Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 21, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'WM | ' |
Entity Registrant Name | 'WASTE MANAGEMENT INC | ' |
Entity Central Index Key | '0000823768 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 457,920,973 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $183 | $58 |
Accounts receivable, net of allowance for doubtful accounts of $32 and $33, respectively | 1,643 | 1,699 |
Other receivables | 70 | 111 |
Investment in unconsolidated entity | ' | 177 |
Parts and supplies | 106 | 178 |
Deferred income taxes | 139 | 113 |
Businesses held-for-sale | 1,852 | 23 |
Other assets | 123 | 140 |
Total current assets | 4,116 | 2,499 |
Property and equipment, net of accumulated depreciation and amortization of $16,036 and $16,723, respectively | 10,849 | 12,344 |
Goodwill | 5,766 | 6,070 |
Other intangible assets, net | 464 | 529 |
Investments in unconsolidated entities | 443 | 414 |
Other assets | 573 | 747 |
Total assets | 22,211 | 22,603 |
Current liabilities: | ' | ' |
Accounts payable | 712 | 744 |
Accrued liabilities | 1,100 | 1,069 |
Deferred revenues | 467 | 475 |
Current portion of long-term debt | 1,141 | 726 |
Businesses held-for-sale | 369 | ' |
Total current liabilities | 3,789 | 3,014 |
Long-term debt, less current portion | 9,023 | 9,500 |
Deferred income taxes | 1,522 | 1,842 |
Landfill and environmental remediation liabilities | 1,535 | 1,518 |
Other liabilities | 679 | 727 |
Total liabilities | 16,548 | 16,601 |
Commitments and contingencies | ' | ' |
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 | 4,466 | 4,596 |
Retained earnings | 6,473 | 6,289 |
Accumulated other comprehensive income | 77 | 154 |
Treasury stock at cost, 172,430,205 and 165,961,646 shares, respectively | -5,658 | -5,338 |
Total Waste Management, Inc. stockholders' equity | 5,364 | 5,707 |
Noncontrolling interests | 299 | 295 |
Total equity | 5,663 | 6,002 |
Total liabilities and equity | $22,211 | $22,603 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $32 | $33 |
Accumulated depreciation and amortization | $16,036 | $16,723 |
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 | 172,430,205 | 165,961,646 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Operating revenues | $3,602 | $3,621 | $10,559 | $10,483 |
Costs and expenses: | ' | ' | ' | ' |
Operating | 2,299 | 2,325 | 6,832 | 6,845 |
Selling, general and administrative | 377 | 349 | 1,105 | 1,092 |
Depreciation and amortization | 329 | 344 | 985 | 1,006 |
Restructuring | 67 | 3 | 69 | 13 |
(Income) expense from divestitures, asset impairments and unusual items | -16 | 23 | 21 | 38 |
Total costs and expenses | 3,056 | 3,044 | 9,012 | 8,994 |
Income from operations | 546 | 577 | 1,547 | 1,489 |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | -116 | -119 | -352 | -361 |
Equity in net losses of unconsolidated entities | -14 | -3 | -36 | -19 |
Other, net | -2 | -3 | -7 | -12 |
Total other income (expense) | -132 | -125 | -395 | -392 |
Income before income taxes | 414 | 452 | 1,152 | 1,097 |
Provision for income taxes | 133 | 155 | 412 | 368 |
Consolidated net income | 281 | 297 | 740 | 729 |
Less: Net income attributable to noncontrolling interests | 11 | 6 | 32 | 26 |
Net income attributable to Waste Management, Inc. | $270 | $291 | $708 | $703 |
Basic earnings per common share | $0.59 | $0.62 | $1.53 | $1.50 |
Diluted earnings per common share | $0.58 | $0.62 | $1.52 | $1.50 |
Cash dividends declared per common share | $0.38 | $0.37 | $1.13 | $1.09 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Consolidated net income | $281 | $297 | $740 | $729 |
Derivative instruments, net | ' | 2 | -2 | 12 |
Available-for-sale securities, net | 3 | 1 | 5 | 1 |
Foreign currency translation adjustments | -61 | 32 | -80 | -37 |
Post-retirement benefit obligation, net | ' | ' | ' | ' |
Other comprehensive income (loss), net of taxes | -58 | 35 | -77 | -24 |
Comprehensive income | 223 | 332 | 663 | 705 |
Less: Comprehensive income attributable to noncontrolling interests | 11 | 6 | 32 | 26 |
Comprehensive income attributable to Waste Management, Inc. | $212 | $326 | $631 | $679 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Consolidated net income | $740 | $729 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 985 | 1,006 |
Deferred income tax provision (benefit) | -85 | 33 |
Interest accretion on landfill liabilities | 65 | 65 |
Interest accretion on and discount rate adjustments to environmental remediation liabilities and recovery assets | 8 | -6 |
Provision for bad debts | 31 | 27 |
Equity-based compensation expense | 40 | 45 |
Excess tax benefits associated with equity-based transactions | -3 | -8 |
Net gain from disposal of assets | -31 | -15 |
Effect of (income) expense from divestitures, asset impairments and unusual items and other | 21 | 49 |
Equity in net losses of unconsolidated entities, net of dividends | 36 | 19 |
Change in operating assets and liabilities, net of effects of acquisitions and divestitures: | ' | ' |
Receivables | -36 | 14 |
Other current assets | 5 | -9 |
Other assets | 14 | -1 |
Accounts payable and accrued liabilities | 108 | 1 |
Deferred revenues and other liabilities | -87 | -91 |
Net cash provided by operating activities | 1,811 | 1,858 |
Cash flows from investing activities: | ' | ' |
Acquisitions of businesses, net of cash acquired | -32 | -698 |
Capital expenditures | -781 | -824 |
Proceeds from divestitures of businesses and other assets (net of cash divested) | 319 | 113 |
Net receipts from (deposits to) restricted trust and escrow accounts | 19 | 58 |
Investments in unconsolidated entities | -23 | -29 |
Other | -78 | -52 |
Net cash used in investing activities | -576 | -1,432 |
Cash flows from financing activities: | ' | ' |
New borrowings | 2,364 | 1,657 |
Debt repayments | -2,392 | -1,683 |
Common stock repurchases | -600 | ' |
Cash dividends | -521 | -512 |
Exercise of common stock options | 70 | 116 |
Excess tax benefits associated with equity-based transactions | 3 | 8 |
Distributions paid to noncontrolling interests | -29 | -40 |
Other | -2 | -5 |
Net cash used in financing activities | -1,107 | -459 |
Effect of exchange rate changes on cash and cash equivalents | -3 | -4 |
Increase (decrease) in cash and cash equivalents | 125 | -37 |
Cash and cash equivalents at beginning of period | 58 | 194 |
Cash and cash equivalents at end of period | $183 | $157 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Noncontrolling Interests [Member] |
In Millions, except Share data | |||||||
Beginning balance at Dec. 31, 2013 | $6,002 | $6 | $4,596 | $6,289 | $154 | ($5,338) | $295 |
Beginning balance, shares at Dec. 31, 2013 | ' | 630,282 | ' | ' | ' | -165,962 | ' |
Consolidated net income | 740 | ' | ' | 708 | ' | ' | 32 |
Other comprehensive income (loss), net of taxes | -77 | ' | ' | ' | -77 | ' | ' |
Cash dividends | -521 | ' | ' | -521 | ' | ' | ' |
Equity-based compensation transactions, including dividend equivalents, net of taxes | 147 | ' | 50 | -3 | ' | 100 | ' |
Equity-based compensation transactions, including dividend equivalents, net of taxes, shares | ' | ' | ' | ' | ' | 3,096 | ' |
Common stock repurchases | -600 | ' | -180 | ' | ' | -420 | ' |
Common stock repurchases, shares | ' | ' | ' | ' | ' | -9,569 | ' |
Distributions paid to noncontrolling interests | -29 | ' | ' | ' | ' | ' | -29 |
Other | 1 | ' | ' | ' | ' | ' | 1 |
Other, shares | ' | ' | ' | ' | ' | 5 | ' |
Ending balance at Sep. 30, 2014 | $5,663 | $6 | $4,466 | $6,473 | $77 | ($5,658) | $299 |
Ending balance, shares at Sep. 30, 2014 | ' | 630,282 | ' | ' | ' | -172,430 | ' |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
1 | Basis of Presentation | |
The financial statements presented in this report represent the consolidation of Waste Management, Inc., a Delaware corporation; Waste Management’s wholly-owned and majority-owned subsidiaries; and certain variable interest entities for which Waste Management or its subsidiaries are the primary beneficiaries as described in Note 15. Waste Management is a holding company and all operations are conducted by its subsidiaries. When the terms “the Company,” “we,” “us” or “our” are used in this document, those terms refer to Waste Management, Inc., its consolidated subsidiaries and consolidated variable interest entities. When we use the term “WM,” we are referring only to Waste Management, Inc., the parent holding company. | ||
We are North America’s leading provider of comprehensive waste management environmental services. We partner with our residential, commercial, industrial and municipal customers and the communities we serve to manage and reduce waste at each stage from collection to disposal, while recovering valuable resources and creating clean, renewable energy. Our “Solid Waste” business is operated and managed locally by our subsidiaries that focus on distinct geographic areas and provides collection, transfer, recycling and resource recovery, and disposal services. Through our subsidiaries, we are also a leading developer, operator and owner of waste-to-energy and landfill gas-to-energy facilities in the United States. | ||
We evaluate, oversee and manage the financial performance of our Solid Waste business subsidiaries through our 17 geographic Areas. Our Wheelabrator business provides waste-to-energy services and manages waste-to-energy facilities and independent power production plants. On July 25, 2014, the Company signed a definitive Stock Purchase Agreement to sell substantially all of our Wheelabrator business to an affiliate of Energy Capital Partners with closing expected to occur by the end of 2014. Accordingly, our Wheelabrator business has been classified as “Businesses held-for-sale” within our Condensed Consolidated Balance Sheet as of September 30, 2014. Refer to Note 9 for additional information. We also provide additional services that are not managed through our Solid Waste or Wheelabrator businesses, which are presented in this report as “Other.” Additional information related to our segments can be found in Note 8. | ||
The Condensed Consolidated Financial Statements as of September 30, 2014 and for the three and nine months ended September 30, 2014 and 2013 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 connection with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013. | ||
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, asset impairments, deferred income taxes and reserves associated with our insured and self-insured claims. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements. | ||
Reclassifications | ||
When necessary, reclassifications have been made to our prior period consolidated financial information in order to conform to the current year presentation. |
Landfill_and_Environmental_Rem
Landfill and Environmental Remediation Liabilities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
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): | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Landfill | Environmental | Total | Landfill | Environmental | Total | ||||||||||||||||||||
Remediation | Remediation | ||||||||||||||||||||||||
Current (in accrued liabilities) | $ | 88 | $ | 37 | $ | 125 | $ | 95 | $ | 35 | $ | 130 | |||||||||||||
Long-term | 1,341 | 194 | 1,535 | 1,326 | 192 | 1,518 | |||||||||||||||||||
$ | 1,429 | $ | 231 | $ | 1,660 | $ | 1,421 | $ | 227 | $ | 1,648 | ||||||||||||||
The changes to landfill and environmental remediation liabilities are reflected in the table below (in millions): | |||||||||||||||||||||||||
Landfill | Environmental | ||||||||||||||||||||||||
Remediation | |||||||||||||||||||||||||
December 31, 2012 | $ | 1,338 | $ | 253 | |||||||||||||||||||||
Obligations incurred and capitalized | 59 | — | |||||||||||||||||||||||
Obligations settled | (71 | ) | (20 | ) | |||||||||||||||||||||
Interest accretion | 87 | 4 | |||||||||||||||||||||||
Revisions in estimates and interest rate assumptions | 6 | (6 | ) | ||||||||||||||||||||||
Acquisitions, divestitures and other adjustments | 2 | (4 | ) | ||||||||||||||||||||||
December 31, 2013 | 1,421 | 227 | |||||||||||||||||||||||
Obligations incurred and capitalized | 40 | — | |||||||||||||||||||||||
Obligations settled | (47 | ) | (14 | ) | |||||||||||||||||||||
Interest accretion | 65 | 4 | |||||||||||||||||||||||
Revisions in estimates and interest rate assumptions | (11 | ) | 14 | ||||||||||||||||||||||
Acquisitions, divestitures and other adjustments(a) | (39 | ) | — | ||||||||||||||||||||||
September 30, 2014 | $ | 1,429 | $ | 231 | |||||||||||||||||||||
(a) | The amount reported for landfill liabilities includes a reduction of approximately $18 million related to our Wheelabrator business which is reflected in “Businesses held-for-sale” in our Condensed Consolidated Balance sheet as of September 30, 2014 due to the pending sale of our Wheelabrator business. Refer to Note 9 for additional information. | ||||||||||||||||||||||||
At several of our landfills, we provide financial assurance by depositing cash into restricted trust funds or escrow accounts 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 15 for additional information related to these trusts. |
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
3 | Debt | ||||||||
The following table summarizes the major components of debt at each balance sheet date (in millions) and provides the maturities and interest rate ranges of each major category as of September 30, 2014: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
U.S. revolving credit facility, maturing July 2018 (weighted average interest rate of 1.2% at September 30, 2014 and December 31, 2013) | $ | 585 | $ | 420 | |||||
Letter of credit facilities, maturing through December 2016 | — | — | |||||||
Canadian credit facility and term loan, maturing November 2017 (weighted average effective interest rate of 2.6% at September 30, 2014 and 2.7% at December 31, 2013) | 277 | 414 | |||||||
Senior notes maturing through 2039, interest rates ranging from 2.60% to 7.75% (weighted average interest rate of 5.7% at September 30, 2014 and December 31, 2013) | 6,276 | 6,287 | |||||||
Tax-exempt bonds, maturing through 2045, fixed and variable interest rates ranging from 0.05% to 5.7% (weighted average interest rate of 2.1% at September 30, 2014 and 2.3% at December 31, 2013) | 2,627 | 2,664 | |||||||
Capital leases and other, maturing through 2055, interest rates up to 12% | 399 | 441 | |||||||
10,164 | 10,226 | ||||||||
Current portion of long-term debt | 1,141 | 726 | |||||||
$ | 9,023 | $ | 9,500 | ||||||
Debt Classification | |||||||||
As of September 30, 2014, we had (i) $500 million of debt maturing within the next 12 months, including $350 million of 6.375% senior notes that mature in March 2015 and $80 million of tax-exempt bonds; (ii) $585 million of short-term borrowings outstanding under the U.S. revolving credit facility (“$2.25 billion revolving credit facility”); (iii) $56 million of tax-exempt debt related to our Wheelabrator business with long-term maturities, which we have called and repaid effective October 1, 2014 and (iv) $563 million of tax-exempt borrowings subject to repricing within the next 12 months. Based on our intent and ability to refinance portions of our current obligations on a long-term basis as of September 30, 2014, including through use of forecasted available capacity under our $2.25 billion revolving credit facility, we have classified $563 million of this debt as long-term and the remaining $1,141 million as current obligations. | |||||||||
As of September 30, 2014, we also have $521 million of variable-rate tax-exempt bonds. The interest rates on these bonds are reset on either a daily or weekly basis through a remarketing process. If the remarketing agent is unable to remarket the bonds, the remarketing agent can put the bonds to us. These bonds are supported by letters of credit guaranteeing repayment of the bonds in this event. We classified these borrowings as long-term in our Condensed Consolidated Balance Sheet at September 30, 2014 because the borrowings are supported by letters of credit issued under our $2.25 billion revolving credit facility, which is long-term. | |||||||||
Revolving Credit and Letter of Credit Facilities | |||||||||
As of September 30, 2014, we had an aggregate committed capacity of $2.65 billion for letters of credit under various U.S. credit facilities. Our $2.25 billion revolving credit facility expires in July 2018 and is our primary source of letter of credit capacity. Our remaining committed letter of credit capacity is provided under facilities with terms ending through December 2016. As of September 30, 2014, we had an aggregate of $1.3 billion of letters of credit outstanding under various credit facilities. Approximately $868 million of these letters of credit have been issued under our $2.25 billion revolving credit facility. As of September 30, 2014, we had outstanding borrowings under our $2.25 billion revolving credit facility of $585 million, leaving $797 million of unused and available capacity. | |||||||||
We also have a Canadian credit agreement that matures in November 2017 and provides for C$150 million of revolving credit capacity. We have the ability to issue up to C$50 million of letters of credit under the Canadian revolving credit facility, which if utilized, reduces the amount of credit capacity available for borrowings. As of September 30, 2014, we had no letters of credit or borrowings outstanding under the credit facility. | |||||||||
Debt Borrowings and Repayments | |||||||||
$2.25 Billion Revolving Credit Facility — During the first nine months of 2014, we incurred net borrowings of $165 million under our $2.25 billion revolving credit facility. | |||||||||
Canadian Credit Facility and Term Loan — We repaid C$130 million, or $120 million, of net advances under our Canadian credit facility and term loan during the nine months ended September 30, 2014 with available cash. | |||||||||
Senior Notes — In March 2014, we repaid $350 million of 5.0% senior notes that matured in March 2014 with borrowings under our $2.25 billion revolving credit facility. In May 2014, we issued $350 million of 3.5% senior notes due May 15, 2024. The net proceeds from the debt issuance were $347 million, all of which were used to repay borrowings under our $2.25 billion revolving credit facility. | |||||||||
Tax-Exempt Bonds — During the nine months ended September 30, 2014, we repaid $37 million of tax-exempt bonds with available cash. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||
4 | Derivative Instruments and Hedging Activities | ||||||||||
The following table summarizes the fair values of derivative instruments recorded in our Condensed Consolidated Balance Sheet (in millions): | |||||||||||
Derivatives Designated as Hedging Instruments | Balance Sheet Location | September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||||
Foreign currency derivatives | Long-term other assets | $ | 15 | $ | 2 | ||||||
Total derivative assets | $ | 15 | $ | 2 | |||||||
Electricity commodity derivatives(a) | Current accrued liabilities | $ | 2 | $ | 3 | ||||||
Foreign currency derivatives | Current accrued liabilities | 3 | — | ||||||||
Interest rate derivatives | Current accrued liabilities | — | 28 | ||||||||
Total derivative liabilities | $ | 5 | $ | 31 | |||||||
(a) | The amount reported as of September 30, 2014 is reflected in “Businesses held-for-sale” in our Condensed Consolidated Balance Sheet due to the pending sale of our Wheelabrator business. Refer to Note 9 for additional information. | ||||||||||
We have not offset fair value amounts recognized for our derivative instruments. Refer to Note 14 for information related to the inputs used to measure the fair value of our derivative assets and liabilities. | |||||||||||
Fair Value Hedges | |||||||||||
Interest Rate Swaps | |||||||||||
In prior years, we entered into interest rate swaps to maintain a portion of our debt obligations at variable market interest rates. We designated these interest rate swaps as fair value hedges of our fixed-rate senior notes. Fair value hedge accounting for interest rate swap contracts increased the carrying value of our debt instruments by $48 million as of September 30, 2014 and $59 million as of December 31, 2013. These fair value adjustments to long-term debt are being amortized as a reduction to interest expense using the effective interest method over the remaining term of the related senior notes, which extend through 2028. We recognized benefits to interest expense associated with the amortization of our terminated interest rate swaps of $3 million and $5 million for the three-month periods ended September 30, 2014 and 2013, respectively, and $11 million and $15 million for the nine-month periods ended September 30, 2014 and 2013, respectively. | |||||||||||
Cash Flow Hedges | |||||||||||
Forward-Starting Interest Rate Swaps | |||||||||||
During the first quarter of 2014, forward-starting interest rate swaps with a notional value of $175 million matured and we paid cash of $36 million to settle the associated liabilities. These swaps were designated as cash flow hedges and had been executed in prior years to hedge the risk of changes in semi-annual interest payments due to fluctuations in the forward ten-year LIBOR swap rate for an anticipated fixed-rate debt issuance that occurred in May 2014. Accordingly, the effective portion of the loss associated with the matured forward-starting swaps has been deferred as a component of “Accumulated other comprehensive income” and is being amortized to interest expense over the ten-year term of the related senior notes. The ineffectiveness realized during the second quarter of 2014 was not material. | |||||||||||
At September 30, 2014 and December 31, 2013, our “Accumulated other comprehensive income” included $51 million and $34 million, respectively, of after-tax deferred losses related to all terminated forward-starting swaps. These losses are being amortized as an increase to interest expense using the effective interest method over the ten-year term of the related senior notes, which extend through 2024. As of September 30, 2014, $11 million (on a pre-tax basis) is scheduled to be reclassified as an increase to interest expense over the next 12 months for these previously terminated swaps. | |||||||||||
Foreign Currency Derivatives | |||||||||||
We use foreign currency exchange rate derivatives to hedge our exposure to fluctuations in exchange rates for anticipated intercompany cash transactions between WM Holdings and its Canadian subsidiaries. As of September 30, 2014, we had foreign exchange cross currency swaps outstanding for all of the anticipated cash flows associated with intercompany loans from WM Holdings to the wholly-owned Canadian subsidiaries. The hedged cash flows as of September 30, 2014 include C$370 million of total notional value. The scheduled principal payments of the loan and the related swaps are as follows: C$70 million due on October 31, 2016, C$150 million due on October 31, 2017 and C$150 million due on October 31, 2018. We designated these cross currency swaps as cash flow hedges. Gains or losses resulting from the remeasurement of the underlying non-functional currency intercompany loan are recognized in current earnings in the same financial statement line item as offsetting gains or losses on the related cross currency swaps. | |||||||||||
Electricity Commodity Derivatives | |||||||||||
We use short-term “receive fixed, pay variable” electricity commodity swaps to reduce the variability in our revenues and cash flows caused by fluctuations in the market prices for electricity. We hedged 1.73 million megawatt hours, or approximately 56%, of Wheelabrator’s full year 2013 merchant electricity sales and the swaps executed through September 30, 2014 are expected to hedge approximately 480,000 megawatt hours, or approximately 16%, of Wheelabrator’s full year 2014 merchant electricity sales. For the three-month periods ended September 30, 2014 and 2013, we hedged 15% and 57%, respectively, of Wheelabrator’s merchant electricity sales. For the nine-month periods ended September 30, 2014 and 2013, we hedged 16% and 55%, respectively, of Wheelabrator’s merchant electricity sales. | |||||||||||
There was no significant ineffectiveness associated with our cash flow hedges during the three and nine months ended September 30, 2014 or 2013. Refer to Note 12 for information regarding the impacts of our cash flow derivatives on our comprehensive income and results of operations. | |||||||||||
Credit-Risk-Related Contingent Features | |||||||||||
Our interest rate derivative instruments have in the past, and may in the future, contain provisions related to the Company’s credit rating. These provisions generally provide that if the Company’s credit rating were to fall to specified levels below investment grade, the counterparties have the ability to terminate the derivative agreements, resulting in settlement of all affected transactions. As of September 30, 2014 and December 31, 2013, we did not have any interest rate derivatives outstanding that contained these credit-risk-related features. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
5 | Income Taxes | |
Our effective income tax rate for the three and nine months ended September 30, 2014 was 32.1% and 35.7%, respectively, compared with 34.3% and 33.6%, for the comparable prior year periods. We evaluate our effective income tax rate at each interim period and adjust it as facts and circumstances warrant. The difference between federal income taxes computed at the federal statutory rate and reported income taxes for the three and nine months ended September 30, 2014 was primarily due to the favorable impact of federal tax credits, state tax audit settlements and adjustments to our accruals and related deferred taxes due to the filing of our 2013 income tax returns offset, in part, by the impact of state and local income taxes and non-deductible accruals and impairments. The nine months ended September 30, 2014 was also unfavorably impacted by the divestiture of our Puerto Rico operations and certain other collection and landfill assets offset, in part, by the favorable impact of the revaluation of our deferred taxes and utilization of state net operating losses resulting from a change in state law and the utilization of capital loss carryovers. The difference between federal income taxes computed at the federal statutory rate and reported income taxes for the three and nine months ended September 30, 2013 was primarily due to the favorable impact of federal and state tax credits and tax audit settlements offset, in part, by the unfavorable impact of state and local income taxes and adjustments to our accruals and related deferred taxes due to the filing of our 2012 income tax returns. | ||
Investment in Refined Coal Facility — In 2011, we acquired a noncontrolling interest in a limited liability company established to invest in and manage a refined coal facility in North Dakota. The facility’s refinement processes qualify for federal tax credits that are expected to be realized through 2019 in accordance with Section 45 of the Internal Revenue Code. | ||
We account for our investment in this entity using the equity method of accounting, recognizing our share of the entity’s results of operations and other reductions in the value of our investment in “Equity in net losses of unconsolidated entities,” within our Condensed Consolidated Statement of Operations. We recognized $1 million and $3 million of net losses resulting from our share of the entity’s operating losses during the three and nine months ended September 30, 2014, and $1 million and $4 million during the three and nine months ended September 30, 2013, respectively. Our tax provision was reduced by $6 million and $14 million for the three and nine months ended September 30, 2014, respectively, and by $5 million and $14 million for the three and nine months ended September 30, 2013, respectively, primarily as a result of tax credits realized from this investment. See Note 15 for additional information related to this investment. | ||
Investment in Low-Income Housing Properties — In 2010, we acquired a noncontrolling interest in a limited liability company established to invest in and manage low-income housing properties. The entity’s low-income housing investments qualify for federal tax credits that are expected to be realized through 2020 in accordance with Section 42 of the Internal Revenue Code. | ||
We account for our investment in this entity using the equity method of accounting, recognizing our share of the entity’s results of operations and other reductions in the value of our investment in “Equity in net losses of unconsolidated entities,” within our Condensed Consolidated Statement of Operations. The value of our investment decreases as the tax credits are generated and utilized. During the three and nine months ended September 30, 2014, we recognized $6 million and $18 million of losses relating to our equity investment in this entity, $1 million and $4 million of interest expense, and a reduction in our tax provision of $10 million (including $7 million of tax credits) and $27 million (including $18 million of tax credits), respectively. During the three and nine months ended September 30, 2013, we recognized $6 million and $18 million of losses relating to our equity investment in this entity, $2 million and $5 million of interest expense, and a reduction in our tax provision of $11 million (including $8 million of tax credits) and $28 million (including $19 million of tax credits), respectively. See Note 15 for additional information related to this investment. | ||
Bonus Depreciation — The American Taxpayer Relief Act of 2012 was signed into law on January 2, 2013 and included an extension for one year of the bonus depreciation allowance. As a result, 50% of qualifying capital expenditures on property placed in service before January 1, 2014 were depreciated immediately. The acceleration of deductions on 2013 qualifying capital expenditures resulting from the bonus depreciation provisions had no impact on our effective income tax rate for 2013 although it reduced our cash taxes. | ||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
6 | Earnings Per Share | ||||||||||||||||
Basic and diluted earnings per share were computed using the following common share data (shares in millions): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Number of common shares outstanding at end of period | 457.9 | 469.2 | 457.9 | 469.2 | |||||||||||||
Effect of using weighted average common shares outstanding | 2.9 | 0.1 | 6.1 | (1.5 | ) | ||||||||||||
Weighted average basic common shares outstanding | 460.8 | 469.3 | 464 | 467.7 | |||||||||||||
Dilutive effect of equity-based compensation awards and other contingently issuable shares | 2.8 | 1.9 | 2.4 | 1.5 | |||||||||||||
Weighted average diluted common shares outstanding | 463.6 | 471.2 | 466.4 | 469.2 | |||||||||||||
Potentially issuable shares | 12.4 | 12.9 | 12.4 | 12.9 | |||||||||||||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 0.4 | 0.5 | 0.7 | 0.5 | |||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
7 | Commitments and Contingencies | |
Financial Instruments — We have obtained letters of credit, surety bonds and insurance policies and have established trust funds and issued financial guarantees to support tax-exempt bonds, contracts, performance of landfill final capping, closure and post-closure requirements, environmental remediation, and other obligations. Letters of credit generally are supported by our $2.25 billion revolving credit facility and other credit facilities established for that purpose. These facilities are discussed further in Note 3. Surety bonds and insurance policies are supported by (i) a diverse group of third-party surety and insurance companies; (ii) an entity in which we have a noncontrolling financial interest or (iii) wholly-owned insurance companies, the sole business of which is to issue surety bonds and/or insurance policies on our behalf. | ||
Management does not expect that any claims against or draws on these instruments would have a material adverse effect on our consolidated financial statements. We have not experienced any unmanageable difficulty in obtaining the required financial assurance instruments for our current operations. In an ongoing effort to mitigate risks of future cost increases and reductions in available capacity, we continue to evaluate various options to access cost-effective sources of financial assurance. | ||
Insurance — We carry insurance coverage for protection of our assets and operations from certain risks including automobile liability, general liability, real and personal property, workers’ compensation, directors’ and officers’ liability, pollution legal liability and other coverages we believe are customary to the industry. Our exposure to loss for insurance claims is generally limited to the per incident deductible under the related insurance policy. Our exposure, however, could increase if our insurers are unable to meet their commitments on a timely basis. | ||
We have retained a significant portion of the risks related to our automobile, general liability and workers’ compensation 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 retentions, the exposure for unpaid claims and associated expenses, including incurred but not reported losses, is based on an actuarial valuation and internal estimates. The accruals for these liabilities could be revised if future occurrences or loss development significantly differ from our assumptions. We do not expect the impact of any known casualty, property, environmental or other contingency to have a material impact on our financial condition, results of operations or cash flows. | ||
Guarantees — In the ordinary course of our business, WM and WM Holdings enter into guarantee agreements associated with their subsidiaries’ operations. Additionally, WM and WM Holdings have each guaranteed all of the senior debt of the other entity. No additional liabilities have been recorded for these intercompany guarantees because all of the underlying obligations are reflected in our Condensed Consolidated Balance Sheets. | ||
We also have guaranteed the obligations and certain performance requirements of, and provided indemnification to, third parties in connection with both consolidated and unconsolidated entities. Guarantee agreements outstanding as of September 30, 2014 include (i) guarantees of unconsolidated entities’ financial obligations maturing through 2020 for maximum future payments of $9 million and (ii) agreements guaranteeing certain market value losses for approximately 800 homeowners’ properties adjacent to or near 20 of our landfills. Our indemnification obligations generally arise from divestitures and provide that we will be responsible for liabilities associated with our operations for events that occurred prior to the sale of the operations. Additionally, under certain of our acquisition agreements, we have provided for additional consideration to be paid to the sellers if established financial targets or other market conditions are achieved post-closing and we have recognized liabilities for these contingent obligations based on an estimate of the fair value of these contingencies at the time of acquisition. We do not currently believe that contingent obligations to provide indemnification or pay additional post-closing consideration in connection with our divestitures or acquisitions will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. | ||
Environmental Matters — A significant portion of our operating costs and capital expenditures could be characterized as costs of environmental protection as we are subject to an array of laws and regulations relating to the protection of the environment. Under current laws and regulations, we may have liabilities for environmental damage caused by our operations, or for damage caused by conditions that existed before we acquired a site. In addition to remediation activity required by state or local authorities, such liabilities include potentially responsible party, or PRP, investigations. The costs associated with these liabilities can include settlements, certain legal and consultant fees, as well as incremental internal and external costs directly associated with site investigation and clean-up. | ||
Estimating our degree of responsibility for remediation is inherently difficult. 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 investigation of the extent of environmental impact. In these cases, we use the amount within the range that constitutes our best estimate. If no amount within a range appears to be a better estimate than any other, we use the amount that is the low end of such range. If we used the high ends of such ranges, our aggregate potential liability would be approximately $190 million higher than the $231 million recorded in the Condensed Consolidated Financial Statements as of September 30, 2014. 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 income from operations. These adjustments could be material in any given period. | ||
As of September 30, 2014, we had been notified by the government that we are a PRP in connection with 75 locations listed on the EPA’s Superfund National Priorities List, or NPL. Of the 75 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 evaluate 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 61 NPL sites, which we do not own, are at various procedural stages under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, known as CERCLA or Superfund. | ||
The majority of these proceedings involving NPL sites that we do not own are based on allegations that certain of our subsidiaries (or their predecessors) transported hazardous substances to the sites, often prior to our acquisition of these subsidiaries. CERCLA generally provides for liability for those parties owning, operating, transporting to or disposing at the sites. Proceedings arising under Superfund typically involve numerous waste generators and other waste transportation and disposal companies and seek to allocate or recover costs associated with site investigation and remediation, which costs could be substantial and could have a material adverse effect on our consolidated financial statements. At some of the sites at which we have been identified as a PRP, our liability is well defined as a consequence of a governmental decision and an agreement among liable parties as to the share each will pay for implementing that remedy. At other sites, where no remedy has been selected or the liable parties have been unable to agree on an appropriate allocation, our future costs are uncertain. | ||
On December 22, 2011, the Harris County Attorney in Houston, Texas filed suit against McGinnes Industrial Maintenance Corporation (“MIMC”), WM and Waste Management of Texas, Inc., et al., seeking civil penalties and attorneys’ fees for alleged violations of the Texas Water Code and the Texas Health and Safety Code. The County’s Original Petition filed with the District Court of Harris County, Texas (the “District Court”) alleges the mismanagement of certain waste pits that were operated from 1965 to 1966 by MIMC. In 1998, a predecessor of WM acquired the stock of the parent entity of MIMC. On October 9, 2014, the District Court granted a motion for summary judgment that resulted in the dismissal of WM from the case, with remaining claims against Waste Management of Texas, Inc. and MIMC currently the subject of an on-going trial. Given the inherent uncertainties of litigation and numerous legal and factual issues in dispute, we cannot currently predict an outcome or estimate a range of loss. At this time, we do not believe that the resolution of this matter could have a material adverse effect on our business, financial condition or liquidity, but that it could have a material adverse effect on our results of operations or cash flows for a particular reporting period. | ||
Additionally, on April 30, 2014, the United States District Court for the District of Hawaii issued an indictment against Waste Management of Hawaii, Inc. (“WMHI”) and two employees of WMHI. The United States Attorney’s Office for the District of Hawaii had been investigating water discharges at the Waimanalo Gulch Sanitary Landfill, which WMHI operates for the city and county of Honolulu, in connection with three major rainstorms in December 2010 and January 2011. The indictment alleges violations of the federal Clean Water Act, conspiracy and making false statements to the Hawaii Department of Health and the EPA. We are vigorously defending against this action. Given the early stage of this case and significant issues in dispute, we cannot currently predict an outcome or estimate a range of loss, but we could potentially be subject to sanctions, including requirements to pay monetary penalties. | ||
Litigation — In October 2011 and January 2012, we were named as a defendant in a purported class action in the Circuit Court of Sarasota County, Florida and the Circuit Court of Lawrence County, Alabama, respectively. These cases primarily pertain to our fuel and environmental charges included on our invoices, generally alleging that such charges were not properly disclosed, were unfair and were contrary to the customer service contracts. The law firm that filed these lawsuits had filed a purported class action in 2008 against subsidiaries of WM in Bullock County, Alabama, making similar allegations. The prior Alabama suit was removed to federal court, where the federal court ultimately dismissed the plaintiffs’ national class action claims. The plaintiffs then elected to dismiss the case without prejudice. We will vigorously defend against these pending lawsuits. Given the inherent uncertainties of litigation, including the early stage of these cases, the unknown size of any potential class, and legal and factual issues in dispute, the outcome of these cases cannot currently be predicted, but we do not believe that the eventual outcome of these cases will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. | ||
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. | ||
As a large company with operations across the United States and Canada, we are subject to various proceedings, lawsuits, disputes and claims arising in the ordinary course of our business. Many of these actions raise complex factual and legal issues and are subject to uncertainties. Actions filed against us include commercial, customer, and employment-related claims, including purported class action lawsuits related to our sales and marketing practices and our customer service agreements and purported class actions involving federal and state wage and hour and other laws. The plaintiffs in some actions seek unspecified damages or injunctive relief, or both. These actions are in various procedural stages, and some are covered in part by insurance. We currently do not believe that the eventual outcome of any such actions could have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. | ||
WM’s charter and bylaws provide that WM shall indemnify any person 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 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 entitled to have such fees advanced under Delaware law. Additionally, WM has entered into separate indemnification agreements with each of the members of its Board of Directors, its Chief Executive Officer and each of its executive vice presidents. The employment agreements between WM and its Chief Executive Officer and other executive and senior vice presidents contain a direct contractual obligation of the Company to provide indemnification to the executive. The Company may incur substantial expenses in connection with the fulfillment of its advancement of costs and indemnification obligations in connection with actions or proceedings that may be brought against its former or current officers, directors and employees. | ||
Multiemployer Defined Benefit Pension Plans — About 20% of our workforce is covered by collective bargaining agreements with various union locals across the United States and Canada. As a result of some of these agreements, certain of our subsidiaries are participating employers in a number of trustee-managed multiemployer defined benefit pension plans for the covered employees. In connection with our ongoing renegotiation of various collective bargaining agreements, we may discuss and negotiate for the complete or partial withdrawal from one or more of these pension plans. A complete or partial withdrawal from a multiemployer pension plan may also occur if employees covered by a collective bargaining agreement vote to decertify a union from continuing to represent them. Any other circumstance resulting in a decline in Company contributions to a multiemployer defined benefit pension plan through a reduction in the labor force, whether through attrition over time or through a business event (such as the discontinuation or nonrenewal of a customer contract, the decertification of a union, or relocation, reduction or discontinuance of certain operations) may also trigger a complete or partial withdrawal from one or more of these pension plans. | ||
One of the most significant multiemployer pension plans in which we have participated is the Central States, Southeast and Southwest Areas Pension Plan (“Central States Pension Plan”). The Central States Pension Plan is in “critical status,” as defined by the Pension Protection Act of 2006. Since 2008, certain of our affiliates have bargained to remove covered employees from the Central States Pension Plan, resulting in a series of withdrawals, and we have recognized charges to “Operating” expense associated with the withdrawal of certain bargaining units from the Central States Pension Plan and other underfunded multiemployer pension plans. In October 2011, employees at the last of our affiliates with active participants in the Central States Pension Plan voted to decertify the union that represented them, withdrawing themselves from the Central States Pension Plan. The Company believes there are no collective bargaining agreements remaining that require continuing contributions to this plan; however, this point is the subject of pending litigation with the trustees for the Central States Pension Plan. | ||
We are still negotiating and litigating final resolutions of our withdrawal liability for certain previous withdrawals. Except in the case of our withdrawals from the Central States Pension Plan, we do not believe any additional liability above the charges we have already recognized for such previous withdrawals could be material to the Company’s business, financial condition, liquidity, results of operations or cash flows. In addition to charges recognized in prior years, we currently estimate that we could incur up to approximately $40 million in future charges based on demands from representatives of the Central States Pension Plan. As a result, we do not anticipate that the final resolution of the Central States Pension Plan matter could be material to the Company’s business, financial condition or liquidity; however, such loss could have a material adverse effect on our cash flows and, to a lesser extent, our results of operations, for a particular reporting period. Similarly, we also do not believe that any future withdrawals, individually or in the aggregate, from the multiemployer pension plans to which we contribute, could have a material adverse effect on our business, financial condition or liquidity. However, such 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 in any future period and the financial condition of the multiemployer pension plan(s) at the time of such withdrawal(s). | ||
Tax Matters — We are currently in the examination phase of IRS audits for the tax years 2013 and 2014 and expect these audits to be completed within the next six and 18 months, respectively. We participate in the IRS’s Compliance Assurance Process, which means we work with the IRS throughout the year in order to resolve any material issues prior to the filing of our annual tax return. We are also currently undergoing audits by various state and local jurisdictions for tax years that date back to 2009, with the exception of affirmative claims in one jurisdiction that date back to 2000. We are currently under audit in Canada for the tax years 2012 and 2013 and all tax years prior to 2009 are closed. In July 2011, we acquired Oakleaf Global Holdings (“Oakleaf”), which is subject to potential IRS examination for the year 2011. Pursuant to the terms of our acquisition of Oakleaf, we are entitled to indemnification for Oakleaf’s pre-acquisition period tax liabilities. 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 impact on our results of operations or cash flows. |
Segment_and_Related_Informatio
Segment and Related Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment and Related Information | ' | ||||||||||||||||
8 | Segment and Related Information | ||||||||||||||||
Our senior management evaluates, oversees and manages the financial performance of our Solid Waste subsidiaries through our 17 geographic Areas. These 17 Areas constitute our operating segments and none of the Areas individually meet the quantitative criteria to be a separate reportable segment. We have evaluated the aggregation criteria and concluded that, based on the similarities between our Areas, including the fact that our Solid Waste business is homogenous across geography with the same services offered across the Areas, aggregation of our Areas is appropriate for purposes of presenting our reportable segments. Accordingly, we have aggregated our 17 Areas into three tiers that we believe have similar economic characteristics and future prospects based in large part on a review of the Areas’ income from operations margins. The economic variations experienced by our Areas is attributable to a variety of factors, including regulatory environment of the Area; economic environment of the Area, including level of commercial and industrial activity; population density; service offering mix and disposal logistics, with no one factor being singularly determinative of an Area’s current or future economic performance. As a result of our consideration of economic and other similarities, we have established the following three reportable segments for our Solid Waste business: Tier 1, which is comprised almost exclusively of Areas in the Southern United States; Tier 2, which is comprised predominately of Areas located in the Midwest and Northeast United States; and Tier 3, which encompasses all remaining Areas, including the Northwest and Mid-Atlantic regions of the United States and Eastern Canada. | |||||||||||||||||
Our Wheelabrator business, which manages waste-to-energy facilities and independent power production plants, continues to be a separate reportable segment as it meets one of the quantitative disclosure thresholds. On July 25, 2014, the Company signed a definitive Stock Purchase Agreement to sell substantially all of our Wheelabrator business to an affiliate of Energy Capital Partners. Accordingly, our Wheelabrator business has been classified as “Businesses held-for-sale” within our Condensed Consolidated Balance Sheet as of September 30, 2014. We have concluded that our Wheelabrator business does not qualify for discontinued operations accounting under current authoritative guidance based on our commitment to enter into a long-term agreement to supply waste to certain Wheelabrator facilities upon closing. Refer to Note 9 for additional information. | |||||||||||||||||
The operating segments not evaluated and overseen through the 17 Areas and Wheelabrator are presented herein as “Other” as these operating segments do not meet the criteria to be aggregated with other operating segments and do not meet the quantitative criteria to be separately reported. | |||||||||||||||||
Summarized financial information concerning our reportable segments is shown in the following table (in millions): | |||||||||||||||||
Gross | Intercompany | Net | Income | ||||||||||||||
Operating | Operating | Operating | from | ||||||||||||||
Revenues | Revenues | Revenues | Operations(a) | ||||||||||||||
Three Months Ended: | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Solid Waste: | |||||||||||||||||
Tier 1 | $ | 895 | $ | (138 | ) | $ | 757 | $ | 230 | ||||||||
Tier 2 | 1,662 | (307 | ) | 1,355 | 349 | ||||||||||||
Tier 3 | 910 | (147 | ) | 763 | 169 | ||||||||||||
Solid Waste | 3,467 | (592 | ) | 2,875 | 748 | ||||||||||||
Wheelabrator | 205 | (28 | ) | 177 | 48 | ||||||||||||
Other | 566 | (16 | ) | 550 | (10 | ) | |||||||||||
4,238 | (636 | ) | 3,602 | 786 | |||||||||||||
Corporate and Other | — | — | — | (240 | ) | ||||||||||||
Total | $ | 4,238 | $ | (636 | ) | $ | 3,602 | $ | 546 | ||||||||
September 30, 2013 | |||||||||||||||||
Solid Waste: | |||||||||||||||||
Tier 1 | $ | 898 | $ | (140 | ) | $ | 758 | $ | 224 | ||||||||
Tier 2 | 1,670 | (311 | ) | 1,359 | 347 | ||||||||||||
Tier 3 | 940 | (157 | ) | 783 | 148 | ||||||||||||
Solid Waste | 3,508 | (608 | ) | 2,900 | 719 | ||||||||||||
Wheelabrator | 214 | (29 | ) | 185 | 39 | ||||||||||||
Other | 561 | (25 | ) | 536 | (31 | ) | |||||||||||
4,283 | (662 | ) | 3,621 | 727 | |||||||||||||
Corporate and Other | — | — | — | (150 | ) | ||||||||||||
Total | $ | 4,283 | $ | (662 | ) | $ | 3,621 | $ | 577 | ||||||||
Nine Months Ended: | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Solid Waste: | |||||||||||||||||
Tier 1 | $ | 2,630 | $ | (405 | ) | $ | 2,225 | $ | 671 | ||||||||
Tier 2 | 4,814 | (885 | ) | 3,929 | 968 | ||||||||||||
Tier 3 | 2,668 | (433 | ) | 2,235 | 442 | ||||||||||||
Solid Waste | 10,112 | (1,723 | ) | 8,389 | 2,081 | ||||||||||||
Wheelabrator | 641 | (80 | ) | 561 | 102 | ||||||||||||
Other | 1,664 | (55 | ) | 1,609 | (57 | ) | |||||||||||
12,417 | (1,858 | ) | 10,559 | 2,126 | |||||||||||||
Corporate and Other | — | — | — | (579 | ) | ||||||||||||
Total | $ | 12,417 | $ | (1,858 | ) | $ | 10,559 | $ | 1,547 | ||||||||
September 30, 2013 | |||||||||||||||||
Solid Waste: | |||||||||||||||||
Tier 1 | $ | 2,632 | $ | (417 | ) | $ | 2,215 | $ | 652 | ||||||||
Tier 2 | 4,827 | (899 | ) | 3,928 | 970 | ||||||||||||
Tier 3 | 2,637 | (424 | ) | 2,213 | 388 | ||||||||||||
Solid Waste | 10,096 | (1,740 | ) | 8,356 | 2,010 | ||||||||||||
Wheelabrator | 634 | (83 | ) | 551 | 52 | ||||||||||||
Other | 1,649 | (73 | ) | 1,576 | (99 | ) | |||||||||||
12,379 | (1,896 | ) | 10,483 | 1,963 | |||||||||||||
Corporate and Other | — | — | — | (474 | ) | ||||||||||||
Total | $ | 12,379 | $ | (1,896 | ) | $ | 10,483 | $ | 1,489 | ||||||||
(a) | In accordance with authoritative guidance, the Company suspends depreciation and amortization on the underlying assets of operations classified as held-for-sale. Accordingly, we suspended $10 million of depreciation and amortization for both the three and nine months ended September 30, 2014 on assets of our Wheelabrator business upon signing the Stock Purchase Agreement discussed in Note 9. | ||||||||||||||||
Fluctuations in our operating results may be caused by many factors, including period-to-period changes in the relative contribution of revenue by each line of business, changes in commodity prices and by general economic conditions. In addition, our revenues and income from operations typically reflect seasonal patterns. Our operating revenues tend to be somewhat higher in the summer months, primarily due to the higher volume of construction and demolition waste. The volumes of industrial and residential waste in certain regions where we operate also tend to increase during the summer months. Our second and third quarter revenues and results of operations typically reflect these seasonal trends. The operating results of our first quarter also often reflect higher repair and maintenance expenses because we rely on the slower winter months, when waste flows are generally lower, to perform scheduled maintenance at our waste-to-energy facilities. | |||||||||||||||||
Service disruptions caused by severe storms, extended periods of inclement weather or climate extremes can significantly affect the operating results of the affected Areas. On the other hand, certain destructive weather conditions that tend to occur during the second half of the year, such as the hurricanes that most often impact our operations in the Southern and Eastern U.S., can actually increase our revenues in the areas affected. While weather-related and other “one-time” occurrences can boost revenues through additional work for a limited time span, as a result of significant start-up costs and other factors, such revenue sometimes generates earnings at comparatively lower margins. |
Acquisitions_Divestitures_and_
Acquisitions, Divestitures and Businesses Held-for-Sale | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisitions, Divestitures and Businesses Held-for-Sale | ' | ||||||||
9 | Acquisitions, Divestitures and Businesses Held-for-Sale | ||||||||
Pending Acquisition | |||||||||
On September 17, 2014, the Company signed a definitive agreement to acquire the outstanding stock of Deffenbaugh Disposal, Inc., one of the largest privately owned collection and disposal firms in the Midwest. Closing of the acquisition is expected to occur in late 2014 or early 2015, subject to the receipt of regulatory approvals and the satisfaction of customary closing conditions. | |||||||||
Acquisitions | |||||||||
Greenstar, LLC — On January 31, 2013, we paid $170 million inclusive of certain adjustments to acquire Greenstar, LLC (“Greenstar”). Pursuant to the sale and purchase agreement, up to an additional $40 million is payable to the sellers during the period from 2014 to 2018, of which $20 million is guaranteed. The remaining $20 million of this consideration is contingent, based on changes in certain recyclable commodity indexes, and had an estimated fair value at closing of $16 million. Greenstar was an operator of recycling and resource recovery facilities. This acquisition provides the Company’s customers with greater access to recycling solutions, having supplemented our extensive nationwide recycling network with the operations of one of the nation’s largest private recyclers. | |||||||||
Goodwill of $122 million was calculated as the excess of the consideration paid over the net assets recognized and represents the future economic benefits expected to arise from other assets acquired that could not be individually identified and separately recognized. Goodwill has been assigned predominantly to our Areas and, to a lesser extent, our recycling brokerage services, as they are expected to benefit from the synergies of the combination. Goodwill related to this acquisition is deductible for income tax purposes. There were no material adjustments to the purchase price allocation from the date of acquisition. | |||||||||
RCI Environnement, Inc. — On July 5, 2013, we paid C$509 million, or $481 million, to acquire substantially all of the assets of RCI Environnement, Inc. (“RCI”), the largest waste management company in Quebec, and certain related entities. Total consideration, inclusive of amounts for estimated working capital, was C$515 million, or $487 million. RCI provides collection, transfer, recycling and disposal operations throughout the Greater Montreal area. The acquired RCI operations complement and expand the Company’s existing assets and operations in Quebec. | |||||||||
Goodwill of $191 million was calculated as the excess of the consideration paid over the net assets recognized and represents the future economic benefits expected to arise from other assets acquired that could not be individually identified and separately recognized. Goodwill has been assigned to our Eastern Canada Area as it is expected to benefit from the synergies of the combination. A portion of goodwill related to this acquisition is deductible for income tax purposes in accordance with Canadian tax law. There were no material adjustments to the purchase price allocation from the date of acquisition. | |||||||||
The following table presents the final allocation of the purchase price for RCI (in millions): | |||||||||
September 30, | |||||||||
2014 | |||||||||
Accounts and other receivables | $ | 32 | |||||||
Property and equipment | 117 | ||||||||
Goodwill | 191 | ||||||||
Other intangible assets | 169 | ||||||||
Deferred revenues | (4 | ) | |||||||
Landfill and environmental remediation liabilities | (1 | ) | |||||||
Deferred income taxes, net | (14 | ) | |||||||
Long-term debt, less current portion | (3 | ) | |||||||
Total purchase price | $ | 487 | |||||||
The following table presents the final allocation of the purchase price for RCI to other intangible assets (amounts in millions, except for amortization periods): | |||||||||
RCI | |||||||||
Amount | Weighted | ||||||||
Average | |||||||||
Amortization | |||||||||
Periods | |||||||||
(in Years) | |||||||||
Customer relationships | $ | 162 | 15 | ||||||
Trade name | 7 | 5 | |||||||
Total other intangible assets subject to amortization | $ | 169 | 14.6 | ||||||
The following pro forma consolidated results of operations have been prepared as if the acquisitions of Greenstar and RCI occurred at January 1, 2013 (in millions, except per share amounts): | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, 2013 | September 30, 2013 | ||||||||
Operating revenues | $ | 3,623 | $ | 10,585 | |||||
Net income attributable to Waste Management, Inc. | 291 | 704 | |||||||
Basic earnings per common share | 0.62 | 1.51 | |||||||
Diluted earnings per common share | 0.62 | 1.5 | |||||||
Divestitures | |||||||||
In the third quarter of 2014, we sold certain landfill and collection operations in our Eastern Canada Area, which were included in Tier 3. We received cash proceeds from the sale of $39 million and recognized a gain of $18 million. In the second quarter of 2014, we sold our Puerto Rico operations and certain other collection and landfill assets which were included in Tier 3 and Tier 1, respectively, of our Solid Waste business. We received proceeds from the sale of $80 million, consisting of $65 million of cash and $15 million of preferred stock. The loss recognized related to the sale was $26 million. The gain and loss associated with these divestitures are recorded in “(Income) expense from divestitures, asset impairments and unusual items” in our Condensed Consolidated Statement of Operations. | |||||||||
Businesses Held-for-Sale | |||||||||
On July 25, 2014, the Company signed a definitive Stock Purchase Agreement to sell substantially all of our Wheelabrator business to an affiliate of Energy Capital Partners for $1.94 billion in cash, subject to certain post-closing adjustments. Closing of the sale is expected to occur by the end of 2014, subject to the satisfaction of customary closing conditions and receipt of regulatory approvals. In conjunction with the sale, the Company will enter into a long-term agreement to supply waste to certain Wheelabrator facilities upon closing. As of September 30, 2014, our Wheelabrator business meets the criteria to be classified as held-for-sale and has been classified as such within our Condensed Consolidated Balance Sheet. We have concluded that our Wheelabrator business does not qualify for discontinued operations accounting under current authoritative guidance based on our significant continuing obligations under the long-term waste supply agreement. The following table presents the carrying amounts of Wheelabrator assets and liabilities that have been aggregated in “Businesses held-for-sale” as of September 30, 2014 (in millions): | |||||||||
September 30, | |||||||||
2014 | |||||||||
Accounts and other receivables | $ | 94 | |||||||
Parts and supplies | 60 | ||||||||
Deferred income taxes | 3 | ||||||||
Other assets | 14 | ||||||||
Total current assets | 171 | ||||||||
Property and equipment | 1,151 | ||||||||
Goodwill | 304 | ||||||||
Other intangible assets | 3 | ||||||||
Other assets | 223 | ||||||||
Total assets | $ | 1,852 | |||||||
Accounts payable | $ | 20 | |||||||
Accrued liabilities | 29 | ||||||||
Deferred revenues | 1 | ||||||||
Current portion of long-term debt | 2 | ||||||||
Total current liabilities | 52 | ||||||||
Long-term debt, less current portion | 12 | ||||||||
Deferred income taxes | 271 | ||||||||
Landfill and environmental remediation liabilities | 17 | ||||||||
Other liabilities | 17 | ||||||||
Total liabilities | $ | 369 | |||||||
Restructuring
Restructuring | 9 Months Ended | |
Sep. 30, 2014 | ||
Restructuring and Related Activities [Abstract] | ' | |
Restructuring | ' | |
10 | Restructuring | |
In August 2014, we announced a consolidation and realignment of several Corporate functions to better support achievement of the Company’s strategic goals, including cost reduction. We are in the process of implementing this restructuring plan and we expect it to be completed by the end of 2014. Voluntary separation arrangements were offered to all salaried employees within these organizations. To date, approximately 650 employees have separated from our Corporate and recycling organizations in connection with this restructuring, but we do not anticipate that all of these positions will be permanently eliminated. | ||
During the third quarter of 2014, we recognized pre-tax charges of $67 million primarily associated with this restructuring, of which $61 million related to employee severance and benefit costs. We do not expect to incur any material charges associated with this restructuring in future periods. | ||
During the nine months ended September 30, 2013, we recognized a total of $13 million of pre-tax restructuring charges, of which $6 million was related to employee severance and benefit costs, including costs associated with our acquisition of Greenstar and our July 2012 restructuring. The remaining charges were primarily related to operating lease obligations for property that will no longer be utilized. | ||
We have recognized total charges of $71 million associated with our 2013 and 2014 restructurings related to employee severance and benefits, and we have paid approximately $19 million of these costs. At September 30, 2014, we had approximately $48 million of accrued employee severance related to our restructuring efforts, which will be paid through the end of 2016. |
Asset_Impairments_and_Unusual_
Asset Impairments and Unusual Items | 9 Months Ended | |
Sep. 30, 2014 | ||
Extraordinary and Unusual Items [Abstract] | ' | |
Asset Impairments and Unusual Items | ' | |
11 | Asset Impairments and Unusual Items | |
(Income) expense from divestitures, asset impairments and unusual items | ||
During the third quarter of 2014, we recognized net gains of $16 million, primarily attributable to an $18 million gain on the sale of certain landfill and collection operations in our Eastern Canada Area. This gain was more than offset by $39 million of net charges during the nine months ended September 30, 2014, primarily related to a $26 million loss on the divestiture of our Puerto Rico operations and certain other collection and landfill assets as discussed further in Note 9 and a $12 million impairment charge due to the decision to close a waste processing facility. | ||
During the third quarter of 2013, we recognized charges of $23 million, primarily related to (i) a $12 million impairment charge to write down goodwill and indefinite-lived intangibles related to an investment in a waste diversion technology company, partially offset by a $6 million benefit to noncontrolling interest and (ii) losses on divestitures primarily related to investments in oil and gas producing properties. During the nine months ended September 30, 2013, we also recognized additional charges of $15 million, primarily related to (i) a $14 million impairment charge in the second quarter of 2013 at a waste-to-energy facility as a result of projected operating losses, which caused us to write down the carrying value of the facility’s property, plant and equipment to its estimated fair value; (ii) losses on divestitures in the first quarter of 2013 primarily related to investments in oil and gas producing properties and (iii) other charges to impair goodwill and write down the carrying value of assets to their estimated fair values related to certain of our operations, all of which are individually immaterial. Partially offsetting these charges during 2013 were gains on divestitures including the sale of a transfer station in our Greater Mid-Atlantic Area during the first quarter of 2013. | ||
Equity in net losses of unconsolidated entities | ||
During the nine months ended September 30, 2014, we recognized $5 million of charges to write down an equity method investment in a waste diversion technology company to its fair value. | ||
Other income (expense) | ||
In the first quarter of 2014, we sold our investment in Shanghai Environment Group, which was part of our Wheelabrator business. We received cash proceeds from the sale of $155 million, which have been included in “Proceeds from divestitures of businesses and other assets (net of cash divested)” within “Net cash used in investing activities” in the Condensed Consolidated Statement of Cash Flows. The losses recognized related to the sale were not material and are recorded in “Other, net” in our Condensed Consolidated Statement of Operations. | ||
During the nine months ended September 30, 2013, we recognized impairment charges of $11 million relating to other-than-temporary declines in the value of investments in waste diversion technology companies accounted for under the cost method. We wrote down the carrying value of our investments to their fair value based on third-party investors’ recent transactions in these securities. Partially offsetting these charges was a $4 million gain on the sale of a similar investment recognized in the second quarter of 2013. These net charges are recorded in “Other, net” in our Condensed Consolidated Statement of Operations. | ||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
12 | Accumulated Other Comprehensive Income | ||||||||||||||||||||
The changes in the balances of each component of accumulated other comprehensive 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 debits to accumulated other comprehensive income): | |||||||||||||||||||||
Derivative | Available- | Foreign | Post- | Total | |||||||||||||||||
Instruments | for-Sale | Currency | Retirement | ||||||||||||||||||
Securities | Translation | Benefit | |||||||||||||||||||
Adjustments | Plans | ||||||||||||||||||||
Balance, December 31, 2013 | $ | (62 | ) | $ | 6 | $ | 208 | $ | 2 | $ | 154 | ||||||||||
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(2), $4, $0 and $0, respectively | (3 | ) | 5 | (63 | ) | — | (61 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax (expense) benefit of $1, $0, $0 and $0, respectively | 1 | — | (17 | ) | — | (16 | ) | ||||||||||||||
Net current period other comprehensive income (loss) | (2 | ) | 5 | (80 | ) | — | (77 | ) | |||||||||||||
Balance, September 30, 2014 | $ | (64 | ) | $ | 11 | $ | 128 | $ | 2 | $ | 77 | ||||||||||
The amounts of other comprehensive income (loss) before reclassifications associated with our cash flow derivative instruments are as follows (in millions): | |||||||||||||||||||||
Amount of Derivative Gain (Loss) | |||||||||||||||||||||
Recognized in OCI (Effective Portion) | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
Derivatives Designated as Cash Flow Hedges | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Forward-starting interest rate swaps | $ | — | $ | (1 | ) | $ | (8 | ) | $ | 11 | |||||||||||
Foreign currency derivatives | 13 | (8 | ) | 11 | 11 | ||||||||||||||||
Electricity commodity derivatives | — | — | (8 | ) | (6 | ) | |||||||||||||||
Total before tax | 13 | (9 | ) | (5 | ) | 16 | |||||||||||||||
Tax (expense) benefit | (5 | ) | 4 | 2 | (6 | ) | |||||||||||||||
Net of tax | $ | 8 | $ | (5 | ) | $ | (3 | ) | $ | 10 | |||||||||||
The significant amounts reclassified out of each component of accumulated other comprehensive income are as follows (in millions, with amounts in parentheses representing debits to the statement of operations classification): | |||||||||||||||||||||
Amount Reclassified from | Statement of | ||||||||||||||||||||
Accumulated Other | Operations Classification | ||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
Detail About Accumulated Other | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Comprehensive Income Components | |||||||||||||||||||||
Gains and losses on cash flow hedges: | |||||||||||||||||||||
Forward-starting interest rate swaps | $ | (3 | ) | $ | (2 | ) | $ | (8 | ) | $ | (6 | ) | Interest expense | ||||||||
Treasury rate locks | — | — | (1 | ) | (1 | ) | Interest expense | ||||||||||||||
Foreign currency derivatives | 16 | (9 | ) | 16 | 10 | Other, net | |||||||||||||||
Electricity commodity derivatives | — | — | (9 | ) | (6 | ) | Operating revenues | ||||||||||||||
13 | (11 | ) | (2 | ) | (3 | ) | Total before tax | ||||||||||||||
(5 | ) | 4 | 1 | 1 | Tax (expense) benefit | ||||||||||||||||
Total reclassifications for the period | $ | 8 | $ | (7 | ) | $ | (1 | ) | $ | (2 | ) | Net of tax | |||||||||
Share_Repurchases
Share Repurchases | 9 Months Ended | |
Sep. 30, 2014 | ||
Other Liabilities Disclosure [Abstract] | ' | |
Share Repurchases | ' | |
13 | Share Repurchases | |
Our share repurchases have been made in accordance with financial plans approved by our Board of Directors. In February 2014, the Board of Directors authorized up to $600 million in future share repurchases. | ||
During the third quarter of 2014, we entered into accelerated share repurchase (“ASR”) agreements with two financial institutions to repurchase an aggregate of $600 million of our common stock, which we funded with borrowings under our $2.25 billion revolving credit facility. At the beginning of the ASR repurchase periods, we delivered $600 million in cash and received 9.6 million shares, representing 70 percent of the shares expected to be repurchased based on then-current market prices. The final number of shares to be repurchased and the final average price per share under each ASR agreement will depend on the volume-weighted average price of our stock, less a discount, during the term of each agreement. Purchases under the ASR agreements are expected to be completed in late 2014 or early 2015. | ||
The ASR agreements were accounted for as two separate transactions: (i) as shares of reacquired common stock for the shares delivered to us upon effectiveness of the ASR agreements and (ii) as a forward contract indexed to our own common stock for the undelivered shares. The initial delivery of shares is included in treasury stock at a cost of $420 million and resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. The $180 million forward contract indexed to our own stock met the criteria for equity classification and this amount was recorded in additional paid-in capital. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
14 | 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): | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
September 30, 2014 Using | |||||||||||||||||
Total | Quoted | Significant | Significant | ||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3)(a) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 73 | $ | 73 | $ | — | $ | — | |||||||||
Fixed-income securities | 37 | — | 37 | — | |||||||||||||
Redeemable preferred stock | 47 | — | — | 47 | |||||||||||||
Foreign currency derivatives | 15 | — | 15 | — | |||||||||||||
Total assets | $ | 172 | $ | 73 | $ | 52 | $ | 47 | |||||||||
Liabilities: | |||||||||||||||||
Electricity commodity derivatives(b) | $ | 2 | $ | — | $ | 2 | $ | — | |||||||||
Foreign currency derivatives | 3 | — | 3 | — | |||||||||||||
Total liabilities | $ | 5 | $ | — | $ | 5 | $ | — | |||||||||
Fair Value Measurements at | |||||||||||||||||
December 31, 2013 Using | |||||||||||||||||
Total | Quoted | Significant | Significant | ||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3)(a) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 99 | $ | 99 | $ | — | $ | — | |||||||||
Fixed-income securities | 36 | — | 36 | — | |||||||||||||
Redeemable preferred stock | 25 | — | — | 25 | |||||||||||||
Foreign currency derivatives | 2 | — | 2 | — | |||||||||||||
Total assets | $ | 162 | $ | 99 | $ | 38 | $ | 25 | |||||||||
Liabilities: | |||||||||||||||||
Interest rate derivatives | $ | 28 | $ | — | $ | 28 | $ | — | |||||||||
Electricity commodity derivatives | 3 | — | 3 | — | |||||||||||||
Total liabilities | $ | 31 | $ | — | $ | 31 | $ | — | |||||||||
(a) | Level 3 investments have been measured based on third-party investors’ recent or pending transactions in these securities, which are considered the best evidence of fair value currently available. When this evidence is not available, we use other valuation techniques as appropriate and available. These valuation methodologies may include transactions in similar instruments, discounted cash flow analysis, third-party appraisals or industry multiples and public comparables. The increase in the fair value of our redeemable preferred stock at September 30, 2014 compared to December 31, 2013 is related to (i) $15 million of preferred stock acquired in conjunction with the sale of our Puerto Rico operations and certain other collection and landfill assets, which is discussed in Note 9, and (ii) a $7 million increase in the fair value of the redeemable preferred stock outstanding at December 31, 2013 due to an increase in the price per share established in a recent stock issuance. | ||||||||||||||||
(b) | The amount reported as of September 30, 2014 is reflected in “Businesses held-for-sale” in our Condensed Consolidated Balance Sheet due to the pending sale of substantially all of our Wheelabrator business. Refer to Note 9 for additional information. | ||||||||||||||||
Fair Value of Debt | |||||||||||||||||
At September 30, 2014 and December 31, 2013, the carrying value of our debt was approximately $10.2 billion. The carrying value of our debt includes adjustments associated with fair value hedge accounting related to our interest rate swaps as discussed in Note 4. | |||||||||||||||||
The estimated fair value of our debt was approximately $11.3 billion at September 30, 2014 and approximately $11.0 billion at December 31, 2013. The estimated fair value of our senior notes is based on quoted market prices. The carrying value of remarketable debt and borrowings under our revolving credit facilities approximates fair value due to the short-term nature of the interest rates. The fair value of our other debt is estimated using discounted cash flow analysis, based on current market rates for similar types of instruments. | |||||||||||||||||
Although we have determined the estimated fair value amounts using available market information and commonly accepted valuation methodologies, considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, our estimates are not necessarily indicative of the amounts that we, or holders of the instruments, could realize in a current market exchange. The use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. The fair value estimates are based on Level 2 inputs of the fair value hierarchy available as of September 30, 2014 and December 31, 2013. 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 | 9 Months Ended | |
Sep. 30, 2014 | ||
Text Block [Abstract] | ' | |
Variable Interest Entities | ' | |
15 | Variable Interest Entities | |
Following is a description of our financial interests in variable interest entities that we consider significant, including (i) those for which we have determined that we are the primary beneficiary of the entity and, therefore, have consolidated the entities into our financial statements; (ii) those that represent a significant interest in an unconsolidated entity and (iii) trusts for final capping, closure, post-closure or environmental remediation obligations for both consolidated and unconsolidated variable interest entities. | ||
Consolidated Variable Interest Entities | ||
Waste-to-Energy LLCs — In June 2000, two limited liability companies were established to purchase interests in existing leveraged lease financings at three waste-to-energy facilities that we lease, operate and maintain. We own a 0.5% interest in one of the LLCs (“LLC I”) and a 0.25% interest in the second LLC (“LLC II”). John Hancock Life Insurance Company (“Hancock”) owns 99.5% of LLC I and 99.75% of LLC II is owned by LLC I and the CIT Group (“CIT”). We are in discussions with Hancock and CIT to acquire their interests in these entities pursuant to terms and conditions of the LLC agreements. The LLCs are part of our Wheelabrator business. We intend to sell our interests in these entities to the purchaser of substantially all of our Wheelabrator business pursuant to the Stock Purchase Agreement discussed further in Note 9. | ||
In 2000, Hancock and CIT made an initial investment of $167 million in the LLCs, which was used to purchase the three waste-to-energy facilities and assume the seller’s indebtedness. Under the LLC agreements, the LLCs shall be dissolved upon the occurrence of any of the following events: (i) a written decision of all members of the LLCs; (ii) December 31, 2063; (iii) a court’s dissolution of the LLCs or (iv) the LLCs ceasing to own any interest in the waste-to-energy facilities. | ||
Income, losses and cash flows of the LLCs are allocated to the members based on their initial equity ownership percentages until Hancock and CIT achieve targeted returns on their initial capital investments in each respective LLC. All allocations made through September 30, 2014 have been based on initial equity ownership percentages as the target returns have not yet been achieved for either LLC. We currently expect Hancock and CIT to achieve their targeted return on LLC II in early 2015 and Hancock to achieve its targeted return on LLC I in mid-2015. After the investors have achieved their targeted returns, the LLC agreements provide that we will receive 80% of the earnings of each of the LLCs and Hancock and CIT will be allocated the remaining 20%. | ||
Our obligations associated with our interests in the LLCs are primarily related to the lease of the facilities. In addition to our minimum lease payment obligations, we are required to make cash payments to the LLCs for differences between fair market rents and our minimum lease payments. These payments are subject to adjustment based on factors that include the fair market value of rents for the facilities and lease payments made through the re-measurement dates. In addition, we may also be required under certain circumstances to make capital contributions to the LLCs based on differences between the fair market value of the facilities and defined termination values as provided for in the underlying lease agreements, although we believe the likelihood of the occurrence of these circumstances is remote. | ||
We have determined that we are the primary beneficiary of the LLCs and consolidate these entities in our Consolidated Financial Statements because (i) all of the equity owners of the LLCs are considered related parties for purposes of applying this accounting guidance; (ii) the equity owners share power over the significant activities of the LLCs and (iii) we are the entity within the related party group whose activities are most closely associated with the LLCs. | ||
As of September 30, 2014 and December 31, 2013, our Condensed Consolidated Balance Sheets included $275 million and $284 million, respectively, of net property and equipment associated with the LLCs’ waste-to-energy facilities and $243 million and $239 million, respectively, in noncontrolling interests associated with Hancock’s and CIT’s interests in the LLCs. The September 30, 2014 net property and equipment of $275 million is part of our Wheelabrator business and is classified as “Businesses held-for-sale” in the Condensed Consolidated Balance Sheet. See Note 9 for further discussion. We recognized reductions in consolidated earnings of $8 million and $29 million for the three and nine months ended September 30, 2014, respectively, and $10 million and $32 million for the three and nine months ended September 30, 2013, respectively, for Hancock’s and CIT’s noncontrolling interests in the LLCs’ earnings, which are included in our consolidated net income. The LLCs’ earnings relate to the rental income generated from leasing the facilities to our subsidiaries, reduced by depreciation expense. The LLCs’ rental income is eliminated in the Company’s consolidation. | ||
Significant Unconsolidated Variable Interest Entities | ||
Investment in U.K. Waste-to-Energy and Recycling Entity — In the first quarter of 2012, we formed a U.K. joint venture (the “JV”), together with a commercial waste management company (“Partner”), to develop, construct, operate and maintain a waste-to-energy and recycling facility in England. We own a 50% interest in the JV. We determined that we are not the primary beneficiary of the JV, as all major decisions of the JV require either majority vote or unanimous consent of the directors (who are appointed in equal numbers by us and our Partner) or unanimous consent of the two shareholders of the JV. As such, our Partner shares equally in the power to direct the activities of the JV that most significantly impact its economic performance. Accordingly, we account for this investment under the equity method of accounting and do not consolidate this entity. | ||
Through September 30, 2014, we had funded approximately £18 million, or $30 million, through loans and less than $1 million through equity contributions. These amounts are included in our Condensed Consolidated Balance Sheet as long-term “Other assets” and “Investments in unconsolidated entities,” respectively. In addition to the funding commitments described above, the JV has entered into certain foreign currency and interest rate derivatives at the direction of the Norfolk County Council (the “Council”), which awarded the project to the JV. The losses incurred on these derivatives will ultimately be recoverable from the Council under the terms of the project, and accordingly, are not reflected in our “Equity in net losses of unconsolidated entities.” | ||
Following delays in obtaining planning approval, the Council held a special meeting on April 7, 2014 and voted to terminate the project agreement with the JV. The JV then exercised its right to accelerate the effective date of the project agreement’s termination to May 16, 2014. The Council now is obligated to reimburse the JV up to £34 million, or $55 million, based on the exchange rate as of September 30, 2014, in termination fees and reimbursements required by its agreements with the JV, of which £27 million, or $44 million has been reimbursed to date. As a result, any impairment resulting from the termination of the project that we record on account of our interest in the JV will not be material. Our interest in the JV and rights to remaining reimbursements owed will not be transferred to the purchaser of our Wheelabrator business under the Stock Purchase Agreement discussed further in Note 9. | ||
Investment in Refined Coal Facility — In 2011, we acquired a noncontrolling interest in a limited liability company established to invest in and manage a refined coal facility. Along with the other equity investor, we support the operations of the entity in exchange for a pro-rata share of the tax credits it generates. Our initial consideration for this investment consisted of a cash payment of $48 million. As of September 30, 2014 and December 31, 2013, our investment balance was $34 million and $27 million, respectively, representing our current maximum pre-tax exposure to loss. Under the terms and conditions of the transaction, we do not believe that we have any material exposure to loss. Required capital contributions commenced in the first quarter of 2013 and will continue through the expiration of the tax credits under Section 45 of the Internal Revenue Code, which occurs at the end of 2019. We are only obligated to make future contributions to the extent tax credits are generated. We determined that we are not the primary beneficiary of this entity as we do not have the power to individually direct the entity’s activities. Accordingly, we account for this investment under the equity method of accounting and do not consolidate the entity. Additional information related to this investment is discussed in Note 5. | ||
Investment in Low-Income Housing Properties — In 2010, we acquired a noncontrolling interest in a limited liability company established to invest in and manage low-income housing properties. We support the operations of the entity in exchange for a pro-rata share of the tax credits it generates. Our target return on the investment is guaranteed and, therefore, we do not believe that we have any material exposure to loss. Our consideration for this investment totaled $221 million, which was comprised of a $215 million note payable and an initial cash payment of $6 million. At September 30, 2014 and December 31, 2013, our investment balance was $110 million and $129 million, respectively, and our debt balance was $110 million and $128 million, respectively. We determined that we are not the primary beneficiary of this entity as we do not have the power to individually direct the entity’s activities. Accordingly, we account for this investment under the equity method of accounting and do not consolidate the entity. Additional information related to this investment is discussed in Note 5. | ||
Trusts for Final Capping, Closure, Post-Closure or Environmental Remediation Obligations | ||
We have significant financial interests in trust funds that were created to settle certain of our final capping, closure, post-closure or environmental remediation obligations. Generally, we are the sole beneficiary of these restricted balances; however, certain of the funds have been established for the benefit of both the Company and the host community in which we operate. We have determined that these trust funds are variable interest entities; however, we are not the primary beneficiary of these entities because either (i) we do not have the power to direct the significant activities of the trusts or (ii) power over the trusts’ significant activities is shared. | ||
We account for the trusts for which we are the sole beneficiary as long-term “Other assets” in our Condensed Consolidated Balance Sheet. We reflect our interests in the unrealized gains and losses on available-for-sale securities held by these trusts as a component of “Accumulated other comprehensive income.” These trusts had a fair value of $128 million at September 30, 2014 and $125 million at December 31, 2013. Our interests in the trusts that have been established for the benefit of both the Company and the host community in which we operate are accounted for as investments in unconsolidated entities and receivables. These amounts are recorded in “Other receivables,” “Investments in unconsolidated entities” and long-term “Other assets” in our Condensed Consolidated Balance Sheet, as appropriate. Our investments and receivables related to these trusts had an aggregate carrying value of $113 million and $110 million as of September 30, 2014 and December 31, 2013, respectively. | ||
As the party with primary responsibility to fund the related final capping, closure, post-closure or environmental remediation activities, we are exposed to risk of loss as a result of potential changes in the fair value of the assets of the trust. The fair value of trust assets can fluctuate due to (i) changes in the market value of the investments held by the trusts and (ii) credit risk associated with trust receivables. Although we are exposed to changes in the fair value of the trust assets, we currently expect the trust funds to continue to meet the statutory requirements for which they were established. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||
Condensed Consolidating Financial Statements | ' | ||||||||||||||||||||
16 | Condensed Consolidating Financial Statements | ||||||||||||||||||||
WM Holdings has fully and unconditionally guaranteed all of WM’s senior indebtedness. WM has fully and unconditionally guaranteed all of WM Holdings’ senior indebtedness. None of WM’s other subsidiaries have guaranteed any of WM’s or WM Holdings’ debt. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information (in millions): | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
WM | WM | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Holdings | Subsidiaries | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 183 | $ | — | $ | 183 | |||||||||||
Investments in and advances to affiliates(a) | — | 1,216 | — | (1,216 | ) | — | |||||||||||||||
Other current assets(a) | — | 6 | 3,927 | — | 3,933 | ||||||||||||||||
— | 1,222 | 4,110 | (1,216 | ) | 4,116 | ||||||||||||||||
Property and equipment, net | — | — | 10,849 | — | 10,849 | ||||||||||||||||
Investments in and advances to affiliates | 16,669 | 16,400 | 5,292 | (38,361 | ) | — | |||||||||||||||
Other assets | 41 | 28 | 7,177 | — | 7,246 | ||||||||||||||||
Total assets | $ | 16,710 | $ | 17,650 | $ | 27,428 | $ | (39,577 | ) | $ | 22,211 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 946 | $ | — | $ | 195 | $ | — | $ | 1,141 | |||||||||||
Accounts payable and other current liabilities(a) | 68 | 5 | 2,575 | — | 2,648 | ||||||||||||||||
1,014 | 5 | 2,770 | — | 3,789 | |||||||||||||||||
Long-term debt, less current portion | 5,567 | 449 | 3,007 | — | 9,023 | ||||||||||||||||
Due to affiliates | 4,765 | 527 | — | (5,292 | ) | — | |||||||||||||||
Other liabilities | — | — | 3,736 | — | 3,736 | ||||||||||||||||
Total liabilities | 11,346 | 981 | 9,513 | (5,292 | ) | 16,548 | |||||||||||||||
Equity: | |||||||||||||||||||||
Stockholders’ equity | 5,364 | 16,669 | 17,616 | (34,285 | ) | 5,364 | |||||||||||||||
Noncontrolling interests | — | — | 299 | — | 299 | ||||||||||||||||
5,364 | 16,669 | 17,915 | (34,285 | ) | 5,663 | ||||||||||||||||
Total liabilities and equity | $ | 16,710 | $ | 17,650 | $ | 27,428 | $ | (39,577 | ) | $ | 22,211 | ||||||||||
(a) | Amounts reported for Non-Guarantor Subsidiaries include $1.9 billion of assets and $0.4 billion of liabilities associated with our Wheelabrator business, which are reflected in “Businesses held-for-sale” in our Condensed Consolidated Balance Sheet. The related ownership for WM Holdings’ net investment is reported in current assets. Refer to Note 9 for additional information. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS (Continued) | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
WM | Non-Guarantor | ||||||||||||||||||||
WM | Holdings | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 58 | $ | — | $ | 58 | |||||||||||
Other current assets | — | 6 | 2,435 | — | 2,441 | ||||||||||||||||
— | 6 | 2,493 | — | 2,499 | |||||||||||||||||
Property and equipment, net | — | — | 12,344 | — | 12,344 | ||||||||||||||||
Investments in and advances to affiliates(b) | 15,802 | 16,845 | 4,268 | (36,915 | ) | — | |||||||||||||||
Other assets | 42 | 12 | 7,706 | — | 7,760 | ||||||||||||||||
Total assets | $ | 15,844 | $ | 16,863 | $ | 26,811 | $ | (36,915 | ) | $ | 22,603 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 587 | $ | — | $ | 139 | $ | — | $ | 726 | |||||||||||
Accounts payable and other current liabilities | 109 | 13 | 2,166 | — | 2,288 | ||||||||||||||||
696 | 13 | 2,305 | — | 3,014 | |||||||||||||||||
Long-term debt, less current portion | 5,772 | 449 | 3,279 | — | 9,500 | ||||||||||||||||
Due to affiliates(b) | 3,669 | 599 | — | (4,268 | ) | — | |||||||||||||||
Other liabilities | — | — | 4,087 | — | 4,087 | ||||||||||||||||
Total liabilities | 10,137 | 1,061 | 9,671 | (4,268 | ) | 16,601 | |||||||||||||||
Equity: | |||||||||||||||||||||
Stockholders’ equity | 5,707 | 15,802 | 16,845 | (32,647 | ) | 5,707 | |||||||||||||||
Noncontrolling interests | — | — | 295 | — | 295 | ||||||||||||||||
5,707 | 15,802 | 17,140 | (32,647 | ) | 6,002 | ||||||||||||||||
Total liabilities and equity | $ | 15,844 | $ | 16,863 | $ | 26,811 | $ | (36,915 | ) | $ | 22,603 | ||||||||||
(b) | In conjunction with the preparation of our September 30, 2014 Condensed Consolidating Financial Statements, we identified corrections associated with the presentation of affiliate obligations previously reported in WM and WM Holdings’ “Investments in and advances to affiliates”. Accordingly, the 2013 Condensed Consolidating Balance Sheet included herein has been revised. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
WM | WM | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Holdings | Subsidiaries | ||||||||||||||||||||
Operating revenues | $ | — | $ | — | $ | 3,602 | $ | — | $ | 3,602 | |||||||||||
Costs and expenses | — | — | 3,056 | — | 3,056 | ||||||||||||||||
Income from operations | — | — | 546 | — | 546 | ||||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest expense, net | (89 | ) | (8 | ) | (19 | ) | — | (116 | ) | ||||||||||||
Equity in earnings of subsidiaries, net of taxes | 324 | 329 | — | (653 | ) | — | |||||||||||||||
Other, net | — | — | (16 | ) | — | (16 | ) | ||||||||||||||
235 | 321 | (35 | ) | (653 | ) | (132 | ) | ||||||||||||||
Income before income taxes | 235 | 321 | 511 | (653 | ) | 414 | |||||||||||||||
Provision for (benefit from) income taxes | (35 | ) | (3 | ) | 171 | — | 133 | ||||||||||||||
Consolidated net income | 270 | 324 | 340 | (653 | ) | 281 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 11 | — | 11 | ||||||||||||||||
Net income attributable to Waste Management, Inc. | $ | 270 | $ | 324 | $ | 329 | $ | (653 | ) | $ | 270 | ||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
WM | WM | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Holdings | Subsidiaries | ||||||||||||||||||||
Operating revenues | $ | — | $ | — | $ | 3,621 | $ | — | $ | 3,621 | |||||||||||
Costs and expenses | — | — | 3,044 | — | 3,044 | ||||||||||||||||
Income from operations | — | — | 577 | — | 577 | ||||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest expense, net | (88 | ) | (8 | ) | (23 | ) | — | (119 | ) | ||||||||||||
Equity in earnings of subsidiaries, net of taxes | 344 | 349 | — | (693 | ) | — | |||||||||||||||
Other, net | — | — | (6 | ) | — | (6 | ) | ||||||||||||||
256 | 341 | (29 | ) | (693 | ) | (125 | ) | ||||||||||||||
Income before income taxes | 256 | 341 | 548 | (693 | ) | 452 | |||||||||||||||
Provision for (benefit from) income taxes | (35 | ) | (3 | ) | 193 | — | 155 | ||||||||||||||
Consolidated net income | 291 | 344 | 355 | (693 | ) | 297 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 6 | — | 6 | ||||||||||||||||
Net income attributable to Waste Management, Inc. | $ | 291 | $ | 344 | $ | 349 | $ | (693 | ) | $ | 291 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Continued) | |||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
WM | WM | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Holdings | Subsidiaries | ||||||||||||||||||||
Operating revenues | $ | — | $ | — | $ | 10,559 | $ | — | $ | 10,559 | |||||||||||
Costs and expenses | — | (34 | ) | 9,046 | — | 9,012 | |||||||||||||||
Income from operations | — | 34 | 1,513 | — | 1,547 | ||||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest expense, net | (263 | ) | (24 | ) | (65 | ) | — | (352 | ) | ||||||||||||
Equity in earnings of subsidiaries, net of taxes | 867 | 848 | — | (1,715 | ) | — | |||||||||||||||
Other, net | — | — | (43 | ) | — | (43 | ) | ||||||||||||||
604 | 824 | (108 | ) | (1,715 | ) | (395 | ) | ||||||||||||||
Income before income taxes | 604 | 858 | 1,405 | (1,715 | ) | 1,152 | |||||||||||||||
Provision for (benefit from) income taxes | (104 | ) | (9 | ) | 525 | — | 412 | ||||||||||||||
Consolidated net income | 708 | 867 | 880 | (1,715 | ) | 740 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 32 | — | 32 | ||||||||||||||||
Net income attributable to Waste Management, Inc. | $ | 708 | $ | 867 | $ | 848 | $ | (1,715 | ) | $ | 708 | ||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
WM | WM | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Holdings | Subsidiaries | ||||||||||||||||||||
Operating revenues | $ | — | $ | — | $ | 10,483 | $ | — | $ | 10,483 | |||||||||||
Costs and expenses | — | 1 | 8,993 | — | 8,994 | ||||||||||||||||
Income from operations | — | (1 | ) | 1,490 | — | 1,489 | |||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest expense, net | (268 | ) | (24 | ) | (69 | ) | — | (361 | ) | ||||||||||||
Equity in earnings of subsidiaries, net of taxes | 865 | 881 | — | (1,746 | ) | — | |||||||||||||||
Other, net | — | — | (31 | ) | — | (31 | ) | ||||||||||||||
597 | 857 | (100 | ) | (1,746 | ) | (392 | ) | ||||||||||||||
Income before income taxes | 597 | 856 | 1,390 | (1,746 | ) | 1,097 | |||||||||||||||
Provision for (benefit from) income taxes | (106 | ) | (9 | ) | 483 | — | 368 | ||||||||||||||
Consolidated net income | 703 | 865 | 907 | (1,746 | ) | 729 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 26 | — | 26 | ||||||||||||||||
Net income attributable to Waste Management, Inc. | $ | 703 | $ | 865 | $ | 881 | $ | (1,746 | ) | $ | 703 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
WM | WM | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Holdings | Subsidiaries | ||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||
Comprehensive income | $ | 271 | $ | 324 | $ | 281 | $ | (653 | ) | $ | 223 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 11 | — | 11 | ||||||||||||||||
Comprehensive income attributable to Waste Management, Inc. | $ | 271 | $ | 324 | $ | 270 | $ | (653 | ) | $ | 212 | ||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
Comprehensive income | $ | 292 | $ | 344 | $ | 389 | $ | (693 | ) | $ | 332 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 6 | — | 6 | ||||||||||||||||
Comprehensive income attributable to Waste Management, Inc. | $ | 292 | $ | 344 | $ | 383 | $ | (693 | ) | $ | 326 | ||||||||||
WM | WM | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Holdings | Subsidiaries | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
Comprehensive income | $ | 708 | $ | 867 | $ | 803 | $ | (1,715 | ) | $ | 663 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 32 | — | 32 | ||||||||||||||||
Comprehensive income attributable to Waste Management, Inc. | $ | 708 | $ | 867 | $ | 771 | $ | (1,715 | ) | $ | 631 | ||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Comprehensive income | $ | 714 | $ | 865 | $ | 872 | $ | (1,746 | ) | $ | 705 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 26 | — | 26 | ||||||||||||||||
Comprehensive income attributable to Waste Management, Inc. | $ | 714 | $ | 865 | $ | 846 | $ | (1,746 | ) | $ | 679 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
WM | Non-Guarantor | ||||||||||||||||||||
WM | Holdings | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Consolidated net income | $ | 708 | $ | 867 | $ | 880 | $ | (1,715 | ) | $ | 740 | ||||||||||
Equity in earnings of subsidiaries, net of taxes | (867 | ) | (848 | ) | — | 1,715 | — | ||||||||||||||
Other adjustments | (46 | ) | (8 | ) | 1,125 | — | 1,071 | ||||||||||||||
Net cash provided by (used in) operating activities | (205 | ) | 11 | 2,005 | — | 1,811 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Acquisitions of businesses, net of cash acquired | — | — | (32 | ) | — | (32 | ) | ||||||||||||||
Capital expenditures | — | — | (781 | ) | — | (781 | ) | ||||||||||||||
Proceeds from divestitures of businesses (net of cash divested) and other sales of assets | — | 42 | 277 | — | 319 | ||||||||||||||||
Net receipts from restricted trust and escrow accounts and other, net | — | — | (82 | ) | — | (82 | ) | ||||||||||||||
Net cash provided by (used in) investing activities | — | 42 | (618 | ) | — | (576 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
New borrowings | 2,157 | — | 207 | — | 2,364 | ||||||||||||||||
Debt repayments | (1,995 | ) | — | (397 | ) | — | (2,392 | ) | |||||||||||||
Common stock repurchases | (600 | ) | — | — | — | (600 | ) | ||||||||||||||
Cash dividends | (521 | ) | — | — | — | (521 | ) | ||||||||||||||
Exercise of common stock options | 70 | — | — | — | 70 | ||||||||||||||||
Distributions paid to noncontrolling interests and other | 3 | — | (31 | ) | — | (28 | ) | ||||||||||||||
(Increase) decrease in intercompany and investments, net | 1,091 | (53 | ) | (1,038 | ) | — | — | ||||||||||||||
Net cash provided by (used in) financing activities | 205 | (53 | ) | (1,259 | ) | — | (1,107 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (3 | ) | — | (3 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | — | — | 125 | — | 125 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 58 | — | 58 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 183 | $ | — | $ | 183 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Continued) | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
WM | Non-Guarantor | ||||||||||||||||||||
WM | Holdings | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Consolidated net income | $ | 703 | $ | 865 | $ | 907 | $ | (1,746 | ) | $ | 729 | ||||||||||
Equity in earnings of subsidiaries, net of taxes | (865 | ) | (881 | ) | — | 1,746 | — | ||||||||||||||
Other adjustments | (19 | ) | (8 | ) | 1,156 | — | 1,129 | ||||||||||||||
Net cash provided by (used in) operating activities | (181 | ) | (24 | ) | 2,063 | — | 1,858 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Acquisitions of businesses, net of cash acquired | — | — | (698 | ) | — | (698 | ) | ||||||||||||||
Capital expenditures | — | — | (824 | ) | — | (824 | ) | ||||||||||||||
Proceeds from divestitures of businesses (net of cash divested) and other sales of assets | — | — | 113 | — | 113 | ||||||||||||||||
Net receipts from restricted trust and escrow accounts and other, net | — | — | (23 | ) | — | (23 | ) | ||||||||||||||
Net cash provided by (used in) investing activities | — | — | (1,432 | ) | — | (1,432 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
New borrowings | 615 | — | 1,042 | — | 1,657 | ||||||||||||||||
Debt repayments | (875 | ) | — | (808 | ) | — | (1,683 | ) | |||||||||||||
Cash dividends | (512 | ) | — | — | — | (512 | ) | ||||||||||||||
Exercise of common stock options | 116 | — | — | — | 116 | ||||||||||||||||
Distributions paid to noncontrolling interests and other | 12 | — | (49 | ) | — | (37 | ) | ||||||||||||||
(Increase) decrease in intercompany and investments, net | 765 | 24 | (789 | ) | — | — | |||||||||||||||
Net cash provided by (used in) financing activities | 121 | 24 | (604 | ) | — | (459 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (4 | ) | — | (4 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | (60 | ) | — | 23 | — | (37 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 60 | — | 134 | — | 194 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 157 | $ | — | $ | 157 | |||||||||||
New_Accounting_Standard_Pendin
New Accounting Standard Pending Adoption | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Changes and Error Corrections [Abstract] | ' | |
New Accounting Standard Pending Adoption | ' | |
17 | New Accounting Standard Pending Adoption | |
In May 2014, the Financial Accounting Standards Board (“FASB”) amended authoritative guidance associated with revenue recognition. The amended guidance requires companies to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, the amendments will require enhanced qualitative and quantitative disclosures regarding customer contracts. The amended authoritative guidance associated with revenue recognition is effective for the Company January 1, 2017. The amended guidance may be applied retrospectively for all periods presented or retrospectively with the cumulative effect of initially applying the amended guidance recognized at the date of initial application. We are in the process of assessing the provisions of the amended guidance and have not determined whether the adoption will have a material impact on our consolidated financial statements. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
The financial statements presented in this report represent the consolidation of Waste Management, Inc., a Delaware corporation; Waste Management’s wholly-owned and majority-owned subsidiaries; and certain variable interest entities for which Waste Management or its subsidiaries are the primary beneficiaries as described in Note 15. Waste Management is a holding company and all operations are conducted by its subsidiaries. When the terms “the Company,” “we,” “us” or “our” are used in this document, those terms refer to Waste Management, Inc., its consolidated subsidiaries and consolidated variable interest entities. When we use the term “WM,” we are referring only to Waste Management, Inc., the parent holding company. | |
We are North America’s leading provider of comprehensive waste management environmental services. We partner with our residential, commercial, industrial and municipal customers and the communities we serve to manage and reduce waste at each stage from collection to disposal, while recovering valuable resources and creating clean, renewable energy. Our “Solid Waste” business is operated and managed locally by our subsidiaries that focus on distinct geographic areas and provides collection, transfer, recycling and resource recovery, and disposal services. Through our subsidiaries, we are also a leading developer, operator and owner of waste-to-energy and landfill gas-to-energy facilities in the United States. | |
We evaluate, oversee and manage the financial performance of our Solid Waste business subsidiaries through our 17 geographic Areas. Our Wheelabrator business provides waste-to-energy services and manages waste-to-energy facilities and independent power production plants. On July 25, 2014, the Company signed a definitive Stock Purchase Agreement to sell substantially all of our Wheelabrator business to an affiliate of Energy Capital Partners with closing expected to occur by the end of 2014. Accordingly, our Wheelabrator business has been classified as “Businesses held-for-sale” within our Condensed Consolidated Balance Sheet as of September 30, 2014. Refer to Note 9 for additional information. We also provide additional services that are not managed through our Solid Waste or Wheelabrator businesses, which are presented in this report as “Other.” Additional information related to our segments can be found in Note 8. | |
The Condensed Consolidated Financial Statements as of September 30, 2014 and for the three and nine months ended September 30, 2014 and 2013 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 connection with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
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, asset impairments, deferred income taxes and reserves associated with our insured and self-insured claims. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements. | |
Reclassifications | ' |
Reclassifications | |
When necessary, reclassifications have been made to our prior period consolidated financial information in order to conform to the current year presentation. |
Landfill_and_Environmental_Rem1
Landfill and Environmental Remediation Liabilities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Liabilities for Landfill and Environmental Remediation Costs | ' | ||||||||||||||||||||||||
Liabilities for landfill and environmental remediation costs are presented in the table below (in millions): | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Landfill | Environmental | Total | Landfill | Environmental | Total | ||||||||||||||||||||
Remediation | Remediation | ||||||||||||||||||||||||
Current (in accrued liabilities) | $ | 88 | $ | 37 | $ | 125 | $ | 95 | $ | 35 | $ | 130 | |||||||||||||
Long-term | 1,341 | 194 | 1,535 | 1,326 | 192 | 1,518 | |||||||||||||||||||
$ | 1,429 | $ | 231 | $ | 1,660 | $ | 1,421 | $ | 227 | $ | 1,648 | ||||||||||||||
Changes to Landfill and Environmental Remediation Liabilities | ' | ||||||||||||||||||||||||
The changes to landfill and environmental remediation liabilities are reflected in the table below (in millions): | |||||||||||||||||||||||||
Landfill | Environmental | ||||||||||||||||||||||||
Remediation | |||||||||||||||||||||||||
December 31, 2012 | $ | 1,338 | $ | 253 | |||||||||||||||||||||
Obligations incurred and capitalized | 59 | — | |||||||||||||||||||||||
Obligations settled | (71 | ) | (20 | ) | |||||||||||||||||||||
Interest accretion | 87 | 4 | |||||||||||||||||||||||
Revisions in estimates and interest rate assumptions | 6 | (6 | ) | ||||||||||||||||||||||
Acquisitions, divestitures and other adjustments | 2 | (4 | ) | ||||||||||||||||||||||
December 31, 2013 | 1,421 | 227 | |||||||||||||||||||||||
Obligations incurred and capitalized | 40 | — | |||||||||||||||||||||||
Obligations settled | (47 | ) | (14 | ) | |||||||||||||||||||||
Interest accretion | 65 | 4 | |||||||||||||||||||||||
Revisions in estimates and interest rate assumptions | (11 | ) | 14 | ||||||||||||||||||||||
Acquisitions, divestitures and other adjustments(a) | (39 | ) | — | ||||||||||||||||||||||
September 30, 2014 | $ | 1,429 | $ | 231 | |||||||||||||||||||||
(a) | The amount reported for landfill liabilities includes a reduction of approximately $18 million related to our Wheelabrator business which is reflected in “Businesses held-for-sale” in our Condensed Consolidated Balance sheet as of September 30, 2014 due to the pending sale of our Wheelabrator business. Refer to Note 9 for additional information. |
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Components of Debt | ' | ||||||||
The following table summarizes the major components of debt at each balance sheet date (in millions) and provides the maturities and interest rate ranges of each major category as of September 30, 2014: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
U.S. revolving credit facility, maturing July 2018 (weighted average interest rate of 1.2% at September 30, 2014 and December 31, 2013) | $ | 585 | $ | 420 | |||||
Letter of credit facilities, maturing through December 2016 | — | — | |||||||
Canadian credit facility and term loan, maturing November 2017 (weighted average effective interest rate of 2.6% at September 30, 2014 and 2.7% at December 31, 2013) | 277 | 414 | |||||||
Senior notes maturing through 2039, interest rates ranging from 2.60% to 7.75% (weighted average interest rate of 5.7% at September 30, 2014 and December 31, 2013) | 6,276 | 6,287 | |||||||
Tax-exempt bonds, maturing through 2045, fixed and variable interest rates ranging from 0.05% to 5.7% (weighted average interest rate of 2.1% at September 30, 2014 and 2.3% at December 31, 2013) | 2,627 | 2,664 | |||||||
Capital leases and other, maturing through 2055, interest rates up to 12% | 399 | 441 | |||||||
10,164 | 10,226 | ||||||||
Current portion of long-term debt | 1,141 | 726 | |||||||
$ | 9,023 | $ | 9,500 | ||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Fair Values of Derivative Instruments Recorded in Balance Sheet | ' | ||||||||||
The following table summarizes the fair values of derivative instruments recorded in our Condensed Consolidated Balance Sheet (in millions): | |||||||||||
Derivatives Designated as Hedging Instruments | Balance Sheet Location | September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||||
Foreign currency derivatives | Long-term other assets | $ | 15 | $ | 2 | ||||||
Total derivative assets | $ | 15 | $ | 2 | |||||||
Electricity commodity derivatives(a) | Current accrued liabilities | $ | 2 | $ | 3 | ||||||
Foreign currency derivatives | Current accrued liabilities | 3 | — | ||||||||
Interest rate derivatives | Current accrued liabilities | — | 28 | ||||||||
Total derivative liabilities | $ | 5 | $ | 31 | |||||||
(a) | The amount reported as of September 30, 2014 is reflected in “Businesses held-for-sale” in our Condensed Consolidated Balance Sheet due to the pending sale of our Wheelabrator business. Refer to Note 9 for additional information. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Common Share Data Used for 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Number of common shares outstanding at end of period | 457.9 | 469.2 | 457.9 | 469.2 | |||||||||||||
Effect of using weighted average common shares outstanding | 2.9 | 0.1 | 6.1 | (1.5 | ) | ||||||||||||
Weighted average basic common shares outstanding | 460.8 | 469.3 | 464 | 467.7 | |||||||||||||
Dilutive effect of equity-based compensation awards and other contingently issuable shares | 2.8 | 1.9 | 2.4 | 1.5 | |||||||||||||
Weighted average diluted common shares outstanding | 463.6 | 471.2 | 466.4 | 469.2 | |||||||||||||
Potentially issuable shares | 12.4 | 12.9 | 12.4 | 12.9 | |||||||||||||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 0.4 | 0.5 | 0.7 | 0.5 |
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
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 | Revenues | Operations(a) | ||||||||||||||
Three Months Ended: | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Solid Waste: | |||||||||||||||||
Tier 1 | $ | 895 | $ | (138 | ) | $ | 757 | $ | 230 | ||||||||
Tier 2 | 1,662 | (307 | ) | 1,355 | 349 | ||||||||||||
Tier 3 | 910 | (147 | ) | 763 | 169 | ||||||||||||
Solid Waste | 3,467 | (592 | ) | 2,875 | 748 | ||||||||||||
Wheelabrator | 205 | (28 | ) | 177 | 48 | ||||||||||||
Other | 566 | (16 | ) | 550 | (10 | ) | |||||||||||
4,238 | (636 | ) | 3,602 | 786 | |||||||||||||
Corporate and Other | — | — | — | (240 | ) | ||||||||||||
Total | $ | 4,238 | $ | (636 | ) | $ | 3,602 | $ | 546 | ||||||||
September 30, 2013 | |||||||||||||||||
Solid Waste: | |||||||||||||||||
Tier 1 | $ | 898 | $ | (140 | ) | $ | 758 | $ | 224 | ||||||||
Tier 2 | 1,670 | (311 | ) | 1,359 | 347 | ||||||||||||
Tier 3 | 940 | (157 | ) | 783 | 148 | ||||||||||||
Solid Waste | 3,508 | (608 | ) | 2,900 | 719 | ||||||||||||
Wheelabrator | 214 | (29 | ) | 185 | 39 | ||||||||||||
Other | 561 | (25 | ) | 536 | (31 | ) | |||||||||||
4,283 | (662 | ) | 3,621 | 727 | |||||||||||||
Corporate and Other | — | — | — | (150 | ) | ||||||||||||
Total | $ | 4,283 | $ | (662 | ) | $ | 3,621 | $ | 577 | ||||||||
Nine Months Ended: | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Solid Waste: | |||||||||||||||||
Tier 1 | $ | 2,630 | $ | (405 | ) | $ | 2,225 | $ | 671 | ||||||||
Tier 2 | 4,814 | (885 | ) | 3,929 | 968 | ||||||||||||
Tier 3 | 2,668 | (433 | ) | 2,235 | 442 | ||||||||||||
Solid Waste | 10,112 | (1,723 | ) | 8,389 | 2,081 | ||||||||||||
Wheelabrator | 641 | (80 | ) | 561 | 102 | ||||||||||||
Other | 1,664 | (55 | ) | 1,609 | (57 | ) | |||||||||||
12,417 | (1,858 | ) | 10,559 | 2,126 | |||||||||||||
Corporate and Other | — | — | — | (579 | ) | ||||||||||||
Total | $ | 12,417 | $ | (1,858 | ) | $ | 10,559 | $ | 1,547 | ||||||||
September 30, 2013 | |||||||||||||||||
Solid Waste: | |||||||||||||||||
Tier 1 | $ | 2,632 | $ | (417 | ) | $ | 2,215 | $ | 652 | ||||||||
Tier 2 | 4,827 | (899 | ) | 3,928 | 970 | ||||||||||||
Tier 3 | 2,637 | (424 | ) | 2,213 | 388 | ||||||||||||
Solid Waste | 10,096 | (1,740 | ) | 8,356 | 2,010 | ||||||||||||
Wheelabrator | 634 | (83 | ) | 551 | 52 | ||||||||||||
Other | 1,649 | (73 | ) | 1,576 | (99 | ) | |||||||||||
12,379 | (1,896 | ) | 10,483 | 1,963 | |||||||||||||
Corporate and Other | — | — | — | (474 | ) | ||||||||||||
Total | $ | 12,379 | $ | (1,896 | ) | $ | 10,483 | $ | 1,489 | ||||||||
(a) | In accordance with authoritative guidance, the Company suspends depreciation and amortization on the underlying assets of operations classified as held-for-sale. Accordingly, we suspended $10 million of depreciation and amortization for both the three and nine months ended September 30, 2014 on assets of our Wheelabrator business upon signing the Stock Purchase Agreement discussed in Note 9. |
Acquisitions_Divestitures_and_1
Acquisitions, Divestitures and Businesses Held-for-Sale (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Purchase Price Allocation | ' | ||||||||
The following table presents the final allocation of the purchase price for RCI (in millions): | |||||||||
September 30, | |||||||||
2014 | |||||||||
Accounts and other receivables | $ | 32 | |||||||
Property and equipment | 117 | ||||||||
Goodwill | 191 | ||||||||
Other intangible assets | 169 | ||||||||
Deferred revenues | (4 | ) | |||||||
Landfill and environmental remediation liabilities | (1 | ) | |||||||
Deferred income taxes, net | (14 | ) | |||||||
Long-term debt, less current portion | (3 | ) | |||||||
Total purchase price | $ | 487 | |||||||
Allocation Purchase Price Intangible Assets | ' | ||||||||
The following table presents the final allocation of the purchase price for RCI to other intangible assets (amounts in millions, except for amortization periods): | |||||||||
RCI | |||||||||
Amount | Weighted | ||||||||
Average | |||||||||
Amortization | |||||||||
Periods | |||||||||
(in Years) | |||||||||
Customer relationships | $ | 162 | 15 | ||||||
Trade name | 7 | 5 | |||||||
Total other intangible assets subject to amortization | $ | 169 | 14.6 | ||||||
Pro Forma Consolidated Results of Operations | ' | ||||||||
The following pro forma consolidated results of operations have been prepared as if the acquisitions of Greenstar and RCI occurred at January 1, 2013 (in millions, except per share amounts): | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, 2013 | September 30, 2013 | ||||||||
Operating revenues | $ | 3,623 | $ | 10,585 | |||||
Net income attributable to Waste Management, Inc. | 291 | 704 | |||||||
Basic earnings per common share | 0.62 | 1.51 | |||||||
Diluted earnings per common share | 0.62 | 1.5 | |||||||
Businesses Held-for-Sale | ' | ||||||||
The following table presents the carrying amounts of Wheelabrator assets and liabilities that have been aggregated in “Businesses held-for-sale” as of September 30, 2014 (in millions): | |||||||||
September 30, | |||||||||
2014 | |||||||||
Accounts and other receivables | $ | 94 | |||||||
Parts and supplies | 60 | ||||||||
Deferred income taxes | 3 | ||||||||
Other assets | 14 | ||||||||
Total current assets | 171 | ||||||||
Property and equipment | 1,151 | ||||||||
Goodwill | 304 | ||||||||
Other intangible assets | 3 | ||||||||
Other assets | 223 | ||||||||
Total assets | $ | 1,852 | |||||||
Accounts payable | $ | 20 | |||||||
Accrued liabilities | 29 | ||||||||
Deferred revenues | 1 | ||||||||
Current portion of long-term debt | 2 | ||||||||
Total current liabilities | 52 | ||||||||
Long-term debt, less current portion | 12 | ||||||||
Deferred income taxes | 271 | ||||||||
Landfill and environmental remediation liabilities | 17 | ||||||||
Other liabilities | 17 | ||||||||
Total liabilities | $ | 369 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Component of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
The changes in the balances of each component of accumulated other comprehensive 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 debits to accumulated other comprehensive income): | |||||||||||||||||||||
Derivative | Available- | Foreign | Post- | Total | |||||||||||||||||
Instruments | for-Sale | Currency | Retirement | ||||||||||||||||||
Securities | Translation | Benefit | |||||||||||||||||||
Adjustments | Plans | ||||||||||||||||||||
Balance, December 31, 2013 | $ | (62 | ) | $ | 6 | $ | 208 | $ | 2 | $ | 154 | ||||||||||
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(2), $4, $0 and $0, respectively | (3 | ) | 5 | (63 | ) | — | (61 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax (expense) benefit of $1, $0, $0 and $0, respectively | 1 | — | (17 | ) | — | (16 | ) | ||||||||||||||
Net current period other comprehensive income (loss) | (2 | ) | 5 | (80 | ) | — | (77 | ) | |||||||||||||
Balance, September 30, 2014 | $ | (64 | ) | $ | 11 | $ | 128 | $ | 2 | $ | 77 | ||||||||||
Other Comprehensive Income (Loss) Before Reclassifications Associated With Cash Flow Derivative Instruments | ' | ||||||||||||||||||||
The amounts of other comprehensive income (loss) before reclassifications associated with our cash flow derivative instruments are as follows (in millions): | |||||||||||||||||||||
Amount of Derivative Gain (Loss) | |||||||||||||||||||||
Recognized in OCI (Effective Portion) | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
Derivatives Designated as Cash Flow Hedges | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Forward-starting interest rate swaps | $ | — | $ | (1 | ) | $ | (8 | ) | $ | 11 | |||||||||||
Foreign currency derivatives | 13 | (8 | ) | 11 | 11 | ||||||||||||||||
Electricity commodity derivatives | — | — | (8 | ) | (6 | ) | |||||||||||||||
Total before tax | 13 | (9 | ) | (5 | ) | 16 | |||||||||||||||
Tax (expense) benefit | (5 | ) | 4 | 2 | (6 | ) | |||||||||||||||
Net of tax | $ | 8 | $ | (5 | ) | $ | (3 | ) | $ | 10 | |||||||||||
Reclassification of Component of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
The significant amounts reclassified out of each component of accumulated other comprehensive income are as follows (in millions, with amounts in parentheses representing debits to the statement of operations classification): | |||||||||||||||||||||
Amount Reclassified from | Statement of | ||||||||||||||||||||
Accumulated Other | Operations Classification | ||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
Detail About Accumulated Other | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Comprehensive Income Components | |||||||||||||||||||||
Gains and losses on cash flow hedges: | |||||||||||||||||||||
Forward-starting interest rate swaps | $ | (3 | ) | $ | (2 | ) | $ | (8 | ) | $ | (6 | ) | Interest expense | ||||||||
Treasury rate locks | — | — | (1 | ) | (1 | ) | Interest expense | ||||||||||||||
Foreign currency derivatives | 16 | (9 | ) | 16 | 10 | Other, net | |||||||||||||||
Electricity commodity derivatives | — | — | (9 | ) | (6 | ) | Operating revenues | ||||||||||||||
13 | (11 | ) | (2 | ) | (3 | ) | Total before tax | ||||||||||||||
(5 | ) | 4 | 1 | 1 | Tax (expense) benefit | ||||||||||||||||
Total reclassifications for the period | $ | 8 | $ | (7 | ) | $ | (1 | ) | $ | (2 | ) | Net of tax | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
Our assets and liabilities that are measured at fair value on a recurring basis include the following (in millions): | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
September 30, 2014 Using | |||||||||||||||||
Total | Quoted | Significant | Significant | ||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3)(a) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 73 | $ | 73 | $ | — | $ | — | |||||||||
Fixed-income securities | 37 | — | 37 | — | |||||||||||||
Redeemable preferred stock | 47 | — | — | 47 | |||||||||||||
Foreign currency derivatives | 15 | — | 15 | — | |||||||||||||
Total assets | $ | 172 | $ | 73 | $ | 52 | $ | 47 | |||||||||
Liabilities: | |||||||||||||||||
Electricity commodity derivatives(b) | $ | 2 | $ | — | $ | 2 | $ | — | |||||||||
Foreign currency derivatives | 3 | — | 3 | — | |||||||||||||
Total liabilities | $ | 5 | $ | — | $ | 5 | $ | — | |||||||||
Fair Value Measurements at | |||||||||||||||||
December 31, 2013 Using | |||||||||||||||||
Total | Quoted | Significant | Significant | ||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3)(a) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 99 | $ | 99 | $ | — | $ | — | |||||||||
Fixed-income securities | 36 | — | 36 | — | |||||||||||||
Redeemable preferred stock | 25 | — | — | 25 | |||||||||||||
Foreign currency derivatives | 2 | — | 2 | — | |||||||||||||
Total assets | $ | 162 | $ | 99 | $ | 38 | $ | 25 | |||||||||
Liabilities: | |||||||||||||||||
Interest rate derivatives | $ | 28 | $ | — | $ | 28 | $ | — | |||||||||
Electricity commodity derivatives | 3 | — | 3 | — | |||||||||||||
Total liabilities | $ | 31 | $ | — | $ | 31 | $ | — | |||||||||
(a) | Level 3 investments have been measured based on third-party investors’ recent or pending transactions in these securities, which are considered the best evidence of fair value currently available. When this evidence is not available, we use other valuation techniques as appropriate and available. These valuation methodologies may include transactions in similar instruments, discounted cash flow analysis, third-party appraisals or industry multiples and public comparables. The increase in the fair value of our redeemable preferred stock at September 30, 2014 compared to December 31, 2013 is related to (i) $15 million of preferred stock acquired in conjunction with the sale of our Puerto Rico operations and certain other collection and landfill assets, which is discussed in Note 9, and (ii) a $7 million increase in the fair value of the redeemable preferred stock outstanding at December 31, 2013 due to an increase in the price per share established in a recent stock issuance. | ||||||||||||||||
(b) | The amount reported as of September 30, 2014 is reflected in “Businesses held-for-sale” in our Condensed Consolidated Balance Sheet due to the pending sale of substantially all of our Wheelabrator business. Refer to Note 9 for additional information. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
WM | WM | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Holdings | Subsidiaries | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 183 | $ | — | $ | 183 | |||||||||||
Investments in and advances to affiliates(a) | — | 1,216 | — | (1,216 | ) | — | |||||||||||||||
Other current assets(a) | — | 6 | 3,927 | — | 3,933 | ||||||||||||||||
— | 1,222 | 4,110 | (1,216 | ) | 4,116 | ||||||||||||||||
Property and equipment, net | — | — | 10,849 | — | 10,849 | ||||||||||||||||
Investments in and advances to affiliates | 16,669 | 16,400 | 5,292 | (38,361 | ) | — | |||||||||||||||
Other assets | 41 | 28 | 7,177 | — | 7,246 | ||||||||||||||||
Total assets | $ | 16,710 | $ | 17,650 | $ | 27,428 | $ | (39,577 | ) | $ | 22,211 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 946 | $ | — | $ | 195 | $ | — | $ | 1,141 | |||||||||||
Accounts payable and other current liabilities(a) | 68 | 5 | 2,575 | — | 2,648 | ||||||||||||||||
1,014 | 5 | 2,770 | — | 3,789 | |||||||||||||||||
Long-term debt, less current portion | 5,567 | 449 | 3,007 | — | 9,023 | ||||||||||||||||
Due to affiliates | 4,765 | 527 | — | (5,292 | ) | — | |||||||||||||||
Other liabilities | — | — | 3,736 | — | 3,736 | ||||||||||||||||
Total liabilities | 11,346 | 981 | 9,513 | (5,292 | ) | 16,548 | |||||||||||||||
Equity: | |||||||||||||||||||||
Stockholders’ equity | 5,364 | 16,669 | 17,616 | (34,285 | ) | 5,364 | |||||||||||||||
Noncontrolling interests | — | — | 299 | — | 299 | ||||||||||||||||
5,364 | 16,669 | 17,915 | (34,285 | ) | 5,663 | ||||||||||||||||
Total liabilities and equity | $ | 16,710 | $ | 17,650 | $ | 27,428 | $ | (39,577 | ) | $ | 22,211 | ||||||||||
(a) | Amounts reported for Non-Guarantor Subsidiaries include $1.9 billion of assets and $0.4 billion of liabilities associated with our Wheelabrator business, which are reflected in “Businesses held-for-sale” in our Condensed Consolidated Balance Sheet. The related ownership for WM Holdings’ net investment is reported in current assets. Refer to Note 9 for additional information. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS (Continued) | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
WM | Non-Guarantor | ||||||||||||||||||||
WM | Holdings | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 58 | $ | — | $ | 58 | |||||||||||
Other current assets | — | 6 | 2,435 | — | 2,441 | ||||||||||||||||
— | 6 | 2,493 | — | 2,499 | |||||||||||||||||
Property and equipment, net | — | — | 12,344 | — | 12,344 | ||||||||||||||||
Investments in and advances to affiliates(b) | 15,802 | 16,845 | 4,268 | (36,915 | ) | — | |||||||||||||||
Other assets | 42 | 12 | 7,706 | — | 7,760 | ||||||||||||||||
Total assets | $ | 15,844 | $ | 16,863 | $ | 26,811 | $ | (36,915 | ) | $ | 22,603 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 587 | $ | — | $ | 139 | $ | — | $ | 726 | |||||||||||
Accounts payable and other current liabilities | 109 | 13 | 2,166 | — | 2,288 | ||||||||||||||||
696 | 13 | 2,305 | — | 3,014 | |||||||||||||||||
Long-term debt, less current portion | 5,772 | 449 | 3,279 | — | 9,500 | ||||||||||||||||
Due to affiliates(b) | 3,669 | 599 | — | (4,268 | ) | — | |||||||||||||||
Other liabilities | — | — | 4,087 | — | 4,087 | ||||||||||||||||
Total liabilities | 10,137 | 1,061 | 9,671 | (4,268 | ) | 16,601 | |||||||||||||||
Equity: | |||||||||||||||||||||
Stockholders’ equity | 5,707 | 15,802 | 16,845 | (32,647 | ) | 5,707 | |||||||||||||||
Noncontrolling interests | — | — | 295 | — | 295 | ||||||||||||||||
5,707 | 15,802 | 17,140 | (32,647 | ) | 6,002 | ||||||||||||||||
Total liabilities and equity | $ | 15,844 | $ | 16,863 | $ | 26,811 | $ | (36,915 | ) | $ | 22,603 | ||||||||||
(b) | In conjunction with the preparation of our September 30, 2014 Condensed Consolidating Financial Statements, we identified corrections associated with the presentation of affiliate obligations previously reported in WM and WM Holdings’ “Investments in and advances to affiliates”. Accordingly, the 2013 Condensed Consolidating Balance Sheet included herein has been revised. | ||||||||||||||||||||
Condensed Consolidating Statements of Operations | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
WM | WM | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Holdings | Subsidiaries | ||||||||||||||||||||
Operating revenues | $ | — | $ | — | $ | 3,602 | $ | — | $ | 3,602 | |||||||||||
Costs and expenses | — | — | 3,056 | — | 3,056 | ||||||||||||||||
Income from operations | — | — | 546 | — | 546 | ||||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest expense, net | (89 | ) | (8 | ) | (19 | ) | — | (116 | ) | ||||||||||||
Equity in earnings of subsidiaries, net of taxes | 324 | 329 | — | (653 | ) | — | |||||||||||||||
Other, net | — | — | (16 | ) | — | (16 | ) | ||||||||||||||
235 | 321 | (35 | ) | (653 | ) | (132 | ) | ||||||||||||||
Income before income taxes | 235 | 321 | 511 | (653 | ) | 414 | |||||||||||||||
Provision for (benefit from) income taxes | (35 | ) | (3 | ) | 171 | — | 133 | ||||||||||||||
Consolidated net income | 270 | 324 | 340 | (653 | ) | 281 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 11 | — | 11 | ||||||||||||||||
Net income attributable to Waste Management, Inc. | $ | 270 | $ | 324 | $ | 329 | $ | (653 | ) | $ | 270 | ||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
WM | WM | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Holdings | Subsidiaries | ||||||||||||||||||||
Operating revenues | $ | — | $ | — | $ | 3,621 | $ | — | $ | 3,621 | |||||||||||
Costs and expenses | — | — | 3,044 | — | 3,044 | ||||||||||||||||
Income from operations | — | — | 577 | — | 577 | ||||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest expense, net | (88 | ) | (8 | ) | (23 | ) | — | (119 | ) | ||||||||||||
Equity in earnings of subsidiaries, net of taxes | 344 | 349 | — | (693 | ) | — | |||||||||||||||
Other, net | — | — | (6 | ) | — | (6 | ) | ||||||||||||||
256 | 341 | (29 | ) | (693 | ) | (125 | ) | ||||||||||||||
Income before income taxes | 256 | 341 | 548 | (693 | ) | 452 | |||||||||||||||
Provision for (benefit from) income taxes | (35 | ) | (3 | ) | 193 | — | 155 | ||||||||||||||
Consolidated net income | 291 | 344 | 355 | (693 | ) | 297 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 6 | — | 6 | ||||||||||||||||
Net income attributable to Waste Management, Inc. | $ | 291 | $ | 344 | $ | 349 | $ | (693 | ) | $ | 291 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Continued) | |||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
WM | WM | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Holdings | Subsidiaries | ||||||||||||||||||||
Operating revenues | $ | — | $ | — | $ | 10,559 | $ | — | $ | 10,559 | |||||||||||
Costs and expenses | — | (34 | ) | 9,046 | — | 9,012 | |||||||||||||||
Income from operations | — | 34 | 1,513 | — | 1,547 | ||||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest expense, net | (263 | ) | (24 | ) | (65 | ) | — | (352 | ) | ||||||||||||
Equity in earnings of subsidiaries, net of taxes | 867 | 848 | — | (1,715 | ) | — | |||||||||||||||
Other, net | — | — | (43 | ) | — | (43 | ) | ||||||||||||||
604 | 824 | (108 | ) | (1,715 | ) | (395 | ) | ||||||||||||||
Income before income taxes | 604 | 858 | 1,405 | (1,715 | ) | 1,152 | |||||||||||||||
Provision for (benefit from) income taxes | (104 | ) | (9 | ) | 525 | — | 412 | ||||||||||||||
Consolidated net income | 708 | 867 | 880 | (1,715 | ) | 740 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 32 | — | 32 | ||||||||||||||||
Net income attributable to Waste Management, Inc. | $ | 708 | $ | 867 | $ | 848 | $ | (1,715 | ) | $ | 708 | ||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
WM | WM | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Holdings | Subsidiaries | ||||||||||||||||||||
Operating revenues | $ | — | $ | — | $ | 10,483 | $ | — | $ | 10,483 | |||||||||||
Costs and expenses | — | 1 | 8,993 | — | 8,994 | ||||||||||||||||
Income from operations | — | (1 | ) | 1,490 | — | 1,489 | |||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest expense, net | (268 | ) | (24 | ) | (69 | ) | — | (361 | ) | ||||||||||||
Equity in earnings of subsidiaries, net of taxes | 865 | 881 | — | (1,746 | ) | — | |||||||||||||||
Other, net | — | — | (31 | ) | — | (31 | ) | ||||||||||||||
597 | 857 | (100 | ) | (1,746 | ) | (392 | ) | ||||||||||||||
Income before income taxes | 597 | 856 | 1,390 | (1,746 | ) | 1,097 | |||||||||||||||
Provision for (benefit from) income taxes | (106 | ) | (9 | ) | 483 | — | 368 | ||||||||||||||
Consolidated net income | 703 | 865 | 907 | (1,746 | ) | 729 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 26 | — | 26 | ||||||||||||||||
Net income attributable to Waste Management, Inc. | $ | 703 | $ | 865 | $ | 881 | $ | (1,746 | ) | $ | 703 | ||||||||||
Condensed Consolidating Statements of Comprehensive Income | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
WM | WM | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Holdings | Subsidiaries | ||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||
Comprehensive income | $ | 271 | $ | 324 | $ | 281 | $ | (653 | ) | $ | 223 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 11 | — | 11 | ||||||||||||||||
Comprehensive income attributable to Waste Management, Inc. | $ | 271 | $ | 324 | $ | 270 | $ | (653 | ) | $ | 212 | ||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
Comprehensive income | $ | 292 | $ | 344 | $ | 389 | $ | (693 | ) | $ | 332 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 6 | — | 6 | ||||||||||||||||
Comprehensive income attributable to Waste Management, Inc. | $ | 292 | $ | 344 | $ | 383 | $ | (693 | ) | $ | 326 | ||||||||||
WM | WM | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Holdings | Subsidiaries | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
Comprehensive income | $ | 708 | $ | 867 | $ | 803 | $ | (1,715 | ) | $ | 663 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 32 | — | 32 | ||||||||||||||||
Comprehensive income attributable to Waste Management, Inc. | $ | 708 | $ | 867 | $ | 771 | $ | (1,715 | ) | $ | 631 | ||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Comprehensive income | $ | 714 | $ | 865 | $ | 872 | $ | (1,746 | ) | $ | 705 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 26 | — | 26 | ||||||||||||||||
Comprehensive income attributable to Waste Management, Inc. | $ | 714 | $ | 865 | $ | 846 | $ | (1,746 | ) | $ | 679 | ||||||||||
Condensed Consolidating Statements of Cash Flows | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
WM | Non-Guarantor | ||||||||||||||||||||
WM | Holdings | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Consolidated net income | $ | 708 | $ | 867 | $ | 880 | $ | (1,715 | ) | $ | 740 | ||||||||||
Equity in earnings of subsidiaries, net of taxes | (867 | ) | (848 | ) | — | 1,715 | — | ||||||||||||||
Other adjustments | (46 | ) | (8 | ) | 1,125 | — | 1,071 | ||||||||||||||
Net cash provided by (used in) operating activities | (205 | ) | 11 | 2,005 | — | 1,811 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Acquisitions of businesses, net of cash acquired | — | — | (32 | ) | — | (32 | ) | ||||||||||||||
Capital expenditures | — | — | (781 | ) | — | (781 | ) | ||||||||||||||
Proceeds from divestitures of businesses (net of cash divested) and other sales of assets | — | 42 | 277 | — | 319 | ||||||||||||||||
Net receipts from restricted trust and escrow accounts and other, net | — | — | (82 | ) | — | (82 | ) | ||||||||||||||
Net cash provided by (used in) investing activities | — | 42 | (618 | ) | — | (576 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
New borrowings | 2,157 | — | 207 | — | 2,364 | ||||||||||||||||
Debt repayments | (1,995 | ) | — | (397 | ) | — | (2,392 | ) | |||||||||||||
Common stock repurchases | (600 | ) | — | — | — | (600 | ) | ||||||||||||||
Cash dividends | (521 | ) | — | — | — | (521 | ) | ||||||||||||||
Exercise of common stock options | 70 | — | — | — | 70 | ||||||||||||||||
Distributions paid to noncontrolling interests and other | 3 | — | (31 | ) | — | (28 | ) | ||||||||||||||
(Increase) decrease in intercompany and investments, net | 1,091 | (53 | ) | (1,038 | ) | — | — | ||||||||||||||
Net cash provided by (used in) financing activities | 205 | (53 | ) | (1,259 | ) | — | (1,107 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (3 | ) | — | (3 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | — | — | 125 | — | 125 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 58 | — | 58 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 183 | $ | — | $ | 183 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Continued) | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
WM | Non-Guarantor | ||||||||||||||||||||
WM | Holdings | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Consolidated net income | $ | 703 | $ | 865 | $ | 907 | $ | (1,746 | ) | $ | 729 | ||||||||||
Equity in earnings of subsidiaries, net of taxes | (865 | ) | (881 | ) | — | 1,746 | — | ||||||||||||||
Other adjustments | (19 | ) | (8 | ) | 1,156 | — | 1,129 | ||||||||||||||
Net cash provided by (used in) operating activities | (181 | ) | (24 | ) | 2,063 | — | 1,858 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Acquisitions of businesses, net of cash acquired | — | — | (698 | ) | — | (698 | ) | ||||||||||||||
Capital expenditures | — | — | (824 | ) | — | (824 | ) | ||||||||||||||
Proceeds from divestitures of businesses (net of cash divested) and other sales of assets | — | — | 113 | — | 113 | ||||||||||||||||
Net receipts from restricted trust and escrow accounts and other, net | — | — | (23 | ) | — | (23 | ) | ||||||||||||||
Net cash provided by (used in) investing activities | — | — | (1,432 | ) | — | (1,432 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
New borrowings | 615 | — | 1,042 | — | 1,657 | ||||||||||||||||
Debt repayments | (875 | ) | — | (808 | ) | — | (1,683 | ) | |||||||||||||
Cash dividends | (512 | ) | — | — | — | (512 | ) | ||||||||||||||
Exercise of common stock options | 116 | — | — | — | 116 | ||||||||||||||||
Distributions paid to noncontrolling interests and other | 12 | — | (49 | ) | — | (37 | ) | ||||||||||||||
(Increase) decrease in intercompany and investments, net | 765 | 24 | (789 | ) | — | — | |||||||||||||||
Net cash provided by (used in) financing activities | 121 | 24 | (604 | ) | — | (459 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (4 | ) | — | (4 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | (60 | ) | — | 23 | — | (37 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 60 | — | 134 | — | 194 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 157 | $ | — | $ | 157 | |||||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Areas | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of geographical areas | 17 |
Landfill_and_Environmental_Rem2
Landfill and Environmental Remediation Liabilities - Liabilities for Landfill and Environmental Remediation Costs (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Site Contingency [Line Items] | ' | ' | ' |
Total, Environmental Remediation | $231 | ' | ' |
Current (in accrued liabilities) | 125 | 130 | ' |
Long-term | 1,535 | 1,518 | ' |
Total | 1,660 | 1,648 | ' |
Landfill Liabilities [Member] | ' | ' | ' |
Site Contingency [Line Items] | ' | ' | ' |
Current (in accrued liabilities), Landfill | 88 | 95 | ' |
Long-term, Landfill | 1,341 | 1,326 | ' |
Total, Landfill | 1,429 | 1,421 | 1,338 |
Environmental Remediation Liabilities [Member] | ' | ' | ' |
Site Contingency [Line Items] | ' | ' | ' |
Current (in accrued liabilities), Environmental Remediation | 37 | 35 | ' |
Long-term, Environmental Remediation | 194 | 192 | ' |
Total, Environmental Remediation | $231 | $227 | $253 |
Landfill_and_Environmental_Rem3
Landfill and Environmental Remediation Liabilities - Changes to Landfill and Environmental Remediation Liabilities (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Landfill Liabilities [Member] | Landfill Liabilities [Member] | Environmental Remediation Liabilities [Member] | Environmental Remediation Liabilities [Member] | |||
Environmental Exit Cost [Line Items] | ' | ' | ' | ' | ' | ' |
Beginning balance, landfill | ' | ' | $1,421 | $1,338 | ' | ' |
Beginning balance, environmental remediation | ' | ' | ' | ' | 227 | 253 |
Obligations incurred and capitalized | ' | ' | 40 | 59 | ' | ' |
Obligations settled | ' | ' | -47 | -71 | ' | ' |
Obligations settled | ' | ' | ' | ' | -14 | -20 |
Interest accretion | -65 | -65 | 65 | 87 | ' | ' |
Interest accretion | ' | ' | ' | ' | 4 | 4 |
Revisions in estimates and interest rate assumptions | ' | ' | -11 | 6 | ' | ' |
Revisions in estimates and interest rate assumptions | ' | ' | ' | ' | 14 | -6 |
Acquisitions, divestitures and other adjustments | ' | ' | -39 | 2 | ' | ' |
Acquisitions, divestitures and other adjustments | ' | ' | ' | ' | ' | -4 |
Ending balance, landfill | ' | ' | 1,429 | 1,421 | ' | ' |
Ending balance, environmental remediation | $231 | ' | ' | ' | $231 | $227 |
Landfill_and_Environmental_Rem4
Landfill and Environmental Remediation Liabilities - Changes to Landfill and Environmental Remediation Liabilities (Parenthetical) (Detail) (Wheelabrator [Member], Landfill Liabilities [Member], USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Wheelabrator [Member] | Landfill Liabilities [Member] | ' |
Environmental Exit Cost [Line Items] | ' |
Reduction in landfill liabilities related to business held-for-sale | ($18) |
Debt_Components_of_Debt_Detail
Debt - Components of Debt (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Credit facility | $10,164 | $10,226 |
Current portion of long-term debt | 1,141 | 726 |
Long-term debt, less current portion | 9,023 | 9,500 |
U.S. Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit facility | 585 | 420 |
Letter of Credit Facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit facility | 0 | ' |
Canadian Credit Facility and Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit facility | 277 | 414 |
Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit facility | 6,276 | 6,287 |
Tax-exempt Bonds [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit facility | 2,627 | 2,664 |
Capital Leases and Other [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit facility | $399 | $441 |
Debt_Components_of_Debt_Parent
Debt - Components of Debt (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Weighted average interest rate | 5.70% | 5.70% |
Interest rate lower range | 2.60% | ' |
Interest rate upper range | 7.75% | ' |
End period of maturity for debt instrument | 30-Nov-39 | ' |
Tax-exempt Bonds [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Weighted average interest rate | 2.10% | 2.30% |
Interest rate lower range | 0.05% | ' |
Interest rate upper range | 5.70% | ' |
End period of maturity for debt instrument | 1-Aug-45 | ' |
Capital Leases and Other [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate upper range | 12.00% | ' |
End period of maturity for debt instrument | 31-Dec-55 | ' |
U.S. Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Weighted average interest rate | 1.20% | 1.20% |
End period of maturity for debt instruments | 26-Jul-18 | ' |
Standby Letters of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
End period of maturity for debt instruments | 31-Dec-16 | ' |
Canadian Credit Facility and Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Weighted average interest rate | 2.60% | 2.70% |
End period of maturity for debt instruments | 7-Nov-17 | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | USD ($) | USD ($) | 5.0% Senior Notes Due March 2014 [Member] | 3.5% Senior Notes Due May 15 2024 [Member] | 6.375% Senior Notes Due in March 2015 [Member] | Tax-exempt Bonds [Member] | Tax-exempt Bonds [Member] | Canadian Credit Facility Term Loan [Member] | U.S. Revolving Credit Facility [Member] | U.S. Revolving Credit Facility [Member] | Letter of Credit Facilities [Member] | Letter of Credit Facilities [Member] | Canadian Credit Facility and Term Loan [Member] | Canadian Credit Facility and Term Loan [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | Wheelabrator [Member] | CAD | USD ($) | Canadian Credit Facility [Member] | USD ($) | Canadian Credit Facility [Member] | USD ($) | CAD | |||
USD ($) | CAD | CAD | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturing within twelve months | $500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of senior notes | ' | ' | 5.00% | 3.50% | 6.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax-exempt bonds, current | ' | ' | ' | ' | ' | 80 | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowing under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | 585 | ' | 1,300 | ' | ' | ' |
Credit Facility, aggregate capacity | 2,250 | ' | ' | ' | ' | ' | ' | ' | 2,250 | 150 | 2,650 | 50 | ' | ' |
Tax exempt debt | ' | ' | ' | ' | ' | ' | 56 | ' | ' | ' | ' | ' | ' | ' |
Tax-exempt bonds subject to re-pricing within next 12 months | 563 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturing within twelve months classified as long-term | 563 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current debt obligations | 1,141 | 726 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable-rate tax-exempt bonds | ' | ' | ' | ' | ' | 521 | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit outstanding revolving credit facility | ' | ' | ' | ' | ' | ' | ' | 0 | 868 | ' | ' | ' | ' | ' |
Unused and available credit capacity | 797 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term credit, maturity date | ' | ' | ' | ' | ' | ' | ' | '2017-11 | ' | ' | ' | ' | ' | ' |
Net borrowings (repayments) under credit facility | ' | ' | 350 | ' | ' | ' | ' | ' | 165 | ' | ' | ' | 120 | 130 |
Debt instrument face amount | ' | ' | ' | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | 15-May-24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from debt net of Issuance costs | ' | ' | ' | 347 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of tax exempt bonds | ' | ' | ' | ' | ' | $37 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Fair Values of Derivative Instruments Recorded in Balance Sheet (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets designated as hedging instruments | $15 | $2 |
Derivative liabilities designated as hedging instruments | 5 | 31 |
Long-term other assets [Member] | Foreign currency derivatives[Member] | Cash Flow Hedging [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign currency derivatives | 15 | 2 |
Current accrued liabilities [Member] | Foreign currency derivatives[Member] | Cash Flow Hedging [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign currency derivatives | 3 | ' |
Current accrued liabilities [Member] | Electricity Commodity Derivatives [Member] | Cash Flow Hedging [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Electricity commodity derivatives | 2 | 3 |
Current accrued liabilities [Member] | Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate derivatives | ' | $28 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 |
Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Electricity Commodity Derivatives [Member] | Electricity Commodity Derivatives [Member] | Electricity Commodity Derivatives [Member] | Electricity Commodity Derivatives [Member] | Electricity Commodity Derivatives [Member] | Electricity Commodity Derivatives [Member] | ||
Fair Value Hedge [Member] | Fair Value Hedge [Member] | Fair Value Hedge [Member] | Fair Value Hedge [Member] | Fair Value Hedge [Member] | Fair Value Hedge [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | MWh | Forecast [Member] | ||||||
USD ($) | USD ($) | Swap One [Member] | Swap One [Member] | Swap Two [Member] | Swap Two [Member] | USD ($) | USD ($) | USD ($) | CAD | October 31, 2016 [Member] | October 31, 2017 [Member] | October 31, 2018 [Member] | MWh | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | CAD | CAD | CAD | ||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in carrying value of debt instruments from fair value hedge accounting for interest rate swaps | ' | $48 | $59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of derivatives | ' | ' | ' | 3 | 5 | 11 | 15 | 175 | ' | ' | 370 | 70 | 150 | 150 | ' | ' | ' | ' | ' | ' |
Cash received (paid) for termination of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | -36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum term of cash flow hedges | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred losses, net of taxes, related to cash flow hedges included in accumulated other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 51 | 34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred losses scheduled to be reclassified out of accumulated other comprehensive into interest expense over next 12 months, pre-tax | ' | ' | ' | ' | ' | ' | ' | ' | $11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity year | '2024 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merchant electricity sales hedged or expected to be hedged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,730,000 | 480,000 |
Percentage of merchant electricity sales hedged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 57.00% | 16.00% | 55.00% | 56.00% | ' |
Expected percentage of merchant electricity sales hedged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.00% |
Income_Taxes_Additional_inform
Income Taxes - Additional information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
Effective tax rate | 32.10% | 34.30% | 35.70% | 33.60% | ' |
Equity in net losses of unconsolidated entities | $14 | $3 | $36 | $19 | ' |
Percentage of qualifying capital expenditures on property depreciated immediately | ' | ' | ' | ' | 50.00% |
Investment in Refined Coal Facility [Member] | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
Equity in net losses of unconsolidated entities | 1 | 1 | 3 | 4 | ' |
Income tax benefit, including tax credits, from equity method investment | 6 | 5 | 14 | 14 | ' |
Low-Income Housing Properties [Member] | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
Equity in net losses of unconsolidated entities | 6 | 6 | 18 | 18 | ' |
Income tax benefit, including tax credits, from equity method investment | 10 | 11 | 27 | 28 | ' |
Interest expense | 1 | 2 | 4 | 5 | ' |
Tax credits from equity method investment | $7 | $8 | $18 | $19 | ' |
Earnings_Per_Share_Common_Shar
Earnings Per Share - Common Share Data Used for Computing Basic and Diluted Earnings Per Share (Detail) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Number of common shares outstanding at end of period | 457.9 | 469.2 | 457.9 | 469.2 |
Effect of using weighted average common shares outstanding | 2.9 | 0.1 | 6.1 | -1.5 |
Weighted average basic common shares outstanding | 460.8 | 469.3 | 464 | 467.7 |
Dilutive effect of equity-based compensation awards and other contingently issuable shares | 2.8 | 1.9 | 2.4 | 1.5 |
Weighted average diluted common shares outstanding | 463.6 | 471.2 | 466.4 | 469.2 |
Potentially issuable shares | 12.4 | 12.9 | 12.4 | 12.9 |
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 0.4 | 0.5 | 0.7 | 0.5 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Homeowners | |
site | |
Landfill | |
Commitments And Contingencies [Line Items] | ' |
Credit Facility, aggregate capacity | $2,250 |
Term of Guarantees of financial obligations | 'Guarantees of unconsolidated entities' financial obligations maturing through 2020 |
Maximum future payments regarding guarantees of unconsolidated entities financial obligations | 9 |
Approximate number of homeowners' properties adjacent to or near certain of our landfills with agreements guaranteeing market value | 800 |
Number of landfills adjacent to or near homeowners' properties with agreements guaranteeing market value | 20 |
High end estimate of reasonably possible additional losses associated with environmental remediation liabilities | 190 |
Environmental remediation liability | 231 |
Number of sites listed on the EPA's NPL for which we have been notified we are a PRP | 75 |
Number of owned sites listed on the EPA's NPL for which we have been notified we are a PRP | 14 |
Number of non-owned sites listed on the EPA's NPL for which we have been notified we are a PRP | 61 |
Approximate percentage of workforce covered by collective bargaining agreements | 20.00% |
2013 Audit [Member] | ' |
Commitments And Contingencies [Line Items] | ' |
Number of months expected for IRS audit(s) to be completed | '6 months |
2014 Audit [Member] | ' |
Commitments And Contingencies [Line Items] | ' |
Number of months expected for IRS audit(s) to be completed | '18 months |
Central States Pension Plan [Member] | ' |
Commitments And Contingencies [Line Items] | ' |
Estimate of possible loss | 40 |
U.S. Revolving Credit Facility [Member] | ' |
Commitments And Contingencies [Line Items] | ' |
Credit Facility, aggregate capacity | $2,250 |
Segment_and_Related_Informatio2
Segment and Related Information - Additional Information (Detail) (Solid Waste [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Areas | |
Solid Waste [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of geographical areas | 17 |
Number of reportable segments | 3 |
Segment_and_Related_Informatio3
Segment and Related Information - Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | $3,602 | $3,621 | $10,559 | $10,483 |
Income from operations | 546 | 577 | 1,547 | 1,489 |
Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 4,238 | 4,283 | 12,417 | 12,379 |
Intercompany Operating Revenues [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | -636 | -662 | -1,858 | -1,896 |
Solid Waste: Tier 1 [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 757 | 758 | 2,225 | 2,215 |
Income from operations | 230 | 224 | 671 | 652 |
Solid Waste: Tier 1 [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 895 | 898 | 2,630 | 2,632 |
Solid Waste: Tier 1 [Member] | Intercompany Operating Revenues [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | -138 | -140 | -405 | -417 |
Solid Waste: Tier 2 [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 1,355 | 1,359 | 3,929 | 3,928 |
Income from operations | 349 | 347 | 968 | 970 |
Solid Waste: Tier 2 [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 1,662 | 1,670 | 4,814 | 4,827 |
Solid Waste: Tier 2 [Member] | Intercompany Operating Revenues [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | -307 | -311 | -885 | -899 |
Solid Waste: Tier 3 [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 763 | 783 | 2,235 | 2,213 |
Income from operations | 169 | 148 | 442 | 388 |
Solid Waste: Tier 3 [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 910 | 940 | 2,668 | 2,637 |
Solid Waste: Tier 3 [Member] | Intercompany Operating Revenues [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | -147 | -157 | -433 | -424 |
Solid Waste [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 2,875 | 2,900 | 8,389 | 8,356 |
Income from operations | 748 | 719 | 2,081 | 2,010 |
Solid Waste [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 3,467 | 3,508 | 10,112 | 10,096 |
Solid Waste [Member] | Intercompany Operating Revenues [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | -592 | -608 | -1,723 | -1,740 |
Wheelabrator [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 177 | 185 | 561 | 551 |
Income from operations | 48 | 39 | 102 | 52 |
Wheelabrator [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 205 | 214 | 641 | 634 |
Wheelabrator [Member] | Intercompany Operating Revenues [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | -28 | -29 | -80 | -83 |
Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 550 | 536 | 1,609 | 1,576 |
Income from operations | -10 | -31 | -57 | -99 |
Other [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 566 | 561 | 1,664 | 1,649 |
Other [Member] | Intercompany Operating Revenues [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | -16 | -25 | -55 | -73 |
Operating Group Total [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 3,602 | 3,621 | 10,559 | 10,483 |
Income from operations | 786 | 727 | 2,126 | 1,963 |
Operating Group Total [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | 4,238 | 4,283 | 12,417 | 12,379 |
Operating Group Total [Member] | Intercompany Operating Revenues [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | -636 | -662 | -1,858 | -1,896 |
Corporate and Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' |
Income from operations | -240 | -150 | -579 | -474 |
Corporate and Other [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' |
Corporate and Other [Member] | Intercompany Operating Revenues [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' |
Segment_and_Related_Informatio4
Segment and Related Information - Reportable Segments (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | $329 | $344 | $985 | $1,006 |
Wheelabrator [Member] | Underlying Assets [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | $10 | ' | $10 | ' |
Acquisitions_Divestitures_and_2
Acquisitions, Divestitures and Businesses Held-for-Sale - Additional Information (Detail) | 9 Months Ended | 0 Months Ended | ||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 25, 2014 | Jan. 31, 2013 | Jul. 05, 2013 | Jul. 05, 2013 | Sep. 30, 2014 |
USD ($) | USD ($) | Eastern Canada Area [Member] | Eastern Canada Area [Member] | Puerto Rico Operation and Certain Other Collection and Landfill Assets [Member] | Puerto Rico Operation and Certain Other Collection and Landfill Assets [Member] | Puerto Rico Operation and Certain Other Collection and Landfill Assets [Member] | Wheelabrator [Member] | Greenstar LLC [Member] | RCI Environnement Inc [Member] | RCI Environnement Inc [Member] | RCI Environnement Inc [Member] | |
USD ($) | Cash [Member] | USD ($) | Cash [Member] | Preferred Stock [Member] | USD ($) | USD ($) | USD ($) | CAD | USD ($) | |||
USD ($) | USD ($) | USD ($) | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition cost of acquired entity | $32 | $698 | ' | ' | ' | ' | ' | ' | $170 | $481 | 509 | ' |
Additional consideration payable | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ' | ' |
Additional consideration guaranteed amount | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' |
Estimated fair value of liability for additional cash payments related to acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | 16 | ' | ' | ' |
Contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' |
Purchase price allocation to goodwill | ' | ' | ' | ' | ' | ' | ' | ' | 122 | ' | ' | 191 |
Total consideration, net of cash acquired, for business acquisitions closed during the year | ' | ' | ' | ' | ' | ' | ' | ' | ' | 487 | 515 | ' |
Proceeds from divestiture of business | ' | ' | ' | 39 | 80 | 65 | 15 | 1,940 | ' | ' | ' | ' |
Gain (loss) on sale of business | ' | ' | $18 | ' | ($26) | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Divestitures_and_3
Acquisitions, Divestitures and Businesses Held-for-Sale - Purchase Price Allocation (Detail) (RCI Environnement Inc [Member], USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
RCI Environnement Inc [Member] | ' |
Business Acquisition [Line Items] | ' |
Accounts and other receivables | $32 |
Property and equipment | 117 |
Goodwill | 191 |
Other intangible assets | 169 |
Deferred revenues | -4 |
Landfill and environmental remediation liabilities | -1 |
Deferred income taxes, net | -14 |
Long-term debt, less current portion | -3 |
Total purchase price | $487 |
Acquisitions_Divestitures_and_4
Acquisitions, Divestitures and Businesses Held-for-Sale - Preliminary Purchase Price Allocation of Other Intangible Assets (Detail) (RCI Environnement Inc [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Total intangible assets subject to amortization | $169 |
Total other intangible assets subject to amortization, Weighted average amortization period | '14 years 7 months 6 days |
Customer Relationships [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Total intangible assets subject to amortization | 162 |
Total other intangible assets subject to amortization, Weighted average amortization period | '15 years |
Trade Name [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Total intangible assets subject to amortization | $7 |
Total other intangible assets subject to amortization, Weighted average amortization period | '5 years |
Acquisitions_Divestitures_and_5
Acquisitions, Divestitures and Businesses Held-for-Sale - ProForma Consolidated Results of Operations (Detail) (Greenstar LLC [Member], RCI Environnement Inc [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Greenstar LLC [Member] | RCI Environnement Inc [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Operating revenues | $3,623 | $10,585 |
Net income attributable to Waste Management, Inc. | $291 | $704 |
Basic earnings per common share | $0.62 | $1.51 |
Diluted earnings per common share | $0.62 | $1.50 |
Acquisitions_Divestitures_and_6
Acquisitions, Divestitures and Businesses Held-for-Sale - Businesses Held-for-Sale (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Summary Of Assets And Liabilities Held For Sale [Line Items] | ' | ' |
Total assets | $1,852 | $23 |
Total liabilities | 369 | ' |
Wheelabrator [Member] | ' | ' |
Summary Of Assets And Liabilities Held For Sale [Line Items] | ' | ' |
Accounts and other receivables | 94 | ' |
Parts and supplies | 60 | ' |
Deferred income taxes | 3 | ' |
Other assets | 14 | ' |
Total current assets | 171 | ' |
Property and equipment | 1,151 | ' |
Goodwill | 304 | ' |
Other intangible assets | 3 | ' |
Other assets | 223 | ' |
Total assets | 1,852 | ' |
Accounts payable | 20 | ' |
Accrued liabilities | 29 | ' |
Deferred revenues | 1 | ' |
Current portion of long-term debt | 2 | ' |
Total current liabilities | 52 | ' |
Long-term debt, less current portion | 12 | ' |
Deferred income taxes | 271 | ' |
Landfill and environmental remediation liabilities | 17 | ' |
Other liabilities | 17 | ' |
Total liabilities | $369 | ' |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 21 Months Ended | |||
In Millions, unless otherwise specified | Aug. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Employees | 2012 Restructuring [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of employee positions eliminated | 650 | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax restructuring charges | ' | $67 | $3 | $69 | $13 | $13 | ' | ' | ' |
Pre-tax restructuring charges associated with this reorganization related to employee severance and benefit costs | ' | ' | ' | ' | ' | 6 | 61 | ' | ' |
Total restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | 71 |
Employee severance and benefit cost payments through the balance sheet date | ' | ' | ' | ' | ' | ' | ' | 19 | ' |
Remaining employee severance payable through our restructuring efforts | ' | ' | ' | ' | ' | ' | $48 | $48 | $48 |
Completion date of restructuring activities | ' | ' | ' | ' | ' | ' | ' | 31-Dec-16 | ' |
Asset_Impairments_and_Unusual_1
Asset Impairments and Unusual Items - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
Noncontrolling Interests [Member] | Investment in Waste Diversion Technology Company [Member] | Landfill Liabilities [Member] | Investment in Waste Diversion Technology Company [Member] | Investment in Waste Diversion Technology Company [Member] | Waste-to-Energy Facilities [Member] | Wheelabrator [Member] | Waste Diversion Technology Companies [Member] | Waste Diversion Technology Companies [Member] | Puerto Rico Operation and Certain Other Collection and Landfill Assets [Member] | Waste Processing Facility [Member] | ||||||
Noncontrolling Interests [Member] | ||||||||||||||||
Income Expense From Divestitures Asset Impairments And Unusual Items [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Income) expense from divestitures, asset impairments and unusual items, gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $39 | ' |
Gain (loss) on sale of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26 | ' |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | 14 | ' | ' | ' | 12 |
Gain on sale of Landfill and Collection | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | ' | ' |
(Income) expense from divestitures, asset impairments and unusual items | -16 | ' | 23 | 21 | 38 | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' |
Consolidated net income | 281 | ' | 297 | 740 | 729 | 32 | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' |
Impairment charges | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from divestitures of businesses and other assets (net of cash divested) | ' | 155 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge relating to decline in value of investment accounted under cost method | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' |
Cost-method Investments, Realized Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4 | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Component of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning balance | ' | ' | $154 | ' |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | -61 | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | ' | ' | -16 | ' |
Other comprehensive income (loss), net of taxes | -58 | 35 | -77 | -24 |
Accumulated Other Comprehensive Income (Loss), Ending balance | 77 | ' | 77 | ' |
Derivative Instruments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning balance | ' | ' | -62 | ' |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | -3 | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | ' | ' | 1 | ' |
Other comprehensive income (loss), net of taxes | ' | ' | -2 | ' |
Accumulated Other Comprehensive Income (Loss), Ending balance | -64 | ' | -64 | ' |
Available-for-Sale Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning balance | ' | ' | 6 | ' |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | 5 | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | ' | ' | 0 | ' |
Other comprehensive income (loss), net of taxes | ' | ' | 5 | ' |
Accumulated Other Comprehensive Income (Loss), Ending balance | 11 | ' | 11 | ' |
Foreign Currency Translation Adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning balance | ' | ' | 208 | ' |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | -63 | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | ' | ' | -17 | ' |
Other comprehensive income (loss), net of taxes | ' | ' | -80 | ' |
Accumulated Other Comprehensive Income (Loss), Ending balance | 128 | ' | 128 | ' |
Post - Retirement Benefit Plans [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning balance | ' | ' | 2 | ' |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | 0 | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | ' | ' | 0 | ' |
Other comprehensive income (loss), net of taxes | ' | ' | 0 | ' |
Accumulated Other Comprehensive Income (Loss), Ending balance | $2 | ' | $2 | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Component of Accumulated Other Comprehensive Income (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss), tax | $5 | ($4) | ($2) | $6 |
Derivative Instruments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss), tax | ' | ' | -2 | ' |
Amounts reclassified from accumulated other comprehensive income, tax | ' | ' | 1 | ' |
Available-for-Sale Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss), tax | ' | ' | 4 | ' |
Amounts reclassified from accumulated other comprehensive income, tax | ' | ' | 0 | ' |
Foreign Currency Translation Adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss), tax | ' | ' | 0 | ' |
Amounts reclassified from accumulated other comprehensive income, tax | ' | ' | 0 | ' |
Post - Retirement Benefit Plans [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss), tax | ' | ' | 0 | ' |
Amounts reclassified from accumulated other comprehensive income, tax | ' | ' | $0 | ' |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income - Other Comprehensive Income (Loss) Before Reclassifications Associated With Cash Flow Derivative Instruments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss) on derivatives before tax | $13 | ($9) | ($5) | $16 |
Tax (expense) benefit | -5 | 4 | 2 | -6 |
Net of tax | 8 | -5 | -3 | 10 |
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss) on derivatives before tax | 0 | -1 | -8 | 11 |
Foreign Currency Derivatives [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss) on derivatives before tax | 13 | -8 | 11 | 11 |
Electricity Commodity Derivatives [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss) on derivatives before tax | $0 | $0 | ($8) | ($6) |
Accumulated_Other_Comprehensiv5
Accumulated Other Comprehensive Income - Reclassification of Component of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Other, net | ($2) | ($3) | ($7) | ($12) |
Operating revenues | 3,602 | 3,621 | 10,559 | 10,483 |
Gains and losses on cash flow hedges, Tax (expense) benefit | -133 | -155 | -412 | -368 |
Consolidated net income | 281 | 297 | 740 | 729 |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gains and losses on cash flow hedges, total before tax | 13 | -11 | -2 | -3 |
Gains and losses on cash flow hedges, Tax (expense) benefit | -5 | 4 | 1 | 1 |
Consolidated net income | 8 | -7 | -1 | -2 |
Interest Rate Swaps [Member] | Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest expense | -3 | -2 | -8 | -6 |
Treasury Rate Locks [Member] | Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest expense | 0 | 0 | -1 | -1 |
Foreign Currency Derivatives [Member] | Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Other, net | 16 | -9 | 16 | 10 |
Electricity Commodity Derivatives [Member] | Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Operating revenues | $0 | $0 | ($9) | ($6) |
Share_Repurchases_Additional_I
Share Repurchases - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
U.S. Revolving Credit Facility [Member] | Share Repurchase Program [Member] | Accelerated Share Repurchase Agreement (ASR) [Member] | Accelerated Share Repurchase Agreement (ASR) [Member] | ||
Bank | U.S. Revolving Credit Facility [Member] | ||||
Share Repurchases [Line Items] | ' | ' | ' | ' | ' |
Maximum capital allocated for repurchases of shares | ' | ' | $600 | $600 | ' |
Credit Facility, aggregate capacity | 2,250 | 2,250 | ' | ' | 2,250 |
Cash paid for repurchase of common stock | 600 | ' | ' | 600 | ' |
Shares issued | ' | ' | ' | 9,600,000 | ' |
Number of banks in which ASR agreement signed | ' | ' | ' | 2 | ' |
Percentage of common stock shares repurchased | ' | ' | ' | 70.00% | ' |
Treasury stock at cost | 600 | ' | ' | 420 | ' |
Forward contract indexed to own stock | ' | ' | ' | $180 | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Assets and Liabilities Measured on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Total assets | $172 | $162 |
Liabilities: | ' | ' |
Total liabilities | 5 | 31 |
Money Market Funds [Member] | ' | ' |
Assets: | ' | ' |
Money market funds | 73 | 99 |
Fixed- Income Securities [Member] | ' | ' |
Assets: | ' | ' |
Investments | 37 | 36 |
Redeemable Preferred Stock [Member] | ' | ' |
Assets: | ' | ' |
Investments | 47 | 25 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets: | ' | ' |
Total assets | 52 | 38 |
Liabilities: | ' | ' |
Total liabilities | 5 | 31 |
Significant Other Observable Inputs (Level 2) [Member] | Money Market Funds [Member] | ' | ' |
Assets: | ' | ' |
Money market funds | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Fixed- Income Securities [Member] | ' | ' |
Assets: | ' | ' |
Investments | 37 | 36 |
Significant Other Observable Inputs (Level 2) [Member] | Redeemable Preferred Stock [Member] | ' | ' |
Assets: | ' | ' |
Investments | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets: | ' | ' |
Total assets | 47 | 25 |
Liabilities: | ' | ' |
Total liabilities | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Money Market Funds [Member] | ' | ' |
Assets: | ' | ' |
Money market funds | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Fixed- Income Securities [Member] | ' | ' |
Assets: | ' | ' |
Investments | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Redeemable Preferred Stock [Member] | ' | ' |
Assets: | ' | ' |
Investments | 47 | 25 |
Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Assets: | ' | ' |
Total assets | 73 | 99 |
Liabilities: | ' | ' |
Total liabilities | 0 | ' |
Quoted Prices in Active Markets (Level 1) [Member] | Money Market Funds [Member] | ' | ' |
Assets: | ' | ' |
Money market funds | 73 | 99 |
Quoted Prices in Active Markets (Level 1) [Member] | Fixed- Income Securities [Member] | ' | ' |
Assets: | ' | ' |
Investments | 0 | ' |
Quoted Prices in Active Markets (Level 1) [Member] | Redeemable Preferred Stock [Member] | ' | ' |
Assets: | ' | ' |
Investments | 0 | ' |
Foreign Currency Derivatives [Member] | ' | ' |
Assets: | ' | ' |
Foreign currency derivatives | 15 | 2 |
Liabilities: | ' | ' |
Derivative liabilities | 3 | ' |
Foreign Currency Derivatives [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets: | ' | ' |
Foreign currency derivatives | 15 | 2 |
Liabilities: | ' | ' |
Derivative liabilities | 3 | ' |
Foreign Currency Derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets: | ' | ' |
Foreign currency derivatives | 0 | ' |
Liabilities: | ' | ' |
Derivative liabilities | 0 | ' |
Foreign Currency Derivatives [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Assets: | ' | ' |
Foreign currency derivatives | 0 | ' |
Liabilities: | ' | ' |
Derivative liabilities | 0 | ' |
Electricity Commodity Derivatives [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative liabilities | 2 | 3 |
Electricity Commodity Derivatives [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative liabilities | 2 | 3 |
Electricity Commodity Derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative liabilities | 0 | ' |
Electricity Commodity Derivatives [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative liabilities | 0 | ' |
Interest Rate Derivatives [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative liabilities | ' | 28 |
Interest Rate Derivatives [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative liabilities | ' | $28 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements - Fair Value of Assets and Liabilities Measured on Recurring Basis (Parenthetical) (Detail) (Fair Value, Measurements, Recurring [Member], Significant Unobservable Inputs (Level 3) [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Increase in the fair value of redeemable preferred stock | $15 |
Increase in fair value of redeemable preferred stock outstanding | $7 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Carrying value of debt | $10,164,000,000 | $10,226,000,000 |
Estimate of Fair Value Measurement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Estimated fair value of debt | $11,300,000,000 | $11,000,000,000 |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 31, 2011 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2000 | Jun. 30, 2000 | Jun. 30, 2000 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Trust For Final Capping Closure Post Closure or Environmental Remediation Obligations Primary Beneficiary [Member] | Trust For Final Capping Closure Post Closure or Environmental Remediation Obligations Primary Beneficiary [Member] | Investment in Recycling and Waste-to-Energy [Member] | Investment in Recycling and Waste-to-Energy [Member] | Investment in Recycling and Waste-to-Energy [Member] | Investment in Recycling and Waste-to-Energy [Member] | Investment in Recycling and Waste-to-Energy [Member] | Investment in Refined Coal Facility [Member] | Investment in Refined Coal Facility [Member] | Investment in Refined Coal Facility [Member] | Low-Income Housing Properties [Member] | Low-Income Housing Properties [Member] | Low-Income Housing Properties [Member] | Waste To Energy LLC [Member] | Waste To Energy LLC [Member] | Waste To Energy LLC [Member] | Waste To Energy LLC [Member] | Waste To Energy LLC [Member] | Waste To Energy LLC [Member] | Waste To Energy LLC [Member] | Waste To Energy LLC [Member] | Waste To Energy LLC [Member] | |
USD ($) | USD ($) | USD ($) | GBP (£) | Maximum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Waste To Energy LLC 1 [Member] | Waste To Energy LLC II [Member] | |||||||
USD ($) | GBP (£) | ||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership in LLC's | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.25% |
Percentage of variable interest entities owned by other companies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.50% | 99.75% |
Total initial investment by other companies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $167 | ' | ' |
Reporting entity percentage of interest in earnings of variable interest entity after achieving targeted returns | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Other companies percentage of interest in earnings of variable interest entity after achieving targeted returns | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Net property and equipment | ' | ' | ' | ' | ' | 128 | 125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 275 | 275 | ' | 275 | ' | 284 | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 243 | 243 | ' | 243 | ' | 239 | ' | ' | ' |
Expense recognized for other companies' noncontrolling interests in LLCs earnings | 11 | 6 | 32 | 26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 10 | 29 | 32 | ' | ' | ' | ' |
Note receivables balance from the LLC | ' | ' | ' | ' | ' | ' | ' | ' | 30 | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment balance | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | 34 | 27 | ' | 110 | 129 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount obligated to reimburse the JV | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55 | 34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reimbursed to JV | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44 | 27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Project agreement termination date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16-May-14 | 16-May-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payments to acquire equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48 | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration for investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 221 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of notes payable included in consideration for investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 215 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments debt balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110 | 128 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of restricted trust funds and escrow accounts for which company is not the sole beneficiary specifically for future settlement of landfill and environmental remediation liabilities | $113 | ' | $113 | ' | $110 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $183 | $58 | $157 | $194 |
Investments in and advances to affiliates | 0 | ' | ' | ' |
Other current assets | 3,933 | 2,441 | ' | ' |
Total current assets | 4,116 | 2,499 | ' | ' |
Property and equipment, net | 10,849 | 12,344 | ' | ' |
Investments in and advances to affiliates | 0 | ' | ' | ' |
Other assets | 7,246 | 7,760 | ' | ' |
Total assets | 22,211 | 22,603 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of long-term debt | 1,141 | 726 | ' | ' |
Accounts payable and other current liabilities | 2,648 | 2,288 | ' | ' |
Total current liabilities | 3,789 | 3,014 | ' | ' |
Long-term debt, less current portion | 9,023 | 9,500 | ' | ' |
Due to affiliates | 0 | ' | ' | ' |
Other liabilities | 3,736 | 4,087 | ' | ' |
Total liabilities | 16,548 | 16,601 | ' | ' |
Equity: | ' | ' | ' | ' |
Stockholders' equity | 5,364 | 5,707 | ' | ' |
Noncontrolling interests | 299 | 295 | ' | ' |
Total equity | 5,663 | 6,002 | ' | ' |
Total liabilities and equity | 22,211 | 22,603 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Investments in and advances to affiliates | -1,216 | ' | ' | ' |
Other current assets | 0 | ' | ' | ' |
Total current assets | -1,216 | ' | ' | ' |
Property and equipment, net | 0 | ' | ' | ' |
Investments in and advances to affiliates | -38,361 | -36,915 | ' | ' |
Other assets | 0 | ' | ' | ' |
Total assets | -39,577 | -36,915 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' |
Accounts payable and other current liabilities | 0 | ' | ' | ' |
Total current liabilities | 0 | ' | ' | ' |
Long-term debt, less current portion | 0 | ' | ' | ' |
Due to affiliates | -5,292 | -4,268 | ' | ' |
Other liabilities | 0 | ' | ' | ' |
Total liabilities | -5,292 | -4,268 | ' | ' |
Equity: | ' | ' | ' | ' |
Stockholders' equity | -34,285 | -32,647 | ' | ' |
Noncontrolling interests | 0 | ' | ' | ' |
Total equity | -34,285 | -32,647 | ' | ' |
Total liabilities and equity | -39,577 | -36,915 | ' | ' |
WM [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | 60 |
Investments in and advances to affiliates | 0 | ' | ' | ' |
Other current assets | 0 | ' | ' | ' |
Total current assets | 0 | ' | ' | ' |
Property and equipment, net | 0 | ' | ' | ' |
Investments in and advances to affiliates | 16,669 | 15,802 | ' | ' |
Other assets | 41 | 42 | ' | ' |
Total assets | 16,710 | 15,844 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of long-term debt | 946 | 587 | ' | ' |
Accounts payable and other current liabilities | 68 | 109 | ' | ' |
Total current liabilities | 1,014 | 696 | ' | ' |
Long-term debt, less current portion | 5,567 | 5,772 | ' | ' |
Due to affiliates | 4,765 | 3,669 | ' | ' |
Other liabilities | 0 | ' | ' | ' |
Total liabilities | 11,346 | 10,137 | ' | ' |
Equity: | ' | ' | ' | ' |
Stockholders' equity | 5,364 | 5,707 | ' | ' |
Noncontrolling interests | 0 | ' | ' | ' |
Total equity | 5,364 | 5,707 | ' | ' |
Total liabilities and equity | 16,710 | 15,844 | ' | ' |
WM Holdings [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Investments in and advances to affiliates | 1,216 | ' | ' | ' |
Other current assets | 6 | 6 | ' | ' |
Total current assets | 1,222 | 6 | ' | ' |
Property and equipment, net | 0 | ' | ' | ' |
Investments in and advances to affiliates | 16,400 | 16,845 | ' | ' |
Other assets | 28 | 12 | ' | ' |
Total assets | 17,650 | 16,863 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' |
Accounts payable and other current liabilities | 5 | 13 | ' | ' |
Total current liabilities | 5 | 13 | ' | ' |
Long-term debt, less current portion | 449 | 449 | ' | ' |
Due to affiliates | 527 | 599 | ' | ' |
Other liabilities | 0 | ' | ' | ' |
Total liabilities | 981 | 1,061 | ' | ' |
Equity: | ' | ' | ' | ' |
Stockholders' equity | 16,669 | 15,802 | ' | ' |
Noncontrolling interests | 0 | ' | ' | ' |
Total equity | 16,669 | 15,802 | ' | ' |
Total liabilities and equity | 17,650 | 16,863 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 183 | 58 | 157 | 134 |
Investments in and advances to affiliates | 0 | ' | ' | ' |
Other current assets | 3,927 | 2,435 | ' | ' |
Total current assets | 4,110 | 2,493 | ' | ' |
Property and equipment, net | 10,849 | 12,344 | ' | ' |
Investments in and advances to affiliates | 5,292 | 4,268 | ' | ' |
Other assets | 7,177 | 7,706 | ' | ' |
Total assets | 27,428 | 26,811 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of long-term debt | 195 | 139 | ' | ' |
Accounts payable and other current liabilities | 2,575 | 2,166 | ' | ' |
Total current liabilities | 2,770 | 2,305 | ' | ' |
Long-term debt, less current portion | 3,007 | 3,279 | ' | ' |
Due to affiliates | 0 | ' | ' | ' |
Other liabilities | 3,736 | 4,087 | ' | ' |
Total liabilities | 9,513 | 9,671 | ' | ' |
Equity: | ' | ' | ' | ' |
Stockholders' equity | 17,616 | 16,845 | ' | ' |
Noncontrolling interests | 299 | 295 | ' | ' |
Total equity | 17,915 | 17,140 | ' | ' |
Total liabilities and equity | $27,428 | $26,811 | ' | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheets (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Assets | $1,852 | $23 |
Liabilities | 369 | ' |
Wheelabrator [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Assets | 1,852 | ' |
Liabilities | $369 | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements - Condensed Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Operating revenues | $3,602 | $3,621 | $10,559 | $10,483 |
Costs and expenses | 3,056 | 3,044 | 9,012 | 8,994 |
Income from operations | 546 | 577 | 1,547 | 1,489 |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | -116 | -119 | -352 | -361 |
Equity in earnings of subsidiaries, net of taxes | 0 | ' | 0 | ' |
Other, net | -16 | -6 | -43 | -31 |
Total other income (expense) | -132 | -125 | -395 | -392 |
Income before income taxes | 414 | 452 | 1,152 | 1,097 |
Provision for (benefit from) income taxes | 133 | 155 | 412 | 368 |
Consolidated net income | 281 | 297 | 740 | 729 |
Less: Net income attributable to noncontrolling interests | 11 | 6 | 32 | 26 |
Net income attributable to Waste Management, Inc | 270 | 291 | 708 | 703 |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Operating revenues | 0 | ' | 0 | ' |
Costs and expenses | 0 | ' | 0 | ' |
Income from operations | 0 | ' | 0 | ' |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | 0 | ' | 0 | ' |
Equity in earnings of subsidiaries, net of taxes | -653 | -693 | -1,715 | -1,746 |
Other, net | 0 | ' | 0 | ' |
Total other income (expense) | -653 | -693 | -1,715 | -1,746 |
Income before income taxes | -653 | -693 | -1,715 | -1,746 |
Provision for (benefit from) income taxes | 0 | ' | 0 | ' |
Consolidated net income | -653 | -693 | -1,715 | -1,746 |
Less: Net income attributable to noncontrolling interests | 0 | ' | 0 | ' |
Net income attributable to Waste Management, Inc | -653 | -693 | -1,715 | -1,746 |
WM [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Operating revenues | 0 | ' | 0 | ' |
Costs and expenses | 0 | ' | 0 | ' |
Income from operations | 0 | ' | 0 | ' |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | -89 | -88 | -263 | -268 |
Equity in earnings of subsidiaries, net of taxes | 324 | 344 | 867 | 865 |
Other, net | 0 | ' | 0 | ' |
Total other income (expense) | 235 | 256 | 604 | 597 |
Income before income taxes | 235 | 256 | 604 | 597 |
Provision for (benefit from) income taxes | -35 | -35 | -104 | -106 |
Consolidated net income | 270 | 291 | 708 | 703 |
Less: Net income attributable to noncontrolling interests | 0 | ' | 0 | ' |
Net income attributable to Waste Management, Inc | 270 | 291 | 708 | 703 |
WM Holdings [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Operating revenues | 0 | ' | 0 | ' |
Costs and expenses | 0 | ' | -34 | 1 |
Income from operations | 0 | ' | 34 | -1 |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | -8 | -8 | -24 | -24 |
Equity in earnings of subsidiaries, net of taxes | 329 | 349 | 848 | 881 |
Other, net | 0 | ' | 0 | ' |
Total other income (expense) | 321 | 341 | 824 | 857 |
Income before income taxes | 321 | 341 | 858 | 856 |
Provision for (benefit from) income taxes | -3 | -3 | -9 | -9 |
Consolidated net income | 324 | 344 | 867 | 865 |
Less: Net income attributable to noncontrolling interests | 0 | ' | 0 | ' |
Net income attributable to Waste Management, Inc | 324 | 344 | 867 | 865 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Operating revenues | 3,602 | 3,621 | 10,559 | 10,483 |
Costs and expenses | 3,056 | 3,044 | 9,046 | 8,993 |
Income from operations | 546 | 577 | 1,513 | 1,490 |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | -19 | -23 | -65 | -69 |
Equity in earnings of subsidiaries, net of taxes | 0 | ' | 0 | ' |
Other, net | -16 | -6 | -43 | -31 |
Total other income (expense) | -35 | -29 | -108 | -100 |
Income before income taxes | 511 | 548 | 1,405 | 1,390 |
Provision for (benefit from) income taxes | 171 | 193 | 525 | 483 |
Consolidated net income | 340 | 355 | 880 | 907 |
Less: Net income attributable to noncontrolling interests | 11 | 6 | 32 | 26 |
Net income attributable to Waste Management, Inc | $329 | $349 | $848 | $881 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements - Condensed Consolidating Statements of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Comprehensive income | $223 | $332 | $663 | $705 |
Less: Comprehensive income attributable to noncontrolling interests | 11 | 6 | 32 | 26 |
Comprehensive income attributable to Waste Management, Inc. | 212 | 326 | 631 | 679 |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Comprehensive income | -653 | -693 | -1,715 | -1,746 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | ' | 0 | ' |
Comprehensive income attributable to Waste Management, Inc. | -653 | -693 | -1,715 | -1,746 |
WM [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Comprehensive income | 271 | 292 | 708 | 714 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | ' | 0 | ' |
Comprehensive income attributable to Waste Management, Inc. | 271 | 292 | 708 | 714 |
WM Holdings [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Comprehensive income | 324 | 344 | 867 | 865 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | ' | 0 | ' |
Comprehensive income attributable to Waste Management, Inc. | 324 | 344 | 867 | 865 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Comprehensive income | 281 | 389 | 803 | 872 |
Less: Comprehensive income attributable to noncontrolling interests | 11 | 6 | 32 | 26 |
Comprehensive income attributable to Waste Management, Inc. | $270 | $383 | $771 | $846 |
Condensed_Consolidating_Financ6
Condensed Consolidating Financial Statements - Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Consolidated net income | $740 | $729 |
Equity in earnings of subsidiaries, net of taxes | 0 | ' |
Other adjustments | 1,071 | 1,129 |
Net cash provided by operating activities | 1,811 | 1,858 |
Cash flows from investing activities: | ' | ' |
Acquisitions of businesses, net of cash acquired | -32 | -698 |
Capital expenditures | -781 | -824 |
Proceeds from divestitures of businesses (net of cash divested) and other sales of assets | 319 | 113 |
Net receipts from restricted trust and escrow accounts and other, net | -82 | -23 |
Net cash used in investing activities | -576 | -1,432 |
Cash flows from financing activities: | ' | ' |
New borrowings | 2,364 | 1,657 |
Debt repayments | -2,392 | -1,683 |
Common stock repurchases | -600 | ' |
Cash dividends | -521 | -512 |
Exercise of common stock options | 70 | 116 |
Distributions paid to noncontrolling interests and other | -28 | -37 |
(Increase) decrease in intercompany and investments, net | 0 | ' |
Net cash used in financing activities | -1,107 | -459 |
Effect of exchange rate changes on cash and cash equivalents | -3 | -4 |
Increase (decrease) in cash and cash equivalents | 125 | -37 |
Cash and cash equivalents at beginning of period | 58 | 194 |
Cash and cash equivalents at end of period | 183 | 157 |
Eliminations [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Consolidated net income | -1,715 | -1,746 |
Equity in earnings of subsidiaries, net of taxes | 1,715 | 1,746 |
Other adjustments | 0 | ' |
Net cash provided by operating activities | 0 | ' |
Cash flows from investing activities: | ' | ' |
Acquisitions of businesses, net of cash acquired | 0 | ' |
Capital expenditures | 0 | ' |
Proceeds from divestitures of businesses (net of cash divested) and other sales of assets | 0 | ' |
Net receipts from restricted trust and escrow accounts and other, net | 0 | ' |
Net cash used in investing activities | 0 | ' |
Cash flows from financing activities: | ' | ' |
New borrowings | 0 | ' |
Debt repayments | 0 | ' |
Common stock repurchases | 0 | ' |
Cash dividends | 0 | ' |
Exercise of common stock options | 0 | ' |
Distributions paid to noncontrolling interests and other | 0 | ' |
(Increase) decrease in intercompany and investments, net | 0 | ' |
Net cash used in financing activities | 0 | ' |
Effect of exchange rate changes on cash and cash equivalents | 0 | ' |
Increase (decrease) in cash and cash equivalents | 0 | ' |
Cash and cash equivalents at beginning of period | 0 | ' |
Cash and cash equivalents at end of period | 0 | ' |
WM [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Consolidated net income | 708 | 703 |
Equity in earnings of subsidiaries, net of taxes | -867 | -865 |
Other adjustments | -46 | -19 |
Net cash provided by operating activities | -205 | -181 |
Cash flows from investing activities: | ' | ' |
Acquisitions of businesses, net of cash acquired | 0 | ' |
Capital expenditures | 0 | ' |
Proceeds from divestitures of businesses (net of cash divested) and other sales of assets | 0 | ' |
Net receipts from restricted trust and escrow accounts and other, net | 0 | ' |
Net cash used in investing activities | 0 | ' |
Cash flows from financing activities: | ' | ' |
New borrowings | 2,157 | 615 |
Debt repayments | -1,995 | -875 |
Common stock repurchases | -600 | ' |
Cash dividends | -521 | -512 |
Exercise of common stock options | 70 | 116 |
Distributions paid to noncontrolling interests and other | 3 | 12 |
(Increase) decrease in intercompany and investments, net | 1,091 | 765 |
Net cash used in financing activities | 205 | 121 |
Effect of exchange rate changes on cash and cash equivalents | 0 | ' |
Increase (decrease) in cash and cash equivalents | 0 | -60 |
Cash and cash equivalents at beginning of period | 0 | 60 |
Cash and cash equivalents at end of period | 0 | ' |
WM Holdings [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Consolidated net income | 867 | 865 |
Equity in earnings of subsidiaries, net of taxes | -848 | -881 |
Other adjustments | -8 | -8 |
Net cash provided by operating activities | 11 | -24 |
Cash flows from investing activities: | ' | ' |
Acquisitions of businesses, net of cash acquired | 0 | ' |
Capital expenditures | 0 | ' |
Proceeds from divestitures of businesses (net of cash divested) and other sales of assets | 42 | ' |
Net receipts from restricted trust and escrow accounts and other, net | 0 | ' |
Net cash used in investing activities | 42 | ' |
Cash flows from financing activities: | ' | ' |
New borrowings | 0 | ' |
Debt repayments | 0 | ' |
Common stock repurchases | 0 | ' |
Cash dividends | 0 | ' |
Exercise of common stock options | 0 | ' |
Distributions paid to noncontrolling interests and other | 0 | ' |
(Increase) decrease in intercompany and investments, net | -53 | 24 |
Net cash used in financing activities | -53 | 24 |
Effect of exchange rate changes on cash and cash equivalents | 0 | ' |
Increase (decrease) in cash and cash equivalents | 0 | ' |
Cash and cash equivalents at beginning of period | 0 | ' |
Cash and cash equivalents at end of period | 0 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Consolidated net income | 880 | 907 |
Equity in earnings of subsidiaries, net of taxes | 0 | ' |
Other adjustments | 1,125 | 1,156 |
Net cash provided by operating activities | 2,005 | 2,063 |
Cash flows from investing activities: | ' | ' |
Acquisitions of businesses, net of cash acquired | -32 | -698 |
Capital expenditures | -781 | -824 |
Proceeds from divestitures of businesses (net of cash divested) and other sales of assets | 277 | 113 |
Net receipts from restricted trust and escrow accounts and other, net | -82 | -23 |
Net cash used in investing activities | -618 | -1,432 |
Cash flows from financing activities: | ' | ' |
New borrowings | 207 | 1,042 |
Debt repayments | -397 | -808 |
Common stock repurchases | 0 | ' |
Cash dividends | 0 | ' |
Exercise of common stock options | 0 | ' |
Distributions paid to noncontrolling interests and other | -31 | -49 |
(Increase) decrease in intercompany and investments, net | -1,038 | -789 |
Net cash used in financing activities | -1,259 | -604 |
Effect of exchange rate changes on cash and cash equivalents | -3 | -4 |
Increase (decrease) in cash and cash equivalents | 125 | 23 |
Cash and cash equivalents at beginning of period | 58 | 134 |
Cash and cash equivalents at end of period | $183 | $157 |