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

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

For the quarterly period ended March 31, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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

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

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per shareRSGNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ
Accelerated filer
¨
Smaller reporting company
Non-accelerated filer
¨
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  þ
As of April 28, 2022, the registrant had outstanding 315,890,897 shares of Common Stock, par value $0.01 per share (excluding treasury shares of 4,154,552).


Table of Contents
REPUBLIC SERVICES, INC.
INDEX
 
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.

2

Table of Contents
PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

REPUBLIC SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
March 31,December 31,
20222021
 (Unaudited) 
ASSETS
Current assets:
Cash and cash equivalents$39.0 $29.0 
Accounts receivable, less allowance for doubtful accounts and other of $44.0 and $38.5, respectively
1,306.1 1,271.4 
Prepaid expenses and other current assets350.7 410.4 
Total current assets1,695.8 1,710.8 
Restricted cash and marketable securities117.2 139.0 
Property and equipment, net9,191.1 9,232.1 
Goodwill12,832.7 12,826.0 
Other intangible assets, net258.0 259.5 
Other assets785.3 787.6 
Total assets$24,880.1 $24,955.0 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$846.6 $910.0 
Notes payable and current maturities of long-term debt8.8 8.2 
Deferred revenue408.2 381.3 
Accrued landfill and environmental costs, current portion122.5 124.5 
Accrued interest53.5 62.1 
Other accrued liabilities818.5 929.5 
Total current liabilities2,258.1 2,415.6 
Long-term debt, net of current maturities9,608.9 9,546.2 
Accrued landfill and environmental costs, net of current portion1,857.1 1,837.7 
Deferred income taxes and other long-term tax liabilities, net1,252.9 1,229.5 
Insurance reserves, net of current portion299.4 303.9 
Other long-term liabilities619.0 642.4 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.01 per share; 50 shares authorized; none issued
  
   Common stock, par value $0.01 per share; 750 shares authorized; 319.9 and 319.6 issued including shares held in treasury, respectively
3.2 3.2 
Additional paid-in capital2,805.3 2,789.5 
Retained earnings6,681.4 6,475.6 
Treasury stock, at cost; 4.1 and 2.4 shares, respectively
(492.4)(274.8)
Accumulated other comprehensive loss, net of tax(13.5)(14.6)
Total Republic Services, Inc. stockholders’ equity8,984.0 8,978.9 
Non-controlling interests in consolidated subsidiary0.7 0.8 
Total stockholders’ equity8,984.7 8,979.7 
Total liabilities and stockholders’ equity$24,880.1 $24,955.0 
The accompanying notes are an integral part of these statements.
3

Table of Contents
REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data)
 
Three Months Ended March 31,
 20222021
Revenue$2,968.8 $2,595.9 
Expenses:
Cost of operations1,762.3 1,533.8 
Depreciation, amortization and depletion310.4 282.1 
Accretion21.7 20.5 
Selling, general and administrative307.8 265.4 
Gain on business divestitures and impairments, net (1.1)
Restructuring charges6.0 2.8 
Operating income560.6 492.4 
Interest expense(83.5)(78.4)
Loss from unconsolidated equity method investments(3.8)(16.5)
Interest income0.5 0.8 
Other (expense) income, net(1.6)1.8 
Income before income taxes472.2 400.1 
Provision for income taxes120.3 103.7 
Net income351.9 296.4 
Net (income) loss attributable to non-controlling interests in consolidated subsidiary
0.1 (0.5)
Net income attributable to Republic Services, Inc.$352.0 $295.9 
Basic earnings per share attributable to Republic Services, Inc. stockholders:
Basic earnings per share$1.11 $0.93 
Weighted average common shares outstanding316.6 319.4 
Diluted earnings per share attributable to Republic Services, Inc. stockholders:
Diluted earnings per share$1.11 $0.93 
Weighted average common and common equivalent shares outstanding
317.2 319.8 
Cash dividends per common share$0.460 $0.425 
The accompanying notes are an integral part of these statements.

4

Table of Contents
REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 
 Three Months Ended March 31,
 20222021
Net income$351.9 $296.4 
Other comprehensive income (loss), net of tax
Hedging activity:
Realized loss reclassified into earnings1.1 1.1 
Other comprehensive income, net of tax1.1 1.1 
Comprehensive income353.0 297.5 
Comprehensive loss (income) attributable to non-controlling interests0.1 (0.5)
Comprehensive income attributable to Republic Services, Inc.$353.1 $297.0 
The accompanying notes are an integral part of these statements.

5

Table of Contents
REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions)
Republic Services, Inc. Stockholders’ Equity
Common StockAdditional Paid-In CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Loss, Net of TaxNon-controlling
Interests In Consolidated Subsidiary
SharesAmountSharesAmountTotal
Balance as of December 31, 2021
319.6 $3.2 $2,789.5 $6,475.6 (2.4)$(274.8)$(14.6)$0.8 $8,979.7 
Net income (loss)— — — 352.0 — — — (0.1)351.9 
Other comprehensive loss— — — — — — 1.1 — 1.1 
Cash dividends declared— — — (145.3)— — — — (145.3)
Issuances of common stock0.3 — 2.6 — (0.1)(14.1)— — (11.5)
Stock-based compensation— — 13.2 (0.9)— — — — 12.3 
Purchase of common stock for treasury— — — — (1.6)(203.5)— — (203.5)
Balance as of March 31, 2022
319.9 $3.2 $2,805.3 $6,681.4 (4.1)$(492.4)$(13.5)$0.7 $8,984.7 


Republic Services, Inc. Stockholders’ Equity
Common StockAdditional Paid-In CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Loss, Net of TaxNon-controlling
Interests In Consolidated Subsidiary
SharesAmountSharesAmountTotal
Balance as of December 31, 2020
318.8 $3.2 $2,741.4 $5,751.8  $(0.1)$(12.4)$4.9 $8,488.8 
Net income— — — 295.9 — — — 0.5 296.4 
Other comprehensive loss— — — — — — 1.1 — 1.1 
Cash dividends declared— — — (135.6)— — — — (135.6)
Issuances of common stock0.5 — 2.4 — (0.2)(14.7)— — (12.3)
Stock-based compensation— — 13.5 (0.9)— — — — 12.6 
Purchase of common stock for treasury— — — — (0.1)(12.7)— — (12.7)
Balance as of March 31, 2021
319.3 $3.2 $2,757.3 $5,911.2 (0.3)$(27.5)$(11.3)$5.4 $8,638.3 
The accompanying notes are an integral part of these statements.
6

Table of Contents
REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 Three Months Ended March 31,
 20222021
Cash provided by operating activities:
Net income$351.9 $296.4 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, amortization, depletion and accretion332.1 302.6 
Non-cash interest expense18.8 16.0 
Stock-based compensation12.4 12.6 
Deferred tax provision24.9 15.3 
Provision for doubtful accounts, net of adjustments6.6 4.3 
Gain on disposition of assets and asset impairments, net(1.7)(0.6)
Environmental adjustments (1.5)
Loss from unconsolidated equity method investments3.8 16.5 
Other non-cash items3.4 (0.5)
Change in assets and liabilities, net of effects from business acquisitions and divestitures:
Accounts receivable(38.4)(8.9)
Prepaid expenses and other assets54.8 62.5 
Accounts payable73.0 27.6 
Capping, closure and post-closure expenditures(7.1)(11.0)
Remediation expenditures(10.0)(8.9)
Other liabilities(118.9)(61.4)
Cash provided by operating activities705.6 661.0 
Cash (used in) provided by investing activities:
Purchases of property and equipment(334.1)(331.0)
Proceeds from sales of property and equipment16.8 2.1 
Cash used in acquisitions and investments, net of cash and restricted cash acquired(81.6)(18.0)
Cash received from business divestitures 0.8 
Purchases of restricted marketable securities(2.5)(7.4)
Sales of restricted marketable securities2.1 8.9 
Other(0.1) 
Cash used in investing activities(399.4)(344.6)
Cash provided by (used in) financing activities:
Proceeds from notes payable and long-term debt, net of fees638.9 1,242.4 
Payments of notes payable and long-term debt and senior notes(590.9)(1,422.5)
Issuances of common stock, net(11.5)(12.3)
Purchases of common stock for treasury(203.5)(12.7)
Cash dividends paid(145.9)(135.5)
Contingent consideration payments(1.8)(1.7)
Cash used in financing activities(314.7)(342.3)
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents(8.5)(25.9)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year105.6 114.2 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$97.1 $88.3 
The accompanying notes are an integral part of these statements.
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REPUBLIC SERVICES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
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
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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


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.
2. 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:
20222021
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 assumed13.5 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 
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
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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


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.
3. GOODWILL AND OTHER INTANGIBLE ASSETS, NET
Goodwill
A summary of the activity and balances in goodwill accounts by reporting segment follows:
Balance as of December 31, 2021
AcquisitionsDivestituresAdjustments to AcquisitionsBalance as of March 31, 2022
Group 1$6,549.7 $0.6 $ $(1.7)$6,548.6 
Group 25,994.2 25.0  3.0 6,022.2 
Corporate entities and other282.1   (20.2)261.9 
Total$12,826.0 $25.6 $ $(18.9)$12,832.7 
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:
 Gross Intangible AssetsAccumulated Amortization
 Balance as of December 31, 2021Acquisitions
Adjustments
and Other
Balance as of March 31, 2022Balance as of December 31, 2021Additions Charged to Expense
Adjustments
and Other
Balance as of March 31, 2022Other Intangible Assets, Net as of March 31, 2022
Customer relationships
$898.4 $6.9 $ $905.3 $(666.8)$(8.4)$ $(675.2)$230.1 
Non-compete agreements
60.4 1.6  62.0 (44.6)(1.5) (46.1)15.9 
Other intangible assets
58.0   58.0 (45.9)(0.1) (46.0)12.0 
Total$1,016.8 $8.5 $ $1,025.3 $(757.3)$(10.0)$ $(767.3)$258.0 
4. 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:
20222021
Income taxes receivable$89.9 $173.8 
Prepaid expenses89.2 85.3 
Inventories80.5 72.2 
Other non-trade receivables46.7 32.2 
Reinsurance receivable30.5 31.0 
Prepaid fees for cloud-based hosting arrangements, current12.8 12.9 
Other current assets1.1 3.0 
Total$350.7 $410.4 
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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


Other Assets
A summary of other assets as of March 31, 2022 and December 31, 2021 follows:
20222021
Operating right-of-use lease assets$248.1 $255.3 
Investments134.3 127.6 
Deferred compensation plan126.9 133.5 
Deferred contract costs and sales commissions79.3 80.6 
Reinsurance receivable79.0 79.5 
Prepaid fees and capitalized implementation costs for cloud-based hosting arrangements53.3 43.4 
Amounts recoverable for capping, closure and post-closure obligations19.7 19.4 
Other derivative assets14.1 15.0 
Deferred financing costs4.4 4.6 
Interest rate swaps1.4 4.7 
Other24.8 24.0 
Total$785.3 $787.6 
5. OTHER LIABILITIES
Other Accrued Liabilities
A summary of other accrued liabilities as of March 31, 2022 and December 31, 2021 follows:
20222021
Insurance reserves, current$195.6 $193.5 
Accrued payroll and benefits167.0 295.0 
Accrued fees and taxes148.5 143.7 
Accrued dividends145.3 145.9 
Operating right-of-use lease liabilities, current36.3 38.2 
Ceded insurance reserves, current30.5 31.0 
Current federal tax liabilities9.9 0.3 
Accrued professional fees and legal settlement reserves9.2 8.4 
Other76.2 73.5 
Total$818.5 $929.5 
Other Long-Term Liabilities
A summary of other long-term liabilities as of March 31, 2022 and December 31, 2021 follows:
20222021
Operating right-of-use lease liabilities$234.1 $239.0 
Deferred compensation plan liability114.4 119.4 
Ceded insurance reserves79.0 79.5 
Contingent purchase price and acquisition holdbacks64.0 64.4 
Other derivative liabilities47.3 50.7 
Withdrawal liability - multiemployer pension funds23.7 24.5 
Legal settlement reserves3.6 3.1 
Pension and other post-retirement liabilities1.2 1.2 
Other51.7 60.6 
Total$619.0 $642.4 
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REPUBLIC SERVICES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


6. 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:
20222021
Landfill final capping, closure and post-closure liabilities$1,530.6 $1,507.3 
Environmental remediation449.0 454.9 
Total accrued landfill and environmental costs1,979.6 1,962.2 
Less: current portion(122.5)(124.5)
Long-term portion$1,857.1 $1,837.7 
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:
20222021
Asset retirement obligation liabilities, beginning of year$1,507.3 $1,346.4 
Non-cash additions12.8 10.8 
Acquisitions, net of divestitures and other adjustments(5.2)0.2 
Asset retirement obligation adjustments1.0 3.4 
Payments(7.0)(11.0)
Accretion expense21.7 20.5 
Asset retirement obligation liabilities, end of period1,530.6 1,370.3 
Less: current portion(66.7)(60.1)
Long-term portion$1,463.9 $1,310.2 
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.
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REPUBLIC SERVICES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


The following table summarizes the activity in our environmental remediation liabilities for the three months ended March 31, 2022 and 2021:
20222021
Environmental remediation liabilities, beginning of year$454.9 $462.8 
Net adjustments charged to expense 2.0 
Payments(10.0)(8.9)
Accretion expense (non-cash interest expense)4.1 4.3 
Environmental remediation liabilities, end of period449.0 460.2 
Less: current portion(55.8)(56.8)
Long-term portion$393.2 $403.4 
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 four- to five-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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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


7. 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.
  March 31, 2022December 31, 2021
MaturityInterest RatePrincipalAdjustmentsCarrying ValuePrincipalAdjustmentsCarrying Value
Credit facilities:
Uncommitted Credit Facility
Variable$80.4 $ $80.4 $ $ $ 
$3.0 billion - August 2026
Variable   24.3  24.3 
Senior notes:
May 20234.750300.0 (2.8)297.2 300.0 (0.1)299.9 
August 20242.500900.0 (4.4)895.6 900.0 (4.8)895.2 
March 20253.200500.0 (2.1)497.9 500.0 (2.2)497.8 
November 20250.875350.0 (2.4)347.6 350.0 (2.6)347.4 
July 20262.900500.0 (2.6)497.4 500.0 (2.8)497.2 
November 20273.375650.0 (3.7)646.3 650.0 (3.8)646.2 
May 20283.950800.0 (12.0)788.0 800.0 (12.4)787.6 
March 20302.300600.0 (5.7)594.3 600.0 (5.9)594.1 
February 20311.450650.0 (7.7)642.3 650.0 (7.9)642.1 
February 20321.750750.0 (6.5)743.5 750.0 (6.6)743.4 
March 20332.375700.0 (7.6)692.4 700.0 (7.6)692.4 
March 20356.086181.9 (12.7)169.2 181.9 (12.8)169.1 
March 20406.200399.9 (3.5)396.4 399.9 (3.6)396.3 
May 20415.700385.7 (5.0)380.7