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Condensed Consolidating Financial Statements | 3 Months Ended
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Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Financial Statements |
14. | 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 March 31, 2017 (Unaudited)
|  | WM |  |  | WM Holdings |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
ASSETS |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | — |  |  | $ | 30 |  |  | $ | — |  |  | $ | 30 |
Other current assets |  |  | 4 |  |  |  | 5 |  |  |  | 2,184 |  |  |  | — |  |  |  | 2,193 |
|  |  | 4 |  |  |  | 5 |  |  |  | 2,214 |  |  |  | — |  |  |  | 2,223 |
Property and equipment, net |  |  | — |  |  |  | — |  |  |  | 10,929 |  |  |  | — |  |  |  | 10,929 |
Investments in affiliates |  |  | 20,267 |  |  |  | 20,686 |  |  |  | — |  |  |  | (40,953 | ) |  |  | — |
Advances to affiliates |  |  | — |  |  |  | — |  |  |  | 13,389 |  |  |  | (13,389 | ) |  |  | — |
Other assets |  |  | 14 |  |  |  | 36 |  |  |  | 7,448 |  |  |  | — |  |  |  | 7,498 |
Total assets |  | $ | 20,285 |  |  | $ | 20,727 |  |  | $ | 33,980 |  |  | $ | (54,342 | ) |  | $ | 20,650 |
LIABILITIES AND EQUITY |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | 255 |  |  | $ | — |  |  | $ | 141 |  |  | $ | — |  |  | $ | 396 |
Accounts payable and other current liabilities |  |  | 61 |  |  |  | 4 |  |  |  | 2,097 |  |  |  | — |  |  |  | 2,162 |
|  |  | 316 |  |  |  | 4 |  |  |  | 2,238 |  |  |  | — |  |  |  | 2,558 |
Long-term debt, less current portion |  |  | 6,027 |  |  |  | 304 |  |  |  | 2,315 |  |  |  | — |  |  |  | 8,646 |
Due to affiliates |  |  | 13,712 |  |  |  | 153 |  |  |  | 5,299 |  |  |  | (19,164 | ) |  |  | — |
Other liabilities |  |  | 12 |  |  |  | — |  |  |  | 3,896 |  |  |  | — |  |  |  | 3,908 |
Total liabilities |  |  | 20,067 |  |  |  | 461 |  |  |  | 13,748 |  |  |  | (19,164 | ) |  |  | 15,112 |
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  | 5,517 |  |  |  | 20,266 |  |  |  | 20,687 |  |  |  | (40,953 | ) |  |  | 5,517 |
Advances to affiliates |  |  | (5,299 | ) |  |  | — |  |  |  | (476 | ) |  |  | 5,775 |  |  |  | — |
Noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 21 |  |  |  | — |  |  |  | 21 |
|  |  | 218 |  |  |  | 20,266 |  |  |  | 20,232 |  |  |  | (35,178 | ) |  |  | 5,538 |
Total liabilities and equity |  | $ | 20,285 |  |  | $ | 20,727 |  |  | $ | 33,980 |  |  | $ | (54,342 | ) |  | $ | 20,650 |
CONDENSED CONSOLIDATING BALANCE SHEETS (Continued) 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 | ) |  |  | — |
Investments to affiliates |  |  | — |  |  |  | — |  |  |  | 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 |  |  | 6,229 |  |  |  | 304 |  |  |  | 2,360 |  |  |  | — |  |  |  | 8,893 |
Due to affiliates |  |  | 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 |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended March 31, 2017 (Unaudited)
|  | WM |  |  | WM Holdings |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Operating revenues |  | $ | — |  |  | $ | — |  |  | $ | 3,440 |  |  | $ | — |  |  | $ | 3,440 |
Costs and expenses |  |  | — |  |  |  | — |  |  |  | 2,882 |  |  |  | — |  |  |  | 2,882 |
Income from operations |  |  | — |  |  |  | — |  |  |  | 558 |  |  |  | — |  |  |  | 558 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (74 | ) |  |  | (5 | ) |  |  | (13 | ) |  |  | — |  |  |  | (92 | )
Equity in earnings of subsidiaries, net of tax expense |  |  | 343 |  |  |  | 346 |  |  |  | — |  |  |  | (689 | ) |  |  | — |
Other, net |  |  | — |  |  |  | — |  |  |  | (32 | ) |  |  | — |  |  |  | (32 | )
|  |  | 269 |  |  |  | 341 |  |  |  | (45 | ) |  |  | (689 | ) |  |  | (124 | )
Income before income taxes |  |  | 269 |  |  |  | 341 |  |  |  | 513 |  |  |  | (689 | ) |  |  | 434 |
Income tax expense (benefit) |  |  | (29 | ) |  |  | (2 | ) |  |  | 168 |  |  |  | — |  |  |  | 137 |
Consolidated net income |  |  | 298 |  |  |  | 343 |  |  |  | 345 |  |  |  | (689 | ) |  |  | 297 |
Less: Net loss attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Net income attributable to Waste Management, Inc. |  | $ | 298 |  |  | $ | 343 |  |  | $ | 346 |  |  | $ | (689 | ) |  | $ | 298 |
Three Months Ended March 31, 2016 (Unaudited)
|  | WM |  |  | WM Holdings |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Operating revenues |  | $ | — |  |  | $ | — |  |  | $ | 3,176 |  |  | $ | — |  |  | $ | 3,176 |
Costs and expenses |  |  | — |  |  |  | — |  |  |  | 2,668 |  |  |  | — |  |  |  | 2,668 |
Income from operations |  |  | — |  |  |  | — |  |  |  | 508 |  |  |  | — |  |  |  | 508 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (74 | ) |  |  | (5 | ) |  |  | (16 | ) |  |  | — |  |  |  | (95 | )
Equity in earnings of subsidiaries, net of tax expense |  |  | 304 |  |  |  | 307 |  |  |  | — |  |  |  | (611 | ) |  |  | — |
Other, net |  |  | (1 | ) |  |  | — |  |  |  | (16 | ) |  |  | — |  |  |  | (17 | )
|  |  | 229 |  |  |  | 302 |  |  |  | (32 | ) |  |  | (611 | ) |  |  | (112 | )
Income before income taxes |  |  | 229 |  |  |  | 302 |  |  |  | 476 |  |  |  | (611 | ) |  |  | 396 |
Income tax expense (benefit) |  |  | (29 | ) |  |  | (2 | ) |  |  | 171 |  |  |  | — |  |  |  | 140 |
Consolidated net income |  |  | 258 |  |  |  | 304 |  |  |  | 305 |  |  |  | (611 | ) |  |  | 256 |
Less: Net loss attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (2 | )
Net income attributable to Waste Management, Inc. |  | $ | 258 |  |  | $ | 304 |  |  | $ | 307 |  |  | $ | (611 | ) |  | $ | 258 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
|  | WM |  |  | WM Holdings |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Three Months Ended March 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 300 |  |  | $ | 343 |  |  | $ | 357 |  |  | $ | (689 | ) |  | $ | 311 |
Less: Comprehensive loss attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Comprehensive income attributable to Waste Management, Inc. |  | $ | 300 |  |  | $ | 343 |  |  | $ | 358 |  |  | $ | (689 | ) |  | $ | 312 |
Three Months Ended March 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 260 |  |  | $ | 304 |  |  | $ | 372 |  |  | $ | (611 | ) |  | $ | 325 |
Less: Comprehensive loss attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (2 | )
Comprehensive income attributable to Waste Management, Inc. |  | $ | 260 |  |  | $ | 304 |  |  | $ | 374 |  |  | $ | (611 | ) |  | $ | 327 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2017 (Unaudited)
|  | WM(a) |  |  | WM Holdings(a) |  |  | Non-Guarantor Subsidiaries(a) |  |  | Eliminations |  |  | Consolidated |
Cash flows provided by (used in): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  | $ | — |  |  | $ | — |  |  | $ | 721 |  |  | $ | — |  |  | $ | 721 |
Investing activities |  |  | — |  |  |  | — |  |  |  | (340 | ) |  |  | — |  |  |  | (340 | )
Financing activities |  |  | — |  |  |  | — |  |  |  | (383 | ) |  |  | — |  |  |  | (383 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Intercompany activity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Increase (decrease) in cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (2 | )
Cash and cash equivalents at beginning of period |  |  | — |  |  |  | — |  |  |  | 32 |  |  |  | — |  |  |  | 32 |
Cash and cash equivalents at end of period |  | $ | — |  |  | $ | — |  |  | $ | 30 |  |  | $ | — |  |  | $ | 30 |
(a) | Cash receipts and payments of WM and WM Holdings are transacted by Non-Guarantor Subsidiaries.
Three Months Ended March 31, 2016 (Unaudited)
|  | WM(b) |  |  | WM Holdings(b) |  |  | Non-Guarantor Subsidiaries(b) |  |  | Eliminations |  |  | Consolidated |
Cash flows provided by (used in): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  | $ | — |  |  | $ | — |  |  | $ | 732 |  |  | $ | — |  |  | $ | 732 |
Investing activities |  |  | — |  |  |  | — |  |  |  | (847 | ) |  |  | — |  |  |  | (847 | )
Financing activities |  |  | — |  |  |  | — |  |  |  | 180 |  |  |  | — |  |  |  | 180 |
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Intercompany activity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Increase (decrease) in cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | 65 |  |  |  | — |  |  |  | 65 |
Cash and cash equivalents at beginning of period |  |  | — |  |  |  | — |  |  |  | 39 |  |  |  | — |  |  |  | 39 |
Cash and cash equivalents at end of period |  | $ | — |  |  | $ | — |  |  | $ | 104 |  |  | $ | — |  |  | $ | 104 |
(b) | 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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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64809438&loc=d3e5614-111684 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01(a)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 + Details
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