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Condensed Consolidating Financial Statements (Tables) | 3 Months Ended
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Mar. 31, 2018
Condensed Consolidating Financial Statements |
Condensed Consolidating Balance Sheets | 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 | 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 | 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 | 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
Cash receipts and payments of WM and WM Holdings are transacted by Non-Guarantor Subsidiaries.

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