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Condensed Consolidating Financial Statements | 12 Months Ended
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Dec. 31, 2018
Condensed Consolidating Financial Statements |
Condensed Consolidating Financial Statements | 21. 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 December 31, 2018
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 61 |  | $ | — |  | $ | 61
Other current assets |  |  | 2 |  |  | 5 |  |  | 2,577 |  |  | — |  |  | 2,584
|  |  | 2 |  |  | 5 |  |  | 2,638 |  |  | — |  |  | 2,645
Property and equipment, net |  |  | — |  |  | — |  |  | 11,942 |  |  | — |  |  | 11,942
Investments in affiliates |  |  | 24,676 |  |  | 25,097 |  |  | — |  |  | (49,773) |  |  | —
Advances to affiliates |  |  | — |  |  | — |  |  | 17,258 |  |  | (17,258) |  |  | —
Other assets |  |  | 8 |  |  | 31 |  |  | 8,024 |  |  | — |  |  | 8,063
Total assets |  | $ | 24,686 |  | $ | 25,133 |  | $ | 39,862 |  | $ | (67,031) |  | $ | 22,650
LIABILITIES AND EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | 258 |  | $ | — |  | $ | 174 |  | $ | — |  | $ | 432
Accounts payable and other current liabilities |  |  | 82 |  |  | 9 |  |  | 2,585 |  |  | — |  |  | 2,676
|  |  | 340 |  |  | 9 |  |  | 2,759 |  |  | — |  |  | 3,108
Long-term debt, less current portion |  |  | 7,377 |  |  | 304 |  |  | 1,913 |  |  | — |  |  | 9,594
Due to affiliates |  |  | 17,398 |  |  | 146 |  |  | 6,709 |  |  | (24,253) |  |  | —
Other liabilities |  |  | 5 |  |  | — |  |  | 3,667 |  |  | — |  |  | 3,672
Total liabilities |  |  | 25,120 |  |  | 459 |  |  | 15,048 |  |  | (24,253) |  |  | 16,374
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  | 6,275 |  |  | 24,674 |  |  | 25,099 |  |  | (49,773) |  |  | 6,275
Advances to affiliates |  |  | (6,709) |  |  | — |  |  | (286) |  |  | 6,995 |  |  | —
Noncontrolling interests |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1
|  |  | (434) |  |  | 24,674 |  |  | 24,814 |  |  | (42,778) |  |  | 6,276
Total liabilities and equity |  | $ | 24,686 |  | $ | 25,133 |  | $ | 39,862 |  | $ | (67,031) |  | $ | 22,650
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 |  |  | 2,662 |  |  | — |  |  | 2,672
|  |  | 5 |  |  | 5 |  |  | 2,684 |  |  | — |  |  | 2,694
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 |  |  | 7,536 |  |  | — |  |  | 7,576
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
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Years Ended December 31: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues (a) |  | $ | — |  | $ | — |  | $ | 15,090 |  | $ | (176) |  | $ | 14,914
Costs and expenses (a) |  |  | 176 |  |  | — |  |  | 12,125 |  |  | (176) |  |  | 12,125
Income from operations |  |  | (176) |  |  | — |  |  | 2,965 |  |  | — |  |  | 2,789
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (312) |  |  | (20) |  |  | (42) |  |  | — |  |  | (374)
Equity in earnings of subsidiaries, net of tax |  |  | 2,284 |  |  | 2,298 |  |  | — |  |  | (4,582) |  |  | —
Other, net |  |  | — |  |  | — |  |  | (39) |  |  | — |  |  | (39)
|  |  | 1,972 |  |  | 2,278 |  |  | (81) |  |  | (4,582) |  |  | (413)
Income before income taxes |  |  | 1,796 |  |  | 2,278 |  |  | 2,884 |  |  | (4,582) |  |  | 2,376
Income tax expense (benefit) |  |  | (129) |  |  | (5) |  |  | 587 |  |  | — |  |  | 453
Consolidated net income |  |  | 1,925 |  |  | 2,283 |  |  | 2,297 |  |  | (4,582) |  |  | 1,923
Less: Net loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2)
Net income attributable to Waste Management, Inc. |  | $ | 1,925 |  | $ | 2,283 |  | $ | 2,299 |  | $ | (4,582) |  | $ | 1,925
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues (a) |  | $ | — |  | $ | — |  | $ | 15,040 |  | $ | (555) |  | $ | 14,485
Costs and expenses (a) |  |  | 555 |  |  | — |  |  | 11,849 |  |  | (555) |  |  | 11,849
Income from operations |  |  | (555) |  |  | — |  |  | 3,191 |  |  | — |  |  | 2,636
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (299) |  |  | (20) |  |  | (44) |  |  | — |  |  | (363)
Equity in earnings of subsidiaries, net of tax |  |  | 2,469 |  |  | 2,482 |  |  | — |  |  | (4,951) |  |  | —
Other, net |  |  | (4) |  |  | (1) |  |  | (77) |  |  | — |  |  | (82)
|  |  | 2,166 |  |  | 2,461 |  |  | (121) |  |  | (4,951) |  |  | (445)
Income before income taxes |  |  | 1,611 |  |  | 2,461 |  |  | 3,070 |  |  | (4,951) |  |  | 2,191
Income tax expense (benefit) |  |  | (338) |  |  | (8) |  |  | 588 |  |  | — |  |  | 242
Consolidated net income |  |  | 1,949 |  |  | 2,469 |  |  | 2,482 |  |  | (4,951) |  |  | 1,949
Less: Net loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Net income attributable to Waste Management, Inc. |  | $ | 1,949 |  | $ | 2,469 |  | $ | 2,482 |  | $ | (4,951) |  | $ | 1,949
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  | $ | — |  | $ | 13,609 |  | $ | — |  | $ | 13,609
Costs and expenses |  |  | — |  |  | — |  |  | 11,313 |  |  | — |  |  | 11,313
Income from operations |  |  | — |  |  | — |  |  | 2,296 |  |  | — |  |  | 2,296
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (303) |  |  | (20) |  |  | (53) |  |  | — |  |  | (376)
Equity in earnings of subsidiaries, net of tax |  |  | 1,367 |  |  | 1,381 |  |  | — |  |  | (2,748) |  |  | —
Other, net |  |  | (1) |  |  | — |  |  | (97) |  |  | — |  |  | (98)
|  |  | 1,063 |  |  | 1,361 |  |  | (150) |  |  | (2,748) |  |  | (474)
Income before income taxes |  |  | 1,063 |  |  | 1,361 |  |  | 2,146 |  |  | (2,748) |  |  | 1,822
Income tax expense (benefit) |  |  | (119) |  |  | (8) |  |  | 769 |  |  | — |  |  | 642
Consolidated net income |  |  | 1,182 |  |  | 1,369 |  |  | 1,377 |  |  | (2,748) |  |  | 1,180
Less: Net loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2)
Net income attributable to Waste Management, Inc. |  | $ | 1,182 |  | $ | 1,369 |  | $ | 1,379 |  | $ | (2,748) |  | $ | 1,182
| (a) |  | For 2018 and 2017, costs and expenses for WM and operating revenues for Non-Guarantor Subsidiaries include insurance premiums for a wholly-owned insurance captive, which are eliminated in consolidation.
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
|  |  |  | WM |  | Non-Guarantor |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Years Ended December 31: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 1,933 |  | $ | 2,283 |  | $ | 2,199 |  | $ | (4,582) |  | $ | 1,833
Less: Comprehensive loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2)
Comprehensive income attributable to Waste Management, Inc. |  | $ | 1,933 |  | $ | 2,283 |  | $ | 2,201 |  | $ | (4,582) |  | $ | 1,835
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 1,955 |  | $ | 2,469 |  | $ | 2,564 |  | $ | (4,951) |  | $ | 2,037
Less: Comprehensive loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Comprehensive income attributable to Waste Management, Inc. |  | $ | 1,955 |  | $ | 2,469 |  | $ | 2,564 |  | $ | (4,951) |  | $ | 2,037
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 1,189 |  | $ | 1,369 |  | $ | 1,417 |  | $ | (2,748) |  | $ | 1,227
Less: Comprehensive loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2)
Comprehensive income attributable to Waste Management, Inc. |  | $ | 1,189 |  | $ | 1,369 |  | $ | 1,419 |  | $ | (2,748) |  | $ | 1,229
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM(a) |  | Holdings(a) |  | Subsidiaries(a) |  | Eliminations |  | Consolidated
Years Ended December 31: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flows provided by (used in): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  | $ | — |  | $ | — |  | $ | 3,570 |  | $ | — |  | $ | 3,570
Investing activities |  |  | — |  |  | — |  |  | (2,169) |  |  | — |  |  | (2,169)
Financing activities |  |  | — |  |  | — |  |  | (1,508) |  |  | — |  |  | (1,508)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents |  |  | — |  |  | — |  |  | (3) |  |  | — |  |  | (3)
Intercompany activity |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents |  |  | — |  |  | — |  |  | (110) |  |  | — |  |  | (110)
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 |  | $ | — |  | $ | — |  | $ | 183 |  | $ | — |  | $ | 183
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flows provided by (used in): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  | $ | — |  | $ | — |  | $ | 3,180 |  | $ | — |  | $ | 3,180
Investing activities |  |  | — |  |  | — |  |  | (1,620) |  |  | — |  |  | (1,620)
Financing activities |  |  | — |  |  | — |  |  | (1,361) |  |  | — |  |  | (1,361)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Intercompany activity |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents |  |  | — |  |  | — |  |  | 199 |  |  | — |  |  | 199
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 |  | $ | — |  | $ | — |  | $ | 293 |  | $ | — |  | $ | 293
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flows provided by (used in): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  | $ | — |  | $ | — |  | $ | 3,003 |  | $ | — |  | $ | 3,003
Investing activities |  |  | — |  |  | — |  |  | (1,929) |  |  | — |  |  | (1,929)
Financing activities |  |  | — |  |  | — |  |  | (1,084) |  |  | — |  |  | (1,084)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Intercompany activity |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents |  |  | — |  |  | — |  |  | (10) |  |  | — |  |  | (10)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period |  |  | — |  |  | — |  |  | 104 |  |  | — |  |  | 104
Cash, cash equivalents and restricted cash and cash equivalents at end of period |  | $ | — |  | $ | — |  | $ | 94 |  | $ | — |  | $ | 94
(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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