WASTE MANAGEMENT INC 10-Q

Item 1A. Risk Factors . Except as set forth below, there have been no material changes to the risk factors previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022. The instability of certain financial institutions may have adverse impacts on certain of our vendors and customers and/or on our ability to access our cash deposits and make borrowings, which could negatively impact our financial condition, results of operations and cash flows. In 2023, there have been public reports of instability at certain financial institutions. Although we do not hold material deposits or investments at these financial institutions, and despite the steps taken to date by U.S. and foreign agencies and institutions to protect depositors, the follow-on effects of the events surrounding recent bank failures and pressure on other financial institutions are unknown, could include failures of other financial institutions to which we face direct or indirect exposure, and may lead to disruptions to the cash flows, operations and financial condition of our vendors, customers, and/or us. Additionally, tight credit conditions could generally result in economic slowdown and reduced demand for environmental services. Additionally, Credit Suisse AG New York Branch (“Credit Suisse”) is a lender under our $3.5 billion revolving credit facility, having made a commitment to fund approximately 5.14% of borrowings under the facility. It was recently announced that fellow Swiss bank UBS Group AG plans to acquire Credit Suisse. We do not anticipate any material disruption to our ability to access funds under our $3.5 billion revolving credit facility or otherwise finance our business and operations. However, if multiple lenders under our $3.5 billion revolving credit facility were to fail or be unable to fund borrowings, it could have a material adverse effect on our financial condition, results of operations and cash flows.