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Condensed Consolidating Financial Statements | 12 Months Ended
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Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Financial Statements | 23. Condensed Consolidating Financial Statements WM Holdings has fully and unconditionally guaranteed all of WM’s senior indebtedness. WM has fully and unconditionally guaranteed all of WM Holdings’ senior indebtedness. None of WM’s other subsidiaries have guaranteed any of WM’s or WM Holdings’ debt. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information (in millions): CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2016
|  | WM |  |  | WM Holdings |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
ASSETS |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | — |  |  | $ | 32 |  |  | $ | — |  |  | $ | 32 |
Other current assets |  |  | 5 |  |  |  | 5 |  |  |  | 2,334 |  |  |  | — |  |  |  | 2,344 |
|  |  | 5 |  |  |  | 5 |  |  |  | 2,366 |  |  |  | — |  |  |  | 2,376 |
Property and equipment, net |  |  | — |  |  |  | — |  |  |  | 10,950 |  |  |  | — |  |  |  | 10,950 |
Investments in affiliates |  |  | 19,924 |  |  |  | 20,331 |  |  |  | — |  |  |  | (40,255 | ) |  |  | — |
Advances to affiliates(a) |  |  | — |  |  |  | — |  |  |  | 13,000 |  |  |  | (13,000 | ) |  |  | — |
Other assets |  |  | 14 |  |  |  | 30 |  |  |  | 7,489 |  |  |  | — |  |  |  | 7,533 |
Total assets |  | $ | 19,943 |  |  | $ | 20,366 |  |  | $ | 33,805 |  |  | $ | (53,255 | ) |  | $ | 20,859 |
LIABILITIES AND EQUITY |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | 269 |  |  | $ | — |  |  | $ | 148 |  |  | $ | — |  |  | $ | 417 |
Accounts payable and other current liabilities |  |  | 81 |  |  |  | 9 |  |  |  | 2,287 |  |  |  | — |  |  |  | 2,377 |
|  |  | 350 |  |  |  | 9 |  |  |  | 2,435 |  |  |  | — |  |  |  | 2,794 |
Long-term debt, less current portion(a) |  |  | 6,229 |  |  |  | 304 |  |  |  | 2,360 |  |  |  | — |  |  |  | 8,893 |
Due to affiliates(a) |  |  | 13,350 |  |  |  | 128 |  |  |  | 5,299 |  |  |  | (18,777 | ) |  |  | — |
Other liabilities |  |  | 16 |  |  |  | — |  |  |  | 3,836 |  |  |  | — |  |  |  | 3,852 |
Total liabilities |  |  | 19,945 |  |  |  | 441 |  |  |  | 13,930 |  |  |  | (18,777 | ) |  |  | 15,539 |
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  | 5,297 |  |  |  | 19,925 |  |  |  | 20,330 |  |  |  | (40,255 | ) |  |  | 5,297 |
Advances to affiliates |  |  | (5,299 | ) |  |  | — |  |  |  | (478 | ) |  |  | 5,777 |  |  |  | — |
Noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 23 |  |  |  | — |  |  |  | 23 |
|  |  | (2 | ) |  |  | 19,925 |  |  |  | 19,875 |  |  |  | (34,478 | ) |  |  | 5,320 |
Total liabilities and equity |  | $ | 19,943 |  |  | $ | 20,366 |  |  | $ | 33,805 |  |  | $ | (53,255 | ) |  | $ | 20,859 |
(a) | In conjunction with the preparation of our June 30, 2016 Condensed Consolidating Balance Sheet, we identified and corrected the presentation of $126 million of tax-exempt bonds previously reported in Non-Guarantor Subsidiaries’ rather than WM’s “Long-term debt, less current portion,” which had corresponding impacts on “Advances to affiliates” and “Due to affiliates.” This immaterial correction has been reflected in our 2016 Condensed Consolidating Financial Statements.
CONDENSED CONSOLIDATING BALANCE SHEETS (Continued) December 31, 2015
|  | WM |  |  | WM Holdings |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
ASSETS |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | — |  |  | $ | 39 |  |  | $ | — |  |  | $ | 39 |
Other current assets |  |  | 3 |  |  |  | 6 |  |  |  | 2,297 |  |  |  | — |  |  |  | 2,306 |
|  |  | 3 |  |  |  | 6 |  |  |  | 2,336 |  |  |  | — |  |  |  | 2,345 |
Property and equipment, net |  |  | — |  |  |  | — |  |  |  | 10,665 |  |  |  | — |  |  |  | 10,665 |
Investments in affiliates(b) |  |  | 18,557 |  |  |  | 18,925 |  |  |  | — |  |  |  | (37,482 | ) |  |  | — |
Advances to affiliates |  |  | — |  |  |  | — |  |  |  | 12,113 |  |  |  | (12,113 | ) |  |  | — |
Other assets |  |  | 23 |  |  |  | 29 |  |  |  | 7,305 |  |  |  | — |  |  |  | 7,357 |
Total assets |  | $ | 18,583 |  |  | $ | 18,960 |  |  | $ | 32,419 |  |  | $ | (49,595 | ) |  | $ | 20,367 |
LIABILITIES AND EQUITY |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | 41 |  |  | $ | — |  |  | $ | 212 |  |  | $ | — |  |  | $ | 253 |
Accounts payable and other current liabilities |  |  | 83 |  |  |  | 9 |  |  |  | 2,165 |  |  |  | — |  |  |  | 2,257 |
|  |  | 124 |  |  |  | 9 |  |  |  | 2,377 |  |  |  | — |  |  |  | 2,510 |
Long-term debt, less current portion |  |  | 5,801 |  |  |  | 304 |  |  |  | 2,571 |  |  |  | — |  |  |  | 8,676 |
Due to affiliates(b) |  |  | 12,588 |  |  |  | 76 |  |  |  | 5,299 |  |  |  | (17,963 | ) |  |  | — |
Other liabilities |  |  | 24 |  |  |  | — |  |  |  | 3,790 |  |  |  | — |  |  |  | 3,814 |
Total liabilities |  |  | 18,537 |  |  |  | 389 |  |  |  | 14,037 |  |  |  | (17,963 | ) |  |  | 15,000 |
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  | 5,345 |  |  |  | 18,571 |  |  |  | 18,911 |  |  |  | (37,482 | ) |  |  | 5,345 |
Advances to affiliates(b) |  |  | (5,299 | ) |  |  | — |  |  |  | (551 | ) |  |  | 5,850 |  |  |  | — |
Noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | 22 |
|  |  | 46 |  |  |  | 18,571 |  |  |  | 18,382 |  |  |  | (31,632 | ) |  |  | 5,367 |
Total liabilities and equity |  | $ | 18,583 |  |  | $ | 18,960 |  |  | $ | 32,419 |  |  | $ | (49,595 | ) |  | $ | 20,367 |
(b) | In conjunction with the preparation of our September 30, 2016 Condensed Consolidating Balance Sheet, we identified $5.9 billion of intercompany loans between WM and Non-Guarantor Subsidiaries previously included in “Due to affiliates” and “Advances to affiliates” that based on intent are not expected to be collected, and as such are being presented as part of “Equity” in WM’s and Non-Guarantor Subsidiaries’ balance sheet. Accordingly, the 2015 Condensed Consolidating Balance Sheet included herein has been revised to reflect this presentation.
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
|  | WM |  |  | WM Holdings |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Year Ended December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  |  | $ | — |  |  | $ | 13,609 |  |  | $ | — |  |  | $ | 13,609 |
Costs and expenses |  |  | — |  |  |  | — |  |  |  | 11,313 |  |  |  | — |  |  |  | 11,313 |
Income from operations |  |  | — |  |  |  | — |  |  |  | 2,296 |  |  |  | — |  |  |  | 2,296 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (303 | ) |  |  | (20 | ) |  |  | (53 | ) |  |  | — |  |  |  | (376 | )
Loss on early extinguishment of debt |  |  | (1 | ) |  |  | — |  |  |  | (3 | ) |  |  | — |  |  |  | (4 | )
Equity in earnings of subsidiaries, net of tax provision |  |  | 1,367 |  |  |  | 1,381 |  |  |  | — |  |  |  | (2,748 | ) |  |  | — |
Other, net |  |  | — |  |  |  | — |  |  |  | (94 | ) |  |  | — |  |  |  | (94 | )
|  |  | 1,063 |  |  |  | 1,361 |  |  |  | (150 | ) |  |  | (2,748 | ) |  |  | (474 | )
Income before income taxes |  |  | 1,063 |  |  |  | 1,361 |  |  |  | 2,146 |  |  |  | (2,748 | ) |  |  | 1,822 |
Provision for (benefit from) income taxes |  |  | (119 | ) |  |  | (8 | ) |  |  | 769 |  |  |  | — |  |  |  | 642 |
Consolidated net income |  |  | 1,182 |  |  |  | 1,369 |  |  |  | 1,377 |  |  |  | (2,748 | ) |  |  | 1,180 |
Less: Net income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (2 | )
Net income attributable to Waste Management, Inc. |  | $ | 1,182 |  |  | $ | 1,369 |  |  | $ | 1,379 |  |  | $ | (2,748 | ) |  | $ | 1,182 |
Year Ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  |  | $ | — |  |  | $ | 12,961 |  |  | $ | — |  |  | $ | 12,961 |
Costs and expenses |  |  | — |  |  |  | (1 | ) |  |  | 10,917 |  |  |  | — |  |  |  | 10,916 |
Income from operations |  |  | — |  |  |  | 1 |  |  |  | 2,044 |  |  |  | — |  |  |  | 2,045 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (298 | ) |  |  | (22 | ) |  |  | (65 | ) |  |  | — |  |  |  | (385 | )
Loss on early extinguishment of debt |  |  | (500 | ) |  |  | (52 | ) |  |  | (3 | ) |  |  | — |  |  |  | (555 | )
Equity in earnings of subsidiaries, net of tax provision |  |  | 1,245 |  |  |  | 1,289 |  |  |  | — |  |  |  | (2,534 | ) |  |  | — |
Other, net |  |  | — |  |  |  | — |  |  |  | (45 | ) |  |  | — |  |  |  | (45 | )
|  |  | 447 |  |  |  | 1,215 |  |  |  | (113 | ) |  |  | (2,534 | ) |  |  | (985 | )
Income before income taxes |  |  | 447 |  |  |  | 1,216 |  |  |  | 1,931 |  |  |  | (2,534 | ) |  |  | 1,060 |
Provision for (benefit from) income taxes |  |  | (306 | ) |  |  | (29 | ) |  |  | 643 |  |  |  | — |  |  |  | 308 |
Consolidated net income |  |  | 753 |  |  |  | 1,245 |  |  |  | 1,288 |  |  |  | (2,534 | ) |  |  | 752 |
Less: Net income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Net income attributable to Waste Management, Inc. |  | $ | 753 |  |  | $ | 1,245 |  |  | $ | 1,289 |  |  | $ | (2,534 | ) |  | $ | 753 |
Year Ended December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  |  | $ | — |  |  | $ | 13,996 |  |  | $ | — |  |  | $ | 13,996 |
Costs and expenses |  |  | — |  |  |  | (459 | ) |  |  | 12,156 |  |  |  | — |  |  |  | 11,697 |
Income from operations |  |  | — |  |  |  | 459 |  |  |  | 1,840 |  |  |  | — |  |  |  | 2,299 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (351 | ) |  |  | (31 | ) |  |  | (84 | ) |  |  | — |  |  |  | (466 | )
Equity in earnings of subsidiaries, net of tax provision |  |  | 1,510 |  |  |  | 1,070 |  |  |  | — |  |  |  | (2,580 | ) |  |  | — |
Other, net |  |  | — |  |  |  | — |  |  |  | (82 | ) |  |  | — |  |  |  | (82 | )
|  |  | 1,159 |  |  |  | 1,039 |  |  |  | (166 | ) |  |  | (2,580 | ) |  |  | (548 | )
Income before income taxes |  |  | 1,159 |  |  |  | 1,498 |  |  |  | 1,674 |  |  |  | (2,580 | ) |  |  | 1,751 |
Provision for (benefit from) income taxes |  |  | (139 | ) |  |  | (12 | ) |  |  | 564 |  |  |  | — |  |  |  | 413 |
Consolidated net income |  |  | 1,298 |  |  |  | 1,510 |  |  |  | 1,110 |  |  |  | (2,580 | ) |  |  | 1,338 |
Less: Net income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 40 |  |  |  | — |  |  |  | 40 |
Net income attributable to Waste Management, Inc. |  | $ | 1,298 |  |  | $ | 1,510 |  |  | $ | 1,070 |  |  | $ | (2,580 | ) |  | $ | 1,298 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
|  | WM |  |  | WM Holdings |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Year Ended December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 1,189 |  |  | $ | 1,369 |  |  | $ | 1,417 |  |  | $ | (2,748 | ) |  | $ | 1,227 |
Less: Comprehensive income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (2 | )
Comprehensive income attributable to Waste Management, Inc. |  | $ | 1,189 |  |  | $ | 1,369 |  |  | $ | 1,419 |  |  | $ | (2,748 | ) |  | $ | 1,229 |
Year Ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 762 |  |  | $ | 1,245 |  |  | $ | 1,129 |  |  | $ | (2,534 | ) |  | $ | 602 |
Less: Comprehensive income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Comprehensive income attributable to Waste Management, Inc. |  | $ | 762 |  |  | $ | 1,245 |  |  | $ | 1,130 |  |  | $ | (2,534 | ) |  | $ | 603 |
Year Ended December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 1,300 |  |  | $ | 1,510 |  |  | $ | 977 |  |  | $ | (2,580 | ) |  | $ | 1,207 |
Less: Comprehensive income (loss) attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 40 |  |  |  | — |  |  |  | 40 |
Comprehensive income attributable to Waste Management, Inc. |  | $ | 1,300 |  |  | $ | 1,510 |  |  | $ | 937 |  |  | $ | (2,580 | ) |  | $ | 1,167 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
|  | WM(c) |  |  | WM Holdings(c) |  |  | Non-Guarantor Subsidiaries(c) |  |  | Eliminations |  |  | Consolidated |
Year Ended December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated net income |  | $ | 1,182 |  |  | $ | 1,369 |  |  | $ | 1,377 |  |  | $ | (2,748 | ) |  | $ | 1,180 |
Equity in earnings of subsidiaries, net of tax provision |  |  | (1,367 | ) |  |  | (1,381 | ) |  |  | — |  |  |  | 2,748 |  |  |  | — |
Other adjustments |  |  | 185 |  |  |  | 12 |  |  |  | 1,583 |  |  |  | — |  |  |  | 1,780 |
Net cash provided by operating activities |  |  | — |  |  |  | — |  |  |  | 2,960 |  |  |  | — |  |  |  | 2,960 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions of businesses, net of cash acquired |  |  | — |  |  |  | — |  |  |  | (611 | ) |  |  | — |  |  |  | (611 | )
Capital expenditures |  |  | — |  |  |  | — |  |  |  | (1,339 | ) |  |  | — |  |  |  | (1,339 | )
Proceeds from divestitures of businesses and other assets (net of cash divested) |  |  | — |  |  |  | — |  |  |  | 43 |  |  |  | — |  |  |  | 43 |
Net receipts from restricted trust and escrow accounts and other, net |  |  | — |  |  |  | — |  |  |  | (25 | ) |  |  | — |  |  |  | (25 | )
Net cash provided by (used in) investing activities |  |  | — |  |  |  | — |  |  |  | (1,932 | ) |  |  | — |  |  |  | (1,932 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New borrowings |  |  | — |  |  |  | — |  |  |  | 3,057 |  |  |  | — |  |  |  | 3,057 |
Debt repayments |  |  | — |  |  |  | — |  |  |  | (2,682 | ) |  |  | — |  |  |  | (2,682 | )
Premiums paid on early extinguishment of debt |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (2 | )
Common stock repurchase program |  |  | — |  |  |  | — |  |  |  | (725 | ) |  |  | — |  |  |  | (725 | )
Cash dividends |  |  | — |  |  |  | — |  |  |  | (726 | ) |  |  | — |  |  |  | (726 | )
Exercise of common stock options |  |  | — |  |  |  | — |  |  |  | 63 |  |  |  | — |  |  |  | 63 |
Other, net |  |  | — |  |  |  | — |  |  |  | (20 | ) |  |  | — |  |  |  | (20 | )
(Increase) decrease in intercompany and investments, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | — |  |  |  | — |  |  |  | (1,035 | ) |  |  | — |  |  |  | (1,035 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Increase (decrease) in cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | (7 | ) |  |  | — |  |  |  | (7 | )
Cash and cash equivalents at beginning of year |  |  | — |  |  |  | — |  |  |  | 39 |  |  |  | — |  |  |  | 39 |
Cash and cash equivalents at end of year |  | $ | — |  |  | $ | — |  |  | $ | 32 |  |  | $ | — |  |  | $ | 32 |
(c) | Cash receipts and payments of WM and WM Holdings are transacted by Non-Guarantor Subsidiaries.
|  | WM(d) |  |  | WM Holdings(d) |  |  | Non-Guarantor Subsidiaries(d) |  |  | Eliminations |  |  | Consolidated |
Year Ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated net income |  | $ | 753 |  |  | $ | 1,245 |  |  | $ | 1,288 |  |  | $ | (2,534 | ) |  | $ | 752 |
Equity in earnings of subsidiaries, net of tax provision |  |  | (1,245 | ) |  |  | (1,289 | ) |  |  | — |  |  |  | 2,534 |  |  |  | — |
Other adjustments |  |  | 492 |  |  |  | 44 |  |  |  | 1,210 |  |  |  | — |  |  |  | 1,746 |
Net cash provided by operating activities |  |  | — |  |  |  | — |  |  |  | 2,498 |  |  |  | — |  |  |  | 2,498 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions of businesses, net of cash acquired |  |  | — |  |  |  | — |  |  |  | (554 | ) |  |  | — |  |  |  | (554 | )
Capital expenditures |  |  | — |  |  |  | — |  |  |  | (1,233 | ) |  |  | — |  |  |  | (1,233 | )
Proceeds from divestitures of businesses and other assets (net of cash divested) |  |  | — |  |  |  | — |  |  |  | 145 |  |  |  | — |  |  |  | 145 |
Net receipts from restricted trust and escrow accounts and other, net |  |  | — |  |  |  | — |  |  |  | 34 |  |  |  | — |  |  |  | 34 |
Net cash provided by (used in) investing activities |  |  | — |  |  |  | — |  |  |  | (1,608 | ) |  |  | — |  |  |  | (1,608 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New borrowings |  |  | — |  |  |  | — |  |  |  | 2,337 |  |  |  | — |  |  |  | 2,337 |
Debt repayments |  |  | — |  |  |  | — |  |  |  | (2,764 | ) |  |  | — |  |  |  | (2,764 | )
Premiums paid on early extinguishment of debt |  |  | — |  |  |  | — |  |  |  | (555 | ) |  |  | — |  |  |  | (555 | )
Common stock repurchase program |  |  | — |  |  |  | — |  |  |  | (600 | ) |  |  | — |  |  |  | (600 | )
Cash dividends |  |  | — |  |  |  | — |  |  |  | (695 | ) |  |  | — |  |  |  | (695 | )
Exercise of common stock options |  |  | — |  |  |  | — |  |  |  | 77 |  |  |  | — |  |  |  | 77 |
Other, net |  |  | — |  |  |  | — |  |  |  | 45 |  |  |  | — |  |  |  | 45 |
(Increase) decrease in intercompany and investments, net |  |  | (1,235 | ) |  |  | — |  |  |  | 1,235 |  |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | (1,235 | ) |  |  | — |  |  |  | (920 | ) |  |  | — |  |  |  | (2,155 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | — |  |  |  | (3 | )
Increase (decrease) in cash and cash equivalents |  |  | (1,235 | ) |  |  | — |  |  |  | (33 | ) |  |  | — |  |  |  | (1,268 | )
Cash and cash equivalents at beginning of year |  |  | 1,235 |  |  |  | — |  |  |  | 72 |  |  |  | — |  |  |  | 1,307 |
Cash and cash equivalents at end of year |  | $ | — |  |  | $ | — |  |  | $ | 39 |  |  | $ | — |  |  | $ | 39 |
(d) | Cash receipts and payments of WM and WM Holdings are transacted by Non-Guarantor Subsidiaries. We have revised the prior year presentation to reflect all relevant cash flow activities in the Non-Guarantor Subsidiaries column.
|  | WM(e) |  |  | WM Holdings(e) |  |  | Non-Guarantor Subsidiaries(e) |  |  | Eliminations |  |  | Consolidated |
Year Ended December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated net income |  | $ | 1,298 |  |  | $ | 1,510 |  |  | $ | 1,110 |  |  | $ | (2,580 | ) |  | $ | 1,338 |
Equity in earnings of subsidiaries, net of tax provision |  |  | (1,510 | ) |  |  | (1,070 | ) |  |  | — |  |  |  | 2,580 |  |  |  | — |
Other adjustments |  |  | 212 |  |  |  | (440 | ) |  |  | 1,221 |  |  |  | — |  |  |  | 993 |
Net cash provided by operating activities |  |  | — |  |  |  | — |  |  |  | 2,331 |  |  |  | — |  |  |  | 2,331 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions of businesses, net of cash acquired |  |  | — |  |  |  | — |  |  |  | (35 | ) |  |  | — |  |  |  | (35 | )
Capital expenditures |  |  | — |  |  |  | — |  |  |  | (1,151 | ) |  |  | — |  |  |  | (1,151 | )
Proceeds from divestitures of businesses and other assets (net of cash divested) |  |  | — |  |  |  | — |  |  |  | 2,253 |  |  |  | — |  |  |  | 2,253 |
Net receipts from restricted trust and escrow accounts and other, net |  |  | — |  |  |  | — |  |  |  | (72 | ) |  |  | — |  |  |  | (72 | )
Net cash provided by (used in) investing activities |  |  | — |  |  |  | — |  |  |  | 995 |  |  |  | — |  |  |  | 995 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New borrowings |  |  | — |  |  |  | — |  |  |  | 2,817 |  |  |  | — |  |  |  | 2,817 |
Debt repayments |  |  | — |  |  |  | — |  |  |  | (3,568 | ) |  |  | — |  |  |  | (3,568 | )
Common stock repurchase program |  |  | — |  |  |  | — |  |  |  | (600 | ) |  |  | — |  |  |  | (600 | )
Cash dividends |  |  | — |  |  |  | — |  |  |  | (693 | ) |  |  | — |  |  |  | (693 | )
Exercise of common stock options |  |  | — |  |  |  | — |  |  |  | 93 |  |  |  | — |  |  |  | 93 |
Other, net |  |  | — |  |  |  | — |  |  |  | (121 | ) |  |  | — |  |  |  | (121 | )
(Increase) decrease in intercompany and investments, net |  |  | 1,235 |  |  |  | — |  |  |  | (1,235 | ) |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 1,235 |  |  |  | — |  |  |  | (3,307 | ) |  |  | — |  |  |  | (2,072 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | (5 | ) |  |  | — |  |  |  | (5 | )
Increase (decrease) in cash and cash equivalents |  |  | 1,235 |  |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | 1,249 |
Cash and cash equivalents at beginning of year |  |  | — |  |  |  | — |  |  |  | 58 |  |  |  | — |  |  |  | 58 |
Cash and cash equivalents at end of year |  | $ | 1,235 |  |  | $ | — |  |  | $ | 72 |  |  | $ | — |  |  | $ | 1,307 |
(e) | Cash receipts and payments of WM and WM Holdings are transacted by Non-Guarantor Subsidiaries. We have revised the prior year presentation to reflect all relevant cash flow activities in the Non-Guarantor Subsidiaries column.

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