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Debt | 3 Months Ended
--- | ---
Mar. 31, 2017
Debt Disclosure [Abstract] |
Debt |
3. | Debt
The following table summarizes the major components of debt at each balance sheet date (in millions) and provides the maturities and interest rate ranges of each major category as of March 31, 2017:
|  | March 31, 2017 |  |  | December 31, 2016 |
$2.25 billion revolving credit facility, maturing July 2020 (weighted average interest rate of 1.9% as of December 31, 2016) |  | $ | — |  |  | $ | 426 |
Commercial paper program (weighted average interest rate of 1.2% as of March 31, 2017) |  |  | 210 |  |  |  | — |
Other letter of credit facilities, maturing through December 2018 |  |  | — |  |  |  | — |
Canadian term loan and revolving credit facility, maturing March 2019 (weighted average effective interest rate of 2.1% as of March 31, 2017 and December 31, 2016) |  |  | 205 |  |  |  | 239 |
Senior notes maturing through 2045, interest rates ranging from 2.4% to 7.75% (weighted average interest rate of 4.6% as of March 31, 2017 and December 31, 2016) |  |  | 6,033 |  |  |  | 6,033 |
Tax-exempt bonds, maturing through 2045, fixed and variable interest rates ranging from 0.9% to 5.7% (weighted average interest rate of 1.9% as of March 31, 2017 and 1.8% as of December 31, 2016) |  |  | 2,304 |  |  |  | 2,304 |
Capital leases and other, maturing through 2055, interest rates up to 12% |  |  | 290 |  |  |  | 308 |
|  |  | 9,042 |  |  |  | 9,310 |
Current portion of long-term debt |  |  | 396 |  |  |  | 417 |
|  | $ | 8,646 |  |  | $ | 8,893 |
Debt Classification As of March 31, 2017, the current portion of our long-term debt balance of $396 million includes (i) $210 million of short-term borrowings under our commercial paper program and (ii) $186 million of other debt with scheduled maturities within the next 12 months, including $126 million of tax-exempt bonds. As of March 31, 2017, we have classified $590 million of 6.1% senior notes that mature in March 2018 as long-term because we have the intent and ability to refinance these senior notes on a long-term basis as supported by the forecasted available capacity under our long-term U.S. revolving credit facility (“$2.25 billion revolving credit facility”), as discussed below. In addition, we have $490 million of tax-exempt bonds with term interest rate periods that expire within the next 12 months and an additional $471 million of variable-rate tax-exempt bonds that are supported by letters of credit. The interest rates on our variable-rate tax-exempt bonds are generally reset on either a daily or weekly basis through a remarketing process. All recent tax-exempt bond remarketings have successfully placed Company bonds with investors at market-driven rates and we currently expect future remarketings to be successful. However, if the remarketing agent is unable to remarket our bonds, the remarketing agent can put the bonds to us. In the event of a failed remarketing, we have the intent and ability to refinance these bonds on a long-term basis as supported by the forecasted available capacity under our $2.25 billion revolving credit facility, as discussed below. Accordingly, we have also classified these borrowings as long-term in our Condensed Consolidated Balance Sheet as of March 31, 2017. Access to and Utilization of Credit Facilities and Commercial Paper Program $2.25 Billion Revolving Credit Facility — Our $2.25 billion revolving credit facility maturing in July 2020 provides us with credit capacity to be used for either cash borrowings or to support letters of credit or commercial paper. The rates we pay for outstanding loans are generally based on LIBOR plus a spread depending on the Company’s debt rating assigned by Moody’s Investors Service and Standard and Poor’s. As of March 31, 2017, we had no outstanding borrowings under this facility. We had $783 million of letters of credit issued and $210 million of outstanding borrowings under our commercial paper program, both supported by this facility, leaving unused and available credit capacity of $1,257 million as of March 31, 2017. Commercial Paper Program — In August 2016, we entered into a $1.5 billion commercial paper program that enables us to borrow funds for up to 397 days at competitive interest rates. The commercial paper program is fully supported by our $2.25 billion revolving credit facility. As of March 31, 2017, we had $210 million of net outstanding borrowings under our commercial paper program. Canadian Term Loan and Revolving Credit Facility — We have a Canadian credit agreement (which includes a term loan and revolving credit facility) that matures in March 2019. This agreement provides the Company (i) C$50 million of revolving credit capacity, which can be used for borrowings or letters of credit, and (ii) C$460 million of non-revolving term credit that is prepayable without penalty and principal amounts repaid may not be reborrowed. As of March 31, 2017, we had no borrowings or letters of credit outstanding under the Canadian revolving credit facility. Other Letter of Credit Facilities — As of March 31, 2017, we had utilized $457 million of other letter of credit facilities, which are both committed and uncommitted, with terms maturing through December 2018. Debt Borrowings and Repayments $2.25 Billion Revolving Credit Facility — During the three months ended March 31, 2017, we had net repayments of $426 million under our $2.25 billion revolving credit facility, with $210 million replaced with net borrowings under our commercial paper program and the remainder paid with available cash. Canadian Term Loan — During the three months ended March 31, 2017, we repaid C$48 million, or $36 million, of net advances under our Canadian term loan with available cash. Cross-Currency Swaps In March 2016, our Canadian subsidiaries repaid C$370 million of intercompany debt to WM Holdings with proceeds from our Canadian term loan. Concurrent with the repayment of the intercompany debt, we terminated the related cross-currency swaps and received $67 million in cash. The cash received from our termination of these swaps was classified as a change in other current assets and other assets within net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. In addition, we recognized $8 million of expense associated with the termination of these swaps during the three months ended March 31, 2016, which was included in other, net in the Condensed Consolidated Statement of Operations.

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- 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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