Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 02, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WM | ||
Entity Registrant Name | WASTE MANAGEMENT INC | ||
Entity Central Index Key | 823,768 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 439,703,007 | ||
Entity Public Float | $ 29.2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 32 | $ 39 |
Accounts receivable, net of allowance for doubtful accounts of $24 and $25, respectively | 1,700 | 1,549 |
Other receivables | 432 | 545 |
Parts and supplies | 90 | 92 |
Other assets | 122 | 120 |
Total current assets | 2,376 | 2,345 |
Property and equipment, net of accumulated depreciation and amortization of $17,152 and $16,420, respectively | 10,950 | 10,665 |
Goodwill | 6,215 | 5,984 |
Other intangible assets, net | 591 | 477 |
Investments in unconsolidated entities | 320 | 360 |
Other assets | 407 | 536 |
Total assets | 20,859 | 20,367 |
Current liabilities: | ||
Accounts payable | 799 | 721 |
Accrued liabilities | 1,085 | 1,064 |
Deferred revenues | 493 | 472 |
Current portion of long-term debt | 417 | 253 |
Total current liabilities | 2,794 | 2,510 |
Long-term debt, less current portion | 8,893 | 8,676 |
Deferred income taxes | 1,482 | 1,391 |
Landfill and environmental remediation liabilities | 1,675 | 1,584 |
Other liabilities | 695 | 839 |
Total liabilities | 15,539 | 15,000 |
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 | 4,850 | 4,827 |
Retained earnings | 7,388 | 6,939 |
Accumulated other comprehensive income (loss) | (80) | (127) |
Treasury stock at cost, 190,966,584 and 183,105,326 shares, respectively | (6,867) | (6,300) |
Total Waste Management, Inc. stockholders' equity | 5,297 | 5,345 |
Noncontrolling interests | 23 | 22 |
Total equity | 5,320 | 5,367 |
Total liabilities and equity | $ 20,859 | $ 20,367 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 24 | $ 25 |
Accumulated depreciation and amortization | $ 17,152 | $ 16,420 |
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 | 190,966,584 | 183,105,326 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Operating revenues | $ 13,609 | $ 12,961 | $ 13,996 |
Costs and expenses: | |||
Operating | 8,486 | 8,231 | 9,002 |
Selling, general and administrative | 1,410 | 1,343 | 1,481 |
Depreciation and amortization | 1,301 | 1,245 | 1,292 |
Restructuring | 4 | 15 | 82 |
(Income) expense from divestitures, asset impairments and unusual items | 112 | 82 | (160) |
Total costs and expenses | 11,313 | 10,916 | 11,697 |
Income from operations | 2,296 | 2,045 | 2,299 |
Other income (expense): | |||
Interest expense, net | (376) | (385) | (466) |
Loss on early extinguishment of debt | (4) | (555) | |
Equity in net losses of unconsolidated entities | (44) | (38) | (53) |
Other, net | (50) | (7) | (29) |
Total other income (expense) | (474) | (985) | (548) |
Income (loss) before income taxes | 1,822 | 1,060 | 1,751 |
Provision for income taxes | 642 | 308 | 413 |
Consolidated net income | 1,180 | 752 | 1,338 |
Less: Net income (loss) attributable to noncontrolling interests | (2) | (1) | 40 |
Net income attributable to Waste Management, Inc. | $ 1,182 | $ 753 | $ 1,298 |
Basic earnings per common share | $ 2.66 | $ 1.66 | $ 2.80 |
Diluted earnings per common share | 2.65 | 1.65 | 2.79 |
Cash dividends declared per common share | $ 1.64 | $ 1.54 | $ 1.50 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Consolidated net income | $ 1,180 | $ 752 | $ 1,338 |
Derivative instruments, net | 12 | 9 | 1 |
Available-for-sale securities, net | 5 | (2) | 4 |
Foreign currency translation adjustments | 28 | (159) | (124) |
Post-retirement benefit obligation, net | 2 | 2 | (12) |
Other comprehensive income (loss), net of tax provision (benefit) | 47 | (150) | (131) |
Comprehensive income | 1,227 | 602 | 1,207 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (2) | (1) | 40 |
Comprehensive income attributable to Waste Management, Inc. | $ 1,229 | $ 603 | $ 1,167 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Consolidated net income | $ 1,180 | $ 752 | $ 1,338 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | |||
Depreciation and amortization | 1,301 | 1,245 | 1,292 |
Deferred income tax (benefit) provision | 73 | 30 | (118) |
Interest accretion on landfill liabilities | 91 | 89 | 88 |
Interest accretion on and discount rate adjustments to environmental remediation liabilities and recovery assets | 1 | 14 | |
Provision for bad debts | 42 | 36 | 42 |
Equity-based compensation expense | 90 | 72 | 65 |
Excess tax benefits associated with equity-based transactions | (28) | (15) | (5) |
Net gain on disposal of assets | (24) | (18) | (35) |
(Income) expense from divestitures, asset impairments and other, net | 110 | 87 | (127) |
Equity in net losses of unconsolidated entities, net of dividends | 44 | 42 | 42 |
Loss on early extinguishment of debt | 4 | 555 | |
Change in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||
Receivables | (78) | (178) | (268) |
Other current assets | (12) | 16 | (19) |
Other assets | 78 | (7) | 22 |
Accounts payable and accrued liabilities | 174 | (112) | 117 |
Deferred revenues and other liabilities | (85) | (97) | (117) |
Net cash provided by operating activities | 2,960 | 2,498 | 2,331 |
Cash flows from investing activities: | |||
Acquisitions of businesses, net of cash acquired | (611) | (554) | (35) |
Capital expenditures | (1,339) | (1,233) | (1,151) |
Proceeds from divestitures of businesses and other assets (net of cash divested) | 43 | 145 | 2,253 |
Net receipts from restricted trust and escrow accounts | 51 | 19 | |
Investments in unconsolidated entities | (21) | (20) | (33) |
Other, net | (4) | 3 | (58) |
Net cash provided by (used in) investing activities | (1,932) | (1,608) | 995 |
Cash flows from financing activities: | |||
New borrowings | 3,057 | 2,337 | 2,817 |
Debt repayments | (2,682) | (2,764) | (3,568) |
Premiums paid on early extinguishment of debt | (2) | (555) | |
Common stock repurchase program | (725) | (600) | (600) |
Cash dividends | (726) | (695) | (693) |
Exercise of common stock options | 63 | 77 | 93 |
Excess tax benefits associated with equity-based transactions | 28 | 15 | 5 |
Acquisitions of and distributions paid to noncontrolling interests | (1) | (1) | (125) |
Other, net | (47) | 31 | (1) |
Net cash used in financing activities | (1,035) | (2,155) | (2,072) |
Effect of exchange rate changes on cash and cash equivalents | (3) | (5) | |
Increase (decrease) in cash and cash equivalents | (7) | (1,268) | 1,249 |
Cash and cash equivalents at beginning of year | 39 | 1,307 | 58 |
Cash and cash equivalents at end of year | $ 32 | $ 39 | $ 1,307 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Noncontrolling Interests [Member] |
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 | 1,338 | 1,298 | 40 | ||||
Other comprehensive income (loss), net of tax provision (benefit) | (131) | (131) | |||||
Cash dividends | (693) | (693) | |||||
Equity-based compensation transactions, including dividend equivalents, net of tax provision (benefit) | 195 | 79 | (6) | $ 122 | |||
Equity-based compensation transactions, including dividend equivalents, net of tax provision (benefit), shares | 3,779 | ||||||
Common stock repurchase program | $ (600) | (180) | $ (420) | ||||
Common stock repurchase program, shares | (9,569) | (9,569) | |||||
Distributions paid to noncontrolling interests | $ (34) | (34) | |||||
Acquisitions of noncontrolling interests and divestiture of Wheelabrator business | (188) | 90 | (278) | ||||
Other, net, shares | 7 | ||||||
Ending balance at Dec. 31, 2014 | 5,889 | $ 6 | 4,585 | 6,888 | 23 | $ (5,636) | 23 |
Ending balance, shares at Dec. 31, 2014 | 630,282 | (171,745) | |||||
Consolidated net income | 752 | 753 | (1) | ||||
Other comprehensive income (loss), net of tax provision (benefit) | (150) | (150) | |||||
Cash dividends | (695) | (695) | |||||
Equity-based compensation transactions, including dividend equivalents, net of tax provision (benefit) | 171 | 62 | (7) | $ 116 | |||
Equity-based compensation transactions, including dividend equivalents, net of tax provision (benefit), shares | 3,457 | ||||||
Common stock repurchase program | $ (600) | 180 | $ (780) | ||||
Common stock repurchase program, shares | (14,823) | (14,823) | |||||
Other, net, shares | 6 | ||||||
Ending balance at Dec. 31, 2015 | $ 5,367 | $ 6 | 4,827 | 6,939 | (127) | $ (6,300) | 22 |
Ending balance, shares at Dec. 31, 2015 | 630,282 | (183,105) | |||||
Consolidated net income | 1,180 | 1,182 | (2) | ||||
Other comprehensive income (loss), net of tax provision (benefit) | 47 | 47 | |||||
Cash dividends | (726) | (726) | |||||
Equity-based compensation transactions, including dividend equivalents, net of tax provision (benefit) | 186 | 69 | (7) | $ 124 | |||
Equity-based compensation transactions, including dividend equivalents, net of tax provision (benefit), shares | 3,556 | ||||||
Common stock repurchase program | $ (725) | (45) | $ (680) | ||||
Common stock repurchase program, shares | (11,241) | (11,241) | |||||
Other, net | $ (9) | (1) | $ (11) | 3 | |||
Other, net, shares | (177) | ||||||
Ending balance at Dec. 31, 2016 | $ 5,320 | $ 6 | $ 4,850 | $ 7,388 | $ (80) | $ (6,867) | $ 23 |
Ending balance, shares at Dec. 31, 2016 | 630,282 | (190,967) |
Business
Business | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | 1. Business The financial statements presented in this report represent the consolidation of Waste Management, Inc., a Delaware corporation; its wholly-owned and majority-owned subsidiaries; and certain variable interest entities for which Waste Management, Inc. or its subsidiaries are the primary beneficiaries as described in Note 20. Waste Management Inc. is a holding company and all operations are conducted by its subsidiaries. When the terms “the Company,” “we,” “us” or “our” are used in this document, those terms refer to Waste Management, Inc., 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, disposal, and recycling and resource recovery services. Through our subsidiaries, we are also a leading developer, operator and owner of 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 Areas. We also provide additional services that are not managed through our Solid Waste business, which are presented in this report as “Other.” Additional information related to our segments is included in Note 21. In December 2014, we sold our Wheelabrator business, which provides waste-to-energy services and manages waste-to-energy |
Adoption of New Accounting Stan
Adoption of New Accounting Standards and Reclassifications | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Adoption of New Accounting Standards and Reclassifications | 2. Adoption of New Accounting Standards and Reclassifications Adoption of New Accounting Standards Debt Issuance Costs Consolidation Reclassifications When necessary, reclassifications have been made to our prior period financial information in order to conform to the current year presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of WM, its wholly-owned and majority-owned Estimates and Assumptions In preparing our financial statements, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with precision from available data or simply cannot be calculated. In some cases, these estimates are difficult to determine, and we must exercise significant judgment. In preparing our financial statements, the most difficult, subjective and complex estimates and the assumptions that present the greatest amount of uncertainty relate to our accounting for landfills, environmental remediation liabilities, long-lived Cash and Cash Equivalents Cash in excess of current operating requirements is invested in short-term interest-bearing instruments with maturities of three months or less at the date of purchase and is stated at cost, which approximates market value. Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments held within our trust funds and escrow accounts, and accounts receivable. We make efforts to control our exposure to credit risk associated with these instruments by (i) placing our assets and other financial interests with a diverse group of credit-worthy financial institutions; (ii) holding high-quality financial instruments while limiting investments in any one instrument and (iii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures, although generally we do not have collateral requirements for credit extensions. We also control our exposure associated with trade receivables by discontinuing service, to the extent allowable, to non-paying customers. However, our overall credit risk associated with trade receivables is limited due to the large number and diversity of customers we serve. At December 31, 2016 and 2015, no single customer represented greater than 5% of total accounts receivable. Accounts and Other Receivables Our receivables, which are recorded when billed, when services are performed or when cash is advanced, are claims against third parties that will generally be settled in cash. The carrying value of our receivables, net of the allowance for doubtful accounts, represents the estimated net realizable value. We estimate our allowance for doubtful accounts based on historical collection trends; type of customer, such as municipal or commercial; the age of outstanding receivables; and existing economic conditions. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due Other receivables, at December 31, 2016 and 2015, include receivables related to income tax payments in excess of our current provision for income taxes of $352 million and $439 million, respectively. Parts and Supplies Parts and supplies consist primarily of spare parts, fuel, tires, lubricants and processed recycling materials. Our parts and supplies are stated at the lower of cost, using the average cost method, or market. Landfill Accounting Cost Basis of Landfill Assets post-closure Final Capping, Closure and Post-Closure • Final Capping units-of-consumption • Closure • Post-Closure Post-closure post-closure We develop our estimates of these obligations using input from our operations personnel, engineers and accountants. Our estimates are based on our interpretation of current requirements and proposed regulatory changes and are intended to approximate fair value. Absent quoted market prices, the estimate of fair value is based on the best available information, including the results of present value techniques. In many cases, we contract with third parties to fulfill our obligations for final capping, closure and post-closure. We use historical experience, professional engineering judgment and quoted and actual prices paid for similar work to determine the fair value of these obligations. We are required to recognize these obligations at market prices whether we plan to contract with third parties or perform the work ourselves. In those instances where we perform the work with internal resources, the incremental profit margin realized is recognized as a component of operating income when the work is completed. Once we have determined the final capping, closure and post-closure credit-adjusted, credit-adjusted, We record the estimated fair value of final capping, closure and post-closure post-closure post-closure Changes in inflation rates or the estimated costs, timing or extent of future final capping, closure and post-closure Interest accretion on final capping, closure and post-closure liabilities is recorded using the effective interest method and is recorded as final capping, closure and post-closure Amortization of Landfill Assets post-closure Amortization is recorded on a units-of-consumption basis, applying expense as a rate per ton. The rate per ton is calculated by dividing each component of the amortizable basis of a landfill by the number of tons needed to fill the corresponding asset’s airspace. For landfills that we do not own, but operate through lease or other contractual agreements, the rate per ton is calculated based on expected capacity to be utilized over the lesser of the contractual term of the underlying agreement or the life of the landfill. We apply the following guidelines in determining a landfill’s remaining permitted and expansion airspace: • Remaining Permitted Airspace • Expansion Airspace • Personnel are actively working on the expansion of an existing landfill, including efforts to obtain land use and local, state or provincial approvals; • We have a legal right to use or obtain land to be included in the expansion plan; • There are no significant known technical, legal, community, business, or political restrictions or similar issues that could negatively affect the success of such expansion; and • Financial analysis has been completed based on conceptual design, and the results demonstrate that the expansion meets Company criteria for investment. For unpermitted airspace to be initially included in our estimate of remaining permitted and expansion airspace, the expansion effort must meet all of the criteria listed above. These criteria are evaluated by our field-based engineers, accountants, managers and others to identify potential obstacles to obtaining the permits. Once the unpermitted airspace is included, our policy provides that airspace may continue to be included in remaining permitted and expansion airspace even if certain of these criteria are no longer met as long as we continue to believe we will ultimately obtain the permit, based on the facts and circumstances of a specific landfill. In these circumstances, continued inclusion must be approved through a landfill-specific When we include the expansion airspace in our calculations of remaining permitted and expansion airspace, we also include the projected costs for development, as well as the projected asset retirement costs related to final capping, closure and post-closure Once the remaining permitted and expansion airspace is determined in cubic yards, an airspace utilization factor (“AUF”) is established to calculate the remaining permitted and expansion capacity in tons. The AUF is established using the measured density obtained from previous annual surveys and is then adjusted to account for future settlement. The amount of settlement that is forecasted will take into account several site-specific factors including current and projected mix of waste type, initial and projected waste density, estimated number of years of life remaining, depth of underlying waste, anticipated access to moisture through precipitation or recirculation of landfill leachate and operating practices. In addition, the initial selection of the AUF is subject to a subsequent multi-level After determining the costs and remaining permitted and expansion capacity at each of our landfills, we determine the per ton rates that will be expensed as waste is received and deposited at the landfill by dividing the costs by the corresponding number of tons. We calculate per ton amortization rates for each landfill for assets associated with each final capping event, for assets related to closure and post-closure It is possible that actual results, including the amount of costs incurred, the timing of final capping, closure and post-closure Environmental Remediation Liabilities 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 operations, or for damage caused by conditions that existed before we acquired a site. These liabilities include potentially responsible party (“PRP”) investigations, settlements, and certain legal and consultant fees, as well as costs directly associated with site investigation and clean up, such as materials, external contractor costs and incremental internal costs directly related to the remedy. We provide for expenses associated with environmental remediation obligations when such amounts are probable and can be reasonably estimated. We routinely review and evaluate sites that require remediation and determine our estimated cost for the likely remedy based on a number of estimates and assumptions. Where it is probable that a liability has been incurred, we estimate costs required to remediate sites based on site-specific third-party • Management’s judgment and experience in remediating our own and unrelated parties’ sites; • Information available from regulatory agencies as to costs of remediation; • The number, financial resources and relative degree of responsibility of other PRPs who may be liable for remediation of a specific site; and • The typical allocation of costs among PRPs, unless the actual allocation has been determined. 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 $120 million higher than the $246 million recorded in the Consolidated Financial Statements as of December 31, 2016. 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. Where we believe that both the amount of a particular environmental remediation liability and the timing of the payments are fixed or reliably determinable, we inflate the cost in current dollars (by 2.5% at December 31, 2016 and 2015) until the expected time of payment and discount the cost to present value using a risk-free discount rate, which is based on the rate for U.S. Treasury bonds with a term approximating the weighted average period until settlement of the underlying obligation. We determine the risk-free discount rate and the inflation rate on an annual basis unless interim changes would significantly impact our results of operations. For remedial liabilities that have been discounted, we include interest accretion, based on the effective interest method, in “Operating” expenses in our Consolidated Statements of Operations. The following table summarizes the impacts of revisions in the risk-free discount rate applied to our environmental remediation liabilities and recovery assets during the reported periods (in millions) and the risk-free discount rate applied as of each reporting date: Years Ended December 31, 2016 2015 2014 Charge (reduction) to operating expenses $ (2 ) $ (2 ) $ 10 Risk-free discount rate applied to environmental remediation liabilities and recovery assets 2.5 % 2.25 % 2.00 % The portion of our recorded environmental remediation liabilities that were not subject to inflation or discounting, as the amounts and timing of payments are not fixed or reliably determinable, was $90 million and $52 million at December 31, 2016 and 2015, respectively. Had we not inflated and discounted any portion of our environmental remediation liability, the amount recorded would have remained the same at December 31, 2016 and decreased $3 million at December 31, 2015. Property and Equipment (exclusive of landfills, discussed above) We record property and equipment at cost. Expenditures for major additions and improvements are capitalized and maintenance activities are expensed as incurred. We depreciate property and equipment over the estimated useful life of the asset using the straight-line method. We assume no salvage value for our depreciable property and equipment. When property and equipment are retired, sold or otherwise disposed of, the cost and accumulated depreciation are removed from our accounts and any resulting gain or loss is included in results of operations as an offset or increase to operating expense for the period. The estimated useful lives for significant property and equipment categories are as follows (in years): Useful Lives Vehicles — excluding rail haul cars 3 to 10 Vehicles — rail haul cars 10 to 20 Machinery and equipment — including containers 3 to 30 Buildings and improvements 5 to 40 Furniture, fixtures and office equipment 3 to 10 We include capitalized costs associated with developing or obtaining internal-use Leases We lease property and equipment in the ordinary course of our business. Our most significant lease obligations are for property and equipment specific to our industry, including real property operated as a landfill or transfer station. Our leases have varying terms. Some may include renewal or purchase options, escalation clauses, restrictions, penalties or other obligations that we consider in determining minimum lease payments. The leases are classified as either operating leases or capital leases, as appropriate. Operating Leases (excluding landfills discussed below) Capital Leases (excluding landfills discussed below) Landfill Leases units-of-consumption Acquisitions We generally recognize assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities, based on fair value estimates as of the date of acquisition. Contingent Consideration — Acquired Assets and Assumed Liabilities — pre-acquisition Acquisition-date Goodwill and Other Intangible Assets Goodwill is the excess of our purchase cost over the fair value of the net assets of acquired businesses. We do not amortize goodwill, but as discussed in the Long-Lived Other intangible assets consist primarily of customer and supplier relationships, covenants not-to-compete, straight-line not-to-compete Long-Lived Asset Impairments We assess our long-lived Property and Equipment, including Landfills and Definite-Lived The assessment of impairment indicators and the recoverability of our capitalized costs associated with landfills and related expansion projects require significant judgment due to the unique nature of the waste industry, the highly regulated permitting process and the sensitive estimates involved. During the review of a landfill expansion application, a regulator may initially deny the expansion application although the expansion permit is ultimately granted. In addition, management may periodically divert waste from one landfill to another to conserve remaining permitted landfill airspace, or a landfill may be required to cease accepting waste, prior to receipt of the expansion permit. However, such events occur in the ordinary course of business in the waste industry and do not necessarily result in impairment of our landfill assets because, after consideration of all facts, such events may not affect our belief that we will ultimately obtain the expansion permit. As a result, our tests of recoverability, which generally make use of a probability-weighted Goodwill We assess whether a goodwill impairment exists using both qualitative and quantitative assessments. Our qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment we determine it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, we will not perform a quantitative assessment. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount or if we elect not to perform a qualitative assessment, we perform a quantitative assessment, or two-step publicly-traded Fair value is computed using several factors, including projected future operating results, economic projections, anticipated future cash flows, comparable marketplace data and the cost of capital. There are inherent uncertainties related to these factors and to our judgment in applying them in our analysis. However, we believe our methodology for estimating the fair value of our reporting units is reasonable. Refer to Note 13 for information related to impairments recognized during the reported periods. Indefinite-Lived indefinite-lived When performing the impairment test for indefinite-lived Fair value is typically estimated using an income approach. The income approach is based on the long-term projected future cash flows. We discount the estimated cash flows to present value using a weighted average cost of capital that considers factors such as market assumptions, the timing of the cash flows and the risks inherent in those cash flows. We believe this approach is appropriate because it provides a fair value estimate based upon the expected long-term Fair value is computed using several factors, including projected future operating results, economic projections, anticipated future cash flows, comparable marketplace data and the cost of capital. There are inherent uncertainties related to these factors and to our judgment in applying them in our analysis. However, we believe our methodology for estimating the fair value of these assets is reasonable. Restricted Trust and Escrow Accounts Our restricted trust and escrow accounts consist principally of funds deposited for purposes of settling landfill final capping, closure, post-closure and environmental remediation obligations. 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. Balances maintained in these trust funds and escrow accounts will fluctuate based on (i) changes in statutory requirements; (ii) future deposits made to comply with contractual arrangements; (iii) the ongoing use of funds for qualifying final capping, closure, post-closure and environmental remediation activities; (iv) acquisitions or divestitures of landfills and (v) changes in the fair value of the financial instruments held in the trust fund or escrow accounts. As of December 31, 2016 and 2015, we had $105 million of restricted trust and escrow accounts, which are primarily included in “Other assets” in our Consolidated Balance Sheets. See Note 20 for additional discussion related to restricted trust and escrow accounts for final capping, closure, post-closure Investments in Unconsolidated Entities Investments in unconsolidated entities over which the Company has significant influence are accounted for under the equity method of accounting. Investments in entities in which the Company does not have the ability to exert significant influence over the investees’ operating and financing activities are accounted for under the cost method of accounting. The following table summarizes our equity and cost method investments as of December 31 (in millions): 2016 2015 Equity method investments $ 173 $ 186 Cost method investments 147 174 Investments in unconsolidated entities $ 320 $ 360 We monitor and assess the carrying value of our investments throughout the year for potential impairment and write them down to their fair value when other-than-temporary Foreign Currency We have operations in Canada, as well as certain support functions in India and investments in Hong Kong. Local currencies generally are considered the functional currencies of our operations and investments outside the United States. The assets and liabilities of our foreign operations are translated to U.S. dollars using the exchange rate at the balance sheet date. Revenues and expenses are translated to U.S. dollars using the average exchange rate during the period. The resulting translation difference is reflected as a component of comprehensive income. Derivative Financial Instruments From time to time, we will use derivative financial instruments to manage our risk associated with fluctuations in interest rates and foreign currency exchange rates. In prior years, we used interest rate swaps to maintain a strategic portion of our long-term debt obligations at variable, market-driven interest rates or in anticipation of planned senior note issuances to effectively lock in a fixed interest rate for those anticipated issuances. Through March 2016, we used foreign currency exchange rate derivatives to hedge our exposure to fluctuations in exchange rates for anticipated intercompany cash transactions between Waste Management Holdings, Inc., a wholly-owned subsidiary (“WM Holdings”), and its Canadian subsidiaries. Prior to the sale of our Wheelabrator business in December 2014, we used electricity commodity derivatives to mitigate the variability in our revenues and cash flows caused by fluctuations in the market prices for electricity. The financial statement impacts of our derivatives are discussed in Notes 8 and 14. We obtain valuations of our hedging instruments from third-party pricing models. The estimated fair values of derivatives used to hedge risks fluctuate over time and should be viewed in relation to the underlying hedged transaction and the overall management of our exposure to fluctuations in the underlying risks. The fair value of derivatives is included in other current assets, other long-term assets, current accrued liabilities or other long-term • Foreign Currency Derivatives • Interest Rate Derivatives Insured and Self-Insured We have retained a significant portion of the risks related to our health and welfare, automobile, general liability and workers’ compensation claims programs. The exposure for unpaid claims and associated expenses, including incurred but not reported losses, generally is estimated with the assistance of external actuaries and by factoring in pending claims and historical trends and data. The gross estimated liability associated with settling unpaid claims is included in “Accrued liabilities” in our Consolidated Balance Sheets if expected to be settled within one year; otherwise, it is included in long-term “Other liabilities.” Estimated insurance recoveries related to recorded liabilities are reflected as current “Other receivables” or long-term Revenue Recognition Our revenues are generated from the fees we charge for waste collection, transfer, disposal, and recycling and resource recovery services; from the sale of recyclable commodities; from the sale of electricity and landfill gas, which are byproducts of our landfill operations and from the sale of oil and gas and organic lawn and garden products. The fees charged for our services are generally defined in our service agreements and vary based on contract-specific terms such as frequency of service, weight, volume and the general market factors influencing a region’s rates. The fees we charge for our services generally include our environmental fee, fuel surcharge and regulatory recovery fee, which are intended to pass through to customers increased direct and indirect costs incurred. We generally recognize revenue as services are performed or products are delivered. For example, revenue typically is recognized as waste is collected, tons are received at our landfills or transfer stations, or recycling commodities are delivered. We bill for certain services prior to performance. Such services include, among others, certain residential contracts that are billed on a quarterly basis and equipment rentals. These advance billings are included in deferred revenues and recognized as revenue in the period service is provided. Capitalized Interest We capitalize interest on certain projects under development, including landfill expansion projects, certain assets under construction, including operating landfills and landfill gas-to-energy Income Taxes The Company is subject to income tax in the U.S. and Canada. Current tax obligations associated with our provision for income taxes are reflected in the accompanying Consolidated Balance Sheets as a component of “Accrued liabilities” and the deferred tax obligations are reflected in “Deferred income taxes.” Deferred income taxes are based on the difference between the financial reporting and tax basis of assets and liabilities. The deferred income tax provision represents the change during the reporting period in the deferred tax assets and liabilities, net of the effect of acquisitions and dispositions. Deferred tax assets include tax loss and credit carry-forwards and are reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Significant judgment is required in assessing the timing and amounts of deductible and taxable items. We establish reserves for uncertain tax positions when, despite our belief that our tax return positions are fully supportable, we believe that certain positions may be challenged and potentially disallowed. When facts and circumstances change, we adjust these reserves through our provision for income taxes. Should interest and penalties be assessed by taxing authorities on any underpayment of income tax, such amounts would be accrued and classified as a component of provision for income taxes in our Consolidated Statements of Operations. Contingent Liabilities We estimate the amount of potential exposure we may have with respect to claims, assessments and litigation in accordance with authoritative guidance on accounting for contingencies. We are party to pending or threatened legal proceedings covering a wide range of matters in various jurisdictions. It is difficult to predict the outcome of litigation, as it is subject to many uncertainties. Additionally, it is not always possible for management to make a meaningful estimate of the potential loss or range of loss associated with such contingencies. See Note 11 for discussion of our commitments and contingencies. Supplemental Cash Flow Information Cash paid during the years ended December 31 (in millions): 2016 2015 2014 Interest, net of capitalized interest and periodic settlements from interest rate swap agreements $ 375 $ 384 $ 461 Income taxes 442 419 758 During 2016, 2015 and 2014, we did not have any significant non-cash investing and financing activities. Non-cash investing and financing activities are generally excluded from the Consolidated Statements of Cash Flows. |
Landfill and Environmental Reme
Landfill and Environmental Remediation Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Landfill and Environmental Remediation Liabilities | 4. Landfill and Environmental Remediation Liabilities Liabilities for landfill and environmental remediation costs are presented in the table below (in millions): December 31, 2016 December 31, 2015 Landfill Environmental Total Landfill Environmental Total Current (in accrued liabilities) $ 119 $ 28 $ 147 $ 112 $ 31 $ 143 Long-term 1,457 218 1,675 1,406 178 1,584 $ 1,576 $ 246 $ 1,822 $ 1,518 $ 209 $ 1,727 The changes to landfill and environmental remediation liabilities for the years ended December 31, 2015 and 2016 are reflected in the table below (in millions): Landfill Environmental December 31, 2014 $ 1,443 $ 235 Obligations incurred and capitalized 61 — Obligations settled (71 ) (30 ) Interest accretion 89 3 Revisions in estimates and interest rate assumptions(a)(b) (11 ) 5 Acquisitions, divestitures and other adjustments(d) 7 (4 ) December 31, 2015 $ 1,518 $ 209 Obligations incurred and capitalized 59 — Obligations settled (91 ) (24 ) Interest accretion 91 3 Revisions in estimates and interest rate assumptions(a)(b)(c) (1 ) 58 December 31, 2016 $ 1,576 $ 246 (a) The amount reported for our landfill liabilities includes a decrease of approximately $18 million for 2015 and $11 million for 2016, related to our year-end post-closure (b) The amount reported in 2015 for our environmental remediation liabilities includes the impact of an increase in the risk-free discount rate used to measure our liabilities from 2.0% at December 31, 2014 to 2.25% at December 31, 2015, resulting in a decrease of $3 million to our environmental remediation liabilities and a corresponding decrease to “Operating” expenses. The amount reported in 2016 for environmental remediation liabilities includes the impact of an increase in the risk-free discount rate used to measure our liabilities from 2.25% at December 31, 2015 to 2.5% at December 31, 2016, resulting in a decrease of $2 million to our environmental remediation liabilities and a corresponding decrease to “Operating” expenses. (c) The amount reported in 2016 for our landfill liabilities includes an increase of $13 million due to acceleration of the expected timing of closure and post-closure The amount reported in 2016 for our environmental remediation liabilities includes the impact of an increase of $44 million in our cost estimates associated with a subsidiary’s closed site in Harris County, Texas. See Notes 11 and 13 for further discussion of this environmental remediation adjustment. (d) The amount reported for our 2015 landfill liabilities include an increase of approximately $18 million as a result of our acquisition of Deffenbaugh Disposal, Inc. (“Deffenbaugh”). Our recorded liabilities as of December 31, 2016 include the impacts of inflating certain of these costs based on our expectations of the timing of cash settlement and of discounting certain of these costs to present value. Anticipated payments of currently identified environmental remediation liabilities, as measured in current dollars, are $28 million in 2017, $21 million in 2018, $29 million in 2019, $63 million in 2020, $17 million in 2021 and $88 million thereafter. 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 Notes 18 and 20 for additional information related to these trusts. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment at December 31 consisted of the following (in millions): 2016 2015 Land $ 608 $ 592 Landfills 14,276 13,772 Vehicles 4,433 4,257 Machinery and equipment 2,639 2,499 Containers 2,469 2,426 Buildings and improvements 2,667 2,546 Furniture, fixtures and office equipment 1,010 993 28,102 27,085 Less accumulated depreciation of tangible property and equipment (8,812 ) (8,495 ) Less accumulated amortization of landfill airspace (8,340 ) (7,925 ) $ 10,950 $ 10,665 Depreciation and amortization expense, including amortization expense for assets recorded as capital leases, was comprised of the following for the years ended December 31 (in millions): 2016 2015 2014 Depreciation of tangible property and equipment $ 773 $ 760 $ 834 Amortization of landfill airspace 428 409 380 Depreciation and amortization expense $ 1,201 $ 1,169 $ 1,214 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 6. Goodwill and Other Intangible Assets Goodwill was $6,215 million as of December 31, 2016 compared with $5,984 million as of December 31, 2015. The $231 million increase in goodwill during 2016 is primarily related to the acquisition of certain operations and business assets of Southern Waste Systems/Sun Recycling (“SWS”) in Southern Florida. See Notes 19 and 21 for additional information. As discussed more fully in Note 3, we perform our annual impairment test of goodwill balances for our reporting units using a measurement date of October 1. We will also perform interim tests if an impairment indicator exists. See Note 13 for discussion of goodwill impairments. Our other intangible assets as of December 31, 2016 and 2015 were comprised of the following (in millions): Customer Covenants Not-to- Licenses, Total December 31, 2016: Intangible assets $ 835 $ 59 $ 123 $ 1,017 Less accumulated amortization (342 ) (31 ) (53 ) (426 ) $ 493 $ 28 $ 70 $ 591 December 31, 2015: Intangible assets $ 658 $ 51 $ 119 $ 828 Less accumulated amortization (270 ) (35 ) (46 ) (351 ) $ 388 $ 16 $ 73 $ 477 Amortization expense for other intangible assets was $100 million for 2016, $76 million for 2015 and $78 million for 2014. At December 31, 2016, we had $18 million of licenses, permits and other intangible assets that are not subject to amortization, because they do not have stated expirations or have routine, administrative renewal processes. Additional information related to other intangible assets acquired through business combinations is included in Note 19. As of December 31, 2016, we expect annual amortization expense related to other intangible assets to be $97 million in 2017; $87 million in 2018; $77 million in 2019; $69 million in 2020 and $58 million in 2021. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 7. 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 December 31, 2016: 2016 2015 $2.25 billion revolving credit facility, maturing July 2020 (weighted average interest rate of 1.9% at December 31, 2016) $ 426 $ 20 Commercial paper program — — Other letter of credit facilities, maturing through December 2018 — — Canadian term loan and revolving credit facility, maturing March 2019 (weighted average effective interest rate of 2.1% at December 31, 2016 and 2.2% at December 31, 2015) 239 84 Senior notes maturing through 2045, interest rates ranging from 2.40% to 7.75% (weighted average interest rate of 4.6% at December 31, 2016 and 4.7% at December 31, 2015) 6,033 6,050 Tax-exempt 2,304 2,447 Capital leases and other, maturing through 2055, interest rates up to 12% 308 328 $ 9,310 $ 8,929 Current portion of long-term debt 417 253 $ 8,893 $ 8,676 Debt Classification As of December 31, 2016, the current portion of our long-term As of December 31, 2016, we have classified $196 million of borrowings outstanding under our $2.25 billion revolving credit facility as long-term because we intend and have the ability to refinance or maintain these borrowings on a long-term basis. We generally use available cash to repay borrowings outstanding under our $2.25 billion revolving credit facility and any remaining balances are maintained by extending the maturities of the borrowings. Our current projections indicate that we will maintain $196 million of the $426 million of borrowings outstanding for the next 12 months. The remaining $230 million of borrowings outstanding under our $2.25 billion revolving credit facility is classified as current in our Consolidated Balance Sheet at December 31, 2016. As of December 31, 2016, we also have $473 million of tax-exempt bonds with term interest rate periods that expire within the next 12 months and an additional $491 million of variable-rate tax-exempt bonds that are supported by letters of credit. The interest rates on our variable-rate tax-exempt market-driven Access to and Utilization of Credit Facilities $2.25 Billion Revolving Credit Facility Commercial Paper Program Canadian Term Loan and Revolving Credit Facility Other Letter of Credit Facilities Debt Borrowings and Repayments $2.25 Billion Revolving Credit Facility — Canadian Term Loan Senior Notes Tax-Exempt Bonds — Scheduled Debt Payments non-cash Senior Notes Refinancing During 2015, we recognized a pre-tax Secured Debt Our debt balances are generally unsecured, except for capital leases and the note payable associated with our investment in low-income housing properties. Debt Covenants Our $2.25 billion revolving credit facility, our Canadian credit agreement and certain other financing agreements contain financial covenants. The following table summarizes the most restrictive requirements of these financial covenants (all terms used to measure these ratios are defined by the facilities): Interest coverage ratio > 2.75 to 1 Total debt to EBITDA < 3.50 to 1 Our credit facilities and senior notes also contain certain restrictions intended to monitor our level of subsidiary indebtedness, types of investments and net worth. We monitor our compliance with these restrictions, but do not believe that they significantly impact our ability to enter into investing or financing arrangements typical for our business. As of December 31, 2016 and 2015, we were in compliance with the covenants and restrictions under all of our debt agreements that may have a material effect on our Consolidated Financial Statements. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 8. Derivative Instruments and Hedging Activities The Company had no derivatives outstanding at December 31, 2016. The following discussion relates to our terminated derivatives: Foreign Currency Derivatives These cross-currency swaps had been designated as cash flow hedges and as of December 31, 2015, the carrying value of the hedge position was reflected in our Consolidated Balance Sheet as $15 million of current other assets and $63 million of long-term other assets. Through March 2016, when the intercompany loans and the related cross-currency swaps were terminated, gains or losses resulting from the remeasurement of the underlying non-functional cross-currency Forward-Starting Interest Rate Swaps after-tax pre-tax 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. The loss associated with the matured forward-starting swaps was deferred and included as a component of the “Accumulated other comprehensive income (loss)” balance discussed above. Refer to Note 14 for information regarding the impacts of our cash flow derivatives on our comprehensive income and results of operations. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes Provision for Income Taxes Our provision for income taxes consisted of the following for the years ended December 31 (in millions): 2016 2015 2014 Current: Federal $ 443 $ 192 $ 414 State 88 50 61 Foreign 38 36 56 569 278 531 Deferred: Federal 57 43 (89 ) State 17 (17 ) (33 ) Foreign (1 ) 4 4 73 30 (118 ) Provision for income taxes $ 642 $ 308 $ 413 The U.S. federal statutory income tax rate is reconciled to the effective income tax rate for the years ended December 31 as follows: 2016 2015 2014 Income tax expense at U.S. federal statutory rate 35.00 % 35.00 % 35.00 % Federal tax credits (3.08 ) (5.49 ) (3.21 ) Taxing authority audit settlements and other tax adjustments (0.53 ) (2.67 ) (1.59 ) State and local income taxes, net of federal income tax benefit 3.31 3.20 1.77 Tax impact of impairments 0.80 0.23 0.46 Tax impact of divestitures 0.26 (0.34 ) (7.89 ) Tax rate differential on foreign income (0.63 ) (0.99 ) (0.46 ) Other 0.10 0.17 (0.47 ) Provision for income taxes 35.23 % 29.11 % 23.61 % The comparability of our provision for income taxes for the reported periods has been primarily affected by (i) variations in our income before income taxes; (ii) federal tax credits; (iii) tax audit settlements; (iv) the realization of state net operating losses and credits; (v) adjustments to our accruals and related deferred taxes and (vi) the tax implications of impairments and divestitures. For financial reporting purposes, income before income taxes by source for the years ended December 31 was as follows (in millions): 2016 2015 2014 Domestic $ 1,681 $ 922 $ 1,601 Foreign 141 138 150 Income before income taxes $ 1,822 $ 1,060 $ 1,751 Investments Qualifying for Federal Tax Credits low-income pro-rata We account for our investments in these entities using the equity method of accounting, recognizing our share of each entity’s results of operations and other reductions in the value of our investments in “Equity in net losses of unconsolidated entities,” within our Consolidated Statements of Operations. During the years ended December 31, 2016, 2015 and 2014, we recognized $31 million, $30 million and $32 million of net losses and a reduction in our tax provision of $55 million, $57 million and $58 million, respectively, primarily as a result of tax credits realized from these investments. In addition, during the years ended December 31, 2016, 2015 and 2014, we recognized interest expense of $3 million, $4 million and $5 million, respectively, associated with our investment in low-income housing properties. See Note 20 for additional information related to these unconsolidated variable interest entities. Other Federal Tax Credits low-income Tax Audit Settlements During 2016, 2015 and 2014, we settled various tax audits. The settlement of these tax audits resulted in a reduction to our provision for income taxes of $11 million, $10 million and $12 million for the years ended December 31, 2016, 2015 and 2014, 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 currently in the examination phase of IRS audits for the tax years 2014, 2015, 2016 and 2017 and expect these audits to be completed within the next nine, 12, 18 and 30 months, respectively. 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 a limited number of jurisdictions that date back to 2000. State Net Operating Losses and Credits Adjustments to Accruals and Related Deferred Taxes Tax Implications of Impairments Tax Implications of Divestitures Unremitted Earnings in Foreign Subsidiaries Deferred Tax Assets (Liabilities) The components of net deferred tax assets (liabilities) at December 31 are as follows (in millions): 2016 2015 Deferred tax assets: Net operating loss, capital loss and tax credit carry-forwards $ 285 $ 280 Landfill and environmental remediation liabilities 116 120 Miscellaneous and other reserves, net 355 373 Subtotal 756 773 Valuation allowance (292 ) (273 ) Deferred tax liabilities: Property and equipment (728 ) (709 ) Goodwill and other intangibles (1,218 ) (1,182 ) Net deferred tax liabilities $ (1,482 ) $ (1,391 ) The valuation allowance increased by $19 million in 2016 primarily due to changes in our capital loss and state net operating loss carry-forwards, as well as the tax impacts of impairments. At December 31, 2016, we had $25 million of federal net operating loss carry-forwards and $2.0 billion of state net operating loss carry-forwards. The federal and state net operating loss carry-forwards have expiration dates through the year 2036. We also had $453 million of federal capital loss carry-forwards which expire in 2019 and 2021 and $24 million of state tax credit carry-forwards. We have established valuation allowances for uncertainties in realizing the benefit of certain tax loss and credit carry-forwards and other deferred tax assets. While we expect to realize the deferred tax assets, net of the valuation allowances, changes in estimates of future taxable income or in tax laws may alter this expectation. Liabilities for Uncertain Tax Positions A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, including accrued interest is as follows (in millions): 2016 2015 2014 Balance at January 1 $ 71 $ 42 $ 49 Additions based on tax positions related to the current year 19 18 9 Additions based on tax positions of prior years 4 21 2 Accrued interest 2 2 1 Reductions for tax positions of prior years (7 ) (1 ) — Settlements — (3 ) (11 ) Lapse of statute of limitations (7 ) (8 ) (8 ) Balance at December 31 $ 82 $ 71 $ 42 These liabilities are included as a component of long-term “Other liabilities” in our Consolidated Balance Sheets because the Company does not anticipate that settlement of the liabilities will require payment of cash within the next 12 months. As of December 31, 2016, $69 million of net unrecognized tax benefits, if recognized in future periods, would impact our effective tax rate. We recognize interest expense related to unrecognized tax benefits in our provision for income taxes. During the years ended December 31, 2016, 2015 and 2014, we recognized $2 million, $2 million and $1 million, respectively, of such interest expense as a component of our provisions for income taxes. We had $5 million and $3 million of accrued interest expense in our Consolidated Balance Sheets as of December 31, 2016 and 2015, respectively. We did not have any accrued liabilities or expense for penalties related to unrecognized tax benefits for the years ended December 31, 2016, 2015 and 2014. We are not able to reasonably estimate when we might make any cash payments required to settle these liabilities, but we do not believe that the ultimate settlement of our obligations will materially affect our liquidity. As of December 31, 2016, we anticipate that approximately $7 million of liabilities for unrecognized tax benefits, including accrued interest, and $3 million of related tax assets may be reversed within the next 12 months. The anticipated reversals primarily relate to miscellaneous state tax items, each of which is individually insignificant. The recognition of the unrecognized tax benefits is expected to result from tax audit settlements or the expiration of the applicable statute of limitations period. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 10. Employee Benefit Plans Defined Contribution Plans — Defined Benefit Plans (other than multiemployer defined benefit pension plans discussed below) — In addition, WM Holdings and certain of its subsidiaries provided post-retirement Our accrued benefit liabilities for our defined benefit pension and other post-retirement plans were $37 million and $56 million as of December 31, 2016 and 2015, respectively, and are included as components of “Accrued liabilities” and long-term “Other liabilities” in our Consolidated Balance Sheets. Multiemployer Defined Benefit Pension Plans — single-employer EIN/Pension Plan Number Pension Protection Act FIP/RP Status(b),(c) Company Contributions(d) Expiration Date Agreement(s) Pension Fund 2016 2015 2016 2015 2014 Automotive Industries Pension Plan EIN: 94-1133245; Critical and Critical Implemented $ 1 $ 1 $ 1 Various dates through 6/30/2018 Distributors Association Warehousemen’s Pension Trust EIN: 94-0294755; Critical as of Critical as of 5/31/2014 Implemented 1 1 1 4/7/2018 Local 731 Private Scavengers and Garage Attendants Pension Trust Fund EIN: 36-6513567; Not Endangered Implemented 7 7 6 9/30/2018 Suburban Teamsters of Northern Illinois Pension Plan EIN: 36-6155778; Endangered Critical Implemented 3 2 3 Various dates through 9/30/2017 Teamsters Local 301 Pension Plan EIN: 36-6492992; Not Not Not 2 1 1 9/30/2018 Western Conference of Teamsters Pension Plan EIN: 91-6145047; Not Not Not 25 24 24 Various dates through 12/31/2019 Western Pennsylvania Teamsters and Employers Pension Plan EIN: 25-6029946; Critical Critical Implemented 1 1 1 12/31/2016; 90-day extension with $ 40 $ 37 $ 37 Contributions to other Multiemployer Pension Plans 7 6 7 Total contributions to Multiemployer Pension Plans(e) $ 47 $ 43 $ 44 (a) Unless otherwise noted in the table above, the most recent Pension Protection Act zone status available in 2016 and 2015 is for the plan’s year-end (b) The “FIP/RP Status” column indicates plans for which a Funding Improvement Plan (“FIP”) or a Rehabilitation Plan (“RP”) is either pending or has been implemented. (c) A Multiemployer Pension Plan that has been certified as endangered, seriously endangered or critical may begin to levy a statutory surcharge on contribution rates. Once authorized, the surcharge is at the rate of 5% for the first 12 months and 10% for any periods thereafter. Contributing employers, however, may eliminate the surcharge by entering into a collective bargaining agreement that meets the requirements of the applicable FIP or RP. (d) The Company was listed in the Form 5500 of the Multiemployer Pension Plans considered to be individually significant as providing more than 5% of the total contributions for each of the following plans and plan years: Year Contributions to Plan Distributors Association Warehousemen’s Pension Trust 5/31/2015 and 5/31/2014 Local 731 Private Scavengers and Garage Attendants Pension Trust Fund 9/30/2015 and 9/30/2014 Suburban Teamsters of Northern Illinois Pension Plan 12/31/2015 and 12/31/2014 Teamsters Local 301 Pension Plan 12/31/2015 and 12/31/2014 (e) Total contributions to Multiemployer Pension Plans excludes contributions related to withdrawal liabilities discussed below. At the date the financial statements were issued, Forms 5500 were not available for the plan years ended in 2016. Our portion of the projected benefit obligation, plan assets and unfunded liability of the Multiemployer Pension Plans is not material to our financial position. However, the failure of participating employers to remain solvent could affect our portion of the plans’ unfunded liability. Specific benefit levels provided by union pension plans are not negotiated with or known by the employer contributors. In connection with our ongoing renegotiations of various collective bargaining agreements, we may discuss and negotiate for the complete or partial withdrawal from one or more of these pension plans. Further, business events, such as the discontinuation or nonrenewal of a customer contract, the decertification of a union, or relocation, reduction or discontinuance of certain operations, which result in the decline of Company contributions to a Multiemployer Pension Plan could trigger a partial or complete withdrawal. In the event of a withdrawal, we may incur expenses associated with our obligations for unfunded vested benefits at the time of the withdrawal. In 2015 and 2014, we recognized aggregate charges of $51 million and $4 million, respectively, to “Operating” expenses for the withdrawal of certain bargaining units from Multiemployer Pension Plans. In 2016, we did not recognize any charges for the withdrawal from Multiemployer Pension Plans. Refer to Note 11 for additional information related to our obligations to Multiemployer Pension Plans for which we have withdrawn or partially withdrawn. Multiemployer Plan Benefits Other Than Pensions — |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Financial Instruments Management does not expect that any claims against or draws on these instruments would have a material adverse effect on our 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 have retained a significant portion of the risks related to our general liability, automobile liability and workers’ compensation claims programs. “General liability” refers to the self-insured portion of specific third-party claims made against us that may be covered under our commercial General Liability Insurance Policy. For our self-insured per-incident Gross Claims Receivables Net Claims Balance, December 31, 2013 $ 590 $ (197 ) $ 393 Self-insurance expense (benefit) 135 (9 ) 126 Cash (paid) received (128 ) 23 (105 ) Balance, December 31, 2014 597 (183 ) 414 Self-insurance expense (benefit) 169 (39 ) 130 Cash (paid) received (123 ) 4 (119 ) Balance, December 31, 2015 643 (218 ) 425 Self-insurance expense (benefit) 71 30 101 Cash (paid) received (126 ) 17 (109 ) Balance, December 31, 2016(b) $ 588 $ (171 ) $ 417 Current portion at December 31, 2016 $ 133 $ (20 ) $ 113 Long-term portion at December 31, 2016 $ 455 $ (151 ) $ 304 (a) Amounts reported as receivables associated with insured claims are related to both paid and unpaid claims liabilities. (b) We currently expect substantially all of our net claims liability to be settled in cash over the next six years. The Directors’ and Officers’ Liability Insurance policy we choose to maintain covers only individual executive liability, often referred to as “Broad Form Side A,” and does not provide corporate reimbursement coverage, often referred to as “Side B.” The Side A policy covers directors and officers directly for loss, including defense costs, when corporate indemnification is unavailable. Side A-only coverage cannot be exhausted by payments to the Company, as the Company is not insured for any money it advances for defense costs or pays as indemnity to the insured directors and officers. 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. Operating Leases short-term Other Commitments • Disposal put-or-pay • Waste Paper • Royalties non-cancelable Our unconditional purchase obligations are generally established in the ordinary course of our business and are structured in a manner that provides us with access to important resources at competitive, market-driven rates. We may also establish unconditional purchase obligations in conjunction with acquisitions or divestitures. Our actual future minimum obligations under these outstanding purchase agreements are generally quantity driven and, as a result, our associated financial obligations are not fixed as of December 31, 2016. For contracts that require us to purchase minimum quantities of goods or services, we have estimated our future minimum obligations based on the current market values of the underlying products or services. As of December 31, 2016, our estimated minimum obligations for the above-described purchase obligations, which are not recognized in our Consolidated Balance Sheets, were $179 million in 2017, $149 million in 2018, $112 million in 2019, $92 million in 2020, $88 million in 2021 and $336 million thereafter. We currently expect the products and services provided by these agreements to continue to meet the needs of our ongoing operations. Therefore, we do not expect these established arrangements to materially impact our future financial position, results of operations or cash flows. Guarantees • As of December 31, 2016, WM Holdings has fully and unconditionally guaranteed all of WM’s senior indebtedness, including its senior notes, $2.25 billion revolving credit facility and certain letter of credit facilities, which mature through 2045. WM has fully and unconditionally guaranteed the senior indebtedness of WM Holdings, which matures in 2026. Performance under these guarantee agreements would be required if either party defaulted on their respective obligations. No additional liabilities have been recorded for these intercompany guarantees because all of the underlying obligations are reflected in our Consolidated Balance Sheets. See Note 23 for further information. • WM and WM Holdings have guaranteed subsidiary debt obligations, including the Canadian term loan and revolving credit facility, tax-exempt bonds, capital leases and other indebtedness. If a subsidiary fails to meet its obligations associated with its debt agreements as they come due, WM or WM Holdings will be required to perform under the related guarantee agreement. No additional liabilities have been recorded for these intercompany guarantees because all of the underlying obligations are reflected in our Consolidated Balance Sheets. See Note 7 for information related to the balances and maturities of these debt obligations. • Before the divestiture of our Wheelabrator business, WM had guaranteed certain operational and financial performance obligations of Wheelabrator and its subsidiaries in the ordinary course of business. In conjunction with the divestiture, certain WM guarantees of Wheelabrator obligations were terminated, but others continued and are now guarantees of third-party obligations. Wheelabrator is working with the various third-party beneficiaries to release WM from these guarantees, but until they are successful, WM has agreed to retain the guarantees and, in exchange, receive a credit support fee. The most significant of these guarantees specifically define WM’s maximum financial obligation over the course of the relevant agreements. As of December 31, 2016 and 2015, WM’s maximum future payments under these guarantees were $96 million and $106 million, respectively. WM’s exposure under certain of the performance guarantees is variable and a maximum exposure is not defined. We have recorded the fair value of the operational and financial performance guarantees, some of which could extend through 2038 if not terminated, in our Consolidated Balance Sheets. The estimated fair value of WM’s potential obligation associated with guarantees of Wheelabrator obligations (net of credit support fee) at December 31, 2016 and 2015 was $11 million and $13 million, respectively. We currently do not expect the financial impact of such operational and financial performance guarantees to materially exceed the recorded fair value. • We have guaranteed certain financial obligations of unconsolidated entities. The related obligations, which mature through 2020, are not recorded in our Consolidated Balance Sheets. As of December 31, 2016, our maximum future payments associated with these guarantees are $6 million. Any requirement to act under these guarantees would not materially impact our financial position, results of operations or cash flows. • Certain of our subsidiaries have guaranteed the market or contractually-determined value of certain homeowners’ properties that are adjacent to certain of our landfills. These guarantee agreements extend over the life of the respective landfill. Under these agreements, we would be responsible for the difference, if any, between the sale value and the guaranteed market or contractually-determined value of the homeowners’ properties. As of December 31, 2016, we have agreements guaranteeing certain market value losses for approximately 850 homeowners’ properties adjacent to or near 22 of our landfills. We do not believe that these contingent obligations will have a material effect on our financial position, results of operations or cash flows. • We have indemnified the purchasers of businesses or divested assets for the occurrence of specified events under certain of our divestiture agreements. Other than certain identified items that are currently recorded as obligations, we do not believe that it is possible to determine the contingent obligations associated with these indemnities. 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. • WM and WM Holdings guarantee the service, lease, financial and general operating obligations of certain of their subsidiaries. If such a subsidiary fails to meet its contractual obligations as they come due, the guarantor has an unconditional obligation to perform on its behalf. No additional liability has been recorded for service, financial or general operating guarantees because the subsidiaries’ obligations are properly accounted for as costs of operations as services are provided or general operating obligations as incurred. No additional liability has been recorded for the lease guarantees because the subsidiaries’ obligations are properly accounted for as operating or capital leases, as appropriate. Environmental Matters As of December 31, 2016, 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 (“NPL”). Of the 75 sites at which claims have been made against us, 15 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 60 NPL sites, which we do not own, are at various procedural stages under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, known as CERCLA or Superfund. The majority of proceedings involving NPL sites that we do not own are based on allegations that certain of our subsidiaries (or their predecessors) transported hazardous substances to the sites, often prior to our acquisition of these subsidiaries. CERCLA generally provides for liability for those parties owning, operating, transporting to or disposing at the sites. Proceedings arising under Superfund typically involve numerous waste generators and other waste transportation and disposal companies and seek to allocate or recover costs associated with site investigation and remediation, which costs could be substantial and could have a material adverse effect on our consolidated financial statements. At some of the sites at which we have been identified as a PRP, our liability is well defined as a consequence of a governmental decision and an agreement among liable parties as to the share each will pay for implementing that remedy. At other sites, where no remedy has been selected or the liable parties have been unable to agree on an appropriate allocation, our future costs are uncertain. In September 2016, the EPA announced a proposed remediation plan for the San Jacinto waste pits in Harris County, Texas, naming McGinnes Industrial Maintenance Corporation (“MIMC”), a subsidiary of WM, as a PRP. MIMC operated the waste pits from 1965 to 1966. In 1998, WM acquired the stock of the parent entity of MIMC. During the six months ended December 31, 2016, we increased our environmental remediation liability reserve by $44 million to record MIMC’s estimated share of the EPA’s proposed remedy. The remedy and remedial design plan for the site are not yet final. A notice and comment period with respect to the remedy closed on January 12, 2017. MIMC filed comments, detailing its disagreement with the proposed remedy put forth by the EPA and is continuing to focus on a solution that it believes best protects the environment and public health. MIMC’s ultimate liability could be materially different from current estimates. We remain an active participant in the EPA’s process established to evaluate and determine the appropriate remedy and remedial design plan for this site. As this site was never owned by the Company and never operated by MIMC while under the Company’s ownership, the increase in this liability was recorded in “(Income) expense from divestitures, asset impairments and unusual items” instead of “Operating” expenses in our Consolidated Statement of Operations. See Note 13 for further discussion. Item 103 of the SEC’s Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings, or such proceedings are known to be contemplated, unless we reasonably believe that the matter will result in no monetary sanctions, or in monetary sanctions, exclusive of interest and costs, of less than $100,000. The following matter is disclosed in accordance with that requirement. Waste Management of Hawaii, Inc. (“WMHI”) may face civil claims from the Hawaii Department of Health and/or the EPA based upon water discharges at the Waimanalo Gulch Sanitary Landfill, which WMHI operates for the city and county of Honolulu, following three major rainstorms in December 2010 and January 2011. We do not anticipate such claims could 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 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 that have been filed against us, and that may be filed against us in the future, include personal injury, property damage, commercial, customer, and employment-related WM’s charter and bylaws provide that WM shall indemnify against all liabilities and expenses, and upon request shall advance expenses to any person, who is subject to a pending or threatened proceeding because such person is or was a director or officer of the Company. Such indemnification is required to the maximum extent permitted under Delaware law. Accordingly, the director or officer must execute an undertaking to reimburse the Company for any fees advanced if it is later determined that the director or officer was not entitled to have such fees advanced under Delaware law. Additionally, the Company has direct contractual obligations to provide indemnification to each of the members of WM’s Board of Directors, our President and Chief Executive Officer, our Chief Operating Officer and certain other senior vice presidents. 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 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”). In 2008, we reached agreement with all of the unions involved to cease participation in the Central States Pension Plan. Since that time, litigation with the Central States Pension Plan had been pending over several matters, including the effective date that our contribution obligations ceased. In the third quarter of 2015, we settled and paid all amounts due for all pending litigation with the trustees for the Central States Pension Plan regarding liability for contributions to the plan and withdrawal liability resulting from the cessation of contributions. Similarly, in the fourth quarter of 2015, we settled and paid all amounts due for outstanding issues regarding plan contributions and withdrawal liability with the Teamsters Employers Local 945 Pension Fund. In 2015, we recognized a $51 million charge in “Operating” expenses associated with withdrawal from certain underfunded Multiemployer Pension Plans, nearly all of which was associated with the Central States Pension Plan and the Teamsters Employers Local 945 Pension Fund withdrawals discussed above. We do not believe that any future liability for withdrawals from the Multiemployer Pension Plans to which we contribute, will have a material adverse effect on our business, financial condition or liquidity. However, liability for future withdrawals could have a material adverse effect on our results of operations or cash flows for a particular reporting period, depending on the number of employees withdrawn and the financial condition of the Multiemployer Pension Plan(s) at the time of such withdrawal(s). Tax Matters |
Restructuring Costs
Restructuring Costs | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | 12. Restructuring Costs The following table summarizes pre-tax restructuring charges, including employee severance and benefit costs and other charges, for the years ended December 31 (in millions): 2016 2015 2014 Solid Waste $ 4 $ 14 $ 10 Corporate and Other — 1 71 Wheelabrator — — 1 $ 4 $ 15 $ 82 During the year ended December 31, 2016, we recognized $4 million of pre-tax restructuring charges, of which $2 million was related to employee severance and benefit costs. The remaining charges were primarily related to operating lease obligations for property that will no longer be utilized. During the year ended December 31, 2015, we recognized $15 million of pre-tax restructuring charges, of which $10 million was related to employee severance and benefit costs, including costs associated with the loss of a municipal contract in our Eastern Canada Area and our acquisition of Deffenbaugh. The remaining charges were primarily related to operating lease obligations for property that will no longer be utilized. 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. Voluntary separation arrangements were offered to all salaried employees within these organizations. Approximately 650 employees separated from our Corporate and recycling organizations in connection with this restructuring. During the year ended December 31, 2014, we recognized a total of $82 million of pre-tax restructuring charges, of which $70 million was related to employee severance and benefit costs. The remaining charges were primarily related to operating lease obligations for property that will no longer be utilized. As of December 31, 2016, substantially all of the accrued employee severance and benefits related to our restructuring efforts was paid. |
Asset Impairments and Unusual I
Asset Impairments and Unusual Items | 12 Months Ended |
Dec. 31, 2016 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Asset Impairments and Unusual Items | 13. Asset Impairments and Unusual Items (Income) expense from divestitures, asset impairments and unusual items The following table summarizes the major components of (income) expense from divestitures, asset impairments and unusual items for the years ended December 31 (in millions): 2016 2015 2014 (Income) expense from divestitures $ 9 $ (7 ) $ (515 ) Asset impairments 59 89 355 Other 44 — — $ 112 $ 82 $ (160 ) During the year ended December 31, 2016, we recognized net charges of $112 million, primarily related to (i) $44 million of charges to adjust our subsidiary’s estimated environmental remediation liability related to a closed site in Harris County, Texas, as further discussed in Note 11; (ii) a $43 million charge to impair a landfill in Western Pennsylvania due to a loss of expected volumes; (iii) $12 million of goodwill impairment charges primarily related to our LampTracker ® During the year ended December 31, 2015, we recognized net charges of $82 million, primarily related to (i) $66 million of charges to impair certain of our oil and gas producing properties as a result of the continued decline in oil and gas prices; (ii) $18 million of charges to write down or divest certain assets in our recycling operations and (iii) a $5 million impairment of a landfill in our Western Canada Area due to revised post-closure During the year ended December 31, 2014, we recognized net gains of $160 million, primarily related to the following: • Divestitures • Oil and gas producing properties impairments • Goodwill impairments • Other impairments See Note 3 for additional information related to the accounting policy and analysis involved in identifying and calculating impairments; and see Note 21 for additional information related to the impact of impairments on the results of operations of our reportable segments. Equity in net losses of unconsolidated entities During the year ended December 31, 2014, we recognized charges of $11 million primarily to write down equity method investments in waste diversion technology companies to their fair value. Other income (expense) During the years ended December 31, 2016, 2015 and 2014, we recognized impairment charges of $42 million, $5 million and $22 million, respectively, related to other-than-temporary declines in the value of minority-owned, cost method investments in waste diversion technology companies. We wrote down our investments to their fair value which was primarily determined using an income approach based on estimated future cash flow projections and, to a lesser extent, third-party investors’ recent transactions in these securities. Also, during the year ended December 31, 2014, we sold our cost method 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 provided by (used in) investing activities” in the Consolidated Statement of Cash Flows. The loss recognized related to the sale was not material. These charges are recorded in “Other, net” in our Consolidated Statements of Operations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 14. Accumulated Other Comprehensive Income (Loss) The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, which is included as a component of Waste Management, Inc. stockholders’ equity, are as follows (in millions, with amounts in parentheses representing decreases to accumulated other comprehensive income): Derivative Available- for-Sale Foreign Post- Total Balance, December 31, 2013 $ (62 ) $ 6 $ 208 $ 2 $ 154 Other comprehensive income (loss) before reclassifications, net of tax provision (benefit) of $4, $2, $0 and $(8), respectively 6 4 (107 ) (11 ) (108 ) Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (provision) benefit of $(3), $0, $0 and $0, respectively (5 ) — (17 ) (1 ) (23 ) Net current period other comprehensive income (loss) 1 4 (124 ) (12 ) (131 ) Balance, December 31, 2014 $ (61 ) $ 10 $ 84 $ (10 ) $ 23 Other comprehensive income (loss) before reclassifications, net of tax provision (benefit) of $20, $(1), $0 and $1, respectively 30 (2 ) (164 ) 2 (134 ) Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (provision) benefit of $(14), $0, $0 and $0, respectively (21 ) — 5 — (16 ) Net current period other comprehensive income (loss) 9 (2 ) (159 ) 2 (150 ) Balance, December 31, 2015 $ (52 ) $ 8 $ (75 ) $ (8 ) $ (127 ) Other comprehensive income (loss) before reclassifications, net of tax provision (benefit) of $(4), $3, $0 and $0, respectively (7 ) 5 26 — 24 Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (provision) benefit of $12, $0, $0 and $1, respectively 19 — 2 2 23 Net current period other comprehensive income (loss) 12 5 28 2 47 Balance, December 31, 2016 $ (40 ) $ 13 $ (47 ) $ (6 ) $ (80 ) The amounts of other comprehensive income (loss) before reclassifications associated with the effective portion of derivatives designated as cash flow hedges for the years ended December 31 are as follows (in millions): 2016 2015 2014 Forward-starting interest rate swaps $ — $ — $ (8 ) Foreign currency derivatives (11 ) 50 23 Electricity commodity derivatives — — (5 ) Total before tax (11 ) 50 10 Tax (provision) benefit 4 (20 ) (4 ) Net of tax (provision) benefit $ (7 ) $ 30 $ 6 The significant amounts reclassified out of each component of accumulated other comprehensive income (loss) associated with our cash flow hedges for the years ended December 31 are as follows (in millions, with amounts in parentheses representing debits to the statement of operations classification): 2016 2015 2014 Statement of Forward-starting interest rate swaps $ (10 ) $ (12 ) $ (10 ) Interest expense, net Treasury rate locks (1 ) (4 ) (1 ) Interest expense, net Foreign currency derivatives (20 ) 51 27 Other, net Electricity commodity derivatives — — (8 ) Operating revenues (31 ) 35 8 Total before tax 12 (14 ) (3 ) Tax (provision) benefit Total reclassifications for the period $ (19 ) $ 21 $ 5 Net of tax |
Capital Stock, Dividends and Co
Capital Stock, Dividends and Common Stock Repurchase Program | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Capital Stock, Dividends and Common Stock Repurchase Program | 15. Capital Stock, Dividends and Common Stock Repurchase Program Capital Stock We have 1.5 billion shares of authorized common stock with a par value of $0.01 per common share. As of December 31, 2016, we had 439.3 million shares of common stock issued and outstanding. The Board of Directors is authorized to issue preferred stock in series, and with respect to each series, to fix its designation, relative rights (including voting, dividend, conversion, sinking fund, and redemption rights), preferences (including dividends and liquidation) and limitations. We have 10 million shares of authorized preferred stock, $0.01 par value, none of which is currently outstanding. Dividends Our quarterly dividends have been declared by our Board of Directors. Cash dividends declared and paid were $726 million in 2016, or $1.64 per common share, $695 million in 2015, or $1.54 per common share, and $693 million in 2014, or $1.50 per common share. In December 2016, we announced that our Board of Directors expects to increase the quarterly dividend from $0.41 to $0.425 per share for dividends declared in 2017. However, all future dividend declarations are at the discretion of the Board of Directors and depend on various factors, including our net earnings, financial condition, cash required for future business plans and other factors the Board of Directors may deem relevant. Common Stock Repurchase Program Our share repurchases have been authorized by our Board of Directors. Share repurchases during 2016, 2015 and 2014 were completed through accelerated share repurchase (“ASR”) agreements. The terms of these agreements required that we deliver cash at the beginning of each ASR repurchase period. In exchange, we received a portion of the total shares expected to be repurchased based on the then-current market price of our common stock. The remaining shares repurchased over the course of each repurchase period are delivered to us once the repurchase period is complete. Shares repurchased are reflected in the period the shares are delivered to us. Additional information related to our ASR agreements is included below. The following is a summary of our share repurchases under our common stock repurchase program for the years ended December 31: 2016(a) 2015(b) 2014(c) Shares repurchased (in thousands) 11,241 14,823 9,569 Weighted average per share purchase price $60.49 $49.83 $43.89 Total repurchases (in millions) $725 $600 $600 (a) During 2016, we executed four ASR agreements to repurchase $725 million of our common stock. The ASR agreement entered into in November 2016 was for the repurchase of $225 million of our common stock. At the beginning of the repurchase period, we delivered $225 million in cash and received 2.8 million shares based on a stock price of $63.41 per share. The ASR agreement completed in February 2017, at which time we received 0.4 million additional shares based on a final weighted average per share purchase price during the repurchase period of $69.43. (b) During 2015, we executed and completed two ASR agreements to repurchase $600 million of our common stock. Our “Shares repurchased” also includes 2.8 million shares related to ASR agreements that were executed in 2014, discussed further below. (c) During 2014, we executed two ASR agreements to repurchase $600 million of our common stock. Our “Shares repurchased” includes the initial portion of shares repurchased based on the then-current market price of our common stock. The ASR agreements were completed in 2015 and the final weighted average per share purchase price during the repurchase period was $48.58. Each ASR agreement is accounted for as two separate transactions: (i) as shares of reacquired common stock for the shares delivered to us upon effectiveness of the ASR agreement 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 cost, and results 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 forward contracts indexed to our own stock meets the criteria for equity classification, and these amounts are initially recorded in additional paid-in We announced in December 2016 that the Board of Directors has authorized up to $750 million in future share repurchases, which supersedes and replaces remaining authority under any prior Board of Directors authorization for share repurchases. Any future share repurchases will be made at the discretion of management, and will depend on factors similar to those considered by the Board of Directors in making dividend declarations. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 16. Stock-Based Compensation Employee Stock Purchase Plan We have an Employee Stock Purchase Plan (“ESPP”) under which employees that have been employed for at least 30 days may purchase shares of our common stock at a discount. The plan provides for two offering periods for purchases: January through June and July through December. At the end of each offering period, enrolled employees purchase shares of our common stock at a price equal to 85% of the lesser of the market value of the stock on the first and last day of such offering period. The purchases are made at the end of an offering period with funds accumulated through payroll deductions over the course of the offering period, and the number of shares that may be purchased is limited by IRS regulations. The total number of shares issued under the plan for the offering periods in each of 2016, 2015 and 2014 was approximately 647,000, 786,000 and 774,000, respectively. Including the impact of the January 2017 issuance of shares associated with the July to December 2016 offering period, approximately 2.5 million shares remain available for issuance under the plan. Accounting for our ESPP increased annual compensation expense by approximately $7 million, or $4 million net of tax provision, for 2016 and $6 million, or $4 million net of tax provision, for 2015 and 2014. Employee Stock Incentive Plans In May 2014, our stockholders approved our 2014 Stock Incentive Plan (the “2014 Plan”) to replace our 2009 Stock Incentive Plan (the “2009 Plan”). The 2014 Plan authorized 23.8 million shares of our common stock for issuance pursuant to the 2014 Plan, plus the approximately 1.1 million shares that then remained available for issuance under the 2009 Plan, and any shares subject to outstanding awards under the 2009 Plan that are subsequently cancelled, forfeited, terminate, expire or lapse. As of December 31, 2016, approximately 23.2 million shares were available for future grants under the 2014 Plan. All of our stock-based compensation awards described herein have been made pursuant to either our 2009 Plan or our 2014 Plan, collectively referred to as the “Incentive Plans.” We currently utilize treasury shares to meet the needs of our equity-based compensation programs. Pursuant to the Incentive Plans, we have the ability to issue stock options, stock appreciation rights and stock awards, including restricted stock, restricted stock units (“RSUs”) and performance share units (“PSUs”). The terms and conditions of equity awards granted under the Incentive Plans are determined by the Management Development and Compensation Committee of our Board of Directors. The 2016 annual Incentive Plan awards granted to the Company’s senior leadership team, which generally includes the Company’s executive officers, included a combination of PSUs and stock options. The annual Incentive Plan awards granted to certain key employees included a combination of PSUs, RSUs and stock options in 2016. The Company has also periodically granted RSUs and stock options to employees working on key initiatives, in connection with new hires and promotions and to field-based managers. Restricted Stock Units — Units Weighted Average Unvested at January 1, 2016 524 $ 43.76 Granted 186 $ 57.38 Vested (205 ) $ 37.45 Forfeited (15 ) $ 51.17 Unvested at December 31, 2016 490 $ 51.32 The total fair market value of RSUs that vested during the years ended December 31, 2016, 2015 and 2014 was $12 million, $13 million and $3 million, respectively. During the year ended December 31, 2016, we issued approximately 136,000 shares of common stock for these vested RSUs, net of approximately 69,000 units deferred or used for payment of associated taxes. RSUs may not be voted or sold by award recipients until time-based vesting restrictions have lapsed. RSUs primarily provide for three-year for-cause pro-rata Compensation expense associated with RSUs is measured based on the grant-date fair value of our common stock and is recognized on a straight-line Performance Share Units — pre-established three-year Units Weighted Average Unvested at January 1, 2016 1,762 $ 52.90 Granted 555 $ 79.27 Vested (664 ) $ 48.38 Forfeited (148 ) $ 76.01 Unvested at December 31, 2016 1,505 $ 68.98 The determination of achievement of performance results and corresponding vesting of PSUs for the three-year performance period ended December 31, 2016 was performed by the Management Development and Compensation Committee in February 2017. Accordingly, vesting information for such awards is not included in the table above as of December 31, 2016. The “vested” PSUs are for the three-year performance period ended December 31, 2015, as achievement of performance results and corresponding vesting was determined in February 2016. The Company’s financial results, as measured for purposes of these awards, were higher than the target levels established but not in excess of the maximum performance criteria. Accordingly, recipients of these PSU awards were entitled to receive a payout of 132.88% of the vested TSR PSUs and 196.15% of the vested PSUs for which payout was dependent on the Company’s performance against a pre-established The shares of common stock that were issued or deferred during the years ended December 31, 2016, 2015 and 2014 for prior PSU award grants had a fair market value of $50 million, $35 million and $8 million, respectively. PSUs have no voting rights. PSUs receive dividend equivalents that are paid out in cash based on the number of shares that vest at the end of the awards’ performance period. PSUs are payable to an employee (or his beneficiary) upon death or disability as if that employee had remained employed until the end of the performance period, are subject to pro-rata vesting upon an employee’s retirement or involuntary termination other than for cause and are subject to forfeiture in the event of voluntary or for-cause Compensation expense associated with our Cash Flow PSUs that continue to vest based on future performance is measured based on the fair value of our common stock at the end of each reporting period until the performance period ends. Compensation expense is recognized ratably over the performance period based on our estimated achievement of the established performance criteria. Compensation expense is only recognized for those awards that we expect to vest, which we estimate based upon an assessment of both the probability that the performance criteria will be achieved and expected forfeitures. The grant-date fair value of our TSR PSUs is based on a Monte Carlo valuation and compensation expense is recognized on a straight-line basis over the vesting period. Compensation expense is recognized for all TSR PSUs whether or not the market conditions are achieved less expected forfeitures. Deferred Units — Stock Options — Options Weighted Average Outstanding at January 1, 2016 7,507 $ 40.80 Granted 1,387 $ 56.24 Exercised (2,645 ) $ 37.20 Forfeited or expired (606 ) $ 51.70 Outstanding at December 31, 2016(a) 5,643 $ 45.12 Exercisable at December 31, 2016(b) 2,921 $ 38.84 (a) Stock options outstanding as of December 31, 2016 have a weighted average remaining contractual term of 6.9 years and an aggregate intrinsic value of $146 million based on the market value of our common stock on December 31, 2016. (b) Stock options exercisable as of December 31, 2016 have an aggregate intrinsic value of $94 million based on the market value of our common stock on December 31, 2016. We received cash proceeds of $63 million, $77 million and $93 million during the years ended December 31, 2016, 2015 and 2014, respectively, from employee stock option exercises. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2016, 2015 and 2014 was $67 million, $37 million and $27 million, respectively. Exercisable stock options at December 31, 2016, were as follows (options in thousands): Range of Exercise Prices Options Weighted Average Weighted Average $32.315-$40.00 2,141 $ 36.12 4.9 $40.01-$50.00 491 $ 41.36 7.2 $50.01-$54.635 289 $ 54.64 8.2 $32.315-$54.635 2,921 $ 38.84 5.6 All unvested stock options shall become exercisable upon the award recipient’s death or disability. In the event of a recipient’s retirement, stock options shall continue to vest pursuant to the original schedule set forth in the award agreement. If the recipient is terminated by the Company without cause or voluntarily resigns, the recipient shall be entitled to exercise all stock options outstanding and exercisable within a specified time frame after such termination. All outstanding stock options, whether exercisable or not, are forfeited upon termination for cause. We account for our employee stock options under the fair value method of accounting using a Black-Scholes valuation model to measure stock option expense at the date of grant. The weighted average grant-date fair value of stock options granted during the years ended December 31, 2016, 2015 and 2014 was $6.31, $5.56 and $4.55, respectively. The fair value of the stock options at the date of grant is amortized to expense over the vesting period less expected forfeitures, except for stock options granted to retirement-eligible employees, for which expense is accelerated over the period that the recipient becomes retirement-eligible. 2016 2015 2014 Expected option life 4.7 years 4.4 years 4.8 years Expected volatility 18.4% 16.7% 18.4% Expected dividend yield 2.9% 2.8% 3.6% Risk-free interest rate 1.3% 1.4% 1.6% The Company bases its expected option life on the expected exercise and termination behavior of its optionees and an appropriate model of the Company’s future stock price. The expected volatility assumption is derived from the historical volatility of the Company’s common stock over the most recent period commensurate with the estimated expected life of the Company’s stock options, combined with other relevant factors including implied volatility in market-traded For the years ended December 31, 2016, 2015 and 2014, we recognized $81 million, $64 million and $59 million, respectively, of compensation expense associated with RSU, PSU and stock option awards as a component of “Selling, general and administrative” expenses in our Consolidated Statements of Operations. Our “Provision for income taxes,” for the years ended December 31, 2016, 2015 and 2014, includes related deferred income tax benefits of $32 million, $26 million and $23 million, respectively. We also realized excess tax benefits from stock option exercises and the vesting of RSUs and PSUs during the years ended December 31, 2016, 2015 and 2014 of $28 million, $15 million and $5 million, respectively. These amounts have been presented as cash inflows in the “Cash flows from financing activities” section of our Consolidated Statements of Cash Flows. We have not capitalized any equity-based compensation costs during the years ended December 31, 2016, 2015 and 2014. Compensation expense recognized in 2016 increased when compared to 2015 and 2014, primarily due to increases in the fair values and expected payouts of our PSUs. As of December 31, 2016, we estimate that $51 million of currently unrecognized compensation expense will be recognized over a weighted average period of 1.5 years for our unvested RSU, PSU and stock option awards issued and outstanding. Non-Employee Our non-employee directors currently receive annual grants of shares of our common stock, generally payable in two equal installments, under the Incentive Plans described above. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 17. Earnings Per Share Basic and diluted earnings per share were computed using the following common share data for the years ended December 31 (shares in millions): 2016 2015 2014 Number of common shares outstanding at year-end 439.3 447.2 458.5 Effect of using weighted average common shares outstanding 4.2 5.5 4.1 Weighted average basic common shares outstanding 443.5 452.7 462.6 Dilutive effect of equity-based compensation awards and other contingently issuable shares 3.0 3.2 3.0 Weighted average diluted common shares outstanding 446.5 455.9 465.6 Potentially issuable shares 9.8 10.2 11.3 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 1.0 2.0 0.4 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 18. Fair Value Measurements Assets and Liabilities Accounted for at Fair Value Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 Level 2 Level 3 We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. In measuring the fair value of our assets and liabilities, we use market data or assumptions that we believe market participants would use in pricing an asset or liability, including assumptions about risk when appropriate. Our assets and liabilities that are measured at fair value on a recurring basis include the following (in millions): Fair Value Measurements at December 31, 2016 Using Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 35 $ 35 $ — $ — Available-for-sale 46 — 46 — Fixed-income securities 39 — 39 — Redeemable preferred stock 54 — — 54 Total assets $ 174 $ 35 $ 85 $ 54 Fair Value Measurements at December 31, 2015 Using Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 35 $ 35 $ — $ — Available-for-sale 43 — 43 — Fixed-income securities 40 — 40 — Foreign currency derivatives 78 — 78 — Redeemable preferred stock 47 — — 47 Total assets $ 243 $ 35 $ 161 $ 47 Money Market Funds We invest portions of our restricted trust and escrow account balances in money market funds. We measure the fair value of these investments using quoted prices in active markets for identical assets. The fair value of our money market funds approximates our cost basis in the investments. Available-for-Sale Available-for-sale Fixed-Income Securities We invest a portion of our restricted trust and escrow account balances in fixed-income securities, including U.S. Treasury securities, U.S. agency securities, municipal securities and mortgage- and asset-backed securities. We measure the fair value of these securities using quoted prices for identical or similar assets in inactive markets. The fair value of our fixed-income securities approximates our cost basis in these investments. Foreign Currency Derivatives In March 2016, we terminated our cross-currency swaps. Previously, our cross-currency swaps were valued using a third-party pricing model that incorporated information about forward Canadian dollar rates, or observable market data, as of the reporting date. The third-party pricing model used to value our cross-currency Refer to Notes 8 and 14 for additional information regarding the derivative instruments discussed above. Redeemable Preferred Stock Redeemable preferred stock is primarily related to a noncontrolling investment in an unconsolidated entity and is included in “Investments in unconsolidated entities” in our Consolidated Balance Sheets. The fair value of our investment has been measured based on third-party investors’ recent or pending transactions in these securities, which is 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 techniques, third-party appraisals or industry multiples and public comparables. Redeemable preferred stock also includes stock received in conjunction with the 2014 sale of our Puerto Rico operations, as discussed in Note 19. Fair Value of Debt At December 31, 2016 and 2015, the carrying value of our debt was approximately $9.3 billion and $8.9 billion, respectively. The estimated fair value of our debt was approximately $9.7 billion and $9.2 billion at December 31, 2016 and 2015, respectively. The fair value of our fixed-rate debt is estimated by using a discounted cash flow approach and current market rates for similar types of instruments. The carrying value of our variable-rate short-term 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 December 31, 2016 and 2015. These amounts have not been revalued since those dates, and current estimates of fair value could differ significantly from the amounts presented. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | 19. Acquisitions and Divestitures Acquisitions We continue to pursue the acquisition of businesses that are accretive to our Solid Waste business and enhance and expand our existing service offerings. During the year ended December 31, 2016, we acquired 30 businesses primarily related to our Solid Waste business. Total consideration, net of cash acquired, for all acquisitions was $604 million, which included $581 million in cash paid and other consideration of $23 million, primarily purchase price holdbacks. For businesses acquired in 2016, our estimated maximum obligations for contingent consideration was not material. In 2016, we also paid $4 million of contingent consideration for acquisitions completed prior to 2016. In addition, we paid $26 million of holdbacks, of which $16 million related to current year acquisitions. Total consideration for our 2016 acquisitions was primarily allocated to $115 million of property and equipment, $212 million of other intangible assets and $280 million of goodwill. Other intangible assets included $185 million of customer and supplier relationships, $23 million of covenants not-to-compete and $4 million for a trade name. The goodwill is primarily a result of expected synergies from combining the acquired businesses with our existing operations and is tax deductible. Southern Waste Systems /Sun Recyclin (“SWS”) Total consideration for SWS was allocated to $93 million of property and equipment, $182 million of other intangible assets and $250 million of goodwill. The acquisition accounting for this transaction was finalized in the third quarter of 2016. There were no significant measurement period adjustments recorded in 2016. The goodwill has been assigned to our Florida Area, in Tier 3, and is tax deductible. Since the acquisition date in 2016, SWS contributed revenues of $148 million for the year ended December 31, 2016, which are included in our Consolidated Statement of Operations. The acquired operations have not materially affected our “Consolidated net income” for the year ended December 31, 2016. Contingent consideration obligations are primarily based on achievement by the acquired businesses of certain negotiated goals, which generally include targeted financial metrics. As of December 31, 2016 and 2015, the balance of our estimated contingent consideration obligations was $37 million and $96 million, respectively. The decrease in this balance is primarily due to adjustments to write down our estimated obligations to fair value, including a $47 million decrease resulting from the finalization of our purchase accounting that occurred during the measurement period, see Note 21 for further discussion, and post measurement period decreases to reflect changes in the estimated achievement of the targeted financial metrics. During the year ended December 31, 2015, we acquired 27 businesses primarily related to our Solid Waste business. Total consideration, net of cash acquired, for all acquisitions was $646 million, which included $537 million in cash paid, purchase price holdbacks of $13 million and a liability for contingent consideration with a preliminary estimated fair value of $96 million. Our estimated maximum obligations for the contingent cash payments were $126 million at the dates of acquisition. As of December 31, 2015, we had paid $13 million of these holdbacks and contingent consideration. In 2015, we also paid $4 million of contingent consideration associated with acquisitions completed prior to 2015. Total consideration for our 2015 acquisitions was primarily allocated to $243 million of property and equipment, $145 million of other intangible assets and $325 million of goodwill. Other intangible assets included $131 million of customer and supplier relationships, $8 million of covenants not-to-compete and $6 million of trade name. The goodwill is primarily a result of expected synergies from combining the acquired businesses with our existing operations and $166 million is tax deductible and $159 million is not tax deductible. Deffenbaugh Disposal, Inc. (“Deffenbaugh”) Total consideration for Deffenbaugh was allocated to $207 million of property and equipment, $159 million in goodwill, $100 million in other intangible assets, $50 million in other assets, including $15 million cash acquired, and $101 million in total liabilities. Goodwill has been assigned to our Areas, primarily Tier 3 and to a lesser extent Tier 1, and is not tax deductible. The following table presents the fair value assigned to other intangible assets for the Deffenbaugh and SWS acquisitions, respectively, (amounts in millions, except for amortization periods): Deffenbaugh SWS Amount Weighted Average Amortization Periods (in Years) Amount Weighted Average Amortization Periods (in Years) Customer relationships $ 94 15.0 $ 160 10.0 Noncompete agreements — — 18 5.0 Trade name 6 15.0 4 10.0 Total other intangible assets subject to amortization $ 100 15.0 $ 182 9.5 The following pro forma consolidated results of operations for the years ended December 31 have been prepared as if the acquisitions of Deffenbaugh and SWS occurred at January 1, 2015 (in millions, except per share amounts): 2016 2015 Operating revenues $ 13,611 $ 13,137 Net income attributable to Waste Management, Inc. 1,182 751 Basic earnings per common share 2.67 1.66 Diluted earnings per common share 2.65 1.65 During the year ended December 31, 2014, we acquired 15 businesses related to our Solid Waste business. Total consideration, net of cash acquired, for all acquisitions was $32 million, which included $26 million in cash paid and a liability for contingent consideration with a preliminary estimated fair value of $6 million. Our estimated maximum obligations for the contingent cash payments were $6 million at the dates of acquisition. As of December 31, 2014, we had paid $4 million of this contingent consideration. In 2014, we also paid $5 million of contingent consideration associated with acquisitions completed prior to 2014. Total consideration for our 2014 acquisitions was primarily allocated to $6 million of property and equipment, $9 million of other intangible assets and $17 million of goodwill. Other intangible assets included $7 million of customer and supplier relationships and $2 million of covenants not-to-compete. The goodwill is primarily a result of expected synergies from combining the acquired businesses with our existing operations and is tax deductible. Divestitures In 2016 and 2015, the aggregate sales price for divestitures of operations was $2 million and $79 million and we recognized net losses of $9 million and net gains of $7 million, respectively. These divestitures were made as part of our continuous focus on improving or divesting certain non-strategic or underperforming operations. The remaining amounts reported in the Consolidated Statements of Cash Flows generally relate to the sale of fixed assets. The aggregate sales price for divestitures of operations was $2.09 billion in 2014, primarily related to (i) the sale of our Wheelabrator business; (ii) the sale of our Puerto Rico operations and (iii) the sale of certain landfill and collection operations in our Eastern Canada Area, as discussed further below. We recognized net gains on these divestitures of $515 million in 2014. The remaining amounts reported in the Consolidated Statement of Cash Flows generally relate to the sale of fixed assets. On December 19, 2014, we sold our Wheelabrator business to an affiliate of Energy Capital Partners and received cash proceeds of $1.95 billion, net of cash divested, subject to certain post-closing During 2014, we also sold our Puerto Rico operations and received proceeds of $80 million, consisting of $65 million of cash and $15 million of preferred stock and recognized a loss of $25 million. In addition, we sold certain landfill and collection operations in our Eastern Canada Area and received cash proceeds of $39 million and recognized a gain of $18 million. The gain or loss on these divestitures is included within “(Income) expense from divestitures, asset impairments and unusual items” in the Consolidated Statement of Operations. The remaining proceeds from divestitures in 2014 were comprised substantially of cash. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 20. Variable Interest Entities Following is a description of our financial interests in both consolidated and unconsolidated variable interest entities that we consider significant: Unconsolidated Variable Interest Entities Low-Income low-income Trust Funds for Final Capping, Closure, Post-Closure post-closure As the party with primary responsibility to fund the related final capping, closure, post-closure or environmental remediation activities for these trust funds, we are exposed to risk of loss as a result of potential changes in the fair value of the assets of the trust. We currently expect the trust funds to continue to meet the statutory requirements for which they were established. Consolidated Variable Interest Entities Trust Funds for Final Capping, Closure, Post-Closure post-closure available-for-sale We are also the party with primary responsibility to fund the related final capping, closure, post-closure Waste-to-Energy LLCs In December 2014, we purchased the noncontrolling interests in the LLCs from Hancock and CIT. The LLCs were then subsequently sold as part of the divestiture of our Wheelabrator business. See Note 19 for further discussion of the sale of our Wheelabrator business. |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment and Related Information | 21. Segment and Related Information We evaluate, oversee and manage the financial performance of our Solid Waste subsidiaries through our 17 Areas. The 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 geographies 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. In 2015, we analyzed the Areas’ income from operations margins for purposes of segment reporting and realigned our Solid Waste tiers to reflect recent changes in their relative economic characteristics and prospects. These changes were the result of various factors including acquisitions, divestitures, business mix and the economic climate of various geographies. In 2016, there were no realignments of our Solid Waste tiers. Tier 1 is comprised of our operations across the Southern United States, with the exception of Southern California and the Florida peninsula and also includes the New England states, the tri-state Mid-Atlantic Our Wheelabrator business, which provides waste-to-energy waste-to-energy The operating segments not evaluated and overseen through the 17 Areas 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 as of and for the years ended December 31 is shown in the following table (in millions): Gross Intercompany Net Income Depreciation Capital Total 2016 Solid Waste: Tier 1 $ 5,241 $ (911 ) $ 4,330 $ 1,430 $ 424 $ 452 $ 6,188 Tier 2 3,391 (620 ) 2,771 604 280 295 5,488 Tier 3 5,336 (921 ) 4,415 912 440 451 6,571 Other(a) 2,278 (185 ) 2,093 (100 ) 101 104 1,489 16,246 (2,637 ) 13,609 2,846 1,245 1,302 19,736 Corporate and Other(b) — — — (550 ) 56 45 1,401 Total $ 16,246 $ (2,637 ) $ 13,609 $ 2,296 $ 1,301 $ 1,347 $ 21,137 2015 Solid Waste: Tier 1 $ 5,083 $ (856 ) $ 4,227 $ 1,290 $ 428 $ 382 $ 6,098 Tier 2 3,304 (613 ) 2,691 629 280 251 5,394 Tier 3 4,898 (813 ) 4,085 808 379 412 5,930 Other(a) 2,065 (107 ) 1,958 (160 ) 94 128 1,701 15,350 (2,389 ) 12,961 2,567 1,181 1,173 19,123 Corporate and Other(b) — — — (522 ) 64 56 1,783 Total $ 15,350 $ (2,389 ) $ 12,961 $ 2,045 $ 1,245 $ 1,229 $ 20,906 2014 Solid Waste: Tier 1 $ 5,117 $ (834 ) $ 4,283 $ 1,301 $ 408 $ 388 $ 6,150 Tier 2 3,516 (663 ) 2,853 711 287 223 5,648 Tier 3 4,816 (786 ) 4,030 787 361 351 5,449 Other(a) 2,191 (76 ) 2,115 (400 ) 128 134 1,791 Wheelabrator 817 (102 ) 715 669 37 11 — 16,457 (2,461 ) 13,996 3,068 1,221 1,107 19,038 Corporate and Other(b) — — — (769 ) 71 74 2,805 Total $ 16,457 $ (2,461 ) $ 13,996 $ 2,299 $ 1,292 $ 1,181 $ 21,843 (a) Our “Other” net operating revenues and “Other” income from operations include (i) our Strategic Business Solutions (“WMSBS”) organization; (ii) those elements of our landfill gas-to-energy operations and third-party subcontract and administration revenues managed by our Energy and Environmental Services and WM Renewable Energy organizations that are not included in the operations of our reportable segments; (iii) our recycling brokerage services and (iv) our expanded service offerings and solutions, such as portable self-storage non-operating self-insurance (b) Corporate operating results reflect certain costs incurred for various support services that are not allocated to our reportable segments. These support services include, among other things, treasury, legal, information technology, tax, insurance, centralized service center processes, other administrative functions and the maintenance of our closed landfills. Income from operations for “Corporate and other” also includes costs associated with our long-term (c) Intercompany operating revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service. (d) For those items included in the determination of income from operations, the accounting policies of the segments are the same as those described in Note 3. (e) The income from operations provided by our Solid Waste business is generally indicative of the margins provided by our collection, landfill, transfer and recycling lines of business. From time to time, the operating results of our reportable segments are significantly affected by certain transactions or events that management believes are not indicative or representative of our results. In 2014, we recognized a $519 million gain on the sale of our Wheelabrator business. Refer to Notes 12 and 13 for explanations of certain other transactions and events affecting our operating results. (f) Includes non-cash items. Capital expenditures are reported in our reportable segments at the time they are recorded within the segments’ property and equipment balances and, therefore, may include amounts that have been accrued but not yet paid. (g) The reconciliation of total assets reported above to “Total assets” in the Consolidated Balance Sheets is as follows (in millions): December 31, 2016 2015 2014 Total assets, as reported above $ 21,137 $ 20,906 $ 21,843 Elimination of intercompany investments and advances (278 ) (539 ) (591 ) Total assets, per Consolidated Balance Sheet $ 20,859 $ 20,367 $ 21,252 (h) Goodwill is included within each segment’s total assets. For segment reporting purposes, our material recovery facilities are included as a component of their respective Areas and our recycling brokerage services is included as part of our “Other” operations. The goodwill associated with our acquisition of Deffenbaugh in 2015 has been assigned to our Areas, primarily Tier 3 and to a lesser extent Tier 1. The goodwill associated with our acquisition of SWS in 2016 has been assigned to our Florida Area, in Tier 3. Other adjustments in 2016 relate to the finalization of purchase accounting for acquisitions executed in 2015. These adjustments primarily resulted in a decrease in the related contingent consideration liability. See Note 19 for additional information on our acquisitions. The following table presents changes in goodwill during 2015 and 2016 by reportable segment (in millions): Solid Waste Tier 1 Tier 2 Tier 3 Other Total Balance, December 31, 2014 $ 2,178 $ 1,795 $ 1,662 $ 105 $ 5,740 Acquired goodwill 27 42 151 105 325 Divested goodwill — (6 ) (1 ) — (7 ) Foreign currency translation (15 ) (59 ) — — (74 ) Balance, December 31, 2015 $ 2,190 $ 1,772 $ 1,812 $ 210 $ 5,984 Acquired goodwill 11 12 254 3 280 Divested goodwill — — (1 ) — (1 ) Impairments — — — (12 ) (12 ) Foreign currency translation 2 10 — — 12 Other adjustments — (2 ) — (46 ) (48 ) Balance, December 31, 2016 $ 2,203 $ 1,792 $ 2,065 $ 155 $ 6,215 The mix of operating revenues from our major lines of business for the years ended December 31 are as follows (in millions): 2016 2015 2014 Commercial $ 3,480 $ 3,332 $ 3,393 Residential 2,487 2,499 2,543 Industrial 2,412 2,252 2,231 Other 423 356 340 Total collection 8,802 8,439 8,507 Landfill 3,110 2,919 2,849 Transfer 1,512 1,377 1,353 Recycling 1,221 1,163 1,370 Other(a) 1,601 1,452 1,561 Wheelabrator — — 817 Intercompany(b) (2,637 ) (2,389 ) (2,461 ) Total $ 13,609 $ 12,961 $ 13,996 (a) The “Other” line of business includes (i) our WMSBS organization; (ii) our landfill gas-to-energy operations; (iii) certain services within our Energy and Environmental Services organization, including our construction and remediation services and our services associated with the disposal of fly ash and (iv) our expanded service offerings and solutions, such as portable self-storage and long distance moving services, and interests we hold in oil and gas producing properties. (b) Intercompany revenues between lines of business are eliminated within the Consolidated Financial Statements included herein. Net operating revenues relating to operations in the United States and Puerto Rico, and Canada for the years ended December 31 are as follows (in millions): 2016 2015 2014 United States and Puerto Rico(a) $ 12,915 $ 12,196 $ 13,064 Canada 694 765 932 Total $ 13,609 $ 12,961 $ 13,996 (a) We sold our Puerto Rico operations in 2014. Refer to Note 19 for additional information. Property and equipment, net of accumulated depreciation and amortization, relating to operations in the United States and Puerto Rico, and Canada for the years ended December 31 are as follows (in millions): 2016 2015 2014 United States and Puerto Rico(a) $ 10,040 $ 9,778 $ 9,586 Canada 910 887 1,071 Total $ 10,950 $ 10,665 $ 10,657 (a) We sold our Puerto Rico operations in 2014. Refer to Note 19 for additional information. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 22. Quarterly Financial Data (Unaudited) The following table summarizes the unaudited quarterly results of operations for 2016 and 2015 (in millions, except per share amounts): First Second Third Fourth 2016 Operating revenues $ 3,176 $ 3,425 $ 3,548 $ 3,460 Income from operations 508 611 560 617 Consolidated net income 256 286 304 334 Net income attributable to Waste Management, Inc. 258 287 302 335 Basic earnings per common share 0.58 0.65 0.68 0.76 Diluted earnings per common share 0.58 0.64 0.68 0.75 2015 Operating revenues $ 3,040 $ 3,315 $ 3,360 $ 3,246 Income from operations 440 502 601 502 Consolidated net income (loss) (131 ) 273 337 273 Net income (loss) attributable to Waste Management, Inc. (129 ) 274 335 273 Basic earnings (loss) per common share (0.28 ) 0.60 0.75 0.61 Diluted earnings (loss) per common share (0.28 ) 0.60 0.74 0.61 Basic and diluted earnings per common share for each of the quarters presented above is based on the respective weighted average number of common and dilutive potential common shares outstanding for each quarter and the sum of the quarters may not necessarily be equal to the full year basic and diluted earnings per common share amounts. 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. Additionally, from time to time, our operating results are significantly affected by certain transactions or events that management believes are not indicative or representative of our results. The following significant items have affected the comparison of our operating results during the periods indicated: Second Quarter 2016 • The recognition of pre-tax Third Quarter 2016 • The recognition of pre-tax ® First Quarter 2015 • The recognition of a pre-tax • The recognition of pre-tax Second Quarter 2015 • The recognition of a $55 million charge associated with the withdrawal from certain underfunded Multiemployer Pension Plans had a negative impact of $0.07 on our diluted earnings per share. • The recognition of net pre-tax after-tax Fourth Quarter 2015 • The recognition of $70 million of pre-tax • The recognition of $8 million of pre-tax other-than-temporary |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Financial Statements | 23. 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 December 31, 2016 WM WM Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ — $ 32 $ — $ 32 Other current assets 5 5 2,334 — 2,344 5 5 2,366 — 2,376 Property and equipment, net — — 10,950 — 10,950 Investments in affiliates 19,924 20,331 — (40,255 ) — Advances to affiliates(a) — — 13,000 (13,000 ) — Other assets 14 30 7,489 — 7,533 Total assets $ 19,943 $ 20,366 $ 33,805 $ (53,255 ) $ 20,859 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 269 $ — $ 148 $ — $ 417 Accounts payable and other current liabilities 81 9 2,287 — 2,377 350 9 2,435 — 2,794 Long-term debt, less current portion(a) 6,229 304 2,360 — 8,893 Due to affiliates(a) 13,350 128 5,299 (18,777 ) — Other liabilities 16 — 3,836 — 3,852 Total liabilities 19,945 441 13,930 (18,777 ) 15,539 Equity: Stockholders’ equity 5,297 19,925 20,330 (40,255 ) 5,297 Advances to affiliates (5,299 ) — (478 ) 5,777 — Noncontrolling interests — — 23 — 23 (2 ) 19,925 19,875 (34,478 ) 5,320 Total liabilities and equity $ 19,943 $ 20,366 $ 33,805 $ (53,255 ) $ 20,859 (a) In conjunction with the preparation of our June 30, 2016 Condensed Consolidating Balance Sheet, we identified and corrected the presentation of $126 million of tax-exempt bonds previously reported in Non-Guarantor Subsidiaries’ rather than WM’s “Long-term debt, less current portion,” which had corresponding impacts on “Advances to affiliates” and “Due to affiliates.” This immaterial correction has been reflected in our 2016 Condensed Consolidating Financial Statements. CONDENSED CONSOLIDATING BALANCE SHEETS (Continued) December 31, 2015 WM WM Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ — $ 39 $ — $ 39 Other current assets 3 6 2,297 — 2,306 3 6 2,336 — 2,345 Property and equipment, net — — 10,665 — 10,665 Investments in affiliates(b) 18,557 18,925 — (37,482 ) — Advances to affiliates — — 12,113 (12,113 ) — Other assets 23 29 7,305 — 7,357 Total assets $ 18,583 $ 18,960 $ 32,419 $ (49,595 ) $ 20,367 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 41 $ — $ 212 $ — $ 253 Accounts payable and other current liabilities 83 9 2,165 — 2,257 124 9 2,377 — 2,510 Long-term debt, less current portion 5,801 304 2,571 — 8,676 Due to affiliates(b) 12,588 76 5,299 (17,963 ) — Other liabilities 24 — 3,790 — 3,814 Total liabilities 18,537 389 14,037 (17,963 ) 15,000 Equity: Stockholders’ equity 5,345 18,571 18,911 (37,482 ) 5,345 Advances to affiliates(b) (5,299 ) — (551 ) 5,850 — Noncontrolling interests — — 22 — 22 46 18,571 18,382 (31,632 ) 5,367 Total liabilities and equity $ 18,583 $ 18,960 $ 32,419 $ (49,595 ) $ 20,367 (b) In conjunction with the preparation of our September 30, 2016 Condensed Consolidating Balance Sheet, we identified $5.9 billion of intercompany loans between WM and Non-Guarantor Non-Guarantor CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS WM WM Non-Guarantor Eliminations Consolidated Year Ended December 31, 2016 Operating revenues $ — $ — $ 13,609 $ — $ 13,609 Costs and expenses — — 11,313 — 11,313 Income from operations — — 2,296 — 2,296 Other income (expense): Interest expense, net (303 ) (20 ) (53 ) — (376 ) Loss on early extinguishment of debt (1 ) — (3 ) — (4 ) Equity in earnings of subsidiaries, net of tax provision 1,367 1,381 — (2,748 ) — Other, net — — (94 ) — (94 ) 1,063 1,361 (150 ) (2,748 ) (474 ) Income before income taxes 1,063 1,361 2,146 (2,748 ) 1,822 Provision for (benefit from) income taxes (119 ) (8 ) 769 — 642 Consolidated net income 1,182 1,369 1,377 (2,748 ) 1,180 Less: Net income (loss) attributable to noncontrolling interests — — (2 ) — (2 ) Net income attributable to Waste Management, Inc. $ 1,182 $ 1,369 $ 1,379 $ (2,748 ) $ 1,182 Year Ended December 31, 2015 Operating revenues $ — $ — $ 12,961 $ — $ 12,961 Costs and expenses — (1 ) 10,917 — 10,916 Income from operations — 1 2,044 — 2,045 Other income (expense): Interest expense, net (298 ) (22 ) (65 ) — (385 ) Loss on early extinguishment of debt (500 ) (52 ) (3 ) — (555 ) Equity in earnings of subsidiaries, net of tax provision 1,245 1,289 — (2,534 ) — Other, net — — (45 ) — (45 ) 447 1,215 (113 ) (2,534 ) (985 ) Income before income taxes 447 1,216 1,931 (2,534 ) 1,060 Provision for (benefit from) income taxes (306 ) (29 ) 643 — 308 Consolidated net income 753 1,245 1,288 (2,534 ) 752 Less: Net income (loss) attributable to noncontrolling interests — — (1 ) — (1 ) Net income attributable to Waste Management, Inc. $ 753 $ 1,245 $ 1,289 $ (2,534 ) $ 753 Year Ended December 31, 2014 Operating revenues $ — $ — $ 13,996 $ — $ 13,996 Costs and expenses — (459 ) 12,156 — 11,697 Income from operations — 459 1,840 — 2,299 Other income (expense): Interest expense, net (351 ) (31 ) (84 ) — (466 ) Equity in earnings of subsidiaries, net of tax provision 1,510 1,070 — (2,580 ) — Other, net — — (82 ) — (82 ) 1,159 1,039 (166 ) (2,580 ) (548 ) Income before income taxes 1,159 1,498 1,674 (2,580 ) 1,751 Provision for (benefit from) income taxes (139 ) (12 ) 564 — 413 Consolidated net income 1,298 1,510 1,110 (2,580 ) 1,338 Less: Net income (loss) attributable to noncontrolling interests — — 40 — 40 Net income attributable to Waste Management, Inc. $ 1,298 $ 1,510 $ 1,070 $ (2,580 ) $ 1,298 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME WM WM Non-Guarantor Eliminations Consolidated Year Ended December 31, 2016 Comprehensive income $ 1,189 $ 1,369 $ 1,417 $ (2,748 ) $ 1,227 Less: Comprehensive income (loss) attributable to noncontrolling interests — — (2 ) — (2 ) Comprehensive income attributable to Waste Management, Inc. $ 1,189 $ 1,369 $ 1,419 $ (2,748 ) $ 1,229 Year Ended December 31, 2015 Comprehensive income $ 762 $ 1,245 $ 1,129 $ (2,534 ) $ 602 Less: Comprehensive income (loss) attributable to noncontrolling interests — — (1 ) — (1 ) Comprehensive income attributable to Waste Management, Inc. $ 762 $ 1,245 $ 1,130 $ (2,534 ) $ 603 Year Ended December 31, 2014 Comprehensive income $ 1,300 $ 1,510 $ 977 $ (2,580 ) $ 1,207 Less: Comprehensive income (loss) attributable to noncontrolling interests — — 40 — 40 Comprehensive income attributable to Waste Management, Inc. $ 1,300 $ 1,510 $ 937 $ (2,580 ) $ 1,167 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS WM(c) WM Non-Guarantor Eliminations Consolidated Year Ended December 31, 2016 Cash flows from operating activities: Consolidated net income $ 1,182 $ 1,369 $ 1,377 $ (2,748 ) $ 1,180 Equity in earnings of subsidiaries, net of tax provision (1,367 ) (1,381 ) — 2,748 — Other adjustments 185 12 1,583 — 1,780 Net cash provided by operating activities — — 2,960 — 2,960 Cash flows from investing activities: Acquisitions of businesses, net of cash acquired — — (611 ) — (611 ) Capital expenditures — — (1,339 ) — (1,339 ) Proceeds from divestitures of businesses and other assets (net of cash divested) — — 43 — 43 Net receipts from restricted trust and escrow accounts and other, net — — (25 ) — (25 ) Net cash provided by (used in) investing activities — — (1,932 ) — (1,932 ) Cash flows from financing activities: New borrowings — — 3,057 — 3,057 Debt repayments — — (2,682 ) — (2,682 ) Premiums paid on early extinguishment of debt — — (2 ) — (2 ) Common stock repurchase program — — (725 ) — (725 ) Cash dividends — — (726 ) — (726 ) Exercise of common stock options — — 63 — 63 Other, net — — (20 ) — (20 ) (Increase) decrease in intercompany and investments, net — — — — — Net cash provided by (used in) financing activities — — (1,035 ) — (1,035 ) Effect of exchange rate changes on cash and cash equivalents — — — — — Increase (decrease) in cash and cash equivalents — — (7 ) — (7 ) Cash and cash equivalents at beginning of year — — 39 — 39 Cash and cash equivalents at end of year $ — $ — $ 32 $ — $ 32 (c) Cash receipts and payments of WM and WM Holdings are transacted by Non-Guarantor WM(d) WM Non-Guarantor Eliminations Consolidated Year Ended December 31, 2015 Cash flows from operating activities: Consolidated net income $ 753 $ 1,245 $ 1,288 $ (2,534 ) $ 752 Equity in earnings of subsidiaries, net of tax provision (1,245 ) (1,289 ) — 2,534 — Other adjustments 492 44 1,210 — 1,746 Net cash provided by operating activities — — 2,498 — 2,498 Cash flows from investing activities: Acquisitions of businesses, net of cash acquired — — (554 ) — (554 ) Capital expenditures — — (1,233 ) — (1,233 ) Proceeds from divestitures of businesses and other assets (net of cash divested) — — 145 — 145 Net receipts from restricted trust and escrow accounts and other, net — — 34 — 34 Net cash provided by (used in) investing activities — — (1,608 ) — (1,608 ) Cash flows from financing activities: New borrowings — — 2,337 — 2,337 Debt repayments — — (2,764 ) — (2,764 ) Premiums paid on early extinguishment of debt — — (555 ) — (555 ) Common stock repurchase program — — (600 ) — (600 ) Cash dividends — — (695 ) — (695 ) Exercise of common stock options — — 77 — 77 Other, net — — 45 — 45 (Increase) decrease in intercompany and investments, net (1,235 ) — 1,235 — — Net cash provided by (used in) financing activities (1,235 ) — (920 ) — (2,155 ) Effect of exchange rate changes on cash and cash equivalents — — (3 ) — (3 ) Increase (decrease) in cash and cash equivalents (1,235 ) — (33 ) — (1,268 ) Cash and cash equivalents at beginning of year 1,235 — 72 — 1,307 Cash and cash equivalents at end of year $ — $ — $ 39 $ — $ 39 (d) Cash receipts and payments of WM and WM Holdings are transacted by Non-Guarantor WM(e) WM Non-Guarantor Eliminations Consolidated Year Ended December 31, 2014 Cash flows from operating activities: Consolidated net income $ 1,298 $ 1,510 $ 1,110 $ (2,580 ) $ 1,338 Equity in earnings of subsidiaries, net of tax provision (1,510 ) (1,070 ) — 2,580 — Other adjustments 212 (440 ) 1,221 — 993 Net cash provided by operating activities — — 2,331 — 2,331 Cash flows from investing activities: Acquisitions of businesses, net of cash acquired — — (35 ) — (35 ) Capital expenditures — — (1,151 ) — (1,151 ) Proceeds from divestitures of businesses and other assets (net of cash divested) — — 2,253 — 2,253 Net receipts from restricted trust and escrow accounts and other, net — — (72 ) — (72 ) Net cash provided by (used in) investing activities — — 995 — 995 Cash flows from financing activities: New borrowings — — 2,817 — 2,817 Debt repayments — — (3,568 ) — (3,568 ) Common stock repurchase program — — (600 ) — (600 ) Cash dividends — — (693 ) — (693 ) Exercise of common stock options — — 93 — 93 Other, net — — (121 ) — (121 ) (Increase) decrease in intercompany and investments, net 1,235 — (1,235 ) — — Net cash provided by (used in) financing activities 1,235 — (3,307 ) — (2,072 ) Effect of exchange rate changes on cash and cash equivalents — — (5 ) — (5 ) Increase (decrease) in cash and cash equivalents 1,235 — 14 — 1,249 Cash and cash equivalents at beginning of year — — 58 — 58 Cash and cash equivalents at end of year $ 1,235 $ — $ 72 $ — $ 1,307 (e) Cash receipts and payments of WM and WM Holdings are transacted by Non-Guarantor |
New Accounting Standards Pendin
New Accounting Standards Pending Adoption (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards Pending Adoption (Unaudited) | 24. New Accounting Standards Pending Adoption (Unaudited) Income Taxes intra-entity Statement of Cash Flows — Financial Instrument Credit Losses — Stock Compensation — stock-based Leases Financial Instruments Revenue Recognition To assess the impact of the standard, we utilized internal resources to lead the implementation effort and supplemented them with external resources. Our internal resources read the amended guidance, attended trainings and consulted with non-authoritative Based on our work to date, we believe we have identified all material contract types and costs that may be impacted by this amended guidance. We expect to quantify and disclose the expected impact, if any, of adopting this amended guidance in the third quarter Form 10-Q. While we are still evaluating the impact of the amended guidance, we currently do not expect it to have a material impact on operating revenues. Upon adoption of the amended guidance, we anticipate recognizing an asset from the capitalization of sales incentives as contract acquisitions costs. Under the amended guidance, sales incentives will be capitalized and amortized over the expected life of the customer relationship. Currently, the Company expenses approximately $65 million in sales incentives annually. As noted above, we are still evaluating other possible impacts on our consolidated financial statements, including potential changes in the classification of certain revenue streams currently reported on a gross basis and on our disclosures. The Company is also currently planning to adopt the amended guidance using the modified retrospective method as of January 1, 2018. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | WASTE MANAGEMENT, INC. SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (In Millions) Balance Charged Accounts Balance 2014 — Reserves for doubtful accounts(a) $ 34 $ 42 $ (45 ) $ 31 2015 — Reserves for doubtful accounts(a) $ 31 $ 36 $ (42 ) $ 25 2016 — Reserves for doubtful accounts(a) $ 25 $ 42 $ (43 ) $ 24 2014 — Merger and restructuring accruals(b) $ 14 $ 82 $ (51 ) $ 45 2015 — Merger and restructuring accruals(b) $ 45 $ 15 $ (47 ) $ 13 2016 — Merger and restructuring accruals(b) $ 13 $ 4 $ (10 ) $ 7 (a) Includes reserves for doubtful accounts receivable and notes receivable. (b) Included in “Accrued liabilities” in our Consolidated Balance Sheets. These accruals represent employee severance and benefit costs and transitional costs. |
Adoption of New Accounting St33
Adoption of New Accounting Standards and Reclassifications (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Adoption of New Accounting Standards | Adoption of New Accounting Standards Debt Issuance Costs Consolidation |
Reclassifications | Reclassifications When necessary, reclassifications have been made to our prior period financial information in order to conform to the current year presentation. |
Principles of Consolidation | Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of WM, its wholly-owned and majority-owned |
Estimates and Assumptions | Estimates and Assumptions In preparing our financial statements, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with precision from available data or simply cannot be calculated. In some cases, these estimates are difficult to determine, and we must exercise significant judgment. In preparing our financial statements, the most difficult, subjective and complex estimates and the assumptions that present the greatest amount of uncertainty relate to our accounting for landfills, environmental remediation liabilities, long-lived |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash in excess of current operating requirements is invested in short-term interest-bearing instruments with maturities of three months or less at the date of purchase and is stated at cost, which approximates market value. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments held within our trust funds and escrow accounts, and accounts receivable. We make efforts to control our exposure to credit risk associated with these instruments by (i) placing our assets and other financial interests with a diverse group of credit-worthy financial institutions; (ii) holding high-quality financial instruments while limiting investments in any one instrument and (iii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures, although generally we do not have collateral requirements for credit extensions. We also control our exposure associated with trade receivables by discontinuing service, to the extent allowable, to non-paying customers. However, our overall credit risk associated with trade receivables is limited due to the large number and diversity of customers we serve. At December 31, 2016 and 2015, no single customer represented greater than 5% of total accounts receivable. |
Accounts and Other Receivables | Accounts and Other Receivables Our receivables, which are recorded when billed, when services are performed or when cash is advanced, are claims against third parties that will generally be settled in cash. The carrying value of our receivables, net of the allowance for doubtful accounts, represents the estimated net realizable value. We estimate our allowance for doubtful accounts based on historical collection trends; type of customer, such as municipal or commercial; the age of outstanding receivables; and existing economic conditions. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due Other receivables, at December 31, 2016 and 2015, include receivables related to income tax payments in excess of our current provision for income taxes of $352 million and $439 million, respectively. |
Parts and Supplies | Parts and Supplies Parts and supplies consist primarily of spare parts, fuel, tires, lubricants and processed recycling materials. Our parts and supplies are stated at the lower of cost, using the average cost method, or market. |
Landfill Accounting | Landfill Accounting Cost Basis of Landfill Assets post-closure Final Capping, Closure and Post-Closure • Final Capping units-of-consumption • Closure • Post-Closure Post-closure post-closure We develop our estimates of these obligations using input from our operations personnel, engineers and accountants. Our estimates are based on our interpretation of current requirements and proposed regulatory changes and are intended to approximate fair value. Absent quoted market prices, the estimate of fair value is based on the best available information, including the results of present value techniques. In many cases, we contract with third parties to fulfill our obligations for final capping, closure and post-closure. We use historical experience, professional engineering judgment and quoted and actual prices paid for similar work to determine the fair value of these obligations. We are required to recognize these obligations at market prices whether we plan to contract with third parties or perform the work ourselves. In those instances where we perform the work with internal resources, the incremental profit margin realized is recognized as a component of operating income when the work is completed. Once we have determined the final capping, closure and post-closure credit-adjusted, credit-adjusted, We record the estimated fair value of final capping, closure and post-closure post-closure post-closure Changes in inflation rates or the estimated costs, timing or extent of future final capping, closure and post-closure Interest accretion on final capping, closure and post-closure liabilities is recorded using the effective interest method and is recorded as final capping, closure and post-closure Amortization of Landfill Assets post-closure Amortization is recorded on a units-of-consumption basis, applying expense as a rate per ton. The rate per ton is calculated by dividing each component of the amortizable basis of a landfill by the number of tons needed to fill the corresponding asset’s airspace. For landfills that we do not own, but operate through lease or other contractual agreements, the rate per ton is calculated based on expected capacity to be utilized over the lesser of the contractual term of the underlying agreement or the life of the landfill. We apply the following guidelines in determining a landfill’s remaining permitted and expansion airspace: • Remaining Permitted Airspace • Expansion Airspace • Personnel are actively working on the expansion of an existing landfill, including efforts to obtain land use and local, state or provincial approvals; • We have a legal right to use or obtain land to be included in the expansion plan; • There are no significant known technical, legal, community, business, or political restrictions or similar issues that could negatively affect the success of such expansion; and • Financial analysis has been completed based on conceptual design, and the results demonstrate that the expansion meets Company criteria for investment. For unpermitted airspace to be initially included in our estimate of remaining permitted and expansion airspace, the expansion effort must meet all of the criteria listed above. These criteria are evaluated by our field-based engineers, accountants, managers and others to identify potential obstacles to obtaining the permits. Once the unpermitted airspace is included, our policy provides that airspace may continue to be included in remaining permitted and expansion airspace even if certain of these criteria are no longer met as long as we continue to believe we will ultimately obtain the permit, based on the facts and circumstances of a specific landfill. In these circumstances, continued inclusion must be approved through a landfill-specific When we include the expansion airspace in our calculations of remaining permitted and expansion airspace, we also include the projected costs for development, as well as the projected asset retirement costs related to final capping, closure and post-closure Once the remaining permitted and expansion airspace is determined in cubic yards, an airspace utilization factor (“AUF”) is established to calculate the remaining permitted and expansion capacity in tons. The AUF is established using the measured density obtained from previous annual surveys and is then adjusted to account for future settlement. The amount of settlement that is forecasted will take into account several site-specific factors including current and projected mix of waste type, initial and projected waste density, estimated number of years of life remaining, depth of underlying waste, anticipated access to moisture through precipitation or recirculation of landfill leachate and operating practices. In addition, the initial selection of the AUF is subject to a subsequent multi-level After determining the costs and remaining permitted and expansion capacity at each of our landfills, we determine the per ton rates that will be expensed as waste is received and deposited at the landfill by dividing the costs by the corresponding number of tons. We calculate per ton amortization rates for each landfill for assets associated with each final capping event, for assets related to closure and post-closure It is possible that actual results, including the amount of costs incurred, the timing of final capping, closure and post-closure |
Environmental Remediation Liabilities | Environmental Remediation Liabilities 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 operations, or for damage caused by conditions that existed before we acquired a site. These liabilities include potentially responsible party (“PRP”) investigations, settlements, and certain legal and consultant fees, as well as costs directly associated with site investigation and clean up, such as materials, external contractor costs and incremental internal costs directly related to the remedy. We provide for expenses associated with environmental remediation obligations when such amounts are probable and can be reasonably estimated. We routinely review and evaluate sites that require remediation and determine our estimated cost for the likely remedy based on a number of estimates and assumptions. Where it is probable that a liability has been incurred, we estimate costs required to remediate sites based on site-specific third-party • Management’s judgment and experience in remediating our own and unrelated parties’ sites; • Information available from regulatory agencies as to costs of remediation; • The number, financial resources and relative degree of responsibility of other PRPs who may be liable for remediation of a specific site; and • The typical allocation of costs among PRPs, unless the actual allocation has been determined. 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 $120 million higher than the $246 million recorded in the Consolidated Financial Statements as of December 31, 2016. 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. Where we believe that both the amount of a particular environmental remediation liability and the timing of the payments are fixed or reliably determinable, we inflate the cost in current dollars (by 2.5% at December 31, 2016 and 2015) until the expected time of payment and discount the cost to present value using a risk-free discount rate, which is based on the rate for U.S. Treasury bonds with a term approximating the weighted average period until settlement of the underlying obligation. We determine the risk-free discount rate and the inflation rate on an annual basis unless interim changes would significantly impact our results of operations. For remedial liabilities that have been discounted, we include interest accretion, based on the effective interest method, in “Operating” expenses in our Consolidated Statements of Operations. The following table summarizes the impacts of revisions in the risk-free discount rate applied to our environmental remediation liabilities and recovery assets during the reported periods (in millions) and the risk-free discount rate applied as of each reporting date: Years Ended December 31, 2016 2015 2014 Charge (reduction) to operating expenses $ (2 ) $ (2 ) $ 10 Risk-free discount rate applied to environmental remediation liabilities and recovery assets 2.5 % 2.25 % 2.00 % The portion of our recorded environmental remediation liabilities that were not subject to inflation or discounting, as the amounts and timing of payments are not fixed or reliably determinable, was $90 million and $52 million at December 31, 2016 and 2015, respectively. Had we not inflated and discounted any portion of our environmental remediation liability, the amount recorded would have remained the same at December 31, 2016 and decreased $3 million at December 31, 2015. |
Property and Equipment (exclusive of landfills, discussed above) | Property and Equipment (exclusive of landfills, discussed above) We record property and equipment at cost. Expenditures for major additions and improvements are capitalized and maintenance activities are expensed as incurred. We depreciate property and equipment over the estimated useful life of the asset using the straight-line method. We assume no salvage value for our depreciable property and equipment. When property and equipment are retired, sold or otherwise disposed of, the cost and accumulated depreciation are removed from our accounts and any resulting gain or loss is included in results of operations as an offset or increase to operating expense for the period. The estimated useful lives for significant property and equipment categories are as follows (in years): Useful Lives Vehicles — excluding rail haul cars 3 to 10 Vehicles — rail haul cars 10 to 20 Machinery and equipment — including containers 3 to 30 Buildings and improvements 5 to 40 Furniture, fixtures and office equipment 3 to 10 We include capitalized costs associated with developing or obtaining internal-use |
Leases | Leases We lease property and equipment in the ordinary course of our business. Our most significant lease obligations are for property and equipment specific to our industry, including real property operated as a landfill or transfer station. Our leases have varying terms. Some may include renewal or purchase options, escalation clauses, restrictions, penalties or other obligations that we consider in determining minimum lease payments. The leases are classified as either operating leases or capital leases, as appropriate. Operating Leases (excluding landfills discussed below) Capital Leases (excluding landfills discussed below) Landfill Leases units-of-consumption |
Acquisitions | Acquisitions We generally recognize assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities, based on fair value estimates as of the date of acquisition. Contingent Consideration — Acquired Assets and Assumed Liabilities — pre-acquisition Acquisition-date |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is the excess of our purchase cost over the fair value of the net assets of acquired businesses. We do not amortize goodwill, but as discussed in the Long-Lived Other intangible assets consist primarily of customer and supplier relationships, covenants not-to-compete, straight-line not-to-compete |
Long-Lived Asset Impairments | Long-Lived Asset Impairments We assess our long-lived Property and Equipment, including Landfills and Definite-Lived The assessment of impairment indicators and the recoverability of our capitalized costs associated with landfills and related expansion projects require significant judgment due to the unique nature of the waste industry, the highly regulated permitting process and the sensitive estimates involved. During the review of a landfill expansion application, a regulator may initially deny the expansion application although the expansion permit is ultimately granted. In addition, management may periodically divert waste from one landfill to another to conserve remaining permitted landfill airspace, or a landfill may be required to cease accepting waste, prior to receipt of the expansion permit. However, such events occur in the ordinary course of business in the waste industry and do not necessarily result in impairment of our landfill assets because, after consideration of all facts, such events may not affect our belief that we will ultimately obtain the expansion permit. As a result, our tests of recoverability, which generally make use of a probability-weighted Goodwill We assess whether a goodwill impairment exists using both qualitative and quantitative assessments. Our qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment we determine it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, we will not perform a quantitative assessment. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount or if we elect not to perform a qualitative assessment, we perform a quantitative assessment, or two-step publicly-traded Fair value is computed using several factors, including projected future operating results, economic projections, anticipated future cash flows, comparable marketplace data and the cost of capital. There are inherent uncertainties related to these factors and to our judgment in applying them in our analysis. However, we believe our methodology for estimating the fair value of our reporting units is reasonable. Refer to Note 13 for information related to impairments recognized during the reported periods. Indefinite-Lived indefinite-lived When performing the impairment test for indefinite-lived Fair value is typically estimated using an income approach. The income approach is based on the long-term projected future cash flows. We discount the estimated cash flows to present value using a weighted average cost of capital that considers factors such as market assumptions, the timing of the cash flows and the risks inherent in those cash flows. We believe this approach is appropriate because it provides a fair value estimate based upon the expected long-term Fair value is computed using several factors, including projected future operating results, economic projections, anticipated future cash flows, comparable marketplace data and the cost of capital. There are inherent uncertainties related to these factors and to our judgment in applying them in our analysis. However, we believe our methodology for estimating the fair value of these assets is reasonable. |
Restricted Trust and Escrow Accounts | Restricted Trust and Escrow Accounts Our restricted trust and escrow accounts consist principally of funds deposited for purposes of settling landfill final capping, closure, post-closure and environmental remediation obligations. 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. Balances maintained in these trust funds and escrow accounts will fluctuate based on (i) changes in statutory requirements; (ii) future deposits made to comply with contractual arrangements; (iii) the ongoing use of funds for qualifying final capping, closure, post-closure and environmental remediation activities; (iv) acquisitions or divestitures of landfills and (v) changes in the fair value of the financial instruments held in the trust fund or escrow accounts. As of December 31, 2016 and 2015, we had $105 million of restricted trust and escrow accounts, which are primarily included in “Other assets” in our Consolidated Balance Sheets. See Note 20 for additional discussion related to restricted trust and escrow accounts for final capping, closure, post-closure |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities Investments in unconsolidated entities over which the Company has significant influence are accounted for under the equity method of accounting. Investments in entities in which the Company does not have the ability to exert significant influence over the investees’ operating and financing activities are accounted for under the cost method of accounting. The following table summarizes our equity and cost method investments as of December 31 (in millions): 2016 2015 Equity method investments $ 173 $ 186 Cost method investments 147 174 Investments in unconsolidated entities $ 320 $ 360 We monitor and assess the carrying value of our investments throughout the year for potential impairment and write them down to their fair value when other-than-temporary |
Foreign Currency | Foreign Currency We have operations in Canada, as well as certain support functions in India and investments in Hong Kong. Local currencies generally are considered the functional currencies of our operations and investments outside the United States. The assets and liabilities of our foreign operations are translated to U.S. dollars using the exchange rate at the balance sheet date. Revenues and expenses are translated to U.S. dollars using the average exchange rate during the period. The resulting translation difference is reflected as a component of comprehensive income. |
Derivative Financial Instruments | Derivative Financial Instruments From time to time, we will use derivative financial instruments to manage our risk associated with fluctuations in interest rates and foreign currency exchange rates. In prior years, we used interest rate swaps to maintain a strategic portion of our long-term debt obligations at variable, market-driven interest rates or in anticipation of planned senior note issuances to effectively lock in a fixed interest rate for those anticipated issuances. Through March 2016, we used foreign currency exchange rate derivatives to hedge our exposure to fluctuations in exchange rates for anticipated intercompany cash transactions between Waste Management Holdings, Inc., a wholly-owned subsidiary (“WM Holdings”), and its Canadian subsidiaries. Prior to the sale of our Wheelabrator business in December 2014, we used electricity commodity derivatives to mitigate the variability in our revenues and cash flows caused by fluctuations in the market prices for electricity. The financial statement impacts of our derivatives are discussed in Notes 8 and 14. We obtain valuations of our hedging instruments from third-party pricing models. The estimated fair values of derivatives used to hedge risks fluctuate over time and should be viewed in relation to the underlying hedged transaction and the overall management of our exposure to fluctuations in the underlying risks. The fair value of derivatives is included in other current assets, other long-term assets, current accrued liabilities or other long-term • Foreign Currency Derivatives • Interest Rate Derivatives |
Insured and Self-Insured Claims | Insured and Self-Insured We have retained a significant portion of the risks related to our health and welfare, automobile, general liability and workers’ compensation claims programs. The exposure for unpaid claims and associated expenses, including incurred but not reported losses, generally is estimated with the assistance of external actuaries and by factoring in pending claims and historical trends and data. The gross estimated liability associated with settling unpaid claims is included in “Accrued liabilities” in our Consolidated Balance Sheets if expected to be settled within one year; otherwise, it is included in long-term “Other liabilities.” Estimated insurance recoveries related to recorded liabilities are reflected as current “Other receivables” or long-term |
Revenue Recognition | Revenue Recognition Our revenues are generated from the fees we charge for waste collection, transfer, disposal, and recycling and resource recovery services; from the sale of recyclable commodities; from the sale of electricity and landfill gas, which are byproducts of our landfill operations and from the sale of oil and gas and organic lawn and garden products. The fees charged for our services are generally defined in our service agreements and vary based on contract-specific terms such as frequency of service, weight, volume and the general market factors influencing a region’s rates. The fees we charge for our services generally include our environmental fee, fuel surcharge and regulatory recovery fee, which are intended to pass through to customers increased direct and indirect costs incurred. We generally recognize revenue as services are performed or products are delivered. For example, revenue typically is recognized as waste is collected, tons are received at our landfills or transfer stations, or recycling commodities are delivered. We bill for certain services prior to performance. Such services include, among others, certain residential contracts that are billed on a quarterly basis and equipment rentals. These advance billings are included in deferred revenues and recognized as revenue in the period service is provided. |
Capitalized Interest | Capitalized Interest We capitalize interest on certain projects under development, including landfill expansion projects, certain assets under construction, including operating landfills and landfill gas-to-energy |
Income Taxes | Income Taxes The Company is subject to income tax in the U.S. and Canada. Current tax obligations associated with our provision for income taxes are reflected in the accompanying Consolidated Balance Sheets as a component of “Accrued liabilities” and the deferred tax obligations are reflected in “Deferred income taxes.” Deferred income taxes are based on the difference between the financial reporting and tax basis of assets and liabilities. The deferred income tax provision represents the change during the reporting period in the deferred tax assets and liabilities, net of the effect of acquisitions and dispositions. Deferred tax assets include tax loss and credit carry-forwards and are reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Significant judgment is required in assessing the timing and amounts of deductible and taxable items. We establish reserves for uncertain tax positions when, despite our belief that our tax return positions are fully supportable, we believe that certain positions may be challenged and potentially disallowed. When facts and circumstances change, we adjust these reserves through our provision for income taxes. Should interest and penalties be assessed by taxing authorities on any underpayment of income tax, such amounts would be accrued and classified as a component of provision for income taxes in our Consolidated Statements of Operations. |
Contingent Liabilities | Contingent Liabilities We estimate the amount of potential exposure we may have with respect to claims, assessments and litigation in accordance with authoritative guidance on accounting for contingencies. We are party to pending or threatened legal proceedings covering a wide range of matters in various jurisdictions. It is difficult to predict the outcome of litigation, as it is subject to many uncertainties. Additionally, it is not always possible for management to make a meaningful estimate of the potential loss or range of loss associated with such contingencies. See Note 11 for discussion of our commitments and contingencies. |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Cash paid during the years ended December 31 (in millions): 2016 2015 2014 Interest, net of capitalized interest and periodic settlements from interest rate swap agreements $ 375 $ 384 $ 461 Income taxes 442 419 758 During 2016, 2015 and 2014, we did not have any significant non-cash investing and financing activities. Non-cash investing and financing activities are generally excluded from the Consolidated Statements of Cash Flows. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Impacts of Revisions to the Risk-Free Discount Rate Applied to Environmental Remediation Liabilities and Recovery Assets | The following table summarizes the impacts of revisions in the risk-free discount rate applied to our environmental remediation liabilities and recovery assets during the reported periods (in millions) and the risk-free discount rate applied as of each reporting date: Years Ended December 31, 2016 2015 2014 Charge (reduction) to operating expenses $ (2 ) $ (2 ) $ 10 Risk-free discount rate applied to environmental remediation liabilities and recovery assets 2.5 % 2.25 % 2.00 % |
Schedule of Estimated Useful Lives for Significant Property and Equipment Categories | The estimated useful lives for significant property and equipment categories are as follows (in years): Useful Lives Vehicles — excluding rail haul cars 3 to 10 Vehicles — rail haul cars 10 to 20 Machinery and equipment — including containers 3 to 30 Buildings and improvements 5 to 40 Furniture, fixtures and office equipment 3 to 10 |
Summary of Equity and Cost Method Investments | The following table summarizes our equity and cost method investments as of December 31 (in millions): 2016 2015 Equity method investments $ 173 $ 186 Cost method investments 147 174 Investments in unconsolidated entities $ 320 $ 360 |
Schedule of Supplemental Cash Flow Information | Supplemental Cash Flow Information Cash paid during the years ended December 31 (in millions): 2016 2015 2014 Interest, net of capitalized interest and periodic settlements from interest rate swap agreements $ 375 $ 384 $ 461 Income taxes 442 419 758 |
Landfill and Environmental Re35
Landfill and Environmental Remediation Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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): December 31, 2016 December 31, 2015 Landfill Environmental Total Landfill Environmental Total Current (in accrued liabilities) $ 119 $ 28 $ 147 $ 112 $ 31 $ 143 Long-term 1,457 218 1,675 1,406 178 1,584 $ 1,576 $ 246 $ 1,822 $ 1,518 $ 209 $ 1,727 |
Changes to Landfill and Environmental Remediation Liabilities | The changes to landfill and environmental remediation liabilities for the years ended December 31, 2015 and 2016 are reflected in the table below (in millions): Landfill Environmental December 31, 2014 $ 1,443 $ 235 Obligations incurred and capitalized 61 — Obligations settled (71 ) (30 ) Interest accretion 89 3 Revisions in estimates and interest rate assumptions(a)(b) (11 ) 5 Acquisitions, divestitures and other adjustments(d) 7 (4 ) December 31, 2015 $ 1,518 $ 209 Obligations incurred and capitalized 59 — Obligations settled (91 ) (24 ) Interest accretion 91 3 Revisions in estimates and interest rate assumptions(a)(b)(c) (1 ) 58 December 31, 2016 $ 1,576 $ 246 (a) The amount reported for our landfill liabilities includes a decrease of approximately $18 million for 2015 and $11 million for 2016, related to our year-end post-closure (b) The amount reported in 2015 for our environmental remediation liabilities includes the impact of an increase in the risk-free discount rate used to measure our liabilities from 2.0% at December 31, 2014 to 2.25% at December 31, 2015, resulting in a decrease of $3 million to our environmental remediation liabilities and a corresponding decrease to “Operating” expenses. The amount reported in 2016 for environmental remediation liabilities includes the impact of an increase in the risk-free discount rate used to measure our liabilities from 2.25% at December 31, 2015 to 2.5% at December 31, 2016, resulting in a decrease of $2 million to our environmental remediation liabilities and a corresponding decrease to “Operating” expenses. (c) The amount reported in 2016 for our landfill liabilities includes an increase of $13 million due to acceleration of the expected timing of closure and post-closure The amount reported in 2016 for our environmental remediation liabilities includes the impact of an increase of $44 million in our cost estimates associated with a subsidiary’s closed site in Harris County, Texas. See Notes 11 and 13 for further discussion of this environmental remediation adjustment. (d) The amount reported for our 2015 landfill liabilities include an increase of approximately $18 million as a result of our acquisition of Deffenbaugh Disposal, Inc. (“Deffenbaugh”). |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment at December 31 consisted of the following (in millions): 2016 2015 Land $ 608 $ 592 Landfills 14,276 13,772 Vehicles 4,433 4,257 Machinery and equipment 2,639 2,499 Containers 2,469 2,426 Buildings and improvements 2,667 2,546 Furniture, fixtures and office equipment 1,010 993 28,102 27,085 Less accumulated depreciation of tangible property and equipment (8,812 ) (8,495 ) Less accumulated amortization of landfill airspace (8,340 ) (7,925 ) $ 10,950 $ 10,665 |
Depreciation and Amortization Expense Including Amortization Expense for Assets Recorded as Capital Leases | Depreciation and amortization expense, including amortization expense for assets recorded as capital leases, was comprised of the following for the years ended December 31 (in millions): 2016 2015 2014 Depreciation of tangible property and equipment $ 773 $ 760 $ 834 Amortization of landfill airspace 428 409 380 Depreciation and amortization expense $ 1,201 $ 1,169 $ 1,214 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Other Intangible Assets | Our other intangible assets as of December 31, 2016 and 2015 were comprised of the following (in millions): Customer Covenants Not-to- Licenses, Total December 31, 2016: Intangible assets $ 835 $ 59 $ 123 $ 1,017 Less accumulated amortization (342 ) (31 ) (53 ) (426 ) $ 493 $ 28 $ 70 $ 591 December 31, 2015: Intangible assets $ 658 $ 51 $ 119 $ 828 Less accumulated amortization (270 ) (35 ) (46 ) (351 ) $ 388 $ 16 $ 73 $ 477 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, 2016: 2016 2015 $2.25 billion revolving credit facility, maturing July 2020 (weighted average interest rate of 1.9% at December 31, 2016) $ 426 $ 20 Commercial paper program — — Other letter of credit facilities, maturing through December 2018 — — Canadian term loan and revolving credit facility, maturing March 2019 (weighted average effective interest rate of 2.1% at December 31, 2016 and 2.2% at December 31, 2015) 239 84 Senior notes maturing through 2045, interest rates ranging from 2.40% to 7.75% (weighted average interest rate of 4.6% at December 31, 2016 and 4.7% at December 31, 2015) 6,033 6,050 Tax-exempt 2,304 2,447 Capital leases and other, maturing through 2055, interest rates up to 12% 308 328 $ 9,310 $ 8,929 Current portion of long-term debt 417 253 $ 8,893 $ 8,676 |
Summary of Requirements of Financial Covenants Contained in Revolving Credit Facilities | The following table summarizes the most restrictive requirements of these financial covenants (all terms used to measure these ratios are defined by the facilities): Interest coverage ratio > 2.75 to 1 Total debt to EBITDA < 3.50 to 1 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Our provision for income taxes consisted of the following for the years ended December 31 (in millions): 2016 2015 2014 Current: Federal $ 443 $ 192 $ 414 State 88 50 61 Foreign 38 36 56 569 278 531 Deferred: Federal 57 43 (89 ) State 17 (17 ) (33 ) Foreign (1 ) 4 4 73 30 (118 ) Provision for income taxes $ 642 $ 308 $ 413 |
U.S. Federal Statutory Income Tax Rate Reconciled to Effective Rate | The U.S. federal statutory income tax rate is reconciled to the effective income tax rate for the years ended December 31 as follows: 2016 2015 2014 Income tax expense at U.S. federal statutory rate 35.00 % 35.00 % 35.00 % Federal tax credits (3.08 ) (5.49 ) (3.21 ) Taxing authority audit settlements and other tax adjustments (0.53 ) (2.67 ) (1.59 ) State and local income taxes, net of federal income tax benefit 3.31 3.20 1.77 Tax impact of impairments 0.80 0.23 0.46 Tax impact of divestitures 0.26 (0.34 ) (7.89 ) Tax rate differential on foreign income (0.63 ) (0.99 ) (0.46 ) Other 0.10 0.17 (0.47 ) Provision for income taxes 35.23 % 29.11 % 23.61 % |
Income Before Income Taxes Showing Domestic and Foreign Source | For financial reporting purposes, income before income taxes by source for the years ended December 31 was as follows (in millions): 2016 2015 2014 Domestic $ 1,681 $ 922 $ 1,601 Foreign 141 138 150 Income before income taxes $ 1,822 $ 1,060 $ 1,751 |
Components of Net Deferred Tax Assets (Liabilities) | The components of net deferred tax assets (liabilities) at December 31 are as follows (in millions): 2016 2015 Deferred tax assets: Net operating loss, capital loss and tax credit carry-forwards $ 285 $ 280 Landfill and environmental remediation liabilities 116 120 Miscellaneous and other reserves, net 355 373 Subtotal 756 773 Valuation allowance (292 ) (273 ) Deferred tax liabilities: Property and equipment (728 ) (709 ) Goodwill and other intangibles (1,218 ) (1,182 ) Net deferred tax liabilities $ (1,482 ) $ (1,391 ) |
Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits, Including Accrued interest | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, including accrued interest is as follows (in millions): 2016 2015 2014 Balance at January 1 $ 71 $ 42 $ 49 Additions based on tax positions related to the current year 19 18 9 Additions based on tax positions of prior years 4 21 2 Accrued interest 2 2 1 Reductions for tax positions of prior years (7 ) (1 ) — Settlements — (3 ) (11 ) Lapse of statute of limitations (7 ) (8 ) (8 ) Balance at December 31 $ 82 $ 71 $ 42 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Individually Significant Multiemployer Pension Plans | The following table outlines our participation in Multiemployer Pension Plans considered to be individually significant (dollar amounts in millions): EIN/Pension Plan Number Pension Protection Act FIP/RP Status(b),(c) Company Contributions(d) Expiration Date Agreement(s) Pension Fund 2016 2015 2016 2015 2014 Automotive Industries Pension Plan EIN: 94-1133245; Critical and Critical Implemented $ 1 $ 1 $ 1 Various dates through 6/30/2018 Distributors Association Warehousemen’s Pension Trust EIN: 94-0294755; Critical as of Critical as of 5/31/2014 Implemented 1 1 1 4/7/2018 Local 731 Private Scavengers and Garage Attendants Pension Trust Fund EIN: 36-6513567; Not Endangered Implemented 7 7 6 9/30/2018 Suburban Teamsters of Northern Illinois Pension Plan EIN: 36-6155778; Endangered Critical Implemented 3 2 3 Various dates through 9/30/2017 Teamsters Local 301 Pension Plan EIN: 36-6492992; Not Not Not 2 1 1 9/30/2018 Western Conference of Teamsters Pension Plan EIN: 91-6145047; Not Not Not 25 24 24 Various dates through 12/31/2019 Western Pennsylvania Teamsters and Employers Pension Plan EIN: 25-6029946; Critical Critical Implemented 1 1 1 12/31/2016; 90-day extension with $ 40 $ 37 $ 37 Contributions to other Multiemployer Pension Plans 7 6 7 Total contributions to Multiemployer Pension Plans(e) $ 47 $ 43 $ 44 (a) Unless otherwise noted in the table above, the most recent Pension Protection Act zone status available in 2016 and 2015 is for the plan’s year-end (b) The “FIP/RP Status” column indicates plans for which a Funding Improvement Plan (“FIP”) or a Rehabilitation Plan (“RP”) is either pending or has been implemented. (c) A Multiemployer Pension Plan that has been certified as endangered, seriously endangered or critical may begin to levy a statutory surcharge on contribution rates. Once authorized, the surcharge is at the rate of 5% for the first 12 months and 10% for any periods thereafter. Contributing employers, however, may eliminate the surcharge by entering into a collective bargaining agreement that meets the requirements of the applicable FIP or RP. (d) The Company was listed in the Form 5500 of the Multiemployer Pension Plans considered to be individually significant as providing more than 5% of the total contributions for each of the following plans and plan years: Year Contributions to Plan Distributors Association Warehousemen’s Pension Trust 5/31/2015 and 5/31/2014 Local 731 Private Scavengers and Garage Attendants Pension Trust Fund 9/30/2015 and 9/30/2014 Suburban Teamsters of Northern Illinois Pension Plan 12/31/2015 and 12/31/2014 Teamsters Local 301 Pension Plan 12/31/2015 and 12/31/2014 (e) Total contributions to Multiemployer Pension Plans excludes contributions related to withdrawal liabilities discussed below. |
Multiemployer Pension Plans and Year with Employer's Total Contribution Greater Than 5% | (d) The Company was listed in the Form 5500 of the Multiemployer Pension Plans considered to be individually significant as providing more than 5% of the total contributions for each of the following plans and plan years: Year Contributions to Plan Distributors Association Warehousemen’s Pension Trust 5/31/2015 and 5/31/2014 Local 731 Private Scavengers and Garage Attendants Pension Trust Fund 9/30/2015 and 9/30/2014 Suburban Teamsters of Northern Illinois Pension Plan 12/31/2015 and 12/31/2014 Teamsters Local 301 Pension Plan 12/31/2015 and 12/31/2014 At the date the financial statements were issued, Forms 5500 were not available for the plan years ended in 2016. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Changes to Net Insurance Liabilities | The changes to our net insurance liabilities for the three years ended December 31, 2016 are summarized below (in millions): Gross Claims Receivables Net Claims Balance, December 31, 2013 $ 590 $ (197 ) $ 393 Self-insurance expense (benefit) 135 (9 ) 126 Cash (paid) received (128 ) 23 (105 ) Balance, December 31, 2014 597 (183 ) 414 Self-insurance expense (benefit) 169 (39 ) 130 Cash (paid) received (123 ) 4 (119 ) Balance, December 31, 2015 643 (218 ) 425 Self-insurance expense (benefit) 71 30 101 Cash (paid) received (126 ) 17 (109 ) Balance, December 31, 2016(b) $ 588 $ (171 ) $ 417 Current portion at December 31, 2016 $ 133 $ (20 ) $ 113 Long-term portion at December 31, 2016 $ 455 $ (151 ) $ 304 (a) Amounts reported as receivables associated with insured claims are related to both paid and unpaid claims liabilities. (b) We currently expect substantially all of our net claims liability to be settled in cash over the next six years. |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges Pre Tax by Segment | The following table summarizes pre-tax restructuring charges, including employee severance and benefit costs and other charges, for the years ended December 31 (in millions): 2016 2015 2014 Solid Waste $ 4 $ 14 $ 10 Corporate and Other — 1 71 Wheelabrator — — 1 $ 4 $ 15 $ 82 |
Asset Impairments and Unusual43
Asset Impairments and Unusual Items (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Components of (Income) Expense from Divestitures, Asset Impairments and Unusual Items | The following table summarizes the major components of (income) expense from divestitures, asset impairments and unusual items for the years ended December 31 (in millions): 2016 2015 2014 (Income) expense from divestitures $ 9 $ (7 ) $ (515 ) Asset impairments 59 89 355 Other 44 — — $ 112 $ 82 $ (160 ) |
Accumulated Other Comprehensi44
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, which is included as a component of Waste Management, Inc. stockholders’ equity, are as follows (in millions, with amounts in parentheses representing decreases to accumulated other comprehensive income): Derivative Available- for-Sale Foreign Post- Total Balance, December 31, 2013 $ (62 ) $ 6 $ 208 $ 2 $ 154 Other comprehensive income (loss) before reclassifications, net of tax provision (benefit) of $4, $2, $0 and $(8), respectively 6 4 (107 ) (11 ) (108 ) Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (provision) benefit of $(3), $0, $0 and $0, respectively (5 ) — (17 ) (1 ) (23 ) Net current period other comprehensive income (loss) 1 4 (124 ) (12 ) (131 ) Balance, December 31, 2014 $ (61 ) $ 10 $ 84 $ (10 ) $ 23 Other comprehensive income (loss) before reclassifications, net of tax provision (benefit) of $20, $(1), $0 and $1, respectively 30 (2 ) (164 ) 2 (134 ) Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (provision) benefit of $(14), $0, $0 and $0, respectively (21 ) — 5 — (16 ) Net current period other comprehensive income (loss) 9 (2 ) (159 ) 2 (150 ) Balance, December 31, 2015 $ (52 ) $ 8 $ (75 ) $ (8 ) $ (127 ) Other comprehensive income (loss) before reclassifications, net of tax provision (benefit) of $(4), $3, $0 and $0, respectively (7 ) 5 26 — 24 Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (provision) benefit of $12, $0, $0 and $1, respectively 19 — 2 2 23 Net current period other comprehensive income (loss) 12 5 28 2 47 Balance, December 31, 2016 $ (40 ) $ 13 $ (47 ) $ (6 ) $ (80 ) |
Other Comprehensive Income (Loss) Before Reclassifications Associated with the Effective Portion of Derivatives Designated as Cash Flow Hedges | The amounts of other comprehensive income (loss) before reclassifications associated with the effective portion of derivatives designated as cash flow hedges for the years ended December 31 are as follows (in millions): 2016 2015 2014 Forward-starting interest rate swaps $ — $ — $ (8 ) Foreign currency derivatives (11 ) 50 23 Electricity commodity derivatives — — (5 ) Total before tax (11 ) 50 10 Tax (provision) benefit 4 (20 ) (4 ) Net of tax (provision) benefit $ (7 ) $ 30 $ 6 |
Reclassification of Component of Accumulated Other Comprehensive Income (Loss) Associated with Cash Flow Hedges | The significant amounts reclassified out of each component of accumulated other comprehensive income (loss) associated with our cash flow hedges for the years ended December 31 are as follows (in millions, with amounts in parentheses representing debits to the statement of operations classification): 2016 2015 2014 Statement of Forward-starting interest rate swaps $ (10 ) $ (12 ) $ (10 ) Interest expense, net Treasury rate locks (1 ) (4 ) (1 ) Interest expense, net Foreign currency derivatives (20 ) 51 27 Other, net Electricity commodity derivatives — — (8 ) Operating revenues (31 ) 35 8 Total before tax 12 (14 ) (3 ) Tax (provision) benefit Total reclassifications for the period $ (19 ) $ 21 $ 5 Net of tax |
Capital Stock, Dividends and 45
Capital Stock, Dividends and Common Stock Repurchase Program (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Share Repurchases under Common Stock Repurchase Programs | The following is a summary of our share repurchases under our common stock repurchase program for the years ended December 31: 2016(a) 2015(b) 2014(c) Shares repurchased (in thousands) 11,241 14,823 9,569 Weighted average per share purchase price $60.49 $49.83 $43.89 Total repurchases (in millions) $725 $600 $600 (a) During 2016, we executed four ASR agreements to repurchase $725 million of our common stock. The ASR agreement entered into in November 2016 was for the repurchase of $225 million of our common stock. At the beginning of the repurchase period, we delivered $225 million in cash and received 2.8 million shares based on a stock price of $63.41 per share. The ASR agreement completed in February 2017, at which time we received 0.4 million additional shares based on a final weighted average per share purchase price during the repurchase period of $69.43. (b) During 2015, we executed and completed two ASR agreements to repurchase $600 million of our common stock. Our “Shares repurchased” also includes 2.8 million shares related to ASR agreements that were executed in 2014, discussed further below. (c) During 2014, we executed two ASR agreements to repurchase $600 million of our common stock. Our “Shares repurchased” includes the initial portion of shares repurchased based on the then-current market price of our common stock. The ASR agreements were completed in 2015 and the final weighted average per share purchase price during the repurchase period was $48.58. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of RSUs | Restricted Stock Units — Units Weighted Average Unvested at January 1, 2016 524 $ 43.76 Granted 186 $ 57.38 Vested (205 ) $ 37.45 Forfeited (15 ) $ 51.17 Unvested at December 31, 2016 490 $ 51.32 |
Summary of PSUs | A summary of our PSUs, at 100% of the targeted amount, is presented in the table below (units in thousands): Units Weighted Average Unvested at January 1, 2016 1,762 $ 52.90 Granted 555 $ 79.27 Vested (664 ) $ 48.38 Forfeited (148 ) $ 76.01 Unvested at December 31, 2016 1,505 $ 68.98 |
Summary of Stock Options | A summary of our stock options is presented in the table below (options in thousands): Options Weighted Average Outstanding at January 1, 2016 7,507 $ 40.80 Granted 1,387 $ 56.24 Exercised (2,645 ) $ 37.20 Forfeited or expired (606 ) $ 51.70 Outstanding at December 31, 2016(a) 5,643 $ 45.12 Exercisable at December 31, 2016(b) 2,921 $ 38.84 (a) Stock options outstanding as of December 31, 2016 have a weighted average remaining contractual term of 6.9 years and an aggregate intrinsic value of $146 million based on the market value of our common stock on December 31, 2016. (b) Stock options exercisable as of December 31, 2016 have an aggregate intrinsic value of $94 million based on the market value of our common stock on December 31, 2016. |
Summary of Exercisable Stock Options | Exercisable stock options at December 31, 2016, were as follows (options in thousands): Range of Exercise Prices Options Weighted Average Weighted Average $32.315-$40.00 2,141 $ 36.12 4.9 $40.01-$50.00 491 $ 41.36 7.2 $50.01-$54.635 289 $ 54.64 8.2 $32.315-$54.635 2,921 $ 38.84 5.6 |
Weighted Average Assumptions Used to Value Employee Stock Options Granted | The following table presents the weighted average assumptions used to value employee stock options granted during the years ended December 31 under the Black-Scholes valuation model: 2016 2015 2014 Expected option life 4.7 years 4.4 years 4.8 years Expected volatility 18.4% 16.7% 18.4% Expected dividend yield 2.9% 2.8% 3.6% Risk-free interest rate 1.3% 1.4% 1.6% |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 for the years ended December 31 (shares in millions): 2016 2015 2014 Number of common shares outstanding at year-end 439.3 447.2 458.5 Effect of using weighted average common shares outstanding 4.2 5.5 4.1 Weighted average basic common shares outstanding 443.5 452.7 462.6 Dilutive effect of equity-based compensation awards and other contingently issuable shares 3.0 3.2 3.0 Weighted average diluted common shares outstanding 446.5 455.9 465.6 Potentially issuable shares 9.8 10.2 11.3 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 1.0 2.0 0.4 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, 2016 Using Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 35 $ 35 $ — $ — Available-for-sale 46 — 46 — Fixed-income securities 39 — 39 — Redeemable preferred stock 54 — — 54 Total assets $ 174 $ 35 $ 85 $ 54 Fair Value Measurements at December 31, 2015 Using Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 35 $ 35 $ — $ — Available-for-sale 43 — 43 — Fixed-income securities 40 — 40 — Foreign currency derivatives 78 — 78 — Redeemable preferred stock 47 — — 47 Total assets $ 243 $ 35 $ 161 $ 47 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Fair Value Assigned to Other Intangible Assets | The following table presents the fair value assigned to other intangible assets for the Deffenbaugh and SWS acquisitions, respectively, (amounts in millions, except for amortization periods): Deffenbaugh SWS Amount Weighted Average Amortization Periods (in Years) Amount Weighted Average Amortization Periods (in Years) Customer relationships $ 94 15.0 $ 160 10.0 Noncompete agreements — — 18 5.0 Trade name 6 15.0 4 10.0 Total other intangible assets subject to amortization $ 100 15.0 $ 182 9.5 |
Pro Forma Consolidated Results of Operations | The following pro forma consolidated results of operations for the years ended December 31 have been prepared as if the acquisitions of Deffenbaugh and SWS occurred at January 1, 2015 (in millions, except per share amounts): 2016 2015 Operating revenues $ 13,611 $ 13,137 Net income attributable to Waste Management, Inc. 1,182 751 Basic earnings per common share 2.67 1.66 Diluted earnings per common share 2.65 1.65 |
Segment and Related Informati50
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Reportable Segments | Summarized financial information concerning our reportable segments as of and for the years ended December 31 is shown in the following table (in millions): Gross Intercompany Net Income Depreciation Capital Total 2016 Solid Waste: Tier 1 $ 5,241 $ (911 ) $ 4,330 $ 1,430 $ 424 $ 452 $ 6,188 Tier 2 3,391 (620 ) 2,771 604 280 295 5,488 Tier 3 5,336 (921 ) 4,415 912 440 451 6,571 Other(a) 2,278 (185 ) 2,093 (100 ) 101 104 1,489 16,246 (2,637 ) 13,609 2,846 1,245 1,302 19,736 Corporate and Other(b) — — — (550 ) 56 45 1,401 Total $ 16,246 $ (2,637 ) $ 13,609 $ 2,296 $ 1,301 $ 1,347 $ 21,137 2015 Solid Waste: Tier 1 $ 5,083 $ (856 ) $ 4,227 $ 1,290 $ 428 $ 382 $ 6,098 Tier 2 3,304 (613 ) 2,691 629 280 251 5,394 Tier 3 4,898 (813 ) 4,085 808 379 412 5,930 Other(a) 2,065 (107 ) 1,958 (160 ) 94 128 1,701 15,350 (2,389 ) 12,961 2,567 1,181 1,173 19,123 Corporate and Other(b) — — — (522 ) 64 56 1,783 Total $ 15,350 $ (2,389 ) $ 12,961 $ 2,045 $ 1,245 $ 1,229 $ 20,906 2014 Solid Waste: Tier 1 $ 5,117 $ (834 ) $ 4,283 $ 1,301 $ 408 $ 388 $ 6,150 Tier 2 3,516 (663 ) 2,853 711 287 223 5,648 Tier 3 4,816 (786 ) 4,030 787 361 351 5,449 Other(a) 2,191 (76 ) 2,115 (400 ) 128 134 1,791 Wheelabrator 817 (102 ) 715 669 37 11 — 16,457 (2,461 ) 13,996 3,068 1,221 1,107 19,038 Corporate and Other(b) — — — (769 ) 71 74 2,805 Total $ 16,457 $ (2,461 ) $ 13,996 $ 2,299 $ 1,292 $ 1,181 $ 21,843 (a) Our “Other” net operating revenues and “Other” income from operations include (i) our Strategic Business Solutions (“WMSBS”) organization; (ii) those elements of our landfill gas-to-energy operations and third-party subcontract and administration revenues managed by our Energy and Environmental Services and WM Renewable Energy organizations that are not included in the operations of our reportable segments; (iii) our recycling brokerage services and (iv) our expanded service offerings and solutions, such as portable self-storage non-operating self-insurance (b) Corporate operating results reflect certain costs incurred for various support services that are not allocated to our reportable segments. These support services include, among other things, treasury, legal, information technology, tax, insurance, centralized service center processes, other administrative functions and the maintenance of our closed landfills. Income from operations for “Corporate and other” also includes costs associated with our long-term (c) Intercompany operating revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service. (d) For those items included in the determination of income from operations, the accounting policies of the segments are the same as those described in Note 3. (e) The income from operations provided by our Solid Waste business is generally indicative of the margins provided by our collection, landfill, transfer and recycling lines of business. From time to time, the operating results of our reportable segments are significantly affected by certain transactions or events that management believes are not indicative or representative of our results. In 2014, we recognized a $519 million gain on the sale of our Wheelabrator business. Refer to Notes 12 and 13 for explanations of certain other transactions and events affecting our operating results. (f) Includes non-cash items. Capital expenditures are reported in our reportable segments at the time they are recorded within the segments’ property and equipment balances and, therefore, may include amounts that have been accrued but not yet paid. (g) The reconciliation of total assets reported above to “Total assets” in the Consolidated Balance Sheets is as follows (in millions): December 31, 2016 2015 2014 Total assets, as reported above $ 21,137 $ 20,906 $ 21,843 Elimination of intercompany investments and advances (278 ) (539 ) (591 ) Total assets, per Consolidated Balance Sheet $ 20,859 $ 20,367 $ 21,252 (h) Goodwill is included within each segment’s total assets. For segment reporting purposes, our material recovery facilities are included as a component of their respective Areas and our recycling brokerage services is included as part of our “Other” operations. The goodwill associated with our acquisition of Deffenbaugh in 2015 has been assigned to our Areas, primarily Tier 3 and to a lesser extent Tier 1. The goodwill associated with our acquisition of SWS in 2016 has been assigned to our Florida Area, in Tier 3. Other adjustments in 2016 relate to the finalization of purchase accounting for acquisitions executed in 2015. These adjustments primarily resulted in a decrease in the related contingent consideration liability. See Note 19 for additional information on our acquisitions. The following table presents changes in goodwill during 2015 and 2016 by reportable segment (in millions): Solid Waste Tier 1 Tier 2 Tier 3 Other Total Balance, December 31, 2014 $ 2,178 $ 1,795 $ 1,662 $ 105 $ 5,740 Acquired goodwill 27 42 151 105 325 Divested goodwill — (6 ) (1 ) — (7 ) Foreign currency translation (15 ) (59 ) — — (74 ) Balance, December 31, 2015 $ 2,190 $ 1,772 $ 1,812 $ 210 $ 5,984 Acquired goodwill 11 12 254 3 280 Divested goodwill — — (1 ) — (1 ) Impairments — — — (12 ) (12 ) Foreign currency translation 2 10 — — 12 Other adjustments — (2 ) — (46 ) (48 ) Balance, December 31, 2016 $ 2,203 $ 1,792 $ 2,065 $ 155 $ 6,215 |
Reconciliation of Segment Assets to Consolidated Total | The reconciliation of total assets reported above to “Total assets” in the Consolidated Balance Sheets is as follows (in millions): December 31, 2016 2015 2014 Total assets, as reported above $ 21,137 $ 20,906 $ 21,843 Elimination of intercompany investments and advances (278 ) (539 ) (591 ) Total assets, per Consolidated Balance Sheet $ 20,859 $ 20,367 $ 21,252 |
Changes in Goodwill by Reportable Segment | The following table presents changes in goodwill during 2015 and 2016 by reportable segment (in millions): Solid Waste Tier 1 Tier 2 Tier 3 Other Total Balance, December 31, 2014 $ 2,178 $ 1,795 $ 1,662 $ 105 $ 5,740 Acquired goodwill 27 42 151 105 325 Divested goodwill — (6 ) (1 ) — (7 ) Foreign currency translation (15 ) (59 ) — — (74 ) Balance, December 31, 2015 $ 2,190 $ 1,772 $ 1,812 $ 210 $ 5,984 Acquired goodwill 11 12 254 3 280 Divested goodwill — — (1 ) — (1 ) Impairments — — — (12 ) (12 ) Foreign currency translation 2 10 — — 12 Other adjustments — (2 ) — (46 ) (48 ) Balance, December 31, 2016 $ 2,203 $ 1,792 $ 2,065 $ 155 $ 6,215 |
Total Revenues by Principal Line of Business | The mix of operating revenues from our major lines of business for the years ended December 31 are as follows (in millions): 2016 2015 2014 Commercial $ 3,480 $ 3,332 $ 3,393 Residential 2,487 2,499 2,543 Industrial 2,412 2,252 2,231 Other 423 356 340 Total collection 8,802 8,439 8,507 Landfill 3,110 2,919 2,849 Transfer 1,512 1,377 1,353 Recycling 1,221 1,163 1,370 Other(a) 1,601 1,452 1,561 Wheelabrator — — 817 Intercompany(b) (2,637 ) (2,389 ) (2,461 ) Total $ 13,609 $ 12,961 $ 13,996 (a) The “Other” line of business includes (i) our WMSBS organization; (ii) our landfill gas-to-energy operations; (iii) certain services within our Energy and Environmental Services organization, including our construction and remediation services and our services associated with the disposal of fly ash and (iv) our expanded service offerings and solutions, such as portable self-storage and long distance moving services, and interests we hold in oil and gas producing properties. (b) Intercompany revenues between lines of business are eliminated within the Consolidated Financial Statements included herein. |
Summary of Net Operating Revenues by Segment | Net operating revenues relating to operations in the United States and Puerto Rico, and Canada for the years ended December 31 are as follows (in millions): 2016 2015 2014 United States and Puerto Rico(a) $ 12,915 $ 12,196 $ 13,064 Canada 694 765 932 Total $ 13,609 $ 12,961 $ 13,996 (a) We sold our Puerto Rico operations in 2014. Refer to Note 19 for additional information. |
Summary of Property and Equipment Net of Accumulated Depreciation and Amortization Relating to Operations by Segment | Property and equipment, net of accumulated depreciation and amortization, relating to operations in the United States and Puerto Rico, and Canada for the years ended December 31 are as follows (in millions): 2016 2015 2014 United States and Puerto Rico(a) $ 10,040 $ 9,778 $ 9,586 Canada 910 887 1,071 Total $ 10,950 $ 10,665 $ 10,657 (a) We sold our Puerto Rico operations in 2014. Refer to Note 19 for additional information. |
Quarterly Financial Data (Una51
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Unaudited Quarterly Financial Data | The following table summarizes the unaudited quarterly results of operations for 2016 and 2015 (in millions, except per share amounts): First Second Third Fourth 2016 Operating revenues $ 3,176 $ 3,425 $ 3,548 $ 3,460 Income from operations 508 611 560 617 Consolidated net income 256 286 304 334 Net income attributable to Waste Management, Inc. 258 287 302 335 Basic earnings per common share 0.58 0.65 0.68 0.76 Diluted earnings per common share 0.58 0.64 0.68 0.75 2015 Operating revenues $ 3,040 $ 3,315 $ 3,360 $ 3,246 Income from operations 440 502 601 502 Consolidated net income (loss) (131 ) 273 337 273 Net income (loss) attributable to Waste Management, Inc. (129 ) 274 335 273 Basic earnings (loss) per common share (0.28 ) 0.60 0.75 0.61 Diluted earnings (loss) per common share (0.28 ) 0.60 0.74 0.61 |
Condensed Consolidating Finan52
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2016 WM WM Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ — $ 32 $ — $ 32 Other current assets 5 5 2,334 — 2,344 5 5 2,366 — 2,376 Property and equipment, net — — 10,950 — 10,950 Investments in affiliates 19,924 20,331 — (40,255 ) — Advances to affiliates(a) — — 13,000 (13,000 ) — Other assets 14 30 7,489 — 7,533 Total assets $ 19,943 $ 20,366 $ 33,805 $ (53,255 ) $ 20,859 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 269 $ — $ 148 $ — $ 417 Accounts payable and other current liabilities 81 9 2,287 — 2,377 350 9 2,435 — 2,794 Long-term debt, less current portion(a) 6,229 304 2,360 — 8,893 Due to affiliates(a) 13,350 128 5,299 (18,777 ) — Other liabilities 16 — 3,836 — 3,852 Total liabilities 19,945 441 13,930 (18,777 ) 15,539 Equity: Stockholders’ equity 5,297 19,925 20,330 (40,255 ) 5,297 Advances to affiliates (5,299 ) — (478 ) 5,777 — Noncontrolling interests — — 23 — 23 (2 ) 19,925 19,875 (34,478 ) 5,320 Total liabilities and equity $ 19,943 $ 20,366 $ 33,805 $ (53,255 ) $ 20,859 (a) In conjunction with the preparation of our June 30, 2016 Condensed Consolidating Balance Sheet, we identified and corrected the presentation of $126 million of tax-exempt bonds previously reported in Non-Guarantor Subsidiaries’ rather than WM’s “Long-term debt, less current portion,” which had corresponding impacts on “Advances to affiliates” and “Due to affiliates.” This immaterial correction has been reflected in our 2016 Condensed Consolidating Financial Statements. CONDENSED CONSOLIDATING BALANCE SHEETS (Continued) December 31, 2015 WM WM Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ — $ 39 $ — $ 39 Other current assets 3 6 2,297 — 2,306 3 6 2,336 — 2,345 Property and equipment, net — — 10,665 — 10,665 Investments in affiliates(b) 18,557 18,925 — (37,482 ) — Advances to affiliates — — 12,113 (12,113 ) — Other assets 23 29 7,305 — 7,357 Total assets $ 18,583 $ 18,960 $ 32,419 $ (49,595 ) $ 20,367 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 41 $ — $ 212 $ — $ 253 Accounts payable and other current liabilities 83 9 2,165 — 2,257 124 9 2,377 — 2,510 Long-term debt, less current portion 5,801 304 2,571 — 8,676 Due to affiliates(b) 12,588 76 5,299 (17,963 ) — Other liabilities 24 — 3,790 — 3,814 Total liabilities 18,537 389 14,037 (17,963 ) 15,000 Equity: Stockholders’ equity 5,345 18,571 18,911 (37,482 ) 5,345 Advances to affiliates(b) (5,299 ) — (551 ) 5,850 — Noncontrolling interests — — 22 — 22 46 18,571 18,382 (31,632 ) 5,367 Total liabilities and equity $ 18,583 $ 18,960 $ 32,419 $ (49,595 ) $ 20,367 (b) In conjunction with the preparation of our September 30, 2016 Condensed Consolidating Balance Sheet, we identified $5.9 billion of intercompany loans between WM and Non-Guarantor Non-Guarantor |
Condensed Consolidating Statements of Operations | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS WM WM Non-Guarantor Eliminations Consolidated Year Ended December 31, 2016 Operating revenues $ — $ — $ 13,609 $ — $ 13,609 Costs and expenses — — 11,313 — 11,313 Income from operations — — 2,296 — 2,296 Other income (expense): Interest expense, net (303 ) (20 ) (53 ) — (376 ) Loss on early extinguishment of debt (1 ) — (3 ) — (4 ) Equity in earnings of subsidiaries, net of tax provision 1,367 1,381 — (2,748 ) — Other, net — — (94 ) — (94 ) 1,063 1,361 (150 ) (2,748 ) (474 ) Income before income taxes 1,063 1,361 2,146 (2,748 ) 1,822 Provision for (benefit from) income taxes (119 ) (8 ) 769 — 642 Consolidated net income 1,182 1,369 1,377 (2,748 ) 1,180 Less: Net income (loss) attributable to noncontrolling interests — — (2 ) — (2 ) Net income attributable to Waste Management, Inc. $ 1,182 $ 1,369 $ 1,379 $ (2,748 ) $ 1,182 Year Ended December 31, 2015 Operating revenues $ — $ — $ 12,961 $ — $ 12,961 Costs and expenses — (1 ) 10,917 — 10,916 Income from operations — 1 2,044 — 2,045 Other income (expense): Interest expense, net (298 ) (22 ) (65 ) — (385 ) Loss on early extinguishment of debt (500 ) (52 ) (3 ) — (555 ) Equity in earnings of subsidiaries, net of tax provision 1,245 1,289 — (2,534 ) — Other, net — — (45 ) — (45 ) 447 1,215 (113 ) (2,534 ) (985 ) Income before income taxes 447 1,216 1,931 (2,534 ) 1,060 Provision for (benefit from) income taxes (306 ) (29 ) 643 — 308 Consolidated net income 753 1,245 1,288 (2,534 ) 752 Less: Net income (loss) attributable to noncontrolling interests — — (1 ) — (1 ) Net income attributable to Waste Management, Inc. $ 753 $ 1,245 $ 1,289 $ (2,534 ) $ 753 Year Ended December 31, 2014 Operating revenues $ — $ — $ 13,996 $ — $ 13,996 Costs and expenses — (459 ) 12,156 — 11,697 Income from operations — 459 1,840 — 2,299 Other income (expense): Interest expense, net (351 ) (31 ) (84 ) — (466 ) Equity in earnings of subsidiaries, net of tax provision 1,510 1,070 — (2,580 ) — Other, net — — (82 ) — (82 ) 1,159 1,039 (166 ) (2,580 ) (548 ) Income before income taxes 1,159 1,498 1,674 (2,580 ) 1,751 Provision for (benefit from) income taxes (139 ) (12 ) 564 — 413 Consolidated net income 1,298 1,510 1,110 (2,580 ) 1,338 Less: Net income (loss) attributable to noncontrolling interests — — 40 — 40 Net income attributable to Waste Management, Inc. $ 1,298 $ 1,510 $ 1,070 $ (2,580 ) $ 1,298 |
Condensed Consolidating Statements of Comprehensive Income | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME WM WM Non-Guarantor Eliminations Consolidated Year Ended December 31, 2016 Comprehensive income $ 1,189 $ 1,369 $ 1,417 $ (2,748 ) $ 1,227 Less: Comprehensive income (loss) attributable to noncontrolling interests — — (2 ) — (2 ) Comprehensive income attributable to Waste Management, Inc. $ 1,189 $ 1,369 $ 1,419 $ (2,748 ) $ 1,229 Year Ended December 31, 2015 Comprehensive income $ 762 $ 1,245 $ 1,129 $ (2,534 ) $ 602 Less: Comprehensive income (loss) attributable to noncontrolling interests — — (1 ) — (1 ) Comprehensive income attributable to Waste Management, Inc. $ 762 $ 1,245 $ 1,130 $ (2,534 ) $ 603 Year Ended December 31, 2014 Comprehensive income $ 1,300 $ 1,510 $ 977 $ (2,580 ) $ 1,207 Less: Comprehensive income (loss) attributable to noncontrolling interests — — 40 — 40 Comprehensive income attributable to Waste Management, Inc. $ 1,300 $ 1,510 $ 937 $ (2,580 ) $ 1,167 |
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS WM(c) WM Non-Guarantor Eliminations Consolidated Year Ended December 31, 2016 Cash flows from operating activities: Consolidated net income $ 1,182 $ 1,369 $ 1,377 $ (2,748 ) $ 1,180 Equity in earnings of subsidiaries, net of tax provision (1,367 ) (1,381 ) — 2,748 — Other adjustments 185 12 1,583 — 1,780 Net cash provided by operating activities — — 2,960 — 2,960 Cash flows from investing activities: Acquisitions of businesses, net of cash acquired — — (611 ) — (611 ) Capital expenditures — — (1,339 ) — (1,339 ) Proceeds from divestitures of businesses and other assets (net of cash divested) — — 43 — 43 Net receipts from restricted trust and escrow accounts and other, net — — (25 ) — (25 ) Net cash provided by (used in) investing activities — — (1,932 ) — (1,932 ) Cash flows from financing activities: New borrowings — — 3,057 — 3,057 Debt repayments — — (2,682 ) — (2,682 ) Premiums paid on early extinguishment of debt — — (2 ) — (2 ) Common stock repurchase program — — (725 ) — (725 ) Cash dividends — — (726 ) — (726 ) Exercise of common stock options — — 63 — 63 Other, net — — (20 ) — (20 ) (Increase) decrease in intercompany and investments, net — — — — — Net cash provided by (used in) financing activities — — (1,035 ) — (1,035 ) Effect of exchange rate changes on cash and cash equivalents — — — — — Increase (decrease) in cash and cash equivalents — — (7 ) — (7 ) Cash and cash equivalents at beginning of year — — 39 — 39 Cash and cash equivalents at end of year $ — $ — $ 32 $ — $ 32 (c) Cash receipts and payments of WM and WM Holdings are transacted by Non-Guarantor WM(d) WM Non-Guarantor Eliminations Consolidated Year Ended December 31, 2015 Cash flows from operating activities: Consolidated net income $ 753 $ 1,245 $ 1,288 $ (2,534 ) $ 752 Equity in earnings of subsidiaries, net of tax provision (1,245 ) (1,289 ) — 2,534 — Other adjustments 492 44 1,210 — 1,746 Net cash provided by operating activities — — 2,498 — 2,498 Cash flows from investing activities: Acquisitions of businesses, net of cash acquired — — (554 ) — (554 ) Capital expenditures — — (1,233 ) — (1,233 ) Proceeds from divestitures of businesses and other assets (net of cash divested) — — 145 — 145 Net receipts from restricted trust and escrow accounts and other, net — — 34 — 34 Net cash provided by (used in) investing activities — — (1,608 ) — (1,608 ) Cash flows from financing activities: New borrowings — — 2,337 — 2,337 Debt repayments — — (2,764 ) — (2,764 ) Premiums paid on early extinguishment of debt — — (555 ) — (555 ) Common stock repurchase program — — (600 ) — (600 ) Cash dividends — — (695 ) — (695 ) Exercise of common stock options — — 77 — 77 Other, net — — 45 — 45 (Increase) decrease in intercompany and investments, net (1,235 ) — 1,235 — — Net cash provided by (used in) financing activities (1,235 ) — (920 ) — (2,155 ) Effect of exchange rate changes on cash and cash equivalents — — (3 ) — (3 ) Increase (decrease) in cash and cash equivalents (1,235 ) — (33 ) — (1,268 ) Cash and cash equivalents at beginning of year 1,235 — 72 — 1,307 Cash and cash equivalents at end of year $ — $ — $ 39 $ — $ 39 (d) Cash receipts and payments of WM and WM Holdings are transacted by Non-Guarantor WM(e) WM Non-Guarantor Eliminations Consolidated Year Ended December 31, 2014 Cash flows from operating activities: Consolidated net income $ 1,298 $ 1,510 $ 1,110 $ (2,580 ) $ 1,338 Equity in earnings of subsidiaries, net of tax provision (1,510 ) (1,070 ) — 2,580 — Other adjustments 212 (440 ) 1,221 — 993 Net cash provided by operating activities — — 2,331 — 2,331 Cash flows from investing activities: Acquisitions of businesses, net of cash acquired — — (35 ) — (35 ) Capital expenditures — — (1,151 ) — (1,151 ) Proceeds from divestitures of businesses and other assets (net of cash divested) — — 2,253 — 2,253 Net receipts from restricted trust and escrow accounts and other, net — — (72 ) — (72 ) Net cash provided by (used in) investing activities — — 995 — 995 Cash flows from financing activities: New borrowings — — 2,817 — 2,817 Debt repayments — — (3,568 ) — (3,568 ) Common stock repurchase program — — (600 ) — (600 ) Cash dividends — — (693 ) — (693 ) Exercise of common stock options — — 93 — 93 Other, net — — (121 ) — (121 ) (Increase) decrease in intercompany and investments, net 1,235 — (1,235 ) — — Net cash provided by (used in) financing activities 1,235 — (3,307 ) — (2,072 ) Effect of exchange rate changes on cash and cash equivalents — — (5 ) — (5 ) Increase (decrease) in cash and cash equivalents 1,235 — 14 — 1,249 Cash and cash equivalents at beginning of year — — 58 — 58 Cash and cash equivalents at end of year $ 1,235 $ — $ 72 $ — $ 1,307 (e) Cash receipts and payments of WM and WM Holdings are transacted by Non-Guarantor |
Business - Additional Informati
Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016Areas | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of areas | 17 |
Adoption of New Accounting St54
Adoption of New Accounting Standards and Reclassifications - Additional Information (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Accounting Standards Update 2015-03 [Member] | |
Change in Accounting Estimate [Line Items] | |
Reclassification of debt issuance costs | $ 52 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016USD ($)site | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Inflation rate | 2.50% | 2.50% | 2.50% | |
Number of landfill sites with expansions that require the Chief Financial Officer to approve the inclusion of the unpermitted airspace | site | 3 | |||
Environmental remediation reasonably possible additional losses high estimate | $ 120 | |||
Environmental remediation liabilities | 246 | |||
Environmental remediation liabilities that have never been subject to inflation or discounting | $ 90 | $ 52 | ||
Increase (decrease) in environmental remediation liabilities due to the impacts of inflation and discounting | (3) | |||
Other intangible assets, amortization method | 150% declining balance approach or a straight-line basis | |||
Restricted trust and escrow accounts | $ 105 | 105 | ||
Total interest costs | 394 | 407 | $ 487 | |
Total capitalized interest costs | 9 | 16 | $ 16 | |
Other Receivables [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Receivables related to income tax payments in excess of our provision for income taxes | $ 352 | $ 439 | ||
Non-compete Covenant [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Amortizable period of the intangible assets | 2 years | |||
Non-compete Covenant [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Amortizable period of the intangible assets | 5 years | |||
Supplier Relationships [Member] | Customer Relationships [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Amortizable period of the intangible assets | 10 years | |||
Supplier Relationships [Member] | Customer Relationships [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Amortizable period of the intangible assets | 15 years | |||
Landfill [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Required period to maintain and monitor landfill sites | 30 years | |||
Credit adjusted, risk free discount rate applicable to long-term asset retirement obligations | 6.00% | |||
Number of landfills sites with expansion | site | 16 | |||
Landfill [Member] | Scenario, Forecast [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Expected credit adjusted, risk free discount rate applied to liabilities incurred | 4.00% | |||
Accounts Receivable Net [Member] | Concentration of Credit Risk [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Maximum accounts receivable from single customer in percentage to total accounts receivable | 5.00% | 5.00% |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Summary of Impacts of Revisions to the Risk-Free Discount Rate Applied to Environmental Remediation Liabilities and Recovery Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Charge (reduction) to operating expenses | $ (2) | $ (2) | $ 10 |
Risk-free discount rate applied to environmental remediation liabilities and recovery assets | 2.50% | 2.25% | 2.00% |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives for Significant Property and Equipment Categories (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum [Member] | Vehicles - Excluding Rail Haul Cars [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 3 years |
Minimum [Member] | Vehicles - Rail Haul Cars [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 10 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 3 years |
Minimum [Member] | Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 5 years |
Minimum [Member] | Furniture, Fixtures and Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 3 years |
Maximum [Member] | Vehicles - Excluding Rail Haul Cars [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 10 years |
Maximum [Member] | Vehicles - Rail Haul Cars [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 20 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 30 years |
Maximum [Member] | Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 40 years |
Maximum [Member] | Furniture, Fixtures and Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 10 years |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Summary of Equity and Cost Method Investments (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Equity method investments | $ 173 | $ 186 |
Cost method investments | 147 | 174 |
Investments in unconsolidated entities | $ 320 | $ 360 |
Summary of Significant Accoun59
Summary of Significant Accounting Policies - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Interest, net of capitalized interest and periodic settlements from interest rate swap agreements | $ 375 | $ 384 | $ 461 |
Income taxes | $ 442 | $ 419 | $ 758 |
Landfill and Environmental Re60
Landfill and Environmental Remediation Liabilities - Liabilities for Landfill and Environmental Remediation Costs (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Site Contingency [Line Items] | |||
Total, Environmental Remediation | $ 246 | ||
Current (in accrued liabilities) | 147 | $ 143 | |
Long-term | 1,675 | 1,584 | |
Total | 1,822 | 1,727 | |
Landfill [Member] | |||
Site Contingency [Line Items] | |||
Current (in accrued liabilities), Landfill | 119 | 112 | |
Long-term, Landfill | 1,457 | 1,406 | |
Total, Landfill | 1,576 | 1,518 | $ 1,443 |
Environmental Remediation Liabilities [Member] | |||
Site Contingency [Line Items] | |||
Current (in accrued liabilities), Environmental Remediation | 28 | 31 | |
Long-term, Environmental Remediation | 218 | 178 | |
Total, Environmental Remediation | $ 246 | $ 209 | $ 235 |
Landfill and Environmental Re61
Landfill and Environmental Remediation Liabilities - Changes to Landfill and Environmental Remediation Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Environmental Exit Cost [Line Items] | |||
Interest accretion | $ 91 | $ 89 | $ 88 |
Ending balance, environmental remediation | 246 | ||
Landfill [Member] | |||
Environmental Exit Cost [Line Items] | |||
Beginning balance, landfill | 1,518 | 1,443 | |
Obligations incurred and capitalized | 59 | 61 | |
Obligations settled | (91) | (71) | |
Interest accretion | 91 | 89 | |
Revisions in estimates and interest rate assumptions | (1) | (11) | |
Acquisitions, divestitures and other adjustments | 7 | ||
Ending balance, landfill | 1,576 | 1,518 | 1,443 |
Environmental Remediation Liabilities [Member] | |||
Environmental Exit Cost [Line Items] | |||
Beginning balance, environmental remediation | 209 | 235 | |
Obligations settled | (24) | (30) | |
Interest accretion | 3 | 3 | |
Revisions in estimates and interest rate assumptions | 58 | 5 | |
Acquisitions, divestitures and other adjustments | (4) | ||
Ending balance, environmental remediation | $ 246 | $ 209 | $ 235 |
Landfill and Environmental Re62
Landfill and Environmental Remediation Liabilities - Changes to Landfill and Environmental Remediation Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Environmental Exit Cost [Line Items] | ||||
Risk-free discount rate of the obligations | 2.50% | 2.25% | 2.00% | |
Increase (Decrease) to operating expenses due to change in discount rate used to estimate the present value of environmental remediation obligations | $ (2) | $ (3) | ||
Increase in cost estimate associated with environmental remediation liability | 44 | |||
San Jacinto Waste Pits [Member] | ||||
Environmental Exit Cost [Line Items] | ||||
Increase in cost estimate associated with environmental remediation liability | $ 42 | 44 | ||
Landfill [Member] | ||||
Environmental Exit Cost [Line Items] | ||||
Increase (decrease) related to year-end review of landfill capping closure and post closure obligations included in landfill liabilities | (11) | (18) | ||
Increase in landfill liabilities related to landfill impairment | $ 13 | |||
Increase (Decrease) in landfill liabilities | 7 | |||
Deffenbaugh Disposal, Inc. [Member] | Landfill [Member] | ||||
Environmental Exit Cost [Line Items] | ||||
Increase (Decrease) in landfill liabilities | $ 18 |
Landfill and Environmental Re63
Landfill and Environmental Remediation Liabilities - Additional Information (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Environmental Remediation Obligations [Abstract] | |
Anticipated payments for currently identified environmental remediation liabilities, in 2017 | $ 28 |
Anticipated payments for currently identified environmental remediation liabilities, in 2018 | 21 |
Anticipated payments for currently identified environmental remediation liabilities, in 2019 | 29 |
Anticipated payments for currently identified environmental remediation liabilities, in 2020 | 63 |
Anticipated payments for currently identified environmental remediation liabilities, in 2021 | 17 |
Anticipated payments for currently identified environmental remediation liabilities, after 2021 | $ 88 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||
Property and equipment , gross | $ 28,102 | $ 27,085 | |
Less accumulated depreciation and amortization | (17,152) | (16,420) | |
Property and equipment, net | 10,950 | 10,665 | $ 10,657 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment , gross | 608 | 592 | |
Landfill [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment , gross | 14,276 | 13,772 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment , gross | 4,433 | 4,257 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment , gross | 2,639 | 2,499 | |
Containers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment , gross | 2,469 | 2,426 | |
Building and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment , gross | 2,667 | 2,546 | |
Furniture, Fixtures and Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment , gross | 1,010 | 993 | |
Tangible Property and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Less accumulated depreciation and amortization | (8,812) | (8,495) | |
Landfill Airspace [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Less accumulated depreciation and amortization | $ (8,340) | $ (7,925) |
Property and Equipment - Deprec
Property and Equipment - Depreciation and Amortization Expense Including Amortization Expense for Assets Recorded as Capital Leases (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 1,301 | $ 1,245 | $ 1,292 |
Tangible Property and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | 773 | 760 | 834 |
Landfill Airspace [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | 428 | 409 | 380 |
Property and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 1,201 | $ 1,169 | $ 1,214 |
Goodwill and Other Intangible66
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 6,215 | $ 5,984 | $ 5,740 |
Increase in goodwill during the period | 231 | ||
Amortization expenses for other intangible assets | 100 | $ 76 | $ 78 |
Indefinite-lived intangible assets | 18 | ||
Expected amortization expenses related to other intangible assets in 2017 | 97 | ||
Expected amortization expenses related to other intangible assets in 2018 | 87 | ||
Expected amortization expenses related to other intangible assets in 2019 | 77 | ||
Expected amortization expenses related to other intangible assets in 2020 | 69 | ||
Expected amortization expenses related to other intangible assets in 2021 | $ 58 |
Goodwill and Other Intangible67
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 1,017 | $ 828 |
Less accumulated amortization | (426) | (351) |
Total | 591 | 477 |
Customer and Supplier Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 835 | 658 |
Less accumulated amortization | (342) | (270) |
Total | 493 | 388 |
Covenants Not-to-Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 59 | 51 |
Less accumulated amortization | (31) | (35) |
Total | 28 | 16 |
Licenses Permits and Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 123 | 119 |
Less accumulated amortization | (53) | (46) |
Total | $ 70 | $ 73 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | $ 9,310 | $ 8,929 |
Current portion of long-term debt | 417 | 253 |
Long-term debt, less current portion | 8,893 | 8,676 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | 426 | 20 |
Canadian Term Loan and Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | 239 | 84 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | 6,033 | 6,050 |
Tax-exempt Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | 2,304 | 2,447 |
Capital Leases and Other [Member] | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | $ 308 | $ 328 |
Debt - Components of Debt (Pare
Debt - Components of Debt (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Capital Leases and Other [Member] | ||
Debt Instrument [Line Items] | ||
End period of maturity for debt instrument | Dec. 31, 2055 | |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 4.60% | 4.70% |
End period of maturity for debt instrument | Mar. 1, 2045 | |
Tax-exempt Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 1.80% | 1.90% |
End period of maturity for debt instrument | Aug. 1, 2045 | |
Minimum [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.40% | |
Minimum [Member] | Tax-exempt Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.70% | |
Maximum [Member] | Capital Leases and Other [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 12.00% | |
Maximum [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 7.75% | |
Maximum [Member] | Tax-exempt Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.70% | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit Facility, aggregate capacity | $ 2,250,000,000 | |
Weighted average interest rate | 1.90% | |
Maturity date of credit facility | Jul. 30, 2020 | |
Other Letter of Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of credit facility | Dec. 31, 2018 | |
Canadian Term Loan and Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 2.10% | 2.20% |
Maturity date of credit facility | Mar. 31, 2019 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2016USD ($) | Aug. 31, 2016USD ($) | May 31, 2016USD ($) | Mar. 31, 2016CAD | Mar. 31, 2016USD ($) | Mar. 31, 2016CAD | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016CAD | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016CAD | Dec. 31, 2015CAD | |
Debt Instrument [Line Items] | |||||||||||||
Current portion of long-term debt | $ 417,000,000 | $ 417,000,000 | $ 253,000,000 | ||||||||||
Outstanding borrowings under credit facility | 230,000,000 | 230,000,000 | |||||||||||
Debt maturing within twelve months | 187,000,000 | 187,000,000 | |||||||||||
Tax-exempt bonds subject to re-pricing within next 12 months | 473,000,000 | 473,000,000 | |||||||||||
Loss on early extinguishment of debt | (4,000,000) | (555,000,000) | |||||||||||
Debt and capital lease principal payments in 2017 | 610,000,000 | 610,000,000 | |||||||||||
Debt and capital lease principal payments in 2018 | 783,000,000 | 783,000,000 | |||||||||||
Debt and capital lease principal payments in 2019 | 432,000,000 | 432,000,000 | |||||||||||
Debt and capital lease principal payments in 2020 | 746,000,000 | 746,000,000 | |||||||||||
Debt and capital lease principal payments in 2021 | 540,000,000 | 540,000,000 | |||||||||||
Tax-exempt Bonds [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt maturing within twelve months | 126,000,000 | 126,000,000 | |||||||||||
Repayment of tax exempt bonds | $ 143,000,000 | ||||||||||||
Proceeds from tax-exempt bonds | 143,000,000 | ||||||||||||
Loss on early extinguishment of debt | (3,000,000) | ||||||||||||
Tax-exempt Bonds [Member] | Variable Rate [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Variable-rate tax-exempt bonds | $ 491,000,000 | $ 491,000,000 | |||||||||||
2.4% Senior Notes Due May 2023 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument face amount | $ 500,000,000 | ||||||||||||
Interest rate | 2.40% | ||||||||||||
Maturity period | 2023-05 | ||||||||||||
2.6% Senior Notes Mature in September 2016 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 2.60% | ||||||||||||
Maturity period | 2016-09 | ||||||||||||
Net proceeds from issuance of senior notes | $ 496,000,000 | ||||||||||||
Net borrowings (repayments) of senior notes | $ (500,000,000) | ||||||||||||
Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loss on early extinguishment of debt | $ (550,000,000) | (552,000,000) | |||||||||||
Early extinguishment of high-coupon senior notes | $ 2,000,000,000 | $ 2,000,000,000 | |||||||||||
2016 Canadian Credit Agreement [Member] | Intercompany Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayment of debt | CAD 370,000,000 | $ 280,000,000 | CAD 370,000,000 | ||||||||||
Canadian Term Loan and Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Outstanding borrowings under credit facility | CAD | CAD 0 | CAD 0 | |||||||||||
Credit Facility, aggregate capacity | CAD | CAD 50,000,000 | 50,000,000 | |||||||||||
Letters of credit outstanding revolving credit facility | CAD | CAD 0 | CAD 0 | |||||||||||
Maturity date of credit facility | Mar. 31, 2019 | ||||||||||||
Minimum [Member] | Tax-exempt Bonds [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 0.70% | 0.70% | 0.70% | ||||||||||
Minimum [Member] | Canadian Term Loan and Credit Facility [Member] | London Interbank Offered Rate [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Spread rate | 0.875% | ||||||||||||
Maximum [Member] | Tax-exempt Bonds [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 5.70% | 5.70% | 5.70% | ||||||||||
Maximum [Member] | Canadian Term Loan and Credit Facility [Member] | London Interbank Offered Rate [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Spread rate | 1.50% | ||||||||||||
Cash [Member] | Tax-exempt Bonds [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayment of tax exempt bonds | $ 146,000,000 | ||||||||||||
Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Outstanding borrowings under credit facility | $ 426,000,000 | 426,000,000 | |||||||||||
Credit Facility, aggregate capacity | 2,250,000,000 | 2,250,000,000 | |||||||||||
Outstanding borrowings under credit facility classified as long-term | 196,000,000 | 196,000,000 | |||||||||||
Letters of credit outstanding revolving credit facility | 789,000,000 | 789,000,000 | |||||||||||
Credit Facility, remaining capacity | 1,035,000,000 | $ 1,035,000,000 | |||||||||||
Maturity date of credit facility | Jul. 30, 2020 | ||||||||||||
Net borrowings (repayments) | $ 406,000,000 | ||||||||||||
Domestic Line of Credit [Member] | Minimum [Member] | London Interbank Offered Rate [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Spread rate | 0.805% | ||||||||||||
Domestic Line of Credit [Member] | Maximum [Member] | London Interbank Offered Rate [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Spread rate | 1.30% | ||||||||||||
Committed and Uncommitted [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Letters of credit outstanding revolving credit facility | 492,000,000 | $ 492,000,000 | |||||||||||
Canadian Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit Facility, aggregate capacity | CAD | CAD 500,000,000 | 500,000,000 | |||||||||||
Credit Facility, remaining capacity | CAD | 90,000,000 | 90,000,000 | |||||||||||
Net borrowings (repayments) | (20,000,000) | (27,000,000) | (105,000,000) | CAD (139,000,000) | |||||||||
Canadian Term Loan [Member] | 2016 Canadian Credit Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net borrowings (repayments) | $ 347,000,000 | 460,000,000 | |||||||||||
Non Revolving Term Credit Facility [Member] | 2016 Canadian Credit Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit Facility, aggregate capacity | CAD | CAD 460,000,000 | CAD 460,000,000 | |||||||||||
Commercial Paper [Member] | Revolving Credit Facility [Member] | Commercial Paper Program [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit Facility, Borrowing Capacity | $ 1,500,000,000 | ||||||||||||
Commercial paper, borrowings | $ 0 | $ 0 | |||||||||||
Commercial Paper [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt term | 397 days |
Debt - Summary of Requirements
Debt - Summary of Requirements of Financial Covenants Contained in Revolving Credit Facilities (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum [Member] | |
Debt Instrument Covenant Compliance [Line Items] | |
Interest Coverage Ratio | 2.75 |
Maximum [Member] | |
Debt Instrument Covenant Compliance [Line Items] | |
Debt to EBITDA ratio | 3.50 |
Derivative Instruments and He72
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015CAD | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Outstanding derivatives | $ 0 | ||||
Currency Swaps [Member] | Canada, Dollars | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Notional amount of derivatives for intercompany debt | CAD | CAD 370,000,000 | ||||
Foreign Currency Derivatives [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Cash received in termination of foreign exchange cross currency swaps | $ 67,000,000 | ||||
Expense associated with termination of foreign exchange cross currency swaps | $ 8,000,000 | ||||
Foreign Currency Derivatives [Member] | Cash Flow Hedging [Member] | Long-term other assets [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Foreign currency derivatives, Assets | $ 63,000,000 | ||||
Foreign Currency Derivatives [Member] | Cash Flow Hedging [Member] | Current Other Assets [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Foreign currency derivatives, Assets | 15,000,000 | ||||
Forward Starting Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Deferred losses, net of taxes, related to cash flow hedges included in accumulated other comprehensive income (loss) | $ 37,000,000 | $ 43,000,000 | |||
Term of senior notes to amortize deferred losses | 10 years | ||||
Notional amount of derivatives | $ 175,000,000 | ||||
Cash paid to settle hedges | $ 36,000,000 | ||||
Treasury Rate Locks [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Deferred losses scheduled to be reclassified out of accumulated other comprehensive into interest expense over next 12 months, pre-tax | $ 10,000,000 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ 443 | $ 192 | $ 414 |
State | 88 | 50 | 61 |
Foreign | 38 | 36 | 56 |
Current total | 569 | 278 | 531 |
Deferred: | |||
Federal | 57 | 43 | (89) |
State | 17 | (17) | (33) |
Foreign | (1) | 4 | 4 |
Deferred total | 73 | 30 | (118) |
Provision for income taxes | $ 642 | $ 308 | $ 413 |
Income Taxes - U.S. Federal Sta
Income Taxes - U.S. Federal Statutory Income Tax Rate Reconciled to Effective Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense at U.S. federal statutory rate | 35.00% | 35.00% | 35.00% |
Federal tax credits | (3.08%) | (5.49%) | (3.21%) |
Taxing authority audit settlements and other tax adjustments | (0.53%) | (2.67%) | (1.59%) |
State and local income taxes, net of federal income tax benefit | 3.31% | 3.20% | 1.77% |
Tax impact of impairments | 0.80% | 0.23% | 0.46% |
Tax impact of divestitures | 0.26% | (0.34%) | (7.89%) |
Tax rate differential on foreign income | (0.63%) | (0.99%) | (0.46%) |
Other | 0.10% | 0.17% | (0.47%) |
Provision for income taxes | 35.23% | 29.11% | 23.61% |
Income Taxes - Income Before In
Income Taxes - Income Before Income Taxes Showing Domestic and Foreign Source (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 1,681 | $ 922 | $ 1,601 |
Foreign | 141 | 138 | 150 |
Income (loss) before income taxes | $ 1,822 | $ 1,060 | $ 1,751 |
Income Taxes - Additional infor
Income Taxes - Additional information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||||
Equity in net losses of unconsolidated entities | $ 44,000,000 | $ 38,000,000 | $ 53,000,000 | |
Interest expense | 376,000,000 | 385,000,000 | 466,000,000 | |
Other federal tax credits | 14,000,000 | 15,000,000 | 13,000,000 | |
Reduction in provision for income taxes due to tax audit settlements | (11,000,000) | (10,000,000) | (12,000,000) | |
Reduction in provision for income taxes due to state net operating losses and credits | 10,000,000 | 17,000,000 | 16,000,000 | |
Increase (decrease) to accruals and related deferred taxes | (10,000,000) | (18,000,000) | (24,000,000) | |
Increase (decrease) in provision for income taxes due to impairments | 15,000,000 | 2,000,000 | 8,000,000 | |
(Income) expense from divestitures | 9,000,000 | (7,000,000) | (515,000,000) | |
Unremitted earnings in foreign subsidiaries | 950,000,000 | |||
Increase in valuation allowance | 19,000,000 | |||
Net unrecognized tax benefits that would impact effective tax rate in future period | 69,000,000 | |||
Accrued interest | 2,000,000 | 2,000,000 | 1,000,000 | |
Accrued interest in balance sheet | 5,000,000 | 3,000,000 | ||
Unrecognized tax benefits related to accrued liabilities or expense for penalties | 0 | 0 | 0 | |
Liabilities for unrecognized tax benefits including accrued interest that may be reversed within the next 12 months | 7,000,000 | |||
Deferred tax assets related to unrecognized tax benefits that may be reversed within the next 12 months | $ 3,000,000 | |||
Wheelabrator [Member] | ||||
Income Taxes [Line Items] | ||||
(Income) expense from divestitures | $ 7,000,000 | (519,000,000) | ||
2014 Audit [Member] | ||||
Income Taxes [Line Items] | ||||
Expected time of completion of IRS audits | 9 months | |||
2015 Audit [Member] | ||||
Income Taxes [Line Items] | ||||
Expected time of completion of IRS audits | 12 months | |||
2016 Audit [Member] | ||||
Income Taxes [Line Items] | ||||
Expected time of completion of IRS audits | 18 months | |||
2017 Audit [Member] | ||||
Income Taxes [Line Items] | ||||
Expected time of completion of IRS audits | 30 months | |||
Tax Implications [Member] | ||||
Income Taxes [Line Items] | ||||
Hypothetical tax expense (benefit) associated with gain on sale of business | $ (5,000,000) | |||
(Income) expense from divestitures | 9,000,000 | |||
Tax Implications [Member] | Wheelabrator [Member] | ||||
Income Taxes [Line Items] | ||||
Hypothetical tax expense (benefit) associated with gain on sale of business | 4,000,000 | 138,000,000 | ||
(Income) expense from divestitures | (10,000,000) | (515,000,000) | ||
Federal [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carry-forwards | $ 25,000,000 | |||
Operating loss carry-forwards, expiration date | Dec. 31, 2036 | |||
Capital loss carry-forward | $ 453,000,000 | |||
Capital loss carry-forward, expiration year one | 2,019 | |||
Capital loss carry-forward, expiration year two | 2,021 | |||
State [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carry-forwards | $ 2,000,000,000 | |||
Operating loss carry-forwards, expiration date | Dec. 31, 2036 | |||
State tax credit carry-forward | $ 24,000,000 | |||
Investments Qualifying for Federal Tax Credits [Member] | ||||
Income Taxes [Line Items] | ||||
Equity in net losses of unconsolidated entities | 31,000,000 | 30,000,000 | 32,000,000 | |
Interest expense | 3,000,000 | 4,000,000 | 5,000,000 | |
Income tax benefit, including tax credits, from equity method investment | $ 55,000,000 | $ 57,000,000 | $ 58,000,000 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Net operating loss, capital loss and tax credit carry-forwards | $ 285 | $ 280 |
Landfill and environmental remediation liabilities | 116 | 120 |
Miscellaneous and other reserves, net | 355 | 373 |
Subtotal | 756 | 773 |
Valuation allowance | (292) | (273) |
Deferred tax liabilities: | ||
Property and equipment | (728) | (709) |
Goodwill and other intangibles | (1,218) | (1,182) |
Net deferred tax liabilities | $ (1,482) | $ (1,391) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits, Including Accrued interest (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Balance beginning | $ 71 | $ 42 | $ 49 |
Additions based on tax positions related to the current year | 19 | 18 | 9 |
Additions based on tax positions of prior years | 4 | 21 | 2 |
Accrued interest | 2 | 2 | 1 |
Reductions for tax positions of prior years | (7) | (1) | |
Settlements | (3) | (11) | |
Lapse of statute of limitations | (7) | (8) | (8) |
Balance ending | $ 82 | $ 71 | $ 42 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employee waiting period after hire to participate in the defined contribution plans | 90 days | |||
Employee maximum contribution towards defined contribution plans as percentage of annual compensation | 50.00% | 25.00% | ||
Employee maximum contribution towards defined contribution plans as percentage of annual incentive plan bonus | 80.00% | |||
Employer's match in cash of non-union employee contributions on first specified percentage of eligible compensation | 100.00% | |||
First percentage of eligible compensation on which specified percentage of non-union employee contribution is matched by the employer in cash | 3.00% | |||
Employer's match in cash of non-union employee contributions on next specified percentage of eligible compensation | 50.00% | |||
Next percentage of eligible compensation on which specified percentage of non-union employee contribution is matched by the employer in cash | 3.00% | |||
Employer maximum match of non-union employee contribution on eligible compensation | 4.50% | |||
Operating, selling, general and administrative expenses for our defined contribution plans | $ 64,000,000 | $ 61,000,000 | $ 63,000,000 | |
Accrued benefit liabilities for defined benefit pension and other post retirement plans | 37,000,000 | 56,000,000 | ||
Contributions to Multiemployer Plan | 47,000,000 | 43,000,000 | 44,000,000 | |
Multiemployer Health and Welfare Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions to Multiemployer Plan | 40,000,000 | 33,000,000 | 34,000,000 | |
Withdrawal from Multiemployer Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Charge to "Operating" expenses | $ 55,000,000 | 0 | 51,000,000 | $ 4,000,000 |
Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Combined accumulated benefit obligation of pension plans | 114,000,000 | 116,000,000 | ||
Plan assets of pension plans | 103,000,000 | 88,000,000 | ||
Unfunded benefit obligation | 11,000,000 | 28,000,000 | ||
Other Postretirement Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Unfunded benefit obligation | $ 26,000,000 | $ 28,000,000 |
Employee Benefit Plans - Indivi
Employee Benefit Plans - Individually Significant Multiemployer Pension Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Multiemployer Plans [Line Items] | |||
Total Company Contributions to Individually Significant Plans | $ 40 | $ 37 | $ 37 |
Contributions to other Multi Employer Pension Plans | 7 | 6 | 7 |
Company Contributions | $ 47 | $ 43 | 44 |
Automotive Industries Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
EIN | 941,133,245 | ||
Pension Plan Number | 1 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP/RP Status | Implemented | ||
Expiration date of Collective-Bargaining Agreement | Various dates through 6/30/2018 | ||
Company Contributions | $ 1 | $ 1 | 1 |
Distributors Association Warehousemen's Pension Trust [Member] | |||
Multiemployer Plans [Line Items] | |||
EIN | 940,294,755 | ||
Pension Plan Number | 2 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP/RP Status | Implemented | ||
Expiration date of Collective-Bargaining Agreement | 4/7/2018 | ||
Company Contributions | $ 1 | $ 1 | 1 |
Local 731 Private Scavengers and Garage Attendants Pension Trust Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
EIN | 366,513,567 | ||
Pension Plan Number | 1 | ||
Pension Protection Act Zone Status | Green | Yellow | |
FIP/RP Status | Implemented | ||
Expiration date of Collective-Bargaining Agreement | 9/30/2018 | ||
Company Contributions | $ 7 | $ 7 | 6 |
Suburban Teamsters of Northern Illinois Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
EIN | 366,155,778 | ||
Pension Plan Number | 1 | ||
Pension Protection Act Zone Status | Yellow | Red | |
FIP/RP Status | Implemented | ||
Expiration date of Collective-Bargaining Agreement | Various dates through 9/30/2017 | ||
Company Contributions | $ 3 | $ 2 | 3 |
Teamsters Local 301 Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
EIN | 366,492,992 | ||
Pension Plan Number | 1 | ||
Pension Protection Act Zone Status | Green | Green | |
FIP/RP Status | NA | ||
Expiration date of Collective-Bargaining Agreement | 9/30/2018 | ||
Company Contributions | $ 2 | $ 1 | 1 |
Western Conference of Teamsters Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
EIN | 916,145,047 | ||
Pension Plan Number | 1 | ||
Pension Protection Act Zone Status | Green | Green | |
FIP/RP Status | NA | ||
Expiration date of Collective-Bargaining Agreement | Various dates through 12/31/2019 | ||
Company Contributions | $ 25 | $ 24 | 24 |
Western Pennsylvania Teamsters and Employers Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
EIN | 256,029,946 | ||
Pension Plan Number | 1 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP/RP Status | Implemented | ||
Expiration date of Collective-Bargaining Agreement | 12/31/2016; 90-day extension with agreements currently under negotiation | ||
Company Contributions | $ 1 | $ 1 | $ 1 |
Employee Benefit Plans - Indi81
Employee Benefit Plans - Individually Significant Multiemployer Pension Plans (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Multiemployer Plans [Line Items] | |
High end of funded percentage of multiemployer plans in critical status | 65.00% |
High end of funded percentage of multiemployer plans in endangered status | 80.00% |
Surcharge percentage during first twelve months on contribution rates for plans certified as endangered, seriously endangered or critical | 5.00% |
Period for which surcharge is 5% on contribution rates for plans certified as endangered, seriously endangered or critical | 12 months |
Surcharge percentage after first twelve months on contribution rates for plans certified as endangered, seriously endangered or critical | 10.00% |
Description of multiemployer defined benefit pension plan | A Multiemployer Pension Plan that has been certified as endangered, seriously endangered or critical may begin to levy a statutory surcharge on contribution rates. Once authorized, the surcharge is at the rate of 5% for the first 12 months and 10% for any periods thereafter. Contributing employers, however, may eliminate the surcharge by entering into a collective bargaining agreement that meets the requirements of the applicable FIP or RP. |
Minimum percentage of total contributions provided by the Company relating to multiemployer plans | 5.00% |
Minimum [Member] | |
Multiemployer Plans [Line Items] | |
Projected insolvency period | 15 years |
Maximum [Member] | |
Multiemployer Plans [Line Items] | |
Projected insolvency period | 20 years |
Employee Benefit Plans - Multie
Employee Benefit Plans - Multiemployer Pension Plans and Year with Employer's Total Contribution Greater Than 5% (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Distributors Association Warehousemen's Pension Trust [Member] | |
Multiemployer Plans [Line Items] | |
Year Contributions to Plan Exceeded 5% of Total Contributions (as of Plan's Year End) | 5/31/2015 and 5/31/2014 |
Local 731 Private Scavengers and Garage Attendants Pension Trust Fund [Member] | |
Multiemployer Plans [Line Items] | |
Year Contributions to Plan Exceeded 5% of Total Contributions (as of Plan's Year End) | 9/30/2015 and 9/30/2014 |
Suburban Teamsters of Northern Illinois Pension Plan [Member] | |
Multiemployer Plans [Line Items] | |
Year Contributions to Plan Exceeded 5% of Total Contributions (as of Plan's Year End) | 12/31/2015 and 12/31/2014 |
Teamsters Local 301 Pension Plan [Member] | |
Multiemployer Plans [Line Items] | |
Year Contributions to Plan Exceeded 5% of Total Contributions (as of Plan's Year End) | 12/31/2015 and 12/31/2014 |
Commitments and Contingencies -
Commitments and Contingencies - Additional information (Detail) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($)siteLandfillHomeowners | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2016USD ($) | |
Commitments And Contingencies [Line Items] | |||||
Maximum self insurance exposures per incident under general liability insurance program | $ 2,500,000 | ||||
Maximum self insurance exposures per incident under workers' compensation insurance program | 5,000,000 | ||||
Per incident base deductible under auto liability insurance program | 5,000,000 | ||||
Per incident additional deductible under auto liability insurance | 4,800,000 | ||||
Low end of layer subject to additional deductibles of auto liability insurance | 5,000,000 | ||||
High end of layer subject to additional deductible of auto liability insurance | 10,000,000 | ||||
Rental expense | 125,000,000 | $ 140,000,000 | $ 159,000,000 | ||
Minimum contractual payments for operating leases in 2017 | 109,000,000 | ||||
Minimum contractual payments for operating leases in 2018 | 90,000,000 | ||||
Minimum contractual payments for operating leases in 2019 | 73,000,000 | ||||
Minimum contractual payments for operating leases in 2020 | 62,000,000 | ||||
Minimum contractual payments for operating leases in 2021 | 44,000,000 | ||||
Minimum contractual payments for operating leases thereafter | 306,000,000 | ||||
Estimated minimum purchase obligation in 2017 | 179,000,000 | ||||
Estimated minimum purchase obligation in 2018 | 149,000,000 | ||||
Estimated minimum purchase obligation in 2019 | 112,000,000 | ||||
Estimated minimum purchase obligation in 2020 | 92,000,000 | ||||
Estimated minimum purchase obligation in 2021 | 88,000,000 | ||||
Estimated minimum purchase obligation in thereafter | 336,000,000 | ||||
Maximum future payments regarding guarantees of unconsolidated entities financial obligations | $ 6,000,000 | ||||
Approximate number of homeowners' properties adjacent to or near certain of our landfills with agreements guaranteeing market value | Homeowners | 850 | ||||
Number of landfills adjacent to or near homeowners' properties with agreements guaranteeing market value | Landfill | 22 | ||||
Number of sites listed on the EPA's NPL for which we have been notified we are a PRP | site | 75 | ||||
Number of owned sites listed on the EPA's NPL for which we have been notified we are a PRP | site | 15 | ||||
Number of non-owned sites listed on the EPA's NPL for which we have been notified we are a PRP | site | 60 | ||||
Increase in cost estimate associated with environmental remediation liability | $ 44,000,000 | ||||
Approximate percentage of workforce covered by collective bargaining agreements | 20.00% | ||||
Withdrawal from Multiemployer Pension Plans [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Charge to "Operating" expenses | $ 55,000,000 | $ 0 | 51,000,000 | $ 4,000,000 | |
WM's Senior Indebtedness [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Maturity date of senior indebtedness | 2,045 | ||||
WM Holdings Senior Indebtedness [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Maturity date of senior indebtedness | 2,026 | ||||
Disposal [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Purchase agreements expiring through the period | 2,052 | ||||
Waste Paper [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Purchase agreements expiring through the period | 2,019 | ||||
Wheelabrator [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Maximum future payments regarding guarantees of unconsolidated entities financial obligations | $ 96,000,000 | 106,000,000 | |||
Operational and financial performance obligations, net liability | 11,000,000 | $ 13,000,000 | |||
Maximum [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Dollar threshold for environmental matters requiring disclosure under item 103 of the SEC's Regulation S-K | 100,000 | ||||
Domestic Line of Credit [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Credit Facility, aggregate capacity | $ 2,250,000,000 | $ 2,250,000,000 |
Commitments and Contingencies84
Commitments and Contingencies - Changes to Net Insurance Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Contingencies And Commitments [Line Items] | |||
Beginning Balance | $ 425 | $ 414 | $ 393 |
Self-insurance expense (benefit) | 101 | 130 | 126 |
Cash (paid) received | (109) | (119) | (105) |
Ending Balance | 417 | 425 | 414 |
Current portion at December 31, 2016 | 113 | ||
Long-term portion at December 31, 2016 | 304 | ||
Gross Claims Liability [Member] | |||
Contingencies And Commitments [Line Items] | |||
Beginning Balance | 643 | 597 | 590 |
Self-insurance expense (benefit) | 71 | 169 | 135 |
Cash (paid) received | (126) | (123) | (128) |
Ending Balance | 588 | 643 | 597 |
Current portion at December 31, 2016 | 133 | ||
Long-term portion at December 31, 2016 | 455 | ||
Receivables Associated with Insured Claims [Member] | |||
Contingencies And Commitments [Line Items] | |||
Beginning Balance | (218) | (183) | (197) |
Self-insurance expense (benefit) | 30 | (39) | (9) |
Cash (paid) received | 17 | 4 | 23 |
Ending Balance | (171) | $ (218) | $ (183) |
Current portion at December 31, 2016 | (20) | ||
Long-term portion at December 31, 2016 | $ (151) |
Commitments and Contingencies85
Commitments and Contingencies - Changes to Net Insurance Liabilities (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Expected time period in years for cash settlement of substantially all recorded obligations associated with insurance liabilities | 6 years |
Restructuring Costs - Restructu
Restructuring Costs - Restructuring Charges Pre Tax by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges, Total | $ 8 | $ 4 | $ 15 | $ 82 |
Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges, Total | 1 | 71 | ||
Solid Waste [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges, Total | $ 4 | $ 14 | 10 | |
Wheelabrator [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges, Total | $ 1 |
Restructuring Costs - Additiona
Restructuring Costs - Additional Information (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Aug. 31, 2014Employees | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Restructuring and Related Activities [Abstract] | |||||
Pre-tax restructuring charges | $ 8 | $ 4 | $ 15 | $ 82 | |
Pre-tax restructuring charges related to employee severance and benefit costs | $ 2 | $ 10 | $ 70 | ||
Number of employee positions eliminated | Employees | 650 |
Asset Impairments and Unusual88
Asset Impairments and Unusual Items - Components of (Income) Expense from Divestitures, Asset Impairments and Unusual Items (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unusual or Infrequent Items, or Both [Abstract] | |||
(Income) expense from divestitures | $ 9 | $ (7) | $ (515) |
Asset impairments | 59 | 89 | 355 |
Other | 44 | ||
(Income) expense from divestitures, asset impairments and unusual items | $ 112 | $ 82 | $ (160) |
Asset Impairments and Unusual89
Asset Impairments and Unusual Items - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Expense From Divestitures Asset Impairments And Unusual Items [Line Items] | |||||||
(Income) expense from divestitures, asset impairments and unusual items | $ 112 | $ 82 | $ (160) | ||||
Impairment charges | 59 | 89 | 355 | ||||
Increase in cost estimate associated with environmental remediation liability | 44 | ||||||
Goodwill impairment charges | 12 | ||||||
(Income) expense from divestitures | 9 | (7) | (515) | ||||
Lamp Tracker Reporting Unit [Member] | |||||||
Income Expense From Divestitures Asset Impairments And Unusual Items [Line Items] | |||||||
Goodwill impairment charges | $ 10 | 12 | |||||
Investment In Majority Owned Organics Company [Member] | |||||||
Income Expense From Divestitures Asset Impairments And Unusual Items [Line Items] | |||||||
(Income) expense from divestitures | 8 | 8 | |||||
Recycling Operations [Member] | |||||||
Income Expense From Divestitures Asset Impairments And Unusual Items [Line Items] | |||||||
Impairment charges | 18 | ||||||
Goodwill impairment charges | 10 | ||||||
Waste Diversion Technology, Renewable Energy, Recycling, and Medical Waste Operations [Member] | |||||||
Income Expense From Divestitures Asset Impairments And Unusual Items [Line Items] | |||||||
Impairment charges | 73 | ||||||
Investment in Waste Diversion Technology Company [Member] | |||||||
Income Expense From Divestitures Asset Impairments And Unusual Items [Line Items] | |||||||
Impairment charge | 11 | ||||||
Impairment charge relating to decline in value of minority-owned investment | $ 4 | 42 | 5 | 22 | |||
Oil and Gas Well [Member] | |||||||
Income Expense From Divestitures Asset Impairments And Unusual Items [Line Items] | |||||||
(Income) expense from divestitures | $ (6) | ||||||
Impairment of oil and gas producing property to its estimated fair value | $ 70 | 66 | 272 | ||||
Puerto Rico Operations [Member] | |||||||
Income Expense From Divestitures Asset Impairments And Unusual Items [Line Items] | |||||||
(Income) expense from divestitures | 25 | ||||||
Eastern Canada Area [Member] | Landfill [Member] | |||||||
Income Expense From Divestitures Asset Impairments And Unusual Items [Line Items] | |||||||
(Income) expense from divestitures | (18) | ||||||
Wheelabrator [Member] | |||||||
Income Expense From Divestitures Asset Impairments And Unusual Items [Line Items] | |||||||
(Income) expense from divestitures | $ 7 | (519) | |||||
Proceeds from divestitures of businesses and other assets (net of cash divested) | $ 155 | ||||||
Western Canada Area [Member] | Landfill [Member] | |||||||
Income Expense From Divestitures Asset Impairments And Unusual Items [Line Items] | |||||||
Impairment charges | $ 5 | ||||||
Western Pennsylvania [Member] | Landfill [Member] | |||||||
Income Expense From Divestitures Asset Impairments And Unusual Items [Line Items] | |||||||
Impairment charges | 43 | 43 | |||||
San Jacinto Waste Pits [Member] | |||||||
Income Expense From Divestitures Asset Impairments And Unusual Items [Line Items] | |||||||
Increase in cost estimate associated with environmental remediation liability | $ 42 | $ 44 |
Accumulated Other Comprehensi90
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Beginning balance | $ (127) | $ 23 | $ 154 |
Other comprehensive income (loss) before reclassifications, net of tax | 24 | (134) | (108) |
Amounts reclassified from accumulated other comprehensive (income) loss net of tax | 23 | (16) | (23) |
Other comprehensive income (loss), net of taxes | 47 | (150) | (131) |
Accumulated Other Comprehensive Income (Loss), Ending balance | (80) | (127) | 23 |
Derivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Beginning balance | (52) | (61) | (62) |
Other comprehensive income (loss) before reclassifications, net of tax | (7) | 30 | 6 |
Amounts reclassified from accumulated other comprehensive (income) loss net of tax | 19 | (21) | (5) |
Other comprehensive income (loss), net of taxes | 12 | 9 | 1 |
Accumulated Other Comprehensive Income (Loss), Ending balance | (40) | (52) | (61) |
Available-for-Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Beginning balance | 8 | 10 | 6 |
Other comprehensive income (loss) before reclassifications, net of tax | 5 | (2) | 4 |
Other comprehensive income (loss), net of taxes | 5 | (2) | 4 |
Accumulated Other Comprehensive Income (Loss), Ending balance | 13 | 8 | 10 |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Beginning balance | (75) | 84 | 208 |
Other comprehensive income (loss) before reclassifications, net of tax | 26 | (164) | (107) |
Amounts reclassified from accumulated other comprehensive (income) loss net of tax | 2 | 5 | (17) |
Other comprehensive income (loss), net of taxes | 28 | (159) | (124) |
Accumulated Other Comprehensive Income (Loss), Ending balance | (47) | (75) | 84 |
Post - Retirement Benefit Obligation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Beginning balance | (8) | (10) | 2 |
Other comprehensive income (loss) before reclassifications, net of tax | 2 | (11) | |
Amounts reclassified from accumulated other comprehensive (income) loss net of tax | 2 | (1) | |
Other comprehensive income (loss), net of taxes | 2 | 2 | (12) |
Accumulated Other Comprehensive Income (Loss), Ending balance | $ (6) | $ (8) | $ (10) |
Accumulated Other Comprehensi91
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), tax | $ (4) | $ 20 | $ 4 |
Amounts reclassified from accumulated other comprehensive (income) loss, tax | 12 | (14) | (3) |
Available-for-Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), tax | 3 | (1) | 2 |
Amounts reclassified from accumulated other comprehensive (income) loss, tax | 0 | 0 | 0 |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), tax | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive (income) loss, tax | 0 | 0 | 0 |
Post - Retirement Benefit Obligation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), tax | 0 | 1 | (8) |
Amounts reclassified from accumulated other comprehensive (income) loss, tax | $ 1 | $ 0 | $ 0 |
Accumulated Other Comprehensi92
Accumulated Other Comprehensive Income (Loss) - Other Comprehensive Income (Loss) Before Reclassifications Associated With the Effective Portion of Derivatives Designated as Cash Flow Hedges (Detail) - Derivative Instruments [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) on derivatives before tax | $ (11) | $ 50 | $ 10 |
Tax (provision) benefit | 4 | (20) | (4) |
Net of tax (provision) benefit | (7) | 30 | 6 |
Interest Rate Swaps [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) on derivatives before tax | (8) | ||
Foreign Currency Derivatives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) on derivatives before tax | $ (11) | $ 50 | 23 |
Electricity Commodity Derivatives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) on derivatives before tax | $ (5) |
Accumulated Other Comprehensi93
Accumulated Other Comprehensive Income (Loss) - Reclassification of Component of Accumulated Other Comprehensive Income (Loss) Associated with Cash Flow Hedges (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other, net | $ (50) | $ (7) | $ (29) | ||||||||
Operating revenues | $ 3,460 | $ 3,548 | $ 3,425 | $ 3,176 | $ 3,246 | $ 3,360 | $ 3,315 | $ 3,040 | 13,609 | 12,961 | 13,996 |
Income (loss) before income taxes | 1,822 | 1,060 | 1,751 | ||||||||
Tax (provision) benefit | (642) | (308) | (413) | ||||||||
Total reclassifications for the period, Net of tax | $ 334 | $ 304 | $ 286 | $ 256 | $ 273 | $ 337 | $ 273 | $ (131) | 1,180 | 752 | 1,338 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Instruments [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income (loss) before income taxes | (31) | 35 | 8 | ||||||||
Tax (provision) benefit | 12 | (14) | (3) | ||||||||
Total reclassifications for the period, Net of tax | (19) | 21 | 5 | ||||||||
Interest Rate Swaps [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Instruments [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest expense, net | (10) | (12) | (10) | ||||||||
Treasury Rate Locks [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Instruments [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest expense, net | (1) | (4) | (1) | ||||||||
Foreign Currency Derivatives [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Instruments [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other, net | $ (20) | $ 51 | 27 | ||||||||
Electricity Commodity Derivatives [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Instruments [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Operating revenues | $ (8) |
Capital Stock, Dividends and 94
Capital Stock, Dividends and Common Stock Repurchase Program - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Nov. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Repurchase Program [Line Items] | |||||
Common stock, shares authorized | 1,500,000,000 | 1,500,000,000 | 1,500,000,000 | ||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, shares issued | 630,282,461 | 630,282,461 | 630,282,461 | ||
Common stock, shares outstanding | 439,300,000 | 439,300,000 | 447,200,000 | 458,500,000 | |
Preferred stock shares authorized | 10,000,000 | 10,000,000 | |||
Preferred stock par value per share | $ 0.01 | $ 0.01 | |||
Preferred stock shares outstanding | 0 | 0 | |||
Cash dividends | $ 726,000,000 | $ 695,000,000 | $ 693,000,000 | ||
Cash dividends declared and paid per common share | $ 0.41 | $ 1.64 | $ 1.54 | $ 1.50 | |
Common stock repurchases | $ 725,000,000 | $ 600,000,000 | $ 600,000,000 | ||
Maximum capital allocated for repurchases of shares | $ 750,000,000 | 750,000,000 | |||
Additional Paid-In Capital [Member] | |||||
Stock Repurchase Program [Line Items] | |||||
Common stock repurchases | 45,000,000 | (180,000,000) | $ 180,000,000 | ||
Accelerated Share Repurchase Agreement (ASR) [Member] | |||||
Stock Repurchase Program [Line Items] | |||||
Common stock repurchases | $ 225,000,000 | $ 600,000,000 | |||
Accelerated Share Repurchase Agreement (ASR) [Member] | Additional Paid-In Capital [Member] | |||||
Stock Repurchase Program [Line Items] | |||||
Common stock repurchases | $ 45,000,000 | ||||
Dividend Declared [Member] | |||||
Stock Repurchase Program [Line Items] | |||||
Expected quarterly common stock dividend per share declared | $ 0.425 | ||||
Dividends Payable, Year | 2,017 | 2,017 |
Capital Stock, Dividends and 95
Capital Stock, Dividends and Common Stock Repurchase Program - Share Repurchases under Common Stock Repurchase Programs (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | |||
Shares repurchased | 11,241 | 14,823 | 9,569 |
Weighted average per share purchase price | $ 60.49 | $ 49.83 | $ 43.89 |
Total repurchases | $ 725 | $ 600 | $ 600 |
Capital Stock, Dividends and 96
Capital Stock, Dividends and Common Stock Repurchase Program - Share Repurchases under Common Stock Repurchase Programs (Parenthetical) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Feb. 28, 2017 | Nov. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Repurchase Programs [Line Items] | ||||||
Cash paid for repurchase of common stock | $ 725 | $ 600 | $ 600 | |||
Common stock repurchases | $ 725 | $ 600 | $ 600 | |||
Shares of common stock received under ASR | 11,241 | 14,823 | 9,569 | |||
Accelerated Share Repurchase Agreement (ASR) [Member] | ||||||
Stock Repurchase Programs [Line Items] | ||||||
Accelerated share repurchase, price per share | $ 63.41 | |||||
Cash paid for repurchase of common stock | $ 225 | $ 725 | ||||
Common stock repurchases | $ 225 | $ 600 | ||||
Shares of common stock received under ASR | 2,800 | 2,800 | ||||
Common stock repurchases | $ 600 | |||||
Subsequent Event [Member] | Accelerated Share Repurchase Agreement (ASR) [Member] | ||||||
Stock Repurchase Programs [Line Items] | ||||||
Shares of common stock received under ASR | 400 | |||||
Weighted Average [Member] | ||||||
Stock Repurchase Programs [Line Items] | ||||||
Final weighted average per share purchase price during the repurchase period | $ 48.58 | |||||
Weighted Average [Member] | Subsequent Event [Member] | Accelerated Share Repurchase Agreement (ASR) [Member] | ||||||
Stock Repurchase Programs [Line Items] | ||||||
Final weighted average per share purchase price during the repurchase period | $ 69.43 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2016shares | Dec. 31, 2016USD ($)OfferingPeriods$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | May 31, 2014shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cash proceeds received | $ 63 | $ 77 | $ 93 | ||
Excess tax benefits associated with employee stock plan | $ 28 | 15 | 5 | ||
2014 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available under employee stock plans | shares | 23,200,000 | ||||
Maximum number of shares authorized for issuance under stock incentive plan | shares | 23,800,000 | ||||
2009 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available under employee stock plans | shares | 1,100,000 | ||||
Employee Stock Incentive Plans [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Increase in annual compensation expense due to employee stock plan | $ 81 | 64 | 59 | ||
Deferred income tax benefits included in provision for income taxes | 32 | 26 | 23 | ||
Excess tax benefits associated with employee stock plan | 28 | $ 15 | $ 5 | ||
Currently unrecognized compensation expense that will be recognized in future periods for unvested RSU, PSU and stock option awards issued and outstanding | $ 51 | ||||
Weighted average period of under which unrecognized compensation expenses associated with all unvested awards currently outstanding is expected to be recognized | 1 year 6 months | ||||
Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 30 days | ||||
Price at which employees are able to purchase shares of common stock of company at end of each offering period | 85.00% | ||||
The number of shares newly issued during the reporting period under the plan | shares | 647,000 | 786,000 | 774,000 | ||
Shares available under employee stock plans | shares | 2,500,000 | ||||
Number of offering periods | OfferingPeriods | 2 | ||||
Increase in annual compensation expense due to employee stock plan | $ 7 | $ 6 | $ 6 | ||
Increase in annual compensation expense due to employee stock plan, net of tax | $ 4 | 4 | 4 | ||
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
The number of shares newly issued during the reporting period under the plan | shares | 136,000 | ||||
Total fair market value of vested awards | $ 12 | 13 | 3 | ||
Vested deferred units outstanding | shares | 69,000 | ||||
Number of units vested during the year | shares | 205,000 | ||||
Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
The number of shares newly issued during the reporting period under the plan | shares | 547,000 | ||||
Total fair market value of vested awards | $ 50 | 35 | 8 | ||
Range of performance share units awarded at end of three year period range | 0% to 200% of the targeted amount | ||||
Range of potential payout percentage of performance share units awarded at end of three year period range | 100.00% | ||||
Number of units vested during the year | shares | 1,093,000 | 664,000 | |||
Performance Share Units [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Range of potential payout percentage of performance share units awarded at end of three year period range | 0.00% | ||||
Performance Share Units [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Range of potential payout percentage of performance share units awarded at end of three year period range | 200.00% | ||||
Performance Share Units [Member] | First Anniversary [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vested shares issued, percentage of the established target | 196.15% | ||||
Deferred Units [Member] | Employee Stock Incentive Plans [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vested deferred units outstanding | shares | 698,000 | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee stock option description of vesting methods | Vest in 25% increments on the first two anniversaries of the date of grant with the remaining 50% vesting on the third anniversary | ||||
Term of options | 10 years | ||||
Cash proceeds received | $ 63 | 77 | 93 | ||
Aggregate intrinsic value of stock options exercised | $ 67 | $ 37 | $ 27 | ||
Fair value of stock options granted | $ / shares | $ 6.31 | $ 5.56 | $ 4.55 | ||
Share-based compensation arrangement by share-based payment award, fair value assumptions, method used | Black-Scholes option pricing model | ||||
Stock Options [Member] | First Anniversary [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 12 months | ||||
Vested shares issued, percentage of the established target | 25.00% | ||||
Stock Options [Member] | Second Anniversary [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 12 months | ||||
Vested shares issued, percentage of the established target | 25.00% | ||||
Stock Options [Member] | Third Anniversary [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 12 months | ||||
Vested shares issued, percentage of the established target | 50.00% | ||||
T S R Performance Shares [Member] | First Anniversary [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vested shares issued, percentage of the established target | 132.88% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSUs (Detail) - Restricted Stock Units [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested, Units, beginning of year | shares | 524 |
Granted, Units | shares | 186 |
Vested, Units | shares | (205) |
Forfeited, Units | shares | (15) |
Unvested, Units, end of year | shares | 490 |
Unvested, Weighted Average Per Share Fair Value, beginning of year | $ / shares | $ 43.76 |
Granted, Weighted Average Per Share Fair Value | $ / shares | 57.38 |
Vested, Weighted Average Per Share Fair Value | $ / shares | 37.45 |
Forfeited, Weighted Average Per Share Fair Value | $ / shares | 51.17 |
Unvested, Weighted Average Per Share Fair Value, end of year | $ / shares | $ 51.32 |
Stock-Based Compensation - Su99
Stock-Based Compensation - Summary of PSUs (Detail) - Performance Share Units [Member] - $ / shares shares in Thousands | 1 Months Ended | 12 Months Ended |
Feb. 29, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Units, beginning of year | 1,762 | |
Granted, Units | 555 | |
Vested, Units | (1,093) | (664) |
Forfeited, Units | (148) | |
Unvested, Units, end of year | 1,505 | |
Unvested, Weighted Average Per Share Fair Value, beginning of year | $ 52.90 | |
Granted, Weighted Average Per Share Fair Value | 79.27 | |
Vested, Weighted Average Per Share Fair Value | 48.38 | |
Forfeited, Weighted Average Per Share Fair Value | 76.01 | |
Unvested, Weighted Average Per Share Fair Value, end of year | $ 68.98 |
Stock-Based Compensation - S100
Stock-Based Compensation - Summary of Stock Options (Detail) - Stock Options [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding shares, beginning of year | shares | 7,507 |
Granted, shares | shares | 1,387 |
Exercised, shares | shares | (2,645) |
Forfeited or expired, shares | shares | (606) |
Outstanding shares, end of year | shares | 5,643 |
Exercisable shares, end of year | shares | 2,921 |
Outstanding, Weighted Average Per Share Fair Value, beginning of year | $ / shares | $ 40.80 |
Granted, Weighted Average Per Share Fair Value | $ / shares | 56.24 |
Exercised, Weighted Average Per Share Fair Value | $ / shares | 37.20 |
Forfeited or expired, Weighted Average Per Share Fair Value | $ / shares | 51.70 |
Outstanding, Weighted Average Per Share Fair Value, end of year | $ / shares | 45.12 |
Exercisable, Weighted Average Per Share Fair Value, end of year | $ / shares | $ 38.84 |
Stock-Based Compensation - S101
Stock-Based Compensation - Summary of Stock Options (Parenthetical) (Detail) - Stock Options [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average remaining contractual term of stock options outstanding | 6 years 10 months 24 days |
Aggregate intrinsic value of stock options outstanding based on the market value of company's common stock | $ 146 |
Aggregate intrinsic value of stock options exercisable based on the market value of company's common stock | $ 94 |
Stock-Based Compensation - S102
Stock-Based Compensation - Summary of Exercisable Stock Options (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
$32.315-$40.00 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Options Exercisable (in shares) | shares | 2,141 |
Exercisable, weighted average per share exercise price | $ / shares | $ 36.12 |
Weighted average remaining years | 4 years 10 months 24 days |
$40.01-$50.00 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Options Exercisable (in shares) | shares | 491 |
Exercisable, weighted average per share exercise price | $ / shares | $ 41.36 |
Weighted average remaining years | 7 years 2 months 12 days |
$50.01-$54.635 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Options Exercisable (in shares) | shares | 289 |
Exercisable, weighted average per share exercise price | $ / shares | $ 54.64 |
Weighted average remaining years | 8 years 2 months 12 days |
$32.315-$54.635 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Options Exercisable (in shares) | shares | 2,921 |
Exercisable, weighted average per share exercise price | $ / shares | $ 38.84 |
Weighted average remaining years | 5 years 7 months 6 days |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Assumptions Used to Value Employee Stock Options Granted (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected option life | 4 years 8 months 12 days | 4 years 4 months 24 days | 4 years 9 months 18 days |
Expected volatility | 18.40% | 16.70% | 18.40% |
Expected dividend yield | 2.90% | 2.80% | 3.60% |
Risk-free interest rate | 1.30% | 1.40% | 1.60% |
Earnings Per Share - Common Sha
Earnings Per Share - Common Share Data Used for Computing Basic and Diluted Earnings Per Share (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Number of common shares outstanding at year-end | 439.3 | 447.2 | 458.5 |
Effect of using weighted average common shares outstanding | 4.2 | 5.5 | 4.1 |
Weighted average basic common shares outstanding | 443.5 | 452.7 | 462.6 |
Dilutive effect of equity-based compensation awards and other contingently issuable shares | 3 | 3.2 | 3 |
Weighted average diluted common shares outstanding | 446.5 | 455.9 | 465.6 |
Potentially issuable shares | 9.8 | 10.2 | 11.3 |
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 1 | 2 | 0.4 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets and Liabilities Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 174 | $ 243 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 35 | 35 |
Available-for-sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 46 | 43 |
Fixed-Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 39 | 40 |
Redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 54 | 47 |
Foreign Currency Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivatives | 78 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 85 | 161 |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 46 | 43 |
Significant Other Observable Inputs (Level 2) [Member] | Fixed-Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 39 | 40 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivatives | 78 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 54 | 47 |
Significant Unobservable Inputs (Level 3) [Member] | Redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 54 | 47 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 35 | 35 |
Quoted Prices in Active Markets (Level 1) [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | $ 35 | $ 35 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Carrying value of debt | $ 9,310,000,000 | $ 8,929,000,000 | |
Net borrowings | 375,000,000 | ||
Reported Value Measurement [Member] | |||
Debt Instrument [Line Items] | |||
Carrying value of debt | 9,300,000,000 | 8,900,000,000 | |
Estimate of Fair Value Measurement [Member] | |||
Debt Instrument [Line Items] | |||
Fair value of debt | 9,700,000,000 | $ 9,200,000,000 | |
Domestic Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility | $ 2,250,000,000 | $ 2,250,000,000 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Detail) | Jan. 08, 2016USD ($) | Mar. 26, 2015USD ($) | Dec. 19, 2014USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)Business | Dec. 31, 2015USD ($)Business | Dec. 31, 2014USD ($)Business |
Business Acquisition [Line Items] | ||||||||||||||
Total consideration, net of cash acquired, for business acquisitions closed during the year | $ 604,000,000 | $ 646,000,000 | $ 32,000,000 | |||||||||||
Business acquisitions closed during the year, cash payments | 581,000,000 | 537,000,000 | 26,000,000 | |||||||||||
Other consideration | 23,000,000 | |||||||||||||
Purchase price holdbacks paid for acquisitions closed in current year | $ 16,000,000 | 16,000,000 | ||||||||||||
Contingent consideration paid for acquisitions closed in previous year | 4,000,000 | 4,000,000 | 5,000,000 | |||||||||||
Purchase price holdbacks paid in current period | 26,000,000 | 26,000,000 | ||||||||||||
Allocation of consideration to property and equipment | 115,000,000 | $ 243,000,000 | 115,000,000 | 243,000,000 | 6,000,000 | |||||||||
Allocation of consideration to other intangible assets | 212,000,000 | 145,000,000 | 212,000,000 | 145,000,000 | 9,000,000 | |||||||||
Allocation of consideration to goodwill | 280,000,000 | 325,000,000 | 280,000,000 | 325,000,000 | 17,000,000 | |||||||||
Total goodwill | 6,215,000,000 | 5,984,000,000 | 6,215,000,000 | 5,984,000,000 | 5,740,000,000 | |||||||||
Total operating revenues | 3,460,000,000 | $ 3,548,000,000 | $ 3,425,000,000 | $ 3,176,000,000 | 3,246,000,000 | $ 3,360,000,000 | $ 3,315,000,000 | $ 3,040,000,000 | 13,609,000,000 | 12,961,000,000 | 13,996,000,000 | |||
Contingent consideration outstanding | 37,000,000 | 96,000,000 | 37,000,000 | 96,000,000 | ||||||||||
Decrease in contingent consideration | (47,000,000) | |||||||||||||
Estimated fair value of liability for additional cash payments related to acquisitions | 96,000,000 | 96,000,000 | 6,000,000 | |||||||||||
Contingent consideration paid for acquisitions closed in current year | 13,000,000 | 4,000,000 | ||||||||||||
Purchase price holdbacks | 13,000,000 | 13,000,000 | ||||||||||||
Tax deductible, goodwill | 166,000,000 | 166,000,000 | ||||||||||||
Non tax deductible, goodwill | 159,000,000 | 159,000,000 | ||||||||||||
Aggregate sales prices for divestitures of operations | 2,000,000 | 79,000,000 | 2,090,000,000 | |||||||||||
(Income) expense from divestitures | 9,000,000 | (7,000,000) | (515,000,000) | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Credit Facility, aggregate capacity | 2,250,000,000 | $ 2,250,000,000 | ||||||||||||
Maximum [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated fair value of liability for additional cash payments related to acquisitions | 126,000,000 | $ 126,000,000 | 6,000,000 | |||||||||||
Landfill [Member] | Eastern Canada Area [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
(Income) expense from divestitures | $ (18,000,000) | |||||||||||||
Solid Waste [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of business acquired | Business | 30 | 27 | 15 | |||||||||||
Wheelabrator [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Total operating revenues | $ 715,000,000 | |||||||||||||
Aggregate sales prices for divestitures of operations | $ 1,950,000,000 | |||||||||||||
(Income) expense from divestitures | $ 7,000,000 | (519,000,000) | ||||||||||||
Cash [Member] | Eastern Canada Area [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Aggregate sales prices for divestitures of operations | 39,000,000 | |||||||||||||
Puerto Rico Operations and Certain Other Collection and Landfill Assets [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Aggregate sales prices for divestitures of operations | 80,000,000 | |||||||||||||
(Income) expense from divestitures | 25,000,000 | |||||||||||||
Puerto Rico Operations and Certain Other Collection and Landfill Assets [Member] | Redeemable Preferred Stock [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Aggregate sales prices for divestitures of operations | 15,000,000 | |||||||||||||
Puerto Rico Operations and Certain Other Collection and Landfill Assets [Member] | Cash [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Aggregate sales prices for divestitures of operations | 65,000,000 | |||||||||||||
Customer and Supplier Relationships [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Allocation of consideration to other intangible assets | 185,000,000 | 131,000,000 | $ 185,000,000 | $ 131,000,000 | 7,000,000 | |||||||||
Trade Name [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Allocation of consideration to other intangible assets | 4,000,000 | 6,000,000 | 4,000,000 | 6,000,000 | ||||||||||
Non-compete Covenant [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Allocation of consideration to other intangible assets | $ 23,000,000 | $ 8,000,000 | 23,000,000 | $ 8,000,000 | $ 2,000,000 | |||||||||
Southern Waste Systems [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Total consideration, net of cash acquired, for business acquisitions closed during the year | $ 525,000,000 | |||||||||||||
Allocation of consideration to property and equipment | 93,000,000 | |||||||||||||
Allocation of consideration to other intangible assets | 182,000,000 | |||||||||||||
Total goodwill | 250,000,000 | |||||||||||||
Total operating revenues | $ 148,000,000 | |||||||||||||
Southern Waste Systems [Member] | Trade Name [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Allocation of consideration to other intangible assets | 4,000,000 | |||||||||||||
Southern Waste Systems [Member] | Non-compete Covenant [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Allocation of consideration to other intangible assets | $ 18,000,000 | |||||||||||||
Deffenbaugh Disposal, Inc. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Total consideration, net of cash acquired, for business acquisitions closed during the year | $ 400,000,000 | |||||||||||||
Allocation of consideration to other intangible assets | 100,000,000 | |||||||||||||
Allocation of consideration to goodwill | 159,000,000 | |||||||||||||
Deffenbaugh Disposal, Inc. [Member] | Other Assets [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Allocation of consideration to other assets | 50,000,000 | |||||||||||||
Deffenbaugh Disposal, Inc. [Member] | Total Liabilities [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Allocation of consideration to other assets | 101,000,000 | |||||||||||||
Deffenbaugh Disposal, Inc. [Member] | Cash [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Allocation of consideration to cash acquired | 15,000,000 | |||||||||||||
Deffenbaugh Disposal, Inc. [Member] | Property and Equipment [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Allocation of consideration to property and equipment | 207,000,000 | |||||||||||||
Deffenbaugh Disposal, Inc. [Member] | Trade Name [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Allocation of consideration to other intangible assets | $ 6,000,000 |
Acquisitions and Divestiture108
Acquisitions and Divestitures - Schedule of Final Allocations of Purchase Price (Detail) - USD ($) $ in Millions | Jan. 08, 2016 | Mar. 26, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||||
Total other intangible assets subject to amortization, Amount | $ 212 | $ 145 | $ 9 | ||
Non-compete Covenant [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Total other intangible assets subject to amortization, Amount | 23 | 8 | $ 2 | ||
Trade Name [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Total other intangible assets subject to amortization, Amount | $ 4 | $ 6 | |||
Deffenbaugh Disposal, Inc. [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Total other intangible assets subject to amortization, Amount | $ 100 | ||||
Total other intangible assets subject to amortization, Weighted Average Amortization Periods | 15 years | ||||
Deffenbaugh Disposal, Inc. [Member] | Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Total other intangible assets subject to amortization, Amount | $ 94 | ||||
Total other intangible assets subject to amortization, Weighted Average Amortization Periods | 15 years | ||||
Deffenbaugh Disposal, Inc. [Member] | Non-compete Covenant [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Total other intangible assets subject to amortization, Weighted Average Amortization Periods | 0 years | ||||
Deffenbaugh Disposal, Inc. [Member] | Trade Name [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Total other intangible assets subject to amortization, Amount | $ 6 | ||||
Total other intangible assets subject to amortization, Weighted Average Amortization Periods | 15 years | ||||
Southern Waste Systems [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Total other intangible assets subject to amortization, Amount | $ 182 | ||||
Total other intangible assets subject to amortization, Weighted Average Amortization Periods | 9 years 6 months | ||||
Southern Waste Systems [Member] | Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Total other intangible assets subject to amortization, Amount | $ 160 | ||||
Total other intangible assets subject to amortization, Weighted Average Amortization Periods | 10 years | ||||
Southern Waste Systems [Member] | Non-compete Covenant [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Total other intangible assets subject to amortization, Amount | $ 18 | ||||
Total other intangible assets subject to amortization, Weighted Average Amortization Periods | 5 years | ||||
Southern Waste Systems [Member] | Trade Name [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Total other intangible assets subject to amortization, Amount | $ 4 | ||||
Total other intangible assets subject to amortization, Weighted Average Amortization Periods | 10 years |
Acquisitions and Divestiture109
Acquisitions and Divestitures - Pro Forma Consolidated Results of Operations (Detail) - Deffenbaugh Disposal Inc And Southern Waste Systems [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Operating revenues | $ 13,611 | $ 13,137 |
Net income attributable to Waste Management, Inc. | $ 1,182 | $ 751 |
Basic earnings per common share | $ 2.67 | $ 1.66 |
Diluted earnings per common share | $ 2.65 | $ 1.65 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2000 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | ||||
Aggregate investment balance | $ 173 | $ 186 | ||
Net income (loss) attributable to noncontrolling interests | (2) | (1) | $ 40 | |
Trust Funds for Final Capping Closure Post Closure or Environmental Remediation Obligations [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Carrying value of trusts for which company is not the sole beneficiary | 93 | 93 | ||
Variable interest entities primary beneficiary trust fair value assets | 95 | 94 | ||
Investment in Refined Coal Facility and Low Income Housing Properties [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Aggregate investment balance | 84 | 110 | ||
Investment in Low-Income Housing Properties [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investments debt balance | $ 57 | $ 80 | ||
Waste To Energy LLC [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Net income (loss) attributable to noncontrolling interests | $ 39 | |||
Waste To Energy LLC [Member] | Waste To Energy LLC 1 [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Percentage of ownership in LLC's | 0.50% | |||
Percentage of variable interest entities owned by other companies | 99.50% | |||
Waste To Energy LLC [Member] | Waste To Energy LLC II [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Percentage of ownership in LLC's | 0.25% | |||
Percentage of variable interest entities owned by other companies | 99.75% |
Segment and Related Informat111
Segment and Related Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016Areas | |
Segment Reporting Information [Line Items] | |
Number of geographical areas | 17 |
Solid Waste [Member] | |
Segment Reporting Information [Line Items] | |
Number of geographical areas | 17 |
Segment and Related Informat112
Segment and Related Information - Reportable Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | $ 3,460 | $ 3,548 | $ 3,425 | $ 3,176 | $ 3,246 | $ 3,360 | $ 3,315 | $ 3,040 | $ 13,609 | $ 12,961 | $ 13,996 |
Income from operations | 617 | $ 560 | $ 611 | $ 508 | 502 | $ 601 | $ 502 | $ 440 | 2,296 | 2,045 | 2,299 |
Depreciation and amortization | 1,301 | 1,245 | 1,292 | ||||||||
Capital Expenditures | 1,347 | 1,229 | 1,181 | ||||||||
Total Assets | 20,859 | 20,367 | 20,859 | 20,367 | 21,252 | ||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | 16,246 | 15,350 | 16,457 | ||||||||
Total Assets | 21,137 | 20,906 | 21,137 | 20,906 | 21,843 | ||||||
Intercompany Operating Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | (2,637) | (2,389) | (2,461) | ||||||||
Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from operations | (550) | (522) | (769) | ||||||||
Depreciation and amortization | 56 | 64 | 71 | ||||||||
Capital Expenditures | 45 | 56 | 74 | ||||||||
Total Assets | 1,401 | 1,783 | 1,401 | 1,783 | 2,805 | ||||||
Solid Waste: Tier 1 [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | 4,330 | 4,227 | 4,283 | ||||||||
Income from operations | 1,430 | 1,290 | 1,301 | ||||||||
Depreciation and amortization | 424 | 428 | 408 | ||||||||
Capital Expenditures | 452 | 382 | 388 | ||||||||
Solid Waste: Tier 1 [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | 5,241 | 5,083 | 5,117 | ||||||||
Total Assets | 6,188 | 6,098 | 6,188 | 6,098 | 6,150 | ||||||
Solid Waste: Tier 1 [Member] | Intercompany Operating Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | (911) | (856) | (834) | ||||||||
Solid Waste: Tier 2 [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | 2,771 | 2,691 | 2,853 | ||||||||
Income from operations | 604 | 629 | 711 | ||||||||
Depreciation and amortization | 280 | 280 | 287 | ||||||||
Capital Expenditures | 295 | 251 | 223 | ||||||||
Solid Waste: Tier 2 [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | 3,391 | 3,304 | 3,516 | ||||||||
Total Assets | 5,488 | 5,394 | 5,488 | 5,394 | 5,648 | ||||||
Solid Waste: Tier 2 [Member] | Intercompany Operating Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | (620) | (613) | (663) | ||||||||
Solid Waste: Tier 3 [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | 4,415 | 4,085 | 4,030 | ||||||||
Income from operations | 912 | 808 | 787 | ||||||||
Depreciation and amortization | 440 | 379 | 361 | ||||||||
Capital Expenditures | 451 | 412 | 351 | ||||||||
Solid Waste: Tier 3 [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | 5,336 | 4,898 | 4,816 | ||||||||
Total Assets | 6,571 | 5,930 | 6,571 | 5,930 | 5,449 | ||||||
Solid Waste: Tier 3 [Member] | Intercompany Operating Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | (921) | (813) | (786) | ||||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | 2,093 | 1,958 | 2,115 | ||||||||
Income from operations | (100) | (160) | (400) | ||||||||
Depreciation and amortization | 101 | 94 | 128 | ||||||||
Capital Expenditures | 104 | 128 | 134 | ||||||||
Other [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | 2,278 | 2,065 | 2,191 | ||||||||
Total Assets | 1,489 | 1,701 | 1,489 | 1,701 | 1,791 | ||||||
Other [Member] | Intercompany Operating Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | (185) | (107) | (76) | ||||||||
Wheelabrator [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | 715 | ||||||||||
Income from operations | 669 | ||||||||||
Depreciation and amortization | 37 | ||||||||||
Capital Expenditures | 11 | ||||||||||
Wheelabrator [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | 817 | ||||||||||
Wheelabrator [Member] | Intercompany Operating Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | (102) | ||||||||||
Operating Group Total [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | 13,609 | 12,961 | 13,996 | ||||||||
Income from operations | 2,846 | 2,567 | 3,068 | ||||||||
Depreciation and amortization | 1,245 | 1,181 | 1,221 | ||||||||
Capital Expenditures | 1,302 | 1,173 | 1,107 | ||||||||
Operating Group Total [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | 16,246 | 15,350 | 16,457 | ||||||||
Total Assets | $ 19,736 | $ 19,123 | 19,736 | 19,123 | 19,038 | ||||||
Operating Group Total [Member] | Intercompany Operating Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross Operating revenues | $ (2,637) | $ (2,389) | $ (2,461) |
Segment and Related Informat113
Segment and Related Information - Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||
(Income) expense from divestitures | $ 9 | $ (7) | $ (515) | |
Assets | 20,859 | 20,367 | 21,252 | |
Goodwill, Beginning balance | $ 5,740 | 5,984 | 5,740 | |
Acquired goodwill | 280 | 325 | ||
Divested goodwill | (1) | (7) | ||
Foreign currency translation | 12 | (74) | ||
Goodwill, Ending balance | 6,215 | 5,984 | 5,740 | |
Impairments | (12) | |||
Other adjustments | (48) | |||
Solid Waste: Tier 1 [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill, Beginning balance | 2,178 | 2,190 | 2,178 | |
Acquired goodwill | 11 | 27 | ||
Foreign currency translation | 2 | (15) | ||
Goodwill, Ending balance | 2,203 | 2,190 | 2,178 | |
Solid Waste: Tier 2 [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill, Beginning balance | 1,795 | 1,772 | 1,795 | |
Acquired goodwill | 12 | 42 | ||
Divested goodwill | (6) | |||
Foreign currency translation | 10 | (59) | ||
Goodwill, Ending balance | 1,792 | 1,772 | 1,795 | |
Other adjustments | (2) | |||
Solid Waste: Tier 3 [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill, Beginning balance | 1,662 | 1,812 | 1,662 | |
Acquired goodwill | 254 | 151 | ||
Divested goodwill | (1) | (1) | ||
Goodwill, Ending balance | 2,065 | 1,812 | 1,662 | |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill, Beginning balance | 105 | 210 | 105 | |
Acquired goodwill | 3 | 105 | ||
Goodwill, Ending balance | 155 | 210 | 105 | |
Impairments | (12) | |||
Other adjustments | (46) | |||
Wheelabrator [Member] | ||||
Segment Reporting Information [Line Items] | ||||
(Income) expense from divestitures | $ 7 | (519) | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 21,137 | 20,906 | 21,843 | |
Operating Segments [Member] | Solid Waste: Tier 1 [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 6,188 | 6,098 | 6,150 | |
Operating Segments [Member] | Solid Waste: Tier 2 [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 5,488 | 5,394 | 5,648 | |
Operating Segments [Member] | Solid Waste: Tier 3 [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 6,571 | 5,930 | 5,449 | |
Operating Segments [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 1,489 | 1,701 | 1,791 | |
Elimination of Intercompany Investments and Advances [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | $ (278) | $ (539) | $ (591) |
Segment and Related Informat114
Segment and Related Information - Total Revenues by Principal Line of Business (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | $ 3,460 | $ 3,548 | $ 3,425 | $ 3,176 | $ 3,246 | $ 3,360 | $ 3,315 | $ 3,040 | $ 13,609 | $ 12,961 | $ 13,996 |
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 16,246 | 15,350 | 16,457 | ||||||||
Operating Segments [Member] | Commercial [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 3,480 | 3,332 | 3,393 | ||||||||
Operating Segments [Member] | Residential [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 2,487 | 2,499 | 2,543 | ||||||||
Operating Segments [Member] | Industrial [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 2,412 | 2,252 | 2,231 | ||||||||
Operating Segments [Member] | Other Collection [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 423 | 356 | 340 | ||||||||
Operating Segments [Member] | Collection [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 8,802 | 8,439 | 8,507 | ||||||||
Operating Segments [Member] | Landfill [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 3,110 | 2,919 | 2,849 | ||||||||
Operating Segments [Member] | Transfer [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 1,512 | 1,377 | 1,353 | ||||||||
Operating Segments [Member] | Recycling [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 1,221 | 1,163 | 1,370 | ||||||||
Operating Segments [Member] | Other Revenue [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 1,601 | 1,452 | 1,561 | ||||||||
Operating Segments [Member] | Wheelabrator [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 817 | ||||||||||
Intercompany Operating Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | $ (2,637) | $ (2,389) | $ (2,461) |
Segment and Related Informat115
Segment and Related Information - Summary of Net Operating Revenues by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | $ 3,460 | $ 3,548 | $ 3,425 | $ 3,176 | $ 3,246 | $ 3,360 | $ 3,315 | $ 3,040 | $ 13,609 | $ 12,961 | $ 13,996 |
United States and Puerto Rico [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 12,915 | 12,196 | 13,064 | ||||||||
Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | $ 694 | $ 765 | $ 932 |
Segment and Related Informat116
Segment and Related Information - Summary of Property and Equipment Net of Accumulated Depreciation and Amortization Relating to Operations by Segment (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property and equipment, net | $ 10,950 | $ 10,665 | $ 10,657 |
United States and Puerto Rico [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property and equipment, net | 10,040 | 9,778 | 9,586 |
Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property and equipment, net | $ 910 | $ 887 | $ 1,071 |
Quarterly Financial Data (Un117
Quarterly Financial Data (Unaudited) - Schedule of Unaudited Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 3,460 | $ 3,548 | $ 3,425 | $ 3,176 | $ 3,246 | $ 3,360 | $ 3,315 | $ 3,040 | $ 13,609 | $ 12,961 | $ 13,996 |
Income from operations | 617 | 560 | 611 | 508 | 502 | 601 | 502 | 440 | 2,296 | 2,045 | 2,299 |
Consolidated net income | 334 | 304 | 286 | 256 | 273 | 337 | 273 | (131) | 1,180 | 752 | 1,338 |
Net income (loss) attributable to Waste Management, Inc. | $ 335 | $ 302 | $ 287 | $ 258 | $ 273 | $ 335 | $ 274 | $ (129) | $ 1,182 | $ 753 | $ 1,298 |
Basic earnings (loss) per common share | $ 0.76 | $ 0.68 | $ 0.65 | $ 0.58 | $ 0.61 | $ 0.75 | $ 0.60 | $ (0.28) | $ 2.66 | $ 1.66 | $ 2.80 |
Diluted earnings (loss) per common share | $ 0.75 | $ 0.68 | $ 0.64 | $ 0.58 | $ 0.61 | $ 0.74 | $ 0.60 | $ (0.28) | $ 2.65 | $ 1.65 | $ 2.79 |
Quarterly Financial Data (Un118
Quarterly Financial Data (Unaudited) - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information [Line Items] | ||||||||
Net pre-tax charges | $ 106,000,000 | $ 14,000,000 | ||||||
Positive (Negative) impact on diluted earnings per common share | $ (0.16) | $ (0.10) | $ (0.02) | $ (0.03) | ||||
Pre-tax impairment charges | $ 59,000,000 | $ 89,000,000 | $ 355,000,000 | |||||
Charge to adjust cost estimate associated with environmental remediation liability | 44,000,000 | |||||||
Goodwill impairment charges | 12,000,000 | |||||||
(Income) expense from divestitures | 9,000,000 | (7,000,000) | (515,000,000) | |||||
Loss on early extinguishment of debt | (4,000,000) | (555,000,000) | ||||||
Pre-tax restructuring charges | $ 8,000,000 | 4,000,000 | 15,000,000 | 82,000,000 | ||||
Lamp Tracker Reporting Unit [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Goodwill impairment charges | $ 10,000,000 | 12,000,000 | ||||||
Investment In Majority Owned Organics Company [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
(Income) expense from divestitures | 8,000,000 | 8,000,000 | ||||||
Senior Notes [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Positive (Negative) impact on diluted earnings per common share | $ (0.74) | |||||||
Loss on early extinguishment of debt | $ (550,000,000) | (552,000,000) | ||||||
Early extinguishment of high-coupon senior notes | 2,000,000,000 | 2,000,000,000 | ||||||
Investment in Waste Diversion Technology Company [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Net pre-tax charges | $ 45,000,000 | |||||||
Impairment charge relating to decline in value of minority-owned, cost method investment | $ 4,000,000 | 42,000,000 | 5,000,000 | 22,000,000 | ||||
Landfill [Member] | Western Canada Area [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Pre-tax impairment charges | 5,000,000 | |||||||
Oil and Gas Well [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Positive (Negative) impact on diluted earnings per common share | $ (0.09) | |||||||
(Income) expense from divestitures | $ (6,000,000) | |||||||
Impairment of oil and gas property to its estimated fair value | $ 70,000,000 | 66,000,000 | 272,000,000 | |||||
Withdrawal from Multiemployer Pension Plans [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Positive (Negative) impact on diluted earnings per common share | $ (0.07) | |||||||
Charge to "Operating" expenses | $ 55,000,000 | 0 | $ 51,000,000 | 4,000,000 | ||||
Wheelabrator [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
(Income) expense from divestitures | $ 7,000,000 | (519,000,000) | ||||||
Pre-tax restructuring charges | $ 1,000,000 | |||||||
Wheelabrator [Member] | Recycling Assets [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Net pre-tax charges | $ 6,000,000 | |||||||
Positive (Negative) impact on diluted earnings per common share | $ 0.01 | |||||||
Western Pennsylvania [Member] | Landfill [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Pre-tax impairment charges | 43,000,000 | 43,000,000 | ||||||
San Jacinto Waste Pits [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Charge to adjust cost estimate associated with environmental remediation liability | $ 42,000,000 | $ 44,000,000 |
Condensed Consolidating Fina119
Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets: | ||||
Cash and cash equivalents | $ 32 | $ 39 | $ 1,307 | $ 58 |
Other current assets | 2,344 | 2,306 | ||
Total current assets | 2,376 | 2,345 | ||
Property and equipment, net | 10,950 | 10,665 | 10,657 | |
Other assets | 7,533 | 7,357 | ||
Total assets | 20,859 | 20,367 | 21,252 | |
Current liabilities: | ||||
Current portion of long-term debt | 417 | 253 | ||
Accounts payable and other current liabilities | 2,377 | 2,257 | ||
Total current liabilities | 2,794 | 2,510 | ||
Long-term debt, less current portion | 8,893 | 8,676 | ||
Other liabilities | 3,852 | 3,814 | ||
Total liabilities | 15,539 | 15,000 | ||
Equity: | ||||
Stockholders' equity | 5,297 | 5,345 | ||
Noncontrolling interests | 23 | 22 | ||
Total equity | 5,320 | 5,367 | 5,889 | 6,002 |
Total liabilities and equity | 20,859 | 20,367 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Investments in affiliates | (40,255) | (37,482) | ||
Advances to affiliates | (13,000) | (12,113) | ||
Total assets | (53,255) | (49,595) | ||
Current liabilities: | ||||
Due to affiliates | (18,777) | (17,963) | ||
Total liabilities | (18,777) | (17,963) | ||
Equity: | ||||
Stockholders' equity | (40,255) | (37,482) | ||
Advances to affiliates | 5,777 | 5,850 | ||
Total equity | (34,478) | (31,632) | ||
Total liabilities and equity | (53,255) | (49,595) | ||
WM [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 1,235 | |||
Other current assets | 5 | 3 | ||
Total current assets | 5 | 3 | ||
Investments in affiliates | 19,924 | 18,557 | ||
Other assets | 14 | 23 | ||
Total assets | 19,943 | 18,583 | ||
Current liabilities: | ||||
Current portion of long-term debt | 269 | 41 | ||
Accounts payable and other current liabilities | 81 | 83 | ||
Total current liabilities | 350 | 124 | ||
Long-term debt, less current portion | 6,229 | 5,801 | ||
Due to affiliates | 13,350 | 12,588 | ||
Other liabilities | 16 | 24 | ||
Total liabilities | 19,945 | 18,537 | ||
Equity: | ||||
Stockholders' equity | 5,297 | 5,345 | ||
Advances to affiliates | (5,299) | (5,299) | ||
Total equity | (2) | 46 | ||
Total liabilities and equity | 19,943 | 18,583 | ||
WM Holdings [Member] | ||||
Current assets: | ||||
Other current assets | 5 | 6 | ||
Total current assets | 5 | 6 | ||
Investments in affiliates | 20,331 | 18,925 | ||
Other assets | 30 | 29 | ||
Total assets | 20,366 | 18,960 | ||
Current liabilities: | ||||
Accounts payable and other current liabilities | 9 | 9 | ||
Total current liabilities | 9 | 9 | ||
Long-term debt, less current portion | 304 | 304 | ||
Due to affiliates | 128 | 76 | ||
Total liabilities | 441 | 389 | ||
Equity: | ||||
Stockholders' equity | 19,925 | 18,571 | ||
Total equity | 19,925 | 18,571 | ||
Total liabilities and equity | 20,366 | 18,960 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 32 | 39 | $ 72 | $ 58 |
Other current assets | 2,334 | 2,297 | ||
Total current assets | 2,366 | 2,336 | ||
Property and equipment, net | 10,950 | 10,665 | ||
Advances to affiliates | 13,000 | 12,113 | ||
Other assets | 7,489 | 7,305 | ||
Total assets | 33,805 | 32,419 | ||
Current liabilities: | ||||
Current portion of long-term debt | 148 | 212 | ||
Accounts payable and other current liabilities | 2,287 | 2,165 | ||
Total current liabilities | 2,435 | 2,377 | ||
Long-term debt, less current portion | 2,360 | 2,571 | ||
Due to affiliates | 5,299 | 5,299 | ||
Other liabilities | 3,836 | 3,790 | ||
Total liabilities | 13,930 | 14,037 | ||
Equity: | ||||
Stockholders' equity | 20,330 | 18,911 | ||
Advances to affiliates | (478) | (551) | ||
Noncontrolling interests | 23 | 22 | ||
Total equity | 19,875 | 18,382 | ||
Total liabilities and equity | $ 33,805 | $ 32,419 |
Condensed Consolidating Fina120
Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheets (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||
Long-term debt, less current portion | $ 8,893 | $ 8,676 |
Intercompany loans | 5,900 | |
WM [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Long-term debt, less current portion | 6,229 | $ 5,801 |
Immaterial Corrections from Non-Guarantor Subsidiaries to WM [Member] | Tax-exempt Bonds [Member] | WM [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Long-term debt, less current portion | $ 126 |
Condensed Consolidating Fina121
Condensed Consolidating Financial Statements - Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Operating revenues | $ 3,460 | $ 3,548 | $ 3,425 | $ 3,176 | $ 3,246 | $ 3,360 | $ 3,315 | $ 3,040 | $ 13,609 | $ 12,961 | $ 13,996 |
Costs and expenses | 11,313 | 10,916 | 11,697 | ||||||||
Income from operations | 617 | 560 | 611 | 508 | 502 | 601 | 502 | 440 | 2,296 | 2,045 | 2,299 |
Other income (expense): | |||||||||||
Interest expense, net | (376) | (385) | (466) | ||||||||
Loss on early extinguishment of debt | (4) | (555) | |||||||||
Other, net | (94) | (45) | (82) | ||||||||
Total other income (expense) | (474) | (985) | (548) | ||||||||
Income before income taxes | 1,822 | 1,060 | 1,751 | ||||||||
Provision for (benefit from) income taxes | 642 | 308 | 413 | ||||||||
Consolidated net income | 334 | 304 | 286 | 256 | 273 | 337 | 273 | (131) | 1,180 | 752 | 1,338 |
Less: Net income (loss) attributable to noncontrolling interests | (2) | (1) | 40 | ||||||||
Net income attributable to Waste Management, Inc. | $ 335 | $ 302 | $ 287 | $ 258 | $ 273 | $ 335 | $ 274 | $ (129) | 1,182 | 753 | 1,298 |
Eliminations [Member] | |||||||||||
Other income (expense): | |||||||||||
Equity in earnings of subsidiaries, net of tax provision | (2,748) | (2,534) | (2,580) | ||||||||
Total other income (expense) | (2,748) | (2,534) | (2,580) | ||||||||
Income before income taxes | (2,748) | (2,534) | (2,580) | ||||||||
Consolidated net income | (2,748) | (2,534) | (2,580) | ||||||||
Net income attributable to Waste Management, Inc. | (2,748) | (2,534) | (2,580) | ||||||||
WM [Member] | |||||||||||
Other income (expense): | |||||||||||
Interest expense, net | (303) | (298) | (351) | ||||||||
Loss on early extinguishment of debt | (1) | (500) | |||||||||
Equity in earnings of subsidiaries, net of tax provision | 1,367 | 1,245 | 1,510 | ||||||||
Total other income (expense) | 1,063 | 447 | 1,159 | ||||||||
Income before income taxes | 1,063 | 447 | 1,159 | ||||||||
Provision for (benefit from) income taxes | (119) | (306) | (139) | ||||||||
Consolidated net income | 1,182 | 753 | 1,298 | ||||||||
Net income attributable to Waste Management, Inc. | 1,182 | 753 | 1,298 | ||||||||
WM Holdings [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Costs and expenses | (1) | (459) | |||||||||
Income from operations | 1 | 459 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | (20) | (22) | (31) | ||||||||
Loss on early extinguishment of debt | (52) | ||||||||||
Equity in earnings of subsidiaries, net of tax provision | 1,381 | 1,289 | 1,070 | ||||||||
Total other income (expense) | 1,361 | 1,215 | 1,039 | ||||||||
Income before income taxes | 1,361 | 1,216 | 1,498 | ||||||||
Provision for (benefit from) income taxes | (8) | (29) | (12) | ||||||||
Consolidated net income | 1,369 | 1,245 | 1,510 | ||||||||
Net income attributable to Waste Management, Inc. | 1,369 | 1,245 | 1,510 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Operating revenues | 13,609 | 12,961 | 13,996 | ||||||||
Costs and expenses | 11,313 | 10,917 | 12,156 | ||||||||
Income from operations | 2,296 | 2,044 | 1,840 | ||||||||
Other income (expense): | |||||||||||
Interest expense, net | (53) | (65) | (84) | ||||||||
Loss on early extinguishment of debt | (3) | (3) | |||||||||
Other, net | (94) | (45) | (82) | ||||||||
Total other income (expense) | (150) | (113) | (166) | ||||||||
Income before income taxes | 2,146 | 1,931 | 1,674 | ||||||||
Provision for (benefit from) income taxes | 769 | 643 | 564 | ||||||||
Consolidated net income | 1,377 | 1,288 | 1,110 | ||||||||
Less: Net income (loss) attributable to noncontrolling interests | (2) | (1) | 40 | ||||||||
Net income attributable to Waste Management, Inc. | $ 1,379 | $ 1,289 | $ 1,070 |
Condensed Consolidating Fina122
Condensed Consolidating Financial Statements - Condensed Consolidating Statements of Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||
Comprehensive income | $ 1,227 | $ 602 | $ 1,207 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (2) | (1) | 40 |
Comprehensive income attributable to Waste Management, Inc. | 1,229 | 603 | 1,167 |
Eliminations [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Comprehensive income | (2,748) | (2,534) | (2,580) |
Comprehensive income attributable to Waste Management, Inc. | (2,748) | (2,534) | (2,580) |
WM [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Comprehensive income | 1,189 | 762 | 1,300 |
Comprehensive income attributable to Waste Management, Inc. | 1,189 | 762 | 1,300 |
WM Holdings [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Comprehensive income | 1,369 | 1,245 | 1,510 |
Comprehensive income attributable to Waste Management, Inc. | 1,369 | 1,245 | 1,510 |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Comprehensive income | 1,417 | 1,129 | 977 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (2) | (1) | 40 |
Comprehensive income attributable to Waste Management, Inc. | $ 1,419 | $ 1,130 | $ 937 |
Condensed Consolidating Fina123
Condensed Consolidating Financial Statements - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||||||||||
Consolidated net income | $ 334 | $ 304 | $ 286 | $ 256 | $ 273 | $ 337 | $ 273 | $ (131) | $ 1,180 | $ 752 | $ 1,338 |
Other adjustments | 1,780 | 1,746 | 993 | ||||||||
Net cash provided by operating activities | 2,960 | 2,498 | 2,331 | ||||||||
Cash flows from investing activities: | |||||||||||
Acquisitions of businesses, net of cash acquired | (611) | (554) | (35) | ||||||||
Capital expenditures | (1,339) | (1,233) | (1,151) | ||||||||
Proceeds from divestitures of businesses and other assets (net of cash divested) | 43 | 145 | 2,253 | ||||||||
Net receipts from restricted trust and escrow accounts and other, net | (25) | 34 | (72) | ||||||||
Net cash provided by (used in) investing activities | (1,932) | (1,608) | 995 | ||||||||
Cash flows from financing activities: | |||||||||||
New borrowings | 3,057 | 2,337 | 2,817 | ||||||||
Debt repayments | (2,682) | (2,764) | (3,568) | ||||||||
Premiums paid on early extinguishment of debt | (2) | (555) | |||||||||
Common stock repurchase program | (725) | (600) | (600) | ||||||||
Cash dividends | (726) | (695) | (693) | ||||||||
Exercise of common stock options | 63 | 77 | 93 | ||||||||
Other, net | (20) | 45 | (121) | ||||||||
Net cash used in financing activities | (1,035) | (2,155) | (2,072) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (3) | (5) | |||||||||
Increase (decrease) in cash and cash equivalents | (7) | (1,268) | 1,249 | ||||||||
Cash and cash equivalents at beginning of year | 39 | 1,307 | 39 | 1,307 | 58 | ||||||
Cash and cash equivalents at end of year | 32 | 39 | 32 | 39 | 1,307 | ||||||
Eliminations [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income | (2,748) | (2,534) | (2,580) | ||||||||
Equity in earnings of subsidiaries, net of tax provision | 2,748 | 2,534 | 2,580 | ||||||||
WM [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income | 1,182 | 753 | 1,298 | ||||||||
Equity in earnings of subsidiaries, net of tax provision | (1,367) | (1,245) | (1,510) | ||||||||
Other adjustments | 185 | 492 | 212 | ||||||||
Cash flows from financing activities: | |||||||||||
(Increase) decrease in intercompany and investments, net | (1,235) | 1,235 | |||||||||
Net cash used in financing activities | (1,235) | 1,235 | |||||||||
Increase (decrease) in cash and cash equivalents | (1,235) | 1,235 | |||||||||
Cash and cash equivalents at beginning of year | 1,235 | 1,235 | |||||||||
Cash and cash equivalents at end of year | 1,235 | ||||||||||
WM Holdings [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income | 1,369 | 1,245 | 1,510 | ||||||||
Equity in earnings of subsidiaries, net of tax provision | (1,381) | (1,289) | (1,070) | ||||||||
Other adjustments | 12 | 44 | (440) | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Consolidated net income | 1,377 | 1,288 | 1,110 | ||||||||
Other adjustments | 1,583 | 1,210 | 1,221 | ||||||||
Net cash provided by operating activities | 2,960 | 2,498 | 2,331 | ||||||||
Cash flows from investing activities: | |||||||||||
Acquisitions of businesses, net of cash acquired | (611) | (554) | (35) | ||||||||
Capital expenditures | (1,339) | (1,233) | (1,151) | ||||||||
Proceeds from divestitures of businesses and other assets (net of cash divested) | 43 | 145 | 2,253 | ||||||||
Net receipts from restricted trust and escrow accounts and other, net | (25) | 34 | (72) | ||||||||
Net cash provided by (used in) investing activities | (1,932) | (1,608) | 995 | ||||||||
Cash flows from financing activities: | |||||||||||
New borrowings | 3,057 | 2,337 | 2,817 | ||||||||
Debt repayments | (2,682) | (2,764) | (3,568) | ||||||||
Premiums paid on early extinguishment of debt | (2) | (555) | |||||||||
Common stock repurchase program | (725) | (600) | (600) | ||||||||
Cash dividends | (726) | (695) | (693) | ||||||||
Exercise of common stock options | 63 | 77 | 93 | ||||||||
Other, net | (20) | 45 | (121) | ||||||||
(Increase) decrease in intercompany and investments, net | 1,235 | (1,235) | |||||||||
Net cash used in financing activities | (1,035) | (920) | (3,307) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (3) | (5) | |||||||||
Increase (decrease) in cash and cash equivalents | (7) | (33) | 14 | ||||||||
Cash and cash equivalents at beginning of year | $ 39 | $ 72 | 39 | 72 | 58 | ||||||
Cash and cash equivalents at end of year | $ 32 | $ 39 | $ 32 | $ 39 | $ 72 |
New Accounting Standards Pen124
New Accounting Standards Pending Adoption - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Annual Sales incentive expenses | $ 65 |
Valuation and Qualifying Acc125
Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reserves for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance Beginning of Year | $ 25 | $ 31 | $ 34 |
Charged to Income | 42 | 36 | 42 |
Accounts Written Off/Use of Reserve | (43) | (42) | (45) |
Balance End of Year | 24 | 25 | 31 |
Merger and Restructuring Accruals [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance Beginning of Year | 13 | 45 | 14 |
Charged to Income | 4 | 15 | 82 |
Accounts Written Off/Use of Reserve | (10) | (47) | (51) |
Balance End of Year | $ 7 | $ 13 | $ 45 |