Accumulated Other Comprehensive Income |
14. Accumulated Other Comprehensive Income
The changes in the balances of each component of accumulated other
comprehensive income, 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):
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Derivative
Instruments |
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Available-
for-Sale
Securities |
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Foreign
Currency
Translation
Adjustments |
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Post-
Retirement
Benefit
Plans |
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Total |
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Balance, December 31, 2012
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$ |
(74 |
) |
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$ |
4 |
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$ |
276 |
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$ |
(13 |
) |
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$ |
193 |
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Other comprehensive income (loss) before reclassifications, net of
tax expense (benefit) of $9, $1, $0 and $10, respectively
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14 |
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2 |
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(68 |
) |
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15 |
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(37 |
) |
Amounts reclassified from accumulated other comprehensive income,
net of tax (expense) benefit of $(1), $0, $0 and $0,
respectively
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(2 |
) |
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— |
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— |
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— |
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(2 |
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Net current period other comprehensive income (loss)
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12 |
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2 |
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(68 |
) |
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15 |
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(39 |
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Balance, December 31, 2013
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$ |
(62 |
) |
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$ |
6 |
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$ |
208 |
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$ |
2 |
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$ |
154 |
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Other comprehensive income (loss) before reclassifications, net of
tax expense (benefit) of $4, $2, $0 and $(8), respectively
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6 |
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4 |
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(107 |
) |
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(11 |
) |
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(108 |
) |
Amounts reclassified from accumulated other comprehensive income,
net of tax (expense) benefit of $(3), $0, $0 and $0,
respectively
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(5 |
) |
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— |
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(17 |
) |
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(1 |
) |
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(23 |
) |
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Net current period other comprehensive income (loss)
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1 |
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4 |
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(124 |
) |
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(12 |
) |
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(131 |
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Balance, December 31, 2014
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$ |
(61 |
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$ |
10 |
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$ |
84 |
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$ |
(10 |
) |
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$ |
23 |
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Other comprehensive income (loss) before reclassifications, net of
tax expense (benefit) of $20, $(1), $0 and $1, respectively
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30 |
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(2 |
) |
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(164 |
) |
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2 |
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(134 |
) |
Amounts reclassified from accumulated other comprehensive income,
net of tax (expense) benefit of $(14), $0, $0 and $0,
respectively
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(21 |
) |
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— |
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5 |
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— |
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(16 |
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Net current period other comprehensive income (loss)
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|
9 |
|
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|
(2 |
) |
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|
(159 |
) |
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2 |
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|
(150 |
) |
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Balance, December 31, 2015
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$ |
(52 |
) |
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$ |
8 |
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$ |
(75 |
) |
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$ |
(8 |
) |
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$ |
(127 |
) |
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The amounts of other comprehensive income (loss) before
reclassifications associated with the effective portion of
derivatives designated as cash flow hedges are as follows (in
millions):
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Years Ended December 31, |
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2015 |
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2014 |
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2013 |
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Forward-starting interest rate swaps
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$ |
— |
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$ |
(8 |
) |
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$ |
14 |
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Foreign currency derivatives
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|
50 |
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23 |
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17 |
|
Electricity commodity derivatives
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|
— |
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(5 |
) |
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(8 |
) |
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Total before tax
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50 |
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|
10 |
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|
23 |
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Tax (expense) benefit
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(20 |
) |
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(4 |
) |
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(9 |
) |
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Net of tax
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$ |
30 |
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$ |
6 |
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$ |
14 |
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The significant amounts reclassified out of each component of
accumulated other comprehensive income are as follows (in millions,
with amounts in parentheses representing debits to the statement of
operations classification):
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Years Ended December 31, |
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Statement of
Operations Classification
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2015 |
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2014 |
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2013 |
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Gains and losses on cash flow hedges:
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Forward-starting interest rate swaps
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$ |
(12 |
) |
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$ |
(10 |
) |
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$ |
(7 |
) |
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Interest expense, net |
Treasury rate locks
|
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(4 |
) |
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|
(1 |
) |
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(2 |
) |
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Interest expense, net |
Foreign currency derivatives
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|
51 |
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|
27 |
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|
21 |
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Other, net |
Electricity commodity derivatives
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|
— |
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(8 |
) |
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(9 |
) |
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Operating revenues |
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35 |
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8 |
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|
3 |
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Total before tax |
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(14 |
) |
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(3 |
) |
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(1 |
) |
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Tax (expense) benefit |
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Total reclassifications for the period
|
|
$ |
21 |
|
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$ |
5 |
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$ |
2 |
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Net of tax |
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