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Condensed Consolidating Financial Statements (Tables) | 9 Months Ended
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Sep. 30, 2017
Condensed Consolidating Financial Statements |
Condensed Consolidating Balance Sheets | 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 | 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 | 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 | 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
Cash receipts and payments of WM and WM Holdings are transacted by Non-Guarantor Subsidiaries.

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