Waste Management (WM) 10-Q25 Jul 242024 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, 2024	Jul. 22, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Securities Act File Number	1-12154
Entity Registrant Name	Waste Management, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1309529
Entity Address, Address Line One	800 Capitol Street
Entity Address, Address Line Two	Suite 3000
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	512-6200
Title of 12(b) Security	Common Stock
Trading Symbol	WM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		401,314,827
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 172	$ 458
Accounts receivable, net of allowance for doubtful accounts of $29 and $30, respectively	2,728	2,633
Other receivables, net of allowance for doubtful accounts of $4 and $4, respectively	252	237
Parts and supplies	183	173
Other current assets	1,104	303
Total current assets	4,439	3,804
Property and equipment, net of accumulated depreciation and depletion of $23,310 and $22,826, respectively	17,420	16,968
Goodwill	9,363	9,254
Other intangible assets, net	753	759
Restricted funds	465	422
Investments in unconsolidated entities	552	606
Other long-term assets	1,007	1,010
Total assets	33,999	32,823
Current liabilities:
Accounts payable	1,785	1,709
Accrued liabilities	1,525	1,605
Deferred revenues	584	578
Current portion of long-term debt	242	334
Total current liabilities	4,136	4,226
Long-term debt, less current portion	16,501	15,895
Deferred income taxes	1,826	1,826
Landfill and environmental remediation liabilities	2,936	2,888
Other long-term liabilities	1,149	1,092
Total liabilities	26,548	25,927
Commitments and contingencies (Note 6)
Waste Management, Inc. stockholders' equity:
Common stock, $0.01 par value; 1,500,000,000 shares authorized; 630,282,461 shares issued	6	6
Additional paid-in capital	5,433	5,351
Retained earnings	15,104	14,334
Accumulated other comprehensive (loss) income	(73)	(37)
Treasury stock at cost, 229,183,391 and 228,827,218 shares, respectively	(13,013)	(12,751)
Total Waste Management, Inc. stockholders' equity	7,457	6,903
Noncontrolling interests	(6)	(7)
Total equity	7,451	6,896
Total liabilities and equity	$ 33,999	$ 32,823

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 29	$ 30
Allowance for other receivables	4	4
Accumulated depreciation and amortization	$ 23,310	$ 22,826
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common stock, shares issued	630,282,461	630,282,461
Treasury stock, shares	229,183,391	228,827,218

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Operating revenues	$ 5,402	$ 5,119	$ 10,561	$ 10,011
Costs and expenses:
Operating	3,291	3,186	6,431	6,272
Selling, general and administrative	501	467	992	943
Depreciation, depletion and amortization	543	521	1,057	1,026
Restructuring		1		4
(Gain) loss from divestitures, asset impairments and unusual items, net	58		56	(3)
Total costs and expenses	4,393	4,175	8,536	8,242
Income from operations	1,009	944	2,025	1,769
Other income (expense):
Interest expense, net	(136)	(125)	(266)	(245)
Equity in net income (losses) of unconsolidated entities	22	(12)	3	(23)
Other, net	(1)	2	1	4
Total other income (expense)	(115)	(135)	(262)	(264)
Income before income taxes	894	809	1,763	1,505
Income tax expense	214	196	376	360
Consolidated net income	680	613	1,387	1,145
Less: Net income (loss) attributable to noncontrolling interests		(2)	(1)	(3)
Net income attributable to Waste Management, Inc.	$ 680	$ 615	$ 1,388	$ 1,148
Basic earnings per common share	$ 1.70	$ 1.52	$ 3.46	$ 2.82
Diluted earnings per common share	$ 1.69	$ 1.51	$ 3.44	$ 2.81

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Consolidated net income	$ 680	$ 613	$ 1,387	$ 1,145
Other comprehensive income (loss), net of tax:
Derivative instruments, net	(1)	6	(1)	11
Available-for-sale securities, net	(1)			5
Foreign currency translation adjustments	(10)	20	(34)	22
Post-retirement benefit obligations, net	(1)	(1)	(1)	(1)
Other comprehensive income (loss), net of tax	(13)	25	(36)	37
Comprehensive income	667	638	1,351	1,182
Less: Comprehensive income (loss) attributable to noncontrolling interests		(2)	(1)	(3)
Comprehensive income attributable to Waste Management, Inc.	$ 667	$ 640	$ 1,352	$ 1,185

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Consolidated net income	$ 1,387	$ 1,145
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,057	1,026
Deferred income tax expense (benefit)	14	31
Interest accretion on landfill and environmental remediation liabilities	66	65
Provision for bad debts	26	20
Equity-based compensation expense	57	47
Net gain on disposal of assets	(50)	(20)
(Gain) loss from divestitures, asset impairments and other, net	56	(3)
Equity in net (income) losses of unconsolidated entities, net of dividends	(3)	23
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Receivables	(127)	(105)
Other current assets	(30)	(29)
Other assets	63	43
Accounts payable and accrued liabilities	85	(22)
Deferred revenues and other liabilities	(80)	(147)
Net cash provided by operating activities	2,521	2,074
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(243)	(118)
Capital expenditures	(1,335)	(1,180)
Proceeds from divestitures of businesses and other assets, net of cash divested	58	46
Other, net	(839)	(87)
Net cash used in investing activities	(2,359)	(1,339)
Cash flows from financing activities:
New borrowings	9,180	11,356
Debt repayments	(8,752)	(11,074)
Common stock repurchase program	(262)	(620)
Cash dividends	(608)	(572)
Exercise of common stock options	36	25
Tax payments associated with equity-based compensation transactions	(48)	(28)
Other, net	(10)	(6)
Net cash used in financing activities	(464)	(919)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents	(4)	2
(Decrease) increase in cash, cash equivalents and restricted cash and cash equivalents	(306)	(182)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	552	445
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$ 246	$ 263

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents at end of period:
Cash and cash equivalents	$ 172	$ 144
Restricted cash and cash equivalents included in other current assets	$ 4	$ 43
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	$ 70	$ 76
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	$ 246	$ 263

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] Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Total
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)
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)
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)
Beginning balance at Dec. 31, 2023	$ 6	5,351		14,334	(37)	$ (12,751)	(7)		$ 6,896
Beginning balance, common shares at Dec. 31, 2023	630,282,000
Beginning balance, treasury shares at Dec. 31, 2023						(228,827,000)			(228,827,218)
Equity roll forward
Consolidated net income				1,388			(1)		$ 1,387
Other comprehensive income (loss), net of tax					(36)				(36)
Cash dividends declared				(608)					(608)
Equity-based compensation transactions, net		17		2		$ 63			82
Equity-based compensation transactions, net, shares						1,137,000
Common stock repurchase program		60				$ (325)			(265)
Common stock repurchase program, shares						(1,494,000)
Other, net		5					2		7
Other, net, shares						1,000
Ending balance at Jun. 30, 2024	$ 6	5,433	$ (12)	15,104	(73)	$ (13,013)	(6)	$ (12)	$ 7,451
Ending balance, common shares at Jun. 30, 2024	630,282,000		(12,000,000)					(12,000,000)	401,100,000
Ending balance, treasury shares at Jun. 30, 2024						(229,183,000)			(229,183,391)
Beginning balance at Mar. 31, 2024	$ 6	5,352		14,738	(60)	$ (12,954)	(4)		$ 7,078
Beginning balance, common shares at Mar. 31, 2024	630,282,000
Beginning balance, treasury shares at Mar. 31, 2024						(228,980,000)
Equity roll forward
Consolidated net income				680					680
Other comprehensive income (loss), net of tax					(13)				(13)
Cash dividends declared				(301)					(301)
Equity-based compensation transactions, net		29		(1)		$ 3			31
Equity-based compensation transactions, net, shares						62,000
Common stock repurchase program		50				$ (62)			(12)
Common stock repurchase program, shares						(266,000)
Other, net		2					(2)
Other, net, shares						1,000
Ending balance at Jun. 30, 2024	$ 6	$ 5,433	$ (12)	$ 15,104	$ (73)	$ (13,013)	$ (6)	$ (12)	$ 7,451
Ending balance, common shares at Jun. 30, 2024	630,282,000		(12,000,000)					(12,000,000)	401,100,000
Ending balance, treasury shares at Jun. 30, 2024						(229,183,000)			(229,183,391)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Cash dividends declared per common share	$ 0.75	$ 0.70	$ 1.50	$ 1.40

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2024
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 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 (“RNG”), which is a significant source of fuel that we allocate to our natural gas fleet. Our senior management evaluates, oversees and manages the financial performance of our business through four reportable segments, referred to as (i) Collection and Disposal - East Tier (“East Tier”); (ii) Collection and Disposal - West Tier (“West Tier”); (iii) Recycling Processing and Sales and (iv) WM Renewable Energy. Our East and West Tier, along with certain ancillary services (“Other Ancillary”) not managed through our Tier segments, but that support our collection and disposal operations, form our “Collection and Disposal” businesses. We also provide additional services not managed through our four reportable segments, which are presented as Corporate and Other. Refer to Note 7 for further discussion. The Condensed Consolidated Financial Statements as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 are unaudited. In the opinion of management, these financial statements include all adjustments, which, unless otherwise disclosed, are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows, and changes in equity for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year. The financial statements presented herein should be read in conjunction with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. In preparing our financial statements, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with precision from available data or simply cannot be calculated. In some cases, these estimates are difficult to determine, and we must exercise significant judgment. In preparing our financial statements, the most difficult, subjective and complex estimates and the assumptions that present the greatest amount of uncertainty relate to our accounting for landfills, environmental remediation liabilities, long-lived asset impairments, intangible asset impairments and the fair value of assets and liabilities acquired in business combinations. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements. Revenue Recognition We generally recognize revenue as services are performed or products are delivered. For example, revenue typically is recognized as waste is collected, tons are received at our landfills or transfer stations, or recycling and other commodities, such as RNG, electricity and capacity, Renewable Identification Numbers (“RINs”) and Renewable Energy Credits (“RECs”), are sold. We also bill for certain services prior to performance. Such services include, among others, certain commercial and residential contracts, and equipment rentals. These advanced billings are included in deferred revenues and recognized as revenue in the period service is provided. Substantially all our deferred revenues during the reported periods are realized as revenues within one 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. Other Current Assets As of June 30, 2024, other current assets included $778 million of investments in certain WM tax-exempt bonds. We purchased these bonds because they were subject to mandatory scheduled remarketings during a period of time that we determined that we were unable to remarket the bonds to third-party investors because we were in possession of material non-public information about the pending announcement of our planned acquisition of Stericycle, Inc. (“Stericycle”). These investments are classified as current because we have the intent and ability to remarket the bonds within the next twelve months. The related tax-exempt debt is included in our Condensed Consolidated Balance Sheet as of June 30, 2024 as a component of long-term debt. In July 2024 we received $349 million from the successful remarketing of these tax-exempt bonds and expect to successfully remarket the remaining bonds held within the third quarter of 2024. 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 Condensed Consolidated Financial Statements.

Landfill and Environmental Reme

Landfill and Environmental Remediation Liabilities	6 Months Ended
Landfill and Environmental Remediation Liabilities	Jun. 30, 2024
Landfill and Environmental Remediation Liabilities
Landfill and Environmental Remediation Liabilities	2. Landfill and Environmental Remediation Liabilities Liabilities for landfill and environmental remediation costs are presented in the table below (in millions): June 30, 2024 December 31, 2023 Environmental Environmental Landfill Remediation Total Landfill Remediation Total Current (in accrued liabilities) $ 144 $ 31 $ 175 $ 143 $ 31 $ 174 Long-term 2,759 177 2,936 2,710 178 2,888 $ 2,903 $ 208 $ 3,111 $ 2,853 $ 209 $ 3,062 The changes to landfill and environmental remediation liabilities for the six months ended June 30, 2024 are reflected in the table below (in millions): Environmental Landfill Remediation December 31, 2023 $ 2,853 $ 209 Obligations incurred and capitalized 43 — Obligations settled (58) (11) Interest accretion 66 — Revisions in estimates 1 10 Acquisitions, divestitures and other adjustments (2) — June 30, 2024 $ 2,903 $ 208 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

Debt	6 Months Ended
Debt	Jun. 30, 2024
Debt
Debt	3. 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, 2024: June 30, December 31, 2024 2023 Commercial paper program (weighted average interest rate of 5.5% as of June 30, 2024 and 5.6% as of December 31, 2023) $ 1,565 $ 860 Senior notes, maturing through 2050, interest rates ranging from 0.75% to 7.75% (weighted average interest rate of 3.7% as of June 30, 2024 and December 31, 2023) 11,220 11,376 Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6% 366 378 Tax-exempt bonds, maturing through 2053, fixed and variable interest rates ranging from 0.55% to 5.0% (weighted average interest rate of 3.3% as of June 30, 2024 and December 31, 2023) 2,853 2,883 Financing leases and other, maturing through 2082 (weighted average interest rate of 5.0% as of June 30, 2024 and December 31, 2023) (a) 856 855 Debt issuance costs, discounts and other (117) (123) 16,743 16,229 Current portion of long-term debt 242 334 Long-term debt, less current portion $ 16,501 $ 15,895 (a) Excluding our landfill financing leases, the maturities of our financing leases and other debt obligations extend through 2059 . Debt Classification As of June 30, 2024, we had approximately $3.8 billion of debt maturing within the next 12 months, including (i) $1.6 billion of short-term borrowings under our commercial paper program (net of related discount on issuance); (ii) $1.6 billion of tax-exempt bonds with term interest rate periods that expire within the next 12 months, which is prior to their scheduled maturities; (iii) $422 million of 3.125% senior notes that mature in March 2025 and (iv) $167 million of other debt with scheduled maturities within the next 12 months, including $30 million of tax-exempt bonds. As of June 30, 2024, we have classified $3.6 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”) and our issuance of $1.5 billion of senior notes in July 2024, the proceeds of which were used primarily to reduce outstanding borrowings under our commercial paper program. The remaining $242 million of debt maturing in the next 12 months is classified as current obligations. Access to and Utilization of Credit Facilities and Commercial Paper Program $3.5 Billion Revolving Credit Facility — Holdings, a wholly-owned subsidiary of WMI, guarantees all the obligations under the $3.5 billion revolving credit facility. The $3.5 billion revolving credit facility provides us with credit capacity to be used for cash borrowings, to support letters of credit and to support our commercial paper program. The interest rates we pay on outstanding U.S. or Canadian loans are based on the Secured Overnight Financing Rate (“SOFR”) administered by the Federal Reserve Bank of New York or the Canadian Overnight Repo Rate Average (“CORRA”) administered by the Bank of Canada, respectively, plus a spread depending on our senior public debt rating assigned by Moody’s Investors Service, Inc. and Standard and Poor’s Global Ratings. The spread above SOFR or CORRA can range from 0.585% to 1.025% per annum, plus applicable credit adjustments. We also pay certain other fees set forth in the $3.5 billion revolving credit facility agreement, including a facility fee based on the aggregate commitment, regardless of usage. As of June 30, 2024, we had no outstanding borrowings under this facility. We had $180 million of letters of credit issued and $1.6 billion of outstanding borrowings (net of related discount on issuance) under our commercial paper program, both supported by the facility, leaving unused and available credit capacity of $1.7 billion as of June 30, 2024. Commercial Paper Program Other Letter of Credit Lines — Debt Borrowings and Repayments Commercial Paper Program Senior Notes

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Taxes
Income Taxes	4. Income Taxes Our effective income tax rate was 23.9% and 21.3% for the three and six months ended June 30, 2024, respectively, compared with 24.2% and 23.9% for the three and six months ended June 30, 2023, respectively. The decrease in our effective income tax rate when comparing the three and six months ended June 30, 2024 and 2023 was primarily driven by an increase in federal tax credits; partially offset by (i) the impacts of adopting Accounting Standards Update (“ASU”) 2023-02 and (ii) an increase in pre-tax income in the current period. We evaluate our effective income tax rate at each interim period and adjust it as facts and circumstances warrant. Investments Qualifying for Federal Tax Credits Renewable Natural Gas During the three and six months ended June 30, 2024, we recognized a reduction in our income tax expense of $37 million and $74 million, respectively, due to federal tax credits expected to be realized from our RNG investments compared with $2 million and $4 million, respectively, for the comparable prior year periods. Low-Income Housing As a result of adopting ASU 2023-02, we amortize our investments in these entities using the proportional amortization method. Under the proportional amortization method, the equity investment is amortized in proportion to the income tax credits and other income tax benefits received. The amortization expense and the income tax credits are required to be presented on a net basis in income tax expense on the Condensed Consolidated Statements of Operations. Prior to fiscal year 2024, we accounted 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 income (losses) of unconsolidated entities, within our Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2024, we recognized additional income tax expense of $37 million related to amortization under ASU 2023-02 and a reduction in our income tax expense primarily due to federal tax credits of $22 million and $50 million, respectively. In addition, during the three and six months ended June 30, 2024, we recognized interest expense of $5 million and $11 million, respectively, associated with our investments in low-income housing properties. See Note 13 for additional information related to these unconsolidated variable interest entities. 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. See Note 13 for additional information related to these unconsolidated variable interest entities.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2024
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, 2024 2023 2024 2023 Number of common shares outstanding at end of period 401.1 404.9 401.1 404.9 Effect of using weighted average common shares outstanding 0.2 1.0 0.4 2.5 Weighted average basic common shares outstanding 401.3 405.9 401.5 407.4 Dilutive effect of equity-based compensation awards and other contingently issuable shares 1.9 1.8 1.8 1.7 Weighted average diluted common shares outstanding 403.2 407.7 403.3 409.1 Potentially issuable shares 4.9 5.4 4.9 5.4 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 1.2 1.3 1.3 1.7 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, 2024
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, 2024, we have guaranteed the obligations and certain performance requirements of third parties in connection with both consolidated and unconsolidated entities, including guarantees to cover the difference, if any, between the sale value and the guaranteed market or contractually-determined value of certain homeowner’s properties that are adjacent to or near 19 of our landfills. We have also agreed to indemnify certain third-party purchasers against liabilities associated with divested operations prior to such sale. We do not believe that the remaining contingent obligations will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. Environmental Matters — environment. Under current laws and regulations, we may have liabilities for environmental damage caused by our operations, or for damage caused by conditions that existed before we acquired a site. In addition to remediation activity required by state or local authorities, such liabilities include potentially responsible party (“PRP”) investigations. The costs associated with these liabilities can include settlements, certain legal and consultant fees, as well as incremental internal and external costs directly associated with site investigation and clean-up. Estimating our degree of responsibility for remediation is inherently difficult. We recognize and accrue for an estimated remediation liability when we determine that such liability is both probable and reasonably estimable. Determining the method and ultimate cost of remediation requires that a number of assumptions be made. There can sometimes be a range of reasonable estimates of the costs associated with the likely site remediation alternatives identified in the environmental impact investigation. In these cases, we use the amount within the range that is our best estimate. If no amount within a range appears to be a better estimate than any other, we use the amount that is the low end of such range. If we used the high ends of such ranges (where estimable), our aggregate potential liability would be approximately $18 million higher than the $208 million recorded in the Condensed Consolidated Balance Sheet as of June 30, 2024. Our ultimate responsibility may differ materially from current estimates. It is possible that technological, regulatory or enforcement developments, the results of environmental studies, the inability to identify other PRPs, the inability of other PRPs to contribute to the settlements of such liabilities, or other factors could require us to record additional liabilities. Our ongoing review of our remediation liabilities, in light of relevant internal and external facts and circumstances, could result in revisions to our accruals that could cause upward or downward adjustments to our balance sheet and income from operations. These adjustments could be material in any given period. As of June 30, 2024, we had been notified by the government that we are a PRP in connection with 73 locations listed on the Environmental Protection Agency’s (“EPA’s”) Superfund National Priorities List, or NPL. Of the 73 sites at which claims have been made against us, 14 are sites we own. Each of the NPL sites we own 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. In 2018, both of McGinnes Industrial Maintenance Corporation (“MIMC”), a subsidiary of Waste Management of Texas, Inc., and International Paper Company (“IPC”) entered into an Administrative Order on Consent with the EPA as PRPs to develop a remedial design for the San Jacinto River Waste Pits Superfund Site in Harris County, Texas. We recorded a liability for MIMC’s estimated potential share of the EPA’s proposed remedy and related costs, although allocation of responsibility among the PRPs for the proposed remedy has not been established. MIMC and IPC have continued to work on a remedial design to support the EPA’s proposed remedy; however, in the first quarter of 2024, the EPA publicly issued a letter alleging that the remedial design has serious deficiencies. MIMC and IPC subsequently engaged with the EPA and provided responses to the EPA letter. In the second quarter of 2024, the EPA provided a response that, while the parties had not remedied all concerns from its letter, the parties had sufficiently demonstrated a path forward and were given additional time to submit a full remedial design. As of June 30, 2024 and December 31, 2023, the recorded liability for MIMC’s estimated potential share of costs for the remedy was approximately $85 million. MIMC’s ultimate liability could be materially different from current estimates, including potential increases resulting from MIMC’s continued engagement with the EPA regarding a final remedial design for the site. Item 103 of the SEC’s Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings, or such proceedings are known to be contemplated, unless we reasonably believe that the matter will result in no monetary sanctions, or in monetary sanctions, exclusive of interest and costs, below a stated threshold. In accordance with this SEC regulation, the Company uses a threshold of $1 million for purposes of determining whether disclosure of any such environmental proceedings is required. As of the date of this filing, we are not aware of any matters that are required to be disclosed pursuant to this standard. From time to time, we are also named as defendants in personal injury and property damage lawsuits, including purported class actions, on the basis of having owned, operated or transported waste to a disposal facility that is alleged to have contaminated the environment or, in certain cases, on the basis of having conducted environmental remediation activities at sites. Some of the lawsuits may seek to have us pay the costs of monitoring of allegedly affected sites and health care examinations of allegedly affected persons for a substantial period of time even where no actual damage is proven. While we believe we have meritorious defenses to these lawsuits, the ultimate resolution is often substantially uncertain due to the difficulty of determining the cause, extent and impact of alleged contamination (which may have occurred over a long period of time), the potential for successive groups of complainants to emerge, the diversity of the individual plaintiffs’ circumstances, and the potential contribution or indemnification obligations of co-defendants or other third parties, among other factors. Additionally, we often enter into agreements with landowners imposing obligations on us to meet certain regulatory or contractual conditions upon site closure or upon termination of the agreements. Compliance with these agreements inherently involves subjective determinations and may result in disputes, including litigation. Litigation — 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. The case is currently in the discovery phase, and we intend to vigorously defend against this pending suit. We believe any potential recovery by the plaintiffs, in excess of applicable deductibles, will be covered by insurance, and we do not believe that the eventual outcome of this suit will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. WMI’s charter and bylaws provide that WMI shall indemnify against all liabilities and expenses, and upon request shall advance expenses to any person, who is subject to a pending or threatened proceeding because such person is or was a director or officer of the Company. Such indemnification is required to the maximum extent permitted under Delaware law. Accordingly, the director or officer must execute an undertaking to reimburse the Company for any fees advanced if it is later determined that the director or officer was not permitted to have such fees advanced under Delaware law. Additionally, the Company has direct contractual obligations to provide indemnification to each of the members of WMI’s Board of Directors and each of WMI’s executive officers. The Company may incur substantial expenses in connection with the fulfillment of its advancement of costs and indemnification obligations in connection with actions or proceedings that may be brought against its former or current officers, directors and employees. Multiemployer Defined Benefit Pension Plans — 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 2023 and 2024 tax years and expect the audits to be completed within the next 18 months. We are also currently undergoing audits by the Canada Revenue Agency for the 2021 tax year and 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, 2024
Segment and Related Information
Segment and Related Information	7. Segment and Related Information Our senior management evaluates, oversees and manages the financial performance of our business through four reportable segments, referred to as (i) East Tier; (ii) West Tier; (iii) Recycling Processing and Sales and (iv) WM Renewable Energy. Our East and West Tier, along with Other Ancillary services not managed through our Tier segments, but that support our collection and disposal operations, form our “Collection and Disposal” businesses. We also provide additional services not managed through our four reportable segments, which are presented as Corporate and Other. 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(a) Revenues Operations(b) Three Months Ended June 30: 2024 Collection and Disposal: East Tier $ 2,751 $ (573) $ 2,178 $ 692 West Tier 2,616 (540) 2,076 674 Other Ancillary 713 (45) 668 (7) Collection and Disposal 6,080 (1,158) 4,922 1,359 Recycling Processing and Sales 475 (70) 405 29 WM Renewable Energy 70 (1) 69 18 Corporate and Other 12 (6) 6 (397) Total $ 6,637 $ (1,235) $ 5,402 $ 1,009 2023 Collection and Disposal: East Tier $ 2,673 $ (550) $ 2,123 $ 599 West Tier 2,512 (524) 1,988 576 Other Ancillary 672 (49) 623 (2) Collection and Disposal 5,857 (1,123) 4,734 1,173 Recycling Processing and Sales 394 (78) 316 24 WM Renewable Energy 63 (1) 62 14 Corporate and Other 14 (7) 7 (267) Total $ 6,328 $ (1,209) $ 5,119 $ 944 Gross Intercompany Net Income Operating Operating Operating from Revenues Revenues(a) Revenues Operations(b) Six Months Ended June 30: 2024 Collection and Disposal: East Tier $ 5,367 $ (1,108) $ 4,259 $ 1,346 West Tier 5,113 (1,044) 4,069 1,301 Other Ancillary 1,399 (89) 1,310 (9) Collection and Disposal 11,879 (2,241) 9,638 2,638 Recycling Processing and Sales 911 (138) 773 48 WM Renewable Energy 140 (2) 138 39 Corporate and Other 24 (12) 12 (700) Total $ 12,954 $ (2,393) $ 10,561 $ 2,025 2023 Collection and Disposal: East Tier $ 5,234 $ (1,066) $ 4,168 $ 1,130 West Tier 4,904 (1,019) 3,885 1,107 Other Ancillary 1,297 (93) 1,204 — Collection and Disposal 11,435 (2,178) 9,257 2,237 Recycling Processing and Sales 768 (158) 610 37 WM Renewable Energy 133 (2) 131 34 Corporate and Other 26 (13) 13 (539) Total $ 12,362 $ (2,351) $ 10,011 $ 1,769 (a) Intercompany operating revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service. (b) For those items included in the determination of income from operations, the accounting policies of the segments are the same as those described in Note 1. The mix of operating revenues from our major lines of business are as follows (in millions): Gross Intercompany Net Operating Operating Operating Revenues Revenues (a) Revenues Three Months Ended June 30: 2024 Commercial $ 1,526 $ (196) $ 1,330 Industrial 978 (199) 779 Residential 886 (23) 863 Other collection 781 (52) 729 Total collection 4,171 (470) 3,701 Landfill 1,291 (418) 873 Transfer 618 (270) 348 Total Collection and Disposal 6,080 (1,158) 4,922 Recycling Processing and Sales 475 (70) 405 WM Renewable Energy 70 (1) 69 Corporate and Other 12 (6) 6 Total $ 6,637 $ (1,235) $ 5,402 2023 Commercial $ 1,424 $ (168) $ 1,256 Industrial 974 (192) 782 Residential 866 (25) 841 Other collection 745 (56) 689 Total collection 4,009 (441) 3,568 Landfill 1,263 (417) 846 Transfer 585 (265) 320 Total Collection and Disposal 5,857 (1,123) 4,734 Recycling Processing and Sales 394 (78) 316 WM Renewable Energy 63 (1) 62 Corporate and Other 14 (7) 7 Total $ 6,328 $ (1,209) $ 5,119 Gross Intercompany Net Operating Operating Operating Revenues Revenues Revenues Six Months Ended June 30: 2024 Commercial $ 3,027 $ (381) $ 2,646 Industrial 1,912 (386) 1,526 Residential 1,762 (45) 1,717 Other collection 1,532 (105) 1,427 Total collection 8,233 (917) 7,316 Landfill 2,468 (803) 1,665 Transfer 1,178 (521) 657 Total Collection and Disposal 11,879 (2,241) 9,638 Recycling Processing and Sales 911 (138) 773 WM Renewable Energy 140 (2) 138 Corporate and Other 24 (12) 12 Total $ 12,954 $ (2,393) $ 10,561 2023 Commercial $ 2,836 $ (329) $ 2,507 Industrial 1,907 (369) 1,538 Residential 1,720 (50) 1,670 Other collection 1,434 (106) 1,328 Total collection 7,897 (854) 7,043 Landfill 2,413 (808) 1,605 Transfer 1,125 (516) 609 Total Collection and Disposal 11,435 (2,178) 9,257 Recycling Processing and Sales 768 (158) 610 WM Renewable Energy 133 (2) 131 Corporate and Other 26 (13) 13 Total $ 12,362 $ (2,351) $ 10,011 Our financial and operating results may fluctuate for many reasons, including period-to-period changes in the relative contribution of revenue by each line of business, changes in commodity prices and general economic conditions. Our operating revenues and volumes typically experience seasonal increases in the summer months that are reflected in second and third quarter revenues and results of operations. Service or operational disruptions caused by severe storms, extended periods of inclement weather or climate events can significantly affect the operating results of the geographic areas affected. Extreme weather events may also lead to supply chain disruption and delayed project development, or disruption of our customers’ businesses, reducing the amount of waste generated by their operations. Conversely, certain destructive weather and climate conditions, such as wildfires in the Western U.S. and hurricanes that most often impact our operations in the Southern and Eastern U.S. during the second half of the year, can increase our revenues in the geographic areas affected as a result of the waste volumes generated by these events. While weather-related and other event-driven special projects can boost revenues through additional work for a limited time, due to significant start-up costs and other factors, such revenue can generate earnings at comparatively lower margins.

Acquisitions

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2024
Acquisitions
Acquisitions	8. Acquisitions During the six months ended June 30, 2024, we completed solid waste and recycling acquisitions primarily in Florida, North Carolina, and Arizona with total consideration of $240 million, which included $234 million in cash paid and $6 million of other consideration, specifically purchase price holdbacks. In addition, we paid $16 million of holdbacks, primarily related to prior year acquisitions. Total consideration for our 2024 acquisitions was primarily allocated to $57 million of property and equipment, $57 million of other intangible assets, primarily customer relationships, and $127 million of goodwill. 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. Pending Acquisition of Stericycle On June 3, 2024, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) to acquire all outstanding shares of Stericycle for $62.00 per share in cash, representing a total enterprise value of approximately $7.2 billion when including approximately $1.4 billion of Stericycle’s net debt. Stericycle is a U.S. based leading provider of compliance-based solutions for regulated waste, including medical waste, and secure information destruction. Stericycle serves customers in North America and Europe. We expect the Stericycle acquisition to close as early as the fourth quarter of 2024, and we intend to finance the Stericycle acquisition through a combination of bank debt and proceeds from the issuance of senior notes. See Part II. Item 1A. Risk Factors in this Quarterly Report on Form 10-Q for information about certain risks and uncertainties related to the Stericycle acquisition.

(Gain) Loss from Divestitures,

(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net	6 Months Ended
	Jun. 30, 2024
(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 three and six months ended June 30, 2024 primarily relates to a $54 million charge required to increase the estimated fair value of a liability associated with the expected disposition of an investment the Company holds in a waste diversion technology business. This charge is reflected in our Corporate and Other measures within our segment reporting. (Gain) loss from divestitures, asset impairments and unusual items, net for the three and six months ended June 30, 2023 were not material.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	6 Months Ended
Accumulated Other Comprehensive (Loss) Income	Jun. 30, 2024
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, 2023 $ 17 $ 8 $ (68) $ 6 $ (37) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $0, $0, $0 and $0, respectively — — (34) (34) Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $0, $0, $0 and $0, respectively (1) — — (1) (2) Net current period other comprehensive income (loss) (1) — (34) (1) (36) Balance, June 30, 2024 $ 16 $ 8 $ (102) $ 5 $ (73)

Common Stock Repurchase Program

Common Stock Repurchase Program	6 Months Ended
Common Stock Repurchase Program	Jun. 30, 2024
Capital Stock, Dividends and 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 February 2024, we repurchased 0.2 million shares of our common stock through an October 2023 Accelerated Share Repurchase (“ASR”) agreement that completed in February 2024, based on a final weighted average price of $175.29. Also in February 2024, we entered into an ASR agreement to repurchase $250 million of our common stock. At the beginning of the repurchase period, we delivered $250 million cash and initially received 1 million shares based on a stock price of $199.16, exclusive of the applicable 1% excise tax. The ASR agreement completed in April 2024 and we received 0.2 million additional shares based on a final weighted average price of $206.23. In the second quarter of 2024 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 $12 million, inclusive of per-share commissions, at a weighted average price of $209.20. As of June 30, 2024, the Company has authorization for $1,238 million of future share repurchases. As a result of the planned Stericycle acquisition discussed in Note 8, the Company previously announced that it has temporarily suspended share repurchases. The amount of future share repurchases executed under our Board of Directors’ authorization is determined at management’s discretion, based on various factors, 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, 2024
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, 2024 2023 Quoted prices in active markets (Level 1): Cash equivalents and money market funds $ 37 $ 327 Equity securities 68 61 Debt securities (a) 778 — Significant other observable inputs (Level 2): Available-for-sale securities (b) 496 431 Total Assets $ 1,379 $ 819 (a) Includes $778 million of investments in certain WM tax-exempt bonds as discussed further in Note 1. (b) Our available-for-sale securities primarily relate to debt securities with maturities over the next ten years . See Note 9 for information related to our nonrecurring fair value measurements. Fair Value of Debt As of June 30, 2024 and December 31, 2023, the carrying value of our debt was $16.7 billion and $16.2 billion, respectively. The estimated fair value of our debt was approximately $15.6 billion as of June 30, 2024 and December 31, 2023. 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, 2024 and December 31, 2023. These amounts have not been revalued since those dates, and current estimates of fair value could differ significantly from the amounts presented.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
Variable Interest Entities	Jun. 30, 2024
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. Our aggregate investment balance in these entities was $400 million and $458 million as of June 30, 2024 and December 31, 2023, respectively. The debt balance related to our investments in low-income housing properties was $383 million and $408 million as of June 30, 2024 and December 31, 2023, respectively. Additional information related to these investments is discussed in Note 4. Trust Funds for Final Capping, Closure, Post-Closure or Environmental Remediation Obligations Unconsolidated Variable Interest Entities — Consolidated Variable Interest Entities —

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events
Subsequent Events	14. Subsequent Events Senior Notes Issuance In July 2024, WMI issued $750 million of 4.950% senior notes due 2027 and $750 million of 4.950% senior notes due 2031, the net proceeds of which were $1.5 billion. The net proceeds were used primarily to reduce outstanding borrowings under our commercial paper program. Acquisition On July 15, 2024, we completed the acquisition of Winters Bros. Waste Systems, a large regional waste and recycling company based in Long Island, New York with total purchase price of $550 million.

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 680	$ 615	$ 1,388	$ 1,148

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Securities Trading Plans of Directors and Executive Officers During the quarter ended June 30, 2024, no executive officer or member of our Board of Directors adopted a securities trading plan. On June 2, 2024, Mr. James C. Fish, Jr., President, Chief Executive Officer and a member of our Board of Directors, terminated a stock trading plan that was adopted on March 2, 2024 (the “Trading Plan”) that was intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Trading Plan was to commence on June 3, 2024 and was to automatically terminate on the earlier of June 3, 2025 and the completion of all of the contemplated transactions set forth therein. The Trading Plan provided for the potential sale of up to 86,209 shares of our common stock upon our common stock reaching specified market prices. The Trading Plan was terminated before it took effect, and no sales of shares under the Trading Plan occurred.
James C Fish, Jr [Member]
Trading Arrangements, by Individual
Name	Mr. James C. Fish, Jr
Title	President, Chief Executive Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	June 2, 2024
Aggregate Available	86,209

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2024
Basis of Presentation
Basis of Presentation	The financial statements presented in this report represent the consolidation of Waste Management, Inc., a Delaware corporation; its wholly-owned and majority-owned subsidiaries; and certain variable interest entities for which Waste Management, Inc. or its subsidiaries are the primary beneficiaries as described in Note 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 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 (“RNG”), which is a significant source of fuel that we allocate to our natural gas fleet. Our senior management evaluates, oversees and manages the financial performance of our business through four reportable segments, referred to as (i) Collection and Disposal - East Tier (“East Tier”); (ii) Collection and Disposal - West Tier (“West Tier”); (iii) Recycling Processing and Sales and (iv) WM Renewable Energy. Our East and West Tier, along with certain ancillary services (“Other Ancillary”) not managed through our Tier segments, but that support our collection and disposal operations, form our “Collection and Disposal” businesses. We also provide additional services not managed through our four reportable segments, which are presented as Corporate and Other. Refer to Note 7 for further discussion. The Condensed Consolidated Financial Statements as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 are unaudited. In the opinion of management, these financial statements include all adjustments, which, unless otherwise disclosed, are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows, and changes in equity for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year. The financial statements presented herein should be read in conjunction with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. In preparing our financial statements, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with precision from available data or simply cannot be calculated. In some cases, these estimates are difficult to determine, and we must exercise significant judgment. In preparing our financial statements, the most difficult, subjective and complex estimates and the assumptions that present the greatest amount of uncertainty relate to our accounting for landfills, environmental remediation liabilities, long-lived asset impairments, intangible asset impairments and the fair value of assets and liabilities acquired in business combinations. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements.
Revenue Recognition	Revenue Recognition We generally recognize revenue as services are performed or products are delivered. For example, revenue typically is recognized as waste is collected, tons are received at our landfills or transfer stations, or recycling and other commodities, such as RNG, electricity and capacity, Renewable Identification Numbers (“RINs”) and Renewable Energy Credits (“RECs”), are sold. We also bill for certain services prior to performance. Such services include, among others, certain commercial and residential contracts, and equipment rentals. These advanced billings are included in deferred revenues and recognized as revenue in the period service is provided. Substantially all our deferred revenues during the reported periods are realized as revenues within one 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.
Other Current Assets	Other Current Assets As of June 30, 2024, other current assets included $778 million of investments in certain WM tax-exempt bonds. We purchased these bonds because they were subject to mandatory scheduled remarketings during a period of time that we determined that we were unable to remarket the bonds to third-party investors because we were in possession of material non-public information about the pending announcement of our planned acquisition of Stericycle, Inc. (“Stericycle”). These investments are classified as current because we have the intent and ability to remarket the bonds within the next twelve months. The related tax-exempt debt is included in our Condensed Consolidated Balance Sheet as of June 30, 2024 as a component of long-term debt. In July 2024 we received $349 million from the successful remarketing of these tax-exempt bonds and expect to successfully remarket the remaining bonds held within the third quarter of 2024.
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 Condensed 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, 2024
Landfill and Environmental Remediation Liabilities
Liabilities for Landfill and Environmental Remediation Costs	Liabilities for landfill and environmental remediation costs are presented in the table below (in millions): June 30, 2024 December 31, 2023 Environmental Environmental Landfill Remediation Total Landfill Remediation Total Current (in accrued liabilities) $ 144 $ 31 $ 175 $ 143 $ 31 $ 174 Long-term 2,759 177 2,936 2,710 178 2,888 $ 2,903 $ 208 $ 3,111 $ 2,853 $ 209 $ 3,062
Changes to Landfill and Environmental Remediation Liabilities	The changes to landfill and environmental remediation liabilities for the six months ended June 30, 2024 are reflected in the table below (in millions): Environmental Landfill Remediation December 31, 2023 $ 2,853 $ 209 Obligations incurred and capitalized 43 — Obligations settled (58) (11) Interest accretion 66 — Revisions in estimates 1 10 Acquisitions, divestitures and other adjustments (2) — June 30, 2024 $ 2,903 $ 208

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2024
Debt
Components of Debt	The following table summarizes the major components of debt at principal amounts as of each balance sheet date (in millions) and provides the maturities and interest rate ranges of each major category as of June 30, 2024: June 30, December 31, 2024 2023 Commercial paper program (weighted average interest rate of 5.5% as of June 30, 2024 and 5.6% as of December 31, 2023) $ 1,565 $ 860 Senior notes, maturing through 2050, interest rates ranging from 0.75% to 7.75% (weighted average interest rate of 3.7% as of June 30, 2024 and December 31, 2023) 11,220 11,376 Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6% 366 378 Tax-exempt bonds, maturing through 2053, fixed and variable interest rates ranging from 0.55% to 5.0% (weighted average interest rate of 3.3% as of June 30, 2024 and December 31, 2023) 2,853 2,883 Financing leases and other, maturing through 2082 (weighted average interest rate of 5.0% as of June 30, 2024 and December 31, 2023) (a) 856 855 Debt issuance costs, discounts and other (117) (123) 16,743 16,229 Current portion of long-term debt 242 334 Long-term debt, less current portion $ 16,501 $ 15,895 (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, 2024
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, 2024 2023 2024 2023 Number of common shares outstanding at end of period 401.1 404.9 401.1 404.9 Effect of using weighted average common shares outstanding 0.2 1.0 0.4 2.5 Weighted average basic common shares outstanding 401.3 405.9 401.5 407.4 Dilutive effect of equity-based compensation awards and other contingently issuable shares 1.9 1.8 1.8 1.7 Weighted average diluted common shares outstanding 403.2 407.7 403.3 409.1 Potentially issuable shares 4.9 5.4 4.9 5.4 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 1.2 1.3 1.3 1.7

Segment and Related Informati_2

Segment and Related Information (Tables)	6 Months Ended
Segment and Related Information (Tables)	Jun. 30, 2024
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(a) Revenues Operations(b) Three Months Ended June 30: 2024 Collection and Disposal: East Tier $ 2,751 $ (573) $ 2,178 $ 692 West Tier 2,616 (540) 2,076 674 Other Ancillary 713 (45) 668 (7) Collection and Disposal 6,080 (1,158) 4,922 1,359 Recycling Processing and Sales 475 (70) 405 29 WM Renewable Energy 70 (1) 69 18 Corporate and Other 12 (6) 6 (397) Total $ 6,637 $ (1,235) $ 5,402 $ 1,009 2023 Collection and Disposal: East Tier $ 2,673 $ (550) $ 2,123 $ 599 West Tier 2,512 (524) 1,988 576 Other Ancillary 672 (49) 623 (2) Collection and Disposal 5,857 (1,123) 4,734 1,173 Recycling Processing and Sales 394 (78) 316 24 WM Renewable Energy 63 (1) 62 14 Corporate and Other 14 (7) 7 (267) Total $ 6,328 $ (1,209) $ 5,119 $ 944 Gross Intercompany Net Income Operating Operating Operating from Revenues Revenues(a) Revenues Operations(b) Six Months Ended June 30: 2024 Collection and Disposal: East Tier $ 5,367 $ (1,108) $ 4,259 $ 1,346 West Tier 5,113 (1,044) 4,069 1,301 Other Ancillary 1,399 (89) 1,310 (9) Collection and Disposal 11,879 (2,241) 9,638 2,638 Recycling Processing and Sales 911 (138) 773 48 WM Renewable Energy 140 (2) 138 39 Corporate and Other 24 (12) 12 (700) Total $ 12,954 $ (2,393) $ 10,561 $ 2,025 2023 Collection and Disposal: East Tier $ 5,234 $ (1,066) $ 4,168 $ 1,130 West Tier 4,904 (1,019) 3,885 1,107 Other Ancillary 1,297 (93) 1,204 — Collection and Disposal 11,435 (2,178) 9,257 2,237 Recycling Processing and Sales 768 (158) 610 37 WM Renewable Energy 133 (2) 131 34 Corporate and Other 26 (13) 13 (539) Total $ 12,362 $ (2,351) $ 10,011 $ 1,769 (a) Intercompany operating revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service. (b) For those items included in the determination of income from operations, the accounting policies of the segments are the same as those described in Note 1.
Summary of operating revenues mix	The mix of operating revenues from our major lines of business are as follows (in millions): Gross Intercompany Net Operating Operating Operating Revenues Revenues (a) Revenues Three Months Ended June 30: 2024 Commercial $ 1,526 $ (196) $ 1,330 Industrial 978 (199) 779 Residential 886 (23) 863 Other collection 781 (52) 729 Total collection 4,171 (470) 3,701 Landfill 1,291 (418) 873 Transfer 618 (270) 348 Total Collection and Disposal 6,080 (1,158) 4,922 Recycling Processing and Sales 475 (70) 405 WM Renewable Energy 70 (1) 69 Corporate and Other 12 (6) 6 Total $ 6,637 $ (1,235) $ 5,402 2023 Commercial $ 1,424 $ (168) $ 1,256 Industrial 974 (192) 782 Residential 866 (25) 841 Other collection 745 (56) 689 Total collection 4,009 (441) 3,568 Landfill 1,263 (417) 846 Transfer 585 (265) 320 Total Collection and Disposal 5,857 (1,123) 4,734 Recycling Processing and Sales 394 (78) 316 WM Renewable Energy 63 (1) 62 Corporate and Other 14 (7) 7 Total $ 6,328 $ (1,209) $ 5,119 Gross Intercompany Net Operating Operating Operating Revenues Revenues Revenues Six Months Ended June 30: 2024 Commercial $ 3,027 $ (381) $ 2,646 Industrial 1,912 (386) 1,526 Residential 1,762 (45) 1,717 Other collection 1,532 (105) 1,427 Total collection 8,233 (917) 7,316 Landfill 2,468 (803) 1,665 Transfer 1,178 (521) 657 Total Collection and Disposal 11,879 (2,241) 9,638 Recycling Processing and Sales 911 (138) 773 WM Renewable Energy 140 (2) 138 Corporate and Other 24 (12) 12 Total $ 12,954 $ (2,393) $ 10,561 2023 Commercial $ 2,836 $ (329) $ 2,507 Industrial 1,907 (369) 1,538 Residential 1,720 (50) 1,670 Other collection 1,434 (106) 1,328 Total collection 7,897 (854) 7,043 Landfill 2,413 (808) 1,605 Transfer 1,125 (516) 609 Total Collection and Disposal 11,435 (2,178) 9,257 Recycling Processing and Sales 768 (158) 610 WM Renewable Energy 133 (2) 131 Corporate and Other 26 (13) 13 Total $ 12,362 $ (2,351) $ 10,011

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	6 Months Ended
Accumulated Other Comprehensive (Loss) Income (Tables)	Jun. 30, 2024
Accumulated Other Comprehensive (Loss) Income
Components of Accumulated Other Comprehensive Income (Loss), net of tax	The changes in the balances of each component of accumulated other comprehensive (loss) income, net of tax, which is included as a component of Waste Management, Inc. stockholders’ equity, are as follows (in millions, with amounts in parentheses representing decreases to accumulated other comprehensive income): Foreign Post- Available- Currency Retirement Derivative for-Sale Translation Benefit Instruments Securities Adjustments Obligations Total Balance, December 31, 2023 $ 17 $ 8 $ (68) $ 6 $ (37) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $0, $0, $0 and $0, respectively — — (34) (34) Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $0, $0, $0 and $0, respectively (1) — — (1) (2) Net current period other comprehensive income (loss) (1) — (34) (1) (36) Balance, June 30, 2024 $ 16 $ 8 $ (102) $ 5 $ (73)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024
Fair Value Measurements
Fair Value of Assets and Liabilities Measured on Recurring Basis	June 30, December 31, 2024 2023 Quoted prices in active markets (Level 1): Cash equivalents and money market funds $ 37 $ 327 Equity securities 68 61 Debt securities (a) 778 — Significant other observable inputs (Level 2): Available-for-sale securities (b) 496 431 Total Assets $ 1,379 $ 819 (a) Includes $778 million of investments in certain WM tax-exempt bonds as discussed further in Note 1. (b) Our available-for-sale securities primarily relate to debt securities with maturities over the next ten years .

Basis of Presentation (Detail)

Basis of Presentation (Detail) $ in Millions	1 Months Ended	6 Months Ended
Basis of Presentation (Detail) $ in Millions	Jul. 31, 2024 USD ($)	Jun. 30, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Capitalized Costs
Number of reportable segments \| segment		4
Deferred contract costs		$ 217	$ 207
Deferred sales incentives		151	$ 148
Debt instrument repurchase amount		$ 778
Proceeds from tax-exempt bonds remarketing	$ 349
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

Landfill and Environmental Re_3

Landfill and Environmental Remediation Liabilities - Summary (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Landfill and Environmental Remediation Liabilities
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term	Long-term
Total, Environmental Remediation	$ 208
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Long-term, Accrued Liabilities, Current	Long-term, Accrued Liabilities, Current
Current (in accrued liabilities)	$ 175	$ 174
Long-term	2,936	2,888
Total	3,111	3,062
Landfill [Member]
Landfill and Environmental Remediation Liabilities
Current (in accrued liabilities), Landfill	144	143
Long-term, Landfill	2,759	2,710
Total, Landfill	2,903	2,853
Environmental Remediation Liabilities [Member]
Landfill and Environmental Remediation Liabilities
Current (in accrued liabilities), Environmental Remediation	31	31
Long-term, Environmental Remediation	177	178
Total, Environmental Remediation	$ 208	$ 209

Landfill and Environmental Re_4

Landfill and Environmental Remediation Liabilities - Changes (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Landfill and Environmental Remediation Liabilities
Ending balance, environmental remediation	$ 208
Landfill [Member]
Landfill and Environmental Remediation Liabilities
Beginning balance, landfill	2,853
Obligations incurred and capitalized	43
Obligations settled	(58)
Interest accretion	66
Revisions in estimates	1
Acquisitions, divestitures and other adjustments	(2)
Ending balance, landfill	2,903
Environmental Remediation Liabilities [Member]
Landfill and Environmental Remediation Liabilities
Beginning balance, environmental remediation	209
Obligations settled	(11)
Revisions in estimates and interest rate assumptions	10
Ending balance, environmental remediation	$ 208

Debt - Components (Detail)

Debt - Components (Detail) $ in Millions, $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CAD ($)	Dec. 31, 2023 USD ($)
Debt
Debt	$ 16,743		$ 16,229
Debt issuance costs, discounts and other	(117)		(123)
Current portion of long-term debt	242		334
Long-term debt, less current portion	16,501		15,895
Commercial Paper Program [Member]
Debt
Debt	$ 1,565		$ 860
Weighted average interest rate	5.50%	5.50%	5.60%
Senior Notes, Aggregate [Member]
Debt
Debt	$ 11,220		$ 11,376
Weighted average interest rate	3.70%	3.70%	3.70%
Senior Notes, Aggregate [Member] \| Minimum [Member]
Debt
Interest rate (as a percent)	0.75%	0.75%	0.75%
Senior Notes, Aggregate [Member] \| Maximum [Member]
Debt
Interest rate (as a percent)	7.75%	7.75%	7.75%
Canadian Senior Notes [Member]
Debt
Debt	$ 366	$ 500	$ 378
Interest rate (as a percent)	2.60%	2.60%	2.60%
Tax Exempt Bonds [Member]
Debt
Debt	$ 2,853		$ 2,883
Weighted average interest rate	3.30%	3.30%	3.30%
Tax Exempt Bonds [Member] \| Minimum [Member]
Debt
Interest rate (as a percent)	0.55%	0.55%	0.55%
Tax Exempt Bonds [Member] \| Maximum [Member]
Debt
Interest rate (as a percent)	5%	5%	5%
Financing leases and other [Member]
Debt
Debt	$ 856		$ 855
Weighted average interest rate	5%	5%	5%

Debt - Classification and Utili

Debt - Classification and Utilization (Detail) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	May 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Debt
Debt maturing or subject to remarketing within twelve months		$ 3,800
Debt classified as long-term due to intent and ability to refinance on long-term basis		3,600
Current portion of long-term debt		242	$ 334
Commercial Paper Program [Member]
Debt
Debt maturing or subject to remarketing within twelve months		1,600
Commercial paper borrowings		$ 1,600
Debt term		397 days
Tax Exempt Bonds [Member]
Debt
Debt maturing or subject to remarketing within twelve months		$ 30
Debt with interest rate periods that expire in the next 12 months		$ 1,600
Tax Exempt Bonds [Member] \| Minimum
Debt
Interest rate (as a percent)		0.55%	0.55%
Tax Exempt Bonds [Member] \| Maximum
Debt
Interest rate (as a percent)		5%	5%
3.125% senior notes due 2025 [Member]
Debt
Debt maturing or subject to remarketing within twelve months		$ 422
Interest rate (as a percent)		3.125%
Financing leases and other [Member]
Debt
Debt maturing or subject to remarketing within twelve months		$ 167
Revolving Credit Facility [Member]
Debt
Maximum capacity		3,500
Accordion option capacity	$ 1,000
Outstanding borrowings under credit facility		0
Letters of credit outstanding		180
Unused and available credit capacity		1,700
Revolving Credit Facility [Member] \| Minimum
Debt
Spread rate (as a percent)	0.585%
Revolving Credit Facility [Member] \| Maximum
Debt
Spread rate (as a percent)	1.025%
Credit Facility Revolving Canadian [Member]
Debt
Maximum capacity	$ 375
Other Letter Of Credit Lines [Member]
Debt
Letters of credit outstanding		846
Senior Notes 4.950 Percent [Member]
Debt
Debt instrument face amount		$ 1,500

Debt - Borrowings and Repayment

Debt - Borrowings and Repayments (Detail) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Debt
Debt repayments		$ 8,752	$ 11,074
Net proceeds		9,180	$ 11,356
Subsequent Event [Member]
Debt
Net proceeds	$ 1,500
Commercial Paper Program [Member]
Debt
Commercial paper repayments		8,500
Commercial paper borrowings		$ 9,200
3.50% senior notes due 2024 [Member]
Debt
Interest rate (as a percent)		3.50%
Debt repayments		$ 156
Senior Notes 4.950 Percent, Due 2027 [Member] \| Subsequent Event [Member]
Debt
Interest rate (as a percent)	4.95%
Debt instrument face amount	$ 750
Senior Notes 4.950 Percent, Due 2031 [Member] \| Subsequent Event [Member]
Debt
Interest rate (as a percent)	4.95%
Debt instrument face amount	$ 750

Income Taxes (Detail)

Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Taxes
Effective tax rate of income (loss) before income taxes	23.90%	24.20%	21.30%	23.90%
Tax credits and adjustments	$ 37	$ 2	$ 74	$ 4
Investment proportional amortization	37		37
Income tax benefit from low-income housing investments	22	26	50	48
Variable interest entities interest expense	5	3	11	7
Equity in net losses of unconsolidated entities	$ (22)	12	$ (3)	23
Low income housing investments [Member]
Income Taxes
Equity in net losses of unconsolidated entities		$ 12		$ 25

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share
Number of common shares outstanding at end of period	401.1	404.9	401.1	404.9
Effect of using weighted average common shares outstanding	0.2	1	0.4	2.5
Weighted average basic common shares outstanding	401.3	405.9	401.5	407.4
Dilutive effect of equity-based compensation awards and other contingently issuable shares	1.9	1.8	1.8	1.7
Weighted average diluted common shares outstanding	403.2	407.7	403.3	409.1
Potentially issuable shares	4.9	5.4	4.9	5.4
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	1.2	1.3	1.3	1.7

Commitments and Contingencies (

Commitments and Contingencies (Detail) $ in Millions	3 Months Ended	6 Months Ended
Commitments and Contingencies (Detail) $ in Millions	Dec. 31, 2022 USD ($)	Jun. 30, 2024 USD ($) site	Dec. 31, 2023 USD ($)
Commitments and Contingencies
Number of landfills adjacent to or near homeowners' properties with agreements guaranteeing market value \| site		19
Increase environmental remediation liabilities		$ 18
Environmental remediation liabilities		$ 208
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%
Tax Year 2017 [Member]
Commitments and Contingencies
Income tax deposit paid	$ 103
San Jacinto Waste Pits [Member]
Commitments and Contingencies
Environmental remediation liabilities		$ 85	$ 85
Revolving Credit Facility [Member]
Commitments and Contingencies
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, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting
Number of reportable segments \| segment			4
Operating revenues	$ (5,402)	$ (5,119)	$ (10,561)	$ (10,011)
Net Operating Revenues	1,009	944	2,025	1,769
Collection and Disposal [Member]
Segment Reporting
Operating revenues	(4,922)	(4,734)	(9,638)	(9,257)
Net Operating Revenues	1,359	1,173	2,638	2,237
Collection and Disposal [Member] \| East Tier [Member]
Segment Reporting
Operating revenues	(2,178)	(2,123)	(4,259)	(4,168)
Net Operating Revenues	692	599	1,346	1,130
Collection and Disposal [Member] \| West Tier [Member]
Segment Reporting
Operating revenues	(2,076)	(1,988)	(4,069)	(3,885)
Net Operating Revenues	674	576	1,301	1,107
Collection and Disposal [Member] \| Other Ancillary [Member]
Segment Reporting
Operating revenues	(668)	(623)	(1,310)	(1,204)
Net Operating Revenues	(7)	(2)	(9)
Recycling Processing and Sales [Member]
Segment Reporting
Operating revenues	(405)	(316)	(773)	(610)
Net Operating Revenues	29	24	48	37
WM Renewable Energy [Member]
Segment Reporting
Operating revenues	(69)	(62)	(138)	(131)
Net Operating Revenues	18	14	39	34
Corporate and Other [Member]
Segment Reporting
Operating revenues	(6)	(7)	(12)	(13)
Net Operating Revenues	(397)	(267)	(700)	(539)
Operating Segments [Member]
Segment Reporting
Operating revenues	(6,637)	(6,328)	(12,954)	(12,362)
Operating Segments [Member] \| Collection and Disposal [Member]
Segment Reporting
Operating revenues	(6,080)	(5,857)	(11,879)	(11,435)
Operating Segments [Member] \| Collection and Disposal [Member] \| East Tier [Member]
Segment Reporting
Operating revenues	(2,751)	(2,673)	(5,367)	(5,234)
Operating Segments [Member] \| Collection and Disposal [Member] \| West Tier [Member]
Segment Reporting
Operating revenues	(2,616)	(2,512)	(5,113)	(4,904)
Operating Segments [Member] \| Collection and Disposal [Member] \| Other Ancillary [Member]
Segment Reporting
Operating revenues	(713)	(672)	(1,399)	(1,297)
Operating Segments [Member] \| Recycling Processing and Sales [Member]
Segment Reporting
Operating revenues	(475)	(394)	(911)	(768)
Operating Segments [Member] \| WM Renewable Energy [Member]
Segment Reporting
Operating revenues	(70)	(63)	(140)	(133)
Operating Segments [Member] \| Corporate and Other [Member]
Segment Reporting
Operating revenues	(12)	(14)	(24)	(26)
Intercompany Operating Revenues [Member]
Segment Reporting
Operating revenues	1,235	1,209	2,393	2,351
Intercompany Operating Revenues [Member] \| Collection and Disposal [Member]
Segment Reporting
Operating revenues	1,158	1,123	2,241	2,178
Intercompany Operating Revenues [Member] \| Collection and Disposal [Member] \| East Tier [Member]
Segment Reporting
Operating revenues	573	550	1,108	1,066
Intercompany Operating Revenues [Member] \| Collection and Disposal [Member] \| West Tier [Member]
Segment Reporting
Operating revenues	540	524	1,044	1,019
Intercompany Operating Revenues [Member] \| Collection and Disposal [Member] \| Other Ancillary [Member]
Segment Reporting
Operating revenues	45	49	89	93
Intercompany Operating Revenues [Member] \| Recycling Processing and Sales [Member]
Segment Reporting
Operating revenues	70	78	138	158
Intercompany Operating Revenues [Member] \| WM Renewable Energy [Member]
Segment Reporting
Operating revenues	1	1	2	2
Intercompany Operating Revenues [Member] \| Corporate and Other [Member]
Segment Reporting
Operating revenues	$ 6	$ 7	$ 12	$ 13

Segment and Related Informati_4

Segment and Related Information - Revenues mix (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment revenue
Operating revenues	$ 5,402	$ 5,119	$ 10,561	$ 10,011
Collection and Disposal [Member]
Segment revenue
Operating revenues	4,922	4,734	9,638	9,257
Collection and Disposal [Member] \| Collection [Member]
Segment revenue
Operating revenues	3,701	3,568	7,316	7,043
Collection and Disposal [Member] \| Commercial [Member]
Segment revenue
Operating revenues	1,330	1,256	2,646	2,507
Collection and Disposal [Member] \| Industrial [Member]
Segment revenue
Operating revenues	779	782	1,526	1,538
Collection and Disposal [Member] \| Residential [Member]
Segment revenue
Operating revenues	863	841	1,717	1,670
Collection and Disposal [Member] \| Other Collection [Member]
Segment revenue
Operating revenues	729	689	1,427	1,328
Collection and Disposal [Member] \| Landfill [Member]
Segment revenue
Operating revenues	873	846	1,665	1,605
Collection and Disposal [Member] \| Transfer [Member]
Segment revenue
Operating revenues	348	320	657	609
Recycling Processing and Sales [Member]
Segment revenue
Operating revenues	405	316	773	610
WM Renewable Energy [Member]
Segment revenue
Operating revenues	69	62	138	131
Corporate and Other [Member]
Segment revenue
Operating revenues	6	7	12	13
Operating Segments [Member]
Segment revenue
Operating revenues	6,637	6,328	12,954	12,362
Operating Segments [Member] \| Collection and Disposal [Member]
Segment revenue
Operating revenues	6,080	5,857	11,879	11,435
Operating Segments [Member] \| Collection and Disposal [Member] \| Collection [Member]
Segment revenue
Operating revenues	4,171	4,009	8,233	7,897
Operating Segments [Member] \| Collection and Disposal [Member] \| Commercial [Member]
Segment revenue
Operating revenues	1,526	1,424	3,027	2,836
Operating Segments [Member] \| Collection and Disposal [Member] \| Industrial [Member]
Segment revenue
Operating revenues	978	974	1,912	1,907
Operating Segments [Member] \| Collection and Disposal [Member] \| Residential [Member]
Segment revenue
Operating revenues	886	866	1,762	1,720
Operating Segments [Member] \| Collection and Disposal [Member] \| Other Collection [Member]
Segment revenue
Operating revenues	781	745	1,532	1,434
Operating Segments [Member] \| Collection and Disposal [Member] \| Landfill [Member]
Segment revenue
Operating revenues	1,291	1,263	2,468	2,413
Operating Segments [Member] \| Collection and Disposal [Member] \| Transfer [Member]
Segment revenue
Operating revenues	618	585	1,178	1,125
Operating Segments [Member] \| Recycling Processing and Sales [Member]
Segment revenue
Operating revenues	475	394	911	768
Operating Segments [Member] \| WM Renewable Energy [Member]
Segment revenue
Operating revenues	70	63	140	133
Operating Segments [Member] \| Corporate and Other [Member]
Segment revenue
Operating revenues	12	14	24	26
Intersegment Eliminations [Member]
Segment revenue
Operating revenues	(1,235)	(1,209)	(2,393)	(2,351)
Intersegment Eliminations [Member] \| Collection and Disposal [Member]
Segment revenue
Operating revenues	(1,158)	(1,123)	(2,241)	(2,178)
Intersegment Eliminations [Member] \| Collection and Disposal [Member] \| Collection [Member]
Segment revenue
Operating revenues	(470)	(441)	(917)	(854)
Intersegment Eliminations [Member] \| Collection and Disposal [Member] \| Commercial [Member]
Segment revenue
Operating revenues	(196)	(168)	(381)	(329)
Intersegment Eliminations [Member] \| Collection and Disposal [Member] \| Industrial [Member]
Segment revenue
Operating revenues	(199)	(192)	(386)	(369)
Intersegment Eliminations [Member] \| Collection and Disposal [Member] \| Residential [Member]
Segment revenue
Operating revenues	(23)	(25)	(45)	(50)
Intersegment Eliminations [Member] \| Collection and Disposal [Member] \| Other Collection [Member]
Segment revenue
Operating revenues	(52)	(56)	(105)	(106)
Intersegment Eliminations [Member] \| Collection and Disposal [Member] \| Landfill [Member]
Segment revenue
Operating revenues	(418)	(417)	(803)	(808)
Intersegment Eliminations [Member] \| Collection and Disposal [Member] \| Transfer [Member]
Segment revenue
Operating revenues	(270)	(265)	(521)	(516)
Intersegment Eliminations [Member] \| Recycling Processing and Sales [Member]
Segment revenue
Operating revenues	(70)	(78)	(138)	(158)
Intersegment Eliminations [Member] \| WM Renewable Energy [Member]
Segment revenue
Operating revenues	(1)	(1)	(2)	(2)
Intersegment Eliminations [Member] \| Corporate and Other [Member]
Segment revenue
Operating revenues	$ (6)	$ (7)	$ (12)	$ (13)

Acquisitions (Detail)

Acquisitions (Detail) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Jun. 03, 2024	Jun. 30, 2024
Business Acquisition
Contingent consideration paid for acquisitions closed in previous year		$ 16
2024 Business Acquisitions [Member]
Business Acquisition
Total consideration, net of cash acquired		240
Business acquisitions cash payments		234
Other consideration		$ 6
Stericycle [Member]
Business Acquisition
Price per share	$ 62
Acquisition total enterprise value	$ 7,200
Debt incurred for acquisition	$ 1,400

Acquisitions - Allocation (Deta

Acquisitions - Allocation (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Purchase price allocation
Goodwill	$ 9,363	$ 9,254
2024 Business Acquisitions [Member]
Purchase price allocation
Property and equipment	57
Other intangible assets	57
Goodwill	$ 127

(Gain) Loss from Divestitures_2

(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Asset Impairments and Unusual Items
(Gain) loss from divestitures, asset impairments and unusual items, net	$ 58	$ 56	$ (3)
Waste Diversion Technology Company [Member]
Asset Impairments and Unusual Items
Asset impairments	$ 54	$ 54

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI roll forward
Beginning balance	$ 7,078	$ 6,808	$ 6,896	$ 6,864
Other comprehensive income (loss), net of tax	(13)	25	(36)	37
Ending balance	7,451	6,928	7,451	6,928
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI roll forward
Beginning balance	(60)	(57)	(37)	(69)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)			(34)
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit			(2)
Other comprehensive income (loss), net of tax	(13)	25	(36)	37
Ending balance	(73)	$ (32)	(73)	$ (32)
Derivative Instruments [Member]
AOCI roll forward
Beginning balance			17
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit			(1)
Other comprehensive income (loss), net of tax			(1)
Ending balance	16		16
Other comprehensive income (loss) before reclassifications, tax			0
Amounts reclassified from accumulated other comprehensive (income) loss, tax			0
Available-for-Sale Securities [Member]
AOCI roll forward
Beginning balance			8
Ending balance	8		8
Other comprehensive income (loss) before reclassifications, tax			0
Amounts reclassified from accumulated other comprehensive (income) loss, tax			0
Foreign Currency Translation Adjustments [Member]
AOCI roll forward
Beginning balance			(68)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)			(34)
Other comprehensive income (loss), net of tax			(34)
Ending balance	(102)		(102)
Other comprehensive income (loss) before reclassifications, tax			0
Amounts reclassified from accumulated other comprehensive (income) loss, tax			0
Post - Retirement Benefit Obligations [Member]
AOCI roll forward
Beginning balance			6
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit			(1)
Other comprehensive income (loss), net of tax			(1)
Ending balance	$ 5		5
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
	Apr. 30, 2024	Feb. 29, 2024	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Capital Stock, Dividends and Common Stock Repurchase Program
Cash paid for repurchase of common stock				$ 262	$ 620
Authorized share repurchases			$ 1,238	$ 1,238
Accelerated Share Repurchase Agreement (ASR) [Member]
Capital Stock, Dividends and Common Stock Repurchase Program
Shares repurchased (in shares)	0.2	1
Weighted average price per share (in dollars per share)		$ 199.16
Cash paid for repurchase of common stock		$ 250
Weighted average final purchase price (in dollars per share)	$ 206.23
10b5-1 Plan [Member]
Capital Stock, Dividends and Common Stock Repurchase Program
Shares repurchased (in shares)			0.1
Cash paid for repurchase of common stock			$ 12
Weighted average final purchase price (in dollars per share)			$ 209.20
October 2023 Accelerated Share Repurchase Agreement [Member]
Capital Stock, Dividends and Common Stock Repurchase Program
Shares repurchased (in shares)		0.2
Weighted average final purchase price (in dollars per share)		$ 175.29

Fair Value Measurements - Recur

Fair Value Measurements - Recurring (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value
Debt instrument repurchase amount	$ 778
Debt Securities [Member]
Fair Value
Investment maturity	10 years
Fair Value, Recurring [Member]
Fair Value
Total assets	$ 1,379	$ 819
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value
Cash equivalents and money market funds	37	327
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Common Stocks, by Industry [Member]
Fair Value
Available-for-sale securities	68	61
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Debt Securities [Member]
Fair Value
Available-for-sale securities	778
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value
Available-for-sale securities	$ 496	$ 431

Fair Value Measurements - Debt

Fair Value Measurements - Debt (Detail) - USD ($) $ in Billions	Jun. 30, 2024	Dec. 31, 2023
Reported Value Measurement [Member]
Fair Value
Fair value of debt	$ 16.7	$ 16.2
Fair Value, Inputs, Level 2 [Member] \| Estimate of Fair Value Measurement [Member]
Fair Value
Fair value of debt	$ 15.6	$ 15.6

Variable Interest Entities (Det

Variable Interest Entities (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity
Carrying value of debt	$ 16,743	$ 16,229
Assets	33,999	32,823
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity
Assets	121	119
Low income housing investments [Member] \| Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity
Aggregate investment balance	400	458
Carrying value of debt	383	408
Trust For Final Capping, Closure, Post-closure Or Environmental Remediation Obligations [Member] \| Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity
Aggregate investment balance	$ 107	$ 104

Subsequent Events (Detail)

Subsequent Events (Detail) - USD ($) $ in Millions		1 Months Ended	6 Months Ended
Subsequent Events (Detail) - USD ($) $ in Millions	Jul. 15, 2024	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Subsequent Events
Net proceeds			$ 9,180	$ 11,356
Subsequent Event [Member]
Subsequent Events
Net proceeds		$ 1,500
Subsequent Event [Member] \| Senior Notes 4.950 Percent, Due 2027 [Member]
Subsequent Events
Debt instrument face amount		$ 750
Interest rate (as a percent)		4.95%
Subsequent Event [Member] \| Senior Notes 4.950 Percent, Due 2031 [Member]
Subsequent Events
Debt instrument face amount		$ 750
Interest rate (as a percent)		4.95%
Subsequent Event [Member] \| Winters Bros Waste Systems [Member]
Subsequent Events
Total consideration, net of cash acquired	$ 550