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Condensed Consolidating Financial Statements | 3 Months Ended
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Mar. 31, 2018
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 March 31, 2018 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 52 |  | $ | — |  | $ | 52
Other current assets |  |  | 139 |  |  | 5 |  |  | 2,295 |  |  | — |  |  | 2,439
|  |  | 139 |  |  | 5 |  |  | 2,347 |  |  | — |  |  | 2,491
Property and equipment, net |  |  | — |  |  | — |  |  | 11,637 |  |  | — |  |  | 11,637
Investments in affiliates |  |  | 22,878 |  |  | 23,351 |  |  | — |  |  | (46,229) |  |  | —
Advances to affiliates |  |  | — |  |  | — |  |  | 15,398 |  |  | (15,398) |  |  | —
Other assets |  |  | 5 |  |  | 31 |  |  | 7,942 |  |  | — |  |  | 7,978
Total assets |  | $ | 23,022 |  | $ | 23,387 |  | $ | 37,324 |  | $ | (61,627) |  | $ | 22,106
LIABILITIES AND EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | 544 |  | $ | — |  | $ | 512 |  | $ | — |  | $ | 1,056
Accounts payable and other current liabilities |  |  | 76 |  |  | 3 |  |  | 2,238 |  |  | — |  |  | 2,317
|  |  | 620 |  |  | 3 |  |  | 2,750 |  |  | — |  |  | 3,373
Long-term debt, less current portion |  |  | 6,954 |  |  | 304 |  |  | 1,643 |  |  | — |  |  | 8,901
Due to affiliates |  |  | 15,472 |  |  | 203 |  |  | 6,073 |  |  | (21,748) |  |  | —
Other liabilities |  |  | 5 |  |  | — |  |  | 3,762 |  |  | — |  |  | 3,767
Total liabilities |  |  | 23,051 |  |  | 510 |  |  | 14,228 |  |  | (21,748) |  |  | 16,041
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  | 6,044 |  |  | 22,877 |  |  | 23,352 |  |  | (46,229) |  |  | 6,044
Advances to affiliates |  |  | (6,073) |  |  | — |  |  | (277) |  |  | 6,350 |  |  | —
Noncontrolling interests |  |  | — |  |  | — |  |  | 21 |  |  | — |  |  | 21
|  |  | (29) |  |  | 22,877 |  |  | 23,096 |  |  | (39,879) |  |  | 6,065
Total liabilities and equity |  | $ | 23,022 |  | $ | 23,387 |  | $ | 37,324 |  | $ | (61,627) |  | $ | 22,106
CONDENSED CONSOLIDATING BALANCE SHEETS (Continued) December 31, 2017
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 22 |  | $ | — |  | $ | 22
Other current assets |  |  | 5 |  |  | 5 |  |  | 2,592 |  |  | — |  |  | 2,602
|  |  | 5 |  |  | 5 |  |  | 2,614 |  |  | — |  |  | 2,624
Property and equipment, net |  |  | — |  |  | — |  |  | 11,559 |  |  | — |  |  | 11,559
Investments in affiliates |  |  | 22,393 |  |  | 22,893 |  |  | — |  |  | (45,286) |  |  | —
Advances to affiliates |  |  | — |  |  | — |  |  | 15,349 |  |  | (15,349) |  |  | —
Other assets |  |  | 9 |  |  | 31 |  |  | 7,606 |  |  | — |  |  | 7,646
Total assets |  | $ | 22,407 |  | $ | 22,929 |  | $ | 37,128 |  | $ | (60,635) |  | $ | 21,829
LIABILITIES AND EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | 537 |  | $ | — |  | $ | 202 |  | $ | — |  | $ | 739
Accounts payable and other current liabilities |  |  | 55 |  |  | 9 |  |  | 2,459 |  |  | — |  |  | 2,523
|  |  | 592 |  |  | 9 |  |  | 2,661 |  |  | — |  |  | 3,262
Long-term debt, less current portion |  |  | 6,457 |  |  | 304 |  |  | 1,991 |  |  | — |  |  | 8,752
Due to affiliates |  |  | 15,404 |  |  | 224 |  |  | 6,073 |  |  | (21,701) |  |  | —
Other liabilities |  |  | 8 |  |  | — |  |  | 3,765 |  |  | — |  |  | 3,773
Total liabilities |  |  | 22,461 |  |  | 537 |  |  | 14,490 |  |  | (21,701) |  |  | 15,787
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  | 6,019 |  |  | 22,392 |  |  | 22,894 |  |  | (45,286) |  |  | 6,019
Advances to affiliates |  |  | (6,073) |  |  | — |  |  | (279) |  |  | 6,352 |  |  | —
Noncontrolling interests |  |  | — |  |  | — |  |  | 23 |  |  | — |  |  | 23
|  |  | (54) |  |  | 22,392 |  |  | 22,638 |  |  | (38,934) |  |  | 6,042
Total liabilities and equity |  | $ | 22,407 |  | $ | 22,929 |  | $ | 37,128 |  | $ | (60,635) |  | $ | 21,829
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended March 31, 2018 (Unaudited)
|  |  |  |  | WM |  | Non‑Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues |  | $ | — |  | $ | — |  | $ | 3,555 |  | $ | (44) |  | $ | 3,511
Costs and expenses |  |  | 44 |  |  | — |  |  | 2,903 |  |  | (44) |  |  | 2,903
Income from operations |  |  | (44) |  |  | — |  |  | 652 |  |  | — |  |  | 608
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (76) |  |  | (5) |  |  | (10) |  |  | — |  |  | (91)
Equity in earnings of subsidiaries, net of tax |  |  | 485 |  |  | 489 |  |  | — |  |  | (974) |  |  | —
Other, net |  |  | — |  |  | — |  |  | (6) |  |  | — |  |  | (6)
|  |  | 409 |  |  | 484 |  |  | (16) |  |  | (974) |  |  | (97)
Income before income taxes |  |  | 365 |  |  | 484 |  |  | 636 |  |  | (974) |  |  | 511
Income tax expense (benefit) |  |  | (31) |  |  | (1) |  |  | 148 |  |  | — |  |  | 116
Consolidated net income |  |  | 396 |  |  | 485 |  |  | 488 |  |  | (974) |  |  | 395
Less: Net loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1)
Net income attributable to Waste Management, Inc. |  | $ | 396 |  | $ | 485 |  | $ | 489 |  | $ | (974) |  | $ | 396
Three Months Ended March 31, 2017 (Unaudited)
|  |  |  |  | WM |  | Non‑Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | 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 |  |  | 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
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Three Months Ended March 31: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 398 |  | $ | 485 |  | $ | 455 |  | $ | (974) |  | $ | 364
Less: Comprehensive loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1)
Comprehensive income attributable to Waste Management, Inc. |  | $ | 398 |  | $ | 485 |  | $ | 456 |  | $ | (974) |  | $ | 365
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
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2018 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM(a) |  | Holdings(a) |  | Subsidiaries(a) |  | Eliminations |  | Consolidated
Cash flows provided by (used in): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  | $ | — |  | $ | — |  | $ | 809 |  | $ | — |  | $ | 809
Investing activities |  |  | — |  |  | — |  |  | (637) |  |  | — |  |  | (637)
Financing activities |  |  | — |  |  | — |  |  | (38) |  |  | — |  |  | (38)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1)
Intercompany activity |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Increase in cash, cash equivalents and restricted cash and cash equivalents |  |  | — |  |  | — |  |  | 133 |  |  | — |  |  | 133
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period |  |  | — |  |  | — |  |  | 293 |  |  | — |  |  | 293
Cash, cash equivalents and restricted cash and cash equivalents at end of period |  | $ | — |  | $ | — |  | $ | 426 |  | $ | — |  | $ | 426
Three Months Ended March 31, 2017 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM(a) |  | Holdings(a) |  | Subsidiaries(a) |  | Eliminations |  | Consolidated
Cash flows provided by (used in): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  | $ | — |  | $ | — |  | $ | 722 |  | $ | — |  | $ | 722
Investing activities |  |  | — |  |  | — |  |  | (337) |  |  | — |  |  | (337)
Financing activities |  |  | — |  |  | — |  |  | (385) |  |  | — |  |  | (385)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Intercompany activity |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Increase in cash, cash equivalents and restricted cash and cash equivalents |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period |  |  | — |  |  | — |  |  | 94 |  |  | — |  |  | 94
Cash, cash equivalents and restricted cash and cash equivalents at end of period |  | $ | — |  | $ | — |  | $ | 94 |  | $ | — |  | $ | 94
| (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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