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Condensed Consolidating Financial Statements | 3 Months Ended
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Mar. 31, 2019
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 March 31, 2019 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 57 |  | $ | — |  | $ | 57
Other current assets |  |  | 167 |  |  | 6 |  |  | 2,395 |  |  | (137) |  |  | 2,431
|  |  | 167 |  |  | 6 |  |  | 2,452 |  |  | (137) |  |  | 2,488
Property and equipment, net |  |  | — |  |  | — |  |  | 12,390 |  |  | — |  |  | 12,390
Investments in affiliates |  |  | 25,116 |  |  | 25,576 |  |  | — |  |  | (50,692) |  |  | —
Advances to affiliates |  |  | — |  |  | — |  |  | 17,391 |  |  | (17,391) |  |  | —
Other assets |  |  | 6 |  |  | 11 |  |  | 8,478 |  |  | — |  |  | 8,495
Total assets |  | $ | 25,289 |  | $ | 25,593 |  | $ | 40,711 |  | $ | (68,220) |  | $ | 23,373
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | 903 |  | $ | — |  | $ | 140 |  | $ | — |  | $ | 1,043
Accounts payable and other current liabilities |  |  | 68 |  |  | 6 |  |  | 2,632 |  |  | (137) |  |  | 2,569
|  |  | 971 |  |  | 6 |  |  | 2,772 |  |  | (137) |  |  | 3,612
Long-term debt, less current portion |  |  | 7,098 |  |  | 304 |  |  | 1,921 |  |  | — |  |  | 9,323
Due to affiliates |  |  | 17,511 |  |  | 169 |  |  | 6,709 |  |  | (24,389) |  |  | —
Other liabilities |  |  | 3 |  |  | — |  |  | 4,018 |  |  | — |  |  | 4,021
Total liabilities |  |  | 25,583 |  |  | 479 |  |  | 15,420 |  |  | (24,526) |  |  | 16,956
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  | 6,415 |  |  | 25,114 |  |  | 25,578 |  |  | (50,692) |  |  | 6,415
Advances to affiliates |  |  | (6,709) |  |  | — |  |  | (289) |  |  | 6,998 |  |  | —
Noncontrolling interests |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2
|  |  | (294) |  |  | 25,114 |  |  | 25,291 |  |  | (43,694) |  |  | 6,417
Total liabilities and equity |  | $ | 25,289 |  | $ | 25,593 |  | $ | 40,711 |  | $ | (68,220) |  | $ | 23,373
CONDENSED CONSOLIDATING BALANCE SHEETS (Continued) 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 STATEMENTS OF OPERATIONS Three Months Ended March 31, 2019 (Unaudited)
|  |  |  |  | WM |  | Non‑Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues |  | $ | — |  | $ | — |  | $ | 3,742 |  | $ | (46) |  | $ | 3,696
Costs and expenses |  |  | 46 |  |  | — |  |  | 3,075 |  |  | (46) |  |  | 3,075
Income from operations |  |  | (46) |  |  | — |  |  | 667 |  |  | — |  |  | 621
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (80) |  |  | (5) |  |  | (11) |  |  | — |  |  | (96)
Equity in earnings of subsidiaries, net of tax |  |  | 440 |  |  | 447 |  |  | — |  |  | (887) |  |  | —
Other, net |  |  | — |  |  | (3) |  |  | (60) |  |  | — |  |  | (63)
|  |  | 360 |  |  | 439 |  |  | (71) |  |  | (887) |  |  | (159)
Income before income taxes |  |  | 314 |  |  | 439 |  |  | 596 |  |  | (887) |  |  | 462
Income tax expense (benefit) |  |  | (33) |  |  | (1) |  |  | 149 |  |  | — |  |  | 115
Consolidated net income |  |  | 347 |  |  | 440 |  |  | 447 |  |  | (887) |  |  | 347
Less: Net loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Net income attributable to Waste Management, Inc. |  | $ | 347 |  | $ | 440 |  | $ | 447 |  | $ | (887) |  | $ | 347
Three Months Ended March 31, 2018 (Unaudited)
|  |  |  |  | WM |  | Non‑Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues |  | $ | — |  | $ | — |  | $ | 3,555 |  | $ | (44) |  | $ | 3,511
Costs and expenses |  |  | 44 |  |  | — |  |  | 2,903 |  |  | (44) |  |  | 2,903
Income from operations |  |  | (44) |  |  | — |  |  | 652 |  |  | — |  |  | 608
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (76) |  |  | (5) |  |  | (10) |  |  | — |  |  | (91)
Equity in earnings of subsidiaries, net of tax |  |  | 485 |  |  | 489 |  |  | — |  |  | (974) |  |  | —
Other, net |  |  | — |  |  | — |  |  | (6) |  |  | — |  |  | (6)
|  |  | 409 |  |  | 484 |  |  | (16) |  |  | (974) |  |  | (97)
Income before income taxes |  |  | 365 |  |  | 484 |  |  | 636 |  |  | (974) |  |  | 511
Income tax expense (benefit) |  |  | (31) |  |  | (1) |  |  | 148 |  |  | — |  |  | 116
Consolidated net income |  |  | 396 |  |  | 485 |  |  | 488 |  |  | (974) |  |  | 395
Less: Net loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1)
Net income attributable to Waste Management, Inc. |  | $ | 396 |  | $ | 485 |  | $ | 489 |  | $ | (974) |  | $ | 396
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Three Months Ended March 31: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 349 |  | $ | 440 |  | $ | 479 |  | $ | (887) |  | $ | 381
Less: Comprehensive loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Comprehensive income attributable to Waste Management, Inc. |  | $ | 349 |  | $ | 440 |  | $ | 479 |  | $ | (887) |  | $ | 381
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income |  | $ | 398 |  | $ | 485 |  | $ | 455 |  | $ | (974) |  | $ | 364
Less: Comprehensive loss attributable to noncontrolling interests |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1)
Comprehensive income attributable to Waste Management, Inc. |  | $ | 398 |  | $ | 485 |  | $ | 456 |  | $ | (974) |  | $ | 365
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2019 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM(a) |  | Holdings(a) |  | Subsidiaries(a) |  | Eliminations |  | Consolidated
Cash flows provided by (used in): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  | $ | — |  | $ | — |  | $ | 890 |  | $ | — |  | $ | 890
Investing activities |  |  | — |  |  | — |  |  | (800) |  |  | — |  |  | (800)
Financing activities |  |  | — |  |  | — |  |  | 42 |  |  | — |  |  | 42
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 |  |  | — |  |  | — |  |  | 132 |  |  | — |  |  | 132
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period |  |  | — |  |  | — |  |  | 183 |  |  | — |  |  | 183
Cash, cash equivalents and restricted cash and cash equivalents at end of period |  | $ | — |  | $ | — |  | $ | 315 |  | $ | — |  | $ | 315
Three Months Ended March 31, 2018 (Unaudited)
|  |  |  |  | WM |  | Non-Guarantor |  |  |  |  |  |
|  | WM(a) |  | Holdings(a) |  | Subsidiaries(a) |  | Eliminations |  | Consolidated
Cash flows provided by (used in): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  | $ | — |  | $ | — |  | $ | 809 |  | $ | — |  | $ | 809
Investing activities |  |  | — |  |  | — |  |  | (637) |  |  | — |  |  | (637)
Financing activities |  |  | — |  |  | — |  |  | (38) |  |  | — |  |  | (38)
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 |  |  | — |  |  | — |  |  | 133 |  |  | — |  |  | 133
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 |  | $ | — |  | $ | — |  | $ | 426 |  | $ | — |  | $ | 426
| (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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