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Condensed Consolidating Financial Statements | 6 Months Ended
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Jun. 30, 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 June 30, 2018 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 47 |  | $ | — |  | $ | 47
Other current assets |  |  | 91 |  |  | 7 |  |  | 2,326 |  |  | — |  |  | 2,424
|  |  | 91 |  |  | 7 |  |  | 2,373 |  |  | — |  |  | 2,471
Property and equipment, net |  |  | — |  |  | — |  |  | 11,625 |  |  | — |  |  | 11,625
Investments in affiliates |  |  | 23,466 |  |  | 23,921 |  |  | — |  |  | (47,387) |  |  | —
Advances to affiliates |  |  | — |  |  | — |  |  | 15,969 |  |  | (15,969) |  |  | —
Other assets |  |  | 8 |  |  | 31 |  |  | 7,879 |  |  | — |  |  | 7,918
Total assets |  | $ | 23,565 |  | $ | 23,959 |  | $ | 37,846 |  | $ | (63,356) |  | $ | 22,014
LIABILITIES AND EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | 491 |  | $ | — |  | $ | 337 |  | $ | — |  | $ | 828
Accounts payable and other current liabilities |  |  | 84 |  |  | 9 |  |  | 2,384 |  |  | — |  |  | 2,477
|  |  | 575 |  |  | 9 |  |  | 2,721 |  |  | — |  |  | 3,305
Long-term debt, less current portion |  |  | 6,936 |  |  | 304 |  |  | 1,728 |  |  | — |  |  | 8,968
Due to affiliates |  |  | 16,069 |  |  | 181 |  |  | 6,073 |  |  | (22,323) |  |  | —
Other liabilities |  |  | 4 |  |  | — |  |  | 3,681 |  |  | — |  |  | 3,685
Total liabilities |  |  | 23,584 |  |  | 494 |  |  | 14,203 |  |  | (22,323) |  |  | 15,958
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  | 6,054 |  |  | 23,465 |  |  | 23,922 |  |  | (47,387) |  |  | 6,054
Advances to affiliates |  |  | (6,073) |  |  | — |  |  | (281) |  |  | 6,354 |  |  | —
Noncontrolling interests |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2
|  |  | (19) |  |  | 23,465 |  |  | 23,643 |  |  | (41,033) |  |  | 6,056
Total liabilities and equity |  | $ | 23,565 |  | $ | 23,959 |  | $ | 37,846 |  | $ | (63,356) |  | $ | 22,014
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 June 30, 2018 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues |  | $ | — |  | $ | — |  | $ | 3,783 |  | $ | (44) |  | $ | 3,739
Costs and expenses |  |  | 44 |  |  | — |  |  | 3,024 |  |  | (44) |  |  | 3,024
Income from operations |  |  | (44) |  |  | — |  |  | 759 |  |  | — |  |  | 715
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (78) |  |  | (4) |  |  | (11) |  |  | — |  |  | (93)
Equity in earnings of subsidiaries, net of tax |  |  | 588 |  |  | 591 |  |  | — |  |  | (1,179) |  |  | —
Other, net |  |  | — |  |  | — |  |  | (13) |  |  | — |  |  | (13)
|  |  | 510 |  |  | 587 |  |  | (24) |  |  | (1,179) |  |  | (106)
Income before income taxes |  |  | 466 |  |  | 587 |  |  | 735 |  |  | (1,179) |  |  | 609
Income tax expense (benefit) |  |  | (33) |  |  | (1) |  |  | 144 |  |  | — |  |  | 110
Consolidated net income |  |  | 499 |  |  | 588 |  |  | 591 |  |  | (1,179) |  |  | 499
Less: Net loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Net income attributable to Waste Management, Inc. |  | $ | 499 |  | $ | 588 |  | $ | 591 |  | $ | (1,179) |  | $ | 499
Three Months Ended June 30, 2017 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues |  | $ | — |  | $ | — |  | $ | 3,677 |  | $ | — |  | $ | 3,677
Costs and expenses |  |  | — |  |  | — |  |  | 3,004 |  |  | — |  |  | 3,004
Income from operations |  |  | — |  |  | — |  |  | 673 |  |  | — |  |  | 673
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (74) |  |  | (5) |  |  | (11) |  |  | — |  |  | (90)
Equity in earnings of subsidiaries, net of tax |  |  | 406 |  |  | 409 |  |  | — |  |  | (815) |  |  | —
Other, net |  |  | — |  |  | — |  |  | (13) |  |  | — |  |  | (13)
|  |  | 332 |  |  | 404 |  |  | (24) |  |  | (815) |  |  | (103)
Income before income taxes |  |  | 332 |  |  | 404 |  |  | 649 |  |  | (815) |  |  | 570
Income tax expense (benefit) |  |  | (30) |  |  | (2) |  |  | 241 |  |  | — |  |  | 209
Consolidated net income |  |  | 362 |  |  | 406 |  |  | 408 |  |  | (815) |  |  | 361
Less: Net loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1)
Net income attributable to Waste Management, Inc. |  | $ | 362 |  | $ | 406 |  | $ | 409 |  | $ | (815) |  | $ | 362
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Continued) Six Months Ended June 30, 2018 (Unaudited)
|  |  |  |  | WM |  | Non‑Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues |  | $ | — |  | $ | — |  | $ | 7,338 |  | $ | (88) |  | $ | 7,250
Costs and expenses |  |  | 88 |  |  | — |  |  | 5,927 |  |  | (88) |  |  | 5,927
Income from operations |  |  | (88) |  |  | — |  |  | 1,411 |  |  | — |  |  | 1,323
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (154) |  |  | (9) |  |  | (21) |  |  | — |  |  | (184)
Equity in earnings of subsidiaries, net of tax |  |  | 1,073 |  |  | 1,080 |  |  | — |  |  | (2,153) |  |  | —
Other, net |  |  | — |  |  | — |  |  | (19) |  |  | — |  |  | (19)
|  |  | 919 |  |  | 1,071 |  |  | (40) |  |  | (2,153) |  |  | (203)
Income before income taxes |  |  | 831 |  |  | 1,071 |  |  | 1,371 |  |  | (2,153) |  |  | 1,120
Income tax expense (benefit) |  |  | (64) |  |  | (2) |  |  | 292 |  |  | — |  |  | 226
Consolidated net income |  |  | 895 |  |  | 1,073 |  |  | 1,079 |  |  | (2,153) |  |  | 894
Less: Net loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1)
Net income attributable to Waste Management, Inc. |  | $ | 895 |  | $ | 1,073 |  | $ | 1,080 |  | $ | (2,153) |  | $ | 895
Six Months Ended June 30, 2017 (Unaudited)
|  |  |  |  | WM |  | Non‑Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues |  | $ | — |  | $ | — |  | $ | 7,117 |  | $ | — |  | $ | 7,117
Costs and expenses |  |  | — |  |  | — |  |  | 5,886 |  |  | — |  |  | 5,886
Income from operations |  |  | — |  |  | — |  |  | 1,231 |  |  | — |  |  | 1,231
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (148) |  |  | (10) |  |  | (24) |  |  | — |  |  | (182)
Equity in earnings of subsidiaries, net of tax |  |  | 749 |  |  | 755 |  |  | — |  |  | (1,504) |  |  | —
Other, net |  |  | — |  |  | — |  |  | (45) |  |  | — |  |  | (45)
|  |  | 601 |  |  | 745 |  |  | (69) |  |  | (1,504) |  |  | (227)
Income before income taxes |  |  | 601 |  |  | 745 |  |  | 1,162 |  |  | (1,504) |  |  | 1,004
Income tax expense (benefit) |  |  | (59) |  |  | (4) |  |  | 409 |  |  | — |  |  | 346
Consolidated net income |  |  | 660 |  |  | 749 |  |  | 753 |  |  | (1,504) |  |  | 658
Less: Net loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2)
Net income attributable to Waste Management, Inc. |  | $ | 660 |  | $ | 749 |  | $ | 755 |  | $ | (1,504) |  | $ | 660
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Three Months Ended June 30: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 501 |  | $ | 588 |  | $ | 568 |  | $ | (1,179) |  | $ | 478
Less: Comprehensive loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Comprehensive income attributable to Waste Management, Inc. |  | $ | 501 |  | $ | 588 |  | $ | 568 |  | $ | (1,179) |  | $ | 478
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 364 |  | $ | 406 |  | $ | 439 |  | $ | (815) |  | $ | 394
Less: Comprehensive loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1)
Comprehensive income attributable to Waste Management, Inc. |  | $ | 364 |  | $ | 406 |  | $ | 440 |  | $ | (815) |  | $ | 395
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Six Months Ended June 30: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 899 |  | $ | 1,073 |  | $ | 1,023 |  | $ | (2,153) |  | $ | 842
Less: Comprehensive loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1)
Comprehensive income attributable to Waste Management, Inc. |  | $ | 899 |  | $ | 1,073 |  | $ | 1,024 |  | $ | (2,153) |  | $ | 843
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 664 |  | $ | 749 |  | $ | 796 |  | $ | (1,504) |  | $ | 705
Less: Comprehensive loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2)
Comprehensive income attributable to Waste Management, Inc. |  | $ | 664 |  | $ | 749 |  | $ | 798 |  | $ | (1,504) |  | $ | 707
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2018 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM(a) |  | Holdings(a) |  | Subsidiaries(a) |  | Eliminations |  | Consolidated
Cash flows provided by (used in): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  | $ | — |  | $ | — |  | $ | 1,784 |  | $ | — |  | $ | 1,784
Investing activities |  |  | — |  |  | — |  |  | (1,010) |  |  | — |  |  | (1,010)
Financing activities |  |  | — |  |  | — |  |  | (647) |  |  | — |  |  | (647)
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 |  |  | — |  |  | — |  |  | 126 |  |  | — |  |  | 126
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 |  | $ | — |  | $ | — |  | $ | 419 |  | $ | — |  | $ | 419
Six Months Ended June 30, 2017 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM(a) |  | Holdings(a) |  | Subsidiaries(a) |  | Eliminations |  | Consolidated
Cash flows provided by (used in): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  | $ | — |  | $ | — |  | $ | 1,535 |  | $ | — |  | $ | 1,535
Investing activities |  |  | — |  |  | — |  |  | (673) |  |  | — |  |  | (673)
Financing activities |  |  | — |  |  | — |  |  | (859) |  |  | — |  |  | (859)
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 |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 3
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 |  | $ | — |  | $ | — |  | $ | 97 |  | $ | — |  | $ | 97
| (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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