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Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2019

Condensed Consolidating Financial Statements

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.