Waste Management (WM) 10-Q 2 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 28, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Entity File Number	1-12154
Entity Registrant Name	Waste Management, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1309529
Entity Address, Address Line One	1001 Fannin Street
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	512-6200
Title of 12(b) Security	Common Stock
Trading Symbol	WM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		422,606,194
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000823768
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 703	$ 3,561
Accounts receivable, net of allowance for doubtful accounts of $34 and $28, respectively	1,927	1,949
Other receivables, net of allowance for doubtful accounts of $6 and $1, respectively	290	370
Parts and supplies	117	106
Other assets	320	223
Total current assets	3,357	6,209
Property and equipment, net of accumulated depreciation and amortization of $19,266 and $18,657, respectively	12,846	12,893
Goodwill	6,504	6,532
Other intangible assets, net	450	521
Restricted trust and escrow accounts	369	313
Investments in unconsolidated entities	425	483
Other assets	821	792
Total assets	24,772	27,743
Current liabilities:
Accounts payable	884	1,065
Accrued liabilities	1,259	1,327
Deferred revenues	496	534
Current portion of long-term debt	167	218
Total current liabilities	2,806	3,144
Long-term debt, less current portion	10,255	13,280
Deferred income taxes	1,468	1,407
Landfill and environmental remediation liabilities	2,037	1,930
Other liabilities	1,049	912
Total liabilities	17,615	20,673
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	5,104	5,049
Retained earnings	10,952	10,592
Accumulated other comprehensive income (loss)	(16)	(8)
Treasury stock at cost, 207,695,158 and 205,956,366 shares, respectively	(8,891)	(8,571)
Total Waste Management, Inc. stockholders' equity	7,155	7,068
Noncontrolling interests	2	2
Total equity	7,157	7,070
Total liabilities and equity	$ 24,772	$ 27,743

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 34	$ 28
Allowance for other receivables	6	1
Accumulated depreciation and amortization	$ 19,266	$ 18,657
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	207,695,158	205,956,366

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Operating revenues	$ 3,861	$ 3,967	$ 11,151	$ 11,609
Costs and expenses:
Operating	2,332	2,441	6,841	7,182
Selling, general and administrative	416	386	1,218	1,186
Depreciation and amortization	419	404	1,235	1,179
Restructuring	7	1	9	3
(Gain) loss from divestitures, asset impairments and unusual items, net	7	1	68	8
Total costs and expenses	3,181	3,233	9,371	9,558
Income from operations	680	734	1,780	2,051
Other income (expense):
Interest expense, net	(97)	(105)	(328)	(301)
Loss on early extinguishment of debt	(52)	(1)	(52)	(85)
Equity in net losses of unconsolidated entities	(16)	(14)	(56)	(39)
Other, net	1	1	2	(52)
Total other income (expense)	(164)	(119)	(434)	(477)
Income before income taxes	516	615	1,346	1,574
Income tax expense	126	120	288	350
Consolidated net income	390	495	1,058	1,224
Less: Net income (loss) attributable to noncontrolling interests				1
Net income attributable to Waste Management, Inc.	$ 390	$ 495	$ 1,058	$ 1,223
Basic earnings per common share	$ 0.92	$ 1.17	$ 2.50	$ 2.88
Diluted earnings per common share	$ 0.92	$ 1.16	$ 2.49	$ 2.86

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Consolidated net income	$ 390	$ 495	$ 1,058	$ 1,224
Other comprehensive income (loss), net of tax:
Derivative instruments, net	4	2	9	6
Available-for-sale securities, net	2	4	7	13
Foreign currency translation adjustments	19	(17)	(23)	36
Post-retirement benefit obligations, net			(1)	(1)
Other comprehensive income (loss), net of tax	25	(11)	(8)	54
Comprehensive income	415	484	1,050	1,278
Less: Comprehensive loss attributable to noncontrolling interests				1
Comprehensive income attributable to Waste Management, Inc.	$ 415	$ 484	$ 1,050	$ 1,277

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Consolidated net income	$ 1,058	$ 1,224
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	1,235	1,179
Deferred income tax benefit	61	29
Interest accretion on landfill liabilities	75	72
Provision for bad debts	40	27
Equity-based compensation expense	74	62
Net gain on disposal of assets	(10)	(19)
(Gain) loss from divestitures, asset impairments and other, net	76	79
Equity in net losses of unconsolidated entities, net of dividends	48	39
Loss on early extinguishment of debt	52	85
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Receivables	76	(2)
Other current assets	(47)	(52)
Other assets	41	7
Accounts payable and accrued liabilities	(62)	213
Deferred revenues and other liabilities	(67)	(91)
Net cash provided by operating activities	2,650	2,852
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(3)	(513)
Capital expenditures	(1,238)	(1,532)
Proceeds from divestitures of businesses and other assets (net of cash divested)	20	29
Other, net	(20)	(80)
Net cash used in investing activities	(1,241)	(2,096)
Cash flows from financing activities:
New borrowings	231	4,558
Debt repayments	(3,942)	(502)
Premiums paid on early extinguishment of debt	(30)	(84)
Net commercial paper borrowings (repayments)	597	(1,001)
Common stock repurchase program	(402)	(248)
Cash dividends	(696)	(658)
Exercise of common stock options	49	60
Tax payments associated with equity-based compensation transactions	(34)	(32)
Other, net	(17)	(13)
Net cash provided by (used in) financing activities	(4,244)	2,080
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents	1	1
(Decrease) increase in cash, cash equivalents and restricted cash and cash equivalents	(2,834)	2,837
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	3,647	183
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$ 813	$ 3,020

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents at end of period:
Cash and cash equivalents	$ 703	$ 2,915
Restricted cash and cash equivalents included in other current assets	42	31
Restricted cash and cash equivalents included in restricted trust and escrow accounts	68	74
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$ 813	$ 3,020

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Millions	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Total
Beginning balance at Dec. 31, 2018	$ 6	$ 4,993		$ 9,797	$ (87)	$ (8,434)	$ 1		$ 6,276
Beginning balance, shares at Dec. 31, 2018	630,282					(206,299)
Equity roll forward
Consolidated net income				1,223			1		1,224
Other comprehensive income (loss), net of tax					54				54
Cash dividends declared				(658)					(658)
Equity-based compensation transactions, net		33		2		$ 100			135
Equity-based compensation transaction, shares						2,421
Common stock repurchase program						$ (244)			(244)
Common stock repurchase program, shares						(2,247)
Other, net, shares						3
Ending balance at Sep. 30, 2019	$ 6	5,026		10,364	(33)	$ (8,578)	2		6,787
Ending balance, shares at Sep. 30, 2019	630,282					(206,122)
Beginning balance at Jun. 30, 2019	$ 6	4,962		10,088	(22)	$ (8,568)	1		6,467
Beginning balance, shares at Jun. 30, 2019	630,282					(206,482)
Equity roll forward
Consolidated net income				495					495
Other comprehensive income (loss), net of tax					(11)				(11)
Cash dividends declared				(218)					(218)
Equity-based compensation transactions, net		28		(1)		$ 26			53
Equity-based compensation transaction, shares						613
Common stock repurchase program		36				$ (36)
Common stock repurchase program, shares						(254)
Other, net							1		1
Other, net, shares						1
Ending balance at Sep. 30, 2019	$ 6	5,026		10,364	(33)	$ (8,578)	2		6,787
Ending balance, shares at Sep. 30, 2019	630,282					(206,122)
Beginning balance at Dec. 31, 2019	$ 6	5,049		10,592	(8)	$ (8,571)	2		7,070
Beginning balance, shares at Dec. 31, 2019	630,282					(205,956)
Equity roll forward
Consolidated net income				1,058					1,058
Other comprehensive income (loss), net of tax					(8)				(8)
Cash dividends declared				(696)					(696)
Equity-based compensation transactions, net		55		1		$ 82			138
Equity-based compensation transaction, shares						1,945
Common stock repurchase program						$ (402)			(402)
Common stock repurchase program, shares						(3,687)
Other, net				(1)					(1)
Other, net, shares						3
Ending balance at Sep. 30, 2020	$ 6	5,104	$ (2)	10,952	(16)	$ (8,891)	2	$ (2)	7,157
Ending balance, shares at Sep. 30, 2020	630,282					(207,695)
Beginning balance at Jun. 30, 2020	$ 6	5,040		10,795	(41)	$ (8,909)	2		6,893
Beginning balance, shares at Jun. 30, 2020	630,282					(208,118)
Equity roll forward
Consolidated net income				390					390
Other comprehensive income (loss), net of tax					25				25
Cash dividends declared				(230)					(230)
Equity-based compensation transactions, net		64		(2)		$ 18			80
Equity-based compensation transaction, shares						422
Other, net				(1)					(1)
Other, net, shares						1
Ending balance at Sep. 30, 2020	$ 6	$ 5,104	$ (2)	$ 10,952	$ (16)	$ (8,891)	$ 2	$ (2)	$ 7,157
Ending balance, shares at Sep. 30, 2020	630,282					(207,695)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Cash dividends declared per common share	$ 0.545	$ 0.5125	$ 1.635	$ 1.5375

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Basis of Presentation
Basis of Presentation	​ 1. The financial statements presented in this report represent the consolidation of Waste Management, Inc., a Delaware corporation; its wholly-owned and majority-owned subsidiaries; and certain variable interest entities for which Waste Management, Inc. or its subsidiaries are the primary beneficiaries as described in Note 13. Waste Management, Inc. is a holding company and all operations are conducted by its subsidiaries. When the terms “the Company,” “we,” “us” or “our” are used in this document, those terms refer to Waste Management, Inc., 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 provide 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 (“U.S.”). 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 7. The Condensed Consolidated Financial Statements as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019 are unaudited. In the opinion of management, these financial statements include all adjustments, which, unless otherwise disclosed, are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows, and changes in equity for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year. The financial statements presented herein should be read in conjunction with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019. In preparing our financial statements, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with precision from available data or simply cannot be calculated. In some cases, these estimates are difficult to determine, and we must exercise significant judgment. In preparing our financial statements, the most difficult, subjective and complex estimates and the assumptions that present the greatest amount of uncertainty relate to our accounting for landfills, environmental remediation liabilities, long-lived asset impairments and reserves associated with our insured and self-insured claims. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements. Revenue Recognition We generally recognize revenue as services are performed or products are delivered. For example, revenue typically is recognized as waste is collected, tons are received at our landfills or transfer stations, or recycling commodities are collected or delivered as product. We bill for certain services prior to performance. Such services include, among others, certain commercial and residential contracts and equipment rentals. These advance billings are included in deferred revenues and recognized as revenue in the period service is provided. Substantially all our deferred revenues during the reported periods are realized as revenues within one Contract Acquisition Costs Our incremental direct costs of obtaining a contract, which consist primarily of sales incentives, are generally deferred and amortized to selling, general and administrative expense over the estimated life of the relevant customer relationship, ranging from 5 to 13 years. Our contract acquisition costs are classified as current or noncurrent based on the timing of when we expect to recognize amortization and are included in other assets in our Condensed Consolidated Balance Sheet. As of September 30, 2020 and December 31, 2019, we had $160 million and $153 million, respectively, of deferred contract costs, of which $117 million at each date was related to deferred sales incentives. During the three and nine months ended September 30, 2020, we amortized $6 million and $17 million of sales incentives to selling, general and administrative expense, respectively. During the three and nine months ended September 30, 2019, we amortized $6 million and $17 million of sales incentives to selling, general and administrative expense, respectively. Leases Amounts for our operating lease right-of-use assets are recorded in long-term other assets in our Condensed Consolidated Balance Sheets. The current and long-term portion of our operating lease liabilities are reflected in accrued liabilities and other long-term liabilities, respectively, in our Condensed Consolidated Balance Sheets. Right-of-use assets obtained in exchange for lease obligations for our operating leases for the nine months ended September 30, 2020 and 2019 were $80 million and $146 million, respectively. Amounts for our financing leases are recorded in property and equipment, net of accumulated depreciation, and current or long-term debt in our Condensed Consolidated Balance Sheets, as appropriate. Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments held within our restricted trust 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. Adoption of New Accounting Standards Fi nancial Instruments-Credit Losses ​ 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. Past-due receivable balances are written off when our internal collection efforts have been unsuccessful. Also, we recognize interest income on long-term interest-bearing notes receivable as the interest accrues under the terms of the notes. We no longer accrue interest once the notes are deemed uncollectible. ​ The following table reflects the activity in our allowance for doubtful accounts of trade receivables for the nine months ended September 30 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Balance as of January 1, ​ $ 28 ​ $ 29 Adoption of new accounting standard ​ (1) ​ — Additions charged to expense ​ 40 ​ 27 Accounts written-off, net of recoveries ​ (29) ​ (31) Acquisitions, divestitures and other, net ​ (4) ​ 2 Balance as of September 30, ​ $ 34 ​ $ 27 ​ For trade receivables the Company relies upon, among other factors, historical loss trends, the age of outstanding receivables, and existing as well as expected economic conditions. Due to the adoption of ASU 2016-13, we recognized a $1 million pre-tax decrease to our allowance for doubtful accounts on trade receivables. We determined that all of our trade receivables share similar risk characteristics. We monitor our credit exposure on an ongoing basis and assess whether assets in the pool continue to display similar risk characteristics. ​ In January 2020, a novel strain of coronavirus (“COVID-19”) was declared a Public Health Emergency of International Concern and subsequently declared a global pandemic in March 2020. Throughout the COVID-19 pandemic, the Company has proactively taken steps to put our employees’ and customers’ needs first and we continue to work with the appropriate regulatory agencies to ensure we can provide our essential waste services safely and efficiently. With this in mind, during the first half of 2020 we extended payment terms and postponed collections and discontinuing of service for customers who were negatively impacted by the COVID-19 pandemic which contributed to an increase in the aging of outstanding balances. During the third quarter, improved economic conditions allowed us to return to more regular business practices, in accordance with our contractual terms. ​ As of September 30, 2020, we had $1,927 million of trade receivables, net of allowance of $34 million. The allowance for doubtful accounts has increased by $6 million during 2020, largely due to the COVID-19 pandemic. Based on an aging analysis as of September 30, 2020, approximately 90% of our trade receivables were outstanding less than 60 days. ​ For other receivables as well as loans and other instruments, the Company relies primarily on credit ratings and associated default rates based on the maturity of the instrument. All receivables, as well as other instruments, are adjusted for our expectation of future market conditions and trends. Due to the adoption of ASU 2016-13, we recognized a $4 million pre-tax increase to our allowance for doubtful accounts on notes and other receivables. As of September 30, 2020, we had $453 million of notes and other receivables, net of allowance of $8 million. Based on an aging analysis as of September 30, 2020, approximately 65% of our other receivables were due within 12 months or less. ​ Implementation Costs Incurred in a Cloud Computing Arrangement Guarantor Financial Information — In March 2020, the Securities and Exchange Commission (“SEC”) adopted final rules that simplify the disclosure requirements related to certain registered securities under SEC Regulation S-X, Rules 3-10 and 3-16, permitting registrants to provide certain alternative financial disclosures and non-financial disclosures in lieu of separate consolidating financial statements for subsidiary issuers and guarantors of registered debt securities (which we previously included within the notes to our financial statements included in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q) if certain conditions are met. The disclosure requirements, as amended, are now located in newly-created Rules 13-01 and 13-02 of Regulation S-X and are generally effective for filings on or after January 4, 2021, with early adoption permitted. We early adopted the new disclosure requirements effective as of April 1, 2020 and are providing the summarized financial information and related disclosures in Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Form 10-Q. Reclassifications When necessary, reclassifications have been made to our prior period financial information to conform to the current year presentation and are not material to our consolidated financial statements.

Landfill and Environmental Reme

Landfill and Environmental Remediation Liabilities	9 Months Ended
	Sep. 30, 2020
Landfill and Environmental Remediation Liabilities
Landfill and Environmental Remediation Liabilities	2. Landfill and Environmental Remediation Liabilities Liabilities for landfill and environmental remediation costs are presented in the table below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ Environmental ​ ​ ​ ​ ​ ​ ​ Environmental ​ ​ ​ ​ Landfill Remediation Total Landfill Remediation Total Current (in accrued liabilities) $ 102 ​ $ 27 ​ $ 129 ​ $ 138 ​ $ 27 ​ $ 165 Long-term ​ 1,826 ​ 211 ​ 2,037 1,717 ​ 213 ​ 1,930 ​ $ 1,928 ​ $ 238 ​ $ 2,166 ​ $ 1,855 ​ $ 240 ​ $ 2,095 ​ The changes to landfill and environmental remediation liabilities for the nine months ended September 30, 2020 are reflected in the table below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Environmental ​ Landfill Remediation December 31, 2019 ​ $ 1,855 ​ $ 240 Obligations incurred and capitalized ​ 61 — Obligations settled ​ (75) (17) Interest accretion ​ 75 1 Revisions in estimates and interest rate assumptions (a) (b) ​ 30 14 Acquisitions, divestitures and other adjustments (c) ​ (18) — September 30, 2020 ​ $ 1,928 ​ $ 238 (a) The amount reported for our landfill liabilities includes (i) a $10 million increase in estimated construction costs for capping at certain landfills and (ii) an increase of $8 million due to a business decision to close one of our landfills, which resulted in the acceleration of the expected timing of capping, closure and post-closure activities. This business decision also resulted in an impairment that is discussed in Note 9. (b) The amount reported for our environmental remediation liabilities includes an increase of $12 million due to a decrease in the risk-free discount rate used to measure our liabilities from 1.75% at December 31, 2019 to 0.75% at September 30, 2020. (c) The amount reported for landfill liabilities includes the reclassification of $17 million to accrued liabilities in our Condensed Consolidated Balance Sheet related to certain landfills classified as held for sale as of September 30, 2020 in connection with the sale of the landfills to GFL Environmental Inc. The divestiture is directly related to the Advanced Disposal, Inc. (“Advanced Disposal”) acquisition. These transactions are discussed further in Notes 8 and 14. At several of our landfills, we provide financial assurance by depositing cash into restricted trust funds or escrow accounts for purposes of settling final capping, closure, post-closure and environmental remediation obligations. Generally, these trust funds are established to comply with statutory requirements and operating agreements. See Note 13 for additional information related to these trusts.

Debt and Interest Rate Derivati

Debt and Interest Rate Derivatives	9 Months Ended
	Sep. 30, 2020
Debt and Interest Rate Derivatives
Debt and Interest Rate Derivatives	3. Debt and Interest Rate Derivatives The following table summarizes the major components of debt as of each balance sheet date (in millions) and provides the maturities and interest rate ranges of each major category as of September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 Commercial paper program (weighted average interest rate of 0.5% as of September 30, 2020) ​ $ 600 ​ $ — Senior notes, maturing through 2049, interest rates ranging from 2.4% to 7.75% (weighted average interest rate of 4.1% as of September 30, 2020 and 3.9% as of December 31, 2019) ​ ​ 6,365 ​ ​ 9,965 Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6% ​ 375 ​ ​ 385 Tax-exempt bonds, maturing through 2048, fixed and variable interest rates ranging from 0.17% to 4.3% (weighted average interest rate of 1.9% as of September 30, 2020 and 2.3% as of December 31, 2019) ​ 2,491 ​ 2,523 Financing leases and other, maturing through 2071, weighted average interest rate of 4.7% ​ 651 ​ 710 Debt issuance costs, discounts and other ​ (60) ​ (85) ​ ​ 10,422 ​ 13,498 Current portion of long-term debt ​ 167 ​ 218 ​ ​ $ 10,255 ​ $ 13,280 ​ Debt Classification As of September 30, 2020, we had $2.2 billion of debt maturing within the next 12 months, including (i) $600 million of short-term borrowings under our commercial paper program; (ii) $400 million of 4.60% senior notes that mature in March 2021; (iii) $952 million of tax-exempt bonds with term interest rate periods that expire within the next 12 months, which is prior to their scheduled maturities, and (iv) $167 million of other debt with scheduled maturities within the next 12 months, including $63 million of tax-exempt bonds. As of September 30, 2020, we have classified $2.0 billion of debt maturing in the next 12 months as long-term because we have the intent and ability to refinance these borrowings on a long-term basis as supported by the forecasted available capacity under our $3.5 billion long-term U.S. and Canadian revolving credit facility (“$3.5 billion revolving credit facility”), as discussed below. The remaining $167 million is classified as current obligations. As of September 30, 2020, we also had $54 million of variable-rate tax-exempt bonds with long-term scheduled maturities supported by letters of credit under our $3.5 billion revolving credit facility. The interest rates on our variable-rate tax-exempt bonds are generally reset on either a daily or weekly basis through a remarketing process. All recent tax-exempt bond remarketings have successfully placed Company bonds with investors at market-driven rates and we currently expect future remarketings to be successful. However, if the remarketing agent is unable to remarket our bonds, the remarketing agent can put the bonds to us. In the event of a failed remarketing, we have the availability under our $3.5 billion revolving credit facility to fund these bonds until they are remarketed successfully. Accordingly, we have classified the $54 million of variable-rate tax-exempt bonds with maturities of more than one year as long-term in our Condensed Consolidated Balance Sheet as of September 30, 2020. Access to and Utilization of Credit Facilities and Commercial Paper Program $3.0 Billion Revolving Credit Facility — $3.5 Billion Revolving Credit Facility — Commercial Paper Program Other Letter of Credit Facilities — Debt Borrowings and Repayments Commercial Paper Program Senior Notes In May 2019, we issued $4.0 billion of senior notes, $3.0 billion of which were due 2024, 2026, 2029 and 2039 and included a special mandatory redemption feature (the “SMR Notes”). The SMR Notes were issued with the intention of paying a portion of the consideration related to our acquisition of Advanced Disposal, which is discussed further in Notes 8 and 14. Pursuant to the terms of the SMR Notes, we were required to redeem all of such outstanding notes paying debt holders 101% of the aggregate principal amounts of such notes, plus accrued but unpaid interest, as a result of the acquisition not being completed by July 14, 2020. Accordingly, the redemption was completed on July 20, 2020 using available cash on hand and, to a lesser extent, commercial paper borrowings. The cash paid included the $3.0 billion principal amount of debt redeemed, $30 million of related premiums and $8 million of accrued interest. We recognized a $52 million loss on early extinguishment of debt in our Consolidated Statement of Operations related to the redemption during the three months ended September 30, 2020, including $30 million of premiums paid and $22 million of unamortized discounts and debt issuance costs. Tax-Exempt Bonds Financing Leases and Other Interest Rate Derivatives Active Hedges — ​ Terminated Hedges — ​ All financial statement impacts associated with these financial hedges were immaterial as of and for the three and nine months ended September 30, 2020. There was no significant ineffectiveness associated with our cash flow hedges during the three or nine months ended September 30, 2020. Refer to Note 10 for information regarding the impacts of our cash flow derivatives on our comprehensive income and results of operations.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Taxes
Income Taxes	4. Income Taxes Our effective income tax rate was 24.5% and 21.4% for the three and nine months ended September 30, 2020, respectively, compared with 19.4% and 22.2% for the three and nine months ended September 30, 2019, respectively. The increase in our effective income tax rate when comparing the three months ended September 30, 2020 and 2019 was primarily driven by (i) favorable adjustments to accruals and related deferred taxes recorded in 2019 due to the filing of our 2018 income tax returns and changes in state and foreign laws; (ii) lower federal tax credits in 2020 and (iii) the detrimental impact of non-deductible transaction costs related to closing the acquisition of Advanced Disposal. The decrease in our effective income tax rate when comparing the nine months ended September 30, 2020 and 2019 was primarily driven by (i) a decrease in pre-tax income in 2020, which increased the effective tax rate impact of federal tax credits and (ii) a $52 million non-cash impairment charge recognized in 2019 that was not deductible for tax purposes. These items are discussed further below. We evaluate our effective income tax rate at each interim period and adjust it as facts and circumstances warrant. Investments Qualifying for Federal Tax Credits During the three and nine months ended September 30, 2020, we recognized $16 million and $59 million (including the $7 million impairment of the refined coal facility noted above for the nine month period) of net losses and a reduction in our income tax expense of $24 million and $65 million, respectively, primarily due to tax credits realized from these investments. In addition, during the three and nine months ended September 30, 2020, we recognized interest expense of $3 million and $9 million, respectively, associated with our investments in low-income housing properties. During the three and nine months ended September 30, 2019, we recognized $11 million and $32 million of net losses and a reduction in our income tax expense of $36 million and $69 million, respectively, primarily due to tax credits realized from these investments. In addition, during the three and nine months ended September 30, 2019, we recognized interest expense of $2 million and $6 million, respectively, associated with our investments in low-income housing properties. See Note 13 for additional information related to these unconsolidated variable interest entities. Adjustments to Accruals and Related Deferred Taxes Non-Deductible Transaction Costs Tax Implications of Impairments Equity-Based Compensation Recent Legislation

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share
Earnings Per Share	5. Earnings Per Share Basic and diluted earnings per share were computed using the following common share data (shares in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 Number of common shares outstanding at end of period 422.6 424.2 422.6 424.2 Effect of using weighted average common shares outstanding 0.1 0.3 0.5 0.4 Weighted average basic common shares outstanding 422.7 424.5 423.1 424.6 Dilutive effect of equity-based compensation awards and other contingently issuable shares 1.9 2.9 1.9 2.8 Weighted average diluted common shares outstanding 424.6 427.4 425.0 427.4 Potentially issuable shares 6.3 6.8 6.3 6.8 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 1.3 0.7 1.7 0.7 ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies.
Commitments and Contingencies	6. Commitments and Contingencies Financial Instruments — Management does not expect that any claims against or draws on these instruments would have a material adverse effect on our financial condition, results of operations or cash flows. We have not experienced any unmanageable difficulty in obtaining the required financial assurance instruments for our current operations as a result of COVID-19 or other economic factors. In an ongoing effort to mitigate risks of future cost increases and reductions in available capacity, we continue to evaluate various options to access cost-effective sources of financial assurance. Insurance — We have retained a significant portion of the risks related to our health and welfare, general liability, automobile liability and workers’ compensation claims programs. “General liability” refers to the self-insured portion of specific third-party claims made against us that may be covered under our commercial General Liability Insurance Policy. For our self-insured portions, the exposure for unpaid claims and associated expenses, including incurred but not reported losses, is based on an actuarial valuation or internal estimates. The accruals for these liabilities could be revised if future occurrences or loss development significantly differ from such valuations and estimates. We use a wholly-owned insurance captive to insure the deductibles for our general liability, automobile liability and workers’ compensation claims programs. We do not expect the impact of any known casualty, property, environmental or other contingency to have a material impact on our financial condition, results of operations or cash flows. Guarantees — As of September 30, 2020, we have guaranteed the obligations and certain performance requirements of third parties in connection with both consolidated and unconsolidated entities, including guarantees to cover certain market value losses for certain properties adjacent to or near 18 of our landfills. We have also agreed to indemnify certain third-party purchasers against liabilities associated with divested operations prior to such sale. 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 believe that these contingent obligations will have a material adverse effect on the Company’s financial condition, results of operations or cash flows, and we do not expect the financial impact of operational and financial performance guarantees to materially exceed the recorded fair value. Environmental Matters — Estimating our degree of responsibility for remediation is inherently difficult. We recognize and accrue for an estimated remediation liability when we determine that such liability is both probable and reasonably estimable. Determining the method and ultimate cost of remediation requires that a number of assumptions be made. There can sometimes be a range of reasonable estimates of the costs associated with the likely site remediation alternatives identified in the environmental impact investigation. In these cases, we use the amount within the range that is our best estimate. If no amount within a range appears to be a better estimate than any other, we use the amount that is the low end of such range. If we used the high ends of such ranges, our aggregate potential liability would be approximately $145 million higher than the $238 million recorded in the Condensed Consolidated Balance Sheet as of September 30, 2020. Our ultimate responsibility may differ materially from current estimates. It is possible that technological, regulatory or enforcement developments, the results of environmental studies, the inability to identify other PRPs, the inability of other PRPs to contribute to the settlements of such liabilities, or other factors could require us to record additional liabilities. Our ongoing review of our remediation liabilities, in light of relevant internal and external facts and circumstances, could result in revisions to our accruals that could cause upward or downward adjustments to our balance sheet and income from operations. These adjustments could be material in any given period. As of September 30, 2020, we have been notified by the government that we are a PRP in connection with 75 locations listed on the Environmental Protection Agency’s (“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. On October 11, 2017, the EPA issued its Record of Decision (“ROD”) with respect to the previously proposed remediation plan for the San Jacinto waste pits in Harris County, Texas. McGinnes Industrial Maintenance Corporation (“MIMC”), an indirect wholly-owned subsidiary of WM, operated some of the waste pits from 1965 to 1966 and has been named as a site PRP. In 1998, WM acquired the stock of the parent entity of MIMC. MIMC has been working with the EPA and other named PRPs as the process of addressing the site proceeds. On April 9, 2018, MIMC and International Paper Company entered into an Administrative Order on Consent agreement with the EPA to develop a remedial design for the EPA’s proposed remedy for the site. Allocation of responsibility among the PRPs for the proposed remedy has not been established. As of September 30, 2020 and December 31, 2019, the recorded liability for MIMC’s estimated potential share of the EPA’s proposed remedy and related costs was $55 million and $56 million, respectively. MIMC’s ultimate liability could be materially different from current estimates. 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: On July 10, 2013, the EPA issued a Notice of Violation ("NOV") to Waste Management of Wisconsin, Inc., an indirect wholly-owned subsidiary of WM, alleging violations of the Resource Conservation and Recovery Act concerning acceptance of certain waste that was not permitted to be disposed of at the Metro Recycling & Disposal Facility in Franklin, Wisconsin. The parties have agreed to resolve this matter through payment of a penalty, implementation of additional monitoring activities and revisions to waste acceptance protocols at the facility. The related Consent Decree became final in September 2020, and the outcome of this matter is not material to the Company’s business, financial condition, results of operations or cash flows. From time to time, we are also named as defendants in personal injury and property damage lawsuits, including purported class actions, on the basis of having owned, operated or transported waste to a disposal facility that is alleged to have contaminated the environment or, in certain cases, on the basis of having conducted environmental remediation activities at sites. Some of the lawsuits may seek to have us pay the costs of monitoring of allegedly affected sites and health care examinations of allegedly affected persons for a substantial period of time even where no actual damage is proven. While we believe we have meritorious defenses to these lawsuits, the ultimate resolution is often substantially uncertain due to the difficulty of determining the cause, extent and impact of alleged contamination (which may have occurred over a long period of time), the potential for successive groups of complainants to emerge, the diversity of the individual plaintiffs’ circumstances, and the potential contribution or indemnification obligations of co-defendants or other third parties, among other factors. Additionally, we often enter into agreements with landowners imposing obligations on us to meet certain regulatory or contractual conditions upon site closure or upon termination of the agreements. Compliance with these agreements inherently involves subjective determinations and may result in disputes, including litigation. Litigation — 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 permitted to have such fees advanced under Delaware law. Additionally, the Company has direct contractual obligations to provide indemnification to each of the members of WM’s Board of Directors and each of WM’s executive officers. The Company may incur substantial expenses in connection with the fulfillment of its advancement of costs and indemnification obligations in connection with actions or proceedings that may be brought against its former or current officers, directors and employees. Multiemployer Defined Benefit Pension Plans — We do not believe that any future liability relating to our past or current participation in, or withdrawals from, the Multiemployer Pension Plans to which we contribute will have a material adverse effect on our business, financial condition or liquidity. However, liability for future withdrawals could have a material adverse effect on our results of operations or cash flows for a particular reporting period, depending on the number of employees withdrawn and the financial condition of the Multiemployer Pension Plan(s) at the time of such withdrawal(s). Tax Matters — also currently undergoing audits by various state and local jurisdictions for tax years that date back to 2014. We maintain a liability for uncertain tax positions, the balance of which management believes is adequate. Results of audit assessments by taxing authorities are not currently expected to have a material adverse effect on our financial condition, results of operations or cash flows.

Segment and Related Information

Segment and Related Information	9 Months Ended
	Sep. 30, 2020
Segment and Related Information
Segment and Related Information	7. Segment and Related Information We evaluate, oversee and manage the financial performance of our Solid Waste business subsidiaries through our 17 Areas. The 17 Areas constitute operating segments and 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 are 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 the fourth quarter of 2019, as part of our annual review process, 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 are the results of various factors including acquisitions, divestitures, business mix and the economic climate of various geographies. As a result, we reclassified the Western Canada Area from Tier 1 to Tier 2 and the Northern California Area from Tier 3 to Tier 2. Reclassifications have been made to our prior period condensed consolidated financial information to conform to the current year presentation. Tier 1 is comprised of our operations across the Southern U.S., with the exception of the Southern California Area and the Florida Area, and also includes the New England Area and the tri-state Area of Michigan, Indiana and Ohio. Tier 2 includes California, Canada, and the Wisconsin and Minnesota Area. Tier 3 encompasses all the remaining operations including the Pacific Northwest, the Mid-Atlantic region of the U.S., the Florida Area, and the Illinois and Missouri Valley Area. 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 is shown in the following table (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Intercompany ​ Net ​ Income ​ ​ Operating ​ Operating ​ Operating ​ from ​ Revenues Revenues(c) Revenues Operations(d) Three Months Ended September 30: ​ ​ ​ ​ 2020 ​ ​ ​ ​ Solid Waste: ​ ​ ​ ​ Tier 1 ​ $ 1,521 ​ $ (295) ​ $ 1,226 ​ $ 430 Tier 2 ​ 984 ​ (209) ​ 775 ​ 226 Tier 3 ​ 1,572 ​ (304) ​ 1,268 ​ 290 Solid Waste ​ 4,077 ​ (808) ​ 3,269 ​ 946 Other (a) ​ 615 ​ (23) ​ 592 ​ (7) ​ ​ ​ 4,692 ​ ​ (831) ​ ​ 3,861 ​ ​ 939 Corporate and Other (b) ​ — ​ — ​ — ​ (259) Total ​ $ 4,692 ​ $ (831) ​ $ 3,861 ​ $ 680 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ Solid Waste: ​ ​ ​ ​ Tier 1 ​ $ 1,576 ​ $ (295) ​ $ 1,281 ​ $ 436 Tier 2 ​ 998 ​ (199) ​ 799 ​ 226 Tier 3 ​ 1,641 ​ (310) ​ 1,331 ​ 298 Solid Waste ​ 4,215 ​ (804) ​ 3,411 ​ 960 Other (a) ​ 589 ​ (33) ​ 556 ​ (25) ​ ​ 4,804 ​ (837) ​ 3,967 ​ 935 Corporate and Other (b) ​ — ​ — ​ — ​ (201) Total ​ $ 4,804 ​ $ (837) ​ $ 3,967 ​ $ 734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Intercompany ​ Net ​ Income ​ ​ Operating ​ Operating ​ Operating ​ from ​ Revenues Revenues(c) Revenues Operations(d) Nine Months Ended September 30: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ Solid Waste: ​ ​ ​ ​ ​ Tier 1 ​ $ 4,442 ​ $ (846) ​ $ 3,596 ​ $ 1,139 Tier 2 ​ 2,813 ​ (597) ​ 2,216 ​ 596 Tier 3 ​ 4,566 ​ (873) ​ 3,693 ​ 776 Solid Waste ​ 11,821 ​ (2,316) ​ 9,505 ​ 2,511 Other (a) ​ 1,723 ​ (77) ​ 1,646 ​ (42) ​ ​ ​ 13,544 ​ ​ (2,393) ​ ​ 11,151 ​ ​ 2,469 Corporate and Other (b) ​ — ​ — ​ — ​ (689) Total ​ $ 13,544 ​ $ (2,393) ​ $ 11,151 ​ $ 1,780 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ Solid Waste: ​ ​ ​ ​ Tier 1 ​ $ 4,602 ​ $ (853) ​ $ 3,749 ​ $ 1,268 Tier 2 ​ 2,897 ​ (580) ​ 2,317 ​ 656 Tier 3 ​ 4,780 ​ (900) ​ 3,880 ​ 850 Solid Waste ​ 12,279 ​ (2,333) ​ 9,946 ​ 2,774 Other (a) ​ 1,757 ​ (94) ​ 1,663 ​ (92) ​ ​ 14,036 ​ (2,427) ​ 11,609 ​ 2,682 Corporate and Other (b) ​ — ​ — ​ — ​ (631) Total ​ $ 14,036 ​ $ (2,427) ​ $ 11,609 ​ $ 2,051 (a) “Other” includes (i) our Strategic Business Solutions (“WMSBS”) business; (ii) those elements of our landfill gas-to-energy operations and third-party subcontract and administration revenues managed by our Energy and Environmental Services (“EES”) and WM Renewable Energy businesses that are not included in the operations of our reportable segments; (iii) our recycling brokerage services and (iv) certain other expanded service offerings and solutions. In addition, our “Other” segment reflects the results of non-operating entities that provide financial assurance and self-insurance support for our Solid Waste business, net of intercompany activity. Income from operations for the Other segment for the three and nine months ended September 30, 2020 was impacted primarily by an increase in revenue for our WMSBS and WM Renewable Energy businesses as a result of new contract activities in the current year periods and a new renewable energy facility coming online which drove an increase in commodity sales, respectively. Additionally, the nine month period is impacted by a $16 million non-cash charge to write off certain equipment costs recorded in the prior year period offset, in part, by (i) a decrease in revenue within our EES business and (ii) the non-cash impairment of certain assets within our WM Renewable Energy business in the current year period. (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 incentive program and any administrative expenses or revisions to our estimated obligations associated with divested operations. (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) 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 2020, we revised allocations between our segments including (i) the discontinuation of certain allocations from Corporate and Other to Solid Waste and (ii) allocating certain insurance costs from Other to Solid Waste. Reclassifications have been made to our prior period information for comparability purposes . In the second quarter of 2020, we recognized $61 million of non-cash impairment charges, including $41 million related to our energy services assets in our Tier 1 segment. Refer to Note 9 for additional information. Our 2020 operating results were also negatively impacted by revenue declines, as a result of the COVID-19 pandemic, in our landfill and industrial and commercial collection businesses beginning in March 2020 and continuing through the third quarter of 2020, although we began to experience notable recoveries in volumes during the third quarter of 2020. The mix of operating revenues from our major lines of business are as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 Commercial ​ $ 1,025 ​ $ 1,069 ​ $ 3,016 ​ $ 3,147 Residential ​ 662 ​ 661 ​ 1,969 ​ 1,956 Industrial ​ 709 ​ 766 ​ 2,027 ​ 2,190 Other collection ​ 120 ​ 130 ​ 347 ​ 361 Total collection ​ 2,516 ​ 2,626 ​ 7,359 ​ 7,654 Landfill ​ 946 ​ 993 ​ 2,707 ​ 2,880 Transfer ​ 482 ​ 471 ​ 1,362 ​ 1,357 Recycling ​ 290 ​ 245 ​ 819 ​ 800 Other (a) ​ 458 ​ 469 ​ 1,297 ​ 1,345 Intercompany (b) ​ (831) ​ (837) ​ (2,393) ​ (2,427) Total ​ $ 3,861 ​ $ 3,967 ​ $ 11,151 ​ $ 11,609 (a) The “Other” line of business includes (i) our WMSBS business; (ii) our landfill gas-to-energy operations; (iii) certain services within our EES business, including our construction and remediation services and our services associated with the disposal of fly ash and (iv) certain other expanded service offerings and solutions. In addition, our “Other” line of business reflects the results of non-operating entities that provide financial assurance and self-insurance support for our Solid Waste business, net of intercompany activity. Activity related to collection, landfill, transfer and recycling within “Other” has been reclassified to the appropriate line of business for purposes of the presentation in this table. (b) Intercompany revenues between lines of business are eliminated in the Condensed Consolidated Financial Statements included within this report. Fluctuations in our operating results may be caused by many factors, including period-to-period changes in the relative contribution of revenue by each line of business, changes in commodity prices and general economic conditions. Typically, our revenues and income from operations reflect seasonal patterns. Our operating revenues tend to be somewhat higher in summer months, primarily due to the higher construction and demolition waste volumes. The volumes of industrial and residential waste in certain regions where we operate also tend to increase during the summer months. Our 2020 operating results were negatively impacted by COVID-19, as volumes declined beginning in March 2020 and continued through the third quarter in our landfill and industrial and commercial collection businesses, due to steps taken by national and local governments to slow the spread of the virus, including travel bans, prohibitions on group events and gatherings, shutdowns of certain businesses, curfews, shelter-in-place orders and recommendations to practice social distancing. We began to experience notable recoveries in volumes during the third quarter of 2020 with many private and government bodies taking steps to re-open. For customers negatively impacted by the COVID-19 pandemic, we proactively waived and suspended certain ancillary service charges, deferred certain annual price increases, extended payment terms and adjusted customer service levels during the first half of 2020. Additionally, for qualifying small and medium businesses, we have provided customers with one-month of free service upon re-opening. While these customer-centric steps also contributed to the revenue decline, these impacts were immaterial. During the third quarter, improved economic conditions positioned us to resume most business practices in accordance with our contractual terms. Service disruptions caused by severe storms, extended periods of inclement weather or climate extremes resulting from climate change can significantly affect the operating results of the Areas affected. On the other hand, certain destructive weather and climate conditions, such as wildfires in the Western U.S. and hurricanes that most often impact our operations in the Southern and Eastern U.S. during the second half of the year, can increase our revenues in the Areas affected as a result of the waste volumes generated by these events. While weather-related and other event driven special projects can boost revenues through additional work for a limited time, as a result of significant start-up costs and other factors, such revenue can generate earnings at comparatively lower margins.

Acquisitions and Assets Held-fo

Acquisitions and Assets Held-for-Sale	9 Months Ended
	Sep. 30, 2020
Acquisitions and Assets Held-for-Sale
Acquisitions and Assets Held-for-Sale	8. Acquisitions and Assets Held-for-Sale 2020 Acquisition and Assets Held-for-Sale On April 14, 2019, we entered into an Agreement and Plan of Merger to acquire all outstanding shares of Advanced Disposal for $33.15 per share in cash, representing a total enterprise value at the time of $4.9 billion when including approximately $1.9 billion of Advanced Disposal’s net debt. On June 24, 2020, we entered into an amendment to the Agreement and Plan of Merger (as amended, the “Merger Agreement”), pursuant to which a subsidiary of WM would acquire all outstanding shares of Advanced Disposal for $30.30 per share in cash, representing a total enterprise value of $4.6 billion when including approximately $1.8 billion of Advanced Disposal’s net debt. This acquisition grows our footprint and allows us to provide differentiated, sustainable waste management and recycling services to approximately three million new commercial, industrial and residential customers, primarily located in 16 states in the Eastern half of the U.S. The transaction closed on October 30, 2020 and is discussed further in Note 14. ​ On June 24, 2020, we also announced that we and Advanced Disposal entered into an agreement that provided for GFL Environmental Inc. to acquire a combination of assets from us and Advanced Disposal to address divestitures required by the U.S. Department of Justice in connection with the Advanced Disposal acquisition (as subsequently amended, the “Divestiture Agreement”). Immediately following the Merger Agreement closing on October 30, 2020, the transactions contemplated by the Divestiture Agreement were consummated and the Company received cash proceeds from the sale of $856.4 million, subject to certain post-closing adjustments. These transactions are discussed further in Note 14. ​ As of September 30, 2020, the WM assets to be divested met the criteria to be classified as held-for-sale and have been classified as such within other current assets and accrued liabilities, as appropriate, in our Condensed Consolidated Balance Sheet. The carrying amounts of the assets and liabilities, which are primarily in our Tier 2 and Tier 3 segments, that have been classified as held-for-sale are $53 million of property and equipment and goodwill and $17 million of landfill liabilities. ​ 2019 Acquisition Petro Waste Environmental LP (“Petro Waste”) The acquisition was funded using commercial paper borrowings and the acquisition accounting for this transaction was finalized in 2019. The operating results of the acquired business did not have a material impact to our consolidated financial statements for the periods presented herein. Given the significant change in energy market dynamics from the time of the acquisition, we have seen a decline in the fair value of certain of these assets from the time of acquisition. The impairment recognized during the second quarter of 2020 is discussed further in Note 9.

Asset Impairments and Unusual I

Asset Impairments and Unusual Items	9 Months Ended
	Sep. 30, 2020
Asset Impairments and Unusual Items
Asset Impairments and Unusual Items	9. Asset Impairments and Unusual Items (Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net During the nine months ended September 30, 2020, we recognized $68 million of non-cash impairment charges primarily related to the following: Energy Services Asset Impairments Other Impairments Additionally, during the third quarter of 2020, we recognized $7 million of net charges primarily related to non-cash impairments of certain assets within our WM Renewable Energy business in our Other segment. As the carrying values of the assets were not recoverable, we wrote off their entire net carrying value using an income approach based on estimated future cash flow projections (Level 3). Equity in Net Losses of Unconsolidated Entities During the first quarter of 2020, we recorded a non-cash impairment charge of $7 million related to our investment in a refined coal facility which is discussed further in Notes 4 and 13. The fair value of our investment was not readily determinable; thus, we determined the fair value using management assumptions pertaining to investment value (Level 3). Other, Net During the first quarter of 2019, we recognized a $52 million non-cash impairment charge related to our minority-owned investment in a waste conversion technology business. We wrote down our investment to its estimated fair value as the result of a third-party investor’s transactions in these securities. The fair value of our investment was not readily determinable; thus, we determined the fair value utilizing a combination of quoted price inputs for the equity in our investment (Level 2) and certain management assumptions pertaining to investment value (Level 3).

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)	10. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ Post- ​ ​ ​ ​ ​ ​ ​ ​ Available- ​ Currency ​ Retirement ​ ​ ​ ​ ​ Derivative ​ for-Sale ​ Translation ​ Benefit ​ ​ ​ ​ Instruments Securities Adjustments(a) Obligations Total December 31, 2019 ​ $ (24) ​ $ 38 ​ $ (21) ​ $ (1) ​ $ (8) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $1, $3, $0 and $0, respectively ​ 4 ​ 7 ​ (23) ​ — ​ (12) Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $2, $0, $0 and $0, respectively ​ 5 ​ — ​ — ​ (1) ​ 4 Net current period other comprehensive income (loss) ​ 9 ​ 7 ​ (23) ​ (1) ​ (8) September 30, 2020 ​ $ (15) ​ $ 45 ​ $ (44) ​ $ (2) ​ $ (16) (a) Foreign currency translation adjustments were impacted by a decrease in the Canadian/U.S. dollar exchange rate from 0.7698 at December 31, 2019 to 0.7507 at September 30, 2020 . We entered into interest rate derivatives during 2020, all of which were classified as a cash flow hedges and are discussed further in Note 3. We had no active derivatives outstanding during 2019. Amounts reclassified out of accumulated other comprehensive income (loss) associated with our previously terminated cash flow hedges were not material for the periods presented.

Common Stock Repurchase Program

Common Stock Repurchase Program	9 Months Ended
	Sep. 30, 2020
Capital Stock, Dividends and Common Stock Repurchase Program
Common Stock Repurchase Program	11. Common Stock Repurchase Program The Company repurchases shares of its common stock as part of capital allocation programs authorized by our Board of Directors. In February 2020, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $313 million of our common stock. At the beginning of the repurchase period, we delivered $313 million cash and received 2.0 million shares based on a stock price of $125.75. The ASR agreement completed in March 2020, at which time we received 0.8 million additional shares based on a final weighted average price of $111.78. During the first quarter of 2020, we also began repurchasing shares of our common stock in open market transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act. This repurchase program ended on March 27, 2020 and we repurchased 0.9 million shares. Cash paid for these share repurchases was $89 million, inclusive of per-share commissions, which represents a weighted average price per share of $99.96. As of September 30, 2020, the Company has authorization for $918 million of future share repurchases. To enhance our liquidity position in response to COVID-19 as well as funding of the Advanced Disposal acquisition, we elected to temporarily suspend additional share repurchases for the foreseeable future. Any future share repurchases pursuant to this authorization of our Board of Directors will be made at the discretion of management and will depend on factors similar to those considered by the Board of Directors in making dividend declarations, including our net earnings, financial condition and cash required for future business plans, growth and acquisitions.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Measurements
Fair Value Measurements	12. Fair Value Measurements Assets and Liabilities Accounted for at Fair Value Our assets and liabilities that are measured at fair value on a recurring basis include the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 Fair Value Measurements Using: ​ ​ ​ ​ ​ ​ Quoted prices in active markets (Level 1): ​ ​ ​ ​ ​ ​ Cash equivalents and money market funds $ 695 $ 3,527 Significant other observable inputs (Level 2): ​ ​ ​ ​ ​ ​ Available-for-sale securities (a) ​ 386 ​ 350 Interest rate derivatives ​ ​ 4 ​ ​ — Significant unobservable inputs (Level 3): ​ ​ ​ ​ ​ ​ Redeemable preferred stock (b) ​ 49 ​ 49 Total Assets $ 1,134 ​ $ 3,926 (a) Our available-for-sale securities generally mature over the next nine years . (b) When available, Level 3 investments have been measured based on third-party investors’ recent or pending transactions in these securities, which are considered the best evidence of fair value. When this evidence is not available, we use other valuation techniques as appropriate and available. These valuation methodologies may include transactions in similar instruments, discounted cash flow techniques, third-party appraisals or industry multiples and public company comparable transactions. See Note 9 for information related to our nonrecurring fair value measurements and the impact of impairments. ​ Fair Value of Debt As of September 30, 2020 and December 31, 2019, the carrying value of our debt was $10.4 billion and $13.5 billion, respectively. The estimated fair value of our debt was approximately $11.7 billion and $14.5 billion as of September 30, 2020 and December 31, 2019, respectively. The decrease in the fair value of our debt when comparing September 30, 2020 to December 31, 2019 is primarily related to net repayments of $3.1 billion during 2020 partially offset by fluctuations in current market rates for similar types of debt instruments. Although we have determined the estimated fair value amounts using available market information and commonly accepted valuation methodologies, considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, our estimates are not necessarily indicative of the amounts that we, or holders of the instruments, could realize in a current market exchange. The use of different assumptions or estimation methodologies could have a material effect on the estimated fair values. The fair value estimates are based on Level 2 inputs of the fair value hierarchy available as of September 30, 2020 and December 31, 2019. These amounts have not been revalued since those dates, and current estimates of fair value could differ significantly from the amounts presented.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2020
Variable Interest Entities
Variable Interest Entities	13. Variable Interest Entities Following is a description of our financial interests in unconsolidated and consolidated variable interest entities that we consider significant: Low-Income Housing Properties and Refined Coal Facility Investments We do not consolidate our investments in entities established to manage low-income housing properties and a refined coal facility because we are not the primary beneficiary of these entities as we do not have the power to individually direct the activities of these entities. Accordingly, we account for these investments under the equity method of accounting. Our aggregate investment balance in these entities was $243 million and $309 million as of September 30, 2020 and December 31, 2019, respectively. The debt balance related to our investments in low-income housing properties was $226 million and $269 million as of September 30, 2020 and December 31, 2019, respectively. During the first quarter of 2020, the entity which holds the investment in the refined coal facility sold the majority of its assets, which resulted in a $7 million non-cash impairment of our investment. Additional information related to these investments is discussed in Note 4. Trust Funds for Final Capping, Closure, Post-Closure or Environmental Remediation Obligations Unconsolidated Variable Interest Entities — Consolidated Variable Interest Entities —

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2020
Subsequent Event
Subsequent Event	14. Subsequent Events On October 30, 2020, we closed our acquisition of Advanced Disposal, which is discussed further in Note 8. We are currently in the process of valuing the assets acquired and liabilities assumed in the business combination. As a result, we are not yet able to provide the amounts to be recognized as of the acquisition date for the major classes of assets acquired and liabilities assumed and other related disclosures. We will disclose this and other related information in our Form 10-K for the year ended December 31, 2020. Total enterprise value of the acquisition was $4.6 billion when including approximately $1.8 billion of Advanced Disposal’s net debt and is subject to post-closing adjustments. The acquisition was funded using our $3.0 billion revolving credit facility and commercial paper borrowings. Refer to Note 3 for further discussion of our $3.0 billion revolving credit facility and commercial paper program. We and Advanced Disposal entered into a Divestiture Agreement that provided for GFL Environmental Inc. to acquire a combination of assets from us and Advanced Disposal to address divestitures required by the U.S. Department of Justice in connection with the Advanced Disposal acquisition. Immediately following the Merger Agreement closing on October 30, 2020, the transactions contemplated by the Divestiture Agreement were consummated and the Company received cash proceeds from the sale of $856.4 million, subject to certain post-closing adjustments.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Basis of Presentation
Basis of Presentation	The financial statements presented in this report represent the consolidation of Waste Management, Inc., a Delaware corporation; its wholly-owned and majority-owned subsidiaries; and certain variable interest entities for which Waste Management, Inc. or its subsidiaries are the primary beneficiaries as described in Note 13. Waste Management, Inc. is a holding company and all operations are conducted by its subsidiaries. When the terms “the Company,” “we,” “us” or “our” are used in this document, those terms refer to Waste Management, Inc., 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 provide 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 (“U.S.”). 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 7. The Condensed Consolidated Financial Statements as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019 are unaudited. In the opinion of management, these financial statements include all adjustments, which, unless otherwise disclosed, are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows, and changes in equity for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year. The financial statements presented herein should be read in conjunction with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019. In preparing our financial statements, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with precision from available data or simply cannot be calculated. In some cases, these estimates are difficult to determine, and we must exercise significant judgment. In preparing our financial statements, the most difficult, subjective and complex estimates and the assumptions that present the greatest amount of uncertainty relate to our accounting for landfills, environmental remediation liabilities, long-lived asset impairments and reserves associated with our insured and self-insured claims. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements.
Revenue Recognition	Revenue Recognition We generally recognize revenue as services are performed or products are delivered. For example, revenue typically is recognized as waste is collected, tons are received at our landfills or transfer stations, or recycling commodities are collected or delivered as product. We bill for certain services prior to performance. Such services include, among others, certain commercial and residential contracts and equipment rentals. These advance billings are included in deferred revenues and recognized as revenue in the period service is provided. Substantially all our deferred revenues during the reported periods are realized as revenues within one Contract Acquisition Costs Our incremental direct costs of obtaining a contract, which consist primarily of sales incentives, are generally deferred and amortized to selling, general and administrative expense over the estimated life of the relevant customer relationship, ranging from 5 to 13 years. Our contract acquisition costs are classified as current or noncurrent based on the timing of when we expect to recognize amortization and are included in other assets in our Condensed Consolidated Balance Sheet. As of September 30, 2020 and December 31, 2019, we had $160 million and $153 million, respectively, of deferred contract costs, of which $117 million at each date was related to deferred sales incentives. During the three and nine months ended September 30, 2020, we amortized $6 million and $17 million of sales incentives to selling, general and administrative expense, respectively. During the three and nine months ended September 30, 2019, we amortized $6 million and $17 million of sales incentives to selling, general and administrative expense, respectively.
Leases	Leases Amounts for our operating lease right-of-use assets are recorded in long-term other assets in our Condensed Consolidated Balance Sheets. The current and long-term portion of our operating lease liabilities are reflected in accrued liabilities and other long-term liabilities, respectively, in our Condensed Consolidated Balance Sheets. Right-of-use assets obtained in exchange for lease obligations for our operating leases for the nine months ended September 30, 2020 and 2019 were $80 million and $146 million, respectively. Amounts for our financing leases are recorded in property and equipment, net of accumulated depreciation, and current or long-term debt in our Condensed Consolidated Balance Sheets, as appropriate.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments held within our restricted trust 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.
Adoption of New Accounting Standards and New Accounting Standard Pending Adoption	Adoption of New Accounting Standards Fi nancial Instruments-Credit Losses ​ 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. Past-due receivable balances are written off when our internal collection efforts have been unsuccessful. Also, we recognize interest income on long-term interest-bearing notes receivable as the interest accrues under the terms of the notes. We no longer accrue interest once the notes are deemed uncollectible. ​ The following table reflects the activity in our allowance for doubtful accounts of trade receivables for the nine months ended September 30 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Balance as of January 1, ​ $ 28 ​ $ 29 Adoption of new accounting standard ​ (1) ​ — Additions charged to expense ​ 40 ​ 27 Accounts written-off, net of recoveries ​ (29) ​ (31) Acquisitions, divestitures and other, net ​ (4) ​ 2 Balance as of September 30, ​ $ 34 ​ $ 27 ​ For trade receivables the Company relies upon, among other factors, historical loss trends, the age of outstanding receivables, and existing as well as expected economic conditions. Due to the adoption of ASU 2016-13, we recognized a $1 million pre-tax decrease to our allowance for doubtful accounts on trade receivables. We determined that all of our trade receivables share similar risk characteristics. We monitor our credit exposure on an ongoing basis and assess whether assets in the pool continue to display similar risk characteristics. ​ In January 2020, a novel strain of coronavirus (“COVID-19”) was declared a Public Health Emergency of International Concern and subsequently declared a global pandemic in March 2020. Throughout the COVID-19 pandemic, the Company has proactively taken steps to put our employees’ and customers’ needs first and we continue to work with the appropriate regulatory agencies to ensure we can provide our essential waste services safely and efficiently. With this in mind, during the first half of 2020 we extended payment terms and postponed collections and discontinuing of service for customers who were negatively impacted by the COVID-19 pandemic which contributed to an increase in the aging of outstanding balances. During the third quarter, improved economic conditions allowed us to return to more regular business practices, in accordance with our contractual terms. ​ As of September 30, 2020, we had $1,927 million of trade receivables, net of allowance of $34 million. The allowance for doubtful accounts has increased by $6 million during 2020, largely due to the COVID-19 pandemic. Based on an aging analysis as of September 30, 2020, approximately 90% of our trade receivables were outstanding less than 60 days. ​ For other receivables as well as loans and other instruments, the Company relies primarily on credit ratings and associated default rates based on the maturity of the instrument. All receivables, as well as other instruments, are adjusted for our expectation of future market conditions and trends. Due to the adoption of ASU 2016-13, we recognized a $4 million pre-tax increase to our allowance for doubtful accounts on notes and other receivables. As of September 30, 2020, we had $453 million of notes and other receivables, net of allowance of $8 million. Based on an aging analysis as of September 30, 2020, approximately 65% of our other receivables were due within 12 months or less. ​ Implementation Costs Incurred in a Cloud Computing Arrangement Guarantor Financial Information — In March 2020, the Securities and Exchange Commission (“SEC”) adopted final rules that simplify the disclosure requirements related to certain registered securities under SEC Regulation S-X, Rules 3-10 and 3-16, permitting registrants to provide certain alternative financial disclosures and non-financial disclosures in lieu of separate consolidating financial statements for subsidiary issuers and guarantors of registered debt securities (which we previously included within the notes to our financial statements included in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q) if certain conditions are met. The disclosure requirements, as amended, are now located in newly-created Rules 13-01 and 13-02 of Regulation S-X and are generally effective for filings on or after January 4, 2021, with early adoption permitted. We early adopted the new disclosure requirements effective as of April 1, 2020 and are providing the summarized financial information and related disclosures in Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Form 10-Q.
Reclassifications	Reclassifications When necessary, reclassifications have been made to our prior period financial information to conform to the current year presentation and are not material to our consolidated financial statements.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2020
Basis of Presentation
Summary of allowance for doubtful accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Balance as of January 1, ​ $ 28 ​ $ 29 Adoption of new accounting standard ​ (1) ​ — Additions charged to expense ​ 40 ​ 27 Accounts written-off, net of recoveries ​ (29) ​ (31) Acquisitions, divestitures and other, net ​ (4) ​ 2 Balance as of September 30, ​ $ 34 ​ $ 27

Landfill and Environmental Re_2

Landfill and Environmental Remediation Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Landfill and Environmental Remediation Liabilities
Liabilities for Landfill and Environmental Remediation Costs	Liabilities for landfill and environmental remediation costs are presented in the table below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ Environmental ​ ​ ​ ​ ​ ​ ​ Environmental ​ ​ ​ ​ Landfill Remediation Total Landfill Remediation Total Current (in accrued liabilities) $ 102 ​ $ 27 ​ $ 129 ​ $ 138 ​ $ 27 ​ $ 165 Long-term ​ 1,826 ​ 211 ​ 2,037 1,717 ​ 213 ​ 1,930 ​ $ 1,928 ​ $ 238 ​ $ 2,166 ​ $ 1,855 ​ $ 240 ​ $ 2,095
Changes to Landfill and Environmental Remediation Liabilities	The changes to landfill and environmental remediation liabilities for the nine months ended September 30, 2020 are reflected in the table below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Environmental ​ Landfill Remediation December 31, 2019 ​ $ 1,855 ​ $ 240 Obligations incurred and capitalized ​ 61 — Obligations settled ​ (75) (17) Interest accretion ​ 75 1 Revisions in estimates and interest rate assumptions (a) (b) ​ 30 14 Acquisitions, divestitures and other adjustments (c) ​ (18) — September 30, 2020 ​ $ 1,928 ​ $ 238 (a) The amount reported for our landfill liabilities includes (i) a $10 million increase in estimated construction costs for capping at certain landfills and (ii) an increase of $8 million due to a business decision to close one of our landfills, which resulted in the acceleration of the expected timing of capping, closure and post-closure activities. This business decision also resulted in an impairment that is discussed in Note 9. (b) The amount reported for our environmental remediation liabilities includes an increase of $12 million due to a decrease in the risk-free discount rate used to measure our liabilities from 1.75% at December 31, 2019 to 0.75% at September 30, 2020. (c) The amount reported for landfill liabilities includes the reclassification of $17 million to accrued liabilities in our Condensed Consolidated Balance Sheet related to certain landfills classified as held for sale as of September 30, 2020 in connection with the sale of the landfills to GFL Environmental Inc. The divestiture is directly related to the Advanced Disposal, Inc. (“Advanced Disposal”) acquisition. These transactions are discussed further in Notes 8 and 14.

Debt and Interest Rate Deriva_2

Debt and Interest Rate Derivatives (Tables)	9 Months Ended
	Sep. 30, 2020
Debt and Interest Rate Derivatives
Components of Debt	The following table summarizes the major components of debt as of each balance sheet date (in millions) and provides the maturities and interest rate ranges of each major category as of September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 Commercial paper program (weighted average interest rate of 0.5% as of September 30, 2020) ​ $ 600 ​ $ — Senior notes, maturing through 2049, interest rates ranging from 2.4% to 7.75% (weighted average interest rate of 4.1% as of September 30, 2020 and 3.9% as of December 31, 2019) ​ ​ 6,365 ​ ​ 9,965 Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6% ​ 375 ​ ​ 385 Tax-exempt bonds, maturing through 2048, fixed and variable interest rates ranging from 0.17% to 4.3% (weighted average interest rate of 1.9% as of September 30, 2020 and 2.3% as of December 31, 2019) ​ 2,491 ​ 2,523 Financing leases and other, maturing through 2071, weighted average interest rate of 4.7% ​ 651 ​ 710 Debt issuance costs, discounts and other ​ (60) ​ (85) ​ ​ 10,422 ​ 13,498 Current portion of long-term debt ​ 167 ​ 218 ​ ​ $ 10,255 ​ $ 13,280 ​

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share
Common Share Data Used for Computing Basic and Diluted Earnings Per Share	Basic and diluted earnings per share were computed using the following common share data (shares in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 Number of common shares outstanding at end of period 422.6 424.2 422.6 424.2 Effect of using weighted average common shares outstanding 0.1 0.3 0.5 0.4 Weighted average basic common shares outstanding 422.7 424.5 423.1 424.6 Dilutive effect of equity-based compensation awards and other contingently issuable shares 1.9 2.9 1.9 2.8 Weighted average diluted common shares outstanding 424.6 427.4 425.0 427.4 Potentially issuable shares 6.3 6.8 6.3 6.8 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 1.3 0.7 1.7 0.7

Segment and Related Informati_2

Segment and Related Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment and Related Information
Reportable Segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Intercompany ​ Net ​ Income ​ ​ Operating ​ Operating ​ Operating ​ from ​ Revenues Revenues(c) Revenues Operations(d) Three Months Ended September 30: ​ ​ ​ ​ 2020 ​ ​ ​ ​ Solid Waste: ​ ​ ​ ​ Tier 1 ​ $ 1,521 ​ $ (295) ​ $ 1,226 ​ $ 430 Tier 2 ​ 984 ​ (209) ​ 775 ​ 226 Tier 3 ​ 1,572 ​ (304) ​ 1,268 ​ 290 Solid Waste ​ 4,077 ​ (808) ​ 3,269 ​ 946 Other (a) ​ 615 ​ (23) ​ 592 ​ (7) ​ ​ ​ 4,692 ​ ​ (831) ​ ​ 3,861 ​ ​ 939 Corporate and Other (b) ​ — ​ — ​ — ​ (259) Total ​ $ 4,692 ​ $ (831) ​ $ 3,861 ​ $ 680 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ Solid Waste: ​ ​ ​ ​ Tier 1 ​ $ 1,576 ​ $ (295) ​ $ 1,281 ​ $ 436 Tier 2 ​ 998 ​ (199) ​ 799 ​ 226 Tier 3 ​ 1,641 ​ (310) ​ 1,331 ​ 298 Solid Waste ​ 4,215 ​ (804) ​ 3,411 ​ 960 Other (a) ​ 589 ​ (33) ​ 556 ​ (25) ​ ​ 4,804 ​ (837) ​ 3,967 ​ 935 Corporate and Other (b) ​ — ​ — ​ — ​ (201) Total ​ $ 4,804 ​ $ (837) ​ $ 3,967 ​ $ 734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Intercompany ​ Net ​ Income ​ ​ Operating ​ Operating ​ Operating ​ from ​ Revenues Revenues(c) Revenues Operations(d) Nine Months Ended September 30: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ Solid Waste: ​ ​ ​ ​ ​ Tier 1 ​ $ 4,442 ​ $ (846) ​ $ 3,596 ​ $ 1,139 Tier 2 ​ 2,813 ​ (597) ​ 2,216 ​ 596 Tier 3 ​ 4,566 ​ (873) ​ 3,693 ​ 776 Solid Waste ​ 11,821 ​ (2,316) ​ 9,505 ​ 2,511 Other (a) ​ 1,723 ​ (77) ​ 1,646 ​ (42) ​ ​ ​ 13,544 ​ ​ (2,393) ​ ​ 11,151 ​ ​ 2,469 Corporate and Other (b) ​ — ​ — ​ — ​ (689) Total ​ $ 13,544 ​ $ (2,393) ​ $ 11,151 ​ $ 1,780 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ Solid Waste: ​ ​ ​ ​ Tier 1 ​ $ 4,602 ​ $ (853) ​ $ 3,749 ​ $ 1,268 Tier 2 ​ 2,897 ​ (580) ​ 2,317 ​ 656 Tier 3 ​ 4,780 ​ (900) ​ 3,880 ​ 850 Solid Waste ​ 12,279 ​ (2,333) ​ 9,946 ​ 2,774 Other (a) ​ 1,757 ​ (94) ​ 1,663 ​ (92) ​ ​ 14,036 ​ (2,427) ​ 11,609 ​ 2,682 Corporate and Other (b) ​ — ​ — ​ — ​ (631) Total ​ $ 14,036 ​ $ (2,427) ​ $ 11,609 ​ $ 2,051 (a) “Other” includes (i) our Strategic Business Solutions (“WMSBS”) business; (ii) those elements of our landfill gas-to-energy operations and third-party subcontract and administration revenues managed by our Energy and Environmental Services (“EES”) and WM Renewable Energy businesses that are not included in the operations of our reportable segments; (iii) our recycling brokerage services and (iv) certain other expanded service offerings and solutions. In addition, our “Other” segment reflects the results of non-operating entities that provide financial assurance and self-insurance support for our Solid Waste business, net of intercompany activity. Income from operations for the Other segment for the three and nine months ended September 30, 2020 was impacted primarily by an increase in revenue for our WMSBS and WM Renewable Energy businesses as a result of new contract activities in the current year periods and a new renewable energy facility coming online which drove an increase in commodity sales, respectively. Additionally, the nine month period is impacted by a $16 million non-cash charge to write off certain equipment costs recorded in the prior year period offset, in part, by (i) a decrease in revenue within our EES business and (ii) the non-cash impairment of certain assets within our WM Renewable Energy business in the current year period. (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 incentive program and any administrative expenses or revisions to our estimated obligations associated with divested operations. (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) 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 2020, we revised allocations between our segments including (i) the discontinuation of certain allocations from Corporate and Other to Solid Waste and (ii) allocating certain insurance costs from Other to Solid Waste. Reclassifications have been made to our prior period information for comparability purposes .
Summary of operating revenues mix	The mix of operating revenues from our major lines of business are as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 Commercial ​ $ 1,025 ​ $ 1,069 ​ $ 3,016 ​ $ 3,147 Residential ​ 662 ​ 661 ​ 1,969 ​ 1,956 Industrial ​ 709 ​ 766 ​ 2,027 ​ 2,190 Other collection ​ 120 ​ 130 ​ 347 ​ 361 Total collection ​ 2,516 ​ 2,626 ​ 7,359 ​ 7,654 Landfill ​ 946 ​ 993 ​ 2,707 ​ 2,880 Transfer ​ 482 ​ 471 ​ 1,362 ​ 1,357 Recycling ​ 290 ​ 245 ​ 819 ​ 800 Other (a) ​ 458 ​ 469 ​ 1,297 ​ 1,345 Intercompany (b) ​ (831) ​ (837) ​ (2,393) ​ (2,427) Total ​ $ 3,861 ​ $ 3,967 ​ $ 11,151 ​ $ 11,609 (a) The “Other” line of business includes (i) our WMSBS business; (ii) our landfill gas-to-energy operations; (iii) certain services within our EES business, including our construction and remediation services and our services associated with the disposal of fly ash and (iv) certain other expanded service offerings and solutions. In addition, our “Other” line of business reflects the results of non-operating entities that provide financial assurance and self-insurance support for our Solid Waste business, net of intercompany activity. Activity related to collection, landfill, transfer and recycling within “Other” has been reclassified to the appropriate line of business for purposes of the presentation in this table. (b) Intercompany revenues between lines of business are eliminated in the Condensed Consolidated Financial Statements included within this report.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss)
Components of Accumulated Other Comprehensive Income (Loss), net of tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ Post- ​ ​ ​ ​ ​ ​ ​ ​ Available- ​ Currency ​ Retirement ​ ​ ​ ​ ​ Derivative ​ for-Sale ​ Translation ​ Benefit ​ ​ ​ ​ Instruments Securities Adjustments(a) Obligations Total December 31, 2019 ​ $ (24) ​ $ 38 ​ $ (21) ​ $ (1) ​ $ (8) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $1, $3, $0 and $0, respectively ​ 4 ​ 7 ​ (23) ​ — ​ (12) Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $2, $0, $0 and $0, respectively ​ 5 ​ — ​ — ​ (1) ​ 4 Net current period other comprehensive income (loss) ​ 9 ​ 7 ​ (23) ​ (1) ​ (8) September 30, 2020 ​ $ (15) ​ $ 45 ​ $ (44) ​ $ (2) ​ $ (16) (a) Foreign currency translation adjustments were impacted by a decrease in the Canadian/U.S. dollar exchange rate from 0.7698 at December 31, 2019 to 0.7507 at September 30, 2020 .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Measurements
Fair Value of Assets and Liabilities Measured on Recurring Basis	Our assets and liabilities that are measured at fair value on a recurring basis include the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 Fair Value Measurements Using: ​ ​ ​ ​ ​ ​ Quoted prices in active markets (Level 1): ​ ​ ​ ​ ​ ​ Cash equivalents and money market funds $ 695 $ 3,527 Significant other observable inputs (Level 2): ​ ​ ​ ​ ​ ​ Available-for-sale securities (a) ​ 386 ​ 350 Interest rate derivatives ​ ​ 4 ​ ​ — Significant unobservable inputs (Level 3): ​ ​ ​ ​ ​ ​ Redeemable preferred stock (b) ​ 49 ​ 49 Total Assets $ 1,134 ​ $ 3,926 (a) Our available-for-sale securities generally mature over the next nine years . (b) When available, Level 3 investments have been measured based on third-party investors’ recent or pending transactions in these securities, which are considered the best evidence of fair value. When this evidence is not available, we use other valuation techniques as appropriate and available. These valuation methodologies may include transactions in similar instruments, discounted cash flow techniques, third-party appraisals or industry multiples and public company comparable transactions.

Basis of Presentation (Detail)

Basis of Presentation (Detail)	9 Months Ended
	Sep. 30, 2020segment
Solid Waste [Member]
Segment Reporting Information [Line Items]
Number of areas	17

Basis of Presentation - Revenue

Basis of Presentation - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Contract Acquisition Costs
Deferred contract costs	$ 160		$ 160		$ 153
Right-of-use assets obtained in exchange for operating lease obligations			$ 80	$ 146
Minimum [Member]
Contract Acquisition Costs
Deferred revenue recognition period			1 month
Contract amortization period	5 years		5 years
Maximum [Member]
Contract Acquisition Costs
Deferred revenue recognition period			3 months
Contract amortization period	13 years		13 years
Selling, General and Administrative Expenses [Member]
Contract Acquisition Costs
Deferred contract costs amortization	$ 6	$ 6	$ 17	$ 17
Deferred Sales Incentives [Member]
Contract Acquisition Costs
Deferred contract costs	$ 117		$ 117		$ 117

Basis of Presentation - Credit

Basis of Presentation - Credit loss adoption (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounting change
Adoption of new accounting standard	$ 7,157	$ 6,893		$ 7,070	$ 6,787	$ 6,467	$ 6,276
Allowance for doubtful accounts	34			$ 28	$ 27		$ 29
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounting change
Adoption of new accounting standard	(2)
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounting change
Adoption of new accounting standard			$ (2)
Allowance for doubtful accounts	$ (1)		$ (1)

Basis of Presentation - Credi_2

Basis of Presentation - Credit loss (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jan. 01, 2020	Dec. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable, net of allowance	$ 1,927			$ 1,949
Total allowance increase (decrease)	$ 6
Receivables outstanding less than 60 days (as a percent)	90.00%
Threshold period to measure receivables	60 days
Allowance activity
Allowance for doubtful accounts, beginning balance	$ 28	$ 29
Additions charged to expense	40	27
Accounts written-off, net of recoveries	(29)	(31)
Acquisitions, divestitures and other, net	(4)	2
Allowance for doubtful accounts, ending balance	34	$ 27
Notes and other receivables, current and noncurrent	453
Allowance for notes and other receivables, current and noncurrent	$ 8
Receivables classified as current (as a percent)	65.00%
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Allowance activity
Allowance for doubtful accounts, ending balance	$ (1)
Allowance for notes and other receivables, current and noncurrent			$ 4

Landfill and Environmental Re_3

Landfill and Environmental Remediation Liabilities - Summary (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Landfill and environmental remediation liabilities
Total, Environmental Remediation	$ 238
Current (in accrued liabilities)	129	$ 165
Long-term	2,037	1,930
Total	2,166	2,095
Landfill [Member]
Landfill and environmental remediation liabilities
Current (in accrued liabilities), Landfill	102	138
Long-term, Landfill	1,826	1,717
Total, Landfill	1,928	1,855
Environmental Remediation Liabilities [Member]
Landfill and environmental remediation liabilities
Current (in accrued liabilities), Environmental Remediation	27	27
Long-term, Environmental Remediation	211	213
Total, Environmental Remediation	$ 238	$ 240

Landfill and Environmental Re_4

Landfill and Environmental Remediation Liabilities - Changes (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Landfill and environmental remediation liabilities
Interest accretion	$ 75	$ 72
Ending balance, environmental remediation	238
Advanced Disposal [Member]
Landfill and environmental remediation liabilities
Acquisitions, divestitures and other adjustments	(17)
Landfill [Member]
Landfill and environmental remediation liabilities
Beginning balance, landfill	1,855
Obligations incurred and capitalized	61
Obligations settled	(75)
Interest accretion	75
Revisions in estimates and interest rate assumptions	30
Acquisitions, divestitures and other adjustments	(18)
Ending balance, landfill	1,928
Asset retirement obligation revision of estimate increase (decrease) related to estimated capping activities	10
Asset retirement obligation, increase (decrease) related to landfill closure	8
Environmental Remediation Liabilities [Member]
Landfill and environmental remediation liabilities
Beginning balance, environmental remediation	240
Obligations settled	(17)
Interest accretion	1
Revisions in estimates and interest rate assumptions	14
Ending balance, environmental remediation	238
Increase (decrease) operating expenses due to change in discount rate	$ 12
Risk-free discount rate of the obligations	0.75%		1.75%

Debt and Interest Rate Deriva_3

Debt and Interest Rate Derivatives - Components of Debt (Detail) $ in Millions, $ in Millions	Sep. 30, 2020USD ($)	Sep. 30, 2020CAD ($)	Dec. 31, 2019USD ($)
Debt
Debt	$ 10,422		$ 13,498
Debt issuance costs, discounts and other	(60)		(85)
Current portion of long-term debt	167		218
Long-term debt, less current portion	10,255		13,280
Commercial Paper Program [Member]
Debt
Debt	600
Current portion of long-term debt	$ 600
Weighted average interest rate	0.50%	0.50%
Senior Notes, Aggregate [Member]
Debt
Debt	$ 6,365		$ 9,965
Weighted average interest rate	4.10%	4.10%	3.90%
Canadian Senior Notes [Member]
Debt
Debt	$ 375	$ 500	$ 385
Interest rate (as a percent)	2.60%	2.60%
Tax Exempt Bonds [Member]
Debt
Debt	$ 2,491		$ 2,523
Current portion of long-term debt	$ 63
Weighted average interest rate	1.90%	1.90%	2.30%
Financing leases and other [Member]
Debt
Debt	$ 651		$ 710
Current portion of long-term debt	$ 167
Weighted average interest rate	4.70%	4.70%
Minimum [Member] | Senior Notes, Aggregate [Member]
Debt
Interest rate (as a percent)	2.40%	2.40%
Minimum [Member] | Tax Exempt Bonds [Member]
Debt
Interest rate (as a percent)	0.17%	0.17%
Maximum [Member] | Senior Notes, Aggregate [Member]
Debt
Interest rate (as a percent)	7.75%	7.75%
Maximum [Member] | Tax Exempt Bonds [Member]
Debt
Interest rate (as a percent)	4.30%	4.30%

Debt and Interest Rate Deriva_4

Debt and Interest Rate Derivatives - Debt classification and Utilization (Detail) - USD ($) $ in Millions	Jul. 28, 2020	Sep. 30, 2020	Dec. 31, 2019
Debt
Debt maturing or subject to remarketing within twelve months		$ 2,200
Current portion of long-term debt		167	$ 218
4.60% senior notes due March 2021 [Member]
Debt
Debt instrument face amount		$ 400
Interest rate (as a percent)		4.60%
Tax Exempt Bonds [Member]
Debt
Current portion of long-term debt		$ 63
Debt with interest rate periods that expire in the next 12 months		952
Debt maturing or subject to remarketing within twelve months classified as long-term		2,000
Variable-rate tax-exempt bonds		54
Variable-rate tax-exempt bonds, non-current		$ 54
Tax Exempt Bonds [Member] | Minimum [Member]
Debt
Interest rate (as a percent)		0.17%
Tax Exempt Bonds [Member] | Maximum [Member]
Debt
Interest rate (as a percent)		4.30%
Financing leases and other [Member]
Debt
Current portion of long-term debt		$ 167
$3.0 billion US revolving credit facility [Member]
Debt
Maximum capacity	$ 3,000
Debt term	364 days
Outstanding borrowings under credit facility		$ 0
$3.0 billion US revolving credit facility [Member] | London Interbank Offered Rate [Member]
Debt
Spread rate		1.225%
$3.0 billion US revolving credit facility [Member] | London Interbank Offered Rate [Member] | Minimum [Member]
Debt
Spread rate	1.00%
$3.0 billion US revolving credit facility [Member] | London Interbank Offered Rate [Member] | Maximum [Member]
Debt
Spread rate	1.30%
$3.5 billion revolving credit facility [Member]
Debt
Maximum capacity		$ 3,500
Outstanding borrowings under credit facility		0
Letters of credit outstanding		269
Unused and available credit capacity		2,600
Commercial Paper Program [Member]
Debt
Current portion of long-term debt		$ 600
Debt term		397 days
Commercial paper borrowings		$ 600
Other Letter Of Credit Facilities [Member]
Debt
Letters of credit outstanding		$ 528

Debt and Interest Rate Deriva_5

Debt and Interest Rate Derivatives - Borrowings and Repayments (Detail) - USD ($) $ in Millions	Jul. 20, 2020	May 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jul. 01, 2020	Dec. 31, 2019
Debt
Net commercial paper borrowings (repayments)					$ 597	$ (1,001)
Debt repayments					3,942	502
New borrowings					231	4,558
Premiums paid on early extinguishment of debt					30	84
Loss on early extinguishment of debt			$ (52)	$ (1)	(52)	$ (85)
Debt issuance costs, discounts and other			60		60			$ 85
Commercial Paper Program [Member]
Debt
Net commercial paper borrowings (repayments)			$ 597
4.75% senior notes due June 2020 [Member]
Debt
Debt repayments					$ 600
Interest rate (as a percent)			4.75%		4.75%
Senior Notes, Aggregate [Member]
Debt
New borrowings		$ 4,000
Senior Notes, Aggregate [Member] | Minimum [Member]
Debt
Interest rate (as a percent)			2.40%		2.40%
Senior Notes, Aggregate [Member] | Maximum [Member]
Debt
Interest rate (as a percent)			7.75%		7.75%
Senior Notes, Mandatory Redemption Feature [Member]
Debt
Debt repayments	$ 3,000
New borrowings		$ 3,000
Aggregate principal amounts of notes redeemed (as a percent)		101.00%
Premiums paid on early extinguishment of debt	30		$ 30
Interest Payable, Current	$ 8
Loss on early extinguishment of debt			$ (52)
Debt issuance costs, discounts and other							$ 22
Canadian Senior Notes [Member]
Debt
Interest rate (as a percent)			2.60%		2.60%
Tax Exempt Bonds [Member]
Debt
Debt repayments					$ 82
New borrowings					51
Debt refunded and reissued			$ 130		$ 130
Tax Exempt Bonds [Member] | Minimum [Member]
Debt
Interest rate (as a percent)			0.17%		0.17%
Tax Exempt Bonds [Member] | Maximum [Member]
Debt
Interest rate (as a percent)			4.30%		4.30%
Financing leases and other [Member]
Debt
Debt repayments					$ 80
New borrowings					$ 21

Debt and Interest Rate Deriva_6

Debt and Interest Rate Derivatives - Derivatives (Details) - Treasury rate lock [Member] - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2020	Sep. 30, 2020
Debt Instrument [Line Items]
Interest rate derivative asset notional amount	$ 400	$ 500
Interest rate derivatives fair value		$ 4
Cash received on derivative	$ 1

Income Taxes - Quarter informat

Income Taxes - Quarter information (Detail) - USD ($) $ in Millions	3 Months Ended					9 Months Ended		12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Taxes
Effective tax rate of income (loss) before income taxes	24.50%			19.40%		21.40%	22.20%
Investment impairment					$ 52			$ 52
Equity in net losses of unconsolidated entities	$ 16			$ 14		$ 56	$ 39
Excess tax benefits associated with equity-based compensation	2			5		25	22
Increase (decrease) to accruals and related deferred taxes				(13)		(6)	(13)
Nondeductible acquisition transaction costs	19
Asset impairments		$ 61
Landfill [Member]
Income Taxes
Asset impairments		$ 20
Investments Qualifying for Federal Tax Credits [Member]
Income Taxes
Equity in net losses of unconsolidated entities	16			11		59	32
Income tax (expense) benefit, including tax credits, from equity method investment	24			36		65	69
Interest expense	$ 3			$ 2		9	$ 6
Refined Coal Facility [Member]
Income Taxes
Equity method investments impairment charges			$ 7			$ 7

Earnings Per Share (Detail)

Earnings Per Share (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share
Number of common shares outstanding at end of period	422.6	424.2	422.6	424.2
Effect of using weighted average common shares outstanding	0.1	0.3		0.4
Net reduction, Effect of using weighted average common shares outstanding			0.5
Weighted average basic common shares outstanding	422.7	424.5	423.1	424.6
Dilutive effect of equity-based compensation awards and other contingently issuable shares	1.9	2.9	1.9	2.8
Weighted average diluted common shares outstanding	424.6	427.4	425	427.4
Potentially issuable shares	6.3	6.8	6.3	6.8
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	1.3	0.7	1.7	0.7

Commitments and Contingencies -

Commitments and Contingencies - Quarter (Details)	3 Months Ended	9 Months Ended
	Mar. 31, 2020USD ($)	Sep. 30, 2020USD ($)siteitem	Dec. 31, 2019USD ($)
Commitments And Contingencies [Line Items]
Number of landfills adjacent to or near homeowners' properties with agreements guaranteeing market value | item		18
Environmental remediation reasonably possible additional losses high estimate		$ 145,000,000
Environmental remediation liabilities		$ 238,000,000
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
Dollar threshold for environmental matters requiring disclosure under item 103 of the SEC's Regulation S-K		$ 100,000
Approximate percentage of workforce covered by collective bargaining agreements		20.00%
Expected time of completion of IRS audits		18 months
San Jacinto Waste Pits [Member]
Commitments And Contingencies [Line Items]
Environmental remediation liabilities		$ 55,000,000	$ 56,000,000
Withdrawal from Multiemployer Pension Plans [Member]
Commitments And Contingencies [Line Items]
Charge to "Operating" expenses	$ 3,000,000
$3.5 billion revolving credit facility [Member]
Commitments And Contingencies [Line Items]
Credit Facility, aggregate capacity		$ 3,500,000,000

Segment and Related Informati_3

Segment and Related Information - Information (Detail) - Solid Waste [Member]	9 Months Ended
	Sep. 30, 2020segment
Segment Reporting Information [Line Items]
Number of areas	17
Number of reportable segments	3

Segment and Related Informati_4

Segment and Related Information - Summary (Detail) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Operating revenues	$ 3,861		$ 3,967	$ 11,151	$ 11,609
Income from operations	680		734	1,780	2,051
Asset impairments		$ 61
Landfills and Oil Field Waste Injection Facility [Member]
Segment Reporting Information [Line Items]
Asset impairments		41
Operating Group Total [Member]
Segment Reporting Information [Line Items]
Operating revenues	3,861		3,967	11,151	11,609
Income from operations	939		935	2,469	2,682
Solid Waste [Member]
Segment Reporting Information [Line Items]
Operating revenues	3,269		3,411	9,505	9,946
Income from operations	946		960	2,511	2,774
Tier 1 [Member]
Segment Reporting Information [Line Items]
Operating revenues	1,226		1,281	3,596	3,749
Income from operations	430		436	1,139	1,268
Tier 1 [Member] | Energy Services Assets [Member]
Segment Reporting Information [Line Items]
Asset impairments		$ 41
Tier 2 [Member]
Segment Reporting Information [Line Items]
Operating revenues	775		799	2,216	2,317
Income from operations	226		226	596	656
Tier 3 [Member]
Segment Reporting Information [Line Items]
Operating revenues	1,268		1,331	3,693	3,880
Income from operations	290		298	776	850
Other [Member]
Segment Reporting Information [Line Items]
Operating revenues	592		556	1,646	1,663
Income from operations	(7)		(25)	(42)	(92)
Asset impairments					16
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating revenues	4,692		4,804	13,544	14,036
Operating Segments [Member] | Operating Group Total [Member]
Segment Reporting Information [Line Items]
Operating revenues	4,692		4,804	13,544	14,036
Operating Segments [Member] | Solid Waste [Member]
Segment Reporting Information [Line Items]
Operating revenues	4,077		4,215	11,821	12,279
Operating Segments [Member] | Tier 1 [Member]
Segment Reporting Information [Line Items]
Operating revenues	1,521		1,576	4,442	4,602
Operating Segments [Member] | Tier 2 [Member]
Segment Reporting Information [Line Items]
Operating revenues	984		998	2,813	2,897
Operating Segments [Member] | Tier 3 [Member]
Segment Reporting Information [Line Items]
Operating revenues	1,572		1,641	4,566	4,780
Operating Segments [Member] | Other [Member]
Segment Reporting Information [Line Items]
Operating revenues	615		589	1,723	1,757
Intercompany Operating Revenues [Member]
Segment Reporting Information [Line Items]
Operating revenues	(831)		(837)	(2,393)	(2,427)
Intercompany Operating Revenues [Member] | Operating Group Total [Member]
Segment Reporting Information [Line Items]
Operating revenues	(831)		(837)	(2,393)	(2,427)
Intercompany Operating Revenues [Member] | Solid Waste [Member]
Segment Reporting Information [Line Items]
Operating revenues	(808)		(804)	(2,316)	(2,333)
Intercompany Operating Revenues [Member] | Tier 1 [Member]
Segment Reporting Information [Line Items]
Operating revenues	(295)		(295)	(846)	(853)
Intercompany Operating Revenues [Member] | Tier 2 [Member]
Segment Reporting Information [Line Items]
Operating revenues	(209)		(199)	(597)	(580)
Intercompany Operating Revenues [Member] | Tier 3 [Member]
Segment Reporting Information [Line Items]
Operating revenues	(304)		(310)	(873)	(900)
Intercompany Operating Revenues [Member] | Other [Member]
Segment Reporting Information [Line Items]
Operating revenues	(23)		(33)	(77)	(94)
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Income from operations	$ (259)		$ (201)	$ (689)	$ (631)

Segment and Related Informati_5

Segment and Related Information - Revenues mix (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from External Customer [Line Items]
Operating revenues	$ 3,861	$ 3,967	$ 11,151	$ 11,609
Operating Segments [Member]
Revenue from External Customer [Line Items]
Operating revenues	4,692	4,804	13,544	14,036
Operating Segments [Member] | Collection [Member]
Revenue from External Customer [Line Items]
Operating revenues	2,516	2,626	7,359	7,654
Operating Segments [Member] | Commercial [Member]
Revenue from External Customer [Line Items]
Operating revenues	1,025	1,069	3,016	3,147
Operating Segments [Member] | Residential [Member]
Revenue from External Customer [Line Items]
Operating revenues	662	661	1,969	1,956
Operating Segments [Member] | Industrial [Member]
Revenue from External Customer [Line Items]
Operating revenues	709	766	2,027	2,190
Operating Segments [Member] | Other collection [Member]
Revenue from External Customer [Line Items]
Operating revenues	120	130	347	361
Operating Segments [Member] | Landfill [Member]
Revenue from External Customer [Line Items]
Operating revenues	946	993	2,707	2,880
Operating Segments [Member] | Transfer [Member]
Revenue from External Customer [Line Items]
Operating revenues	482	471	1,362	1,357
Operating Segments [Member] | Recycling [Member]
Revenue from External Customer [Line Items]
Operating revenues	290	245	819	800
Operating Segments [Member] | Other Revenue [Member]
Revenue from External Customer [Line Items]
Operating revenues	458	469	1,297	1,345
Intercompany Operating Revenues [Member]
Revenue from External Customer [Line Items]
Operating revenues	$ (831)	$ (837)	$ (2,393)	$ (2,427)

Acquisitions and Assets Held-_2

Acquisitions and Assets Held-for-Sale (Detail) $ / shares in Units, customer in Millions, $ in Millions	Oct. 30, 2020customerstate	Jun. 24, 2020USD ($)$ / shares	Apr. 14, 2019USD ($)$ / shares	Mar. 08, 2019item	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Goodwill					$ 6,504	$ 6,532
Advanced Disposal [Member]
Business Acquisition [Line Items]
Price per share | $ / shares		$ 30.30	$ 33.15
Total enterprise value		$ 4,600	$ 4,900
Total debt assumed		$ 1,800	$ 1,900
Number of customers | customer	3
Number of states | state	16
Petro Waste Environmental [Member]
Business Acquisition [Line Items]
Number of landfills | item				7

Acquisitions and Assets Held-_3

Acquisitions and Assets Held-for-Sale - Divestitures (Detail) $ in Millions	Sep. 30, 2020USD ($)
Divestitures
Assets held-for-sale, disposal	$ 53
Liabilities held-for-sale, disposal	$ 17

Asset Impairments and Unusual_2

Asset Impairments and Unusual Items - Quarter (Detail) - USD ($) $ in Millions	3 Months Ended					9 Months Ended		12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Asset Impairments and Unusual Items
(Gain) loss from divestitures, asset impairments and unusual items, net	$ 7			$ 1		$ 68	$ 8
Asset impairments		$ 61
Investment impairment					$ 52			$ 52
Refined Coal Facility [Member]
Asset Impairments and Unusual Items
Equity method investments impairment charges			$ 7			$ 7
Landfills and Oil Field Waste Injection Facility [Member]
Asset Impairments and Unusual Items
Asset impairments		41
Asset fair value		8
Energy Services Assets [Member]
Asset Impairments and Unusual Items
Asset fair value		239
Energy Services Assets [Member] | Tier 1 [Member]
Asset Impairments and Unusual Items
Asset impairments		41
Renewable Energy Assets [Member]
Asset Impairments and Unusual Items
Asset impairments	$ 7
Landfill [Member]
Asset Impairments and Unusual Items
Asset impairments		20
Landfill [Member] | Carrying Value [Member]
Asset Impairments and Unusual Items
Asset impairments		12
Landfill [Member] | Expected Timing [Member]
Asset Impairments and Unusual Items
Asset impairments		$ 8

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)$ / $	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)$ / $	Sep. 30, 2019USD ($)	Dec. 31, 2019$ / $
AOCI roll forward
Beginning balance	$ 6,893	$ 6,467	$ 7,070	$ 6,276
Other comprehensive income (loss), net of tax	25	(11)	(8)	54
Ending balance	$ 7,157	6,787	$ 7,157	6,787
Dollar exchange rate | $ / $	0.7507		0.7507		0.7698
Accumulated Other Comprehensive Loss [Member]
AOCI roll forward
Beginning balance	$ (41)	(22)	$ (8)	(87)
Other comprehensive income (loss) before reclassifications, net of tax			(12)
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax			4
Other comprehensive income (loss), net of tax	25	(11)	(8)	54
Ending balance	(16)	$ (33)	(16)	$ (33)
Derivative Instruments [Member]
AOCI roll forward
Beginning balance			(24)
Other comprehensive income (loss) before reclassifications, net of tax			4
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax			5
Other comprehensive income (loss), net of tax			9
Ending balance	(15)		(15)
Available for sale Securities [Member]
AOCI roll forward
Beginning balance			38
Other comprehensive income (loss) before reclassifications, net of tax			7
Other comprehensive income (loss), net of tax			7
Ending balance	45		45
Foreign Currency Translation Adjustments [Member]
AOCI roll forward
Beginning balance			(21)
Other comprehensive income (loss) before reclassifications, net of tax			(23)
Other comprehensive income (loss), net of tax			(23)
Ending balance	(44)		(44)
Post - Retirement Benefit Obligation [Member]
AOCI roll forward
Beginning balance			(1)
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax			(1)
Other comprehensive income (loss), net of tax			(1)
Ending balance	$ (2)		$ (2)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Tax Impact (Detail) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Jun. 30, 2020	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Outstanding derivatives		$ 0
Treasury rate lock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest rate derivative asset notional amount	$ 400	500
Cash received on derivative	$ 1
Derivative Instruments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications, tax		1
Amounts reclassified from accumulated other comprehensive (income) loss, tax		2
Available for sale Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications, tax		3
Amounts reclassified from accumulated other comprehensive (income) loss, tax		0
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications, tax		0
Amounts reclassified from accumulated other comprehensive (income) loss, tax		0
Post - Retirement Benefit Obligation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications, tax		0
Amounts reclassified from accumulated other comprehensive (income) loss, tax		$ 0

Common Stock Repurchase Progr_2

Common Stock Repurchase Program (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended
	Mar. 31, 2020	Feb. 29, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019
Accelerated Share Repurchases [Line Items]
Cash paid for repurchase of common stock				$ 402	$ 248
Authorized share repurchases				$ 918
Accelerated Share Repurchase Agreement (ASR) [Member]
Accelerated Share Repurchases [Line Items]
Cash paid for repurchase of common stock		$ 313
Shares repurchased (in shares)	0.8	2
Weighted average per share purchase price	$ 111.78	$ 125.75
10b5-1 Plan [Member]
Accelerated Share Repurchases [Line Items]
Cash paid for repurchase of common stock			$ 89
Shares repurchased (in shares)			0.9
Weighted average per share purchase price			$ 99.96

Fair Value Measurements - Recur

Fair Value Measurements - Recurring (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment maturity	9 years
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 1,134	$ 3,926
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and money market funds	695	3,527
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivatives	4
Fair Value, Measurements, Recurring [Member] | 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]
Investments	386	350
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 49	$ 49

Fair Value Measurements - Debt

Fair Value Measurements - Debt (Detail) - USD ($) $ in Billions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net borrowings (repayments)	$ (3.1)
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Debt	10.4	$ 13.5
Significant Other Observable Inputs (Level 2) [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Debt	$ 11.7	$ 14.5

Variable Interest Entities (Det

Variable Interest Entities (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Carrying value of debt		$ 10,422	$ 13,498
Assets		24,772	27,743
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets		112	109
Refined Coal Facility [Member]
Variable Interest Entity [Line Items]
Equity method investments impairment charges	$ 7	7
Refined Coal Facility [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Equity method investments impairment charges	$ 7
Investments Qualifying for Federal Tax Credits [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Aggregate investment balance		243	309
Investment In Low Income Housing Properties [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Carrying value of debt		226	269
Trust For Final Capping, Closure, Post-closure Or Environmental Remediation Obligations [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Aggregate investment balance		$ 101	$ 101

Subsequent Event (Detail)

Subsequent Event (Detail) - USD ($) $ in Millions	Oct. 30, 2020	Jun. 24, 2020	Apr. 14, 2019
Advanced Disposal [Member]
Subsequent Event [Line Items]
Total consideration, net of cash acquired		$ 4,600	$ 4,900
Total debt assumed		$ 1,800	$ 1,900
Advanced Disposal [Member] | Disposed of by Sale, Not Discontinued Operations [Member]
Subsequent Event [Line Items]
Divestiture consideration	$ 856.4
Subsequent Event [Member] | Advanced Disposal [Member]
Subsequent Event [Line Items]
Divestiture consideration	856.4
Subsequent Event [Member] | Advanced Disposal [Member]
Subsequent Event [Line Items]
Total consideration, net of cash acquired	4,600
Total debt assumed	1,800
Debt incurred for acquisition	$ 3,000