151)	(1,036)	(2,239)	(1,971)
Intercompany Operating Revenues [Member] \| Solid Waste [Member] \| East Tier Region Areas {Member]
Segment Reporting Information [Line Items]
Operating revenues	(569)	(496)	(1,103)	(941)
Intercompany Operating Revenues [Member] \| Solid Waste [Member] \| West Tier Region Areas [Member]
Segment Reporting Information [Line Items]
Operating revenues	(582)	(540)	(1,136)	(1,030)
Intercompany Operating Revenues [Member] \| Other [Member]
Segment Reporting Information [Line Items]
Operating revenues	(58)	(59)	(112)	(109)
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Income from operations	$ (286)	$ (317)	$ (579)	$ (630)

Segment and Related Informati_4

Segment and Related Information - Revenues mix (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from External Customer [Line Items]
Operating revenues	$ 5,119	$ 5,027	$ 10,011	$ 9,688
Operating Segments [Member]
Revenue from External Customer [Line Items]
Operating revenues	6,328	6,122	12,362	11,768
Operating Segments [Member] \| Collection [Member]
Revenue from External Customer [Line Items]
Operating revenues	3,455	3,310	6,826	6,391
Operating Segments [Member] \| Commercial [Member]
Revenue from External Customer [Line Items]
Operating revenues	1,424	1,355	2,836	2,642
Operating Segments [Member] \| Industrial [Member]
Revenue from External Customer [Line Items]
Operating revenues	974	942	1,907	1,778
Operating Segments [Member] \| Residential [Member]
Revenue from External Customer [Line Items]
Operating revenues	866	832	1,720	1,637
Operating Segments [Member] \| Other Collection [Member]
Revenue from External Customer [Line Items]
Operating revenues	191	181	363	334
Operating Segments [Member] \| Landfill [Member]
Revenue from External Customer [Line Items]
Operating revenues	1,265	1,194	2,417	2,245
Operating Segments [Member] \| Transfer [Member]
Revenue from External Customer [Line Items]
Operating revenues	585	554	1,125	1,040
Operating Segments [Member] \| Recycling [Member]
Revenue from External Customer [Line Items]
Operating revenues	370	468	728	921
Operating Segments [Member] \| Other Revenue [Member]
Revenue from External Customer [Line Items]
Operating revenues	653	596	1,266	1,171
Intercompany Operating Revenues [Member]
Revenue from External Customer [Line Items]
Operating revenues	$ (1,209)	$ (1,095)	$ (2,351)	$ (2,080)

Acquisitions (Detail)

Acquisitions (Detail) $ in Millions	6 Months Ended
Acquisitions (Detail) $ in Millions	Jun. 30, 2023 USD ($)
Business Acquisition
Payments made for contingent consideration	$ 7
2023 Business Acquisitions [Member]
Business Acquisition
Total consideration, net of cash acquired	118
Business acquisitions cash payments	111
Other consideration	$ 7

Acquisitions (Detail)_2

Acquisitions (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Purchase price allocation
Goodwill	$ 9,399	$ 9,323
2023 Business Acquisitions [Member]
Purchase price allocation
Property and equipment	17
Goodwill	67
Other intangible assets	$ 43

(Gain) Loss from Divestitures_2

(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Asset Impairments and Unusual Items
Revisions in estimates and interest rate assumptions	$ 17
San Jacinto Waste Pits [Member]
Asset Impairments and Unusual Items
Revisions in estimates and interest rate assumptions	$ 17

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income - Changes (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI roll forward
Beginning balance	$ 6,808	$ 7,146	$ 6,864	$ 7,126
Other comprehensive income (loss), net of tax	25	(32)	37	(34)
Ending balance	6,928	7,192	6,928	7,192
Accumulated Other Comprehensive Income [Member]
AOCI roll forward
Beginning balance	(57)	15	(69)	17
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)			37
Other comprehensive income (loss), net of tax	25	(32)	37	(34)
Ending balance	(32)	$ (17)	(32)	$ (17)
Derivative Instruments [Member]
AOCI roll forward
Beginning balance			3
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)			11
Other comprehensive income (loss), net of tax			11
Ending balance	14		14
Available-for-Sale Debt Securities [Member]
AOCI roll forward
Beginning balance			19
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)			5
Other comprehensive income (loss), net of tax			5
Ending balance	24		24
Foreign Currency Translation Adjustments [Member]
AOCI roll forward
Beginning balance			(94)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)			22
Other comprehensive income (loss), net of tax			22
Ending balance	(72)		(72)
Post - Retirement Benefit Obligation [Member]
AOCI roll forward
Beginning balance			3
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)			(1)
Other comprehensive income (loss), net of tax			(1)
Ending balance	$ 2		$ 2

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive (Loss) Income - Tax Impact (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Derivative Instruments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications, tax	$ 4
Amounts reclassified from accumulated other comprehensive (income) loss, tax	0
Available-for-Sale Debt Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications, tax	1
Amounts reclassified from accumulated other comprehensive (income) loss, tax	0
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications, tax	0
Amounts reclassified from accumulated other comprehensive (income) loss, tax	0
Post - Retirement Benefit Obligation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications, tax	0
Amounts reclassified from accumulated other comprehensive (income) loss, tax	$ 0

Common Stock Repurchase Progr_2

Common Stock Repurchase Program - Repurchases (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 31, 2023	May 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022
Common stock repurchase program
Cash paid for repurchase of common stock					$ 620	$ 520
Authorized share repurchases			$ 878		$ 878
Accelerated Share Repurchase Agreement (ASR) [Member]
Common stock repurchase program
Shares repurchased (in shares)		0.4	1.5	1.9
Cash paid for repurchase of common stock			$ 250	$ 350
Initial stock repurchase price (in dollars per share)				$ 150.34
Weighted average final purchase price (in dollars per share)		$ 153.90	$ 163.62
10b5-1 Plan [Member]
Common stock repurchase program
Shares repurchased (in shares)			0.1
Cash paid for repurchase of common stock			$ 22
Weighted average final purchase price (in dollars per share)			$ 164.79
10b5-1 Plan [Member] \| Subsequent Event [Member]
Common stock repurchase program
Total repurchases (in dollars)	$ 2

Fair Value Measurements - Recur

Fair Value Measurements - Recurring (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Available-for-sale securities [Member]
Fair Value
Investment maturity	10 years
Fair Value, Measurements, Recurring [Member]
Fair Value
Total assets	$ 627	$ 693
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member]
Fair Value
Cash equivalents and money market funds	79	240
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| Equity securities [Member]
Fair Value
Available-for-sale securities	44	37
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value
Interest rate derivatives	8
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Available-for-sale securities [Member]
Fair Value
Available-for-sale securities	440	360
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Redeemable Preferred Stock [Member]
Fair Value
Available-for-sale securities	$ 56	$ 56

Fair Value Measurements - Debt

Fair Value Measurements - Debt (Detail) - USD ($) $ in Billions	Jun. 30, 2023	Dec. 31, 2022
Reported Value Measurement [Member]
Fair Value
Fair value of debt	$ 15.4	$ 15
Significant Other Observable Inputs (Level 2) [Member] \| Estimate of Fair Value Measurement [Member]
Fair Value
Fair value of debt	$ 14.2	$ 13.8

Variable Interest Entities (Det

Variable Interest Entities (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity
Carrying value of debt	$ 15,368	$ 14,984
Assets	31,614	31,367
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity
Assets	116	113
Low income housing investments [Member] \| Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity
Aggregate investment balance	296	321
Carrying value of debt	260	295
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	$ 97	$ 93

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 615	$ 587	$ 1,148	$ 1,100

Insider Trading Arrangements

Insider Trading Arrangements - James C. Fish, Jr.	3 Months Ended
Insider Trading Arrangements - James C. Fish, Jr.	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Securities Trading Plans of Directors and Executive Officers On May 22, 2023, James C. Fish, Jr., President, Chief Executive Officer and member of our Board of Directors, adopted a stock trading plan (the “First Fish Trading Plan”). The First Fish Trading Plan went into effect on the date of adoption and was not intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The First Fish Trading Plan provided for the potential exercise of 83,419 vested stock options and instructed that, upon our common stock reaching a specified market price, the options would automatically be exercised and the Company would withhold shares of common stock necessary to cover tax requirements and the exercise price of such options. The First Fish Trading Plan provided that Mr. Fish would continue to hold all remaining shares of common stock resulting from the option exercise after the net share settlement process. The option exercise did not occur, and the First Fish Trading Plan expired pursuant to its terms on June 7, 2023. On May 30, 2023, Mr. Fish adopted a stock trading plan (the “Second Fish Trading Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Second Fish Trading Plan will commence on September 1, 2023 and will automatically terminate on the earlier of January 31, 2024 and the completion of all of the contemplated stock sales set forth therein. The Second Fish Trading Plan provides for the sale of 9,550 shares of our common stock upon our common stock reaching each of three specified market prices, for an aggregate total sale of up to 28,650 shares of our common stock pursuant to such plan.
Name	James C. Fish, Jr.
Title	President, Chief Executive Officer and member of our Board of Directors
First Fish Trading Plan
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 22, 2023
Aggregate Available	83,419
Second Fish Trading Plan
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 30, 2023
Aggregate Available	28,650