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Condensed Consolidating Financial Statements | 3 Months Ended
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Mar. 31, 2020
Condensed Consolidating Financial Statements |
Condensed Consolidating Financial Statements | 14. 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, 2020 (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non-Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 3,049 | ​ | $ | — | ​ | $ | 76 | ​ | $ | — | ​ | $ | 3,125
Other current assets | ​ |  | 2 | ​ |  | 4 | ​ |  | 2,504 | ​ |  | — | ​ |  | 2,510
​ | ​ |  | 3,051 | ​ |  | 4 | ​ |  | 2,580 | ​ |  | — | ​ |  | 5,635
Property and equipment, net | ​ |  | — | ​ |  | — | ​ |  | 12,900 | ​ |  | — | ​ |  | 12,900
Investments in affiliates | ​ |  | 26,650 | ​ |  | 27,021 | ​ |  | — | ​ |  | (53,671) | ​ |  | —
Advances to affiliates | ​ |  | — | ​ |  | — | ​ |  | 18,655 | ​ |  | (18,655) | ​ |  | —
Other assets | ​ |  | 5 | ​ |  | 10 | ​ |  | 8,628 | ​ |  | — | ​ |  | 8,643
Total assets | ​ | $ | 29,706 | ​ | $ | 27,035 | ​ | $ | 42,763 | ​ | $ | (72,326) | ​ | $ | 27,178
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND EQUITY
Current liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Current portion of long-term debt | ​ | $ | 164 | ​ | $ | — | ​ | $ | 223 | ​ | $ | — | ​ | $ | 387
Accounts payable and other current liabilities | ​ |  | 99 | ​ |  | 3 | ​ |  | 2,581 | ​ |  | — | ​ |  | 2,683
​ | ​ |  | 263 | ​ |  | 3 | ​ |  | 2,804 | ​ |  | — | ​ |  | 3,070
Long-term debt, less current portion | ​ |  | 10,589 | ​ |  | 248 | ​ |  | 2,228 | ​ |  | — | ​ |  | 13,065
Due to affiliates | ​ |  | 18,818 | ​ |  | 137 | ​ |  | 6,709 | ​ |  | (25,664) | ​ |  | —
Other liabilities | ​ |  | 2 | ​ |  | — | ​ |  | 4,296 | ​ |  | — | ​ |  | 4,298
Total liabilities | ​ |  | 29,672 | ​ |  | 388 | ​ |  | 16,037 | ​ |  | (25,664) | ​ |  | 20,433
Equity: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Stockholders’ equity | ​ |  | 6,743 | ​ |  | 26,647 | ​ |  | 27,024 | ​ |  | (53,671) | ​ |  | 6,743
Advances to affiliates | ​ |  | (6,709) | ​ |  | — | ​ |  | (300) | ​ |  | 7,009 | ​ |  | —
Noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | 2 | ​ |  | — | ​ |  | 2
​ | ​ | ​ | 34 | ​ | ​ | 26,647 | ​ | ​ | 26,726 | ​ | ​ | (46,662) | ​ | ​ | 6,745
Total liabilities and equity | ​ | $ | 29,706 | ​ | $ | 27,035 | ​ | $ | 42,763 | ​ | $ | (72,326) | ​ | $ | 27,178
​ CONDENSED CONSOLIDATING BALANCE SHEETS (Continued) December 31, 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non-Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 3,485 | ​ | $ | — | ​ | $ | 76 | ​ | $ | — | ​ | $ | 3,561
Other current assets | ​ |  | 2 | ​ |  | 4 | ​ |  | 2,642 | ​ |  | — | ​ |  | 2,648
​ | ​ |  | 3,487 | ​ |  | 4 | ​ |  | 2,718 | ​ |  | — | ​ |  | 6,209
Property and equipment, net | ​ |  | — | ​ |  | — | ​ |  | 12,893 | ​ |  | — | ​ |  | 12,893
Investments in affiliates | ​ |  | 26,221 | ​ |  | 26,673 | ​ |  | — | ​ |  | (52,894) | ​ |  | —
Advances to affiliates | ​ |  | — | ​ |  | — | ​ |  | 19,047 | ​ |  | (19,047) | ​ |  | —
Other assets | ​ |  | 6 | ​ |  | 10 | ​ |  | 8,625 | ​ |  | — | ​ |  | 8,641
Total assets | ​ | $ | 29,714 | ​ | $ | 26,687 | ​ | $ | 43,283 | ​ | $ | (71,941) | ​ | $ | 27,743
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND EQUITY
Current liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Current portion of long-term debt | ​ | $ | 15 | ​ | $ | — | ​ | $ | 203 | ​ | $ | — | ​ | $ | 218
Accounts payable and other current liabilities | ​ |  | 105 | ​ |  | 7 | ​ |  | 2,814 | ​ |  | — | ​ |  | 2,926
​ | ​ |  | 120 | ​ |  | 7 | ​ |  | 3,017 | ​ |  | — | ​ |  | 3,144
Long-term debt, less current portion | ​ |  | 10,736 | ​ |  | 248 | ​ |  | 2,296 | ​ |  | — | ​ |  | 13,280
Due to affiliates | ​ |  | 19,131 | ​ |  | 214 | ​ |  | 7,345 | ​ |  | (26,690) | ​ |  | —
Other liabilities | ​ |  | 4 | ​ |  | — | ​ |  | 4,245 | ​ |  | — | ​ |  | 4,249
Total liabilities | ​ |  | 29,991 | ​ |  | 469 | ​ |  | 16,903 | ​ |  | (26,690) | ​ |  | 20,673
Equity: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Stockholders’ equity | ​ |  | 7,068 | ​ |  | 26,218 | ​ |  | 26,676 | ​ |  | (52,894) | ​ |  | 7,068
Advances to affiliates | ​ |  | (7,345) | ​ |  | — | ​ |  | (298) | ​ |  | 7,643 | ​ |  | —
Noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | 2 | ​ |  | — | ​ |  | 2
​ | ​ |  | (277) | ​ |  | 26,218 | ​ |  | 26,380 | ​ |  | (45,251) | ​ |  | 7,070
Total liabilities and equity | ​ | $ | 29,714 | ​ | $ | 26,687 | ​ | $ | 43,283 | ​ | $ | (71,941) | ​ | $ | 27,743
​ ​ CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended March 31, 2020 (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non‑Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues | ​ | $ | — | ​ | $ | — | ​ | $ | 3,729 | ​ | $ | — | ​ | $ | 3,729
Costs and expenses | ​ |  | — | ​ |  | — | ​ |  | 3,156 | ​ |  | — | ​ |  | 3,156
Income from operations | ​ |  | — | ​ |  | — | ​ |  | 573 | ​ |  | — | ​ |  | 573
Other income (expense): | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest expense, net | ​ |  | (93) | ​ |  | (4) | ​ |  | (15) | ​ |  | — | ​ |  | (112)
Equity in earnings of subsidiaries, net of tax | ​ |  | 429 | ​ |  | 432 | ​ |  | — | ​ |  | (861) | ​ |  | —
Other, net | ​ |  | — | ​ |  | — | ​ |  | (26) | ​ |  | — | ​ |  | (26)
​ | ​ | ​ | 336 | ​ | ​ | 428 | ​ | ​ | (41) | ​ | ​ | (861) | ​ | ​ | (138)
Income before income taxes | ​ |  | 336 | ​ |  | 428 | ​ |  | 532 | ​ |  | (861) | ​ |  | 435
Income tax expense (benefit) | ​ |  | (25) | ​ |  | (1) | ​ |  | 100 | ​ |  | — | ​ |  | 74
Consolidated net income | ​ |  | 361 | ​ |  | 429 | ​ |  | 432 | ​ |  | (861) | ​ |  | 361
Less: Net loss attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Net income attributable to Waste Management, Inc. | ​ | $ | 361 | ​ | $ | 429 | ​ | $ | 432 | ​ | $ | (861) | ​ | $ | 361
​ Three Months Ended March 31, 2019 (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non‑Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues | ​ | $ | — | ​ | $ | — | ​ | $ | 3,696 | ​ | $ | — | ​ | $ | 3,696
Costs and expenses | ​ |  | — | ​ |  | — | ​ |  | 3,075 | ​ |  | — | ​ |  | 3,075
Income from operations | ​ |  | — | ​ |  | — | ​ |  | 621 | ​ |  | — | ​ |  | 621
Other income (expense): | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest expense, net | ​ |  | (80) | ​ |  | (5) | ​ |  | (11) | ​ |  | — | ​ |  | (96)
Equity in earnings of subsidiaries, net of tax | ​ |  | 406 | ​ |  | 413 | ​ |  | — | ​ |  | (819) | ​ |  | —
Other, net | ​ |  | — | ​ |  | (3) | ​ |  | (60) | ​ |  | — | ​ |  | (63)
​ | ​ |  | 326 | ​ |  | 405 | ​ |  | (71) | ​ |  | (819) | ​ |  | (159)
Income before income taxes | ​ |  | 326 | ​ |  | 405 | ​ |  | 550 | ​ |  | (819) | ​ |  | 462
Income tax expense (benefit) | ​ |  | (21) | ​ |  | (1) | ​ |  | 137 | ​ |  | — | ​ |  | 115
Consolidated net income | ​ |  | 347 | ​ |  | 406 | ​ |  | 413 | ​ |  | (819) | ​ |  | 347
Less: Net loss attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Net income attributable to Waste Management, Inc. | ​ | $ | 347 | ​ | $ | 406 | ​ | $ | 413 | ​ | $ | (819) | ​ | $ | 347
​ CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non-Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM |  | Holdings |  | Subsidiaries |  | Eliminations |  | Consolidated
Three Months Ended March 31: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
2020 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Comprehensive income | ​ | $ | 363 | ​ | $ | 429 | ​ | $ | 347 | ​ | $ | (861) | ​ | $ | 278
Less: Comprehensive loss attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Comprehensive income attributable to Waste Management, Inc. | ​ | $ | 363 | ​ | $ | 429 | ​ | $ | 347 | ​ | $ | (861) | ​ | $ | 278
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2019 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Comprehensive income | ​ | $ | 349 | ​ | $ | 406 | ​ | $ | 445 | ​ | $ | (819) | ​ | $ | 381
Less: Comprehensive loss attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Comprehensive income attributable to Waste Management, Inc. | ​ | $ | 349 | ​ | $ | 406 | ​ | $ | 445 | ​ | $ | (819) | ​ | $ | 381
​ ​ CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2020 (Unaudited)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | WM | ​ | Non-Guarantor | ​ | ​ | ​ | ​ | ​ | ​
​ |  | WM(a) |  | Holdings(a) |  | Subsidiaries(a) |  | Eliminations |  | Consolidated
Cash flows provided by (used in): |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Operating activities | ​ | $ | 17 | ​ | $ | — | ​ | $ | 748 | ​ | $ | — | ​ | $ | 765
Investing activities | ​ |  | — | ​ |  | — | ​ |  | (503) | ​ |  | — | ​ |  | (503)
Financing activities | ​ |  | — | ​ |  | — | ​ |  | (668) | ​ |  | — | ​ |  | (668)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents | ​ |  | — | ​ |  | — | ​ |  | (4) | ​ |  | — | ​ |  | (4)
Intercompany activity | ​ |  | (453) | ​ |  | — | ​ |  | 453 | ​ |  | — | ​ |  | —
Increase in cash, cash equivalents and restricted cash and cash equivalents | ​ |  | (436) | ​ |  | — | ​ |  | 26 | ​ |  | — | ​ |  | (410)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | ​ |  | 3,485 | ​ |  | — | ​ |  | 162 | ​ |  | — | ​ |  | 3,647
Cash, cash equivalents and restricted cash and cash equivalents at end of period | ​ | $ | 3,049 | ​ | $ | — | ​ | $ | 188 | ​ | $ | — | ​ | $ | 3,237
​ 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
(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 March 31, 2020 include remaining proceeds from our 2019 senior note issuances.
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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph d -Subparagraph 4 -Subsection 10 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph c -Subparagraph 4 -Subsection 10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph a -Subsection 04 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph e -Subparagraph 4 -Subsection 10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph f -Subparagraph 4 -Subsection 10 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
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