Waste Management 2011 Annual Report Download - page 202
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WASTE MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
We use valuation techniques that maximize the use of observable inputs and minimize the use of
unobservable inputs. In measuring the fair value of our assets and liabilities, we use market data or assumptions
that we believe market participants would use in pricing an asset or liability, including assumptions about risk
when appropriate. Our assets and liabilities that are measured at fair value on a recurring basis include the
following (in millions):
Fair Value Measurements at
December 31, 2011 Using
Total
Quoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Cash equivalents ............................ $120 $120 $— $—
Available-for-sale securities ................... 154 154 — —
Interest rate derivatives ....................... 73 — 73 —
Electricity commodity derivatives .............. 5 — 5 —
Total assets .............................. $352 $274 $78 $—
Liabilities:
Interest rate derivatives ....................... $ 74 $ — $74 $—
Foreign currency derivatives .................. 2 — 2 —
Total liabilities ........................... $ 76 $ — $76 $—
Fair Value Measurements at
December 31, 2010 Using
Total
Quoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Cash equivalents ............................ $468 $468 $— $—
Available-for-sale securities ................... 148 148 — —
Interest rate derivatives ....................... 38 — 38 —
Total assets .............................. $654 $616 $38 $—
Liabilities:
Interest rate derivatives ....................... $ 24 $ — $24 $—
Foreign currency derivatives .................. 3 — 3 —
Electricity commodity derivatives .............. 1 — 1 —
Total liabilities ........................... $ 28 $ — $28 $—
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