Waste Management 2011 Annual Report Download - page 171

WASTE MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Our other intangible assets as of December 31, 2011 and 2010 were comprised of the following (in
millions):
Customer
Contracts and
Customer
Lists
Covenants
Not-to-
Compete
Licenses,
Permits
and Other Total
December 31, 2011:
Intangible assets ............................. $392 $91 $161 $ 644
Less accumulated amortization .................. (119) (41) (27) (187)
$ 273 $ 50 $134 $ 457
December 31, 2010:
Intangible assets ............................. $228 $64 $147 $ 439
Less accumulated amortization .................. (87) (31) (26) (144)
$ 141 $ 33 $121 $ 295
Amortization expense for other intangible assets was $51 million for 2011, $41 million for 2010, and
$29 million for 2009. At December 31, 2011, we had $62 million of intangible assets that are not subject to
amortization, which are primarily operating permits that do not have stated expirations or that have routine,
administrative renewal processes. Additional information related to intangible assets acquired through 2011
business combinations is included in Note 19. As of December 31, 2011, expected annual amortization expense
related to intangible assets is $66 million in 2012; $58 million in 2013; $48 million in 2014; $42 million in 2015;
and $37 million in 2016.
7. 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 December 31, 2011:
2011 2010
Revolving credit facility (interest rate of 1.5% at December 31, 2011) .......... $ 150 $ —
Letter of credit facilities ............................................... — —
Canadian credit facility (weighted average effective interest rate of 1.8% at
December 31, 2011 and 2.2% at December 31, 2010) ...................... 137 212
Senior notes and debentures, maturing through 2039, interest rates ranging from
2.60% to 7.75% (weighted average interest rate of 6.0% at December 31, 2011
and 6.5% at December 31, 2010) ...................................... 6,228 5,452
Tax-exempt bonds maturing through 2041, fixed and variable interest rates ranging
from 0.1% to 7.4% (weighted average interest rate of 3.1% at December 31,
2011 and 2010) .................................................... 2,771 2,696
Tax-exempt project bonds, maturing through 2029, fixed and variable interest rates
ranging from 0.1% to 3.4% (weighted average interest rate of 1.3% at
December 31, 2011 and 2.5% at December 31, 2010) ...................... 86 116
Capital leases and other, maturing through 2055, interest rates up to 12% ........ 384 431
Total long-term debt .................................................. $9,756 $8,907
Current portion of long-term debt ....................................... 631 233
Long-term debt, less current portion ..................................... $9,125 $8,674
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