Analysis of Reportable Segments
Waste Management Inc. operates in 2 segments: East Tier and West Tier.
Segment Profit Margin
Waste Management Inc., profit margin by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| East Tier | 21.96% | 21.24% | 22.81% | — | — |
| West Tier | 22.45% | 21.84% | 23.33% | — | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | East Tier | East Tier segment profit margin ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
| West Tier | West Tier segment profit margin ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Segment Profit Margin: East Tier
Waste Management Inc.; East Tier; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income from operations | 2,037) | 1,672) | 1,847) | —) | —) |
| Gross operating revenues | 9,278) | 7,873) | 8,098) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 21.96% | 21.24% | 22.81% | — | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment profit margin = 100 × Income from operations ÷ Gross operating revenues
= 100 × 2,037 ÷ 9,278 = 21.96%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | East Tier | East Tier segment profit margin ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Segment Profit Margin: West Tier
Waste Management Inc.; West Tier; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income from operations | 2,103) | 1,800) | 1,934) | —) | —) |
| Gross operating revenues | 9,369) | 8,241) | 8,289) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 22.45% | 21.84% | 23.33% | — | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment profit margin = 100 × Income from operations ÷ Gross operating revenues
= 100 × 2,103 ÷ 9,369 = 22.45%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | West Tier | West Tier segment profit margin ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Segment Return on Assets (Segment ROA)
Waste Management Inc., ROA by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| East Tier | 14.28% | 11.71% | 15.92% | — | — |
| West Tier | 18.33% | 15.65% | 19.90% | — | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | East Tier | East Tier segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
| West Tier | West Tier segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment ROA: East Tier
Waste Management Inc.; East Tier; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income from operations | 2,037) | 1,672) | 1,847) | —) | —) |
| Total assets | 14,269) | 14,274) | 11,600) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 14.28% | 11.71% | 15.92% | — | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment ROA = 100 × Income from operations ÷ Total assets
= 100 × 2,037 ÷ 14,269 = 14.28%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | East Tier | East Tier segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment ROA: West Tier
Waste Management Inc.; West Tier; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income from operations | 2,103) | 1,800) | 1,934) | —) | —) |
| Total assets | 11,476) | 11,501) | 9,720) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 18.33% | 15.65% | 19.90% | — | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment ROA = 100 × Income from operations ÷ Total assets
= 100 × 2,103 ÷ 11,476 = 18.33%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | West Tier | West Tier segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment Asset Turnover
Waste Management Inc., asset turnover by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| East Tier | 0.65 | 0.55 | 0.70 | — | — |
| West Tier | 0.82 | 0.72 | 0.85 | — | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | East Tier | East Tier segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
| West Tier | West Tier segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment Asset Turnover: East Tier
Waste Management Inc.; East Tier; segment asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Gross operating revenues | 9,278) | 7,873) | 8,098) | —) | —) |
| Total assets | 14,269) | 14,274) | 11,600) | —) | —) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.65 | 0.55 | 0.70 | — | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment asset turnover = Gross operating revenues ÷ Total assets
= 9,278 ÷ 14,269 = 0.65
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | East Tier | East Tier segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment Asset Turnover: West Tier
Waste Management Inc.; West Tier; segment asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Gross operating revenues | 9,369) | 8,241) | 8,289) | —) | —) |
| Total assets | 11,476) | 11,501) | 9,720) | —) | —) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.82 | 0.72 | 0.85 | — | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment asset turnover = Gross operating revenues ÷ Total assets
= 9,369 ÷ 11,476 = 0.82
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | West Tier | West Tier segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment Capital Expenditures to Depreciation
Waste Management Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| East Tier | 0.73 | 0.67 | 0.86 | — | — |
| West Tier | 0.66 | 0.63 | 0.90 | — | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | East Tier | East Tier segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
| West Tier | West Tier segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Segment Capital Expenditures to Depreciation: East Tier
Waste Management Inc.; East Tier; segment capital expenditures to depreciation calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 708) | 537) | 670) | —) | —) |
| Depreciation and amortization | 970) | 801) | 776) | —) | —) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.73 | 0.67 | 0.86 | — | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 708 ÷ 970 = 0.73
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | East Tier | East Tier segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Segment Capital Expenditures to Depreciation: West Tier
Waste Management Inc.; West Tier; segment capital expenditures to depreciation calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 579) | 465) | 620) | —) | —) |
| Depreciation and amortization | 883) | 738) | 687) | —) | —) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.66 | 0.63 | 0.90 | — | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 579 ÷ 883 = 0.66
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | West Tier | West Tier segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Gross operating revenues
Waste Management Inc., gross operating revenues by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| East Tier | 9,278) | 7,873) | 8,098) | —) | —) |
| West Tier | 9,369) | 8,241) | 8,289) | —) | —) |
| Solid Waste | 18,647) | 16,114) | 16,387) | —) | —) |
| Other | 3,046) | 2,364) | 2,317) | —) | —) |
| Total | 21,693) | 18,478) | 18,704) | —) | —) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
Income from operations
Waste Management Inc., income from operations by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| East Tier | 2,037) | 1,672) | 1,847) | —) | —) |
| West Tier | 2,103) | 1,800) | 1,934) | —) | —) |
| Solid Waste | 4,140) | 3,472) | 3,781) | —) | —) |
| Other | 34) | (42) | (158) | —) | —) |
| Corporate and Other | (1,209) | (996) | (917) | —) | —) |
| Total | 2,965) | 2,434) | 2,706) | —) | —) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
Depreciation and amortization
Waste Management Inc., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| East Tier | 970) | 801) | 776) | —) | —) |
| West Tier | 883) | 738) | 687) | —) | —) |
| Solid Waste | 1,853) | 1,539) | 1,463) | —) | —) |
| Other | 70) | 87) | 75) | —) | —) |
| Corporate and Other | 76) | 45) | 36) | —) | —) |
| Total | 1,999) | 1,671) | 1,574) | —) | —) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
Capital expenditures
Waste Management Inc., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| East Tier | 708) | 537) | 670) | —) | —) |
| West Tier | 579) | 465) | 620) | —) | —) |
| Solid Waste | 1,287) | 1,002) | 1,290) | —) | —) |
| Other | 181) | 75) | 118) | —) | —) |
| Corporate and Other | 571) | 508) | 407) | —) | —) |
| Total | 2,039) | 1,585) | 1,815) | —) | —) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
Total assets
Waste Management Inc., total assets by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| East Tier | 14,269) | 14,274) | 11,600) | —) | —) |
| West Tier | 11,476) | 11,501) | 9,720) | —) | —) |
| Solid Waste | 25,745) | 25,775) | 21,320) | —) | —) |
| Other | 1,275) | 2,064) | 1,648) | —) | —) |
| Corporate and Other | 2,372) | 1,810) | 5,042) | —) | —) |
| Total | 29,392) | 29,649) | 28,010) | —) | —) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).