WMWaste Management

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

“As of December 31, 2025 and 2024, no single customer represented greater than 5% of total accounts receivable.”

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Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Pending cases, settlements and what the company has set aside for them.

“Actions that have been filed against us, and that may be filed against us in the future, include personal injury, property damage, commercial, customer, and employment-related claims, including purported state and national class action lawsuits related to: alleged environmental contamination, including releases of hazardous material and odors; sales and marketing practices, customer service agreements and prices and fees; and federal and state wage and hour and other laws.”

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“The plaintiffs in some actions seek unspecified damages or injunctive relief, or both.”

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“A lead plaintiff was appointed and an amended complaint was filed in January 2023.”

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New “On December 18, 2025, the court granted final approval of a settlement that will be covered by insurance.”

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Promises to pay someone else's debts or losses if they cannot.

“(“WM Holdings”), a wholly-owned subsidiary of WMI, guarantees all the obligations under the $3.5 billion revolving credit facility.”

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“As of December 31, 2025, WM Holdings has fully and unconditionally guaranteed all of WMI’s senior indebtedness, including its senior notes which mature through 2054, $3.5 billion revolving credit facility and certain letter of credit lines.”

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“Such indemnification is required to the maximum extent permitted under Delaware law.”

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Conditions in loan agreements that, if broken, can make debt due early.

“The terms of certain of our financing arrangements require that we comply with financial and other covenants.”

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“Our most restrictive financial covenant is the one contained in our $3.5 billion revolving credit facility, which sets forth a maximum total debt to consolidated earnings before interest, taxes, depreciation, depletion and amortization ratio (the “Leverage Ratio”).”

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“This covenant requires that the Leverage Ratio for the preceding four fiscal quarters will not be more than 3.75 to 1, provided that if an acquisition permitted under our $3.5 billion revolving credit facility involving aggregate consideration in excess of $200 million occurs during the fiscal quarter, the Company shall have the right to increase the Leverage Ratio to 4.25 to 1 during such fiscal quarter and for the following three fiscal quarters (the “Elevated Leverage Ratio Period”).”

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“The calculation of all components used in the Leverage Ratio covenant are as defined in the $3.5 billion revolving credit facility.”

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“As of December 31, 2025 and 2024, we were in compliance with our Leverage Ratio covenant.”

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Contracts the company must pay for later: purchase obligations, take-or-pay deals.

New “As of December 31, 2025, our estimated minimum obligations associated with unconditional purchase obligations were $269 million in 2026, $234 million in 2027, $130 million in 2028, $78 million in 2029, $63 million in 2030 and $594 million thereafter.”

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