WASTE MANAGEMENT INC 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. The following table summarizes common stock repurchases made during the second quarter of 2023 (shares in millions): Issuer Purchases of Equity Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Number of ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Shares Purchased as ​ Approximate Maximum ​ ​ Number of ​ Average ​ Part of Publicly ​ Dollar Value of Shares that ​ ​ Shares ​ Price Paid ​ Announced Plans or ​ May Yet be Purchased Under Period Purchased per Share(a) Programs the Plans or Programs(a) April 1 — 30 — ​ $ — ​ — ​ $ 1.15 billion ​ May 1 — 31 (b)(c) 1.9 ​ $ 164.96 ​ 1.9 ​ $ 899 million ​ June 1 — 30 (c) 0.1 ​ $ 164.92 ​ 0.1 ​ $ 878 million (d) Total 2.0 ​ $ 164.96 2.0 ​ ​ ​ ​ (a) The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. We reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased. In the table above and footnotes below, the average price paid per share, total repurchase costs and approximate maximum dollar value of shares that may yet be purchased under the plans or programs exclude the 1% excise tax. (b) In the first quarter of 2023, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $350 million of our common stock. At the beginning of the repurchase period, we delivered $350 million cash and received 1.9 million shares based on a stock price of $150.34. The ASR agreement completed and in May 2023 we received 0.4 million additional shares based on a final weighted average price of $153.90. In May 2023, under a new ASR agreement, we repurchased $250 million of our common stock and received 1.5 million shares based on a final weighted average price of $163.62. (c) Subsequent to the completion of the ASR agreement, we repurchased 133,501 shares of our common stock in open market transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act for $22 million, inclusive of per-share commissions, at a weighted average price of $164.79, of which $2 million was paid in July 2023. (d) As of June 30, 2023, the Company has authorization for $878 million of future share repurchases, exclusive of the 1% excise tax discussed above. Any future share repurchases pursuant to this authorization of our Board of Directors will be made at the discretion of management and will depend on factors similar to those considered by the Board of Directors in making dividend declarations, including our net earnings, financial condition and cash required for future business plans, growth and acquisitions. Item 4. Mine Safety Disclosures. Information concerning mine safety and other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this quarterly report. ​ 40 ​