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Condensed Consolidating Financial Statements (Tables) | 9 Months Ended
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Sep. 30, 2019
Condensed Consolidating Financial Statements |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2019 (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non-Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 2,863 | ​ | $ | — | ​ | $ | 52 | ​ | $ | — | ​ | $ | 2,915
Other current assets | ​ |  | 48 | ​ |  | 4 | ​ |  | 2,639 | ​ |  | (46) | ​ |  | 2,645
​ | ​ |  | 2,911 | ​ |  | 4 | ​ |  | 2,691 | ​ |  | (46) | ​ |  | 5,560
Property and equipment, net | ​ |  | — | ​ |  | — | ​ |  | 12,805 | ​ |  | — | ​ |  | 12,805
Investments in affiliates | ​ |  | 25,940 | ​ |  | 26,367 | ​ |  | — | ​ |  | (52,307) | ​ |  | —
Advances to affiliates | ​ |  | — | ​ |  | — | ​ |  | 17,930 | ​ |  | (17,930) | ​ |  | —
Other assets | ​ |  | 5 | ​ |  | 10 | ​ |  | 8,729 | ​ |  | — | ​ |  | 8,744
Total assets | ​ | $ | 28,856 | ​ | $ | 26,381 | ​ | $ | 42,155 | ​ | $ | (70,283) | ​ | $ | 27,109
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND EQUITY | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Current portion of long-term debt | ​ | $ | 14 | ​ | $ | — | ​ | $ | 197 | ​ | $ | — | ​ | $ | 211
Accounts payable and other current liabilities | ​ |  | 113 | ​ |  | 7 | ​ |  | 2,704 | ​ |  | (46) | ​ |  | 2,778
​ | ​ |  | 127 | ​ |  | 7 | ​ |  | 2,901 | ​ |  | (46) | ​ |  | 2,989
Long-term debt, less current portion | ​ |  | 10,611 | ​ |  | 248 | ​ |  | 2,288 | ​ |  | — | ​ |  | 13,147
Due to affiliates | ​ |  | 18,039 | ​ |  | 188 | ​ |  | 6,709 | ​ |  | (24,936) | ​ |  | —
Other liabilities | ​ |  | 3 | ​ |  | — | ​ |  | 4,183 | ​ |  | — | ​ |  | 4,186
Total liabilities | ​ |  | 28,780 | ​ |  | 443 | ​ |  | 16,081 | ​ |  | (24,982) | ​ |  | 20,322
Equity: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Stockholders’ equity | ​ |  | 6,785 | ​ |  | 25,938 | ​ |  | 26,369 | ​ |  | (52,307) | ​ |  | 6,785
Advances to affiliates | ​ |  | (6,709) | ​ |  | — | ​ |  | (297) | ​ |  | 7,006 | ​ |  | —
Noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | 2 | ​ |  | — | ​ |  | 2
​ | ​ | ​ | 76 | ​ | ​ | 25,938 | ​ | ​ | 26,074 | ​ | ​ | (45,301) | ​ | ​ | 6,787
Total liabilities and equity | ​ | $ | 28,856 | ​ | $ | 26,381 | ​ | $ | 42,155 | ​ | $ | (70,283) | ​ | $ | 27,109
​ 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 September 30, 2019 (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non-Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues | ​ | $ | — | ​ | $ | — | ​ | $ | 4,012 | ​ | $ | (45) | ​ | $ | 3,967
Costs and expenses | ​ |  | 45 | ​ |  | — | ​ |  | 3,233 | ​ |  | (45) | ​ |  | 3,233
Income from operations | ​ |  | (45) | ​ |  | — | ​ |  | 779 | ​ |  | — | ​ |  | 734
Other income (expense): | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest expense, net | ​ |  | (92) | ​ |  | (5) | ​ |  | (8) | ​ |  | — | ​ |  | (105)
Loss on early extinguishment of debt | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | — | ​ | ​ | (1)
Equity in earnings of subsidiaries, net of tax | ​ |  | 595 | ​ |  | 602 | ​ |  | — | ​ |  | (1,197) | ​ |  | —
Other, net | ​ |  | — | ​ |  | 72 | ​ |  | (13) | ​ |  | (72) | ​ |  | (13)
​ | ​ | ​ | 503 | ​ | ​ | 669 | ​ | ​ | (22) | ​ | ​ | (1,269) | ​ | ​ | (119)
Income before income taxes | ​ |  | 458 | ​ |  | 669 | ​ |  | 757 | ​ |  | (1,269) | ​ |  | 615
Income tax expense (benefit) | ​ |  | (37) | ​ |  | 2 | ​ |  | 155 | ​ |  | — | ​ |  | 120
Consolidated net income | ​ |  | 495 | ​ |  | 667 | ​ |  | 602 | ​ |  | (1,269) | ​ |  | 495
Less: Net income (loss) attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Net income attributable to Waste Management, Inc. | ​ | $ | 495 | ​ | $ | 667 | ​ | $ | 602 | ​ | $ | (1,269) | ​ | $ | 495
​ 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
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Continued) Nine Months Ended September 30, 2019 (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non‑Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues | ​ | $ | — | ​ | $ | — | ​ | $ | 11,746 | ​ | $ | (137) | ​ | $ | 11,609
Costs and expenses | ​ |  | 137 | ​ |  | — | ​ |  | 9,558 | ​ |  | (137) | ​ |  | 9,558
Income from operations | ​ |  | (137) | ​ |  | — | ​ |  | 2,188 | ​ |  | — | ​ |  | 2,051
Other income (expense): | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest expense, net | ​ |  | (258) | ​ |  | (15) | ​ |  | (28) | ​ |  | — | ​ |  | (301)
Loss on early extinguishment of debt | ​ | ​ | (70) | ​ | ​ | (14) | ​ | ​ | (1) | ​ | ​ | — | ​ | ​ | (85)
Equity in earnings of subsidiaries, net of tax | ​ |  | 1,565 | ​ |  | 1,594 | ​ |  | — | ​ |  | (3,159) | ​ |  | —
Other, net | ​ |  | — | ​ |  | 68 | ​ |  | (87) | ​ |  | (72) | ​ |  | (91)
​ | ​ | ​ | 1,237 | ​ | ​ | 1,633 | ​ | ​ | (116) | ​ | ​ | (3,231) | ​ | ​ | (477)
Income before income taxes | ​ |  | 1,100 | ​ |  | 1,633 | ​ |  | 2,072 | ​ |  | (3,231) | ​ |  | 1,574
Income tax expense (benefit) | ​ |  | (123) | ​ |  | (4) | ​ |  | 477 | ​ |  | — | ​ |  | 350
Consolidated net income | ​ |  | 1,223 | ​ |  | 1,637 | ​ |  | 1,595 | ​ |  | (3,231) | ​ |  | 1,224
Less: Net income (loss) attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | 1 | ​ |  | — | ​ |  | 1
Net income attributable to Waste Management, Inc. | ​ | $ | 1,223 | ​ | $ | 1,637 | ​ | $ | 1,594 | ​ | $ | (3,231) | ​ | $ | 1,223
​ 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
​
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: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
2019 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Comprehensive income | ​ | $ | 497 | ​ | $ | 667 | ​ | $ | 589 | ​ | $ | (1,269) | ​ | $ | 484
Less: Comprehensive income (loss) attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Comprehensive income attributable to Waste Management, Inc. | ​ | $ | 497 | ​ | $ | 667 | ​ | $ | 589 | ​ | $ | (1,269) | ​ | $ | 484
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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
​
​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non-Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Nine Months Ended September 30: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
2019 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Comprehensive income | ​ | $ | 1,229 | ​ | $ | 1,637 | ​ | $ | 1,643 | ​ | $ | (3,231) | ​ | $ | 1,278
Less: Comprehensive income (loss) attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | 1 | ​ |  | — | ​ |  | 1
Comprehensive income attributable to Waste Management, Inc. | ​ | $ | 1,229 | ​ | $ | 1,637 | ​ | $ | 1,642 | ​ | $ | (3,231) | ​ | $ | 1,277
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2019 (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non-Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM(a) |  | Holdings(a) |  | Subsidiaries(a) |  | Eliminations |  | Consolidated
Cash flows provided by (used in): |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Operating activities | ​ | $ | — | ​ | $ | — | ​ | $ | 2,852 | ​ | $ | — | ​ | $ | 2,852
Investing activities | ​ |  | — | ​ |  | — | ​ |  | (2,096) | ​ |  | — | ​ |  | (2,096)
Financing activities | ​ |  | — | ​ |  | — | ​ |  | 2,080 | ​ |  | — | ​ |  | 2,080
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents | ​ |  | — | ​ |  | — | ​ |  | 1 | ​ |  | — | ​ |  | 1
Intercompany activity | ​ |  | 2,863 | ​ |  | — | ​ |  | (2,863) | ​ |  | — | ​ |  | —
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents | ​ |  | 2,863 | ​ |  | — | ​ |  | (26) | ​ |  | — | ​ |  | 2,837
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 | ​ | $ | 2,863 | ​ | $ | — | ​ | $ | 157 | ​ | $ | — | ​ | $ | 3,020
​ 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 (decrease) 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
(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 September 30, 2019 include remaining proceeds from our senior note issuances which are discussed further in Notes 3 and 13.
​ ​

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