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Condensed Consolidating Financial Statements | 6 Months Ended
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Jun. 30, 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 June 30, 2019 (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non-Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 2,200 | ​ | $ | — | ​ | $ | 50 | ​ | $ | — | ​ | $ | 2,250
Other current assets | ​ |  | 94 | ​ |  | 6 | ​ |  | 2,578 | ​ |  | (92) | ​ |  | 2,586
​ | ​ |  | 2,294 | ​ |  | 6 | ​ |  | 2,628 | ​ |  | (92) | ​ |  | 4,836
Property and equipment, net | ​ |  | — | ​ |  | — | ​ |  | 12,665 | ​ |  | — | ​ |  | 12,665
Investments in affiliates | ​ |  | 25,646 | ​ |  | 26,150 | ​ |  | — | ​ |  | (51,796) | ​ |  | —
Advances to affiliates | ​ |  | — | ​ |  | — | ​ |  | 17,651 | ​ |  | (17,651) | ​ |  | —
Other assets | ​ |  | 5 | ​ |  | 10 | ​ |  | 8,470 | ​ |  | — | ​ |  | 8,485
Total assets | ​ | $ | 27,945 | ​ | $ | 26,166 | ​ | $ | 41,414 | ​ | $ | (69,539) | ​ | $ | 25,986
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND EQUITY | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Current portion of long-term debt | ​ | $ | — | ​ | $ | — | ​ | $ | 116 | ​ | $ | — | ​ | $ | 116
Accounts payable and other current liabilities | ​ |  | 92 | ​ |  | 9 | ​ |  | 2,721 | ​ |  | (92) | ​ |  | 2,730
​ | ​ |  | 92 | ​ |  | 9 | ​ |  | 2,837 | ​ |  | (92) | ​ |  | 2,846
Long-term debt, less current portion | ​ |  | 10,412 | ​ |  | 248 | ​ |  | 1,963 | ​ |  | — | ​ |  | 12,623
Due to affiliates | ​ |  | 17,680 | ​ |  | 265 | ​ |  | 6,709 | ​ |  | (24,654) | ​ |  | —
Other liabilities | ​ |  | 4 | ​ |  | — | ​ |  | 4,046 | ​ |  | — | ​ |  | 4,050
Total liabilities | ​ |  | 28,188 | ​ |  | 522 | ​ |  | 15,555 | ​ |  | (24,746) | ​ |  | 19,519
Equity: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Stockholders’ equity | ​ |  | 6,466 | ​ |  | 25,644 | ​ |  | 26,152 | ​ |  | (51,796) | ​ |  | 6,466
Advances to affiliates | ​ |  | (6,709) | ​ |  | — | ​ |  | (294) | ​ |  | 7,003 | ​ |  | —
Noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | 1 | ​ |  | — | ​ |  | 1
​ | ​ | ​ | (243) | ​ | ​ | 25,644 | ​ | ​ | 25,859 | ​ | ​ | (44,793) | ​ | ​ | 6,467
Total liabilities and equity | ​ | $ | 27,945 | ​ | $ | 26,166 | ​ | $ | 41,414 | ​ | $ | (69,539) | ​ | $ | 25,986
​ 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 June 30, 2019 (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non-Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues | ​ | $ | — | ​ | $ | — | ​ | $ | 3,992 | ​ | $ | (46) | ​ | $ | 3,946
Costs and expenses | ​ |  | 46 | ​ |  | — | ​ |  | 3,250 | ​ |  | (46) | ​ |  | 3,250
Income from operations | ​ |  | (46) | ​ |  | — | ​ |  | 742 | ​ |  | — | ​ |  | 696
Other income (expense): | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest expense, net | ​ |  | (86) | ​ |  | (5) | ​ |  | (9) | ​ |  | — | ​ |  | (100)
Loss on early extinguishment of debt | ​ | ​ | (70) | ​ | ​ | (14) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (84)
Equity in earnings of subsidiaries, net of tax | ​ |  | 530 | ​ |  | 545 | ​ |  | — | ​ |  | (1,075) | ​ |  | —
Other, net | ​ |  | — | ​ |  | (1) | ​ |  | (14) | ​ |  | — | ​ |  | (15)
​ | ​ | ​ | 374 | ​ | ​ | 525 | ​ | ​ | (23) | ​ | ​ | (1,075) | ​ | ​ | (199)
Income before income taxes | ​ |  | 328 | ​ |  | 525 | ​ |  | 719 | ​ |  | (1,075) | ​ |  | 497
Income tax expense (benefit) | ​ |  | (53) | ​ |  | (5) | ​ |  | 173 | ​ |  | — | ​ |  | 115
Consolidated net income | ​ |  | 381 | ​ |  | 530 | ​ |  | 546 | ​ |  | (1,075) | ​ |  | 382
Less: Net income (loss) attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | 1 | ​ |  | — | ​ |  | 1
Net income attributable to Waste Management, Inc. | ​ | $ | 381 | ​ | $ | 530 | ​ | $ | 545 | ​ | $ | (1,075) | ​ | $ | 381
​ Three Months Ended June 30, 2018 (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non-Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues | ​ | $ | — | ​ | $ | — | ​ | $ | 3,783 | ​ | $ | (44) | ​ | $ | 3,739
Costs and expenses | ​ |  | 44 | ​ |  | — | ​ |  | 3,024 | ​ |  | (44) | ​ |  | 3,024
Income from operations | ​ |  | (44) | ​ |  | — | ​ |  | 759 | ​ |  | — | ​ |  | 715
Other income (expense): | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest expense, net | ​ |  | (78) | ​ |  | (4) | ​ |  | (11) | ​ |  | — | ​ |  | (93)
Equity in earnings of subsidiaries, net of tax | ​ |  | 588 | ​ |  | 591 | ​ |  | — | ​ |  | (1,179) | ​ |  | —
Other, net | ​ |  | — | ​ |  | — | ​ |  | (13) | ​ |  | — | ​ |  | (13)
​ | ​ |  | 510 | ​ |  | 587 | ​ |  | (24) | ​ |  | (1,179) | ​ |  | (106)
Income before income taxes | ​ |  | 466 | ​ |  | 587 | ​ |  | 735 | ​ |  | (1,179) | ​ |  | 609
Income tax expense (benefit) | ​ |  | (33) | ​ |  | (1) | ​ |  | 144 | ​ |  | — | ​ |  | 110
Consolidated net income | ​ |  | 499 | ​ |  | 588 | ​ |  | 591 | ​ |  | (1,179) | ​ |  | 499
Less: Net income (loss) attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Net income attributable to Waste Management, Inc. | ​ | $ | 499 | ​ | $ | 588 | ​ | $ | 591 | ​ | $ | (1,179) | ​ | $ | 499
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Continued) Six Months Ended June 30, 2019 (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non‑Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues | ​ | $ | — | ​ | $ | — | ​ | $ | 7,734 | ​ | $ | (92) | ​ | $ | 7,642
Costs and expenses | ​ |  | 92 | ​ |  | — | ​ |  | 6,325 | ​ |  | (92) | ​ |  | 6,325
Income from operations | ​ |  | (92) | ​ |  | — | ​ |  | 1,409 | ​ |  | — | ​ |  | 1,317
Other income (expense): | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest expense, net | ​ |  | (166) | ​ |  | (10) | ​ |  | (20) | ​ |  | — | ​ |  | (196)
Loss on early extinguishment of debt | ​ | ​ | (70) | ​ | ​ | (14) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (84)
Equity in earnings of subsidiaries, net of tax | ​ |  | 970 | ​ |  | 992 | ​ |  | — | ​ |  | (1,962) | ​ |  | —
Other, net | ​ |  | — | ​ |  | (4) | ​ |  | (74) | ​ |  | — | ​ |  | (78)
​ | ​ | ​ | 734 | ​ | ​ | 964 | ​ | ​ | (94) | ​ | ​ | (1,962) | ​ | ​ | (358)
Income before income taxes | ​ |  | 642 | ​ |  | 964 | ​ |  | 1,315 | ​ |  | (1,962) | ​ |  | 959
Income tax expense (benefit) | ​ |  | (86) | ​ |  | (6) | ​ |  | 322 | ​ |  | — | ​ |  | 230
Consolidated net income | ​ |  | 728 | ​ |  | 970 | ​ |  | 993 | ​ |  | (1,962) | ​ |  | 729
Less: Net income (loss) attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | 1 | ​ |  | — | ​ |  | 1
Net income attributable to Waste Management, Inc. | ​ | $ | 728 | ​ | $ | 970 | ​ | $ | 992 | ​ | $ | (1,962) | ​ | $ | 728
​ Six Months Ended June 30, 2018 (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non‑Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues | ​ | $ | — | ​ | $ | — | ​ | $ | 7,338 | ​ | $ | (88) | ​ | $ | 7,250
Costs and expenses | ​ |  | 88 | ​ |  | — | ​ |  | 5,927 | ​ |  | (88) | ​ |  | 5,927
Income from operations | ​ |  | (88) | ​ |  | — | ​ |  | 1,411 | ​ |  | — | ​ |  | 1,323
Other income (expense): | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest expense, net | ​ |  | (154) | ​ |  | (9) | ​ |  | (21) | ​ |  | — | ​ |  | (184)
Equity in earnings of subsidiaries, net of tax | ​ |  | 1,073 | ​ |  | 1,080 | ​ |  | — | ​ |  | (2,153) | ​ |  | —
Other, net | ​ |  | — | ​ |  | — | ​ |  | (19) | ​ |  | — | ​ |  | (19)
​ | ​ |  | 919 | ​ |  | 1,071 | ​ |  | (40) | ​ |  | (2,153) | ​ |  | (203)
Income before income taxes | ​ |  | 831 | ​ |  | 1,071 | ​ |  | 1,371 | ​ |  | (2,153) | ​ |  | 1,120
Income tax expense (benefit) | ​ |  | (64) | ​ |  | (2) | ​ |  | 292 | ​ |  | — | ​ |  | 226
Consolidated net income | ​ |  | 895 | ​ |  | 1,073 | ​ |  | 1,079 | ​ |  | (2,153) | ​ |  | 894
Less: Net income (loss) attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | (1) | ​ |  | — | ​ |  | (1)
Net income attributable to Waste Management, Inc. | ​ | $ | 895 | ​ | $ | 1,073 | ​ | $ | 1,080 | ​ | $ | (2,153) | ​ | $ | 895
​ CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non-Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Three Months Ended June 30: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
2019 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Comprehensive income | ​ | $ | 383 | ​ | $ | 530 | ​ | $ | 575 | ​ | $ | (1,075) | ​ | $ | 413
Less: Comprehensive income (loss) attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | 1 | ​ |  | — | ​ |  | 1
Comprehensive income attributable to Waste Management, Inc. | ​ | $ | 383 | ​ | $ | 530 | ​ | $ | 574 | ​ | $ | (1,075) | ​ | $ | 412
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2018 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Comprehensive income | ​ | $ | 501 | ​ | $ | 588 | ​ | $ | 568 | ​ | $ | (1,179) | ​ | $ | 478
Less: Comprehensive income (loss) attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Comprehensive income attributable to Waste Management, Inc. | ​ | $ | 501 | ​ | $ | 588 | ​ | $ | 568 | ​ | $ | (1,179) | ​ | $ | 478
​
​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non-Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Six Months Ended June 30: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
2019 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Comprehensive income | ​ | $ | 732 | ​ | $ | 970 | ​ | $ | 1,054 | ​ | $ | (1,962) | ​ | $ | 794
Less: Comprehensive income (loss) attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | 1 | ​ |  | — | ​ |  | 1
Comprehensive income attributable to Waste Management, Inc. | ​ | $ | 732 | ​ | $ | 970 | ​ | $ | 1,053 | ​ | $ | (1,962) | ​ | $ | 793
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2018 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Comprehensive income | ​ | $ | 899 | ​ | $ | 1,073 | ​ | $ | 1,023 | ​ | $ | (2,153) | ​ | $ | 842
Less: Comprehensive income (loss) attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | (1) | ​ |  | — | ​ |  | (1)
Comprehensive income attributable to Waste Management, Inc. | ​ | $ | 899 | ​ | $ | 1,073 | ​ | $ | 1,024 | ​ | $ | (2,153) | ​ | $ | 843
​ ​ CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non-Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM(a) |  | Holdings(a) |  | Subsidiaries(a) |  | Eliminations |  | Consolidated
Cash flows provided by (used in): |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Operating activities | ​ | $ | — | ​ | $ | — | ​ | $ | 1,900 | ​ | $ | — | ​ | $ | 1,900
Investing activities | ​ |  | — | ​ |  | — | ​ |  | (1,565) | ​ |  | — | ​ |  | (1,565)
Financing activities | ​ |  | — | ​ |  | — | ​ |  | 1,822 | ​ |  | — | ​ |  | 1,822
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents | ​ |  | — | ​ |  | — | ​ |  | 2 | ​ |  | — | ​ |  | 2
Intercompany activity | ​ |  | 2,200 | ​ |  | — | ​ |  | (2,200) | ​ |  | — | ​ |  | —
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents | ​ |  | 2,200 | ​ |  | — | ​ |  | (41) | ​ |  | — | ​ |  | 2,159
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 | ​ | $ | 2,200 | ​ | $ | — | ​ | $ | 142 | ​ | $ | — | ​ | $ | 2,342
​ Six Months Ended June 30, 2018 (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non-Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM(a) |  | Holdings(a) |  | Subsidiaries(a) |  | Eliminations |  | Consolidated
Cash flows provided by (used in): |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Operating activities | ​ | $ | — | ​ | $ | — | ​ | $ | 1,784 | ​ | $ | — | ​ | $ | 1,784
Investing activities | ​ |  | — | ​ |  | — | ​ |  | (1,010) | ​ |  | — | ​ |  | (1,010)
Financing activities | ​ |  | — | ​ |  | — | ​ |  | (647) | ​ |  | — | ​ |  | (647)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents | ​ |  | — | ​ |  | — | ​ |  | (1) | ​ |  | — | ​ |  | (1)
Intercompany activity | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents | ​ |  | — | ​ |  | — | ​ |  | 126 | ​ |  | — | ​ |  | 126
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 | ​ | $ | — | ​ | $ | — | ​ | $ | 419 | ​ | $ | — | ​ | $ | 419
(a) | Cash receipts and payments of WM and WM Holdings are transacted by Non-Guarantor Subsidiaries. Cash, cash equivalents and restricted cash and cash equivalents of WM as of June 30, 2019 include remaining proceeds from our May 2019 issuance of senior notes which are discussed further in Notes 3 and 13.
​ ​

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