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Condensed Consolidating Financial Statements (Tables) | 6 Months Ended
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Jun. 30, 2018
Condensed Consolidating Financial Statements |
Condensed Consolidating Balance Sheets | 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 | 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 | 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 | 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
Cash receipts and payments of WM and WM Holdings are transacted by Non-Guarantor Subsidiaries.

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