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Condensed Consolidating Financial Statements (Tables) | 9 Months Ended
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Sep. 30, 2018
Condensed Consolidating Financial Statements |
Condensed Consolidating Balance Sheets | 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 | 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 | 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 | 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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