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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Data (Unaudited) | 22. Quarterly Financial Data (Unaudited) The following table summarizes the unaudited quarterly results of operations for 2016 and 2015 (in millions, except per share amounts):
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | 3,176 |  |  | $ | 3,425 |  |  | $ | 3,548 |  |  | $ | 3,460 |
Income from operations |  |  | 508 |  |  |  | 611 |  |  |  | 560 |  |  |  | 617 |
Consolidated net income |  |  | 256 |  |  |  | 286 |  |  |  | 304 |  |  |  | 334 |
Net income attributable to Waste Management, Inc. |  |  | 258 |  |  |  | 287 |  |  |  | 302 |  |  |  | 335 |
Basic earnings per common share |  |  | 0.58 |  |  |  | 0.65 |  |  |  | 0.68 |  |  |  | 0.76 |
Diluted earnings per common share |  |  | 0.58 |  |  |  | 0.64 |  |  |  | 0.68 |  |  |  | 0.75 |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | 3,040 |  |  | $ | 3,315 |  |  | $ | 3,360 |  |  | $ | 3,246 |
Income from operations |  |  | 440 |  |  |  | 502 |  |  |  | 601 |  |  |  | 502 |
Consolidated net income (loss) |  |  | (131 | ) |  |  | 273 |  |  |  | 337 |  |  |  | 273 |
Net income (loss) attributable to Waste Management, Inc. |  |  | (129 | ) |  |  | 274 |  |  |  | 335 |  |  |  | 273 |
Basic earnings (loss) per common share |  |  | (0.28 | ) |  |  | 0.60 |  |  |  | 0.75 |  |  |  | 0.61 |
Diluted earnings (loss) per common share |  |  | (0.28 | ) |  |  | 0.60 |  |  |  | 0.74 |  |  |  | 0.61 |
Basic and diluted earnings per common share for each of the quarters presented above is based on the respective weighted average number of common and dilutive potential common shares outstanding for each quarter and the sum of the quarters may not necessarily be equal to the full year basic and diluted earnings per common share amounts. Our operating revenues tend to be somewhat higher in the summer months, primarily due to the higher volume of construction and demolition waste. The volumes of industrial and residential waste in certain regions where we operate also tend to increase during the summer months. Our second and third quarter revenues and results of operations typically reflect these seasonal trends. Additionally, from time to time, our operating results are significantly affected by certain transactions or events that management believes are not indicative or representative of our results. The following significant items have affected the comparison of our operating results during the periods indicated: Second Quarter 2016
| • |  | The recognition of pre-tax charges of $45 million, primarily related to the impairment of minority-owned, cost method investments in waste diversion technology companies. These impairments were substantially nondeductible for income taxes and had a negative impact of $0.10 on our diluted earnings per share.
Third Quarter 2016
| • |  | The recognition of pre-tax charges of $106 million consisting primarily of (i) a $43 million impairment due to a loss of expected volumes for a landfill; (ii) a $42 million charge to adjust our subsidiary’s estimated environmental remediation liability related to a closed site in Harris County, Texas; (iii) a $10 million goodwill impairment charge related to our LampTracker® reporting unit and (iv) an $8 million loss on the sale of a majority-owned organics company. These charges had a negative impact of $0.16 on our diluted earnings per share.
First Quarter 2015
| • |  | The recognition of a pre-tax loss of $550 million associated with the early extinguishment of almost $2 billion of our high-coupon senior notes through make-whole redemption and cash tender offers. These charges had a negative impact of $0.74 on our diluted loss per share.
| • |  | The recognition of pre-tax charges of $14 million associated with divestitures, impairments and restructuring, which include a $7 million net loss associated with the sale of our Wheelabrator business in December 2014 and a $5 million impairment charge related to a landfill in our Western Canada Area. These charges had a negative impact of $0.03 on our diluted loss per share.
Second Quarter 2015
| • |  | The recognition of a $55 million charge associated with the withdrawal from certain underfunded Multiemployer Pension Plans had a negative impact of $0.07 on our diluted earnings per share.
| • |  | The recognition of net pre-tax losses of $6 million primarily related to the impairment of various recycling assets and certain adjustments associated with the sale of our Wheelabrator business. Combined, these charges had a favorable after-tax impact of $0.01 on our diluted earnings per share.
Fourth Quarter 2015
| • |  | The recognition of $70 million of pre-tax charges primarily to impair our oil and gas producing properties, which negatively affected our diluted earnings per share by $0.09.
| • |  | The recognition of $8 million of pre-tax restructuring charges and a $4 million other-than-temporary decline in the value of a minority-owned, cost method investment in a waste diversion technology company. These charges had a negative impact of $0.02 on our diluted earnings per share.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1570-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 + Details
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