QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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. | ¨ |
Item 1. | ||||||||
Consolidated Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021 | ||||||||
Unaudited Consolidated Statement of Income for the Three Months Ended March 31, 2022 and 2021 | ||||||||
Unaudited Consolidated Statement of Comprehensive Income for the Three Months Ended March 31, 2022 and 2021 | ||||||||
Unaudited Consolidated Statement of Stockholders' Equity for the Three Months Ended March 31, 2022 and 2021 | ||||||||
Unaudited Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2022 and 2021 | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
March 31, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, less allowance for doubtful accounts and other of $ | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Restricted cash and marketable securities | |||||||||||
Property and equipment, net | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Notes payable and current maturities of long-term debt | |||||||||||
Deferred revenue | |||||||||||
Accrued landfill and environmental costs, current portion | |||||||||||
Accrued interest | |||||||||||
Other accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net of current maturities | |||||||||||
Accrued landfill and environmental costs, net of current portion | |||||||||||
Deferred income taxes and other long-term tax liabilities, net | |||||||||||
Insurance reserves, net of current portion | |||||||||||
Other long-term liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, par value $ | |||||||||||
Common stock, par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock, at cost; | ( | ( | |||||||||
Accumulated other comprehensive loss, net of tax | ( | ( | |||||||||
Total Republic Services, Inc. stockholders’ equity | |||||||||||
Non-controlling interests in consolidated subsidiary | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenue | $ | $ | |||||||||
Expenses: | |||||||||||
Cost of operations | |||||||||||
Depreciation, amortization and depletion | |||||||||||
Accretion | |||||||||||
Selling, general and administrative | |||||||||||
Gain on business divestitures and impairments, net | ( | ||||||||||
Restructuring charges | |||||||||||
Operating income | |||||||||||
Interest expense | ( | ( | |||||||||
Loss from unconsolidated equity method investments | ( | ( | |||||||||
Interest income | |||||||||||
Other (expense) income, net | ( | ||||||||||
Income before income taxes | |||||||||||
Provision for income taxes | |||||||||||
Net income | |||||||||||
Net (income) loss attributable to non-controlling interests in consolidated subsidiary | ( | ||||||||||
Net income attributable to Republic Services, Inc. | $ | $ | |||||||||
Basic earnings per share attributable to Republic Services, Inc. stockholders: | |||||||||||
Basic earnings per share | $ | $ | |||||||||
Weighted average common shares outstanding | |||||||||||
Diluted earnings per share attributable to Republic Services, Inc. stockholders: | |||||||||||
Diluted earnings per share | $ | $ | |||||||||
Weighted average common and common equivalent shares outstanding | |||||||||||
Cash dividends per common share | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income | $ | $ | |||||||||
Other comprehensive income (loss), net of tax | |||||||||||
Hedging activity: | |||||||||||
Realized loss reclassified into earnings | |||||||||||
Other comprehensive income, net of tax | |||||||||||
Comprehensive income | |||||||||||
Comprehensive loss (income) attributable to non-controlling interests | ( | ||||||||||
Comprehensive income attributable to Republic Services, Inc. | $ | $ |
Republic Services, Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss, Net of Tax | Non-controlling Interests In Consolidated Subsidiary | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuances of common stock | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock for treasury | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Republic Services, Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss, Net of Tax | Non-controlling Interests In Consolidated Subsidiary | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuances of common stock | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock for treasury | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash provided by operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation, amortization, depletion and accretion | |||||||||||
Non-cash interest expense | |||||||||||
Stock-based compensation | |||||||||||
Deferred tax provision | |||||||||||
Provision for doubtful accounts, net of adjustments | |||||||||||
Gain on disposition of assets and asset impairments, net | ( | ( | |||||||||
Environmental adjustments | ( | ||||||||||
Loss from unconsolidated equity method investments | |||||||||||
Other non-cash items | ( | ||||||||||
Change in assets and liabilities, net of effects from business acquisitions and divestitures: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Prepaid expenses and other assets | |||||||||||
Accounts payable | |||||||||||
Capping, closure and post-closure expenditures | ( | ( | |||||||||
Remediation expenditures | ( | ( | |||||||||
Other liabilities | ( | ( | |||||||||
Cash provided by operating activities | |||||||||||
Cash (used in) provided by investing activities: | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Proceeds from sales of property and equipment | |||||||||||
Cash used in acquisitions and investments, net of cash and restricted cash acquired | ( | ( | |||||||||
Cash received from business divestitures | |||||||||||
Purchases of restricted marketable securities | ( | ( | |||||||||
Sales of restricted marketable securities | |||||||||||
Other | ( | ||||||||||
Cash used in investing activities | ( | ( | |||||||||
Cash provided by (used in) financing activities: | |||||||||||
Proceeds from notes payable and long-term debt, net of fees | |||||||||||
Payments of notes payable and long-term debt and senior notes | ( | ( | |||||||||
Issuances of common stock, net | ( | ( | |||||||||
Purchases of common stock for treasury | ( | ( | |||||||||
Cash dividends paid | ( | ( | |||||||||
Contingent consideration payments | ( | ( | |||||||||
Cash used in financing activities | ( | ( | |||||||||
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents | ( | ( | |||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | |||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $ | $ |
2022 | 2021 | ||||||||||
Purchase price: | |||||||||||
Cash used in acquisitions, net of cash acquired | $ | $ | |||||||||
Holdbacks | |||||||||||
Total | $ | $ | |||||||||
Allocated as follows: | |||||||||||
Accounts receivable | $ | $ | |||||||||
Property and equipment | |||||||||||
Other liabilities | ( | ( | |||||||||
Fair value of tangible assets acquired and liabilities assumed | |||||||||||
Excess purchase price to be allocated | $ | $ | |||||||||
Excess purchase price allocated as follows: | |||||||||||
Other intangible assets | $ | $ | |||||||||
Goodwill | |||||||||||
Total allocated | $ | $ |
Balance as of December 31, 2021 | Acquisitions | Divestitures | Adjustments to Acquisitions | Balance as of March 31, 2022 | ||||||||||||||||||||||||||||
Group 1 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Group 2 | ||||||||||||||||||||||||||||||||
Corporate entities and other | ( | |||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ |
Gross Intangible Assets | Accumulated Amortization | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | Acquisitions | Adjustments and Other | Balance as of March 31, 2022 | Balance as of December 31, 2021 | Additions Charged to Expense | Adjustments and Other | Balance as of March 31, 2022 | Other Intangible Assets, Net as of March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
Non-compete agreements | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||
Income taxes receivable | $ | $ | |||||||||
Prepaid expenses | |||||||||||
Inventories | |||||||||||
Other non-trade receivables | |||||||||||
Reinsurance receivable | |||||||||||
Prepaid fees for cloud-based hosting arrangements, current | |||||||||||
Other current assets | |||||||||||
Total | $ | $ |
2022 | 2021 | ||||||||||
Operating right-of-use lease assets | $ | $ | |||||||||
Investments | |||||||||||
Deferred compensation plan | |||||||||||
Deferred contract costs and sales commissions | |||||||||||
Reinsurance receivable | |||||||||||
Prepaid fees and capitalized implementation costs for cloud-based hosting arrangements | |||||||||||
Amounts recoverable for capping, closure and post-closure obligations | |||||||||||
Other derivative assets | |||||||||||
Deferred financing costs | |||||||||||
Interest rate swaps | |||||||||||
Other | |||||||||||
Total | $ | $ |
2022 | 2021 | ||||||||||
Insurance reserves, current | $ | $ | |||||||||
Accrued payroll and benefits | |||||||||||
Accrued fees and taxes | |||||||||||
Accrued dividends | |||||||||||
Operating right-of-use lease liabilities, current | |||||||||||
Ceded insurance reserves, current | |||||||||||
Current federal tax liabilities | |||||||||||
Accrued professional fees and legal settlement reserves | |||||||||||
Other | |||||||||||
Total | $ | $ |
2022 | 2021 | ||||||||||
Operating right-of-use lease liabilities | $ | $ | |||||||||
Deferred compensation plan liability | |||||||||||
Ceded insurance reserves | |||||||||||
Contingent purchase price and acquisition holdbacks | |||||||||||
Other derivative liabilities | |||||||||||
Withdrawal liability - multiemployer pension funds | |||||||||||
Legal settlement reserves | |||||||||||
Pension and other post-retirement liabilities | |||||||||||
Other | |||||||||||
Total | $ | $ |
2022 | 2021 | ||||||||||
Landfill final capping, closure and post-closure liabilities | $ | $ | |||||||||
Environmental remediation | |||||||||||
Total accrued landfill and environmental costs | |||||||||||
Less: current portion | ( | ( | |||||||||
Long-term portion | $ | $ |
2022 | 2021 | ||||||||||
Asset retirement obligation liabilities, beginning of year | $ | $ | |||||||||
Non-cash additions | |||||||||||
Acquisitions, net of divestitures and other adjustments | ( | ||||||||||
Asset retirement obligation adjustments | |||||||||||
Payments | ( | ( | |||||||||
Accretion expense | |||||||||||
Asset retirement obligation liabilities, end of period | |||||||||||
Less: current portion | ( | ( | |||||||||
Long-term portion | $ | $ |
2022 | 2021 | ||||||||||
Environmental remediation liabilities, beginning of year | $ | $ | |||||||||
Net adjustments charged to expense | |||||||||||
Payments | ( | ( | |||||||||
Accretion expense (non-cash interest expense) | |||||||||||
Environmental remediation liabilities, end of period | |||||||||||
Less: current portion | ( | ( | |||||||||
Long-term portion | $ | $ |
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Maturity | Interest Rate | Principal | Adjustments | Carrying Value | Principal | Adjustments | Carrying Value | |||||||||||||||||||||||||||||||||||||
Credit facilities: | ||||||||||||||||||||||||||||||||||||||||||||
Uncommitted Credit Facility | Variable | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
$ | Variable | |||||||||||||||||||||||||||||||||||||||||||
Senior notes: | ||||||||||||||||||||||||||||||||||||||||||||
May 2023 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
August 2024 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
March 2025 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
November 2025 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
July 2026 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
November 2027 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
May 2028 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
March 2030 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
February 2031 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
February 2032 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
March 2033 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
March 2035 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
March 2040 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
May 2041 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
March 2050 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Debentures: | ||||||||||||||||||||||||||||||||||||||||||||
September 2035 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Tax-exempt: | ||||||||||||||||||||||||||||||||||||||||||||
2023 - 2051 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Finance leases: | ||||||||||||||||||||||||||||||||||||||||||||
2022 - 2063 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total Debt | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||
Less: current portion | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Long-term portion | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Number of shares repurchased | |||||||||||
Amount paid | $ | $ | |||||||||
Weighted average cost per share | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Basic earnings per share: | |||||||||||
Net income attributable to Republic Services, Inc. | $ | $ | |||||||||
Weighted average common shares outstanding | |||||||||||
Basic earnings per share | $ | $ | |||||||||
Diluted earnings per share: | |||||||||||
Net income attributable to Republic Services, Inc. | $ | $ | |||||||||
Weighted average common shares outstanding | |||||||||||
Effect of dilutive securities: | |||||||||||
Unvested RSU awards | |||||||||||
Unvested PSU awards | |||||||||||
Weighted average common and common equivalent shares outstanding | |||||||||||
Diluted earnings per share | $ | $ |
Cash Flow Hedges | Defined Benefit Pension Items | Total | |||||||||||||||
Balance as of December 31, 2021 | $ | ( | $ | $ | ( | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||
Net current period other comprehensive loss | |||||||||||||||||
Balance as of March 31, 2022 | $ | ( | $ | $ | ( |
Three Months Ended March 31, | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive (Loss) Income | Affected Line Item in the Statement where Net Income is Presented | ||||||||||||||||||
Loss on cash flow hedges: | ||||||||||||||||||||
Terminated interest rate locks | $ | ( | $ | ( | Interest expense | |||||||||||||||
Tax benefit | ||||||||||||||||||||
Total loss reclassified into earnings, net of tax | $ | ( | $ | ( |
Classification and amount of gain (loss) recognized in income on hedging relationships and derivative instruments | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Interest Expense | Interest Expense | ||||||||||
Total amount of expense line items presented in the consolidated statements of income in which the effects of hedging relationships and derivative instruments are recorded | $ | ( | $ | ( | |||||||
The effects of fair value and cash flow hedging relationships in Subtopic 815-20: | |||||||||||
Gain on fair value hedging relationships: | |||||||||||
Interest rate swaps: | |||||||||||
Net swap settlements | $ | $ | |||||||||
Net periodic (expense) earnings | $ | ( | $ | ||||||||
Loss on cash flow hedging relationships: | |||||||||||
Interest rate swap locks: | |||||||||||
Amount of loss reclassified from accumulated other comprehensive loss into income, net of tax | $ | ( | $ | ( | |||||||
The effects of derivative instruments not in Subtopic 815-20: | |||||||||||
Gain (loss) on free-standing derivative instruments: | |||||||||||
Interest rate swaps: | |||||||||||
Loss on change in fair value of free-standing derivative instruments | $ | ( | $ | ( | |||||||
Interest rate contract: | |||||||||||
Net gain on change in fair value of free-standing derivative instruments | $ | $ |
March 31, 2022 | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Carrying Amount | Total | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Money market mutual funds | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Bonds - restricted cash and marketable securities and other assets | |||||||||||||||||||||||||||||
Interest rate swaps - other assets | |||||||||||||||||||||||||||||
Other derivative assets - other assets | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Other derivative liabilities - other long-term liabilities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Contingent consideration - other accrued liabilities and other long-term liabilities | |||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Carrying Amount | Total | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Money market mutual funds | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Bonds - restricted cash and marketable securities and other assets | |||||||||||||||||||||||||||||
Interest rate swaps - other assets | |||||||||||||||||||||||||||||
Other derivative assets - other assets | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Other derivative liabilities - other long-term liabilities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Contingent consideration - other accrued liabilities and other long-term liabilities | |||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ |
Gross Revenue | Intercompany Revenue | Net Revenue | Depreciation, Amortization, Depletion and Accretion | Operating Income (Loss) | Capital Expenditures | Total Assets | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Group 1 | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Group 2 | ( | ||||||||||||||||||||||||||||||||||||||||
Corporate entities and other | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Group 1 | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Group 2 | ( | ||||||||||||||||||||||||||||||||||||||||
Corporate entities and other | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Collection: | |||||||||||||||||||||||
Residential | $ | % | $ | % | |||||||||||||||||||
Small-container | |||||||||||||||||||||||
Large-container | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total collection | |||||||||||||||||||||||
Transfer | |||||||||||||||||||||||
Less: intercompany | ( | ( | |||||||||||||||||||||
Transfer, net | |||||||||||||||||||||||
Landfill | |||||||||||||||||||||||
Less: intercompany | ( | ( | |||||||||||||||||||||
Landfill, net | |||||||||||||||||||||||
Environmental solutions | |||||||||||||||||||||||
Less: intercompany | ( | ( | |||||||||||||||||||||
Environmental solutions, net | |||||||||||||||||||||||
Other: | |||||||||||||||||||||||
Recycling processing and commodity sales | |||||||||||||||||||||||
Other non-core | |||||||||||||||||||||||
Total other | |||||||||||||||||||||||
Total revenue | $ | % | $ | % |
2022 | 2021 | ||||||||||
Balance at beginning of year | $ | $ | |||||||||
Additions charged to expense | |||||||||||
Accounts written-off | ( | ( | |||||||||
Balance at end of period | $ | $ |
March 31, 2022 | December 31, 2021 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | ||||||||||||||||||||||
Restricted cash and marketable securities | ||||||||||||||||||||||||||
Less: restricted marketable securities | ( | ( | ( | ( | ||||||||||||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents | $ | $ | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Financing proceeds | $ | $ | |||||||||
Capping, closure and post-closure obligations | |||||||||||
Insurance | |||||||||||
Total restricted cash and marketable securities | $ | $ |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Revenue | $ | 2,968.8 | 100.0 | % | $ | 2,595.9 | 100.0 | % | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Cost of operations | 1,762.3 | 59.4 | 1,533.8 | 59.1 | |||||||||||||||||||
Depreciation, amortization and depletion of property and equipment | 289.6 | 9.7 | 264.8 | 10.2 | |||||||||||||||||||
Amortization of other intangible assets | 10.0 | 0.3 | 7.3 | 0.3 | |||||||||||||||||||
Amortization of other assets | 10.8 | 0.4 | 10.0 | 0.4 | |||||||||||||||||||
Accretion | 21.7 | 0.7 | 20.5 | 0.8 | |||||||||||||||||||
Selling, general and administrative | 307.8 | 10.4 | 265.4 | 10.2 | |||||||||||||||||||
Gain on business divestitures and impairments, net | — | — | (1.1) | — | |||||||||||||||||||
Restructuring charges | 6.0 | 0.2 | 2.8 | — | |||||||||||||||||||
Operating income | $ | 560.6 | 18.9 | % | $ | 492.4 | 19.0 | % |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net | Diluted | Net | Diluted | |||||||||||||||||||||||||||||||||||||||||||||||
Pre-tax | Tax | Income - | Earnings | Pre-tax | Tax | Income - | Earnings | |||||||||||||||||||||||||||||||||||||||||||
Income | Impact(2) | Republic | per Share | Income | Impact(2) | Republic | per Share | |||||||||||||||||||||||||||||||||||||||||||
As reported | $ | 472.2 | $ | 120.3 | $ | 352.0 | $ | 1.11 | $ | 400.1 | $ | 103.7 | $ | 295.9 | $ | 0.93 | ||||||||||||||||||||||||||||||||||
Restructuring charges(1) | 6.0 | 1.6 | 4.4 | 0.02 | 2.8 | 0.7 | 2.1 | — | ||||||||||||||||||||||||||||||||||||||||||
Gain on business divestitures and impairments, net(1) | — | — | — | — | (1.1) | (0.3) | (0.8) | — | ||||||||||||||||||||||||||||||||||||||||||
US Ecology, Inc. acquisition integration and deal costs | 4.8 | 0.5 | 4.3 | 0.01 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total adjustments | 10.8 | 2.1 | 8.7 | 0.03 | 1.7 | 0.4 | 1.3 | — | ||||||||||||||||||||||||||||||||||||||||||
As adjusted | $ | 483.0 | $ | 122.4 | $ | 360.7 | $ | 1.14 | $ | 401.8 | $ | 104.1 | $ | 297.2 | $ | 0.93 |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Collection: | |||||||||||||||||||||||
Residential | $ | 627.9 | 21.1 | % | $ | 593.1 | 22.8 | % | |||||||||||||||
Small-container | 915.6 | 30.8 | 810.2 | 31.2 | |||||||||||||||||||
Large-container | 621.1 | 20.9 | 534.4 | 20.6 | |||||||||||||||||||
Other | 12.4 | 0.4 | 12.3 | 0.5 | |||||||||||||||||||
Total collection | 2,177.0 | 73.2 | 1,950.0 | 75.1 | |||||||||||||||||||
Transfer | 362.7 | 331.3 | |||||||||||||||||||||
Less: intercompany | (197.8) | (185.1) | |||||||||||||||||||||
Transfer, net | 164.9 | 5.6 | 146.2 | 5.6 | |||||||||||||||||||
Landfill | 617.2 | 565.1 | |||||||||||||||||||||
Less: intercompany | (269.0) | (249.3) | |||||||||||||||||||||
Landfill, net | 348.2 | 11.7 | 315.8 | 12.2 | |||||||||||||||||||
Environmental solutions | 108.9 | 39.0 | |||||||||||||||||||||
Less: intercompany | (9.6) | (4.1) | |||||||||||||||||||||
Environmental solutions, net | 99.3 | 3.4 | 34.9 | 1.3 | |||||||||||||||||||
Other: | |||||||||||||||||||||||
Recycling processing and commodity sales | 99.8 | 3.4 | 87.6 | 3.4 | |||||||||||||||||||
Other non-core | 79.6 | 2.7 | 61.4 | 2.4 | |||||||||||||||||||
Total other | 179.4 | 6.1 | 149.0 | 5.8 | |||||||||||||||||||
Total revenue | $ | 2,968.8 | 100.0 | % | $ | 2,595.9 | 100.0 | % |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Average yield | 4.2 | % | 2.3 | % | |||||||
Fuel recovery fees | 1.9 | (0.4) | |||||||||
Total price | 6.1 | 1.9 | |||||||||
Volume | 3.6 | (0.8) | |||||||||
Change in workdays | — | (0.6) | |||||||||
Recycling processing and commodity sales | 0.4 | 0.8 | |||||||||
Environmental solutions | 0.4 | (0.7) | |||||||||
Total internal growth | 10.5 | 0.6 | |||||||||
Acquisitions / divestitures, net | 3.9 | 1.0 | |||||||||
Total | 14.4 | % | 1.6 | % | |||||||
Core price | 6.0 | % | 4.3 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Labor and related benefits | $ | 608.9 | 20.5 | % | $ | 555.7 | 21.4 | % | |||||||||||||||
Transfer and disposal costs | 211.7 | 7.1 | 192.4 | 7.4 | |||||||||||||||||||
Maintenance and repairs | 268.7 | 9.0 | 237.4 | 9.2 | |||||||||||||||||||
Transportation and subcontract costs | 213.3 | 7.2 | 168.9 | 6.5 | |||||||||||||||||||
Fuel | 129.3 | 4.4 | 78.9 | 3.0 | |||||||||||||||||||
Disposal fees and taxes | 79.4 | 2.7 | 77.7 | 3.0 | |||||||||||||||||||
Landfill operating costs | 61.4 | 2.1 | 57.4 | 2.2 | |||||||||||||||||||
Risk management | 68.5 | 2.3 | 59.3 | 2.3 | |||||||||||||||||||
Other | 121.1 | 4.1 | 106.1 | 4.1 | |||||||||||||||||||
Total cost of operations | $ | 1,762.3 | 59.4 | % | $ | 1,533.8 | 59.1 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Depreciation and amortization of property and equipment | $ | 192.6 | 6.5 | % | $ | 177.9 | 6.8 | % | |||||||||||||||
Landfill depletion and amortization | 97.0 | 3.2 | 86.9 | 3.4 | |||||||||||||||||||
Depreciation, amortization and depletion expense | $ | 289.6 | 9.7 | % | $ | 264.8 | 10.2 | % | |||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Salaries and related benefits | $ | 212.9 | 7.2 | % | $ | 194.3 | 7.4 | % | |||||||||||||||
Provision for doubtful accounts | 6.6 | 0.2 | 4.3 | 0.2 | |||||||||||||||||||
Other | 83.5 | 2.8 | 66.8 | 2.6 | |||||||||||||||||||
Subtotal | 303.0 | 10.2 | 265.4 | 10.2 | |||||||||||||||||||
US Ecology, Inc. acquisition integration and deal costs | 4.8 | 0.2 | — | — | |||||||||||||||||||
Total selling, general and administrative expenses | $ | 307.8 | 10.4 | % | $ | 265.4 | 10.2 | % |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Interest expense on debt | $ | 65.4 | $ | 62.9 | |||||||
Non-cash interest | 18.8 | 16.0 | |||||||||
Less: capitalized interest | (0.7) | (0.5) | |||||||||
Total interest expense | $ | 83.5 | $ | 78.4 |
Net Revenue | Depreciation, Amortization, Depletion and Accretion Before Adjustments for Asset Retirement Obligations | Adjustments to Amortization Expense for Asset Retirement Obligations | Depreciation, Amortization, Depletion and Accretion | Gain on Business Divestitures and Impairments, Net | Operating Income (Loss) | Operating Margin | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Group 1 | $ | 1,440.4 | $ | 143.7 | $ | — | $ | 143.7 | $ | — | $ | 372.8 | 25.9 | % | |||||||||||||||||||||||||||
Group 2 | 1,379.8 | 141.9 | 0.3 | 142.2 | — | 319.4 | 23.1 | % | |||||||||||||||||||||||||||||||||
Corporate entities and other | 148.6 | 46.0 | 0.2 | 46.2 | — | (131.6) | — | ||||||||||||||||||||||||||||||||||
Total | $ | 2,968.8 | $ | 331.6 | $ | 0.5 | $ | 332.1 | $ | — | $ | 560.6 | 18.9 | % | |||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Group 1 | $ | 1,298.6 | $ | 133.2 | $ | (1.1) | $ | 132.1 | $ | — | $ | 351.5 | 27.1 | % | |||||||||||||||||||||||||||
Group 2 | 1,222.0 | 128.1 | 0.6 | 128.7 | — | 261.8 | 21.4 | % | |||||||||||||||||||||||||||||||||
Corporate entities and other | 75.3 | 37.6 | 4.2 | 41.8 | (1.1) | (120.9) | — | ||||||||||||||||||||||||||||||||||
Total | $ | 2,595.9 | $ | 298.9 | $ | 3.7 | $ | 302.6 | $ | (1.1) | $ | 492.4 | 19.0 | % | |||||||||||||||||||||||||||
Balance as of December 31, 2021 | New Expansions Undertaken | Landfills Acquired, Net of Divestitures | Permits Granted / New Sites, Net of Closures | Airspace Consumed | Changes in Engineering Estimates | Balance as of March 31, 2022 | |||||||||||||||||||||||||||||||||||
Cubic yards (in millions): | |||||||||||||||||||||||||||||||||||||||||
Permitted airspace | 4,826.7 | — | 15.0 | — | (19.3) | — | 4,822.4 | ||||||||||||||||||||||||||||||||||
Probable expansion airspace | 186 | — | — | — | — | — | 186.0 | ||||||||||||||||||||||||||||||||||
Total cubic yards (in millions) | 5,012.7 | — | 15.0 | — | (19.3) | — | 5,008.4 | ||||||||||||||||||||||||||||||||||
Number of sites: | |||||||||||||||||||||||||||||||||||||||||
Permitted airspace | 198 | — | — | — | 198 | ||||||||||||||||||||||||||||||||||||
Probable expansion airspace | 11 | — | — | — | 11 |
Gross Property and Equipment | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | Capital Additions | Retirements | Acquisitions, Net of Divestitures | Non-cash Additions for Asset Retirement Obligations | Adjustments for Asset Retirement Obligations | Impairments, Transfers and Other Adjustments | Balance as of March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Land | $ | 694.9 | $ | 0.1 | $ | (1.4) | $ | 20.5 | $ | — | $ | — | $ | — | $ | 714.1 | |||||||||||||||||||||||||||||||
Landfill development costs | 8,539.6 | — | — | 18.6 | 12.7 | 1.0 | 74.0 | 8,645.9 | |||||||||||||||||||||||||||||||||||||||
Vehicles and equipment | 8,576.9 | $ | 134.3 | $ | (77.4) | $ | 12.9 | $ | — | $ | — | $ | 4.7 | 8,651.4 | |||||||||||||||||||||||||||||||||
Buildings and improvements | 1,508.4 | 1.1 | (1.7) | 1.1 | — | — | 8.9 | 1,517.8 | |||||||||||||||||||||||||||||||||||||||
Construction-in-progress - landfill | 279.3 | $ | 42.9 | $ | — | $ | — | $ | — | $ | — | $ | (73.1) | 249.1 | |||||||||||||||||||||||||||||||||
Construction-in-progress - other | 182.9 | 20.7 | — | — | — | — | (37.6) | 166.0 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 19,782.0 | $ | 199.1 | $ | (80.5) | $ | 53.1 | $ | 12.7 | $ | 1.0 | $ | (23.1) | $ | 19,944.3 |
Accumulated Depreciation, Amortization and Depletion | |||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | Additions Charged to Expense | Retirements | Acquisitions, Net of Divestitures | Adjustments for Asset Retirement Obligations | Impairments, Transfers and Other Adjustments | Balance as of March 31, 2022 | |||||||||||||||||||||||||||||||||||
Landfill development costs | $ | (4,625.6) | $ | (96.5) | $ | — | $ | — | $ | (0.5) | $ | — | $ | (4,722.6) | |||||||||||||||||||||||||||
Vehicles and equipment | (5,231.6) | (176.8) | 75.8 | — | — | 9.1 | (5,323.5) | ||||||||||||||||||||||||||||||||||
Buildings and improvements | (692.7) | (17.8) | 1.6 | — | — | 1.8 | (707.1) | ||||||||||||||||||||||||||||||||||
Total | $ | (10,549.9) | $ | (291.1) | $ | 77.4 | $ | — | $ | (0.5) | $ | 10.9 | $ | (10,753.2) |
March 31, 2022 | December 31, 2021 | ||||||||||
Cash and cash equivalents | $ | 39.0 | $ | 29.0 | |||||||
Restricted cash and marketable securities | 117.2 | 139.0 | |||||||||
Less: restricted marketable securities | (59.1) | (62.4) | |||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents | $ | 97.1 | $ | 105.6 |
March 31, 2022 | December 31, 2021 | ||||||||||
Financing proceeds | $ | 6.2 | $ | 12.4 | |||||||
Capping, closure and post-closure obligations | 42.4 | 42.4 | |||||||||
Insurance | 68.6 | 84.2 | |||||||||
Total restricted cash and marketable securities | $ | 117.2 | $ | 139.0 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash provided by operating activities | $ | 705.6 | $ | 661.0 | |||||||
Cash used in investing activities | $ | (399.4) | $ | (344.6) | |||||||
Cash used in financing activities | $ | (314.7) | $ | (342.3) |
Total Number of Shares Purchased (a) | Average Price Paid per Share (a) | Total Number of Shares Purchased as Part of Publicly Announced Program (b) | Dollar Value of Shares that May Yet Be Purchased Under the Program (c) | ||||||||||||||||||||
January 1 - 31 | 582,137 | $ | 126.86 | 582,137 | $ | 1,673,977,142 | |||||||||||||||||
February 1 - 28 | 1,054,408 | $ | 122.44 | 1,054,408 | $ | 1,544,874,030 | |||||||||||||||||
March 1 - 31 | 4,214 | $ | 124.90 | 4,214 | $ | 1,544,347,714 | |||||||||||||||||
1,640,759 | 1,640,759 |
Exhibit Number | Description of Exhibit | |||||||
Term Loan Credit Agreement, dated as of April 29, 2022, by and among Republic Services, Inc., as Borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to Exhibit 4.1 of the Company's Current Report on Form 8-K dated May 4, 2022). | ||||||||
Clawback Policy, dated February 24, 2022. | ||||||||
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer. | ||||||||
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer. | ||||||||
Section 1350 Certification of Chief Executive Officer. | ||||||||
Section 1350 Certification of Chief Financial Officer. | ||||||||
101.INS* | XBRL Instance Document. - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH* | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.LAB* | XBRL Taxonomy Extension Labels Linkbase Document. | |||||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* | Filed herewith. | ||||
** | This exhibit is being furnished rather than filed, and shall not be deemed incorporated by reference into any filing, in accordance with Item 601 of Regulation S-K. | ||||
+ | Indicates a management or compensatory plan or arrangement. | ||||
REPUBLIC SERVICES, INC. | |||||||||||
Date: | May 5, 2022 | By: | /s/ BRIAN DELGHIACCIO | ||||||||
Brian DelGhiaccio | |||||||||||
Executive Vice President, Chief Financial Officer (Principal Financial Officer) | |||||||||||
Date: | May 5, 2022 | By: | /s/ BRIAN A. GOEBEL | ||||||||
Brian A. Goebel | |||||||||||
Vice President and Chief Accounting Officer (Principal Accounting Officer) |
/S/ JON VANDER ARK | |||||
Jon Vander Ark | |||||
President and Chief Executive Officer (Principal Executive Officer) |
/s/ BRIAN DELGHIACCIO | |||||
Brian DelGhiaccio | |||||
Executive Vice President, Chief Financial Officer (Principal Financial Officer) |
/S/ JON VANDER ARK | |||||
Jon Vander Ark | |||||
President and Chief Executive Officer (Principal Executive Officer) |
/s/ BRIAN DELGHIACCIO | |||||
Brian DelGhiaccio | |||||
Executive Vice President, Chief Financial Officer (Principal Financial Officer) |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Current assets: | ||
Allowance for doubtful accounts | $ 44.0 | $ 38.5 |
Stockholders’ equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 319,900,000 | 319,600,000 |
Treasury stock, shares (in shares) | 4,100,000 | 2,400,000 |
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 351.9 | $ 296.4 |
Hedging activity: | ||
Realized loss reclassified into earnings | 1.1 | 1.1 |
Other comprehensive income, net of tax | 1.1 | 1.1 |
Comprehensive income | 353.0 | 297.5 |
Comprehensive loss (income) attributable to non-controlling interests | 0.1 | (0.5) |
Comprehensive income attributable to Republic Services, Inc. | $ 353.1 | $ 297.0 |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Republic Services, Inc., a Delaware corporation, and its consolidated subsidiaries (also referred to collectively as Republic, the Company, we, us, or our), is one of the largest providers of environmental services in the United States, as measured by revenue. We manage and evaluate our operations through three operating segments, Group 1, Group 2, and Environmental Solutions. The unaudited consolidated financial statements include the accounts of Republic Services, Inc. and its wholly owned and majority owned subsidiaries in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). We account for investments in entities in which we do not have a controlling financial interest under the equity method of accounting or, for investments that do not meet the criteria to be accounted for under the equity method, we reflect these investments at their fair value when it is readily determinable. If fair value is not readily determinable, we use an alternative measurement approach. All material intercompany accounts and transactions have been eliminated in consolidation. We have prepared these unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information related to our organization, significant accounting policies and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments that, unless otherwise disclosed, are of a normal recurring nature and necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. Operating results for interim periods are not necessarily indicative of the results you can expect for a full year. You should read these financial statements in conjunction with our audited consolidated financial statements and notes thereto appearing in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. For comparative purposes, certain prior year amounts have been reclassified to conform to the current year presentation. All dollar amounts in tabular presentations are in millions, except per share amounts and unless otherwise noted. Management’s Estimates and Assumptions In preparing our financial statements, we make numerous estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. We must make these estimates and assumptions because certain information we use is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. In preparing our financial statements, the more critical and subjective areas that deal with the greatest amount of uncertainty relate to our accounting for our long-lived assets, including recoverability, landfill development costs, and final capping, closure and post-closure costs; our valuation allowances for accounts receivable and deferred tax assets; our liabilities for potential litigation, claims and assessments; our liabilities for environmental remediation, multiemployer pension funds, employee benefit plans, deferred taxes, uncertain tax positions, and insurance reserves; and our estimates of the fair values of assets acquired and liabilities assumed in any acquisition. Each of these items is discussed in more detail in our description of our significant accounting policies in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Our actual results may differ significantly from our estimates. New Accounting Pronouncements Accounting Standards Updates Issued but not yet Adopted Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in ASU 2020-04 provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. As of March 31, 2022, we have not modified any contracts as a result of reference rate reform and are evaluating the impact this standard may have on our consolidated financial statements. Business Combinations In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). ASU 2021-08 improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and the payment terms and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 is effective for all entities that enter into a business combination within the applicable scope. The amendments in this update are effective for fiscal years beginning after December 15, 2022. We are currently assessing the effect this guidance may have on our consolidated financial statements.
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Business Acquisitions, Investments and Restructuring Charges |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS ACQUISITIONS, INVESTMENTS AND RESTRUCTURING CHARGES | BUSINESS ACQUISITIONS, INVESTMENTS AND RESTRUCTURING CHARGES Acquisitions We acquired various environmental services businesses during the three months ended March 31, 2022 and 2021. The purchase price paid for these business acquisitions and the allocations of the purchase price follows:
The purchase price allocations are preliminary and based on information existing at the acquisition dates. Accordingly, the purchase price allocations are subject to change. Substantially all of the goodwill and intangible assets recorded for these acquisitions are deductible for tax purposes. These acquisitions are not material to the Company's results of operations, individually or in the aggregate. As a result, no pro forma financial information is provided. On May 2, 2022, we acquired all outstanding shares of US Ecology, Inc. (US Ecology) in a transaction valued at $2.2 billion. US Ecology is a leading provider of environmental solutions offering treatment, recycling and disposal of hazardous, non-hazardous and specialty waste. We financed the transaction through the entry into a $1.0 billion unsecured Term Loan Credit Agreement (Term Loan Facility), and the remaining purchase price was funded using borrowings on our $3.0 billion unsecured revolving credit facility. For further discussion of the borrowings used to fund the purchase, refer to Note 7, Debt, in Part I, Item 1 of this Quarterly Report on Form 10-Q. In August 2021, we acquired all of the issued and outstanding shares of ACV Enviro Corporation (ACV). ACV’s environmental solutions operations are primarily located in the northeastern United States and provide us with a platform to pursue additional growth in our environmental solutions line of business. The purchase price allocation is preliminary and remains subject to revisions as additional information is obtained about the facts and circumstances that existed at the valuation date. The preliminary allocation of purchase price, including the value of certain tangible and intangible assets acquired, is based on the best estimates of management and is subject to revision based on the final valuations. We expect our valuations to be completed in the third quarter of 2022. Investments In 2022 and 2021, we acquired non-controlling equity interests in certain limited liability companies that qualified for investment tax credits under Section 48 of the Internal Revenue Code. In exchange for our non-controlling interests, we made capital contributions of $11.0 million and $2.2 million, which were recorded to other assets in our March 31, 2022 and 2021 consolidated balance sheets, respectively. During the three months ended March 31, 2022 and 2021, we reduced the carrying value of these investments by $0.4 million and $13.7 million, respectively, as a result of cash distributions and our share of income and loss pursuant to the terms of the limited liability company agreements. Additionally, our tax provisions reflect a benefit of approximately $1.2 million for the three months ended March 31, 2022 due to the tax credits related to these investments. There was no similar benefit for the three months ended March 31, 2021. For further discussion of the income tax benefits, refer to Note 11, Income Taxes, in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2021. Restructuring Charges During the three months ended March 31, 2022 and 2021, we incurred restructuring charges of $6.0 million and $2.8 million, respectively, related to the redesign of certain back-office software systems. During the same periods, we paid $5.9 million and $4.0 million, respectively, related to these restructuring efforts.
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Goodwill and Other Intangible Assets, Net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill A summary of the activity and balances in goodwill accounts by reporting segment follows:
Adjustments to acquisitions during the three months ended March 31, 2022 primarily related to changes in our valuation of fixed assets as a result of obtaining new information regarding the acquisitions that closed in 2021. Other Intangible Assets, Net Other intangible assets, net, include values assigned to customer relationships, non-compete agreements and trade names, and are amortized over periods ranging from 1 to 15 years. A summary of the activity and balances by intangible asset type follows:
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Other Assets |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER ASSETS | OTHER ASSETS Prepaid Expenses and Other Current Assets A summary of prepaid expenses and other current assets as of March 31, 2022 and December 31, 2021 follows:
Other Assets A summary of other assets as of March 31, 2022 and December 31, 2021 follows:
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Other Liabilities |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER LIABILITIES | OTHER LIABILITIES Other Accrued Liabilities A summary of other accrued liabilities as of March 31, 2022 and December 31, 2021 follows:
Other Long-Term Liabilities A summary of other long-term liabilities as of March 31, 2022 and December 31, 2021 follows:
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Landfill and Environmental Costs |
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Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LANDFILL AND ENVIRONMENTAL COSTS | LANDFILL AND ENVIRONMENTAL COSTS As of March 31, 2022, we owned or operated 198 active solid waste landfills with total available disposal capacity estimated to be 5.0 billion in-place cubic yards. Additionally, we had post-closure responsibility for 124 closed landfills. Accrued Landfill and Environmental Costs A summary of accrued landfill and environmental liabilities as of March 31, 2022 and December 31, 2021 follows:
Final Capping, Closure and Post-Closure Costs The following table summarizes the activity in our asset retirement obligation liabilities, which includes liabilities for final capping, closure and post-closure, for the three months ended March 31, 2022 and 2021:
We review annually, in the fourth quarter, and update as necessary, our estimates of asset retirement obligation liabilities. However, if there are significant changes in the facts and circumstances related to a site during the year, we will update our assumptions prospectively in the period that we know all the relevant facts and circumstances and make adjustments as appropriate. Landfill Operating Expenses In the normal course of business, we incur various operating costs associated with environmental compliance. These costs include, among other things, leachate treatment and disposal, methane gas and groundwater monitoring, systems maintenance, interim cap maintenance, costs associated with the application of daily cover materials, and the legal and administrative costs of ongoing environmental compliance. These costs are expensed as cost of operations in the periods in which they are incurred. Environmental Remediation Liabilities We accrue for remediation costs when they become probable and can be reasonably estimated. There can sometimes be a range of reasonable estimates of the costs associated with remediation of a site. In these cases, we use the amount within the range that constitutes our best estimate. If no amount within the range appears to be a better estimate than any other, we use the amount that is at the low end of such range. It is reasonably possible that we will need to adjust the liabilities recorded for remediation to reflect the effects of new or additional information, to the extent such information impacts the costs, timing or duration of the required actions. If we used the reasonably possible high ends of our ranges, our aggregate potential remediation liability as of March 31, 2022 would be approximately $342 million higher than the amount recorded. Future changes in our estimates of the cost, timing or duration of the required actions could have a material adverse effect on our consolidated financial position, results of operations and cash flows. The following table summarizes the activity in our environmental remediation liabilities for the three months ended March 31, 2022 and 2021:
Bridgeton Landfill. During the three months ended March 31, 2022, we paid $3.9 million related to management and monitoring of the remediation area for our closed Bridgeton Landfill in Missouri. We continue to work with state and federal regulatory agencies on our remediation efforts. From time to time, this may require us to modify our future operating timeline and procedures, which could result in changes to our expected liability. As of March 31, 2022, the remediation liability recorded for this site was $98.9 million, of which approximately $12 million is expected to be paid during the remainder of 2022. We believe the remaining reasonably possible high end of our range would be approximately $140 million higher than the amount recorded as of March 31, 2022. West Lake Landfill Superfund Site. Our subsidiary Bridgeton Landfill, LLC is one of several currently designated Potentially Responsible Parties for the West Lake Landfill Superfund site (West Lake) in Missouri. On September 27, 2018, the U.S. Environmental Protection Agency (EPA) issued a Record of Decision Amendment for West Lake that includes a total undiscounted cost estimate of $229 million over a - to -year design and construction timeline. On March 11, 2019, the EPA issued special notice letters under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) to Bridgeton Landfill, LLC and the other currently designated Potentially Responsible Parties to initiate negotiations to implement the remedy. At this time we are neither able to predict the final design of that remedy, nor estimate how much of the future response costs of the site our subsidiary may agree or be required to pay. During any subsequent administrative proceedings or litigation, our subsidiary will vigorously contest liability for the costs of remediating radiologically-impacted materials generated on behalf of the federal government during the Manhattan Project and delivered to the site by an Atomic Energy Commission licensee and its subcontractor. Currently, we believe we are adequately reserved for our expected remediation liability. However, subsequent events related to remedy design, divisibility, or allocation may require us to modify our expected remediation liability.
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT The carrying value of our credit facilities, finance leases and long-term debt as of March 31, 2022 and December 31, 2021 is listed in the following table, and is adjusted for the fair value of interest rate swaps, unamortized discounts, deferred issuance costs and the unamortized portion of adjustments to fair value recorded in purchase accounting. Original issue discounts, deferred issuance costs, and adjustments to fair value recorded in purchase accounting are amortized to interest expense over the term of the applicable instrument using the effective interest method.
Credit Facilities The Credit Facility In August 2021, we entered into a $3.0 billion unsecured revolving credit facility (the Credit Facility). Borrowings under the Credit Facility mature in August 2026. As permitted by the Credit Facility, we have the right to request two -year extensions of the maturity date, but none of the lenders are committed to participate in such extensions. The Credit Facility also includes a feature that allows us to increase availability, at our option, by an aggregate amount of up to $1.0 billion through increased commitments from existing lenders or the addition of new lenders. At our option, borrowings under the Credit Facility bear interest at a Base Rate, a daily floating London Interbank Offered Rate (LIBOR), or a Eurodollar Rate, plus a current applicable margin of 0.910% based on our Debt Ratings (all as defined in the Credit Facility agreement). On the earliest of (i) the date that all available tenors of U.S. dollar LIBOR have permanently or indefinitely ceased to be provided or have been announced to be no longer representative, (ii) June 30, 2023 or (iii) the effective date of an election to opt into a secured overnight financing rate (SOFR), the LIBOR rate will be replaced by a forward-looking term rate based on SOFR or a daily rate based on SOFR published on such date. The Credit Facility is subject to facility fees based on applicable rates defined in the Credit Facility agreement and the aggregate commitment, regardless of usage. Availability under our Credit Facility totaled $2,661.1 million and $2,633.8 million as of March 31, 2022 and December 31, 2021, respectively. The Credit Facility can be used for working capital, capital expenditures, acquisitions, letters of credit and other general corporate purposes. The Credit Facility agreement requires us to comply with financial and other covenants. We may pay dividends and repurchase common stock if we are in compliance with these covenants. We had no borrowings and $24.3 million outstanding under our Credit Facility as of March 31, 2022 and December 31, 2021, respectively. We had $338.9 million and $341.9 million of letters of credit outstanding under our Credit Facility as of March 31, 2022 and December 31, 2021, respectively. Uncommitted Credit Facility In January 2022, we entered into a $200.0 million unsecured uncommitted revolving credit facility (the Uncommitted Credit Facility), which replaced the prior $135.0 million uncommitted credit facility (the Replaced Uncommitted Credit Facility). The Uncommitted Credit Facility bears interest at an annual percentage rate to be agreed upon by both parties. Borrowings under the Uncommitted Credit Facility can be used for working capital, letters of credit, and other general corporate purposes. The agreement governing our Uncommitted Credit Facility requires us to comply with certain covenants. The Uncommitted Credit Facility may be terminated by either party at any time. As of March 31, 2022 and December 31, 2021, we had $80.4 million and no borrowings outstanding under our Uncommitted Credit Facility and Replaced Uncommitted Credit Facility, respectively. Term Loan Credit Agreement On April 29, 2022, we entered into a $1.0 billion unsecured Term Loan Credit Agreement (Term Loan Facility). The Term Loan Facility will mature on April 29, 2025 and bears interest at a base rate or a forward-looking secured overnight financing rate, plus an applicable margin based on our debt ratings. On May 2, 2022, we completed the acquisition of US Ecology using proceeds from the Term Loan Facility and borrowings on the Credit Facility. Senior Notes and Debentures In November 2021, we issued $700.0 million of 2.375% senior notes due 2033 (the 2.375% Notes). We used the net proceeds for general corporate purposes, including repayment of amounts outstanding under our unsecured and uncommitted credit facilities. Prior to such use, Republic may have temporarily invested the net proceeds in marketable securities and short-term investments. During the second quarter of 2021, we paid the entire $35.3 million principal balance of our 9.250% debentures which matured in May 2021. Our senior notes and debentures are general unsecured obligations. Interest is payable semi-annually. Interest Rate Swap and Lock Agreements Our ability to obtain financing through the capital markets is a key component of our financial strategy. Historically, we have managed risk associated with executing this strategy, particularly as it relates to fluctuations in interest rates, by using a combination of fixed and floating rate debt. From time to time, we also have entered into interest rate swap and lock agreements to manage risk associated with interest rates, either to effectively convert specific fixed rate debt to a floating rate (fair value hedges), or to lock interest rates in anticipation of future debt issuances (cash flow hedges). Fair Value Hedges During the second half of 2013, we entered into various interest rate swap agreements relative to our 4.750% fixed rate senior notes due in May 2023 (4.750% Notes). The goal was to reduce overall borrowing costs and rebalance our debt portfolio's ratio of fixed-to-floating interest rates. As of March 31, 2022, these swap agreements had a total notional value of $300.0 million and mature in May 2023. We pay interest at floating rates based on changes in LIBOR and receive interest at a fixed rate of 4.750%. In 2013, these transactions were designated as fair value hedges because the swaps hedge against the changes in fair value of the 4.750% notes resulting from changes in interest rates. Contemporaneously with the $250.0 million partial redemption of the 4.750% Notes in November 2020, we dedesignated the proportional share of these swap agreements as fair value hedges. There was no ineffectiveness recognized in the dedesignation of these fair value hedges. Following the dedesignation, the fair value of these free-standing derivatives was determined using standard valuation models with assumptions about interest rates being based on those observed in underlying markets (Level 2 in the fair value hierarchy). As of March 31, 2022 and December 31, 2021, these free-standing derivatives were reflected at their fair value of $1.2 million and $3.9 million, respectively, and are included in other assets in our consolidated balance sheets. For the three months ended March 31, 2022 and 2021, we recognized losses of $2.7 million and $1.1 million, respectively, directly in earnings as an adjustment to non-cash interest expense attributable to the change in fair value of the free-standing derivatives. As of March 31, 2022 and December 31, 2021, the interest rate swap agreements that were designated as fair value hedges are reflected at their fair value of $1.4 million and $4.7 million, respectively, and are included in other assets in our consolidated balance sheets. To the extent they are effective, the remaining hedged portion of these interest rate swap agreements is included as an adjustment to long-term debt in our consolidated balance sheets. We recognized net interest income of $1.9 million and $2.0 million during the three months ended March 31, 2022 and 2021, respectively, related to net swap settlements for these interest rate swap agreements, which is included as an offset to interest expense in our consolidated statements of income. For the three months ended March 31, 2022 and 2021, we recognized gains of $2.7 million and $1.5 million, respectively, related to the impact of changes in the benchmark interest rate on the fair value of the hedged senior notes and offsetting losses of $3.3 million and $1.4 million, respectively, on the related interest rate swaps attributable to changes in the benchmark interest rate. The difference of these fair value changes for the three months ended March 31, 2022 and 2021 was recorded directly in earnings as an adjustment to interest expense in our consolidated statements of income. For further detail regarding the effect of our fair value hedging on interest expense, refer to Note 11, Financial Instruments, of the notes to our unaudited consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q. Cash Flow Hedges We have historically entered into multiple swap agreements designated as cash flow hedges to manage exposure to fluctuations in interest rates in anticipation of planned future issuances of senior notes. Upon the expected issuance of senior notes, we terminate the interest rate locks and settle with our counterparties. These transactions were accounted for as cash flow hedges. All of our cash flow hedges settled on or before December 31, 2020. The fair value of our interest rate locks is determined using standard valuation models with assumptions about interest rates being based on those observed in underlying markets (Level 2 in the fair value hierarchy). As of March 31, 2022 and December 31, 2021, our previously terminated interest rate locks were recorded as components of accumulated other comprehensive loss of $24.7 million and $25.8 million, respectively, net of tax. The effective portion of the interest rate locks is amortized as an adjustment to interest expense over the life of the issued debt using the effective interest method. Over the next 12 months, we expect to amortize approximately $4.3 million, net of tax, from accumulated other comprehensive loss to interest expense as a yield adjustment of our senior notes. For further detail regarding the effect of our cash flow hedging on interest expense, refer to Note 11, Financial Instruments, of the notes to our unaudited consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q. Derivative Contracts Contemporaneously with the issuance of our 2.300% Notes in February 2020, we amended interest rate lock agreements with an aggregate notional value of $550.0 million, extending the mandatory maturity date from 2020 to 2030, and dedesignated them as cash flow hedges (the 2020 Extended Interest Rate Locks). Contemporaneously with the issuance of our 2.500% Notes in August 2019, we amended interest rate lock agreements with an aggregate notional value of $375.0 million, extending the mandatory maturity date from 2019 to 2024, and dedesignated them as cash flow hedges (2019 Extended Interest Rate Locks and collectively with the 2020 Extended Interest Rate Locks referred to as the Extended Interest Rate Locks). There was no ineffectiveness recognized in the termination of these cash flow hedges. In addition, we entered into offsetting interest rate swaps to offset future exposures to fair value fluctuations of the Extended Interest Rate Locks (the 2019 Offsetting Interest Rate Swap and the 2020 Offsetting Interest Rate Swap, or collectively the Offsetting Interest Rate Swaps). The fair value of these free-standing derivatives was determined using standard valuation models with assumptions about interest rates being based on those observed in underlying markets (Level 2 in the fair value hierarchy). As of March 31, 2022 and December 31, 2021, the fair values of the 2019 Extended Interest Rate Locks were liabilities of $3.2 million and $20.9 million, respectively, which were included in other long-term liabilities in our consolidated balance sheets. As of March 31, 2022, the fair value of the 2020 Extended Interest Rate Locks were assets of $12.9 million, which were included in other assets in our consolidated balance sheet, and as of December 31, 2021, the fair value of the 2020 Extended Interest Rate Locks were liabilities of $29.0 million, which were included in other long-term liabilities in our consolidated balance sheet. As of March 31, 2022, the fair value of the 2019 Offsetting Interest Rate Swap was a liability of $6.9 million, which was included in other long-term liabilities in our consolidated balance sheet, and as of December 31, 2021, the fair value of the 2019 Offsetting Interest Rate Swap was an asset of $11.1 million, which was included in other assets in our consolidated balance sheet. As of March 31, 2022 and December 31, 2021, the fair value of the 2020 Offsetting Interest Rate Swap was a liability of $37.2 million and $0.8 million, respectively, which were included in other long-term liabilities in our consolidated balance sheets. For the three months ended March 31, 2022 and 2021, we recognized gains of $53.1 million and $47.1 million, respectively, on the change in fair value of the Extended Interest Rate Locks with offsetting losses of $51.8 million and $46.7 million, respectively, on the change in fair value of the Offsetting Interest Rate Swaps. The changes in fair value were recorded directly in earnings as an adjustment to interest expense in our consolidated statements of income. Tax-Exempt Financings As of March 31, 2022 and December 31, 2021 we had $1,181.7 million and $1,181.5 million of certain variable rate tax-exempt financings outstanding respectively, with maturities ranging from 2023 to 2051. During 2021, we issued $205.0 million of tax exempt financings. In the fourth quarter of 2021, the Pennsylvania Economic Development Financing Authority issued, for our benefit, $30.0 million of Solid Waste Disposal Revenue Bonds. The proceeds from the issuance, after deferred issuance costs, will be used to fund qualifying landfill-related expenditures in the Commonwealth of Pennsylvania, of which $23.4 million and $17.2 million was incurred and reimbursed to us as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 and December 31, 2021, we had $117.2 million and $139.0 million, respectively, of restricted cash and marketable securities, of which $6.2 million and $12.4 million, respectively, represented proceeds from the issuance of the tax-exempt bonds. All of our tax-exempt financings are remarketed either quarterly or semiannually by remarketing agents to effectively maintain a variable yield. The holders of the bonds can put them back to the remarketing agents at the end of each interest period. If the remarketing agent is unable to remarket our bonds, the remarketing agent can put the bonds to us. In the event of a failed remarketing, we currently have availability under our Credit Facility to fund these bonds until they are remarketed successfully. Accordingly, we classified these borrowings as long-term in our consolidated balance sheets as of March 31, 2022 and December 31, 2021. Finance Leases We had finance lease liabilities of $256.6 million and $249.4 million as of March 31, 2022 and December 31, 2021, respectively, with maturities ranging from 2022 to 2063.
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Income Taxes |
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Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Our effective tax rate, exclusive of non-controlling interests, for the three months ended March 31, 2022 and 2021 was 25.5% and 25.9%, respectively. Cash paid for income taxes was a net payment of $3.7 million and net refund of $0.4 million for the three months ended March 31, 2022 and 2021, respectively. We have deferred tax assets related to state net operating loss carryforwards. We provide a partial valuation allowance due to uncertainty surrounding the future utilization of these carryforwards in the taxing jurisdictions where the loss carryforwards exist. When determining the need for a valuation allowance, we consider all positive and negative evidence, including recent financial results, scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. The realization of our deferred tax asset for state loss carryforwards ultimately depends upon the existence of sufficient taxable income in the appropriate state taxing jurisdictions in future periods. The weight given to the positive and negative evidence is commensurate with the extent such evidence can be objectively verified. We continue to regularly monitor both positive and negative evidence in determining the ongoing need for a valuation allowance. As of March 31, 2022, the valuation allowance associated with our state loss carryforwards was approximately $43 million. We are subject to income tax in the United States, as well as income tax in multiple state jurisdictions. Our compliance with income tax rules and regulations is periodically audited by taxing authorities. These authorities may challenge the positions taken in our tax filings. Thus, to provide for certain potential tax exposures, we maintain liabilities for uncertain tax positions for our estimate of the final outcome of the examinations. Our federal statute of limitations is closed for all years prior to 2015. We are currently under examination by the Internal Revenue Service (IRS) for tax years 2015 through 2018. In addition, we are currently under state examination or administrative review in various jurisdictions for tax years 2012 through 2020. We believe the recorded liabilities for uncertain tax positions are adequate. However, a significant assessment against us in excess of the liabilities recorded could have a material adverse effect on our consolidated financial position, results of operations and cash flows. As of March 31, 2022, we are unable to estimate the resolution of our gross unrecognized benefits over the next 12 months. We recognize interest and penalties as incurred within the provision for income taxes in the consolidated statement of income. As of March 31, 2022, we accrued a liability for penalties of $0.3 million and a liability for interest (including interest on penalties) of $14.0 million related to our uncertain tax positions.
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Stock Repurchases, Dividends and Earnings per Share |
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STOCK REPURCHASES, DIVIDENDS AND EARNINGS PER SHARE | STOCK REPURCHASES, DIVIDENDS AND EARNINGS PER SHARE Available Shares We currently have approximately 12.0 million shares of common stock reserved for future grants under the Republic Services, Inc. 2021 Stock Incentive Plan. Stock Repurchases In October 2020, our Board of Directors approved a $2.0 billion share repurchase authorization effective starting January 1, 2021 and extending through December 31, 2023. Share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws. While the Board of Directors has approved the program, the timing of any purchases, the prices and the number of shares of common stock to be purchased will be determined by our management, at its discretion, and will depend upon market conditions and other factors. On a quarterly basis, our Board of Directors reviews the intrinsic value of our stock and the parameters around which we repurchase our shares. The share repurchase program may be extended, suspended or discontinued at any time. Stock repurchase activity during the three months ended March 31, 2022 and 2021 follows (in millions, except per share amounts):
As of March 31, 2022 and 2021, no repurchased shares were pending settlement. As of March 31, 2022, the remaining authorized purchase capacity under our October 2020 repurchase program was $1.5 billion. Dividends In February 2022, our Board of Directors approved a quarterly dividend of $0.46 per share. Cash dividends declared were $145.3 million for the three months ended March 31, 2022. As of March 31, 2022, we recorded a quarterly dividend payable of $145.3 million to shareholders of record at the close of business on April 1, 2022. Earnings per Share Basic earnings per share is computed by dividing net income attributable to Republic Services, Inc. by the weighted average number of common shares (including vested but unissued restricted stock units and performance stock units) outstanding during the period. Diluted earnings per share is based on the combined weighted average number of common shares and common share equivalents outstanding, which include, where appropriate, the unvested restricted stock units (RSUs) and the unvested performance stock units (PSUs) at the expected attainment levels. We use the treasury stock method in computing diluted earnings per share. Earnings per share for the three months ended March 31, 2022 and 2021 are calculated as follows (in thousands, except per share amounts):
During both the three months ended March 31, 2022 and 2021, there were less than 0.1 million antidilutive securities outstanding.
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Changes in Accumulated Other Comprehensive Loss by Component |
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT A summary of changes in accumulated other comprehensive loss, net of tax, by component, for the three months ended March 31, 2022 follows:
A summary of reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2022 and 2021 follows:
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Financial Instruments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS The effect of our hedging relationships and derivative instruments on the consolidated statements of income for the three months ended March 31, 2022 and 2021 follows (in millions):
Fair Value Measurements In measuring fair values of assets and liabilities, we use valuation techniques that maximize the use of observable inputs (Level 1) and minimize the use of unobservable inputs (Level 3). We also use market data or assumptions that we believe market participants would use in pricing an asset or liability, including assumptions about risk when appropriate. The carrying value for certain of our financial instruments, including cash, accounts receivable, current investments, accounts payable and certain other accrued liabilities, approximates fair value because of their short-term nature. As of March 31, 2022 and December 31, 2021, our assets and liabilities that are measured at fair value on a recurring basis include the following:
Total Debt The carrying value of our total debt was $9.6 billion as of both March 31, 2022 and December 31, 2021, and the fair value of our total debt was $9.6 billion and $10.3 billion, respectively. The estimated fair value of our fixed rate senior notes and debentures is based on quoted market prices. The fair value of our remaining notes payable, tax-exempt financings and borrowings under our credit facilities approximates the carrying value because the interest rates are variable. The fair value estimates were based on Level 2 inputs of the fair value hierarchy as of March 31, 2022 and December 31, 2021. See Note 7, Debt, for further information related to our debt. Contingent Consideration In 2015, we entered into a waste management contract with the County of Sonoma, California to operate the county's waste management facilities. As of March 31, 2022, the Sonoma contingent consideration represents the fair value of $61.9 million payable to the County of Sonoma based on the achievement of future annual tonnage targets through the expected remaining capacity of the landfill. The potential undiscounted amount of all future contingent payments that we could be required to make under the waste management contract is estimated to be between approximately $77 million and $95 million. During the three months ended March 31, 2022, the activity in the contingent consideration liability included accretion, which was offset by concession payments made in the ordinary course of business. There were no changes to the estimate of fair value.
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Segment Reporting |
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SEGMENT REPORTING | SEGMENT REPORTING Our senior management evaluates, oversees and manages the financial performance of our operations through three field groups, which are our operating segments, referred to as Group 1, Group 2, and Environmental Solutions. Group 1 primarily consists of geographic areas located in the western United States, and Group 2 primarily consists of geographic areas located in the southeastern and mid-western United States, and the eastern seaboard of the United States. Our Environmental Solutions operating segment, which provides environmental solutions for daily operations of industrial, petrochemical and refining facilities, is aggregated with Corporate entities and other as it only represents approximately 3% of our consolidated revenue. Each of our operating segments provides integrated environmental services, including collection, transfer, recycling, and disposal. Summarized financial information concerning our reportable segments for the three months ended March 31, 2022 and 2021 follows:
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Revenue and Credit Losses |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE AND CREDIT LOSSES | REVENUE AND CREDIT LOSSES Our operations primarily consist of providing environmental services. The following table disaggregates our revenue by service line for the three months ended March 31, 2022 and 2021 (in millions of dollars and as a percentage of revenue):
Other non-core revenue consists primarily of revenue from National Accounts, which represents the portion of revenue generated from nationwide or regional contracts in markets outside our operating areas where the associated material handling is subcontracted to local operators. Consequently, substantially all of this revenue is offset with related subcontract costs, which are recorded in cost of operations. The factors that impact the timing and amount of revenue recognized for each service line may vary based on the nature of the service performed. Generally, we recognize revenue at the time we perform a service. In the event that we bill for services in advance of performance, we recognize deferred revenue for the amount billed and subsequently recognize revenue at the time the service is provided. Depending on the nature of the contract, we may also generate revenue through the collection of fuel recovery fees and environmental fees which are designed to recover our internal costs of providing services to our customers. Substantially all of the deferred revenue recognized as of December 31, 2021 was recognized as revenue during the three months ended March 31, 2022 when the service was performed. See Note 12, Segment Reporting, for additional information regarding revenue by reportable segment. Revenue Recognition Our service obligations of a long-term nature, e.g., certain collection service contracts, are satisfied over time, and we recognize revenue based on the value provided to the customer during the period. The amount billed to the customer is based on variable elements such as the number of residential homes or businesses for which collection services are provided, the volume of material collected, transported and disposed, and the nature of the material accepted. We do not disclose the value of unsatisfied performance obligations for these contracts as our right to consideration corresponds directly to the value provided to the customer for services completed to date and all future variable consideration is allocated to wholly unsatisfied performance obligations. Additionally, certain elements of our long-term customer contracts are unknown upon entering into the contract, including the amount that will be billed in accordance with annual price escalation clauses, our fuel recovery fee program and commodity prices. The amount to be billed is often tied to changes in an underlying base index such as a consumer price index or a fuel or commodity index, and revenue can be recognized once the index is established for the period. Deferred Contract Costs We incur certain upfront payments to acquire customer contracts which are recognized as other assets in our consolidated balance sheet, and we amortize the asset over the respective contract life. In addition, we recognize sales commissions that represent an incremental cost of the contract as other assets in our consolidated balance sheets, and we amortize the asset over the average life of the customer relationship. As of March 31, 2022 and December 31, 2021, we recognized $79.3 million and $80.6 million, respectively, of deferred contract costs and capitalized sales commissions. During the three months ended March 31, 2022 and 2021, we amortized $3.3 million and $3.1 million, respectively, of capitalized sales commissions to selling, general and administrative expenses and we amortized $1.5 million and $1.6 million, respectively, of other deferred contract costs as a reduction of revenue. Credit Losses Accounts receivable represent receivables from customers for environmental services, including collection and processing of recyclable materials, collection, transfer, and disposal of solid waste, and other environmental solutions. Our receivables are recorded when billed or when the related revenue is earned and represent claims against third parties that will be settled in cash. The carrying value of our receivables, net of the allowance for doubtful accounts and customer credits, represents their estimated net realizable value. We establish an allowance for doubtful accounts based on various factors including the age of receivables outstanding, historical trends, economic conditions and other information. We also review outstanding balances on an account-specific basis based on the credit risk of the customer. We determined that all of our accounts receivable share similar risk characteristics. We monitor our credit exposure on an ongoing basis and assess whether assets in the pool continue to display similar risk characteristics. We perform ongoing credit evaluations of our customers, but generally do not require collateral to support customer receivables. The following table reflects the activity in our allowance for doubtful accounts for the three months ended March 31, 2022 and 2021:
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Proceedings We are subject to extensive and evolving laws and regulations and have implemented safeguards to respond to regulatory requirements. In the normal course of our business, we become involved in legal proceedings. Some may result in fines, penalties or judgments against us, or settlements, which may impact earnings and cash flows for a particular period. Although we cannot predict the ultimate outcome of any legal matter with certainty, we do not believe the outcome of any of our pending legal proceedings will have a material adverse impact on our consolidated financial position, results of operations or cash flows. As used herein, the term legal proceedings refers to litigation and similar claims against us and our subsidiaries, excluding: (1) ordinary course accidents, general commercial liability and workers' compensation claims, which are covered by insurance programs, subject to customary deductibles, and which, together with insured employee health care costs, are discussed in Note 5, Other Liabilities; and (2) environmental remediation liabilities, which are discussed in Note 6, Landfill and Environmental Costs. We accrue for legal proceedings when losses become probable and reasonably estimable. We have recorded an aggregate accrual of approximately $12 million relating to our outstanding legal proceedings as of March 31, 2022. As of the end of each applicable reporting period, we review each of our legal proceedings and, where it is probable that a liability has been incurred, we accrue for all probable and reasonably estimable losses. Where we can reasonably estimate a range of losses we may incur regarding such a matter, we record an accrual for the amount within the range that constitutes our best estimate. If we can reasonably estimate a range but no amount within the range appears to be a better estimate than any other, we use the amount that is the low end of such range. If we had used the high ends of such ranges, our aggregate potential liability would be approximately $5 million higher than the amount recorded as of March 31, 2022. Multiemployer Pension Plans We participate in multiemployer pension plans that generally provide retirement benefits to participants of contributing employers. We do not administer these plans. Under current law regarding multiemployer pension plans, our withdrawal (which we consider from time to time) or the mass withdrawal from any under-funded multiemployer pension plan (each, a Withdrawal Event) could require us to make payments to the plan for our proportionate share of the plan’s unfunded vested liabilities. During the course of operating our business, we incur Withdrawal Events regarding certain of the multiemployer pension plans in which we participate. We accrue for such events when losses become probable and reasonably estimable. Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Beginning-of-period and end-of-period cash, cash equivalents, restricted cash and restricted cash equivalents as presented in the statement of cash flows is reconciled as follows:
Our restricted cash and marketable securities include, among other things, restricted cash related to proceeds from the issuance of tax-exempt bonds that will be used to fund qualifying landfill-related expenditures in the Commonwealth of Pennsylvania, restricted cash and marketable securities pledged to regulatory agencies and governmental entities as financial guarantees of our performance under certain collection, landfill and transfer station contracts and permits, and relating to our final capping, closure and post-closure obligations at our landfills as well as restricted cash and marketable securities related to our insurance obligations. The following table summarizes our restricted cash and marketable securities:
Off-Balance Sheet Arrangements We have no off-balance sheet debt or similar obligations, other than short-term operating leases and financial assurances, which are not classified as debt. We have no transactions or obligations with related parties that are not disclosed, consolidated into or reflected in our reported financial position or results of operations. We have not guaranteed any third-party debt.
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Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Management's Estimates and Assumptions | Management’s Estimates and Assumptions In preparing our financial statements, we make numerous estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. We must make these estimates and assumptions because certain information we use is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. In preparing our financial statements, the more critical and subjective areas that deal with the greatest amount of uncertainty relate to our accounting for our long-lived assets, including recoverability, landfill development costs, and final capping, closure and post-closure costs; our valuation allowances for accounts receivable and deferred tax assets; our liabilities for potential litigation, claims and assessments; our liabilities for environmental remediation, multiemployer pension funds, employee benefit plans, deferred taxes, uncertain tax positions, and insurance reserves; and our estimates of the fair values of assets acquired and liabilities assumed in any acquisition. Each of these items is discussed in more detail in our description of our significant accounting policies in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Our actual results may differ significantly from our estimates.
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New Accounting Pronouncements | New Accounting Pronouncements Accounting Standards Updates Issued but not yet Adopted Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in ASU 2020-04 provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. As of March 31, 2022, we have not modified any contracts as a result of reference rate reform and are evaluating the impact this standard may have on our consolidated financial statements. Business Combinations In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). ASU 2021-08 improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and the payment terms and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 is effective for all entities that enter into a business combination within the applicable scope. The amendments in this update are effective for fiscal years beginning after December 15, 2022. We are currently assessing the effect this guidance may have on our consolidated financial statements.
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Business Acquisitions, Investments and Restructuring Charges (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price paid for business acquisition and allocation of purchase price | The purchase price paid for these business acquisitions and the allocations of the purchase price follows:
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Goodwill and Other Intangible Assets, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the activity and balances in goodwill accounts by reporting segment | A summary of the activity and balances in goodwill accounts by reporting segment follows:
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Summary of the activity and balances by intangible asset type | A summary of the activity and balances by intangible asset type follows:
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Other Assets (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of prepaid expenses and other current assets | A summary of prepaid expenses and other current assets as of March 31, 2022 and December 31, 2021 follows:
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Summary of other assets | A summary of other assets as of March 31, 2022 and December 31, 2021 follows:
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Other Liabilities (Tables) |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of other accrued liabilities | A summary of other accrued liabilities as of March 31, 2022 and December 31, 2021 follows:
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Summary of other long-term liabilities | A summary of other long-term liabilities as of March 31, 2022 and December 31, 2021 follows:
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Landfill and Environmental Costs (Tables) |
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Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accrued landfill and environmental costs | A summary of accrued landfill and environmental liabilities as of March 31, 2022 and December 31, 2021 follows:
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Schedule of final capping, closure and post-closure costs | The following table summarizes the activity in our asset retirement obligation liabilities, which includes liabilities for final capping, closure and post-closure, for the three months ended March 31, 2022 and 2021:
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Summary of activity in environmental remediation liabilities | The following table summarizes the activity in our environmental remediation liabilities for the three months ended March 31, 2022 and 2021:
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value of notes payable, capital leases and long-term debt | The carrying value of our credit facilities, finance leases and long-term debt as of March 31, 2022 and December 31, 2021 is listed in the following table, and is adjusted for the fair value of interest rate swaps, unamortized discounts, deferred issuance costs and the unamortized portion of adjustments to fair value recorded in purchase accounting. Original issue discounts, deferred issuance costs, and adjustments to fair value recorded in purchase accounting are amortized to interest expense over the term of the applicable instrument using the effective interest method.
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Stock Repurchases, Dividends and Earnings per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock repurchase activity | Stock repurchase activity during the three months ended March 31, 2022 and 2021 follows (in millions, except per share amounts):
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Earnings per share | Earnings per share for the three months ended March 31, 2022 and 2021 are calculated as follows (in thousands, except per share amounts):
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Changes in Accumulated Other Comprehensive Loss by Component (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of changes in accumulated other comprehensive income by component | A summary of changes in accumulated other comprehensive loss, net of tax, by component, for the three months ended March 31, 2022 follows:
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Schedule of reclassifications out of accumulated other comprehensive income | A summary of reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2022 and 2021 follows:
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Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value hedging instruments | The effect of our hedging relationships and derivative instruments on the consolidated statements of income for the three months ended March 31, 2022 and 2021 follows (in millions):
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Assets and liabilities measured at fair value on a recurring basis | As of March 31, 2022 and December 31, 2021, our assets and liabilities that are measured at fair value on a recurring basis include the following:
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Segment Reporting (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized financial information concerning reportable segments | Summarized financial information concerning our reportable segments for the three months ended March 31, 2022 and 2021 follows:
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Revenue and Credit Losses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of revenue | The following table disaggregates our revenue by service line for the three months ended March 31, 2022 and 2021 (in millions of dollars and as a percentage of revenue):
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Schedule of activity in allowance for doubtful accounts | The following table reflects the activity in our allowance for doubtful accounts for the three months ended March 31, 2022 and 2021:
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of cash equivalents, restricted cash and marketable securities | Beginning-of-period and end-of-period cash, cash equivalents, restricted cash and restricted cash equivalents as presented in the statement of cash flows is reconciled as follows:
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Summary of restricted cash and marketable securities | The following table summarizes our restricted cash and marketable securities:
|
Basis of Presentation (Details) - segment |
1 Months Ended | 3 Months Ended |
---|---|---|
Dec. 31, 2020 |
Mar. 31, 2022 |
|
Accounting Policies [Abstract] | ||
Number of operating segments | 3 | 3 |
Business Acquisitions, Investments and Restructuring Charges - Acquisitions (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|
Purchase price: | |||
Cash used in acquisitions, net of cash acquired | $ 81.6 | $ 18.0 | |
Excess purchase price allocated as follows: | |||
Goodwill | 12,832.7 | $ 12,826.0 | |
Series of Individually Immaterial Business Acquisitions | |||
Purchase price: | |||
Cash used in acquisitions, net of cash acquired | 42.9 | 15.8 | |
Holdbacks | 4.7 | 2.0 | |
Total | 47.6 | 17.8 | |
Allocated as follows: | |||
Accounts receivable | 3.6 | 0.5 | |
Property and equipment | 11.2 | 3.4 | |
Other liabilities | (1.3) | (0.3) | |
Fair value of tangible assets acquired and liabilities assumed | 13.5 | 3.6 | |
Excess purchase price to be allocated | 34.1 | 14.2 | |
Excess purchase price allocated as follows: | |||
Other intangible assets | 8.5 | 1.9 | |
Goodwill | 25.6 | 12.3 | |
Total allocated | $ 34.1 | $ 14.2 |
Goodwill and Other Intangible Assets, Net - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period for other intangible assets | 1 year |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period for other intangible assets | 15 years |
Goodwill and Other Intangible Assets, Net - Goodwill (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Goodwill [Roll forward] | |
Beginning balance | $ 12,826.0 |
Acquisitions | 25.6 |
Divestitures | 0.0 |
Adjustments to Acquisitions | (18.9) |
Ending balance | 12,832.7 |
Group 1 | |
Goodwill [Roll forward] | |
Beginning balance | 6,549.7 |
Acquisitions | 0.6 |
Divestitures | 0.0 |
Adjustments to Acquisitions | (1.7) |
Ending balance | 6,548.6 |
Group 2 | |
Goodwill [Roll forward] | |
Beginning balance | 5,994.2 |
Acquisitions | 25.0 |
Divestitures | 0.0 |
Adjustments to Acquisitions | 3.0 |
Ending balance | 6,022.2 |
Corporate entities and other | |
Goodwill [Roll forward] | |
Beginning balance | 282.1 |
Acquisitions | 0.0 |
Divestitures | 0.0 |
Adjustments to Acquisitions | (20.2) |
Ending balance | $ 261.9 |
Other Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Prepaid Expenses and Other Current Assets | ||
Income taxes receivable | $ 89.9 | $ 173.8 |
Prepaid expenses | 89.2 | 85.3 |
Inventories | 80.5 | 72.2 |
Other non-trade receivables | 46.7 | 32.2 |
Reinsurance receivable | 30.5 | 31.0 |
Prepaid fees for cloud-based hosting arrangements, current | 12.8 | 12.9 |
Other current assets | 1.1 | 3.0 |
Total | $ 350.7 | $ 410.4 |
Other Assets - Other Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Other Assets | ||
Operating right-of-use lease assets | $ 248.1 | $ 255.3 |
Investments | 134.3 | 127.6 |
Deferred compensation plan | 126.9 | 133.5 |
Deferred contract costs and sales commissions | 79.3 | 80.6 |
Reinsurance receivable | 79.0 | 79.5 |
Prepaid fees and capitalized implementation costs for cloud-based hosting arrangements | 53.3 | 43.4 |
Amounts recoverable for capping, closure and post-closure obligations | 19.7 | 19.4 |
Other derivative assets | 14.1 | 15.0 |
Deferred financing costs | 4.4 | 4.6 |
Interest rate swaps | 1.4 | 4.7 |
Other | 24.8 | 24.0 |
Total | $ 785.3 | $ 787.6 |
Other Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Other Accrued Liabilities | ||
Insurance reserves, current | $ 195.6 | $ 193.5 |
Accrued payroll and benefits | 167.0 | 295.0 |
Accrued fees and taxes | 148.5 | 143.7 |
Accrued dividends | 145.3 | 145.9 |
Operating right-of-use lease liabilities, current | 36.3 | 38.2 |
Ceded insurance reserves, current | 30.5 | 31.0 |
Current federal tax liabilities | 9.9 | 0.3 |
Accrued professional fees and legal settlement reserves | 9.2 | 8.4 |
Other | 76.2 | 73.5 |
Total | 818.5 | 929.5 |
Other Long-Term Liabilities | ||
Operating right-of-use lease liabilities | 234.1 | 239.0 |
Deferred compensation plan liability | 114.4 | 119.4 |
Ceded insurance reserves | 79.0 | 79.5 |
Contingent purchase price and acquisition holdbacks | 64.0 | 64.4 |
Other derivative liabilities | 47.3 | 50.7 |
Withdrawal liability - multiemployer pension funds | 23.7 | 24.5 |
Legal settlement reserves | 3.6 | 3.1 |
Pension and other post-retirement liabilities | 1.2 | 1.2 |
Other | 51.7 | 60.6 |
Total | $ 619.0 | $ 642.4 |
Landfill and Environmental Costs - Accrued Landfill and Environmental Costs (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Environmental Remediation Obligations [Abstract] | ||||
Landfill final capping, closure and post-closure liabilities | $ 1,530.6 | $ 1,507.3 | $ 1,370.3 | $ 1,346.4 |
Environmental remediation | 449.0 | 454.9 | $ 460.2 | $ 462.8 |
Total accrued landfill and environmental costs | 1,979.6 | 1,962.2 | ||
Less: current portion | (122.5) | (124.5) | ||
Long-term portion | $ 1,857.1 | $ 1,837.7 |
Landfill and Environmental Costs - Final Capping, Closure and Post-Closure Costs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Activity in asset retirement obligation liabilities, which includes liabilities for final capping, closure and post-closure | ||
Asset retirement obligation liabilities, beginning of year | $ 1,507.3 | $ 1,346.4 |
Non-cash additions | 12.8 | 10.8 |
Acquisitions, net of divestitures and other adjustments | (5.2) | 0.2 |
Asset retirement obligation adjustments | 1.0 | 3.4 |
Payments | (7.0) | (11.0) |
Accretion expense | 21.7 | 20.5 |
Asset retirement obligation liabilities, end of period | 1,530.6 | 1,370.3 |
Less: current portion | (66.7) | (60.1) |
Long-term portion | $ 1,463.9 | $ 1,310.2 |
Landfill and Environmental Costs - Environmental Remediation Liability (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Activity in environmental remediation liabilities | ||
Environmental remediation liabilities, beginning of year | $ 454.9 | $ 462.8 |
Net adjustments charged to expense | 0.0 | 2.0 |
Payments | (10.0) | (8.9) |
Accretion expense (non-cash interest expense) | 4.1 | 4.3 |
Environmental remediation liabilities, end of period | 449.0 | 460.2 |
Less: current portion | (55.8) | (56.8) |
Long-term portion | $ 393.2 | $ 403.4 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 25.50% | 25.90% |
Cash paid (refunded) for income taxes | $ 3.7 | $ 0.4 |
Valuation allowance, state loss carryforwards | 43.0 | |
Liability for penalties | 0.3 | |
Liability for interest related to uncertain tax positions | $ 14.0 |
Stock Repurchases, Dividends and Earnings per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Feb. 28, 2022 |
Oct. 31, 2020 |
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|
Dividends Payable [Line Items] | |||||
Reserve for stock issuance (in shares) | 12,000,000 | ||||
Additional shares authorized for repurchase, value | $ 2,000.0 | ||||
Stock repurchased and pending settlement (in shares) | 0 | 0 | |||
Remaining authorized repurchase amount | $ 1,500.0 | ||||
Quarterly dividend declared (in dollars per share) | $ 0.46 | $ 0.460 | $ 0.425 | ||
Cash dividends declared | $ 145.3 | $ 135.6 | |||
Quarterly dividend payable | $ 145.3 | $ 145.9 | |||
Antidilutive securities (in shares) | 100,000 | 100,000 | |||
Retained Earnings | |||||
Dividends Payable [Line Items] | |||||
Cash dividends declared | $ 145.3 | $ 135.6 |
Stock Repurchases, Dividends and Earnings per Share - Share Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Equity [Abstract] | ||
Number of shares repurchased (in shares) | 1,600,000 | 100,000 |
Amount paid | $ 203.5 | $ 12.7 |
Weighted average cost per share (in dollars per share) | $ 124.02 | $ 89.63 |
Stock Repurchases, Dividends and Earnings per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Basic earnings per share: | ||
Net income attributable to Republic Services, Inc. | $ 352,000 | $ 295,900 |
Weighted average common shares outstanding (in shares) | 316,602 | 319,444 |
Basic earnings per share (in dollars per share) | $ 1.11 | $ 0.93 |
Effect of dilutive securities: | ||
Weighted average common and common equivalent shares outstanding (in shares) | 317,198 | 319,827 |
Diluted earnings per share (in dollars per share) | $ 1.11 | $ 0.93 |
Restricted stock units | ||
Effect of dilutive securities: | ||
Unvested awards (in shares) | 214 | 141 |
Phantom Share Units (PSUs) | ||
Effect of dilutive securities: | ||
Unvested awards (in shares) | 382 | 242 |
Changes in Accumulated Other Comprehensive Loss by Component - Summary of Reclassifications Out of AOCI (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Loss on cash flow hedges: | ||
Interest expense | $ (83.5) | $ (78.4) |
Tax benefit | (120.3) | (103.7) |
Pension gains: | ||
Tax expense | 120.3 | 103.7 |
Net of tax | 351.9 | 296.4 |
Net income | 351.9 | 296.4 |
Amount Reclassified from Accumulated Other Comprehensive Income | ||
Pension gains: | ||
Net of tax | (1.1) | (1.1) |
Net income | (1.1) | (1.1) |
Amount Reclassified from Accumulated Other Comprehensive Income | Cash Flow Hedges | Terminated interest rate locks | ||
Loss on cash flow hedges: | ||
Interest expense | (1.5) | (1.5) |
Tax benefit | 0.4 | 0.4 |
Pension gains: | ||
Tax expense | $ (0.4) | $ (0.4) |
Financial Instruments - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Derivative [Line Items] | ||
Contingent consideration - other accrued liabilities and other long-term liabilities | $ 64.0 | $ 64.4 |
Waste Management Contract, Sonoma County | ||
Derivative [Line Items] | ||
Contingent consideration - other accrued liabilities and other long-term liabilities | 61.9 | |
Potential undiscounted future contingent liability payments, minimum | 77.0 | |
Potential undiscounted future contingent liability payments, maximum | 95.0 | |
Change in contingent consideration, liability | 0.0 | |
Carrying Amount | ||
Derivative [Line Items] | ||
Long-term debt | 9,600.0 | 9,600.0 |
Contingent consideration - other accrued liabilities and other long-term liabilities | 68.4 | 68.8 |
Estimate of Fair Value Measurement | ||
Derivative [Line Items] | ||
Long-term debt | $ 9,600.0 | $ 10,300.0 |
Segment Reporting - Narrative (Details) - segment |
1 Months Ended | 3 Months Ended |
---|---|---|
Dec. 31, 2020 |
Mar. 31, 2022 |
|
Segment Reporting Information [Line Items] | ||
Number of operating segments | 3 | 3 |
Corporate entities and other | Environmental Solutions Segment | ||
Segment Reporting Information [Line Items] | ||
Percentage of consolidated revenue | 3.00% |
Revenue and Credit Losses - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|
Deferred contract costs and capitalized sales commissions | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized contract cost, net | $ 79.3 | $ 80.6 | |
Capitalized sales commissions to selling, general and administrative expenses | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized contract cost, amortization | 3.3 | $ 3.1 | |
Other deferred contract costs as a reduction of revenue | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized contract cost, amortization | $ 1.5 | $ 1.6 |
Revenue and Credit Losses - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of year | $ 38.5 | $ 34.7 |
Additions charged to expense | 6.6 | 4.3 |
Accounts written-off | (1.1) | (3.0) |
Balance at end of period | $ 44.0 | $ 36.0 |
Commitments and Contingencies - Legal Proceedings (Details) $ in Millions |
Mar. 31, 2022
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Losses accrued related to legal proceedings | $ 12.0 |
Loss contingency additional potential liability | $ 5.0 |
Commitments and Contingencies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||||
Cash and cash equivalents | $ 39.0 | $ 29.0 | $ 23.2 | $ 38.2 |
Restricted cash and marketable securities | 117.2 | 139.0 | 134.6 | 149.1 |
Less: restricted marketable securities | (59.1) | (62.4) | (69.5) | (73.1) |
Cash, cash equivalents, restricted cash and restricted cash equivalents | $ 97.1 | $ 105.6 | $ 88.3 | $ 114.2 |
Commitments and Contingencies - Restricted Cash and Marketable Securities (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Restricted Cash and Marketable Securities [Abstract] | ||||
Financing proceeds | $ 6.2 | $ 12.4 | ||
Capping, closure and post-closure obligations | 42.4 | 42.4 | ||
Insurance | 68.6 | 84.2 | ||
Total restricted cash and marketable securities | $ 117.2 | $ 139.0 | $ 134.6 | $ 149.1 |
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