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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2023

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-12154

Waste Management, Inc.

(Exact name of registrant as specified in its charter)

Delaware

73-1309529

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

800 Capitol Street

Suite 3000

Houston, Texas 77002

(Address of principal executive offices)

(713) 512-6200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

    

Trading Symbol

    

Name of Each Exchange on Which Registered

Common Stock, $0.01 par value

WM

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes    No  

The number of shares of Common Stock, $0.01 par value, of the registrant outstanding at October 20, 2023 was 402,775,427 (excluding treasury shares of 227,507,034).

PART I.

Item 1.    Financial Statements.

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Share and Par Value Amounts)

September 30, 

December 31, 

    

2023

    

2022

(Unaudited)

ASSETS

Current assets:

 

 

  

Cash and cash equivalents

$

150

$

351

Accounts receivable, net of allowance for doubtful accounts of $26 and $26, respectively

 

2,646

 

2,461

Other receivables, net of allowance for doubtful accounts of $4 and $7, respectively

 

271

 

291

Parts and supplies

 

175

 

164

Other assets

 

320

 

284

Total current assets

 

3,562

 

3,551

Property and equipment, net of accumulated depreciation and depletion of $22,702 and $21,627, respectively

 

16,229

 

15,719

Goodwill

 

9,398

 

9,323

Other intangible assets, net

 

779

 

827

Restricted funds

 

424

 

348

Investments in unconsolidated entities

 

542

 

578

Other assets

 

1,001

 

1,021

Total assets

$

31,935

$

31,367

LIABILITIES AND EQUITY

Current liabilities:

 

  

 

  

Accounts payable

$

1,738

$

1,766

Accrued liabilities

 

1,596

 

1,625

Deferred revenues

 

587

 

589

Current portion of long-term debt

 

297

 

414

Total current liabilities

 

4,218

 

4,394

Long-term debt, less current portion

 

15,133

 

14,570

Deferred income taxes

 

1,811

 

1,733

Landfill and environmental remediation liabilities

 

2,727

 

2,700

Other liabilities

 

1,080

 

1,106

Total liabilities

 

24,969

 

24,503

Commitments and contingencies (Note 6)

 

  

 

  

Equity:

 

  

 

  

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

 

5,385

 

5,314

Retained earnings

 

14,124

 

13,167

Accumulated other comprehensive (loss) income

 

(58)

 

(69)

Treasury stock at cost, 227,456,833 and 222,396,166 shares, respectively

 

(12,507)

 

(11,569)

Total Waste Management, Inc. stockholders’ equity

 

6,950

 

6,849

Noncontrolling interests

 

16

 

15

Total equity

 

6,966

 

6,864

Total liabilities and equity

$

31,935

$

31,367

See Notes to Condensed Consolidated Financial Statements.

2

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except per Share Amounts)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2023

    

2022

    

2023

    

2022

Operating revenues

$

5,198

$

5,075

$

15,209

$

14,763

Costs and expenses:

 

  

 

  

Operating

 

3,188

 

3,156

 

9,460

 

9,201

Selling, general and administrative

 

470

 

473

 

1,413

 

1,451

Depreciation, depletion and amortization

 

519

 

503

 

1,545

 

1,493

Restructuring

 

 

1

 

4

 

1

(Gain) loss from divestitures, asset impairments and unusual items, net

 

 

 

(3)

 

17

 

4,177

 

4,133

 

12,419

 

12,163

Income from operations

 

1,021

 

942

 

2,790

 

2,600

Other income (expense):

 

  

 

Interest expense, net

 

(127)

 

(91)

 

(372)

 

(269)

Equity in net losses of unconsolidated entities

 

(18)

 

(17)

 

(41)

 

(49)

Other, net

 

(4)

 

(6)

 

 

(7)

 

(149)

 

(114)

 

(413)

 

(325)

Income before income taxes

 

872

 

828

 

2,377

 

2,275

Income tax expense

 

210

 

189

 

570

 

535

Consolidated net income

 

662

 

639

 

1,807

 

1,740

Less: Net income (loss) attributable to noncontrolling interests

 

(1)

 

 

(4)

 

1

Net income attributable to Waste Management, Inc.

$

663

$

639

$

1,811

$

1,739

Basic earnings per common share

$

1.64

$

1.55

$

4.46

$

4.20

Diluted earnings per common share

$

1.63

$

1.54

$

4.44

$

4.18

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Millions)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2023

    

2022

    

2023

    

2022

Consolidated net income

$

662

$

639

$

1,807

$

1,740

Other comprehensive income (loss), net of tax:

 

  

 

  

 

  

 

  

Derivative instruments, net

 

3

 

 

14

 

3

Available-for-sale securities, net

 

(4)

 

(9)

 

1

 

(29)

Foreign currency translation adjustments

 

(25)

 

(66)

 

(3)

 

(83)

Post-retirement benefit obligations, net

 

 

(1)

 

Other comprehensive income (loss), net of tax

 

(26)

(75)

 

11

 

(109)

Comprehensive income

 

636

 

564

 

1,818

 

1,631

Less: Comprehensive income (loss) attributable to noncontrolling interests

 

(1)

 

(4)

 

1

Comprehensive income attributable to Waste Management, Inc.

$

637

$

564

$

1,822

$

1,630

See Notes to Condensed Consolidated Financial Statements.

3

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

(Unaudited)

Nine Months Ended

September 30, 

    

2023

    

2022

Cash flows from operating activities:

 

 

  

  

Consolidated net income

 

$

1,807

$

1,740

Adjustments to reconcile consolidated net income to net cash provided by operating activities:

 

 

  

Depreciation, depletion and amortization

 

1,545

 

1,493

Deferred income tax expense (benefit)

 

69

 

(53)

Interest accretion on landfill and environmental remediation liabilities

 

97

 

84

Provision for bad debts

 

36

 

36

Equity-based compensation expense

 

71

 

71

Net gain on disposal of assets

 

(33)

 

(5)

(Gain) loss from divestitures, asset impairments and other, net

 

(3)

 

17

Equity in net losses of unconsolidated entities, net of dividends

 

41

 

49

Change in operating assets and liabilities, net of effects of acquisitions and divestitures:

 

  

 

  

Receivables

 

(197)

 

(101)

Other current assets

 

(26)

 

(47)

Other assets

 

67

 

19

Accounts payable and accrued liabilities

 

63

 

325

Deferred revenues and other liabilities

 

(200)

 

(141)

Net cash provided by operating activities

 

3,337

 

3,487

Cash flows from investing activities:

 

  

 

  

Acquisitions of businesses, net of cash acquired

 

(139)

 

(207)

Capital expenditures

 

(1,853)

 

(1,725)

Proceeds from divestitures of businesses and other assets, net of cash divested

 

68

 

18

Other, net

 

(83)

 

(122)

Net cash used in investing activities

 

(2,007)

 

(2,036)

Cash flows from financing activities:

 

  

 

  

New borrowings

 

17,319

 

5,916

Debt repayments

 

(16,991)

 

(5,429)

Common stock repurchase program

 

(990)

 

(1,061)

Cash dividends

 

(855)

 

(811)

Exercise of common stock options

 

29

 

39

Tax payments associated with equity-based compensation transactions

 

(28)

 

(39)

Other, net

 

(9)

 

(6)

Net cash used in financing activities

 

(1,525)

 

(1,391)

Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents

 

 

(6)

(Decrease) increase in cash, cash equivalents and restricted cash and cash equivalents

 

(195)

 

54

Cash, cash equivalents and restricted cash and cash equivalents at beginning of period

 

445

 

194

Cash, cash equivalents and restricted cash and cash equivalents at end of period

 

$

250

$

248

Reconciliation of cash, cash equivalents and restricted cash and cash equivalents at end of period:

Cash and cash equivalents

$

150

$

137

Restricted cash and cash equivalents included in other current assets

25

44

Restricted cash and cash equivalents included in restricted funds

75

67

Cash, cash equivalents and restricted cash and cash equivalents at end of period

 

$

250

$

248

See Notes to Condensed Consolidated Financial Statements.

4

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In Millions, Except Shares in Thousands)

(Unaudited)

Waste Management, Inc. Stockholders’ Equity

Accumulated

Additional

Other

Common Stock

Paid-In

Retained

Comprehensive

Treasury Stock

Noncontrolling

  

Total

  

Shares

  

Amounts

  

Capital

  

Earnings

  

(Loss) Income 

  

Shares

  

Amounts

  

Interests

Three Months Ended September 30:

2023

Balance, June 30, 2023

$

6,928

630,282

$

6

$

5,341

$

13,744

$

(32)

 

(225,407)

$

(12,150)

$

19

Consolidated net income

 

662

 

 

 

663

 

 

 

 

(1)

Other comprehensive income (loss), net of tax

 

(26)

 

 

 

 

(26)

 

 

 

Cash dividends declared of $0.70 per common share

 

(283)

 

 

 

(283)

 

 

 

 

Equity-based compensation transactions, net

 

60

 

 

44

 

 

 

297

 

16

 

Common stock repurchase program

 

(373)

 

 

 

 

 

(2,347)

 

(373)

 

Other, net

 

(2)

 

 

 

 

 

 

 

(2)

Balance, September 30, 2023

$

6,966

630,282

$

6

$

5,385

$

14,124

$

(58)

 

(227,457)

$

(12,507)

$

16

2022

Balance, June 30, 2022

$

7,192

630,282

$

6

$

5,257

$

12,563

$

(17)

 

(217,006)

$

(10,619)

$

2

Consolidated net income

 

639

 

 

 

639

 

 

 

 

Other comprehensive income (loss), net of tax

 

(75)

 

 

 

 

(75)

 

 

 

Cash dividends declared of $0.65 per common share

 

(267)

 

 

 

(267)

 

 

 

 

Equity-based compensation transactions, net

 

62

 

 

42

 

(2)

 

 

494

 

22

 

Common stock repurchase program

 

(539)

 

 

 

 

 

(3,232)

 

(539)

 

Other, net

 

 

 

 

 

 

1

 

 

Balance, September 30, 2022

$

7,012

630,282

$

6

$

5,299

$

12,933

$

(92)

 

(219,743)

$

(11,136)

$

2

See Notes to Condensed Consolidated Financial Statements.

5

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ─ (Continued)

(In Millions, Except Shares in Thousands)

(Unaudited)

Waste Management, Inc. Stockholders’ Equity

Accumulated

Additional

Other

Common Stock

Paid-In

Retained

Comprehensive

Treasury Stock

Noncontrolling

Total

  

Shares

  

Amounts

  

Capital

  

Earnings

  

(Loss) Income 

  

Shares

  

Amounts

  

Interests

Nine Months Ended September 30:

2023

Balance, December 31, 2022

$

6,864

630,282

$

6

$

5,314

$

13,167

$

(69)

 

(222,396)

$

(11,569)

$

15

Consolidated net income

 

1,807

 

 

 

1,811

 

 

 

 

(4)

Other comprehensive income (loss), net of tax

 

11

 

 

 

 

11

 

 

 

Cash dividends declared of $2.10 per common share

 

(855)

 

 

 

(855)

 

 

 

 

Equity-based compensation transactions, net

 

135

 

 

71

 

1

 

 

1,220

 

63

 

Common stock repurchase program

 

(1,001)

 

 

 

 

 

(6,283)

 

(1,001)

 

Other, net

 

5

 

 

 

 

 

2

 

 

5

Balance, September 30, 2023

$

6,966

630,282

$

6

$

5,385

$

14,124

$

(58)

 

(227,457)

$

(12,507)

$

16

2022

Balance, December 31, 2021

$

7,126

630,282

$

6

$

5,169

$

12,004

$

17

 

(214,159)

$

(10,072)

$

2

Consolidated net income

 

1,740

 

 

 

1,739

 

 

 

 

1

Other comprehensive income (loss), net of tax

 

(109)

 

 

 

 

(109)

 

 

 

Cash dividends declared of $1.95 per common share

 

(811)

 

 

 

(811)

 

 

 

 

Equity-based compensation transactions, net

 

130

 

 

60

 

1

 

 

1,497

 

69

 

Common stock repurchase program

 

(1,063)

 

 

70

 

 

 

(7,084)

 

(1,133)

 

Other, net

 

(1)

 

 

 

 

 

3

 

 

(1)

Balance, September 30, 2022

$

7,012

630,282

$

6

$

5,299

$

12,933

$

(92)

 

(219,743)

$

(11,136)

$

2

See Notes to Condensed Consolidated Financial Statements.

6

WASTE MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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 13. Waste Management, Inc. is a holding company and all operations are conducted by its subsidiaries. When the terms “the Company,” “we,” “us” or “our” are used in this document, those terms refer to Waste Management, Inc., 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, and recycling and resource recovery services. Through our subsidiaries, including our Waste Management Renewable Energy (“WM Renewable Energy”) business, we are also a leading developer, operator and owner of landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and renewable natural gas, which is a significant source of fuel that we allocate to our natural gas fleet.

Our senior management evaluates, oversees and manages the financial performance of our Solid Waste operations through two operating segments. Our East Tier primarily consists of geographic areas located in the Eastern U.S., the Great Lakes region and substantially all of Canada. Our West Tier primarily includes geographic areas located in the Western U.S., including the upper Midwest region, and British Columbia, Canada. Each of our Solid Waste operating segments provides integrated environmental services, including collection, transfer, recycling, and disposal. The East and West Tiers are presented in this report and constitute our existing Solid Waste business. We also provide additional services that are not managed through our Solid Waste business, which are presented in this report as “Other.” Additional information related to our segments is included in Note 7.

The Condensed Consolidated Financial Statements as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 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, 2022.

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.

7

WASTE MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Revenue Recognition

We generally recognize revenue as services are performed or products are delivered. For example, revenue typically is recognized as waste is collected, tons are received at our landfills or transfer stations, or recycling commodities are collected or delivered as product. We bill for certain services prior to performance. Such services include, among others, certain commercial and residential contracts, and equipment rentals. These 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 13 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 September 30, 2023 and December 31, 2022, we had $207 million and $192 million, respectively, of deferred contract costs, of which $145 million and $137 million, respectively, was related to deferred sales incentives.

Leases

Amounts for our operating lease right-of-use assets are recorded in long-term other 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.

8

WASTE MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

2.    Landfill and Environmental Remediation Liabilities

Liabilities for landfill and environmental remediation costs are presented in the table below (in millions):

September 30, 2023

December 31, 2022

Environmental

Environmental

    

Landfill

    

Remediation

    

Total

    

Landfill

    

Remediation

    

Total

Current (in accrued liabilities)

 

$

142

$

32

$

174

$

137

$

31

$

168

Long-term

 

2,574

 

153

 

2,727

  

 

2,527

 

173

 

2,700

 

$

2,716

$

185

$

2,901

$

2,664

$

204

$

2,868

The changes to landfill and environmental remediation liabilities for the nine months ended September 30, 2023 are reflected in the table below (in millions):

Environmental

    

Landfill

    

Remediation

December 31, 2022

$

2,664

$

204

Obligations incurred and capitalized

 

61

  

 

Obligations settled

 

(106)

  

 

(20)

Interest accretion

 

92

  

 

5

Revisions in estimates and interest rate assumptions

 

5

  

 

(