Waste Management 2008 Annual Report Download - page 35
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Please find page 35 of the 2008 Waste Management annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.PART I
Item 1. Business.
General
The financial statements presented in this report represent the consolidation of Waste Management, Inc., a
Delaware corporation, our wholly-owned and majority-owned subsidiaries and certain variable interest entities for
which we have determined that we are the primary beneficiary. Waste Management, Inc. is a holding company and
all operations are conducted by its subsidiaries. When the terms “the Company,” “we,” “us” or “our” are used in this
document, those terms refer to Waste Management, Inc., its consolidated subsidiaries and consolidated variable
interest entities. When we use the term “WMI,” we are referring only to the parent holding company.
WMI was incorporated in Oklahoma in 1987 under the name “USA Waste Services, Inc.” and was reincor-
porated as a Delaware company in 1995. In a 1998 merger, the Illinois-based waste services company formerly
known as Waste Management, Inc. became a wholly-owned subsidiary of WMI and changed its name to Waste
Management Holdings, Inc. (“WM Holdings”). At the same time, our parent holding company changed its name
from USA Waste Services to Waste Management, Inc. Like WMI, WM Holdings is a holding company and all
operations are conducted by subsidiaries. For detail on the financial position, results of operations and cash flows of
WMI, WM Holdings and their subsidiaries, see Note 22 to the Consolidated Financial Statements.
Our principal executive offices are located at 1001 Fannin Street, Suite 4000, Houston, Texas 77002. Our
telephone number at that address is (713) 512-6200. Our website address is http://www.wm.com. Our annual reports
on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K are all available, free of charge, on
our website as soon as practicable after we file the reports with the SEC. Our stock is traded on the New York Stock
Exchange under the symbol “WMI.”
We are the leading provider of integrated waste services in North America. Using our vast network of assets
and employees, we provide a comprehensive range of waste management services. Through our subsidiaries we
provide collection, transfer, recycling, disposal and waste-to-energy services. In providing these services, we
actively pursue projects and initiatives that we believe make a positive difference for our environment, including
recovering and processing the methane gas produced naturally by landfills into a renewable energy source. Our
customers include commercial, industrial, municipal and residential customers, other waste management compa-
nies, electric utilities and governmental entities. During 2008, no single customer accounted for more than 1% of
our operating revenue. We employed approximately 45,900 people as of December 31, 2008.
Strategy
Our Company’s goals are targeted at serving five key stakeholders: our customers, our employees, the
environment, the communities in which we work, and our shareholders. Our goals are:
• To be the waste solutions provider of choice for customers;
• To be a best place to work for employees;
• To be a leader in promoting environmental stewardship;
• To be a trusted and valued community partner; and
• To maximize shareholder value.
Our primary strategy is to improve our organization and maximize returns to shareholders by focusing on
operational excellence, pricing excellence and the profitable growth of our business. Although current economic
conditions are presenting challenges to us and others, we believe that continuously working to create more efficient
operations and to attract and retain customers while raising prices are the steps that will allow us to weather the
current environment. We continue our efforts toward revenue growth through pricing and differentiating our
services to retain our customers. Additionally, we are working to lower operating and selling, general and
administrative expenses through process standardization and productivity improvements. We do not have control
over the general economic conditions that are affecting consumers and businesses, including ours. However, we do
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