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Form 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

(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, 2017

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.)

1001 Fannin Street

Houston, Texas 77002

(Address of principal executive offices)

(713) 512-6200

(Registrant’s telephone number, including area code)

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post 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

☐ (Do not check if a smaller reporting company)

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 19, 2017 was 434,216,159 (excluding treasury shares of 196,066,302).

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,

2017

2016

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

35

$

32

Accounts receivable, net of allowance for doubtful accounts of $26 and $24, respectively

1,790

1,700

Other receivables

212

432

Parts and supplies

99

90

Other assets

164

122

Total current assets

2,300

2,376

Property and equipment, net of accumulated depreciation and amortization of $17,826 and $17,152, respectively

11,136

10,950

Goodwill

6,267

6,215

Other intangible assets, net

561

591

Investments in unconsolidated entities

287

320

Other assets

398

407

Total assets

$

20,949

$

20,859

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

789

$

799

Accrued liabilities

1,136

1,085

Deferred revenues

484

493

Current portion of long-term debt

850

417

Total current liabilities

3,259

2,794

Long-term debt, less current portion

8,495

8,893

Deferred income taxes

1,452

1,482

Landfill and environmental remediation liabilities

1,727

1,675

Other liabilities

716

695

Total liabilities

15,649

15,539

Commitments and contingencies

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

4,806

4,850

Retained earnings

7,871

7,388

Accumulated other comprehensive income (loss)

14

(80)

Treasury stock at cost, 196,076,817 and 190,966,584 shares, respectively

(7,419)

(6,867)

Total Waste Management, Inc. stockholders’ equity

5,278

5,297

Noncontrolling interests

22

23

Total equity

5,300

5,320

Total liabilities and equity

$

20,949

$

20,859

See notes to Condensed Consolidated Financial Statements.


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