v3.26.3
Debt and Derivatives
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt and Derivatives Debt and Derivatives
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, 2026:
September 30,
2026		December 31,
2025
Commercial paper program (weighted average interest rate of 4.01% as of September 30, 2026 and 4.05% as of December 31, 2025)
$1,250 $1,090 
Senior notes, maturing through 2054, interest rates ranging from 1.15% to 7.75%
(weighted average interest rate of 4.23% as of September 30, 2026 and 4.28% as of December 31, 2025)
17,218 17,498 
Canadian senior notes, C$500 million, redeemed July 2026, interest rate of 2.60%
— 364 
Canadian senior notes, C$700 million, maturing July 2033, interest rate of 3.944%
492 — 
Tax-exempt bonds, maturing through 2055, fixed and variable interest rates ranging from 0.95% to 4.60% (weighted average interest rate of 3.25% as of September 30, 2026 and 3.41% as of December 31, 2025)
2,927 2,827 
Financing leases and other, maturing through 2075 (weighted average interest rate of 4.91% as of September 30, 2026 and 4.83% as of December 31, 2025)
1,630 1,284 
Debt issuance costs, discounts and other(147)(156)
23,370 22,907 
Current portion of long-term debt1,524 711 
Long-term debt, less current portion$21,846 $22,196 
Debt Classification
As of September 30, 2026, we had approximately $4.4 billion of debt maturing within the next 12 months, including (i) $2.2 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) $1.2 billion of short-term borrowings under our commercial paper program (net of related discount on issuance); (iii) $750 million of 4.95% senior notes that mature in July 2027 and (iv) $211 million of other debt with scheduled maturities within the next 12 months. As of September 30, 2026, we have classified $2.9 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 $1.5 billion 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 a secured overnight financing rate administered by the Federal Reserve Bank of New York (“SOFR”) 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, 2026, we had no outstanding borrowings under this facility. We had $1.2 billion of outstanding borrowings (net of related discount on issuance) under our commercial paper program and $229 million of letters of credit issued, both supported by the facility, leaving unused and available credit capacity of $2.0 billion as of September 30, 2026. WM Holdings, Inc. (“WM Holdings”), a wholly-owned subsidiary of WMI, guarantees all 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, 2026, we had $1.2 billion of outstanding borrowings (net of related discount on issuance) under our commercial paper program.
Other Letter of Credit Lines — As of September 30, 2026, we had utilized $944 million of other uncommitted letter of credit lines, with terms maturing through December 2029.
Debt Borrowings and Repayments
Commercial Paper Program — During the nine months ended September 30, 2026, we made cash repayments of $17.9 billion, which were offset by $18.1 billion of cash borrowings (net of related discount on issuance) used for general corporate purposes.
Senior Notes — We repaid $223 million of 7.10% senior notes upon maturity in August 2026.
Canadian Senior Notes — In June 2026, Waste Management of Canada Corporation, an indirect wholly-owned subsidiary of WM, issued C$700 million, or $493 million, of 3.944% senior notes due July 15, 2033, all of which are fully and unconditionally guaranteed on a senior unsecured basis by WM and WM Holdings. The net proceeds from the debt issuance were C$696 million, or $490 million, which were used to redeem the previously outstanding C$500 million 2.60% Canadian senior notes that would have matured in September 2026 and for general corporate purposes.
Tax-Exempt Bonds — We issued $100 million of tax-exempt bonds in the three months ended September 30, 2026. 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.
Financing Leases and Other — The increase in our financing leases and other debt obligations for the nine months ended September 30, 2026 is due to $499 million of new, non-cash, finance lease and financing activity, partially offset by $153 million of cash repayments of debt at maturity.
Derivatives
Interest Rate Swaps — We use interest rate swaps to manage our exposure to changes in the fair value of certain of our fixed-rate senior notes attributable to changes in benchmark interest rates. During the nine months ended September 30, 2026, we entered into interest rate swaps with an aggregate notional amount of $750 million, under which we receive fixed interest rates and pay floating interest rates based on SOFR plus a spread, maturing on dates ranging from September 2034 through October 2038. We had no interest rate swaps outstanding as of December 31, 2025. These swaps are designated as fair value hedges and as such, changes in the fair value of the swaps are offset by changes in the carrying value of the hedged senior notes attributable to the hedged risk. As of September 30, 2026, the fair value of the swaps was a liability of $42 million, reflected within Other long-term liabilities on the Company's Condensed Consolidated Balance Sheets, with a corresponding $42 million reduction to the carrying amount of the hedged senior notes.