0001558370-25-005805 | 10-Q | XBRL Viewer

Segment and Related Information - Summary (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) segment	Mar. 31, 2024 USD ($)
Segment Reporting
Number of reportable segments \| segment	5
Net operating revenue royalty (as a percent)	15.00%
Royalty amount	$ 14	$ 10
Operating revenues	6,018	5,159
Operating expenses	3,647	3,140
Selling, general and administrative	687	491
Other net expenses	15	(2)
Depreciation, depletion and amortization	656	514
Income from operations	1,013	1,016
Capital expenditures	641	553
Collection and Disposal [Member]
Segment Reporting
Operating revenues	4,922	4,716
Other net expenses		(2)
Depreciation, depletion and amortization	477	450
Income from operations	1,328	1,279
Capital expenditures	436	389
East Tier [Member]
Segment Reporting
Operating revenues	2,140	2,081
Depreciation, depletion and amortization	251	241
Income from operations	661	654
Capital expenditures	197	176
West Tier [Member]
Segment Reporting
Operating revenues	2,082	1,993
Depreciation, depletion and amortization	219	204
Income from operations	670	627
Capital expenditures	222	201
Other Ancillary [Member]
Segment Reporting
Operating revenues	700	642
Other net expenses		(2)
Depreciation, depletion and amortization	7	5
Income from operations	(3)	(2)
Capital expenditures	17	12
Recycling Processing and Sales [Member]
Segment Reporting
Operating revenues	384	368
Other net expenses	5
Depreciation, depletion and amortization	39	29
Income from operations	18	19
Capital expenditures	38	87
WM Renewable Energy [Member]
Segment Reporting
Operating revenues	91	69
Depreciation, depletion and amortization	15	8
Income from operations	19	21
Capital expenditures	122	91
WM Healthcare Solutions [Member]
Segment Reporting
Operating revenues	619
Other net expenses	9
Depreciation, depletion and amortization	101
Income from operations	(25)
Capital expenditures	34
Corporate and Other [Member]
Segment Reporting
Operating revenues	2	6
Other net expenses	1
Depreciation, depletion and amortization	24	27
Income from operations	(327)	(303)
Capital expenditures	11	(14)
Operating Segments [Member]
Segment Reporting
Operating revenues	7,232	6,291
Operating expenses	4,856	4,267
Selling, general and administrative	692	496
Operating Segments [Member] \| Collection and Disposal [Member]
Segment Reporting
Operating revenues	6,038	5,774
Operating expenses	4,027	3,838
Selling, general and administrative	206	209
Operating Segments [Member] \| Collection and Disposal [Member] \| Processing fees [Member]
Segment Reporting
Income from operations	20	22
Operating Segments [Member] \| East Tier [Member]
Segment Reporting
Operating revenues	2,698	2,608
Operating expenses	1,696	1,624
Selling, general and administrative	90	89
Operating Segments [Member] \| West Tier [Member]
Segment Reporting
Operating revenues	2,588	2,480
Operating expenses	1,613	1,558
Selling, general and administrative	86	91
Operating Segments [Member] \| Other Ancillary [Member]
Segment Reporting
Operating revenues	752	686
Operating expenses	718	656
Selling, general and administrative	30	29
Operating Segments [Member] \| Recycling Processing and Sales [Member]
Segment Reporting
Operating revenues	465	436
Operating expenses	388	374
Selling, general and administrative	15	14
Operating Segments [Member] \| WM Renewable Energy [Member]
Segment Reporting
Operating revenues	92	70
Operating expenses	55	39
Selling, general and administrative	3	2
Operating Segments [Member] \| WM Healthcare Solutions [Member]
Segment Reporting
Operating revenues	627
Operating expenses	386
Selling, general and administrative	156
Operating Segments [Member] \| Corporate and Other [Member]
Segment Reporting
Operating revenues	10	11
Operating expenses		16
Selling, general and administrative	312	271
Intercompany Elimination [Member]
Segment Reporting
Operating revenues	1,214	1,132
Operating expenses	1,209	1,127
Selling, general and administrative	(5)	(5)
Intercompany Elimination [Member] \| Collection and Disposal [Member]
Segment Reporting
Operating revenues	1,116	1,058
Intercompany Elimination [Member] \| East Tier [Member]
Segment Reporting
Operating revenues	558	527
Intercompany Elimination [Member] \| West Tier [Member]
Segment Reporting
Operating revenues	506	487
Intercompany Elimination [Member] \| Other Ancillary [Member]
Segment Reporting
Operating revenues	52	44
Intercompany Elimination [Member] \| Recycling Processing and Sales [Member]
Segment Reporting
Operating revenues	81	68
Intercompany Elimination [Member] \| WM Renewable Energy [Member]
Segment Reporting
Operating revenues	1	1
Intercompany Elimination [Member] \| WM Healthcare Solutions [Member]
Segment Reporting
Operating revenues	8
Intercompany Elimination [Member] \| Corporate and Other [Member]
Segment Reporting
Operating revenues	$ 8	$ 5

Common Stock Repurchase Program	3 Months Ended
Mar. 31, 2025
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. There were no common stock repurchases during the first quarter of 2025. As a result of the Stericycle acquisition, the Company has temporarily suspended share repurchases. We expect to resume share repurchase once the Company’s leverage returns to targeted levels.

Common Stock Repurchase Program

3 Months Ended

Mar. 31, 2025

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.

There were no common stock repurchases during the first quarter of 2025. As a result of the Stericycle acquisition, the Company has temporarily suspended share repurchases. We expect to resume share repurchase once the Company’s leverage returns to targeted levels.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies.

Commitments and Contingencies

6. Commitments and Contingencies

Financial Instruments — We have obtained letters of credit, surety bonds and insurance policies and have established trust funds and issued financial guarantees to support tax-exempt bonds, contracts, performance of landfill final capping, closure and post-closure requirements, environmental remediation and other obligations. Letters of credit generally are supported by our $3.5 billion revolving credit facility and other credit lines established for that purpose. These facilities are discussed further in Note 3. Surety bonds and insurance policies are supported by (i) a diverse group of third-party surety and insurance companies; (ii) an entity in which we have a noncontrolling financial interest or (iii) a wholly-owned insurance captive, the sole business of which is to issue surety bonds and/or insurance policies on our behalf.

Management does not expect that any claims against or draws on these instruments would have a material adverse effect on our 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 carry insurance coverage for protection of our assets and operations from certain risks including general liability, automobile liability, workers’ compensation, real and personal property, directors’ and officers’ liability, pollution legal liability, cyber incident liability and other coverages we believe are customary to the industry. Our exposure to loss for insurance claims is generally limited to the per-incident deductible under the related insurance policy and any amounts that exceed our insured limits. Our exposure could increase if our insurers are unable to meet their commitments on a timely basis.

We have retained a significant portion of the risks related to our 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 — In the ordinary course of our business, WMI and WM Holdings enter into guarantee agreements associated with their subsidiaries’ operations. Additionally, WMI and WM Holdings have each guaranteed all of the senior debt of the other entity. No additional liabilities have been recorded for these intercompany guarantees because all of the underlying obligations are reflected in our Condensed Consolidated Balance Sheets.

As of March 31, 2025, 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 18 of our landfills. We have also agreed to indemnify certain third-party purchasers against liabilities associated with divested operations prior to such sale. We do not believe that the remaining contingent obligations will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

Environmental Matters — A significant portion of our operating costs and capital expenditures could be characterized as costs of environmental protection. The nature of our operations, particularly with respect to the construction, operation and maintenance of our landfills, subjects us to an array of laws and regulations relating to the protection of the environment. Under current laws and regulations, we may have liabilities for environmental damage caused by our operations, or for damage caused by conditions that existed before we acquired a site. In addition to remediation activity required by state or local authorities, such liabilities include potentially responsible party (“PRP”) investigations. The costs associated with these liabilities can include settlements, certain legal and consultant fees, as well as incremental internal and external costs directly associated with site investigation and clean-up.

Estimating our degree of responsibility for remediation is inherently difficult. We recognize and accrue for an estimated remediation liability when we determine that such liability is both probable and reasonably estimable. Determining the method and ultimate cost of remediation requires that a number of assumptions be made. There can sometimes be a range of reasonable estimates of the costs associated with the likely site remediation alternatives identified in the environmental impact investigation. In these cases, we use the amount within the range that is our best estimate. If no amount within a range appears to be a better estimate than any other, we use the amount that is the low end of such range. If we used the high ends of such ranges (where estimable), our aggregate potential liability would be approximately $9 million higher than the $219 million recorded in the Condensed Consolidated Balance Sheet as of March 31, 2025. 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 March 31, 2025, we had been notified by the government that we are a PRP in connection with 74 locations listed on the Environmental Protection Agency’s (“EPA’s”) Superfund National Priorities List, or NPL. Of the 74 sites at which claims have been made against us, 14 are sites we own. Each of the NPL sites we own were 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 60 NPL sites, which we do not own, are at various procedural stages under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, known as CERCLA or Superfund.

The majority of proceedings involving NPL sites that we do not own are based on allegations that certain of our subsidiaries (or their predecessors) transported hazardous substances to the sites, often prior to our acquisition of these subsidiaries. CERCLA generally provides for liability for those parties owning, operating, transporting to or disposing at the sites. Proceedings arising under Superfund typically involve numerous waste generators and other waste transportation and disposal companies and seek to allocate or recover costs associated with site investigation and remediation, which costs could be substantial and could have a material adverse effect on our consolidated financial statements. At some of the sites at which we have been identified as a PRP, our liability is well defined as a consequence of a governmental decision and an agreement among liable parties as to the share each will pay for implementing that remedy. At other sites, where no remedy has been selected or the liable parties have been unable to agree on an appropriate allocation, our future costs are uncertain.

In 2018, both of McGinnes Industrial Maintenance Corporation (“MIMC”), a subsidiary of Waste Management of Texas, Inc., and International Paper Company (“IPC”) entered into an Administrative Order on Consent with the EPA as PRPs to develop a remedial design for the San Jacinto River Waste Pits Superfund Site in Harris County, Texas. We recorded a liability for MIMC’s estimated potential share of the EPA’s proposed remedy and related costs, although allocation of responsibility among the PRPs for the proposed remedy has not been established. MIMC and IPC have continued to work on a remedial design to support the EPA’s proposed remedy; however, in the first quarter of 2024, the EPA publicly issued a letter alleging that the remedial design had serious deficiencies. MIMC and IPC engaged with the EPA throughout the year, and in November 2024, MIMC and IPC publicly issued a proposed revised full remedial design to address the EPA’s comments. Due to increases in the estimated costs of the remedy to address the EPA’s comments, in the fourth quarter of 2024 we recorded an additional $13 million liability for MIMC’s estimated potential share of such costs. As a result, the recorded liability as of March 31, 2025 and December 31, 2024 was approximately $97 million. MIMC’s ultimate liability could be materially different from current estimates, including potential increases resulting from MIMC’s continued engagement with the EPA regarding a final remedial design for the site.

Item 103 of the SEC’s Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings, or such proceedings are known to be contemplated, unless we reasonably believe that the matter will result in no monetary sanctions, or in monetary sanctions, exclusive of interest and costs, below a stated threshold. In accordance with this SEC regulation, the Company uses a threshold of $1 million for purposes of determining whether disclosure of any such environmental proceedings is required. Other than the matter discussed below involving Stericycle’s divested Domestic Environmental Solutions business, we are not aware of any matters in the first quarter of 2025 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 — We are subject to various proceedings, lawsuits, disputes and claims arising in the ordinary course of our business. Many of these actions raise complex factual and legal issues and are subject to uncertainties. Actions that have been filed against us, and that may be filed against us in the future, include personal injury, property damage, commercial, customer, and employment-related claims, including purported state and national class action lawsuits related to: alleged environmental contamination, including releases of hazardous material and odors; sales and marketing practices, customer service agreements and prices and fees; and federal and state wage and hour and other laws. The plaintiffs in some actions seek unspecified damages or injunctive relief, or both. These actions are in various procedural stages, and some are covered, in part, by insurance. We currently do not believe that the eventual outcome of any such actions will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

On November 4, 2024, the Company acquired Stericycle. At the time of the acquisition, Stericycle was subject to the following legal matters, which are now legal matters of our wholly-owned subsidiary.

Stericycle entered into a deferred prosecution agreement (“DPA”) with the U.S. Department of Justice (“DOJ”) and a cease-and-desist order with the SEC in 2022 relating to Stericycle’s compliance with the U.S. Foreign Corrupt Practices Act and other anti-corruption laws with respect to now-divested operations in Latin America. The DPA and cease-and-desist order required Stericycle to engage an independent compliance monitor for two years, which Stericycle satisfied. Additionally, the DPA required Stericycle to self-report any potential violations of the anti-corruption laws through November 2025. In April 2025, the DOJ filed, and the court granted, a motion for early termination of the DPA, and the deferred charges against Stericycle have been dismissed with prejudice. This matter did not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

Stericycle has been cooperating with an investigation by the office of the U.S. Attorney for the Southern District of New York (“SDNY”) and the EPA into Stericycle’s historical compliance with federal environmental statutes, including the Resource Conservation and Recovery Act, in connection with the collection, transportation and disposal of hazardous waste by Stericycle’s Domestic Environmental Solutions business unit that was divested in 2020. Stericycle previously disclosed that it made an accrual in respect of this matter of approximately $10 million. In January 2025, the parties agreed on settlement terms for this matter, which are within Stericycle’s prior accrual. On January 17, 2025, the U.S. Attorney filed a complaint in the U.S. District Court for the SDNY, and on the same day, announced the settlement agreement with Stericycle. The settlement received court approval, and this matter is fully resolved. The settlement did not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

On February 11, 2020, Stericycle received an administrative subpoena from the U.S. Drug Enforcement Administration (“DEA”), which executed a search warrant at a facility in Rancho Cordova, California and an administrative inspection warrant at a facility in Indianapolis, Indiana for materials related to Stericycle’s now-divested Domestic Environmental Solutions business of collecting, transporting, and destroying controlled substances from retail customers (the “ESOL Retail Controlled Substances Business”). On that same day, agents from the California Department of Toxic Substances Control executed a separate search warrant at the Rancho Cordova facility. Since that time, the U.S. Attorney’s Office for the Eastern District of California (“USAO EDCA”) has been overseeing criminal and civil investigations of the ESOL Retail Controlled Substances Business. The USAO EDCA informed Stericycle that the investigations relate to Stericycle’s operation and sale of its ESOL Retail Controlled Substances Business that was divested in 2020 and has asserted that Stericycle and some of Stericycle’s current or former employees may have civil and criminal liability under the Controlled Substances Act and other federal statutes related to that business. Stericycle has been cooperating with the ongoing investigations, which are limited to the period of

Stericycle’s historical operation and ownership of the ESOL Retail Controlled Substances Business from 2015 through 2020. While the ultimate disposition of this matter remains uncertain, we do not currently believe that it will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

In June 2022, we and certain of our officers were named as defendants in a complaint alleging violation of the federal securities laws and seeking certification as a class action in the U.S. District Court for the Southern District of New York. A lead plaintiff has been appointed and an amended complaint was filed in January 2023. The amended complaint seeks damages on behalf of a putative class of secondary market purchasers of our senior notes with a special mandatory redemption feature issued in May 2019, asserting claims under the Securities Exchange Act of 1934, as amended based on alleged misrepresentations and omissions concerning the time for completion of our acquisition of Advanced Disposal. The court certified a class on March 31, 2025. The case is currently in the discovery phase, and we intend to vigorously defend against this pending suit. We believe any potential recovery by the plaintiffs, in excess of applicable deductibles, will be covered by insurance, and we do not believe that the eventual outcome of this suit will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

WMI’s charter and bylaws provide that WMI shall indemnify against all liabilities and expenses, and upon request shall advance expenses to any person, who is subject to a pending or threatened proceeding because such person is or was a director or officer of the Company. Such indemnification is required to the maximum extent permitted under Delaware law. Accordingly, the director or officer must execute an undertaking to reimburse the Company for any fees advanced if it is later determined that the director or officer was not permitted to have such fees advanced under Delaware law. Additionally, the Company has direct contractual obligations to provide indemnification to each of the members of WMI’s Board of Directors and each of WMI’s executive officers. The Company may incur substantial expenses in connection with the fulfillment of its advancement of costs and indemnification obligations in connection with actions or proceedings that may be brought against its former or current officers, directors and employees.

Multiemployer Defined Benefit Pension Plans — About 20% of our workforce is covered by collective bargaining agreements with various local unions across the U.S. and Canada, and certain parts of Europe. As a result of some of these agreements, certain of our subsidiaries are participating employers in a number of trustee-managed multiemployer defined benefit pension plans (“Multiemployer Pension Plans”) for the covered employees. In connection with our ongoing renegotiation of various collective bargaining agreements, we may discuss and negotiate for the complete or partial withdrawal from one or more of these Multiemployer Pension Plans. A complete or partial withdrawal from a Multiemployer Pension Plan may also occur if employees covered by a collective bargaining agreement vote to decertify a union from continuing to represent them. Any other circumstance resulting in a decline in Company contributions to a Multiemployer Pension Plan through a reduction in the labor force, whether through attrition over time or through a business event (such as the discontinuation or nonrenewal of a customer contract, the decertification of a union, or relocation, reduction or discontinuance of certain operations) may also trigger a complete or partial withdrawal from one or more of these pension plans.

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 — 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. We participate in the IRS’s Compliance Assurance Process, which means we work with the IRS throughout the year towards resolving any material issues prior to the filing of our annual tax return. Any unresolved issues as of the tax return filing date are subject to routine examination procedures. In the fourth quarter of 2022, the Company received a notice of tax due for the 2017 tax year related to a remaining

disagreement with the IRS. In response to the notice, the Company made a deposit of approximately $103 million with the IRS. In the fourth quarter of 2024, the Company filed a claim for refund of the entire amount deposited with the IRS. We expect to litigate any denial of the claim for refund. As of March 31, 2025 and December 31, 2024, the IRS deposit, net of reserve for uncertain tax positions, was classified as a component of other long-term assets in the Company’s Condensed Consolidated Balance Sheets.

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

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):


	March 31,		December 31,
	2025		2024
Quoted prices in active markets (Level 1):
Cash equivalents and money market funds	$	68	$	56
Equity securities		73		70
Significant other observable inputs (Level 2):
Available-for-sale securities (a)		544		445
Total assets measured at fair value	$	685	$	571

(a)	Our available-for-sale securities primarily relate to debt securities with maturities over the next ten years.

Fair Value of Debt

As of March 31, 2025 and December 31, 2024, the carrying value of our debt was $23.8 billion and $23.9 billion, respectively. The estimated fair value of our debt was approximately $23.2 billion and $22.9 billion as of March 31, 2025 and December 31, 2024, respectively.

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 March 31, 2025 and December 31, 2024. These amounts have not been revalued since those dates and current estimates of fair value could differ significantly from the amounts presented.

See Note 8 for information related to the nonrecurring fair value measurement of assets and liabilities acquired in connection with our acquisition of Stericycle.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Landfill and Environmental Remediation Liabilities - Summary (Detail) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Landfill and Environmental Remediation Liabilities
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term	Long-term
Total, Environmental Remediation	$ 219
Current (in accrued liabilities)	227	$ 231
Long-term	3,081	3,048
Total	3,308	3,279
Landfill [Member]
Landfill and Environmental Remediation Liabilities
Current (in accrued liabilities), Landfill	176	177
Long-term, Landfill	2,913	2,880
Total, Landfill	3,089	3,057
Environmental Remediation Liabilities [Member]
Landfill and Environmental Remediation Liabilities
Current (in accrued liabilities), Environmental Remediation	51	54
Long-term, Environmental Remediation	168	168
Total, Environmental Remediation	$ 219	$ 222

Segment and Related Information - Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Segment Reporting
Total assets	$ 44,486	$ 44,567
Operating Segments [Member] \| Collection and Disposal [Member]
Segment Reporting
Total assets	27,812	27,893
Operating Segments [Member] \| East Tier [Member]
Segment Reporting
Total assets	15,242	15,328
Operating Segments [Member] \| West Tier [Member]
Segment Reporting
Total assets	11,780	11,786
Operating Segments [Member] \| Other Ancillary [Member]
Segment Reporting
Total assets	790	779
Operating Segments [Member] \| Recycling Processing and Sales [Member]
Segment Reporting
Total assets	2,761	2,686
Operating Segments [Member] \| WM Renewable Energy [Member]
Segment Reporting
Total assets	1,674	1,544
Operating Segments [Member] \| WM Healthcare Solutions [Member]
Segment Reporting
Total assets	9,260	9,406
Operating Segments [Member] \| Corporate and Other [Member]
Segment Reporting
Total assets	3,848	3,785
Intercompany Elimination [Member]
Segment Reporting
Total assets	$ (869)	$ (747)

Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt

Components of debt

The following table summarizes the major components of debt at principal amounts as of each balance sheet date (in millions) and provides the maturities and interest rate ranges of each major category as of March 31, 2025:


	March 31,		December 31,
	2025		2024
Commercial paper program (weighted average interest rate of 4.6% as of March 31, 2025 and 4.7% as of December 31, 2024)	$	1,548	$	1,250
Senior notes, maturing through 2054, interest rates ranging from 0.75% to 7.75% (weighted average interest rate of 4.2% as of March 31, 2025 and December 31, 2024)		17,997		18,419
Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6%		348		348
Tax-exempt bonds, maturing through 2053, fixed and variable interest rates ranging from 0.7% to 4.8% (weighted average interest rate of 3.6% as of March 31, 2025 and 3.7% as of December 31, 2024)		2,873		2,873
Financing leases and other, maturing through 2082 (weighted average interest rate of 4.9% as of March 31, 2025 and December 31, 2024) (a)		1,244		1,189
Debt issuance costs, discounts and other		(173)		(179)
		23,837		23,900
Current portion of long-term debt		954		1,359
Long-term debt, less current portion	$	22,883	$	22,541

(a)	Excluding our landfill financing leases, the maturities of our financing leases and other debt obligations extend through 2059.

Landfill and Environmental Remediation Liabilities

3 Months Ended

Mar. 31, 2025

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):


	March 31, 2025						December 31, 2024
			Environmental						Environmental
	Landfill		Remediation		Total		Landfill		Remediation		Total
Current (in accrued liabilities)	$	176	$	51	$	227	$	177	$	54	$	231
Long-term		2,913		168		3,081		2,880		168		3,048
	$	3,089	$	219	$	3,308	$	3,057	$	222	$	3,279

The changes to landfill and environmental remediation liabilities for the three months ended March 31, 2025 are reflected in the table below (in millions):


			Environmental
	Landfill		Remediation
December 31, 2024	$	3,057	$	222
Obligations incurred and capitalized		19		—
Obligations settled		(22)		(5)
Interest accretion		35		—
Revisions in estimates		—		2
Acquisitions, divestitures and other adjustments		—		—
March 31, 2025	$	3,089	$	219

At several of our landfills, we provide financial assurance by depositing cash into restricted trust funds for purposes of settling final capping, closure, post-closure and environmental remediation obligations. Generally, these trust funds are established to comply with statutory requirements and operating agreements. See Note 12 for additional information related to these trusts.

Segment and Related Information - Revenue mix (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment revenue
Operating revenues	$ 6,018	$ 5,159
Collection and Disposal [Member]
Segment revenue
Operating revenues	4,922	4,716
Collection [Member]
Segment revenue
Operating revenues	3,746	3,615
Commercial [Member]
Segment revenue
Operating revenues	1,380	1,316
Industrial [Member]
Segment revenue
Operating revenues	741	747
Residential [Member]
Segment revenue
Operating revenues	872	854
Other Collection [Member]
Segment revenue
Operating revenues	753	698
Landfill [Member]
Segment revenue
Operating revenues	840	792
Transfer [Member]
Segment revenue
Operating revenues	336	309
Recycling Processing and Sales [Member]
Segment revenue
Operating revenues	384	368
WM Renewable Energy [Member]
Segment revenue
Operating revenues	91	69
WM Healthcare Solutions [Member]
Segment revenue
Operating revenues	619
Corporate and other [Member]
Segment revenue
Operating revenues	2	6
Operating Segments [Member]
Segment revenue
Operating revenues	7,232	6,291
Operating Segments [Member] \| Collection and Disposal [Member]
Segment revenue
Operating revenues	6,038	5,774
Operating Segments [Member] \| Collection [Member]
Segment revenue
Operating revenues	4,253	4,062
Operating Segments [Member] \| Commercial [Member]
Segment revenue
Operating revenues	1,594	1,501
Operating Segments [Member] \| Industrial [Member]
Segment revenue
Operating revenues	940	934
Operating Segments [Member] \| Residential [Member]
Segment revenue
Operating revenues	894	876
Operating Segments [Member] \| Other Collection [Member]
Segment revenue
Operating revenues	825	751
Operating Segments [Member] \| Landfill [Member]
Segment revenue
Operating revenues	1,193	1,152
Operating Segments [Member] \| Transfer [Member]
Segment revenue
Operating revenues	592	560
Operating Segments [Member] \| Recycling Processing and Sales [Member]
Segment revenue
Operating revenues	465	436
Operating Segments [Member] \| WM Renewable Energy [Member]
Segment revenue
Operating revenues	92	70
Operating Segments [Member] \| WM Healthcare Solutions [Member]
Segment revenue
Operating revenues	627
Operating Segments [Member] \| Corporate and other [Member]
Segment revenue
Operating revenues	10	11
Intercompany Elimination [Member]
Segment revenue
Operating revenues	1,214	1,132
Intercompany Elimination [Member] \| Collection and Disposal [Member]
Segment revenue
Operating revenues	1,116	1,058
Intercompany Elimination [Member] \| Collection [Member]
Segment revenue
Operating revenues	507	447
Intercompany Elimination [Member] \| Commercial [Member]
Segment revenue
Operating revenues	214	185
Intercompany Elimination [Member] \| Industrial [Member]
Segment revenue
Operating revenues	199	187
Intercompany Elimination [Member] \| Residential [Member]
Segment revenue
Operating revenues	22	22
Intercompany Elimination [Member] \| Other Collection [Member]
Segment revenue
Operating revenues	72	53
Intercompany Elimination [Member] \| Landfill [Member]
Segment revenue
Operating revenues	353	360
Intercompany Elimination [Member] \| Transfer [Member]
Segment revenue
Operating revenues	256	251
Intercompany Elimination [Member] \| Recycling Processing and Sales [Member]
Segment revenue
Operating revenues	81	68
Intercompany Elimination [Member] \| WM Renewable Energy [Member]
Segment revenue
Operating revenues	1	1
Intercompany Elimination [Member] \| WM Healthcare Solutions [Member]
Segment revenue
Operating revenues	8
Intercompany Elimination [Member] \| Corporate and other [Member]
Segment revenue
Operating revenues	$ 8	$ 5

Landfill and Environmental Remediation Liabilities - Changes (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Landfill and Environmental Remediation Liabilities
Ending balance, environmental remediation	$ 219
Landfill [Member]
Landfill and Environmental Remediation Liabilities
Beginning balance, landfill	3,057
Obligations incurred and capitalized	19
Obligations settled	(22)
Interest accretion	35
Ending balance, landfill	3,089
Environmental Remediation Liabilities [Member]
Landfill and Environmental Remediation Liabilities
Beginning balance, environmental remediation	222
Obligations settled	(5)
Revisions in estimates and interest rate assumptions	2
Ending balance, environmental remediation	$ 219

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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):


	March 31,		December 31,
	2025		2024
Quoted prices in active markets (Level 1):
Cash equivalents and money market funds	$	68	$	56
Equity securities		73		70
Significant other observable inputs (Level 2):
Available-for-sale securities (a)		544		445
Total assets measured at fair value	$	685	$	571

(a)	Our available-for-sale securities primarily relate to debt securities with maturities over the next ten years.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2025	Apr. 25, 2025
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2025
Securities Act File Number	1-12154
Entity Registrant Name	Waste Management, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1309529
Entity Address, Address Line One	800 Capitol Street
Entity Address, Address Line Two	Suite 3000
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	512-6200
Title of 12(b) Security	Common Stock
Trading Symbol	WM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		402,407,976
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000823768
Amendment Flag	false

Debt - Classification and Credit Facilities (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Debt
Debt maturing or subject to remarketing within twelve months	$ 3,800
Debt classified as long-term due to intent and ability to refinance on long-term basis	2,800
Current portion of long-term debt	$ 954	$ 1,359
Minimum [Member]
Debt
Spread rate (as a percent)	0.585%
Maximum [Member]
Debt
Spread rate (as a percent)	1.025%
Tax Exempt Bonds [Member]
Debt
Debt maturing or subject to remarketing within twelve months	$ 298
Debt with interest rate periods that expire in the next 12 months	$ 1,300
Tax Exempt Bonds [Member] \| Minimum [Member]
Debt
Interest rate (as a percent)	0.70%	0.70%
Tax Exempt Bonds [Member] \| Maximum [Member]
Debt
Interest rate (as a percent)	4.80%	4.80%
Commercial Paper Program [Member]
Debt
Debt maturing or subject to remarketing within twelve months	$ 1,500
Debt term	397 days
Commercial paper borrowings	$ 1,500
0.750% senior notes due 2025 [Member]
Debt
Debt maturing or subject to remarketing within twelve months	$ 500
Interest rate (as a percent)	0.75%
Financing leases and other [Member]
Debt
Debt maturing or subject to remarketing within twelve months	$ 454
Revolving Credit Facility [Member]
Debt
Maximum capacity	3,500
Outstanding borrowings under credit facility	0
Letters of credit outstanding	224
Unused and available credit capacity	1,800
Other Letter Of Credit Lines [Member]
Debt
Letters of credit outstanding	$ 860

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Cash dividends declared per common share	$ 0.825	$ 0.75

Acquisitions and Divestitures (Detail) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Nov. 04, 2024	Mar. 31, 2025	Mar. 31, 2024	Nov. 30, 2024
Business Acquisition
Debt repayments		$ (5,163)	$ (4,570)
Operating		(3,647)	(3,140)
Selling, general and administrative		$ (687)	$ (491)
Stericycle [Member]
Business Acquisition
Business acquisition cost (dollars per share)	$ 62
Total consideration, net of cash acquired	$ 7,200
Debt incurred for acquisition	500
Debt repayments	$ (800)
Stericycle [Member] \| Senior Notes, Aggregate [Member]
Business Acquisition
Debt instrument face amount				$ 5,200

Acquisitions and Divestitures (Tables)

3 Months Ended

Mar. 31, 2025

Acquisitions and Divestitures

Summary of purchase price allocation


		November 4, 2024		Adjustments		March 31, 2025
Cash and cash equivalents	$	198	$	—	$	198
Accounts and other receivables		506		(14)		492
Parts and supplies		19		—		19
Other current assets		64		(1)		63
Assets held for sale (a)		125		(3)		122
Property and equipment		782		(1)		781
Goodwill		3,633		72		3,705
Other intangible assets		3,536		(68)		3,468
Other assets		619		—		619
Accounts payable		(186)		3		(183)
Accrued liabilities		(336)		(17)		(353)
Deferred revenues		(77)		—		(77)
Current portion of long-term debt		(5)		—		(5)
Liabilities held for sale (a)		(35)		—		(35)
Long-term debt, less current portion		(510)		—		(510)
Deferred income taxes		(884)		25		(859)
Other liabilities		(542)		—		(542)
Total purchase price	$	6,907	$	(4)	$	6,903

(a)

Represents Stericycle’s Spain and Portugal subsidiaries. See “Divestitures” below for additional information.

Debt - Components (Detail) $ in Millions, $ in Millions	Mar. 31, 2025 USD ($)	Mar. 31, 2025 CAD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)
Debt
Debt	$ 23,837		$ 23,900
Debt issuance costs, discounts and other	(173)		(179)
Current portion of long-term debt	954		1,359
Long-term debt, less current portion	22,883		22,541
Commercial Paper Program [Member]
Debt
Debt	$ 1,548		$ 1,250
Weighted average interest rate	4.60%	4.60%	4.70%	4.70%
Senior Notes, Aggregate [Member]
Debt
Debt	$ 17,997		$ 18,419
Weighted average interest rate	4.20%	4.20%	4.20%	4.20%
Senior Notes, Aggregate [Member] \| Minimum [Member]
Debt
Interest rate (as a percent)	0.75%	0.75%	0.75%	0.75%
Senior Notes, Aggregate [Member] \| Maximum [Member]
Debt
Interest rate (as a percent)	7.75%	7.75%	7.75%	7.75%
Canadian Senior Notes [Member]
Debt
Debt	$ 348	$ 500	$ 348	$ 500
Interest rate (as a percent)	2.60%	2.60%	2.60%	2.60%
Tax Exempt Bonds [Member]
Debt
Debt	$ 2,873		$ 2,873
Weighted average interest rate	3.60%	3.60%	3.70%	3.70%
Tax Exempt Bonds [Member] \| Minimum [Member]
Debt
Interest rate (as a percent)	0.70%	0.70%	0.70%	0.70%
Tax Exempt Bonds [Member] \| Maximum [Member]
Debt
Interest rate (as a percent)	4.80%	4.80%	4.80%	4.80%
Financing leases and other [Member]
Debt
Debt	$ 1,244		$ 1,189
Weighted average interest rate	4.90%	4.90%	4.90%	4.90%

Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Detail) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Income Taxes
Effective tax rate of income (loss) before income taxes	19.20%	18.60%
Tax credits and adjustments	$ 46	$ 37
Equity in net losses of unconsolidated entities	(5)	19
Low income housing investments [Member]
Income Taxes
Investment proportional amortization tax impact	20	20
Income tax benefit from low-income housing investments	27	28
Variable interest entities interest expense	$ 9	$ 6

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2025

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, 2024	$	44	$	15	$	(179)	$	5	$	(115)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $4, $1, $0 and $0, respectively		11		2		17		—		30
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $(1), $0, $0 and $0, respectively		(2)		—		—		—		(2)
Net current period other comprehensive income (loss)		9		2		17		—		28
Balance, March 31, 2025	$	53	$	17	$	(162)	$	5	$	(87)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 184	$ 165
Allowance for other receivables	3	4
Accumulated depreciation and amortization	$ 24,100	$ 23,777
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	227,911,432	228,788,284

Debt

3 Months Ended

Mar. 31, 2025

Debt

Debt

3. Debt


	March 31,		December 31,
	2025		2024
Commercial paper program (weighted average interest rate of 4.6% as of March 31, 2025 and 4.7% as of December 31, 2024)	$	1,548	$	1,250
Senior notes, maturing through 2054, interest rates ranging from 0.75% to 7.75% (weighted average interest rate of 4.2% as of March 31, 2025 and December 31, 2024)		17,997		18,419
Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6%		348		348
Tax-exempt bonds, maturing through 2053, fixed and variable interest rates ranging from 0.7% to 4.8% (weighted average interest rate of 3.6% as of March 31, 2025 and 3.7% as of December 31, 2024)		2,873		2,873
Financing leases and other, maturing through 2082 (weighted average interest rate of 4.9% as of March 31, 2025 and December 31, 2024) (a)		1,244		1,189
Debt issuance costs, discounts and other		(173)		(179)
		23,837		23,900
Current portion of long-term debt		954		1,359
Long-term debt, less current portion	$	22,883	$	22,541

(a)	Excluding our landfill financing leases, the maturities of our financing leases and other debt obligations extend through 2059.

Debt Classification

As of March 31, 2025, we had approximately $3.8 billion of debt maturing within the next 12 months, including (i) $1.5 billion of short-term borrowings under our commercial paper program (net of related discount on issuance); (ii) $1.3 billion of tax-exempt bonds with term interest rate periods that expire within the next 12 months, which is prior to their scheduled maturities; (iii) $500 million of 0.75% senior notes that mature in November 2025 and (iv) $454 million of other debt with scheduled maturities within the next 12 months, including $298 million of tax-exempt bonds. As of March 31, 2025, we have classified $2.8 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 $954 million of debt maturing in the next 12 months is classified as current obligations.

Access to and Utilization of Credit Facilities and Commercial Paper Program

$3.5 Billion Revolving Credit Facility — Our $3.5 billion revolving credit facility, maturing May 2029, provides us with credit capacity to be used for cash borrowings, to support letters of credit and to support our commercial paper program. The interest rates we pay on outstanding U.S. or Canadian loans are based on the Secured Overnight Financing Rate (“SOFR”) administered by the Federal Reserve Bank of New York or the Canadian Overnight Repo Rate Average (“CORRA”) administered by the Bank of Canada, respectively, plus a spread depending on our senior public debt rating assigned by Moody’s Investors Service, Inc. and Standard and Poor’s Global Ratings. The spread above SOFR or CORRA can range from 0.585% to 1.025% per annum, plus applicable credit adjustments. We also pay certain other fees set forth in the $3.5 billion revolving credit facility agreement, including a facility fee based on the aggregate commitment, regardless of usage. As of March 31, 2025, we had no outstanding borrowings under this facility. We had $1.5 billion of outstanding borrowings (net of related discount on issuance) under our commercial paper program and $224 million of letters of credit issued, both supported by the facility, leaving unused and available credit capacity of $1.8 billion as of

March 31, 2025. WM Holdings, a wholly-owned subsidiary of WMI, guarantees all of the obligations under the $3.5 billion revolving credit facility.

Commercial Paper Program — We have a commercial paper program that enables us to borrow funds for up to 397 days at competitive interest rates. The rates we pay for outstanding borrowings are based on the term of the notes. The commercial paper program is fully supported by our $3.5 billion revolving credit facility. As of March 31, 2025, we had $1.5 billion of outstanding borrowings (net of related discount on issuance) under our commercial paper program.

Other Letter of Credit Lines — As of March 31, 2025, we had utilized $860 million of other uncommitted letter of credit lines, with terms maturing through December 2028.

Debt Borrowings and Repayments

Commercial Paper Program — During the three months ended March 31, 2025, we made cash repayments of $4.7 billion, which were more than offset by $5.0 billion of cash borrowings (net of related discount on issuance) used for general corporate purposes.

Senior Notes — We repaid $422 million of 3.125% senior notes upon maturity in March 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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+ Details

Acquisitions and Divestitures - Allocation (Detail) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Nov. 04, 2024
Purchase price allocation
Goodwill	$ 13,529	$ 13,438
Stericycle [Member]
Purchase price allocation
Cash and cash equivalents	198
Accounts and other receivables	492
Parts and supplies	19
Other current assets	63
Assets held for sale	122
Property and equipment	781
Goodwill	3,705		$ 3,700
Other intangible assets	3,468		3,468
Other assets	619
Accounts payable	(183)
Accrued liabilities	(353)
Deferred revenues	(77)
Current portion of long-term debt	(5)
Liabilities held for sale	(35)
Long-term debt, less current portion	(510)
Deferred income taxes	(859)
Other liabilities	(542)
Total purchase price	6,903
Stericycle [Member] \| Previously Reported [Member]
Purchase price allocation
Cash and cash equivalents			198
Accounts and other receivables			506
Parts and supplies			19
Other current assets			64
Assets held for sale			125
Property and equipment			782
Goodwill			3,633
Other intangible assets			3,536
Other assets			619
Accounts payable			(186)
Accrued liabilities			(336)
Deferred revenues			(77)
Current portion of long-term debt			(5)
Liabilities held for sale			(35)
Long-term debt, less current portion			(510)
Deferred income taxes			(884)
Other liabilities			(542)
Total purchase price			$ 6,907
Stericycle [Member] \| Revision of Prior Period, Adjustment [Member]
Purchase price allocation
Accounts and other receivables	(14)
Other current assets	(1)
Assets held for sale	(3)
Property and equipment	(1)
Goodwill	72
Other intangible assets	(68)
Accounts payable	3
Accrued liabilities	(17)
Deferred income taxes	25
Total purchase price	$ (4)

Variable Interest Entities (Detail) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Variable Interest Entity
Carrying value of debt	$ 23,837	$ 23,900
Assets	44,486	44,567
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity
Assets	131	128
Low income housing investments [Member] \| Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity
Aggregate investment balance	684	707
Carrying value of debt	655	670
Trust For Final Capping, Closure, Post-closure Or Environmental Remediation Obligations [Member] \| Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity
Aggregate investment balance	$ 111	$ 111

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 637	$ 708

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Consolidated net income	$ 637	$ 707
Other comprehensive income (loss), net of tax:
Derivative instruments, net	9
Available-for-sale securities, net	2	1
Foreign currency translation adjustments	17	(24)
Other comprehensive income (loss), net of tax	28	(23)
Comprehensive income	665	684
Less: Comprehensive income (loss) attributable to noncontrolling interests		(1)
Comprehensive income attributable to Waste Management, Inc.	$ 665	$ 685

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2025 USD ($) site	Dec. 31, 2024 USD ($)	Dec. 31, 2022 USD ($)
Contingencies
Landfills near properties guaranteeing market value \| site	18
Aggregate increase potential liability	$ 9
Sites EPA notified we are a PRP \| site	74
Owned sites EPA notified we are a PRP \| site	14
Non-owned sites EPA notified we are a PRP \| site	60
Environmental remediation liabilities	$ 219
Environmental matters threshold requiring disclosure under SEC Item 103	$ 1
Workforce covered by collective bargaining (as a percent)	20.00%
Tax Year 2017 [Member]
Contingencies
Income tax deposit paid			$ 103
Southern District of New York and EPA [Member]
Contingencies
Litigation accrual		$ 10
San Jacinto Waste Pits [Member]
Contingencies
Revisions in estimate		13
Environmental remediation liabilities	$ 97	$ 97

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2025
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., together with its consolidated subsidiaries and consolidated variable interest entities. When we use the term “WMI,” we are referring only to Waste Management, Inc., the parent holding company. We are North America’s leading provider of comprehensive environmental solutions, providing services throughout the United States (“U.S.”) and Canada. We partner with our customers and the communities we serve to manage and reduce waste at each stage from collection to disposal, while recovering valuable resources and creating clean, renewable energy. Our solid waste business is operated and managed locally by our subsidiaries that focus on distinct geographic areas and provide collection, transfer, disposal, recycling and resource recovery services. Through our subsidiaries, including our Waste Management Renewable Energy (“WM Renewable Energy”) segment, we are also a leading developer, operator and owner of landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and renewable natural gas (“RNG”), which is a significant source of fuel that we allocate to our natural gas fleet. On November 4, 2024, we completed the acquisition of all outstanding shares of Stericycle, Inc. (“Stericycle”), the operations of which are presented in this report as our new WM Healthcare Solutions segment. The acquisition expands our offerings in the U.S. and Canada and adds operations in parts of Western Europe. These businesses provide regulated waste and compliance services and secure information destruction services that protect people and brands, promote health and well-being and safeguard the environment. Refer to Note 8 for further discussion. Our senior management evaluates, oversees and manages the financial performance of our business through five reportable segments, referred to as (i) Collection and Disposal - East Tier (“East Tier”); (ii) Collection and Disposal - West Tier (“West Tier”); (iii) Recycling Processing and Sales; (iv) WM Renewable Energy and (v) WM Healthcare Solutions. Our East and West Tiers along with certain ancillary services (“Other Ancillary”) that are not managed through our Tier segments, but that support our collection and disposal operations, form our “Collection and Disposal” businesses. We also provide additional services not managed through our five reportable segments, which are presented as Corporate and Other. Refer to Note 7 for further discussion. The Condensed Consolidated Financial Statements as of March 31, 2025 and for the three months ended March 31, 2025 and 2024 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, 2024. 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, transfer stations or processing facilities; or recycling and other commodities, such as RNG, electricity and capacity, Renewable Identification Numbers (“RINs”) and Renewable Energy Credits (“RECs”), are sold. Compliance services revenues are recognized over the contractual service period. We also bill for certain services prior to performance. Such services include, among others, certain commercial and residential contracts and equipment rentals. These advanced billings are included in deferred revenues and recognized as revenue in the period service is provided. Substantially all our deferred revenues during the reported periods are realized as revenues within one to three months, when the related services are performed. 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 to 16 years. Contract acquisition costs that are paid to the customer are deferred and amortized as a reduction in revenue over the contract life. Our contract acquisition costs are classified as current or noncurrent based on the timing of when we expect to recognize amortization and are included in other assets in our Condensed Consolidated Balance Sheets. As of March 31, 2025 and December 31, 2024, we had $221 million and $218 million, respectively, of deferred contract costs, of which $160 million and $154 million, respectively, were related to deferred sales incentives.
Leases	Leases Amounts for our operating lease right-of-use assets are recorded in other long-term assets and the current and long-term portion of our operating lease liabilities are reflected in accrued liabilities and other long-term liabilities, respectively, in our Condensed Consolidated Balance Sheets. Amounts for our financing leases are recorded in property and equipment, net of accumulated depreciation and depletion, and current or long-term debt in our Condensed Consolidated Balance Sheets, as appropriate.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments held within restricted funds and accounts receivable. We make efforts to control our exposure to credit risk associated with these instruments by (i) placing our assets and other financial interests with a diverse group of credit-worthy financial institutions; (ii) holding high-quality financial instruments while limiting investments in any one instrument and (iii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures, although generally we do not have collateral requirements for credit extensions. We also control our exposure associated with trade receivables by discontinuing service, to the extent allowable, to non-paying customers. However, our overall credit risk associated with trade receivables is limited due to the large number and diversity of customers we serve.
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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

Basis of Presentation

3 Months Ended

Mar. 31, 2025

Basis of Presentation

Basis of Presentation

1. 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., together with its consolidated subsidiaries and consolidated variable interest entities. When we use the term “WMI,” we are referring only to Waste Management, Inc., the parent holding company.

We are North America’s leading provider of comprehensive environmental solutions, providing services throughout the United States (“U.S.”) and Canada. We partner with our customers and the communities we serve to manage and reduce waste at each stage from collection to disposal, while recovering valuable resources and creating clean, renewable energy. Our solid waste business is operated and managed locally by our subsidiaries that focus on distinct geographic areas and provide collection, transfer, disposal, recycling and resource recovery services. Through our subsidiaries, including our Waste Management Renewable Energy (“WM Renewable Energy”) segment, we are also a leading developer, operator and owner of landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and renewable natural gas (“RNG”), which is a significant source of fuel that we allocate to our natural gas fleet.

On November 4, 2024, we completed the acquisition of all outstanding shares of Stericycle, Inc. (“Stericycle”), the operations of which are presented in this report as our new WM Healthcare Solutions segment. The acquisition expands our offerings in the U.S. and Canada and adds operations in parts of Western Europe. These businesses provide regulated waste and compliance services and secure information destruction services that protect people and brands, promote health and well-being and safeguard the environment. Refer to Note 8 for further discussion.

Our senior management evaluates, oversees and manages the financial performance of our business through five reportable segments, referred to as (i) Collection and Disposal - East Tier (“East Tier”); (ii) Collection and Disposal - West Tier (“West Tier”); (iii) Recycling Processing and Sales; (iv) WM Renewable Energy and (v) WM Healthcare Solutions. Our East and West Tiers along with certain ancillary services (“Other Ancillary”) that are not managed through our Tier segments, but that support our collection and disposal operations, form our “Collection and Disposal” businesses. We also provide additional services not managed through our five reportable segments, which are presented as Corporate and Other. Refer to Note 7 for further discussion.

The Condensed Consolidated Financial Statements as of March 31, 2025 and for the three months ended March 31, 2025 and 2024 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, 2024.

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, transfer stations or processing facilities; or recycling and other commodities, such as RNG, electricity and capacity, Renewable Identification Numbers (“RINs”) and Renewable Energy Credits (“RECs”), are sold. Compliance services revenues are recognized over the contractual service period.

We also bill for certain services prior to performance. Such services include, among others, certain commercial and residential contracts and equipment rentals. These advanced billings are included in deferred revenues and recognized as revenue in the period service is provided. Substantially all our deferred revenues during the reported periods are realized as revenues within one to three months, when the related services are performed.

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 to 16 years. Contract acquisition costs that are paid to the customer are deferred and amortized as a reduction in revenue over the contract life. Our contract acquisition costs are classified as current or noncurrent based on the timing of when we expect to recognize amortization and are included in other assets in our Condensed Consolidated Balance Sheets. As of March 31, 2025 and December 31, 2024, we had $221 million and $218 million, respectively, of deferred contract costs, of which $160 million and $154 million, respectively, were related to deferred sales incentives.

Leases

Amounts for our operating lease right-of-use assets are recorded in other long-term assets and the current and long-term portion of our operating lease liabilities are reflected in accrued liabilities and other long-term liabilities, respectively, in our Condensed Consolidated Balance Sheets. Amounts for our financing leases are recorded in property and equipment, net of accumulated depreciation and depletion, and current or long-term debt in our Condensed Consolidated Balance Sheets, as appropriate.

Concentrations of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments held within restricted funds and accounts receivable. We make efforts to control our exposure to credit risk associated with these instruments by (i) placing our assets and other financial interests with a diverse group of credit-worthy financial institutions; (ii) holding high-quality financial instruments while limiting investments in any one instrument and (iii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures, although generally we do not have collateral requirements for credit extensions. We also control our exposure associated with trade receivables by discontinuing service, to the extent allowable, to non-paying customers. However, our overall credit risk associated with trade receivables is limited due to the large number and diversity of customers we serve.

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.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share

Computing Basic and Diluted Earnings Per Share


	2025	2024
Number of common shares outstanding at end of period	402.4	401.3
Effect of using weighted average common shares outstanding	(0.1)	0.4
Weighted average basic common shares outstanding	402.3	401.7
Dilutive effect of equity-based compensation awards and other contingently issuable shares	1.6	1.8
Weighted average diluted common shares outstanding	403.9	403.5
Potentially issuable shares	4.6	4.9
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	1.5	1.6

Landfill and Environmental Remediation Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

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):


	March 31, 2025						December 31, 2024
			Environmental						Environmental
	Landfill		Remediation		Total		Landfill		Remediation		Total
Current (in accrued liabilities)	$	176	$	51	$	227	$	177	$	54	$	231
Long-term		2,913		168		3,081		2,880		168		3,048
	$	3,089	$	219	$	3,308	$	3,057	$	222	$	3,279

Changes to Landfill and Environmental Remediation Liabilities

The changes to landfill and environmental remediation liabilities for the three months ended March 31, 2025 are reflected in the table below (in millions):


			Environmental
	Landfill		Remediation
December 31, 2024	$	3,057	$	222
Obligations incurred and capitalized		19		—
Obligations settled		(22)		(5)
Interest accretion		35		—
Revisions in estimates		—		2
Acquisitions, divestitures and other adjustments		—		—
March 31, 2025	$	3,089	$	219

Income Taxes

3 Months Ended

Mar. 31, 2025

Income Taxes

Income Taxes

4. Income Taxes

Our effective income tax rate was 19.2% and 18.6% for the three months ended March 31, 2025 and 2024, respectively. The increase in our effective income tax rate when comparing the three months ended March 31, 2025 and 2024 was primarily driven by the timing of amortization resulting from our investment in low-income housing investments offset, in part, by 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

Renewable Natural Gas — Through our subsidiaries, including our WM Renewable Energy segment, we have invested in building landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and RNG. We expect our new RNG facilities to qualify for federal tax credits and to realize those credits through 2026 under Section 48 of the Internal Revenue Code.

During the three months ended March 31, 2025 and 2024, we recognized a reduction in our income tax expense of $46 million and $37 million, respectively due to federal tax credits expected to be realized from our RNG investments.

Low-Income Housing — We have significant financial interests in entities established to invest in and manage low-income housing properties. We support the operations of these entities in exchange for a pro-rata share of the tax credits they generate. The low-income housing investments qualify for federal tax credits that we expect to realize through 2036 under Section 42 or Section 45D of the Internal Revenue Code.

Under the proportional amortization method, the equity investment is amortized in proportion to the income tax credits and other income tax benefits received. The amortization expense and the income tax credits are required to be presented on a net basis in income tax expense on the Condensed Consolidated Statements of Operations.

During the three months ended March 31, 2025, we recognized income tax expense of $20 million related to amortization under ASU 2023-02 and a reduction in our income tax expense of $27 million primarily due to federal tax credits realized from these investments. In addition, during the three months ended March 31, 2025, we recognized interest expense of $9 million associated with our investments in low-income housing properties.

During the three months ended March 31, 2024, we recognized $20 million of net losses and a reduction in our income tax expense of $28 million primarily due to federal tax credits realized from these investments. In addition, during the three months ended March 31, 2024, we recognized interest expense of $6 million associated with our investments in low-income housing properties.

See Note 12 for additional information related to these unconsolidated variable interest entities.

- Definition

The entire disclosure for income tax.

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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Earnings Per Share (Detail) - shares shares in Millions	3 Months Ended
Earnings Per Share (Detail) - shares shares in Millions	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share
Number of common shares outstanding at end of period (in shares)	402.4	401.3
Effect of using weighted average common shares outstanding (in shares)		0.4
Negative effect of using weighted average common shares outstanding (in shares)	(0.1)
Weighted average basic common shares outstanding (in shares)	402.3	401.7
Dilutive effect of equity-based compensation awards and other contingently issuable shares (in shares)	1.6	1.8
Weighted average diluted common shares outstanding (in shares)	403.9	403.5
Potentially issuable shares (in shares)	4.6	4.9
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding (in shares)	1.5	1.6

- Definition

Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of contingently issuable shares. Contingently issuable shares are those shares that are issuable for little or no cash contingent on certain conditions being met.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (c)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-26

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-44

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-51

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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-Subparagraph (a)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 48
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-48

+ Details

Fair Value Measurements - Debt (Detail) - USD ($) $ in Billions	Mar. 31, 2025	Dec. 31, 2024
Reported Value Measurement [Member]
Fair Value
Fair value of debt	$ 23.8	$ 23.9
Significant Other Observable Inputs (Level 2) [Member] \| Estimate of Fair Value Measurement [Member]
Fair Value
Fair value of debt	$ 23.2	$ 22.9

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Consolidated net income	$ 637	$ 707
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation, depletion and amortization	656	514
Deferred income tax expense (benefit)	59	57
Interest accretion on landfill and environmental remediation liabilities	35	33
Provision for bad debts	19	10
Equity-based compensation expense	51	30
Net gain on disposal of assets	(9)	(10)
(Gain) loss from divestitures, asset impairments and other, net	2	(2)
Equity in net (income) loss of unconsolidated entities, net of dividends	(5)	19
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Receivables	51	176
Other current assets	(91)	(45)
Other assets	61	(4)
Accounts payable and accrued liabilities	(287)	(102)
Deferred revenues and other liabilities	29	(16)
Net cash provided by operating activities	1,208	1,367
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(3)	(11)
Capital expenditures	(831)	(668)
Proceeds from divestitures of businesses and other assets, net of cash divested	98	15
Other, net	(93)	(91)
Net cash used in investing activities	(829)	(755)
Cash flows from financing activities:
New borrowings	4,993	4,412
Debt repayments	(5,163)	(4,570)
Common stock repurchase program		(250)
Cash dividends	(336)	(307)
Exercise of common stock options	25	32
Tax payments associated with equity-based compensation transactions	(45)	(48)
Other, net	(10)	(6)
Net cash used in financing activities	(536)	(737)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents	1	(2)
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	(156)	(127)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	487	552
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$ 331	$ 425

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2025

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

9. Accumulated Other Comprehensive Income (Loss)


					Foreign		Post-
			Available-		Currency		Retirement
	Derivative		for-Sale		Translation		Benefit
	Instruments		Securities		Adjustments		Obligations		Total
Balance, December 31, 2024	$	44	$	15	$	(179)	$	5	$	(115)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $4, $1, $0 and $0, respectively		11		2		17		—		30
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $(1), $0, $0 and $0, respectively		(2)		—		—		—		(2)
Net current period other comprehensive income (loss)		9		2		17		—		28
Balance, March 31, 2025	$	53	$	17	$	(162)	$	5	$	(87)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 216	$ 414
Accounts receivable, net of allowance for doubtful accounts of $184 and $165, respectively	3,260	3,272
Other receivables, net of allowance for doubtful accounts of $3 and $4, respectively	328	415
Parts and supplies	218	206
Other current assets	433	467
Total current assets	4,455	4,774
Property and equipment, net of accumulated depreciation and depletion of $24,100 and $23,777, respectively	19,553	19,340
Goodwill	13,529	13,438
Other intangible assets, net	4,015	4,188
Restricted funds	554	413
Investments in unconsolidated entities	824	846
Other long-term assets	1,556	1,568
Total assets	44,486	44,567
Current liabilities:
Accounts payable	1,901	2,046
Accrued liabilities	1,807	2,180
Deferred revenues	685	673
Current portion of long-term debt	954	1,359
Total current liabilities	5,347	6,258
Long-term debt, less current portion	22,883	22,541
Deferred income taxes	2,841	2,815
Landfill and environmental remediation liabilities	3,081	3,048
Other long-term liabilities	1,683	1,651
Total liabilities	35,835	36,313
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	5,515	5,496
Retained earnings	16,160	15,858
Accumulated other comprehensive income (loss)	(87)	(115)
Treasury stock at cost 227,911,432 and 228,788,284 shares, respectively	(12,944)	(12,993)
Total Waste Management, Inc. stockholders' equity	8,650	8,252
Noncontrolling interests	1	2
Total equity	8,651	8,254
Total liabilities and equity	$ 44,486	$ 44,567

Basis of Presentation (Details) $ in Millions	3 Months Ended
Basis of Presentation (Details) $ in Millions	Mar. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
Capitalized Costs
Number of reportable segments \| segment	5
Deferred contract costs	$ 221	$ 218
Deferred Sales Incentives [Member]
Capitalized Costs
Deferred contract costs	$ 160	$ 154
Minimum [Member]
Capitalized Costs
Deferred revenue recognition period	1 month
Contract amortization period	5 years
Maximum [Member]
Capitalized Costs
Deferred revenue recognition period	3 months
Contract amortization period	16 years

Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
AOCI roll forward
Beginning balance	$ 8,254	$ 6,896
Other comprehensive income (loss), net of tax	28	(23)
Ending balance	8,651	7,078
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI roll forward
Beginning balance	(115)	(37)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)	30
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit	(2)
Other comprehensive income (loss), net of tax	28	(23)
Ending balance	(87)	$ (60)
Derivative Instruments [Member]
AOCI roll forward
Beginning balance	44
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)	11
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit	(2)
Other comprehensive income (loss), net of tax	9
Ending balance	53
Other comprehensive income (loss) before reclassifications, tax	4
Amounts reclassified from accumulated other comprehensive (income) loss, tax	(1)
Available-for-Sale Securities [Member]
AOCI roll forward
Beginning balance	15
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)	2
Other comprehensive income (loss), net of tax	2
Ending balance	17
Other comprehensive income (loss) before reclassifications, tax	1
Amounts reclassified from accumulated other comprehensive (income) loss, tax	0
Foreign Currency Translation Adjustments [Member]
AOCI roll forward
Beginning balance	(179)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)	17
Other comprehensive income (loss), net of tax	17
Ending balance	(162)
Other comprehensive income (loss) before reclassifications, tax	0
Amounts reclassified from accumulated other comprehensive (income) loss, tax	0
Post - Retirement Benefit Obligations [Member]
AOCI roll forward
Beginning balance	5
Ending balance	5
Other comprehensive income (loss) before reclassifications, tax	0
Amounts reclassified from accumulated other comprehensive (income) loss, tax	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents at end of period:
Cash and cash equivalents	$ 216	$ 322
Restricted cash and cash equivalents included in other current assets	$ 44	$ 34
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Restricted cash and cash equivalents included in restricted funds	$ 71	$ 69
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Restricted Cash and Investments, Noncurrent	Restricted Cash and Investments, Noncurrent
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$ 331	$ 425

Fair Value Measurements - Recurring (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Available-for-sale securities [Member]
Fair Value
Investment maturity	10 years
Fair Value, Recurring [Member]
Fair Value
Total assets measured at fair value	$ 685	$ 571
Fair Value, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member]
Fair Value
Cash equivalents and money market funds	68	56
Fair Value, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| Equity securities [Member]
Fair Value
Investments	73	70
Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Available-for-sale securities [Member]
Fair Value
Investments	$ 544	$ 445

Debt - Borrowings and Repayments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Debt
Debt repayments	$ 5,163	$ 4,570
Net proceeds	4,993	$ 4,412
Commercial Paper Program [Member]
Debt
Commercial paper repayments	4,700
Commercial paper borrowings	$ 5,000
3.125% senior notes due March 2025 [Member]
Debt
Interest rate (as a percent)	3.125%
Debt repayments	$ 422
Senior Notes 0.750 Percent Due November 2025 [Member]
Debt
Interest rate (as a percent)	0.75%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Segment and Related Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment and Related Information

Reportable Segments

Summarized financial information concerning our reportable segments for the three months ended March 31 is shown in the following table (in millions):


	Net		Intercompany		Gross				Selling,		Other		Depreciation,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net		Depletion and		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(f)		Amortization		Operations(b)		(c)

2025
Collection and Disposal:
East Tier	$	2,140	$	558	$	2,698	$	1,696	$	90	$	—	$	251	$	661	$	197
West Tier		2,082		506		2,588		1,613		86		—		219		670		222
Other Ancillary		700		52		752		718		30		—		7		(3)		17
Collection and Disposal(d)(e)		4,922		1,116		6,038		4,027		206		—		477		1,328		436
Recycling Processing and Sales(d)		384		81		465		388		15		5		39		18		38
WM Renewable Energy(e)		91		1		92		55		3		—		15		19		122
WM Healthcare Solutions		619		8		627		386		156		9		101		(25)		34
Corporate and Other(e)		2		8		10		—		312		1		24		(327)		11
Total	$	6,018	$	1,214	$	7,232	$	4,856	$	692	$	15	$	656	$	1,013	$	641

Intercompany Elimination						(1,214)		(1,209)		(5)		—		—		—
Net						6,018		3,647		687		15		656		1,013

	Net		Intercompany		Gross				Selling,		Other		Depreciation,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net		Depletion and		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(f)		Amortization		Operations(b)		(c)

2024
Collection and Disposal:
East Tier	$	2,081	$	527	$	2,608	$	1,624	$	89	$	—	$	241	$	654	$	176
West Tier		1,993		487		2,480		1,558		91		—		204		627		201
Other Ancillary		642		44		686		656		29		(2)		5		(2)		12
Collection and Disposal(d)(e)		4,716		1,058		5,774		3,838		209		(2)		450		1,279		389
Recycling Processing and Sales(d)		368		68		436		374		14		—		29		19		87
WM Renewable Energy(e)		69		1		70		39		2		—		8		21		91
Corporate and Other(e)		6		5		11		16		271		—		27		(303)		(14)
Total	$	5,159	$	1,132	$	6,291	$	4,267	$	496	$	(2)	$	514	$	1,016	$	553

Intercompany Elimination						(1,132)		(1,127)		(5)		—		—		—
Net						5,159		3,140		491		(2)		514		1,016

(a)	Intercompany operating revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.

(b)	For those items included in the determination of income from operations, the accounting policies of the segments are the same as those described in Note 1.

(c)	Includes non-cash items. Capital expenditures are reported in our reportable segments at the time they are recorded within the segments’ property and equipment balances and, therefore, include timing differences for amounts accrued but not yet paid.

(d)	Certain fees related to the processing of recyclable material we collect are included within our Collection and Disposal businesses. The amounts in income from operations for the three months ended March 31, 2025 and 2024 are $20 million and $22 million, respectively.

(e)

WM Renewable Energy pays a 15% intercompany royalty to our Collection and Disposal and Corporate and Other businesses for landfill gas. The total amount of royalties in gross and intercompany operating revenues for the East Tier, West Tier, and Corporate and Other and in operating expenses for WM Renewable Energy for the three months ended March 31, 2025 and 2024 are $14 million and $10 million, respectively. Prior to the fourth quarter of 2024, amounts related to intercompany royalty payments were adjusted through income from operations. Prior periods have been recast to conform to current year presentation.

(f)	Other net expenses include restructuring expenses, (gain) loss from divestitures, and asset impairments and unusual items, net.

Total assets by reportable segment are presented in the table below as follows (in millions):


	March 31,		December 31,
	2025		2024
Collection and Disposal:
East Tier	$	15,242	$	15,328
West Tier		11,780		11,786
Other Ancillary		790		779
Collection and Disposal		27,812		27,893
Recycling Processing and Sales		2,761		2,686
WM Renewable Energy		1,674		1,544
WM Healthcare Solutions		9,260		9,406
Corporate and Other		3,848		3,785
Elimination of intercompany investments and advances		(869)		(747)
Total assets, per Condensed Consolidated Balance Sheet	$	44,486	$	44,567

Schedule of total assets for segments


	March 31,		December 31,
	2025		2024
Collection and Disposal:
East Tier	$	15,242	$	15,328
West Tier		11,780		11,786
Other Ancillary		790		779
Collection and Disposal		27,812		27,893
Recycling Processing and Sales		2,761		2,686
WM Renewable Energy		1,674		1,544
WM Healthcare Solutions		9,260		9,406
Corporate and Other		3,848		3,785
Elimination of intercompany investments and advances		(869)		(747)
Total assets, per Condensed Consolidated Balance Sheet	$	44,486	$	44,567

Summary of operating revenues mix


	March 31,		December 31,
	2025		2024
Collection and Disposal:
East Tier	$	15,242	$	15,328
West Tier		11,780		11,786
Other Ancillary		790		779
Collection and Disposal		27,812		27,893
Recycling Processing and Sales		2,761		2,686
WM Renewable Energy		1,674		1,544
WM Healthcare Solutions		9,260		9,406
Corporate and Other		3,848		3,785
Elimination of intercompany investments and advances		(869)		(747)
Total assets, per Condensed Consolidated Balance Sheet	$	44,486	$	44,567

Acquisitions and Divestitures

3 Months Ended

Mar. 31, 2025

Acquisitions and Divestitures

Acquisitions and Divestitures

8. Acquisitions and Divestitures

Acquisitions

Stericycle Acquisition

On June 3, 2024, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) to acquire all outstanding shares of Stericycle for $62.00 per share in cash, representing a total enterprise value of approximately $7.2 billion (net of cash acquired) when including the assumption of $0.5 billion of debt and the repayment of approximately $0.8 billion of net debt. The acquisition expands our offerings in the U.S., Canada and parts of Western Europe by providing regulated waste and compliance services and secure information destruction services that protect people and brands, promote health and well-being and safeguard the environment. The transaction closed on November 4, 2024 and was funded using borrowings under a term credit agreement, commercial paper program and available cash on hand. Shortly thereafter, we repaid all outstanding borrowings under the term credit agreement with net proceeds from our November 2024 issuance of $5.2 billion of senior notes.

Our consolidated financial statements have not been retroactively restated to include Stericycle’s historical financial position or results of operations. The acquisition is accounted for as a business combination. In accordance with the purchase method of accounting, the purchase price paid has been allocated to the assets and liabilities acquired based upon their estimated fair values as of the acquisition date, with the excess of the purchase price over the net assets acquired recorded as goodwill. We are in the process of valuing all of the assets and liabilities acquired in the acquisition and until we have completed our valuation process, there may be adjustments to our estimates of fair value and resulting preliminary purchase price allocation.

Our estimates and assumptions are subject to change during the measurement period, not to exceed one year from the acquisition date. The areas of acquisition accounting that are not yet finalized primarily relate to (i) finalizing the review and valuation of trade names, permits, customer relationships and certain property plant and equipment and other intangibles (including the models, key assumptions, estimates and inputs used) and assignment of remaining useful lives associated with the depreciable and amortizable assets and (ii) finalizing the review and valuation of accounts receivable, accrued expenses, contingent liabilities, deferred taxes and goodwill (including key assumptions, inputs and estimates).

Goodwill of $3.7 billion was calculated as the excess of the consideration paid over the net assets recognized and represents the future economic benefits expected to arise from other assets acquired that could not be individually identified and separately recognized and from synergies of the combination. During the first quarter of 2025, we finalized the determination of our reporting units related to the Stericycle acquisition and allocated the goodwill balance to two reporting units within our WM Healthcare Solutions segment using a relative fair value allocation method. Substantially all of the goodwill is not deductible for income tax purposes.

The following table shows the preliminary purchase price allocation as of the date acquired and adjustments to March 31, 2025 (in millions):


		November 4, 2024		Adjustments		March 31, 2025
Cash and cash equivalents	$	198	$	—	$	198
Accounts and other receivables		506		(14)		492
Parts and supplies		19		—		19
Other current assets		64		(1)		63
Assets held for sale (a)		125		(3)		122
Property and equipment		782		(1)		781
Goodwill		3,633		72		3,705
Other intangible assets		3,536		(68)		3,468
Other assets		619		—		619
Accounts payable		(186)		3		(183)
Accrued liabilities		(336)		(17)		(353)
Deferred revenues		(77)		—		(77)
Current portion of long-term debt		(5)		—		(5)
Liabilities held for sale (a)		(35)		—		(35)
Long-term debt, less current portion		(510)		—		(510)
Deferred income taxes		(884)		25		(859)
Other liabilities		(542)		—		(542)
Total purchase price	$	6,907	$	(4)	$	6,903

(a)

Represents Stericycle’s Spain and Portugal subsidiaries. See “Divestitures” below for additional information.

The preliminary allocation of $3,468 million for other intangible assets includes $2,279 million for customer relationships with a weighted average amortization period of 15 years, $610 million for indefinite lived trade names, $319 million for indefinite lived permits, $114 million for finite lived trade names with a weighted average amortization period of 2.9 years, $141 million for ERP software with a weighted average amortization period of 4.7 years and $5 million for developed technology with an amortization period of 17 years.

Divestitures

On January 2, 2025, we completed the sale of our WM Healthcare Solutions’ Spain and Portugal subsidiaries. As the fair value of consideration transferred was equal to the carrying value of the divested subsidiaries, no gain or loss was recognized.

Segment and Related Information

3 Months Ended

Mar. 31, 2025

Segment and Related Information

Segment and Related Information

7. Segment and Related Information

Our senior management evaluates, oversees and manages the financial performance of our business through five reportable segments, referred to as (i) East Tier; (ii) West Tier; (iii) Recycling Processing and Sales; (iv) WM Renewable Energy and (v) WM Healthcare Solutions. Our East and West Tiers along with Other Ancillary services that are not managed through our Tier segments, but that support our collection and disposal operations, form our “Collection and Disposal” businesses. We also provide additional services not managed through our five reportable segments, which are presented as Corporate and Other.

Summarized financial information concerning our reportable segments for the three months ended March 31 is shown in the following table (in millions):


	Net		Intercompany		Gross				Selling,		Other		Depreciation,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net		Depletion and		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(f)		Amortization		Operations(b)		(c)

2025
Collection and Disposal:
East Tier	$	2,140	$	558	$	2,698	$	1,696	$	90	$	—	$	251	$	661	$	197
West Tier		2,082		506		2,588		1,613		86		—		219		670		222
Other Ancillary		700		52		752		718		30		—		7		(3)		17
Collection and Disposal(d)(e)		4,922		1,116		6,038		4,027		206		—		477		1,328		436
Recycling Processing and Sales(d)		384		81		465		388		15		5		39		18		38
WM Renewable Energy(e)		91		1		92		55		3		—		15		19		122
WM Healthcare Solutions		619		8		627		386		156		9		101		(25)		34
Corporate and Other(e)		2		8		10		—		312		1		24		(327)		11
Total	$	6,018	$	1,214	$	7,232	$	4,856	$	692	$	15	$	656	$	1,013	$	641

Intercompany Elimination						(1,214)		(1,209)		(5)		—		—		—
Net						6,018		3,647		687		15		656		1,013

	Net		Intercompany		Gross				Selling,		Other		Depreciation,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net		Depletion and		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(f)		Amortization		Operations(b)		(c)

2024
Collection and Disposal:
East Tier	$	2,081	$	527	$	2,608	$	1,624	$	89	$	—	$	241	$	654	$	176
West Tier		1,993		487		2,480		1,558		91		—		204		627		201
Other Ancillary		642		44		686		656		29		(2)		5		(2)		12
Collection and Disposal(d)(e)		4,716		1,058		5,774		3,838		209		(2)		450		1,279		389
Recycling Processing and Sales(d)		368		68		436		374		14		—		29		19		87
WM Renewable Energy(e)		69		1		70		39		2		—		8		21		91
Corporate and Other(e)		6		5		11		16		271		—		27		(303)		(14)
Total	$	5,159	$	1,132	$	6,291	$	4,267	$	496	$	(2)	$	514	$	1,016	$	553

Intercompany Elimination						(1,132)		(1,127)		(5)		—		—		—
Net						5,159		3,140		491		(2)		514		1,016

(a)	Intercompany operating revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.

(b)	For those items included in the determination of income from operations, the accounting policies of the segments are the same as those described in Note 1.

(c)	Includes non-cash items. Capital expenditures are reported in our reportable segments at the time they are recorded within the segments’ property and equipment balances and, therefore, include timing differences for amounts accrued but not yet paid.

(d)	Certain fees related to the processing of recyclable material we collect are included within our Collection and Disposal businesses. The amounts in income from operations for the three months ended March 31, 2025 and 2024 are $20 million and $22 million, respectively.

(e)

(f)	Other net expenses include restructuring expenses, (gain) loss from divestitures, and asset impairments and unusual items, net.

Total assets by reportable segment are presented in the table below as follows (in millions):


	March 31,		December 31,
	2025		2024
Collection and Disposal:
East Tier	$	15,242	$	15,328
West Tier		11,780		11,786
Other Ancillary		790		779
Collection and Disposal		27,812		27,893
Recycling Processing and Sales		2,761		2,686
WM Renewable Energy		1,674		1,544
WM Healthcare Solutions		9,260		9,406
Corporate and Other		3,848		3,785
Elimination of intercompany investments and advances		(869)		(747)
Total assets, per Condensed Consolidated Balance Sheet	$	44,486	$	44,567

The mix of operating revenues from our major lines of business for the three months ended March 31 are as follows (in millions):


	Net		Intercompany		Gross
	Operating		Operating		Operating
	Revenues		Revenues (a)(b)		Revenues

2025
Commercial	$	1,380	$	214	$	1,594
Industrial		741		199		940
Residential		872		22		894
Other collection		753		72		825
Total collection		3,746		507		4,253
Landfill		840		353		1,193
Transfer		336		256		592
Total Collection and Disposal		4,922		1,116		6,038
Recycling Processing and Sales		384		81		465
WM Renewable Energy		91		1		92
WM Healthcare Solutions		619		8		627
Corporate and Other		2		8		10
Total	$	6,018	$	1,214	$	7,232

2024
Commercial	$	1,316	$	185	$	1,501
Industrial		747		187		934
Residential		854		22		876
Other collection		698		53		751
Total collection		3,615		447		4,062
Landfill		792		360		1,152
Transfer		309		251		560
Total Collection and Disposal		4,716		1,058		5,774
Recycling Processing and Sales		368		68		436
WM Renewable Energy		69		1		70
Corporate and Other		6		5		11
Total	$	5,159	$	1,132	$	6,291

(a)	Intercompany operating revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.

(b)

Beginning with the 2024 Form 10-K, the Company adjusted gross and intercompany operating revenues to reflect the 15% royalty paid by WM Renewable Energy to our Collection and Disposal and Corporate and Other businesses for the purchase of landfill gas. There was no change to net operating revenues. Prior periods have been recast to conform to current presentation.

Our financial and operating results may fluctuate for many reasons, including period-to-period changes in the relative contribution of revenue by each line of business, changes in commodity prices and general economic conditions. Our operating revenues and volumes typically experience seasonal increases in the summer months that are reflected in second and third quarter revenues and results of operations.

Service or operational disruptions caused by severe storms, extended periods of inclement weather or climate events can significantly affect the operating results of the geographic areas affected. Extreme weather events may also lead to supply chain disruption and delayed project development, or disruption of our customers’ businesses, reducing the amount of waste generated by their operations.

Conversely, certain destructive weather and climate conditions, such as wildfires in the Western U.S. and hurricanes that most often impact our operations in the Southern and Eastern U.S. during the second half of the year, can increase our revenues in the geographic areas affected as a result of the waste volumes generated by these events. While weather-related and other event-driven special projects can boost revenues through additional work for a limited time, due to significant start-up costs and other factors, such revenue can generate earnings at comparatively lower margins.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
CONSOLIDATED STATEMENTS OF OPERATIONS
Operating revenues	$ 6,018	$ 5,159
Costs and expenses:
Operating	3,647	3,140
Selling, general and administrative	687	491
Depreciation, depletion and amortization	656	514
Restructuring	13
(Gain) loss from divestitures, asset impairments and unusual items, net	2	(2)
Total costs and expenses	5,005	4,143
Income from operations	1,013	1,016
Other income (expense):
Interest expense, net	(232)	(130)
Equity in net income (loss) of unconsolidated entities	5	(19)
Other, net	2	2
Total other income (expense)	(225)	(147)
Income before income taxes	788	869
Income tax expense	151	162
Consolidated net income	637	707
Less: Net income (loss) attributable to noncontrolling interests		(1)
Net income attributable to Waste Management, Inc.	$ 637	$ 708
Basic earnings per common share	$ 1.58	$ 1.76
Diluted earnings per common share	$ 1.58	$ 1.75

Acquisitions and Divestitures - Intangible Allocation (Detail) - Stericycle [Member] - USD ($) $ in Millions	Nov. 04, 2024	Mar. 31, 2025
Intangible assets
Other intangible assets	$ 3,468	$ 3,468
Trade Names [Member]
Intangible assets
Other intangible assets	610
Permits [Member]
Intangible assets
Other intangible assets	319
Customer Relationships [Member]
Intangible assets
Other intangible assets	$ 2,279
Weighted average amortization periods	15 years
Trade Names [Member]
Intangible assets
Other intangible assets	$ 114
Weighted average amortization periods	2 years 10 months 24 days
ERP software [Member]
Intangible assets
Other intangible assets	$ 141
Weighted average amortization periods	4 years 8 months 12 days
Developed technology [Member]
Intangible assets
Other intangible assets	$ 5
Weighted average amortization periods	17 years

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	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, 2023	$ 6,000	$ 5,351,000	$ 14,334,000	$ (37,000)	$ (12,751,000)	$ (7,000)	$ 6,896,000
Beginning balance, common shares at Dec. 31, 2023	630,282,000
Beginning balance, treasury shares at Dec. 31, 2023					(228,827,000)
Equity roll forward
Consolidated net income			708,000			(1,000)	707,000
Other comprehensive income (loss), net of tax				(23,000)			(23,000)
Cash dividends declared			(307,000)				(307,000)
Equity-based compensation transactions, net		(12,000)	3,000		$ 60,000		51,000
Equity-based compensation transactions, net (in shares)					1,075,000
Common stock repurchase program		10,000			$ (263,000)		(253,000)
Common stock repurchase program, shares					(1,228,000)
Other, net		3,000				4,000	7,000
Ending balance at Mar. 31, 2024	$ 6,000	5,352,000	14,738,000	(60,000)	$ (12,954,000)	(4,000)	7,078,000
Ending balance, common shares at Mar. 31, 2024	630,282,000
Ending balance, treasury shares at Mar. 31, 2024					(228,980,000)
Beginning balance at Dec. 31, 2024	$ 6,000	5,496,000	15,858,000	(115,000)	$ (12,993,000)	2,000	$ 8,254,000
Beginning balance, common shares at Dec. 31, 2024	630,282,000						630,282,461
Beginning balance, treasury shares at Dec. 31, 2024					(228,788,000)		(228,788,284)
Equity roll forward
Consolidated net income	$ 0	0	637,000	0	$ 0	0	$ 637,000
Other comprehensive income (loss), net of tax				28,000			28,000
Cash dividends declared			(336,000)				(336,000)
Equity-based compensation transactions, net		19,000	1,000		$ 49,000		$ 69,000
Equity-based compensation transactions, net (in shares)					876,000
Common stock repurchase program, shares							0
Other, net						(1,000)	$ (1,000)
Other, net, shares					1,000
Ending balance at Mar. 31, 2025	$ 6,000	$ 5,515,000	$ 16,160,000	$ (87,000)	$ (12,944,000)	$ 1,000	$ 8,651,000
Ending balance, common shares at Mar. 31, 2025	630,282,000						630,282,461
Ending balance, treasury shares at Mar. 31, 2025					(227,911,000)		(227,911,432)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025 shares
James C Fish, Jr [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 27, 2025, James C. Fish, Jr., President, Chief Executive Officer and member of our Board of Directors, adopted a written net share settlement plan (the “Fish Plan”). The Fish Plan went into effect on the date of adoption and was not intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Fish Plan provided that upon (i) the vesting of 22,063 and 19,805 stock options on March 1, 2025 and March 7, 2025, respectively and (ii) our common stock reaching a specified market price on or before March 7, 2025, the Company would exercise the options and withhold shares of common stock necessary to cover the option exercise price and tax obligations. The options were automatically exercised pursuant to the terms of the Fish Plan and all remaining shares of common stock resulting from the option exercises after the net share settlement process were delivered to Mr. Fish
Name	James C. Fish, Jr.
Title	President, Chief Executive Officer and member of our Board of Directors
Non-Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 27, 2025
Rafael Carrasco [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 25, 2025, Mr. Rafael E. Carrasco, Senior Vice President — Enterprise Strategy and President — WM Healthcare Solutions, adopted a stock trading plan (the “Carrasco Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Carrasco Plan will commence on May 27, 2025 and will automatically terminate on the earlier of May 22, 2026 and the completion of all the contemplated transactions set forth therein. The Carrasco Plan provides for the potential cashless exercise of three vested stock option awards totaling 5,792 stock options, upon our common stock reaching specified market prices, pursuant to which shares of common stock will be sold to cover the option exercise price, tax obligations, commissions and fees. The Carrasco Plan then provides instructions to sell 50% of the shares of common stock resulting from each cashless option exercise after settlement and Mr. Carrasco will continue to hold the remaining 50% of the shares.
Name	Rafael E. Carrasco
Title	Senior Vice President — Enterprise Strategy and President — WM Healthcare Solutions
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 25, 2025
Aggregate Available	5,792
Trading plan one \| James C Fish, Jr [Member]
Trading Arrangements, by Individual
Aggregate Available	22,063
Trading plan two \| James C Fish, Jr [Member]
Trading Arrangements, by Individual
Aggregate Available	19,805

Earnings Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share

Earnings Per Share

5. Earnings Per Share

Basic and diluted earnings per share for the three months ended March 31 were computed using the following common share data (shares in millions):


	2025	2024
Number of common shares outstanding at end of period	402.4	401.3
Effect of using weighted average common shares outstanding	(0.1)	0.4
Weighted average basic common shares outstanding	402.3	401.7
Dilutive effect of equity-based compensation awards and other contingently issuable shares	1.6	1.8
Weighted average diluted common shares outstanding	403.9	403.5
Potentially issuable shares	4.6	4.9
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	1.5	1.6

Refer to the Condensed Consolidated Statements of Operations for net income attributable to Waste Management, Inc.

Variable Interest Entities

3 Months Ended

Mar. 31, 2025

Variable Interest Entities

Variable Interest Entities

12. Variable Interest Entities

The following is a description of our financial interests in unconsolidated and consolidated variable interest entities that we consider significant:

Low-Income Housing Properties

We do not consolidate our investments in entities established to manage low-income housing properties because we are not the primary beneficiary of these entities as we do not have the power to individually direct the activities of these entities. Our aggregate investment balance in these entities was $684 million and $707 million as of March 31, 2025 and December 31, 2024, respectively. The debt balance related to our investments in low-income housing properties was $655 million and $670 million as of March 31, 2025 and December 31, 2024, 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 — Trust funds that are established for both the benefit of the Company and the host community in which we operate are not consolidated because we are not the primary beneficiary of these entities as (i) we do not have the power to direct the significant activities of the trusts or (ii) power over the trusts’ significant activities is shared. Our interests in these trusts are accounted for as investments in unconsolidated entities and receivables. These amounts are recorded in other receivables, investments in unconsolidated entities and other long-term assets in our Condensed Consolidated Balance Sheets, as appropriate. We also reflect our share of the unrealized gains and losses on available-for-sale securities held by these trusts as a component of our accumulated other comprehensive income (loss). Our investments and receivables related to these trusts had an aggregate carrying value of $111 million at March 31, 2025 and December 31, 2024.

Consolidated Variable Interest Entities — Trust funds for which we are the sole beneficiary are consolidated because we are the primary beneficiary. These trust funds are recorded in restricted funds in our Condensed Consolidated Balance Sheets. Unrealized gains and losses on available-for-sale securities held by these trusts are recorded as a component of accumulated other comprehensive income (loss). These trusts had a fair value of $131 million and $128 million as of March 31, 2025 and December 31, 2024, respectively.

Common Stock Repurchase Program - Repurchases (Detail) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Common Stock Repurchase Program
Cash paid for repurchase of common stock		$ 250
Shares repurchased (in shares)	0