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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________ 
FORM 10-Q
 _________________________________________________________
(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                     
Commission File Number: 1-14267
_________________________________________________________ 
REPUBLIC SERVICES, INC.
(Exact name of registrant as specified in its charter)
_________________________________________________________ 
Delaware65-0716904
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
18500 North Allied Way85054
Phoenix,Arizona
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (480627-2700
_________________________________________________________ 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per shareRSGNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ
Accelerated filer
¨
Smaller reporting company
Non-accelerated filer
¨
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  þ
As of July 31, 2020, the registrant had outstanding 318,493,338 shares of Common Stock, par value $0.01 per share (excluding treasury shares of 35,787,916).


Table of Contents
REPUBLIC SERVICES, INC.
INDEX
 
Item 1.
Consolidated Balance Sheets as of June 30, 2020 (Unaudited) and December 31, 2019
Unaudited Consolidated Statement of Income for the Three and Six Months Ended June 30, 2020 and 2019
Unaudited Consolidated Statement of Comprehensive Income for the Three and Six Months Ended June 30, 2020 and 2019
Unaudited Consolidated Statement of Stockholders' Equity for the Three and Six Months Ended June 30, 2020 and 2019
Unaudited Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2020 and 2019
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2

Table of Contents
PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

REPUBLIC SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
June 30,December 31,
20202019
 (Unaudited) 
ASSETS
Current assets:
Cash and cash equivalents$269.7  $47.1  
Accounts receivable, less allowance for doubtful accounts and other of $34.3 and $34.0, respectively
1,066.5  1,125.9  
Prepaid expenses and other current assets232.6  433.0  
Total current assets1,568.8  1,606.0  
Restricted cash and marketable securities142.6  179.4  
Property and equipment, net8,499.1  8,383.5  
Goodwill11,673.5  11,633.4  
Other intangible assets, net126.7  133.9  
Other assets815.6  747.6  
Total assets$22,826.3  $22,683.8  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$657.4  $777.9  
Notes payable and current maturities of long-term debt60.0  929.9  
Deferred revenue334.6  336.0  
Accrued landfill and environmental costs, current portion128.1  132.6  
Accrued interest68.4  74.0  
Other accrued liabilities817.6  814.2  
Total current liabilities2,066.1  3,064.6  
Long-term debt, net of current maturities8,598.0  7,758.6  
Accrued landfill and environmental costs, net of current portion1,724.1  1,703.2  
Deferred income taxes and other long-term tax liabilities, net1,186.8  1,180.6  
Insurance reserves, net of current portion274.5  276.5  
Other long-term liabilities745.9  579.4  
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.01 per share; 50 shares authorized; none issued
    
Common stock, par value $0.01 per share; 750 shares authorized; 354.1 and 353.3 issued including shares held in treasury, respectively
3.5  3.5  
Additional paid-in capital5,026.6  4,994.8  
Retained earnings5,529.2  5,317.3  
Treasury stock, at cost; 35.9 and 34.5 shares, respectively
(2,315.7) (2,199.6) 
Accumulated other comprehensive income (loss), net of tax(16.5) 2.2  
Total Republic Services, Inc. stockholders’ equity8,227.1  8,118.2  
Non-controlling interests in consolidated subsidiary3.8  2.7  
Total stockholders’ equity8,230.9  8,120.9  
Total liabilities and stockholders’ equity$22,826.3  $22,683.8  
The accompanying notes are an integral part of these statements.
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REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data)
 
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Revenue$2,454.4  $2,605.3  $5,008.3  $5,075.9  
Expenses:
Cost of operations1,468.1  1,617.0  3,018.2  3,123.1  
Depreciation, amortization and depletion269.1  264.2  537.7  515.8  
Accretion20.8  20.5  41.7  40.9  
Selling, general and administrative262.1  264.5  539.2  530.9  
Withdrawal costs - multiemployer pension funds
31.6    35.9    
Loss on business divestitures and impairments, net5.3  0.2  1.4  0.5  
Restructuring charges2.2  1.5  6.0  4.5  
Operating income395.2  437.4  828.2  860.2  
Interest expense(91.6) (98.5) (188.2) (198.9) 
Loss from unconsolidated equity method investments(9.4) (11.5) (22.6) (23.1) 
Interest income3.3  1.4  3.6  3.3  
Other income (loss), net2.6  (0.2) 1.7  (0.1) 
Income before income taxes300.1  328.6  622.7  641.4  
Provision for income taxes73.8  77.7  149.6  155.6  
Net income226.3  250.9  473.1  485.8  
Net (income) loss attributable to non-controlling interests in consolidated subsidiary
(0.8) 0.6  (1.3) (0.1) 
Net income attributable to Republic Services, Inc.$225.5  $251.5  $471.8  $485.7  
Basic earnings per share attributable to Republic Services, Inc. stockholders:
Basic earnings per share$0.71  $0.78  $1.48  $1.51  
Weighted average common shares outstanding319.0  321.7  319.3  322.0  
Diluted earnings per share attributable to Republic Services, Inc. stockholders:
Diluted earnings per share$0.71  $0.78  $1.47  $1.50  
Weighted average common and common equivalent shares outstanding
319.6  322.8  319.9  323.1  
Cash dividends per common share$0.405  $0.375  $0.810  $0.750  
The accompanying notes are an integral part of these statements.

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REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Net income$226.3  $250.9  $473.1  $485.8  
Other comprehensive income (loss), net of tax
Hedging activity:
Realized loss (gain) reclassified into earnings1.2  (0.2) 2.0  (0.3) 
Unrealized loss(0.1) (19.9) (22.3) (31.2) 
Pension activity:
 Change in funded status of pension plan obligations
  (0.8) 1.6  (0.8) 
Other comprehensive income (loss), net of tax1.1  (20.9) (18.7) (32.3) 
Comprehensive income227.4  230.0  454.4  453.5  
Comprehensive (income) loss attributable to non-controlling interests(0.8) 0.6  (1.3) (0.1) 
Comprehensive income attributable to Republic Services, Inc.$226.6  $230.6  $453.1  $453.4  
The accompanying notes are an integral part of these statements.

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REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions)
Republic Services, Inc. Stockholders’ Equity
Common StockAdditional Paid-In CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss), Net of TaxNon-controlling
Interests In Consolidated Subsidiary
SharesAmountSharesAmountTotal
Balance as of December 31, 2019353.3  $3.5  $4,994.8  $5,317.3  (34.5) $(2,199.6) $2.2  $2.7  $8,120.9  
Net income—  —  —  246.3  —  —  —  0.5  246.8  
Other comprehensive loss—  —  —  —  —  —  (19.8) —  (19.8) 
Cash dividends declared—  —  —  (128.9) —  —  —  —  (128.9) 
Issuances of common stock0.7  —  7.5  —  (0.2) (17.0) —  —  (9.5) 
Stock-based compensation—  —  10.8  (1.1) —  —  —  —  9.7  
Purchase of common stock for treasury—  —  —  —  (1.2) (98.8) —  —  (98.8) 
Distributions paid—  —  —  —  —  —  —  (0.2) (0.2) 
Balance as of March 31, 2020354.0  3.5  5,013.1  5,433.6  (35.9) (2,315.4) (17.6) 3.0  8,120.2  
Net income—  —  —  225.5  —  —  —  0.8  226.3  
Other comprehensive income—  —  —  —  —  —  1.1  —  1.1  
Cash dividends declared—  —  —  (129.0) —  —  —  —  (129.0) 
Issuances of common stock0.1  —  3.1  —  —  (0.3) —  —  2.8  
Stock-based compensation—  —  10.4  (0.9) —  —  —  —  9.5  
Balance as of June 30, 2020354.1  $3.5  $5,026.6  $5,529.2  (35.9) $(2,315.7) $(16.5) $3.8  $8,230.9  
The accompanying notes are an integral part of these statements.
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REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - (CONTINUED)
(in millions)

Republic Services, Inc. Stockholders’ Equity
Common StockAdditional Paid-In CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Income, Net of TaxNon-controlling
Interests In Consolidated Subsidiary
SharesAmountSharesAmountTotal
Balance as of December 31, 2018351.9  $3.5  $4,924.9  $4,750.5  (29.4) $(1,782.6) $30.8  $2.4  $7,929.5  
Adoption of accounting standard, net of tax—  —  —  (3.1) —  —  3.1  —    
Net income—  —  —  234.2  —  —  —  0.7  234.9  
Other comprehensive loss—  —  —  —  —  —  (11.4) —  (11.4) 
Cash dividends declared—  —  —  (120.7) —  —  —  —  (120.7) 
Issuances of common stock0.9  —  7.7  —  (0.2) (16.8) —  —  (9.1) 
Stock-based compensation—  —  12.0  (1.1) —  —  —  —  10.9  
Purchase of common stock for treasury—  —  —  —  (1.5) (111.5) —  —  (111.5) 
Balance as of March 31, 2019352.8  3.5  4,944.6  4,859.8  (31.1) (1,910.9) 22.5  3.1  7,922.6  
Net income—  —  —  251.5  —  —  —  (0.6) 250.9  
Other comprehensive loss—  —  —  —  —  —  (20.9) —  (20.9) 
Cash dividends declared—  —  —  (120.2) —  —  —  —  (120.2) 
Issuances of common stock0.2  —  6.3  —  —  (0.3) —  —  6.0  
Stock-based compensation—  —  9.8  (0.9) —  —  —  —  8.9  
Purchase of common stock for treasury—  —  —  —  (1.1) (91.9) —  —  (91.9) 
Distributions paid—  —  —  —  —  —  —  (0.2) (0.2) 
Balance as of June 30, 2019353.0  $3.5  $4,960.7  $4,990.2  (32.2) $(2,003.1) $1.6  $2.3  $7,955.2  
The accompanying notes are an integral part of these statements.
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REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 Six Months Ended June 30,
 20202019
Cash provided by operating activities:
Net income$473.1  $485.8  
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, amortization, depletion and accretion579.4  556.7  
Non-cash interest expense30.9  23.3  
Stock-based compensation19.4  20.1  
Deferred tax provision11.4  40.3  
Provision for doubtful accounts, net of adjustments15.9  15.9  
Gain on disposition of assets and asset impairments, net(1.3) (0.2) 
Withdrawal costs - multiemployer pension funds35.9    
Environmental adjustments(0.4) (10.3) 
Loss from unconsolidated equity method investments22.6  23.1  
Other non-cash items(2.6) (0.8) 
Change in assets and liabilities, net of effects from business acquisitions and divestitures:
Accounts receivable45.5  (53.0) 
Prepaid expenses and other assets192.1  101.3  
Accounts payable(60.8) 12.8  
Capping, closure and post-closure expenditures(23.2) (23.8) 
Remediation expenditures(28.3) (17.8) 
Other liabilities23.9  (37.8) 
Cash provided by operating activities1,333.5  1,135.6  
Cash used in investing activities:
Purchases of property and equipment(654.7) (588.7) 
Proceeds from sales of property and equipment12.3  7.9  
Cash used in acquisitions and investments, net of cash and restricted cash acquired(95.1) (178.9) 
Cash received from business divestitures26.8  (0.2) 
Purchases of restricted marketable securities(16.2) (8.2) 
Sales of restricted marketable securities5.6  7.8  
Other(0.5) (2.3) 
Cash used in investing activities(721.8) (762.6) 
Cash used in financing activities:
Proceeds from notes payable and long-term debt, net of fees2,441.0  2,284.2  
Proceeds from issuance of senior notes, net of discount and fees985.5    
Payments of notes payable and long-term debt and senior notes(3,493.9) (2,194.2) 
Issuances of common stock, net(6.7) (3.1) 
Purchases of common stock for treasury(98.8) (202.5) 
Cash dividends paid(257.9) (241.7) 
Distributions paid to non-controlling interests in consolidated subsidiary(0.2) (0.2) 
Contingent consideration payments(7.4) (5.1) 
Cash used in financing activities(438.4) (362.6) 
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents173.3  10.4  
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year177.4  133.3  
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$350.7  $143.7  
The accompanying notes are an integral part of these statements.
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REPUBLIC SERVICES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION