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Condensed Consolidating Financial Statements (Tables) | 3 Months Ended
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Mar. 31, 2019
Condensed Consolidating Financial Statements |
Condensed Consolidating Balance Sheets | 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 | 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 | 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 | 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
Cash receipts and payments of WM and WM Holdings are transacted by Non-Guarantor Subsidiaries.

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