Waste Management 2015 Annual Report Download - page 158

WASTE MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Our other intangible assets as of December 31, 2015 and 2014 were comprised of the following (in
millions):
Customer
and
Supplier
Relationships
Covenants
Not-to-
Compete
Licenses,
Permits
and Other Total
December 31, 2015:
Intangible assets ............................. $658 $51 $119 $ 828
Less accumulated amortization .................. (270) (35) (46) (351)
$ 388 $ 16 $ 73 $ 477
December 31, 2014:
Intangible assets ............................. $576 $63 $116 $ 755
Less accumulated amortization .................. (231) (44) (40) (315)
$ 345 $ 19 $ 76 $ 440
Amortization expense for other intangible assets was $76 million for 2015, $78 million for 2014 and $80
million for 2013. At December 31, 2015, we had $18 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, 2015, expected annual amortization expense related to
other intangible assets is $76 million in 2016; $67 million in 2017; $61 million in 2018; $54 million in 2019 and
$47 million in 2020.
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, 2015:
2015 2014
U.S. revolving credit facility, maturing July 2020 .......... $ 20 $ —
Letter of credit facilities, maturing through December 2018 . . — —
Canadian credit facility and term loan, maturing November
2017 (weighted average effective interest rate of 2.2% at
December 31, 2015 and 2.6% at December 31, 2014) ..... 84 232
Senior notes maturing through 2045, interest rates ranging
from 2.60% to 7.75% (weighted average interest rate of
4.7% at December 31, 2015 and 5.7% at December 31,
2014) ........................................... 6,082 6,273
Tax-exempt bonds maturing through 2045, fixed and variable
interest rates ranging from 0.02% to 5.7% (weighted
average interest rate of 1.9% at December 31, 2015 and
2.2% at December 31, 2014) ......................... 2,467 2,541
Capital leases and other, maturing through 2055, interest rates
upto12% ....................................... 328 389
$8,981 $9,435
Current portion of long-term debt ....................... 253 1,090
$8,728 $8,345
95