Waste Management (WM) 10-Q 27 Jul 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 22, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Entity File Number	1-12154
Entity Registrant Name	Waste Management, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1309529
Entity Address, Address Line One	800 Capitol Street
Entity Address, 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		413,335,715
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000823768
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 894	$ 118
Accounts receivable, net of allowance for doubtful accounts of $26 and $25, respectively	2,494	2,278
Other receivables, net of allowance for doubtful accounts of $7 and $8, respectively	171	268
Parts and supplies	159	135
Other assets	269	270
Total current assets	3,987	3,069
Property and equipment, net of accumulated depreciation and amortization of $21,127 and $20,537, respectively	14,382	14,419
Goodwill	9,022	9,028
Other intangible assets, net	834	898
Restricted funds	397	348
Investments in unconsolidated entities	607	432
Other assets	899	903
Total assets	30,128	29,097
Current liabilities:
Accounts payable	1,382	1,375
Accrued liabilities	1,493	1,428
Deferred revenues	616	571
Current portion of long-term debt	231	708
Total current liabilities	3,722	4,082
Long-term debt, less current portion	14,046	12,697
Deferred income taxes	1,632	1,694
Landfill and environmental remediation liabilities	2,426	2,373
Other liabilities	1,110	1,125
Total liabilities	22,936	21,971
Commitments and contingencies (Note 6)
Waste Management, Inc. stockholders' equity:
Common stock, $0.01 par value; 1,500,000,000 shares authorized; 630,282,461 shares issued	6	6
Additional paid-in capital	5,257	5,169
Retained earnings	12,563	12,004
Accumulated other comprehensive income (loss)	(17)	17
Treasury stock at cost, 217,005,817 and 214,158,636 shares, respectively	(10,619)	(10,072)
Total Waste Management, Inc. stockholders' equity	7,190	7,124
Noncontrolling interests	2	2
Total equity	7,192	7,126
Total liabilities and equity	$ 30,128	$ 29,097

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 26	$ 25
Allowance for other receivables	7	8
Accumulated depreciation and amortization	$ 21,127	$ 20,537
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	217,005,817	214,158,636

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Operating revenues	$ 5,027	$ 4,476	$ 9,688	$ 8,588
Costs and expenses:
Operating	3,142	2,736	6,045	5,250
Selling, general and administrative	487	445	978	903
Depreciation and amortization	508	500	990	972
Restructuring		4		5
(Gain) loss from divestitures, asset impairments and unusual items, net			17	17
Total costs and expenses	4,137	3,685	8,030	7,147
Income from operations	890	791	1,658	1,441
Other income (expense):
Interest expense, net	(93)	(98)	(178)	(195)
Loss on early extinguishment of debt		(220)		(220)
Equity in net losses of unconsolidated entities	(17)	(11)	(32)	(20)
Other, net	(4)	(6)	(1)	(5)
Total other income (expense)	(114)	(335)	(211)	(440)
Income before income taxes	776	456	1,447	1,001
Income tax expense	189	105	346	229
Consolidated net income	587	351	1,101	772
Less: Net income (loss) attributable to noncontrolling interests			1
Net income attributable to Waste Management, Inc.	$ 587	$ 351	$ 1,100	$ 772
Basic earnings per common share	$ 1.42	$ 0.83	$ 2.65	$ 1.83
Diluted earnings per common share	$ 1.41	$ 0.83	$ 2.64	$ 1.82

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Consolidated net income	$ 587	$ 351	$ 1,101	$ 772
Other comprehensive income (loss), net of tax:
Derivative instruments, net	2	6	3	7
Available-for-sale securities, net	(7)	3	(20)	(2)
Foreign currency translation adjustments	(27)	13	(17)	26
Other comprehensive income (loss), net of tax	(32)	22	(34)	31
Comprehensive income	555	373	1,067	803
Less: Comprehensive income (loss) attributable to noncontrolling interests			1
Comprehensive income attributable to Waste Management, Inc.	$ 555	$ 373	$ 1,066	$ 803

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Consolidated net income	$ 1,101	$ 772
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	990	972
Deferred income tax expense (benefit)	(64)	(67)
Interest accretion on landfill and environmental remediation liabilities	55	53
Provision for bad debts	24	17
Equity-based compensation expense	51	45
Net gain on disposal of assets	(10)	(12)
(Gain) loss from divestitures, asset impairments and other, net	17	17
Equity in net losses of unconsolidated entities, net of dividends	32	22
Loss on early extinguishment of debt		220
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Receivables	(88)	(24)
Other current assets	(26)	(22)
Other assets	36	9
Accounts payable and accrued liabilities	250	213
Deferred revenues and other liabilities	(63)	(52)
Net cash provided by operating activities	2,305	2,163
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(10)	(10)
Capital expenditures	(968)	(666)
Proceeds from divestitures of businesses and other assets, net of cash divested	11	17
Other, net	(133)	(49)
Net cash used in investing activities	(1,100)	(708)
Cash flows from financing activities:
New borrowings	5,360	1,707
Debt repayments	(4,683)	(2,326)
Premiums and other paid on early extinguishment of debt		(211)
Common stock repurchase program	(520)	(500)
Cash dividends	(544)	(489)
Exercise of common stock options	21	41
Tax payments associated with equity-based compensation transactions	(35)	(28)
Other, net	(6)	(4)
Net cash used in financing activities	(407)	(1,810)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents	1	4
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	799	(351)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	194	648
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$ 993	$ 297

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents at end of period:
Cash and cash equivalents	$ 894	$ 148
Restricted cash and cash equivalents included in other current assets	30	56
Restricted cash and cash equivalents included in restricted funds	69	93
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$ 993	$ 297

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]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]	Total
Beginning balance at Dec. 31, 2020	$ 6	$ 5,129	$ 11,159	$ 39	$ (8,881)	$ 2	$ 7,454
Beginning balance, shares at Dec. 31, 2020	630,282				(207,481)
Equity roll forward
Consolidated net income			772				772
Other comprehensive income (loss), net of tax				31			31
Cash dividends declared			(489)				(489)
Equity-based compensation transactions, net		25	2		$ 59		86
Equity-based compensation transactions, net, shares					1,399
Common stock repurchase program		(50)			$ (450)		(500)
Common stock repurchase program, shares					(3,385)
Ending balance at Jun. 30, 2021	$ 6	5,104	11,444	70	$ (9,272)	2	7,354
Ending balance, shares at Jun. 30, 2021	630,282				(209,467)
Beginning balance at Mar. 31, 2021	$ 6	5,071	11,337	48	$ (9,035)	2	7,429
Beginning balance, shares at Mar. 31, 2021	630,282				(208,201)
Equity roll forward
Consolidated net income			351				351
Other comprehensive income (loss), net of tax				22			22
Cash dividends declared			(242)				(242)
Equity-based compensation transactions, net		33	(2)		$ 13		44
Equity-based compensation transactions, net, shares					310
Common stock repurchase program					$ (250)		(250)
Common stock repurchase program, shares					(1,576)
Ending balance at Jun. 30, 2021	$ 6	5,104	11,444	70	$ (9,272)	2	7,354
Ending balance, shares at Jun. 30, 2021	630,282				(209,467)
Beginning balance at Dec. 31, 2021	$ 6	5,169	12,004	17	$ (10,072)	2	7,126
Beginning balance, shares at Dec. 31, 2021	630,282				(214,159)
Ending balance at Mar. 31, 2022	$ 6	5,178	12,247	15	$ (10,302)	2	7,146
Ending balance, shares at Mar. 31, 2022	630,282				(215,102)
Beginning balance at Dec. 31, 2021	$ 6	5,169	12,004	17	$ (10,072)	2	7,126
Beginning balance, shares at Dec. 31, 2021	630,282				(214,159)
Equity roll forward
Consolidated net income			1,100			1	1,101
Other comprehensive income (loss), net of tax				(34)			(34)
Cash dividends declared			(544)				(544)
Equity-based compensation transactions, net		18	3		$ 47		68
Equity-based compensation transactions, net, shares					1,003
Common stock repurchase program		70			$ (594)		(524)
Common stock repurchase program, shares					(3,852)
Other, net						(1)	(1)
Other, net, shares					2
Ending balance at Jun. 30, 2022	$ 6	5,257	12,563	(17)	$ (10,619)	2	7,192
Ending balance, shares at Jun. 30, 2022	630,282				(217,006)
Beginning balance at Mar. 31, 2022	$ 6	5,178	12,247	15	$ (10,302)	2	7,146
Beginning balance, shares at Mar. 31, 2022	630,282				(215,102)
Equity roll forward
Consolidated net income			587				587
Other comprehensive income (loss), net of tax				(32)			(32)
Cash dividends declared			(269)				(269)
Equity-based compensation transactions, net		29	(2)		$ 7		34
Equity-based compensation transactions, net, shares					141
Common stock repurchase program		50			$ (324)		(274)
Common stock repurchase program, shares					(2,046)
Other, net, shares					1
Ending balance at Jun. 30, 2022	$ 6	$ 5,257	$ 12,563	$ (17)	$ (10,619)	$ 2	$ 7,192
Ending balance, shares at Jun. 30, 2022	630,282				(217,006)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Cash dividends declared per common share	$ 0.65	$ 0.575	$ 1.30	$ 1.15

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2022
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 12. 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 “WMI,” we are referring only to Waste Management, Inc., the parent holding company. We are North America’s leading provider of comprehensive environmental solutions, providing services throughout the United States (“U.S.”) and Canada. We partner with our 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 and our WM Renewable Energy business, we are also a leading developer, operator and owner of landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and renewable natural gas, which is a significant source of fuel for our natural gas fleet. In 2021, our senior management began evaluating, overseeing and managing the financial performance of our Solid Waste operations through two operating segments. Our East Tier primarily consists of geographic areas located in the Eastern U.S., the Great Lakes region and substantially all of Canada. Our West Tier primarily includes geographic areas located in the Western U.S., including the upper Midwest region, and British Columbia, Canada. Each of our Solid Waste operating segments provides integrated environmental services, including collection, transfer, recycling, and disposal. We finalized the assessment of our segments during the fourth quarter of 2021. The East and West Tiers are presented in this report and constitute our existing Solid Waste business. We also provide additional services that are not managed through our Solid Waste business, which are presented in this report as “Other.” Additional information related to our segments is included in Note 7. The Condensed Consolidated Financial Statements as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 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, 2021. In preparing our financial statements, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with precision from available data or simply cannot be calculated. In some cases, these estimates are difficult to determine, and we must exercise significant judgment. In preparing our financial statements, the most difficult, subjective and complex estimates and the assumptions that present the greatest amount of uncertainty relate to our accounting for landfills, environmental remediation liabilities, long-lived asset impairments, intangible asset impairments and the fair value of assets and liabilities acquired in business combinations. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements. Revenue Recognition We generally recognize revenue as services are performed or products are delivered. For example, revenue typically is recognized as waste is collected, tons are received at our landfills or transfer stations, or recycling commodities are collected or delivered as product. We bill for certain services prior to performance. Such services include, among others, certain commercial and residential contracts, and equipment rentals. These 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 five 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. 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 funds, and accounts receivable. We make efforts to control our exposure to credit risk associated with these instruments by (i) placing our assets and other financial interests with a diverse group of credit-worthy financial institutions; (ii) holding high-quality financial instruments while limiting investments in any one instrument and (iii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures, although generally we do not have collateral requirements for credit extensions. We also control our exposure associated with trade receivables by discontinuing service, to the extent allowable, to non-paying customers. However, our overall credit risk associated with trade receivables is limited due to the large number and diversity of customers we serve. Reclassifications When necessary, reclassifications have been made to our prior period financial information to conform to the current year presentation and are not material to our consolidated financial statements.

Landfill and Environmental Reme

Landfill and Environmental Remediation Liabilities	6 Months Ended
	Jun. 30, 2022
Landfill and Environmental Remediation Liabilities
Landfill and Environmental Remediation Liabilities	2. Landfill and Environmental Remediation Liabilities Liabilities for landfill and environmental remediation costs are presented in the table below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ Environmental ​ ​ ​ ​ ​ ​ ​ Environmental ​ ​ ​ ​ Landfill Remediation Total Landfill Remediation Total Current (in accrued liabilities) $ 135 ​ $ 29 ​ $ 164 ​ $ 137 ​ $ 29 ​ $ 166 Long-term ​ 2,244 ​ 182 ​ 2,426 2,189 ​ 184 ​ 2,373 ​ $ 2,379 ​ $ 211 ​ $ 2,590 ​ $ 2,326 ​ $ 213 ​ $ 2,539 ​ The changes to landfill and environmental remediation liabilities for the six months ended June 30, 2022 are reflected in the table below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Environmental ​ Landfill Remediation December 31, 2021 ​ $ 2,326 ​ $ 213 Obligations incurred and capitalized ​ 56 — Obligations settled ​ (43) (12) Interest accretion ​ 54 1 Revisions in estimates and interest rate assumptions (a) (b) ​ (13) 9 Acquisitions, divestitures and other adjustments ​ (1) — June 30, 2022 ​ $ 2,379 ​ $ 211 (a) The amount reported for our landfill liabilities includes decreases related to revisions in estimated costs and timing of capping, closure and post-closure liabilities. (b) The amount reported for our environmental remediation liabilities includes a $17 million charge in our Corporate and Other segment to adjust an indirect wholly-owned subsidiary’s estimated potential share of the liability for a proposed environmental remediation plan at a closed site, as discussed in Note 6. Partially offsetting this charge was a decrease of $11 million due to an increase from 1.50% at December 31, 2021 to 3.00% at June 30, 2022 in the risk-free discount rate used to measure these liabilities. At several of our landfills, we provide financial assurance by depositing cash into restricted trust funds 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 12 for additional information related to these trusts.

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt
Debt	3. 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 June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Commercial paper program (weighted average interest rate of 0.4% as of June 30, 2022 and December 31, 2021) ​ $ 1,006 ​ $ 1,778 Term Loan maturing May 2024, interest rate of 2.3% as of June 30, 2022 ​ ​ 1,000 ​ ​ — Senior notes, maturing through 2050, interest rates ranging from 0.75% to 7.75% (weighted average interest rate of 3.2% as of June 30, 2022 and 3.1% as of December 31, 2021) ​ ​ 8,626 ​ ​ 8,126 Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6% ​ 388 ​ ​ 395 Tax-exempt bonds, maturing through 2048, fixed and variable interest rates ranging from 0.3% to 4.3% (weighted average interest rate of 1.8% as of June 30, 2022 and 1.4% as of December 31, 2021) ​ 2,619 ​ 2,619 Financing leases and other, maturing through 2085, weighted average interest rate of 4.7% as of June 30, 2022 and 4.5% as of December 31, 2021 (a) ​ 723 ​ 567 Debt issuance costs, discounts and other ​ (85) ​ (80) ​ ​ 14,277 ​ 13,405 Current portion of long-term debt ​ 231 ​ 708 ​ ​ $ 14,046 ​ $ 12,697 (a) Excluding our landfill financing leases, the maturities of our financing leases and other debt obligations extend through 2059 . Debt Classification As of June 30, 2022, we had approximately $2.4 billion of debt maturing within the next 12 months, including (i) $1.0 billion of short-term borrowings under our commercial paper program (net of related discount on issuance); (ii) $625 million of tax-exempt bonds with term interest rate periods that expire within the next 12 months, which is prior to their scheduled maturities; (iii) $500 million of 2.4% senior notes that mature in May 2023 and (iv) $226 million of other debt with scheduled maturities within the next 12 months, including $111 million of tax-exempt bonds. As of June 30, 2022, we have classified $2.1 billion of debt maturing in the next 12 months as long-term because we have the intent and ability to refinance these borrowings on a long-term basis as supported by the forecasted available capacity under our $3.5 billion long-term U.S. and Canadian revolving credit facility (“$3.5 billion revolving credit facility”), as discussed below. The remaining $231 million of debt maturing in the next 12 months is classified as current obligations. Additionally, as of June 30, 2022, we also had $54 million of variable-rate tax-exempt bonds with long-term scheduled maturities which are supported by letters of credit under our $3.5 billion revolving credit facility. The interest rates on our variable-rate tax-exempt bonds reset on a 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. Access to and Utilization of Credit Facilities and Commercial Paper Program $3.5 Billion Revolving Credit Facility — The $3.5 billion revolving credit facility provides us with credit capacity to be used for cash borrowings, to support letters of credit or to support our commercial paper program. The interest rates we pay on outstanding U.S. or Canadian loans are generally based on a secured overnight financing rate administered by the Federal Reserve Bank of New York (“SOFR”) or the Canadian Dollar Offered Rate (“CDOR”), respectively, plus a spread depending on WMI’s senior public debt rating assigned by Moody’s Investors Service, Inc. and Standard and Poor’s Global Ratings. The spread above SOFR or CDOR can range from 0.585% to 1.025% per annum, plus a credit adjustment spread of 0.10% per annum on SOFR-based rates (the “SOFR Credit Adjustment Spread”) to account for the transition from the use of LIBOR to SOFR in such rate calculations. We also pay certain other fees set forth in the $3.5 billion revolving credit facility agreement, including a facility fee based on the aggregate commitment, regardless of usage. As of June 30, 2022, we had no outstanding borrowings under this facility. We had $166 million of letters of credit issued and $1.0 billion of outstanding borrowings (net of related discount on issuance) under our commercial paper program, both supported by the facility, leaving unused and available credit capacity of $2.3 billion as of June 30, 2022. Pursuant to the terms of the $3.5 billion revolving credit facility, and as a mechanism to align our environmental, social and governance (“ESG”) focus and strategy across external and internal stakeholders, the Company, in consultation with one or more banks selected by the Company to be the sustainability coordinator under the applicable credit agreement (the “Sustainability Coordinator”), has the ability to establish specified key performance indicators (“KPIs”) with respect to certain ESG targets of the Company and its subsidiaries. The Sustainability Coordinator, the Company and the administrative agent may amend the credit agreement, unless such amendment is objected to by banks holding more than 50% of the commitments under such credit agreement, solely for the purpose of incorporating the KPIs so that certain adjustments to the otherwise applicable fees or interest rates may be made based on our performance against the KPIs. $1.0 Billion, Two-Year, Term Credit Agreement — Commercial Paper Program Other Letter of Credit Lines — Debt Borrowings and Repayments Commercial Paper Program Term Loan Senior Notes Financing Leases and Other

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Taxes
Income Taxes	4. Income Taxes Our effective income tax rate was 24.3% and 23.9% for the three and six months ended June 30, 2022, respectively, compared with 22.9% and 22.8% for the three and six months ended June 30, 2021, respectively. The increase in our effective income tax rate when comparing the three and six months ended June 30, 2022 and 2021 was primarily driven by an increase in pre-tax income in 2022 resulting in a decreased rate benefit from federal tax credits. We evaluate our effective income tax rate at each interim period and adjust it as facts and circumstances warrant. Investments Qualifying for Federal Tax Credits We account for our investments in these entities using the equity method of accounting, recognizing our share of each entity’s results of operations and other reductions in the value of our investments in equity in net losses of unconsolidated entities, within our Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2022, we recognized $17 million and $31 million, respectively, of net losses for these investments. We also recognized a reduction in our income tax expense for the three and six months ended June 30, 2022 of $25 million and $48 million, respectively, due to federal tax credits realized from these investments as well as the tax benefits from the pre-tax losses realized. In addition, during the three and six months ended June 30, 2022, we recognized interest expense of $4 million and $6 million, respectively, associated with our investments in low-income housing properties. During the three and six months ended June 30, 2021, we recognized $12 million and $21 million, respectively, of net losses for these investments. We also recognized a reduction in our income tax expense for the three and six months ended June 30, 2021 of $16 million and $32 million, respectively, due to federal tax credits realized from these investments as well as the tax benefits from the pre-tax losses realized. In addition, during the three and six months ended June 30, 2021, we recognized interest expense of $3 million and $5 million, respectively, associated with our investments in low-income housing properties. See Note 12 for additional information related to these unconsolidated variable interest entities. Equity-Based Compensation

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share
Earnings Per Share	5. Earnings Per Share Basic and diluted earnings per share were computed using the following common share data (shares in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Number of common shares outstanding at end of period 413.3 420.8 413.3 420.8 Effect of using weighted average common shares outstanding 1.1 0.8 1.7 1.5 Weighted average basic common shares outstanding 414.4 421.6 415.0 422.3 Dilutive effect of equity-based compensation awards and other contingently issuable shares 2.0 2.0 2.0 1.7 Weighted average diluted common shares outstanding 416.4 423.6 417.0 424.0 Potentially issuable shares 5.8 6.1 5.8 6.1 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 1.4 0.6 1.8 1.0 ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies.
Commitments and Contingencies	6. Commitments and Contingencies Financial Instruments — Management does not expect that any claims against or draws on these instruments would have a material adverse effect on our financial condition, results of operations or cash flows. We have not experienced any unmanageable difficulty in obtaining the required financial assurance instruments for our current operations. In an ongoing effort to mitigate risks of future cost increases and reductions in available capacity, we continue to evaluate various options to access cost-effective sources of financial assurance. Insurance — We have retained a significant portion of the risks related to our health and welfare, general liability, automobile liability and workers’ compensation claims programs. “General liability” refers to the self-insured portion of specific third-party claims made against us that may be covered under our commercial general liability insurance policy. For our self-insured portions, the exposure for unpaid claims and associated expenses, including incurred but not reported losses, is based on an actuarial valuation or internal estimates. The accruals for these liabilities could be revised if future occurrences or loss development significantly differ from such valuations and estimates. We use a wholly-owned insurance captive to insure the deductibles for our general liability, automobile liability and workers’ compensation claims programs. We do not expect the impact of any known casualty, property, environmental or other contingency to have a material impact on our financial condition, results of operations or cash flows. Guarantees — As of June 30, 2022, we have guaranteed the obligations and certain performance requirements of third parties in connection with both consolidated and unconsolidated entities, including guarantees to cover the difference, if any, between the sale value and the guaranteed market or contractually-determined value of certain homeowner’s properties that are adjacent to or near 17 of our landfills. We have also agreed to indemnify certain third-party purchasers against liabilities associated with divested operations prior to such sale. We do not believe that these contingent obligations will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. 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 $140 million higher than the $211 million recorded in the Condensed Consolidated Balance Sheet as of June 30, 2022. Our ultimate responsibility may differ materially from current estimates. It is possible that technological, regulatory or enforcement developments, the results of environmental studies, the inability to identify other PRPs, the inability of other PRPs to contribute to the settlements of such liabilities, or other factors could require us to record additional liabilities. Our ongoing review of our remediation liabilities, in light of relevant internal and external facts and circumstances, could result in revisions to our accruals that could cause upward or downward adjustments to our balance sheet and income from operations. These adjustments could be material in any given period. As of June 30, 2022, we have been notified by the government that we are a PRP in connection with 73 locations listed on the Environmental Protection Agency’s (“EPA’s”) Superfund National Priorities List (“NPL”). Of the 73 sites at which claims have been made against us, 14 are sites we own. Each of the NPL sites we own was initially developed by others as a landfill disposal facility. At each of these facilities, we are working in conjunction with the government to characterize or remediate identified site problems, and we have either agreed with other legally liable parties on an arrangement for sharing the costs of remediation or are working toward a cost-sharing agreement. We generally expect to receive any amounts due from other participating parties at or near the time that we make the remedial expenditures. The other 59 NPL sites, which we do not own, are at various procedural stages under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, known as CERCLA or Superfund. The majority of proceedings involving NPL sites that we do not own are based on allegations that certain of our subsidiaries (or their predecessors) transported hazardous substances to the sites, often prior to our acquisition of these subsidiaries. CERCLA generally provides for liability for those parties owning, operating, transporting to or disposing at the sites. Proceedings arising under Superfund typically involve numerous waste generators and other waste transportation and disposal companies and seek to allocate or recover costs associated with site investigation and remediation, which costs could be substantial and could have a material adverse effect on our consolidated financial statements. At some of the sites at which we have been identified as a PRP, our liability is well defined as a consequence of a governmental decision and an agreement among liable parties as to the share each will pay for implementing that remedy. At other sites, where no remedy has been selected or the liable parties have been unable to agree on an appropriate allocation, our future costs are uncertain. On October 11, 2017, the EPA issued its Record of Decision (“ROD”) with respect to the previously proposed remediation plan for the San Jacinto River Waste Pits Site in Harris County, Texas. McGinnes Industrial Maintenance Corporation (“MIMC”), a subsidiary of Waste Management of Texas, Inc., operated some of the waste pits from 1965 to 1966 and has been named as a site PRP. In 1998, WMI acquired the stock of the parent entity of MIMC. MIMC has been working with the EPA and other named PRPs as the process of addressing the site proceeds. On April 9, 2018, MIMC and International Paper Company entered into an Administrative Order on Consent agreement with the EPA to develop a remedial design for the EPA’s proposed remedy for the site, and we recorded a liability for MIMC’s estimated potential share of the EPA’s proposed remedy and related costs, although allocation of responsibility among the PRPs for the proposed remedy has not been established. MIMC and International Paper Company have continued to work on a remedial design to support the EPA’s proposed remedy; however, design investigations indicate that fundamental changes are required to the proposed remedy and MIMC maintains its prior position that the remedy set forth in the ROD is not the best solution to protect the environment and public health. Due to further increases in the estimated cost of the remedy set forth in the ROD, we recorded an additional liability of $17 million as of March 31, 2022 for MIMC’s estimated potential share of such costs. As of June 30, 2022 and December 31, 2021, the recorded liability for MIMC’s estimated potential share of the EPA’s proposed remedy was $68 million and $53 million, respectively. MIMC’s ultimate liability could be materially different from current estimates and MIMC will continue to engage the EPA regarding its proposed remedy. Item 103 of the SEC’s Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings, or such proceedings are known to be contemplated, unless we reasonably believe that the matter will result in no monetary sanctions, or in monetary sanctions, exclusive of interest and costs, below a stated threshold. In accordance with this SEC regulation, the Company uses a threshold of $1 million for purposes of determining whether disclosure of any such environmental proceedings is required. As of the date of this filing, we are not aware of any matters that are required to be disclosed pursuant to this standard. From time to time, we are also named as defendants in personal injury and property damage lawsuits, including purported class actions, on the basis of having owned, operated or transported waste to a disposal facility that is alleged to have contaminated the environment or, in certain cases, on the basis of having conducted environmental remediation activities at sites. Some of the lawsuits may seek to have us pay the costs of monitoring of allegedly affected sites and health care examinations of allegedly affected persons for a substantial period of time even where no actual damage is proven. While we believe we have meritorious defenses to these lawsuits, the ultimate resolution is often substantially uncertain due to the difficulty of determining the cause, extent and impact of alleged contamination (which may have occurred over a long period of time), the potential for successive groups of complainants to emerge, the diversity of the individual plaintiffs’ circumstances, and the potential contribution or indemnification obligations of co-defendants or other third parties, among other factors. Additionally, we often enter into agreements with landowners imposing obligations on us to meet certain regulatory or contractual conditions upon site closure or upon termination of the agreements. Compliance with these agreements inherently involves subjective determinations and may result in disputes, including litigation. Litigation — WMI’s charter and bylaws provide that WMI shall indemnify against all liabilities and expenses, and upon request shall advance expenses to any person, who is subject to a pending or threatened proceeding because such person is or was a director or officer of the Company. Such indemnification is required to the maximum extent permitted under Delaware law. Accordingly, the director or officer must execute an undertaking to reimburse the Company for any fees advanced if it is later determined that the director or officer was not permitted to have such fees advanced under Delaware law. Additionally, the Company has direct contractual obligations to provide indemnification to each of the members of WMI’s Board of Directors and each of WMI’s executive officers. The Company may incur substantial expenses in connection with the fulfillment of its advancement of costs and indemnification obligations in connection with actions or proceedings that may be brought against its former or current officers, directors and employees. Multiemployer Defined Benefit Pension Plans — We do not believe that any future liability relating to our past or current participation in, or withdrawals from, the Multiemployer Pension Plans to which we contribute will have a material adverse effect on our business, financial condition or liquidity. However, liability for future withdrawals could have a material adverse effect on our results of operations or cash flows for a particular reporting period, depending on the number of employees withdrawn and the financial condition of the Multiemployer Pension Plan(s) at the time of such withdrawal(s). Tax Matters — state and local jurisdictions for tax years that date back to 2014. We maintain a liability for uncertain tax positions, the balance of which management believes is adequate. Results of audit assessments by taxing authorities are not currently expected to have a material adverse effect on our financial condition, results of operations or cash flows.

Segment and Related Information

Segment and Related Information	6 Months Ended
	Jun. 30, 2022
Segment and Related Information
Segment and Related Information	7. Segment and Related Information In 2021, our senior management began evaluating, overseeing and managing the financial performance of our Solid Waste operations through two operating segments. Our East Tier primarily consists of geographic areas located in the Eastern U.S., the Great Lakes region and substantially all of Canada. Our West Tier primarily includes geographic areas located in the Western U.S., including the upper Midwest region, and British Columbia, Canada. Each of our Solid Waste operating segments provides integrated environmental services, including collection, transfer, recycling, and disposal. The Company finalized the assessment of our segments during the fourth quarter of 2021. The East and West Tiers are presented in this report and constitute our existing Solid Waste business. This did not result in a change in our reporting units for purposes of evaluating our goodwill. Reclassifications have been made to our prior period consolidated financial information to conform to the current year presentation. The operating segments not evaluated and overseen through our East and West Tiers are presented herein as “Other” as these operating segments do not meet the criteria to be aggregated with other operating segments and do not meet the quantitative criteria to be separately reported. Summarized financial information concerning our reportable segments is shown in the following table (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Intercompany ​ Net ​ Income ​ ​ Operating ​ Operating ​ Operating ​ from ​ Revenues Revenues(d) Revenues Operations(e) Three Months Ended June 30: ​ ​ ​ ​ 2022 ​ ​ ​ ​ Solid Waste: ​ ​ ​ ​ East Tier ​ $ 2,609 ​ $ (496) ​ $ 2,113 ​ $ 581 West Tier ​ 2,612 ​ (540) ​ 2,072 ​ 608 Solid Waste (a) ​ 5,221 ​ (1,036) ​ 4,185 ​ 1,189 Other (b) ​ 901 ​ (59) ​ 842 ​ 18 ​ ​ ​ 6,122 ​ ​ (1,095) ​ ​ 5,027 ​ ​ 1,207 Corporate and Other (c) ​ — ​ — ​ — ​ (317) Total ​ $ 6,122 ​ $ (1,095) ​ $ 5,027 ​ $ 890 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ Solid Waste: ​ ​ ​ ​ East Tier ​ $ 2,339 ​ $ (439) ​ $ 1,900 ​ $ 512 West Tier ​ 2,367 ​ (488) ​ 1,879 ​ 553 Solid Waste (a) ​ 4,706 ​ (927) ​ 3,779 ​ 1,065 Other (b) ​ 729 ​ (32) ​ 697 ​ 6 ​ ​ 5,435 ​ (959) ​ 4,476 ​ 1,071 Corporate and Other (c) ​ — ​ — ​ — ​ (280) Total ​ $ 5,435 ​ $ (959) ​ $ 4,476 ​ $ 791 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Intercompany ​ Net ​ Income ​ ​ Operating ​ Operating ​ Operating ​ from ​ Revenues Revenues(d) Revenues Operations(e) Six Months Ended June 30: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ Solid Waste: ​ ​ ​ ​ ​ East Tier ​ $ 4,992 ​ $ (941) ​ $ 4,051 ​ $ 1,112 West Tier ​ 5,018 ​ (1,030) ​ 3,988 ​ 1,157 Solid Waste (a) ​ 10,010 ​ (1,971) ​ 8,039 ​ 2,269 Other (b) ​ 1,758 ​ (109) ​ 1,649 ​ 19 ​ ​ ​ 11,768 ​ ​ (2,080) ​ ​ 9,688 ​ ​ 2,288 Corporate and Other (c) ​ — ​ — ​ — ​ (630) Total ​ $ 11,768 ​ $ (2,080) ​ $ 9,688 ​ $ 1,658 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ Solid Waste: ​ ​ ​ ​ East Tier ​ $ 4,467 ​ $ (833) ​ $ 3,634 ​ $ 965 West Tier ​ 4,545 ​ (930) ​ 3,615 ​ 1,028 Solid Waste (a) ​ 9,012 ​ (1,763) ​ 7,249 ​ 1,993 Other (b) ​ 1,394 ​ (55) ​ 1,339 ​ 26 ​ ​ 10,406 ​ (1,818) ​ 8,588 ​ 2,019 Corporate and Other (c) ​ — ​ — ​ — ​ (578) Total ​ $ 10,406 ​ $ (1,818) ​ $ 8,588 ​ $ 1,441 (a) Income from operations provided by our Solid Waste business is generally indicative of the margins provided by our collection, landfill, transfer and recycling lines of business. From time to time, the operating results of our reportable segments are significantly affected by certain transactions or events that management believes are not indicative or representative of our results. Income from operations in our Solid Waste business increased primarily due to revenue growth in our collection and disposal businesses driven by both yield and volume. These increases were partially offset by inflationary cost pressures and labor cost pressure from frontline employee wage adjustments, increased hiring driving up training costs and higher overtime due to driver shortages and volume growth. (b) “Other” includes (i) elements of our Strategic Business Solutions (“WMSBS”) business that are not included in the operations of our reportable segments; (ii) elements of our landfill gas-to-energy operations managed by our WM Renewable Energy business and not included in the operations of our reportable segments; (iii) elements of our third-party subcontract and administration revenues managed by our Sustainability and Environmental Solutions (“SES”) business and not included in the operations of our reportable segments; (iv) our recycling brokerage services; (v) certain other expanded service offerings and solutions and (vi) the results of non-operating entities that provide financial assurance and self-insurance support for our Solid Waste business, net of intercompany activity. (c) “Corporate and Other” operating results reflect certain costs incurred for various support services that are not allocated to our reportable segments. These support services include, among other things, treasury, legal, digital, tax, insurance, centralized service center processes, other administrative functions and the maintenance of our closed landfills. Income from operations for “Corporate and Other” also includes costs associated with our long-term incentive program. The decrease in income from operations from our Corporate and Other segment was primarily driven by increased costs for (i) labor, particularly due to higher incentive compensation costs and merit increases; (ii) strategic investments in our digital platform and (iii) investments in our sustainability initiatives. The impact of these higher costs was partially offset by lower integration costs related to our acquisition of Advanced Disposal and the impact of adjustments from closure and post- closure activity at our closed landfills in the prior year periods. (d) Intercompany operating revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service. (e) In the fourth quarter of 2021, we discontinued certain allocations from our Corporate and Other segment to our Solid Waste operating segments and Other segment. Reclassifications have been made to our prior period information for comparability purposes. The mix of operating revenues from our major lines of business are as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Commercial ​ $ 1,355 ​ $ 1,178 ​ $ 2,642 ​ $ 2,309 Industrial ​ 942 ​ 811 ​ 1,778 ​ 1,554 Residential ​ 832 ​ 794 ​ 1,637 ​ 1,576 Other collection ​ 181 ​ 135 ​ 334 ​ 251 Total collection ​ 3,310 ​ 2,918 ​ 6,391 ​ 5,690 Landfill ​ 1,194 ​ 1,075 ​ 2,245 ​ 1,990 Transfer ​ 554 ​ 532 ​ 1,040 ​ 997 Recycling ​ 468 ​ 397 ​ 921 ​ 739 Other (a) ​ 596 ​ 513 ​ 1,171 ​ 990 Intercompany (b) ​ (1,095) ​ (959) ​ (2,080) ​ (1,818) Total ​ $ 5,027 ​ $ 4,476 ​ $ 9,688 ​ $ 8,588 (a) The “Other” line of business includes (i) certain services provided by our WMSBS business; (ii) our landfill gas to energy operations managed by our WM Renewable Energy business; (iii) certain services within our SES 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. Revenue attributable to collection, landfill, transfer and recycling services provided by our “Other” businesses has been reflected as a component of the relevant line of business for purposes of presentation in this table. (b) Intercompany revenues between lines of business are eliminated in the Condensed Consolidated Financial Statements included within this report. Fluctuations in our operating results may be caused by many factors, including period-to-period changes in the relative contribution of revenue by each line of business, changes in commodity prices and general economic conditions. Our revenues and income from operations typically reflect seasonal patterns. Our operating revenues tend to be somewhat higher in summer months, primarily due to the higher construction and demolition waste volumes. The volumes of industrial and residential waste in certain regions where we operate also tend to increase during the summer months. Our second and third quarter revenues and results of operations typically reflect these seasonal trends. Service disruptions caused by severe storms, extended periods of inclement weather or climate events can significantly affect the operating results of the geographic 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 geographic areas affected as a result of the waste volumes generated by these events. While weather-related and other event-driven special projects can boost revenues through additional work for a limited time, due to significant start-up costs and other factors, such revenue can generate earnings at comparatively lower margins.

(Gain) Loss from Divestitures,

(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net	6 Months Ended
	Jun. 30, 2022
(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net
(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net	8. Divestitures, Asset Impairments and Unusual Items For the six months ended June 30, 2022, we recognized a $17 million charge in the first quarter in our Corporate and Other segment to adjust an indirect wholly-owned subsidiary’s estimated potential share of the liability for a proposed environmental remediation plan at a closed site, as discussed in Note 6. For the six months ended June 30, 2021, we recognized net charges of $17 million in the first quarter consisting of (i) a $19 million charge pertaining to reserves for loss contingencies in our Corporate and Other segment and (ii) $6 million of asset impairment charges primarily related to our WM Renewable Energy business within our Other segment, which were partially offset by an $8 million gain from divestitures of certain ancillary operations in our Other segment.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)	9. 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 Obligations Total Balance, December 31, 2021 ​ $ — ​ $ 43 ​ $ (29) ​ $ 3 ​ $ 17 Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $0, $(7), $0 and $0, respectively ​ — ​ (20) ​ — ​ — ​ (20) Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $(1), $0, $0 and $0, respectively ​ 3 ​ — ​ (17) ​ — ​ (14) Net current period other comprehensive income (loss) ​ 3 ​ (20) ​ (17) ​ — ​ (34) Balance, June 30, 2022 ​ $ 3 ​ $ 23 ​ $ (46) ​ $ 3 ​ $ (17) ​

Common Stock Repurchase Program

Common Stock Repurchase Program	6 Months Ended
	Jun. 30, 2022
Common Stock Repurchase Program
Common Stock Repurchase Program	10. Common Stock Repurchase Program The Company repurchases shares of its common stock as part of capital allocation programs authorized by our Board of Directors. In the fourth quarter of 2021, we executed an accelerated share repurchase (“ASR”) agreement to repurchase $350 million of our common stock. At the beginning of the repurchase period, we delivered $350 million in cash and received 1.7 million shares based on a stock price of $160.67. The ASR agreement completed in January 2022, at which time we received 0.4 million additional shares based on a final weighted average price of $160.33. In the first quarter of 2022, we entered into an ASR agreement to repurchase $250 million of our common stock. At the beginning of the repurchase period, we delivered $250 million cash and received 1.4 million shares based on a stock price of $146.43. The ASR agreement completed in April 2022, at which time we received 0.3 million additional shares based on a final weighted average price of $153.14. In the second quarter of 2022, we entered into an ASR agreement to repurchase $250 million of our common stock. We delivered $250 million cash and received a total of 1.6 million shares based on a final weighted average price of $154.73. In June 2022, after the completion of the ASR agreement, we repurchased 0.2 million shares of our common stock in open market transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act for $24 million, inclusive of per-share commissions, at a weighted average price of $146.74, of which $4 million was paid in July 2022. As of June 30, 2022, the Company has authorization for $976 million of future share repurchases. Any future share repurchases pursuant to this authorization of our Board of Directors will be made at the discretion of management and will depend on factors similar to those considered by the Board of Directors in making dividend declarations, including our net earnings, financial condition and cash required for future business plans, growth and acquisitions.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Measurements
Fair Value Measurements	11. Fair Value Measurements Assets and Liabilities Accounted for at Fair Value Our assets and liabilities that are measured at fair value on a recurring basis include the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Quoted prices in active markets (Level 1): ​ ​ ​ ​ ​ ​ Cash equivalents and money market funds (a) $ 878 $ 38 Equity securities ​ ​ 34 ​ ​ 25 Significant other observable inputs (Level 2): ​ ​ ​ ​ ​ ​ Available-for-sale securities (b) ​ 407 ​ 395 Significant unobservable inputs (Level 3): ​ ​ ​ ​ ​ ​ Redeemable preferred stock (c) ​ 56 ​ 49 Total Assets $ 1,375 ​ $ 507 (a) The increase in 2022 is primarily due to proceeds from the $1.0 billion Term Loan executed in May 2022. See Note 3 for additional information. (b) Our available-for-sale securities primarily relate to debt securities with maturities over the next eight years . (c) Our investment, which is classified as an available-for-sale debt security, has been measured based on third-party investors’ recent or pending transactions in these securities, which are considered the best evidence of fair value. When this evidence is not available, we use other valuation techniques as appropriate and available. These valuation methodologies may include transactions in similar instruments, discounted cash flow techniques, third-party appraisals or industry multiples and public company comparable transactions. See Note 8 for information related to our nonrecurring fair value measurements and the impact of impairments. ​ Fair Value of Debt As of June 30, 2022 and December 31, 2021, the carrying value of our debt was $14.3 billion and $13.4 billion, respectively. The estimated fair value of our debt was approximately $13.3 billion and $14.1 billion as of June 30, 2022 and December 31, 2021, respectively. The decrease in the fair value of debt is primarily related to increases in current market rates of our senior notes. Although we have determined the estimated fair value amounts using available market information and commonly accepted valuation methodologies, considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, our estimates are not necessarily indicative of the amounts that we, or holders of the instruments, could realize in a current market exchange. The use of different assumptions or estimation methodologies could have a material effect on the estimated fair values. The fair value estimates are based on Level 2 inputs of the fair value hierarchy available as of June 30, 2022 and December 31, 2021. These amounts have not been revalued since those dates, and current estimates of fair value could differ significantly from the amounts presented.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2022
Variable Interest Entities
Variable Interest Entities	12. 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 We do not consolidate our investments in entities established to manage low-income housing properties because we are not the primary beneficiary of these entities as we do not have the power to individually direct the activities of these entities. Accordingly, we account for these investments under the equity method of accounting. Our aggregate investment balance in these entities was $356 million and $178 million as of June 30, 2022 and December 31, 2021, respectively. The debt balance related to our investments in low-income housing properties was $321 million and $156 million as of June 30, 2022 and December 31, 2021, respectively. Additional information related to these investments is discussed in Note 4. Trust Funds for Final Capping, Closure, Post-Closure or Environmental Remediation Obligations Unconsolidated Variable Interest Entities — Consolidated Variable Interest Entities —

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2022
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 12. 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 “WMI,” we are referring only to Waste Management, Inc., the parent holding company. We are North America’s leading provider of comprehensive environmental solutions, providing services throughout the United States (“U.S.”) and Canada. We partner with our 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 and our WM Renewable Energy business, we are also a leading developer, operator and owner of landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and renewable natural gas, which is a significant source of fuel for our natural gas fleet. In 2021, our senior management began evaluating, overseeing and managing the financial performance of our Solid Waste operations through two operating segments. Our East Tier primarily consists of geographic areas located in the Eastern U.S., the Great Lakes region and substantially all of Canada. Our West Tier primarily includes geographic areas located in the Western U.S., including the upper Midwest region, and British Columbia, Canada. Each of our Solid Waste operating segments provides integrated environmental services, including collection, transfer, recycling, and disposal. We finalized the assessment of our segments during the fourth quarter of 2021. The East and West Tiers are presented in this report and constitute our existing Solid Waste business. We also provide additional services that are not managed through our Solid Waste business, which are presented in this report as “Other.” Additional information related to our segments is included in Note 7. The Condensed Consolidated Financial Statements as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 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, 2021. In preparing our financial statements, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with precision from available data or simply cannot be calculated. In some cases, these estimates are difficult to determine, and we must exercise significant judgment. In preparing our financial statements, the most difficult, subjective and complex estimates and the assumptions that present the greatest amount of uncertainty relate to our accounting for landfills, environmental remediation liabilities, long-lived asset impairments, intangible asset impairments and the fair value of assets and liabilities acquired in business combinations. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements.
Revenue Recognition	Revenue Recognition We generally recognize revenue as services are performed or products are delivered. For example, revenue typically is recognized as waste is collected, tons are received at our landfills or transfer stations, or recycling commodities are collected or delivered as product. We bill for certain services prior to performance. Such services include, among others, certain commercial and residential contracts, and equipment rentals. These 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 five
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. 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 funds, and accounts receivable. We make efforts to control our exposure to credit risk associated with these instruments by (i) placing our assets and other financial interests with a diverse group of credit-worthy financial institutions; (ii) holding high-quality financial instruments while limiting investments in any one instrument and (iii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures, although generally we do not have collateral requirements for credit extensions. We also control our exposure associated with trade receivables by discontinuing service, to the extent allowable, to non-paying customers. However, our overall credit risk associated with trade receivables is limited due to the large number and diversity of customers we serve.
Reclassifications	Reclassifications When necessary, reclassifications have been made to our prior period financial information to conform to the current year presentation and are not material to our consolidated financial statements.

Landfill and Environmental Re_2

Landfill and Environmental Remediation Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Landfill and Environmental Remediation Liabilities
Liabilities for Landfill and Environmental Remediation Costs	Liabilities for landfill and environmental remediation costs are presented in the table below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ Environmental ​ ​ ​ ​ ​ ​ ​ Environmental ​ ​ ​ ​ Landfill Remediation Total Landfill Remediation Total Current (in accrued liabilities) $ 135 ​ $ 29 ​ $ 164 ​ $ 137 ​ $ 29 ​ $ 166 Long-term ​ 2,244 ​ 182 ​ 2,426 2,189 ​ 184 ​ 2,373 ​ $ 2,379 ​ $ 211 ​ $ 2,590 ​ $ 2,326 ​ $ 213 ​ $ 2,539
Changes to Landfill and Environmental Remediation Liabilities	The changes to landfill and environmental remediation liabilities for the six months ended June 30, 2022 are reflected in the table below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Environmental ​ Landfill Remediation December 31, 2021 ​ $ 2,326 ​ $ 213 Obligations incurred and capitalized ​ 56 — Obligations settled ​ (43) (12) Interest accretion ​ 54 1 Revisions in estimates and interest rate assumptions (a) (b) ​ (13) 9 Acquisitions, divestitures and other adjustments ​ (1) — June 30, 2022 ​ $ 2,379 ​ $ 211 (a) The amount reported for our landfill liabilities includes decreases related to revisions in estimated costs and timing of capping, closure and post-closure liabilities. (b) The amount reported for our environmental remediation liabilities includes a $17 million charge in our Corporate and Other segment to adjust an indirect wholly-owned subsidiary’s estimated potential share of the liability for a proposed environmental remediation plan at a closed site, as discussed in Note 6. Partially offsetting this charge was a decrease of $11 million due to an increase from 1.50% at December 31, 2021 to 3.00% at June 30, 2022 in the risk-free discount rate used to measure these liabilities.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt
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 June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Commercial paper program (weighted average interest rate of 0.4% as of June 30, 2022 and December 31, 2021) ​ $ 1,006 ​ $ 1,778 Term Loan maturing May 2024, interest rate of 2.3% as of June 30, 2022 ​ ​ 1,000 ​ ​ — Senior notes, maturing through 2050, interest rates ranging from 0.75% to 7.75% (weighted average interest rate of 3.2% as of June 30, 2022 and 3.1% as of December 31, 2021) ​ ​ 8,626 ​ ​ 8,126 Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6% ​ 388 ​ ​ 395 Tax-exempt bonds, maturing through 2048, fixed and variable interest rates ranging from 0.3% to 4.3% (weighted average interest rate of 1.8% as of June 30, 2022 and 1.4% as of December 31, 2021) ​ 2,619 ​ 2,619 Financing leases and other, maturing through 2085, weighted average interest rate of 4.7% as of June 30, 2022 and 4.5% as of December 31, 2021 (a) ​ 723 ​ 567 Debt issuance costs, discounts and other ​ (85) ​ (80) ​ ​ 14,277 ​ 13,405 Current portion of long-term debt ​ 231 ​ 708 ​ ​ $ 14,046 ​ $ 12,697 (a) Excluding our landfill financing leases, the maturities of our financing leases and other debt obligations extend through 2059 .

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share
Computing Basic and Diluted Earnings Per Share	Basic and diluted earnings per share were computed using the following common share data (shares in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Number of common shares outstanding at end of period 413.3 420.8 413.3 420.8 Effect of using weighted average common shares outstanding 1.1 0.8 1.7 1.5 Weighted average basic common shares outstanding 414.4 421.6 415.0 422.3 Dilutive effect of equity-based compensation awards and other contingently issuable shares 2.0 2.0 2.0 1.7 Weighted average diluted common shares outstanding 416.4 423.6 417.0 424.0 Potentially issuable shares 5.8 6.1 5.8 6.1 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 1.4 0.6 1.8 1.0

Segment and Related Informati_2

Segment and Related Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment and Related Information
Reportable Segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Intercompany ​ Net ​ Income ​ ​ Operating ​ Operating ​ Operating ​ from ​ Revenues Revenues(d) Revenues Operations(e) Three Months Ended June 30: ​ ​ ​ ​ 2022 ​ ​ ​ ​ Solid Waste: ​ ​ ​ ​ East Tier ​ $ 2,609 ​ $ (496) ​ $ 2,113 ​ $ 581 West Tier ​ 2,612 ​ (540) ​ 2,072 ​ 608 Solid Waste (a) ​ 5,221 ​ (1,036) ​ 4,185 ​ 1,189 Other (b) ​ 901 ​ (59) ​ 842 ​ 18 ​ ​ ​ 6,122 ​ ​ (1,095) ​ ​ 5,027 ​ ​ 1,207 Corporate and Other (c) ​ — ​ — ​ — ​ (317) Total ​ $ 6,122 ​ $ (1,095) ​ $ 5,027 ​ $ 890 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ Solid Waste: ​ ​ ​ ​ East Tier ​ $ 2,339 ​ $ (439) ​ $ 1,900 ​ $ 512 West Tier ​ 2,367 ​ (488) ​ 1,879 ​ 553 Solid Waste (a) ​ 4,706 ​ (927) ​ 3,779 ​ 1,065 Other (b) ​ 729 ​ (32) ​ 697 ​ 6 ​ ​ 5,435 ​ (959) ​ 4,476 ​ 1,071 Corporate and Other (c) ​ — ​ — ​ — ​ (280) Total ​ $ 5,435 ​ $ (959) ​ $ 4,476 ​ $ 791 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Intercompany ​ Net ​ Income ​ ​ Operating ​ Operating ​ Operating ​ from ​ Revenues Revenues(d) Revenues Operations(e) Six Months Ended June 30: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ Solid Waste: ​ ​ ​ ​ ​ East Tier ​ $ 4,992 ​ $ (941) ​ $ 4,051 ​ $ 1,112 West Tier ​ 5,018 ​ (1,030) ​ 3,988 ​ 1,157 Solid Waste (a) ​ 10,010 ​ (1,971) ​ 8,039 ​ 2,269 Other (b) ​ 1,758 ​ (109) ​ 1,649 ​ 19 ​ ​ ​ 11,768 ​ ​ (2,080) ​ ​ 9,688 ​ ​ 2,288 Corporate and Other (c) ​ — ​ — ​ — ​ (630) Total ​ $ 11,768 ​ $ (2,080) ​ $ 9,688 ​ $ 1,658 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ Solid Waste: ​ ​ ​ ​ East Tier ​ $ 4,467 ​ $ (833) ​ $ 3,634 ​ $ 965 West Tier ​ 4,545 ​ (930) ​ 3,615 ​ 1,028 Solid Waste (a) ​ 9,012 ​ (1,763) ​ 7,249 ​ 1,993 Other (b) ​ 1,394 ​ (55) ​ 1,339 ​ 26 ​ ​ 10,406 ​ (1,818) ​ 8,588 ​ 2,019 Corporate and Other (c) ​ — ​ — ​ — ​ (578) Total ​ $ 10,406 ​ $ (1,818) ​ $ 8,588 ​ $ 1,441 (a) Income from operations provided by our Solid Waste business is generally indicative of the margins provided by our collection, landfill, transfer and recycling lines of business. From time to time, the operating results of our reportable segments are significantly affected by certain transactions or events that management believes are not indicative or representative of our results. Income from operations in our Solid Waste business increased primarily due to revenue growth in our collection and disposal businesses driven by both yield and volume. These increases were partially offset by inflationary cost pressures and labor cost pressure from frontline employee wage adjustments, increased hiring driving up training costs and higher overtime due to driver shortages and volume growth. (b) “Other” includes (i) elements of our Strategic Business Solutions (“WMSBS”) business that are not included in the operations of our reportable segments; (ii) elements of our landfill gas-to-energy operations managed by our WM Renewable Energy business and not included in the operations of our reportable segments; (iii) elements of our third-party subcontract and administration revenues managed by our Sustainability and Environmental Solutions (“SES”) business and not included in the operations of our reportable segments; (iv) our recycling brokerage services; (v) certain other expanded service offerings and solutions and (vi) the results of non-operating entities that provide financial assurance and self-insurance support for our Solid Waste business, net of intercompany activity. (c) “Corporate and Other” operating results reflect certain costs incurred for various support services that are not allocated to our reportable segments. These support services include, among other things, treasury, legal, digital, tax, insurance, centralized service center processes, other administrative functions and the maintenance of our closed landfills. Income from operations for “Corporate and Other” also includes costs associated with our long-term incentive program. The decrease in income from operations from our Corporate and Other segment was primarily driven by increased costs for (i) labor, particularly due to higher incentive compensation costs and merit increases; (ii) strategic investments in our digital platform and (iii) investments in our sustainability initiatives. The impact of these higher costs was partially offset by lower integration costs related to our acquisition of Advanced Disposal and the impact of adjustments from closure and post- closure activity at our closed landfills in the prior year periods. (d) Intercompany operating revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service. (e) In the fourth quarter of 2021, we discontinued certain allocations from our Corporate and Other segment to our Solid Waste operating segments and Other segment. 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 ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Commercial ​ $ 1,355 ​ $ 1,178 ​ $ 2,642 ​ $ 2,309 Industrial ​ 942 ​ 811 ​ 1,778 ​ 1,554 Residential ​ 832 ​ 794 ​ 1,637 ​ 1,576 Other collection ​ 181 ​ 135 ​ 334 ​ 251 Total collection ​ 3,310 ​ 2,918 ​ 6,391 ​ 5,690 Landfill ​ 1,194 ​ 1,075 ​ 2,245 ​ 1,990 Transfer ​ 554 ​ 532 ​ 1,040 ​ 997 Recycling ​ 468 ​ 397 ​ 921 ​ 739 Other (a) ​ 596 ​ 513 ​ 1,171 ​ 990 Intercompany (b) ​ (1,095) ​ (959) ​ (2,080) ​ (1,818) Total ​ $ 5,027 ​ $ 4,476 ​ $ 9,688 ​ $ 8,588 (a) The “Other” line of business includes (i) certain services provided by our WMSBS business; (ii) our landfill gas to energy operations managed by our WM Renewable Energy business; (iii) certain services within our SES 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. Revenue attributable to collection, landfill, transfer and recycling services provided by our “Other” businesses has been reflected as a component of the relevant line of business for purposes of presentation in this table. (b) Intercompany revenues between lines of business are eliminated in the Condensed Consolidated Financial Statements included within this report.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss)
Components of Accumulated Other Comprehensive Income (Loss), net of tax	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 Obligations Total Balance, December 31, 2021 ​ $ — ​ $ 43 ​ $ (29) ​ $ 3 ​ $ 17 Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $0, $(7), $0 and $0, respectively ​ — ​ (20) ​ — ​ — ​ (20) Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $(1), $0, $0 and $0, respectively ​ 3 ​ — ​ (17) ​ — ​ (14) Net current period other comprehensive income (loss) ​ 3 ​ (20) ​ (17) ​ — ​ (34) Balance, June 30, 2022 ​ $ 3 ​ $ 23 ​ $ (46) ​ $ 3 ​ $ (17)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Measurements
Fair Value of Assets and Liabilities Measured on Recurring Basis	Our assets and liabilities that are measured at fair value on a recurring basis include the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Quoted prices in active markets (Level 1): ​ ​ ​ ​ ​ ​ Cash equivalents and money market funds (a) $ 878 $ 38 Equity securities ​ ​ 34 ​ ​ 25 Significant other observable inputs (Level 2): ​ ​ ​ ​ ​ ​ Available-for-sale securities (b) ​ 407 ​ 395 Significant unobservable inputs (Level 3): ​ ​ ​ ​ ​ ​ Redeemable preferred stock (c) ​ 56 ​ 49 Total Assets $ 1,375 ​ $ 507 (a) The increase in 2022 is primarily due to proceeds from the $1.0 billion Term Loan executed in May 2022. See Note 3 for additional information. (b) Our available-for-sale securities primarily relate to debt securities with maturities over the next eight years . (c) Our investment, which is classified as an available-for-sale debt security, has been measured based on third-party investors’ recent or pending transactions in these securities, which are considered the best evidence of fair value. When this evidence is not available, we use other valuation techniques as appropriate and available. These valuation methodologies may include transactions in similar instruments, discounted cash flow techniques, third-party appraisals or industry multiples and public company comparable transactions.

Basis of Presentation (Detail)

Basis of Presentation (Detail)	6 Months Ended
	Jun. 30, 2022 segment
Basis of Presentation
Number of segments	2

Basis of Presentation - Revenue

Basis of Presentation - Revenue Recognition (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Contract Acquisition Costs
Deferred contract costs	$ 177	$ 175
Minimum [Member]
Contract Acquisition Costs
Deferred revenue recognition period	1 month
Contract amortization period	5 years
Maximum [Member]
Contract Acquisition Costs
Deferred revenue recognition period	3 months
Contract amortization period	13 years
Deferred Sales Incentives [Member]
Contract Acquisition Costs
Deferred contract costs	$ 132	$ 126

Landfill and Environmental Re_3

Landfill and Environmental Remediation Liabilities - Summary (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Landfill and environmental remediation liabilities
Total, Environmental Remediation	$ 211
Current (in accrued liabilities)	164	$ 166
Long-term	2,426	2,373
Total	2,590	2,539
Landfill [Member]
Landfill and environmental remediation liabilities
Current (in accrued liabilities), Landfill	135	137
Long-term, Landfill	2,244	2,189
Total, Landfill	2,379	2,326
Environmental Remediation Liabilities [Member]
Landfill and environmental remediation liabilities
Current (in accrued liabilities), Environmental Remediation	29	29
Long-term, Environmental Remediation	182	184
Total, Environmental Remediation	$ 211	$ 213

Landfill and Environmental Re_4

Landfill and Environmental Remediation Liabilities - Changes (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Landfill and environmental remediation liabilities
Ending balance, environmental remediation		$ 211
San Jacinto Waste Pits [Member]
Landfill and environmental remediation liabilities
Beginning balance, environmental remediation	$ 53	53
Revisions in estimates and interest rate assumptions	17	17
Ending balance, environmental remediation		68
Landfill [Member]
Landfill and environmental remediation liabilities
Beginning balance, landfill	2,326	2,326
Obligations incurred and capitalized		56
Obligations settled		(43)
Interest accretion		54
Revisions in estimates and interest rate assumptions		(13)
Acquisitions, divestitures and other adjustments		(1)
Ending balance, landfill		2,379
Environmental Remediation Liabilities [Member]
Landfill and environmental remediation liabilities
Beginning balance, environmental remediation	$ 213	213
Obligations settled		(12)
Interest accretion		1
Revisions in estimates and interest rate assumptions		9
Ending balance, environmental remediation		211
Increase (decrease) operating expenses due to change in discount rate		$ (11)
Risk-free discount rate applied to environmental remediation liabilities and recovery assets		3%	1.50%

Debt - Components (Detail)

Debt - Components (Detail) $ in Millions, $ in Millions	Jun. 30, 2022 USD ($)	Jun. 30, 2022 CAD ($)	Dec. 31, 2021 USD ($)
Debt
Debt	$ 14,277		$ 13,405
Debt issuance costs, discounts and other	(85)		(80)
Current portion of long-term debt	231		708
Long-term debt, less current portion	14,046		12,697
Commercial Paper Program [Member]
Debt
Debt	$ 1,006		$ 1,778
Weighted average interest rate	0.40%	0.40%	0.40%
Term Loan [Member]
Debt
Debt	$ 1,000
Interest rate (as a percent)	2.30%	2.30%
Senior Notes, Aggregate [Member]
Debt
Debt	$ 8,626		$ 8,126
Weighted average interest rate	3.20%	3.20%	3.10%
Senior Notes, Aggregate [Member] | Minimum [Member]
Debt
Interest rate (as a percent)	0.75%	0.75%
Senior Notes, Aggregate [Member] | Maximum [Member]
Debt
Interest rate (as a percent)	7.75%	7.75%
Canadian Senior Notes [Member]
Debt
Debt	$ 388	$ 500	$ 395
Interest rate (as a percent)	2.60%	2.60%
Tax Exempt Bonds [Member]
Debt
Debt	$ 2,619		$ 2,619
Weighted average interest rate	1.80%	1.80%	1.40%
Tax Exempt Bonds [Member] | Minimum [Member]
Debt
Interest rate (as a percent)	0.30%	0.30%
Tax Exempt Bonds [Member] | Maximum [Member]
Debt
Interest rate (as a percent)	4.30%	4.30%
Financing leases and other [Member]
Debt
Debt	$ 723		$ 567
Weighted average interest rate	4.70%	4.70%	4.50%

Debt - Classification and Utili

Debt - Classification and Utilization (Detail) - USD ($) $ in Millions		1 Months Ended	6 Months Ended
	May 27, 2022	May 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt
Debt maturing or subject to remarketing within twelve months			$ 2,400
Current portion of long-term debt			231	$ 708
Carrying value of debt			14,277	13,405
Revolving Credit Facility [Member]
Debt
Maximum capacity		$ 3,500	3,500
Accordion option capacity		$ 1,000
Outstanding borrowings under credit facility			0
Letters of credit outstanding			166
Unused and available credit capacity			$ 2,300
Revolving Credit Facility [Member] | Minimum [Member]
Debt
Spread rate		0.585%
Revolving Credit Facility [Member] | Maximum [Member]
Debt
Spread rate		1.025%
Credit Facility Revolving Canadian [Member]
Debt
Maximum capacity		$ 375
Term Loan [Member]
Debt
Interest rate (as a percent)			2.30%
Maximum capacity	$ 1,000
Debt term	2 years
Carrying value of debt			$ 1,000
Term Loan [Member] | SOFR [Member] | Minimum [Member]
Debt
Spread rate	0.50%
Term Loan [Member] | SOFR [Member] | Maximum [Member]
Debt
Spread rate	0.90%
Commercial Paper Program [Member]
Debt
Debt maturing or subject to remarketing within twelve months			$ 1,000
Debt term			397 days
Carrying value of debt			$ 1,006	1,778
Commercial paper borrowings			1,000
Tax Exempt Bonds [Member]
Debt
Debt maturing or subject to remarketing within twelve months			111
Debt with interest rate periods that expire in the next 12 months			625
Debt classified as long-term due to intent and ability to refinance on long-term basis			2,100
Variable-rate tax-exempt bonds			54
Carrying value of debt			$ 2,619	2,619
Tax Exempt Bonds [Member] | Minimum [Member]
Debt
Interest rate (as a percent)			0.30%
Tax Exempt Bonds [Member] | Maximum [Member]
Debt
Interest rate (as a percent)			4.30%
2.40% senior notes due 2023 [Member]
Debt
Debt maturing or subject to remarketing within twelve months			$ 500
Interest rate (as a percent)			2.40%
Other Letter Of Credit Lines [Member]
Debt
Letters of credit outstanding			$ 767
Financing leases and other [Member]
Debt
Debt maturing or subject to remarketing within twelve months			226
Carrying value of debt			$ 723	$ 567

Debt - Borrowings and Repayment

Debt - Borrowings and Repayments (Detail) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2022	Feb. 28, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Debt
New borrowings					$ 5,360	$ 1,707
Debt repayments					4,683	2,326
Premiums paid on early extinguishment of debt						211
Loss on early extinguishment of debt				$ (220)		(220)
Unamortized discounts and debt issuance costs			$ 85		85		$ 80
Low income housing investments [Member]
Debt
Interest expense			$ 4	$ 3	6	$ 5
Commercial Paper Program [Member]
Debt
Commercial paper repayments					4,100
Commercial paper borrowings					$ 3,400
Term Loan [Member]
Debt
Interest rate (as a percent)			2.30%		2.30%
New borrowings	$ 1,000
4.15% senior notes due 2032 [Member]
Debt
Debt instrument face amount	$ 1
Interest rate (as a percent)	4.15%
New borrowings	$ 992
2.90% senior notes due 2022 [Member]
Debt
Interest rate (as a percent)	2.90%
Debt repayments	$ 500
2.40% senior notes due 2023 [Member]
Debt
Interest rate (as a percent)			2.40%		2.40%
Financing leases and other [Member]
Debt
Debt repayments					$ 42
Financing leases and other [Member] | Low income housing investments [Member]
Debt
Note issued		$ 183			$ 183

Income Taxes (Detail)

Income Taxes (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Taxes
Effective tax rate of income (loss) before income taxes		24.30%	22.90%	23.90%	22.80%
New borrowings				$ 5,360	$ 1,707
Excess tax benefits associated with equity-based compensation		$ 2	$ 2	12	11
Equity in net losses of unconsolidated entities		17	11	32	20
Low income housing investments [Member]
Income Taxes
Consideration for investment	$ 253
Investment cash payment	28
Interest payable	42
Increase (decrease) investments in unconsolidated entities	211
Equity in net losses of unconsolidated entities		17	12	31	21
Income tax (expense) benefit, including tax credits, from equity method investment		25	16	48	32
Interest expense		$ 4	$ 3	6	$ 5
Low income housing investments [Member] | Financing leases and other [Member]
Income Taxes
Note issued	$ 183			$ 183

Earnings Per Share (Detail)

Earnings Per Share (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share
Common shares outstanding (in shares)	413.3	420.8	413.3	420.8
Effect of using weighted average common shares outstanding	1.1	0.8		1.5
Net reduction, Effect of using weighted average common shares outstanding			1.7
Weighted average basic common shares outstanding	414.4	421.6	415	422.3
Dilutive effect of equity-based compensation awards and other contingently issuable shares	2	2	2	1.7
Weighted average diluted common shares outstanding	416.4	423.6	417	424
Potentially issuable shares	5.8	6.1	5.8	6.1
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	1.4	0.6	1.8	1

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2022 USD ($)	Jun. 30, 2022 USD ($) site	May 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Commitments And Contingencies [Line Items]
Environmental remediation reasonably possible additional losses high estimate		$ 140
Environmental remediation liabilities		$ 211
Number of sites listed on the EPA's NPL for which we have been notified we are a PRP | site		73
Number of owned sites listed on the EPA's NPL for which we have been notified we are a PRP | site		14
Number of non-owned sites listed on the EPA's NPL for which we have been notified we are a PRP | site		59
Dollar threshold for environmental matters requiring disclosure under item 103 of the SEC's Regulation S-K		$ 1
Workforce covered by collective bargaining (as a percent)		20%
Expected time of completion of IRS audits		21 months
San Jacinto Waste Pits [Member]
Commitments And Contingencies [Line Items]
Revisions in estimate	$ 17	$ 17
Environmental remediation liabilities		68		$ 53
Revolving Credit Facility [Member]
Commitments And Contingencies [Line Items]
Credit Facility, aggregate capacity		$ 3,500	$ 3,500

Segment and Related Informati_3

Segment and Related Information - Summary (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of segments | segment			2
Operating revenues	$ 5,027	$ 4,476	$ 9,688	$ 8,588
Income from operations	890	791	1,658	1,441
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating revenues	6,122	5,435	11,768	10,406
Intercompany Operating Revenues [Member]
Segment Reporting Information [Line Items]
Operating revenues	(1,095)	(959)	(2,080)	(1,818)
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Income from operations	(317)	(280)	(630)	(578)
Operating Group Total [Member]
Segment Reporting Information [Line Items]
Operating revenues	5,027	4,476	9,688	8,588
Income from operations	1,207	1,071	2,288	2,019
Operating Group Total [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating revenues	6,122	5,435	11,768	10,406
Operating Group Total [Member] | Intercompany Operating Revenues [Member]
Segment Reporting Information [Line Items]
Operating revenues	(1,095)	(959)	(2,080)	(1,818)
Solid Waste [Member]
Segment Reporting Information [Line Items]
Operating revenues	4,185	3,779	8,039	7,249
Income from operations	1,189	1,065	2,269	1,993
Solid Waste [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating revenues	5,221	4,706	10,010	9,012
Solid Waste [Member] | Intercompany Operating Revenues [Member]
Segment Reporting Information [Line Items]
Operating revenues	(1,036)	(927)	(1,971)	(1,763)
East Tier [Member]
Segment Reporting Information [Line Items]
Operating revenues	2,113	1,900	4,051	3,634
Income from operations	581	512	1,112	965
East Tier [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating revenues	2,609	2,339	4,992	4,467
East Tier [Member] | Intercompany Operating Revenues [Member]
Segment Reporting Information [Line Items]
Operating revenues	(496)	(439)	(941)	(833)
West Tier [Member]
Segment Reporting Information [Line Items]
Operating revenues	2,072	1,879	3,988	3,615
Income from operations	608	553	1,157	1,028
West Tier [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating revenues	2,612	2,367	5,018	4,545
West Tier [Member] | Intercompany Operating Revenues [Member]
Segment Reporting Information [Line Items]
Operating revenues	(540)	(488)	(1,030)	(930)
Other [Member]
Segment Reporting Information [Line Items]
Operating revenues	842	697	1,649	1,339
Income from operations	18	6	19	26
Other [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating revenues	901	729	1,758	1,394
Other [Member] | Intercompany Operating Revenues [Member]
Segment Reporting Information [Line Items]
Operating revenues	$ (59)	$ (32)	$ (109)	$ (55)

Segment and Related Informati_4

Segment and Related Information - Revenues mix (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue from External Customer [Line Items]
Operating revenues	$ 5,027	$ 4,476	$ 9,688	$ 8,588
Operating Segments [Member]
Revenue from External Customer [Line Items]
Operating revenues	6,122	5,435	11,768	10,406
Operating Segments [Member] | Collection [Member]
Revenue from External Customer [Line Items]
Operating revenues	3,310	2,918	6,391	5,690
Operating Segments [Member] | Commercial [Member]
Revenue from External Customer [Line Items]
Operating revenues	1,355	1,178	2,642	2,309
Operating Segments [Member] | Industrial [Member]
Revenue from External Customer [Line Items]
Operating revenues	942	811	1,778	1,554
Operating Segments [Member] | Residential [Member]
Revenue from External Customer [Line Items]
Operating revenues	832	794	1,637	1,576
Operating Segments [Member] | Other Collection [Member]
Revenue from External Customer [Line Items]
Operating revenues	181	135	334	251
Operating Segments [Member] | Landfill [Member]
Revenue from External Customer [Line Items]
Operating revenues	1,194	1,075	2,245	1,990
Operating Segments [Member] | Transfer [Member]
Revenue from External Customer [Line Items]
Operating revenues	554	532	1,040	997
Operating Segments [Member] | Recycling [Member]
Revenue from External Customer [Line Items]
Operating revenues	468	397	921	739
Operating Segments [Member] | Other Revenue [Member]
Revenue from External Customer [Line Items]
Operating revenues	596	513	1,171	990
Intercompany Operating Revenues [Member]
Revenue from External Customer [Line Items]
Operating revenues	$ (1,095)	$ (959)	$ (2,080)	$ (1,818)

(Gain) Loss from Divestitures_2

(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Asset Impairments and Unusual Items
(Gain) loss from divestitures, asset impairments and unusual items, net		$ 17	$ 17
Increase in legal accruals			19
Asset impairments			6
Gain (loss) on sale of assets			$ 8
San Jacinto Waste Pits [Member]
Asset Impairments and Unusual Items
Revisions in estimates and interest rate assumptions	$ 17	$ 17

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI roll forward
Beginning balance	$ 7,146	$ 7,429	$ 7,126	$ 7,454
Other comprehensive income (loss), net of tax	(32)	22	(34)	31
Ending balance	7,192	7,354	7,192	7,354
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI roll forward
Beginning balance	15	48	17	39
Other comprehensive income (loss) before reclassifications, net of tax (expense) benefit			(20)
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit			(14)
Other comprehensive income (loss), net of tax	(32)	22	(34)	31
Ending balance	(17)	$ 70	(17)	$ 70
Derivative Instruments [Member]
AOCI roll forward
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit			3
Other comprehensive income (loss), net of tax			3
Ending balance	3		3
Available-for-Sale Debt Securities [Member]
AOCI roll forward
Beginning balance			43
Other comprehensive income (loss) before reclassifications, net of tax (expense) benefit			(20)
Other comprehensive income (loss), net of tax			(20)
Ending balance	23		23
Foreign Currency Translation Adjustments [Member]
AOCI roll forward
Beginning balance			(29)
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit			(17)
Other comprehensive income (loss), net of tax			(17)
Ending balance	(46)		(46)
Post - Retirement Benefit Obligation [Member]
AOCI roll forward
Beginning balance			3
Ending balance	$ 3		$ 3

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Tax Impact (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Derivative Instruments [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	(1)
Available-for-Sale Debt Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications, tax	(7)
Amounts reclassified from accumulated other comprehensive (income) loss, tax	0
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications, tax	0
Amounts reclassified from accumulated other comprehensive (income) loss, tax	0
Post - Retirement Benefit Obligation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications, tax	0
Amounts reclassified from accumulated other comprehensive (income) loss, tax	$ 0

Common Stock Repurchase Progr_2

Common Stock Repurchase Program - Repurchases (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended				3 Months Ended			6 Months Ended
	Jul. 31, 2022	Jun. 30, 2022	Apr. 30, 2022	Jan. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Common stock repurchase program
Authorized share repurchases		$ 976			$ 976			$ 976
Cash paid for repurchase of common stock								$ 520	$ 500
Accelerated Share Repurchase Agreement (ASR) [Member]
Common stock repurchase program
Cash paid for repurchase of common stock					$ 250	$ 250	$ 350
Shares repurchased (in shares)			0.3	0.4	1.6	1.4	1.7
Initial stock repurchase price (in dollars per share)						$ 146.43	$ 160.67
Weighted average final purchase price (in dollars per share)			$ 153.14	$ 160.33	$ 154.73
10b5-1 Plan [Member]
Common stock repurchase program
Cash paid for repurchase of common stock	$ 4	$ 24
Shares repurchased (in shares)		0.2
Weighted average final purchase price (in dollars per share)		$ 146.74

Fair Value Measurements - Recur

Fair Value Measurements - Recurring (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment maturity	8 years
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 1,375	$ 507
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	878	38
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Equity securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	34	25
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	407	395
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	$ 56	$ 49

Fair Value Measurements - Debt

Fair Value Measurements - Debt (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of debt	$ 14,277	$ 13,405
Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of debt	1,000
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	14,300	13,400
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	$ 13,300	$ 14,100

Variable Interest Entities (Det

Variable Interest Entities (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Assets	$ 30,128	$ 29,097
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	114	117
Low income housing investments [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Aggregate investment balance	356	178
Equity method investments debt balance	321	156
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	$ 94	$ 110