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v3.25.3

Debt | 9 Months Ended
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Sep. 30, 2025
Debt |
Debt | 3. Debt The following table summarizes the major components of debt at principal amounts as of each balance sheet date (in millions) and provides the maturities and interest rate ranges of each major category as of September 30, 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2025 |  | 2024
Commercial paper program (weighted average interest rate of 4.3% as of September 30, 2025 and 4.7% as of December 31, 2024) | ​ | $ | 862 | ​ | $ | 1,250
Senior notes, maturing through 2054, interest rates ranging from 0.75% to 7.75% (weighted average interest rate of 4.2% as of September 30, 2025 and December 31, 2024) | ​ | ​ | 17,998 | ​ | ​ | 18,419
Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6% | ​ |  | 359 | ​ | ​ | 348
Tax-exempt bonds, maturing through 2055, fixed and variable interest rates ranging from 0.70% to 4.60% (weighted average interest rate of 3.5% as of September 30, 2025 and December 31, 2024) | ​ |  | 3,015 | ​ |  | 2,873
Financing leases and other, maturing through 2082 (weighted average interest rate of 4.8% as of September 30, 2025 and 4.9% as of December 31, 2024) (a) | ​ |  | 1,290 | ​ |  | 1,189
Debt issuance costs, discounts and other | ​ |  | (162) | ​ |  | (179)
​ | ​ |  | 23,362 | ​ |  | 23,900
Current portion of long-term debt | ​ |  | 880 | ​ |  | 1,359
Long-term debt, less current portion | ​ | $ | 22,482 | ​ | $ | 22,541
(a) | Excluding our landfill financing leases, the maturities of our financing leases and other debt obligations extend through 2059.
​ Debt Classification As of September 30, 2025, we had approximately $3.9 billion of debt maturing within the next 12 months, including (i) $1.5 billion of tax-exempt bonds with term interest rate periods that expire within the next 12 months, which is prior to their scheduled maturities; (ii) $861 million of short-term borrowings under our commercial paper program (net of related discount on issuance); (iii) $500 million of 0.75% senior notes that mature in November 2025; (iv) $223 million of 7.1% senior notes that mature in August 2026; (v) $359 million of 2.6% Canadian senior notes that mature in September 2026 and (vi) $380 million of other debt with scheduled maturities within the next 12 months, including $188 million of tax-exempt bonds. As of September 30, 2025, we have classified $3.0 billion of debt maturing in the next 12 months as long-term because we have the intent and ability to refinance these borrowings on a long-term basis as supported by the forecasted available capacity under our $3.5 billion long-term U.S. and Canadian revolving credit facility (“$3.5 billion revolving credit facility”), as discussed below. The remaining $880 million of debt maturing in the next 12 months is classified as current obligations. Access to and Utilization of Credit Facilities and Commercial Paper Program $3.5 Billion Revolving Credit Facility — Our $3.5 billion revolving credit facility, maturing May 2029, provides us with credit capacity to be used for cash borrowings, to support letters of credit and to support our commercial paper program. The interest rates we pay on outstanding U.S. or Canadian loans are based on the Secured Overnight Financing Rate (“SOFR”) administered by the Federal Reserve Bank of New York or the Canadian Overnight Repo Rate Average (“CORRA”) administered by the Bank of Canada, respectively, plus a spread depending on our senior public debt rating assigned by Moody’s Investors Service, Inc. and Standard and Poor’s Global Ratings. The spread above SOFR or CORRA can range from 0.585% to 1.025% per annum, plus applicable credit adjustments. We also pay certain other fees set forth in the $3.5 billion revolving credit facility agreement, including a facility fee based on the aggregate commitment, regardless of usage. As of September 30, 2025, we had no outstanding borrowings under this facility. We had $861 million of outstanding borrowings (net of related discount on issuance) under our commercial paper program and $227 million of letters of credit issued, both supported by the facility, leaving unused and available credit capacity of $2.4 billion as of September 30, 2025. WM Holdings, a wholly-owned subsidiary of WMI, guarantees all of the obligations under the $3.5 billion revolving credit facility. Commercial Paper Program — We have a commercial paper program that enables us to borrow funds for up to 397 days at competitive interest rates. The rates we pay for outstanding borrowings are based on the term of the notes. The commercial paper program is fully supported by our $3.5 billion revolving credit facility. As of September 30, 2025, we had $861 million of outstanding borrowings (net of related discount on issuance) under our commercial paper program. Other Letter of Credit Lines — As of September 30, 2025, we had utilized $887 million of other uncommitted letter of credit lines with terms maturing through December 2028. Debt Borrowings and Repayments Commercial Paper Program — During the nine months ended September 30, 2025, we made cash repayments of $15.1 billion, which were partially offset by $14.7 billion of cash borrowings (net of related discount on issuance). Senior Notes — We repaid $422 million of 3.125% senior notes upon maturity in March 2025. Senior Notes Exchange Offer — On June 25, 2025, we completed an exchange offer pursuant to which we issued approximately $483 million in new notes (the “Registered Notes”) registered under the Securities Act of 1933, as amended, in exchange for a like amount of our outstanding unregistered 3.875% Senior Notes due 2029 (the “Restricted Notes”). This amount represented approximately 99% of the $485 million aggregate principal amount of Restricted Notes that were originally issued on November 8, 2024, in a private offer in exchange for notes of Stericycle. The terms of the Registered Notes are substantially identical in all material respects to the terms of the Restricted Notes, except that the Registered Notes are not subject to restrictions on transfer. The debt exchange is accounted for as a modification of debt, as the financial terms of the Registered Notes do not differ from the Restricted Notes, and there is no substantial difference between the present value of cash flows under each respective set of notes. Tax-Exempt Bonds — We issued $252 million of tax-exempt bonds in the nine months ended September 30, 2025. The proceeds from the issuance of these bonds were deposited directly into a restricted trust fund to be used for the specific purpose for which the money was raised, which is generally to finance expenditures for solid waste disposal and recycling facility construction and development. In 2025, we also repaid $110 million of our tax-exempt bonds at their respective scheduled maturities with available cash on hand. Financing Leases and Other — The increase in our financing leases and other debt obligations during the nine months ended September 30, 2025 is due to an increase of $208 million primarily related to non-cash financing leases, partially offset by $107 million of cash repayments of other debt at maturity.

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