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Condensed Consolidating Financial Statements | 9 Months Ended
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Sep. 30, 2017
Condensed Consolidating Financial Statements |
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 September 30, 2017 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 35 |  | $ | — |  | $ | 35
Other current assets |  |  | 3 |  |  | 5 |  |  | 2,257 |  |  | — |  |  | 2,265
|  |  | 3 |  |  | 5 |  |  | 2,292 |  |  | — |  |  | 2,300
Property and equipment, net |  |  | — |  |  | — |  |  | 11,136 |  |  | — |  |  | 11,136
Investments in affiliates |  |  | 21,105 |  |  | 21,607 |  |  | — |  |  | (42,712) |  |  | —
Advances to affiliates |  |  | — |  |  | — |  |  | 14,171 |  |  | (14,171) |  |  | —
Other assets |  |  | 12 |  |  | 31 |  |  | 7,470 |  |  | — |  |  | 7,513
Total assets |  | $ | 21,120 |  | $ | 21,643 |  | $ | 35,069 |  | $ | (56,883) |  | $ | 20,949
LIABILITIES AND EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | 736 |  | $ | — |  | $ | 114 |  | $ | — |  | $ | 850
Accounts payable and other current liabilities |  |  | 61 |  |  | 4 |  |  | 2,344 |  |  | — |  |  | 2,409
|  |  | 797 |  |  | 4 |  |  | 2,458 |  |  | — |  |  | 3,259
Long-term debt, less current portion |  |  | 5,911 |  |  | 304 |  |  | 2,280 |  |  | — |  |  | 8,495
Due to affiliates |  |  | 14,425 |  |  | 231 |  |  | 5,299 |  |  | (19,955) |  |  | —
Other liabilities |  |  | 8 |  |  | — |  |  | 3,887 |  |  | — |  |  | 3,895
Total liabilities |  |  | 21,141 |  |  | 539 |  |  | 13,924 |  |  | (19,955) |  |  | 15,649
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  | 5,278 |  |  | 21,104 |  |  | 21,608 |  |  | (42,712) |  |  | 5,278
Advances to affiliates |  |  | (5,299) |  |  | — |  |  | (485) |  |  | 5,784 |  |  | —
Noncontrolling interests |  |  | — |  |  | — |  |  | 22 |  |  | — |  |  | 22
|  |  | (21) |  |  | 21,104 |  |  | 21,145 |  |  | (36,928) |  |  | 5,300
Total liabilities and equity |  | $ | 21,120 |  | $ | 21,643 |  | $ | 35,069 |  | $ | (56,883) |  | $ | 20,949
CONDENSED CONSOLIDATING BALANCE SHEETS (Continued) December 31, 2016
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | 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 |  |  | — |  |  | — |  |  | 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 September 30, 2017 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues |  | $ | — |  | $ | — |  | $ | 3,716 |  | $ | — |  | $ | 3,716
Costs and expenses |  |  | — |  |  | — |  |  | 3,015 |  |  | — |  |  | 3,015
Income from operations |  |  | — |  |  | — |  |  | 701 |  |  | — |  |  | 701
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (75) |  |  | (5) |  |  | (10) |  |  | — |  |  | (90)
Equity in earnings of subsidiaries, net of tax |  |  | 432 |  |  | 435 |  |  | — |  |  | (867) |  |  | —
Other, net |  |  | — |  |  | — |  |  | (8) |  |  | — |  |  | (8)
|  |  | 357 |  |  | 430 |  |  | (18) |  |  | (867) |  |  | (98)
Income before income taxes |  |  | 357 |  |  | 430 |  |  | 683 |  |  | (867) |  |  | 603
Income tax expense (benefit) |  |  | (29) |  |  | (2) |  |  | 246 |  |  | — |  |  | 215
Consolidated net income |  |  | 386 |  |  | 432 |  |  | 437 |  |  | (867) |  |  | 388
Less: Net income (loss) attributable to noncontrolling interests |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2
Net income attributable to Waste Management, Inc. |  | $ | 386 |  | $ | 432 |  | $ | 435 |  | $ | (867) |  | $ | 386
Three Months Ended September 30, 2016 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues |  | $ | — |  | $ | — |  | $ | 3,548 |  | $ | — |  | $ | 3,548
Costs and expenses |  |  | — |  |  | — |  |  | 2,988 |  |  | — |  |  | 2,988
Income from operations |  |  | — |  |  | — |  |  | 560 |  |  | — |  |  | 560
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (77) |  |  | (5) |  |  | (12) |  |  | — |  |  | (94)
Equity in earnings of subsidiaries, net of tax |  |  | 349 |  |  | 352 |  |  | — |  |  | (701) |  |  | —
Other, net |  |  | — |  |  | — |  |  | (9) |  |  | — |  |  | (9)
|  |  | 272 |  |  | 347 |  |  | (21) |  |  | (701) |  |  | (103)
Income before income taxes |  |  | 272 |  |  | 347 |  |  | 539 |  |  | (701) |  |  | 457
Income tax expense (benefit) |  |  | (30) |  |  | (2) |  |  | 185 |  |  | — |  |  | 153
Consolidated net income |  |  | 302 |  |  | 349 |  |  | 354 |  |  | (701) |  |  | 304
Less: Net income (loss) attributable to noncontrolling interests |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2
Net income attributable to Waste Management, Inc. |  | $ | 302 |  | $ | 349 |  | $ | 352 |  | $ | (701) |  | $ | 302
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Continued) Nine Months Ended September 30, 2017 (Unaudited)
|  |  |  |  | WM |  | Non‑Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues |  | $ | — |  | $ | — |  | $ | 10,833 |  | $ | — |  | $ | 10,833
Costs and expenses |  |  | — |  |  | — |  |  | 8,901 |  |  | — |  |  | 8,901
Income from operations |  |  | — |  |  | — |  |  | 1,932 |  |  | — |  |  | 1,932
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (223) |  |  | (15) |  |  | (34) |  |  | — |  |  | (272)
Equity in earnings of subsidiaries, net of tax |  |  | 1,181 |  |  | 1,190 |  |  | — |  |  | (2,371) |  |  | —
Other, net |  |  | — |  |  | — |  |  | (53) |  |  | — |  |  | (53)
|  |  | 958 |  |  | 1,175 |  |  | (87) |  |  | (2,371) |  |  | (325)
Income before income taxes |  |  | 958 |  |  | 1,175 |  |  | 1,845 |  |  | (2,371) |  |  | 1,607
Income tax expense (benefit) |  |  | (88) |  |  | (6) |  |  | 655 |  |  | — |  |  | 561
Consolidated net income |  |  | 1,046 |  |  | 1,181 |  |  | 1,190 |  |  | (2,371) |  |  | 1,046
Less: Net income (loss) attributable to noncontrolling interests |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Net income attributable to Waste Management, Inc. |  | $ | 1,046 |  | $ | 1,181 |  | $ | 1,190 |  | $ | (2,371) |  | $ | 1,046
Nine Months Ended September 30, 2016 (Unaudited)
|  |  |  |  | WM |  | Non‑Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues |  | $ | — |  | $ | — |  | $ | 10,149 |  | $ | — |  | $ | 10,149
Costs and expenses |  |  | — |  |  | — |  |  | 8,470 |  |  | — |  |  | 8,470
Income from operations |  |  | — |  |  | — |  |  | 1,679 |  |  | — |  |  | 1,679
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (227) |  |  | (15) |  |  | (40) |  |  | — |  |  | (282)
Equity in earnings of subsidiaries, net of tax |  |  | 986 |  |  | 995 |  |  | — |  |  | (1,981) |  |  | —
Other, net |  |  | (1) |  |  | — |  |  | (84) |  |  | — |  |  | (85)
|  |  | 758 |  |  | 980 |  |  | (124) |  |  | (1,981) |  |  | (367)
Income before income taxes |  |  | 758 |  |  | 980 |  |  | 1,555 |  |  | (1,981) |  |  | 1,312
Income tax expense (benefit) |  |  | (89) |  |  | (6) |  |  | 561 |  |  | — |  |  | 466
Consolidated net income |  |  | 847 |  |  | 986 |  |  | 994 |  |  | (1,981) |  |  | 846
Less: Net income (loss) attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1)
Net income attributable to Waste Management, Inc. |  | $ | 847 |  | $ | 986 |  | $ | 995 |  | $ | (1,981) |  | $ | 847
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Three Months Ended September 30: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 388 |  | $ | 432 |  | $ | 482 |  | $ | (867) |  | $ | 435
Less: Comprehensive income (loss) attributable to noncontrolling interests |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2
Comprehensive income attributable to Waste Management, Inc. |  | $ | 388 |  | $ | 432 |  | $ | 480 |  | $ | (867) |  | $ | 433
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 303 |  | $ | 349 |  | $ | 339 |  | $ | (701) |  | $ | 290
Less: Comprehensive income (loss) attributable to noncontrolling interests |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2
Comprehensive income attributable to Waste Management, Inc. |  | $ | 303 |  | $ | 349 |  | $ | 337 |  | $ | (701) |  | $ | 288
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Nine Months Ended September 30: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 1,052 |  | $ | 1,181 |  | $ | 1,278 |  | $ | (2,371) |  | $ | 1,140
Less: Comprehensive income (loss) attributable to noncontrolling interests |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Comprehensive income attributable to Waste Management, Inc. |  | $ | 1,052 |  | $ | 1,181 |  | $ | 1,278 |  | $ | (2,371) |  | $ | 1,140
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 852 |  | $ | 986 |  | $ | 1,053 |  | $ | (1,981) |  | $ | 910
Less: Comprehensive income (loss) attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1)
Comprehensive income attributable to Waste Management Inc. |  | $ | 852 |  | $ | 986 |  | $ | 1,054 |  | $ | (1,981) |  | $ | 911
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2017 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM(a) |  | Holdings(a) |  | Subsidiaries(a) |  | Eliminations |  | Consolidated
Cash flows provided by (used in): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  | $ | — |  | $ | — |  | $ | 2,390 |  | $ | — |  | $ | 2,390
Investing activities |  |  | — |  |  | — |  |  | (984) |  |  | — |  |  | (984)
Financing activities |  |  | — |  |  | — |  |  | (1,404) |  |  | — |  |  | (1,404)
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1
Intercompany activity |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Increase (decrease) in cash and cash equivalents |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 3
Cash and cash equivalents at beginning of period |  |  | — |  |  | — |  |  | 32 |  |  | — |  |  | 32
Cash and cash equivalents at end of period |  | $ | — |  | $ | — |  | $ | 35 |  | $ | — |  | $ | 35
Nine Months Ended September 30, 2016 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM(a) |  | Holdings(a) |  | Subsidiaries(a) |  | Eliminations |  | Consolidated
Cash flows provided by (used in): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  | $ | — |  | $ | — |  | $ | 2,252 |  | $ | — |  | $ | 2,252
Investing activities |  |  | — |  |  | — |  |  | (1,550) |  |  | — |  |  | (1,550)
Financing activities |  |  | — |  |  | — |  |  | (711) |  |  | — |  |  | (711)
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Intercompany activity |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Increase (decrease) in cash and cash equivalents |  |  | — |  |  | — |  |  | (9) |  |  | — |  |  | (9)
Cash and cash equivalents at beginning of period |  |  | — |  |  | — |  |  | 39 |  |  | — |  |  | 39
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.

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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=84161450&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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