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Condensed Consolidating Financial Statements | 9 Months Ended
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Sep. 30, 2018
Condensed Consolidating Financial Statements |
Condensed Consolidating Financial Statements | 15. 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 September 30, 2018 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 83 |  | $ | — |  | $ | 83
Other current assets |  |  | 46 |  |  | 5 |  |  | 2,541 |  |  | — |  |  | 2,592
|  |  | 46 |  |  | 5 |  |  | 2,624 |  |  | — |  |  | 2,675
Property and equipment, net |  |  | — |  |  | — |  |  | 11,815 |  |  | — |  |  | 11,815
Investments in affiliates |  |  | 24,055 |  |  | 24,544 |  |  | — |  |  | (48,599) |  |  | —
Advances to affiliates |  |  | — |  |  | — |  |  | 16,289 |  |  | (16,289) |  |  | —
Other assets |  |  | 7 |  |  | 31 |  |  | 8,063 |  |  | — |  |  | 8,101
Total assets |  | $ | 24,108 |  | $ | 24,580 |  | $ | 38,791 |  | $ | (64,888) |  | $ | 22,591
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | 104 |  | $ | — |  | $ | 343 |  | $ | — |  | $ | 447
Accounts payable and other current liabilities |  |  | 71 |  |  | 4 |  |  | 2,548 |  |  | — |  |  | 2,623
|  |  | 175 |  |  | 4 |  |  | 2,891 |  |  | — |  |  | 3,070
Long-term debt, less current portion |  |  | 7,409 |  |  | 304 |  |  | 1,856 |  |  | — |  |  | 9,569
Due to affiliates |  |  | 16,353 |  |  | 219 |  |  | 6,073 |  |  | (22,645) |  |  | —
Other liabilities |  |  | 5 |  |  | — |  |  | 3,706 |  |  | — |  |  | 3,711
Total liabilities |  |  | 23,942 |  |  | 527 |  |  | 14,526 |  |  | (22,645) |  |  | 16,350
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  | 6,239 |  |  | 24,053 |  |  | 24,546 |  |  | (48,599) |  |  | 6,239
Advances to affiliates |  |  | (6,073) |  |  | — |  |  | (283) |  |  | 6,356 |  |  | —
Noncontrolling interests |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2
|  |  | 166 |  |  | 24,053 |  |  | 24,265 |  |  | (42,243) |  |  | 6,241
Total liabilities and equity |  | $ | 24,108 |  | $ | 24,580 |  | $ | 38,791 |  | $ | (64,888) |  | $ | 22,591
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 September 30, 2018 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues |  | $ | — |  | $ | — |  | $ | 3,866 |  | $ | (44) |  | $ | 3,822
Costs and expenses |  |  | 44 |  |  | — |  |  | 3,123 |  |  | (44) |  |  | 3,123
Income from operations |  |  | (44) |  |  | — |  |  | 743 |  |  | — |  |  | 699
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (78) |  |  | (6) |  |  | (9) |  |  | — |  |  | (93)
Equity in earnings of subsidiaries, net of tax |  |  | 589 |  |  | 592 |  |  | — |  |  | (1,181) |  |  | —
Other, net |  |  | — |  |  | — |  |  | (9) |  |  | — |  |  | (9)
|  |  | 511 |  |  | 586 |  |  | (18) |  |  | (1,181) |  |  | (102)
Income before income taxes |  |  | 467 |  |  | 586 |  |  | 725 |  |  | (1,181) |  |  | 597
Income tax expense (benefit) |  |  | (32) |  |  | (2) |  |  | 133 |  |  | — |  |  | 99
Consolidated net income |  |  | 499 |  |  | 588 |  |  | 592 |  |  | (1,181) |  |  | 498
Less: Net income (loss) attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1)
Net income attributable to Waste Management, Inc. |  | $ | 499 |  | $ | 588 |  | $ | 593 |  | $ | (1,181) |  | $ | 499
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
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Continued) Nine Months Ended September 30, 2018 (Unaudited)
|  |  |  |  | WM |  | Non‑Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues |  | $ | — |  | $ | — |  | $ | 11,204 |  | $ | (132) |  | $ | 11,072
Costs and expenses |  |  | 132 |  |  | — |  |  | 9,050 |  |  | (132) |  |  | 9,050
Income from operations |  |  | (132) |  |  | — |  |  | 2,154 |  |  | — |  |  | 2,022
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (232) |  |  | (15) |  |  | (30) |  |  | — |  |  | (277)
Equity in earnings of subsidiaries, net of tax |  |  | 1,662 |  |  | 1,672 |  |  | — |  |  | (3,334) |  |  | —
Other, net |  |  | — |  |  | — |  |  | (28) |  |  | — |  |  | (28)
|  |  | 1,430 |  |  | 1,657 |  |  | (58) |  |  | (3,334) |  |  | (305)
Income before income taxes |  |  | 1,298 |  |  | 1,657 |  |  | 2,096 |  |  | (3,334) |  |  | 1,717
Income tax expense (benefit) |  |  | (96) |  |  | (4) |  |  | 425 |  |  | — |  |  | 325
Consolidated net income |  |  | 1,394 |  |  | 1,661 |  |  | 1,671 |  |  | (3,334) |  |  | 1,392
Less: Net income (loss) attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2)
Net income attributable to Waste Management, Inc. |  | $ | 1,394 |  | $ | 1,661 |  | $ | 1,673 |  | $ | (3,334) |  | $ | 1,394
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
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Three Months Ended September 30: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 501 |  | $ | 588 |  | $ | 623 |  | $ | (1,181) |  | $ | 531
Less: Comprehensive income (loss) attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1)
Comprehensive income attributable to Waste Management, Inc. |  | $ | 501 |  | $ | 588 |  | $ | 624 |  | $ | (1,181) |  | $ | 532
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
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Nine Months Ended September 30: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 1,400 |  | $ | 1,661 |  | $ | 1,646 |  | $ | (3,334) |  | $ | 1,373
Less: Comprehensive income (loss) attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2)
Comprehensive income attributable to Waste Management, Inc. |  | $ | 1,400 |  | $ | 1,661 |  | $ | 1,648 |  | $ | (3,334) |  | $ | 1,375
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
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2018 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM(a) |  | Holdings(a) |  | Subsidiaries(a) |  | Eliminations |  | Consolidated
Cash flows provided by (used in): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  | $ | — |  | $ | — |  | $ | 2,658 |  | $ | — |  | $ | 2,658
Investing activities |  |  | — |  |  | — |  |  | (1,506) |  |  | — |  |  | (1,506)
Financing activities |  |  | — |  |  | — |  |  | (1,015) |  |  | — |  |  | (1,015)
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 |  |  | — |  |  | — |  |  | 137 |  |  | — |  |  | 137
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 |  | $ | — |  | $ | — |  | $ | 430 |  | $ | — |  | $ | 430
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 |  | $ | — |  | $ | — |  | $ | 2,388 |  | $ | — |  | $ | 2,388
Investing activities |  |  | — |  |  | — |  |  | (1,050) |  |  | — |  |  | (1,050)
Financing activities |  |  | — |  |  | — |  |  | (1,331) |  |  | — |  |  | (1,331)
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 |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 8
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 |  | $ | — |  | $ | — |  | $ | 102 |  | $ | — |  | $ | 102
| (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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