REVENUES FROM CONTRACTS WITH CUSTOMERS

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUES FROM CONTRACTS WITH CUSTOMERS

REVENUES FROM CONTRACTS WITH CUSTOMERS

The Company provides RWCS, which provide collection and processing of regulated and specialized waste, including medical, pharmaceutical and hazardous waste, for disposal and compliance programs and SID services, which provide for the collection of personal and confidential information for secure destruction and recycling of shredded paper.

The Company’s customers typically enter into a contract for the provision of services on a regular and scheduled basis, e.g., weekly, monthly or on an as needed basis over the contract term, e.g., one-time service. Under the contract terms, the Company receives fees based on a monthly, quarterly or annual rate and/or fees based on contractual rates depending upon measures including the volume, weight, and type of waste.

Amounts are invoiced based on the terms of the underlying contract either on a regular basis, e.g., monthly or quarterly, or as services are performed and are generally due within a short period of time after invoicing based upon normal terms and conditions for our business type and the geography of the services performed.

Disaggregation of Revenue

The following table presents revenues disaggregated by service and reportable segments:

In millions
	Year Ended Year Ended December 31,
	2023		2022		2021
Revenue by Service
Regulated Waste and Compliance Services	$	1,775.8	$	1,798.2	$	1,854.0
Secure Information Destruction Services	883.5		906.5		792.9
Total Revenues	$	2,659.3	$	2,704.7	$	2,646.9
North America
Regulated Waste and Compliance Services	$	1,474.4	$	1,468.8	$	1,457.5
Secure Information Destruction Services	781.4		794.3		679.0
Total North America Segment	$	2,255.8	$	2,263.1	$	2,136.5
International
Regulated Waste and Compliance Services	$	301.4	$	329.4	$	396.5
Secure Information Destruction Services	102.1		112.2		113.9
Total International Segment	$	403.5	$	441.6	$	510.4

Deferred Revenues

Deferred revenues are recognized when cash payments are received or when the Company bills for services in advance of performance. Deferred revenues as of December 31, 2023, and 2022, were $72.6 million and $7.9 million, respectively. Beginning in the third quarter of 2023, the Company advanced billings for certain Regulated Waste services. Deferred revenues are classified within current liabilities since the revenues are earned within 12 months and there are no significant financing components.

Contract Acquisition Costs

The Company’s incremental direct costs of obtaining a contract, which consist primarily of sales incentives, are deferred and amortized to SG&A over a weighted average estimated period of benefit of 6.5 years.

During the year ended December 31, 2023, 2022, and 2021 the Company amortized to SG&A $16.7 million, $13.9 million, and $12.7 million, respectively.

Total contract acquisition costs, net of accumulated amortization, were classified as follows:

In millions
	Year Ended December 31,
	2023		2022
Other current assets	$	16.1	$	14.2
Other assets	46.1		40.5
Total contract acquisition costs	$	62.2	$	54.7