Waste Management 2014 Annual Report Download - page 175

WASTE MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Our other intangible assets as of December 31, 2014 and 2013 were comprised of the following (in millions):
Customer
and
Supplier
Relationships
Covenants
Not-to-
Compete
Licenses,
Permits
and Other Total
December 31, 2014:
Intangible assets ............................. $576 $63 $116 $ 755
Less accumulated amortization .................. (231) (44) (40) (315)
$ 345 $ 19 $ 76 $ 440
December 31, 2013:
Intangible assets ............................. $604 $87 $123 $ 814
Less accumulated amortization .................. (193) (57) (35) (285)
$ 411 $ 30 $ 88 $ 529
Amortization expense for other intangible assets was $78 million for 2014, $80 million for 2013 and $69
million for 2012. At December 31, 2014, we had $19 million of licenses, permits and other intangible assets that
are not subject to amortization, because they do not have stated expirations or have routine, administrative
renewal processes. Additional information related to other intangible assets acquired through business
combinations is included in Note 19. As of December 31, 2014, expected annual amortization expense related to
other intangible assets is $69 million in 2015; $62 million in 2016; $55 million in 2017; $50 million in 2018 and
$43 million in 2019.
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, 2014:
2014 2013
U.S. revolving credit facility, maturing July 2018 (weighted
average interest rate of 1.2% at December 31, 2013) ..... $ — $ 420
Letter of credit facilities, maturing through December 2018 . . . — —
Canadian credit facility and term loan, maturing November
2017 (weighted average effective interest rate of 2.6% at
December 31, 2014 and 2.7% at December 31, 2013) .... 232 414
Senior notes maturing through 2039, interest rates ranging
from 2.60% to 7.75% (weighted average interest rate of
5.7% at December 31, 2014 and 2013) ................ 6,273 6,287
Tax-exempt bonds maturing through 2045, fixed and
variable interest rates ranging from 0.04% to 5.7%
(weighted average interest rate of 2.2% at December 31,
2014 and 2.3% at December 31, 2013) ................ 2,541 2,664
Capital leases and other, maturing through 2055, interest
rates up to 12% .................................. 389 441
$9,435 $10,226
Current portion of long-term debt ...................... 1,090 726
$8,345 $ 9,500
98