Waste Management 2011 Annual Report Download - page 103

For these and other reasons, operating results in any interim period are not necessarily indicative of
operating results for an entire year, and operating results for any historical period are not necessarily indicative of
operating results for a future period. Our stock price may be negatively impacted by interim variations in our
results.
We could be subject to significant fines and penalties, and our reputation could be adversely affected, if our
businesses, or third parties with whom we have a relationship, were to fail to comply with United States or
foreign laws or regulations.
Some of our projects and new business may be conducted in countries where corruption has historically
been prevalent. It is our policy to comply with all applicable anti-bribery laws, such as the U.S. Foreign Corrupt
Practices Act, and with applicable local laws of the foreign countries in which we operate, and we monitor our
local partners’ compliance with such laws as well. Our reputation may be adversely affected if we were reported
to be associated with corrupt practices or if we or our local partners failed to comply with such laws. Such
damage to our reputation could adversely affect our ability to grow our business. Additionally, violations of such
laws could subject us to significant fines and penalties.
Currently pending or future litigation or governmental proceedings could result in material adverse
consequences, including judgments or settlements.
We are involved in civil litigation in the ordinary course of our business and from time-to-time are involved
in governmental proceedings relating to the conduct of our business. The timing of the final resolutions to these
types of matters is often uncertain. Additionally, the possible outcomes or resolutions to these matters could
include adverse judgments or settlements, either of which could require substantial payments, adversely affecting
our liquidity.
We may experience adverse impacts on our reported results of operations as a result of adopting new
accounting standards or interpretations.
Our implementation of and compliance with changes in accounting rules, including new accounting rules
and interpretations, could adversely affect our reported financial position or operating results or cause
unanticipated fluctuations in our reported operating results in future periods.
Item 1B. Unresolved Staff Comments.
None.
Item 2. Properties.
Our principal executive offices are in Houston, Texas, where we lease approximately 480,000 square feet
under leases expiring in 2020. Our Group offices are in Pennsylvania, Illinois, Georgia, Arizona and New
Hampshire. We also have field-based administrative offices in Arizona, Illinois, Texas and Connecticut. We own
or lease real property in most locations where we have operations. We have operations in each of the fifty states,
other than Montana. We also have operations in the District of Columbia, Puerto Rico and throughout Canada.
Our principal property and equipment consists of land (primarily landfills and other disposal facilities,
transfer stations and bases for collection operations), buildings, vehicles and equipment. We believe that our
vehicles, equipment, and operating properties are adequately maintained and sufficient for our current operations.
However, we expect to continue to make investments in additional equipment and property for expansion, for
replacement of assets, and in connection with our strategic growth plans. For more information, see
Management’s Discussion and Analysis of Financial Condition and Results of Operations included within this
report.
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