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Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Consolidating Financial Statements

CONDENSED CONSOLIDATING BALANCE SHEETS

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 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		24,547		24,968		—		(49,515)		—
Advances to affiliates		—		—		17,129		(17,129)		—
Other assets		8		31		8,024		—		8,063
Total assets	$	24,557	$	25,004	$	39,733	$	(66,644)	$	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		17,269		146		6,709		(24,124)		—
Other liabilities		5		—		3,667		—		3,672
Total liabilities		24,991		459		15,048		(24,124)		16,374
Equity:
Stockholders’ equity		6,275		24,545		24,970		(49,515)		6,275
Advances to affiliates		(6,709)		—		(286)		6,995		—
Noncontrolling interests		—		—		1		—		1
		(434)		24,545		24,685		(42,520)		6,276
Total liabilities and equity	$	24,557	$	25,004	$	39,733	$	(66,644)	$	22,650

Condensed Consolidating Statements of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS


			WM		Non-Guarantor
	WM		Holdings		Subsidiaries		Eliminations		Consolidated
Years Ended December 31:
2019
Operating revenues (a)	$	—	$	—	$	15,455	$	—	$	15,455
Costs and expenses (a)		—		—		12,749		—		12,749
Income from operations		—		—		2,706		—		2,706
Other income (expense):
Interest expense, net		(347)		(19)		(45)		—		(411)
Loss on early extinguishment of debt		(70)		(14)		(1)		—		(85)
Equity in earnings of subsidiaries, net of tax		1,976		2,007		—		(3,983)		—
Other, net		—		68		(101)		(72)		(105)
		1,559		2,042		(147)		(4,055)		(601)
Income before income taxes		1,559		2,042		2,559		(4,055)		2,105
Income tax expense (benefit)		(111)		(5)		550		—		434
Consolidated net income		1,670		2,047		2,009		(4,055)		1,671
Less: Net income (loss) attributable to noncontrolling interests		—		—		1		—		1
Net income attributable to Waste Management, Inc.	$	1,670	$	2,047	$	2,008	$	(4,055)	$	1,670

2018
Operating revenues (a)	$	—	$	—	$	14,914	$	—	$	14,914
Costs and expenses (a)		—		—		12,125		—		12,125
Income from operations		—		—		2,789		—		2,789
Other income (expense):
Interest expense, net		(312)		(20)		(42)		—		(374)
Equity in earnings of subsidiaries, net of tax		2,155		2,169		—		(4,324)		—
Other, net		—		—		(39)		—		(39)
		1,843		2,149		(81)		(4,324)		(413)
Income before income taxes		1,843		2,149		2,708		(4,324)		2,376
Income tax expense (benefit)		(82)		(5)		540		—		453
Consolidated net income		1,925		2,154		2,168		(4,324)		1,923
Less: Net income (loss) attributable to noncontrolling interests		—		—		(2)		—		(2)
Net income attributable to Waste Management, Inc.	$	1,925	$	2,154	$	2,170	$	(4,324)	$	1,925

2017
Operating revenues	$	—	$	—	$	15,040	$	(555)	$	14,485
Costs and expenses		555		—		11,849		(555)		11,849
Income from operations		(555)		—		3,191		—		2,636
Other income (expense):
Interest expense, net		(299)		(20)		(44)		—		(363)
Loss on early extinguishment of debt		(6)		—		—		—		(6)
Equity in earnings of subsidiaries, net of tax		2,469		2,482		—		(4,951)		—
Other, net		2		(1)		(77)		—		(76)
		2,166		2,461		(121)		(4,951)		(445)
Income before income taxes		1,611		2,461		3,070		(4,951)		2,191
Income tax expense (benefit)		(338)		(8)		588		—		242
Consolidated net income		1,949		2,469		2,482		(4,951)		1,949
Less: Net income (loss) attributable to noncontrolling interests		—		—		—		—		—
Net income attributable to Waste Management, Inc.	$	1,949	$	2,469	$	2,482	$	(4,951)	$	1,949

(a)	For 2019 and 2018, operating revenues and costs and expenses related to insurance premiums for a wholly-owned insurance captive are included in Non-Guarantor Subsidiaries to more accurately reflect those transactions.

Condensed Consolidating Statements of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME


			WM		Non-Guarantor
	WM		Holdings		Subsidiaries		Eliminations		Consolidated
Years Ended December 31:
2019
Comprehensive income	$	1,678	$	2,047	$	2,080	$	(4,055)	$	1,750
Less: Comprehensive income (loss) attributable to noncontrolling interests		—		—		1		—		1
Comprehensive income attributable to Waste Management, Inc.	$	1,678	$	2,047	$	2,079	$	(4,055)	$	1,749

2018
Comprehensive income	$	1,933	$	2,154	$	2,070	$	(4,324)	$	1,833
Less: Comprehensive income (loss) attributable to noncontrolling interests		—		—		(2)		—		(2)
Comprehensive income attributable to Waste Management, Inc.	$	1,933	$	2,154	$	2,072	$	(4,324)	$	1,835

2017
Comprehensive income	$	1,955	$	2,469	$	2,564	$	(4,951)	$	2,037
Less: Comprehensive income (loss) attributable to noncontrolling interests		—		—		—		—		—
Comprehensive income attributable to Waste Management, Inc.	$	1,955	$	2,469	$	2,564	$	(4,951)	$	2,037

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS


			WM		Non-Guarantor
	WM(a)		Holdings(a)		Subsidiaries(a)		Eliminations		Consolidated
Years Ended December 31:
2019
Cash flows provided by (used in):
Operating activities	$	—	$	—	$	3,874	$	—	$	3,874
Investing activities		—		—		(2,376)		—		(2,376)
Financing activities		—		—		1,964		—		1,964
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents		—		—		2		—		2
Intercompany activity		3,485		—		(3,485)		—		—
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents		3,485		—		(21)		—		3,464
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	$	3,485	$	—	$	162	$	—	$	3,647

2018
Cash flows provided by (used in):
Operating activities	$	—	$	—	$	3,570	$	—	$	3,570
Investing activities		—		—		(2,169)		—		(2,169)
Financing activities		—		—		(1,508)		—		(1,508)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents		—		—		(3)		—		(3)
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents		—		—		(110)		—		(110)
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	$	—	$	—	$	183	$	—	$	183

2017
Cash flows provided by (used in):
Operating activities	$	—	$	—	$	3,180	$	—	$	3,180
Investing activities		—		—		(1,620)		—		(1,620)
Financing activities		—		—		(1,361)		—		(1,361)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents		—		—		—		—		—
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents		—		—		199		—		199
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period		—		—		94		—		94
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$	—	$	—	$	293	$	—	$	293

(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 December 31, 2019 include remaining proceeds from our senior note issuances which are discussed further in Notes 7 and 17.